Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No clear core viewpoints presented in the given content 3. Summary by Relevant Catalogs SP Main Contract Information - On August 4, 2025, the closing price of the SP main contract was 5168.00, showing a -0.34709% change from the previous day [3] - The discount to US dollars was 628.64 on August 4, 2025 [3] - The basis of Shandong Yinxing was 682, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 757 on August 4, 2025 [3] Import Profit and Price Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion was 51.55, while that of Canadian Lion was -342.78, and that of Chilean Yinxing was -61.65 on August 4, 2025 [4] - The port US - dollar price of Canadian Golden Lion was 780, Canadian Lion was 730, and Chilean Yinxing was 720 [4] - The RMB price in Shandong area of Canadian Golden Lion was 6450, Canadian Lion was 5635, and Chilean Yinxing was 5850 [4] Pulp and Paper Price and Margin Information - From July 29 to August 4, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged, as did the average prices in Shandong area [4] - The indices of cultural paper (double - offset, double - copper), packaging paper (white card), and living paper remained unchanged from July 30 to August 4, 2025 [4] - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed some positive changes from July 30 to August 4, 2025, with changes of 0.1286, 0.1121, 0.0975, and 0.1528 respectively [4] Pulp Price Difference Information - From July 29 to August 4, 2025, the price differences between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper all showed a decreasing trend [4]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The mid - to long - term outlook for precious metals is bullish, and in the short - term, although the multi - short game is intense, the bulls are mainly in control. Precious metal prices are expected to stop falling and rebound. The support for London gold is 3340, with resistance at 3400 and 3450; the support for London silver is 37, with resistance at 38. It is recommended to buy on dips [4]. 3) Summary by Relevant Catalogs [行情回顾] - On Monday, the precious metal market stopped falling and rebounded. The SHFE gold 2510 main contract closed at 781.42 yuan/gram, up 1.36%; the SHFE silver 2510 contract closed at 9039 yuan/kilogram, up 1.3%. The main reason for the price increase was the rising expectation of a Fed rate cut in September [2]. [本周关注] - This week's data is light. Pay attention to the US ISM Services PMI and import - export data on Tuesday night. Regarding events, on Thursday at 03:10, 2027 FOMC voter and San Francisco Fed President Daly will speak; at 22:00, 2027 FOMC voter and Atlanta Fed President Bostic will participate in a fireside chat on monetary policy; on Friday at 22:20, 2025 FOMC voter and St. Louis Fed President Musalem will speak. On Thursday at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report [3]. [南华观点] - The mid - to long - term trend of precious metals may be bullish. In the short - term, the multi - short game is fierce, but the bulls control the rhythm. The precious metal prices are expected to stop falling and rise. For London gold, the support level is 3340, and the resistance levels are 3400 and 3450; for London silver, the support level is 37, and the resistance level is 38. The operation strategy is to buy on dips [4]. [贵金属期现价格表] - SHFE gold main continuous contract: 781.42 yuan/gram, up 10.7 yuan, or 1.39%. SGX gold TD: 775.55 yuan/gram, up 8.37 yuan, or 1.09%. CME gold main contract: 3428.6 dollars/ounce, up 12.6 dollars, or 0.37%. SHFE silver main continuous contract: 9039 yuan/kilogram, up 121 yuan, or 1.36%. SGX silver TD: 8999 yuan/kilogram, up 111 yuan, or 1.25%. CME silver main contract: 37.445 dollars/ounce, up 0.34 dollars, or 0.92%. SHFE - TD gold: 5.87 yuan/gram, up 2.33 yuan, or 65.82%. SHFE - TD silver: 40 yuan/kilogram, up 10 yuan, or - 