Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Index slightly rising by 0.18%, briefly surpassing the 25,000-point mark, while the Hang Seng China Enterprises Index fell by 0.03% and the Hang Seng Tech Index increased by 0.03% [1] Group 1: Technology Sector - Major technology stocks exhibited varied performance, with Alibaba rising by 2% and Tencent increasing by 1.79%, while Meituan and Baidu fell over 1% [1] - The upcoming Apple iPhone 17 series launch on September 9 has positively influenced Apple-related stocks, which mostly strengthened [1] Group 2: Commodity and Industrial Sectors - The "anti-involution" related sectors saw significant gains, with a price increase trend contributing to the rise of paper stocks, exemplified by Nine Dragons Paper surging over 11% [1] - Steel and coal stocks also performed well, with Maanshan Iron & Steel reaching a new high and China Shenhua hitting an all-time high price [1] Group 3: Other Sectors - The restaurant sector faced notable declines, with Yum China dropping over 4% post-earnings, and other restaurant stocks like Jiumaojiu and Haidilao also declining [1] - Innovative drug concept stocks experienced a volatile trading pattern, while brain-computer interface stocks, gaming stocks, domestic bank stocks, and semiconductor stocks all saw declines [1]

Economic Performance - The GDP of Shangqiu City reached 170.17 billion yuan in the first half of 2025, with a year-on-year growth of 7.0% [1] - The primary industry added value was 23.21 billion yuan, growing by 3.1%; the secondary industry added value was 63.09 billion yuan, growing by 6.2%; and the tertiary industry added value was 83.86 billion yuan, growing by 8.9% [1] Agricultural Production - The summer grain production in Shangqiu reached 9.05 billion jin, indicating a stable agricultural production situation [1] - Vegetable and edible fungus production was 4.32 million tons, growing by 3.2%; fruit production was 1.53 million tons, growing by 1.9%; and meat production from pigs, cattle, sheep, and poultry was 330,600 tons, growing by 3.0% [1] Industrial Growth - The added value of industrial enterprises above designated size grew by 8.7%, with 23 out of 34 industrial sectors experiencing growth, resulting in a growth coverage of 67.6% [1] - The added value of coal, chemical, and aluminum smelting industries grew by 13.0%, 13.2%, and 42.1% respectively, collectively contributing 5 percentage points to the overall industrial growth [1] Service Sector Expansion - The added value of the service sector grew by 8.9%, with wholesale and retail growing by 7.7%, transportation, storage, and postal services growing by 8.2%, accommodation and catering growing by 9.1%, and information transmission, software, and IT services growing by 11.2% [1] - From January to May, the operating income of the service sector above designated size increased by 10.3% [1] Investment and Consumption - Fixed asset investment in the city grew by 6.8%, with industrial investment growing by 24.8%, surpassing the overall investment growth by 18 percentage points [2] - Private investment increased by 9.9%, accelerating by 6.6 percentage points compared to the first quarter, and exceeding the overall investment growth by 3.1 percentage points [2] - The total retail sales of consumer goods reached 78.93 billion yuan, growing by 7.6%, with 17 out of 22 categories of goods experiencing growth, resulting in a growth coverage of 77.3% [2] - Notable growth in retail sales included home appliances and audio-visual equipment at 34.4%, communication equipment at 34.6%, and automotive products at 11.4%, indicating a clear trend of consumption upgrading [2]

Group 1 - The A-share market has shown good performance in 2023, with the Shanghai Composite Index rising by 6.88%, the ChiNext Index by 7.89%, and the CSI 300 by 4.7% from the beginning of the year to July 23 [1] - The market experienced significant fluctuations due to factors such as "reciprocal tariffs" and has gradually moved upward since mid-April, supported by proactive domestic policies and a temporary easing of Sino-U.S. trade tensions [1] - There is a clear divergence in sector performance, with non-ferrous metals, non-bank financials, and banks leading in gains, while coal, food and beverage, and real estate sectors remain in negative returns [1] Group 2 - The "anti-involution" policy aims to shift industry competition from low-level price wars to high-quality competition, which could improve the profitability of listed companies and enhance the long-term capacity for technological advancement [2] - Midstream manufacturing and upstream raw materials sectors, which are currently facing supply-demand imbalances, are expected to benefit significantly from the gradual implementation of the "anti-involution" policy [2] Group 3 - Domestic demand has shown resilience in the first half of the year, supported by policies such as "trade-in" for durable goods and equipment upgrades, which bolster manufacturing investment [3] - The stabilization of the real estate market is seen as a crucial factor for the recovery of domestic demand, with ongoing supportive policies expected to contribute to this trend [3] - New productive forces, particularly in artificial intelligence and innovative pharmaceuticals, are anticipated to represent significant investment opportunities in the future [3]

