香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 TIMELESS RESOURCES HOLDINGS LIMITED 天時資源控股有限公司 （於香港註冊成立的有限公司） （股份代號：8028） 自願公告 有關與HASHKEY及艾德證券戰略合作之諒解備忘錄 本公告乃由天時資源控股有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願作出以通知本公司股東及潛在投資者有關本公司最新之業務發展。 戰 略合作 諒 解備 忘錄 董 事 （「董 事 」）會 （「董事會 」）欣然宣佈， 鑒 於 與 （i ）HashKey Token Limited（ 一 間 於 新 加 坡 註 冊 成 立 之 有 限 公 司 ） （ 「 HashKey」 ） ;（ii）艾 德 證 券 期 貨 有 限 公 司 （ 一 間 於 香 港 註 冊 成 立 之 有 限 公 司 ） （ 「 艾德證 券 」 ） ;及 （iii）本 公 司 之 全 資 附 屬 公 司 白 銀 時 代 有 限 ...

1. Investment Rating of the Report No investment rating information is provided in the report. 2. Core Views of the Report - The Politburo meeting emphasized enhancing the attractiveness and inclusiveness of the domestic capital market and consolidating the stable and positive momentum of the capital market, confirming the policy's supportive attitude towards the capital market [10][11]. - The A - share market has remained resilient recently. After continuous index increases, short - term market volatility is expected to intensify, but the overall strategy is to go long on dips [10][11]. 3. Summary According to the Table of Contents 3.1. Weekly Assessment and Strategy Recommendation - **Important News**: Articles by General Secretary Xi Jinping were published in Qiushi magazine; the central bank released the Q2 2025 China Monetary Policy Report; the Shanghai and Shenzhen Stock Exchanges monitored abnormal stocks; southbound funds had a record - high net purchase of HK$35.876 billion [10]. - **Economic and Corporate Earnings**: In July, industrial added - value grew 5.7% year - on - year, fixed - asset investment from January to July increased 1.6%, and retail sales rose 3.7%. Manufacturing PMI dropped to 49.3%, and non - manufacturing PMI to 50.1%. M1 and M2 growth rates increased. Social financing increment was 1.13 trillion yuan, with government bonds and bill financing driving growth, but overall performance was below expectations. Exports rose 7.2% and imports 4.1% [10]. - **Interest Rate and Credit Environment**: The 10 - year Treasury and credit bond interest rates continued to decline, credit spreads narrowed, and liquidity was relatively loose [10]. - **Trading Strategy**: Hold a small amount of IM long positions in the long - term as the valuation is moderately low and IM has long - term discounts. Hold IF long positions for six months as a new interest - rate cut cycle has started, and high - dividend assets may benefit [12]. 3.2. Spot and Futures Markets - **Spot Market**: The Shanghai Composite Index closed at 3696.77, up 3.46%; the Shenzhen Component Index at 11634.67, up 5.68%; and other major indices also had varying degrees of increase [14]. - **Futures Market**: All futures contracts, including IF, IH, IC, and IM, showed price increases and different levels of trading volume [15]. 3.3. Economy and Corporate Earnings - **Economy**: Q2 2025 GDP actual growth rate was 5.2%. In July, manufacturing PMI was 49.3%. Consumption growth rate was 3.7% and continued to decline. Exports in US dollars increased 7.2%. Investment growth rate was 1.6%, with manufacturing, real - estate, and infrastructure investment growth rates decreasing [32][35][38]. - **Corporate Earnings**: In Q1 2025, the revenue growth rate of non - financial listed companies in the A - share market slightly declined compared to Q4 but was higher than Q3 of last year. Operating net cash flow increased year - on - year, mainly due to inventory reduction [41]. 3.4. Interest Rate and Credit Environment - **Interest Rate**: The 10 - year Treasury bond and 3 - year AA - corporate bond interest rates showed a downward trend. Liquidity was relatively loose, and the spread between Chinese and US 10 - year bonds was presented in the report [44][49]. - **Credit Environment**: In July 2025, M1 growth rate was 5.6% and M2 was 8.8%. Social financing increment was 1.13 trillion yuan, mainly driven by government bonds and bill financing, while resident and corporate credit data declined significantly year - on - year [54]. 3.5. Capital Flows - **Inflow**: This week, new shares of equity - oriented funds were 59.47 million, and the net margin purchase was 4.5691 billion [60][63]. - **Outflow**: This week, major shareholders had a net increase of - 503.4 million, and the number of IPO approvals was 2 [66]. 3.6. Valuation - The price - to - earnings ratio (TTM) of the Shanghai 50 was 11.52, the CSI 300 was 13.46, the CSI 500 was 31.57, and the CSI 1000 was 43.79. The price - to - book ratio (LF) of the Shanghai 50 was 1.27, the CSI 300 was 1.42, the CSI 500 was 2.13, and the CSI 1000 was 2.43 [70].

