Core Viewpoint - The launch of the first recycled metal derivatives, specifically casting aluminum alloy futures and options, marks a significant advancement in China's green finance market, providing a new perspective for risk management and supporting the development of the circular economy [2][4][8]. Summary by Sections Launch of Recycled Metal Derivatives - The Shanghai Futures Exchange has officially listed casting aluminum alloy futures and options, filling a gap in the domestic futures market for recycled metals [2][5]. - On the first trading day, the main contract closed at 19,190 yuan/ton, up 825 yuan/ton, a 4.49% increase from the listing price, with a total trading volume of 57,300 contracts and a transaction value of 11.01 billion yuan [5]. Industry Overview - Casting aluminum alloy, primarily made from scrap aluminum, is a key pathway for low-carbon transition, with energy consumption only 3%-5% of that of traditional electrolytic aluminum production [6]. - The carbon emissions from producing one ton of casting aluminum alloy are approximately 3.6% of those from electrolytic aluminum, saving 3.4 tons of standard coal and 22 tons of water [6]. - China's recycled aluminum production is expected to exceed 10 million tons in 2024 and reach over 18 million tons by 2030, with the new derivatives promoting standardized development in the industry [6]. Complete Aluminum Industry Chain - The introduction of casting aluminum alloy futures and options completes the risk hedging system for the aluminum industry, covering the entire supply chain from bauxite to recycled aluminum [7]. - Companies can now use these derivatives to manage risks associated with raw material costs and product price fluctuations, enhancing the resilience of the entire aluminum industry chain [7]. Green Finance and Risk Management - The emergence of casting aluminum alloy derivatives signifies a new phase in green finance, moving beyond traditional credit and bond products to include market-based pricing and risk hedging mechanisms [8][10]. - These derivatives allow companies to lock in costs for recycled materials and manage price volatility, thus enhancing operational efficiency and competitiveness in the low-carbon economy [8][10]. Innovation in Green Financial Products - The derivatives market introduces innovative functions for green finance, transitioning from single financing tools to comprehensive risk management platforms [11]. - The development of structured financial products that combine futures with green indicators, such as carbon emissions and recycling rates, is encouraged [16]. Recommendations for Financial Institutions - Financial institutions are advised to expand their green finance product offerings and enhance competitive differentiation, particularly in the carbon market, where China's trading volume is significantly lower than that of the EU [16][18]. - Collaboration between banks and futures exchanges is essential to create a comprehensive risk management system that supports the green transition of the real economy [15][18].

电力期货的研发和上市又有新进展！ 8月12日，广州市人民政府公开了《关于贯彻落实金融支持广州南沙深化面向世界的粤港澳全面合作的意见实 施方案》。 方案提出，将支持广州期货交易所积极研究电力期货，争取国家发改委、中国证监会等部门支持，探索适时推 出电力期货，并探索推出更多新能源期货品种。这一表述意味着广期所在能源品种布局上将再进一步，有望在 电力及新能源领域实现新突破。 适时推出电力期货 电力期货在国内期货市场中尚属空白品种，业内长期呼吁推出以服务电力现货市场改革和绿色能源交易需求。 广期所自成立以来，在绿色能源等方向动作频频，已先后推出工业硅、碳酸锂、多晶硅等与新能源产业链相关 的期货品种。 此次《实施方案》明确提出"探索适时推出电力期货"，不仅补齐国内能源衍生品的品种短板，也有助于为新能 源发电企业、电力用户提供价格风险管理工具，稳定长期购销合同价格预期。 在国际市场上，电力期货已发展多年，主要集中在美国、日本、欧洲等成熟电力现货市场。例如，美国芝加哥 商品交易所（CME）和洲际交易所（ICE）均有基于不同电力交易区域的期货合约，帮助发电商、电力零售 商和大型工业用户对冲电价波动风险。业界已基本达成共识，电 ...

