Variety Views - On July 24, A-share's three major indexes hit new highs this year, with the Shanghai Composite Index up 0.65% to 3605.73, the Shenzhen Component Index up 1.21% to 11193.06, and the ChiNext Index up 1.50% to 2345.37. The trading volume of the two markets was 1844.7 billion yuan, a slight decrease of 1.99 billion yuan from the previous day [1]. - The CSI 300 Index was strong on July 24, closing at 4149.04, up 29.27 [1]. - On July 24, the coke weighted index oscillated strongly, closing at 1750.3, up 37.2 [1]. - On July 24, the coking coal weighted index remained strong, closing at 1227.0 yuan, up 87.3 [2]. Factors Affecting Futures Prices Coke and Coking Coal - Coke: The price of coking coal has been raised, and the second - round price increase of coke spot has been implemented. The weekly start - up rate of coke enterprises has slightly declined, and supply has shrunk. In terms of demand, steel mills' profits are okay in the off - season, and pig iron production has rebounded from a high level. There is support from supply and demand, and coke enterprises' inventory has decreased [3]. - Coking coal: Some coal mines in production areas have limited output due to underground reasons, and some coal mines that were shut down have resumed production. High - frequency data shows that the upstream start - up rate has declined week - on - week, and domestic supply has shrunk. The China - Mongolia border port has resumed customs clearance. After the previous closure and improved market transactions, the port inventory has decreased, and the spot price of Mongolian coal has been raised. Although the start - up of coke enterprises has slightly declined, the increase in steel mills' pig iron production supports real demand [3]. Zhengzhou Sugar - Affected by the U.S. sugar's bottom - fishing and rebound on Wednesday, the Zhengzhou sugar 2509 contract oscillated higher on Thursday. Due to the effect of funds, it continued to rise at night. A commodity research report shows that the estimated sugarcane output in Brazil in the 2025/26 crushing season has been adjusted down to 661 million tons (606 million tons from the central and southern regions), reflecting a decline in sugarcane yield per unit and a significant drop in output in the second half of June [3]. Rubber - Recently, heavy rainfall in Southeast Asian producing areas has affected rubber tapping, reducing raw material supply and continuously raising spot prices. Affected by this, Shanghai rubber oscillated higher on Thursday. To avoid weather risks, short - sellers closed their positions, pushing Shanghai rubber to continue to oscillate upward at night. In June 2025, EU passenger car sales decreased by 7.3% year - on - year to 1.01 million vehicles, indicating challenges for automobile manufacturers in the global economic environment. In the first half of 2025, cumulative EU passenger car sales decreased by 1.9% year - on - year to 5.58 million vehicles [4]. Palm Oil - On July 24, palm oil continued to oscillate higher, hitting new highs. The highest price was 9106, the lowest was 8938, and it closed at 9104, up 1.22% from the previous day. According to GAPKI data, affected by a surge in exports, Indonesia's palm oil inventory in May decreased by 4.27% month - on - month to 2.9 million tons. In May, Indonesia's exports of palm oil and refined products reached 2.66 million tons, a nearly 50% increase from April and a 35.64% increase year - on - year, mainly driven by demand from India and China. The output of crude palm oil in May was 4.17 million tons, lower than 4.48 million tons in April but a 7.2% increase year - on - year [4][6]. Shanghai Copper - The price of Shanghai copper may continue to oscillate at a high level. Macroscopically, the possible tariff agreement between the U.S. and Europe has suppressed risk - aversion sentiment. LME copper closed up after a strong oscillation overnight, which has a positive impact on Shanghai copper. However, the reduced probability of an interest - rate cut in September will put some pressure on copper prices. Fundamentally, global copper miners' rush to transport to the U.S. supports the price, and the continuous decline of LME inventory also supports the price. But the cautious downstream transactions in China and the approaching end of long - term orders, along with the possible increase in spot supply, will limit the upward space of the price. Technically, on July 24, the short - term indicators of the Shanghai copper main contract were bullish, with the 5 - day moving average crossing above the 10 - day and 20 - day moving averages, the