1. Report Industry Investment Rating No specific industry investment ratings are provided in the report. 2. Core Viewpoints of the Report - The market sentiment is positive, and the trading volume is continuously increasing. Long positions in stock index futures IF2509 should be held. - Polysilicon prices continue to decline, while the support for Shanghai aluminum is relatively strong. - The long - term upward trend of stock indices is clear, although there may be short - term fluctuations. High - valuation bonds face repair pressure. - Gold and silver prices are in a high - level oscillation, with a long - term bullish view on gold. - Copper, aluminum, and nickel prices in the non - ferrous metals sector are in a range - bound state, with different influencing factors for each. - The supply of lithium carbonate and polysilicon exceeds demand, and their prices are under pressure. - Steel prices are oscillating weakly, while iron ore prices are relatively firm and run in a narrow range. - Coal and coke prices are in a bottom - building stage, with a weak supply - demand relationship. - The support for glass is stronger than that for soda ash. - Crude oil prices may oscillate weakly and are in a repair stage. - Methanol prices have support due to potential supply tightening in the third quarter. - Polyolefin prices are oscillating, and their pricing depends on supply and demand. - Cotton prices have relatively strong support, while rubber prices are oscillating weakly. [1][2][4][6][8][10] 3. Summary by Category Financial Futures - **Stock Index Futures**: Market sentiment is positive, trading volume is increasing, and the long - term upward trend of stock indices is clear. Long positions in IF2509 should be held. The stock - bond seesaw effect is obvious, and high - valuation bonds face repair pressure. [1] - **Treasury Bond Futures**: The domestic macro - economic outlook has improved, and the high - valuation bond market faces repair pressure. It is in a range - bound oscillation. [1] Precious Metals - **Gold and Silver**: Geopolitical risk premiums have significantly declined, and prices are in a high - level oscillation. The long - term bullish view on gold remains unchanged, and short - put options on gold and silver 08 contracts can be held. [4] Non - Ferrous Metals - **Copper**: The weakening US dollar index supports copper prices, but demand expectations are cautious, and the pattern of near - term strength and long - term weakness may continue. [4] - **Aluminum**: The supply and demand of Shanghai aluminum are mixed, and low inventory and supply constraints support prices. Alumina has excess pressure, and short - selling opportunities can be waited for at high prices. [4] - **Nickel**: The nickel market is in an oversupply situation, but resource - end support is strong, and it continues to oscillate in a range. [4] Energy and Chemicals - **Polysilicon**: The supply - demand pattern is loose, prices are under pressure, and short - call options can be held. [6] - **Crude Oil**: After the rapid rise and fall in the short - term, the market needs to oscillate and repair. It is recommended to wait and see. [8] - **Methanol**: Although the coastal demand has weakened and port inventories have increased, supply may tighten in the third quarter, and the 09 contract price has support. [10] Steel and Minerals - **Steel**: The fundamentals of rebar and hot - rolled coils have not changed much, demand is weak in the off - season, and prices are expected to oscillate weakly. Iron ore prices are relatively firm and run in a narrow range. [6] - **Coal and Coke**: The coal and coke market is in a bottom - building stage. The long - term oversupply pattern of coking coal has not improved, and short - positions in coking coal futures can be stopped for profit. Coke supply and demand are both weak, and the futures price has rebounded first. [8] Building Materials - **Soda Ash and Glass**: Soda ash supply exceeds demand, and short - positions can be held. The support for glass is stronger than that for soda ash, and long - glass and short - soda ash arbitrage strategies can be considered. [8] Agricultural Products - **Cotton**: The fundamentals have improved marginally, and prices have relatively strong support. [10] - **Rubber**: The supply increases while the demand decreases, and prices are under pressure and oscillate weakly. [10] Polyolefins - Polyolefin production and trader inventories have significantly decreased. If there are more maintenance devices in July, futures prices will decline limitedly. Otherwise, prices may hit new lows for the year. [10]