1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - For stock index futures, consider buying on dips and adopting a range - trading strategy. The A - share market is oscillating upwards, but there is insufficient trading volume after the August rally, so it should be treated with a range - trading mindset [16]. - For treasury bond futures, use a range - trading approach and focus on the odds of short - term bonds. The bond market is likely to be range - bound, with a slightly optimistic outlook based on odds and future fundamentals. Consider reducing positions before the holiday [17][18]. - For the black sector, policies are expected to have a neutral impact on the market. The market may experience a "no - peak season" situation. In the short term, it may adjust, and in the medium term, it will maintain a range - bound trend [18][19]. - For coal and coke, prices may continue to oscillate weakly in the short term, and the demand for finished products during the "Golden September and Silver October" period should be monitored [21]. - For ferroalloys, in the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. - For soda ash and glass, adopt a short - selling approach on rallies for soda ash and a wait - and - see approach for glass [23]. - For aluminum and alumina, it is recommended to wait and see for aluminum. For alumina, short - sell on rallies, while being aware of policy changes in Guinea's ore supply [25]. - For zinc, zinc prices will oscillate weakly after the macro - impact fades, and are expected to have a narrow - range oscillation in the short term due to holidays [26]. - For lithium carbonate, it will operate in a wide - range oscillation without obvious drivers [27]. - For industrial silicon, it oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range [28]. - For polysilicon, it will maintain a wide - range oscillation, and cautious operation is recommended [30]. - For cotton, adopt a short - selling approach on rallies and wait and see during the National Day holiday [32]. - For sugar, maintain a short - selling approach in the medium - term and wait and see in the short term [34]. - For eggs, short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. - For apples, buy on dips with a light position [38]. - For corn, remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract [38]. - For red dates, it is recommended to wait and see [40]. - For hogs, short - sell on rallies for near - month contracts and control positions [41]. - For crude oil, it is likely to shift to a supply - exceeding - demand situation, and consider short - selling on rallies [42]. - For fuel oil, its price will follow the movement of oil prices [43]. - For plastics, it will oscillate weakly in the long - term, with short - term rebounds due to sentiment [45]. - For rubber, be cautious when holding positions as pre - holiday volatility may increase [47]. - For methanol, adopt a range - trading approach with a slightly bullish bias [48]. - For caustic soda, the futures are expected to oscillate [49]. - For asphalt, it will follow the movement of oil prices [50]. - For offset printing paper, it is expected to oscillate, and it is advisable to buy on dips or sell put options near the factory's production cost line [52]. - For the polyester industry chain, it is expected to operate weakly [54]. - For liquefied petroleum gas (LPG), maintain a bearish view in the long - term [55]. - For pulp, the downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes [56]. - For logs, the market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. - For urea, use a range - trading approach due to pre - holiday risk - aversion sentiment [58]. - For synthetic rubber, the main contract oscillates weakly, and it is advisable to wait and see [59]. 3. Summary by Relevant Catalogs 3.1 Macro News - The Political Bureau of the CPC Central Committee will hold the Fourth Plenary Session of the 20th CPC Central Committee from October 20th to 23rd to discuss the 15th Five - Year Plan [12]. - The National Development and Reform Commission introduced that new policy - based financial instruments worth 500 billion yuan will be used to supplement project capital [12]. - The US Department of Commerce issued export control rules, and China's Ministry of Commerce firmly opposes this and will safeguard the legitimate rights and interests of Chinese enterprises [12]. - Six departments issued a plan to stabilize the growth of the machinery industry, aiming for an average annual revenue growth of about 3.5% from 2025 to 2026, with revenue exceeding 10 trillion yuan [12]. - The China Household Electrical Appliances Association issued an initiative against unfair competition [12]. - Deepseek released the DeepSeek - V3.2 - Exp model and open - sourced it, while also significantly reducing the official API price by over 50% [13]. - US President Trump and Israeli Prime Minister Netanyahu reached a 20 - point plan to end the Gaza war, pending the approval of Hamas [13]. - Trump threatened to impose a 100% tariff on movies made outside the US and large - scale tariffs on furniture - producing countries [13]. - The value of the US Treasury's 261.5 million ounces of gold reserves has exceeded $1 trillion, and re - evaluating at market prices could release about $990 billion in funds [13]. - Fed officials have different views on interest rate cuts. Some are against it due to concerns about inflation remaining above the target until 2028, while others are open to potential rate cuts but with caution [14]. - In August, China issued local government bonds worth 980.1 billion yuan, and from January to August, the total issuance was 7.6838 trillion yuan [14]. 