CITIC Securities: Looking ahead to the third quarter, commodity prices will continue to diverge. Overall, we are optimistic about commodities with strong demand support, such as copper, lithium carbonate, electrolytic aluminum, and coal.

The A-share minor metals sector fluctuated and weakened, with Xianglu Tungsten Industry hitting the daily limit down, and China Tungsten High-Tech, Xiamen Tungsten, Orient Tantalum, Zhangyuan Tungsten, Jinduicheng Molybdenum, Guizhou Platinum Industry and others following suit.

Domestic News 1. The China Securities Regulatory Commission (CSRC) approved Unitree Robotics' IPO registration application on the Science and Technology Innovation Board. 2. The Ministry of Commerce announced that China and the EU will hold their second regular meeting of the trade and investment consultation mechanism this autumn. 3. The State Council approved the "15th Five-Year Plan for Building a Sports Power," promoting the revitalization and development of the "three major ball sports" (basketball, volleyball, and volleyball). International News 1. Non-farm payrolls will be released today; US stocks will be closed tomorrow. 2. OpenAI reportedly offered a 5% stake in the Trump administration. 3. Japan is shifting towards a surprise intervention strategy against short sellers of the yen. 4. Anthropic is reportedly in talks with Samsung regarding custom AI chips. 5. US seasonally adjusted non-farm payrolls increased by 57,000 in June, lower than the market expectation of 110,000. The combined increase in non-farm payrolls for April and May was revised down by 74,000. 6. The US unemployment rate fell to 4.2% in June, the lowest level since June 2025, lower than the market expectation of 4.3%. 7. The market has fully priced in a December rate hike by the Federal Reserve, previously expecting an October hike. 8. Tesla (TSLA.O) delivered 480,126 vehicles in the second quarter, exceeding market expectations of 402,776. Total production for the second quarter was 451,758 vehicles. 9. India will expand its crude oil reserves to hedge against the risk of soaring oil prices. 10. Middle East Situation ① Pakistan expects the next round of US-Iran talks to be held after Khamenei's funeral. ② After a months-long hiatus, the US resumed dollar shipments to Iraq. ③ Hamas requested an emergency meeting of the Arab League to address the Israeli regime's plans to expel residents from the Gaza Strip. ④ Major European countries now believe that imposing a toll on the Strait of Hormuz is inevitable. ⑤ Saudi oil exports are near pre-war levels; Saudi Arabia exported 6.3 million barrels per day in the six days ending Wednesday. ⑥ The US warned Iran that changing the status quo in the Strait of Hormuz would be considered a violation of the agreement. ⑦ Sources say the next round of talks between the United States and Iran will be held on July 18.