Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The overall market shows a complex and diverse situation. In the stock index futures market, the pro - cyclical theme continues to ferment, and the A - share market has increased in volume. In the bond market, it is in a weak and stable state, and the short - term is affected by the rebound of risk preference. The precious metals market is strong due to the weakening of the US dollar. The shipping futures market is expected to be weak. Most non - ferrous metals show different trends of rise and fall, and the black metal market is generally on the rise. The agricultural product market has different performances in different varieties [2][7][10][14] Summary by Relevant Catalogs Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On July 22, major A - share indices opened higher and closed higher. The Shanghai Composite Index rose 0.62% to 3581.86 points. The four major stock index futures contracts also rose, with IF2509 and IH2509 rising 1.12% and 0.90% respectively, and IC2509 and IM2509 rising 1.15% and 0.66% respectively [2][3] - **News**: Domestically, the State Administration of Foreign Exchange plans to cancel the registration of foreign direct investment in China for reinvestment. Overseas, EU leaders will visit China [3] - **Funding**: On July 22, the A - share trading volume increased to 1.89 trillion yuan, and the north - bound capital trading volume was 2414.97 billion yuan. The central bank conducted 2148 billion yuan of 7 - day reverse repurchase operations [4] - **Operation Suggestion**: As the major indices maintain an upward trend after breaking through the annual high, but approaching the performance reporting period, it is recommended to gradually take profits on the long positions of IM futures and replace them with a small amount of short positions in the MO put options with an exercise price of 6000 in the 08 contract [4] Treasury Bond Futures - **Market Performance**: Treasury bond futures closed down across the board on July 22. The 30 - year, 10 - year, 5 - year, and 2 - year main contracts fell 0.40%, 0.09%, 0.05%, and 0.01% respectively [5] - **News**: The A - share market rose, and most domestic commodity futures closed higher [6] - **Operation Suggestion**: The risk - on sentiment suppresses the bond market, but the current fundamentals are still in a weak and stable state, which is bullish for the bond market. In the short term, the bond market may be in a box - shock stage. It is recommended to wait and see in the short - term and pay attention to the Politburo meeting at the end of July [7] Financial Derivatives - Precious Metals - **Market Situation**: Affected by multiple factors such as US trade negotiations and the possible continuation of Fed Chairman Powell's tenure, the US dollar index continued to fall, and gold and silver prices were strong. International gold closed at $3431.38 per ounce, up 1.02%, and international silver closed at $39.285 per ounce, up 0.94% [9][10] - **Outlook**: Gold has a long - term upward trend, and the current market lacks a clear driver. Silver has a large change in physical demand, and the price center may move up. It is recommended to pay attention to the progress of US trade negotiations [10][11] Financial Derivatives - Container Shipping Futures - **Spot Price**: As of July 22, the spot prices of major shipping companies showed different levels [12] - **Index**: As of July 21, the SCFIS European line index fell 0.89% month - on - month, and the US West line index rose 2.78% [12] - **Fundamentals**: As of July 22, the global container shipping capacity increased by 8.1% year - on - year. The demand side showed different PMI data in the eurozone and the US [13] - **Logic**: The futures price fell on July 22. As the peak season is coming to an end, the spot price is expected to decline, and the sentiment of the main contract will be suppressed [14] - **Operation Suggestion**: It is expected that the near - month contract will be weakly volatile. It is recommended to short the 08 contract or short the 10 contract on rallies [14] Commodity Futures - Non - Ferrous Metals Copper - **Spot**: On July 22, the average price of SMM electrolytic copper was 79755 yuan/ton, up 200 yuan/ton from the previous day [15] - **Macro**: The domestic anti - involution policy boosts copper demand and may promote the clearance of smelting capacity [16] - **Supply**: The supply of copper concentrate is expected to be restricted, and the production of refined copper is expected to increase in July [17] - **Demand**: The demand for copper has certain resilience, and the power and new energy sectors support the demand [18] - **Inventory**: COMEX copper inventory increased, while domestic social inventory and LME inventory decreased [18] - **Logic**: The macro - sentiment is good, and the fundamentals show a stage of weak supply and demand. The copper price is expected to be volatile and strong [19] - **Operation Suggestion**: The main contract is expected to operate between 78500 - 81000 yuan/ton [19] Aluminum Oxide - **Spot**: On July 22, the average spot price of alumina in various regions increased by 25 - 50 yuan/ton [19] - **Supply**: In June 2025, the production of metallurgical - grade alumina increased year - on - year and month - on - month, and the operating capacity increased [20] - **Inventory**: The port inventory and registered warehouse receipts of alumina decreased [20] - **Logic**: Affected by the expected capacity elimination and the risk of short - squeeze, the price rose strongly in the short - term. In the medium - term, the market is slightly oversupplied [21] - **Operation Suggestion**: The main contract is expected to be strong above 3100 yuan/ton in the short - term, and it is recommended to short on rallies in the medium - term [22] Aluminum - **Spot**: On July 22, the average price of SMM A00 aluminum was 20940 yuan/ton, up 50 yuan/ton from the previous day [22] - **Supply**: In June 2025, the production of electrolytic aluminum decreased month - on - month, and the proportion of molten aluminum is expected to decline in July [22] - **Demand**: The downstream is in the off - season, and the start - up rate increased slightly last week [23] - **Inventory**: The domestic inventory decreased slightly, and the LME inventory increased [23] - **Logic**: The aluminum price rebounded slightly, but the off - season inventory accumulation expectation is still strong. The price is expected to be under pressure in the short - term [24] - **Operation Suggestion**: The main contract is expected to operate between 20200 - 21000 yuan/ton [24] Aluminum Alloy - **Spot**: On July 22, the average price of SMM aluminum alloy ADC12 was 20250 yuan/ton, up 50 yuan/ton from the previous day [24] - **Supply**: In July, the start - up rate of the recycled aluminum alloy industry is expected to decline slightly [25] - **Demand**: The demand is under pressure, and the trading activity has decreased [25] - **Inventory**: The social inventory has increased, and some areas are close to full storage [25] - **Logic**: The price of the aluminum alloy followed the aluminum price to rise slightly, but the terminal demand is weak. The price is expected to be weakly volatile [26][27] - **Operation Suggestion**: The main contract is expected to operate between 19600 - 20400 yuan/ton [27] Zinc - **Spot**: On July 22, the average price of SMM 0 zinc ingot was 22780 yuan/ton, down 40 yuan/ton from the previous day [27] - **Supply**: The supply of zinc ore is expected to be loose, and the production of refined zinc is expected to increase in July [28] - **Demand**: The start - up rates of the three primary processing industries are differentiated, and