Core Insights - In July, banks in China settled foreign exchange transactions amounting to 233.6 billion USD and sold 210.8 billion USD, indicating a stable foreign exchange market despite increased volatility in international currency markets [1][1][1] - The foreign exchange market in China maintained a surplus of 22.8 billion USD in July, with bank settlements and sales increasing by 12% and 16% respectively compared to the previous month [1][1][1] Group 1 - The foreign exchange market showed stable operations with active trading, as evidenced by a slight increase in the settlement rate and stable sales rate among enterprises and individuals [1][1][1] - Cross-border capital flows remained stable, with non-bank sectors' income and expenditure reaching historical highs, indicating a balanced inflow and outflow [1][1][1] - Net inflow from goods trade increased by 33% month-on-month, maintaining a high operational level [1][1][1] Group 2 - The steady progress of high-quality economic development in China, along with the increasing resilience of the foreign exchange market, is expected to support the stable operation of the foreign exchange market [1][1][1]

Core Insights - The foreign exchange market in China has maintained stable operations despite increased volatility in the international currency market, with a notable rebound and subsequent decline in the US dollar index [1] Group 1: Market Performance - In July, the scale of bank foreign exchange settlement and sales increased by 12% and 16% respectively, continuing a surplus trend with a total scale of 22.8 billion USD [1] - The exchange rate for enterprises and individuals showed a slight increase in settlement rates while the sales rates remained stable, indicating stable market expectations and active trading [1] Group 2: Cross-Border Capital Flows - Cross-border income and expenditure for non-bank sectors reached historical highs in July, with a balanced income and expenditure [1] - Net inflow of funds from goods trade increased by 33% month-on-month, maintaining a high level, while net outflows from service trade and investment income rose by 34% and 7% respectively, primarily due to seasonal factors such as summer travel and corporate dividend payouts [1] Group 3: Economic Support - The steady progress of high-quality economic development in China, along with the increasing resilience of the foreign exchange market, is expected to provide strong support for the stable operation of the foreign exchange market [1]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View No clear core view presented in the given content. The report mainly shows the performance data of global asset markets. 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On August 14, 2025, the 10 - year Treasury yields of major economies varied. For example, the US was 4.286%, the UK was 4.639%. The latest changes, weekly changes, monthly changes, and annual changes also differed among countries. For instance, the US had a latest change of 0.051, a weekly change of 0.035, a monthly change of - 0.167, and an annual change of 0.393 [3]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields of major economies on August 14, 2025, were as follows: the US was 3.720, the UK was 3.904. The changes in different time - spans were also provided, such as the US having a latest change of - 0.040, a weekly change of 0.000, a monthly change of - 0.160, and an annual change not fully shown [3]. - **Exchange Rates**: The US dollar's exchange rates against major emerging economies' currencies on August 14, 2025, were presented, like 5.417 against the South African zar. The latest, weekly, monthly, and annual changes were given, e.g., the South African zar had a latest change of - 0.14%, a weekly change of - 2.32%, a monthly change of - 4.34% [3]. - **Stock Indices**: On August 14, 2025, major economies' stock indices had different values. For example, the Dow Jones was 6468.540, the S&P 500 was 44911.260. The latest, weekly, monthly, and annual changes were also provided, such as the Dow Jones having a latest change of 0.03%, a weekly change of 2.03%, a monthly change of 23.44%, and an annual change not fully shown [3]. - **Credit Bond Indices**: The credit bond indices of different regions and types had various changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.28%, a weekly change of 0.05%, a monthly change of 1.74%, and an annual change of 4.89% [4]. Stock Index Futures