SMM, July 28: In metals markets: Base metals generally rose in overnight trading both domestically and overseas, with only LME nickel and SHFE nickel both declining—LME nickel fell 0.23%, SHFE nickel fell 0.44%. LME copper led the gains with a 1.09% increase, while LME zinc and LME tin both rose over 0.7%—LME zinc gained 0.77% and LME tin gained 0.72%. Other metals rose within 1%. Alumina main contract fell 0.7%, while cast aluminum main contract rose 0.37%. Ferrous metals generally fell overnight, with stainless steel down 0.82%, HRC, rebar, and iron ore all down over 0.3%—HRC fell 0.33%, rebar fell 0.36%, and iron ore fell 0.34%. In coking coal and coke, coking coal fell 2.04%, while coke fell 0.65%. In precious metals overnight, COMEX gold rose 0.19%, while COMEX silver fell 0.36%. Domestically, SHFE gold fell 0.18% and SHFE silver fell 0.72%. Overnight closing prices as of 6:44 AM July 28: Macro Front China: [ NBS: Profits of China's Industrial Enterprises Above Designated Size Rose 18.7% in Jan–Jun; Electronics-Related Sectors Saw Rapid Profit Growth ] On July 27, the National Bureau of Statistics (NBS) released data showing that in H1, against the backdrop of stable industrial production growth and a continued rebound in industrial product prices, the operating revenue of industrial enterprises above designated size rose 6.5% YoY, accelerating 1.5 percentage points from Q1. The faster revenue growth drove profits of industrial enterprises above designated size up 18.7% YoY, accelerating 3.2 percentage points from Q1. By the three major categories, profits in mining and manufacturing rose 33.5% and 20.1%, respectively, accelerating 17.3 ppt and 1.0 ppt from Q1; profits in electricity, heat, gas, and water production and supply fell 4.2%. In June, profits of industrial enterprises above designated size nationwide rose 15.1% YoY. In H1, profits of raw material manufacturing enterprises above designated size surged 71.7% YoY, boosting the overall industrial profit growth by 8.8 ppt. By sector, driven by factors such as favorable demand for non-ferrous metals like copper and aluminum, profits in the non-ferrous sector jumped 99.4%, boosting overall industrial profit growth by 4.7 ppt. Propelled by rising prices of petroleum-related products, the petroleum processing sector turned from a loss to a profit YoY, while profits in the chemical sector grew 67.8%. US Dollar: The US dollar index rose 0.08% overnight to 101.53. Citadel Securities expects the US Fed to raise interest rates this week—a surprise move that would reinforce Chairman Kevin Warsh's credibility in the fight against inflation. In a report, Frank Flight, the firm's head of macro strategy, wrote that a 25-bp hike on Wednesday would cement Warsh's repeated commitment to restoring price stability while signaling that policymakers no longer rely on signaling every policy move in advance. "Markets may again be underestimating the degree of the Fed's hawkish shift." This week's hike would "decisively end the era of forward guidance" while underscoring the Fed's independence. US President Trump on Monday commented on the Fed, saying that Chairman Warsh is very good but he has to deal with the committee's issues. He believes Warsh will do the right thing and knows what Warsh wants. On interest rates, Trump said rates should be lower and the US should have the lowest rates in the world. He also mentioned that costs are falling rapidly. (Jin10) Citi traders are betting that the Fed will hold rates steady this week, even though the swaps market assigns over a one-third probability to a 25-bp hike. Citi’s global head of short-term rates trading, Akshay Singal, said the bank is taking on July FOMC meeting contracts based on “high conviction”—positions that will pay off if the central bank stays on hold. Currently, the swaps market sees a nearly 40% probability of a 25-bp hike this week. This comes after escalating Middle East tensions triggered wild swings in oil prices and US Treasury yields, fueling inflation worries. “We remain strongly forecasting that the Fed will hold rates steady,” Singal told Bloomberg News. He added that