the overall demand is under pressure in the off - season [29] - **Inventory**: The domestic social inventory and LME inventory decreased [29] - **Logic**: The supply of zinc ore is expected to be loose, and the demand is under pressure in the off - season. The zinc price is expected to be volatile in the short - term [30] - **Operation Suggestion**: The main contract is expected to operate between 22000 - 23500 yuan/ton [30] Tin - **Spot**: On July 22, the price of SMM 1 tin was 266300 yuan/ton, down 900 yuan/ton from the previous day [30] - **Supply**: In May, the import of tin ore and tin ingots increased [31] - **Demand and Inventory**: The start - up rate of solder decreased in June, and the LME inventory decreased [32][33] - **Logic**: The supply is expected to be repaired, and the demand is expected to be weak. It is recommended to avoid short positions for the time being [33] - **Operation Suggestion**: Avoid short positions for the time being and short on rallies after the sentiment stabilizes [33] Nickel - **Spot**: On July 22, the average price of SMM1 electrolytic nickel was 123550 yuan/ton, up 700 yuan/ton from the previous day [33] - **Supply**: The production of refined nickel is expected to increase slightly in July [34] - **Demand**: The demand for electroplating and alloys is relatively stable, and the demand for stainless steel is weak [34] - **Inventory**: The overseas inventory remains high, and the domestic social inventory has increased [34] - **Logic**: The macro - sentiment is positive, but the supply is expected to be loose in the medium - term. The price is expected to be range - bound in the short - term [35] - **Operation Suggestion**: The main contract is expected to operate between 118000 - 126000 yuan/ton [36] Stainless Steel - **Spot**: On July 22, the price of Wuxi Hongwang 304 cold - rolled stainless steel was 12950 yuan/ton, up 50 yuan/ton from the previous day [37] - **Raw Materials**: The price of nickel ore has loosened, and the price of nickel iron has improved slightly [37] - **Supply**: The production of stainless steel is expected to decrease in July [38] - **Inventory**: The social inventory is decreasing slowly, and the warehouse receipts are decreasing [38] - **Logic**: The macro - expectation is positive, but the terminal demand is weak. The price is expected to be range - bound in the short - term [39] - **Operation Suggestion**: The main contract is expected to operate between 12600 - 13200 yuan/ton [40] Lithium Carbonate - **Spot**: On July 22, the average price of battery - grade lithium carbonate was 69100 yuan/ton, up 1100 yuan/ton from the previous day [40] - **Supply**: The production of lithium carbonate is expected to increase in July, and the supply is relatively sufficient [41] - **Demand**: The demand is relatively stable, and the seasonal performance is weakened [41] - **Inventory**: The inventory in all links is increasing [43] - **Logic**: The macro - sentiment supports the price, but the fundamental logic has not changed. The price is expected to be strong in the short - term [44] - **Operation Suggestion**: It is recommended to wait and see, and the main contract is expected to operate between 70000 - 75000 yuan/ton [45] Commodity Futures - Black Metals Steel - **Spot**: On July 22, the price of steel billets and steel products increased [45] - **Cost and Profit**: The cost has increased, but the steel price has also risen, and the profit of steel mills has increased [45] - **Supply**: The molten iron output has increased, and the production of steel mills is expected to increase [45] - **Demand**: The apparent demand for five major steel products has remained stable at a high level [46] - **Inventory**: The inventory of five major steel products has remained stable at a low level [46] - **Logic**: The anti - involution policy boosts the market sentiment, and the steel price is expected to continue to rise [47] - **Operation Suggestion**: It is recommended to avoid short positions and hold long positions [47] Iron Ore - **Spot**: On July 22, the price of mainstream iron ore powder increased [48] - **Futures**: The main 09 contract and the far - month 01 contract of iron ore rose [48] - **Basis**: The basis of different iron ore varieties showed different levels [48] - **Demand**: The molten iron output and blast furnace operating rate increased [48] - **Supply**: The global shipment volume decreased slightly, and the arrival volume increased [48] - **Inventory**: The port inventory increased slightly, and the steel mill inventory decreased [49] - **Logic**: The demand for iron ore is strong, and the supply is expected to be stable. The price is expected to be strongly volatile in the short - term [49] - **Operation Suggestion**: It is recommended to hold long positions and can participate in short - term long positions on dips [49] Coking Coal - **Futures and Spot**: On July 22, the coking coal futures limit - up, and the spot price increased [50] - **Supply**: The resumption of coal mines is slow, and the supply is still in short supply [51] - **Demand**: The coking and blast furnace operations are stable, and the demand for coking coal is relatively strong [51] - **Inventory**: The overall inventory of coking coal has decreased slightly [52] - **Logic**: The supply of coking coal is expected to be tightened, and the price is expected to continue to rise [52] - **Operation Suggestion**: It is recommended to hold long positions and can participate in short - term long positions on dips [52] Coke - **Futures and Spot**: On July 22, the coke futures limit - up, and the second - round price increase of spot coke was implemented [53] - **Profit**: The average profit per ton of coke is negative [53] - **Supply**: The production of coke is difficult to increase due to the slow resumption of coal mines and corporate losses [53] - **Demand**: The demand for coke has increased due to the increase in molten iron output [54] - **Inventory**: The inventory of coking plants and ports has decreased, and the inventory of steel mills has increased [55] - **Logic**: The price of coke is expected to continue to rise due to the increase in demand and the decrease in inventory [55] - **Operation Suggestion**: It is recommended to hold long positions and can participate in hedging operations [55] Commodity Futures - Agricultural Products Meal - **Spot Market**: On July 22, the price of domestic soybean meal was stable or increased slightly, and the trading volume decreased [56] - **Fundamentals**: The excellent rate of US soybeans has decreased, and the export inspection volume has increased [56][57] - **Market Outlook**: The US soybeans are expected to be supported at the bottom, and the domestic soybean meal is recommended to be cautiously bullish [57][58] Live Pigs - **Spot Situation**: On July 22, the spot price of live pigs fluctuated slightly [59] - **Market Data**: The profit of live pig breeding has decreased, and the utilization rate of secondary - fattening pens has decreased [60] - **Market Outlook**: The spot price of live pigs fluctuates, and the upward drive of the futures price is limited. It is recommended to be cautious when chasing the rise [60][61] Corn - **Spot Price**: On July 22, the price of corn in Northeast China and North China was stable or increased slightly [62] - **Fundamentals**: The inventory of corn in Guangzhou Port has increased [62] - **Market Outlook**: The market sentiment is stable, and the corn price is expected to rebound and fluctuate [62]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Gold prices rose by over 1%, influenced by domestic stimulus expectations for commodities and overseas concerns about US tariff implementation