据外媒报道，韩国交易所的一位代表称，该交易所将推出该国半导体指数期货以及其他衍生品。 （文章来源：第一财经） ...

Group 1: Investment Ratings - The report does not explicitly mention the overall industry investment rating. Group 2: Core Views - Overseas, the US will release inflation data, which may influence the Fed's decision on a September rate cut. The US dollar is strengthening, and global risk appetite has cooled. Domestically, China's July manufacturing PMI decreased, economic growth slowed, the trade deficit declined, and net exports' contribution to the economy weakened. However, China has introduced childcare subsidies, and the Sino - US tariff truce has been extended, boosting domestic risk appetite. For assets, the stock index is expected to oscillate strongly at a high level in the short term, and short - term cautious long positions are recommended; treasury bonds are expected to oscillate and correct at a high level, and cautious observation is advised; different commodity sectors have different trends, with short - term cautious operations recommended [2]. Group 3: Summary by Categories 1. Macro - finance - Macroeconomic situation: Overseas, the focus is on US inflation data and Fed rate - cut expectations. Domestically, economic growth has slowed, but policies are expected to boost consumption, and tariff risks have decreased. Stock index: Short - term cautious long positions are recommended. Treasury bonds: Cautious observation is advised. Commodities: Different sectors have different trends, with short - term cautious operations recommended [2]. 2. Stock Index - The domestic stock market has risen, driven by sectors such as energy metals, batteries, and components. The economic growth has slowed, but policies and trade negotiations are expected to boost the market. Short - term cautious long positions are recommended [3]. 3. Precious Metals - Gold prices declined on Monday. The market is concerned about US inflation data and Fed rate - cut expectations. The long - term view on gold is bullish, and long - term positions can be considered if it retraces to support levels [5]. 4. Black Metals - **Steel**: Prices rebounded on Monday. The market is still dominated by macro logic, and prices are expected to be oscillate strongly in the short term. Demand is weak, and inventory is rising, but supply is also high due to high profits [6]. - **Iron Ore**: Prices strengthened on Monday but were weaker than other black metals. Demand may weaken further due to production restrictions, and supply has decreased. Short - term price is expected to oscillate within a range [6]. - **Silicon Manganese/Silicon Iron**: Spot prices were flat on Monday. Demand is fair, and production in some regions is expected to increase. Short - term prices are expected to oscillate within a range [7][8]. 5. Chemicals - **Soda Ash**: The main contract oscillated on Monday. Supply is high, demand is weak, and inventory is high, suppressing prices. The upside is limited [9]. - **Glass**: The main contract oscillated on Monday. Supply may decrease due to policies, demand has slightly improved, and prices are expected to oscillate in the short term [10]. 