1. Report Industry Investment Ratings No industry - wide investment ratings are provided in the report. 2. Core Views - The second - round China - US trade talks extended the tariff exemption clause, and the Politburo meeting's policy tone was consistent with the previous one. The TMT sector rose strongly, and the stock index increased with heavy trading volume. However, the improvement in corporate earnings needs to be verified by the upcoming mid - year report data [2]. - Multiple negative factors such as the central bank's mention of "preventing idle funds from circulating" in the second - quarter monetary policy report, the strong performance of the stock market, and the tightening of funds during the tax payment period led to a significant decline in bond futures. The bond market sentiment remains weak [2]. - The meeting of US, Ukrainian, and European leaders brought hope for easing the Russia - Ukraine conflict, which increased risk appetite and caused precious metals to rise and then fall. Gold and silver prices are in a range - bound state [2]. - The container shipping index (European line) is in a weak and volatile state, and the short position of the October contract should be continued to hold [2]. - Steel prices are supported due to limited inventory accumulation in steel mills and upcoming production restrictions. Iron ore follows the price fluctuations of steel, while some coal prices are showing signs of weakness [2]. - The prices of non - ferrous metals such as copper, aluminum, and zinc are in a narrow - range or weak - range fluctuation, and different trading strategies are recommended for each metal [2]. - The energy and chemical sectors show different trends. Some products are in a range - bound state, while others are facing supply - demand pressures and are recommended for short - selling or other strategies [2]. - In the agricultural products sector, different products have different trends, such as the upward trend of palm oil and the weakening trend of corn [2]. - Special commodities like glass are in a weak state, and new energy products such as polysilicon and lithium carbonate need to pay attention to policy and supply - related factors [2]. 3. Summary by Relevant Catalogs Financial - **Stock Index**: The stock index rose with heavy volume, but the improvement in earnings needs mid - year report data verification. It is recommended to sell put options on MO2509 with an exercise price around 6600 at high prices and have a moderately bullish view [2]. - **Treasury Bonds**: Multiple negative factors led to a decline in bond futures. The bond market is in an unfavorable situation, and it is recommended to stay on the sidelines in the short term [2]. - **Precious Metals**: Gold is recommended to build a bullish spread strategy through call options at the low - price stage after price corrections. Silver is recommended to maintain a low - buying strategy or build a bullish spread strategy with options [2]. Black - **Steel**: Steel prices are supported due to limited inventory accumulation in steel mills and upcoming production restrictions. The 10 - month contracts of hot - rolled coils and rebar should pay attention to the support levels of 3400 yuan and 3200 yuan respectively [2]. - **Iron Ore**: The shipping volume increased, and the port inventory and port clearance improved. It follows the price fluctuations of steel, and it is recommended to short at high prices [2]. - **Coking Coal**: After the exchange's intervention, the futures price peaked and declined, and some coal prices weakened. It is recommended to short at high prices [2]. - **Coke**: The sixth - round price increase of mainstream coking plants has been implemented, and the seventh - round price increase is in progress. It is recommended to short at high prices [2]. Non - ferrous - **Copper**: The main contract fluctuates within the range of 78000 - 79500 yuan [2]. - **Aluminum Oxide**: The main contract fluctuates within the range of 3000 - 3300 yuan [2]. - **Aluminum**: The price fluctuated downward due to the additional tariff on aluminum. The main contract should pay attention to the pressure level of 21000 yuan and fluctuates within the range of 20000 - 21000 yuan [2]. - **Zinc**: The main contract fluctuates within the range of 22000 - 23000 yuan [2]. - **Tin**: It is recommended to wait and see, paying attention to the import situation of Burmese tin ore [2]. - **Nickel**: The main contract fluctuates within the range of 118000 - 126000 yuan [2]. - **Stainless Steel**: The main contract fluctuates in a narrow range, with cost support but demand drag, and fluctuates within the range of 12800 - 13500 yuan [2]. Energy and Chemical - **Crude Oil**: The short - term geopolitical risk