MACD forming a golden cross above the 0 - axis, and the KDJ also forming a golden cross, indicating upward momentum in the short term [6]. Iron Ore - On July 24, the iron ore 2509 main contract closed down 0.55% at 811 yuan. The shipment of Australian and Brazilian iron ore decreased slightly this period, and the arrival volume dropped significantly. Pig iron production stopped falling and rebounded to a high level. The policy expectations of anti - involution and important meetings have boosted market sentiment, but the recent large increase in iron ore prices may lead to high - level oscillation in the short term [7]. Asphalt - On July 24, the asphalt 2509 main contract closed down 0.28% at 3602 yuan. The start - up rate of asphalt plants continued to decrease this period, the planned output of local refineries in August decreased, supply shrank, inventory decreased, refinery shipments increased slightly, and downstream demand improved. The short - term price will mainly oscillate [7]. Cotton - On Thursday night, the Zhengzhou cotton main contract closed at 14225 yuan/ton. On July 25, the minimum basis price of Xinjiang designated delivery (supervision) warehouses in the National Cotton Trading Market was 430 yuan/ton, and the cotton inventory decreased by 45 lots compared with the previous trading day [7]. Logs - On July 24, the 2509 contract of logs opened at 824, with the lowest at 818.5, the highest at 835, and closed at 827.5, with a reduction of 604 lots. The pressure at high levels in the market increased. Attention should be paid to the support at 800 - 820 and the pressure at 850. The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 740 yuan/cubic meter, unchanged from the previous day, and that in Jiangsu was 760 yuan/cubic meter, up 10 yuan/cubic meter from the previous day. There is no major contradiction in the supply - demand relationship, and spot transactions are weak. Attention should be paid to the support of spot - end prices, import data, and macro - expectations for the spot market [7][8]. Steel - On July 24, rb2510 closed at 3294 yuan/ton, and hc2510 closed at 3456 yuan/ton. The demand for steel in the off - season has strong resilience, and steel mills' profits remain at a relatively high level, so the overall output has limited room to decline. For rebar, steel mills' profits are at a relatively high level in the past two years, and their production enthusiasm is high, so the output may increase in the short term. In terms of inventory, after the price rebound, the middle and lower reaches have a certain willingness to replenish stocks, and the inventory accumulation in the off - season is lower than expected. In terms of demand, steel demand maintains resilience. With the continuous fermentation of anti - involution and the news of coking coal mine shutdown, steel prices have continued to rise, further stimulating speculative demand [8]. Alumina - On July 24, ao2509 closed at 3427 yuan/ton. On the supply side, the weekly output of alumina rebounded slightly to 1.708 million tons this week, the operating capacity rose to 89.07 million tons/year, and the start - up rate also rebounded to 80.74%. The national installed capacity decreased from 110.82 million tons/year to 110.32 million tons/year, which may be related to the "capacity reduction" signal. Under the logic of the deviation between the fundamentals and the market, it is necessary to be vigilant about whether the market's high expectations for policies are overdrawn. Once the policy implementation rhythm or intensity falls short of expectations, combined with the continuous resumption of production and the re - easing of supply and demand, the price may still decline from a high level [8][10]. Shanghai Aluminum - On July 24, al2509 closed at 20760 yuan/ton. Macroscopically, overseas tariffs have been confirmed and are lower than expected, reducing uncertain risks and being beneficial to the recovery of overseas demand. China's "anti - involution" policies have driven up industrial metals, and the long - term tone of "promoting consumption and stabilizing growth" remains unchanged. Fundamentally, under the release of supply increment and the suppression of the consumption off - season, the inventory accumulation expectation is still strong. In addition, the market's sentiment towards policies such as "anti - involution" and "high - quality development" has cooled recently, and the market has fallen after rising. The short - term aluminum price will mainly decline from a high level. Future attention should be paid to inventory and capital sentiment changes [10].