Report Industry Investment Ratings No investment ratings for the industry are provided in the report. Core Views The report presents the price trends and outlooks for various commodities on July 23, 2025. Different commodities are expected to have different trends, including upward, downward, and sideways movements, influenced by factors such as macro - economic conditions, supply - demand relationships, and policy expectations [2][4]. Summary by Commodity Precious Metals - **Gold**: Expected to move upward in a sideways manner, with a trend strength of 1 [2][7][8]. - **Silver**: Expected to break through and move upward, with a trend strength of 1 [2][7][8]. Base Metals - **Copper**: Domestic spot prices are firm, providing support for the price, with a trend strength of 1 [2][10][12]. - **Zinc**: Expected to have small - scale sideways movements, with a trend strength of 0 [2][13][14]. - **Lead**: There are still expected supply - demand contradictions, and the price has support, with a trend strength of 0 [2][16][17]. - **Tin**: The price is weakening, with a trend strength of - 1 [2][19][22]. - **Aluminum**: Expected to move sideways within a range, with a trend strength of 0; Alumina is expected to move upward in a sideways manner, with a trend strength of 1; Cast aluminum alloy follows the trend of electrolytic aluminum, with a trend strength of 0 [2][23][25]. - **Nickel**: Macro - economic sentiment boosts expectations, but reality limits the upside potential, with a trend strength of 0; Stainless steel is mainly influenced by macro - economic sentiment at the margin, and fundamentals determine the upside potential, with a trend strength of 0 [2][26][30]. Energy and Chemicals - **Carbonate Lithium**: The commodity sentiment is positive, and it is expected to move strongly in a sideways manner, with a trend strength of 1 [2][31][33]. - **Industrial Silicon**: Market sentiment is high, and attention should be paid to the risk of reaching the daily limit; the trend strength is 2. - **Polysilicon**: Policy expectations are getting stronger, and the price is unlikely to fall, with a trend strength of 1 [2][34][36]. - **Iron Ore**: Supported by macro - economic expectations, it is expected to move strongly in a sideways manner, with a trend strength of 0 [2][37]. - **Rebar and Hot - Rolled Coil**: Driven by macro - economic sentiment, they are expected to move strongly in a sideways manner, with a trend strength of 1 for both [2][41][44]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: Driven by the macro - economic market, they are expected to move strongly in a sideways manner, with a trend strength of 1 for both [2][46][48]. - **Coke**: The second - round price increase has been implemented, and it is expected to move strongly in a sideways manner, with a trend strength of 1; Coking coal is restricted by supply - policy expectations, and it is expected to move strongly in a sideways manner, with a trend strength of 1 [2][50][52]. - **Steam Coal**: Daily consumption is recovering, and the price is expected to stabilize in a sideways manner, with a trend strength of 0 [2][54][57]. Agricultural and Livestock Products - **Palm Oil**: Boosted by macro - economic factors, but caution should be exercised regarding sentiment reversal. - **Soybean Oil**: Follows the trend of the oilseed sector but is relatively weak among varieties. - **Soybean Meal**: Market sentiment is strong, and the price is expected to move strongly in a sideways manner. - **Soybean No. 1**: Technically, it is expected to move strongly in a sideways manner. - **Corn**: Expected to move sideways. - **Sugar**: Expected to have narrow - range consolidation. - **Cotton**: Attention should be paid to changes in market sentiment. - **Egg**: The peak season arrives first, and the sentiment for culling hens decreases. - **Live Pig**: Macro - economic sentiment is strong, waiting for verification at the end of the month. - **Peanut**: Expected to move sideways [4]. Others - **Log**: Expected to have repeated sideways movements [2][58].

