Group 1 - The core point of the article highlights the unexpected extension of the US-China tariff truce for an additional 90 days after a lengthy negotiation in Stockholm, which was initially set to expire on August 12 [1][3] - The negotiations began earlier in the year, with the US imposing tariffs of up to 125% on Chinese goods, prompting China to retaliate, leading to a chaotic global trade environment [3][5] - The discussions in Stockholm involved contentious issues such as rare earth export quotas, agricultural procurement lists, and intellectual property protection, with both sides showing a willingness to compromise [5][6] Group 2 - The US threatened to impose secondary tariffs on China if it did not limit energy imports from Russia, which China vehemently opposed as interference in its internal affairs [5][6] - Both parties made concessions: the US agreed to delay secondary tariffs on Russia, while China committed to expanding imports of US beef and corn [6] - The article notes that China's economy showed resilience with a GDP growth of 5.3% in the first half of the year and a trade surplus with the US increasing by 12%, indicating China's strong position in the negotiations [9]

Core Viewpoint - The People's Bank of China, along with various provincial departments, has launched a special initiative to integrate five key financial strategies into rural revitalization efforts in Jilin Province, focusing on technology, green finance, inclusive finance, pension finance, and digital finance [1][2]. Group 1: Financial Strategies - The initiative emphasizes the use of technology finance to enhance agricultural productivity through measures like "loan + external investment" and intellectual property pledges [2]. - Green finance is aimed at improving rural ecological living conditions by supporting infrastructure projects and promoting sustainable agricultural practices [2]. - Inclusive finance will focus on supporting local industries, particularly ginseng, and enhancing access to credit for rural entrepreneurs [2]. - Pension finance will innovate affordable and user-friendly pension products while supporting the construction of elderly care facilities [2]. - Digital finance will leverage technology to improve financial services for rural areas, integrating various financial and governmental systems [2]. Group 2: Implementation Mechanism - A comprehensive service mechanism has been established to ensure the effective implementation of the financial strategies, involving collaboration among multiple provincial departments [3]. - The mechanism includes a clear division of responsibilities among member units to enhance the transmission of financial policies to county levels [3]. - A feedback loop for problem collection, collaborative resolution, and tracking effectiveness has been proposed to ensure the practical application of the financial strategies in rural revitalization [3].

Group 1: Resource Economy Development - Yunnan has positioned resource economy as a key pillar of its economic strategy, with the value added of key resource industries accounting for approximately 45% of GDP [1] - The province is enhancing resource utilization through a comprehensive approach, including policy and financial support, to accelerate the development of key industries [1] - Major manufacturing projects are being promoted to drive industrial cluster development, with approximately 75% of large-scale industrial enterprises concentrated in resource economy industries [1] Group 2: Non-ferrous Metals Industry - Yunnan aims to become a strong province in the non-ferrous metals industry, targeting an industrial output value exceeding 400 billion yuan by 2024 [2] - The production of ten types of non-ferrous metals reached 819.45 million tons, accounting for 10.35% of the national total, ranking fourth in the country [2] - The industrial output value of the non-ferrous metals sector grew by 29% in the first half of the year, with a production increase of 17.4% [2] Group 3: Agricultural Sector - Yunnan is focusing on highland characteristic agriculture, maintaining a leading position in investment scale and production of key agricultural products [3] - The total output value of key agricultural industries reached 2.75 trillion yuan, with significant contributions from sectors like fresh-cut flowers, coffee, and tea [3] - Two agricultural clusters, namely Sanqi and dairy, have been recognized as national characteristic advantage industry clusters [3] Group 4: Tourism Industry - Yunnan is transforming its tourism industry, aiming to attract 700 million visitors and achieve a total tourism expenditure of 1.14 trillion yuan by 2024 [3] - In the first half of the year, the province received 370 million tourists, marking a 10.8% year-on-year increase, with tourism expenditure exceeding 650 billion yuan [3] - The number of residents engaged in tourism activities surged by 45.4%, indicating a robust growth trend [3]