Trading Data - **Index Performance**: The closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500 were presented. For example, the closing price of A - shares was 3666.44 with a - 0.46% change [5]. - **Valuation**: The PE (TTM) and their环比 changes of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were given. For example, the PE (TTM) of CSI 300 was 13.42 with a 0.00环比 change [5]. - **Risk Premium**: The risk premiums (1/PE - 10 interest rate) and their环比 changes of some indices were provided, such as the S&P 500 having a risk premium of - 0.64 with a - 0.05环比 change [5]. - **Fund Flow**: The latest values and 5 - day average values of fund flows for A - shares, main board, SME board, ChiNext, and CSI 300 were shown. For example, the latest fund flow of A - shares was - 1980.11 [5]. - **Trading Volume**: The latest trading volumes and环比 changes of Shanghai and Shenzhen stock markets, CSI 300, SSE 50, SME board, and ChiNext were presented. For example, the latest trading volume of Shanghai and Shenzhen stock markets was 22792.09 with a 1282.72环比 change [5]. - **Main Contract Premium/Discount**: The basis and percentage of premium/discount of IF, IH, and IC were given. For example, the basis of IF was - 9.51 with a - 0.23% magnitude [5]. Treasury Futures Trading Data - The closing prices and percentage changes of Treasury futures T00, TF00, T01, TF01 were presented. For example, the closing price of T00 was 108.325 with a 0.01% change [6]. - The money market's capital interest rates (R001, R007, SHIBOR - 3M) and their daily changes (BP) were provided. For example, R001 was 1.3518% with a - 12.00 BP daily change [6].

Group 1 - The euro/dollar exchange rate has shown a slight increase, reaching 1.1654 with a gain of 0.06% as of the latest report [1] - The steepening of the European yield curve is attributed to the Dutch pension reform and trader arbitrage, rather than inflation concerns, presenting an opportunity for euro bulls and bond arbitrage [1] - The volatility of the euro swap curve has increased, particularly in the long end, indicating potential for further fluctuations in the coming months [1] Group 2 - The 10-year and 30-year swap curves in the Netherlands are expected to steepen further as large pension funds prepare for their transition by January 1, 2026, with the current spread reaching a new high since 2021 [2] - The current inflation outlook is dominated by downside risks, making it unlikely for an interest rate hike narrative to emerge in the short term [2] - Technical analysis indicates that the euro against the dollar has resistance at 1.1730 and 1.1789, with support levels at 1.1590 and 1.1528 [2]

Core Points - US stock futures fell by approximately 0.1%, while major European indices opened mostly higher [1][11] - The Japanese stock market declined, with the Nikkei 225 index down by 1.4% and the Topix index down by 1.1% [3] - The US Treasury yields mostly decreased, with both 2-year and 10-year yields down by over 1 basis point [4] - The British GDP for Q2 exceeded expectations with a growth of 0.3%, reducing the likelihood of further rate cuts [5] - Oil prices saw a slight increase, with WTI crude rising over 0.4% to above $62.20 [8][18] - Bitcoin and Ethereum experienced significant gains, with Bitcoin rising over 2% to above $121,800 and Ethereum rising over 3% to above $47,700 [9][10] Market Reactions - The US dollar index initially fell by nearly 0.2% but later turned to an increase [4][12] - The Japanese yen appreciated by approximately 0.7%, marking its largest gain in nearly two weeks [1] - Gold prices remained stable, with spot gold slightly up by over 0.2% [6][15] - Silver prices showed minimal movement, with spot silver remaining flat [7]

Core Viewpoint - The GBP/USD exchange rate has reached a near three-week high, driven by diverging monetary policy expectations between the UK and the US [1] Group 1: Economic Data - UK July employment data showed a smaller-than-expected decline, reinforcing the Bank of England's cautious stance on interest rate cuts [1] - US July inflation was below expectations, increasing market speculation for a Federal Reserve rate cut in September [1] Group 2: Market Expectations - Market forecasts indicate that the Federal Reserve is expected to cut rates by a total of 61 basis points by December, while the Bank of England is anticipated to cut rates by only 17 basis points [1] Group 3: Technical Analysis - The GBP/USD has broken