Fed Chairman Kevin Warsh “has made it very clear that he wants the market to focus on the data, and the data tell us there’s no need for the Fed to hike now.” Singal said Warsh’s opposition to forward guidance has also added to market uncertainty. “The market is currently lacking clear guidance,” Singal said. “We expect a healthy and robust debate, but ultimately rates will be left unchanged.” (Wall Street CN) According to CME FedWatch: The probability of the Fed keeping rates unchanged in July is 63.7%, while the probability of a cumulative 25-bp hike is 36.3%. By September, the probability of rates staying on hold is 18.5%, the probability of a cumulative 25-bp hike is 55.7%, and the probability of a cumulative 50-bp hike is 25.8%. (Jin10) Other Currencies: Capital Economics economist Neil Shearing said in a report that while markets have priced in slightly more than 50 bp of rate hikes from the Fed, BOE, and ECB by mid-2027, policy paths could diverge next year. If the Iran war ends, energy prices will retreat and domestic economic fundamentals will become the main driver of monetary policy. However, underlying inflation pressures in the UK and eurozone are weaker. The situation in the US is different, and fiscal policy also remains relatively loose. Shearing said it is becoming increasingly difficult to justify the tightening expectations priced in for the ECB and BOE, though the Fed may resume tightening before long. (Jin10) According to people familiar with the matter, the Swiss National Bank plans to keep its key interest rate at zero until the end of 2027 before potentially starting to hike. This view is based mainly on current inflation forecasts and assumes no major new shocks. They noted that the recent softening of the Swiss franc against the euro and the interest rate differential between Switzerland and the eurozone are also factors shaping this expectation. The people said that if the economic outlook faces fresh shocks, implementing negative rates remains an option, but they stressed that this is not the current baseline scenario. They added that zero rates have not seriously hurt the profitability of the Swiss banking sector. The SNB kept rates unchanged at its June meeting and expects to keep them on hold until the end of next year. (Jin10) Macro Front: Today, data releases include the US ADP employment change for the week ending July 11, the May FHFA House Price Index MoM, the May S&P/Case-Shiller 20-City Composite Home Price Index YoY (NSA), the July Conference Board Consumer Confidence Index, and the July Richmond Fed Manufacturing Index. In addition, RBA Governor Bullock will speak, and Israeli Prime Minister Netanyahu will meet with US President Trump. Crude Oil: Both oil benchmarks plunged overnight, with WTI falling 8.29% and Brent falling 6.9%. The Middle East geopolitical risks that had been driving the relentless surge in oil prices showed clear signs of cooling. US President Trump confirmed that he would suspend a new round of strikes against Iran, leaving a window for diplomatic negotiations, and the market rapidly unwound the “war premium” previously priced in. Market analysis suggests that the sharp sell-off was not driven by a sudden deterioration in demand but rather a concentrated release of the risk premium that had accumulated rapidly due to Strait of Hormuz transit risks and escalating US-Iran military tensions. However, several institutions also warned that the current situation remains far from genuine de-escalation, and oil prices could still rebound sharply if military action escalates again. (Wall Street CN) Although market sentiment has improved markedly, analysts generally believe it is still too early to say that Middle East risks have passed. The Wall Street Journal noted that the US suspension of military action has increased the likelihood of a diplomatic resolution to the crisis and boosted market expectations that shipping through the Strait of Hormuz will eventually normalize. However, key variables including Red Sea shipping security, attacks by Yemen’s Houthi rebels, the Iran nuclear issue, and the future passage conditions in