Core Viewpoint - The article highlights the achievements and progress made by Liaocheng in implementing the "14th Five-Year Plan," showcasing significant advancements in economic and social development over the past five years [1] Economic and Social Development - Liaocheng has exceeded expectations in nine key indicators, including fixed asset investment growth and the ratio of R&D expenditure to GDP, while 13 other indicators, such as GDP and fiscal revenue growth, have met expectations [1] - The city has adopted a "6293" work approach, leading to groundbreaking progress and transformative changes in building a modern socialist city [1] Industrial Structure Optimization - Since the beginning of the "14th Five-Year Plan," Liaocheng has added 651 high-tech enterprises and 1,092 technology-based SMEs, ranking third in the province for R&D investment for three consecutive years [2] - The city has established 12 high-standard industrial chains and created three national-level industrial clusters, significantly enhancing industrial development capabilities [2] Effective Demand Expansion - Over 3,900 key projects have been implemented, with major infrastructure developments such as the approval of Liaocheng Airport and the opening of the Jizheng High-speed Railway [3] - Continuous investment in transportation infrastructure has exceeded 10 billion annually for four years, stimulating domestic demand through various economic initiatives [3] Reform and Opening Up - Liaocheng has optimized its business environment, with three new companies listed, bringing the total to seven [4] - The city has deepened cooperation with regions like Beijing and made significant strides in logistics efficiency through the establishment of the Luwest International Land Port [4] Green and Low-Carbon Transition - The city has implemented a three-year action plan for green and low-carbon development, successfully creating a national circular economy demonstration city [5] - Renewable energy projects have expanded, with a 30% share of installed capacity from new energy and a significant reduction in energy consumption per unit of GDP [5] Urban-Rural Integration Development - The establishment of new districts and urban renewal projects has improved the city's infrastructure and aesthetics, earning the title of "National Civilized City" [6] - High-standard farmland construction and rural revitalization initiatives have been prioritized, leading to increased agricultural productivity and brand recognition [6] Enhancing Public Welfare - The city has prioritized public welfare, with over 70% of expenditures directed towards social services, including education and healthcare [7] - Significant investments in educational infrastructure and healthcare services have improved access and quality for residents, enhancing overall community well-being [7]

Core Insights - Weifang is positioning itself as a significant city in Shandong, aiming for greater external promotion and engagement to enhance its image and attract visitors [1][2] Group 1: Economic Positioning - Weifang ranks fourth in GDP within Shandong, projected to reach 820.32 billion yuan by 2024 [1] - The city holds the third position in loan balances in Shandong and is the twelfth city in China to surpass 1 trillion yuan in both deposits and loans [1] - Weifang's industrial scale is second in Shandong, with industrial revenue and output exceeding 1.2 trillion yuan [1] - The agricultural sector remains the strongest in Shandong [1] Group 2: Promotion Initiatives - The establishment of three teams of promotion officers (media, industry, and online) aims to innovate the city's narrative and enhance its outreach [1][3] - The promotion officers are actively involved in various sectors, showcasing Weifang's industrial achievements and community warmth [2][3] - The city has seen significant increases in foot traffic and revenue at local venues due to promotional events like the police open day [2] Group 3: Community Engagement - Local media representatives emphasize their role not just as reporters but as active participants in urban development [2] - The promotion teams have successfully published over 100 video segments and engaged in events that connect online and offline audiences [3] - Young creators are leveraging social media to highlight local culture and cuisine, contributing to the city's narrative [3]

Core Viewpoint - The financial sector in Hubei Province is effectively supporting economic development, with significant growth in social financing and deposits, indicating a positive financial environment for high-quality economic growth [1][2]. Financial Performance - As of June, the social financing scale in Hubei reached 13.58 trillion yuan, a year-on-year increase of 9.6%, surpassing the national growth rate by 0.7 percentage points [2][3]. - The balance of domestic and foreign currency deposits in Hubei exceeded 10 trillion yuan, marking a 9.3% year-on-year growth, making it the 10th province in China to achieve this milestone [1][2]. - The balance of domestic and foreign currency loans stood at 9.29 trillion yuan, with a year-on-year growth of 7.9%, also higher than the national average [2][3]. Loan Distribution and Support - Hubei's financial institutions have increased support for key sectors, with medium and long-term loans to the manufacturing sector growing by 11.8% year-on-year, and loans to small and micro enterprises increasing by 15.8% [3][4]. - The province has implemented various structural monetary policy tools, with a total balance of 1.997 trillion yuan, up 37% year-on-year, to enhance credit allocation towards technology innovation and green development [4][5]. Policy Implementation - Since May 15, Hubei has fully implemented a reserve requirement ratio cut, releasing approximately 2.73 billion yuan for medium and long-term funding to support key sectors [4][5]. - The average interest rate for new corporate loans decreased by 48 basis points year-on-year to 3.2%, while personal loan rates fell by 46 basis points to 3.09% [3][4]. Sector-Specific Initiatives - Hubei has allocated 20 billion yuan specifically for agricultural and small enterprise re-loans, with 10 billion yuan directed towards supporting technology enterprises in the Wuhan East Lake High-tech Zone [6]. - The province has also facilitated the issuance of green bonds, with a total of 137 billion yuan issued, ranking first in Central China [3][5].