through a short-term downtrend line and is holding above 1.3480, with MACD indicators showing increasing bullish momentum [1] - If the price effectively breaks the resistance level at 1.3580, it may rise further to 1.3620; conversely, a drop below 1.3450 could lead to a retest of the 1.3400 support level [1] - The short-term technical outlook is leaning towards a bullish trend, with upcoming data expected to be a key driver for price movements [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Not provided in the content 3. Summary by Related Catalogs Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 12, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.291, 4.625, 3.408 respectively. The latest changes were 0.004, 0.061, 0.053; the one - week changes were 0.079, 0.110, 0.124; the one - month changes were - 0.192, 0.001, 0.003; the one - year changes were 0.500, 0.798, 0.443 [3]. - For Asian countries like Japan, China, and South Korea, on August 12, 2025, the yields were 3.732, 1.730, - respectively. The latest changes were - 0.037, 0.013, -; the one - week changes were 0.007, 0.027, -; the one - month changes were - 0.210, 0.072, -; the one - year changes were - 0.150, - 0.400, - [3]. 2 - year Treasury Yields of Major Economies - On August 12, 2025, the 2 - year Treasury yields of the US, UK, Germany were 3.760, 3.880, 1.965 respectively. The latest changes were 0.040, 0.021, 0.004; the one - week changes were 0.070, 0.060, 0.060; the one - month changes were - 0.150, 0.050, 0.084; the one - year changes were - 0.530, 0.291, - 0.380 [3]. - For other countries such as Japan, Italy, and China (1Y), on August 12, 2025, the yields were 0.767, 2.205, 1.362 respectively. The latest changes were 0.009, 0.000, - 0.001; the one - week changes were 0.018, 0.063, - 0.008; the one - month changes were - 0.008, 0.123, - 0.001; the one - year changes were 0.369, - 0.673, - 0.036 [3]. Dollar Exchange Rates Against Major Emerging - Market Currencies - On August 12, 2025, the dollar - to - Brazilian real, South African rand, and South Korean won exchange rates were 5.389, 17.593, 1383.950 respectively. The latest changes were - 0.99%, - 0.92%, - 0.50%; the one - week changes were - 2.16%, - 1.81%, - 0.18%; the one - month changes were - 3.02%, - 1.86%, - 0.26%; the one - year changes were - 5.92%, - 3.68%, 1.68% [3]. - For the on - shore and off - shore RMB, on August 12, 2025, the exchange rates were 7.181 and 7.185 respectively. The latest changes were - 0.10%, - 0.16%; the one - week changes were - 0.04%, - 0.06%; the one - month changes were - 0.02%, 0.01%; the one - year changes were 0.13%, 0.29% [3]. Stock Indices of Major Economies - On August 12, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6445.760, 44458.610, 21681.900 respectively. The latest changes were 1.13%, 1.10%, 1.39%; the one - week changes were 2.33%, 0.79%, 3.66%; the one - month changes were 3.24%, 0.99%, 4.86%; the one - year changes were 20.56%, 11.88%, 29.24% [3]. - For Asian indices such as the Nikkei, Hang Seng Index, and Shanghai Composite Index, on August 12, 2025, they were 42718.170, 24969.680, 3665.918 respectively. The latest changes were -, 0.25%, 0.50%; the one - week changes were 5.35%, 0.27%, 1.34%; the one - month changes were 7.66%, 1.54%, 4.59%; the one - year changes were 18.96%, 47.35%, 26.18% [3]. Credit Bond Indices - The latest changes of the US investment - grade credit bond index, euro - zone investment - grade credit bond index, and emerging - market investment - grade credit bond index were 0.02%, - 0.12%, 0.04% respectively; the one - week changes were - 0.21%, - 0.27%, 0.11%; the one - month changes were 1.82%, 0.17%, 1.59%; the one - year changes were 3.93%, 4.35%, 5.44% [3][4]. - The latest changes of the US high - yield credit bond index, euro - zone high - yield credit bond index, and emerging - market high - yield credit bond index were 0.09%, 0.05%, 0.22% respectively; the one - week changes were 0.19%, 0.23%, 0.67%; the one - month changes were 0.90%, 0.86%, 2.44%; the one - year changes were 9.41%, 8.45%, 15.18% [3][4]. Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, and SSE 50 were 3665.92, 4143.83, 2807.01 respectively, with daily changes of 0.50%, 0.52%, 0.61% [5]. - The PE (TTM) of CSI 300, SSE 50, and CSI 500 were 13.39, 11.52, 30.93 respectively, with环比 changes of 0.09, 0.09, 0.11 [5]. Fund Flows - The latest values of A - share, main - board, and SME - board fund flows were - 605.19, - 420.84, - respectively, and the 5 - day average values were - 317.74, - 237.07, - respectively [5]. Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, and SSE 50 were 18815.20, 3830.88, 1096.88 respectively, with环比 changes of 545.47, 224.02, 193.54 respectively [5]. Basis and Spread - The basis of IF, IH, and IC were - 12.63, 2.59, - 75.56 respectively, with spreads of - 0.30%, 0.09%, - 1.18% respectively [5]. Treasury Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.420, 105.715, 108.305, 105.725 respectively, with daily changes of - 0.13%, - 0.10%, - 0.13%, - 0.11% respectively [6]. - The R001, R007, and SHIBOR - 3M were 1.3486%, 1.4619%, 1.5480% respectively, with daily changes of - 10.00 BP, 1.00 BP, 0.00 BP respectively [6]

Group 1 - The core viewpoint of the articles indicates that the recent CPI data has led to a decline in the US dollar index, increasing market expectations for a Federal Reserve rate cut in September [2][3] - The July CPI data showed a slight month-on-month increase of 0.2% and a year-on-year increase of 2.7%, with core inflation rising 0.3% month-on-month and 3.1% year-on-year [2] - Energy prices decreased by 1.1%, while food prices remained stable, suggesting that the impact of tariffs is being absorbed by corporate profit margins rather than passed on to consumers [2] Group 2 - The market is betting that inflation will not accelerate sharply this fall, despite high tariffs, and that CPI inflation could even fall below the 2% target next year if the economy, particularly the job market, continues to weaken [2] - The dollar index fell to a near two-week low following the CPI data release, which met market expectations, providing the Federal Reserve with policy space to respond to weak employment data [2] - There is speculation that the Federal Reserve may cut rates twice more this year, fueled by ongoing criticism from President Trump towards Fed Chairman Powell [2] Group 3 - Technical analysis indicates that gold prices are showing signs of a potential rebound, with a focus on the 5-day moving average as a key resistance level [3] - The gold price is expected to test resistance around $3440, with support levels identified at $3337 or $3325 [3] - The market is closely monitoring the price action to confirm the validity of the bullish reversal pattern, with a need for gold to close above the 5-day moving average to strengthen bullish momentum [3]

Group 1 - The core CPI for July rose to 3.1%, reaching a five-month high and exceeding market expectations of 3.0% [1] - The month-over-month core CPI increased to 0.3%, matching market expectations but higher than the previous value of 0.20% [1] - Overall CPI recorded an annual rate of 2.7%, below the expected 2.8%, and the month-over-month rate was 0.2%, in line with expectations but lower than the previous 0.30% [3] Group 2 - Following the data release, gold prices surged to a high of $3354 per ounce before experiencing significant volatility, reflecting investor sentiment [3] - The dollar index dropped sharply by over 30 points, while non-dollar currencies experienced a rally, with the GBP/USD breaking above 1.35 and the EUR/USD rising nearly 50 points [3] - Short-term interest rate futures in the U.S. declined as traders increased bets on a potential rate cut by the Federal Reserve in September and December [4] Group 3 - Analysts noted that this was the first month in six where the core CPI reading did not fall below the expected median, raising concerns about a potential turning point in inflation trends [4] - The rise in core CPI may indicate increased pressure on the Federal Reserve regarding inflation control, complicating future monetary policy decisions [5] - Persistent inflation volatility poses a risk to the U.S. economy, potentially eroding consumer purchasing power and increasing production costs, which could hinder economic growth [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas markets are in a risk - on state this week, but the economic fundamentals will test the sustainability of market sentiment. The personnel changes in the Fed and the US CPI data will guide market expectations of interest rate cuts and risk preferences. China's exports in July showed good performance, but there are risks of decline and restricted re - export trade in the future. For major assets, a defensive layout should be maintained, focusing on the policy and data inflection points in late August [7]. - For domestic assets, reduce the allocation of domestic equities, maintain the allocation of commodities with a focus on the infrastructure and export chain, and maintain the allocation of gold. For overseas assets, reduce the allocation of US stocks, maintain the allocation of US bonds, slightly increase the allocation of RMB funds, and reduce the allocation of US dollar money - market funds [7]. 