1. Market Index and Commodity Price Tracking - The Dow Jones Industrial Average closed at 44,323.07 on July 22, 2025, down 19.12 points or 0.043% from the previous trading day [2]. - The NASDAQ Composite Index closed at 20,974.17, up 78.51 points or 0.376% [2]. - The S&P 500 Index closed at 6,305.60, up 8.81 points or 0.140% [2]. - The Hang Seng Index closed at 24,994.14, up 168.48 points or 0.679% [2]. - COMEX gold futures rose 1.633% to $3,410.30 per ounce, and COMEX silver futures rose 2.121% to $39.24 per ounce [2]. - LME copper futures rose 0.740% to $9,867.00 per ton, and LME aluminum futures rose 0.114% to $2,641.00 per ton [2]. 2. Macroeconomic News - European Council President Charles Michel and European Commission President Ursula von der Leyen will visit China on July 24, 2025 [7]. - The State Council of China has announced the "Housing Rental Regulations," which will come into effect on September 15, 2025 [7]. - China's LPR remained unchanged in July 2025, with the 1 - year LPR at 3.0% and the 5 - year LPR at 3.5% [7]. - Hainan Free Trade Port has released detailed rules for cross - border asset management pilot projects, with an initial pilot scale limit of 10 billion yuan [8]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - Peanut prices are expected to fluctuate slightly stronger in the short term but maintain a downward trend, with a continued weak supply - demand pattern [10]. - The oil market is expected to be volatile, with Brazil's soybean exports in July expected to increase by 24% year - on - year, and Malaysia's palm oil exports from July 1 - 10 up 5.31% month - on - month [10]. - Sugar futures rose slightly on July 21, with a narrow - range volatile trend. The market is in a weak supply - demand pattern, and the decline of US sugar prices restricts the rebound space of domestic sugar prices [10]. - Corn futures rose on July 21. The price has broken through the key resistance level of 2,300 yuan. It is recommended to go long at low levels, but beware of callback risks [10]. - Pig prices have been falling, and the supply in the next 2 - 3 months is expected to remain abundant, with futures prices remaining volatile [13]. - Egg prices are rising, with short - term upward adjustment space due to factors such as reduced production rates in high - temperature weather and increased demand from food factories [12]. 3.2 Energy and Chemicals - Caustic soda prices rose on Monday. Although the supply is increasing, the cost support is strong. Attention should be paid to the upper pressure range of 2,600 - 2,700 yuan/ton [13]. - Urea prices are expected to fluctuate strongly in the range of 1,720 - 1,850 yuan/ton. The supply is expected to increase, but there is still support from autumn fertilizer demand and export expectations [13]. 3.3 Industrial Metals - Copper prices are expected to consolidate in a high - level range. The US - EU agreement and the upcoming stable - growth plan for non - ferrous metals provide support, but demand has weakened [15]. - Aluminum prices are expected to fluctuate at high levels. Although relevant domestic policies have boosted prices, the inventory accumulation expectation is still strong [15]. - Alumina prices rebounded strongly on Monday and are expected to continue to operate strongly in the short term [15]. - Steel prices are expected to continue to fluctuate strongly in the short term, with the release of stable - growth work plans for key industries and positive macro - atmosphere [15]. - Ferroalloy prices are expected to have upward space in the short term, but in the long term, the over - capacity pattern remains unchanged [15]. 3.4 Options and Finance - The A - share market showed a strong upward trend on July 21. The ChiNext Index is approaching last year's high, small - cap stock indices are hitting new highs, and the Shanghai Composite Index is expected to break through the previous high [16]. - The "anti - involution" sector is fermenting, and the future cycle stock market is worth paying attention to. It is recommended to focus on IF, IM, and IC low - buying opportunities [17]. - For option investors, trend investors can focus on the strength - weakness arbitrage opportunities between varieties, and volatility investors can sell wide - straddle options to short volatility [19].

Group 1 - The Brazilian stock index rose by 0.59%, while the Brazilian real appreciated by 0.22% against the US dollar, closing at 5.5673 reais [1] - Brazilian President Lula stated that there is currently no tariff war between Brazil and the United States [1] - The potential for a trade war exists if US President Trump does not change his attitude towards Brazil [1]

Group 1 - The release of US retail data for June led to an increase in US Treasury yields, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - Spot gold experienced a short-term decline, with a daily drop of 1%, currently priced at $3313.02 per ounce [1]

