Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The short - term trend of treasury bond futures is bearish due to factors such as tax periods, fiscal supply, and limited policy easing. The long - term trend depends on the real estate market. If real estate policies are effective and housing prices stop falling, it will be bearish for long - term treasury bonds; if the real estate market remains sluggish, the bond market has medium - to - long - term allocation value [1][4][5][21][35][53] Summary According to Relevant Catalogs "The 'Inflection Point' Series Report Review" - The previous four reports in this series established a logical chain from policy anchors to the money market and then to the market curve. Report 1 focused on the contradiction between policy easing and weak economic fundamentals; Report 2 emphasized the reshaping of the interest rate regulation anchor; Report 3 analyzed the full - chain effects of "dual interest rate cuts"; Report 4 explored the evolution of the yield curve after dual interest rate cuts [13][15][16][18] "Liquidity and the Money Market: Disturbances Gradually Intensify, and It May Tighten Periodically" - In August, the money market was "loose but trending towards tightness with intensified fluctuations". DR007 and R007 fluctuated, and the money market was sensitive to disturbances. The short - term rise in interest rates compressed the arbitrage space and put pressure on leveraged funds, and the short - term pattern of treasury bond futures was bearish [21][23] "Monetary Policy: The Loose Tone Remains Unchanged, Pay Attention to Short - Term Interest Rate Risks" - The central bank's second - quarter monetary policy report continued the "moderate easing" tone, with more emphasis on liquidity stability and targeted support. The marginal interest rate cut was less than expected, and the bond market lacked significant short - term positives [21][28] "Real Estate: The Core of Confidence Drag, Marginal Improvement Remains to Be Seen" - Real estate is the core drag on the economy, with continuous declines in housing prices and investment. Policy support signals are obvious, but it is difficult to reverse the downward trend in the short term. If the real estate market stabilizes, it will be bearish for long - term treasury bonds; if it continues to decline, the bond market has long - term allocation value [4][21][34][35] "Risk Points: Hidden Worries Beyond Real Estate" - Consumption, investment, and exports are all restricted. Consumption recovery lacks sustainability, investment growth is weak, and external demand is under pressure. In addition, the rise in the stock market and commodity prices has led to a shift in funds from the bond market, and the supply of interest - rate products has increased [44][49][51] "Treasury Bond Futures Strategy" - In the short term, treasury bond futures are in a weak pattern due to money market disturbances, rising risk appetite, and increased supply pressure. In the long term, the trend depends on the real estate market. The current strategy should be short - term bearish, and long - term positions should be adjusted dynamically according to the real estate and consumption recovery [53]

Core Viewpoint - The "stock-bond seesaw" effect is evident as funds flow from the bond market to the stock market, leading to a decline in bond prices while stock indices reach new highs [1][2][3]. Group 1: Market Performance - As of August 20, the Shanghai Composite Index reached a 10-year high of 3766.21 points, while most government bond futures declined [1]. - From August 1 to August 18, the Shanghai Composite Index rose from 3568 to 3728 points, with corresponding increases in government bond yields across various maturities [2]. - On August 18, major stock indices hit recent highs, coinciding with significant declines in government bond futures, with the 30-year main contract dropping by 1.33% [3]. Group 2: Government Bond Yields - The yields on 1-year, 10-year, and 30-year government bonds increased by 1.31 basis points, 8.13 basis points, and 10.196 basis points, respectively, with the 30-year yield surpassing 2% [2]. - The yield on the 30-year government bond "25 Super Long Special Government Bond 02" rose by 0.9 basis points to 2.0375% [3]. Group 3: Market Dynamics - The Ministry of Finance announced support operations for government bonds to enhance liquidity in the secondary market, but this did not reverse the downward trend in bond prices [4]. - The strong performance of the stock market is identified as a core reason for the decline in government bond futures, with increased risk appetite and tight funding conditions contributing to market pressure [4]. Group 4: Future Outlook - The current market environment shows weak support for bond bulls, with expectations of limited downward movement in bond prices due to a combination of slow domestic demand recovery and a generally loose liquidity environment [5]. - Despite short-term pressures on the bond market, there is a belief that fundamental and liquidity support will prevent overly pessimistic outlooks for the bond market in the medium to long term [5].

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

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

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

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

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

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

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

证券期货业标准实施情况专项调研启动 涉及20余项关键内容 从业内获悉，中国证券业协会近期向行业机构转发全国金融标准化技术委员会证券分技术委员会关于开 展2025年度证券期货业标准实施情况专项调研的通知。各行业机构需在8月8日前反馈相关调研问卷。据 了解，此次调研的目标直指行业标准落地的"最后一公里"。证标委旨在通过此次专项调研，系统了解证 券期货业已发布标准对标达标情况，深入挖掘标准实施过程中的难点和堵点，为下一步探索更有效的标 准推广路径、切实推动标准在行业生根发芽提供坚实依据。（中国证券报） 期货市场有效客户规模突破260万 创历史新高 据中国期货市场监控中心的最新统计，2025年上半年，全市场新增期货客户41万个，较去年同期增长 2.5%。截至2025年６月末，全市场有效客户总量攀升至261万个，创历史新高，同比增长12%。 机构：2025年Q2全球平板电脑出货量达到3900万台 同比增长9% 《科创板日报》5日讯，Canalys数据显示，2025年第二季度全球平板电脑出货量达到3900万台，同比增 长9%，环比增长5%。Chromebook市场表现亮眼，受益于日本GIGA学校项目推动下的教育设备更新， ...