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Futures Commentary by Everbright Futures: Gold prices have fluctuated amid geopolitical turmoil. According to Xinhua News Agency, US President Trump posted on social media on the 20th, hinting at a strong retaliatory action against Iran following recent US casualties. Irans Mehr News Agency reported on the 20th that explosions were heard in Hormozgan and Fars provinces in southern Iran that evening. However, the Trump administration has not completely ruled out seeking a diplomatic solution. According to China News Network, US Secretary of State Rubio stated in a media interview on the evening of the 19th that the Trump administration "remains open to a diplomatic solution." He also stated that Iran is still sending signals to the US "directly or through various channels from other countries," indicating that "they want dialogue and negotiations." With the situation highly uncertain, oil prices have struggled to rise, and gold prices have entered a sideways trading pattern. In the short term, the US-Iran conflict has failed to find a better solution, and the ongoing conflict is unlikely to effectively alleviate market concerns about inflation and interest rates. For gold, the outlook is mainly one of weak declines and corrective rebounds. It is recommended to maintain a defensive stance in the face of a highly volatile environment. Going forward, continued attention needs to be paid to the US-Iran conflict, expectations of Federal Reserve policy, and whether overseas financial markets will trigger liquidity risks due to expectations of rising interest rates.On July 21, Cai Tuanjie, Director of the Safety Supervision Department and Director of the Transport Services Department of the Ministry of Transport, stated at a press conference held by the State Council Information Office that during the 15th Five-Year Plan period, we will focus on promoting low-carbon alternatives for transportation power, advancing the green transformation of transportation infrastructure, accelerating the optimization and adjustment of the transportation structure, continuing to deepen the fight against pollution, and improving the statistical accounting and monitoring system for carbon emissions in transportation. We will promote the green and low-carbon transformation of the transportation sector with greater efforts, laying a solid foundation for building a strong transportation nation and a beautiful China.On July 21, Wang Qiming, spokesperson and deputy director of the National Railway Administration, stated at a press conference held by the State Council Information Office that in the first half of this year, fixed asset investment in railways continued to remain at a high level, with a cumulative investment of 363.2 billion yuan, a year-on-year increase of 2.1%, playing an important role in expanding domestic demand and stabilizing growth. Going forward, my countrys railway network construction will focus on three aspects: First, ensuring smooth transportation by strengthening the construction of strategic backbone corridors. Second, optimizing the structure and enhancing the functionality of the railway network. This includes accelerating the completion of the "eight vertical and eight horizontal" high-speed rail main corridors, orderly promoting the construction of high-speed rail connecting lines in key areas, and strengthening the commuter capacity of key urban agglomerations and metropolitan areas. It also involves filling gaps in the western railway network, strengthening the construction of energy and grain transportation corridors, accelerating the removal of bottlenecks on busy trunk lines, and promoting the improvement of freight network capacity. Third, strengthening key nodes by improving the railway hub system. This includes accelerating the construction of infrastructure projects for smooth transportation in key railway hubs such as Beijing, continuously improving the resilience and flexibility of hubs, optimizing the layout of hub station facilities, improving the collection and distribution system, and accelerating the development of network integration, cross-modal integration, and station-city integration.On July 21, Cai Tuanjie, Director of the Safety Supervision Department and Director of the Transport Services Department of the Ministry of Transport, said at a press conference held by the State Council Information Office that more than 3,000 electric heavy-duty truck charging and battery swapping stations will be built, focusing on busy freight sections of national expressways and ordinary national and provincial highways, urban clusters and metropolitan areas such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing region, as well as important nodes such as freight hubs, ports, mining areas, factories, and industrial parks, to promote the "connection of points into lines and networking" of energy replenishment facilities.July 21 – On July 21, the Information Office of the Henan Provincial Government held a press conference on Henan Provinces efforts to further consolidate and expand the positive momentum of economic growth in the second half of 2026. Ma Jian, Secretary of the Party Committee and Director of the Henan Provincial Development and Reform Commission, stated that Henan will release a development plan for the integrated development of Zhengzhou and Kaifeng.