Core Viewpoint - The latest data indicates a slowdown in wage growth in the UK, but the employment situation is not as concerning as previously thought, alleviating immediate pressure on the Bank of England to accelerate interest rate cuts [1] Group 1: Wage Growth and Employment - Official data shows that wage growth in the UK slowed in May, with a further decline in employee numbers in June [1] - The significant revision of employed individuals in May suggests that the labor market conditions are not as dire as earlier data indicated [1] Group 2: Market Reactions - Following the data release, financial markets have slightly reduced expectations for an interest rate cut in August [1]

Core Viewpoint - The financial markets are showing a divergence in signals regarding the potential dismissal of Federal Reserve Chairman Jerome Powell, with prediction markets indicating a higher likelihood of his removal compared to the rates market, which remains more stable and focused on economic fundamentals [1][3][4]. Group 1: Market Signals - Prediction markets, particularly Polymarket, have seen increased betting odds on Powell being dismissed by 2025 following Trump's public demand for his resignation [1][3]. - In contrast, the rates market, particularly the federal funds futures market, has reduced its expectations for interest rate cuts, now predicting a decrease of 43 basis points by year-end, down from 67 basis points at the end of June [1][4]. Group 2: Economic Data Influence - Stronger-than-expected employment data has led the rates market to reassess the likelihood of significant rate cuts, indicating that economic resilience and inflation risks are influencing market sentiment [4]. - Treasury Secretary Mnuchin's more moderate stance on the Federal Reserve has provided a stabilizing effect on the rates market, contrasting with Trump's more aggressive rhetoric [1][4]. Group 3: Divergence Analysis - The divergence between prediction markets and rates markets began in early July, with the rates market focusing more on economic signals rather than political noise [3][4]. - Analysts suggest that while prediction markets may react to political statements, the rates market prioritizes economic fundamentals and policy signals, indicating a more cautious approach among traders [3][4].

Core Viewpoint - The convertible bond market has shown overall good performance this year, but there is significant differentiation, with some bonds doubling in price while others have seen substantial declines, creating a "polarized" situation that investors need to be cautious about [1][2]. Market Performance - The convertible bond market has performed well, with the China Convertible Bond Index rising for two consecutive months in May and June, and a cumulative increase of 1.21% since July [3]. - Over 10 convertible bonds, including Sai Li Convertible Bond and Bo Hui Convertible Bond, have seen cumulative increases exceeding 10% since July [3]. - Notably, Sai Li Convertible Bond has a cumulative increase of 39.06% since early July, while Bo Hui Convertible Bond has increased by 37.02% [3]. - Year-to-date, over 160 convertible bonds have increased by more than 10%, with more than 60 bonds rising over 20%, and nearly 20 bonds have doubled in price [3]. Noteworthy Developments - The market has seen the emergence of the second convertible bond in history to exceed 2000 yuan, with Hui Cheng Convertible Bond reaching a price of nearly 2600 yuan, representing over 20 times its issue price [4]. - The strong performance of certain convertible bonds is often linked to the robust performance of their underlying stocks, with the top ten performing convertible bonds averaging a 23.05% increase, while their corresponding stocks averaged a 32.32% increase [5]. Market Differentiation - There is a noticeable increase in differentiation within the market, with over 130 convertible bonds experiencing price declines since July, including several bonds that have dropped over 10% [7]. - Year-to-date, multiple convertible bonds have seen declines exceeding 20%, with some, like Yuan Xin Convertible Bond and Wei Long Convertible Bond, dropping over 40% [7]. - The decline in many convertible bonds is often due to weak performance of their underlying stocks, with the top ten declining convertible bonds all corresponding to stocks that have also decreased in value [7]. Redemption Pressures - Strong redemption actions or pressures can significantly impact the secondary market prices of convertible bonds. Several bonds facing early redemption announcements have seen declines, such as Lian De Convertible Bond and Quan Feng Convertible Bond [8]. - Lian De Convertible Bond is set for mandatory redemption at 101.70 yuan per bond if not converted by a specified date, which could lead to substantial investment losses for holders [8].

Core Viewpoint - The Mexican stock index has experienced fluctuations, currently down 0.07% and nearing its daily low, while the Mexican peso has depreciated by 0.2%, approaching 18.78 pesos against the dollar after initially rising to 18.6509 pesos following the release of U.S. CPI data [1] Group 1 - The Mexican peso's decline is significant, with a drop of 0.2% leading to a new daily low of 18.78 pesos [1] - The peso had previously reached a high of 18.6509 pesos before the U.S. CPI data was released [1] - President AMLO expressed hopes to reach an agreement with the U.S. regarding tomatoes by August 1 [1] Group 2 - On July 14, the Trump administration announced anti-dumping tariffs on most tomatoes imported from Mexico [1]

