Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity overview of various sectors on July 31, 2025, including trading volume, holding amount, and trading - holding ratio, along with their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - The report shows multiple figures related to plate liquidity, such as the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate, with data sources from Flush and Huatai Futures Research Institute [4][8] II. Stock Index Plate - On July 31, 2025, the stock index plate had a trading volume of 751.635 billion yuan, a +12.67% change from the previous trading day; the holding amount was 1138.644 billion yuan, a -2.24% change; the trading - holding ratio was 65.46%. There are also figures showing the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [1][5] III. Treasury Bond Plate - The trading volume of the treasury bond plate was 411.459 billion yuan, a -20.52% change; the holding amount was 867.472 billion yuan, a -1.07% change; the trading - holding ratio was 48.36%. Figures display the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [1][5] IV. Basic Metals and Precious Metals (Metal Plate) - The basic metals plate had a trading volume of 603.644 billion yuan, a +4.67% change; the holding amount was 491.372 billion yuan, a -5.10% change; the trading - holding ratio was 143.13%. The precious metals plate had a trading volume of 439.339 billion yuan, a +40.27% change; the holding amount was 440.018 billion yuan, a -0.95% change; the trading - holding ratio was 140.02%. Figures show the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [1][5] V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 510.154 billion yuan, a -14.65% change; the holding amount was 419.437 billion yuan, a -2.55% change; the trading - holding ratio was 110.68%. Figures present the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy and chemical plate [1][5] VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 323.950 billion yuan, a -3.95% change; the holding amount was 568.175 billion yuan, a -1.57% change; the trading - holding ratio was 52.80%. Figures show the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural products plate [1][5] VII. Black Building Materials Plate - The trading volume of the black building materials plate was 546.968 billion yuan, a -28.62% change; the holding amount was 378.365 billion yuan, a -6.52% change; the trading - holding ratio was 144.74%. Figures display the rise - fall rate, trading - holding ratio, precipitation fund change, precipitation fund trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [2][5]

Group 1: Report Core Information Report Industry Investment Rating - Not available Report's Core View - The report presents the market liquidity situation of various sectors on July 29, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary According to the Directory 1. Plate Liquidity - The report provides figures on the trading - holding ratio, trading volume change rate, holding amount, and trading volume of each sector, with data sourced from Flush and Huatai Futures Research Institute [1][2][8] 2. Stock Index Plate - On July 29, 2025, the trading volume of the stock index plate was 516.437 billion yuan, a +1.60% change from the previous trading day; the holding amount was 1114.401 billion yuan, a -1.66% change; the trading - holding ratio was 46.26% [1] 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 447.828 billion yuan, a +1.57% change from the previous trading day; the holding amount was 884.54 billion yuan, a -0.13% change; the trading - holding ratio was 51.07% [1] 4. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 509.297 billion yuan, a -25.69% change from the previous trading day; the holding amount was 498.898 billion yuan, a -1.77% change; the trading - holding ratio was 132.69%. The precious metal plate had a trading volume of 313.997 billion yuan, a -33.49% change; the holding amount was 441.909 billion yuan, a -0.48% change; the trading - holding ratio was 80.00% [1] 5. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 530.505 billion yuan, a -32.14% change from the previous trading day; the holding amount was 422.522 billion yuan, a -1.02% change; the trading - holding ratio was 109.79% [1] 6. Agricultural Product Plate - The trading volume of the agricultural product plate was 357.736 billion yuan, a -14.15% change from the previous trading day; the holding amount was 575.184 billion yuan, a -0.88% change; the trading - holding ratio was 55.48% [1] 7. Black Building Materials Plate - The trading volume of the black building materials plate was 585.449 billion yuan, a -33.29% change from the previous trading day; the holding amount was 394.971 billion yuan, a +2.84% change; the trading - holding ratio was 151.20% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report presents the market liquidity situation on July 24, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day for various sectors such as the stock index, treasury bonds, basic metals, precious metals, energy and chemical, agricultural products, and black building materials [1][2] 3. Summary by Relevant Catalog I. Plate Liquidity - There are figures