is the main factor. It is recommended to stay on the sidelines for single - side trading and expand the spread between the October - November/December contracts. The support levels for WTI, Brent, and SC are given [2]. - **Urea**: The Indian tender news has a certain boost to the market. If there are no more positive factors after the price rebound, it is recommended to short at high prices [2]. - **PX**: The supply - demand pressure is not significant, and the demand is expected to improve. It is recommended to go long at the lower end of the 6600 - 6900 range and expand the PX - SC spread at a low level [2]. - **PTA**: The processing fee is low, and the cost support is limited. It is recommended to go long at the lower end of the 4600 - 4800 range and conduct a reverse spread operation on TA1 - 5 at high prices [2]. - **Short - fiber**: The supply - demand situation is expected to improve, but there is no obvious short - term driver. It is recommended to try to go long at the lower end of the 6300 - 6500 range [2]. - **Bottle - grade PET**: The production reduction effect is obvious, and the inventory is slowly decreasing. It is recommended to go long on the processing fee at a low price [2]. - **Ethanol**: The supply of MEG is gradually returning, and it is expected to follow the fluctuations of commodities. It is in the range of 4300 - 4500 yuan [2]. - **Caustic Soda**: The main downstream buyers are purchasing well, and the spot price is stable. It is recommended to wait and see [2]. - **PVC**: The supply - demand pressure is still high, and it is recommended to take a short - selling approach [2]. - **Benzene**: The supply - demand expectation has improved, but the driving force is limited due to high inventory. It follows the fluctuations of oil prices and styrene [2]. - **Styrene**: The supply - demand situation has marginally improved, but the cost support is limited. It is recommended to short on rebounds within the 7200 - 7400 range [2]. - **Synthetic Rubber**: The cost is in a range - bound state, and the supply - demand is loose. It is recommended to hold the seller position of the short - term put option BR2509 - P - 11400 [2]. - **LLDPE**: The basis remains stable, and the trading volume is acceptable. It is in a short - term volatile state [2]. - **PP**: The spot price has little change, and the trading volume has weakened. It is recommended to take profit on the short position in the 7200 - 7300 range [2]. - **Methanol**: The inventory is continuously tightening, and the price is weakening. It is recommended to conduct range - bound operations within 2350 - 2550 [2]. Agricultural Products - **Soybeans and Related Products**: The cost support is strong, and a long - term bullish expectation remains. It is recommended to arrange long positions for the January contract [2]. - **Pigs**: The spot price is in a low - level volatile state, and attention should be paid to the rhythm of production release [2]. - **Corn**: The supply pressure is emerging, and the futures price is in a weak state. It is recommended to short at high prices [2]. - **Palm Oil**: The Malaysian palm oil price is rising, and the domestic palm oil price is following the upward trend. It is expected to reach the 10000 - yuan mark in the short term [2]. - **Sugar**: The overseas supply outlook is loose. It is recommended to reduce the short position established at the previous high price [2]. - **Cotton**: The downstream market is weak. It is recommended to reduce the short position [2]. - **Eggs**: The spot price is weak. It is bearish in the long - term [2]. - **Apples**: The sales are slow. Attention should be paid to the price trend of early - maturing apples. The main contract is around 8250 [2]. - **Jujubes**: The price is stable. It is recommended to be cautious when chasing high prices and focus on short - term trading [2]. - **Soda Ash**: The supply is at a high level, and the fundamentals are weakening. It is recommended to try short - selling at high prices [2]. Special Commodities - **Glass**: The industry is in a negative feedback cycle, and the futures price is weak. It is recommended to hold the short position [2]. - **Rubber**: Attention should be paid to the raw material price increase during the peak production period [2]. - **Industrial Silicon**: Attention should be paid to the change in production capacity [2]. New Energy - **Polysilicon**: Attention should be paid to the change in policy expectations [2]. - **Lithium Carbonate**: The supply is subject to continuous disturbances, and the fundamentals are marginally improving. It is recommended to be cautious and try to go long with a light position at a low price [2].