3.2 Stock Index Futures - The A - share market is oscillating upwards, with brokerage stocks surging in the afternoon. The Shanghai Composite Index rose 0.9%, the Shenzhen Component Index rose 2.05%, and the ChiNext Index rose 2.74%. The daily trading volume was 2.18 trillion yuan. The market should be treated with a range - trading mindset due to insufficient trading volume after the August rally [16]. 3.3 Treasury Bond Futures - The bond market is weak due to the market's digestion of the central bank's monetary policy meeting and the strong stock market. The bond market is expected to oscillate, and positions can be reduced before the holiday [17][18]. 3.4 Black Sector - Policy impact is expected to be neutral. The market may experience a "no - peak season" situation due to limited real demand improvement, high inventory in some varieties, and profit - taking from basis trading. In the short term, it may adjust, and in the medium term, it will range - bound [18][19]. 3.5 Coal and Coke - Prices may continue to oscillate weakly in the short term. Supply is gradually recovering, but "anti - involution" and environmental protection policies may affect the market. The focus will return to supply - demand fundamentals after the Fed's interest rate cut event [21]. 3.6 Ferroalloys - In the long - term, maintain a short - selling approach on rallies. Hold short positions with high - cost entry over the holiday [22]. 3.7 Soda Ash and Glass - For soda ash, short - sell on rallies. Supply is at a historical high, and there may be inventory accumulation pressure after the pre - holiday restocking. For glass, wait and see. The spot market is stable, and attention should be paid to fuel - upgrade and demand improvement [23]. 3.8 Aluminum and Alumina - For aluminum, wait and see due to weak demand and poor inventory performance in September. For alumina, short - sell on rallies as there is high supply and increasing inventory pressure [25]. 3.9 Zinc - Zinc prices will oscillate weakly after the macro - impact fades. In the short term, they are expected to have a narrow - range oscillation due to holidays [26]. 3.10 Lithium Carbonate - It will operate in a wide - range oscillation without obvious drivers, with short - term price support from inventory reduction [27]. 3.11 Industrial Silicon - It oscillates within a range, and it is advisable to buy on dips for far - month contracts at the lower end of the range. The复产 progress of Xinjiang's leading manufacturers is the core supply - demand contradiction [28]. 3.12 Polysilicon - It will maintain a wide - range oscillation, and cautious operation is recommended. Policy progress dominates the market, and there is a contradiction between strong policy expectations and fundamental oversupply [30]. 3.13 Cotton - Adopt a short - selling approach on rallies and wait and see during the National Day holiday. Supply pressure is increasing, and demand is weak. Pay attention to the impact of the crude oil market and international trade tariffs [32]. 3.14 Sugar - Maintain a short - selling approach in the medium - term and wait and see in the short term. The global sugar market is facing oversupply pressure, and domestic supply is expected to increase [34][35]. 3.15 Eggs - Egg prices are under pressure due to high inventory and the post - festival off - season. Short - sell on dips for near - month contracts and consider a short - near and long - far arbitrage strategy [36]. 3.16 Apples - Lightly buy on dips. The new - season apples have a strong expectation of high opening prices. Pay attention to weather conditions in the producing areas [38]. 3.17 Corn - Remain on the sidelines for single - side trading and sell out - of - the - money call options for the 01 contract. The spot price is weak due to increasing supply, but there is some support from the expected supply gap in 2025/26 [38][39]. 3.18 Red Dates - It is recommended to wait and see. The new - season production is controversial, and the market price is stable [40]. 3.19 Hogs - The supply - demand situation is supply - strong and demand - weak. Short - sell on rallies for near - month contracts and control positions [41]. 3.20 Crude Oil - It is likely to shift to a supply - exceeding - demand situation. Consider short - selling on rallies. Pay attention to the progress of US - Russia negotiations and OPEC+ quota adjustments [42]. 