showing the trading - holding ratio, trading volume change rate, holding amount, and other data of each plate [5][8] II. Stock Index Plate - On July 24, 2025, the stock index plate had a trading volume of 572.714 billion yuan, a 7.90% decrease from the previous trading day; the holding amount was 1149.608 billion yuan, a 1.65% increase; the trading - holding ratio was 49.83% [1] III. Treasury Bond Plate - On July 24, 2025, the treasury bond plate had a trading volume of 527.757 billion yuan, a 2.36% decrease from the previous trading day; the holding amount was 908.774 billion yuan, a 0.69% increase; the trading - holding ratio was 58.15% [1] IV. Basic Metals and Precious Metals (Metal Plate) - Basic metals: On July 24, 2025, the trading volume was 790.139 billion yuan, a 3.20% decrease from the previous trading day; the holding amount was 537.2 billion yuan, a 3.13% increase; the trading - holding ratio was 191.19% [1] - Precious metals: On July 24, 2025, the trading volume was 569.421 billion yuan, a 17.45% increase from the previous trading day; the holding amount was 469.493 billion yuan, a 4.46% decrease; the trading - holding ratio was 146.66% [1] V. Energy and Chemical Plate - On July 24, 2025, the energy and chemical plate had a trading volume of 719.87 billion yuan, a 4.22% increase from the previous trading day; the holding amount was 431.49 billion yuan, a 0.37% increase; the trading - holding ratio was 157.51% [1] VI. Agricultural Products Plate - On July 24, 2025, the agricultural products plate had a trading volume of 397.076 billion yuan, a 1.34% increase from the previous trading day; the holding amount was 589.056 billion yuan, a 0.77% decrease; the trading - holding ratio was 63.82% [1] VII. Black Building Materials Plate - On July 24, 2025, the black building materials plate had a trading volume of 660.066 billion yuan, a 4.44% increase from the previous trading day; the holding amount was 393.851 billion yuan, a 1.87% increase; the trading - holding ratio was 160.90% [2]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core View The report presents the market liquidity situation on July 21, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day for various sectors such as the stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors [1][2]. 3. Summary by Directory I. Plate Liquidity - Various charts are used to display the trading - holding ratio, trading volume change rate, holding amount, trading volume, and trading amount of each sector [5][8] II. Stock Index Plate - On July 21, 2025, the trading volume of the stock index plate was 486.346 billion yuan, a change of - 10.60% from the previous trading day; the holding amount was 1071.902 billion yuan, a change of + 3.13% from the previous trading day; the trading - holding ratio was 45.24% [1] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each variety in the stock index plate [5] III. Treasury Bond Plate - On July 21, 2025, the trading volume of the treasury bond plate was 412.89 billion yuan, a change of + 60.25% from the previous trading day; the holding amount was 913.311 billion yuan, a change of + 0.69% from the previous trading day; the trading - holding ratio was 46.91% [1] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each variety in the treasury bond plate [5] IV. Basic Metal and Precious Metal (Metal Plate) - On July 21, 2025, the trading volume of the basic metal plate was 634.191 billion yuan, a change of + 1.20% from the previous trading day; the holding amount was 512.895 billion yuan, a change of + 5.44% from the previous trading day; the trading - holding ratio was 165.53% - The trading volume of the precious metal plate was 348.508 billion yuan, a change of - 4.14% from the previous trading day; the holding amount was 466.834 billion yuan, a change of + 1.96% from the previous trading day; the trading - holding ratio was 82.63% [1] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each variety in the metal plate [5] V. Energy Chemical Plate - On July 21, 2025, the trading volume of the energy chemical plate was 707.461 billion yuan, a change of + 27.22% from the previous trading day; the holding amount was 438.931 billion yuan, a change of - 2.08% from the previous trading day; the trading - holding ratio was 142.54% [1] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each main variety in the energy chemical plate [5] VI. Agricultural Product Plate - On July 21, 2025, the trading volume of the agricultural product plate was 339.628 billion yuan, a change of - 3.02% from the previous trading day; the holding amount was 593.033 billion yuan, a change of - 1.08% from the previous trading day; the trading - holding ratio was 49.04% [1] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each main variety in the agricultural product plate [5] VII. Black Building Material Plate - On July 21, 2025, the trading volume of the black building material plate was 488.107 billion yuan, a change of + 47.14% from the previous trading day; the holding amount was 392.289 billion yuan, a change of + 1.19% from the previous trading day; the trading - holding ratio was 133.43% [2] - Multiple charts show the price change, trading - holding ratio, and precipitation fund change of each variety in the black building material plate [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the market liquidity situation on July 4, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day for different sectors such as stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2]. 