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - The Sino - US second - round trade talks extended the tariff exemption clause as scheduled, and the policy tone of the Politburo meeting was basically the same as before. The stock index rose and then fell with heavy volume, and the performance of heavy - weight stocks was strong. The improvement of corporate earnings needs to be verified by mid - report data [2]. - The stock - bond seesaw continues to put pressure on long - term bonds, and the sentiment of the bond market has not recovered [2]. - The fluctuation of gold prices increases due to macro news, but the upward trend remains. Silver prices are expected to continue to rise after short - term range - bound fluctuations [2]. - The container shipping index (European line) is in a weak shock, and the short position of the 10 - contract should be held [2]. - Steel prices are supported by limited inventory in steel mills and upcoming production restrictions. Iron ore prices fluctuate with steel prices. Some coal prices are loosening, and coking plants have a profit recovery and a price increase expectation [2]. - The expectation of interest rate cuts has improved, and the center of copper prices has risen. The short - term silver price is expected to continue to rise after range - bound fluctuations [2]. - The supply - demand situation of some energy and chemical products is complex. Some products are in a weak shock, and some have price support or improvement expectations [2]. - Some agricultural products are in a weak adjustment or waiting for data guidance, and some have price trends affected by supply - demand factors [2]. - Some special and new energy products are in a state of shock or have price trends affected by specific factors [2]. 3. Summary by Relevant Catalogs Financial - **Stock Index**: The stock index rose and then fell with heavy volume. It is recommended to sell put options with an execution price of around 6400 for MO2509 when the price is high, and maintain a moderately bullish view [2]. - **Treasury Bonds**: The stock - bond seesaw puts pressure on long - term bonds, and the sentiment has not recovered. It is recommended to wait and see in the short term, and focus on the tax - period capital situation and new bond issuance pricing [2]. - **Precious Metals**: Gold prices are expected to rise, and a bullish spread portfolio can be constructed through gold call options. Silver prices are expected to continue to rise after short - term range - bound fluctuations, and long positions can be held or a bullish spread strategy can be constructed [2]. Black - **Steel and Iron Ore**: Steel prices are supported, and iron ore prices fluctuate with steel prices. It is recommended to wait and see unilaterally and go long on coking coal and short on iron ore [2]. - **Coking Coal and Coke**: The price of some coking coal is loosening, and coking plants have a profit recovery and a price increase expectation. It is recommended to wait and see unilaterally and go long on coke and short on iron ore [2]. Non - ferrous - **Copper and Aluminum**: The expectation of interest rate cuts has improved, and the center of copper prices has risen. The supply - side benefits for aluminum are limited, and the price has a small increase. It is necessary to pay attention to the pressure level [2]. Energy and Chemical - **Crude Oil and Related Products**: The price of crude oil is affected by geopolitical risks and supply - demand expectations. Some products such as PX, PTA, and styrene are in a weak shock, and some products such as bottle chips have price support [2]. - **Other Chemical Products**: The prices of some chemical products such as PVC, pure benzene, and synthetic rubber are affected by various factors, and different trading strategies are recommended [2]. Agricultural - **Grains and Oilseeds**: The prices of some agricultural products such as soybeans, corn, and oils are affected by supply - demand factors. It is recommended to take corresponding trading strategies such as stopping profit on long positions and shorting on rebounds [2]. - **Other Agricultural Products**: The prices of some agricultural products such as sugar, cotton, and eggs are in a weak adjustment or waiting for data guidance, and different trading strategies are recommended [2]. Special and New Energy - **Special Products**: The prices of some special products such as glass and rubber are affected by specific factors, and different trading strategies are recommended, such as holding short positions and waiting and seeing [2]. - **New Energy Products**: The prices of some new energy products such as polysilicon and lithium carbonate are in a state of shock or have price trends affected by specific factors, and different trading strategies are recommended [2].

