Market Trends - Overnight, U.S. oil rose 1.23% to $63.48/barrel, Brent crude rose 1.14% to $67.60/barrel due to inventory drop [3][49] - COMEX gold fell 0.15% to $3383.5/ounce, COMEX silver rose 0.87% to $38.1/ounce [4][49] - LME base metals mostly fell, LME copper rose 0.14% to $9734.50/ton [4][49] - Domestic futures were mixed,烧碱 rose over 2%,焦煤 fell over 1% [4] - U.S. agricultural products had mixed performance, soybeans rose 1.83%, soybean meal fell 0.52% [5] Macroeconomic News - Jan - Jul全社会用电量 reached 5863.3 billion kWh, up 4.5% year - on - year [8] - Chinese Ambassador to the U.S. met with CFR President to discuss Sino - U.S. relations [8] - Former St. Louis Fed President called for 100 - basis - point rate cut this year [8] - U.S. initial jobless claims rose by 11,000 to 235,000 [9] Energy and Chemical Futures - Singapore fuel oil inventory dropped 1.61 million barrels, middle distillates rose 371,000 barrels, light distillates rose 914,000 barrels [11] - National float glass production was flat week - on - week, down 5.16% year - on - year [13] - India will continue to buy Russian oil [13] - Domestic soda ash inventory rose 0.90% week - on - week [13] - East China port methanol inventory rose 0.93 tons week - on - week [14] Metal Futures - Tianjin restricted some galvanizing enterprises, impact on northern galvanizing industry was limited [16] - Logistics in Tianjin was tight, North China electrolytic copper supply was short [16] - Goldman Sachs said copper price forecasts for 2026/2027 had upside risks [18] - Industrial silicon social inventory decreased 0.2 tons week - on - week [18] Black - Series Futures - Tangshan and Xingtai steel mills raised coke prices [20] - Mongolia's coking coal auction had all lots unsold [20] - Rebar production decreased, demand increased, inventories rose [20] Agricultural Futures - China will conduct central frozen pork reserve purchases [22][25][37] - Indonesia's palm oil inventory dropped 13% in June, exports rose 35.4% [23][24] - Malaysia's palm oil production rose 0.3% in Aug 1 - 20 [25] - Brazil's sugar shipping waiting decreased [25] - Argentina's 2025/2026 corn planting area may increase 9.6% [26] - U.S. drought affected 9% of soybean and 5% of corn planting areas [26] - 2025/26 global soybean production may rise 1% [28] - India imported rapeseed oil [28] - U.S. soybean export sales were in line or exceeded expectations [28] Financial Markets Financial - A - shares rose slightly, small - cap stocks adjusted, turnover was 2.46 trillion yuan [30] - Hong Kong's Hang Seng Index fell 0.24%, turnover was HK$239.487 billion [30] - Goldman Sachs said Chinese small - and medium - cap stocks had room to rise [32] - 171 A - share companies planned to distribute 124.584 billion yuan in dividends [33] - South Korean investors bought Chinese assets [33] - Many companies announced share - reduction plans [33] - Kuaishou's Q2 revenue rose 13.1% to 35 billion yuan, adjusted profit was 5.6 billion yuan [34] - Bilibili's Q2 revenue rose 20% to 7.34 billion yuan, adjusted profit was 560 million yuan [35] - Miniso's Q2 revenue rose 23.1% to 4.966 billion yuan [36] - Alibaba will spin off Zebra Intelligence for independent listing [36] Industry - China will conduct central frozen pork reserve purchases [37] - Financial regulators are formulating health insurance guidelines [37] - 20 troubled real - estate enterprises' debt restructuring was approved [37] - A large shale gas field in China was confirmed [38] - Chengdu introduced housing provident fund policies [40] - 2025 Fortune China Tech 50 list was released [40] Overseas - Trump planned to patrol Washington D.C. streets [41] - Trump criticized renewable energy [41] - Trump created a new government position [41] - U.S. Aug manufacturing PMI was 53.3, service PMI was 55.4 [41] - U.S. initial jobless claims rose to 235,000 [42] - U.S. July second - hand home sales rose 2% [44] - Japan may invest 10 trillion yen in India in 10 years [45] - South Korea denied U.S. chip subsidy share - exchange rumor [45] - South Korea restricted foreign real - estate speculation [45] - Eurozone Aug PMI rose to 50.5 [45] International Stock Markets - U.S. stocks fell slightly, Chinese concept stocks mostly rose [46] - European stocks were mixed [46] - Walmart's Q2 revenue rose 4.8% to $177.4 billion [48] Commodities - Oil prices rose due to inventory drop [49] - Precious metals had mixed performance [49] - Base metals mostly fell [49] Bonds - Treasury futures mostly rose, Chinese central bank net - injected 124.3 billion yuan [50] - Beijing will prepay part of its government bonds [50] - Japanese long - term bond yields rose to multi - decade highs [52] - U.S. bond yields rose [52] Foreign Exchange - On - shore RMB rose 15 points against the U.S. dollar [53] - U.S. dollar index rose 0.41% [53]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively covers overnight market trends of various commodities, important macro - economic and industry - specific news, and the performance of financial markets at home and abroad, offering investors a multi - faceted view of the current economic and market situation [3][9][33]. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.00% at $3392.20 per ounce and COMEX silver futures up 1.51% at $37.90 per ounce [3]. - U.S. inventory decline pushed up oil prices, with the U.S. crude oil main contract up 1.73% at $62.84 per barrel and Brent crude oil main contract up 1.76% at $66.95 per barrel [4]. - Most London base metals rose, except for LME tin which fell 0.22% to $33775.00 per ton [4]. - Most domestic futures main contracts rose, with caustic soda up over 3% and butadiene rubber up over 2% [4]. - As of 2:20, U.S. soybeans rose 0.17%, U.S. corn rose 0.25%, U.S. soybean oil fell 0.97%, U.S. soybean meal rose 0.52%, and U.S. wheat rose 1.44% [5]. Important News Macroeconomic News - The People's Bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [9]. - U.S. Treasury Secretary Besent said that the U.S. had a "very good dialogue" with China on economic and trade issues and expected another meeting before November [9]. - The China Securities Regulatory Commission will work on enriching product supply, promoting the listing of important energy varieties like liquefied natural gas [9]. - Israel's Defense Minister approved an offensive plan against Gaza City [9]. - Kevin Thozet of Capital Economics said that U.S. short - term interest rates face an upward risk [9]. - The Fed's July meeting minutes showed that almost all policymakers supported not cutting interest rates, and there were differences among officials on inflation, employment risks, and the impact of tariffs [10]. Energy and Chemical Futures - In Japan, as of August 16, commercial crude oil inventory decreased, while gasoline and kerosene inventories increased, and the refinery's average operating rate rose [14]. - As of August 20, China's methanol port inventory increased, with