中国期货每日简报

桂晨曦Gui Chenxi从业资格号Qualification No：F3023159投资咨询号Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要Abstract Macro News:In2025H1, the national general public budget expenditure increased by3.4%. Futures Prices:On July 25,equityindex futures andCGBfutures fell; anti-involution sentimentrose, withmanganesesilicon, glass, lithium carbonate, and coking coal rising by 8%. Commentary:Manganese Silicon,Lithium Carbonate,Iron Ore Risks:Macroeconomic fluctuations, geopolitical situations, and reversals in policy trends. 宏观方面：上半年全国一般公共预算支出超14万亿元，同比增长3.4%。 期货方面：7月25日，股指和国债期货下跌；反内卷情绪上扬，锰硅、玻璃、碳酸锂、焦煤均涨8%。 今日点评：锰硅、碳酸锂、铁矿石 风险提示：宏观经济波动、地缘政治变化、政策趋向扭转。 Related Reports近期报告 20250723Anti-Involution PolicyReading and Influence on Futures Prices“反内卷”政策对期货价格影响20250723 Multiple Drivers PushCoking Coalto Upper Price Limit多重因素推高焦煤期货涨停20250725Lithium CarbonatePrice Surge Amid Supply Concerns供应担忧推升碳酸锂大幅上行20250723PolysiliconandSilicon MetalTrigger the Upper Price Limit政策预期下多晶硅和工业硅期价涨停20250722 Anti-involution drivesglassandsoda ashsurging with substantial short covering“反内卷”驱动玻璃纯碱空单减仓大幅上涨 20250725Live HogAnti-Involution led toSoybean MealPrice Drop生猪反内卷导致饲料豆粕价格下跌 * Click on the hyperlink of report titles to read historical reports Content目录 1. China Futures期货异动.................................................................................................41.1 Overview行情概述.......................................................................................................41.2 Daily Rise上涨品种......................................................................................................51.2.1 Manganese Silicon锰硅.....................................................................................................................................51.2.2 Lithium Carbonate碳酸锂..................................................................................................................................61.3 Daily Drop下跌品种......................................................................................................71.3.1 Iron Ore铁矿石..................................................................................................................................................72. China News中国要闻.....................................................................................................82.1 Macro News宏观新闻...................................................................................................82.2 Industry News行业新闻...............................................................................................9 Charts图表 图表1：China Futures Price Top 10 Daily Rise.............................................................................4中国期货主力连续合约涨幅前十......................................................................................................4图表2：China Futures Price Top 10 Daily Drop............................................................................4中国期货主力连续合约跌幅前十......................................................................................................4图表3：Recent Trend of Manganese Silicon................................................................................5锰硅价格近期小幅上行....................................................................................................................5图表4：7/25, Manganese Silicon Increased By 8.0%...................................................................57月25日，锰硅上涨8.0%.............................................................................................................5图表5：Recent Trend of Lithium Carbonate.................................................................................7碳酸锂近期价格保持上行.................................................................................................................7图表6：7/25, Lithium Carbonate Increased By 8.0%....................................................................77月25日，碳酸锂上涨8.0%..........................................................................................................7图表7：Recent Trend of Iron Ore.................................................................................................8铁矿石价格冲高后小幅回落.............................................................................................................8图表8：7/25, Iron Ore Decreased By 1.1%..................................................................................87月25日，铁矿石下跌1.1%..........................................................................................................8图表9：The Change of Futures Prices and Open Interests........................................................10中国期货涨跌幅与持仓变化...........................................................................................................10图表10：China Futures Price.....................................................................................................11中国期货概览....................................................................................