Report Industry Investment Rating No information provided in the given content. Core Views of the Report - Domestically, the long - awaited parenting subsidy policy has been officially implemented, which will increase residents' income and boost consumption, especially in low - income areas. It also breaks the household registration limit. Although more supporting policies are needed to enhance fertility willingness, this policy is a step in the right direction. Meanwhile, the Sino - US trade negotiation has achieved phased results, and the Politburo meeting and the Fed's interest rate decision should be focused on [2]. - Overseas, the market generally expects the Fed to keep the benchmark interest rate unchanged. The key points of the decision are the expected guidance on future interest rate cuts and the Fed's statements on subsequent price trends and economic data [2]. - For the RMB exchange rate, the US dollar index continues to rebound. Without major event shocks, the spot exchange rate of the US dollar against the RMB is expected to fluctuate in the range of 7.15 - 7.20 [3]. - For the stock index, the Sino - US negotiation results are out, and it is expected to maintain an upward trend. The small and medium - cap stock indexes are stronger, and the new Sino - US negotiation results may further drive the stock index up [4][5]. - For treasury bonds, wait for the uncertainties to land. Temporarily, trading positions should be on the sidelines [5][6]. - For container shipping, the opening quotes of Maersk continue to decline. The EC is expected to be slightly volatile and decline, but beware of the impact of event factors and capital [6][7]. - For precious metals, focus on the Fed's FOMC. The medium - and long - term trend may be bullish, but the short - term London gold may fluctuate greatly. Maintain the idea of buying on dips [8][10]. - For zinc, the short - term trading logic remains unchanged, and it is appropriate to sell on rallies [13]. - For nickel and stainless steel, the short - term may continue to fluctuate, and the long - term trend is bearish [13]. - For lithium carbonate, there are still disturbances, and pay attention to position risks [14][16]. - For industrial silicon and polysilicon, the market is likely to remain volatile and slightly strong in the short term. For polysilicon, pay attention to the emotional fluctuations caused by the downstream component price transmission [16][17]. - For lead, it is expected to fluctuate in the short term. Wait for the arrival of the peak season and observe the macro and downstream buying sentiment [18]. - For rebar and hot - rolled coil, the market has upward momentum, and focus on the actual demand for steel and the implementation details of the "anti - involution" policy [19]. - For iron ore, it is expected to be strong in the short term [20]. - For coking coal and coke, the upward trend remains unchanged in the short term. Pay attention to the Politburo meeting and Sino - US trade negotiation progress, and beware of the callback risk caused by insufficient macro - policies [21][22]. - For ferrosilicon and ferromanganese, beware of the risks of chasing high in the short term. Pay attention to the implementation of policy expectations and control risks [22]. - For crude oil, the geopolitical risk event has a short - term impact on the oil price and cannot reverse the overall trend. Focus on the OPEC+ meeting on August 3 [24][25]. - For LPG, the supply - demand structure remains loose, and the marginal improvement in chemical demand is difficult to reverse the overall pressure [25][26]. - For PX - PTA, the current fundamental driving force is limited. The short - term may see PTA production cuts to support prices, and do long the processing margin on dips [27][28]. - For MEG - bottle chips, maintain a wait - and - see attitude before the "anti - involution" policy is implemented. For bottle chips, operate the processing margin within the range [30][31]. - For methanol, wait for the macro - policy to land. Temporarily, take a wait - and - see attitude [31][32]. - For PP, the supply - demand pressure is not fundamentally alleviated, and the upward space is limited. Continue to pay attention to the downstream demand and macro - policy changes [33][34]. - For PE, the short - term pressure is large, but the downward space in the future is limited. Pay attention to the downstream demand and macro - policy [36][37]. - For PVC, the trading is difficult at present. Temporarily, take a wait - and - see attitude [38][39]. - For pure benzene, wait for the important meetings to end. Temporarily, take a wait - and - see attitude [40]. - For styrene, the short - term is affected by macro - emotions. After the important meetings, evaluate the impact of policies on the industry and then make decisions [42]. - For fuel oil, the short - term driving force is downward [43]. - For low - sulfur fuel oil, take a wait - and - see attitude [44]. - For asphalt, the short - term is in an oscillating trend. The peak season is still worth looking forward to in the medium - and long - term [45][46]. - For urea, the 09 contract is expected to fluctuate weakly [47]. - For soda ash and glass, pay attention to the policy implementation. The supply of soda ash is strong and the demand is weak, while the glass is in a weak balance [47][49]. - For logs, the market is flat. Consider selling the lg2509 - p - 800 contract at an appropriate time [50]. - For pulp, the fundamental is weak. Technically, buy lightly on the support [51]. - For caustic soda, pay attention to the delivery logic and the policy implementation. The short - term focuses on the downstream demand improvement [52]. - For live pigs, sell on rallies and appropriately arrange reverse spreads [53]. - For oilseeds, allocate long positions in the far - month contracts [54][55]. - For corn and starch, they are expected to fluctuate weakly. Pay attention to the growth of new - crop corn [55][56]. - For cotton, the upside space is limited, but the tight domestic inventory before the new - cotton listing will support the price. Pay attention to