3.21 Fuel Oil - Its price will follow the movement of oil prices, and there is high uncertainty in the external market during the holiday [43]. 3.22 Plastics - It will oscillate weakly in the long - term, with short - term rebounds due to sentiment. Supply pressure is high, and demand is relatively weak [45]. 3.23 Rubber - Be cautious when holding positions as pre - holiday volatility may increase. Supply is increasing, and attention should be paid to profit repair and post - holiday weather conditions [47]. 3.24 Methanol - Adopt a range - trading approach with a slightly bullish bias. Port inventory pressure is large but the inventory accumulation rate has slowed down [48]. 3.25 Caustic Soda - The futures are expected to oscillate due to pre - holiday risk - aversion sentiment and weak fundamentals [49]. 3.26 Asphalt - It will follow the movement of oil prices. It has entered the seasonal demand peak season, with inventory decreasing [50][51]. 3.27 Offset Printing Paper - It is expected to oscillate. Consider buying on dips or selling put options near the factory's production cost line [52]. 3.28 Polyester Industry Chain - It is expected to operate weakly due to weakening cost support from falling international oil prices and limited demand during the peak season [54]. 3.29 Liquefied Petroleum Gas (LPG) - Maintain a bearish view in the long - term. Supply is abundant, and demand is unlikely to exceed expectations [55]. 3.30 Pulp - The downside space of the futures is limited. Consider buying on dips after the holiday if the spot price stabilizes. Domestic supply will support the far - month contracts, but the spot market is still weak [56]. 3.31 Logs - The market is expected to oscillate. Consider buying on dips if price support is confirmed and downstream orders are good during the peak season [57]. 3.32 Urea - Use a range - trading approach due to pre - holiday risk - aversion sentiment. The spot market price is stable, and the futures market is oscillating [58]. 3.33 Synthetic Rubber - The main contract oscillates weakly, and it is advisable to wait and see. Downstream procurement has slowed down before the holiday [59][60].

Summary of Conference Call Records Industry Overview - The conference call discusses the performance of the stock market, particularly focusing on the Shanghai Composite Index and its key resistance levels, indicating a bullish market trend [1][2][4]. Key Points and Arguments 1. **Market Status**: The Shanghai Composite Index rebounded quickly around the 3,550 level, indicating a bullish main upward trend, with key support levels at the 20-day moving average and 3,550 [1][2][4]. 2. **Bull-Bear Boundary**: The 120-day moving average serves as the bull-bear boundary, with the 20-day and 60-day moving averages indicating different market states [5]. 3. **Market Divergence**: Despite the overall market rally, there is internal divergence, as the Shanghai 50 index has broken its upward trend line, suggesting potential weakness in upward momentum [6][7]. 4. **Sector Performance**: Most industry sectors experienced a broad rally, but there was no clear leading sector. The pharmaceutical sector faced a pullback due to the decline in Hong Kong's innovative drug stocks [8][9]. 5. **Psychological Resistance**: The index faces psychological resistance at 3,674, with uncertainties arising from the expiration of the U.S. tariff suspension period [12][13]. 6. **Volume Concerns**: The recent market rebound has been accompanied by a significant reduction in trading volume, indicating insufficient selling pressure and potential risks of a market top [14][15]. 7. **Short-term Strategy**: Short-term trading strategies should be cautious, as there is a high probability of adjustment after reaching 3,674, with a need to monitor new market hotspots for further upward movement [16][17]. 8. **Long-term Outlook**: The market is expected to exhibit a systematic slow bull pattern, supported by overall market sentiment, capital flow, policy supply, and international conditions [19]. 9. **Sector Focus**: Attention should be given to cyclical recovery and value rebound sectors such as steel, non-ferrous metals, and agriculture, as well as technology sectors like communications and pharmaceuticals [29]. Additional Important Insights - **Market Dynamics**: The market is currently at a critical juncture, with potential shifts in investment styles from growth to value, influenced by previous strong performances of certain sectors [28]. - **Investment Strategy**: In the current environment, investors are advised to focus on individual stocks rather than indices, particularly in sectors showing potential for recovery [27]. - **Quantitative Models**: Utilizing quantitative models to identify stocks with favorable characteristics can be an effective strategy in the current market [26][30]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market conditions and future outlook.