Group 1: Report Summary - The report provides investment analysis and operation suggestions for various commodities on August 13, 2025 [2][3] Group 2: Core Views - The Sino-US second - round trade talks extended the tariff exemption clause, and the central political bureau meeting's policy tone was consistent with the previous one, affecting the financial and commodity markets [3] - The inflation in the US remained moderate, boosting the expectation of interest rate cuts, and the US dollar declined, which had an impact on the prices of gold, silver and other commodities [3] Group 3: Variety Analysis and Operation Suggestions Equity Index - The Sino - US joint statement on extending tariff exemptions led to a continued upward trend in the equity index. There was a short - term expectation difference in the market. It was advisable to sell the MO2509 put option with an exercise price around 6400 at high prices and maintain a moderately bullish view [3] Treasury Bonds - The current stage of bond futures was suppressed by the strong performance of equities, and the overall sentiment was weak. Unilateral strategies suggested short - term waiting and focusing on financial data and new bond issuance pricing. Curve strategies could appropriately bet on a steeper yield curve [3] Precious Metals - The macro news increased the volatility of gold prices, but there was still a possibility of a pulse - like rise. A bull spread portfolio could be constructed through gold call options at low prices after the price correction. The silver price was expected to maintain a range - bound shock and still had upward space. A bull spread strategy could be constructed using silver put options at relatively low prices to earn premium income [3] Shipping Index (European Line) - The EC main contract oscillated weakly. It was expected to oscillate weakly, and the idea of shorting at high prices should be maintained [3] Steel and Iron Ore - Steel mills' inventory accumulation was not significant, providing support for steel prices. It was advisable to try to go long on dips. The iron ore shipments decreased and the port inventory and clearance increased, following the steel price fluctuations. It was advisable to go long on dips and short iron ore while going long on coking coal [3] Coking Coal and Coke - The coking coal futures rebounded, and the spot auction was strong. The large - mine long - term agreement price increased. It was advisable to go long on dips. The sixth round of price increases for mainstream coking plants was launched, and there was still an expectation of further increases. It was advisable to go long on dips [3] Non - ferrous Metals - The expectation of interest rate cuts improved, and the copper price strengthened slightly. The main contract reference range was 78,000 - 80,000. The market priced in a higher probability of interest rate cuts in September due to the slowdown of US inflation. The zinc price main contract reference range was 22,000 - 23,000. For tin, it was necessary to pay attention to the import situation from Myanmar and maintain a wait - and - see attitude [3] Energy and Chemicals - The oil price was mainly oscillating in the short term. It was advisable to wait and see unilaterally and expand the spread between October - November/December. For PX, it was treated as an oscillation in the range of 6600 - 6900 and expand the PX - SC spread at low levels. For PTA, it was oscillating in the short term in the range of 4600 - 4800. For short - fiber, it was oscillating in the range of 6300 - 6500 [3] Agricultural Products - The US soybean export expectation improved. It was advisable to hold long positions in RM509. The palm oil was expected to have a large - amplitude shock after a strong upward rush, and the main contract might hit 9500. The overseas sugar supply outlook was relatively loose, and it was advisable to reduce the previous high - level short positions [3] Special Commodities - The glass industry was in a negative feedback process, and it was advisable to hold short positions. The rubber raw material price strengthened due to more rainfall in Thailand, and it was necessary to pay attention to the raw material supply during the peak season and maintain a wait - and - see attitude [3] New Energy Commodities - The polysilicon was oscillating downward with the increase of warehouse receipts. The lithium carbonate was affected by more news disturbances, and it was advisable to be cautious and wait and see [3]