the import quota policy and Sino - US trade agreement adjustment [57]. - For sugar, the recent pattern is strong domestically and weak overseas [59]. - For eggs, the medium - and long - term capacity is loose. Appropriate reverse spreads can be arranged [60]. - For apples, the price has a significant reverse effect [60]. Summaries According to Relevant Catalogs Financial Futures - **Macro**: Sino - US economic and trade negotiations have made new progress. The suspended 24% of the US reciprocal tariffs and China's counter - measures will be extended for 90 days. The US "reciprocal tariffs" face the risk of cancellation. The US JOLTS job openings in June were 7.437 million, less than expected [1][3]. - **Stock Index**: The stock index is expected to maintain an upward trend. The small and medium - cap stock indexes are stronger, and the new Sino - US negotiation results may further drive the stock index up [4][5]. - **Treasury Bonds**: Wait for the uncertainties to land. Temporarily, trading positions should be on the sidelines [5][6]. - **Container Shipping**: The opening quotes of Maersk continue to decline. The EC is expected to be slightly volatile and decline, but beware of the impact of event factors and capital [6][7]. Commodities Non - ferrous Metals - **Gold & Silver**: Stop falling and oscillate. Focus on the Fed's FOMC. The medium - and long - term trend may be bullish, but the short - term London gold may fluctuate greatly. Maintain the idea of buying on dips [8][10]. - **Zinc**: The short - term trading logic remains unchanged, and it is appropriate to sell on rallies [13]. - **Nickel & Stainless Steel**: The short - term may continue to fluctuate, and the long - term trend is bearish [13]. - **Lithium Carbonate**: There are still disturbances, and pay attention to position risks [14][16]. - **Industrial Silicon & Polysilicon**: The market is likely to remain volatile and slightly strong in the short term. For polysilicon, pay attention to the emotional fluctuations caused by the downstream component price transmission [16][17]. - **Lead**: It is expected to fluctuate in the short term. Wait for the arrival of the peak season and observe the macro and downstream buying sentiment [18]. Black Metals - **Rebar & Hot - Rolled Coil**: The market has upward momentum, and focus on the actual demand for steel and the implementation details of the "anti - involution" policy [19]. - **Iron Ore**: It is expected to be strong in the short term [20]. - **Coking Coal & Coke**: The upward trend remains unchanged in the short term. Pay attention to the Politburo meeting and Sino - US trade negotiation progress, and beware of the callback risk caused by insufficient macro - policies [21][22]. - **Ferrosilicon & Ferromanganese**: Beware of the risks of chasing high in the short term. Pay attention to the implementation of policy expectations and control risks [22]. Energy and Chemicals - **Crude Oil**: The geopolitical risk event has a short - term impact on the oil price and cannot reverse the overall trend. Focus on the OPEC+ meeting on August 3 [24][25]. - **LPG**: The supply - demand structure remains loose, and the marginal improvement in chemical demand is difficult to reverse the overall pressure [25][26]. - **PX - PTA**: The current fundamental driving force is limited. The short - term may see PTA production cuts to support prices, and do long the processing margin on dips [27][28]. - **MEG - Bottle Chips**: Maintain a wait - and - see attitude before the "anti - involution" policy is implemented. For bottle chips, operate the processing margin within the range [30][31]. - **Methanol**: Wait for the macro - policy to land. Temporarily, take a wait - and - see attitude [31][32]. - **PP**: The supply - demand pressure is not fundamentally alleviated, and the upward space is limited. Continue to pay attention to the downstream demand and macro - policy changes [33][34]. - **PE**: The short - term pressure is large, but the downward space in the future is limited. Pay attention to the downstream demand and macro - policy [36][37]. - **PVC**: The trading is difficult at present. Temporarily, take a wait - and - see attitude [38][39]. - **Pure Benzene**: Wait for the important meetings to end. Temporarily, take a wait - and - see attitude [40]. - **Styrene**: The short - term is affected by macro - emotions. After the important meetings, evaluate the impact of policies on the industry and then make decisions [42]. - **Fuel Oil**: The short - term driving force is downward [43]. - **Low - Sulfur Fuel Oil**: Take a wait - and - see attitude [44]. - **Asphalt**: The short - term is in an oscillating trend. The peak season is still worth looking forward to in the medium - and long - term [45][46]. - **Urea**: The 09 contract is expected to fluctuate weakly [47]. - **Soda Ash & Glass**: Pay attention to the policy implementation. The supply of soda ash is strong and the demand is weak, while the glass is in a weak balance [47][49]. Others - **Logs**: The market is flat. Consider selling the lg2509 - p - 800 contract at an appropriate time [50]. - **Pulp**: The fundamental is weak. Technically, buy lightly on the support [51]. - **Caustic Soda**: Pay attention to the delivery logic and the policy implementation. The short - term focuses on the downstream demand improvement [52]. Agricultural Products - **Live Pigs**: Sell on rallies and appropriately arrange reverse spreads [53]. - **Oilseeds**: Allocate long positions in the far - month contracts [54][55]. - **Corn & Starch**: They are expected to fluctuate weakly. Pay attention to the growth of new - crop corn [55][56]. - **Cotton**: The upside space is limited, but the tight domestic inventory before the new - cotton listing will support the price. Pay attention to the import quota policy and Sino - US trade agreement adjustment [57]. - **Sugar**: The recent pattern is strong domestically and weak overseas [59]. - **Eggs**: The medium - and long - term capacity is loose. Appropriate reverse spreads can be arranged [60]. - **Apples**: The price has a significant reverse effect [60].