and the Fed's independence [1][12]. - Strong risk appetite may disrupt the bond market in the next 1 - 2 months, with a risk of the futures' oscillation center shifting downwards. However, there is no long - term adjustment risk for the bond market [2][13]. - Coke had a second round of price hikes. Recently, coking coal was affected by macro and policy factors, with strong market sentiment, but risks should be noted after a significant increase [3][23]. - Copper prices are expected to fluctuate at a high level in the short term due to policy expectation risks and inventory accumulation concerns, and it is advisable to wait and see [4][44]. - Oil prices oscillated downward despite a decline in API crude oil inventory [5][51]. Summaries by Related Catalogs 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Trump stated that Powell's term has only eight months left and criticized his interest - rate policy, calling for a rate cut of at least 3 percentage points [11]. - Trump announced that Japan will pay a 15% reciprocal tariff to the US, and Japan will invest $550 billion in the US, with the US getting 90% of the profits. Gold prices rose over 1%, driven by domestic stimulus expectations and overseas concerns. It is recommended that short - term gold prices are likely to be strong with increased volatility [12]. 1.2 Macro Strategy (Treasury Bond Futures) - The central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations on July 22. Sentiment is driving the market. It is expected that strong risk appetite will disrupt the bond market in the next 1 - 2 months, but there is no long - term adjustment risk. Short - term trading long positions can be closed after the Politburo meeting [13][14]. 2. Commodity News and Reviews 2.1 Agricultural Products (Cotton) - As of July 19, Brazil's cotton harvesting progress was 16.7%, 3.1 percentage points higher than the previous week but 3.8% slower than last year. In 2025, China's new cotton is expected to have a yield of 158.7 kg/mu, a 2.5% increase. As of July 20, US cotton's budding and boll - setting rates were slower than last year, but the excellent rate was higher. It is recommended to be cautious about chasing up Zhengzhou cotton prices [15][16][17]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - MPOC expects the price of crude palm oil in August to be between 4,100 - 4,300 ringgit/ton. The oil market was oscillating, and it is recommended to buy on dips or sell call options on the 09 contract [18][19]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - In Q2 2025, the growth rate of real estate loans rebounded. Steel prices rose mainly due to the increase in coking coal and coke prices. It is expected that steel prices will be strong in the short term, but there are potential risks after August [20][21]. 2.4 Black Metals (Coking Coal/Coke) - Coke had a second round of price hikes. The impact of checking for over - production in coal mines is limited. Coking coal supply recovery is slower than expected, and demand is strong. However, risks should be noted after a significant increase [22][23]. 2.5 Agricultural Products (Corn Starch) - On July 22, corn starch enterprises in Heilongjiang, Jilin, Hebei, and Shandong had theoretical losses, and the losses are expected to continue or expand, with the operating rate remaining low [24][25]. 2.6 Agricultural Products (Corn) - On July 22, the成交 rate of imported corn auctions increased. Old - crop corn is expected to have little fluctuation, and it is recommended to hold a small number of new - crop short positions and look for opportunities to add positions on rebounds [26]. 2.7 Agricultural Products (Pigs) - New Hope's piglet stocking in June 2025 was about 1.3 million. Spot prices have been falling, while futures are relatively stable. It is recommended to buy the 09 contract on dips and wait for hedging opportunities on the November contract [27][28]. 2.8 Black Metals (Steam Coal) - On July 22, the price of steam coal in northern ports was stable. With the implementation of the coal over - production check policy and the peak summer season, coal prices are expected to be strong in the short term [29]. 2.9 Black Metals (Iron Ore) - The production plan of household air conditioners in August 2025 decreased by 7.1% year - on - year. Iron ore prices continued to rise, but they are in an over - valued area, and it is advisable to wait and see [30]. 2.10 Non - Ferrous Metals (Polysilicon) - A Japanese - Korean joint venture plans to build a polysilicon plant in Malaysia. The polysilicon capacity storage plan is progressing slowly. It is recommended that polysilicon enterprises sell at or above the benchmark cost. Long positions are advised to consider taking profits gradually [33][34]. 2.11 Non - Ferrous Metals (Industrial Silicon) - In June, China's export of primary polysiloxane increased month - on - month. The supply recovery of industrial silicon is slower than expected, and it is expected to be strong in the short term. It is recommended to take a bullish view in the short term and observe the resumption of production of large factories in Xinjiang [35][36]. 2.12 Non - Ferrous Metals (Lead) - On July 21, the LME 0 - 3 lead was at a discount. The fundamentals of lead have improved, and it is recommended to look for opportunities to buy on dips [37][38]. 2.13 Non - Ferrous Metals (Zinc) - On July 21, the LME 0 - 3 zinc was at a discount. Zinc supply is expected to increase, and demand is differentiated. It is recommended to wait and see unilaterally and pay attention to near - month spread arbitrage [39][41]. 2.14 Non - Ferrous Metals (Copper) - Nornickel lowered its 2025 nickel, copper, and palladium production forecasts. Copper prices are expected to fluctuate at a high level in the short term due to policy and inventory factors, and it is advisable to wait and see [42][44]. 2.15 Non - Ferrous Metals (Nickel) - Nornickel's nickel production in Q2 2025 increased by 9% quarter - on - quarter. In the short term, nickel prices are expected to follow the non - ferrous metals sector and be strong, and it is advisable to wait and see. In the medium term, it is recommended to look for opportunities to sell high [45][47]. 2.16 Non - Ferrous Metals (Lithium Carbonate) - There are disputes over a lithium project in Congo. The market is focused on supply - side disturbances. It is recommended to reduce positions or wait and see unilaterally and focus on 9 - 11 spread operations [48][50]. 2.17 Energy and Chemicals (Crude Oil) - API crude oil and gasoline inventories decreased, while refined oil inventory increased. Oil prices are expected to remain oscillating in the short term [51][52]. 2.18 Energy and Chemicals (Carbon Emissions) - On July 22, the CEA closed at 73.30 yuan/ton. The CEA price is expected to oscillate in the short term, and enterprises with quota needs can buy cautiously on dips [53][55]. 2.19 Energy and Chemicals (Caustic Soda) - On July 22, the price of liquid caustic soda in Shandong declined. The upward momentum of the caustic soda futures may weaken [56][57]. 2.20 Energy and Chemicals (Pulp) - The price of imported wood pulp was stable. The pulp futures increased due to policy and coal price factors, but the upward space is limited [58]. 2.21 Energy and Chemicals (Styrene) - From July 1 - 20, 2025, South Korea's total benzene exports were 162,015 tons. Styrene prices oscillated strongly. It is recommended to wait for a better entry point for pure benzene and observe the macro - policy impact on styrene [59][60]. 2.22 Energy and Chemicals (PVC) - The price of PVC powder increased. PVC futures followed the market's upward trend, but the fundamentals are weakening, and it is recommended to be cautious about chasing up [61]. 