3. Summary by Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The overseas market is in a risk - on state this week under the background of weak US economic fundamentals and intensified tariff threats. The inflection point of the pre - released concentrated overseas demand is approaching, and the economic fundamentals will test the sustainability of market sentiment. The personnel changes in the Fed and the US CPI data will guide market expectations of interest rate cuts and risk preferences [7]. - **Domestic Macro**: China's exports in July increased by 7.2% year - on - year, mainly relying on the strong demand from non - US markets to offset the decline in exports to the US. However, this good performance may be due to pre - tariff rush shipments, and future exports face risks of decline and restricted re - export trade [7]. - **Asset Views**: For domestic assets, reduce the allocation of domestic equities and wait for the policy and profit repair window in the second half of the month; maintain the allocation of commodities with a focus on the infrastructure and export chain, and maintain the allocation of gold. For overseas assets, reduce the allocation of US stocks due to high valuations, maintain the allocation of US bonds, slightly increase the allocation of RMB funds to relieve pressure from a weak US dollar, and reduce the allocation of US dollar money - market funds to be vigilant against interest rate cut games. Overall, maintain a defensive layout and focus on the policy and data inflection points in late August [7]. 3.2 Viewpoint Highlights 3.2.1 Financial - **Stock Index Futures**: After the event is settled, the capital congestion is released. With insufficient incremental funds, it is expected to rise in a volatile manner [8]. - **Stock Index Options**: The collar strategy strengthens the volatility structure. With rising volatility, it is expected to move in a volatile manner [8]. - **Treasury Bond Futures**: The market continues to digest the information from the Politburo meeting. Considering factors such as unexpected tariffs, unexpected supply, and unexpected monetary easing, it is expected to move in a volatile manner [8]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals are strengthening in a volatile manner. Considering Trump's tariff policy and the Fed's monetary policy, they are expected to rise in a volatile manner [8]. 3.2.3 Shipping - **Container Shipping to Europe**: Focus on the game between peak - season expectations and the implementation of price increases. Considering tariff policies and shipping companies' pricing strategies, it is expected to move in a volatile manner [8]. 3.2.4 Black Building Materials - **Steel**: Inventory continues to accumulate, and attention should be paid to production - restriction disturbances. Considering factors such as the issuance progress of special bonds, steel exports, and iron - water production, it is expected to move in a volatile manner [8]. - **Iron Ore**: Iron - water production slightly decreases, and port inventory slightly accumulates. Considering policy - level dynamics, it is expected to move in a volatile manner [8]. - **Coke**: Five rounds of price increases have been implemented, and coke - enterprise production has recovered. Considering steel - mill production, coking costs, and macro - sentiment, it is expected to move in a volatile manner [8]. - **Coking Coal**: Production has decreased due to coal - mine disturbances, and the market is strengthening after sentiment improvement. Considering steel - mill production, coal - mine safety inspections, and macro - sentiment, it is expected to move in a volatile manner [8]. - **Silicon Iron**: The market is sentiment - driven, and there are still concerns about supply and demand. Considering raw - material costs and steel - procurement situations, it is expected to move in a volatile manner [8]. - **Manganese Silicon**: The market is sentiment - driven, and supply pressure is increasing. Considering cost prices and overseas quotes, it is expected to move in a volatile