Group 1 - Nasdaq futures increased by 0.72% and S&P 500 futures rose by 0.46% [1] - U.S. Treasury yields declined, with the 2-year Treasury yield down over 1 basis point to 3.898% and the 10-year Treasury yield down over 2 basis points to 4.954% [1] - The U.S. dollar index fell slightly, decreasing by 0.13% during the day [1]

Group 1 - European leaders' commitment to significantly increase military spending is not primarily driven by economic growth motives, but it is expected to support the European economy from 2025 onwards, preventing a deep economic recession [1] - The MEGA (Make Europe Great Again) initiative has gained traction among investors, with European stock markets outperforming U.S. markets, driven by military investment and a favorable valuation setup compared to high U.S. stock valuations [1][2] - Military and defense stocks have seen substantial inflows, with military spending being a key driver for the European stock market's performance relative to the U.S. [2] Group 2 - NATO's military spending in Europe is projected to rise from 2% to 5% of GDP by 2035, but historical data suggests that defense spending does not significantly boost economic output [3][4] - The fiscal multiplier for military spending in Europe is estimated to be low, with a potential increase of only 0.5% in GDP for every 100 euros spent on defense [3][4] - The actual increase in military spending may not lead to a robust economic recovery, especially for countries with stagnant economies [4] Group 3 - The effectiveness of military spending depends on financing methods; borrowing for military expenses may yield better economic growth than tax increases [6] - Investment in research and development is crucial, as the EU currently allocates only 4.5% of its military budget to R&D, compared to 16% in the U.S. [6] - European countries need to focus on domestic production of military equipment, as over 80% of current procurement relies on imports, primarily from the U.S. [6][7] Group 4 - The disparity in economic benefits from military spending among European countries is evident, with Germany poised to benefit more due to its early commitment to increase defense spending [7] - France and the UK face fiscal constraints that may limit their ability to achieve significant economic growth from military expansion [7] - The focus on GDP targets may lead to misguided defense policies, emphasizing spending without addressing actual equipment needs and costs [7][8]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No clear core view is presented in the provided text. It mainly offers data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data for stock and bond futures. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On July 14, 2025, the 10 - year Treasury bond yields in the US, UK, France, etc., showed different levels and changes. For example, the US yield was 4.435 with a latest change of 0.024, a one - week change of 0.054, a one - month change of - 0.013, and a one - year change of 0.075 [2]. - **2 - Year Treasury Bond Yields**: The 2 - year Treasury bond yields of the US, UK, Germany, etc., also had various values and fluctuations. For instance, the US yield was 3.860 on July 14, 2025, with a latest change of 0.000, a one - week change of - 0.020, a one - month change of 0.160, and a one - year change of - 0.880 [2]. - **Dollar Exchange Rates Against Major Emerging Economies' Currencies**: The dollar exchange rates against currencies like the Brazilian real, Russian ruble, etc., had different changes. For example, the exchange rate against the Brazilian real was 5.588 on July 14, 2025, with a latest change of 0.51% and a one - week change of 1.84% [2]. - **Stock Indices of Major Economies**: Stock indices such as the S&P 500, Dow Jones, etc., had different closing prices and percentage changes. For example, the S&P 500 closed at 6268.560 on July 14, 2025, with a latest change of 0.14%, a one - week change of 0.62%, a one - month change of 3.90%, and a one - year change not provided [2]. - **Credit Bond Indices**: Different credit bond indices, including US investment - grade, euro - zone investment - grade, etc., had different changes. For example, the US investment - grade credit bond index had a latest change of - 0.01%, a one - week change of - 0.25%, a one - month change of 0.75%, and a one - year change of 5.51% [2]. Stock Index Futures Trading Data - **Index Performance**: Data on A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 index performance were presented, but closing prices and percentage changes were not provided [3]. - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.33, 11.41, 29.47, 26.66, and 20.67 respectively, with corresponding环比 changes [3]. - **Risk Premium**: The risk premium of S&P 500 was - 0.68 and that of German DAX was 2.11, with corresponding环比 changes [3]. - **Fund Flow**: The latest values of fund flow for A - shares, the main board, small - and medium - sized enterprise board, ChiNext, and CSI 300 were - 624.53, - 461.96, not provided, - 140.10, and - 139.09 respectively, and the 5 - day average values were also presented [3]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: The closing prices of Treasury bond futures T00, TF00, T01, and TF01 were 108.730, 105.920, 108.775, and 106.005 respectively, with percentage changes of - 0.01%, 0.00%, - 0.00%, and 0.00% [4]. - **Funding Rates**: The funding rates R001, R007, and SHIBOR - 3M were 1.4837%, 1.5426%, and 1.5610% respectively, with daily changes of - 3.00, 3.00, and 0.00 BP [4].