Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for August 2025, with 17 products experiencing price increases, 28 products seeing declines, and 5 remaining stable [1] Price Changes - Cotton (specifically, white cotton grade three) recorded a price of 14,756.3 yuan per ton, which represents an increase of 141.9 yuan per ton, equating to a growth rate of 1% compared to the previous period [1]

Core Insights - The monitoring of prices for 50 important production materials across 9 categories in the national circulation market indicates a mixed trend in prices for August 2025, with 17 products experiencing price increases, 28 products seeing price decreases, and 5 products remaining stable [1] Price Trends - The price of live pigs (external three yuan) is reported at 13.7 yuan per kilogram, reflecting a month-on-month decrease of 0.7% [1]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend, with 17 products experiencing price increases, 28 seeing declines, and 5 remaining stable in late August 2025 compared to mid-August 2025 [1]. Price Changes Summary 1. Black Metals - Rebar (Φ20mm, HRB400E) decreased by 42.8 yuan to 3218.2 yuan, a drop of 1.3% - Wire rod (Φ8-10mm, HPB300) fell by 48.9 yuan to 3356.5 yuan, down 1.4% - Ordinary medium plate (20mm, Q235) decreased by 15.5 yuan to 3525.8 yuan, a decline of 0.4% - Hot-rolled ordinary plate (4.75-11.5mm, Q235) dropped by 37.4 yuan to 3444.9 yuan, down 1.1% - Seamless steel pipe (219*6, 20) fell by 10.0 yuan to 4162.5 yuan, a decrease of 0.2% - Angle steel (5) decreased by 17.1 yuan to 3531.4 yuan, down 0.5% [3]. 2. Non-Ferrous Metals - Electrolytic copper (1) increased by 59.6 yuan to 79237.1 yuan, up 0.1% - Aluminum ingot (A00) rose by 107.6 yuan to 20741.4 yuan, an increase of 0.5% - Lead ingot (1) increased by 38.8 yuan to 16735.7 yuan, up 0.2% - Zinc ingot (0) decreased by 201.3 yuan to 22200.0 yuan, down 0.9% [3]. 3. Chemical Products - Sulfuric acid (98%) fell by 1.2 yuan to 717.2 yuan, a decrease of 0.2% - Caustic soda (liquid, 32%) increased by 26.4 yuan to 896.1 yuan, up 3.0% - Methanol (first grade) decreased by 37.2 yuan to 2228.8 yuan, down 1.6% - Pure benzene (industrial grade) fell by 90.7 yuan to 6047.6 yuan, down 1.5% - Styrene (first grade) decreased by 7.7 yuan to 7277.9 yuan, down 0.1% - Polyethylene (LLDPE) increased by 24.9 yuan to 7467.6 yuan, up 0.3% - Polypropylene (fiber grade) decreased by 56.1 yuan to 6953.1 yuan, down 0.8% - Polyvinyl chloride (SG5) fell by 67.0 yuan to 4809.5 yuan, down 1.4% - Styrene-butadiene rubber (BR9000) increased by 118.4 yuan to 11697.6 yuan, up 1.0% - Polyester filament (POY150D/48F) rose by 108.9 yuan to 6871.4 yuan, up 1.6% [3]. 4. Oil and Natural Gas - Liquefied natural gas (LNG) decreased by 90.7 yuan to 3951.6 yuan, down 2.2% - Liquefied petroleum gas (LPG) increased by 67.0 yuan to 4433.8 yuan, up 1.5% - Gasoline (95 National VI) fell by 40.2 yuan to 8469.3 yuan, down 0.5% - Gasoline (92 National VI) decreased by 43.8 yuan to 8192.8 yuan, down 0.5% - Diesel (0 National VI) fell by 37.5 yuan to 7047.8 yuan, down 0.5% - Paraffin (58 half) remained unchanged at 7672.5 yuan [3]. 5. Coal - Anthracite (washed lump) decreased by 17.0 yuan to 853.0 yuan, down 2.0% - Common mixed coal (4500 kcal) fell by 7.1 yuan to 557.4 yuan, down 1.3% - Shanxi large mixed coal (5000 kcal) decreased by 4.2 yuan to 625.3 yuan, down 0.7% - Shanxi superior mixed coal (5500 kcal) increased by 6.6 yuan to 701.7 yuan, up 0.9% - Datong mixed coal (5800 kcal) rose by 6.3 yuan to 739.7 yuan, up 0.9% - Coking coal (main coking coal) remained unchanged at 1425.0 yuan - Coke (quasi-first-grade metallurgical coke) increased by 61.6 yuan to 1439.3 yuan, up 4.5% [3]. 6. Non-Metallic Building Materials - Ordinary Portland cement (P.O 42.5 bagged) decreased by 2.6 yuan to 346.0 yuan, down 0.7% - Ordinary Portland cement (P.O 42.5 bulk) increased by 0.4 yuan to 272.8 yuan, up 0.1% - Float glass (4.8/5mm) fell by 25.4 yuan to 1190.8 yuan, down 2.1% [3]. 7. Agricultural Products - Rice (glutinous rice) remained unchanged at 4037.0 yuan - Wheat (national standard grade three) decreased by 4.9 yuan to 2420.7 yuan, down 0.2% - Corn (yellow corn grade two) fell by 16.8 yuan to 2300.9 yuan, down 0.7% - Cotton (lint, white cotton grade three) increased by 141.9 yuan to 14756.3 yuan, up 1.0% - Live pigs (external three yuan) decreased by 0.1 yuan to 13.7 yuan per kilogram, down 0.7% - Soybeans (yellow soybeans) fell by 20.4 yuan to 4422.7 yuan, down 0.5% - Soybean meal (crude protein content ≥43%) increased by 1.8 yuan to 3051.1 yuan, up 0.1% - Peanuts (oil peanuts) decreased by 2.4 yuan to 7564.3 yuan, unchanged [4]. 8. Agricultural Production Materials - Urea (medium and small particles) decreased by 6.3 yuan to 1759.9 yuan, down 0.4% - Compound fertilizer (potassium sulfate compound fertilizer, nitrogen, phosphorus, and potassium content 45%) remained unchanged at 3180.0 yuan - Pesticides (glyphosate, 95% raw material) increased by 110.7 yuan to 27085.7 yuan, up 0.4% [4]. 9. Forest Products - Natural rubber (standard rubber SCRWF) increased by 128.0 yuan to 14790.5 yuan, up 0.9% - Pulp (imported needle leaf pulp) decreased by 90.3 yuan to 5677.6 yuan, down 1.6% - Corrugated paper (AA grade 120g) increased by 63.8 yuan to 2704.5 yuan, up 2.4% [4].