Core Viewpoint - The article discusses the initiatives taken by Fuyang District to attract and support young talents in rural areas, emphasizing the importance of youth involvement in rural revitalization through various policies and financial incentives [3][4][5]. Group 1: Youth Development Policies - Fuyang District has introduced the "Twenty-One Measures for Youth Development in Rural Areas," which includes support in employment, entrepreneurship, talent cultivation, and housing subsidies, with a maximum housing subsidy of 8 million yuan [3][4]. - The district is establishing 14 youth practice stations to cover various sectors such as agriculture, tourism, and e-commerce, as part of a broader initiative to create 1,000 such stations across Zhejiang Province [4]. Group 2: Financial Incentives for Enterprises - Fuyang offers financial rewards to enterprises that recruit full-time master's degree graduates, with a maximum reward of 1.5 million yuan per year based on the number of recruits [5]. - Companies collaborating with universities to train master's students can receive a subsidy of 50,000 yuan per student [5]. Group 3: Support for Agricultural Development - The district is providing one-time rewards for newly recognized agricultural enterprises and digital farms, with amounts ranging from 10,000 to 500,000 yuan based on the level of recognition [7]. - Young talents are encouraged to utilize idle rural properties for business operations, with financial support available for revitalizing these properties [8]. Group 4: Housing Support for Young Talents - Young talents can benefit from various housing support measures, including rental subsidies and significant purchase subsidies, with the highest subsidy reaching 800,000 yuan for top-tier talents [9]. - The district allows for an increase of 50% in the loan amount for public housing fund loans for recognized talents [9].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Overseas macro: There is a short - term weak recovery in overseas commodity demand, remaining relatively stable overall. The improvement of consumer purchasing意愿 in the US depends on wealth effects and income expectations. Attention should be paid to the latest non - farm data and tariff policies. The low - dollar pattern continues in the long - term, and non - dollar assets should be monitored [8]. - Domestic macro: As the "anti - involution" policy expectations strengthen, although it is the off - season, domestic demand has not significantly declined, and exports remain resilient. Current growth - stabilizing policies mainly use existing resources, with a higher probability of incremental policies in the fourth quarter [8]. - Asset view: There are mainly structural opportunities in domestic assets. Pay attention to Sino - US tariff negotiations and policy signals from the Politburo meeting. Overseas, focus on tariff frictions, Fed policies, and geopolitical risks. Strategically allocate resources such as gold and copper [8]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: Short - term weak recovery in overseas commodity demand, with US consumer purchasing意愿 for real estate, cars, and household durables fluctuating at a low level. Price suppression persists, and improvement depends on wealth effects and income expectations. Monitor the latest non - farm data and tariff policies. The low - dollar pattern continues in the long - term [8]. - **Domestic Macro**: "Anti - involution" policy expectations are strengthening. Despite the off - season, domestic demand has not declined significantly, and exports are resilient. Current growth - stabilizing policies mainly use existing resources, with a higher probability of incremental policies in the fourth quarter [8]. - **Asset View**: Focus on structural opportunities in domestic assets, and pay attention to Sino - US tariff negotiations and Politburo meeting signals. Overseas, be aware of tariff frictions, Fed policies, and geopolitical risks. Strategically allocate resources such as gold and copper [8]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: The main line of "anti - involution" has switched. With insufficient incremental funds, it is expected to rise in a volatile manner [9]. - **Stock Index Options**: Volatility has reached an inflection point. It is expected to fluctuate [9]. - **Treasury Bond Futures**: Bond market sentiment has improved. It is expected to fluctuate, with attention to factors such as unexpected tariffs, supply, and monetary easing [9]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals continue to adjust. It is expected to fluctuate, with attention to Trump's tariff policy and Fed's monetary policy [9]. 3.2.3 Shipping - **Container Shipping to Europe**: Focus on the game between peak - season expectations and price - increase implementation. It is expected to fluctuate, with attention to tariff policies and shipping company pricing strategies [9]. 3.2.4 Black Building Materials - **Steel Products**: Market sentiment has cooled, and the price has fallen from a high level. It is expected to fluctuate, with attention to special bond issuance progress, steel exports, and hot - metal production [9]. - **Iron Ore**: Port inventory has decreased slightly. It is expected to fluctuate, with attention to overseas mine production and shipping, domestic hot - metal production, weather, and policy [9]. - **Coke**: Spot prices have started the fourth round of increases, and the futures price has followed coking coal's limit - down. It is expected to fluctuate, with attention to steel mill production, coking costs, and macro sentiment [9]. - **Coking Coal**: Policy - stimulated sentiment has reversed, and the futures price has limit - down. It is expected to fluctuate, with attention to steel mill production, coal mine safety inspections, and macro sentiment [9]. - **Silicon Iron**: Bullish sentiment has cooled, and the futures price has opened lower and fluctuated. It is expected to fluctuate, with attention to raw material costs and steel procurement [9]. - **Manganese Silicon**: Market sentiment has cooled, and the futures price has opened lower and fluctuated. It is expected to fluctuate, with attention to cost prices and overseas quotes [9]. - **Glass**: Speculative sentiment has declined, and intermediate - level inventory has increased significantly. It is expected to fluctuate, with attention to spot sales [9]. - **Soda Ash**: Market sentiment has weakened, and both futures and spot prices have declined rapidly. It is expected to fluctuate, with attention to soda ash inventory [9]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: A non - ferrous growth - stabilizing plan is about to be introduced, supporting the copper price. It is expected to fluctuate, with attention to supply disruptions, policy surprises, and demand recovery [9]. - **Alumina**: Market sentiment is fluctuating, and the price has adjusted from a high level. It is expected to fluctuate, with attention to ore production recovery and