格隆汇8月5日丨美锦能源(000723.SZ)在投资者互动平台表示，公司1000吨/年淀粉基电容炭产业化项目 (一期)已建成并投入连续生产。该项目属于国内首台套产线，倍受用户市场和社会各界关注，不仅填补 了国内空白，还解决了"卡脖子"的技术难题。电容炭作为储能器件中关键核心电极材料，市场需求量 大，并呈快速增长态势。公司超级电容炭已进行批量生产，经测试主要技术指标和参数理想，产品质量 达到国际先进水平。公司正在积极推进市场开拓工作，并向目标客户送样检测，客户检测确认后逐步签 订销售合同。现在已有部分产品销售。产能释放和市场开发均按计划有序推进中。 ...

Report industry investment rating No relevant content provided. Core view of the report - Overseas, the EU has suspended trade countermeasures against the US for 6 months, and Fed officials indicate that the timing of interest rate cuts is approaching, with a preference for more than two rate cuts this year. Domestically, China's manufacturing PMI in July was 49.3%, a 0.4 percentage point decrease from the previous month, and the economy slowed in July. China has introduced a national child - rearing subsidy system, and the US - China tariff truce has been extended by 90 days. Global risk appetite has increased, and domestic risk preference has also risen [3]. - The short - term logic of the precious metals market has changed significantly. Gold is short - term bullish, while silver's rise is expected to lag behind gold, and the gold - silver ratio is likely to continue to rise [5]. - The short - term prices of black metals are affected by production restriction news. Steel, iron ore, and other products are expected to fluctuate in the short term, and the prices of ferroalloys are expected to fluctuate weakly [7]. - The prices of non - ferrous metals and new energy products show different trends. Copper is affected by economic data and inventory; aluminum is affected by inventory and policies; aluminum alloy is supported by cost but limited by demand; tin is expected to decline weakly in the short term; the short - term fluctuations of lithium carbonate are large; industrial silicon may be affected by the anti - involution meeting; polysilicon is expected to fluctuate at a high level [9][10][12][13]. - Energy and chemical products are affected by factors such as the situation in Russia and Ukraine and OPEC+ production increase plans. Crude oil prices are oscillating, and asphalt, PX, PTA, and other products are expected to maintain an oscillating pattern [14][15]. - The prices of agricultural products show different trends. The prices of soybeans, soybean meal, and soybean oil are affected by factors such as production, inventory, and demand; palm oil prices may continue to weaken; corn supply and demand are in a weak balance; and pig prices are under pressure [17][18]. Summary by relevant catalogs Macro - finance - Overseas: The EU suspends trade countermeasures against the US for 6 months, Fed officials are dovish, and the US dollar is weak. Domestically: China's July manufacturing PMI is 49.3%, a 0.4 percentage point decrease from the previous month. A national child - rearing subsidy system is introduced, and the US - China tariff truce is extended by 90 days. Stock indices are expected to oscillate strongly at a high level in the short term, and treasury bonds are expected to oscillate and correct at a high level. Commodity sectors such as black, non - ferrous, energy and chemical, and precious metals have different short - term trends [3]. Stock indices - Driven by sectors such as military, precious metals, and humanoid robots, the domestic stock market has risen. China's July manufacturing PMI is 49.3%, a 0.4 percentage point decrease from the previous month. A national child - rearing subsidy system is introduced, and the US - China tariff truce is extended by 90 days. The short - term macro - upward driving force has increased. Short - term cautious waiting and watching are recommended [4]. Precious metals - On Monday, precious metals continued to rise. The sharp drop in non - farm payrolls data on Friday increased the probability of Fed rate cuts. The inflation rebound in June made the stagflation characteristics of the US economy more obvious. Gold is short - term bullish, while silver's rise is expected to lag behind gold, and the gold - silver ratio is likely to continue to rise [5]. Black metals - **Steel**: On Monday, the domestic steel spot and futures markets were weak, and production restriction news boosted the afternoon futures price. Real - world demand is weak, inventory has increased, and supply is affected by production restrictions. The steel market is expected to oscillate in the short term [7]. - **Iron ore**: On Monday, the spot and futures prices of iron ore rebounded slightly. Iron ore production may continue to decline, and supply and demand are in a state of balance. The price is expected to oscillate in the short term [7]. - **Silicon manganese/silicon iron**: On Monday, the spot prices of silicon iron and silicon manganese were flat, and the futures prices declined slightly. The prices of ferroalloys are expected to oscillate weakly in the short term [7]. - **Soda ash**: On Monday, the main soda ash contract oscillated. The supply is in an oversupply situation, and the demand is weak. The price is expected to oscillate in the short term [7]. - **Glass**: On Monday, the main glass contract oscillated. Supply pressure is high, and there is an expectation of production reduction. Demand has slightly improved. The price is expected to oscillate in the short term [7][8]. Non - ferrous metals and new energy - **Copper**: Non - farm payrolls data is not as expected, and the US economy is in a slowdown trend. Comex copper inventories are at a high level in recent years, and the price is affected by economic data and inventory [9]. - **Aluminum**: On Monday, the aluminum price rose slightly. Domestic social inventories have increased, and the impact of policies is limited. Short - term sentiment may fluctuate [9]. - **Aluminum alloy**: The supply of scrap aluminum is tight, and demand is in the off - season. The price is expected to oscillate strongly in the short term, but the upward space is limited [9]. - **Tin**: The supply - side start - up rate has increased significantly, and the demand is weak. The price is expected to decline weakly in the short term [10]. - **Lithium carbonate**: On Monday, the main lithium carbonate contract declined. The market is concerned about the risk of mine shutdown, and short - term fluctuations are large [12]. - **Industrial silicon**: On Monday, the main industrial silicon contract declined. The social inventory is at a high level. The price may be affected by the anti - involution meeting [12]. - **Polysilicon**: On Monday, the main polysilicon contract declined. The inventory has decreased slightly. The price is expected to oscillate at a high level in the short term [13]. Energy and chemicals - **Crude oil**: The market is evaluating OPEC+ production increase news, and the US threat to India has partially alleviated concerns about oversupply. The price is oscillating narrowly, waiting for risks to be determined [14]. - **Asphalt**: Asphalt prices are weakening due to the dissipation of anti - involution sentiment. The inventory is in a