6. Non - ferrous Metals and New Energy - **Copper**: The Fed's dovish stance is strengthening, and risk appetite has recovered. However, copper inventory is high, and terminal demand may weaken [11]. - **Aluminum**: The closing price rose slightly on Monday. Fundamentals have weakened, and short - term attention should be paid to the 20 - day moving average support [11]. - **Aluminum Alloy**: Scrap aluminum supply is tight, production costs are rising, and demand is weak. Short - term prices are expected to oscillate strongly, but the upside is limited [11]. - **Tin**: Supply has slightly increased, and terminal demand is weak. Short - term prices are expected to oscillate, and the upside is restricted [12]. - **Lithium Carbonate**: Multiple contracts hit the daily limit on Monday. Supply has decreased, and the market is bullish in the short term. Attention should be paid to the mine - type change of remaining mines [13]. - **Industrial Silicon**: The main contract rose on Monday. It is expected to oscillate strongly due to cost and sentiment factors [14]. - **Polysilicon**: The main contract rose on Monday. The market is expected to oscillate at a high level in the short term, with support from spot prices and expectations [15]. 7. Energy and Chemicals - **Crude Oil**: The market is waiting for details of the US - Russia summit. Oil prices are expected to oscillate in the short term as Russian oil supply is not expected to be interrupted [16]. - **Asphalt**: Oil prices are low and stable, and asphalt prices have slightly recovered. The demand is weak, and the inventory is difficult to reduce, so it is expected to oscillate weakly [16]. - **PX**: Prices have declined slightly. The supply is tight, and it is expected to oscillate while waiting for PTA device changes [16]. - **PTA**: The basis has recovered slightly, and supply and demand are expected to balance in August. It is expected to oscillate within a range [17]. - **Ethylene Glycol**: Inventory has increased, and supply and demand are expected to increase slightly in the short term. It is expected to oscillate, with limited upside [17]. - **Short - fiber**: Prices have declined. Terminal orders are average, and inventory has increased slightly. Medium - term short positions can be considered [18]. - **Methanol**: Supply has decreased, and demand varies by region. It is expected to oscillate, with limited spread movement [18]. - **PP**: Supply is increasing, and demand is in the off - season. The price is expected to be weak [18]. - **LLDPE**: Supply pressure remains, and demand shows signs of improvement. The 09 contract is expected to oscillate weakly, and the 01 contract is short - term weak [18]. 8. Agricultural Products - **US Soybeans**: Trump's call for China to increase soybean purchases has led to a price increase. The crop condition is good, but new sales are slow. Attention should be paid to the USDA supply - demand report [19]. - **Soybean Meal/Canola Meal**: Domestic oil mills' soybean and soybean meal inventories are increasing, and spot prices are weak. Soybean meal is expected to oscillate around 2900 yuan/ton [20]. - **Soybean Oil/Rapeseed Oil**: Soybean oil inventory is increasing, but the supply is expected to tighten in the fourth quarter. The soybean - palm oil spread is inverted, and long - soybean - oil and short - palm - oil arbitrage opportunities can be considered. Rapeseed oil inventory has slightly decreased [20]. - **Palm Oil**: Malaysian palm oil production and inventory have increased, and exports are weak. Domestic import profits are inverted, and inventory is increasing [20]. - **Corn**: Supply is expected to be sufficient in August, and spot prices are stable. The basis is favorable, which stabilizes the futures price [21][22]. - **Pigs**: After price declines, farmers are reluctant to sell at low prices. Supply pressure may ease after the Beginning of Autumn, and pig prices may stabilize [22].

