金信期货日刊 本刊由金信期货研究院撰写 2025/08/26 GOLDTRUST FUTURES CO.，LTD 玻璃期货后续走势分析 ibaotu.com 热点聚焦 在价格破位下行的背景下，投资者面临两难抉择：是该抓住"跌出的做多黄金坑" ，还是屈服于空头反 扑的压力？我们选择了低多玻璃，今天玻璃继续上涨，看好后续玻璃市场。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 空头反扑的核心支撑：供需失衡与库存较高。 做多机会的潜在信号：成本底线与预期转向。 从另一个角度看，当前玻璃期货2601价格的下跌或许正孕育着做多机会。物极必反。 一方面，价格已接近沙河地区交割品生产成本，继续下跌可能引发企业挺价行为。企业为了维持利润空 间，在价格触及成本线附近时，往往会采取减产、限产等措施，减少市场供应，从而对价格形成支撑 。 另一方面，从技术分析角度，玻璃2601合约成交量缩量明显，从技术形态上看，当前位置不具备大幅下 跌的基础，反而有迎来反抽的可能性。 从中间盘整处下跌的幅度相比高位下跌 ...

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金信期货日刊 本刊由金信期货研究院撰写 2025/08/25 空头反扑的核心支撑：供需失衡与库存较高。做多机会的潜在信号：成本底线与预期转向。 从另一个角度看，当前玻璃期货2601价格的下跌或许正孕育着做多机会。 一方面，价格已接近沙河地区交割品生产成本，继续下跌可能引发企业挺价行为。企业为了维持利润空 间，在价格触及成本线附近时，往往会采取减产、限产等措施，减少市场供应，从而对价格形成支撑 。 另一方面，从技术分析角度，玻璃2601合约成交量缩量明显，从技术形态上看，当前位置不具备大幅下 跌的基础，反而有迎来反抽的可能性。 从中间盘整处下跌的幅度相比高位下跌到盘整处的幅度明显减少，按照技术分析黄金分割率0.618理论， 此处可能会出现反抽行情。 GOLDTRUST FUTURES CO.，LTD 玻璃期货后续走势分析 ibaotu.com 热点聚焦 近期，玻璃期货2601合约价格波动剧烈，引发市场广泛关注。 在价格破位下行的背景下，投资者面临两难抉择：是该抓住"跌出的做多黄金坑" ，还是屈服于空头反 扑的压力？ GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市 ...

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - PTA futures 2601 has risen in the past two days, and its future trend needs to be judged by considering multiple factors. It may maintain a slightly bullish and volatile short - term trend, with potential for further increase if demand improves; otherwise, it faces downward risks due to supply pressure in the medium term [3][4]. - For the stock market, the overall trend of the three major A - share indices is high - level volatile and upward [7]. - Gold is favored as the July non - farm payroll data indicates a lower - than - expected US economy, increasing the probability of a September interest rate cut, and its weekly adjustment is relatively sufficient with short - term platform consolidation [11]. - Iron ore is in a high - level wide - range volatile adjustment, with strong fundamental support but weakening market sentiment [14][15]. - Glass 09 has fallen 30 points back to 952. If its price stabilizes, the price of glass 2601 will also stabilize, and low - buying can be considered if it stabilizes [18]. - Palm oil should be treated with a slightly bearish and volatile view as the oil market has large cumulative gains, with rising inventory pressure and lack of demand support [21]. 3. Summary by Related Catalogs PTA - Supply: In August, there were concentrated short - term shutdowns and planned overhauls of facilities, reducing the operating rate to a monthly low and tightening supply. However, new facility production expectations and load recovery suppress the processing fee repair space, and medium - term supply pressure remains [4]. - Demand: Polyester load slightly increased to 89.4%, inventory pressure eased, and restocking demand in the manufacturing sector supported prices, but the sustainability of terminal textile orders remains to be seen [4]. - Cost: Crude oil fluctuations weakened valuation guidance, while PX provided weak support to PTA due to expected supply - demand pattern improvement [4]. - Technical and Market Sentiment: PTA2601 broke through the 20 - day line on the daily chart in the short term, and there is a bullish sentiment among some investors as the chemical product market shows signs of recovery [4]. Stock Market - The three major A - share indices opened higher and closed lower today, rising during the session and then falling back, with a small rebound at the end of the session, closing with a doji star. The overall trend is high - level volatile and upward [7][8]. Gold - The July non - farm payroll data was significantly lower than expected, especially the significant downward revision of May and June data, indicating that the US economy is not as strong as expected. This increases the probability of a September interest rate cut, which is beneficial for gold. Currently, the weekly adjustment is relatively sufficient, and it is in short - term platform consolidation [11]. Iron Ore - Fundamentals: Steel mills' profitability has improved, and hot metal production remains high, providing strong fundamental support. However, market sentiment has weakened recently, leading to a collective correction in the black - series commodities [14][15]. - Technical: It continues to adjust today, and is treated as a high - level wide - range volatile pattern. Attention should be paid to the support level near the lower important support [14]. Glass - Price Movement: Glass 09 fell 30 points back to 952. If its price stabilizes, the price of glass 2601 will also stabilize [18]. - Technical: Attention should be paid to the lower important support level, and low - buying can be considered if it stabilizes [18]. Palm Oil - Market Situation: The oil market has had large cumulative gains recently. With rising overall inventory pressure and lack of demand support, the market's motivation to chase higher prices has declined, and the pressure for profit - taking has increased. It should be treated with a slightly bearish and volatile view [21].