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints - The resumption of VAT on the interest income of new - issued treasury bonds, local government bonds, and financial bonds after August 8, 2025, may lead to a "long old bonds, short new bonds" strategy in the market. The mid - term trend of treasury bond futures remains oscillating and bearish, and the basis difference will fluctuate bidirectionally to a reasonable range. The inter - period spread may widen further, and the curve may steepen in the medium term. Credit bonds may be favored in the short - term, and the stratification of credit spreads will be more reasonable in the medium term, benefiting the real economy. The tax adjustment on interest - rate bonds indirectly benefits equity assets, but short - term discount expectations of underlying bond assets of some companies need attention [6]. - There is a large supply - demand gap for soybeans in China before the Spring Festival in 2026. Whether China purchases US soybeans or not, the cost of imported soybeans is difficult to decrease significantly, which will push up the prices of soybean products. It is recommended to buy soybean oil and soybean meal at low prices [10]. 3. Summary by Related Catalogs 3.1 Treasury, Local, and Financial Bond Interest VAT Resumption - **Market Reaction**: After the policy was announced, the interest rate of 25 Attached - interest Treasury Bond 11 showed a "first up then down" trend, indicating that the market first understood the negative impact of the "tax increase" and then realized the value of "old bonds" [6]. - **Bond Market Strategy**: A "long old bonds, short new bonds" strategy may emerge. The CTD of active contracts and corresponding old bonds may have a short - term rally, but the medium - term trend is hard to change. The basis difference will gradually fluctuate bidirectionally from the low - level operation of the past two years to a reasonable range [6]. - **Inter - period Spread**: The inter - period spread between the 09 and 12 contracts may widen further as the pricing will incorporate the tax difference between new and old bonds [7]. - **Curve Shape**: The curve may steepen in the medium term [7]. - **Bond Type Comparison**: Credit bonds may be favored in the short - term, and the stratification of credit spreads will be more reasonable in the medium term, attracting capital inflows to support the real economy. The tax adjustment on interest - rate bonds indirectly benefits equity assets, but short - term discount expectations of underlying bond assets of some companies such as banks and insurance need attention [7][9]. 3.2 Soybean and Its Products - **Supply - demand Situation**: There is a large supply - demand gap for soybeans in China before the Spring Festival in 2026. Whether China purchases US soybeans or not, the cost of imported soybeans is difficult to decrease significantly [10]. - **Price Forecast**: The low - price range of soybean meal is about 3050 yuan/ton, and the high - price range is about 3450 yuan/ton. The low - price range of soybean oil is about 8150 yuan/ton, and the high - price range is about 8650 yuan/ton. It is recommended to buy soybean oil and soybean meal at low prices [10]. 3.3 Other Commodities - **Precious Metals**: Gold shows a weakening trend due to weak non - farm payroll data, and silver has fallen from a high level. The trend intensities of both are - 1 [13][16][21]. - **Base Metals**: Copper's spot premium is firm, limiting price declines, with a trend intensity of 0; zinc is oscillating downward, with a trend intensity of - 1; lead's inventory reduction limits price drops, with a trend intensity of 0; tin is oscillating within a range, with a trend intensity of - 1; aluminum's center of gravity is moving down, alumina is accumulating inventory, and cast aluminum alloy follows electrolytic aluminum, all with a trend intensity of - 1 [13][23][26][29][31][36]. - **Energy and Chemicals**: Products such as crude oil, fuel oil, and asphalt have different trends. For example, fuel oil continues to decline, and asphalt is oscillating at a high level, with corresponding trend intensities [13][39][65]. - **Agricultural Products**: Different agricultural products have different trends. For example, palm oil is waiting to be bought at low levels, and corn is oscillating [13][15].