1. Report Industry Investment Ratings No investment ratings for the industry are provided in the report. 2. Core Views of the Report - Overseas, the nomination of a temporary Fed governor by the US President has boosted market expectations of interest - rate cuts, weakening the US dollar index. However, the 10 - year US Treasury auction was unexpectedly weak, leading to higher Treasury yields. The implementation of the US "reciprocal tariff" has triggered risk - aversion sentiment, cooling global risk appetite. Domestically, China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, indicating a slowdown in economic growth. Trade deficit has decreased, and net exports' contribution to the economy has weakened. Policy support for child - rearing may boost consumption, and the extension of the China - US tariff truce by 90 days has reduced short - term tariff uncertainties. The expectation of a Fed rate cut has opened up space for domestic monetary policy and led to RMB appreciation, increasing domestic risk appetite [3][4]. - Different asset classes have different outlooks: stocks are expected to oscillate strongly at high levels in the short term; bonds are expected to oscillate and correct at high levels; different commodity sectors have varying trends, with some being more volatile and others more stable [3]. 3. Summary by Relevant Catalogs Macro - finance - Overseas: The US dollar index is weakening, US Treasury yields are rising, and risk - aversion sentiment is increasing due to tariff policies. Domestically: Economic growth is slowing, trade deficit is decreasing, and policies are supporting consumption. The extension of the tariff truce and Fed rate - cut expectations are affecting domestic risk appetite [3]. Stock Index - Driven by sectors such as rare earths, precious metals, and semiconductors, the domestic stock market is rising. The short - term macro - upward drive has strengthened, and investors should focus on China - US trade negotiations and domestic incremental policies. Short - term cautious observation is recommended [4]. Precious Metals - On Thursday, precious metals rose slightly. Trade tensions and weak US economic data, such as poor non - farm payrolls and rising initial jobless claims, have increased the expectation of a Fed rate cut in September to over 90%. The inflation rebound has made the stagflation feature of the US economy more obvious. Precious metals are expected to remain in a slightly strong oscillating pattern in the short term [5]. Black Metals - **Steel**: On Thursday, the domestic steel spot market declined slightly, and demand continued to weaken. Steel inventory increased, and apparent consumption decreased. Supply was high due to high steel mill profits. Steel prices are expected to oscillate within a range in the short term [7]. - **Iron Ore**: On Thursday, iron ore prices weakened. Iron - water production is expected to decline further, and if northern region production restrictions are implemented, ore demand will weaken. Supply has some fluctuations, and iron ore prices are expected to oscillate weakly in the short term [7]. Glass - On Thursday, the glass futures contract oscillated weakly. Supply pressure is high, but there are expectations of production cuts due to anti - involution policies. Demand from the real - estate industry is weak, and glass prices are expected to oscillate within a range in the short term [8][9]. Ferrous Alloys - **Silicon Manganese/Silicon Iron**: On Thursday, prices continued to weaken. Demand from the steel industry is okay. Production in some regions is expected to increase, and prices are expected to oscillate within a range in the short term [8]. - **Soda Ash**: On Thursday, the soda - ash futures contract oscillated weakly. Supply is in an oversupply situation, demand is weak, and prices are expected to oscillate within a range [8]. Non - ferrous Metals and New Energy - **Copper**: German industrial output declined, and new US tariffs have increased global economic pressure. Copper inventory is at a high level, and terminal demand may weaken [10]. - **Aluminum**: Boosted by the expectation of a Fed rate cut, LME aluminum previously led the rise but has now slowed. Fundamentally, domestic and LME inventories are increasing, and short - term upward space is limited [10]. - **Aluminum Alloy**: Waste - aluminum supply is tight, production costs are rising, and it is in the demand off - season. Prices are expected to oscillate strongly in the short term but with limited upward space [11]. - **Tin**: Supply - side开工率 has increased significantly, but demand is weak, especially in the photovoltaic industry. Inventories are increasing, and prices are expected to oscillate weakly in the short term [11]. - **Lithium Carbonate**: On Thursday, the lithium - carbonate futures contract rose significantly. Market concerns about production suspension have increased price volatility, and cautious observation is recommended [12]. - **Industrial Silicon**: On Thursday, the industrial - silicon futures contract rose. The increase in coking - coal prices may drive the price, and it is expected to oscillate strongly in the short term [14]. - **Polysilicon**: On Thursday, the polysilicon futures contract declined. The photovoltaic industry has anti - involution expectations, and the spot price provides support. With increasing warehouse receipts, prices are expected to oscillate at high levels in the short term [14]. Energy and Chemicals - **Crude Oil**: The market is waiting for a potential meeting between the US and Russian presidents, and oil prices are falling. Oil