Core Viewpoint - The overall market trend remains strong despite recent fluctuations, with a notable increase in margin trading balances indicating rising market confidence [1] Market Performance - The Shanghai Composite Index closed down 0.12% at 3635.13 points, the Shenzhen Component Index fell 0.26% to 11128.67 points, and the ChiNext Index decreased by 0.38% to 2333.96 points [1] - The STAR 50 Index and the North Exchange 50 Index both dropped over 1%, with approximately 2800 stocks in the market showing declines [1] Sector Analysis - Sectors such as semiconductors, brokerage, insurance, and banking experienced declines, while engineering machinery, gas, steel, electricity, agriculture, and non-ferrous metals saw gains [1] - The concept of Yajiang Hydropower experienced a significant surge, and high-speed rail concepts also gained traction [1] Investment Recommendations - East China Securities suggests that the market is likely to maintain a positive trend in the medium term, supported by capital and fundamental recovery [1] - Recommended sectors for attention include finance, non-ferrous metals, construction decoration, agriculture, forestry, animal husbandry, and machinery equipment [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-share index has a clear bottom line, and the trading volume in the two markets has increased, driving the index to fluctuate upwards. The "anti-involution" policy has led to a full recovery of theme stocks. The 1.2 trillion hydropower project in the Yarlung Zangbo River has directly promoted the entire infrastructure industry chain such as water conservancy and building materials to strengthen. The market shows the characteristic of "blue-chip stocks setting the stage, and theme stocks performing". Futures index should be intervened after a pullback [3]. - Although the international situation is complex, the current market expectations are sufficient, and the disturbances caused by Sino-US and Iran-Israel issues are limited. The US has lifted the restrictions on H20 chips. The external influence is mainly the Fed's interest rate decision. A rate cut is beneficial for the appreciation of the RMB, the return of foreign capital, and the inflow of new incremental funds, which may start as early as September. Currently, policies to stabilize the capital market are positive, the bottom line of the stock index is clear, and new technologies and new consumption are promoting the economic expectation to stabilize and recover. After the risk-free interest rate drops to a low level, the entry of medium and long-term funds and residents into the market will enter a new cycle. A breakthrough must be accompanied by an increase in trading volume. This week, the trading volume in the two markets exceeded 1.5 trillion (MA5), and the index still has upward momentum [4]. Summary by Relevant Catalogs Market Performance - This week, domestic stock indices continued to strengthen. As of July 24, 2025, the Shanghai Composite Index closed at 3605.73, up 2.02% for the week and 7.58% year-to-date; the Shenzhen Component Index closed at 11193.06, up 2.56% for the week and 7.47% year-to-date; the ChiNext Index closed at 2345.37, up 3.00% for the week and 9.51% year-to-date; the Science and Technology Innovation 50 Index closed at 1032.84, up 2.51% for the week and 9.51% year-to-date; the SSE 50 Index closed at 2812.44, up 1.73% for the week and 4.76% year-to-date; the CSI 300 Index closed at 4149.04, up 2.23% for the week and 5.44% year-to-date; the CSI 500 Index closed at 6293.60, up 3.18% for the week and 9.92% year-to-date; the CSI 1000 Index closed at 6701.12, up 2.27% for the week and 12.48% year-to-date [13]. - Among the