3. Summary by Relevant Catalogs I. Plate Liquidity The report provides data on trading volume, holding amount, trading - holding ratio, and their changes compared with the previous trading day for multiple sectors, including stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2]. II. Stock Index Plate On July 4, 2025, the trading volume of the stock index plate was 625.937 billion yuan, a +60.52% change from the previous trading day; the holding amount was 1095.323 billion yuan, a +9.99% change; and the trading - holding ratio was 56.94% [1]. III. Treasury Bond Plate On July 4, 2025, the trading volume of the treasury bond plate was 268.997 billion yuan, a - 6.49% change from the previous trading day; the holding amount was 927.353 billion yuan, a +2.56% change; and the trading - holding ratio was 29.61% [1]. IV. Basic Metal and Precious Metal (Metal Plate) On July 4, 2025, the trading volume of the basic metal plate was 349.009 billion yuan, a +3.46% change from the previous trading day; the holding amount was 507.371 billion yuan, a - 1.34% change; and the trading - holding ratio was 89.73%. The trading volume of the precious metal plate was 343.446 billion yuan, a +3.64% change; the holding amount was 440.884 billion yuan, a - 1.21% change; and the trading - holding ratio was 86.21% [1]. V. Energy - Chemical Plate On July 4, 2025, the trading volume of the energy - chemical plate was 477.24 billion yuan, a - 0.06% change from the previous trading day; the holding amount was 433.448 billion yuan, a +0.42% change; and the trading - holding ratio was 91.84% [1]. VI. Agricultural Product Plate On July 4, 2025, the trading volume of the agricultural product plate was 266.379 billion yuan, a - 3.06% change from the previous trading day; the holding amount was 559.453 billion yuan, a - 0.42% change; and the trading - holding ratio was 42.05% [1]. VII. Black Building Materials Plate On July 4, 2025, the trading volume of the black building materials plate was 254.961 billion yuan, a - 10.57% change from the previous trading day; the holding amount was 364.163 billion yuan, a +0.84% change; and the trading - holding ratio was 72.29% [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity situation on June 9, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day for different sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors. [1][2] 3. Summary by Directory I. Plate Liquidity The report provides information on the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day for various sectors, including stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors. [1][2] II. Stock Index Plate On June 9, 2025, the stock index plate had a trading volume of 432.842 billion yuan, a 33.50% increase from the previous trading day; the holding amount was 986.735 billion yuan, a 6.11% increase; the trading - holding ratio was 43.70%. [1] III. Treasury Bond Plate On June 9, 2025, the treasury bond plate had a trading volume of 304.366 billion yuan, a 7.50% increase from the previous trading day; the holding amount was 807.123 billion yuan, a 1.85% increase; the trading - holding ratio was 38.22%. [1] IV. Basic Metal and Precious Metal (Metal Plate) On June 9, 2025, the basic metal plate had a trading volume of 231.325 billion yuan, an 11.33% decrease from the previous trading day; the holding amount was 386.433 billion yuan, a 1.28% increase; the trading - holding ratio was 92.00%. The precious metal plate had a trading volume of 512.271 billion yuan, a 20.24% decrease from the previous trading day; the holding amount was 464.732 billion yuan, a 0.65% decrease; the trading - holding ratio was 112.91%. [1] V. Energy Chemical Plate On June 9, 2025, the energy chemical plate had a trading volume of 407.132 billion yuan, a 2.64% increase from the previous trading day; the holding amount was 374.671 billion yuan, a 1.73% increase; the trading - holding ratio was 88.19%. [1] VI. Agricultural Product Plate On June 9, 2025, the agricultural product plate had a trading volume of 266.432 billion yuan, an 18.42% decrease from the previous trading day; the holding amount was 533.929 billion yuan, a 1.64% increase; the trading - holding ratio was 46.39%. [1] VII. Black Building Material Plate On June 9, 2025, the black building material plate had a trading volume of 220.925 billion yuan, a 22.89% decrease from the previous trading day; the holding amount was 339.459 billion yuan, a 0.06% increase; the trading - holding ratio was 72.41%. [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report provides a comprehensive overview of overnight market trends, important news, and financial market developments across various sectors including commodities, stocks, bonds, and foreign exchange. It also includes information on upcoming economic data releases and events. Summary by Categories