Group 1 - As of July 22, 2025, the dividend progress of constituent stocks in major indices shows that 40 companies in the SSE 50 Index have distributed dividends, while 3 companies have not [1] - In the CSI 300 Index, 221 companies have distributed dividends, and 26 companies have not [1] - The CSI 500 Index has 370 companies that have distributed dividends, with 77 companies not distributing [1] - The CSI 1000 Index has 735 companies that have distributed dividends, while 210 companies have not [1] Group 2 - The current dividend yield statistics indicate that the coal, banking, and steel industries rank the highest in terms of dividend yield [4] - The realized dividend yields as of July 22, 2025, are 2.04% for the SSE 50 Index, 1.56% for the CSI 300 Index, 1.09% for the CSI 500 Index, and 0.86% for the CSI 1000 Index [6][49] - The remaining dividend yields are 0.17% for the SSE 50 Index, 0.27% for the CSI 300 Index, 0.15% for the CSI 500 Index, and 0.07% for the CSI 1000 Index [6] Group 3 - The annualized premium for the IH main contract is 3.30%, while the IF main contract has a premium of 2.68%. The IC main contract shows a discount of 5.68%, and the IM main contract has a discount of 9.94% as of July 22, 2025 [1] - The tracking of index futures premium and discount levels is essential for understanding market sentiment and risk preferences among institutional investors [2] Group 4 - The methodology for estimating dividend points in index futures is crucial for accurately assessing the premium and discount levels of futures contracts [28] - The report emphasizes the importance of considering the impact of constituent stock dividends on index point levels when calculating futures premiums [2][28]

Core Viewpoint - The article emphasizes the importance of recognizing and seizing investment opportunities while avoiding risks, highlighting the current market dynamics in the bond and stock sectors. Group 1: Market Overview - The funding environment is balanced and slightly loose, with long-term bond yields showing a significant upward trend [1] - The central bank conducted a 2,148 billion yuan 7-day reverse repurchase operation, with a net withdrawal of 2,477 billion yuan today [1] - The funding rates continue to decline, with DR001 around 1.31% and DR007 around 1.47% [1] Group 2: Bond Market Performance - The sentiment in the bond market remained stable in the morning, with the 10-year government bond yield opening at 1.677% and showing strong fluctuations [3] - The bond market experienced a sell-off, with bond funds continuing to redeem, pushing the yield up to 1.692% [3] - The 10-year government bond yield reached a correction high of around 1.7%, the highest since April 7, indicating a need to observe support levels [3] Group 3: Stock Market Dynamics - The stock market and commodities performed strongly, with news of the National Energy Administration ordering the suspension of overproducing coal mines, leading to a surge in prices for coking coal and polysilicon [2][3] - The Shanghai Composite Index recorded five consecutive days of gains, reaching a new high for the year [3] - The article critiques the reliance on fiscal measures, suggesting that shutting down a few mines can significantly impact inflation and market performance [3]

Group 1 - AI technology is rapidly transforming various industries, enhancing efficiency and reducing costs through digital transformation [3][10] - In the industrial sector, AI models are used to predict demand fluctuations based on multi-source data, significantly shortening product inventory cycles and improving operational efficiency [3] - In agriculture, AI has penetrated multiple stages including breeding, production, processing, supply, and sales, facilitating a shift from traditional farming to management roles for agricultural workers [5][6][7][8] Group 2 - In the breeding stage, intelligent breeding robots equipped with domestic AI models enable autonomous field observation and gene analysis, significantly shortening the cultivation cycle of