electrolytic aluminum production [9]. - **Aluminum**: The boost in sentiment has slowed, and the aluminum price has declined. It is expected to fluctuate, with attention to macro risks, supply disruptions, and demand [9]. - **Zinc**: Macro sentiment remains, and the zinc price is oscillating at a high level. It is expected to fluctuate, with attention to macro risks and zinc ore supply [9]. - **Lead**: Supply and demand are relatively loose, and the lead price is oscillating. It is expected to fluctuate, with attention to supply disruptions and battery exports [9]. - **Nickel**: "Anti - involution" trading has slowed, and the nickel price is fluctuating widely. It is expected to fluctuate, with attention to macro, geopolitical, and Indonesian policy risks [9]. - **Stainless Steel**: The price of nickel iron has slightly rebounded, and the stainless - steel futures price is oscillating. It is expected to fluctuate, with attention to Indonesian policies and demand growth [9]. - **Tin**: LME inventory continues to decline, and the tin price is oscillating strongly. It is expected to fluctuate, with attention to production recovery in Wa State and demand improvement [9]. - **Industrial Silicon**: "Anti - involution" sentiment persists, and the silicon price has rebounded. It is expected to fluctuate, with attention to supply - side production cuts and photovoltaic installations [9]. - **Lithium Carbonate**: Market sentiment is fluctuating, and the lithium price has回调 after rising. It is expected to fluctuate, with attention to demand, supply disruptions, and technological breakthroughs [9]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical support continues, and attention is on Russian oil risks. It is expected to fluctuate, with attention to OPEC+ production policies and Middle - East geopolitical situations [11]. - **LPG**: Supply pressure persists, and cost factors dominate. It is expected to fluctuate, with attention to cost progress such as crude oil and overseas propane [11]. - **Asphalt**: Spot prices are falling, and the futures price is under downward pressure. It is expected to decline, with attention to unexpected demand [11]. - **High - Sulfur Fuel Oil**: It has weakened during the power - generation peak season. It is expected to decline, with attention to crude oil and natural - gas prices [11]. - **Low - Sulfur Fuel Oil**: The futures price follows crude oil and weakens. It is expected to decline, with attention to crude oil and natural - gas prices [11]. - **Methanol**: Commodity sentiment has faded, and the price has declined with coal. It is expected to fluctuate, with attention to macro - energy and upstream - downstream device dynamics [11]. - **Urea**: It is expected to oscillate in the short term, with attention to export policies and capacity elimination [11]. - **Ethylene Glycol**: The price is supported by the macro - environment, but there is a risk of over - trading. It is expected to decline with fluctuations, with attention to coal prices and inventory accumulation [11]. - **PX**: Sentiment fluctuations are intensifying, and fundamental drivers are weakening. It is expected to fluctuate, with attention to overseas device restarts and downstream PTA device maintenance [11]. - **PTA**: Large - scale plant maintenance is approaching, and inventory accumulation may slow down. It is expected to fluctuate, with attention to unexpected plant maintenance and downstream polyester production cuts [11]. - **Short - Fiber**: It has difficulty following the upstream price increase, and processing fees are compressed. Supply - demand drivers are weak. It is expected to fluctuate, with attention to textile exports and downstream purchasing [11]. - **Bottle Chip**: During the production - cut season, cost pricing dominates over supply - demand drivers. It is expected to fluctuate, with attention to future production starts [11]. - **Propylene**: Short - term contradictions are limited, and it may follow polypropylene to fluctuate. It is expected to fluctuate, with attention to oil prices and the domestic macro - environment [11]. - **PP**: "Anti - involution" sentiment has changed, and the price has declined with fluctuations. It is expected to fluctuate, with attention to oil prices and domestic and international macro - environments [11]. - **Plastic**: Macro support has weakened, and the price has declined with fluctuations. It is expected to fluctuate, with attention to oil prices and domestic and international macro - environments [11]. - **Styrene**: Commodity sentiment has improved, and attention is on policy details. It is expected to fluctuate, with attention to oil prices, macro policies, and device dynamics [11]. - **PVC**: "Anti - involution" sentiment has cooled, and the price is mainly oscillating. It is expected to fluctuate, with attention to expectations, costs, and supply [11]. - **Caustic Soda**: Low inventory in Shandong supports the price, and the downward space is limited. It is expected to fluctuate, with attention to market sentiment, production starts, and demand [11]. 3.2.7 Agriculture - **Oils and Fats**: Market sentiment has stabilized, and prices may strengthen with fluctuations. It is expected to rise with fluctuations, with attention to US soybean weather and Malaysian palm oil production - demand data [11]. - **Protein Meal**: The excellent - grade rate is higher than expected, and US soybeans are trading around 1000 cents. It is expected to fluctuate, with attention to US soybean weather, domestic demand, and trade wars [11]. - **Corn/Starch**: Spot prices are generally stable, waiting for new guidance. It is expected to fluctuate, with attention to demand, macro - environment, and weather [11]. - **Pigs**: Inventory remains high, and both futures and spot prices are under pressure. It is expected to fluctuate, with attention to farming sentiment, epidemics, and policies [11]. - **Rubber**: The commodity market has adjusted sharply, and the rubber price has dropped significantly. It is expected to fluctuate, with attention to production - area weather, raw material prices, and macro - changes [11]. - **Synthetic Rubber**: The futures price follows the market. It is expected to fluctuate, with attention to significant crude - oil price fluctuations [11]. - **Pulp**: "Anti - involution" trading may resume. Pay attention to arbitrage during the price decline. It is expected to rise with fluctuations, with attention to macro - economic changes and US - dollar - based quotes [11]. - **Cotton**: The price difference between months is converging. It is expected to fluctuate, with attention to demand and production [11]. - **Sugar**: Imports are expected to increase, limiting the sugar - price rebound. It is expected to fluctuate, with attention to abnormal weather [11]. - **Logs**: Fundamental changes are limited, and short - term prices are dominated by macro - expectations. It is expected to decline with fluctuations, with attention to shipment and delivery volumes [11].

