Group 1: Copper Market - LME copper closing price is $9592/ton, down $247/ton from July 25, a decrease of -2.51% [1][4] - SHFE copper closing price is 78390 CNY/ton, down 780 CNY/ton from July 25, a decrease of -0.99% [1][4] - LME copper inventory is 141750 tons, up 13275 tons from July 25, but down 103400 tons year-on-year [1][4] - COMEX copper inventory is 259681 tons, up 11822 tons from July 25, and up 244655 tons year-on-year [1][4] - SHFE copper inventory is 72543 tons, down 880 tons from July 25 [1][4] Group 2: Aluminum Market - Domestic electrolytic aluminum price is 20490 CNY/ton, down 310 CNY from July 25 [5][6] - LME aluminum inventory is 462800 tons, up 11975 tons from July 25, and down 466525 tons year-on-year [5][6] - Domestic SHFE inventory is 117527 tons, up 1737 tons from July 25, and down 156666 tons year-on-year [5][6] Group 3: Precious Metals - London gold price is $3346.85/oz, up $3.35/oz from July 25, an increase of 0.10% [2] - London silver price is $36.49/oz, down $2.25/oz from July 25, a decrease of -5.80% [2] - Non-farm payroll data for July shows an increase of 73000 jobs, significantly below the expected 104000 [3][2] Group 4: Tin and Antimony - Domestic refined tin price is 264070 CNY/ton, down 7290 CNY from July 25, a decrease of -2.69% [8] - Domestic antimony ingot price is 184500 CNY/ton, unchanged from July 25 [9] - Domestic tin market shows tight supply with reduced output from major production areas [8][9] Group 5: Investment Recommendations - Gold industry maintains a "recommended" investment rating due to ongoing Fed rate cuts [10] - Copper industry maintains a "recommended" investment rating despite short-term demand weakness [11] - Aluminum industry maintains a "recommended" investment rating with expectations of tight supply in the long term [12]

Group 1 - The U.S. non-farm payrolls added 73,000 jobs in July, significantly below the market expectation of 110,000, with May and June's job additions revised down by a total of 258,000 [1] - Following the disappointing employment data, expectations for interest rate cuts increased, leading to a surge in gold prices, with COMEX gold futures surpassing $3,400 [1] - The gold sector saw significant gains, with Chifeng Jilong Gold Mining rising over 6% and other leading companies in the non-ferrous metals sector also experiencing substantial increases [1] Group 2 - The non-ferrous metal sector has shown strong performance, with the sector index up over 22% year-to-date, significantly outperforming major market indices [3][5] - A fund split for the non-ferrous metal ETF (159876) was implemented on August 1, with a 1:2 split ratio, aimed at lowering the trading threshold while maintaining total asset value [3] - The non-ferrous metal index has seen a cumulative increase of 22.68% from January 1, 2025, to July 31, 2025, outperforming other major indices [5] Group 3 - Key drivers for the strong performance of the non-ferrous metal sector include supportive government policies, positive earnings forecasts from listed companies, and a low valuation environment [6][8] - The sector is expected to benefit from a weaker U.S. dollar and increased demand for metals, particularly copper and rare earth elements, as supply constraints persist [8][9] - The non-ferrous metal ETF (159876) and its associated funds are well-positioned for investment, providing exposure to a diversified range of metals, including copper, aluminum, gold, and rare earths [8]

Report Summary 1. Industry Investment Ratings - Gold: Cautiously long [1] - Silver: Stabilize and test long [1] - Copper: Buy on dips [1] - Zinc: Sell on rallies [1] - Lead: Resistance on rallies [1] - Tin: Resistance on rallies [1] - Aluminum: Under pressure [1] - Nickel: Under pressure [1] - Industrial Silicon: Cautiously bearish [1] - Polysilicon: Cautiously bearish [1] - Lithium Carbonate: Cautiously long [1] 2. Core Views - The weak US data has increased the expectation of interest rate cuts and the risk of stagflation, leading to an inflow of safe - haven funds and a significant increase in gold prices. The long - bull logic of gold remains unchanged in the long term [3][4]. - For copper, short - term supply - demand contradictions are due to seasonal factors and inventory pressure, while long - term contradictions lie in demand uncertainty and potential demand growth. After the non - farm payroll data was disappointing, the dollar index weakened, and copper prices rebounded [8][9]. - Zinc supply is abundant, and demand is weak during the off - season. It is recommended to hold short positions and seize opportunities to short on rallies [10][12]. - Aluminum prices are under pressure due to downstream weakness and inventory accumulation [13][15]. - Nickel prices face pressure due to weak supply - demand and inventory accumulation, and stainless steel also faces over - supply in the off - season [17][19]. - Lithium carbonate inventory has decreased, and with potential supply risks and improved demand, it is recommended to go long on dips [21][23]. 