各类对冲基金策略8月截至23日收益回落至约+0.8%，上周一度超过+2%；美国拥挤交易明显受损，但已有迹象显示最差阶段可能过去。更关键的是，美国对冲基金20日滚动总资金流已触底并开始改善。自2018年以来，每年这一指标都会在9月中旬前转正，意味着未来几周存在重新增加总仓位的季节性可能。与此同时，近期动量（追涨杀跌的量化或趋势跟踪策略）回撤较深，历史上深度回撤后的收益表现明显更分化，因此对动量后续方向保持谨慎。（上述观点来自摩根大通8月23日报告）

Shanghai Gold Exchange Gold T+D rose 2.68% to 1,004.0 yuan/gram at Monday's close; Silver T+D gained 0.68% to 16,750.0 yuan/kg.

At midday, China’s main onshore futures contracts were mostly higher. Container-shipping Europe route surged over 5% and ethylene glycol (EG) was up nearly 5%; coke and Shanghai gold rose about 3%; platinum, soda ash and caustic soda gained over 2%, while propylene and glass advanced near 2%. On the downside, apples, polysilicon and live hogs fell more than 2%; eggs, rapeseed, paraxylene (PX), rapeseed oil and PTA were down over 1%.