the Strait of Hormuz remain unresolved, meaning international oil prices will remain highly sensitive to geopolitical developments. Reuters also pointed out that the market’s focus this week will remain on whether US-Iran contacts can achieve substantive progress. If negotiations fail and military action re-escalates, the risk premium just released from the energy market could quickly return to oil prices. (Wall Street CN) US President Trump said on Monday that the US has collected more than $13 billion from Venezuelan crude oil sales since US forces abducted former Venezuelan President Nicolás Maduro in a cross-border operation. “Venezuela has brought us $13 billion? I think it’s more than that,” Trump told reporters aboard Air Force One en route to Michigan to visit a General Motors plant. “We’ve more than made back the cost of that war many times over.” Trump claimed the money was used to keep Venezuela running. “We’re making a lot of money—billions and billions of dollars from Venezuela.” (Financial Times)

SMM July 27 News: Metal Market: At the midday break, domestic base metals were mixed. SHFE copper rose 0.31%, while SHFE aluminum edged lower. SHFE lead fell 1.11%. SHFE zinc rose 0.3%. SHFE tin rose 1.86%. SHFE nickel fell 0.42%. In addition, the most-traded cast aluminum futures contract fell 0.13%, while the most-traded alumina contract rose 0.19%. Lithium carbonate’s most-traded contract rose 0.86%. Silicon metal’s most-traded contract rose 0.24%. Polysilicon’s most-traded futures contract rose 0.15%. Ferrous metals mostly rose. Iron ore rose 0.27%, rebar rose 0.33%, and HRC rose 0.55%. Stainless steel fell 0.34%. For coking coal and coke: the most-traded coking coal contract fell 0.62%, and the most-traded coke contract rose 0.87%. In overseas base metals, as of 11:40, LME metals showed mixed performance. LME copper rose 0.49%, while LME aluminum fell 0.27%. LME tin and LME zinc each rose within 0.5%. LME lead edged lower. LME nickel fell 0.32%. In precious metals, as of 11:40, COMEX gold rose 0.42% and COMEX silver rose 1.1%. In the domestic market: SHFE gold rose 0.87%; the most-traded SHFE silver contract rose 2.97%. In addition, at the midday break, the most-traded platinum futures contract rose 2.31%, and the most-traded palladium futures contract rose 2.22%. At the midday break, the most-traded container shipping (European route) futures contract fell 3.02% to 2,750 points. Selected futures midday prices as of 11:40, July 27: Spot and Fundamentals Silver: Trump suspended airstrikes on Iran, cooling geopolitical tensions temporarily; oil prices tumbled, and inflation and rate-hike expectations eased, while precious metals rebounded. The spot market sustained parity deals, with the weak supply-demand pattern persisting. …… 》Click for details Macro Front China: [ NBS: Profits of China's Industrial Enterprises Above Designated Size Rose 18.7% in 1H; Electronics-Related Sectors Posted Rapid Profit Growth ] On July 27, the National Bureau of Statistics (NBS) released data showing that in H1, amid steady manufacturing growth and a continued rebound in industrial product prices, revenue of industrial enterprises above designated size rose 6.5% YoY, an acceleration of 1.5 percentage points from Q1. Accelerating revenue growth drove profits of industrial enterprises above designated size up 18.7% YoY, accelerating 3.2 percentage points from Q1. By major sector, mining and manufacturing profits grew 33.5% and 20.1%, respectively, accelerating 17.3 and 1.0 percentage points from Q1; electricity, heat, gas and water production and supply fell 4.2%. In June, profits of industrial enterprises above designated size rose 15.1% YoY. In H1, profits of the raw material manufacturing sector above designated size rose 71.7% YoY, boosting overall profit growth of industrial enterprises above designated size by 8.8 percentage points. From an industry perspective, driven by improving demand for non-ferrous metal products such as copper and aluminum, profits of the non-ferrous metals sector rose 99.4%, boosting overall profit growth by 4.7 percentage points; driven by higher prices of products