Core Insights - The Chongqing Development and Reform Commission announced that from January to June 2025, 320 key projects in the Chengdu-Chongqing economic circle completed an investment of 252.91 billion RMB, achieving an annual investment completion rate of 57.3%, exceeding the scheduled progress by 7.3 percentage points [1] Investment Breakdown - A total of 320 key projects were listed with an estimated total investment of approximately 3.7 trillion RMB and an expected annual investment of 441.45 billion RMB [1] - In the first half of 2025, the projects successfully met the "time over half, task over half" goal [1] Project Categories - Modern infrastructure projects completed an investment of 147.24 billion RMB, including the completion of the Chongqing Jiangbei International Airport T3B terminal and the first phase of the Minjiang River navigation channel improvement project [1] - Modern industry and technology innovation projects saw an investment of 90.88 billion RMB, with significant projects such as the National Pig Technology Innovation Center and the Chengdu New District Hydrogen Energy Industrial Cluster [1] - Cultural, ecological, open, and public service projects completed an investment of 14.79 billion RMB, including the completion of the Dadu River environmental governance project and the construction of the Chongqing Medical University Affiliated Children's Hospital [2]

Core Viewpoint - Shaanxi Province is leveraging its rich educational and scientific resources to promote the development of agricultural specialty industries, aiming for a comprehensive upgrade of the agricultural value chain while addressing existing weaknesses in operational strength and income generation for farmers [1]. Group 1: Industry Innovation and Integration - The focus is on market-driven production arrangements that enhance processing, circulation, and marketing to maximize the value of local specialties, leading to a comprehensive upgrade of rural specialty industries [2]. - Initiatives include implementing actions for agricultural product processing value addition, supporting the construction of standardized processing facilities, and developing logistics, e-commerce, and brand marketing services [2]. - The promotion of new rural business models, such as the use of drones and smart farming technologies, aims to expand employment and income opportunities for farmers [2]. Group 2: Supply Chain Optimization - Addressing the issue of "high yield but low income" for farmers involves reducing intermediaries and optimizing the circulation service chain to retain more profits within agriculture [3]. - Establishing online sales channels through e-commerce platforms and live streaming is crucial for enhancing the brand influence of specialty agricultural products [3]. - The development of a "direct supply to communities" model is encouraged to match local demand accurately and support logistics solutions [3]. Group 3: Strengthening Agricultural Linkages - A focus on integrating various stakeholders across the agricultural value chain is essential to ensure farmers benefit adequately [3]. - Support for large agricultural enterprises and modern agricultural organizations is emphasized to enhance the resilience of small-scale farmers and cooperatives [3]. - The establishment of stable benefit-sharing mechanisms and the expansion of agricultural insurance coverage are critical for supporting new agricultural entities [3]. Group 4: Enhancing Technological Integration - Strengthening agricultural technology application and ensuring that innovative results are effectively implemented in specialty industries is a priority [4]. - The role of demonstration zones and open platforms for technology is highlighted to improve agricultural practices and management [4]. - Talent cultivation initiatives are aimed at enhancing the skill sets of rural workers, particularly in technology and industry innovation [4].

Group 1 - The core viewpoint of the article is the issuance of the "Opinions" by the People's Bank of China and the Ministry of Agriculture and Rural Affairs to enhance financial services for rural reform and promote comprehensive rural revitalization [1] - The "Opinions" emphasize increasing financial resource investment in key areas of rural revitalization, particularly in food security and agricultural productivity [1][2] - Specific measures include enhancing credit resources for major grain-producing areas, supporting agricultural technology innovation, and establishing differentiated credit assessment systems for technology-driven agricultural enterprises [1][2] Group 2 - The "Opinions" call for continued financial support for poverty alleviation areas, maintaining credit investment levels to ensure sustained assistance [2] - There is a focus on innovating financing models for rural specialty products and expanding financial product offerings to support farmers' income growth [2] - The document highlights the need to improve financial services for rural construction through diversified financing solutions, including bonds, equity investments, and project bundling [2][3] Group 3 - The "Opinions" stress the importance of establishing a sound financial service system for rural reform, encouraging local exploration of asset certification and mortgage registration for agricultural facilities [3] - It advocates for enhancing credit management by financial institutions and optimizing the financial supply mechanism [3] - The document encourages the issuance of specialized financial bonds to support rural revitalization and increase funding in this sector [3]

