Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The overall market shows a positive trend with strong capital willingness to go long. The upward trend of the market will continue, but sharp drops should be watched out for. The Politburo meeting at the end of the month will guide future market investment opportunities. It is recommended to be optimistic in the short - term, follow the trend, and take advantage of adjustments. Pay attention to the low - buying opportunities of IF, IM, and IC [17][18][19] Summary by Relevant Catalogs 1. Market Index and Commodity Price Tracking - **Macro Index**: On July 24, 2025, major stock indices such as the Dow Jones Industrial Index, Nasdaq Index, S&P 500, and Hang Seng Index all rose, with the Hang Seng Index having the largest increase of 1.624%. The SHIBOR overnight rate increased by 3.797%, while the dollar index decreased slightly by 0.036%. The dollar - to - RMB exchange rate remained unchanged [2] - **Commodity Futures**: For foreign and domestic commodity futures, prices showed different trends. For example, COMEX gold decreased by 1.350%, while LME tin increased by 2.447%. Among domestic commodities, coking coal increased by 2.510%, and coke decreased by 0.878% [2][4] 2. Macro News - **International Trade**: Chinese Vice - Premier He Lifeng will go to Sweden for economic and trade talks with the US from July 27 to 30. US President Trump said he would impose 15% - 50% simple tariffs on most other countries in the world [6][7] - **Domestic Policy and Industry News**: Hainan Free Trade Port will start the whole - island customs - sealing operation on December 18. The government will take measures to promote the high - quality development of the pig industry, and the new construction and renovation of old urban communities are progressing. The power generation installed capacity has increased significantly, especially in solar and wind power [6][7] 3. Morning Meeting Views on Main Varieties 3.1 Agricultural Products - **Peanuts**: The peanut market is in a state of weak supply and demand, with prices expected to fluctuate strongly in the short - term but still in a downward trend [10] - **Oils and Fats**: The oils and fats market has light trading volume and stable basis, and is expected to fluctuate in the near future [10] - **Sugar**: The sugar market is under pressure on the supply side and supported on the demand side. It is recommended to operate in the range with 5830 yuan as the center, and be cautious about the risk of spot price loosening [10] - **Corn**: The corn market is in a multi - empty intertwined situation, with prices expected to fluctuate in the range of 2300 - 2330 yuan [10] - **Pigs**: The supply of pigs exceeds demand, and the short - term upward trend is questionable. After the futures repair the basis, it will maintain a volatile trend [10][12] - **Eggs**: The egg price is rising, and there is still room for an increase in the short - term, with a seasonal upward trend starting to appear [12] 3.2 Energy and Chemical Products - **Caustic Soda**: The price of caustic soda in Shandong is expected to decline steadily, and it is recommended to pay attention to the 9 - 11 spread [12] - **Urea**: The urea market shows a pattern of double - reduction in supply and demand, and it is necessary to continue to pay attention to macro - impacts and the follow - up of autumn fertilizers [12] 3.3 Industrial Metals - **Copper and Aluminum**: The supply of copper is currently tight, and the demand is weak. The price of aluminum is expected to fluctuate at a high level in the short - term [12][13] - **Alumina**: The price of alumina has rebounded significantly, and it is necessary to be vigilant about increased short - term fluctuations [13] - **Steel and Iron Alloys**: The prices of steel products are expected to be under pressure at high levels and face short - term adjustments. The rise of iron alloys has slowed down, and it is not advisable to chase high prices [13] - **Coking Coal and Coke**: The prices of coking coal and coke are relatively strong, but the upward trend may gradually slow down [15] - **Lithium Carbonate**: The price of lithium carbonate has fallen below the key support level of 70,000 yuan. It is recommended to wait and see, and consider short - selling at high levels if it rebounds [15] 3.4 Options and Finance - **Stock Index**: The upward trend of the A - share market will continue, but sharp drops should be watched out for. Pay attention to the low - buying opportunities of IF, IM, and IC, and follow the trend in operation [17][18][19] - **Options**: Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can buy straddles to go long on volatility [21]