in the petroleum industry chain, the petroleum processing sector swung from losses to a profit YoY, and profits of the chemical sector rose 67.8%. The PBOC conducted 325.5 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 398.5 billion yuan of reverse repos and 400 billion yuan of MLF matured today. US Dollar: As of 11:40, the US dollar index fell 0.26 to 101.22. The market widely expects the Fed to keep interest rates unchanged this week. According to CME FedWatch: the probability of the Fed keeping rates unchanged in July is 63.7%, while the probability of a cumulative 25bp rate hike is 36.3%. The probability of unchanged rates through September is 19.6%, a cumulative 25bp hike is 55.2%, and a cumulative 50bp hike is 25.2%. Data: Today will see the release of data including Germany's July IFO Business Climate Index, the UK's July CBI Distributive Trades Survey balance, the US June durable goods orders MoM, and the US July Dallas Fed New Orders Index. Crude Oil: As of 11:40, oil prices on both sides of the Atlantic fell sharply, with WTI down 4.97% and Brent down 3.93%. US-Iran geopolitical tensions eased slightly, and oil prices fell sharply at the open on Monday as traders assessed Middle East supply risks. With the US-Iran conflict spreading from the Strait of Hormuz to the Red Sea, Brent crude has surged about 30% this month, briefly breaking above $100 per barrel last week. The conflict, now nearing the end of its fifth month, has heightened concerns about a global inflation shock as the global fuel market has lost idle capacity while the war drives up prices, and refined product prices have jumped. (Jin10 Data APP) Spot Market Roundup: ► ► ► ► ► ► ► ► ► ►

Nickel prices extended their upward trend this week. The most-traded SHFE nickel contract posted a "five-day winning streak" on its daily chart, decisively breaking through the 133,000 yuan/mt level and holding above it, with a weekly gain of over 2%. LME nickel rose in tandem to $17,500/mt, hitting a near one-month high. The drivers behind the nickel price rally remained the "Indonesia export control policy + Strait of Hormuz sulfur crisis + continuous LME inventory destocking." In the spot market, the average price of SMM #1 refined nickel was 131,440 yuan/mt this week, up 2,250 yuan/mt WoW. The premium for Jinchuan refined nickel weakened continuously this week, falling to 1,500 yuan/mt, while mainstream electrodeposited nickel was quoted at a discount between -300 and -500 yuan/mt. As futures prices continued to rebound, downstream purchasing interest remained low and was limited to just-in-time procurement. Overall spot market transactions were relatively sluggish. On the macro front, geopolitical tensions remained elevated this week. The US military launched another strike on Iran, and President Trump stated he was "seriously considering" restarting large-scale combat operations against Iran. If the Strait of Hormuz remains blockaded, the difficulty of restoring Middle East sulfur supply will increase. Policy expectations for the US Fed's July FOMC meeting became clearer. The latest CME FedWatch Tool data showed a 65.3% probability of the Fed holding rates steady at the July meeting, versus a 34.7% chance of a 25bp hike, with a consensus forming for staying pat in July. The suppressive pressure from the macro front on non-ferrous metals marginally eased. Inventory side, as for inventories, Shanghai Bonded Zone inventory stood at around 1,700 mt this week, flat WoW. China's social inventory was about 130 kt, reflecting a buildup of approximately 1,800 mt WoW. LME's five consecutive days of destocking this week offered a positive signal, though absolute levels remained at historical highs. If the destocking trend persists, the foundation for a nickel price rebound will become more solid. The US-Iran conflict continues and could escalate, leaving sulfur supply risks in place, and the quantitative magnitude of supplementary RKAB quotas remains the key factor behind the subsequent nickel price trend. The core trading range for the most-traded SHFE nickel contract next week is expected to be 130,000-137,000 yuan/mt.