manner [8]. - **Glass**: Inventory has started to accumulate, and rigid demand is relatively stable. Considering spot sales, it is expected to move in a volatile manner [8]. - **Soda Ash**: Warehouse - receipt pressure is emerging, and production is still recovering. Considering soda - ash inventory, it is expected to move in a volatile manner [8]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The risk of overseas recession is rising, and copper prices are under pressure. Considering supply disturbances, unexpected domestic policies, less - than - expected dovishness of the Fed, and less - than - expected recovery of domestic demand, it is expected to decline in a volatile manner [8]. - **Alumina**: Warehouse receipts are increasing again, and alumina prices are under pressure. Considering factors such as less - than - expected ore resumption and more - than - expected electrolytic - aluminum resumption, it is expected to decline in a volatile manner [8]. - **Aluminum**: Market sentiment is fluctuating, and aluminum prices are rising. Considering macro risks, supply disturbances, and less - than - expected demand, it is expected to move in a volatile manner [8]. - **Zinc**: The prices of the black - metal sector have rebounded again, and zinc prices are moving in a volatile manner. Considering macro - turning risks and more - than - expected recovery of zinc - ore supply, it is expected to decline in a volatile manner [8]. - **Lead**: Supply of recycled lead is disturbed, and lead prices are slightly rebounding. Considering supply - side disturbances and slowdown in battery exports, it is expected to move in a volatile manner [8]. - **Nickel**: LME nickel inventory is high, and nickel prices are fluctuating widely. Considering unexpected macro and geopolitical changes, Indonesian policy risks, and less - than - expected supply release, it is expected to decline in a volatile manner [8]. - **Stainless Steel**: The price of nickel - iron is rising continuously, and the stainless - steel market is rising in a volatile manner. Considering Indonesian policy risks and more - than - expected demand growth, it is expected to move in a volatile manner [8]. - **Tin**: The supply of tin ore is still tight, and tin prices are moving in a volatile manner. Considering the expected resumption of production in Wa State and changes in demand improvement expectations, it is expected to move in a volatile manner [8]. - **Industrial Silicon**: Market sentiment is fluctuating, and silicon prices are moving in a volatile manner. Considering more - than - expected supply cuts and more - than - expected photovoltaic installations, it is expected to move in a volatile manner [8]. - **Lithium Carbonate**: The market direction is unclear, and lithium carbonate is moving in a volatile manner. Considering less - than - expected demand, supply disturbances, and new technological breakthroughs, it is expected to move in a volatile manner [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical concerns are easing, but supply pressure still exists. Considering OPEC + production policies and the Middle - East geopolitical situation, it is expected to decline in a volatile manner [10]. - **LPG**: Supported by chemical demand, the cracking spread has stabilized. Considering the cost progress of crude oil and overseas propane, it is expected to move in a volatile manner [10]. - **Asphalt**: It has broken through the important support level of 3500, and the futures price is moving in the direction of least resistance. Considering more - than - expected demand, it is expected to decline in a volatile manner [10]. - **High - Sulfur Fuel Oil**: It is fluctuating weakly. Considering crude - oil and natural - gas prices, it is expected to decline in a volatile manner [10]. - **Low - Sulfur Fuel Oil**: The futures price is following crude oil and fluctuating weakly. Considering crude - oil and natural - gas prices, it is expected to decline in a volatile manner [10]. - **Methanol**: Supported by coal but suppressed by olefins, it is moving in a volatile manner. Considering macro - energy and upstream - downstream device dynamics, it is expected to move in a volatile manner [10]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven effects are less than expected. Considering export - policy trends and the elimination of production capacity, it is expected to move in a volatile manner [10]. - **Ethylene Glycol**: Coal is strong