Report Industry Investment Rating No information provided. Core View of the Report The report provides investment suggestions for various futures varieties based on their market conditions and influencing factors, including macro - news, supply - demand relationships, and cost factors. The strategies range from short - term trading to long - term position - holding, and different trading strategies such as bull - spread, option trading, and spread trading are proposed for different situations [2][3]. Summary by Related Categories Financial Futures - **Stock Index Futures**: After the second round of Sino - US trade talks extended tariff exemptions and the Politburo meeting, the TMT sector led the upward movement, and small and medium - cap stocks rose significantly. There was a short - term expectation difference in the market. It is recommended to sell put options with an execution price near 6300 on MO2509 and maintain a moderately bullish view [2]. - **Treasury Bond Futures**: Unilateral strategies suggest short - term waiting and focusing on Sino - US talks and new bond issuance pricing. Curve strategies can appropriately bet on short - term trading opportunities. Short - term treasury bond futures may fluctuate within a range waiting for a direction [2]. - **Precious Metals**: Gold price fluctuations increase due to macro - news, but there is still a possibility of a pulse rise. It is recommended to build a bull - spread portfolio using gold call options at a low price after a correction. Silver prices are expected to fluctuate within a range with upward potential. Use silver put options to build a bull - spread strategy at a relatively low position to earn premium income [2]. - **Shipping Index Futures**: The container shipping index (European line) is expected to be weakly volatile, and it is recommended to maintain a short - selling approach [2]. Black Futures - **Steel Products**: Steel prices are supported by limited inventory accumulation in steel mills. It is recommended to try long positions on dips. Iron ore prices follow steel prices, and it is recommended to go long on dips and adopt a strategy of going long on coking coal and short on iron ore. Coking coal prices can be bought on dips, and coke prices can also be bought on dips as there is still an expectation of price increases [2]. Non - ferrous Metals Futures - **Copper**: The fundamentals support the price, and it is expected to fluctuate within a narrow range in the short term, with the main contract reference range of 78000 - 79500 [2]. - **Alumina**: The warehouse receipt volume has increased, and the medium - term oversupply trend remains unchanged, with the main contract reference range of 3000 - 3400 [2]. - **Aluminum**: Aluminum prices fluctuate within a narrow range, and the spot market is weak with a large discount. The main contract reference range is 20000 - 21000 [2]. - **Other Non - ferrous Metals**: For other non - ferrous metals such as zinc, tin, nickel, and stainless steel, they are expected to have different price trends and trading strategies according to their respective fundamentals [2]. Energy and Chemical Futures - **Crude Oil**: The market focuses on the progress of US - Russia leadership negotiations, and short - term oil prices are expected to be weakly volatile. It is recommended to wait for the geopolitical situation to become clearer before going long on dips. The support levels for WTI, Brent, and SC are given [3]. - **Other Chemical Products**: For products like urea, PX, PTA, short - fiber, etc., different trading strategies are proposed based on their supply - demand relationships, cost factors, and price trends [3]. Agricultural Futures - **Grains and Oils**: For soybeans, corn, palm oil, etc., trading strategies are provided according to their supply - demand changes, export expectations, and inventory levels [3]. - **Other Agricultural Products**: For products such as sugar, cotton, eggs, apples, etc., trading suggestions are given based on their market conditions [3]. Special and New Energy Futures - **Special Commodities**: For glass, rubber, industrial silicon, etc., trading strategies are proposed according to their market trends and influencing factors [3]. - **New Energy Commodities**: For polycrystalline silicon, lithium carbonate, etc., trading suggestions are provided based on their price movements and market news [3].

