有人知道，这种情况，bybit爆仓是按指数价格（现货）触发的吧？那跟3.12一样，100%不会爆，随便滚仓空？憨巴龙王 (@dotyyds1234):不知道啥情况啊，看到晚了，正好空在山顶，有点后怕啊。我要是0.6看到，肯定也空了，后面拉3倍，给我拉爆了（bybit没钱）。运气好....正好看到的时候就在最高点。 https://t.co/ni8VvxLH0k ...

新华财经雅加达9月1日电 印度尼西亚银行货币与证券资产管理部负责人1日声明，印尼央行将通过市场 运作，维持印尼卢比稳定、保证市场流动性充足，确保印尼卢比汇率与其基本价值一致。 对此，印尼央行计划通过离岸／在岸无本金交割远期外汇（NDF）、现货、债券市场的"三重干预"策 略，以及回购交易、外汇掉期及贷款工具向银行提供流动性支持，以稳定印尼卢比汇率。 （文章来源：新华财经） 9月1日开盘，印尼卢比兑美元汇率报16472。与8月29日下午收盘价相比，印尼卢比上涨28点，涨幅为 0.17%。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of HKD 515.00, indicating a potential upside of 17% from the current price of HKD 441.2 [2][8]. Core Insights - The report highlights that HKEX achieved record half-year results in H1 2025, with total revenue of HKD 14.1 billion, a year-on-year increase of 33%, and net profit attributable to shareholders of HKD 8.5 billion, up 39% year-on-year [1][5]. - The report emphasizes strong trading activity in both the cash and derivatives markets, contributing to the revenue and profit growth [5][8]. - The report projects continued growth in net profit for HKEX, estimating HKD 16.6 billion, HKD 18.1 billion, and HKD 19.5 billion for the years 2025 to 2027, representing year-on-year growth rates of 27%, 9%, and 7% respectively [8]. Financial Performance Summary - H1 2025 financial highlights include: - Total revenue: HKD 14.1 billion, +33% YoY - Net profit: HKD 8.5 billion, +39% YoY - EBITDA: HKD 10.9 billion, +43% YoY, with an EBITDA margin of 79%, up 6 percentage points YoY [1][5][8]. - Revenue breakdown by business segment for H1 2025: - Cash market: HKD 6.7 billion, +62% YoY - Equity securities and financial derivatives: HKD 3.55 billion, +15% YoY - Other segments also showed positive growth [5][8]. Market Activity - The report notes that the cash market saw record trading volumes, with average daily turnover (ADT) reaching HKD 222.8 billion, a 122% increase YoY [5][6]. - The primary market experienced a strong momentum with 44 new listings in H1 2025, raising HKD 109.4 billion, which is more than eight times the amount raised in H1 2024 [8][34]. Valuation Metrics - The report provides projected financial metrics for HKEX: - Revenue growth forecast for 2025: HKD 27.8 billion, +24% YoY - Projected PE ratio for 2025: 22.23 [7][33]. - The report indicates a strong return on equity (ROE) of 25.1% and a book value per share of HKD 41.0 [2][7].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The LME lead inventory has decreased, providing support for lead prices [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price**: The closing price of SHFE lead main contract was 16,775 yuan/ton, down 0.45%; the closing price of LME lead 3M electronic disk was 1,981 dollars/ton, also down 0.45% [1]. - **Volume**: The trading volume of SHFE lead main contract was 30,595 lots, a decrease of 2,006 lots; the trading volume of LME lead was 3,833 lots, a decrease of 1,426 lots [1]. - **Open Interest**: The open interest of SHFE lead main contract was 49,496 lots, a decrease of 1,711 lots; the open interest of LME lead was 159,114 lots, a decrease of 522 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was -25 yuan/ton, unchanged; the LME CASH - 3M premium was -43.24 dollars/ton, a decrease of 2.37 dollars/ton [1]. - **Inventory**: SHFE lead futures inventory was 62,225 tons, an increase of 441 tons; LME lead inventory was 260,475 tons, a decrease of 625 tons [1]. - **Scrap Battery and Refined Lead**: The price of scrap electric vehicle batteries was 10,175 yuan/ton, unchanged; the price of recycled refined lead was 16,675 yuan/ton, a decrease of 50 yuan/ton [1]. - **Profit and Loss**: The spot import profit and loss of lead ingots was -486.03 yuan/ton, an increase of 48.91 yuan/ton; the SHFE lead continuous third - month import profit and loss was -536.75 yuan/ton, a decrease of 11.92 yuan/ton [1]. News - The US PPI in July increased by 0.9% month - on - month, the highest monthly growth rate in three years, far exceeding the Wall Street expectation of 0.2%, indicating that enterprises are passing on the rising import costs related to tariffs [1]. - Trump told Zelensky that if everything goes well, a tri - lateral meeting between the US, Russia, and Ukraine will be held [1]. Lead Trend Intensity The lead trend intensity is 0, indicating a neutral view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [1].