Group 1: Stock Index Futures Sector - Key Products: CSI 500 Futures (IC), CSI 1000 Futures (IM) - Bullish Outlook: Clear bullish sentiment supported by trading volume and open interest structure, but caution is advised for potential high-level pullbacks [1][2] Group 2: Government Bond Futures Sector - Key Products: 2-year, 5-year, 10-year, and 30-year government bond futures (TS, TF, T, TL) - Market Sentiment: Overall consolidation with a slight bearish bias [3][4] Group 3: Precious Metals Sector - Key Products: Gold (AU), Silver (AG) - Market Sentiment: Bearish consolidation; IC and IM show "Good Curve Long" structure with annualized rolling returns of 7.5% and 10.98%, significantly higher than SSE 50 and CSI 300 [5][6] - Trading Strategy: Hold long positions or add on dips, focusing on long-dated contracts of IC and IM; cross-product arbitrage suggested [5][6] Group 4: Non-Ferrous Metals Sector - Key Products: Copper (CU), Aluminum (AL), Zinc (ZN) - Market Sentiment: Significant differentiation; Aluminum shows the strongest fundamentals with tight supply-demand dynamics [9][10] - Trading Strategy: Long Aluminum and short Copper to capitalize on supply-demand gaps; light long positions in Zinc [9][10] Group 5: Black Metals Sector - Key Products: Iron Ore (I), Rebar (RB), Coking Coal (J) - Market Sentiment: Bearish outlook with negative returns for rebar and coking coal, indicating ongoing inventory pressure [13][14] Group 6: Energy and Chemical Sector - Key Products: Crude Oil (SC), Low Sulfur Fuel Oil (LU), Asphalt (BU), Rubber (RU) - Market Sentiment: Significant differentiation; Crude Oil and Low Sulfur Fuel Oil benefit from geopolitical factors and shipping demand [15][18] - Trading Strategy: Long SC/LU and short RU to exploit energy versus chemical dynamics [15][18] Group 7: Agricultural Products Sector - Key Products: Soybean Meal (M), Soybean Oil (Y), Palm Oil (P), Live Hogs (LH) - Market Sentiment: Overall bullish; soybean oil and palm oil benefit from biodiesel demand and weather disturbances in South America [21][22] - Trading Strategy: Long soybean oil/palm oil and short soybean meal to capitalize on oil-meal ratios; short live hogs due to oversupply [21][22] Group 8: Soft Commodities and Specialty Products - Key Products: Sugar (SR), Cotton (CF), Urea (UR), Industrial Silicon (SI) - Market Sentiment: Mixed; Urea supported by agricultural demand while Industrial Silicon faces supply pressure [27][28] - Trading Strategy: Long Urea and short Industrial Silicon to leverage agricultural demand against industrial supply [27][28] Group 9: Summary of Trading Strategies and Risk Control Recommendations - Long positions recommended in IC, IM, Urea, Aluminum, and oilseeds; short positions in Copper, Rebar, Rubber, Live Hogs, and Industrial Silicon [30]

来源：鹏华基金 鹏华基金连续四年荣获 "固收类公募产品业务"推介 近日，中国保险资产管理业协会正式发布了"IAMAC推介——2025年保险资产管理业投资业务合作机构"推介结果。其中，鹏华基金在公募基金公 司推介中荣获"综合"、"固收类公募产品业务"和"专户业务"三项推介，这也是自2021年以来连续四年获得"固收类公募产品业务"的推介。 实现完备产品线布局 管理固收类资产规模已破万亿 鹏华固收自2003年成立旗下首只一级债基——鹏华普天债券以来，已积淀超过20年的深厚管理经验，通过持续整合投研资源，构建起以"平台化、 专业化、团队作战"为核心竞争力的运作模式，有效促进不同领域的能力互补，为投研体系的长远稳健运行提供坚实支撑，目前共有超90名成员， 八大赛道均衡发展，实现了主、被动各类型债券基金的完备产品线布局，管理固收类资产规模已突破万亿元。 在不断打磨投研能力中，鹏华固收团队努力为客户创造长期可持续的盈利体验。据基金中报统计，鹏华固收团队2025年上半年为持有人赚取利润 超67亿元，截至2025年6月底，持有人总户数超5600万户。 从净利润数据看，鹏华固收旗下货币基金、非货债基上半年净利润分别为33.78、 ...