37.5%. CME gold - silver ratio: 91.5636, down 0.4995, or - 0.54% [5]. [库存持仓表] - SHFE gold inventory: 35889 kilograms, up 144 kilograms, or 0.4%. CME gold inventory: 1206.6166 tons, up 2.426 tons, or 0.2%. SHFE gold position: 217696 lots, down 1072 lots, or - 0.49%. SPDR gold position: 954.8 tons, up 1.72 tons, or 0.18%. SHFE silver inventory: 1174.273 tons, down 9.684 tons, or - 0.82%. CME silver inventory: 15757.0987 tons, down 1.8489 tons, or - 0.01%. SGX silver inventory: 1368.435 tons, up 56.415 tons, or 4.3%. SHFE silver position: 371051 lots, up 5858 lots, or 1.6%. SLV silver position: 15021.873699 tons, down 34.7912 tons, or - 0.23% [14]. [股债商汇总览] - US Dollar Index: 98.757, up 0.0664, or 0.07%. US Dollar to Chinese Yuan: 7.1842, down 0.0093, or - 0.13%. Dow Jones Industrial Average: 44173.64 points, up 585.06 points, or 1.34%. WTI crude oil spot: 67.33 dollars/barrel, down 1.93 dollars, or - 2.79%. LmeS copper 03: 9708.5 dollars/ton, up 75.5 dollars, or 0.78%. 10 - year US Treasury yield: 4.22%, down 0.01%, or - 0.24%. 10 - year US real interest rate: 1.85%, down 0.05%, or - 2.63%. 10 - 2 year US Treasury yield spread: 0.54%, up 0.11%, or 25.58% [17].

Group 1: Report Overview - The report is an August 4th risk management daily report on nickel and stainless steel, written by the New Energy & Precious Metals Research Team of Nanhua [1] Group 2: Price and Volatility Forecast - The predicted price range for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [3] - The predicted price range for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [3] Group 3: Risk Management Strategies Nickel - **Inventory Management**: When product sales prices fall and inventory has impairment risk, sell Shanghai nickel futures (NI main contract) at a 60% hedging ratio and sell call options at a 50% hedging ratio, both with a strategy level of 2 [3] - **Procurement Management**: When concerned about rising raw material prices for future production needs, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options, and buy out - of - the - money call options according to the procurement plan, with strategy levels of 3 and 1 respectively [3] Stainless Steel - **Inventory Management**: When product sales prices fall and inventory has impairment risk, sell stainless steel futures (SS main contract) at a 60% hedging ratio and sell call options at a 50% hedging ratio, both with a strategy level of 2 [4] - **Procurement Management**: When concerned about rising raw material prices for future production needs, buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options, and buy out - of - the - money call options according to the procurement plan, with strategy levels of 3 and 1 respectively [4] Group 4: Core Contradictions - For nickel, the macro - level sentiment has faded. The inventory of Philippine nickel ore arriving at ports is stable, with a loosening price expectation. The August premium adjustment in Indonesia is limited. Nickel iron prices continue to decline, and iron mills have a certain price - holding sentiment. The new energy salt factories have some support, and the demand of some downstream precursor factories has increased [5] - For stainless steel, the spot price has increased, and the transaction has improved. Some steel mills have adjusted their production schedules in August, with some resuming production for the peak seasons in September and October. Attention should be paid to downstream demand trends [5] Group 5: Market Influencing Factors Positive Factors - Indonesia's APNI plans to revise the HPM formula by adding elements like iron and cobalt - Indonesia shortens the nickel ore quota license period from three years to one year - The construction of the Yarlung Zangbo River Hydropower Station may increase stainless steel demand [7] Negative Factors - Stainless steel enters the traditional off - season, with slow inventory reduction - Pure nickel inventory is high - Nickel ore seasonal inventory rises, weakening the bottom support - Sino - US tariff disturbances still exist [7] Group 6: Market Data Nickel Market - The latest value of Shanghai nickel main contract is 120,630 yuan/ton, with a 0% month - on - month change. The LME nickel 3M is 15,020 US dollars/ton, with a - 0.05% month - on - month change. The trading volume is 120,522 lots, and the open interest is 95,467 lots. The warehouse receipt quantity is 21,170 tons, with a - 0.95% month - on - month change [7] - The domestic social inventory of nickel is 39,486 tons, a decrease of 795 tons from the previous period; LME nickel inventory is 209,082 tons, unchanged; nickel pig iron inventory is 33,415 tons, an increase of 182 tons [9] Stainless Steel Market - The latest value of the stainless steel main contract is 12,925 yuan/ton, with a 0% month - on - month change. The trading volume is 122,249 lots, and the open interest is 87,475 lots. The warehouse receipt quantity is 102,925 tons, with a - 0.06% month - on - month change [8] - The stainless steel social inventory is 966,200 tons, a decrease of 1,200 tons from the previous period [9]

沪深300PCR走势 1.2 1 0.8 0.6 0.4 0.2 权教据日报 CI + m 中 2025/8/4 数据来源: Wind,国贸期货研究院 | | 行情回顾 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价 | | 张肤帽(%) | | 成交额(亿元) | | 成交里(亿) | | | 上证50 | 2754. 1302 | | -0. 79 | | 940. 74 | | 48. 96 | | | 沪深300 | 4054. 9286 | | -0.51 | | 3596. 85 | | 196. 22 | | | 中证1000 | 6670. 472 | | 0.14 | | 3490. 71 | | 232. 48 | | | | 中金所股指期权成交情况 | | | | | | | | | 指数 | 期权成交望 | 认购期权 | 认沽期权 | 日成交里 | 期权持仓里 | 认购期权 | 认洁期权 | 持仓里 | | | (万张) | 成交堂 | 成交里 | PCR | (万张) ...

Report Industry Investment Rating - No information provided Report's Core View - The market is in the off - season with a strong wait - and - see sentiment. Recent tin price fluctuations have curbed market purchasing willingness. Downstream buyers mainly adopt the strategies of "replenishing inventory based on rigid demand and taking delivery with post - pricing", resulting in few high - price transactions. The spot premium has slightly dropped to 400 yuan/ton, and domestic inventory has increased slightly. Technically, the position has declined, and both long and short positions are cautious. It is recommended to temporarily wait and see, with an expected range of 260,000 - 270,000 yuan/ton for the price to fluctuate and adjust [3] Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Tin is 266,490 yuan/ton, up 1,540 yuan; the closing price of the LME 3 - month tin is 33,215 US dollars/ton, up 530 US dollars. The closing price difference between the August - September contracts of Shanghai Tin is - 560 yuan/ton, down 140 yuan. The main contract position of Shanghai Tin is 27,212 lots, down 307 lots. The net position of the top 20 futures is 302 lots, down 109 lots. The total LME tin inventory is 1,950 tons, up 5 tons; the Shanghai Futures Exchange inventory of tin is 7,671 tons, up 254 tons; the LME tin cancelled warrants are 535 tons, down 45 tons; the Shanghai Futures Exchange warrants of tin are 7,293 tons, up 7 tons [3] 现货市场 - The SMM 1 tin spot price is 265,800 yuan/ton, up 1,200 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 265,960 yuan/ton, up 1,890 yuan. The basis of the main Shanghai Tin contract is - 690 yuan/ton, down 340 yuan; the LME tin premium (0 - 3) is - 0.5 US dollars/ton, up 15.5 US dollars [3] Upstream Situation - The import volume of tin ore concentrates is 12,100 tons, down 2,900 tons. The average processing fee of 40% tin concentrates is 10,500 yuan/ton, unchanged; the average price of 40% tin concentrates is 252,600 yuan/ton, down 6,500 yuan; the average price of 60% tin concentrates is 256,600 yuan/ton, down 6,500 yuan; the average processing fee of 60% tin concentrates is 6,500 yuan/ton, unchanged [3] Industry Situation - The monthly production