prices will continue to oscillate widely, and an oversupply situation may occur at the end of the year [15]. - **Ethylene Glycol**: It is testing the key resistance level. Port inventory is slightly decreasing, but supply pressure will increase in the future, and it is expected to oscillate in the short term [16]. - **Asphalt**: Crude - oil price decline has weakened cost support. Inventory is neutral, and demand is weak. It will continue to oscillate weakly [16]. - **PX**: Due to plant shutdowns, demand has decreased slightly. The supply - demand pattern is still tight, and it will oscillate in the short term, waiting for changes in PTA plants and terminal orders [16]. - **PTA**: Processing fees are low, leading to new plant shutdowns. Spot trading is weak, and downstream demand is slowly recovering. The upside space is limited [16]. - **Short - fiber**: Affected by the decline in crude - oil prices and sector resonance, short - fiber prices are falling. Inventory is accumulating, and it may continue to be weak in the medium term [17]. - **Methanol**: The anti - involution sentiment has cooled, and prices are expected to oscillate weakly due to supply - demand pressure [17]. - **PP**: The anti - involution sentiment has cooled, and prices are expected to oscillate weakly due to strong supply and weak demand [17]. - **LLDPE**: Supply is increasing, demand is weak, and prices are expected to oscillate weakly [18]. Agricultural Products - **US Soybeans**: Overnight, CBOT soybeans rose. US soybean export sales in the week ending July 31 were higher than expected [19]. - **Soybean and Rapeseed Meal**: Domestic soybean - meal spot prices are expected to oscillate around 2900 yuan/ton. Rapeseed - meal prices are expected to oscillate in the short term [19]. - **Soybean and Rapeseed Oil**: Soybean - oil spot trading has improved, and there are opportunities for long - soybean - oil and short - palm - oil arbitrage. Rapeseed - oil fundamentals are stable [20][21]. - **Fats and Oils**: CBOT soybean - oil futures fell, and BMD palm - oil futures rose. Malaysia's palm - oil production and inventory increased in July, and exports were weak. The domestic short - term soybean - palm oil spread may rebound [21]. - **Corn**: Corn futures are falling, and spot prices are weak. Supply is expected to be sufficient in August, and high basis provides some support [21]. - **Pigs**: Farmers are reluctant to sell at low prices, and slaughterhouse orders are expected to increase after the Beginning of Autumn. Pig prices may stabilize [22].

Core Viewpoint - As of August 7, 317 Hong Kong-listed companies have forecasted their first-half performance, with 182 companies expecting profit growth or a turnaround, representing nearly 60% of the total [1] Group 1: Overall Performance - The overall performance of Hong Kong companies in the first half of the year shows characteristics of "profit recovery and structural differentiation" [1] - Sectors such as securities and futures, information technology, and industrials have exhibited high profit growth rates [1] Group 2: Future Outlook - Looking ahead to the second half of the year, Hong Kong companies are expected to maintain a high profit growth rate due to overall market recovery, commercialization of AI technology, and the global strategic advancement of leading enterprises [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Not provided in the content 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 6, 2025, yields varied across major economies. For example, the US was at 4.229%, the UK at 4.525%. There were different changes in the latest, weekly, monthly, and yearly terms. Japan's yield was 3.715% with a one - year change of - 0.686%, and Brazil's was 6.438% with a one - year change of 0.054% [3]. - **2 - Year Treasury Yields**: On August 6, 2025, the US 2 - year yield was 3.690%, the UK's was 3.816%. Changes also differed in short - term and long - term periods. For instance, the US had a one - year change of - 0.720% [3]. - **Exchange Rates**: The US dollar against major emerging economies' currencies showed various changes. Against the Brazilian real, it had a one - year change of - 2.70%, and against the South African rand, it was - 3.69% [3]. - **Stock Indices**: Different indices had different closing prices and changes. The Dow Jones closed at 6345.060 on August 6, 2025, with a one - month change of 16.13%. The Russian index data was not provided, and the Hang Seng Index had a one - month change of 44.51% [3]. - **Credit Bond Indices**: On August 6, 2025, the emerging economies' investment - grade credit bond index was 3457.120, and the US high - yield credit bond index was 1717.511 [3]. Stock Index Futures Trading Data - **Index Performance**: The A - share index closed at 3633.99 with a 0.45% increase. The CSI 300 closed at 4113.49 with a 0.24% increase [5]. - **Valuation**: The PE(TTM) of the CSI 300 was 13.32, and the S&P 500 was 26.89 [5]. - **Risk Premium**: The risk premium of the S&P 500 (1/PE - 10 - year rate) was - 0.51 with a - 0.04% change [5]. - **Fund Flows**: The latest A - share fund flow was 139.51, and the CSI 300 was 3.78 [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 17340.68, and the CSI 300 was 3076.75 [5]. - **Basis and Spread**: The basis of IF was - 16.49 with a - 0.40% spread [5]. Treasury Futures Trading Data - **Treasury Futures**: The T00 closed at 108.555 with a 0.06% increase, and the TF00 closed at 105.775 with a 0.04% increase [6]. - **Funding Rates**: R001 was 1.3482% with a - 12.00 BP daily change, and R007 was 1.4732% with no daily change [6].

