早上洞察：2025年7月21日

Certification：Z0002332gaolinlin@gtht.com 1 请务必阅读正文之后的免责条款部分Open InterestChart2:Open Interest of IFSource：iFind, GUOTAIJUNAN FUTURESResearchChart4:Open Interest of ICSource：iFind, GUOTAIJUNAN FUTURESResearch020,00040,00060,00080,000100,000120,000140,000160,000180,000IF2507.CFEIF2509.CFE020,00040,00060,00080,000100,000120,000IC2507.CFEIC2509.CFE Source：iFind, GUOTAIJUNAN FUTURESResearchChart 5:Open Interest of IMSource：iFind, GUOTAIJUNAN FUTURESResearch020,00040,00060,00080,000100,000120,000140,000160,000180,000200,000IM2507.CFEIM2508.CFEIM2509.CFEIM2512.CFE IC2508.CFEIC2512.CFE 请务必阅读正文之后的免责条款部分News Highlights:1. China's one-year loan prime rate (LPR), a market-based benchmarklending rate, came in at 3 percent Monday, unchanged from the previousmonth.The over-five-year LPR, on which many lenders base their mortgage rates,also remained unchanged from the previous reading of 3.5 percent,according to the National Interbank Funding Center. (Source: Xinhua)2. China's railway freight volume reported stable growth in the firsthalf of 2025, with more efficient network operation and improvedservices, the national railway operator said Sunday.The national railway system transported a total of 1.98 billion tonnes ofcargo in the period, marking a year-on-year increase of 3 percent,according to China State Railway Group Co., Ltd. The daily average numberof loaded freight cars reached 182,400, up 4 percent from the same periodlast year.The company said it made full use of the integrated rail network andpushed forward market-oriented reforms in railway freight transport toboost logistics capacity, efficiency and service quality.During the January-June period, coal transport totaled 1.02 billiontonnes, and the freight volume for metallurgical goods and grain rose 8.6percent and 9.8 percent, respectively.International freight also posted stable performance. The Central Asiafreight train service operated 7,349 trains, a 25 percent increase from ayear ago. The China-Laos Railway transported nearly 3.03 million tonnesof cross-border cargo, up 9 percent. (Source: Xinhua)3. Chinese authorities on Friday held a meeting with new energy vehicle(NEV) industry players on regulating market competition.The meeting was held by the Ministry of Industry and InformationTechnology, the National Development and Reform Commission, and the StateAdministration for Market Regulation. It urged efforts to promote lawful, 3 请务必阅读正文之后的免责条款部分fair, honest, proper and well-ordered competition in the sector.The country will implement measures to monitor product pricing, conductproduct conformity inspections, and shorten payment terms for suppliers,according to a statement issued after the meeting.Authorities also pledged to fast-track industry standards for NEV powerconsumption limits and battery recycling safety, which they said would bealigned with the establishment of regular communication channels tosolicit suggestions from and address the concerns of NEV manufacturers.(Source: Xinhua)Chart 6:Upcoming Important Economic Data Calendar2025/7/30Monthly Report on Purchasing Manager’s Index (PMI)Monthly Report on Profit of Industrial EnterprisesAbove the Designated SizeSource:National Bureau of Statistics of China 4 请务必阅读正文之后的免责条款部分Guotai Junan Futures Co., Ltd. (hereinafter referred to as "the Company") is qualified to conduct investment consultingbusiness in the futures market, as approved by the China Securities Regulatory Commission (Approval No. [2011]1449).The views and information contained in this report are intended solely for the reference of the Company’s professionalinvestors. This report is not intended to target or violate any laws and regulations of any region, country, city, or other legaljurisdiction. Due to the difficulty in restricting access to this report, we apologize for any inconvenience this may cause. If youare not a professional investor among the clients of Guotai Junan Futures, please do not read, subscribe to, or receive anyrelatedinformation from the Company. This report does not constitute a recommendation for any specific business activities,nor should it be considered as any investment, legal, accounting, or tax advice. The Company does not consider the recipientof this report to be an automatic client of the Company. Please make investment decisions based on your own risk toleranceand bear the corresponding investment risks independently. Do not rely on this content for specific investment actions.Analyst StatementThe author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possessesequivalent professional competence. The author(s) strive to ensure that the report is independent, objective, and fair. This report solelyreflects the author(s)' various hypotheses, insights, and analytical methods. The views expressed in this report do not represent the viewsof the Company or any of its subsidiaries or affiliates. This statement is hereby declared.Disclai