neutral state with limited de - stocking, and it will maintain a weak oscillating pattern [14]. - **PX**: PTA processing fees are low, and PX demand has slightly decreased. The supply - demand pattern is still tight in the short term, and the price will oscillate, waiting for changes in PTA devices [14][15]. - **PTA**: PTA prices have fallen to the support level, processing fees are low, and downstream开工 has decreased. The price will continue to oscillate weakly [15]. - **Ethylene glycol**: Port inventories have slightly decreased, but supply pressure will gradually increase. The de - stocking drive will weaken, and it will oscillate in the near term [15]. - **Short - fiber**: The price of short - fiber has decreased due to the overall decline of the sector. Terminal orders are average, and inventory has slightly increased. It can be shorted on rallies in the medium term [15]. - **Methanol**: The "anti - involution" sentiment has cooled, and the price is expected to oscillate weakly [16]. - **PP**: The "anti - involution" sentiment has cooled, and the price is expected to oscillate weakly due to strong supply and weak demand [16]. - **LLDPE**: The emotional premium has decreased. Supply has increased, and demand is weak. The price is expected to oscillate weakly [16]. Agricultural products - **US soybeans**: The优良率 of US soybeans is 69%, and attention should be paid to the risk of extreme high temperatures in the central and western US later in the week [17]. - **Soybean and rapeseed meal**: Domestic soybean arrivals and oil mill operations are high. Soybean meal inventory accumulation has slowed down, but the spot sentiment is weak. The expected arrival volume of imported soybeans from August to September is high [17][18]. - **Soybean and rapeseed oil**: Soybean oil is supported in the short term, and rapeseed oil has a weak market. The inventory of soybean oil has increased, and the inventory of rapeseed oil has slightly increased [18]. - **Palm oil**: Since July, Malaysian palm oil production has increased, and exports have weakened. Domestic imports have increased, and the price may continue to weaken, and the soybean - palm oil price difference may continue to rise [18]. - **Corn**: Corn trading is not active, supply is tight, and demand is weak. The supply - demand is in a weak balance in August [18]. - **Pigs**: Pig prices are weak, and there is a possibility of further pressure on prices in the short term [18].

Commodity Market Overview - The commodity market showed mixed results with significant movements in various sectors, including a rise in lumber and coking coal prices by over 2%, while egg prices fell by over 4% [1][2][4] - The China Commodity Futures Price Index closed at 1424.34 points, a slight increase of 0.01% from the previous trading day [1] Lumber Market Insights - Lumber prices surged by 2.81% due to optimistic expectations for the traditional consumption peak season in September and October, alongside increased foreign pricing [2] - The inventory levels of imported New Zealand lumber remained stable, but a significant increase in incoming shipments was noted, with 14 vessels expected, a 133% week-on-week increase [2] Precious Metals Performance - Gold and silver prices rebounded by over 1% following a significant downward revision of U.S. non-farm employment data, raising concerns about the U.S. labor market and economic conditions [3] - The market anticipates a potential interest rate cut by the Federal Reserve in September, which could further support precious metal prices in the long term [3] Egg Market Dynamics - Egg futures experienced a notable decline of over 4%, attributed to an early surge in spot prices and insufficient demand [4] - The upcoming seasonal demand period is expected to influence prices, with potential for a rebound in September contracts as the market prepares for holiday stocking [4] Industrial Silicon Trends - Industrial silicon prices fell by over 3%, primarily due to increased production from small to medium-sized enterprises in the Southwest region [5] - The demand for industrial silicon remains weak across its main downstream sectors, including organic silicon and polysilicon, with overall demand showing a downward trend [5] Energy Sector Developments - OPEC+ announced a significant increase in production, which has pressured international oil prices and led to declines in related energy and chemical products [6]

1. Report Industry Investment Ratings No information provided in the content. 2. Core Views of the Report - The US July non - farm payrolls were far below expectations, leading to a significant increase in gold prices, a weakening of the US dollar index, and concerns about the economic and demand prospects in various markets [1][14][18]. - The new issuance of treasury bonds will resume a 6% VAT levy from August 8, 2025, which may cause price differentiation between new and old bond types in the short - term and is bearish for the bond market in the long - term [25][26]. - The prices of various commodities are affected by different factors. For example, steel prices are under回调 pressure, and agricultural product prices are influenced by policies and supply - demand relationships [4][31][42]. 3. Summary by Related Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - US 7 - month non - farm employment was far below expectations, with significant downward revisions in May and June. Gold prices rose about 2% on Friday. The market quickly adjusted its expectations for the Fed's rate cut in September, but gold remained in a short - term shock range. It is recommended that gold prices be in a short - term shock after pricing the positives on Friday [14]. 3.1.2 Macro Strategy (Foreign Exchange Futures (US Dollar Index)) - The resignation of the Fed governor may allow Trump to choose Powell's successor earlier. The US July non - farm data was far below expectations, and the labor market had a potential inflection point, causing the US dollar index to weaken significantly. It is recommended that the US dollar index be weak in the short - term [15][18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Trump fired the Bureau of Labor Statistics director due to manipulated employment data. The July non - farm data showed a cooling employment market, and the significant downward revision of previous values increased market concerns about the real economy. It is expected that the stock index will continue to decline [21]. 3.1.4 Macro Strategy (Stock Index Futures) - Recently, many active equity funds have announced purchase restrictions. The stock market has corrected from a high level, with the Shanghai Composite Index falling below 3600 points. The 7 - month PMI was below expectations, and some micro - cap quantitative strategy funds announced purchase restrictions, indicating that the market has a preliminary perception of the high current level. It is recommended to allocate various stock indices evenly [22][24]. 