Report Industry Investment Ratings - **Buy**: Bean oil, Palm oil, Rapeseed oil [1] - **Neutral**: Soybean, Soybean meal, Rapeseed meal [1] - **Sell**: Live pigs, Eggs [1] Core Views - The overall commodity market in China is experiencing a decline, with anti - involution related varieties falling and market sentiment cooling. Attention should be paid to weather and policy guidance in the short term [2][4] - The Fed's July interest - rate meeting maintained the interest rate, and the third round of Sino - US economic and trade negotiations suspended the addition of tariffs. The weather in the US soybean - producing areas is good, and the soybean has a high excellent rate, which may lead to an early bumper harvest [3] - For soybean oil and palm oil, a strategy of buying on dips is maintained, and caution should be exercised regarding the short - term situation of strong oil and weak meal [4] - For eggs, if the egg price can complete capacity reduction through price decline in the second half of this year, there may be a cyclical reversal [9] Summary by Category Soybean - The main contract of domestic soybeans reduced positions and the price pulled back. The market sentiment cooled, and there were policies on two - way purchase and sale. Short - term attention should be paid to precipitation in the Northeast and the weather in the US Midwest [2] Soybean & Soybean Meal - The commodity market declined. The Fed maintained the interest rate, and Sino - US trade negotiations were the focus. The US soybean has a high excellent rate, and the domestic soybean meal inventory is gradually increasing. The market is expected to be volatile [3] Soybean Oil & Palm Oil - Domestic soybean oil and palm oil reduced positions and adjusted. The US soybean oil is in a sideways shock, and the oil - meal ratio is at a historical high. A strategy of buying on dips is maintained [4] Rapeseed Meal & Rapeseed Oil - Rapeseed - related contracts fell, and the main contract positions declined slightly. Rapeseed meal pulled back 1.3% today. Short - term strategy is to wait and see [6] Corn - The corn futures continued to be weak in a shock. There were corn auctions, and the US corn has a high excellent rate. The Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The live pig futures fell sharply. The supply is sufficient in the medium - term, and the probability of a decline after the peak is high. It is recommended for the industry to hedge on rallies [8] Eggs - The egg futures fell, and the off - season contracts broke through the support level. If the egg price can reduce capacity in the second half of the year, there may be a cyclical reversal next year [9]

Core Insights - The report highlights significant achievements in agricultural and rural development during the "14th Five-Year Plan" period, while also addressing the challenges and complexities faced in the upcoming "15th Five-Year Plan" period [2][4] Economic Development - The report emphasizes the urgent need to accelerate county-level economic development to meet local employment demands and enhance farmers' income [4][6] - The average annual growth rate of rural residents' disposable income is projected to be 7.8%, reaching 23,119 yuan in 2024, which is 2.4 percentage points higher than urban residents' income growth [3][4] - Rural residents' per capita consumption expenditure is expected to increase from 13,713 yuan to 19,280 yuan, with an annual growth rate of 8.9%, surpassing urban residents' consumption growth by 2.5 percentage points [3][4] Agricultural Production - China's total grain production has remained above 660 million tons for five consecutive years, with a projected breakthrough of 700 million tons in 2024, indicating a significant enhancement in comprehensive production capacity [3][4] Challenges and Risks - The report identifies ongoing issues such as aging population, hollowing of villages, and mismatches in rural public services and social security supply, which are exacerbated by tightening resource and environmental constraints [2][4] - The income gap between urban and rural residents, as well as among different regions and groups, remains significant, with rural hollowing and inadequate elderly care services compounding the challenges [4][7] Strategic Recommendations - The report proposes six key tasks for rural development during the "15th Five-Year Plan" period, focusing on ensuring stable supply of important agricultural products, enhancing rural industry development, and improving rural governance [6][7] - It emphasizes the importance of promoting farmers' income growth through various channels, including enhancing employment opportunities, improving agricultural production efficiency, and establishing support mechanisms for low-income populations [7]