3. Summary by Directory Gold and Silver - **Market Review**: Weak US data increased the expectation of interest rate cuts, and the risk of stagflation reappeared. Safe - haven funds flowed in, causing a significant increase in gold prices [3]. - **Basic Logic**: US data increased the expectation of interest rate cuts; "reciprocal tariffs" are about to take effect; global gold demand is growing strongly. The long - bull logic of gold remains unchanged in the long term [4]. - **Strategy Recommendation**: Pay attention to the support around 770 for gold in the short term. For silver, it has fallen back to the previous range, and it is recommended to enter long positions after stabilization [5]. Copper - **Market Review**: Shanghai copper stopped falling and fluctuated narrowly [8]. - **Industry Logic**: Short - term supply - demand contradictions are related to seasonal factors and inventory pressure. Medium - term contradictions are the coexistence of tight copper concentrate supply and high electrolytic copper production. Long - term contradictions are between demand uncertainty and potential demand growth [8]. - **Strategy Recommendation**: After the non - farm payroll data was disappointing, the dollar index weakened, and copper prices rebounded. It is recommended to buy on dips in the short term and be bullish on copper in the long term. Pay attention to the price range of Shanghai copper [77500, 79500] and LME copper [9650, 9850] [9]. Zinc - **Market Review**: Shanghai zinc fluctuated weakly [11]. - **Industry Logic**: Zinc concentrate supply is abundant, processing fees are rising, and demand is weak during the off - season [11]. - **Strategy Recommendation**: It is recommended to hold previous short positions and take partial profits. Seize opportunities to short on rallies in the long term. Pay attention to the price range of Shanghai zinc [21800, 22600] and LME zinc [2650, 2850] [12]. Aluminum - **Market Review**: Aluminum prices were under pressure, and alumina also showed a downward trend [14]. - **Industry Logic**: For electrolytic aluminum, costs have decreased, inventory has increased, and downstream demand is weak. For alumina, supply is abundant, and inventory is accumulating [15]. - **Strategy Recommendation**: It is recommended to sell on rallies for Shanghai aluminum in the short term and pay attention to inventory changes. The main operating range is [20000 - 20700] [16]. Nickel - **Market Review**: Nickel prices were under pressure, and stainless steel rebounded and then fell [18]. - **Industry Logic**: Nickel supply - demand is weak, and inventory is accumulating. Stainless steel has over - supply issues in the off - season [19]. - **Strategy Recommendation**: It is recommended to sell on rallies for nickel and stainless steel and pay attention to downstream inventory changes. The main operating range for nickel is [118000 - 121000] [20]. Lithium Carbonate - **Market Review**: The main contract LC2509 reduced positions for five consecutive days, with a significant decline in trading volume and a gain of over 1% [22]. - **Industry Logic**: The inventory has stopped increasing, and the supply - demand situation may improve. The compliance risk of mining licenses is a key factor [23]. - **Strategy Recommendation**: There are still expectations of supply speculation. It is recommended to go long on dips in the range of [68000 - 71500] [24].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - The report highlights the impact of the recent 232 tariffs on copper, which do not include refined copper, leading to a significant drop in US copper prices. The week saw a decline in copper prices with LME copper down 2.51%, SHFE copper down 1.07%, and US copper down 23.45% [5][10]. - The report emphasizes the recovery in downstream copper demand, with the copper rod operating rate increasing by 2.36 percentage points to 71.73% [5]. - The report suggests monitoring the supply disruptions in Chile and the potential impact of the Federal Reserve's interest rate cuts in September [5]. Summary by Sections 1. Industry Overview - Important macroeconomic information includes lower-than-expected job vacancies in the US and mixed employment data, indicating a cautious economic outlook [9]. - The non-ferrous metals sector underperformed, with the Shenwan non-ferrous index down 4.62%, lagging behind the Shanghai Composite Index by 3.68 percentage points [12]. 