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is expected to experience significant profit growth and an upward shift in valuation due to a thriving primary and secondary market, supported by favorable policies, leading to a potential "Davis Double Play" [1][3]. Group 1: Market Position and Strategy - HKEX is a globally leading exchange group, uniquely positioned as the only exchange platform in Hong Kong, encompassing the Stock Exchange, Futures Exchange, and London Metal Exchange, which creates a comprehensive service ecosystem [1]. - The strategic direction of HKEX focuses on connecting China with the world, capital with opportunities, and the present with the future, leveraging its unique regional and regulatory resources to enhance innovation and international expansion [1]. Group 2: Financial Performance and Business Model - The company's light capital structure ensures high profit margins and return on equity (ROE), with trading fees and system usage fees contributing significantly to revenue, accounting for 53% of total income [2]. - HKEX maintains a net profit margin and EBITDA margin around 58% and 75%, respectively, while the median ROE over the past decade has reached 23% [2]. Group 3: Valuation Drivers - The dual resonance of assets and funds is driving the valuation of HKEX upward, with improved asset structure and favorable policies supporting the listing of A-share companies in Hong Kong [3]. - The influx of southbound funds, driven by the valuation discount of Hong Kong stocks and the anticipated near-term interest rate cuts by the Federal Reserve, is expected to sustain market liquidity and activity [3]. Group 4: Profit Forecast and Investment Rating - The projected net profit for HKEX from 2025 to 2027 is estimated at HKD 153 billion, 166 billion, and 178 billion, reflecting year-on-year growth rates of +17%, +9%, and +7% respectively [3]. - Given the regional monopoly advantages and high shareholder return attributes, HKEX is assigned a PE valuation of 50 times, with a target price of HKD 515, indicating a potential upside of 23% from current levels [3].

Report Summary 1. Report Industry Investment Rating - The report does not explicitly mention the industry investment rating. 2. Core View of the Report - The short - term supply and demand of lead are both weak, while the medium - term outlook is bullish [1]. 3. Summary According to Related Catalogs 3.1 Fundamental Tracking - **Price and Volume**: The closing price of the main contract of Shanghai lead futures was 16,765 yuan/ton, down 0.09%; the closing price of the LME 3M electronic lead futures was 1,974 US dollars/ton, down 0.35%. The trading volume of the main contract of Shanghai lead futures was 27,538 lots, a decrease of 3,315 lots; the trading volume of LME lead futures was 4,570 lots, an increase of 285 lots. The open interest of the main contract of Shanghai lead futures was 49,567 lots, a decrease of 408 lots; the open interest of LME lead futures was 146,481 lots, a decrease of 670 lots [1]. - **Premium and Discount**: The premium of Shanghai 1 lead was - 25 yuan/ton, a decrease of 10 yuan/ton; the LME CASH - 3M premium was - 22.25 US dollars/ton, an increase of 1.25 US dollars/ton. The PB00 - PB01 spread was - 45 yuan/ton, unchanged; the import premium was 105 US dollars/ton, unchanged [1]. - **Inventory**: The inventory of Shanghai lead futures was 41,799 tons, unchanged; the LME lead inventory was 279,975 tons, a decrease of 1,300 tons. The LME lead cancelled warrants were 93,700 tons, an increase of 48,700 tons [1]. - **Other Indicators**: The spot import profit and loss of lead ingots was - 852.42 yuan/ton, a decrease of 6.16 yuan/ton; the import profit and loss of Shanghai lead continuous - three contract was - 745.64 yuan/ton, an increase of 23.62 yuan/ton. The price of waste electric vehicle batteries was 10,125 yuan/ton, unchanged; the comprehensive profit and loss of recycled lead was - 502 yuan/ton, unchanged [1]. 3.2 News - In May, China's CPI decreased by 0.1% year - on - year, and changed from an increase to a decrease month - on - month. The year - on - year decline of PPI widened to 3.3%. China's exports denominated in US dollars increased by 4.8% year - on - year, while imports decreased by 3.4%. In May, China's rare earth export volume increased by nearly 23% month - on - month, soybean import volume increased by 129% month - on - month, reaching a record high, and coal and oil import volumes decreased [2]. 3.3 Trend Intensity - The trend intensity of lead is 1, indicating a neutral - to - bullish trend [2].