3.1.5 Macro Strategy (Treasury Bond Futures) - Starting from August 8, 2025, a 6% VAT will be restored on the interest income of newly issued treasury bonds, local bonds, and financial bonds. The market is expected to rise first and then fall next week. In the short - term, it may cause price differentiation between new and old bond types, and in the long - term, it is bearish for the bond market. It is recommended that trading positions gradually withdraw from long positions [25][26][28]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - The US June soybean crushing volume was 5.91 million short tons. The domestic soybean meal futures price was relatively strong compared to the external market. The supply - demand situation of domestic soybean meal changed little, and the inventory was expected to continue to rise. It is expected that the situation of strong domestic and weak external markets will continue, and the trading center of soybean meal will move up [31]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia's June palm oil exports increased slightly year - on - year. Malaysia's July palm oil production increased month - on - month. There were news of domestic traders exporting soybean oil to India. It is expected that palm oil will maintain a narrow - range shock, and short - term consideration can be given to a long - soybean - oil and short - palm - oil spread [34][35]. 3.2.3 Black Metals (Coking Coal/Coke) - The coke price in the Changzhi market was running strongly. The coking coal price continued to strengthen, but the increase narrowed. The coal - coke futures market fluctuated greatly. In the short - term, it is expected to be in a shock trend, and the 09 contract will focus on the delivery situation [37][38]. 3.2.4 Agricultural Products (Cotton) - Pakistan increased the tax on imported cotton, cotton yarn, and cotton cloth by 18%. The demand for imported cotton in Vietnam decreased, and the inventory of finished products increased. The weekly export signing volume of new US cotton decreased. ICE cotton prices are expected to be in a low - level weak shock. It is expected that the decline space of Zhengzhou cotton is limited, and there may be a rebound before the large - scale listing of new cotton [42][43]. 3.2.5 Agricultural Products (Sugar) - India's 25/26 sugar production is expected to increase. StoneX lowered the global sugar supply surplus in 2025/26. Brazil's sugar production in the first half of July increased year - on - year. ICE raw sugar is expected to maintain a weak shock. Zhengzhou sugar is expected to be in a weak shock in the short - term, with the operating range between 5500/5600 - 5900 yuan/ton [44][48][49]. 3.2.6 Black Metals (Rebar/Hot - Rolled Coil) - China's heavy - truck sales increased in July. The US will impose tariffs on Brazilian semi - finished steel. Steel prices continued to be in a weak shock, with inventory accumulation and a seasonal decline in building material demand. It is expected that steel prices will still have回调 pressure in the near future [50][53][54]. 3.2.7 Black Metals (Steam Coal) - The price of steam coal in the northern port market was stable on August 1. The supply and demand of steam coal were both weakening. It is expected that the coal price will continue to be in a shock market, with limited short - term rebound height [55][56]. 3.2.8 Black Metals (Iron Ore) - The sales of new cars decreased in July. The iron ore price followed a slight correction this week, and the fundamentals were not in sharp contradiction. It is expected that the iron ore price will maintain a shock [57][58]. 3.2.9 Agricultural Products (Corn Starch) - The port inventory of cassava starch decreased slightly, and the price difference with corn starch narrowed. The开机 rate of downstream starch sugar was still weak year - on - year. It is expected that the price difference between rice and flour will remain in a low - level shock [59][60]. 3.2.10 Agricultural Products (Corn) - The average inventory of feed enterprises increased year - on - year. The North Port inventory continued to decline, and the raw material inventory of deep - processing enterprises decreased. It is expected that corn will maintain a downward shock trend in the medium - to - long - term, and it is recommended to hold short positions in new crops [61][62]. 3.2.11 Non - ferrous Metals (Nickel) - The Indonesian Nickel Mining Association called for production control and the implementation of ESG standards. The macro - environment was short - term positive, and the fundamentals of nickel showed a supply - surplus situation. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities [63][64][65]. 3.2.12 Non - ferrous Metals (Copper) - South Korea's copper exports to the US are expected to decline due to tariffs. Codelco cut copper mining at the El Teniente project. The overseas macro - expectations were volatile, and the global visible inventory was rising. It is recommended to take a short - term short - selling strategy and wait for medium - term long - buying opportunities [66][69][70]. 3.2.13 Non - ferrous Metals (Industrial Silicon) - The production of industrial silicon in various regions increased slightly. The inventory situation was mixed. The "anti - involution" trading of industrial silicon declined, but the fundamentals improved marginally. It is recommended that short positions consider gradually stopping losses and waiting for long - buying opportunities [71][72]. 3.2.14 Non - ferrous Metals (Polysilicon) - The Ministry of Industry and Information Technology issued an energy - saving inspection task for the polysilicon industry, and the Guangzhou Futures Exchange added designated quality inspection institutions. The spot transaction price of polysilicon increased, but the production was expected to increase in August, resulting in a surplus. It is expected that the polysilicon price will run between 45000 - 57000 yuan/ton in the short - term, and a strategy of selling out - of - the - money put options can be considered [73][75][77]. 3.2.15 Non - ferrous Metals (Lithium Carbonate) - The annual output of PLS exceeded expectations. The demand for lithium carbonate in August was positive, and the supply had uncertainties. It is recommended to consider short - term long - buying positions and stop profiting from the 9 - 11 spread [78][79]. 3.2.16 Non - ferrous Metals (Zinc) - The LME zinc cash - forward spread decreased, and the supply of zinc was expected to increase in August. The demand was weak. The zinc price may have a short - term shock, and it is recommended to wait and see in the short - term and consider a medium - term positive spread [80][81]. 3.2.17 Energy Chemicals (Carbon Emissions) - The EU carbon price was in a shock. The power industry demand was low, and the US tariff measures may affect European manufacturing. It is expected that the EU carbon price will be in a short - term shock [82][83]. 