2. Industrial Metals Copper - LME copper prices fell by 2.51%, while SHFE copper prices decreased by 1.07%. LME copper inventory increased by 10.33% [26]. - The report notes a copper smelting profit of -2408 CNY/ton, indicating a narrowing loss [26]. Aluminum - LME aluminum prices dropped by 4.12%, and SHFE aluminum prices fell by 1.33%. The report indicates a decrease in aluminum smelting profit to 4116 CNY/ton, down 7.71% [37]. Lead and Zinc - LME lead prices decreased by 3.30%, and SHFE lead prices fell by 1.48%. LME zinc prices dropped by 4.59%, while SHFE zinc prices decreased by 2.19% [52]. - The report highlights a smelting profit of 346 CNY/ton for zinc, with mining profits down 6.47% to 6884 CNY/ton [52]. Tin and Nickel - LME tin prices fell by 5.10%, and SHFE tin prices decreased by 2.47%. LME nickel prices dropped by 4.08%, while SHFE nickel prices fell by 2.83% [66]. 3. Energy Metals Lithium - Lithium carbonate prices decreased by 2.13% to 71350 CNY/ton, while lithium hydroxide prices increased by 4.04% to 65670 CNY/ton [83]. - The report indicates a smelting profit of 862 CNY/ton for lithium from spodumene, while the profit from lithium from lepidolite was -4608 CNY/ton [83]. Cobalt - Domestic cobalt prices surged by 11.29% to 276000 CNY/ton, with significant increases in cobalt smelting profits [96]. 4. Market Performance - The report provides a detailed analysis of the performance of various non-ferrous metal stocks, highlighting the top gainers and losers in the market [12]. 5. Valuation Changes - The report notes that the PE_TTM for the non-ferrous sector is 20.54, with a decrease of 0.88, while the PB_LF is 2.37, down 0.11 [21].

Market Review - Global equity markets experienced a general adjustment, with Hong Kong, France, Germany, and the US stock markets showing significant declines. A-shares, after five consecutive weeks of gains, faced a correction, with major indices generally declining. In terms of sectors, A-share CPO and innovative pharmaceuticals led the gains, while cyclical products like coal and non-ferrous metals saw a pullback. The domestic commodity market cooled down due to risk warnings from the three major futures exchanges and position limits on certain products, leading to sharp declines in previously strong commodities like coking coal, glass, and polysilicon. On the international front, Trump's announcement on July 30 regarding copper tariffs did not impose restrictions on copper raw materials, resulting in a significant drop in COMEX copper prices. In the foreign exchange market, the US dollar index plummeted after the release of non-farm payroll data on Friday, with market expectations for a rate cut in September significantly increasing [1][2][3]. Market Outlook - The report suggests that the current market correction is temporary, and the slow bull market trend remains unchanged. Following the July Politburo meeting and the new round of China-US economic and trade talks, the market's speculation on incremental policies has cooled down, and after five weeks of consecutive gains, the index requires a phase of adjustment. Looking ahead, the expectation of a Federal Reserve rate cut has reignited, and domestic macro and micro liquidity remains relatively ample, which is conducive to the continuation of the slow bull trend in A-shares. Since the "623" market, A-shares have shown clear characteristics of "rotating upward and low-level replenishment," with better sustainability of the profit-making effect. Additionally, the sources of incremental capital in the market are diverse, with increased participation from public and private equity institutions, and the positive feedback effect of "residents allocating funds into the market and the slow rise of the stock market" is expected to strengthen [2][3]. Sector Allocation - The report recommends focusing on the following areas for sector allocation: 1) New technologies and growth directions such as AI computing power, robotics, and solid-state batteries; 2) Reallocation opportunities in dividend sectors after corrections, such as certain undervalued state-owned enterprises. Thematic areas of interest include self-controllable technologies, military industry, low-altitude economy, and marine technology [2][3].