high-yield, disease-resistant varieties [6][9] - In the production stage, AI-driven agricultural machinery, powered by Beidou, 5G, and AI algorithms, allows for autonomous operations, enhancing efficiency in pest diagnosis and disaster monitoring [7][9] - In the supply and sales stage, AI algorithms manage the entire process from fruit grading and sorting to channel distribution and order inventory matching, thereby reducing marketing costs [8][9] Group 3 - The financial industry, being data-intensive, is actively exploring the application of generative AI across various business scenarios, including intelligent services, investment research, financial risk control, and production empowerment [10] - By 2030, it is projected that China's AI adoption rate will exceed 30%, contributing 0.2-0.3 percentage points to the country's GDP growth [10] - Investors interested in AI development may consider focusing on the Sci-Tech Innovation Board AI ETF and its related funds, which track emerging AI enterprises [10]

1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Viewpoints of the Report - From a long - term perspective, A - shares are considered to have high investment value. Among them, CSI 500 and CSI 1000, supported by more science and innovation policies, have the potential for high growth and returns, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - For IF contracts, the prices of all terms decreased, with a decline range from 0.29% to 0.41%. The trading volume of IF contracts was 28382, 6951, 37589, and 7126 respectively, and the open interest decreased by 12573, 2405, - 8205, and - 787 respectively [1]. - For IH contracts, the prices of all terms decreased, with a decline range from 0.46% to 0.53%. The trading volume of IH contracts was 14360, 2702, 21777, and 2497 respectively, and the open interest decreased by 6696, 221, - 7554, and - 553 respectively [1]. - For IC contracts, the prices of all terms decreased, with a decline range from 0.30% to 0.43%. The trading volume of IC contracts was 28123, 9438, 22467, and 6378 respectively, and the open interest decreased by 13063, 3845, - 4713, and - 741 respectively [1]. - For IM contracts, the prices of all terms decreased, with a decline range from 0.20% to 0.30%. The trading volume of IM contracts was 37369, 10738, 71184, and 13491 respectively, and the open interest decreased by 14229, 2724, - 13493, and - 3322 respectively [1]. - The current values of the inter - month spreads of IF, IH, IC, and IM were - 13.60, - 3.20, - 57.00, and - 68.80 respectively, compared with the previous values of - 14.60, - 3.60, - 49.60, and - 64.00 [1]. 3.2 Stock Index Spot Market - The CSI 300 index rose 0.07%, with a trading volume of 207.92 billion lots and a total trading value of 3214.16 billion yuan [1]. - The SSE 50 index rose 0.04%, with a trading volume of 51.49 billion lots and a total trading value of 900.39 billion yuan [1]. - The CSI 500 index fell 0.10%, with a trading volume of 189.28 billion lots and a total trading value of 2262.91 billion yuan [1]. - The CSI 1000 index rose 0.02%, with a trading volume of 242.06 billion lots and a total trading value of 3026.37 billion yuan [1]. - In terms of industries, the energy, raw materials, optional consumption, and telecom business industries had positive growth rates, while the information technology, real estate and finance, and pharmaceutical and healthcare industries had negative growth rates [1]. 3.3 Futures - Spot Basis - The basis values of IF contracts compared with the CSI 300 index showed different degrees of change, with the current values being - 8.67, - 22.27, - 31.87, and - 62.47 respectively [1]. - The basis values of IH contracts compared with the SSE 50 index were - 6.01, - 9.21, - 10.41, and - 7.81 respectively [1]. - The basis values of IC contracts compared with the CSI 500 index were - 12.46, - 69.46, - 123.26, and - 246.26 respectively [1]. - The basis values of IM contracts compared with the CSI 1000 index were - 20.11, - 88.91, - 160.11, and - 341.51 respectively [1]. 