3.2.18 Energy Chemicals (Crude Oil) - The number of US oil rigs decreased. OPEC+ decided to increase production by 547,000 barrels per day in September. Oil prices fell on Friday due to concerns about demand. It is expected that oil prices will maintain a shock [85][86][87]. 3.2.19 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong decreased. The supply increased slightly, and the demand was average. It is expected that the caustic soda market will be in a shock [87]. 3.2.20 Energy Chemicals (Pulp) - The price of some imported wood pulp varieties was stable, and some continued to decline. The pulp market was weak. It is expected that the pulp futures will follow the commodity correction [88][89]. 3.2.21 Energy Chemicals (PVC) - The price of domestic PVC powder decreased. The futures market was weak, and the demand was average. It is expected that the PVC futures will follow the commodity correction [90]. 3.2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips continued to decrease. The bottle chip factory implemented a production - cut plan. The demand was mainly for rigid needs. It is recommended to consider increasing the processing margin of bottle chips at low valuations [92][93]. 3.2.23 Energy Chemicals (Urea) - The port inventory of Chinese urea decreased. The supply pressure continued to exist, and the demand was average. The urea market was under shock pressure. It is expected to wait for new policy variables [94][95]. 3.2.24 Energy Chemicals (PTA) - The spot price of PTA decreased, and the trading atmosphere improved. The supply - demand pattern was in a tight - balance state. It is expected that PTA will follow the commodity sentiment for shock adjustment [96][98].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market is influenced by various factors such as policies, economic data, and international events. In the short - term, market sentiment may fluctuate, but in the long - run, different sectors will be affected by their own fundamentals. For instance, the capital market is supported by policies, but the real economy's recovery pace and demand are key factors affecting the prices of different commodities [3][5]. - The policy's attitude towards the capital market is positive, but the market may still face adjustments due to external factors and short - term over - valuation. For the bond market, interest rates are expected to decline in the long - term under the background of weak domestic demand and loose funds, but may be in a short - term shock pattern [3][5]. - Different commodity sectors have different supply - demand situations. Some sectors are facing supply - side challenges, while others are affected by demand - side weakness. For example, the copper and aluminum markets are affected by supply and demand, and the price trends are expected to be weak in the short - term [9][10]. Summary by Relevant Catalogs Macro - Financial Category Index Futures - **News**: The restoration of VAT on bond interest income, media comments on NVIDIA, stock market supervision, and weak US non - farm employment data [2]. - **Base Ratio**: The base ratios of IF, IC, IM, and IH contracts show different trends. The trading logic is to buy on dips based on the policy's support for the capital market [3]. Treasury Bonds - **Market**: TL, T, TF, and TS contracts showed declines on Friday. There were changes in bond tax policies, and the central bank had a large - scale net withdrawal of funds [4]. - **Strategy**: The economic data in the first half of the year was resilient, but the PMI in July was lower than expected. The interest rate is expected to decline in the long - term, and the bond market may be in a short - term shock pattern [5]. Precious Metals - **Market**: Both domestic and international gold and silver prices rose. The weak non - farm data in the US reversed the market's expectation of the US economy, increasing the expectation of the Fed's loose monetary policy [6]. - **Strategy**: It is recommended to buy on dips. The reference operating ranges for Shanghai gold and silver are provided [7]. Non - Ferrous Metals Category Copper - **Market**: The copper price oscillated weakly last week. The inventory of the three major exchanges increased, and the import of spot copper was in a loss. The price is expected to continue to oscillate weakly in the short - term [9]. Aluminum - **Market**: The aluminum price oscillated weakly. The domestic aluminum ingot inventory increased, and the downstream demand was in the off - season. The price is expected to continue to oscillate weakly in the short - term [10]. Zinc - **Market**: The zinc price declined slightly. The zinc ore inventory continued to accumulate, and the downstream consumption weakened. The risk of zinc price decline is expected to increase [11][12]. Lead - **Market**: The lead price rose slightly. The supply of lead ingots was relatively loose, and the price is expected to oscillate weakly [13]. Nickel - **Market**: The nickel price oscillated weakly. The stainless steel and nickel - iron market was in an oversupply situation, and it is recommended to sell on rallies [14]. Tin - **Market**: The tin price oscillated and declined. The supply was low, and the demand was weak. The supply is expected to increase in the fourth quarter, and the price is expected to oscillate weakly in the short - term [15]. Carbonate Lithium - **Market**: The carbonate lithium price declined. The supply reduction is expected to support the price, but the sustainability of supply reduction needs to be observed. It is recommended that speculative funds wait and see [17]. Alumina - **Market**: The alumina price declined. The supply - side contraction policy needs to be observed, and it is recommended to short on rallies [18]. Stainless Steel - **Market**: The stainless steel price oscillated. The social inventory was still at a high level, and the price is expected to maintain an oscillating pattern [19]. Cast Aluminum Alloy - **Market**: The cast aluminum alloy price oscillated and declined. The downstream was in the off - season, and the price rebound space is expected to be limited [21]. Black Building Materials Category Steel - **Market**: The prices of rebar and hot - rolled coils showed a weak oscillating trend. The export competitiveness decreased, and the inventory of rebar and hot - rolled coils was at a low level in the past five years. The price is expected to return to the real - trading logic [23]. Iron Ore - **Market**: The iron ore price rose slightly. The supply increased slightly, and the demand was supported. The price is expected to oscillate following the downstream prices [24][25]. Glass and Soda Ash - **Glass**: The glass price declined. The inventory decreased, but the downstream demand did not improve significantly. The price is expected to oscillate widely in the short - term [26]. - **Soda Ash**: The soda ash price was stable. The supply was high, and the demand was weak. The price is expected to oscillate in the short - term [27]. Manganese Silicon and Ferrosilicon - **Market**: The prices of manganese silicon and ferrosilicon showed wide - range fluctuations. It is recommended that investment positions wait and see, and hedging positions can participate opportunistically [28][29]. Industrial Silicon - **Market**: The industrial silicon price oscillated and declined. The supply was excessive, and the demand was insufficient. The price is expected to be weak in the short - term [32]. Polysilicon - **Market**: The polysilicon price showed a high - level oscillation. The price is expected to oscillate widely in the short - term, and it is recommended to participate cautiously [33][34]. Energy - Chemical Category Rubber - **Market**: NR and RU declined significantly. The tire factory's operating rate decreased, and the inventory increased. It is recommended to wait and see and conduct band - trading operations [36][37][39]. Crude Oil - **Market**: The prices of WTI, Brent, and INE crude oil futures declined. The gasoline, diesel, and fuel oil inventories decreased, while the naphtha and aviation kerosene inventories increased. It is recommended to take profits and wait and see [40]. Methanol - **Market**: The methanol price declined. The supply pressure is expected to increase, and the demand is weak. The price is under pressure [41]. Urea - **Market**: The urea price declined. The supply is expected to increase, and the demand is weak. The price decline space is limited [42]. Styrene - **Market**: The styrene spot price was stable, and the futures price declined. The BZN spread is expected to repair, and the price is expected to oscillate upward following the cost side [43]. PVC - **Market**: The PVC price declined. The supply was strong, the demand was weak, and the valuation was high. The price is expected to decline in the short - term [45]. Ethylene Glycol - **Market**: The EG price declined. The supply decreased slightly, and the demand was weak. The inventory decreased. The price is under downward pressure [46]. PTA - **Market**: The PTA price declined. The supply is expected to increase, and the demand is weak. The inventory increased. The price is expected to oscillate, and it is recommended to buy on dips following PX [47]. Paraxylene - **Market**: The PX price declined. The supply was high, and the demand was affected by PTA maintenance. The inventory decreased. The price is expected to oscillate, and it is recommended to buy on dips following crude oil [48]. Polyethylene (PE) - **Market**: The PE price declined. The cost support existed, and the demand was weak. The price is expected to be determined by the game between the cost and supply sides in the short - term [49]. Polypropylene (PP) - **Market**: The PP price declined. The supply and demand were weak, and the price is expected to oscillate strongly following crude oil [51]. Agricultural Products Category Live Pigs - **Market**: The pig price declined over the weekend. The supply was abundant, and the demand was weak. The market is paying attention to the policy's intervention in capacity reduction, and it is recommended to focus on the spread opportunities [53]. Eggs - **Market**: The egg price declined over the weekend. The supply was large, and the demand was weak. The price is expected to be stable first and then rise, and it is recommended to short on rallies in the medium - term [54]. Soybean and Rapeseed Meal - **Market**: The US soybean price oscillated weakly, and the domestic soybean meal price was supported. The supply and demand of soybean meal were in a complex situation, and it is recommended to buy on dips at low - cost intervals and expand the spread between soybean meal and rapeseed meal [55][56]. Oils and Fats - **Market**: The domestic palm oil price declined slightly. The export and production data of Southeast Asian palm oil showed different trends. The price is expected to oscillate [57][58][59]. Sugar - **Market**: The sugar price declined. The sugar production in Brazil and India increased, and the import supply increased. The price is expected to continue to decline [60][61]. Cotton - **Market**: The cotton price declined. The downstream consumption was weak, and the de - stocking speed slowed down. The price is expected to be short - term bearish [62].

Summary of Market Transactions and Positions as of August 1, 2025 Core Insights - The report provides a detailed overview of transaction volumes and positions across various market sectors, indicating significant changes in trading activity compared to previous periods [1]. Group 1: Stock Index Sector - Stock index transactions amounted to 550.37 billion yuan, showing a decrease of 26.82% from the previous period [1] - The holding amount in this sector was 1103.066 billion yuan, reflecting a decline of 3.12% [1] - The transaction-to-holding ratio stood at 49.35% [1] Group 2: Government Bonds Sector - Government bond transactions totaled 382.529 billion yuan, down by 7.03% [1] - The holding amount for government bonds was 865.329 billion yuan, with a slight decrease of 0.25% [1] - The transaction-to-holding ratio was recorded at 44.77% [1] Group 3: Base Metals Sector - Base metals transactions reached 449.204 billion yuan, a significant drop of 25.58% [1] - The holding amount in this sector was 482.903 billion yuan, decreasing by 1.72% [1] - The transaction-to-holding ratio was notably high at 107.44% [1] Group 4: Precious Metals Sector - Precious metals transactions were 278.766 billion yuan, reflecting a substantial decline of 36.55% [1] - The holding amount for precious metals was 438.786 billion yuan, with a minor decrease of 0.28% [1] - The transaction-to-holding ratio was 82.47% [1] Group 5: Energy and Chemicals Sector - Energy and chemicals transactions totaled 447.496 billion yuan, down by 12.28% [1] - The holding amount in this sector was 414.450 billion yuan, showing a slight decrease of 1.19% [1] - The transaction-to-holding ratio was 93.58% [1] Group 6: Agricultural Products Sector - Agricultural products transactions amounted to 320.812 billion yuan, with a minor decrease of 0.97% [1] - The holding amount for agricultural products was 571.980 billion yuan, reflecting a slight increase of 0.67% [1] - The transaction-to-holding ratio was 49.16% [1] Group 7: Black Building Materials Sector - Black building materials transactions reached 495.117 billion yuan, down by 9.48% [1] - The holding amount in this sector was 372.928 billion yuan, decreasing by 1.44% [1] - The transaction-to-holding ratio was notably high at 125.45% [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上海证券交易所上市公司自律监管指引第7号一一回购股份》的相关规定，公司应在每个月的前3 个交易日内公告截至上月末的回购进展情况。现将公司回购进展情况公告如下： 截至2025年7月31日，公司通过集中竞价交易方式回购股份数量为21,526,100股，占公司总股本的比例为 1.59%，回购股份成交的最高价为人民币9.03元/股，最低价为人民币8.30元/股，已支付的总金额为人民 币18,559.54万元（不含交易费用）。本次回购股份符合法律法规的规定及公司回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号一一回购股 份》等相关规定，在回购期限内根据市场情况择机做出回购决策并予以实施，同时根据回购股份事项进 展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 浙江嘉化能源化工股份有限公司 董事会 ■ 一、回购股份的基本情况 浙江嘉化能源化 ...