2.23 Energy and Chemicals (Soda Ash) - The soda ash market was stable and strong. The futures price rose significantly. It is risky to short in the short term, and it is necessary to wait for further policy guidance [63][64]. 2.24 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market increased. The glass futures rose due to supply - side policy expectations. It is recommended to be cautious about unilateral operations and focus on arbitrage strategies such as going long on glass and short on soda ash [65][66]. 2.25 Energy and Chemicals (Bottle Chips) - Bottle chip factories' export prices were mostly stable with partial slight adjustments. The industry plans to cut production in July, and it is recommended to look for opportunities to expand processing fees on dips [67][69].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides a comprehensive analysis of various futures markets, including financial derivatives, precious metals, shipping, and commodity futures. It assesses market trends, key factors influencing prices, and offers corresponding investment suggestions based on different market conditions. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A-share market showed an upward trend, with cyclical sectors rising. The four major stock index futures contracts also increased, and the basis of the main contracts was seasonally repaired. With the market breaking through the annual high, it is recommended to gradually take profits on the long positions of IM futures and switch to a small amount of short positions in the MO put options with an exercise price of 6000 for the 08 contract, reducing the position and maintaining a moderately bullish stance [2][3][4]. - **Treasury Bond Futures**: The risk appetite has recovered, causing the bond market to decline across the board. Although the current fundamentals are still in a weak stabilization state, which is generally favorable for the bond market, the macro situation is complex in the short term. It is recommended to wait and see in the short term, pay attention to the capital situation and incremental policies, and consider appropriately betting on a steeper yield curve [5][6]. Precious Metals - The trade friction between the US and the EU and concerns about the US fiscal deficit have intensified, leading to a decline in the US dollar and a continuous rise in precious metals. Gold has a long - term bullish trend, and silver has further upward potential above $38 in the short term. It is recommended to hold long positions in silver [7][9][11]. Shipping Futures (Container Shipping) - The EC main contract fluctuated. The spot price increase drove the rise of the 08 contract, but the cancellation of the high - price quotes by CMA may impact the near - month contracts. It is expected that the near - month contracts will fluctuate weakly, and it is recommended to short the 08 contract or short the 10 contract on rallies [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: Driven by the anti - involution policy, the copper price is expected to fluctuate strongly. Although the demand weakens during the off - season, the domestic macro - policy support and low inventory provide a bottom for the copper price. The main contract is expected to trade between 78,500 and 81,000 [14][17]. - **Alumina**: Affected by the expected capacity elimination and the increasing risk of a short squeeze, the price is expected to be strong in the short term and trade above 3100 yuan. In the medium term, it is recommended to short on rallies due to the potential oversupply [17][19]. - **Aluminum**: The market sentiment is bullish, but the off - season inventory accumulation expectation is strong. The price is expected to be under pressure in the short term, with the main contract trading between 20,200 and 21,000 [20][22]. - **Aluminum Alloy**: In the off - season, the terminal consumption is weak, and the social inventory in the main consumption areas is close to full capacity. The price is expected to fluctuate weakly, with the main contract trading between 19,400 and 20,200 [22][24]. - **Zinc**: The inventory has decreased both at home and abroad, and the macro sentiment has boosted the price. The price is expected to fluctuate in the short term, with the main contract trading between 22,000 and 23,500 [25][28]. - **Tin**: The market sentiment is strong, but the supply is expected to recover, and the demand is expected to be weak. It is recommended to avoid short positions for now and short on rallies after the sentiment stabilizes [28][31]. - **Nickel**: The macro sentiment has boosted the price, but the industrial overcapacity still restricts the upside. The price is expected to adjust within a range, with the main contract trading between 118,000 and 126,000 [31][33]. - **Stainless Steel**: The price fluctuates strongly, but the demand is still weak. The price is expected to fluctuate in the short term, with the main contract trading between 12,600 and 13,200 [35][37]. - **Lithium Carbonate**: Driven by the strong macro sentiment, the price continues to rise, but the fundamentals have not changed significantly. The price is expected to trade strongly in the short term, with the main contract trading between 68,000 and 74,000. It is recommended to wait and see [38][42]. Ferrous Metals - **Steel**: The anti - involution expectation has strengthened, driving up the steel price. The profit of steel mills has increased, and the production enthusiasm has recovered. It is recommended to hold long positions and avoid short positions, with potential resistance at 3250 for rebar and 3400 for hot - rolled coils [43][46]. - **Iron Ore**: The market sentiment has improved, and the increase in molten iron production and steel mill replenishment support the price. The price is expected to fluctuate strongly in the short term, and it is recommended to hold long positions and consider going long on dips for the 2509 contract [47][48]. - **Coking Coal**: The market auction flow - rate has decreased, and the coal mine复产 progress is lower than expected. The spot price is strong, and the demand for downstream replenishment is increasing. It is recommended to hold long positions and consider going long on dips for the 09 contract [49][52]. - **Coke**: The second round of price increases has been initiated by mainstream coking plants. The price is expected to continue to rebound. It is recommended to hold long positions and consider going long on dips for the 09 contract [53][55]. Agricultural Products - **Meal (Soybean Meal and Rapeseed Meal)**: The US soybeans have strong support at the bottom, and the import cost supports the domestic meal price. It is recommended to operate cautiously with a bullish bias [56][58]. - **Pigs**: Policy support benefits the pig futures, but the spot price fluctuates. The short - term sentiment is still strong, but there is pressure above 14,500 for the 09 contract [59][61]. - **Corn**: The market sentiment is basically stable, and the price rebounds and fluctuates. In the short term, the supply is tight, and the demand has resilience. It is recommended to focus on short - term trading and pay attention to subsequent policy auctions [62][63].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Trade policy uncertainty is rising in the short - term, with the dollar index expected to decline; the stock market is in a capital - driven market with abundant liquidity, and the bond market will remain volatile until substantial bullish factors such as interest rate cuts materialize [15][18][21]. - In the commodity market, different products have different trends. For example, power coal prices are expected to remain high in the short - term but face seasonal pressure after August; the price of some metals and energy - chemical products is affected by supply - demand, policies, and other factors [3][41]. 