金融期货早评 宏观：国内政策仍将积极有为 【市场资讯】1）美国 7 月非农新增就业 7.3 万远低于预期，前两月数据大幅下修 25.8 万； 7 月失业率回升至 4.2%，符合预期，前值 4.1%；时薪同比涨幅从上修后的 3.8%上涨至 3.9%。 美联储官员：就业市场风险可能增加，还没准备提高降息预期。"新美联储通讯社"：非农 就业降温为 9 月降息打开大门，尽管通胀仍令人担忧。2）美国 7 月 ISM 制造业 PMI 48， 创九个月最快萎缩，就业指数创五年多最低。3）特朗普：若不降息，美联储理事会应"接 手掌管"。美联储理事库格勒辞职，特朗普兴奋不已，有望提前插手利率决策、布局鲍威尔 接班人。4）非农数据疲软，特朗普甩锅：拜登任命的官员编制，罢免统计局局长；引发市 场对数据完整性担忧。5）特朗普 2.0 时期首次对俄罗斯军事威胁，称下令将两艘美军核潜 艇部署至相应区域。6）老百姓买国债的利息免税标准：每月不超过 10 万。7）"2025 暑期 档电影总票房突破 70 亿，单日票房创新高。8）欧佩克+同意 9 月增产 54.7 万桶/日，消息 称下月会议或再考虑增产。9）美国贸易代表格里尔：新一轮关税"基 ...

1. Report Industry Investment Ratings No information provided in the content. 2. Core Views of the Report - The US July non - farm payrolls were far below expectations, leading to a significant increase in gold prices, a weakening of the US dollar index, and concerns about the economic and demand prospects in various markets [1][14][18]. - The new issuance of treasury bonds will resume a 6% VAT levy from August 8, 2025, which may cause price differentiation between new and old bond types in the short - term and is bearish for the bond market in the long - term [25][26]. - The prices of various commodities are affected by different factors. For example, steel prices are under回调 pressure, and agricultural product prices are influenced by policies and supply - demand relationships [4][31][42]. 3. Summary by Related Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - US 7 - month non - farm employment was far below expectations, with significant downward revisions in May and June. Gold prices rose about 2% on Friday. The market quickly adjusted its expectations for the Fed's rate cut in September, but gold remained in a short - term shock range. It is recommended that gold prices be in a short - term shock after pricing the positives on Friday [14]. 3.1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The resignation of the Fed governor may allow Trump to choose Powell's successor earlier. The US July non - farm data was far below expectations, and the labor market had a potential inflection point, causing the US dollar index to weaken significantly. It is recommended that the US dollar index be weak in the short - term [15][18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Trump fired the Bureau of Labor Statistics director due to manipulated employment data. The July non - farm data showed a cooling employment market, and the significant downward revision of previous values increased market concerns about the real economy. It is expected that the stock index will continue to decline [21]. 3.1.4 Macro Strategy (Stock Index Futures) - Recently, many active equity funds have announced purchase restrictions. The stock market has corrected from a high level, with the Shanghai Composite Index falling below 3600 points. The 7 - month PMI was below expectations, and some micro - cap quantitative strategy funds announced purchase restrictions, indicating that the market has a preliminary perception of the high current level. It is recommended to allocate various stock indices evenly [22][24]. 3.1.5 Macro Strategy (Treasury Bond Futures) - Starting from August 8, 2025, a 6% VAT will be restored on the interest income of newly issued treasury bonds, local bonds, and financial bonds. The market is expected to rise first and then fall next week. In the short - term, it may cause price differentiation between new and old bond types, and in the long - term, it is bearish for the bond market. It is recommended that trading positions gradually withdraw from long positions [25][26][28]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - The US June soybean crushing volume was 5.91 million short tons. The domestic soybean meal futures price was relatively strong compared to the external market. The supply - demand situation of domestic soybean meal changed little, and the inventory was expected to continue to rise. It is expected that the situation of strong domestic and weak external markets will continue, and the trading center of soybean meal will move up [31]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia's June palm oil exports increased slightly year - on - year. Malaysia's July palm oil production increased month - on - month. There were news of domestic traders exporting soybean oil to India. It is expected that palm oil will maintain a narrow - range shock, and short - term consideration can be given to a long - soybean - oil and short - palm - oil spread [34][35]. 