3.4 Other Domestic and Overseas Indexes - Among domestic main indexes, the Shanghai Composite Index rose 0.27%, the Shenzhen Component Index fell 0.11%, the Small and Medium - Sized Board Index fell 0.07%, and the ChiNext Index fell 0.45% [1]. - Among overseas indexes, the Hang Seng Index rose 0.26%, the Nikkei 225 fell 0.28%, the S&P 500 rose 0.14%, and the DAX index fell 0.39% [1]. 3.5 Macro Information - In the first half of this year, China's social financing scale increment was 22.83 trillion yuan, 4.74 trillion yuan more than the same period last year, and RMB loans increased by 12.92 trillion yuan. The M2 balance at the end of June increased by 8.3% year - on - year. The central bank will continue to implement a moderately loose monetary policy [2]. - In the first half of this year, China's total value of goods trade imports and exports was 21.79 trillion yuan, a year - on - year increase of 2.9%. In June, both imports and exports increased year - on - year [2]. - The Chinese government will strengthen the governance of illegal criminal activities in the financial field and improve the rules for handling financial disputes in emerging fields [2]. - China hopes that the US will work with it to maintain the stable, healthy, and sustainable development of Sino - US economic and trade relations [2]. 3.6 Industry Information - The coal industry is facing a complex supply - demand situation, and coal enterprises are required to strictly implement the medium - and long - term contract system for thermal coal and strengthen industry self - discipline [2]. - In the first half of this year, the number of newly registered new energy vehicles was 5.622 million, a year - on - year increase of 27.86%, and the total number of new energy vehicles in the country reached 36.89 million by the end of June [2]. - The China Private Education Association and 10 leading artificial intelligence companies jointly issued a convention to promote the coordinated education of schools, families, and artificial intelligence companies [2]. - The scale of foreign - funded wealth management companies has increased significantly, with at least two companies exceeding 50 billion yuan in scale and achieving an increase of over 20 billion yuan in the first half of this year [2].

Core Viewpoint - The article discusses the challenges faced by traditional investment strategies in a low-interest-rate environment and suggests various tools for investors to build their own income-generating portfolios amidst market volatility [1]. Group 1: Investment Tools - Cash management products offer high liquidity and can be accessed anytime, providing better returns than traditional savings accounts [2]. - Bond ETFs track bond indices, such as the Fortune Government Bond ETF, which invests in policy financial bonds with low default risk and stable returns, suitable for long-term holding [3]. - Brokerage repurchase agreements allow investors to earn predetermined returns with flexibility in fund usage, combining investment and liquidity [4]. Group 2: "Fixed Income +" Strategy - The "Fixed Income +" strategy seeks to enhance returns while maintaining a stable base through the allocation of fixed-income assets and additional investments in stocks or convertible bonds [5][7]. - The strategy's risk and return profile is primarily influenced by the equity portion, despite the fixed-income base providing stability [7]. Group 3: Dividend Index Funds - Dividend strategies have gained attention due to their characteristics of high dividends and low valuations, providing strong downside protection and stable cash flow from leading companies [8][10]. - Reinvesting dividend income can leverage the power of compounding, significantly enhancing total returns over time, even with initially low dividend yields [11]. Group 4: Performance of Dividend Indices - Various dividend indices have shown attractive yields and volatility metrics, with the Hang Seng High Dividend Yield Index yielding 7.47% and the CSI Dividend Index yielding 6.12% [12][15].