Group 1 - The China Securities Association has initiated a special survey on the implementation of standards in the securities and futures industry, focusing on the "last mile" of standard application [1] - The survey aims to understand the compliance status of published standards and identify challenges in their implementation, providing a basis for more effective standard promotion [1] - The number of effective clients in the futures market has reached a historical high of 2.61 million, with a year-on-year growth of 12% [1] Group 2 - In Q2 2025, global tablet shipments reached 39 million units, marking a 9% year-on-year increase [2] - The Chromebook market has seen significant growth, with shipments reaching 11 million units in the first half of 2025, driven by educational initiatives in Japan [2] Group 3 - A new state of matter called "quantum liquid crystal" has been discovered, which could lead to the development of advanced quantum magnetic sensors for extreme environments [3] Group 4 - Kweichow Moutai is set to release a limited edition commemorative liquor priced at approximately 7,000 yuan per bottle [4] - Taobao is launching a new membership system that integrates various Alibaba services, enhancing user benefits across shopping, food delivery, travel, and more [4] Group 5 - Tencent's AI platform ima has introduced new features, including the ability to upload files to generate AI podcasts [5] - Geely's autonomous driving teams are undergoing restructuring, with plans to consolidate resources into a new entity, though details are still being finalized [5] Group 6 - NetEase experienced significant disruptions in multiple games due to internal server issues, affecting player access [6] - Haidilao has denied rumors of transitioning to a semi-self-service model, labeling them as false [6] Group 7 - Beingmate has stated that it has not raised prices on its products, despite reports of price increases in the market [7] - Qiangna Technology is seeking to raise funds at a valuation exceeding $1.3 billion ahead of a potential IPO [7] Group 8 - Longfor Group has completed a bond redemption of approximately 950 million yuan, bringing its total bond redemptions for the year to over 10 billion yuan [7] Group 9 - Dajia Property Insurance has faced penalties exceeding 1 million yuan this year, with recent fines for providing unauthorized benefits to clients [7] Group 10 - Shanghai Construction has successfully issued 1.5 billion yuan in medium-term notes with a 7-year maturity and a 2.29% interest rate [8] - Shandong Haihua plans to invest 2.32 billion yuan to acquire a 29% stake in Zhongyan Alkali Industry [8] Group 11 - Nuwai Co. reported a net profit of 637 million yuan for the first half of 2025, reflecting a year-on-year increase of 30.47% [9] - Jiuzhou Pharmaceutical achieved a net profit of 526 million yuan in the same period, up 10.70% year-on-year [9] - Zhongchong Co. reported a net profit of 203 million yuan, marking a 42.56% increase compared to the previous year [9] Group 12 - The Shanghai Composite Index rose by 0.96%, reaching a new closing high for the year, with over 3,900 stocks gaining [10] - The market saw significant trading volume, with a total turnover of 1.6 trillion yuan [10]