金信期货日刊 本刊由金信期货研究院撰写 2025/08/21 GOLDTRUST FUTURES CO.，LTD 玻璃2601期货走势分析 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ ibaotu.com 热点聚焦 近期，玻璃2601期货价格波动明显。从8月14 - 20日数据来看，8月14日，其收盘价1220元/吨 ，跌幅 1.37%，当周玻璃产线无变动，开工率和周产量持平，但厂家库存累库。中下游消化前期库存，补库需 求减弱，供需格局未见明显改善，期现价格共振下行。 8月19 - 20日，市场单边下行，20日主力合约收跌4.36%报1166元/吨，成交量达2644752。 当前玻璃市场驱动不足，需求仍有受限预期。一方面，供应端日熔暂稳于15.9 - 16万吨附近，暂无大变 化；另一方面，中下游库存高位，产销疲弱。 预计玻璃2601期价短期内将震荡运行。后续需重点关注环保事件对供需两端的影响程度，以及玻璃现货 成交情况、原料价格走势和商品市场整体情绪。若需求持续不振，库存继续累 ...

Overall Investment Recommendations - The report provides investment strategies for various commodities and financial products, including stocks, bonds, and multiple futures contracts [1]. Stock Index Futures - The A-share market had a narrow - range oscillation on Tuesday, with the North - Securities 50 reaching a new high. The trading volume of the Shanghai and Shenzhen stock markets slightly decreased to 2.64 trillion yuan but remained above 2 trillion. The comprehensive and communication industries led the gains, while the national defense and military industry, and non - bank financial sectors led the losses [1]. - Stock index futures adjusted following the spot index, with a larger decline in futures than in the spot, and the basis continued to widen. Although there is some resistance to short - term upward movement as the market breaks previous highs, the capital side remains active, and the trading enthusiasm continues to rise. As of August 18, the margin trading balance exceeded 2.1 trillion yuan, achieving six consecutive increases. Long - term positive factors such as the transfer of household deposits and the bottom - up recovery of corporate profits remain unchanged. It is recommended to maintain a long - position mindset [1]. Treasury Bonds - The bond market showed signs of stabilization and a slight rebound, with the T - contract performing weakly. The domestic market had a net capital injection, but due to the tax period, the cost of funds continued to rise. Data was scarce, and the expectation of policy intensification remained optimistic [1]. - Considering the Fed's interest - rate cut rhythm and the impact of the domestic monetary policy report, the expectation is relatively cautious. The stock - bond seesaw effect is still significant, and the market's risk appetite remains optimistic. The bond market is more sensitive to negative news. Although the bond market's recent decline was rapid, new positive factors are limited, and the upward pressure may continue. A cautious and bearish view is recommended [1]. Commodity Futures Basic Metals - **Aluminum and Alumina**: The domestic economic data is mixed, but policy expectations remain optimistic. Overseas tariffs have weakened, and the market is watching the Fed's stance at the global central bank meeting. The US has expanded the scope of aluminum tariff increases, which has a limited impact on domestic exports. Alumina's over - supply situation remains unchanged, and the market's bullish sentiment has weakened significantly, with continuous upward pressure on prices. For Shanghai aluminum, the short - term demand expectation is weak, but the medium - term support is clear [3]. - **Copper**: The domestic economic data is mixed, but policy expectations are optimistic. Overseas tariffs have weakened, and the market is focused on the Fed's attitude. The smelting processing fee is slowly rebounding but remains negative, and the global copper - mine supply shortage persists. Although domestic and overseas refined copper production continues to grow, and there are positive expectations for consumption, the short - term upward momentum is limited, and the price will continue to oscillate. However, in the medium - term, the upward trend is unchanged [3]. - **Nickel**: The supply of nickel ore is sufficient, and port inventories are accumulating. Although Indonesia is cracking down on illegal mining, the ore price is still supported. The production capacity at the smelting end is abundant, and the trading is dull. Refined nickel production remains high, and the inventory - accumulation trend continues. As the Fed's interest - rate cut expectation cools, the nickel price has low volatility, with resistance from over - supply and support from potential ore - supply issues. Selling call options is a relatively favorable strategy [3][4]. Energy and Chemicals - **Crude Oil**: Geopolitical factors have led some funds to take a wait - and - see attitude towards the Russia - Ukraine conflict. The API weekly data showed a decline in US crude - oil inventories, but the market reaction was muted. As the peak consumption season for the crude - oil market is ending, the expectation of supply over - capacity is strengthening, and the short - term positive factors are lacking. The oil price will continue to be weak [5]. - **Methanol**: This week, the signing volume of northwest sample enterprises reached the lowest level since May, and the futures price dropped rapidly, reducing the downstream's purchasing willingness. Although there are many new maintenance devices, and the factory operating rate is low, providing support for the spot price, as the negative impact of increased arrivals is gradually released, the further decline space for futures is limited [7]. - **Polyolefins**: Recently, there have been more new maintenance devices for PE, and its operating rate is at a medium level, while PP's maintenance devices have restarted, and its operating rate has returned to a high level. Considering production and new capacity, PE's supply pressure is lower than PP's, and PE's demand is also better. It is recommended to hold a long position in the L - PP spread [7]. - **Soda Ash and Glass**: For soda ash, the anti - involution policy has no clear signal, and the policy - intensity expectation is decreasing. The over - supply situation is obvious, with daily production slightly decreasing to 11.07 million tons, and the far - reaching energy's second - phase device may be put into operation in September, intensifying the over - supply. It is recommended to short the 01 contract. For float glass, real - estate sales and completion are weak, and although the sales - to - production ratio in some regions has increased, without effective supply - side constraints, the fundamentals are difficult to improve substantially. It is recommended to adopt a bearish strategy [5]. - **Coal and Coke**: For coking coal, after the coal - mine production self - inspection, the raw - coal output is still low, and the inventory - reduction rate has slowed down. The environmental protection restrictions on steel and coking enterprises have restricted demand, and the coal price is under pressure. For coke, some coking enterprises have received production - restriction notices, and steel mills in the Beijing - Tianjin - Hebei region also have production - reduction expectations. The fundamentals are expected to weaken, and the price will oscillate and decline [5]. Agricultural Products - **Cotton**: Domestically, there is a strong expectation of a bumper harvest, and the market's expectation for the new - cotton purchase price is pessimistic. Overseas, the USDA August report adjusted the supply and demand for the 2025/2026 season, and the ending inventory decreased. The inventory of imported cotton in major ports has decreased, and the downstream industry has slightly improved. The market is watching whether the downstream will continue to improve during the traditional peak season [7]. - **Rubber**: The automotive market benefits from policy support, and tire - enterprise operating rates are good. Although the ANRPC has entered the traditional production - increasing season, the new - rubber output rate is lower than expected, and the raw - material price in the production area is firm. The supply - demand structure of natural rubber is gradually improving, and the port inventory is decreasing, providing support for the rubber price [7]. Steel and Iron Ore - **Rebar**: The anti - involution policy has no clear implementation signal, and the policy - intensity expectation is decreasing. The fundamentals of rebar are showing more signs of weakening. Regional and phased production restrictions have limited impact on supply, and the crude - steel reduction policy has not been implemented. Steel mills' profits are acceptable, and production is expected to resume after the military - parade production restrictions end. Real - estate data is weak across the board, and the inventory of rebar has started to accumulate rapidly. It is recommended to hold a short position in the 01 contract and pay attention to the support at around 3100 [4]. - **Hot - Rolled Coil**: Similar to rebar, the anti - involution policy has no clear signal, and the fundamentals of steel products are weakening. The military - parade production restrictions in the north mainly affected sintering and rolling processes, and the actual implementation depends on weather conditions. Steel mills' profits are good, and production is likely to resume after the restrictions end. The high coil - to - rebar spread may prompt the transfer of molten iron from rebar to hot - rolled coil. Although the current demand for plates is more resilient than that for construction steel, the inventory - accumulation rate of plates has also accelerated. The downward pressure on the hot - rolled coil price is increasing, and the near - term contract is weaker than the far - term one [4]. - **Iron Ore**: The military - parade production restrictions mainly affected sintering and rolling, and the actual implementation depends on weather conditions. Steel mills' profits are good, and production is expected to resume after the restrictions end. However, the weakening of the steel fundamentals may put pressure on the iron - ore price. It is expected that the iron - ore price will follow the steel price, with the 01 - contract price ranging from 750 to 810. It is recommended to short at high prices within this range [4][5].

Group 1: Urea Futures - The urea futures price soared on August 19, with the main contract rising by 62 yuan, or 3.53%, to close at 1789 yuan. The surge was mainly due to the unexpectedly high tender offer for urea imports by India's IPL company [3]. - On the supply side, the daily output of the urea industry remained at a high level of 190,900 tons (a week - on - week increase of 50 tons on August 5), the total enterprise inventory climbed to 917,300 tons (a week - on - week increase of 58,500 tons on July 30), and the production enterprise operating rate was 84.93% (a week - on - week increase of 1.58%), indicating high supply elasticity [3]. - On the demand side, it showed the characteristics of "weak domestic demand and uncertain exports". The operating rate of compound fertilizer plants in North and Central China increased slowly, the raw material inventory could be used for about 7 days, and the purchasing willingness was low. Agricultural demand entered a seasonal off - season, and the grass - roots stocking willingness was lacking. Although the export port inspection policy was relaxed, the actual order conversion had not increased significantly [3]. - There are differences in the market regarding the subsequent trend. The bearish view believes that urea is in a pattern with support below and suppression above, and the abundant supply pattern remains unchanged, expecting a weakening oscillation. The cautiously optimistic group points out that the current price is not high, the room for continuous decline is limited, and although one should not be overly optimistic about the upside, the export theme may still ferment [3]. Group 2: Stock Index Futures - News: Li Qiang proposed to further improve the implementation efficiency of macro - policies and stabilize market expectations. Many securities brokerage business departments saw a peak in customer consultations [7]. - Operation: The short - term market will continue to oscillate upward at a high level [7]. Group 3: Gold - The July non - farm payrolls data was significantly lower than expected, especially the significant downward revision of the data for May and June, indicating that the US economy is not as strong as expected. The probability of an interest rate cut in September has increased, which is beneficial to gold. Currently, the weekly adjustment is relatively sufficient, and it is in a short - term small - range oscillation on a platform [11]. Group 4: Iron Ore - The fundamentals are relatively strong as steel mills' profitability has improved, leading to high pig iron production. Also, under the call against involution, the state of the black industrial chain is relatively healthy, showing a resonance upward trend [15][16]. - Technically, it continued to adjust today, and it should be treated as a high - level wide - range oscillation in the near future [15]. Group 5: Glass - The macro - environment has improved and is continuously strengthening under the recovery expectation. The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak. The recent market drive mainly comes from the domestic economy [19][20]. - Technically, the lower support is effective, and a low - buying strategy should be maintained [19]. Group 6: Methanol - Last week, the methanol port inventory continued to accumulate. Although the提货 in the mainstream storage areas in East China increased slightly due to a small amount of re - exports and ship departures, the stable supply of foreign vessels led to continuous inventory accumulation. It should be treated with a bearish and oscillating view [22].

Group 1: Report Investment Ratings - No specific industry investment ratings are provided in the report. Group 2: Core Views - The overall market sentiment is positive, with the Shanghai Composite Index reaching a ten - year high. The upward trend of stock indices is clear in the medium and long term, while the bond market is under adjustment pressure. In the commodity market, different varieties show different trends, with some being bullish, some bearish, and some in a volatile pattern [1]. Group 3: Summary by Variety Financial Futures - **Stock Indices**: The trading - type funds are active, and the abundant liquidity drives the stock indices to strengthen. With the Shanghai Composite Index hitting a new high, the market sentiment is high. In the medium and long term, factors such as the transfer of household deposits, the bottom - up recovery of corporate profits, and continuous policy support will continue, so the long - term holding of stock index futures is recommended [1]. - **Treasury Bonds**: The bond market is in a weak state. The market's risk preference is optimistic, and the bond market sentiment is fragile. The risk of bond market adjustment may not be completely eliminated, especially for long - term bonds [1]. Commodity Futures Metals - **Gold**: The price is in a high - level volatile range. The market's prediction of the probability of the Fed's interest rate cut in September has decreased. Attention should be paid to Powell's speech at the Jackson Hole Annual Meeting and the marginal changes in the market's expectation of the Fed's interest rate cut [4]. - **Silver**: It maintains a bullish pattern. Although the market's expectation of the Fed's interest rate cut in September has cooled marginally, it is still a high - probability event. The macro - environment is generally favorable for the upward movement of the silver price [4]. - **Copper**: The price is in a volatile pattern. The medium - term upward driving force remains, but there are many short - term disturbances on the demand side, and the valuation is relatively high, so the upward momentum needs new drivers [4]. - **Aluminum and Alumina**: Alumina is under pressure due to over - capacity, and the market's bullish sentiment has weakened. The support for Shanghai Aluminum is clear, and attention should be paid to changes in the demand side [4]. - **Nickel**: The price is in a narrow - range volatile pattern. The supply is not tightened, the demand elasticity is limited, and the high inventory suppresses the upward space. It is recommended to hold the short - call option [6]. - **Lithium Carbonate**: The resource end may still be disturbed. Although the current fundamentals are loose, there is still an expectation of resource tightening in the market, and the lithium price may fluctuate widely at a high level [6]. Energy and Chemicals - **PVC**: Due to serious oversupply, new short positions are recommended [2]. - **Silicon Energy**: The price of polysilicon has strong support. The price increase of each link in the photovoltaic industry chain supports the profit of upstream raw materials. Policy - favorable sentiment has fermented again [6]. - **Steel and Minerals** - **Rebar**: The fundamentals are weakening. The probability of the price oscillating downward has increased. It is recommended to adjust the short - put option position to the short - call option position [6]. - **Hot - Rolled Coil**: The short - term price is likely to be weak. It is recommended to wait for the further accumulation of fundamental contradictions or the clarification of policy [6]. - **Iron Ore**: The price is expected to move within a range. It is recommended to try short positions at high prices [8]. - **Coking Coal and Coke**: The price of coking coal is under pressure to fall, and the price of coke is likely to follow the coking coal price. [ - **Glass and Soda Ash**: Both are in a state of strong expectation and weak reality, showing a volatile pattern. It is recommended to wait and see for soda ash and maintain an optimistic view on the 01 contract of glass. - **Crude Oil**: The market is in a bearish pattern. The consumption peak season is ending, and the supply surplus expectation is strengthening. - **Methanol**: The coastal supply is in surplus, and the price is in a bearish pattern. - **Polyolefins**: The fundamentals have no obvious contradictions, and the price is expected to fluctuate narrowly. Agricultural Products - **Cotton**: The supply and demand have been adjusted, and the inventory is decreasing. The market is concerned about the marginal improvement of downstream demand in the peak season. - **Rubber**: The supply - demand structure is improving, and the port inventory is decreasing, providing support for the price.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The steel fundamentals are peaking, with seasonal demand decline and supply - demand pressure. However, high iron - water production and export demand, along with previous policies, have driven the market up. The price center of the steel market is expected to shift from policy to fundamentals, and steel prices may show a short - term weakening trend [4][5]. - For coking coal and coke, although the market sentiment has cooled recently, the supply will be affected by policies in the medium term, and the price center of coking coal will gradually rise [10]. - Iron ore prices are expected to fluctuate in the short term as the factors driving price increases weaken and the terminal steel demand is under pressure [15]. - For ferroalloys, both silicon - iron and manganese - silicon need to be wary of the adjustment risks caused by the rapid increase in supply [20]. 3. Summary by Category Steel - **Related Information**: Some steel mills in Tangshan received oral notices of environmental protection production restrictions. From August 25 - September 3, sintering machines will be restricted by 30%, and from August 31 - September 3, blast furnaces may be restricted by 40%. The spot prices of steel in Shanghai, Beijing, and Tianjin have declined. The State Council emphasized boosting investment and stabilizing the real estate market [2][3]. - **Logic Analysis**: The black - metal sector oscillated last Friday night. Steel production resumed overall last week, with a slight reduction in rebar production and an increase in hot - rolled coil production. The overall inventory of the five major steel products increased, and the demand for building materials declined. The fundamentals of steel are peaking, but high iron - water production and export demand, along with previous policies, have driven the market up. The price center is expected to shift to fundamentals, and steel prices may weaken [4][5]. - **Trading Strategies**: Unilateral trading suggests a weakening trend; for arbitrage, it is recommended to enter positive spreads at low basis levels and hold; for options, it is recommended to wait and see [6][7][8]. Coking Coal and Coke - **Related Information**: The coke price in Xingtai is planned to increase, with a 50 - yuan/ton increase for tamping wet - quenched coke and a 55 - yuan/ton increase for tamping dry - quenched coke [9]. - **Logic Analysis**: Recently, the prices of some coal mines have corrected, and the downstream purchasing enthusiasm has weakened. In the medium term, coal supply will be affected by policies, and the price center of coking coal will gradually rise. The impact of over - production inspections on coal mine production is emerging [10]. - **Trading Strategies**: Unilateral trading suggests waiting for a correction and then going long on far - month contracts [11]. Iron Ore - **Related Information**: The State Council emphasized boosting investment and stabilizing the real estate market. The A - share market value exceeded 100 trillion yuan on August 18. From August 11 - 17, the global iron - ore shipment volume increased. The spot prices of some iron - ore varieties in Qingdao Port have changed [12][14]. - **Logic Analysis**: The iron - ore price oscillated at night. The mainstream ore shipments are stable, and the non - mainstream shipments in August are at a high level year - on - year. The demand for terminal steel is under pressure, and the factors driving price increases have weakened. The short - term ore price will fluctuate [15]. - **Trading Strategies**: Unilateral, arbitrage, option, and spot - futures trading all suggest waiting and seeing [13]. Ferroalloys - **Related Information**: The manganese - ore inventory in Tianjin Port increased, while that in Qinzhou Port decreased. The coke price in Xingtai is planned to increase [18]. - **Logic Analysis**: For silicon - iron, the supply is increasing rapidly, and the demand is at a high level but the rebar apparent demand is declining. For manganese - silicon, the supply is also increasing, the demand is high in the short term, and the cost is supported. Both need to be wary of supply - related adjustment risks [20]. - **Trading Strategies**: Unilateral trading suggests using it as a short - position variety in the industrial chain; for arbitrage, it is recommended to conduct positive spreads when the basis is low; for options, it is recommended to sell straddle option combinations at high prices [21].

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View of the Report - Glass futures have good prospects for continued long - positions. The supply is shrinking, and the demand has new growth points, so it's advisable to continue going long on glass futures [3][4][5]. - The short - term A - share market will continue to oscillate upward at a high level. The central bank reaffirms a moderately loose monetary policy, and many places in the property market are accelerating the deployment of urban renewal [8][9]. - Gold is favored by the market as the probability of a September interest rate cut in the US increases, and currently, it is in a short - term platform with small oscillations [12]. - Iron ore has strong fundamental support and is in a resonance upward trend. It should be treated with a high - level wide - range oscillation mindset recently [16][17]. - For glass, considering the improvement of the macro - environment and effective lower support, a low - buying strategy should be maintained [20][21]. - Methanol in ports should be treated with a bearish and oscillating view as the inventory continues to accumulate [24]. 3. Summary by Related Catalogs Glass Futures - **Supply**: Policy promotes capacity clearance, and 4 production lines with a daily melting capacity of 2800 tons have stopped kilns, resulting in a shrinking supply [4]. - **Demand**: Although the demand from new commercial housing completion has declined, there is strong demand in urban renewal, old community renovation, interior decoration, the automotive industry, and the home appliance and kitchenware field, and export demand is also increasing [4]. A - share Market - **Market Performance**: On Monday, the three major A - share indexes opened higher, slightly declined, and then reached new highs in this round of rebound. The Shanghai Composite Index hit a 10 - year high [8][9]. - **News**: The central bank reaffirms a moderately loose monetary policy, and many places in the property market are accelerating the deployment of urban renewal [8]. - **Operation Suggestion**: The short - term market will continue to oscillate upward at a high level [8]. Gold - **Market Driver**: The July non - farm payrolls data was significantly lower than expected, especially the significant downward revision of May and June data, increasing the probability of a September interest rate cut in the US, which is beneficial to gold [12]. - **Market Condition**: Currently, the weekly adjustment is relatively sufficient, and it is in a short - term platform with small oscillations [12]. Iron Ore - **Fundamentals**: Steel mills' profitability has improved, iron - water production remains high, and the black - industry chain is in a healthy state, presenting a resonance upward trend [16][17]. - **Technical Aspect**: There was an adjustment today, and it should be treated with a high - level wide - range oscillation mindset recently [16]. Glass - **Supply and Demand**: The supply - demand situation has slightly improved, but the recovery of terminal deep - processing orders is still weak [21]. - **Market Driver**: The main driving force for the recent market is the improvement and strengthening of the domestic economic recovery expectation [21]. - **Technical Aspect**: The lower support is effective, and a low - buying strategy should be maintained [20]. Methanol - **Port Inventory**: Last week, the methanol port inventory continued to accumulate. Although the提货 in the mainstream storage areas in East China increased with a small amount of re - export and ship departure, the stable supply of foreign vessels led to continuous inventory accumulation [24]. - **Market Outlook**: It should be treated with a bearish and oscillating view [24].