3.2.3 Black Metals (Coking Coal/Coke) - The coke price in the Changzhi market was running strongly. The coking coal price continued to strengthen, but the increase narrowed. The coal - coke futures market fluctuated greatly. In the short - term, it is expected to be in a shock trend, and the 09 contract will focus on the delivery situation [37][38]. 3.2.4 Agricultural Products (Cotton) - Pakistan increased the tax on imported cotton, cotton yarn, and cotton cloth by 18%. The demand for imported cotton in Vietnam decreased, and the inventory of finished products increased. The weekly export signing volume of new US cotton decreased. ICE cotton prices are expected to be in a low - level weak shock. It is expected that the decline space of Zhengzhou cotton is limited, and there may be a rebound before the large - scale listing of new cotton [42][43]. 3.2.5 Agricultural Products (Sugar) - India's 25/26 sugar production is expected to increase. StoneX lowered the global sugar supply surplus in 2025/26. Brazil's sugar production in the first half of July increased year - on - year. ICE raw sugar is expected to maintain a weak shock. Zhengzhou sugar is expected to be in a weak shock in the short - term, with the operating range between 5500/5600 - 5900 yuan/ton [44][48][49]. 3.2.6 Black Metals (Rebar/Hot - Rolled Coil) - China's heavy - truck sales increased in July. The US will impose tariffs on Brazilian semi - finished steel. Steel prices continued to be in a weak shock, with inventory accumulation and a seasonal decline in building material demand. It is expected that steel prices will still have回调 pressure in the near future [50][53][54]. 3.2.7 Black Metals (Steam Coal) - The price of steam coal in the northern port market was stable on August 1. The supply and demand of steam coal were both weakening. It is expected that the coal price will continue to be in a shock market, with limited short - term rebound height [55][56]. 3.2.8 Black Metals (Iron Ore) - The sales of new cars decreased in July. The iron ore price followed a slight correction this week, and the fundamentals were not in sharp contradiction. It is expected that the iron ore price will maintain a shock [57][58]. 3.2.9 Agricultural Products (Corn Starch) - The port inventory of cassava starch decreased slightly, and the price difference with corn starch narrowed. The开机 rate of downstream starch sugar was still weak year - on - year. It is expected that the price difference between rice and flour will remain in a low - level shock [59][60]. 3.2.10 Agricultural Products (Corn) - The average inventory of feed enterprises increased year - on - year. The North Port inventory continued to decline, and the raw material inventory of deep - processing enterprises decreased. It is expected that corn will maintain a downward shock trend in the medium - to - long - term, and it is recommended to hold short positions in new crops [61][62]. 3.2.11 Non - ferrous Metals (Nickel) - The Indonesian Nickel Mining Association called for production control and the implementation of ESG standards. The macro - environment was short - term positive, and the fundamentals of nickel showed a supply - surplus situation. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities [63][64][65]. 3.2.12 Non - ferrous Metals (Copper) - South Korea's copper exports to the US are expected to decline due to tariffs. Codelco cut copper mining at the El Teniente project. The overseas macro - expectations were volatile, and the global visible inventory was rising. It is recommended to take a short - term short - selling strategy and wait for medium - term long - buying opportunities [66][69][70]. 