Summary of Key Points Agreements Reached - The UK has reduced the baseline tariff from 25% to 10%, with exemptions for automotive and aerospace products, while negotiations continue on steel, aluminum, and digital services tax [1] - Vietnam has lowered the baseline tariff from 46% to 20%, with a 40% punitive tariff on goods transshipped to the US, and has committed to zero tariffs on all US goods [1] - Indonesia has decreased tariffs from 32% to 19%, eliminating tariffs on 99% of US goods and addressing non-tariff barriers [1] - The Philippines has reduced tariffs from 20% to 19%, with commitments to open markets and zero tariffs, alongside enhanced military cooperation [1] - Japan has lowered the baseline tariff from 25% to 15%, becoming the first major economy to secure lower tariffs for the automotive sector, and has pledged $550 billion in investments in the US [1] Additional Agreements - The EU has reduced the baseline tariff from 30% to 15%, covering various products while exempting certain items, and has committed to $600 billion in investments and $750 billion in energy product purchases from the US [2] - South Korea has lowered the baseline tariff from 25% to 15%, with commitments of $350 billion in investments and $100 billion in energy purchases from the US, while maintaining original rates on semiconductors and steel [2] Agreements Not Reached - Canada faces a potential 35% tariff if no agreement is reached by August 1, with ongoing negotiations described as "intense" [3] - Mexico is at risk of a 30% tariff, with discussions between the US and Mexican presidents planned as the deadline approaches [3] - India is facing a 25% tariff starting August 1, with additional unspecified penalties, while seeking a reciprocal agreement with the US [3] - Australia currently has a 10% baseline tariff, which may rise to 15%-20%, with no recent updates on negotiations [3] - Brazil is set to face a 50% tariff starting August 6, with certain products exempted, while the Brazilian president expresses willingness for constructive dialogue [3]

Economic Performance - The GDP growth rate for the first half of the year was recorded at 5.3%, with Q1 at 5.4% and Q2 at 5.2%[8] - Achieving the annual target growth rate of 5% is deemed feasible, with a projected 4.7% growth rate needed in the second half[8] Policy Direction - The meeting emphasized "enhancing flexibility and foresight" in policy implementation, indicating a proactive approach to potential external shocks[3] - Fiscal policy will focus on accelerating government bond issuance and improving fund utilization efficiency, while monetary policy aims to maintain ample liquidity and reduce overall financing costs[10] Market Stability - The government aims to prevent inflation from rising rapidly, with expectations for the price level to remain moderate and controllable throughout the year[4] - The focus on high-quality investment and structural tools in monetary policy suggests a cautious approach to broad interest rate cuts[12] Risk Management - Key risks include uncertainties surrounding US-China tariffs and the potential for slower export growth in Q3[6] - The meeting highlighted the need for systematic debt risk management, particularly regarding local government debt[15] Consumer and Investment Focus - Policies will prioritize stimulating domestic demand, with an emphasis on service consumption and improving living standards to support sustained consumption[13] - The government aims to invigorate private investment and ensure effective investment in key projects to support economic growth[14]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 710,000 yuan [1] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] Salary Distribution - The highest-paid company secretary is Hong Meiling from Jinlongyu, earning 3.35 million yuan, despite the company's revenue declining by 5.03% and net profit by 12.14% in 2024 [2] - The salary distribution shows that 42% of company secretaries earn between 500,000 yuan and 1 million yuan, while 20% earn between 300,000 yuan and 500,000 yuan, and 19% earn between 100,000 yuan and 300,000 yuan [2] - A total of 44 company secretaries saw salary increases in 2024, representing 63% of those analyzed, while 22 experienced salary declines, accounting for 31% [2] Age and Education - The majority of company secretaries are aged between 40 and 50 years, making up 51% of the total, while those aged 50 and above account for 31% [1] - In terms of education, 49% hold a master's degree, 44% have a bachelor's degree, and 5% have an associate degree, with two secretaries holding a doctoral degree [1] Notable Changes - The largest salary increase was for Wang Peng from Guai Bao Pet, whose salary rose from 445,600 yuan to 1.1423 million yuan [2] - The largest salary decrease was for Pan Xichun from COFCO Technology, whose salary fell by 764,900 yuan to 695,100 yuan [3]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The macroeconomic recovery momentum remains to be strengthened, and it is expected that monetary policy will remain loose. Treasury bond futures are expected to have no trending market, so a certain degree of caution is advised [7]. - The domestic economy remains stable, but the recovery momentum of the domestic macro - economy is not strong. However, considering the low valuation of domestic assets and the resilience of the Chinese economy, the long - term performance of Chinese equity assets is still optimistic, and it is advisable to consider going long on stock index futures [8]. - Due to the complex global trade and financial environment, the "de - globalization" and "de - dollarization" trends, and the gold - buying behavior of central banks, the long - term bull market trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [10]. - For steel products such as rebar and hot - rolled coils, after short - term fluctuations, the price is expected to return to the guidance of industrial supply - demand logic. The downward trend of the real estate industry suppresses the price of rebar futures, while the steel industry's stable growth policy may be a positive factor. It is advisable to pay attention to the low - level buying opportunities after the correction [12]. - For iron ore, the short - term supply - demand pattern remains strong, but it may weaken in the medium term. It is advisable to pay attention to the low - level buying opportunities after the correction [14]. - For coking coal and coke, after the sharp decline, the market may return to the industrial supply - demand logic. It is necessary to focus on the actual impact of policies on coking coal supply, and it is advisable for investors to temporarily wait and see [16]. - For ferroalloys, the short - term demand has peaked, and the supply is still high. It is advisable to pay attention to the opportunity to exit long positions when the market continues to rise, and consider long positions in the low - level support range if there is a decline [19]. - For crude oil, although the decline in the number of active oil rigs in the US provides some support for oil prices, the reduction of net long positions by CFTC fund managers shows a bearish sentiment. It is advisable to pay attention to the long - position opportunities in the main crude oil contract [20][23]. - For fuel oil, the supply in the Asian market is sufficient, but the trade agreements between the US and other regions are beneficial to the shipping market, so it is advisable to pay attention to the long - position opportunities in the main fuel oil contract [24][25]. - For synthetic rubber, it is advisable to wait for the market to stabilize before participating in the rebound [26][28]. - For natural rubber, due to supply disturbances and stable demand, it is expected to show a strong and volatile trend [29][30]. - For PVC, although the supply exceeds demand, the downward space is limited. It is expected to show a strong and volatile trend in the short term [31][34]. - For urea, the short - term market may fluctuate, but it is advisable to take a bullish view in the medium term [35]. - For PX, the short - term supply - demand balance remains tight, and the cost of crude oil provides support. It is advisable to participate cautiously and pay attention to the cost of crude oil and macro - policies [36]. - For PTA, the short - term supply - demand changes are not significant, and the cost of crude oil provides some support. There may be a callback risk in the short term, and it is advisable to participate within a range [37]. - For ethylene glycol, the supply pressure increases, but the inventory is at a low level. It is advisable to participate within a range and pay attention to port inventory and imports [38]. - For short - fiber, the short - term supply is high, the demand is weak, and the inventory accumulates. It is expected to fluctuate with the cost, and it is necessary to control risks [39]. - For bottle - chip, the raw material price fluctuates, the device maintenance increases, and the inventory decreases. It is expected to fluctuate with the cost, and it is necessary to control risks [40]. - For soda ash, the supply is at a high level, and the demand is average. It is expected to show a volatile trend in the short term, and it is advisable to treat it rationally [42]. - For glass, the inventory