both East and South China regions accumulating inventory [14]. - As of August 10, the rubber (RSS) inventory in Osaka Exchange's designated warehouses decreased [15]. - As of August 20, the capacity utilization rate and output of China's 92 asphalt refineries decreased [16]. - As of August 20, China's polypropylene production enterprise inventory decreased [16]. - Russia expects India to continue buying its oil despite potential U.S. tariff hikes [16]. - As of August 18, the refined oil inventory in the UAE's Fujairah Port decreased [16]. - As of August 15, U.S. commercial crude oil inventory (excluding strategic reserves) decreased by 601.4 million barrels, far exceeding market expectations [20]. Metal Futures - In July 2025, global primary aluminum production increased compared to the previous year and the previous month, and China's expected production also rose [22]. - Some polysilicon enterprises reached an agreement on production cuts and inventory control [22]. - With the approaching of relevant events, safety inspections in northern China's lead - zinc mines increased, but there was no direct impact on zinc concentrate production [22]. - In June 2025, the global refined copper market had a supply surplus, and the same was true for the first six months of 2025 [22]. Black - Series Futures - Environmental protection policies are affecting the coking coal and coke market from both supply and demand sides, with potential supply tightening and demand constraints [24]. - The online auction of coking coal from Mongolia's ETT company on August 20 ended in failure [26]. - A coal mine in Inner Mongolia was ordered to suspend production for rectification due to major safety hazards [26]. Agricultural Product Futures - The U.S. Soybean Association urged the Trump administration to reach an agreement to reopen the Chinese market [28]. - Pro Farmer's crop inspection predicted higher corn yields and more soybean pods in Nebraska and Indiana in 2025 compared to 2024 [28]. - In August, China's soybean crushing volume is expected to be high, and the commercial inventory of soybean meal in major oil mills is expected to rise [29]. - Malaysia's palm oil exports from August 1 - 20 increased compared to the same period last month according to different survey agencies [29]. - U.S. private exporters reported corn sales to Mexico and Colombia for the 2025/2026 sales year [31]. Financial Markets Financial - On Wednesday, the A - share market rebounded, with the Shanghai Composite Index hitting a ten - year high, and the semiconductor industry chain was strong [33]. - The Hong Kong Hang Seng Index rose, while the Hang Seng Technology Index was slightly down, and there was a large net southbound capital outflow [33]. - Since August, the securities sector has performed well, with many stocks rising and funds flowing in through ETFs [33]. - Many A - share listed companies announced mid - year dividend plans, with a total proposed dividend amount exceeding 100 billion yuan [34]. - The Hong Kong Stock Exchange has received 50 new IPO applications since the launch of the "tech enterprise special route" [34]. - China Evergrande's listing status will be cancelled on August 25 [38]. - The Hong Kong Stock Exchange's second - quarter revenue and profit increased year - on - year [38]. - Baidu's second - quarter revenue decreased slightly, but its net profit and AI new business revenue increased [38]. Industry - The State Taxation Administration will guide and remind platform enterprises that have not submitted tax - related information [39]. - The State Administration for Market Regulation plans to introduce new anti - monopoly regulations for the public utility sector [39]. - Some rural banks in Zhejiang, Guizhou, and Jilin have lowered deposit interest rates, while some banks have launched large - value certificates of deposit with higher yields [39]. - In July, the comprehensive inventory coefficient of automobile dealers decreased, and the inventory level was below the warning line but above the reasonable range [40]. Overseas - U.S. President Trump pressured Fed Governor Cook to resign [43]. - Trump has bought hundreds of bonds worth at least $103.7 million since taking office [44]. - The U.S. federal budget deficit is expected to reach $22.7 trillion in the next decade [44]. - The ECB President said that the euro - zone economy may slow down this quarter [45]. - UK's July CPI accelerated, reducing the possibility of a rate cut by the Bank of England [45]. - Japan's July commodity exports decreased significantly, especially automobile exports [46]. - South Korea will launch a 45.8 - trillion - won support plan for key industries [47]. - The Reserve Bank of New Zealand cut interest rates by 25 basis points [47]. - The Central Bank of Indonesia unexpectedly cut interest rates by 25 basis points [50]. - The Swedish Central Bank kept the benchmark interest rate unchanged but still expects a possible rate cut this year [51]. International Stock Markets - U.S. three major stock indexes closed mixed, with the Dow up 0.04%, the S&P 500 down 0.24%, and the Nasdaq down 0.67% [52]. - European three major stock indexes closed mixed, affected by the expectation of peace talks in Ukraine, Fed policy, and economic data [52]. - Estée Lauder's Q4 net sales and adjusted EPS were higher than expected, but its 2026 EPS forecast was lower than expected [52]. - Target's Q2 net sales and adjusted EPS were higher than expected, but comparable sales decreased [53]. - iQiyi's Q2 net loss widened, and its core businesses shrank [53]. - Futu Holdings' Q2 revenue and profit increased significantly year - on - year [56]. Commodities - The CSRC will promote the listing of important energy varieties and expand the scope of futures and derivatives [57]. - The U.S. Soybean Association warned of the severe impact on U.S. soybean farmers if an export agreement with China is not reached soon [57]. - International precious metal futures rose, supported by market uncertainty related to inflation data [57]. - Oil prices rose due to a larger - than - expected decline in U.S. crude oil inventory [57]. - Most London base metals rose, affected by the uncertainty of U.S. monetary policy [58]. Bonds - The strong stock market suppressed the bond market, with most bond yields rising and bond futures falling [59]. - The central bank conducted 616 billion yuan of reverse repurchase operations, easing liquidity tensions [61]. - The Ministry of Finance will issue 12.5 billion yuan of RMB treasury bonds in Hong Kong on August 27 [62]. - Foreign investors continued to buy ultra - long - term Japanese government bonds in July [62]. - Most U.S. Treasury yields fell [62]. Foreign Exchange - The on - shore RMB against the U.S. dollar rose on Wednesday, while the central parity rate was slightly depreciated [63]. - The U.S. dollar index fell slightly, and most non - U.S. currencies had mixed performance [63].