Report Summary 1. Report Industry Investment Ratings No specific overall industry investment ratings are provided in the report. However, specific investment suggestions are given for each variety: - **Buy Suggestions**: Index futures (sell far - month contracts), Treasury bonds (buy on dips), Precious metals (low - buying for silver, hold gold long - positions), Iron ore (buy on dips), Coking coal (buy on dips, 9 - 1 calendar spread), Coke (buy on dips, 9 - 1 calendar spread), Copper (hold), Aluminum (range - trading), Zinc (range - trading), Nickel (range - trading), Urea (buy on dips, quick profit - taking), PTA (range - trading, TA1 - 5 reverse spread, expand processing margin), PP (range - trading, stop - loss for previous short - positions), Maize (long - position for 01 contract), Industrial silicon (hold call options), Polysilicon (hold call options) [2] - **Sell Suggestions**: Gold (sell put options below 760 yuan), Steel (sell on rallies), Container shipping index (sell on rallies), Alumina (range - trading), Crude oil (wait for geopolitical clarity), Caustic soda (hold short - positions), PVC (stop - loss for short - positions), Pure benzene (observe or short - term long), Styrene (range - trading), Synthetic rubber (observe), LLDPE (short - term long), Cotton (reduce near - month short - positions, hold 01 short - positions), Eggs (long - term short), Apples (observe around 7800), Glass (hold short - positions), Carbonate lithium (observe cautiously) [2] 2. Core Views - **Market Environment**: The second round of China - US trade talks extended tariff exemption clauses, and the Politburo meeting's policy tone was consistent with the previous one, causing short - term market expectation differences. The policy negatives were exhausted in early August, and the capital market became looser [2]. - **Market Trends**: Index futures continued to rise, TMT regained popularity; Treasury bonds were expected to oscillate upward; Precious metals' upward trend slowed down; The container shipping index was expected to be weak; Steel and iron ore prices fluctuated; Non - ferrous metals were supported by fundamentals; Energy and chemical products showed different trends; Agricultural products were affected by factors such as production expectations and inventory; Special and new energy products had their own characteristics in price movements [2]. 3. Summary by Variety **Financial** - **Index Futures**: Continued to rise, with TMT heating up again. Recommended selling far - month contracts and shorting MO put options with strike prices of 6300 - 6400, with a mild bullish view [2]. - **Treasury Bonds**: With policy negatives exhausted and loose funds, they were expected to oscillate upward. Suggested buying on dips and paying attention to July economic data [2]. - **Precious Metals**: Gold's upward trend slowed down, and silver was affected by market sentiment. Gold long - positions were held above 3300 dollars (770 yuan), and silver was bought at low levels around 36 - 37 dollars (8700 - 9000 yuan) [2]. **Industrial** - **Container Shipping Index (EC)**: Expected to be weakly oscillating, with a strategy of selling on rallies [2]. - **Steel and Iron Ore**: Steel turned to oscillation, and iron ore followed steel price fluctuations. Suggested buying on dips for iron ore and using a long - coking coal and short - iron ore strategy [2]. - **Non - ferrous Metals**: Copper was supported by fundamentals, and the price range was 77000 - 79000; Aluminum was oscillating, and the range was 20000 - 21000; Zinc was oscillating in a narrow range, and the range was 22000 - 23000; Nickel was oscillating strongly, and the range was 118000 - 126000 [2]. **Energy and Chemical** - **Crude Oil**: Weakly oscillating, with a strategy of waiting for geopolitical clarity. Support levels were [63, 64] for WTI, [66, 67] for Brent, and [490, 500] for SC [2]. - **Urea**: There was a game between export drive and weak domestic consumption. The short - term strategy was to buy on dips and take quick profits, and exit long - positions if the price did not break through 1770 - 1780 [2]. - **PTA**: With low processing fees and limited cost support, it was expected to oscillate in the range of 4600 - 4800. TA1 - 5 was treated with a reverse spread, and the processing margin was expanded at a low level (around 250) [2]. **Agricultural** - **Soybean Meal and Maize**: Maize was oscillating weakly, and the 01 contract of soybean meal was held long due to import concerns [2]. - **Palm Oil**: The price pulled back due to expected inventory increases. Observed whether P09 could stand firm at 9000 [2]. - **Cotton**: The downstream market was weak. Near - month short - positions were reduced, and 01 short - positions were held [2]. **Special and New Energy** - **Glass**: The spot sales weakened, and the contract was held short [2]. - **Industrial Silicon and Polysilicon**: Both were oscillating upward, and call options were held [2]. - **Carbonate Lithium**: The price was pulled up by news, but there were uncertainties in the mining end. It was mainly observed cautiously [2].