SMM July 24 News: Metal Market: As of midday, domestic base metals fell broadly. SHFE copper fell 1.21%, SHFE aluminum and SHFE zinc both fell within 0.5%. SHFE lead fell 0.82%. SHFE tin fell 1.59%. SHFE nickel rose 0.2%. Additionally, casting aluminum most-traded futures fell 0.58%, alumina most-traded rose 0.37%. Lithium carbonate most-traded fell 0.74%. Silicon metal most-traded edged down. Polysilicon most-traded futures fell 1.67%. Ferrous metals mostly fell. Iron ore fell 0.8%, rebar fell 0.68%, HRC fell 0.3%. Stainless steel fell 0.91%. Coking coal and coke: coking coal most-traded contract was flat at 1,282 yuan/mt, coke most-traded contract edged up 0.05%. Overseas base metals, as of 11:40, LME metals fell across the board. LME copper rose 0.43%, LME aluminum, LME tin, and LME nickel all fell within 0.5%. LME lead was flat at $1,887/mt. Precious metals, as of 11:40, COMEX gold fell 0.44%, COMEX silver fell 0.88%. Domestic precious metals: SHFE gold fell 2.65%; SHFE silver most-traded fell 4.82%. Additionally, as of midday, platinum most-traded futures fell 4.94%, palladium most-traded futures fell 5.68%. As of midday, the most-traded Europe container shipping futures fell 1.65% to 2,807.5 points. As of 11:40 on July 24, some futures midday quotes: Spot and fundamentals Copper: Today, Guangdong #1 copper cathode spot against the front-month contract: high-quality copper quoted at 190 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper quoted at a premium of 140 yuan/mt, flat from the previous trading day; SX-EW copper quoted at a premium of 80 yuan/mt, flat from the previous trading day. The average price of Guangdong #1 copper cathode was 105,085 yuan/mt, down 1,215 yuan/mt from the previous trading day; the average price of SX-EW copper was 105,000 yuan/mt, down 1,210 yuan/mt from the previous trading day... Macro front Domestic side: [State Grid's fixed-asset investment in H1 up 12.6% YoY] Today, we learned from State Grid Corporation of China that in H1, State Grid completed fixed-asset investment of over 310 billion yuan, up 12.6% YoY. Among them, construction of 15 ultra-high-voltage (UHV) projects and 37 pumped-storage power stations is accelerating. Meanwhile, investment in new energy grid connection projects continues to increase. As of end-June, the new energy grid-connected installed capacity in State Grid's operating area reached 1.55 billion kW. (CCTV) [PBOC net withdrawal of 361.5 billion yuan from the open market today] The PBOC conducted 89 billion yuan of 7-day reverse repo operations today at an interest rate of 1.40%. A total of 450.5 billion yuan of reverse repos matured today. On the dollar front: As of 11:40, the US dollar index fell 0.02 to 101.42. As the threat of escalating war in Iran drove up oil prices, US Treasury yields rose to their highest levels of the year, and markets expected the Fed could raise rates as soon as next week. The two-year Treasury yield, most sensitive to Fed policy expectations, rose about 4 basis points on Thursday to around 4.34%, its highest since early 2025. The 10-year Treasury yield hit a year-to-date high, while the 30-year yield rose to 5.19%, just below its highest level since 2007. As Houthi rebels claimed to have attacked a commercial vessel for the first time in months, Brent crude oil has been slowly rebounding toward $100 per barrel. This rise continues to pressure the US Treasury market and has led traders to increasingly believe that the Fed under Warsh will raise rates soon this year. (Jinshi Data APP) According to the CME FedWatch Tool, the probability that the Fed keeps rates unchanged in July is 65.3%, while the cumulative probability of a 25bp hike is 34.7%. For September, the probability of rates remaining unchanged is 17.6%, the cumulative probability of a 25bp hike is 57%, and the cumulative probability of a 50bp hike is 25.4%. Meanwhile, initial jobless claims in the US fell sharply last week, indicating that the labour market remains stable and that Fed officials need to continue focusing on curbing inflation. The US Labor Department said on Thursday that initial claims for the week ending July 18 fell by 22,000 to 187,000, compared with expectations of 212,000. Thursday's report was the latest signal of sustained stability in the labour market. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but the decline was more due to a shrinking labour force rather than job growth. The US labour market is exhibiting an unusual balance: limited labour supply, slow job creation, and limited layoffs have kept the unemployment rate at historically low levels. This situation has led a growing number of Fed policymakers to focus more on inflation, which remains well above the 2% target, rather than express greater concern about the strong labour market. (Jinshi Data APP) Data wise: Today’s data releases include Germany's August GfK Consumer Confidence Index, UK June seasonally adjusted retail sales m/m, France July Flash Manufacturing PMI, Germany July Flash Manufacturing PMI, Eurozone July Flash Manufacturing PMI, UK July Flash Manufacturing PMI, UK July Flash Services PMI, US July S&P Global Flash Manufacturing PMI, US July S&P Global Flash Services PMI, and US June New Home Sales Annualized Total. Also worth watching: the AMD Advancing AI conference was held in San Francisco on July 22-23; Intel’s Q2 earnings were released after the US stock market close on July 23. Crude oil: As of 11:40, oil prices in both markets moved sideways, with WTI up 0.01% and Brent down 0.07%. The US-Iran geopolitical conflict continued to intensify. The Houthis announced this week that they had attacked a Saudi oil tanker, formally turning the Bab el-Mandeb Strait at the southern end of the Red Sea into a new frontline of conflict, putting global oil supply into a “dual chokepoint” predicament. Market analysts warned that if the Strait of Hormuz remained obstructed and a blockade of the Bab el-Mandeb Strait became reality, oil prices risked further surging to $120 or even higher. Rapidan Energy Group President and former White House official Bob McNally said, “The scale of the second round of military conflict will exceed the first, posing enormous risks to shipping and energy infrastructure.” (Wallstreetcn) ANZ: It maintained its forecast of $92/barrel for Brent crude at end-Q3 2026, reflecting an uneven rebound in Persian Gulf oil flows. If regional supply disruptions intensify and market buffers weaken, Brent crude prices could rise to $120/barrel. (Jinshi Data APP) Spot Market Overview: ► ► ► ► ► ► ► ► ► ►

China’s NPI prices have remained firm despite falling production costs because freely available inventories have tightened. FeNi, meanwhile, has followed lower benchmark nickel prices and faced competition from cheaper refined nickel, compressing its premium over NPI. The divergence could reverse as Chinese output rises and Indonesian producers switch capacity back to NPI.

SMM July 24 News: Metal markets: Overnight, base metals in the domestic market generally fell. SHFE copper fell 1.4%, SHFE aluminum edged down, SHFE lead fell 0.57%, SHFE zinc fell 0.22%, SHFE tin fell 1.24%. SHFE nickel edged up. Furthermore, the most-traded alumina futures contract fell 0.33%, and the most-traded cast aluminum contract fell 0.17%. Overnight, ferrous metals mostly fell. Stainless steel fell 0.47%, iron ore fell 0.47%, rebar fell 0.45%, and HRC fell 0.33%. Coking coal and coke: the most-traded coking coal futures contract rose 0.31%, and the most-traded coke futures contract edged up. Overnight in the overseas market, LME base metals mostly moved downward. LME copper fell 1.74%. LME aluminum fell 0.08%, LME lead fell 0.32%. LME zinc fell 0.14%. LME tin fell 1.19%. LME nickel rose 0.85%. Overnight in precious metals : COMEX gold fell 2.4%, COMEX silver fell 3.99%. Overnight, the most-traded SHFE gold futures contract fell 2.25%, and the most-traded SHFE silver futures contract fell 4.22%. As of 7:07 AM on July 24, overnight closing prices: On the Macro Front China: [Ministry of Commerce: Will further strengthen the domestic economic cycle and optimize the dual domestic and international cycles] On July 23, Ministry of Commerce Vice Minister Yan Dong stated at a press conference that since the beginning of this year, according to the deployment of the Central Committee of the Communist Party of China and the State Council, efforts have been stepped up to advance the formulation and implementation of related “15th Five-Year” special plans in the commercial sector. The next step will continue to focus on high-quality development as the primary task, continuously improve policy effectiveness, further strengthen the domestic economic cycle, optimize the dual domestic and international cycles, and make new positive contributions to national economic development. (From Wallstreetcn APP) [Ministry of Commerce: China and US economic and trade teams are exploring a framework arrangement to promote reciprocal tariff cuts each worth $30 billion] Meng Huating, Director-General of the Department of Foreign Investment Administration of the Ministry of Commerce, responded to a question on the progress of establishing trade and investment