Overnight Market Trends - Spot gold rebounded due to a weaker dollar, closing up 0.61% at $3373.72 per ounce, while spot silver closed down 0.03% at $34.492 per ounce [2] - International crude oil prices dropped as Saudi Arabia was reported to push for OPEC+ to increase production significantly. WTI crude closed down 1.05% at $62.17 per barrel, and Brent crude closed down 1.15% at $64.67 per barrel [2] - Domestic night - session futures contracts had mixed results. Some commodities like coking coal, coke, and LPG rose, while others like bottle chips, PTA, and caustic soda fell [3] - CBOT agricultural futures mostly rose, with soybeans up 0.36%, wheat up 1.49%, and corn down 0.06% [3] - London base metals had mixed closes, with LME tin up 1.41% and LME copper up 0.11% [4] Important News Macroeconomic News - A US - Canada trade agreement may be reached next week, perhaps before the G7 summit on June 15 [7] - The EU and the US had a constructive trade talk, and they are making progress on tariff negotiations [7] - Zhengzhou Commodity Exchange adjusted the application method for hedging positions for some varieties and raised the combined limits for hedging and speculative positions for 14 varieties [7] - The US May ADP private employment report showed only 37,000 new jobs, far below the expected 114,000. Trump called for the Fed to cut interest rates [7] - The Fed's Beige Book indicated that economic activity has slightly declined since the last report, and price increases were at a moderate pace [7] Energy and Chemical Futures - Japan's commercial crude oil and gasoline inventories increased in the week ending May 31 [9] - The refined oil inventory at the Port of Fujairah in the UAE dropped 13% to a five - month low in the week ending June 2 [11] - US commercial crude oil inventory (excluding strategic reserves) decreased by 4.304 million barrels to 436 million barrels in the week ending May 30, while the strategic petroleum reserve increased by 509,000 barrels [11] - Saudi Arabia hopes OPEC+ to increase oil production by at least 411,000 barrels per day in August and possibly September [11] Metal Futures - Peru's copper production is expected to increase slightly to 2.8 million tons this year, and mining investment is expected to reach at least $4.8 billion [13] - A North China monomer enterprise started a 15 - day maintenance, which is expected to affect DMC production by about 4,000 tons [14] - An East China lead smelter has复产, but its production is unstable due to environmental inspections. A South China zinc smelter's equipment maintenance is expected to affect production by about 2,000 tons [14] - CZSPT released the guidance price range for imported zinc concentrate processing fees for the end of Q3 2025: $80 - $100 per dry ton [14] Black - series Futures - As of now, there is no official decision on Mongolia's coal mineral resource tax increase [17] - In late May, the social inventory of 5 major steel products in 21 cities decreased by 4.7% month - on - month [17] - The online auction of Mongolian coking coal on June 4 had all lots go unsold [17] - Some steel mills in Tangshan plan to cut coke prices on June 6 [17] - On June 4, the national building materials social inventory, factory inventory, and production all decreased compared to the previous week [18] - The UK Prime Minister aims to get the US to reduce steel tariffs on the UK to zero [19] Agricultural Futures - Malaysia's May 2025 palm oil inventory is expected to be 2.01 million tons, up 7.74% from April; production is expected to be 1.74 million tons, up 3%; and exports are expected to be 1.3 million tons, up 17.9% [21] - Chinese oil mills' soybean crushing volume is expected to reach about 9 million tons in June [23] - As of May 30, CBOT soybean deliverable inventory decreased by 4.70% from the previous week [23] - ICAC's forecast for the 2025/2026 global cotton season remains stable, with production and consumption estimated at about 26 million tons and 25.7 million tons respectively, and trade volume increased to 9.7 million tons [23] - Indonesia's 2024/2025 palm oil production is estimated at 48.8 million tons, and Malaysia's at 19 million tons, remaining unchanged from the previous forecast [23] - As of May 28, the national pig price and corn price both decreased, while the pig - to - corn ratio increased [24] - By the end of May, Guangxi's sugar sales and sales rate increased year - on - year [24] - Brazil's June soybean export is estimated at 12.55 million tons, lower than last year and May [24] - The expected US soybean export net sales for the 2024/25 and 2025/26 market years are in the ranges of 10 - 50 million tons and 0 - 10 million tons respectively [25] Financial Markets Stocks - A - share major indices rose, with the brokerage and consumer sectors performing strongly. The Shanghai Composite Index rose 0.42%, the Shenzhen Component Index rose 0.87%, and the ChiNext Index rose 1.11% [28] - The Hong Kong Hang Seng Index rose 0.6%, with nuclear power, pharmaceutical, and consumer stocks performing well [28] - In May 2025, A - share new accounts increased by 22.86% year - on - year but decreased by 19.16% month - on - month [28] - Brokers