Group 1: Report Industry and Overall Information - The report focuses on the precious metals and non - ferrous metals industry, including gold, copper, aluminum, zinc, nickel, tin, lithium carbonate, and the silicon industry [2] Group 2: Gold Core View - Trump's tariff deadline approaching boosts risk - aversion sentiment, but the rebound of the US dollar index to 100 suppresses the gold price. The market continues to lower the probability of the Fed cutting interest rates in September. Global gold investment demand is strong, with a 78% year - on - year increase in Q2, and central bank gold purchases remain a long - term support. The market is cautious before the release of non - farm payroll data [3] Key Points - SHFE gold main contract price data is presented, along with COMEX gold price and gold - silver ratio data [4] - Gold long - term fund holdings, SHFE and SGX gold spot - futures spreads, and gold and US dollar index, gold and US Treasury real - yield relationships are shown [8][11] Group 3: Copper Core View - COMEX copper and LME, SHFE copper spreads still fluctuate, and the market needs time to determine a reasonable range. High copper inventory in the COMEX market may not flow out, affecting future imports. The price of Shanghai copper is closely linked to LME copper and depends on global macro - policies and expectations. Global tariff policies may impact copper demand and price [15] Key Points - Copper futures and spot data, including prices, daily changes, and price differences, are provided [16][19] - Copper import profit and loss, processing fees, and refined - scrap copper price differences are presented [27][31] - Copper warehouse receipts and LME copper inventory data are given [33] Group 4: Aluminum Core View - For aluminum, low inventory supports the price, but demand is weak and the macro - situation is unclear, so short - term Shanghai aluminum is expected to fluctuate. For alumina, short - term capital games intensify, and investors should control risks. Cast aluminum alloy is expected to maintain high - level fluctuations [35][36][37] Key Points - Aluminum and alumina futures and spot price data, including spreads and basis, are provided [38][44][51] - Aluminum and alumina inventory data, including warehouse receipts and LME inventory, are given [57] Group 5: Zinc Core View - The supply side of zinc is gradually shifting from tight to surplus, and the demand side is weak during the off - season. In the short term, focus on macro - data, market sentiment, and supply - side disturbances [63] Key Points - Zinc futures price data, including spreads and basis, are provided [64] - Zinc spot price data, including spreads and LME spreads, are given [72] - Zinc inventory data, including warehouse receipts and LME inventory, are presented [76] Group 6: Nickel Core View - The fundamentals of the nickel industry have no significant changes. If nickel - iron prices decline, the supply of nickel - ice may decrease, supporting nickel prices. Stainless steel is supported by cost and inventory reduction, and sulfuric acid nickel has a price - holding sentiment [79] Key Points - Nickel and stainless - steel futures price data, including spreads and basis, are provided [80] - Nickel spot price, inventory, and related cost - profit data are presented [84][88][92] Group 7: Tin Core View - As the anti - involution heat fades, tin prices may decline slightly. The US copper tariff adjustment has little impact on tin, and the rising US dollar index lowers non - ferrous metal prices [93] Key Points - Tin futures and spot price data, including spreads and basis, are provided [93][98] - Tin inventory data, including warehouse receipts and LME inventory, are given [102] Group 8: Lithium Carbonate Core View - There are still short - term supply - side disturbances. The production schedule in August is expected to be good. It is expected to maintain a wide - range fluctuation, and investors should pay attention to market changes and position risks [107] Key Points - Lithium carbonate futures price data, including spreads and basis, are provided [107][109] - Lithium carbonate spot price data, including various lithium raw materials and product prices, are presented [111] - Lithium carbonate inventory data, including warehouse receipts and social inventory, are given [115] Group 9: Silicon Industry Core View - The industrial silicon market is expected to fluctuate, and the polysilicon market is expected to have wide - range fluctuations, mainly driven by macro - sentiment [117] Key Points - Industrial silicon spot and futures price data, including spreads and basis, are provided [118][119] - Polysilicon, silicon wafer, battery cell, and component price data are presented [126][127][128] - Industrial silicon production, inventory, and cost data are given [133][137][147]