Financial Performance Summary - The total revenue for the coal industry decreased by 21.8% compared to the same period last year, amounting to 14375.4 billion yuan [1] - The total cost of sales also saw a decline of 14.5%, reaching 10486.5 billion yuan [1] - The total profit after subsidies dropped significantly by 55.2%, totaling 1666.2 billion yuan [1] Key Financial Indicators - Accounts receivable increased to 5147.7 billion yuan, a rise of 3.2% year-on-year [1] - The average balance of current assets was reported at 34270.8 billion yuan, down by 1.5% [1] - Total assets amounted to 78587.3 billion yuan, reflecting an increase from the previous year's 77314.2 billion yuan [1] Liabilities and Expenses - Total liabilities increased by 3.5%, reaching 47741.4 billion yuan [1] - Selling expenses decreased by 12.6%, amounting to 224.7 billion yuan [1] - Management expenses also fell by 10.9%, totaling 929.8 billion yuan [1] Industry Overview - The asset-liability ratio slightly increased to 60.7% from 59.7% [1] - The number of large-scale coal enterprises reported was 5175, an increase of 83 compared to the previous year [1]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) in China for August is 49.4%, indicating a slight improvement in manufacturing sentiment compared to the previous month [1] Summary by Categories Overall PMI Performance - The manufacturing PMI increased by 0.1 percentage points from the previous month, reflecting a slight recovery in the manufacturing sector [1] By Enterprise Size - Large enterprises reported a PMI of 50.8%, up 0.5 percentage points from last month, indicating expansion above the neutral level [1] - Medium enterprises had a PMI of 48.9%, down 0.6 percentage points, remaining below the neutral level [1] - Small enterprises recorded a PMI of 46.6%, an increase of 0.2 percentage points, but still below the neutral level [1] Component Indices - The production index stands at 50.8%, up 0.3 percentage points, suggesting accelerated production expansion in the manufacturing sector [1] - The new orders index is at 49.5%, an increase of 0.1 percentage points, indicating a slight improvement in market demand [1] - The raw materials inventory index is at 48.0%, up 0.3 percentage points, still below the neutral level, showing a narrowing decline in major raw material inventories [1] - The employment index is at 47.9%, down 0.1 percentage points, indicating a slight decline in employment sentiment within manufacturing [1] - The supplier delivery time index is at 50.5%, up 0.2 percentage points, indicating that the delivery times from raw material suppliers are continuing to improve [1]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) rose to 49.4% in August, indicating a slight improvement in economic conditions compared to the previous month [1] - The production index increased to 50.8%, remaining above the critical point for four consecutive months, signaling accelerated manufacturing production [2] - The new orders index reached 49.5%, showing a marginal increase, with notable performance in the pharmaceutical and computer communication sectors [2] - The procurement activities have accelerated, with the procurement volume index rising to 50.4% [2] - The price indices for major raw materials and factory prices increased to 53.3% and 49.1%, respectively, indicating an overall improvement in market price levels [2] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index rose to 50.3%, continuing to show expansion [4] - The service sector's business activity index reached 50.5%, marking a significant recovery and the highest point of the year [4] - Certain industries, such as capital market services and transportation, reported business activity indices above 60.0%, indicating robust growth [4] - The construction sector's business activity index fell to 49.1% due to adverse weather conditions, reflecting a slowdown in production [4] Group 3: Overall Economic Outlook - The comprehensive PMI output index increased to 50.5%, indicating an overall acceleration in production and business activities across sectors [5] - The production index for manufacturing and the business activity index for non-manufacturing were 50.8% and 50.3%, respectively, contributing to the positive outlook [5] - The production and operational activity expectation index rose to 53.7%, suggesting increased confidence among manufacturing enterprises regarding future market conditions [3]