1. Market Performance 1.1 International Precious Metals - COMEX gold futures fell 0.76% to $3382.30 per ounce, and COMEX silver futures fell 1.47% to $38.04 per ounce [2][47]. 1.2 Crude Oil - The main contract of U.S. crude oil rose 2.04% to $63.93 per barrel, and the main contract of Brent crude oil rose 1.92% to $66.89 per barrel [3][48]. 1.3 London Base Metals - LME nickel fell 1.4%, LME tin fell 0.87%, LME copper fell 0.27%, while LME zinc rose 0.48%, LME aluminum rose 0.31%, and LME lead rose 0.1% [3][50]. 1.4 Domestic Futures - Domestic futures contracts mostly declined. LPG rose over 1%, while rapeseed meal fell over 2%, and rapeseed oil, 20 - rubber, synthetic rubber, and caustic soda fell over 1% [4]. 1.5 Financial Markets - A - shares fluctuated, with the Shanghai Composite Index down 0.46% to 3666.44 points, the Shenzhen Component Index down 0.87%, and the ChiNext Index down 1.08%. The Hong Kong Hang Seng Index fell 0.37% to 25519.32 points [30][32]. 2. Important Information 2.1 Macroeconomic Information - Fed's Daly opposed a 50 - basis - point rate cut at the September meeting. The U.S. 7 - month PPI far exceeded expectations. China's central bank conducted 500 billion yuan of 6 - month reverse repurchase operations [6][7]. 2.2 Energy and Chemical Futures - Domestic soda ash inventory increased, while Singapore fuel oil inventory decreased. Russia's refined oil exports reached a high level [11][12][15]. 2.3 Metal Futures - The China Chemical and Physical Power Supply Industry Association issued an initiative for the energy storage industry, and the operating capacity of alumina increased [17]. 2.4 Black - series Futures - A coal mine in Shanxi planned to resume production, and coal supply in Shaanxi tightened. Steel production and inventory showed different trends [19][21]. 2.5 Agricultural Product Futures - Argentina's soybean and corn production had new forecasts. India's palm oil and sunflower oil imports changed, and U.S. soybean and corn exports were lower than expected [25][27]. 3. Company Performance - JD Group's second - quarter revenue increased by 22.4%. NetEase's second - quarter revenue increased by 9.4%. Foxconn's second - quarter revenue and profit reached new highs [34][35][10]. 4. Industry Dynamics 4.1 Aviation - The China Air Transport Association issued an aviation passenger self - discipline convention [36]. 4.2 Semiconductor - China's first domestic commercial electron - beam lithography machine entered application testing [37]. 4.3 Express Delivery - In July, express delivery business revenue increased by 8.9%, and business volume increased by 15.1% [38]. 4.4 Real Estate - Shanghai real - estate platforms hid historical transaction prices of second - hand houses [39]. 4.5 Banking - Financial regulators in some regions proposed "anti - involution" measures for the banking industry [41]. 5. Overseas Markets 5.1 U.S. - Trump signed an executive order to relax commercial space regulations. U.S. PPI data affected market expectations [42]. 5.2 UK - UK's second - quarter GDP grew by 0.3% [42]. 5.3 International Stock Markets - U.S. stocks were mixed, European stocks rose, and Japanese stocks fell [43][45][46]. 5.4 Bonds - Domestic and U.S. bond yields generally rose [51]. 5.5 Foreign Exchange - The on - shore RMB rose against the U.S. dollar, and the U.S. dollar index rose [52]. 6. Upcoming Events and Data Releases 6.1 Data Releases - Multiple economic data will be released, including Japan's GDP, China's economic indicators, and U.S. retail sales [55]. 6.2 Events - There are events such as central bank operations, news conferences, and corporate earnings releases [57].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report The report comprehensively presents the overnight performance of the global financial market, including the trends of various commodities, macro - economic news, and the performance of different financial sectors. It also provides forecasts and analyses of multiple industries and markets, such as the oil market, metal market, and stock market. Summary by Directory Overnight Night - Market Trends - Oil prices declined due to OPEC's production increase and weak demand. The US crude oil main contract fell 1.69% to $65.17 per barrel, and the Brent crude oil main contract dropped 1.59% to $67.67 per barrel [2]. - International precious metal futures generally rose. COMEX gold futures climbed 0.25% to $3435.00 per ounce, and COMEX silver futures increased 1.36% to $37.84 per ounce [3]. - Most London base metals advanced. LME lead futures rose 0.84% to $1975.50 per ton, and LME aluminum futures gained 0.47% to $2565.00 per ton, while LME copper futures fell 0.54% to $9634.50 per ton [4]. - Domestic futures main contracts showed mixed results. Coking coal rose over 3%, coke increased over 1%, and rapeseed meal rose nearly 1%, while iron ore dropped over 0.5% [5]. Important Information Macroeconomic News - In July, China's service - sector PMI continued to expand. New business, new export business, and on - hand business were recorded at 53.3 (up 2.3 month - on - month), 51.2 (up 2.9 month - on - month), and 50.1 (down 1.6 month - on - month) respectively. The new business indicator's increase reached a new high this year [7]. - In the first half of 2025, the whole market added 410,000 new futures customers, a 2.5% increase year - on - year. By the end of June 2025, the total number of effective customers reached 2.61 million, a 12% year - on - year increase [9]. - EU officials stated that EU goods face a 15% tariff when entering the US, applicable to all goods except steel and aluminum [9]. - Seven Chinese departments jointly issued a guidance on financial support for new - type industrialization, aiming to provide high - quality financial services [9]. - In July, the trading