global indices, the Nasdaq Composite Index rose 0.78%, the S&P 500 Index rose 1.00%, and the Biotechnology Index rose 3.68%. In terms of industries, most of the 31 first-level Shenwan industry indices rose this week. Sectors such as building materials, coal, steel, and non-ferrous metals rose significantly, while a few sectors such as banks and communications fell [16]. Liquidity - In June, the total social financing exceeded expectations, and the growth rate reached a new high, rising to 4.6% (a month-on-month increase of 2.3 pct), the highest growth rate since 2023, indicating a significant improvement in corporate liquidity [14][15]. - The capital interest rate (the 7-day reverse repurchase rate of deposit-taking financial institutions in the interbank market, DR007) remained at a low level. In May, the net MLF injection was 37.5 billion yuan. The yield of the 10-year treasury bond was around 1.65%. In June, the total social financing rebounded strongly, mainly driven by policies, and the endogenous driving force still needs to be consolidated. The new social financing was 4.20 trillion yuan, an increase of 900.8 billion yuan year-on-year, and the stock growth rate rose to 8.9% (a month-on-month increase of 0.2 pct), reaching a new high this year. Government bonds increased by 507.2 billion yuan year-on-year (contributing 58% of the social financing increment), reflecting an accelerated pace of fiscal efforts, with special bonds and special-purpose bonds advancing simultaneously. New RMB loans were 2.24 trillion yuan, an increase of 110 billion yuan year-on-year, and short-term corporate loans became the main driving force. The growth rate of M2 rebounded, and M1 improved significantly. In June, the year-on-year growth rate of M2 was 8.3% (a month-on-month increase of 0.4 pct), mainly driven by the low-base effect (deposit diversion caused by manual interest compensation supervision in the same period in 2024) and an increase in corporate deposits [17]. Trading Data and Sentiment - This week, the trading volume increased, and the stock index continued to fluctuate strongly. The number of new accounts opened in January was 1.57 million, in February was 2.83 million, in March was 3.06 million, in April dropped to 1.92 million, in May continued to drop to 1.555 million, and in June slightly increased to 1.6464 million. On July 23, the Shanghai Composite Index reached 3600 points during intraday trading, the second-highest point since October 2024. The trading volume in the two markets (MA5) exceeded 1.5 trillion, and the index showed strong momentum, with prominent structural market conditions [26]. Index Valuation - As of July 24, 2025, the latest PE of the Shanghai Composite Index was 15.64, with a percentile of 73.34; the latest PE of the entire market was 20.81, with a percentile of 78.73. Among the major stock indices, the valuation percentiles were in the order of CSI 1000 > CSI 500 > CSI 300 > SSE 50. Note: The starting time of the valuation percentile is January 1, 2009 [34]. Index Industry Weights (as of June 30, 2025) - In the SSE 50 Index, the weights of banks, non-bank finance, and food and beverage were relatively high, at 21.34%, 11.18%, and 8.31% respectively. The electronics industry became the fourth-largest weighted industry [43]. - In the CSI 300 Index, the weights were relatively dispersed, and the top three weighted industries were banks, non-bank finance, and electronics [43]. - In the CSI 500 Index, the top three weighted industries were electronics, pharmaceutical biology, and non-bank finance [48]. - In the CSI 1000 Index, the top three weighted industries were electronics, pharmaceutical biology, and computers [48].