councils between China and the US at a State Council Information Office press conference on the 23rd, stating that currently, the economic and trade teams of China and the US are maintaining close communication on the specific arrangements for the trade council’s structure, functions, and operational model, and are exploring a framework arrangement to promote reciprocal tariff cuts each worth $30 billion. The Chinese side is extensively soliciting opinions from domestic enterprises, business associations, local governments, and US-invested enterprise associations and other stakeholders on the relevant proposed tariff cut arrangement. The US side is also seeking public comment on the trade council and reciprocal tariff cut arrangement. Both sides will maintain close exchanges and finalize the specific product tariff cut arrangements as soon as possible and promote implementation to further expand bilateral trade. (Xinhua News Agency) [People’s Bank of China conducts 500 billion yuan MLF operation] The People’s Bank of China announced that to maintain ample liquidity in the banking system, on July 24, 2026, it would conduct a 500 billion yuan MLF operation via fixed quantity, interest rate tender, and multiple-price bidding method, with a term of 1 year. [CSRC: Promote steady increase in the scale and proportion of medium and long-term funds entering the market, strengthen policy reserves to cope with global market fluctuations and cross-border risk contagion] The China Securities Regulatory Commission held a symposium on Party building and regulatory work. The meeting emphasized that the changes unseen in a century are accelerating, geopolitical conflicts persist, and the risk of resonance and contagion in global financial markets is rising. At the same time, a new round of technological revolution and industrial transformation is accelerating breakthroughs, positive factors on the macro policy front, fundamentals front, and capital front are accumulating, the effects of capital market reforms are continuously emerging, and the market overall possesses good allocation value. The meeting stressed implementing comprehensive measures to fully maintain stable market operations and enhance capital market resilience. It called for more precise and effective counter-cyclical adjustments, promoting the steady increase in the scale and proportion of medium and long-term funds entering the market, strengthening policy reserves to cope with global market fluctuations and cross-border risk contagion, and building a strong seawall against external risk shocks. It urged deepening reforms to enhance institutional inclusiveness and adaptability, implementing detailed measures for comprehensive investment and financing reforms, and better leveraging the functions of the stock, fund, bond, and futures markets. [Beijing issues measures to accelerate the development led by AI agents, accelerating key technological breakthroughs in general AI agents across models and chips] Multiple departments in Beijing jointly formulated the “Several Measures of Beijing on Accelerating Development Led by AI Agents,” which have been approved by the municipal government and are now officially issued for implementation. The measures mentioned supporting innovative entities in implementing Harness Engineering, focusing on optimizing context engineering, task persistence, multi-agent collaboration, and system scalability to solidify the common foundation for AI agents. It aims to accelerate key technological breakthroughs in general AI agents across models and chips, support innovative entities in continuously improving the intermediate software stack, research and develop key operators and frameworks suitable for AI agent development, promote adaptation and optimization with indigenous large models, and improve the length of complex task chains and the stability of long-range task execution. (From Wallstreetcn APP) [ZCE solicits opinions on revising futures trading management measures and market maker management measures] Zhengzhou Commodity Exchange issued an announcement soliciting public opinions on the revision of the “Zhengzhou Commodity Exchange Futures Trading Management Measures” and the “Zhengzhou Commodity Exchange Market Maker Management Measures.” In accordance with the Futures and Derivatives Law of the People’s Republic of China, the Futures Trading Management Regulations, the Measures for the Administration of Futures Exchanges, and other relevant laws, regulations, and rules, ZCE plans to revise the Management Measures, and is now soliciting public opinions