Group 1 - The European Union has approved a measure to impose retaliatory tariffs on U.S. products totaling €93 billion, following a period of trade negotiations that seemed to be progressing [1][5] - The retaliatory tariffs will target high-value industrial products such as aircraft, automobiles, wine, and electrical equipment, with the first round of tariffs already implemented earlier this year on items like soybeans and motorcycles [5] - The EU's decision comes amid a backdrop of positive economic data, with the Eurozone's July Composite Purchasing Managers' Index (PMI) rising from 50.6 in June to 51, indicating economic resilience [4] Group 2 - Following the announcement of the retaliatory tariffs, European stock markets experienced a sharp decline, reversing earlier gains that were attributed to positive economic indicators [2][3] - Analysts expect the European Central Bank to maintain its current policy stance, although there may be one or two interest rate cuts in the next six months due to the ongoing trade tensions impacting export performance and inflation [4]

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have jointly issued opinions 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][2]. Group 1: Financial Support for Agriculture - The opinions emphasize enhancing financial security for food safety by increasing credit resources for major grain-producing areas and counties [1]. - There is a focus on deepening financial services for high-standard farmland and agricultural water conservancy construction, as well as supporting the development of new agricultural productivity [1]. - The initiative aims to broaden mortgage and guarantee methods, innovate financing models for local specialties, and promote tailored financial products [1]. Group 2: Rural Infrastructure and Public Services - The plan includes improving financial service levels for rural construction through diversified financing solutions such as project bundling and syndicate loans [1]. - It supports the extension of infrastructure and public services to rural areas, providing comprehensive financing services like bond financing, equity investment, and leasing [1]. Group 3: Mechanisms for Rural Financial Reform - The opinions call for establishing management systems for the certification and mortgage registration of agricultural facilities and livestock to expand mortgage financing coverage [2]. - It highlights the use of risk compensation, loan interest subsidies, and incentive rewards to enhance financing for various agricultural operators [2]. - The People's Bank of China plans to strengthen collaboration with relevant departments to innovate investment and financing mechanisms for rural revitalization [2].

Core Viewpoint - The People's Bank of China and the Ministry of Agriculture and Rural Affairs have issued guidelines to enhance financial services for rural reform and promote comprehensive rural revitalization, emphasizing the importance of financial resources in supporting rural development [1][3]. Financial Resource Allocation - As of March 2024, the balance of agricultural loans reached 52.9 trillion yuan, reflecting an 8.4% year-on-year increase, indicating a trend of financial resources being directed towards agricultural sectors [2]. - The guidelines propose increasing financial resource input in key areas of rural revitalization, particularly focusing on food security and credit support for major grain-producing regions [3][4]. Policy Measures - The guidelines encourage the issuance of specialized financial bonds for agriculture, small and micro enterprises, and green projects, as well as supporting eligible companies in issuing rural revitalization bonds [3][5]. - A comprehensive approach using monetary and credit policies is recommended to enhance financial support for rural revitalization, including risk compensation and loan interest subsidies [5]. Financial Services Innovation - The guidelines advocate for innovative financing mechanisms, such as expanding collateral financing coverage and promoting unique financial products tailored for rural areas [4][5]. - The development of rural revitalization bonds is highlighted as a key innovation in financing mechanisms, with a cumulative issuance of 699 bonds amounting to 502.53 billion yuan since 2018 [5][6]. Collaboration and Monitoring - The People's Bank of China aims to strengthen collaboration with various departments to improve financial services for rural reform and enhance monitoring and evaluation of financial support effectiveness [3][4].