Group 1 - The company, Ningxia Baofeng Energy Group Co., Ltd., has approved a share repurchase plan using self-owned funds ranging from RMB 100 million to RMB 200 million, with the repurchase period set for 12 months from the board's approval date [2] - As of the end of July 2025, the company has repurchased a total of 60.5934 million shares, accounting for 0.83% of the total share capital, with a total expenditure of RMB 999.9012 million [2][3] - The highest purchase price per share was RMB 17.44, while the lowest was RMB 15.90 [2] Group 2 - The company will adhere to relevant regulations and guidelines regarding share repurchase and will make decisions based on market conditions during the repurchase period [4] - The company is committed to timely information disclosure regarding the progress of the share repurchase [4]

1. Report Industry Investment Rating - No relevant information is provided in the content. 2. Core Viewpoints - The current supply - demand structure of ethylene glycol (MEG) is weak, and with the weakening of macro - positive support, the short - term price of MEG is expected to continue the weak trend. Investors should pay attention to short - selling opportunities [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - On the 31st, the main contract 2509 of ethylene glycol futures opened at 4440 yuan/ton, reached a high of 4468 yuan/ton, a low of 4406 yuan/ton, settled at 4432 yuan/ton, and closed at 4414 yuan/ton, down 51 yuan from the previous trading day's settlement price. The total volume was 136,468 lots, and the open interest was 245,445 lots. The EG2601 contract closed at 4441 yuan/ton, down 54 yuan, with an open interest of 29,986 lots, an increase of 2449 lots [7]. 3.2. Industry News - International oil prices rose for three consecutive days due to investors' attention to Trump's more urgent deadline for ending the Ukraine conflict, tariff threats to oil - trading countries, optimism about US agreements with the EU and Japan, and the better - than - expected increase in US Q2 GDP. However, after Fed Chairman Powell's speech on maintaining interest rates, the US dollar index rose, and European and American crude oil futures slightly declined after the market. On Wednesday (July 30), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $70.00 per barrel, up $0.79 or 1.14% from the previous trading day, with a trading range of $68.45 - $70.51. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $73.24 per barrel, up $0.73 or 1.01% from the previous trading day, with a trading range of $71.75 - $73.63 [8]. - In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4479 - 4481 yuan/ton, down 50 yuan/ton from the previous working day. The negotiation price for next - week's spot was 4479 - 4484 yuan/ton, and that for late August was 4479 - 4484 yuan/ton. The basis of this week's spot was at a premium of 65 - 67 yuan/ton compared to EG2509, next - week's spot was at a premium of 65 - 70 yuan/ton, and the basis for late August was at a premium of 65 - 70 yuan/ton [8]. 3.3. Data Overview - The report presents multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures main - contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The stock index showed a downward trend with fluctuations, while the TMT sector remained strong. The four major stock index futures contracts all declined, and the market faced adjustment pressure. It is recommended to wait and see for now [2][3][4]. - Due to the decline in PMI and the fall of risk assets, the bond futures market continued to rise. It is recommended to allocate more in the short - term and pay attention to high - frequency economic data [6]. - The impact of US tariffs on inflation continued to emerge. Gold prices rose and then fell, and silver prices were under pressure. It is recommended to buy gold at low levels and pay attention to the changes in silver's industrial demand [9][10]. - The main contract of container shipping futures declined. It is expected to be weakly volatile, and it is advisable to short the 08 and 10 contracts at high prices [12]. - Most non - ferrous metals were under pressure. Copper prices were affected by the disappointment of US copper tariff expectations; aluminum prices were affected by the off - season and macro factors; other non - ferrous metals also faced different supply - demand and macro challenges [17][22][28]. - Black metals showed different trends. Steel prices turned to a volatile state; iron ore prices fluctuated with steel prices; coking coal and coke prices fluctuated sharply, and there were concerns about short - term peaks [42][45][49]. - In the agricultural products sector, the price of soybean meal was supported by import concerns; the price of live pigs was expected to remain at the bottom and fluctuate; the price of corn was in a range - bound state [57][59][62]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Conditions**: On Thursday, the main indexes opened lower and declined with fluctuations. The TMT sector rose against the trend, while the pro - cyclical sectors fell collectively. The four major stock index futures contracts all declined, and most of the basis of the main contracts was at a discount [2][3]. - **News**: China's July official manufacturing PMI and non - manufacturing business activity index declined, and the comprehensive PMI output index also decreased. Overseas, Trump announced new tariff policies [3]. - **Funding**: On July 31, the trading volume of the A - share market reached a new high, and the net capital withdrawal by the central bank was 4.78 billion yuan [4]. - **Operation Suggestion**: Due to the adjustment pressure caused by the difference between market expectations and policies, it is recommended to wait and see for now [4]. Bond Futures - **Market Performance**: Bond futures closed higher across the board, and the yields of major interest - rate bonds in the inter - bank market generally declined [5]. - **Funding**: The central bank conducted a 7 - day reverse repurchase operation of 28.32 billion yuan on July 31, with a net capital withdrawal of 4.78 billion yuan. After the cross - month period, the funding is expected to return to a loose state [5][6]. - **Fundamentals**: China's July official manufacturing and non - manufacturing PMI declined, but still remained above the critical point, indicating that the overall production and business activities of enterprises maintained an expansion [6]. - **Operation Suggestion**: It is recommended to allocate more in the short - term to play the wave - repair market of bond futures and pay attention to high - frequency economic data [6]. Financial Derivatives - Precious Metals - **News**: Trump reached a 90 - day