from the market. The revision notes are as follows: First, improve the applicable circumstances for ZCE’s emergency measures by adjusting Article 16 of the Trading Management Measures. Second, for products with night trading sessions, introduce a call auction 5 minutes before the start of the daytime session on trading days with a night session, adjusting relevant provisions in both the Trading Management Measures and Market Maker Management Measures. Adding a daytime call auction can generate a fairer price at the start of daytime trading, promoting stable market operations. (From Wallstreetcn APP) US Dollar: The overnight US dollar index rose 0.32%, closing at 101.12. Inflationary pressures reheated, and the probability of a Fed rate hike next week surged to about 38%. Sameer Samana of Wells Fargo Investment Institute said: Escalating tensions in the Middle East have pushed up crude oil prices, raising concerns that inflation could re-accelerate, delaying rate cuts or even possibly forcing the Fed to raise rates. (Wallstreetcn) Data-wise: US initial jobless claims fell sharply last week, indicating the US labour market remains stable and Fed officials need to continue focusing on curbing inflation. The US Labor Department said Thursday that initial jobless claims for the week ending July 18 fell by 22,000 to 187,000, compared to expectations of 212,000. Thursday’s report is the latest signal of sustained labor market stability. The unemployment rate unexpectedly fell to 4.2% in June, a one-year low, but the drop was driven more by a shrinking workforce than by employment growth. The US labour market shows an unusual equilibrium: limited labour supply, slow new job additions, and relatively limited layoffs keep the unemployment rate historically low. This situation increasingly prompts Fed policymakers to focus more on inflation, still well above the 2% target, rather than expressing more concern about the strong labour market. (Jinshi Data APP) Other Currencies: [European Central Bank holds interest rates steady] The European Central Bank held interest rates steady on Thursday, but investors expect the bank to raise rates in coming months to curb inflation sparked by the Middle East war. The ECB’s deposit facility rate was held at 2.25%, in line with broad market expectations, after the bank made its first rate increase in nearly three years last month. Tensions escalating in the Strait of Hormuz have pushed global oil prices back towards $100 a barrel, reviving the risk of war-driven inflationary pressures. (Jinshi Data APP) Macro front: Data to be released today include Germany’s August Gfk consumer sentiment index, UK June seasonally adjusted retail sales m/m, France’s July preliminary manufacturing PMI, Germany’s July preliminary manufacturing PMI, Eurozone’s July preliminary manufacturing PMI, UK’s July preliminary manufacturing PMI, UK’s July preliminary services PMI, US July preliminary S&P Global manufacturing PMI, US July preliminary S&P Global services PMI, and US June new home sales annualized total. Also pay attention to: AMD Advancing AI Conference held in San Francisco from July 22-23; Intel’s Q2 earnings report released after the US market close on July 23. Crude Oil: Overnight, both oil futures extended their gains from the previous four trading sessions, with US crude rising 6.37% and Brent crude rising 4.91%. Brent crude oil futures rose to $100/barrel for the first time in two months. This followed Yemen’s Houthis claiming an attack on two Saudi oil tankers sailing in the Red Sea, intensifying the Middle East conflict and threatening further oil supply disruptions. The Houthi attack opened a new front in the regional conflict, following already troubled traffic in the Strait of Hormuz due to US-Iran clashes. Since the conflict erupted, the Bab al-Mandab Strait at the mouth of the Red Sea has become a lifeline for oil exports. In recent days, both US and Iranian sides have downplayed the possibility of peace talks, making a scenario of long-term hostilities appear possible. (Jinshi Data APP) A significant backwardation appeared in the price spread between Brent crude oil futures and spot prompt prices, signaling market fears that conditions could worsen. The president of Rapidan Energy Group stated: The scope of the second round of military conflict will be larger than the first. The risks are immense, not just for the shipping industry but for energy infrastructure as well. Oil market participants indicated political pressure is mounting on President Trump to end the war and control surging energy costs. (Wallstreetcn)