Report Industry Investment Ratings - Gold: Short - term price is volatile, and attention should be paid to correction risks [14] - US Dollar Index: Short - term volatility [18] - US Stock Index Futures: Short - term weak and volatile [21] - Treasury Bond Futures: Bullish in the medium - term, but timing is crucial for going long [24] - Stock Index Futures: Suggest balanced allocation [28] - Thermal Coal: Price may stabilize at 600 yuan/ton in the short - term, and it's hard to bottom out without large - scale production cuts [29] - Iron Ore: Short - term weak and volatile [31] - Edible Oils: Expected to be volatile under the influence of US biofuel policies [35] - Coking Coal/Coke: Weak in the medium - and long - term [36] - Sugar: Second consecutive year of production increase brings little pressure to the market [41] - Corn Starch: CS07 - C07 may remain in low - level oscillation [43] - Cotton: Cautiously optimistic about the future, but short - term may be volatile due to insufficient demand [47] - Corn: Spot and futures prices are expected to rise [48] - Live Pigs: Maintain the view of shorting on rebounds [50] - Soybean Meal: Futures prices are temporarily volatile [54] - Rebar/Hot - Rolled Coil: Short - term single - side light - position waiting and see, spot hedging on rebounds [59] - Alumina: Suggest waiting and seeing [62] - Lithium Carbonate: Long - term bearish, but short - term decline space is limited [64] - Polysilicon: Uncertain, pay attention to supply - side changes [68] - Industrial Silicon: Spot price may bottom out, but short - side risks exist for futures [70] - Nickel: Short - term range - bound operation, consider shorting on rebounds in the medium - term [73] - Lead: Short - term waiting and seeing, start to pay attention to medium - term long opportunities [75] - Zinc: Short - term shorting on rebounds, consider long - short spreads in the medium - term [77] - Carbon Emissions: Short - term volatility [79] - Crude Oil: Weak short - term rebound drivers [83] - Bottle Chips: Processing fees are expected to remain low, pay attention to supply - side changes [85] - Soda Ash: Short - term support from maintenance, medium - term shorting on rebounds [86] - Float Glass: Prices will remain low, pay attention to real - estate policy changes [88] Core Views - Tariff issues between the US and the EU have a significant impact on the financial and commodity markets. Trump's threat to impose tariffs on the EU has triggered market risk - aversion, affecting the prices of gold, the US dollar, and stock index futures. The postponement of tariffs has also changed market sentiment and expectations [12][13][17] - The supply and demand situation in the commodity market is complex. In the coal market, over - supply persists, and prices are under pressure. In the agricultural product market, factors such as production, inventory, and consumption seasons affect prices. In the metal market, factors like production capacity, inventory, and policy adjustments play important roles [29][39][64] Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Trump threatened to impose 50% tariffs on the EU and 25% tariffs on Apple, which triggered market risk - aversion and pushed up gold prices. Then he postponed the EU tariff deadline to July 9. Short - term gold prices are volatile, and the next wave of increase needs a catalyst [12][13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump postponed the EU tariff deadline, indicating that the US and the EU have entered a negotiation window. The short - term market risk preference has increased, and the US dollar is expected to be volatile in the short - term [17] 1.3 Macro Strategy (US Stock Index Futures) - The US - EU tariff negotiation is deadlocked, and the risk of tariff hikes still exists. The market sentiment has weakened, and US stocks are expected to be volatile and weak in the short - term [21] 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 1425 billion yuan of 7 - day reverse repurchase operations. The market lacks a clear trading theme, and the bond market is in a narrow - range oscillation. It is bullish in the medium - term, but timing is crucial for going long [22][23] 1.5 Macro Strategy (Stock Index Futures) - Bank deposit and large - scale certificate of deposit interest rates have been lowered. Trump's threat to impose tariffs on the EU has put pressure on global risk assets, and domestic stock index futures suggest balanced allocation [25][28] 2. Commodity News and Reviews 2.1 Black Metal (Thermal Coal) - South Korea's coal imports in April decreased by 20.16% year - on - year. Due to the imbalance between supply and demand, high - cost imported coal has been squeezed out. Coal prices may stabilize at 600 yuan/ton in May, but it's hard to bottom out without large - scale production cuts [29] 2.2 Black Metal (Iron Ore) - The full - production time of the Iron Bridge project has been postponed to the 2028 fiscal