short - term agreement with Mexico, maintaining the current tariffs. The US 6 - month core PCE price index increased year - on - year [7][8]. - **Market Performance**: Gold prices rose and then fell, and silver prices were affected by the decline in the non - ferrous sector [9]. - **Funding**: Some funds continued to flow into ETFs, supporting the price [10]. - **Outlook**: The price of gold is expected to be under pressure in the short term and test the support of the 100 - day moving average. Silver prices are expected to fluctuate in the range of 36 - 37 US dollars [9][10]. - **Operation Suggestion**: Buy gold at low levels and pay attention to the changes in silver's industrial demand [10]. Financial Derivatives - Container Shipping Futures - **Spot Price**: As of July 31, the spot prices of major shipping companies continued to decline [11]. - **Index**: As of July 28, the SCFIS European line index and the US West line index declined [11]. - **Fundamentals**: As of July 31, the global container shipping capacity increased year - on - year, and the demand in the eurozone and the US showed different trends [11]. - **Logic**: The futures price declined, and the main contract price was driven down by the falling spot price [12]. - **Operation Suggestion**: It is expected to be weakly volatile, and it is advisable to short the 08 and 10 contracts at high prices [12]. Financial Derivatives - Non - Ferrous Metals Copper - **Spot**: As of July 31, the average price of electrolytic copper decreased, and the trading sentiment was average [13]. - **Macro**: Multiple important meetings were held, and the US 50% electrolytic copper tariff expectation was disappointed [14]. - **Supply**: The supply of copper concentrate was restricted, and the production of electrolytic copper was expected to increase in July [15]. - **Demand**: The short - term domestic demand was resilient, but there was marginal pressure in Q3 [16]. - **Inventory**: The inventories of COMEX, LME, and domestic social inventories all increased [16]. - **Logic**: The US copper tariff expectation was disappointed, and the non - US electrolytic copper market showed a pattern of "loose supply expectation and weak demand", and the price was under pressure in the short term [17]. - **Operation Suggestion**: The main contract price is expected to range from 77,000 to 79,000 yuan [17]. Aluminum Oxide - **Spot**: On July 31, the spot prices of aluminum oxide in different regions remained unchanged [17]. - **Supply**: In June, the production of metallurgical - grade aluminum oxide increased year - on - year, and the operating capacity increased [18]. - **Inventory**: The port inventory of aluminum oxide increased, and the total registered warehouse receipts decreased [18]. - **Logic**: The futures price of aluminum oxide declined, and the basis decreased. There was a risk of short - squeeze due to the low warehouse receipts [19]. - **Operation Suggestion**: The main contract price is expected to range from 3,000 to 3,400 yuan. It is recommended to wait and see in the short term and short at high prices in the medium term [19]. Aluminum - **Spot**: On July 31, the average price of SMM A00 aluminum decreased, and the premium decreased [19]. - **Supply**: In June, the domestic electrolytic aluminum production decreased, and the proportion of molten aluminum was expected to decline in July [20]. - **Demand**: The downstream was in the traditional off - season, and the starting rates of various industries were generally stable or slightly decreased [20]. - **Inventory**: The domestic mainstream consumption area inventory increased, and the LME inventory increased slightly [21]. - **Logic**: The aluminum price declined, and the off - season inventory accumulation expectation was strong. The price was under pressure in the short term [22]. - **Operation Suggestion**: The main contract price is expected to range from 20,200 to 21,000 yuan [22]. Zinc - **Spot**: On July 31, the average price of SMM 0 zinc ingots decreased, and the trading was average [25]. - **Supply**: The supply of zinc ore was expected to be loose, and the production of refined zinc was expected to increase in July [26]. - **Demand**: The starting rates of the three primary processing industries were differentiated, and the demand was affected by the price increase [27]. - **Inventory**: The domestic social inventory increased, and the LME inventory decreased [27]. - **Logic**: The supply of zinc ore was expected to be loose, but the production growth rate was lower than expected. The demand was affected by the price increase, and the price was expected to be weakly volatile in the short term [28]. - **Operation Suggestion**: The main contract price is expected to range from 22,000 to 23,000 yuan [28]. Tin - **Spot**: On July 31, the price of SMM 1 tin decreased, and the trading was dull [28]. - **Supply**: In June, the import of tin ore and tin ingots decreased and increased respectively [29]. - **Demand and Inventory**: In June, the starting rate of solder decreased, and the demand showed a weak trend. The LME inventory remained unchanged, and the domestic social inventory increased [29][30]. - **Logic**: The supply of tin ore was tight, and the demand was weak. The price was expected to be in a wide - range shock [31]. - **Operation Suggestion**: It is recommended to wait and see and pay attention to the changes in Sino - US negotiations and Myanmar's post - resumption inventory [31]. Nickel - **Spot**: As of July 31, the average price of SMM1 electrolytic nickel decreased [31]. - **Supply**: In June, the production of refined nickel decreased slightly, and the production in July was expected to increase slightly [31]. - **Demand**: The demand for electroplating was stable, the alloy demand was good, the stainless steel demand was general, and the production of nickel sulfate decreased [32]. - **Inventory**: The overseas inventory remained high, the domestic social inventory increased slightly, and the bonded area inventory remained stable [32]. - **Logic**: The macro - sentiment was weak, and the nickel price was under pressure. The supply of nickel ore was relatively loose, and the stainless steel demand was weak. The price was expected to be in a range adjustment in the short term [33]. - **Operation Suggestion**: The main contract price is expected to range from 118,000 to 126,000 yuan [33]. Stainless Steel - **Spot**: As of July 31, the prices of 304 cold - rolled stainless steel in Wuxi and Foshan decreased [34]. - **Raw Materials**: The price of nickel ore was loose, the price of nickel iron was stable, and the price of ferrochrome was weakly stable [34]. - **Supply**: In July, the