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为实现"既授人以鱼，又授人以渔"，广西推行"培训+上岗"的模式，通过实训以及以工代训等方 式，帮助群众快速掌握实用技能。2025年，借助项目实施的契机，发改部门联合人社、农业农村等部门 深入实地开展职业技能培训，计划培训务工群众2.6万人。培训内容涵盖建筑技能、安全生产、产业发 展等多个领域，通过劳动实践与技能培训的深度融合，提升务工群众的劳务技能水平，为其稳定就业和 持续增收提供有力支撑。 数据显示，全区第二季度在重点工程和农业农村基础设施项目中推广以工代赈，共发放劳务报酬 2.63亿元，带动务工群众2.09万人就业。 以工代赈既利当前，也惠长远。围绕当地产业发展的实际需求，2025年广西实施了106个产业基础 设施配套项目，将农田水利、产业道路以及文旅设施改造等一批产业配套基础设施项目纳入以工代赈范 围，不断完善产业发展的"硬件"设施，成功推动了从"输血式"帮扶向"造血式"发展的转变。通过配套产 业项目的实施，预计带动发展中草药、柑橘、香芋、优质稻等特色产业6万亩，为当地产业的可持续发 展注入强大动力。 自治区发展改革委有关负责人表示，下一步将着力引导各地高质量推进专项投资项目建设，加大推 广以工代赈方式 ...

Core Viewpoint - The training organized by Hebei Securities Regulatory Bureau, Hebei Provincial Financial Office, and Zhengzhou Commodity Exchange aims to enhance the understanding of local government and state-owned enterprises regarding the futures market, thereby promoting their active participation in risk management through futures trading [1][2]. Group 1: Training Objectives and Participants - The training is the first joint initiative aimed at local government departments to improve their understanding of futures business and create a favorable environment for state-owned enterprises in Hebei to engage in the futures market [2]. - Over 130 representatives from various sectors including finance, taxation, auditing, and state-owned enterprises participated in the training [1]. Group 2: Industry Context and Challenges - Hebei, as a traditional industrial province, has significant potential in utilizing the futures market due to its leading production in coal, steel, glass, corn, and eggs [1]. - The volatility of commodity prices has increased the demand for risk management among enterprises, highlighting a gap in their capabilities to effectively hedge against risks [1]. Group 3: Training Content and Outcomes - The training covered topics such as the functions of the futures derivatives market, risk management models for enterprises, and compliance in financial handling and auditing of futures derivatives [2]. - Practical experiences were shared by companies like Zhongnong Group and Zhengda Glass, which received positive feedback from participants [2]. Group 4: Future Plans - The Hebei Securities Regulatory Bureau plans to strengthen collaboration with local governments and futures exchanges to implement national policies aimed at enhancing the role of the futures market in supporting the real economy [2].

Report Industry Investment Ratings There is no information provided regarding report industry investment ratings in the given content, so this section is skipped. Core Views of the Report - The market volume increase drives full - scale rises in various sectors. Pay attention to the new statements of the end - of - month Politburo meeting which may become the short - term market direction. Suggest buying IF stock index futures on dips [3] - In the bond market, although the economic data in Q2 shows resilience and the central bank maintains a supportive attitude towards funds, the current positive sentiment in commodities and the stock market suppresses the bond market. Interest rates are expected to decline in the long - term, but short - term fluctuations are affected by the stock - bond seesaw [6] - The weak US economic data increases the market's expectation of the Fed's loose monetary policy in the second half of the year, supporting precious metal prices. It is recommended to maintain a long - position mindset, especially focusing on the opportunity to go long on silver [7][8] - For various metals, the prices are affected by multiple factors such as the Fed's interest - rate meeting, supply - demand fundamentals, and market sentiment. Most metals are expected to show a trend of volatile and weak operation in the short - term [10][11][12] - In the energy and chemical sector, different products have different trends. For example, crude oil has upward momentum but is limited by seasonal demand in August, while some products like methanol and urea face supply - demand imbalances [42][43][44] - In the agricultural products sector, different products have different price trends and trading strategies based on factors such as supply - demand, weather, and policy [55][56][57] Summaries According to Related Catalogs Macro - Financial Stock Index - **News**: Some self - media content about the photovoltaic industry is inconsistent with the facts; from January to June, the total operating income, total profit, and tax payable of state - owned enterprises decreased year - on - year, and the asset - liability ratio increased; the Kremlin's statement about a possible meeting between Putin and Trump in September and the diplomatic response; Novo Nordisk cut its 2025 outlook, causing its US stocks to fall sharply [2] - **Trading Logic**: The market volume increase leads to a full - scale rise in various sectors. Focus on the end - of - month Politburo meeting, and it is recommended to go long on IF stock index futures on dips [3] Treasury Bonds - **Market**: On Tuesday, the main contracts of TL, T, TF, and TS all declined [4] - **News**: By the end of H1, the scale of cash - management wealth management products decreased; the US housing price increase slowed down in May [4] - **Liquidity**: The central bank conducted 4492 billion yuan of 7 - day reverse repurchase operations on Tuesday, with a net investment of 2344 billion yuan [4] - **Strategy**: The economic data in Q2 shows resilience, but the positive sentiment in commodities and the stock market suppresses the bond market. Interest rates are expected to decline in the long - term, and attention should be paid to the stock - bond seesaw [6] Precious Metals - **Market**: Domestic and international gold and silver prices rose. The US 10 - year Treasury yield and the US dollar index are at certain levels [7] - **Market Outlook**: The weak US economic data increases the market's expectation of