volume of China's futures market was 1,058,719,289 lots, and the trading value was 71.31 trillion yuan, up 48.89% and 36.03% year - on - year respectively [9]. Energy and Chemical Futures - Capital Economics predicted that OPEC+ would take a break before lifting the new round of voluntary production cuts to avoid an oil market surplus and expected production to increase again from the second quarter of 2026 [13]. - The price of single - layer coated photovoltaic glass rose to 11 yuan per square meter, up 1 yuan month - on - month [14]. Metal Futures - Guinea's transitional president revoked the bauxite mining concession originally granted to a global aluminum company [16]. - In July 2025, China's primary aluminum output was 3.7776 million tons, up 2.36% year - on - year and 3.31% month - on - month [17]. - According to Western Mining's semi - annual report, its mined zinc output was 62,875 million tons, up 18.61% year - on - year, and mined lead output was 35,071 million tons, up 24.63% year - on - year [17]. Black - Series Futures - A coal mine in Linfen suspended production on August 1, with the resumption time undetermined [20]. - In July, the total steel export volume of 32 domestic ports was 11.3646 million tons, down 1.5% month - on - month [20]. - After the rain in Ordos ended on August 5, some coal mines resumed production, leading to tightened supply and increased demand, and coal prices were frequently adjusted upwards [20]. - From July 28 to August 3, the total iron ore inventory of seven major ports in Australia and Brazil was 12.84 million tons, down 709,000 tons month - on - month [20]. Agricultural Product Futures - Last week, the domestic soybean oil mill operating rate remained high, soybean commercial inventory increased, and soybean meal inventory decreased slightly [23]. - Brazil's 2024/25 corn production forecast was raised to a record 134 million tons [23]. - On August 5, Zhengzhou Commodity Exchange announced a public consultation on amending the business rules for fresh apple futures [24]. - In July 2025, Muyuan sold 6.355 million commercial pigs, with sales revenue of 11.639 billion yuan [24]. Financial Market Finance - Regulatory authorities are cracking down on capital market fraud by punishing third - party companies that provide substantial fraud services for listed companies [28]. - On Tuesday, the A - share market rose, with the Shanghai Composite Index up 0.96% to 3617.6 points, and the market turnover reaching 1.62 trillion yuan [28]. - The Hong Kong Hang Seng Index rose 0.68% to 24,902.53 points, and the south - bound capital had a net purchase of HK$23.426 billion [28]. - As of August 5, 23 stocks had QFIIs in their top ten tradable shareholders' lists at the end of the second quarter, with a total market value of 3.737 billion yuan [29]. - In July, the number of newly - registered private equity securities funds reached 1298, a 18% increase month - on - month [29]. Industry - The 2025 World Robot Conference will be held on August 8, with over 100 new products to be launched [33]. - The 11th batch of national drug procurement is highly competitive, with 480 companies submitting application materials for 55 drugs [33]. - The China Chamber of Commerce for Import and Export of Machinery and Electronic Products issued an initiative to maintain the high - quality development of the photovoltaic industry's foreign trade [33]. - The Passenger Car Association raised the full - year sales forecast for 2025 to 24.35 million vehicles, a 6% increase year - on - year [34]. Overseas - The Trump administration plans to terminate the system initiated by Elon Musk that requires federal employees to report their weekly work results [38]. - The US trade deficit in goods and services in June decreased by 16% month - on - month to $60.2 billion [38]. - The US ISM non - manufacturing index in July dropped from 50.8 to 50.1, lower than the expected 51.5 [38]. - The Bank of Japan may further raise interest rates if the economy and inflation develop as expected [38]. International Stock Markets - US stocks closed lower, with the Dow down 0.14%, the S&P 500 down 0.49%, and the Nasdaq down 0.65% [42]. - European stocks closed mixed, with the German DAX up 0.37%, the French CAC40 down 0.14%, and the UK FTSE 100 up 0.16% [42]. - The assets of index ETFs linked to the MSCI global stock index have exceeded $2 trillion, with a growth rate of 17% since the beginning of 2025 [42]. Commodities - In July, the trading volume of China's futures market was 1.059 billion lots, and the trading value was 71.31 trillion yuan, up 48.89% and 36.03% year - on - year respectively [47]. - Oil prices declined due to OPEC's production increase and weak demand [47]. - International precious metal futures generally rose, with COMEX gold futures up 0.25% and COMEX silver futures up 1.36% [47]. Bonds - Domestic bank - bond yields were mostly stable, and treasury bond futures were mostly up, while credit bonds fluctuated narrowly [50]. - US bond yields mostly rose, with the 2 - year yield up 4.9 basis points to 3.720% [50]. Foreign Exchange - The on - shore RMB against the US dollar closed at 7.1876 on Tuesday, down 110 basis points from the previous trading day [51]. - The Hong Kong Monetary Authority bought HK$6.429 billion and sold US dollars in the New York session on August 5 [52]. - The US dollar index rose 0.01% to 98.76, and most non - US currencies rose [52]. Upcoming Events - At 09:20, 309 billion yuan of reverse repurchases of the People's Bank of China will expire [55]. - At 12:30, the Reserve Bank of India will announce its interest rate decision [55]. - At 18:30, the Central Bank of Russia will release the minutes of its monetary policy meeting [55]. - At 20:00, DJI will officially launch its first sweeping robot [55].