Report Industry Investment Ratings No relevant content provided. Core Views - The A-share market shows a differentiated market sentiment and sector performance, with technology sectors leading the rise and cyclical products leading the decline. Short-term risk of a pullback after a sharp rise should be vigilant, while the entry of insurance funds in the medium to long term is expected to enhance market stability. [2] - The WTI crude oil main contract is expected to have a volatile rebound, with support around $63 - $65 per barrel. The overall medium to long-term price center of crude oil is moving down. [3] - Gold prices have dropped to a three - week low. Short - term attention should be paid to the key support level of $3300 per ounce, and the potential boost to risk aversion sentiment from core PCE data and Sino - US trade negotiations should be monitored. [4][5] - After the technical breakdown of the $37.5 support level for silver, there is a tug - of - war around $37. If it breaks below $36.7, it may decline to the $36.3 - $36.5 range. [6] - Most chemical products such as PTA, ethylene glycol, PVC, PP, plastic, etc. are expected to have short - term volatile operations, with attention to relevant influencing factors such as cost, policy, and market sentiment. [7][8][10][11] - For agricultural products, corn, peanut, and cotton futures prices are expected to be weak in the short term, while egg prices have limited downward space, and soybean meal may have a wide - range shock, and soybean oil may be strong in the short term. [18][19][20][21][25][26] - For metals, most metal products such as copper, aluminum, etc. have complex market situations, and different trading strategies are recommended according to different varieties. [27][28] - For black commodities, stainless steel may have a short - term correction, while hot - rolled coils, rebar, and iron ore may have short - term volatile operations, and coking coal and coke may be strong in the short term. [33][34][35][37][39] Summary by Directory Macro - The Politburo meeting released multiple signals, including activating the capital market, expanding domestic demand, and supporting innovation. The long - cycle assessment mechanism for insurance funds has been implemented, and the proportion of equity investment is expected to increase. The lithium - battery industry's "anti - involution" policy is deepening. [2] - The A - share market shows a differentiated market sentiment and sector performance, with technology sectors leading the rise and cyclical products leading the decline. [2] Crude Oil - Summer demand supports oil prices, but OPEC's production increase plan, Fed meetings, and trade negotiations bring instability. The WTI main contract is expected to have a volatile rebound with support around $63 - $65 per barrel. [3] - The IEA has raised the global oil supply growth forecast for 2025 to 2.1 million barrels per day, and OPEC + may increase production in July and August, leading to a relatively weak oil price in the medium to long term. [3] Gold - The Fed maintained interest rates unchanged, and Powell's hawkish remarks reduced the probability of a September rate cut, pushing up the dollar index and the yield of 10 - year US Treasury bonds, increasing the opportunity cost of holding gold. [4] - Gold prices dropped to a three - week low, but institutional willingness to buy on dips still exists. Short - term attention should be paid to the key support level of $3300 per ounce and relevant influencing factors. [4][5] Silver - The Fed maintained interest rates unchanged, and the probability of a September rate cut decreased, suppressing the attractiveness