generally expect the A - share market to perform well in the second half of 2025 and are also optimistic about the Hong Kong stock market [29] - In May, over 60 A - share companies announced share repurchase plans, and nearly 150 companies implemented share repurchases [29] - Since April, the Hong Kong stock market has seen a wave of share repurchases, with the trend continuing in June [30] - This year, the total IPO fundraising in the Hong Kong stock market has exceeded HK$77.6 billion, a more than seven - fold increase from last year [30] Industry News - The Ministry of Industry and Information Technology plans to promote the development of the AI industry and empower new - style industrialization [31] - The National Energy Administration launched the first batch of pilot projects for the construction of a new - style power system [31] - The National Railway Administration is seeking public opinions on the management regulations for the power source system transformation of old - style railway diesel locomotives [32] - Shenzhen released a plan to promote the high - quality development of service trade and digital trade [33] - In May, Shanghai's new - house supply and sales increased significantly [33] - In May, Shenzhen's second - hand housing transactions decreased slightly month - on - month but increased year - on - year [34] - Shanghai issued a notice to promote the quality improvement and expansion of infrastructure REITs [34] - The "high - interest, high - rebate" car loan model has been stopped in some areas [34] - In May, the wholesale sales of new - energy passenger vehicles in China reached 1.24 million, a 38% increase year - on - year [35] Overseas News - The US and Russian presidents discussed the Russia - Ukraine conflict and the Iran nuclear issue in a 75 - minute call [37] - Trump's tariff policy is expected to cut the US deficit by $2.8 trillion in 10 years but may lead to economic contraction and inflation [37] - The Fed's Beige Book shows that the US economic activity has slightly declined, and businesses face cost - increasing pressure from tariffs [37] - US mortgage applications dropped to a five - week low, and the refinancing index also decreased [38] - The Canadian Prime Minister criticized the US steel and aluminum tariffs [38] - The Bank of Canada maintained its benchmark interest rate at 2.75% for the second time, being cautious about the economic outlook [39] - Japan's 2024 birth rate and total fertility rate reached record lows [40] - Australia's Q1 GDP growth was lower than expected [40] - The European Central Bank approved Bulgaria's application to adopt the euro in 2026 [41] International Stocks - US major stock indices had mixed closes, with the Dow down 0.22%, the S&P 500 up 0.01%, and the Nasdaq up 0.32% [42] - Trump's "retaliatory tax" in the "Beautiful Big Bill" may weaken foreign investors' interest in US assets [42] - European stock markets rose for the second day, with the German DAX index hitting a record high [43] - Virgin Australia Airlines plans to raise A$685 million through an IPO [45] Commodities - International precious metal futures generally rose, with COMEX gold up 0.60% and COMEX silver up 0.06% [46] - International oil prices declined, with US crude down 1.06% and Brent crude down 1.1% [46] - London base metals mostly rose, with LME tin up 1.65%, LME aluminum up 0.95%, and LME copper up 0.16% [46] Bonds - Yields of major domestic inter - bank interest - rate bonds declined, and Treasury bond futures rose [47] - CITIC Securities and China Merchants Securities completed the first batch of bond refinancing book - building on the Shanghai Stock Exchange [49] - European bond yields had mixed movements, and the market expects the ECB to cut interest rates [49] - US bond yields all decreased due to factors such as increased risk - aversion and lower - than - expected PCE inflation [50] Foreign Exchange - The on - shore RMB against the US dollar rose 5 points at the 16:30 close and 207 points in night trading [51] - The US dollar index dropped 0.47% due to weak economic data and increased expectations of Fed rate cuts, while most non - US currencies rose [51]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint - The report provides a detailed overview of the market liquidity situation on May 29, 2025, including the trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] 3. Summary by Relevant Catalogs I. Plate Liquidity - There are figures showing the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate. Sources are from Flush and Huatai Futures Research Institute [4][5][8] II. Stock Index Plate - On May 29, 2025, the trading volume was 567.599 billion yuan, a +58.28% change from the previous trading day; the holding amount was 1003.599 billion yuan, a +10.07% change; the trading - holding ratio was 56.29%. There are also figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change, and the top 20 net holding ratio trend of each variety in the stock index plate [1][5] III. Treasury Bond Plate - The trading volume was 420.655 billion yuan, a +56.67% change from the previous trading day; the holding amount was 762.259 billion yuan, a - 7.96% change; the