Core Points - The trade agreement between Japan and the U.S. has been reached, with the U.S. imposing a 15% tariff and increasing rice exports to Japan [1][3] - The Japanese stock market reacted positively, with the Nikkei 225 index rising by 3.2% [1] - Japan made significant concessions in various sectors, particularly in agriculture and automotive [5][6] Group 1: Trade Agreement Details - The U.S. will impose a 15% tariff, which is lower than the previously anticipated 25% [3][4] - Japan agreed to increase rice imports from the U.S. by 75% and purchase $8 billion worth of U.S. agricultural products, including corn and soybeans [5] - In the automotive sector, Japan will open its market to U.S. vehicles and assist in creating fair competition for U.S. car manufacturers [5][6] Group 2: Economic Impact - The agreement is expected to have a short-term positive effect on the Japanese economy, as indicated by the market's optimistic response [6] - However, the 15% tariff remains higher than pre-Trump levels, which could pose long-term challenges for Japan's automotive industry [6] - Japan's direct investment in the U.S. is projected to reach a historical high of approximately $731 billion by 2024, accounting for nearly 40% of Japan's total foreign direct investment [6] Group 3: Political Implications - The agreement provides a much-needed victory for Prime Minister Shigeru Ishiba, but its long-term political implications remain uncertain [7] - The concessions made in the agreement may lead to dissatisfaction among Japanese agricultural stakeholders [5][7]

Core Points - The US-Japan trade agreement includes Japan's commitment to invest $550 billion in the US and a $8 billion purchase plan for US agricultural products [1][2] - The agreement establishes a unified 15% tariff on Japanese goods, including automobiles, which is lower than the previously threatened 25% tariff [2][4] Investment Commitment - Japan will create a $550 billion investment fund aimed at revitalizing and expanding core US industries, expected to generate hundreds of thousands of jobs [3] - The fund will focus on strategic sectors such as energy infrastructure, semiconductor manufacturing, critical mineral processing, pharmaceuticals, and defense shipbuilding [3] Tariff Framework - A unified 15% tariff will be applied to Japanese imports, including a 12.5% additional tariff on automobiles and a 2.5% basic tariff [4] - The current 50% tariffs on steel and aluminum will remain unchanged [4] Agricultural and Energy Developments - Japan will increase its US rice import quota by 75%, raising the total to approximately 600,000 tons [5][7] - Japan has committed to purchasing $8 billion worth of US agricultural products, including corn, soybeans, fertilizers, and sustainable aviation fuel [5][7] - The agreement also includes significant expansions in US energy exports to Japan, particularly in liquefied natural gas [7] Aerospace and Defense Cooperation - Japan will purchase 100 Boeing aircraft and additional defense equipment to enhance security cooperation in the Indo-Pacific region [7][8] - The agreement allows US automobiles to enter the Japanese market without long-standing restrictions, with US automotive standards being recognized in Japan [8]

Group 1 - Japan will immediately increase imports of U.S. rice by 75% under the zero-tariff minimum market access framework, with a total import volume reaching approximately 600,000 tons [1][3] - Japan has agreed to purchase $8 billion worth of U.S. agricultural products, including soybeans, corn, fertilizers, bioethanol, and sustainable aviation fuel (SAF) [4] - The agreement emphasizes the importance of the U.S.-Japan alliance as a cornerstone for peace in the Indo-Pacific region and a driver for global growth and technological innovation [2] Group 2 - The U.S. government has highlighted a $550 billion investment commitment from Japan, focusing on strategic sectors such as energy infrastructure, semiconductor manufacturing, critical minerals, pharmaceuticals, and shipbuilding [2] - Japan will simplify certification procedures for U.S. cars deemed safe, allowing for easier market entry for American automotive products [3] - Japan has committed to purchasing U.S. military equipment and has plans to buy dozens of U.S. defense systems annually, alongside a commitment to purchase 100 Boeing aircraft [4]