reduction speed has increased, but the long - term focus is on the elimination of old production capacity. It is advisable to treat it cautiously [43]. - For caustic soda, the supply is expected to increase in the second half of the year, and the demand growth is limited. It is advisable to control risks [44][45]. - For pulp, the supply has an expansion tendency, and the demand is weak. The pulp price is expected to fluctuate, and it is advisable to pay attention to policies and actual transactions [46][48]. - For lithium carbonate, the supply - demand pattern of excess remains unchanged, and there is uncertainty in the supply side. It is advisable to watch more and move less and control risks [49][50]. - For copper, the copper market is affected by factors such as US tariffs and weak Chinese stimulus policies. It is advisable to temporarily wait and see for the main Shanghai copper contract [52][53]. - For tin, the supply is tight, and the consumption is not optimistic. It is expected that the tin price will fluctuate [54][55]. - For nickel, the supply is in an excess pattern, and the demand is weak. It is expected that the nickel price will fluctuate [56]. - For soybean oil and soybean meal, the supply of soybeans is expected to be loose, and the cost provides support. It is advisable to pay attention to long - position opportunities for soybean meal after adjustment and long - position exit opportunities for soybean oil at high levels [57][58]. - For palm oil, due to factors such as price increases and potential import growth, it is advisable to pay attention to long - position opportunities [59][60]. - For rapeseed meal and rapeseed oil, considering supply and demand factors, it is advisable to pay attention to long - position opportunities for rapeseed products [61][62]. - For cotton, the global supply - demand is expected to be loose, and it is advisable to short the far - month contracts in batches at high levels [63][64][65]. - For sugar, the Brazilian production is lower than expected, while Thailand and India are expected to have a bumper harvest. It is advisable to wait and see [66][67]. - For apples, the expected production reduction is disproven, and it is advisable to wait and see [69][70]. - For live pigs, the supply is abundant, and the demand is weak. It is advisable to gradually take profit on previous short positions [71][72]. - For eggs, the supply is expected to increase in July, and it is advisable to consider the 9 - 10 reverse spread [73][75]. - For corn and starch, the domestic corn supply - demand is approaching balance, and it is advisable to pay attention to the opportunity of out - of - the - money call options for the near - month corn contract. Corn starch follows the corn market [76][78]. - For logs, the inventory shows a slight reduction, and relevant policies may drive the forestry market [80][81]. Summary by Directory Treasury Bonds - The previous trading day, treasury bond futures closed up across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising by 0.40%, 0.15%, 0.08%, and 0.03% respectively [5]. - The central bank conducted 309 billion yuan of 7 - day reverse repurchase operations, with a net investment of 158.5 billion yuan [5]. Stock Index Futures - The previous trading day, stock index futures showed mixed performance, with the IF, IH, IC, and IM main contracts changing by 0.04%, 0.28%, - 0.42%, and - 0.43% respectively [8]. Precious Metals - The previous trading day, the gold main contract closed at 773.78 with a 0.30% increase, and the silver main contract closed at 9,192 with a - 0.03% change [10]. Rebar and Hot - Rolled Coils - The previous trading day, rebar and hot - rolled coil futures fluctuated and consolidated. The spot prices of Tangshan billet, Shanghai rebar, and Shanghai hot - rolled coils were reported [12]. Iron Ore - The previous trading day, iron ore futures declined slightly. The PB powder and Super Special powder port spot prices were reported [14]. Coking Coal and Coke - The previous trading day, coking coal and coke futures rebounded significantly. The recent sharp decline was due to the position - limit measure of coking coal futures [16]. Ferroalloys - The previous trading day, the manganese - silicon main contract fell 0.42% to 6116 yuan/ton, and the silicon - iron main contract rose 0.77% to 6008 yuan/ton [18]. Crude Oil - The previous trading day, INE crude oil rose significantly. Relevant data on CFTC positions, Baker Hughes rig numbers, and OPEC meetings were reported [20]. Fuel Oil - The previous trading day, fuel oil fluctuated upward. The Asian fuel oil spot spread was stable, and some companies' sales information was reported [24]. Synthetic Rubber - The