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in various regions increased slightly. The inventory situation was mixed. The "anti - involution" trading of industrial silicon declined, but the fundamentals improved marginally. It is recommended that short positions consider gradually stopping losses and waiting for long - buying opportunities [71][72]. 3.2.14 Non - ferrous Metals (Polysilicon) - The Ministry of Industry and Information Technology issued an energy - saving inspection task for the polysilicon industry, and the Guangzhou Futures Exchange added designated quality inspection institutions. The spot transaction price of polysilicon increased, but the production was expected to increase in August, resulting in a surplus. It is expected that the polysilicon price will run between 45000 - 57000 yuan/ton in the short - term, and a strategy of selling out - of - the - money put options can be considered [73][75][77]. 3.2.15 Non - ferrous Metals (Lithium Carbonate) - The annual output of PLS exceeded expectations. The demand for lithium carbonate in August was positive, and the supply had uncertainties. It is recommended to consider short - term long - buying positions and stop profiting from the 9 - 11 spread [78][79]. 3.2.16 Non - ferrous Metals (Zinc) - The LME zinc cash - forward spread decreased, and the supply of zinc was expected to increase in August. The demand was weak. The zinc price may have a short - term shock, and it is recommended to wait and see in the short - term and consider a medium - term positive spread [80][81]. 3.2.17 Energy Chemicals (Carbon Emissions) - The EU carbon price was in a shock. The power industry demand was low, and the US tariff measures may affect European manufacturing. It is expected that the EU carbon price will be in a short - term shock [82][83]. 3.2.18 Energy Chemicals (Crude Oil) - The number of US oil rigs decreased. OPEC+ decided to increase production by 547,000 barrels per day in September. Oil prices fell on Friday due to concerns about demand. It is expected that oil prices will maintain a shock [85][86][87]. 3.2.19 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong decreased. The supply increased slightly, and the demand was average. It is expected that the caustic soda market will be in a shock [87]. 3.2.20 Energy Chemicals (Pulp) - The price of some imported wood pulp varieties was stable, and some continued to decline. The pulp market was weak. It is expected that the pulp futures will follow the commodity correction [88][89]. 3.2.21 Energy Chemicals (PVC) - The price of domestic PVC powder decreased. The futures market was weak, and the demand was average. It is expected that the PVC futures will follow the commodity correction [90]. 3.2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips continued to decrease. The bottle chip factory implemented a production - cut plan. The demand was mainly for rigid needs. It is recommended to consider increasing the processing margin of bottle chips at low valuations [92][93]. 3.2.23 Energy Chemicals (Urea) - The port inventory of Chinese urea decreased. The supply pressure continued to exist, and the demand was average. The urea market was under shock pressure. It is expected to wait for new policy variables [94][95]. 3.2.24 Energy Chemicals (PTA) - The spot price of PTA decreased, and the trading atmosphere improved. The supply - demand pattern was in a tight - balance state. It is expected that PTA will follow the commodity sentiment for shock adjustment [96][98].

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20250801 联系人 李婷、黄蕾、高慧、王工建、赵凯熙 电子邮箱 jytzzx@jyqh.com.cn 电话 021-68555105 主要品种观点 宏观：6 月 PCE 超预期反弹，国内股商情绪持续降温 海外方面，美国 6 月核心 PCE 同比回升至 2.8%，创四个月新高，环比涨幅亦升至 0.3%， 通胀超预期。受关税推升进口价格影响，物价压力上行，消费与收入放缓，强化美联储年内 不急于降息的预期，目前 9 月降息预期降至 38%。特朗普签署行政令将对未列国征收 10% 关税，加拿大税率从 25%升至 35%，转运税达 40%；墨西哥原有关税延期 90 天（25%芬太 尼汽车、50%金属）；欧盟酒类 8 月起被征收 15%关税，巴西 45%出口商品获豁免 50%关 税，印尼寻铜关税或降至 19%。美元指数站上 100 关口、美债利率回升，超预期的 PCE 及 关税对风险偏好有所压制，美股高开低走，金、铜、油均收跌。今晚关注 7 月非农就业报告。 国内方面，7 月制造业 PMI 回落至 49.3%，弱于预期与季节性，新订单与出口订单同步 回落， ...