of silver as a non - income asset. Trump's tariff on semi - finished copper indirectly dragged down silver. [6] - After the technical breakdown of the $37.5 support level, there is a tug - of - war around $37. If it breaks below $36.7, it may decline to the $36.3 - $36.5 range. [6] Chemical - **PTA**: The spot price decreased, the processing fee was at a low level, the overall supply was strong and the demand was weak, and it was expected to have a short - term volatile operation. [7] - **Ethylene Glycol**: The supply became more relaxed, the inventory was at a low level, and it was expected to have a short - term volatile operation, with attention to macro - policies. [8] - **PVC**: The supply decreased slightly, the demand improved slightly, the inventory increased, and the fundamentals did not improve significantly, with short - term fluctuations following market sentiment. [10] - **PP**: The supply decreased slightly, the demand decreased slightly, the inventory increased, and the fundamentals did not improve, with short - term fluctuations following market sentiment. [11] - **Plastic**: The supply increased slightly, the demand decreased slightly, the inventory decreased, and the fundamentals did not improve, with short - term fluctuations following market sentiment. [12] - **Soda Ash**: The supply decreased, the demand increased, the inventory decreased, the fundamentals had limited driving force, and short - term rational operation was recommended. [13] - **Glass**: The supply fluctuated slightly, the demand weakened, the inventory decreased, the supply - demand change was limited, and short - term rational operation was recommended. [14] - **Methanol**: The supply increased, the demand had contradictions, the inventory increased, the cost had support but the profit was difficult to sustain, and the futures price was expected to be weak in the short term. [17] Agricultural Products - **Corn**: The global and US yields are at high levels, but the ending inventory has decreased. The domestic market is in a state of alternating old and new grains, and the demand is weak. The futures price is expected to be weak in the short term. [18][19] - **Peanut**: The estimated planting area is expected to increase. The market is in a state of weak supply and demand, and the futures price is expected to oscillate at the bottom in the short term. [20] - **Cotton**: The global and US cotton production and ending inventory are expected to increase. The domestic supply is expected to be loose, and the demand is weak. The cotton price is expected to be weak in the short term. [21] - **Pig**: The supply pressure is increasing, the demand is in the off - season, and the price may oscillate in the short term. [22] - **Egg**: The production capacity is sufficient, the demand is weak, and the futures price has limited downward space. [24] - **Soybean Meal**: The international price is driven by tariffs and weather. The domestic supply is strong and the demand is weak, and the futures price may have a wide - range shock in the short term. [25] - **Soybean Oil**: The international market focuses on weather. The domestic supply pressure is large, and the futures price may be strong in the short term. [26] Metals - **Copper**: The US copper tariff event led to a decline in US copper prices. The domestic support policies are strong, and the copper market has complex game situations. [27] - **Aluminum**: The Fed maintained interest rates, the supply is close to the ceiling, the demand is in the off - season, and the price may be weak in the short term. [28] - **Alumina**: The supply is sufficient, the demand is weak, and it is recommended to wait for macro - guidance. [29] - **Cast Aluminum Alloy**: The cost provides support, the supply is excessive, the demand is in the off - season, and it is expected to follow the aluminum price and oscillate. [30] - **Lithium Carbonate**: The cost support is weakening, the supply is stable, the demand is in the off - season, and the price fluctuates greatly due to market sentiment. [31] - **Industrial Silicon**: The supply has increased, the demand is expected to decline, and it is expected to oscillate at a high level. [32] - **Polysilicon**: The supply has increased, the