Market Overview - The U.S. stock market experienced a significant decline, with the Dow Jones Industrial Average falling by 1.23%, the S&P 500 down by 1.60%, and the Nasdaq dropping by 2.24% on Friday [1] - European markets also faced losses, with Germany's DAX index down by 2.66%, France's CAC40 down by 2.91%, and the UK's FTSE 100 down by 0.70% [2][3] Economic Data - Recent U.S. labor market data indicates a slowdown, with non-farm payrolls adding only 73,000 jobs in July, below expectations, and the unemployment rate rising slightly to 4.2% [6] - Revisions to previous months' data showed a significant downward adjustment, with May's job additions revised from 144,000 to just 19,000, and June's from 147,000 to 14,000 [6] - The labor market's rapid deceleration raises concerns about a potential recession, as indicated by the weak employment figures [6] Federal Reserve Response - The disappointing labor market data has increased pressure on the Federal Reserve to consider interest rate cuts, especially among dissenting members of the FOMC [7] - Fed Chair Jerome Powell maintains that the labor market remains robust but acknowledges the need to monitor inflation risks, particularly in light of new tariffs imposed by President Trump [6][7] Tariff Developments - President Trump signed an executive order to raise tariffs on Canada from 25% to 35%, effective August 1, and introduced a new "reciprocal tariff" framework for several countries, with rates ranging from 10% to 41% [7][8] - This move has heightened market anxiety and contributed to the overall decline in stock prices [7] Commodity Market Impact - International oil prices fell sharply, with U.S. crude oil down by 2.89% to $67.26 per barrel and Brent crude down by 3.00% to $69.55 per barrel, driven by concerns over a potential recession and increased production from OPEC+ [9][10] - Precious metals saw gains, with COMEX gold futures rising by 2.01% to $3,416.00 per ounce and silver up by 1.07% to $37.11 per ounce [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The domestic commodity futures market had a mixed performance overnight, with most black - series and non - metallic building materials rising, and international oil prices surging due to the US - EU trade agreement. The financial market showed different trends, with A - shares rising, Hong Kong stocks slightly falling, and overseas stock markets having mixed performances. The bond and foreign exchange markets also had their own fluctuations [2][20][32]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - Domestic commodity futures: Most black - series and non - metallic building materials rose, such as a 6.99% increase in coking coal, 5.92% in coke, 5.84% in glass, etc. International oil prices increased, with the US crude oil main contract up 3.81% to $69.25/barrel and Brent crude up 3.53% to $71.77/barrel. International precious metals also rose, while London base metals had a mixed close [2][3]. Important Information Macro - Information - The IMF raised China's 2025 growth rate forecast by 0.8 percentage points to 4.8% due to stronger - than - expected economic activities in the first half of 2025 and lower - than - expected actual tariffs between China and the US [6]. Energy and Chemical Futures - Zhengzhou Commodity Exchange adjusted the trading fees of glass, soda ash, and caustic soda futures contracts. The domestic refined oil price remained unchanged this round as the adjustment amount per ton was less than 50 yuan. Hainan Development's subsidiary carried out kiln shutdown and production reduction [8][10]. Metal Futures - Domestic component companies slightly increased their quotes due to cost pressure, but downstream acceptance was low. The China Photovoltaic Industry Association refuted rumors about the anti - involution work in the photovoltaic industry [12]. Black - Series Futures - The fourth round of coke price increase was fully implemented. Iron ore inventories at major ports in Australia and Brazil decreased slightly, and the inventory at 47 Chinese ports also declined. Zhengzhou Commodity Exchange resumed and added some futures delivery warehouse businesses. The China Iron and Steel Industry Association emphasized the imbalance between supply and demand in the steel industry and called for industry self - discipline [13][15]. Agricultural Product Futures - July's imported soybean arrivals and oil mill crushings remained high, and the expected end - of - July soybean meal inventory was about 1.1 million tons. Indonesia expected to export more palm oil to India in 2025. EU's imports of palm oil, soybean meal, rapeseed, and soybeans decreased compared to last year. Canada's oilseed processing data showed different trends in June [17][18]. Financial Market Finance - A - shares rose in the afternoon, with the Shanghai Composite Index up 0.33%, Shenzhen Component Index up 0.64%, and ChiNext Index up 1.86%. Hong Kong stocks slightly fell, but southbound funds continued to flow into the Hong Kong market, and the annual inflow might exceed HK$1 trillion. The number of A - share stocks with a price of over 100 yuan reached 101. Listed companies actively participated in share repurchases. Hong Kong market's trading volume and market value increased compared to last year [20][21][23]. Industry - Domestic refined oil prices remained unchanged this round. The China Photovoltaic Industry Association refuted rumors about anti - involution work. The State Post Bureau and the Ningbo Banking Association addressed industry involution issues [24][25]. Overseas - Trump set a 10 - day deadline for Russia and Ukraine to reach a cease - fire and threatened economic punishment. There were uncertainties in US - India trade relations. The Fed's voting number for the interest - rate decision decreased. The EU planned to buy $40 billion worth of AI chips from the US. US economic data showed a narrowing trade deficit, changes in housing prices, and job vacancies. The Bank of Korea considered further interest - rate cuts [27][28][31]. International Stock Markets - US stocks fell, while European stocks rose. High - end analysts warned about potential stock price damage from tariffs. Boeing's Q2 revenue increased, while Merck & Co. announced a restructuring. Novo Nordisk and Stellantis faced performance challenges [32][33][35]. Commodities - Domestic commodity futures had a mixed overnight performance, with black - series and non - metallic building materials mostly rising. International oil prices increased due to the US - EU agreement. Precious metals rose, and base metals had a mixed close [2][37][39]. Bonds - The domestic bond market adjusted, with yields rising and Treasury bond futures falling. The issuance of panda bonds in the inter - bank market exceeded 100 billion yuan. US bond yields fell due to trade - friction concerns [40]. Foreign Exchange - The on - shore RMB against the US dollar depreciated, and the US dollar index rose, with most non - US currencies falling [41][43]. Upcoming Events - There are multiple events scheduled, including Chinese central bank's open - market operations, press conferences, interest - rate decisions by central banks, and corporate earnings reports [45].