previous trading day, the synthetic rubber main contract fell 0.67%. The raw material price, supply, demand, and inventory situations were reported [26][27]. Natural Rubber - The previous trading day, the natural rubber main contract fell 0.20%, and the 20 - rubber main contract fell 0.71%. The supply, demand, and inventory situations were reported [29]. PVC - The previous trading day, the PVC main contract fell 0.04%. The supply, demand, and cost - profit situations were reported [31]. Urea - The previous trading day, the urea main contract rose 0.17%. The supply and demand situations were reported [35]. PX - The previous trading day, the PX2509 main contract rose 0.66%. The supply, demand, and cost situations were reported [36]. PTA - The previous trading day, the PTA2509 main contract rose 0.41%. The supply, demand, and profit situations were reported [37]. Ethylene Glycol - The previous trading day, the ethylene glycol main contract fluctuated and adjusted. The supply, demand, and inventory situations were reported [38]. Short - Fiber - The previous trading day, the short - fiber 2509 main contract fell 0.03%. The supply and demand situations were reported [39]. Bottle - Chip - The previous trading day, the bottle - chip 2509 main contract fluctuated and adjusted. The supply and demand situations were reported [40]. Soda Ash - The previous trading day's night session, the main 2509 contract closed at 1292 yuan/ton, down 3.08%. The supply, demand, and inventory situations were reported [41][42]. Glass - The previous trading day's night session, the main 2509 contract closed at 1168 yuan/ton, down 4.03%. The production line, inventory, and market situations were reported [43]. Caustic Soda - The previous trading day, the main 2509 contract closed at 2613 yuan/ton, up 0.11%. The supply, demand, and profit situations were reported [44]. Pulp - The previous trading day, the main 2509 contract closed at 5326 yuan/ton, down 1.08%. The supply, demand, and price situations were reported [46][47]. Lithium Carbonate - The previous trading day, the lithium carbonate main contract rose 0.43% to 70600 yuan/ton. The supply and demand situations were reported [49]. Copper - The previous trading day, Shanghai copper rose and then fell. The spot price and market situation were reported [52]. Tin - The previous trading day, Shanghai tin fluctuated, down 0.39%. The supply and demand situations were reported [54]. Nickel - The previous trading day, Shanghai nickel fell 0.9%. The supply and demand situations were reported [56]. Soybean Oil and Soybean Meal - The previous trading day, the soybean meal main contract rose 1.21% to 3010 yuan/ton, and the soybean oil main contract rose 0.81% to 8240 yuan/ton. The supply, demand, and inventory situations were reported [57]. Palm Oil - Malaysian palm oil closed up on Wednesday. The export, inventory, and consumption situations were reported [59]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices fell. The domestic import, supply, and demand situations were reported [61][62]. Cotton - The previous day, domestic Zhengzhou cotton fell slightly. The global and domestic supply - demand situations were reported [63][64]. Sugar - The previous day, domestic Zhengzhou sugar rose and then fell. The global and domestic supply - demand situations were reported [66][67]. Apples - The previous day, domestic apple futures fluctuated. The production and inventory situations were reported [69]. Live Pigs - The previous day, the national average price of live pigs was 13.93 yuan/kg. The supply and demand situations were reported [71]. Eggs - The previous trading day, the main - producing area egg price was 3.18 yuan/jin, and the main - selling area egg price was 3.47 yuan/jin. The supply and demand situations were reported [73]. Corn and Starch - The previous trading day, the corn main contract rose 0.26% to 2312 yuan/ton, and the corn starch main contract rose 0.45% to 2683 yuan/ton. The supply, demand, and inventory situations were reported [76][77]. Logs - The previous trading day, the main 2509 contract closed at 825.0 yuan/ton, down 0.60%. The supply, demand, and inventory situations were reported [79][80]

农产品日报 | 2025-07-31 资金情绪回落，板块整体偏弱 棉花观点 市场要闻与重要数据 期货方面，昨日收盘棉花2509合约13755元/吨，较前一日变动-170元/吨，幅度-1.22%。现货方面，3128B棉新疆到 厂价15343元/吨，较前一日变动-88元/吨，现货基差CF09+1588，较前一日变动+82；3128B棉全国均价15470元/吨， 较前一日变动-110元/吨，现货基差CF09+1715，较前一日变动+60。 近期市场资讯，近两日郑棉大幅回落跌回7月初水平，棉纱市场也开始出现下调报价情况，似乎"跟跌"更为迅速。 部分厂家有下调报价200-300元/吨的情况，目前市场气流纺低支纱走货尚可，其他品种走量一般。由于纺纱亏损情 况有所加剧，近日内地调减产能的纺企有所增多，部分纺企放一个月左右的高温假，市场没有明显启动迹象，中 美谈判进展也对外销订单预期形成利空。当前各地区纱厂开机率稳中略降，新疆大型纱厂在九成左右，河南大型 企业平均在六-七成左右，江浙、山东、安徽沿江地区的大型纱厂平均开机在六到七成。 市场分析 昨日郑棉期价延续弱势。国际方面，近期国际棉市消息平淡，无明确方向指引。目前来看今年 ...