Group 1 - The core concept of options hedging is to use the characteristics of options to offset potential losses in spot or futures positions, thereby achieving risk management and profit protection [6][4] - Options hedging involves establishing an options position that generates returns to compensate for losses in the underlying spot or futures, aiming to lock in or reduce price risk [6][4] - The principle of futures hedging is based on the high correlation between the prices of the same underlying asset in the spot, futures, and options markets, where futures prices generally move in the same direction as spot prices [3][4] Group 2 - Protective hedging can be classified into two types based on the intent of the hedger: purchasing call options for consumers to prevent price increases, and purchasing put options for producers to prevent price decreases [7][6] - The protective hedging strategy allows for locking in losses while retaining the potential for profit, functioning as an insurance strategy against adverse price movements [6][7] - The number of options contracts for hedging should typically match the size of the underlying spot or futures position, but adjustments can be made based on market volatility assessments for better hedging effectiveness [8][7]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The macro - environment is weak, demand is marginally weakening, downstream construction has declined, and demand has entered the off - season with insufficient downstream acceptance. However, the copper smelting end is tight, and the shutdown of a copper mine in Congo has increased supply - side disturbances. Under the game of long and short forces, the copper market is expected to fluctuate at a high level [1]. 3) Summary by Related Catalogs Strategy Analysis - The Shanghai copper futures market opened low, moved low, and closed down today. The shutdown of a large copper mine in Congo due to an earthquake and the withdrawal of its 2025 production forecast have deepened the expectation of a tight supply at the mine end [1]. - As of May 23, the spot TC was - 44.3 dollars per dry ton, and the RC was - 4.44 cents per pound. Although the decline has significantly slowed, the market still expects a tight supply. In April, the domestic refined copper production was 1.254 million tons, a year - on - year increase of 9%, and the imported refined copper was 300,200 tons, a year - on - year decrease of 11.97%. The actual supply has not weakened [1]. - Downstream buyers are cautious about high - priced copper, and the demand has decreased month - on - month. Except for the real estate sector, the terminal demand is still good. As of the end of April, the cumulative installed power generation capacity nationwide was 3.49 billion kilowatts, a year - on - year increase of 15.9% [1]. Futures and Spot Market Quotes - Futures: The copper futures opened low, moved low, and closed down at 78,210. The long positions of the top 20 were 108,529 lots, an increase of 6,144 lots; the short positions were 110,516 lots, an increase of 5,989 lots [4]. - Spot: The spot premium in East China was 145 yuan per ton, and in South China was 220 yuan per ton. On May 23, 2025, the LME official price was 9,565 dollars per ton, and the spot premium was 30 dollars per ton [4]. Supply Side As of May 23, the spot TC was - 44.30 dollars per dry ton, and the spot RC was - 4.44 cents per pound [6]. Fundamental Tracking - SHFE copper inventory was 35,000 tons, an increase of 2,100 tons from the previous period. As of May 26, the copper inventory in Shanghai Free Trade Zone was 53,900 tons, a decrease of 5,800 tons from the previous period. LME copper inventory was 162,200 tons, a slight decrease of 2,575 tons from the previous period. COMEX copper inventory was 175,600 short tons, an increase of 1,024 short tons from the previous period [9].