Report Investment Rating - The investment rating for the stock index futures is a fluctuating and moderately bullish pattern [1] Core Viewpoints - The market's center of gravity continued to rise last week, with a late - stage rally followed by a decline. The core driver of last week's market was the China Central Finance and Economics Commission meeting on the 1st, which emphasized "anti - involution" through the construction of a unified market, leading to a sharp increase in market expectations for a new round of supply - side reform. The value style outperformed last week, with IH and IF stronger than IC and IM, mainly due to the rise of cyclical products. Overseas, the US "Great Beauty Act" was passed, non - farm payroll data was better than expected, and tariff negotiations were underway, causing the S&P 500 and Nasdaq to reach new highs [1] - Currently, the external geopolitical situation is calm, global risk assets are performing strongly, and the domestic economic outlook has shifted from pessimistic to stable, with structural reforms starting to take effect. The risk appetite in the stock market continues to recover, which is an important basis for the current long - position pattern of stock index futures. However, there is a lack of momentum for marginally positive surprises. As long as there are no unexpected changes in external forces and no intensification of domestic structural adjustments, the current pattern of fluctuating upward is expected to continue [2] Summary by Directory Market Review and Outlook - **Market Performance**: Last week, the market's center of gravity rose, with a late - stage rally followed by a decline. In terms of sectors, steel, building materials, and banks led the gains, while computer, non - bank finance, and beauty care led the losses. The value style outperformed, with IH and IF stronger than IC and IM, mainly due to the rise of cyclical products. Overseas, the US "Great Beauty Act" was passed, non - farm payroll data was better than expected, and tariff negotiations were underway, causing the S&P 500 and Nasdaq to reach new highs [1] - **Future Outlook**: The current external geopolitical situation is calm, global risk assets are performing strongly, and the domestic economic outlook has shifted from pessimistic to stable, with structural reforms starting to take effect. The risk appetite in the stock market continues to recover, which is an important basis for the current long - position pattern of stock index futures. However, there is a lack of momentum for marginally positive surprises. As long as there are no unexpected changes in external forces and no intensification of domestic structural adjustments, the current pattern of fluctuating upward is expected to continue. This week, attention should be paid to the release of June economic data in China [2] - **Factors to Watch**: Domestic economy and overseas tariff negotiation progress [3] Strategy Recommendations - **Short - term Strategy**: For intraday trading, refer to the 1 - minute and 5 - minute K - line charts. Set stop - loss and take - profit levels for IF, IH, IC, and IM at 76 points/95 points, 58 points/31 points, 66 points/121 points, and 84 points/142 points respectively [4] - **Trend Strategy**: Adopt a strategy of buying on dips. The core operating range for the IF2507 main contract is between 3826 and 4024 points; for the IH2507 main contract, between 2649 and 2772 points; for the IC2507 main contract, between 5646 and 6025 points; and for the IM2507 main contract, between 5970 and 6372 points [4] - **Cross - variety Strategy**: Due to the frequent switching between value and growth styles recently, it is advisable to wait and see [5] Spot Market Review - **Global Stock Index Performance**: Last week, the Dow Jones Industrial Average rose 2.3%, the S&P 500 rose 1.72%, and the Nasdaq rose 1.62%. In Europe, the UK's FTSE 100 rose 0.27%, Germany's DAX fell 1.02%, and France's CAC 40 rose 0.06%. In the Asia - Pacific market, Japan's Nikkei 225 fell 0.85%, and the Hang Seng Index fell 1.52% [8] - **Domestic Index Performance**: Since 2025, major domestic indices have risen. Last week, all major domestic indices also showed an upward trend [8] Index Valuation Tracking - As of June 27, the TTM price - to - earnings ratio of the Shanghai Composite Index was 14.93 times, the TTM price - to - earnings ratio of the CSI 300 Index was 13.02 times, the TTM price - to - earnings ratio of the SSE 50 Index was 11.18 times, the TTM price - to - earnings ratio of the CSI 500 Index was 27.66 times, and the TTM price - to - earnings ratio of the CSI 1000 Index was 36.02 times [19][20] Market Capital Flow Review - **Investor and Fund Data**: The number of new investors in the two markets and the share of newly established equity - biased funds are presented in relevant charts. Last week, the capital interest rate declined, and the central bank had a net withdrawal of funds [22]

Core Viewpoint - The issuance of the "30 Measures for Financial Support in Nansha" aims to enhance innovation and entrepreneurship, as well as cross-border financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area, positioning Nansha as a crucial hub for domestic and international economic circulation [1][2]. Group 1: Key Highlights of the Policy - The policy outlines 30 key measures focusing on six major directions: improving financial services for innovation and entrepreneurship, enhancing financial services in social welfare, developing specialized financial services, promoting financial market connectivity in the Greater Bay Area, facilitating cross-border financial innovation and exchanges, and refining financial regulatory mechanisms [2][3]. - The policy emphasizes three main aspects: focusing on the Bay Area with an emphasis on innovation, collaborating with Hong Kong and Macao to modernize and digitalize financial services, and promoting high-level institutional openness to the world [2][3]. Group 2: Implications for Financial Institutions - Financial institutions are encouraged to leverage policy benefits by focusing on cross-border services, technological empowerment, and green transformation through product innovation and ecosystem collaboration [4][5]. - Banks are advised to develop targeted products such as intellectual property pledge loans and supply chain finance, expand cross-border RMB settlement and trade financing, and engage in financial market infrastructure development [5][6]. Group 3: Talent and Ecosystem Development - The successful implementation of the policy relies heavily on talent development and ecosystem collaboration, with a focus on attracting international financial talent and enhancing cooperation with educational institutions in the Guangdong-Hong Kong-Macao region [6].