Core Viewpoint - The implementation of new standards in August 2025 aims to enhance product quality and promote the standardized development and safety levels across various industries, including food safety, environmental protection, healthcare, petrochemicals, and electronics [2][5]. Summary by Categories Food Safety Standards - A total of 87 food safety standards will be implemented, covering areas such as royal jelly, feed, health food, and grain quality testing. High-performance liquid chromatography will be essential for detecting substances like hydroxymethylfurfural in royal jelly [4][6]. - Specific standards include GB/T 45625-2025 for measuring hydroxymethylfurfural in royal jelly and GB/T 17812-2025 for measuring vitamin E in feed [6][8]. Environmental Protection Standards - 20 environmental protection standards will be introduced, focusing on air quality and pollution monitoring. Techniques such as ion chromatography and gas chromatography-mass spectrometry will be utilized for analyzing particulate matter [4][9]. - Notable standards include HJ 1411-2025 for particulate matter source analysis and GB/T 32151.39-2025 for greenhouse gas emission accounting [9][10]. Healthcare Standards - 11 healthcare standards will be implemented, including guidelines for medical device adverse event risk signal investigation and management [9][10]. - Key standards include GB/T 20405.5-2025 for measuring absorbent materials for incontinence and GB/T 34750-2025 for diagnosing Glasser's disease [9][10]. Petrochemical Standards - 29 petrochemical standards will be introduced, focusing on chemical classification, labeling, and various testing methods for materials used in the industry [9][10]. - Important standards include GB/T 14666-2025 for analytical chemistry terminology and GB/T 24212-2025 for methyl naphthalene oil [9][10]. Electronics and Electrical Standards - 26 electronics and electrical standards will be implemented, addressing safety requirements and performance testing for various electronic products [9][10]. - Significant standards include GB/T 45235-2025 for measuring bisphenol A in electronic products and GB/T 22452-2025 for general specifications of borate nonlinear optical single crystal components [9][10]. Other Industry Standards - Additional standards across various sectors, including machinery, construction, and transportation, will also be implemented, contributing to the overall enhancement of industry practices and safety [9][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The A - share market experienced a decline and adjustment, with the consumer sector rising against the trend. The four major stock index futures contracts showed mixed trends. The bond market was affected by the Politburo meeting and Sino - US trade negotiations, with a short - term improvement in sentiment. Precious metals prices dropped due to a strong US economy and the Fed's decision to hold rates. The shipping futures market was expected to be weak and volatile. The prices of most non - ferrous metals were under pressure, and the agricultural product market had different trends based on supply and demand and policy factors [2][3][5][8][11][13][15][16][56]. 3. Summary by Relevant Catalogs Financial Derivatives - Financial Futures Stock Index Futures - The main stock indexes showed mixed trends on Wednesday. The Shanghai Composite Index rose 0.17%, while the Shenzhen Component Index and the ChiNext Index declined. The four major stock index futures contracts had different performances, with IF2509 and IH2509 rising, and IC2509 and IM2509 falling. The high - dividend sector rose, while the TMT sector significantly corrected. It was recommended to take profit on the long position of IM futures and replace it with a small amount of short positions in the MO put option with an exercise price of 6300 in the far - month contract [2][3][4]. Treasury Futures - Treasury futures closed up across the board. The Politburo meeting had a mild statement on anti - involution and did not introduce unexpected growth - stabilizing policies, which was a sign of the end of negative factors for the bond market. It was recommended to be long in the short - term and pay attention to economic data [5][6][7]. Financial Derivatives - Precious Metals - Trump announced tariffs on India and Brazil, and the US economy showed strong performance. The Fed kept interest rates unchanged, causing the US dollar to rise and precious metals to fall sharply. Gold and silver prices dropped, and it was recommended to buy gold at low levels and pay attention to the support level. Silver prices were affected by market sentiment and had a relatively large decline, with the price seeking support above 37 dollars [8][9][11]. Financial Derivatives - Container Shipping Futures - The spot quotes of container shipping were weak, and the shipping indexes declined. The futures market was