Group 1: Stock Index Futures Spread - **Investment Rating**: Not provided - **Core View**: Presents the latest values, changes from the previous day, historical 1 - year and all - time quantiles of stock index futures spreads, including IF, IH, IC, IM, and cross - variety ratios [1] - **Summary by Catalog**: - **Spot - Futures Spread**: IF's is - 30.20, down 1.29; IH's is - 16.68, down 1.66; IC's is - 74.15, up 0.72; IM's is - 93.46, up 10.33 [1] - **Inter - delivery Spread**: Different delivery month spreads for IF, IH, IC, and IM are presented, with various changes and quantiles [1] - **Cross - Variety Ratio**: Ratios such as CSI 500/CSI 300, IC/IF, etc., are given, along with their changes and quantiles [1] Group 2: Treasury Bond Futures Spread - **Investment Rating**: Not provided - **Core View**: Displays the latest values, changes from the previous day, and quantiles since listing of treasury bond futures spreads, including TS, TF, T, TL, and cross - variety spreads [4] - **Summary by Catalog**: - **Basis**: IRR and basis values for TS, TF, T, and TL are presented [4] - **Inter - delivery Spread**: Spreads between different delivery months for TS, TF, T, and TL are shown, with corresponding changes and quantiles [4] - **Cross - Variety Spread**: Spreads between different treasury bond futures varieties are given, along with their changes and quantiles [4] Group 3: Precious Metals Spot - Futures - **Investment Rating**: Not provided - **Core View**: Shows domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals [8] - **Summary by Catalog**: - **Domestic and Foreign Futures Closing Prices**: AU2508 contract is down 0.73%, AG2508 contract is down 0.76%; COMEX gold is down 1.73%, COMEX silver is down 0.76% [8] - **Spot Prices**: London gold, London silver, Shanghai Gold Exchange's gold T + D, and silver T + D all show declines [8] - **Basis**: Basis values and their changes for gold and silver are presented, along with historical 1 - year quantiles [8] - **Ratio**: Ratios of COMEX gold/silver, SHFE gold/silver are given, with their changes and percentage changes [8] - **Interest Rates and Exchange Rates**: 10 - year and 2 - year US Treasury yields decline, while the US dollar index rises [8] - **Inventory and Positions**: Some inventories change slightly, and ETF positions remain unchanged [8] Group 4: Container Shipping Index - **Investment Rating**: Not provided - **Core View**: Provides settlement price indices, Shanghai export container freight rates, futures prices, basis, and fundamental data of the container shipping industry [12] - **Summary by Catalog**: - **Settlement Price Index**: SCFIS (European route) is down 1.44%, SCFIS (US West route) is up 18.90% [12] - **Shanghai Export Container Freight Rate**: SCFI composite index, SCFI (Europe), SCFI (US West), and SCFI (US East) all show increases [12] - **Futures Price and Basis**: Futures prices of different contracts change, and the basis of the main contract decreases by 7.16% [12] - **Fundamental Data**: Global container shipping capacity supply is stable, Shanghai port's on - time rate and berthing situation decline, and some overseas economic indicators change [12] Group 5: Domestic Data/Information - **Investment Rating**: Not provided - **Core View**: Lists domestic economic indicators and financial events in different sectors, including black and non - ferrous metals, energy and chemicals, and special commodities [17] - **Summary by Catalog**: - **Black and Non - ferrous Metals**: Steel Union's weekly survey of 523 mine production and sales for coking coal and coke [17] - **Energy and Chemicals**: China's port commercial crude oil inventory data from Longzhong Information [17] - **Special Commodities**: Glass sales rate and soda ash delivery warehouse inventory [17] Group 6: Capital Flow and Key Position Changes - **Investment Rating**: Not provided - **Core View**: The report title mentions capital flow and key position changes, but specific content is incomplete and unavailable for detailed summary [19]