the Fed's loose monetary policy. It is expected that the Fed will make a dovish statement in this interest - rate meeting, and it is recommended to maintain a long - position mindset, especially focusing on the opportunity to go long on silver [7][8] Non - Ferrous Metals Copper - **Market**: Before the Fed's interest - rate meeting, the US dollar index is strong, and the copper price rebounds with fluctuations. LME inventory increases, and the domestic spot premium changes [10] - **Outlook**: The Fed's interest - rate meeting and US copper tariffs are uncertain. The supply of copper raw materials is tight, but the upward space of copper price is limited due to seasonal weak demand and expected increase in imports. The price is expected to be volatile and weak [11] Aluminum - **Market**: The domestic black series stabilizes and rebounds, and the price of Shanghai aluminum declines with fluctuations. The inventory of domestic aluminum ingots and aluminum rods changes, and the LME inventory increases [12] - **Outlook**: Although the domestic and overseas sentiment is positive, the price rebound is limited due to the off - season of downstream demand and weak export demand. The price is expected to be volatile and weak [12] Zinc - **Market**: The Shanghai zinc index rises slightly. The domestic zinc ore supply is loose, and the inventory is increasing [13] - **Outlook**: In the long - term, the zinc price is expected to be bearish. In the short - term, pay attention to the Fed's interest - rate decision and the structural risks in the LME market. Be cautious about price fluctuations [13] Lead - **Market**: The Shanghai lead index declines slightly. The supply of lead ingots tightens marginally, and the price of lead batteries stabilizes [15][16] - **Outlook**: If the inspection of smelters expands, the price may strengthen. Be cautious about price fluctuations affected by capital sentiment [16] Nickel - **Market**: The nickel price fluctuates narrowly. The price of nickel ore and nickel iron is stable, and the spot trading of refined nickel is okay [17] - **Outlook**: The short - term macro - environment cools down, and the price of stainless steel falls. It is recommended to hold short positions or go short on rallies [17] Tin - **Market**: The tin price is weakly volatile. The inventory of the domestic futures exchange and LME increases, and the price of tin concentrate declines [18] - **Outlook**: The expectation of tin ore supply recovery increases, but the short - term supply of smelting raw materials is still under pressure. The demand is weak. The price is expected to be volatile and weak [18] Carbonate Lithium - **Market**: The spot index of carbonate lithium declines, and the futures contract price also falls [19] - **Outlook**: The short - term fundamental improvement depends on the passive reduction of the mine end. It is recommended that speculative funds wait and see, and holders of carbonate lithium can seize the entry opportunity according to their own situation [19][20] Alumina - **Market**: The alumina index rises, and the spot prices in different regions increase. The import window is closed, and the futures inventory is at a low level [21] - **Strategy**: The over - capacity pattern of alumina may be difficult to change. It is recommended to wait and see in the short - term, and pay attention to factors such as warehouse receipt registration and supply - side policies [21] Stainless Steel - **Market**: The price of the stainless - steel futures contract rises, and the spot price is stable. The inventory of futures and society decreases [22] - **Outlook**: The steel mill's price - supporting policy is firm, but if terminal demand cannot keep up, the price may decline. Pay attention to macro - news and downstream demand [22] Cast Aluminum Alloy - **Market**: The price of the AD2511 contract slightly declines, and the trading volume shrinks. The spot price is stable, and the inventory slightly increases [23] - **Outlook**: The downstream is in the off - season, and the supply and demand are both weak. The price is expected to face upward pressure [23] Black Building Materials Steel - **Market**: The prices of rebar and hot - rolled coil futures rise, and the spot prices change. The inventory of rebar decreases, and the inventory of hot - rolled coil increases slightly [25][26] - **Outlook**: The short - term market sentiment is positive, but the overall fundamentals are still weak. Pay attention to policy guidance and terminal demand [26] Iron Ore - **Market**: The price of the iron - ore futures contract rises, and the inventory of ports and steel mills increases slightly [27][28] - **Outlook**: The demand for iron ore is strong, and the supply pressure is not significant. The short - term price may be adjusted, and attention should be paid to market sentiment and macro - situation [28] Glass and Soda Ash - **Glass** - **Market**: The spot price in Shahe and Huazhong changes, and the inventory decreases [29] - **Outlook**: The short - term glass price is boosted by macro - policies, and it is expected to be volatile. In the long - term, it depends on real estate policies and supply - side contraction [29] - **Soda Ash** - **Market**: The spot price is stable, and the inventory decreases. The price fluctuates widely [30] - **Outlook**: The short - term price is expected to be volatile, and the long - term upward space is limited. It is recommended to wait and see in the short - term and look for short - selling opportunities in the long - term [30] Manganese Silicon and Ferrosilicon - **Market**: The prices of manganese silicon and ferrosilicon futures rise. The spot prices also increase [31] - **Outlook**: Short - term price fluctuations are large, and it is recommended that speculative positions wait and see. In the long - term, the fundamentals of both are expected to be weak [32][33] Industrial