建立健全投资者保护工作机制。以金融体制改革为契机，切实加强与贵州金融监管局监管协作，充分发 挥各自优势，在投资者教育、纠纷多元化解、投诉举报处理、适当性管理等方面强化合作。健全行政监 管与自律监管协同工作机制，投教投保投宣各有侧重，常态化做好投资者保护工作。建立投资者保护审 查机制，在风险化解、制度制定、监管执法、信访处理、纠纷化解等工作环节，加强投资者保护有效性 审查。把妥善处理投资者投诉举报作为衡量监管工作有效性的重要标准，坚持快查快办、依法处理，积 极回应投资者诉求，投诉举报办结率达100%。 严厉查处侵害投资者利益的违法违规行为。把保护投资者合法权益贯穿落实到日常监管、稽查执法、审 理处罚各环节，落实监管"长牙带刺"、有棱有角要求，建立健全财务造假综合惩防工作体系，严厉查处 侵害投资者合法权益的违法违规行为。2023年以来，对保利联合（002037）、天成控股、高鸿股份、贵 州百灵（002424）4家上市公司信息披露违法行为移交立案调查，其中2家已作出行政处罚，罚款1405万 元；对18家上市公司、12家挂牌公司信息披露问题和8家中介机构未勤勉尽责采取行政监管措施。 督促上市公司切实履行主体责任。以增 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The oil price is expected to fluctuate strongly after a correction this week, and attention should be paid to the implementation of the extension of Sino - US reciprocal tariffs before August 12 [1] - Precious metals are expected to maintain a fluctuating trend, and the idea of buying on dips is recommended [2] - For most commodities, the market is affected by various factors such as macro - economy, supply - demand relationship, and policy, showing different trends of rise, fall, or shock [1][2][3] Summary by Commodity Categories Energy - **Crude Oil**: Last week, the crude oil market rose first and then fell. The Brent 10 contract rose 2.84%, and the SC09 contract rose 2.92%. OPEC +'s production increase in September can only partially hedge risks and demand. The oil price is expected to fluctuate strongly after a correction [1] - **Fuel Oil & Low - sulfur Fuel Oil**: FU and LU cracks continued to decline. The fundamentals of the high - and low - sulfur fuel oil markets are weak, and the crack spreads are also weak [21] - **Asphalt**: In August, the domestic production volume decreased compared with July. Demand recovery was delayed, and inventory destocking was weak. The price follows the crude oil direction with limited fluctuation [22] - **Liquefied Petroleum Gas**: The Middle East CP was significantly reduced, and the domestic market was under pressure. The price was running at a low level [23] Metals - **Precious Metals**: After the US non - farm payrolls data was far below expectations, the dollar fell, and precious metals rebounded. A buy - on - dips strategy is recommended in the fluctuating trend [2] - **Base Metals** - **Copper**: LME copper fluctuated and closed down. Short - term attention should be paid to the resistance of the MA60 moving average. Hold short positions [3] - **Aluminum**: Shanghai aluminum fluctuated narrowly at night. The macro - sentiment was repeated, and the inventory increased. It may continue to be under pressure and fluctuate [4] - **Zinc**: The 08 contract entered the delivery month. The supply was expected to increase, and the demand was weak. The price was recommended to be shorted on rebounds [7] - **Lead**: The price continued to decline. There was support at the bottom. It is recommended to hold long positions [8] - **Nickel**: Shanghai nickel fluctuated. The upstream price support weakened, and the inventory was at a high level. Look for opportunities to short [9] - **Tin**: LME tin rose. Pay attention to the domestic supply - demand game. Hold high - level short positions [10] - **Manganese Silicon**: The price fluctuated narrowly. The supply - demand was relatively balanced, and attention should be paid to the support at 5800 [18] - **Silicon Iron**: The price fluctuated narrowly. The supply increased slightly, and it followed the trend of manganese silicon [19] Chemicals - **Carbonate Lithium**: It opened lower and fluctuated. The futures price was at a reasonable level. Try to go long with a light position in the short - term [11] - **Polysilicon**: The price fluctuated sharply and corrected. The PS2509 contract is expected to fluctuate widely in the range of 46000 - 47000 yuan/ton [12] - **Industrial Silicon**: The futures price fluctuated downward. The supply pressure remained, and it was expected to fluctuate weakly in the short - term [13] - **Urea**: The agricultural demand entered the off - season. The short - term market was expected to fluctuate weakly [24] - **Methanol**: The port inventory increased seasonally, and the domestic supply was sufficient. Pay attention to the impact of macro - policies [25] - **Pure Benzene**: The futures price weakened. There was an expectation of improved supply - demand in the third quarter, and monthly spread band - trading is recommended [26] - **Styrene**: The supply pressure was relatively large, and the price continued to run weakly [27] - **Polypropylene, Plastic & Propylene**: The supply of propylene was expected to be relatively abundant, and the price was easy to fall but hard to rise. Polyolefin futures continued to consolidate [28] - **PVC & Caustic Soda**: PVC continued to weaken, and the short - term price was expected to fluctuate weakly. Caustic soda ran weakly [29] - **PX & PTA**: The PX and PTA prices fell. PTA continued to accumulate inventory, and there was a driving force for processing margin repair in the medium - term [30] - **Ethylene Glycol**: The price continued to decline, and the supply was expected to increase [31] - **Short - fiber & Bottle - grade Chip**: The prices followed the raw materials down. There was an expectation of improved demand for short - fiber in the peak season [32] Building Materials - **Rebar & Hot - rolled Coil**: The steel price fell. The demand was weak, and the "anti - involution" cooled down. The short - term price was under pressure [14] - **Iron Ore**: The price fell last week. The supply and demand changed little, and it was expected to fluctuate [15] - **Coke & Coking Coal**: The prices declined. The supply of carbon elements was abundant, and the prices were affected by policy expectations [16][17] Agricultural Products - **Soybean & Soybean Meal**: The "anti - involution" commodities continued to correct. The US soybean was under pressure, and the market was expected to fluctuate [36] - **Soybean Oil & Palm Oil**: There was a risk of increased adjustment in the short - term. A long - on - dips strategy is recommended in the medium - term [37] - **Rapeseed Meal & Rapeseed Oil**: The Canadian rapeseed futures price is expected to consolidate. A wait - and - see strategy is recommended in the short - term [38] - **Soybean No.1**: The price fluctuated and corrected. Pay attention to the weather in the US and Northeast China [39] - **Corn**: The corn futures price continued to fluctuate weakly. The US corn was under pressure, and the domestic market focused on the supply in the circulation link [40] - **Live Pig**: The futures price continued to correct. It is recommended for the industry to hedge at high prices [41] - **Egg**: The spot price fell. The 26 - year - later futures contracts are expected to be stronger than those in the second half of 25 [42] - **Cotton**: Both US cotton and Zhengzhou cotton fell. The downstream demand was weak, and a wait - and - see or intraday trading strategy is recommended [43] - **Sugar**: US sugar fluctuated. The domestic sugar production had uncertainties. The price was expected to fluctuate, and a wait - and - see strategy is recommended [44] - **Apple**: The futures price fluctuated. Pay attention to the price of early - maturing apples and the new - season output estimate [45] - **Timber**: The futures price fluctuated. The supply - demand situation improved, and a long - biased strategy is recommended [46] - **Paper Pulp**: The futures price fell. The supply was relatively loose, and the demand was weak. The price may return to low - level fluctuations, and a wait - and - see strategy is recommended [47] Others - **Container Freight Index (European Line)**: The SCFI European route index is expected to decline significantly this week. It is recommended to hold short positions [20] - **Stock Index**: A - shares fluctuated lower. The probability of the Fed cutting interest rates in September rose. It is recommended to increase the allocation of technology - growth sectors and pay attention to low - level consumption sectors [48] - **Treasury Bond**: Treasury bond futures fluctuated. The yield curve is expected to steepen in the short - term [49]