trading - holding ratio was 57.35%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change, and the top 20 net holding ratio trend of each variety in the treasury bond plate [1][5] IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal trading volume was 242.358 billion yuan, a +0.38% change from the previous trading day; the holding amount was 368.746 billion yuan, a +0.45% change; the trading - holding ratio was 93.71%. The precious metal trading volume was 446.18 billion yuan, a +13.42% change; the holding amount was 437.969 billion yuan, a - 2.06% change; the trading - holding ratio was 98.26%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the metal plate [1][5] V. Energy Chemical Plate - The trading volume was 535.616 billion yuan, a +21.97% change from the previous trading day; the holding amount was 375.529 billion yuan, a +0.38% change; the trading - holding ratio was 114.82%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the energy chemical plate [1][5] VI. Agricultural Product Plate - The trading volume was 319.099 billion yuan, a +30.27% change from the previous trading day; the holding amount was 525.43 billion yuan, a +0.26% change; the trading - holding ratio was 51.08%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of the main varieties in the agricultural product plate [1][5] VII. Black Building Materials Plate - The trading volume was 249.712 billion yuan, a +46.98% change from the previous trading day; the holding amount was 337.202 billion yuan, a +0.19% change; the trading - holding ratio was 79.42%. There are figures about the price change, trading - holding ratio, precipitation funds change and trend, trading amount change rate, and the top 20 net holding ratio trend of each variety in the black building materials plate [2][5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The report presents the liquidity situation of various market sectors on May 23, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - On May 23, 2025, the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day of different sectors are shown. The sectors include stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2]. II. Stock Index Plate - Trading volume: 5530.11 billion yuan, a +25.87% change from the previous trading day - Holding amount: 9817.42 billion yuan, a +3.60% change from the previous trading day - Trading - holding ratio: 55.65% [1] III. Treasury Bond Plate - Trading volume: 3590.96 billion yuan, a +2.15% change from the previous trading day - Holding amount: 8230.68 billion yuan, a - 0.17% change from the previous trading day - Trading - holding ratio: 45.39% [1] IV. Basic Metal and Precious Metal (Metal Plate) - Basic metal: trading volume 1715.27 billion yuan, a - 3.40% change from the previous trading day; holding amount 3587.85 billion yuan, a - 0.05% change from the previous trading day; trading - holding ratio 65.31% - Precious metal: trading volume 5664.27 billion yuan, a +4.60% change from the previous trading day; holding amount 4678.28 billion yuan, a - 2.15% change from the previous trading day; trading - holding ratio 115.47% [1] V. Energy - Chemical Plate - Trading volume: 3714.07 billion yuan, a - 6.78% change from the previous trading day - Holding amount: 3734.72 billion yuan, a +1.62% change from the previous trading day - Trading - holding ratio: 76.26% [1] VI. Agricultural Product Plate - Trading volume: 2436.97 billion yuan, a - 7.35% change from the previous trading day - Holding amount: 5222.02 billion yuan, a - 0.54% change from the previous trading day - Trading - holding ratio: 42.31% [1] VII. Black Building Materials Plate - Trading volume: 1895.95 billion yuan, a +1.24% change from the previous trading day - Holding amount: 3316.51 billion yuan, a +0.77% change from the previous trading day - Trading - holding ratio: 61.39% [2]

Market Overview - Crude oil prices have declined for the second consecutive day, with WTI crude oil settling at $61.62, down 2.42%[6] - Brent crude oil also fell to $64.53, a decrease of 2.36%[6] - Natural gas prices dropped to $3.362, down 3.72%[6] Economic Data - China's April exports grew by 8.1%, down from 12.4% in March, while imports fell by 0.2%[5] - The trade balance for China in April was $96.18 billion, compared to $102.64 billion in March[5] - In the U.S., the Federal Budget Balance for April showed a deficit of $258.4 billion, up from $209.5 billion in March[5] Commodity Performance - Gold prices increased to $3226.6, up 1.20%, while silver rose to $32.68, a 0.73% increase[7] - Copper prices saw a slight increase to $4.6835, up 0.71%[7] - The COMEX gold inventory decreased by 8.28 million ounces, while silver inventory fell by 112.41 million ounces[10] Currency Trends - The Bloomberg Dollar Spot Index declined, indicating a weaker dollar, while the Japanese yen and Swiss franc strengthened against the dollar[4] - The U.S. 10-year Treasury yield fell to 4.4197%, a decrease of 2.57%[11] Futures Market Insights - The EIA reported a crude oil inventory increase of 345.4 million barrels, compared to a decrease of 203.2 million barrels previously[9] - The total number of oil rigs in operation decreased to 474, down from 479[9]