1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The A - share market has high investment value in the medium - long term. The CSI 500 and CSI 1000 may bring higher returns due to more science - innovation policy support, while the SSE 50 and SHS 300 have defensive value in the current macro - environment [2][12] - The market for crude oil is affected by factors such as trade agreements and OPEC's production decisions. The organization may fully restore the additional voluntary supply cut of 2.2 million barrels per day by the end of September [4][14] - The prices of various commodities are influenced by multiple factors including supply - demand relationships, policies, and international trade situations. For example, the prices of glass and soda ash are in the process of inventory digestion, and their market performance is related to the "anti - involution" policy and fundamental repair [17] 3. Summary by Relevant Catalogs 3.1当日主要新闻关注 3.1.1 International News - The German government will approve the 2026 budget draft on Wednesday, including a record 126.7 billion euros in investment for infrastructure and defense [6] 3.1.2 Domestic News - The Party Group of the Ministry of Agriculture and Rural Affairs emphasized promoting the urbanization of agricultural transfer population, protecting their land rights, and promoting urban - rural integration development with the county as the focus [7] 3.1.3 Industry News - The Guangdong Paper Industry Association issued an "anti - involution" initiative, opposing low - price disorderly competition and dumping below cost [8] 3.2外盘每日收益情况 - The report provides the closing prices, price changes, and percentage changes of various overseas financial products on July 25 and July 28, such as the S&P 500, European STOXX 50, and ICE Brent crude oil [9] 3.3主要品种早盘评论 3.3.1 Financial - **Stock Index**: The A - share market had a volatile rebound. The defense and military industry sector led the rise, and the coal sector adjusted. The trading volume reached 1.77 trillion yuan. The proportion of medium - long - term funds in the capital market is expected to increase, which is conducive to reducing market volatility [2][11] - **Treasury Bonds**: Treasury bonds rebounded significantly. The yield of the 10 - year active Treasury bond fell to 1.715%. The central bank increased open - market operations, and the tightness of the capital market eased. Due to policy expectations and market sentiment, the short - term volatility of Treasury bond futures prices will increase [13] 3.3.2 Energy and Chemicals - **Crude Oil**: SC crude oil rose 2.06% at night. The US and the EU reached a new trade agreement. OPEC and its allies will hold a meeting on August 3 to decide the production level in September [4][14] - **Methanol**: Methanol fell 1.23% at night. The average operating load of coal - to - olefin plants increased slightly, while the overall operating load of methanol plants decreased slightly. Coastal methanol inventory continued to rise, and it is expected to be bullish in the short term [15] - **Polyolefins**: Polyolefin futures declined and traded sideways at night. The spot market was stable. The market is affected by the "anti - involution" policy and the supply - demand relationship [16] - **Glass and Soda Ash**: Both glass and soda ash futures hit the daily limit down. They are in the process of inventory digestion. The market sentiment was affected by policy expectations and fundamental repair [17] - **Rubber**: Natural rubber prices fell on Monday. Supply - side factors supported the price, while the demand side was weak. The inventory in Qingdao continued to increase, and the short - term trend is expected to continue to decline [18] 3.3.3 Metals - **Precious Metals**: Gold prices weakened continuously, and silver also corrected. The strengthening of the US dollar index and the reduction of risk - aversion sentiment led to the decline. The long - term driving force for gold still exists, but the prices may fluctuate [19] - **Copper**: Copper prices rose at night. The low processing fees of concentrates and low copper prices test smelting production. The downstream demand is generally stable, and copper prices may fluctuate within a range [20] - **Zinc**: Zinc prices rose at night. The processing fees of concentrates continued to rise. The market expects an improvement in supply, and zinc prices may fluctuate widely [21] - **Lithium Carbonate**: Lithium carbonate prices rose significantly due to mining qualification issues in Jiangxi and then fell sharply. The production increased slightly, and the inventory continued to rise. The short - term core contradiction lies in warehouse receipts, and the medium - term upside is limited [22] 3.3.4 Black Metals - **Iron Ore**: The demand for iron ore is supported by the profit - driven production of steel mills. The global iron ore shipment has decreased recently, and the port inventory is decreasing rapidly. The supply - demand imbalance pressure is large in the medium term, and the price is expected to be bullish with fluctuations [24] - **Steel**: The supply pressure of steel is gradually emerging, but the supply - demand contradiction is not significant. The export of billets is strong. The market is affected by macro - expectations and raw material sentiment, and the price is expected to be bullish with fluctuations [25] - **Coking Coal and Coke**: The daily hot metal output decreased slightly, and the profitability of steel mills increased slightly. The inventory of coking coal in steel mills and coking plants increased, while the inventory of coking coal in mines decreased. The price is expected to fluctuate within a range after the correction [3][26] 3.3.5 Agricultural Products - **Soybean and Rapeseed Meal**: The night - session of soybean and rapeseed meal traded weakly. The US soybean good - to - excellent rate was lower than expected, and the export prospects are uncertain. The price of soybean meal is expected to have limited downside [27] - **Oils and Fats**: Oils and fats closed up at night. The fundamental data of Indonesia is positive, and the export of palm oil to the EU is expected to increase. The production and export data of Malaysian palm oil are negative in the short term, but the price is expected to rise slowly in the long term [28] 3.3.6 Shipping Index - **Container Shipping to Europe**: The EC index fluctuated, and the 10 - contract closed down 1.84%. The SCFIS European line index decreased, and the spot freight rate is showing signs of decline. The market is waiting to see the extent and slope of the freight rate correction [30]