Report Industry Investment Rating No relevant information provided. Report's Core View The market sentiment is cautious, and the non - ferrous metals sector is oscillating. For copper, although there are some positive trade news, the upward momentum of copper prices is weak after a recent rebound. For zinc, the long - term bearish logic remains, and zinc prices are under pressure in the short term. For nickel, it is expected to be strong in the short term, but there is still pressure of supply surplus in the long term [8][88][206]. Summary by Relevant Catalogs 01. Non - ferrous Metals Price Monitoring - Various non - ferrous metals have different price changes. For example, the US dollar index is at 100.4 with a daily decline of 0.21%, a weekly increase of 0.38%, and an annual decline of 7.43%. Industrial silicon is at 8,205 yuan/ton with a daily decline of 1.32%, a weekly decline of 3.92%, and an annual decline of 25.31% [5]. 02. Copper (CU) - **Influencing Factors and Drives** - Macro factors are neutral to bearish due to China's monetary policies, the Fed's stance, and Sino - US talks. The raw material end is bullish as copper mine processing fees decline and port inventories increase. The smelting end is neutral with increased losses for smelters. The demand end is neutral with fluctuating downstream demand. The inventory is bullish as domestic copper inventories decrease [8]. - **Price and Market Conditions** - Copper prices are oscillating at a high level. The structural squeeze - out market of Shanghai copper continues, and the import window is opened periodically. The refined copper output is increasing, while the copper rod processing fee is declining, and the copper rod production rate is changing [13][24][52]. - **Investment and Trading** - The investment view is oscillating to bearish. The trading strategy is to be short - term bearish for unilateral trading and no arbitrage [8]. 03. Zinc (ZN) - **Influencing Factors and Drives** - Macro factors are bearish considering China's trade data, the Fed's decision, and domestic policies. The raw material end is neutral with changes in processing fees and inventory. The smelting end is neutral with a slight reduction in supply. The demand end is bearish as downstream demand is weak. The inventory is bullish as the social inventory increase during the festival is limited [88]. - **Price and Market Conditions** - Zinc prices are weakening due to the stalemate in Sino - US tariff negotiations. The domestic processing fee is increased by 50 yuan/ton, and the refined zinc import window is opened [90][106]. - **Investment and Trading** - The investment view is oscillating. The trading strategy is to be bearish for unilateral trading and wait - and - see for arbitrage [88]. 04. Nickel (NI) - **Influencing Factors and Drives** - Macro factors are neutral with China's policies and the Fed's stance. The raw material end is bullish with the impact of policies and inventory changes. The smelting end is neutral with different production situations of various nickel products. The demand end is neutral to bearish as stainless steel production is reduced and the new - energy demand has its own characteristics. The inventory is neutral with a slight decline [206]. - **Price and Market Conditions** - The news of the Philippines' potential nickel - mining ban has affected the market, and nickel prices rose sharply on Friday night. Nickel - iron prices have dropped significantly, and the prices of other related products also have certain changes [208][225]. - **Investment and Trading** - The investment view is short - term bullish. The trading strategy is to conduct short - term range trading for unilateral trading and go long on nickel and short on stainless steel for arbitrage [206].

Group 1 - Coinbase has agreed to acquire Deribit for $2.9 billion, marking the largest acquisition in the history of the digital market [1] - The transaction structure includes $700 million in cash and the remainder in stock [2] - Following the announcement, Coinbase's stock rose nearly 5% to about $206, although it has declined approximately 20% since the beginning of the year [2] Group 2 - Bitcoin's price surpassed $100,000 for the first time since February [4] - Greg Tusar, Coinbase's head of institutional products, believes that the crypto options market is on the verge of significant expansion, similar to the stock options boom in the 1990s [7] - The acquisition is subject to regulatory approval and is expected to be completed by the end of the year [7] Group 3 - The acquisition reflects a broader trend of mergers and acquisitions in the crypto market, with Ripple acquiring Hidden Road for $1.25 billion and MGX injecting $2 billion into Binance [8] - Deribit CEO Luuk Strijers stated that the acquisition will accelerate their established foundation and provide more opportunities for traders across various products [8] - Mark Palmer, a senior analyst at Benchmark Company, noted that this deal will position Coinbase as a leader in the high-growth derivatives space, anticipating increased institutional adoption of digital assets [8] Group 4 - The derivatives market has seen significant borrowing by traders to enhance their cryptocurrency investment leverage, despite facing challenges three years ago [9] - The industry experienced a series of high-profile bankruptcies and hacks in 2022, severely undermining investor confidence, notably the collapse of FTX [9]