Silicon - **Market**: The price of the industrial - silicon futures contract rises. The spot prices of different grades decline [35] - **Outlook**: The short - term price is expected to be highly volatile, and it is recommended to wait and see. The long - term fundamentals are still in a situation of over - supply and insufficient demand [36] Energy and Chemicals Rubber - **Market**: NR and RU decline significantly and then fluctuate slightly. The开工 rates of domestic tire enterprises change, and the inventory of natural rubber decreases [39] - **Outlook**: The price is in a state of decline and fluctuation, and it is recommended to wait and see. Consider the band - operation of going long on RU2601 and shorting on RU2509 [41] Crude Oil - **Market**: The prices of WTI, Brent, and INE crude - oil futures rise. The gasoline inventory in the port of Fujairah decreases, and the diesel inventory increases [42] - **Outlook**: The current fundamentals are healthy, and the oil price has upward momentum, but it is limited by seasonal demand in August. It is recommended to go long on dips and set a target price [42] Methanol - **Market**: The price of the methanol futures contract rises, and the spot price also increases [43] - **Outlook**: The supply pressure is expected to increase, and the demand is weak. It is recommended to wait and see [43] Urea - **Market**: The price of the urea futures contract rises, and the spot price declines [44] - **Outlook**: The supply and demand are weak, and the inventory reduction is slow. It is recommended to pay attention to going long on dips [44] Styrene - **Market**: The spot price declines, and the futures price rises. The inventory of the port increases, and the demand from downstream industries rises [45] - **Outlook**: The BZN spread is expected to repair, and the price is expected to rise with fluctuations following the cost side [45] PVC - **Market**: The price of the PVC futures contract rises, and the spot price declines. The inventory of the factory decreases, and the social inventory increases [47] - **Outlook**: The supply is strong, the demand is weak, and the valuation is high. The price may decline after the sentiment fades [47] Ethylene Glycol - **Market**: The price of the EG09 contract rises, and the supply and demand sides change. The inventory of the port decreases [48] - **Outlook**: The fundamentals are expected to weaken from strong, and the short - term valuation may decline [48] PTA - **Market**: The price of the PTA09 contract rises, and the supply and demand sides change. The inventory accumulates [49] - **Outlook**: The supply is expected to accumulate, and the processing fee space is limited. Pay attention to the opportunity of going long on dips following PX [49] p - Xylene - **Market**: The price of the PX09 contract rises, and the supply and demand sides change. The inventory is at a low level [50] - **Outlook**: The short - term negative feedback pressure is small, and it is expected to continue to reduce inventory. Pay attention to the opportunity of going long on dips following crude oil [50] Polyethylene (PE) - **Market**: The price of the PE futures contract rises, and the spot price is stable. The inventory of the production enterprise decreases, and the inventory of the trader increases [51][52] - **Outlook**: The price is expected to rise with fluctuations following the cost side, and it is recommended to hold short positions [52] Polypropylene (PP) - **Market**: The price of the PP futures contract rises, and the spot price is stable. The inventory of the production enterprise, trader, and port increases [53] - **Outlook**: The price is expected to be volatile and strong in July under the influence of macro - expectations [53] Agricultural Products Pig - **Market**: The domestic pig price mainly declines, and the demand is weak. The market is trading on the policy's intervention in capacity reduction [55] - **Strategy**: Pay more attention to the opportunity of spread trading, and the long - term structure of the spread may change [55] Egg - **Market**: The egg price is mostly stable, and the high temperature reduces the egg - laying rate. The spot price rebounds, and the short - term near - month contract fluctuates [56] - **Strategy**: Pay attention to the short - selling opportunity after the price rebounds for contracts after September [56] Soybean and Rapeseed Meal - **Market**: The price of US soybeans declines at night, and the domestic soybean meal inventory accumulates. The spot price of soybean meal slightly declines, and the trading volume is large [57] - **Strategy**: It is recommended to go long on dips in the low - cost range of soybean meal and pay attention to factors such as squeezing profit and supply pressure. Consider widening the spread between soybean meal and rapeseed meal for the 09 contract [58] Oil - **Market**: The domestic palm oil price fluctuates, and the net long positions of foreign - funded institutions in three major oils increase slightly. The export and production data of palm oil and other products change [59][60] - **Strategy**: The price is expected to be volatile. The palm oil price may be supported in the short - term and may rise in the fourth quarter, but the upward space is limited [61] Sugar - **Market**: The price of Zhengzhou sugar futures fluctuates, and the spot price is stable. The sugar production in Brazil is expected to increase in the first half of July [62] - **Outlook**: If the external - market price does not rebound significantly, the price of Zhengzhou sugar is likely to decline [62] Cotton - **Market**: The price of Zhengzhou cotton futures drops sharply, and the spot price slightly declines. The growth data of US cotton changes [63] - **Outlook**: The short - term price is bearish as the price breaks the upward trend line and the downstream consumption is weak [63]