demand is weakening, and it is expected to oscillate at a high level. [33] Black - **Stainless Steel**: The cost support is weakening, the supply may decrease, the demand is in the off - season, and it may have a short - term correction. [34] - **Rebar**: The "anti - involution" policy is being implemented, the cost support is weakening, the demand has a slight recovery, and it may oscillate at a high level in the short term. [35] - **Hot - Rolled Coils**: Similar to rebar, it may oscillate at a high level in the short term. [36] - **Iron Ore**: The supply has increased, the demand is supported, the inventory is at a low level, and it may oscillate in the short term. [37][38] - **Coal**: Coking coal supply may shrink, and coke prices may be strong due to cost and demand, but relevant risks need to be monitored. [39]

原油方面： 原油日线形态上有走好的迹象，但基本面并未得到改善，甚至有进一步恶化的可能，这可能会限制油价反弹的高度。 黄金方面： 隔夜黄金有止跌企稳的迹象，但力度上不算强劲，稳健投资者可更有耐心的等待进场点。隔夜美国一系列数据发布，大大降低了今年美联储降息的可能性。 首先美国通胀继续上扬，6月核心PCE物价指数年率达到2.8%，是今年2月以来的新高，通胀曲线已经明显向上拐头，符合美联储的预判，距离美联储期望值 越来越远。同时ADP达到10.4万人，但至7月26日当周初请失业金人数不及预期。 百利好特约智昇研究市场策略师鹏程认为，目前美国的就业市场未出现明显降温的迹象，但通胀上行趋势已经形成，降息已成非必要选项。 技术面：黄金日线收阳线十字星，上方的长期均线是目前的压力所在。1小时周期低点不创新低，有形成上升中继形态的可能，日内短线可关注下方3282美 元一线的支撑。 黄金小时图 铜方面： 铜日线收大阴线，前期上涨形态完全被破坏，但短线急跌造成多个周期乖离率过大，有修复的需要，日内可尝试博反弹，下方可关注4.30一线的支撑，上方 可关注4.60美元一线的压力。 日经225方面： 日线收中阴线，上升结构完成，中期调 ...

Group 1: Economic Indicators - The official manufacturing PMI in China fell to 49.3 in July, indicating a contraction in the manufacturing sector, with the new orders index dropping to 49.4, down 0.8 percentage points from the previous month, reflecting a slowdown in market demand [1] - The National Council meeting approved policies to implement personal consumption loan interest subsidies and service industry loan interest subsidies as part of the "Artificial Intelligence +" initiative [1] Group 2: Stock Market Insights - The three major U.S. stock indices declined, with significant pullbacks in the steel and non-ferrous metal sectors, while the computer and communication sectors saw gains, with a market turnover of 1.96 trillion yuan [2][8] - The financing balance increased by 2.174 billion yuan to 1.970595 trillion yuan on July 30, indicating a growing interest in long-term capital allocation in the current low-risk interest rate environment [2][8] - The A-share market is viewed as having high investment value, particularly the CSI 500 and CSI 1000 indices, which are expected to benefit from technology innovation policies [2][8] Group 3: Commodity Market Analysis - Glass futures continued to decline, with production enterprise inventories at 51.78 million heavy boxes, down 1.56 million boxes week-on-week, indicating a supply contraction and improved market expectations [3][13] - The pure soda ash futures also saw a decline, with inventories at 1.684 million tons, down 104,000 tons week-on-week, suggesting a similar trend of inventory digestion in the market [3][13] Group 4: Precious Metals - Gold prices experienced a rebound after a dip, while silver continued to decline, influenced by a divided stance within the Federal Reserve regarding interest rate decisions [4][15] - The U.S. economic data showed resilience, with a rebound in CPI, and ongoing pressure from former President Trump on the Fed to lower interest rates, contributing to the volatility in precious metals [4][15] Group 5: Industry News - In the first half of the year, China's renewable energy installed capacity increased by 268 million kilowatts, a year-on-year growth of 99.3%, accounting for 91.5% of the new installed capacity [7] - The new energy storage installed capacity reached 94.91 million kilowatts, showing a growth of approximately 29% compared to the end of 2024 [7]

Core Viewpoint - Trump stated that Mexico will continue to pay tariffs of 25% on fentanyl, 25% on automobiles, and 50% on steel, aluminum, and copper [1] Group 1 - The 25% tariff on fentanyl indicates a continued focus on drug-related trade issues [1] - The automotive sector will be impacted by the 25% tariff, potentially affecting pricing and supply chains [1] - The 50% tariffs on steel, aluminum, and copper suggest significant implications for industries reliant on these materials, potentially increasing production costs [1]