expected to be weak and volatile, and it was recommended to short the 08 and 10 contracts at high prices [13][14][15]. Commodity Futures - Non - Ferrous Metals Copper - The spot price of copper was high, and the trading sentiment was poor. The market's expectation of a 50% tariff on electrolytic copper was disappointed, and the price was under pressure. The supply was expected to be loose, and the demand was weak. It was recommended to pay attention to the price range of 77000 - 79000 [16][17][20]. Alumina - The spot price of alumina increased slightly. The supply was expected to be in a state of slight excess, but there was a risk of a short squeeze due to low warehouse receipts. It was recommended to wait and see in the short - term and short at high prices in the medium - term [20][22][23]. Aluminum - The spot price of aluminum increased slightly. The market was in a traditional off - season, with weak demand and a strong expectation of inventory accumulation. The price was expected to be volatile at a high level, and the reference price range was 20200 - 21000 [23][24][25]. Aluminum Alloy - The spot price of aluminum alloy remained unchanged. The industry was in an off - season, with weak demand and high inventory. The price was expected to be volatile, and the reference price range was 19600 - 20400 [26][27][28]. Zinc - The spot price of zinc increased slightly. The supply was expected to be loose, and the demand was weak. The price was expected to be weak and volatile, and the reference price range was 22000 - 23000 [28][29][31]. Tin - The spot price of tin increased slightly. The supply was tight, and the demand was weak. The price was expected to be volatile, and it was recommended to wait and see [31][33][34]. Nickel - The spot price of nickel increased slightly. The supply was high, and the demand was weak. The price was expected to be adjusted within a range, and the reference price range was 120000 - 128000 [34][35][37]. Stainless Steel - The spot price of stainless steel increased slightly. The raw material prices were loose, and the supply was under pressure. The demand was weak, and the price was expected to be volatile within a range, with a reference price range of 12600 - 13200 [37][38][40]. Lithium Carbonate - The spot price of lithium carbonate declined slightly. The supply was affected by mining issues, and the demand was stable. The price was expected to be volatile around 70,000, and it was recommended to wait and see [41][42][44]. Commodity Futures - Black Metals Steel - Steel prices declined, and the basis strengthened. The cost increased, but the steel mill profits improved. The supply was expected to increase, and the demand was stable. The price was expected to be volatile, and it was recommended to buy on dips [45][46][47]. Iron Ore - The spot price of iron ore showed mixed trends. The demand was strong, and the supply was expected to increase slightly. The price was expected to be affected by steel production and policies, and it was recommended to be cautiously long and consider the arbitrage strategy of long hot - rolled coils and short iron ore [48][49]. Coking Coal - The coking coal futures price fluctuated sharply, and the spot price was stable and strong. The supply was tight, and the demand was high. The inventory was at a medium level. It was recommended to be cautiously long and consider the arbitrage strategy of long coking coal and short iron ore [50][51][52]. Coke - The coke futures price fluctuated, and the spot price was expected to rise. The supply was limited, and the demand was strong. The inventory was at a medium level. It was recommended to be cautiously long and consider the arbitrage strategy of long coke and short iron ore [53][54][55]. Commodity Futures - Agricultural Products Meal - The domestic meal spot price increased. The US soybean was under pressure due to a high - yield expectation, while the domestic soybean meal had support due to import concerns. It was recommended to wait and see [56][57][58]. Live Pigs - The live pig spot price was weak. The supply and demand were both weak, and the short - term price was not optimistic. The near - month contract was under pressure, and the far - month contract was affected by policies [60][61]. Corn - The corn spot price was stable. The market was affected by multiple factors, and the price was expected to be volatile [62].

【环球网财经综合报道】当地时间7月30日，美国总统在其社交平台"真实社交"（Truth Social）上宣布，自8月1日起，美国将对来自印度的商品征 收25%的关税，并声称将因印度的"不当行为"加收额外惩罚性费用。这一声明标志着美印之间的贸易摩擦急剧升温。 对于美国总统的最新关税威胁，印度官方截至目前尚未作出公开回应。此前，印度外交部曾表示，印度愿与美国进行"建设性对话"，以寻求互利 共赢的解决方案，并反对任何单边主义和保护主义措施。 美国贸易代表办公室的代表格里尔（Katherine Tai）在7月28日也曾表示，美国需要更多时间与印度进行谈判，以评估印度向美国开放更多市场的 意愿。 此次关税威胁并非空穴来风。就在7月29日，美国总统在从英国返美的专机上曾向媒体透露，美国正考虑对印度输美产品征收20%至25%的关税。 他当时指责印度对美国产品征收的关税"几乎高于任何其他国家"，并称"印度不能这么做"。 自今年4月特朗普公布所谓"对等关税"措施以来，美印双方已举行多轮会谈，但谈判始终陷入僵局。分歧主要集中在印度对农业和乳业的保护主义 立场上，双方在购买俄罗斯石油等议题上也存在分歧。有消息称，印度计划于8月中旬 ...