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Report - The index has stable support below and high pressure to break through above. The tariff negotiation is still ongoing, and the index fluctuates in the short - term due to news, but the export chain is heating up and the stock index continues to rebound. The 10 - year and 30 - year treasury bond rates are expected to fluctuate within certain ranges, and the treasury bond market may show a narrow - range oscillation. Gold forms a "double - top" pattern with resistance at the previous high of $3430, and silver may冲击 the high - level resistance of $34.8. The CMA of the container shipping index (European line) continues to raise prices in July, and the steel industry's demand and inventory are deteriorating. The iron ore is in a range - bound state, and the prices of coke and coking coal may continue to decline. The supply of silicon - iron and manganese - silicon has different situations, and the prices of copper and tin are affected by different factors. The oil price is dragged down by supply concerns, and the prices of various chemical and agricultural products are also affected by different supply - demand and market factors [2]. Group 3: Summary by Related Catalogs Stock Index - The index has stable support below and high pressure to break through above. The tariff negotiation is ongoing, and the index is affected by news in the short - term. The export chain is heating up, and the stock index continues to rebound. After the volatility subsides, it will continue to oscillate neutrally. It is recommended to wait and see, and try to go long on the CSI 1000 index in the range of 5800 - 5900 [2]. Treasury Bond - The 10 - year treasury bond rate may fluctuate in the range of 1.6% - 1.75%, and the 30 - year treasury bond rate may fluctuate in the range of 1.8% - 1.95%. In the short - term, the market lacks driving forces, and the treasury bond market may show a narrow - range oscillation. It is recommended to conduct interval - band operations, and currently, the odds are limited, so it is advisable to wait and see [2]. Precious Metals - Gold forms a "double - top" pattern with resistance at the previous high of $3430. It may have a pulse - type rise affected by news in the short - term. A strategy of selling out - of - the - money gold options on both sides can be adopted to earn time value. Silver may冲击 the high - level resistance of $34.8 after breaking through the previous high resistance of $33.5, and beware of long - position profit - taking at high levels [2]. Container Shipping Index (European Line) - The CMA continues to raise prices in July, and the market oscillates upwards. It is considered to go long on the 08 contract at low prices [2]. Steel - The demand and inventory of industrial materials are deteriorating. Pay attention to the decline in apparent demand. It is recommended to wait and see for unilateral operations and focus on the arbitrage operation of going long on materials and short on raw materials [2]. Iron Ore - It is in a range - bound state, with a reference range of 700 - 745. Pay attention to the marginal change in terminal demand [2]. Coke - The third round of price cuts by mainstream steel mills started on June 4th. The coking coal is weakly conceding profits, and the coke price may continue to decline. It is recommended to short after the price rebounds [2]. Coking Coal - The market auction continues to be cold, the coal mine production is at a high level, and the inventory is at a high level. The spot price may still decline, but the expectation has improved. It is recommended to short after the price rebounds [2]. Silicon - Iron - The large - scale factories in Ningxia have resumed production, and the cost side has rebounded and repaired. It is recommended to wait and see [2]. Manganese - Silicon - The shipment from Groote Eylandt has resumed, but the supply of manganese - silicon still has weak driving forces. It is recommended to wait and see [2]. Copper - The main contract should pay attention to the pressure level of 78000 - 79000 [2]. Tin - The resumption of production in Myanmar is slow, and the short - term shortage of tin ore boosts the tin price. It can be considered to try to go long [2]. Crude Oil - Saudi Arabia's willingness to increase production remains strong, and the increase in EIA refined oil inventory has aggravated the long - term supply concerns, dragging down the oil price. In the long - term, a band - trading strategy is still recommended. In the short - term, it is necessary to observe whether the macro - environment eases before making long or short positions. The fluctuation range of WTI is given as [59, 69], Brent as [61, 71], and SC as [440, 500]. Options can buy a straddle structure to capture the opportunity of increased volatility after the holiday [2]. Urea - In the short - term, the upstream continues to tighten inventory, and the export scale is difficult to increase for the time being, providing limited support to the market. In the long - term, a band - trading strategy is adopted. In the short - term, the market oscillates. It is recommended to wait and see for unilateral operations and wait for the rebound opportunity. The main contract should pay attention to the support around [1730, 1750] [2]. PX - The supply - demand situation has weakened