地址 ：北 京市 朝阳 区朝阳 门外 大街 甲 6 号万 通中 心 D 座 20 层 （100020） 资讯早间报 制作日期： 2025/7/29 隔夜夜盘市场走势 1、国内工业品期货迎来大幅回调，焦煤、玻璃、焦炭、纯碱、工业硅、碳酸锂 六大品种主力合约集体跌停，氧化铝、多晶硅等超 10 个品种跌幅超 3%。此前， 前述相关品种受"反内卷"相关政策推动，积累了较大涨幅。夜盘，黑色系普 遍下跌，焦煤下跌 10.25%，焦炭下跌 3.79%。 2、美欧协议和欧佩克增产推高油价，美油主力合约收涨 2.79%，报 66.98 美元 /桶；布伦特原油主力合约涨 2.87%，报 69.6 美元/桶。国际油价上涨主要受美 欧贸易协议达成和欧佩克+坚持增产计划推动。中信证券指出，协议消除关税威 胁并支持美国能源出口，提振需求预期；欧佩克+维持增产表明供应稳定，强化 市场信心。 3、国际贵金属期货普遍收跌，COMEX 黄金期货跌 0.65%报 3314.00 美元/盎司， COMEX 白银期货跌 0.09%报 38.33 美元/盎司。泰国和柬埔寨达成停火协议，地 缘政治风险缓解削弱避险需求。 投资有风险，入市需谨慎。 本公司具 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic commodity market experienced a rare daily limit surge on Tuesday, with the main contracts of six varieties, including glass, soda ash, coking coal, coke, industrial silicon, and polysilicon, closing at the daily limit. The core driving force for this rally is the continuous release of the "anti-involution" policy signal by the state, combined with the coal mine production inspection notice circulated on the same day, which triggered expectations of supply tightening [2][46]. - The international precious metal futures generally closed higher, while international oil prices slightly declined. London's base metals mostly rose, and international agricultural product futures showed mixed performance [3][4][5]. - In the financial market, A-shares continued to rise, and the Hong Kong stock market also showed an upward trend. The science and technology innovation board celebrated its 6th anniversary, and Central Huijin increased its holdings of ETFs on a large scale in the second quarter [30]. - Overseas, there are various events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel, and corporate financial reports [10][11][43]. Summaries by Relevant Catalogs Overnight Night Market Trends - Domestic commodity market: Six varieties' main contracts closed at the daily limit, and the black series continued to rise at night, with coking coal up 11% and coke up 5.29% [2]. - International precious metal futures: COMEX gold futures rose 1.10% to $3444.00 per ounce, and COMEX silver futures rose 0.83% to $39.66 per ounce [3]. - International oil prices: WTI crude oil main contract fell 0.76% to $65.45 per barrel, and Brent crude oil main contract fell 0.66% to $68.75 per barrel [4]. - London base metals: Most rose, with LME zinc up 0.53%, LME copper up 0.39%, LME tin up 0.32%, and LME aluminum up 0.21% [4]. - International agricultural product futures: Mixed performance, with US soybeans down 0.17%, US corn down 1.18%, US soybean oil down 0.59%, US soybean meal up 1.13%, and US wheat up 1.34% [5]. Important Information Macroeconomic Information - The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high-quality development of rural highways [8]. - As of the end of the second quarter of 2025, the balance of RMB loans of financial institutions was 268.56 trillion yuan, a year-on-year increase of 7.1%. The balance of RMB real estate loans was 53.33 trillion yuan, a year-on-year increase of 0.4% [8]. - The current market has no obvious unilateral expectation of RMB appreciation or depreciation, and market transactions are rational and orderly [9]. - There are various international events and statements, including trade negotiations, comments on the Federal Reserve's policies and personnel [10][11][12]. Energy and Chemical Futures - The next round of China-US talks may discuss China's purchase of Russian and Iranian oil [15]. - As of the week of July 21, the social inventory of domestic asphalt increased by 0.3%, and the factory inventory decreased by 2.6% [15]. Metal Futures - The Ministry of Industry and Information Technology will support the stable operation and high-quality development of the non-ferrous metal industry [17][18]. - China's alumina exports in June 2025 decreased by 17.71% month-on-month but increased by 8.95% year-on-year [18]. - In May 2025, the global refined copper market had a surplus of 97,000 tons, and from January to May, the surplus was 272,000 tons [18]. Black Series Futures - Some steel mills plan to raise the price of wet-quenched coke by 50 yuan/ton and dry-quenched coke by 55 yuan/ton on July 23 [20]. - The inventory of imported iron ore in 47 ports in China increased by 722,500 tons compared with last Monday [20]. Agricultural Product Futures - Russia reduced its wheat production and export volume forecasts for 2025 [22]. - Malaysia's palm oil exports in June 2025 remained high, but the inventory reached an 18-month high [23]. - It is expected that the new cotton yield per mu in 2025 will be 158.7 kg, a year-on-year increase of 2.5% [23]. - Various other agricultural product data, including soybean, pig, and sugar production and trade information [25][26][28]. Financial Market Finance - A-shares continued to rise, with the Shanghai Composite Index rising 0.62% to 3581.86 points, and the market turnover expanding to 1.93 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 0.54% to 25,130.03 points, and the southbound capital had a net inflow of HK$2.717 billion [30]. - The science and technology innovation board celebrated its 6th anniversary, with 589 companies listed, raising a total of 925.7 billion yuan in IPOs and 186.7 billion yuan in refinancing [30]. - Central Huijin increased its holdings of ETFs by over 200 billion yuan in the second quarter [32]. - Overseas institutions mainly surveyed companies in the electronics, machinery, pharmaceutical, and non-ferrous metal industries in July [32]. - Zhongyou Insurance triggered a mandatory tender offer by buying 726,000 shares of Green Power Environmental Protection H shares [32]. - The Shanghai Stock Exchange took regulatory measures against abnormal trading behavior in *ST Yazhen [32]. - The Shanghai Stock Exchange and China Securities Index Company will launch the Shanghai Science and Technology Innovation Private Enterprise Index and the Shanghai Science and Technology Innovation Private Enterprise Strategy Index on July 23 [33]. - SenseTime plans to enter the field of embodied intelligence [33]. Industry - The National Data Administration has guided the construction of data annotation bases in 7 cities and plans to layout data industry agglomeration areas in the second half of the year [34]. - 127 domestic games and 7 imported games obtained game licenses in July [36]. - The game "Late Ming: Feather of the Abyss" topped the Steam bestseller list [36]. - The news of "Beijing banning fuel vehicles from ride-hailing platforms" was false [36]. - China's shipbuilding industry maintained its global leading position in the first half of the year [36]. - Telecommunication business revenue in the first half of the year was 905.5 billion yuan, a year-on-year increase of 1% [37]. Overseas - Trump called for the Federal Reserve to cut interest rates and said that Fed Chairman Powell would leave office soon [38]. - US Treasury Secretary Yellen said that tariff revenue was "huge" and supported Powell to complete his term [38]. - Various international events, including trade negotiations, policy statements, and corporate financial reports [38][40][43]. International Stock Markets - US stocks closed mixed, with the Dow Jones rising 0.4%, the S&P 500 rising 0.06%, and the Nasdaq falling 0.39% [43]. - European stocks closed mixed, with the German DAX falling 1.09%, the French CAC40 falling 0.69%, and the UK FTSE 100 rising 0.12% [43]. - Coca-Cola's second-quarter adjusted revenue and earnings per share were better than expected [43]. - General Motors' second-quarter revenue and net profit declined [44]. - Lockheed Martin's second-quarter net sales and operating profit were lower than expected, and it lowered its full-year earnings per share forecast [45]. Commodities - Similar to the overnight night market trends, the domestic commodity market had a daily limit surge, and international precious metal, oil, and base metal futures showed different performances [2][3][4][46]. - Russia maintained its forecast for grain production and export volume [48]. Bonds - The domestic bond market was weak, with treasury bond futures closing down [49]. - As of the end of June, overseas institutions held 4.23 trillion yuan of interbank market bonds, accounting for about 2.5% of the total [50]. - The Asian Infrastructure Investment Bank successfully issued a 20 billion yuan panda bond [50]. - Japanese government bond yields attracted record foreign capital inflows [52]. - US bond yields declined across the board [52]. Foreign Exchange - The RMB appreciated by 1.9% against the US dollar in the first half of the year, and the market had no obvious unilateral expectation [53]. - The onshore RMB against the US dollar rose 12 points, and the offshore RMB rose 5 points [54][55]. - The US dollar index fell 0.49%, and most non-US currencies rose [54]. Upcoming Events - There are various events scheduled for July 23, including central bank operations, press conferences, and industry exhibitions [56].

