清晨洞察：2025年7月22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 IC2508.CFEIC2512.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 请务必阅读正文之后的免责条款部分News Highlights:1. A total of 16 centrally administered state-owned enterprises (SOEs)have pledged their support for the development of southwest China'sXizang Autonomous Region, with 75 investment deals worth 317.5 billionyuan (about 44.4 billion U.S. dollars) concluded.The agreements, covering energy, power and telecommunicationsinfrastructure and other sectors, were signed on Sunday at a conferencefocusing on SOEs' contribution to the region's high-quality development.Once operational, these projects are expected to create 11,400 jobs.Nearly 100 billion yuan of investment is projected to be completed by theend of 2027.Since 2021, China's SOEs have invested 145.8 billion yuan in more than8,800 projects in Xizang, generating 276.7 billion yuan in businessrevenue, according to data unveiled at the conference.Zhang Zhigang, executive chairman of the State Grid Corporation of China,said that the company has invested 24.5 billion yuan in fixed assets inXizang since 2021. It plans to invest an additional 1.5 billion yuan in2025 to further support the region's power grid construction.Mountain-locked Xizang was once the only provincial-level contiguouspoverty-stricken region in China, burdened by its high altitude, harshenvironment, poor transportation and limited resources.To facilitate Xizang's development, the central government has decided torally national support for the region, with central state organs,provincial-level regions and centrally administered SOEs designated toassist in its modernization drive. (Source: Xinhua)2. China's electricity consumption, a key barometer of economic activity,saw steady expansion in June, official data showed on Monday.Power use rose 5.4 percent year on year in June to 867 billion kilowatt-hours, according to the National Energy Administration (NEA).In June, power consumed by the primary and secondary industries rose 4.9percent and 3.2 percent year on year to 13.3 billion kilowatt-hours and 3 请务必阅读正文之后的免责条款部分548.8 billion kilowatt-hours, respectively, and power consumed by thetertiary sector increased 9 percent year on year to 175.8 billionkilowatt-hours.The electricity consumption of the country's residents last month totaled129.1 billion kilowatt-hours--a year-on-year increase of 10.8 percent.From January to June, China's total power use climbed 3.7 percent year onyear to over 4.84 trillion kilowatt-hours.In recent days, many regions across the country have been experiencinghigh temperatures. As a result, China's electricity consumption reached ahistoric high on July 16, with the national peak load hitting 1.506billion kilowatts, the first time it has ever exceeded 1.5 billionkilowatts, the NEA data showed. (Source: Xinhua)3. 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.LPRs reflect the level of financing costs for households and businesses,with lower rates meaning less burdens for borrowers and stronger supportfor economic activity.Latest data shows that the weighted average interest rate for newbusiness loans fell to about 3.3 percent in the first six months of thisyear, down 45 basis points from a year earlier, while the rate for newpersonal mortgages dropped to around 3.1 percent, a decrease of 60 basispoints.China has vowed to adopt a moderately loose monetary policy in 2025,according to this year's government work report. (Source: Xinhua) 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 anyrelatedinfor