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US Treasury Secretary said trade negotiations are progressing steadily. Gold prices have risen strongly, and the short - term trend is volatile, facing a directional choice [11][12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - Dollar Index) - The US Republican accused the Fed Chairman of perjury, and the White House said Trump may issue more tariff letters before August 1. The dollar index is expected to decline in the short - term [13][15][16]. 3.1.3 Macro Strategy (Stock Index Futures) - The 7 - month LPR remained unchanged, and the State Council announced the "Housing Rental Regulations". It is recommended to allocate various stock indexes evenly [17][18][19]. 3.1.4 Macro Strategy (Treasury Bond Futures) - The Yarlung Zangbo River hydropower project started, and the central bank conducted a reverse repurchase operation. Before interest rate cuts and other substantial bullish factors, the bond market will remain volatile. It is recommended to sell long positions when the futures rebound and continue to allocate medium - term long positions at low prices [20][21]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - The inventory of soybean meal in oil mills is approaching 1 million tons, and the excellent rate of US soybeans has slightly decreased. The short - term futures price is expected to be volatile [22][23]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The export of Malaysian palm oil decreased from July 1 - 20, while the production increased. It is not recommended to over - short palm oil. Wait for the price to fall and then consider long positions [24][25][28]. 3.2.3 Agricultural Products (Sugar) - The import of syrup and premixed powder decreased in June, and the net short position of ICE raw sugar decreased. The short - term Zhengzhou sugar is expected to be volatile, and attention should be paid to the resistance level of 5900 [29][30][32]. 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - The daily output of Indonesia's Dexin Steel exceeded 20,000 tons, and the investment in water conservancy construction increased in the first half of the year. Steel prices are strong in the short - term, but risks should be vigilant after August [33][34][36]. 3.2.5 Agricultural Products (Corn Starch) - The export of corn starch decreased significantly in June. Starch enterprises are expected to continue to operate at a loss or with low profits, and the opening rate is expected to remain low [37]. 3.2.6 Black Metals (Coking Coal/Coke) - The coking coal market in Wuhai is strong. The short - term coking coal futures price is expected to be volatile, waiting for changes in the supply side [38][39]. 3.2.7 Agricultural Products (Corn) - The auction volume of imported corn decreased on July 22. It is recommended to hold a small number of short positions in new - crop corn and look for opportunities to add positions on rebounds [40]. 3.2.8 Black Metals (Steam Coal) - The social electricity consumption increased by 5.4% in June. The steam coal price is expected to remain high in the short - term, but seasonal pressure should be noted after August [41][42]. 3.2.9 Black Metals (Iron Ore) - The investment in water conservancy construction increased in the first half of the year. The long - term upward pressure on iron ore prices is limited, and short - term fluctuations may intensify [43][44]. 3.2.10 Non - Ferrous Metals (Polysilicon) - The export of Chinese photovoltaic modules decreased in June. It is recommended to go long at low prices, and the price is expected to run at a low level within the price limit [45][46][47]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - The export of industrial silicon increased in June. The short - term industrial silicon is expected to be strong, and attention should be paid to the resumption of production of large factories in Xinjiang [48][49]. 3.2.12 Non - Ferrous Metals (Copper) - The import of copper ore, scrap copper, and refined copper changed in June. The copper price is expected to be volatile and strong, and it is recommended to wait and see [50][52][54]. 3.2.13 Non - Ferrous Metals (Nickel) - Lifezone released a feasibility study report on its nickel project. The short - term nickel price may be strong, and attention should be paid to short - selling opportunities in the medium - term [55][56][57]. 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - The import of lithium carbonate and lithium spodumene decreased in June, and Yichun Yinli will conduct maintenance. It is recommended to stop profiting from long positions and consider reverse arbitrage [58][60][62]. 3.2.15 Non - Ferrous Metals (Lead) - The LME lead spread was at a discount on July 18, and the export of lead - acid batteries decreased in June. It is recommended to buy at low prices in the short - term [63][64][65]. 3.2.16 Non - Ferrous Metals (Zinc) - The export of die - cast zinc alloy and galvanized sheets increased, and the import of zinc concentrate increased in the first half of the year. It is recommended to wait and see in the short - term and pay attention to positive arbitrage opportunities in the near - month spread [66][67][69]. 3.2.17 Energy and Chemicals (Liquefied Petroleum Gas) - The FOB price of Middle - East frozen LPG decreased. The fundamentals are weak, and there is insufficient upward driving force [70][71][72]. 3.2.18 Energy and Chemicals (Crude Oil) - Turkey will terminate the Iraq oil pipeline agreement in July 2026. The short - term crude oil price is expected to fluctuate within a range [73][74]. 3.2.19 Energy and Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong decreased locally on July 21. It is difficult for the caustic soda price to continue rising [75][77][78]. 3.2.20 Energy and Chemicals (Pulp) - The price of imported wood pulp increased. The upward space of the pulp price is limited due to unchanged supply - demand [79][80]. 3.2.21 Energy and Chemicals (PVC) - The price of PVC powder increased. The PVC price may have limited upward movement due to inventory accumulation [81]. 3.2.22 Energy and Chemicals (Asphalt) - The inventory of asphalt refineries decreased. It is recommended to wait and see as the asphalt price needs oil price as a driving force [82][83]. 3.2.23 Energy and Chemicals (PX) - The PX price increased slightly on July 21. The short - term PX price is expected to be volatile and strong [84]. 3.2.24 Energy and Chemicals (PTA) - The spot basis of PTA decreased significantly. The PTA price may be strong in the short - term following the domestic commodity market [85][86]. 3.2.25 Energy and Chemicals (Urea) - The export of urea increased in June. The urea price may be slightly strong, oscillating around 1700 [87][88]. 3.2.26 Energy and Chemicals (Styrene) - The port inventory of styrene increased. The short - term styrene price is affected by macro factors, and the pure benzene price is expected to oscillate and repair [89][90]. 3.2.27 Energy and Chemicals (Bottle Chips) - The export quotation of bottle chip factories increased slightly. It is recommended to pay attention to the opportunity to expand the processing fee of bottle chips by going long at low prices [90][91]. 3.2.28 Energy and Chemicals (Soda Ash) - The inventory of soda ash manufacturers decreased. It is risky to short - sell in the short - term, and wait for policy guidance [92][93]. 3.2.29 Energy and Chemicals (Float Glass) - The price of float glass in Hubei increased on July 21. It is recommended to consider the cross - variety arbitrage strategy of going long on glass and short on soda ash [94].