and oil is weak, and supply pressure is increasing. Considering frequent changes in overseas devices affecting port arrivals, it is expected to move in a volatile manner [10]. - **PX**: Subject to planned maintenance, it cannot boost processing fees, and the price is still under cost pressure. Considering significant fluctuations in crude oil, macro - abnormalities, and more - than - expected PTA device maintenance, it is expected to move in a volatile manner [10]. - **PTA**: Subject to cost constraints, it is expected to move in a volatile manner. Considering wide - range cost fluctuations, unexpected device maintenance, and more - than - expected polyester load reduction, it is expected to move in a volatile manner [10]. - **Short - Fiber**: Downstream demand has improved slightly. Considering the purchasing rhythm and operating conditions of downstream spinning mills, it is expected to move in a volatile manner [10]. - **Bottle Chip**: Overall demand is sluggish, and the height of processing - fee repair is limited. Considering more - than - expected production increase by bottle - chip enterprises and a sharp increase in overseas export orders, it is expected to move in a volatile manner [10]. - **Propylene**: It mainly follows market fluctuations and is expected to move in a volatile manner in the short term. Considering oil prices and domestic macro - factors, it is expected to move in a volatile manner [10]. - **PP**: Fundamental support is limited, and it is expected to decline in a volatile manner. Considering oil prices and domestic and overseas macro - factors, it is expected to move in a volatile manner [10]. - **Plastic**: Inventory is accumulating in the upstream and mid - stream, and it is expected to decline in a volatile manner. Considering oil prices and domestic and overseas macro - factors, it is expected to move in a volatile manner [10]. - **Styrene**: The commodity sentiment has improved. Considering oil prices, macro - policies, and device dynamics, it is expected to move in a volatile manner [10]. - **PVC**: Supported by cost, the market is moving in a volatile manner. Considering expectations, cost, and supply, it is expected to move in a volatile manner [10]. - **Caustic Soda**: The spot price has stabilized, and it is expected to move in a volatile manner for the time being. Considering market sentiment, production, and demand, it is expected to move in a volatile manner [10]. - **Oils and Fats**: The MPOB report is positive, and palm oil led the rise in oils and fats yesterday. Considering US soybean weather and Malaysian palm oil production and demand data, it is expected to rise in a volatile manner [10]. - **Protein Meal**: The trading volume of far - month basis contracts has increased, and the market is worried about the supply gap in the fourth quarter. Considering US soybean weather, domestic demand, macro - factors, and Sino - US and Sino - Canadian trade wars, it is expected to move in a volatile manner [10]. 3.3 Agriculture - **Corn/Starch**: The market continues to move weakly in a volatile manner. Considering less - than - expected demand, macro - factors, and weather, it is expected to move in a volatile manner [10]. - **Hogs**: Supply and demand remain loose, and prices are fluctuating within a narrow range. Considering breeding sentiment, epidemics, and policies, it is expected to move in a volatile manner [10]. - **Rubber**: Supported by strong raw - material prices, rubber prices are rising in a volatile manner. Considering plantation weather, raw - material prices, and macro - changes, it is expected to rise in a volatile manner [10]. - **Synthetic Rubber**: Supported by tight raw - material supply, the market is rising. Considering significant fluctuations in crude oil, it is expected to rise in a volatile manner [10]. - **Pulp**: The futures market is running stably. Considering macro - economic changes and fluctuations in US - dollar - denominated quotes, it is expected to move in a volatile manner [10]. - **Cotton**: Supported by low inventory, cotton prices are rising. Considering marginal changes in demand, it is expected to move in a volatile manner [10]. - **Sugar**: Sugar prices are under pressure and weakening. Considering imports, it is expected to move in a volatile manner [10]. - **Logs**: Logs are fluctuating within a narrow range. Considering shipment volume and transportation volume, it is expected to decline in a volatile manner [10].