Report Industry Investment Ratings - **Macro Finance**: Both stock index and treasury bonds are rated as "Oscillating" [1][6] - **Black Building Materials**: Rebar is rated as "Temporarily on the sidelines", iron ore as "Oscillating", and coking coal and coke as "Oscillating" [1][8][10] - **Non - ferrous Metals**: Copper is rated as "Range trading or on the sidelines", aluminum as "Buy on dips after a pullback", nickel as "Short on rallies or on the sidelines", tin as "Range trading", gold as "Range trading", and silver as "Range trading" [1][12][14][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are rated as "Oscillating"; polyolefin as "Wide - range oscillating"; soda ash's 09 contract as "Maintain short position" [1][23][25][28][33][34][36] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are rated as "Oscillating adjustment", apple and jujube as "Oscillating weakly" [1][38][39] - **Agricultural and Livestock**: Live pigs are rated as "Short on rallies", eggs as "Short on rallies", corn as "Range oscillating", soybean meal as "Limited upside", and oils as "High - level correction risk increasing" [1][40][42][44][46][48] Core Views - The report provides investment ratings and trading suggestions for various futures products based on market conditions, supply - demand relationships, and macro - economic factors. It also analyzes the influencing factors of each product's price movement, including macro - economic data, policy changes, and industry - specific events [1][6][8][12] Summary by Directory Macro Finance - **Stock Index**: Due to weak US non - farm payroll data, internal strife within the Fed, high domestic margin trading, and the approaching mid - report disclosure period, the stock index is expected to oscillate [6] - **Treasury Bonds**: After a volatile week, the market is tired, and the stock - bond seesaw effect is obvious. After the market shock and repair caused by anti - involution expectations and Politburo Meeting uncertainties end, treasury bonds are expected to oscillate [6] Black Building Materials - **Rebar**: The price oscillated weakly last Friday. With over - optimistic macro expectations cooling and balanced supply - demand, it is recommended to wait and see or conduct short - term trading [8] - **Iron Ore**: In July, the iron ore market first rose and then fell. With increasing overseas supply and expected decline in iron water demand, it is expected to oscillate strongly and can be used as a long - leg configuration when shorting other black varieties [8][9] - **Coking Coal and Coke**: Coking coal supply has disturbances, and demand has rigid support. Coke supply has limited increase, and demand is strong. Both are expected to oscillate, and short - term key factors need to be closely monitored [10][11] Non - ferrous Metals - **Copper**: Due to the Fed's stance divergence, weak US economic data, and domestic industry policies, copper supply has disturbances, but it is in the off - season, and overseas inventory may flow back. Copper is expected to oscillate weakly, with support at 77600 [12] - **Aluminum**: With rising bauxite prices in Guinea and changes in supply and demand of alumina and electrolytic aluminum, it is recommended to buy on dips after a pullback [14] - **Nickel**: In the medium - to - long term, the nickel industry has over - supply, and demand growth is limited. It is recommended to short on rallies, with a reference range of 118000 - 124000 yuan/ton for the main contract [19] - **Tin**: With improving tin ore supply and weak downstream demand, it is recommended for range trading, with a reference range of 250,000 - 272,000 yuan/ton for the 09 contract [20] - **Gold and Silver**: After the weak US non - farm payroll data, the market's expectation of a September interest rate cut has increased. However, considering the Fed's stance and concerns about the US fiscal situation, it is recommended to buy on dips after a pullback [21][22] Energy and Chemicals - **PVC**: With high upstream production pressure, uncertain export sustainability, and insufficient fundamental support, it is expected to oscillate in the short term, with the 09 contract focusing on 4950 - 5150 [23][24] - **Caustic Soda**: With high supply, rigid but slow - growing demand, and the influence of macro factors, it is expected to oscillate, with the 09 contract focusing on 2500 - 2600 [25][26] - **Styrene**: With limited fundamental positives and a warming macro - environment, it is expected to oscillate, focusing on 7200 - 7500 [28][29] - **Rubber**: With high raw material costs and inventory changes, rubber is expected to oscillate, with pressure at 15000 [30][32] - **Urea**: With a slight decrease in supply, increasing demand from compound fertilizer