清晨洞察：2025年7月24日

Certification：Z0002332gaolinlin@gtht.comCSI 300 Index Futures4118.80.27%SSE 50 Index Futures2794.80.46%CSI 500 Index Futures6183.20.07%CSI 1000 Index Futures6590.00.01%30Y T-bond Futures119.5-0.21%10Y T-bond Futures108.6-0.11%5Y T-bond Futures105.9-0.09%2Y T-bond Futures102.4-0.03%Market Snapshot 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 FUTURESResearchNews Highlights:1. Changqing Oilfield, China's largest oil-and-gas field, on Wednesdayannounced that its daily shale oil output had totaled 10,006 tonnes--amilestone in China's shale oil development.Located in the Ordos Basin, the shale oil resources developed byChangqing Oilfield are marked by thin oil layers and high heterogeneity.As a globally rare low-pressure shale oilfield, it poses major challengesfor seismic exploration and reservoir fracturing, making the economic020,00040,00060,00080,000100,000120,000140,000160,000180,000IF2507.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 2 请务必阅读正文之后的免责条款部分development particularly difficult.Since 2018, Changqing Oilfield has been ramping up its shale oilproduction capacity, supported by Chinese sci-tech projects. It haslaunched a large-scale underground hydraulic fracturing experimentalsite, advancing core technologies to increase its single-well output from1.5 tonnes to 18 tonnes.It has significantly reduced its required workforce for 1 million tonnesof production from over 2,000 workers to just 200.Now a major shale oil production hub in China, Changqing Oilfieldaccounted for 52.2 percent of the country's total shale oil output in2024. Its annual output is projected to reach 3.5 million tonnes in 2025.(Source: Xinhua)2. China's coal-rich province, Shanxi, saw its raw coal output reachabout 652 million tonnes in the first half of 2025, up 10.1 percent yearon year, according to local authorities.As the country's largest coal-producing region, Shanxi accounted forabout 27 percent of China's total coal output during the period, theprovincial statistics bureau said.Over the years, the province has been committed to advancing clean, low-carbon development and promoting diversified coal utilization. It is alsodriving the transformation and upgrading of the coal industry toward amore high-end, intelligent and green path.By the end of 2024, Shanxi had built 55 pilot and demonstration mines forgreen mining, and 120 coal mines had adopted pillarless miningtechnology. (Source: Xinhua)3. The proportion of tariff lines with zero-tariff products in HainanFree Trade Port will increase from 21 percent to 74 percent, according toa press conference held on Wednesday.Wang Changlin, deputy head of the National Development and ReformCommission, announced that the free trade port will launch island-wide 3 请务必阅读正文之后的免责条款部分independent customs operation on Dec. 18, 2025.Vice Minister of Finance Liao Min noted that duty-free items in Hainanwill increase from about 1,900 to around 6,600, marking a significantboost in openness.Imported products that undergo at least 30 percent value-added processingin Hainan can enter the mainland tariff-free. Certain goods currentlybanned or restricted nationwide will enjoy open policies in Hainan."We will take a targeted regulatory approach of low-intervention andhigh-efficiency for zero-tariff and relaxed management goods, ensuringsmooth implementation of the opening-up policies," Wang said. (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