Report Industry Investment Rating No relevant content provided. Core View of the Report - In the overnight night - market, domestic futures showed a positive trend overall, while international oil prices declined slightly, and other commodities had mixed performances. In the financial market, A - share listed companies' performance was differentiated, and the brokerage industry had good performance. The domestic industrial product futures prices were rebounding, and the scale of bond ETFs reached a new high. [2][3][40] Summary by Related Catalogs Overnight Night - Market Trends - Domestic futures: Most domestic futures contracts closed higher on Friday night. Soda ash and glass rose over 4%, coking coal rose over 3%, and several other commodities like PVC and caustic soda rose over 2%. However, soybeans and cotton declined slightly. [2] - International precious metals: COMEX gold futures rose 0.30% to $3355.50 per ounce, with a weekly decline of 0.25%; COMEX silver futures rose 0.32% to $38.43 per ounce. [2] - International oil prices: WTI crude futures fell 0.30% to $66.03 per barrel, with a weekly decline of 3.54%; Brent crude futures fell 0.42% to $69.23 per barrel, with a weekly decline of 1.61%. [3] - London base metals: All London base metals closed higher. LME zinc rose 3.18% and 3.12% weekly; LME aluminum rose 2.33% and 1.34% weekly. [4] - International agricultural products: Most international agricultural product futures rose. US soybeans rose 0.56%, US corn rose 1.74%, US soybean oil fell 0.75%, US soybean meal rose 1.97%, and US wheat rose 2.53%. [5] Important News Macroeconomic News - Trump criticized the Fed's high - interest - rate policy, believing it was harming the real estate market. He thought the US should have a 1% interest rate. [8] - The Ministry of Industry and Information Technology plans to introduce a stable - growth work plan for ten key industries. [8] - Shipping indices declined. The Shanghai Export Containerized Freight Index dropped 86.39 points, and the China Containerized Freight Index fell 0.8%. [8] - The US - China economic and trade relationship has experienced ups and downs, but both sides are still important trading partners, and cooperation is the right path. [9] - The government will regulate the new - energy vehicle industry competition order. [9] - The July auto market demand weakened, and the expected monthly sales of passenger cars were about 1.9 million. [11] - The US and the EU have disputes over tariffs, and the EU is preparing a retaliatory plan. [11] - Iran will hold a new round of negotiations with three European countries. [12] - The third - round Russia - Ukraine negotiation will be held in Istanbul. [13] - The G20 finance ministers and central bank governors emphasized the importance of central bank independence and the challenges faced by the global economy. [16] - China will crack down on the smuggling of strategic minerals. [17] Energy and Chemical Futures - The EU extended the natural - gas storage requirement for two more years. [19] - Zhengzhou Commodity Exchange announced the delivery area and premium/discount for propylene futures. [21] - Methanol inventory in East China ports increased, and rubber inventory in Osaka Exchange decreased. [22] - The EU passed the 18th round of sanctions against Russia, targeting the banking, energy, and military - industrial sectors. [23] Metal Futures - Mining activities in Myanmar's Wa State are expected to resume. [25] - The average price of polysilicon was 46.2 yuan/kg, with a profit of 6.1 yuan/kg. [26] - Copper, aluminum, zinc, lead, nickel, and tin inventories in the Shanghai Futures Exchange increased. [27] - A nickel - iron smelting park in Indonesia suspended production, which may affect the monthly output by about 1900 metal tons. [29] Black - Series Futures - A coal mine in Changzhi restarted production but has not reached full capacity. [31] - Canada will adjust its steel import tariff policy, which China opposes. [31] - Coal mines in Lvliang stopped or reduced production due to environmental inspections and production problems. [31] - The China Iron and Steel Association proposed measures to prevent over - capacity. [32] - Steel inventories increased, with an increase in construction steel and a decrease in hot - rolled coils. [32] Agricultural Product Futures - Imported cotton inventory decreased. [35] - Oil - mill soybean crushing volume was lower than expected. [35] - Australia may export experimental rapeseed to China. [35] - Pig - farming profits changed, with self - breeding and self - raising still profitable but at a lower level, and purchasing piglets resulting in losses. [35] - Sugar prices remained high in Pakistan. [35] - Trichlorosucrose producers had extended shutdowns. [36] - Malaysian palm - oil exports decreased in July. [37] Financial Market Finance - Among the 1540 A - share listed companies that disclosed semi - annual performance forecasts, 43.77% were positive, and the performance was differentiated. [40] - All 29 listed securities firms that disclosed semi - annual performance forecasts were positive, mainly due to the improvement of core business income and the recovery of overseas business. [40] - CITIC Securities believes that A - shares are becoming an incremental market, and post - mid - report season overseas investment may be a new direction. [40] - CITIC Construction Investment believes that the A - share market's structural differentiation will continue, and new tracks are crucial. [41] Industry - The Third China International Supply - Chain Promotion Expo was successful, with more participants and cooperation agreements. [42] - The Beijing real - estate market had an uneven recovery in the first half of 2025. [43] Overseas - The US Treasury Secretary advised Trump not to fire the Fed Chairman. [45] - Japan's ruling coalition lost its majority in the Senate. [45] - Russia and Ukraine may hold a new round of negotiations in Istanbul. [45] International Stock Market - The next two weeks are the peak period for US stock earnings reports. [46] - NVIDIA's CEO Huang Renxun has been reducing his holdings of NVIDIA stocks, with a cumulative套现 of $215 million since June 20. [46][47] Commodity - Domestic industrial product futures prices are rebounding, and they are expected to continue the upward trend, but there are risks of adjustment after rapid price increases. [48] Bond - The scale of the first batch of 10 science - innovation bond ETFs has grown significantly, and the total scale of bond ETFs may have exceeded 5000 billion yuan. [49]

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/07/11 隔夜夜盘市场走势 5. 芝加哥期货交易所（CBOT）农产品期货主力合约收盘多数上涨，大豆期货涨 0.67%报 1014 美分/蒲式耳，玉米期货涨 0.12%报 416.5 美分/蒲式耳，小麦期货 涨 1.28%报 554.5 美分/蒲式耳。 1. 国际油价走弱，美油主力合约收跌 2.21%，报 66.87 美元/桶；布伦特原油主 力合约跌 1.91%，报 68.85 美元/桶。市场对全球需求前景的担忧加剧，叠加美 国 EIA 原油库存意外增加 707 万桶，远超市场预期，导致油价承压下行。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.36%报 3333.00 美元/盎司， COMEX 白银期货涨 2.72%报 37.63 美元/盎司。美国财政赤字和关税政策加剧通 胀担忧，全球央行持续增持黄金支撑市场。 3. 伦敦基本金属收盘多数上涨，LME 期镍涨 2.04%报 15285.00 美元/吨，LME 期 锌涨 1.26%报 2777.00 美元/吨 ...