8月25日港股市场呈现强劲上涨态势，恒生指数收盘报25829.91点，上涨1.94%。恒生科技指数表现更为 突出，收盘报5825.09点，涨幅达到3.14%。 科技股成为当日市场最大亮点，推动科技指数大幅攀升。百度集团、贝壳、网易等科技龙头股涨幅均超 过6%，阿里巴巴上涨超过5%，京东集团涨幅超过4%。这些核心科技股的集体走强为恒生科技指数提供 了强劲动力。 个别股票出现较大跌幅，东方甄选下跌超过12%，成为当日表现较弱的个股之一。整体而言，上涨股票 数量明显超过下跌股票，市场情绪较为乐观。 恒生科技指数作为反映香港上市科技企业表现的重要指标，涵盖网络、金融科技、云端、电子商贸及数 码业务等领域的30只最大市值股票。该指数的强劲表现反映出投资者对科技板块的持续看好。 本文源自：金融界 汽车板块同样表现抢眼，东风集团股份成为当日涨幅王，大涨超过54%。据悉，该公司公告称子公司岚 图汽车将以介绍上市方式登陆港股，东风集团股份将同步完成私有化退市。蔚来汽车涨幅超过15%，新 能源汽车概念股普遍受到资金追捧。 作者：观察君 房地产板块也获得资金关注，万科企业涨幅超过9%。与此同时，金属与采矿板块表现活跃，紫金矿业 上 ...

Core Viewpoint - The article emphasizes the importance of systematic thinking in analyzing commodity markets, highlighting the need to consider both macroeconomic factors and industry-specific dynamics to understand price movements and investment opportunities [9][10][21]. Group 1: Systematic Thinking - Systematic thinking involves a comprehensive approach that considers the broader context and main contradictions in commodity markets, rather than focusing on isolated targets [8][9]. - The article contrasts goal-oriented thinking with systematic thinking, using weight loss as an analogy to illustrate the difference between short-term goals and long-term behavioral changes [5][6]. Group 2: Commodity Price Dynamics - Commodity prices are influenced by a combination of valuation and driving factors, with macroeconomic conditions affecting long-term price expectations [10][13]. - Recent trends show a contradiction where prices are rising despite weak demand and increasing inventories, leading to confusion among industry participants [15][20]. Group 3: Tools for Analyzing Market Contradictions - The article identifies two key tools for resolving contradictions between macroeconomic and industry perspectives: inventory cycles and basis [22][24]. - A focus on basis is crucial for understanding the direction of commodity prices, particularly in the context of macroeconomic trends [25][28]. Group 4: Historical Analysis of Commodity Bottoms - Historical analysis reveals that significant price bottoms are often preceded by rising industrial profits and subsequent inventory replenishment cycles [46][49]. - The article discusses three historical bottoms (2008, 2015, 2020) and their characteristics, emphasizing the role of demand-driven price increases [44][46]. Group 5: Current Market Conditions - The current market does not exhibit strong demand signals, but there is potential for demand to emerge as prices become more attractive [85][86]. - The article suggests that while macroeconomic factors are important, industry-specific analysis is necessary to navigate current market conditions effectively [86].