Group 1 - The article highlights that most commodities have risen, emphasizing the importance of policy determination [1] - The U.S. 10-year Treasury yield has fallen below the 200-day moving average, currently at 4.35%, marking a decline for the fourth consecutive trading day [1] - The Zhengzhou Commodity Exchange has announced the listing of propylene futures contracts with a benchmark price of 6350 CNY per ton [1] Group 2 - U.S. stock indices have primarily risen, with the construction materials sector leading gains while the banking sector lagged [2] - The market's trading volume reached 1.73 trillion CNY, with a decrease in financing balance by 1.99 billion CNY to 1.889167 trillion CNY [2] - The A-share market is considered to have high investment value, particularly the CSI 500 and CSI 1000, which are supported by technology policies [2] Group 3 - The average daily pig iron output has increased by 26,300 tons week-on-week, marking the largest weekly increase in recent weeks [3] - Coking coal inventory at steel and coking plants has risen to 17.2 million tons, marking a four-week consecutive increase [3] - The market anticipates further policy support, with potential supply constraints due to enhanced safety and environmental regulations ahead of the September 3 military parade [3] Group 4 - Gold and silver have strengthened due to rising market risk aversion ahead of new tariff deadlines, alongside a weakening dollar and U.S. Treasury yields [4] - Recent economic data suggests that the impact of tariff policies may be less severe than previously feared, but caution is advised regarding potential future tariff threats [4] - The long-term support for gold remains strong due to continued purchases by the People's Bank of China [4] Group 5 - Fitch Ratings has downgraded the outlook for 25% of U.S. industries to "negative" due to increased uncertainty and expected prolonged high interest rates [5] - China's LPR remained unchanged for the second consecutive month, with the one-year rate at 3.0% and the five-year rate at 3.5% [6] - The National Energy Administration reported a 5.4% year-on-year increase in electricity consumption in June, with a cumulative increase of 3.7% for the first half of the year [7]

Group 1: Macroeconomic Insights - The core CPI has shown continuous recovery since February, with a year-on-year increase of 0.7% in June, marking a 0.1 percentage point expansion from the previous month, the highest in nearly 14 months [3] - The increase in gold prices, the "old-for-new" policy supporting durable goods prices, and a moderate recovery in service prices are the main drivers of the core CPI's sustained recovery [3] - Looking ahead, while service prices have room for recovery, the momentum may slow down due to various factors including high base effects and early release of durable goods demand [3][5] Group 2: Consumer Price Index (CPI) Components - Service prices have shown a continuous recovery, with a year-on-year increase of 0.5% in June, and a cumulative growth rate of 0.4% from January to June [6] - The rental price decline has narrowed, positively impacting the core CPI, as rental demand is closely related to employment conditions, particularly for recent graduates [6][7] - The upcoming summer travel season is expected to boost service prices, but the pressure on the rental market may increase due to the high number of graduates entering the job market [7] Group 3: Global Economic and Trade Dynamics - The report discusses the uncertainty in the Middle East and its potential impact on global supply chains, emphasizing the need for diversification in import sources for products heavily reliant on Middle Eastern imports [14][15] - The report highlights that the geopolitical situation in the Middle East could lead to significant supply risks, particularly for energy and chemical products, affecting downstream manufacturing sectors in China [15][17] Group 4: AI Industry Insights - The AI sector in the U.S. has seen a significant upward trend, with the AI industry rising by 80.19% since the beginning of 2024, outperforming the Nasdaq index, which increased by 38.47% in the same period [25] - Domestic AI tools are rapidly gaining market share through low pricing strategies, which is expected to lead to increased user adoption and long-term profitability [26] - The report suggests that the development of AI applications will have transformative effects across various industries, with a notable acceleration in B-end commercialization in the media sector [27]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The long - term bullish trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [10]. - China's equity assets are still promising in the long - term, and it is advisable to consider going long on stock index futures [8]. - For most commodities, the market situation is complex, and different trading strategies should be adopted according to the specific fundamentals of each commodity, such as waiting for opportunities to short, going long at low positions, or temporarily observing. 3. Summary by Commodity 3.1 Fixed - Income Products - **Treasury Bonds**: The previous trading day saw most treasury bond futures close higher. The current macro - economic recovery momentum needs strengthening, and the monetary policy is expected to remain loose. It is expected that there will be no trending market, and caution should be maintained [5][6]. 3.2 Equity - Related Products - **Stock Index Futures**: The previous trading day saw mixed performance in stock index futures. The domestic economic situation is stable, but the recovery momentum is weak. However, due to the low valuation of domestic assets and the resilience of the Chinese economy, the long - term performance of Chinese equity assets is optimistic, and it is advisable to consider going long on stock index futures [7][8][9]. 3.3 Precious Metals - **Precious Metals**: The previous trading day saw a slight decline in the closing price of the gold main contract and a slight increase in the silver main contract. The current global trade and financial environment is complex, and factors such as "de - globalization" and "de - dollarization" are beneficial to the allocation and hedging value of gold. The long - term bullish trend of precious metals is expected to continue, and it is advisable to consider going long on gold futures [10][11]. 3.4 Base Metals - **Copper**: The previous trading day saw Shanghai copper fluctuate slightly. The US imposing additional tariffs on copper has been confirmed, which has put downward pressure on Shanghai copper prices. After the decline, the price has gradually stabilized. It is advisable to temporarily observe the main contract of Shanghai copper [57][58]. - **Tin**: The previous trading day saw Shanghai tin fluctuate. The supply of tin ore is tight, and the consumption situation is good. The inventory at home and abroad is showing a downward trend. Overall, the supply is still in short supply [59]. - **Nickel**: The previous trading day saw Shanghai nickel rise. The price of the ore end has weakened, and the actual consumption is still not optimistic. The refined nickel is still in an oversupply situation, and the nickel price is expected to fluctuate [60]. 