of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] Downstream Situation - The price of 60A solder bars in Gejiu is 172,850 yuan/ton, up 640 yuan. The cumulative monthly output of tin - plated sheets (strips) is 1.6014 million tons, up 144,500 tons; the monthly export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3] Industry News - The US added 73,000 non - farm jobs in July, far lower than expected, and the data of the previous two months was revised down by 258,000. "New Fed Wire" said that the cooling of non - farm employment opens the door for a rate cut in September, although inflation remains a concern. Starting from August 8, 2025, China will resume levying value - added tax on the interest income of newly issued national bonds, local government bonds, and financial bonds [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report After two consecutive days of significant corrections last week, the sentiment in the stock market has recovered today. However, although the market has moved upward, the trading volume remains in a contraction state. The leading industries are mainly related to military (Pakistan's defense layout information), robotics (mass production of robot orders and accelerated corporate financing), and precious metals (due to the unexpected US non - farm data, the US dollar index declined, and the risk - aversion sentiment increased), all driven by short - term information changes, and their sustainability is expected to be limited. From the perspective of stock index futures indicators, the market shows short - sellers leaving, which mainly reflects that investors believe the possibility of short - term corrections has decreased. Without obvious bullish factors, the possibility of a continuous upward trend is low. It is expected that the stock index will fluctuate within the week, so it is not advisable to chase high in operation [4]. 3. Summary by Relevant Catalogs Market Review The stock index generally moved upward today, with small - cap stocks showing stronger performance. In terms of capital, the trading volume of the two markets decreased by 99.8 billion yuan. In the futures index market, all stock index futures increased in price with reduced volume, indicating that the market was mainly driven by short - covering [2]. Important Information - HSBC raised its GDP growth forecasts for China in 2025 and 2026. - The China Federation of Machinery Industry stated that the Ministry of Industry and Information Technology is about to issue a work plan for stabilizing growth in industries such as machinery, automobiles, and power equipment [3]. Strategy Recommendation It is recommended to mainly adopt a wait - and - see strategy [5]. Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.52 | 0.54 | 0.97 | 1.42 | | Trading volume (10,000 lots) | 7.71 | 3.8519 | 7.7587 | 18.9239 | | Trading volume change compared to the previous day (10,000 lots) | - 2.2338 | - 1.2314 | - 1.1855 | - 2.3743 | | Open interest (10,000 lots) | 25.4635 | 9.2065 | 21.695 | 33.7048 | | Open interest change compared to the previous day (10,000 lots) | - 0.7234 | - 0.4835 | - 0.3294 | - 0.1172 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.66 | | Shenzhen Component Index change (%) | 0.46 | | Ratio of rising to falling stocks | 3.08 | | Trading volume of the two markets (billion yuan) | 14985.50 | | Trading volume change compared to the previous day (billion yuan) | - 998.00 | [6]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据已 国贸期货研究院 农产品研究中心 黄向岚 慎 险 投资咨询号: Z0021658 从业资格号:F03110419 2025/8/4 | 指标 | | 8月1日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大连 | 30 | 10 | 2500 r 2000 | ===== 19/20 | | ----- 20/21 ----- 21/22 ------22/23 | | | - 23/24 - 24/25 | | | 天津 | -50 | -10 | 1500 1000 | | | | | | | | | 日照 | -90 | 10 | | | | | | | | | 43%豆粕现货基差 | 张家港 | -110 | | -500 | | | | | | | | (对主力合约) | | | | | | | 09/21 10/22 11/22 12/23 01/23 02/23 ...

