Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures on August 20, 2025, including that stock index futures will oscillate and consolidate, while some commodity futures like coking coal, glass, and soda ash futures will oscillate weakly, and industrial silicon, polysilicon, and lithium carbonate futures will have a weakly wide - range oscillation [1][2]. Summary by Relevant Catalogs 1. Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate on August 20. Specific support and resistance levels are provided for IF2509, IH2509, IC2509, and IM2509 [2][19]. - **Treasury Bond Futures**: The ten - year and thirty - year treasury bond futures主力 contracts T2509 and TL2509 are likely to oscillate strongly and attack resistance levels [2]. - **Precious Metal Futures**: Gold and silver futures主力 contracts AU2510 and AG2510 are likely to oscillate weakly [2][3]. - **Base Metal Futures**: Copper, aluminum, alumina, etc. futures主力 contracts are likely to oscillate weakly [3]. - **Industrial and Energy Futures**: Industrial silicon, polysilicon, lithium carbonate, etc. futures主力 contracts are likely to have a weakly wide - range oscillation; coking coal, glass, and soda ash futures主力 contracts are likely to oscillate weakly [1][3]. - **Agricultural Futures**: Soybean meal, soybean oil, palm oil, etc. futures主力 contracts are likely to oscillate weakly [7]. 2. Macro Information and Trading Tips - **Domestic Information**: In July, China's general public budget revenue increased year - on - year; relevant meetings emphasized promoting consumer policies; the central bank increased re - loan quotas; unemployment rates of different age groups were announced; new regulations on personal pension were introduced; and the LME Hong Kong delivery warehouse was inaugurated [8][11]. - **International Information**: The US expanded steel and aluminum tariff lists, which is negative for related commodity futures; the US and Japan planned investment consultations; the US new home starts increased; the US credit rating was confirmed; and a Japanese politician called for interest rate hikes [9][10][11]. 3. Futures Market Analysis and Outlook - **Stock Index Futures**: On August 19, the stock index futures主力 contracts generally had weak trends, with short - term upward momentum weakening and downward pressure increasing. The A - share market was weak, but the two - margin balance continued to rise, and foreign institutions were optimistic about the Chinese stock market [13][14][15][16][17]. - **Treasury Bond Futures**: On August 19, the ten - year and thirty - year treasury bond futures主力 contracts had small rebounds, and the central bank conducted large - scale reverse repurchase operations [37][41]. - **Commodity Futures**: Different commodity futures主力 contracts had different trends on August 19, and their trends on August 20 were predicted based on technical and fundamental analysis [44][51][70][71][74][79][83][87][91][94][100][104][106][108][110][112][114][117].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis, the report forecasts the trends of various futures on June 23, 2025. Index futures are expected to fluctuate and consolidate; crude oil and pulp futures are likely to fluctuate with an upward bias; gold, silver, and rebar futures are expected to fluctuate strongly; industrial silicon, polysilicon, lithium carbonate, glass, and soda ash futures are likely to fluctuate weakly [1][2]. 3. Summary by Related Catalogs 3.1 Macro News and Trading Tips - Chinese and Russian leaders emphasize strengthening cooperation, and China will implement more proactive macro - policies to promote high - quality development [9]. - China strongly condemns the US attack on Iranian nuclear facilities and calls for a cease - fire and dialogue [10]. - The 6 - month LPR remains unchanged, and China's fiscal revenue and expenditure data show that the expenditure increases while the revenue slightly decreases [10]. - The cross - border payment system between the Chinese mainland and Hong Kong is launched, and the first batch of participating institutions is announced [11]. - The US Congress tries to limit the president's war - making power, and the US faces increased threat levels after the attack on Iran [15][16]. - The EU and the US are negotiating a "reciprocal trade agreement", but there is uncertainty about tariffs [16]. 3.2 Commodity Futures - related Information - The Dalian Commodity Exchange optimizes option exercise and hedging operations and adds option waiver applications [17]. - The CSRC approves the registration of pure benzene futures and options on the Dalian Commodity Exchange [17]. - The conflict between Iran and Israel does not cause a significant increase in oil prices, and OPEC + does not need to intervene for now [17]. - International precious metal futures generally decline, while London base metals close higher [18]. - Shipping market panic drives up freight rates, and the on - shore RMB against the US dollar shows an upward trend [19]. 3.3 Futures Market Analysis and Forecast 3.3.1 Stock Index Futures - On June 20, 2025, the performance of major stock index futures contracts varied. The overall outlook for June is that most contracts are likely to fluctuate weakly, and on June 23, they are expected to fluctuate and consolidate [19][20][26]. 3.3.2 Treasury Bond Futures - On June 20, the ten - year and thirty - year treasury bond futures showed different trends. On June 23, both are expected to fluctuate strongly [42][44]. 3.3.3 Gold and Silver Futures - On June 20, gold and silver futures declined. In June, gold futures are expected to fluctuate strongly in a wide range, and silver futures are likely to fluctuate with an upward bias and may hit a new low. On June 23, both are expected to fluctuate strongly [48][53]. 3.3.4 Base Metal Futures - On June 20, most base metal futures showed downward trends. Different base metal futures have different trends in June and on June 23, with some expected to fluctuate strongly and some weakly [58][62][70]. 3.3.5 Industrial Silicon and Polysilicon Futures - On June 20, industrial silicon and polysilicon futures declined. On June 23, both are expected to fluctuate weakly, and polysilicon futures may hit a new low [88][89]. 3.3.6 Lithium Carbonate Futures - On June 20, lithium carbonate futures declined. On June 23, it is expected to fluctuate weakly and may hit a new low [90][91]. 3.3.7 Rebar, Hot - Rolled Coil, and Iron Ore Futures - On June 20, these futures showed upward trends. In June, they are expected to fluctuate in a wide range, and on June 23, they are expected to fluctuate strongly [93][99][101]. 3.3.8 Coking Coal Futures - On June 20, coking coal futures rose. On June 23, it is expected to fluctuate and consolidate [106]. 3.3.9 Glass and Soda Ash Futures - On June 20, glass futures rose while soda ash futures declined. On June 23, both are expected to fluctuate weakly [108][109]. 3.3.10 Crude Oil and Fuel Oil Futures - On June 20, crude oil futures showed mixed trends. In June, crude oil futures are expected to fluctuate with an upward bias. On June 23, crude oil and fuel oil futures are expected to fluctuate with an upward bias [112][116]. 3.3.11 PTA, PVC, and Methanol Futures - On June 20, these futures showed different trends. On June 23, they are all expected to fluctuate strongly [118][121][122]. 3.3.12 Natural Rubber and Pulp Futures - On June 20, natural rubber futures declined, and pulp futures also declined. On June 23, natural rubber futures are expected to fluctuate and consolidate, and pulp futures are expected to fluctuate with an upward bias [124][125]. 3.3.13 Container Shipping Index (European Line) Futures - On June 20, this futures contract declined significantly. On June 23, it is expected to fluctuate with an upward bias [129].