enterprises, and stable industrial demand, it is expected to first weaken and then strengthen, with support at 1700 - 1730 and pressure at 1820 - 1850 [33] - **Methanol**: With a slight increase in supply, stable demand from methanol - to - olefins, and weak traditional demand, it is expected to oscillate in the short term [34][35] - **Polyolefin**: Affected by macro factors and cost support, with weak demand in the off - season and slight inventory reduction, it is expected to correct in the short term, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35][36] - **Soda Ash**: With increasing supply and weak demand, the 09 contract is recommended to maintain a short position [36][37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption in the new season, and weak downstream consumption, it is expected to oscillate and adjust [38] - **Apple**: With slow apple shipments and normal new - fruit growth, prices are under pressure and are expected to oscillate weakly [38][39] - **Jujube**: With the growth of jujube trees in Xinjiang and changes in the market supply and demand in the sales area, it is expected to oscillate weakly in the short term [39] Agricultural and Livestock - **Live Pigs**: With increasing supply and weak demand, the futures are under pressure. It is recommended to short on rallies for the 11 and 01 contracts and pay attention to the 05 - 03 spread arbitrage [40][42] - **Eggs**: With short - term seasonal factors and long - term supply pressure, it is recommended to short on rallies for the 09 contract and go long on dips for the 12 and 01 contracts [42][44] - **Corn**: With short - term supply - demand games and long - term supply tightening, it is recommended for range trading and to pay attention to the 9 - 1 reverse spread arbitrage [44][45] - **Soybean Meal**: With sufficient supply in the short term and potential supply gaps in the long term, it is recommended to be cautious about going long in the short term and go long on dips in the long term [46][47] - **Oils**: With increasing short - term correction risks and limited correction amplitudes, it is recommended to take profits on existing long positions and pay attention to the soybean - palm oil 09 spread rebound strategy [48][52]

Group 1 - The core point of the article is that the price of live pigs (external three yuan) has decreased by 2.1% in late July compared to mid-July, with the current price at 14.1 yuan per kilogram [1][3]. - A total of 36 products saw price increases, while 8 products experienced price declines, and 6 products remained stable during the same period [1]. - The monitoring covered 50 important production materials across 9 categories in the national circulation market [1]. Group 2 - Among the products, rebar (Φ20mm, HRB400E) increased by 4.5% to 3304.1 yuan, and wire rod (Φ8-10mm, HPB300) rose by 4.3% to 3469.0 yuan [2]. - In the non-ferrous metals category, copper (1) was priced at 79474.4 yuan, reflecting a 1.5% increase, while aluminum ingot (A00) rose by 0.9% to 20767.5 yuan [2]. - Chemical products showed mixed results, with sulfuric acid (98%) increasing by 1.5% to 704.3 yuan, while caustic soda (liquid, 32%) decreased slightly by 0.1% to 871.7 yuan [2].

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued an opinion to enhance financial services for rural reform and promote comprehensive rural revitalization, focusing on increasing financial resource input in key areas of rural revitalization [1] Group 1: Financial Services for Rural Revitalization - The banking industry is actively responding to policy guidance by innovating financial products and optimizing service models to support the upgrading of rural specialty products and high-quality development of county industries [1] - Financial institutions are encouraged to develop differentiated credit policies tailored to the financing needs of local specialty agricultural products, thereby addressing traditional agricultural financing challenges [2][3] Group 2: Innovative Financing Models - Banks are exploring new financing models such as agricultural product warehouse receipt pledge loans and biological asset pledges to address the lack of traditional collateral in agriculture [3] - The banking sector is implementing a "financial chain leader" system to provide targeted financing services based on the characteristics of industrial chains, promoting efficiency in county-level economic development [4] Group 3: Support for New Industries and Business Models - The banking industry is expanding its service offerings to support new industries and business models, such as leisure agriculture and the homestay economy, with specialized products like the "homestay loan" offering up to 3 million yuan for a term of five years [5]