Report Information - Report Title: Nanhua Futures Copper Risk Management Daily Report - Date: August 4, 2025 - Research Team: Nanhua Nonferrous Metals Research Team [1] Investment Rating - No investment rating information provided in the report Core Viewpoints - The decline in copper prices during the week was mainly due to the adjustment of the US copper tariff policy. Trump announced a 50% import tariff on copper tubes, pipe fittings, and other semi - finished copper products from this Friday, and extended it to copper - intensive finished products. However, core upstream products were excluded. The price of SHFE copper is still closely linked to LME copper, and weak downstream demand is expected to emerge this week. The price difference between COMEX copper and LME, SHFE copper will fluctuate and is expected to balance in the next 2 trading days. The high copper inventory in the COMEX market may not flow out, but the short - term US market cannot digest it, which affects the price difference between LME and COMEX [3] Key Points from Different Sections Copper Price Volatility and Risk Management - The latest copper price is 78,400 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 11.64%, and the historical percentile of the current volatility is 22.6% [2] - For inventory management with high finished - product inventory, it is recommended to sell 75% of SHFE copper main - contract futures at around 82,000 yuan/ton and sell 25% of call options (CU2509C82000) when volatility is relatively stable. For raw - material management with low raw - material inventory, it is recommended to buy 75% of SHFE copper main - contract futures at around 75,000 yuan/ton [2] Market Factors Bullish Factors - Readjustment of the US tariff policy [4] - Decline of the US dollar index due to employment data [6] - Obvious downward support [6] Bearish Factors - Repeated tariff policies [6] - Decrease in global demand due to tariff policies [6] - Excessively high COMEX inventory caused by the US copper tariff policy adjustment [6] Copper Futures and Spot Data Futures Data - The latest price of SHFE copper main contract is 78,400 yuan/ton with no daily change. SHFE copper continuous - first contract is 78,400 yuan/ton, up 360 yuan (0.46%), and SHFE copper continuous - third contract is 78,330 yuan/ton with no daily change. The price of LME copper 3M is 9,633 dollars/ton, up 26 dollars (0.27%), and the SHFE - LME ratio is 8.21, up 0.06 (0.74%) [2][5][7] Spot Data - The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaom, Guangdong Nanchu, and Yangtze Non - ferrous are 78,330 yuan/ton, 78,325 yuan/ton, 78,160 yuan/ton, and 78,460 yuan/ton respectively, with daily declines of 0.3%, 0.27%, 0.31%, and 0.28%. The changes in the corresponding spot premium/discount also vary [9] Copper Scrap - Refined Spread - The current refined - scrap spread (tax - included) is 805.43 yuan/ton, down 38.61 yuan (- 4.57%); the reasonable refined - scrap spread (tax - included) is 1484.65 yuan/ton, down 1.45 yuan (- 0.1%). Similar changes are seen in the non - tax - included spreads [12] Copper Warehouse Receipts and Inventories Warehouse Receipts - The total SHFE copper warehouse receipts are 20,349 tons, up 727 tons (3.71%); the total international copper warehouse receipts are 1,553 tons, down 1,760 tons (- 53.12%) [15] Inventories - The total LME copper inventory is 141,750 tons, up 3,550 tons (2.57%); the total COMEX copper inventory is 259,681 tons, up 11,046 tons (4.44%) [17][20] Copper Import Profit and Processing Fees - The copper import profit is - 249.88 yuan/ton, down 87.93 yuan (54.29%); the copper concentrate TC is - 42 dollars/ton, up 0.5 dollars (- 1.18%) [21]