estimated production of stainless steel decreased, and the production of 300 - series decreased [34][35]. - **Inventory**: The social inventory decreased slowly, and the warehouse receipts decreased [35]. - **Logic**: The stainless steel price declined, and the terminal demand was weak. The price was expected to be in a range shock in the short term [36]. - **Operation Suggestion**: The main contract price is expected to range from 12,600 to 13,200 yuan [36]. Lithium Carbonate - **Spot**: As of July 31, the price of battery - grade lithium carbonate decreased, and the price of lithium hydroxide increased slightly [37]. - **Supply**: In June, the production of lithium carbonate increased, and the production in July was expected to continue to increase. The recent supply was disturbed, and the production decreased last week [38]. - **Demand**: The demand was relatively stable, and the seasonal performance was weakened [38]. - **Inventory**: The overall inventory began to decrease, the upstream inventory decreased significantly, and the downstream inventory increased [39]. - **Logic**: The lithium carbonate price was weak, and the trading core shifted to the ore end. The short - term supply uncertainty increased, and the price was expected to be in a wide - range shock [40]. - **Operation Suggestion**: It is recommended to wait and see cautiously and pay attention to the macro - expectation changes and supply adjustment [41]. Financial Derivatives - Black Metals Steel - **Spot**: The spot price decreased significantly, and the basis strengthened [41]. - **Cost and Profit**: The cost increased, but the steel price also increased, and the steel mill's profit increased [41]. - **Supply**: The molten iron production was stable at a high level, and the production of five major steel products increased slightly. The production of rebar decreased seasonally, and the production of hot - rolled coil remained high [41]. - **Demand**: The apparent demand for five major steel products was stable at a high level, and the seasonal decline was not significant [42]. - **Inventory**: The inventory of mainstream steel products was stable at a low level, and the off - season inventory accumulation was less than expected [42]. - **Viewpoint**: The market expectation cooled down, and the steel price turned to a volatile state. It is recommended to go long on dips [42]. Iron Ore - **Spot**: The prices of mainstream iron ore powders remained unchanged [43]. - **Futures**: The 09 and far - month contracts of iron ore decreased [43]. - **Basis**: The optimal deliverable product was Carajás fines, and the basis of different varieties was different [44]. - **Demand**: The molten iron production decreased slightly, the blast furnace operating rate remained unchanged, and the steel mill's profit rate increased [44]. - **Supply**: The global iron ore shipment increased, and the 45 - port arrival volume decreased [44]. - **Inventory**: The port inventory decreased slightly, the daily average unloading volume decreased, and the steel mill's imported iron ore inventory increased [44]. - **Viewpoint**: The iron ore price was expected to follow the steel price. It is recommended to go long cautiously on a single - side and long iron ore and short hot - rolled coil in an arbitrage [45]. Coking Coal - **Futures and Spot**: The coking coal futures price decreased significantly, and the spot auction price fluctuated. The Mongolian coal price decreased [46][49]. - **Supply**: The coal mine operating rate decreased slightly, and the domestic coking coal auction was good. The Mongolian coal price followed the futures price down [46][49]. - **Demand**: The coking operating rate was stable, the downstream blast furnace molten iron production decreased slightly at a high level, and the downstream replenishment increased [47][49]. - **Inventory**: The coal mine inventory decreased rapidly, the port inventory decreased, and the downstream inventory increased at a low level [48][49]. - **Viewpoint**: The coking coal price fluctuated sharply. The spot market was relatively stable, and the futures price had over - expected increase. It is recommended to wait and see for speculation and conduct a 9 - 1 reverse arbitrage [49]. Coke - **Futures and Spot**: The coke futures price decreased, and the spot factory price increased, while the port trade price decreased. The mainstream coking enterprises initiated the fifth - round price increase [50][53]. - **Profit**: The average profit per ton of coke was - 45 yuan, and different regions had different profit situations [50]. - **Supply**: The coke production was stable, and the coal mine production recovery was less than expected [50][53]. - **Demand**: The blast furnace molten iron production decreased slightly at a high level, and the downstream demand provided support [51][53]. - **Inventory**: The coking plant inventory continued to decrease, the port inventory increased slightly, and the steel mill inventory decreased [52][53]. - **Viewpoint**: The coke price had a short - term price increase expectation, but there was a risk of peaking and falling back. It is recommended to wait and see for speculation and conduct a 9 - 1 reverse arbitrage [53]. Financial Derivatives - Agricultural Products Meal - **Spot Market**: The price of soybean meal was stable with a slight increase, and the trading volume increased. The price of rapeseed meal fluctuated, and the trading volume was small [55]. - **Fundamentals**: Brazil's soybean export volume in July was estimated, and China and the US held trade talks [55][56]. - **Market Outlook**: The US soybean price was weak, and the domestic soybean meal price was supported by import concerns. It is recommended to wait and see [56][57]. Live Pigs - **Spot Situation**: The spot price of live pigs rebounded, and the prices in different regions increased [58]. - **Market Data**: The profit of self - breeding and self - raising and purchased piglet fattening decreased, and the average slaughter weight decreased [58][59]. - **Market Outlook**: The live pig price was expected to remain at the bottom and fluctuate. The near - month 09 contract had strong upward pressure, and the far - month contract was affected by policies [59][60]. Corn - **Spot Price**: The spot prices in different regions were stable or decreased slightly, and the trading was light [61]. - **Fundamentals**: The inventories of different links decreased, and the feed enterprise's inventory days decreased slightly [62]. - **Market Outlook**: The import corn auction continued, and the impact was weakened. The short - term market was range - bound, and the medium - and long - term supply - demand situation was different [62].