3.5 Ferrous Metals - **Rebar and Hot - Rolled Coil**: The previous trading day saw a slight rebound in rebar and hot - rolled coil futures. Although the important meeting at the beginning of the month has triggered expectations of supply contraction, the downward trend of the real estate industry and over - capacity are still suppressing the price. The price rebound space may be limited. It is advisable for investors to wait patiently for shorting opportunities after the rebound and set appropriate stop - profits [12][13]. - **Iron Ore**: The previous trading day saw a slight increase in iron ore futures. Policy expectations have boosted the price, but the supply - demand pattern has weakened marginally. The price valuation is relatively high. Technically, it may continue to be strong in the short - term. It is advisable for investors to pay attention to buying opportunities at low positions and set stop - profits in time [15]. - **Coking Coal and Coke**: The previous trading day saw a late - session rally in coking coal and coke futures. The important meeting at the beginning of the month has triggered expectations of supply contraction, but in reality, the coal mine start - up rate is rising, and the steel mill's procurement willingness is not strong. Technically, it may break through the previous high and continue to rise. It is advisable for investors to wait patiently for appropriate mid - term shorting entry points and set stop - profits in time [17][18]. - **Ferroalloys**: The previous trading day saw the manganese - silicon and silicon - iron main contracts close higher. The supply of ferroalloys is still high, and the demand is weak. After entering the off - season, the short - term demand has peaked, and the overall price is under pressure. If the spot losses continue to expand recently, it is advisable to consider low - value out - of - the - money call options [20]. 3.6 Energy Products - **Crude Oil**: The previous trading day saw INE crude oil open low and close high, supported by the 10 - day moving average. The decline in US active rig counts and summer oil demand support oil prices, but tariff frictions and sanctions against Russia still restrict oil prices. It is advisable to temporarily observe the main contract of crude oil [21][22][23]. - **Fuel Oil**: The previous trading day saw fuel oil rise and then fall, showing a weak trend. The supply of fuel oil in Asia is abundant, and trade frictions are intensifying, which is negative for fuel oil prices. It is advisable to pay attention to shorting opportunities in the main contract of fuel oil [24][25][27]. 3.7 Chemical Products - **Synthetic Rubber**: The previous trading day saw the synthetic rubber main contract close higher. The raw material price has fallen, and the operating profit has turned positive. The supply - demand situation is short - term loose. It is advisable to wait for the market to stabilize and then participate in the rebound [28][29]. - **Natural Rubber**: The previous trading day saw the natural rubber main contract and 20 - rubber main contract close higher. It is expected that the natural rubber market will maintain a relatively strong oscillation next week. It is advisable to pay attention to mid - term long - position opportunities [30][31]. - **PVC**: The previous trading day saw the PVC main contract close slightly higher. The current PVC market still has an oversupply situation, but the room for further decline is limited, and it may enter a bottom - oscillation stage [32][33][36]. - **Urea**: The previous trading day saw the urea main contract close higher. The short - term domestic urea market will fluctuate narrowly, waiting for the implementation of policies and demand. It is advisable to treat it as oscillating in the short - term and bullish in the medium - term [37][38]. - **Para - Xylene (PX)**: The previous trading day saw the PX2509 main contract rise. The short - term supply - demand balance of PX remains tight, but the support from crude oil costs is slightly insufficient. It is advisable to participate cautiously, pay attention to the changes in crude oil costs, and control risks [39][40]. - **PTA**: The previous trading day saw the PTA2509 main contract rise. The short - term supply of PTA increases, the demand weakens, and the cost support from crude oil is slightly insufficient. However, the processing fee of PTA has dropped to a low level, and subsequent production cuts may increase. It is advisable to participate within a range and pay attention to the opportunity to expand the processing fee when it is low [41]. - **Ethylene Glycol**: The previous trading day saw the ethylene glycol main contract rise. The supply pressure has been relieved recently, and the inventory has decreased and is at a low level. It is advisable to be cautious about the downward space and participate within a range, paying attention to port inventory and import changes [42][43]. - **Short - Fiber**: The previous trading day saw the short - fiber 2509 main contract fluctuate and adjust. The short - term fundamentals of short - fiber lack driving forces, and some factories have cut production. The processing fee is gradually recovering. It is advisable to be cautious about the space for the repair of the processing spread and pay attention to cost changes and the intensity of plant production cuts [44]. - **Bottle Chips**: The previous trading day saw the bottle chips 2509 main contract rise. Recently, the raw material price has fluctuated, and the support is slightly insufficient. The number of bottle chip plant overhauls has increased, and the inventory has decreased. It is expected that the market will follow the cost - end oscillation. It is advisable to participate cautiously and pay attention to cost price changes [45][46]. - **Soda Ash**: The previous trading day saw the main 2509 contract of soda ash close higher. The short - term soda ash market is expected to oscillate and adjust. In the long - term, the oversupply situation is difficult to alleviate. It is advisable to be rational and not over - pursue high prices or short [47]. - **Glass**: The previous trading day saw the main 2509 contract of glass close higher. The actual supply - demand fundamentals have no obvious driving forces. The price increase yesterday was mainly due to the pull of the energy sector such as coking coal, and it is expected to rebound in the short - term [48][49]. - **Caustic Soda**: The previous trading day saw the main 2509 contract of caustic soda close lower. The short - term price may have some support, but the overall positive support is still relatively limited [50][51]. - **Pulp**: The previous trading day saw the main 2509 contract of pulp close higher. The supply of pulp still tends to expand, and the demand in the market is weak. The overall pulp price is expected to fluctuate and adjust [53]. - **Lithium Carbonate**: The previous trading day saw the lithium carbonate main contract close higher. Although there are expectations of supply - side reforms and production cuts by enterprises, the supply - demand pattern has not changed, and the inventory remains high. It is not advisable for investors to chase high prices [55][56]. 