marginally, and the price is under pressure, but the tight spot market still provides support. In the short - term, pay attention to the support around 6500; focus on the reverse - arbitrage opportunity for PX9 - 1; shrink the PX - SC spread when it is high [2]. PTA - The supply - demand situation has weakened marginally, but the raw material support is strong. In the short - term, it still has support. In the short - term, pay attention to the support around 4600; mainly conduct reverse - arbitrage for TA9 - 1 [2]. Short - Fiber - Some factories have reduced contracts, and the short - term processing fee has been repaired. The unilateral operation is the same as that of PTA; mainly expand the processing fee on the PF futures market when it is low [2]. Bottle - Chip - During the peak demand season, there is an expectation of production reduction for bottle - chips, and the processing fee is supported. PR follows the cost fluctuation. The unilateral operation is the same as that of PTA; the main contract's processing fee on the futures market is expected to fluctuate in the range of 350 - 600 yuan/ton. Pay attention to the opportunity to expand it at the lower limit of the range [2]. Ethanol - The port inventory continues to decline. Pay attention to the positive - arbitrage opportunity. EG09 pays attention to the opportunity to go long at around 4200; conduct positive - arbitrage for EG9 - 1 at low prices [2]. Styrene - With the expectation of gradually weakening supply - demand, the price is under pressure. Adopt a high - short strategy [2]. Caustic Soda - The alumina procurement supports the spot market. Pay attention to the marginal pressure of supply - demand and the warehouse receipts. Before the fundamental situation weakens significantly or the warehouse receipts flow out, still pay attention to the opportunity to expand the spread between the near - month and the 09 contract [2]. PVC - The supply - demand contradiction is difficult to effectively relieve. Pay attention to the change in India's BIS policy in June. Adopt a high - short strategy, and the operating range is 4500 - 5000 [2]. Synthetic Rubber - BR follows the commodity rebound. Hold the short position of BR2507 [2]. LLDPE - The spot price rises with the futures market, and the trading volume is moderate. It is in an oscillating state [2]. PP - The supply and demand are both weak, and it oscillates weakly. Adopt a high - short strategy [2]. Methanol - The inventory inflection point has appeared, and it is in an oscillating state [2]. Grains - The CBOT has stabilized and rebounded, and the two grains oscillate. M2509 oscillates in the range of 2900 - 3000 [2]. Live Pig - The demand is weak after the holiday, and the spot price is under pressure again. Pay attention to the support at 13500 [2]. Corn - The spot price is relatively stable, and the corn oscillates in a narrow range. It oscillates around 2330 in the short - term [2]. Palm Oil - The palm oil inventory may increase significantly, suppressing the increase in the market. Test the support at 8000 in the short - term [2]. White Sugar - The overseas supply outlook is relatively loose. Adopt a short - selling strategy on rebounds, with a reference range of 5600 - 5850 [2]. Cotton - The downstream market remains weak. Adopt a short - selling strategy on rebounds [2]. Egg - The spot price may weaken again. Short - sell on rebounds for the 07 contract and hold the short position [2]. Apple - It is in the off - season of demand, and the trading follows the market. The main contract operates around 7700 [2]. Orange Juice - The market price is weakly stable. It is in the process of bottom - building [2]. Peanut - The market price oscillates. The main contract operates around 8400 [2]. Special Commodities - For soda ash, the oversupply logic continues. Adopt a high - short strategy on rebounds and hold the short position. Conduct positive - arbitrage for the 7 - 9 spread. For glass, the market sentiment has reversed, and the futures price rebounds. Adopt a short - selling strategy on rebounds. For rubber, the market sentiment has improved, and the rubber price rebounds slightly. Hold the short position and pay attention to the support at the 13000 level. For industrial silicon, the short - position closing on the industrial silicon futures market leads to a rebound. If there is a short position, it is recommended to close it. For polysilicon, although the warehouse receipts increase, the polysilicon futures price rebounds. If there is a long position, it is recommended to hold it carefully. For lithium carbonate, the sentiment improves, and the intraday futures price rebounds significantly, but the fundamental logic has not reversed. The main contract is expected to operate in the range of 56,000 - 62,000 [2]. Non - Ferrous Metals - For zinc, the supply increase is less than expected, which supports the price. Pay attention to the inventory change. The main contract refers to the range of 21500 - 23500. For nickel, the sentiment improves, and the futures price oscillates and recovers, with little change in the fundamentals. The main contract refers to the range of 118000 - 126000. For stainless steel, the futures price mainly oscillates, with cost support and supply - demand contradictions still existing. The main contract refers to the range of 12600 - 13200 [3].