Group 1: Report General Information - Report Name: Nanhua Futures Tin Risk Management Daily Report [1] - Date: August 4, 2025 [1] - Research Team: Nanhua Non - ferrous Metals Research Team [1] Group 2: Price and Volatility - Latest Closing Price of Tin: 264,950 yuan/ton [2] - Monthly Price Range Forecast: 245,000 - 263,000 yuan/ton [2] - Current Volatility: 14.36% [2] - Current Volatility Historical Percentile: 26.1% [2] Group 3: Risk Management Recommendations Inventory Management - Situation: High finished - product inventory, worried about price decline [2] - Strategy: Short Shanghai Tin main futures contract (75% at around 275,000 yuan/ton) and sell call options (SN2509C275000, 25% when volatility is appropriate) [2] Raw Material Management - Situation: Low raw material inventory, worried about price increase [2] - Strategy: Long Shanghai Tin main futures contract (50% at around 230,000 yuan/ton) and sell put options (SN2509P245000, 25% when volatility is appropriate) [2] Group 4: Core Viewpoint - Tin price declined slightly during the week as expected due to limited macro - impact [3] - Myanmar's tin mine mining licenses are mostly approved, expected to resume work in late August, which is a major factor for tin fundamentals but unlikely to affect short - term supply - demand [3] - If Myanmar's resumption is below expectations again, previous negative factors may turn into short - term positives [3] - Tin price may fluctuate in the next week, and supply - side topics still have room for speculation [3] Group 5: Influencing Factors Bullish Factors - Easing of Sino - US tariff policies [4] - Semiconductor sector is still in an expansion cycle [4] - Myanmar's production resumption is below expectations [4] Bearish Factors - Tariff policy reversals [5] - Myanmar's tin ore flowing into China [5] - Slowdown of semiconductor sector expansion and transition from expansion to contraction cycle [5] Group 6: Futures Market Data | Contract | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Main | yuan/ton | 264,950 | 0 | 0% | | Shanghai Tin Continuous 1 | yuan/ton | 264,950 | 0 | 0% | | Shanghai Tin Continuous 3 | yuan/ton | 265,220 | 0 | 0% | | LME Tin 3M | US dollars/ton | 33,215 | 530 | 1.62% | | Shanghai - London Ratio | Ratio | 8.12 | 0.1 | 1.25% | [6] Group 7: Spot Market Data | Item | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous Tin Ingot | yuan/ton | 264,600 | - 6,500 | - 2.4% | | 1 Tin Premium | yuan/ton | 500 | - 200 | - 28.57% | | 40% Tin Concentrate | yuan/ton | 252,600 | - 6,500 | - 2.51% | | 60% Tin Concentrate | yuan/ton | 256,600 | - 6,500 | - 2.47% | | Solder Bar (60A) Shanghai Non - ferrous | yuan/ton | 172,250 | - 3,500 | - 1.99% | | Solder Bar (63A) Shanghai Non - ferrous | yuan/ton | 179,750 | - 3,500 | - 1.91% | | Lead - free Solder | yuan/ton | 270,750 | - 6,500 | - 2.34% | [11] Group 8: Inventory Data | Item | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Futures Exchange Tin Warehouse Receipt (Total) | tons | 7,286 | - 143 | - 1.92% | | Shanghai Futures Exchange Tin Warehouse Receipt (Guangdong) | tons | 4,853 | 22 | 0.46% | | Shanghai Futures Exchange Tin Warehouse Receipt (Shanghai) | tons | 1,562 | - 165 | - 9.55% | | LME Tin Inventory (Total) | tons | 1,855 | 35 | 1.92% | [19] Group 9: Other Data | Item | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Tin Import Profit and Loss | yuan/ton | - 14,300.05 | 1,473.25 | - 9.34% | | 40% Tin Ore Processing Fee | yuan/ton | 12,200 | 0 | 0% | | 60% Tin Ore Processing Fee | yuan/ton | 10,050 | - 500 | - 4.74% | [20]

股指日报 股指期货日报 2025年8月1日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 缩量下跌，两市成交额大幅回落至1.6万亿元以下 市场回顾 今日股指除中证1000指数收涨外，其余延续下跌。从资金面来看，两市成交额回落3376.85亿元。期指方 面，IM缩量上涨，其余品种均缩量下跌。 重要资讯 1. 国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，大力推进人工智能规模化商业化 应用，推动人工智能在经济社会发展各领域加快普及、深度融合。会议部署实施个人消费贷款贴息政策与服 务业经营主体贷款贴息政策，更好激发消费潜力、提升市场活力。 2. 美国6月核心PCE物价指数同比增长2.8%，预期增长2.7%。 核心观点 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.52 | -0.63 | -0.13 | 0.25 | | 成交量（万手） | 9.9438 | 5.0833 | 8.9442 | 21.2982 | ...