year. Iron ore prices are in an oscillating market, and are expected to be weak and volatile in the short - term [31] 2.3 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysian palm oil production increased in May, and export data varied. The US biofuel policy affects soybean oil prices. The edible oil market is expected to be volatile [34][35] 2.4 Black Metal (Coking Coal/Coke) - The price of metallurgical coke in the Lvliang market is weakly stable. Coking coal prices are falling, and the supply - demand structure is difficult to change without significant supply - side cuts. Coal and coke are expected to be weak in the medium - and long - term [36] 2.5 Agricultural Products (Sugar) - The 24/25 sugar - making season in the country has ended. Yunnan's sugar production is expected to reach a record high. Although the national sugar production has increased, the pressure on the market is not large due to the fast sales progress [39] 2.6 Agricultural Products (Corn Starch) - The start - up rate of starch sugar has increased slightly. The supply - demand situation of starch is expected to improve. The CS07 - C07 spread is expected to remain in low - level oscillation [42][43] 2.7 Agricultural Products (Cotton) - EU clothing imports increased in March, mainly due to price increases. China's cotton exports increased in April. US cotton new - crop signing is sluggish. Zhengzhou cotton may be volatile in the short - term, and the future is cautiously optimistic [44][45][47] 2.8 Agricultural Products (Corn) - Corn warehouse receipts reached a high, and the basis turned positive. The new wheat crop may have a reduced yield. Corn supply and demand gap has not been filled, and prices are expected to rise [48] 2.9 Agricultural Products (Live Pigs) - The market supply of live pigs will continue to be excessive in the future. It is recommended to short on rebounds [50] 2.10 Agricultural Products (Soybean Meal) - The drought area in the US soybean - producing area has decreased. The supply pressure of soybean meal will gradually increase. Futures prices are temporarily volatile [51][53] 2.11 Black Metal (Rebar/Hot - Rolled Coil) - The use of special bonds to acquire land has accelerated. Steel production and inventory data show that steel prices are under pressure, and short - term prices are expected to be oscillating [55][59] 2.12 Non - Ferrous Metal (Alumina) - National alumina inventory decreased. Prices increased slightly. Alumina production capacity is expected to gradually recover [60][61] 2.13 Non - Ferrous Metal (Lithium Carbonate) - The EU has postponed two matters of the battery bill, giving Chinese lithium - battery enterprises a buffer. The long - term bearish pattern remains unchanged, but the short - term decline space is limited [63][64] 2.14 Non - Ferrous Metal (Polysilicon) - A photovoltaic enterprise plans to invest in Indonesia. Polysilicon prices are slightly falling. The supply - demand situation is uncertain, and attention should be paid to supply - side changes [65][66] 2.15 Non - Ferrous Metal (Industrial Silicon) - An industrial silicon technical transformation project has started. Supply pressure is increasing, and demand is not improving. Spot prices lack the impetus to rebound [69] 2.16 Non - Ferrous Metal (Nickel) - LME nickel inventory decreased. The supply - demand situation of nickel is complex, with limited upward and downward space. Short - term range - bound operation and medium - term shorting on rebounds are recommended [71][73] 2.17 Non - Ferrous Metal (Lead) - The LME lead spread is at a discount. The supply - demand situation of lead is weak in the short - term, but medium - term long opportunities are emerging [74] 2.18 Non - Ferrous Metal (Zinc) - The LME zinc spread is at a discount. Zinc mine processing fees are increasing, and supply is expected to be loose. Short - term shorting on rebounds and medium - term long - short spreads are recommended [76][77] 2.19 Energy Chemical (Carbon Emissions) - EU carbon prices are oscillating. Future temperature and wind power generation in Europe will affect carbon prices [78] 2.20 Energy Chemical (Crude Oil) - Iran - US nuclear negotiations are progressing. US oil drilling rigs have decreased. Short - term crude oil price rebound drivers are weak [80][81] 2.21 Energy Chemical (Bottle Chips) - Bottle chip factory export prices are mostly stable, with partial slight decreases. Supply pressure is increasing, and processing fees are expected to remain low [84][85] 2.22 Energy Chemical (Soda Ash) - Soda ash prices are falling. Supply is slightly adjusted, and demand is average. Short - term maintenance may support prices, and medium - term shorting on rebounds is recommended [86] 2.23 Energy Chemical (Float Glass) - Glass futures prices are falling. The spot market is stable in some areas and weak in others. Glass prices are expected to remain low, and attention should be paid to real - estate policy changes [87][88]