3.8 Agricultural Products - **Soybean Oil and Soybean Meal**: The previous trading day saw soybean oil and soybean meal futures close higher. The domestic soybean supply is relatively loose, and the import cost has increased. It is advisable to consider long - position opportunities in the low - support range for soybean meal after adjustment, and for soybean oil, consider call option opportunities in the support range after the price decline [61][62]. - **Palm Oil**: The previous trading day saw the Malaysian palm oil futures close lower. The export data of Malaysian palm oil in July 1 - 15 was weak, and the domestic palm oil inventory has increased. It is advisable to consider the opportunity to widen the spread between rapeseed oil and palm oil [63][64]. - **Rapeseed Meal and Rapeseed Oil**: The previous trading day saw the Canadian rapeseed futures close higher. The domestic rapeseed, rapeseed meal, and rapeseed oil are all in the process of destocking. It is advisable to consider long - position opportunities in rapeseed products [65][66]. - **Cotton**: The previous trading day saw domestic Zheng cotton rebound to a new high. The US Department of Agriculture's July report raised the estimates of US cotton production and global inventory. The global supply - demand is expected to remain loose, and it is advisable to observe [67][68][70]. - **Sugar**: The previous trading day saw domestic Zheng sugar fluctuate. The production forecast in Brazil has been lowered. The domestic inventory is low, and the supply - demand contradiction is not sharp. It is advisable to observe [71][72]. - **Apples**: The previous trading day saw domestic apple futures rise slightly. The expected production reduction has been falsified, and the national apple production is expected to increase slightly. It is advisable to pay attention to short - selling opportunities when the price is high [73][75][76]. - **Hogs**: The previous trading day saw the main contract of hogs close lower. The short - term price is expected to be stable with narrow adjustments. In the middle of the month, the group - farm slaughter volume has recovered, and the demand in the summer off - season is still weak. It is advisable to hold previous short positions [77][78]. - **Eggs**: The previous trading day saw the main contract of eggs close lower. The supply of eggs in July is expected to continue to increase year - on - year. It is advisable to consider a 9 - 10 reverse spread [79][80]. - **Corn and Starch**: The previous trading day saw the corn main contract and the corn starch main contract close higher. The domestic corn supply - demand is approaching balance, and the consumption is warming up. The inventory pressure has decreased. It is advisable to observe. The production and demand of corn starch are both weak, and it mainly follows the corn market [81][82]. 3.9 Logs - **Logs**: The previous trading day saw the main 2509 contract of logs close higher. It is expected to oscillate and adjust before the first delivery. The main 09 and far - month contracts are mainly influenced by positive sentiment, but the actual quoted price of standard products has not increased significantly [83][86].

Core Viewpoint - The collaboration between Everbright Bank and Ordos Group has evolved over nearly 20 years, showcasing the latter's innovation and industrial upgrades, particularly in the textile and energy sectors [2][3]. Group 1: Company Overview - Ordos Group operates a modern cashmere industry park in Inner Mongolia, processing high-quality cashmere through over 100 procedures to produce premium cashmere garments for global markets [1]. - The brand "Ordos" has maintained its position as the top brand in the textile and apparel industry for 19 consecutive years [2]. Group 2: Financial Collaboration - Everbright Bank's cooperation with Ordos Group has transitioned from a single business model of 340 million yuan in working capital loans to a diversified financial service model addressing various corporate needs, with total credit now reaching 7.5 billion yuan [3]. - The partnership has expanded from one subsidiary to eleven, covering the entire production process from supply to sales, thereby enhancing financial support for Ordos Group [4]. Group 3: Future Outlook - Everbright Bank plans to support Ordos Group's vision of creating a world-class sustainable cashmere fashion industry and a high-tech green circular industry, contributing to the long-term development of the company [5]. - The bank aims to increase its financial services to the private sector, with a target of approving 19.4 billion yuan in credit by 2025, focusing on high-quality development and transformation of traditional industries [5].

Core Viewpoint - China National Petroleum Corporation Capital Co., Ltd. (CNPC Capital) and Kunlun Capital are focusing on building an integrated ecosystem for industrial investment and financing, emphasizing the importance of "industrial demand" in their collaboration [1] Group 1: Industry Context - The energy industry is characterized by its complexity and extensive financial needs, requiring a variety of financing channels and tools to support systemic transformation [1] - Compared to traditional finance, industrial finance should enhance resource integration and value addition to help achieve goals such as maintaining industrial safety, driving innovation, optimizing structure, and promoting upgrades [1] Group 2: Strategic Initiatives - CNPC Capital and Kunlun Capital are committed to improving efficiency and reducing carbon emissions in the oil and gas chemical industry through capital integration, creating a "cloud ladder" for development between CNPC and invested enterprises [1] - Regular supply-demand matching lists and communication activities will be organized to strengthen business cooperation and enhance the resilience of the industrial supply chain [1] Group 3: Resource Integration - The companies are integrating research, industry, capital, and financial resources to promote deep integration of innovation, industry, and funding chains, facilitating the flow of resources across units [2] - A full lifecycle empowerment system is being constructed to assist in the incubation, transformation, and industrialization of advanced technological achievements [2] Group 4: Investment Strategy - Kunlun Capital is employing a "fund + direct investment" dual-driven model, focusing on investments in emerging industries such as new energy, new materials, green environmental protection, and high-end intelligent manufacturing [2] - The company is exploring new paths for industry development through selective investment in mature projects and identifying strategic acquisition opportunities [2] Group 5: Financial Services - CNPC Capital aims to leverage its comprehensive financial licenses and extensive service network to enrich its financial product offerings, providing tailored and competitive "one-stop" comprehensive financial services for industrial units and invested enterprises [2]

行业 纯碱、玻璃日报 日期 2024 年 7 月 16 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：李金（甲醇） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 ＃summary＃ 每日报告 一、纯碱、玻璃行情回顾与操作建议 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfuture ...