Core Viewpoint - The Zhengzhou Commodity Exchange has made significant revisions to the rules governing fresh apple futures to enhance the service quality of the futures market to the real economy and align futures standards more closely with the actual conditions of the spot industry [1][4]. Summary by Relevant Sections Rule Optimization - The revisions include optimizing the alternative delivery price mechanism and further detailing delivery standards to better align with industry practices [1][3]. - The delivery unit has been increased from 10 tons to 20 tons, which reduces the frequency of scattered deliveries and lowers operational costs related to transportation, storage, and inspection [1][3]. - A unified standard for packaging has been established, requiring the use of "iron baskets + white transparent plastic bags" for delivery apples, which enhances delivery and quality inspection efficiency [1][3]. - The delivery process for truck (ship) board has been optimized to shorten delivery times, clarify time nodes for each step, simplify processes, and define responsibilities and special handling procedures [1][4]. Industry Response - Industry representatives believe the revisions address key pain points in current apple spot trading and futures delivery, promoting better integration between spot and futures markets [2][3]. - The adjustments in delivery units and standards are seen as more aligned with actual trading practices, which could attract more industry participants to the apple futures market [2][4]. - The optimization of the delivery process is expected to reduce disputes that have previously arisen during delivery [2][3]. Future Implications - The revisions are anticipated to enhance market integrity by implementing stricter member reviews and linking pre-reporting deposits to curb false reporting [3]. - The changes are expected to improve the efficiency of price discovery and risk management functions in the apple industry, contributing to its high-quality development [4].

Industry Investment Rating - No relevant content provided Core Views - The Chinese government promotes free pre - school education, and the US President Trump criticizes the Fed and plans tariff hikes. The central bank and other departments support new industrialization, and there are changes in iron ore inventory and futures rules [2][3] Summary by Relevant Catalogs Policy News - From the 2025 autumn semester, China will exempt public kindergarten children in the pre - school year from education fees, and private kindergartens can enjoy the same exemption level [2] - Trump criticizes Powell for late interest - rate cuts, may announce a new Fed chair soon, and plans to raise tariffs on India, drugs, and chips [2] - Seven Chinese departments including the central bank issue a guidance on financial support for new industrialization, aiming to build a mature financial system by 2027 [2] Market Data - From July 28 - August 3, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 1284.0 million tons, down 70.9 million tons from the previous week [3] Plate Performance - Key focus: urea, coking coal, polysilicon, crude oil, plastic [4] - Night - session performance: non - metallic building materials 2.85%, precious metals 28.07%, oilseeds 12.68%, non - ferrous and soft commodities 2.52% and 20.84%, coal - coking - steel - ore 14.51%, energy 3.08%, chemicals 11.50%, grains 1.21%, agricultural and sideline products 2.74% [4] Asset Performance - Equity: The Shanghai Composite Index rose 0.96%, the S&P 500 fell 0.49%, etc. [8] - Fixed - income: 10 - year treasury bond futures rose 0.05%, 5 - year rose 0.04%, 2 - year fell - 0.01% [8] - Commodities: The CRB commodity index fell - 0.11%, WTI crude oil fell - 1.66%, London spot gold rose 0.24%, etc. [8] - Others: The US dollar index rose 0.01%, the CBOE volatility index rose 0.00% [8]