Group 1: Manufacturing PMI Insights - In August, the Manufacturing PMI rose to 49.4%, indicating an improvement in economic conditions compared to the previous month [2] - The production index reached 50.8%, up 0.3 percentage points, marking four consecutive months above the critical point, signaling accelerated manufacturing production [2] - The new orders index increased to 49.5%, reflecting a slight rise in demand [2] - Large enterprises showed a PMI of 50.8%, up 0.5 percentage points, indicating sustained expansion, while medium and small enterprises experienced declines [3] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, showing continued strength in these sectors [3] - The production and business activity expectation index rose to 53.7%, suggesting increased confidence among manufacturers regarding future market conditions [3] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index reached 50.3%, up 0.2 percentage points, indicating ongoing expansion in the non-manufacturing sector [5] - The service sector's business activity index improved to 50.5%, the highest point of the year, with several industries, including capital market services, showing strong growth [5] - The construction sector's business activity index fell to 49.1%, down 1.5 percentage points, due to adverse weather conditions affecting production [5] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index rose to 50.5%, up 0.3 percentage points, indicating overall expansion in production and business activities [6] - The manufacturing production index and non-manufacturing business activity index were 50.8% and 50.3%, respectively, contributing to the comprehensive PMI's positive trend [6]

Core Viewpoint - The manufacturing Purchasing Managers' Index (PMI) for August is 49.4%, indicating a slight improvement in manufacturing sentiment compared to the previous month [1] Group 1: PMI Overview - The PMI for large enterprises is 50.8%, up 0.5 percentage points from last month, indicating expansion above the critical point [1] - The PMI for medium enterprises is 48.9%, down 0.6 percentage points from last month, remaining below the critical point [1] - The PMI for small enterprises is 46.6%, up 0.2 percentage points from last month, still below the critical point [1] Group 2: Sub-Index Analysis - The production index is at 50.8%, up 0.3 percentage points from last month, indicating accelerated production expansion in the manufacturing sector [1] - The new orders index is at 49.5%, up 0.1 percentage points from last month, suggesting a slight improvement in market demand [1] - The raw materials inventory index is at 48.0%, up 0.3 percentage points from last month, indicating a narrowing decline in major raw material inventory levels [1] - The employment index is at 47.9%, down 0.1 percentage points from last month, reflecting a slight decline in employment sentiment within manufacturing [1] - The supplier delivery time index is at 50.5%, up 0.2 percentage points from last month, indicating a continued acceleration in supplier delivery times [1]

Core Insights - The non-manufacturing business activity index for August is 50.3%, indicating continued expansion in the sector, with a slight increase of 0.2 percentage points from the previous month [1] Group 1: Business Activity Indices - The construction industry business activity index is at 49.1%, down 1.5 percentage points from last month [1] - The services industry business activity index is at 50.5%, up 0.5 percentage points from last month [1] - Several sectors, including rail transport, water transport, air transport, telecommunications, and capital market services, have business activity indices above 60.0%, indicating high levels of activity [1] - Retail and real estate sectors have business activity indices below the critical point, indicating contraction [1] Group 2: New Orders and Demand - The new orders index is at 46.6%, up 0.9 percentage points from last month, suggesting an improvement in market demand [1] - The construction new orders index is at 40.6%, down 2.1 percentage points from last month [1] - The services new orders index is at 47.7%, up 1.4 percentage points from last month [1] Group 3: Input Prices and Sales Prices - The input prices index is at 50.3%, unchanged from last month, indicating a continued rise in input prices for non-manufacturing businesses [1] - The construction input prices index is at 54.6%, up 0.1 percentage points from last month [1] - The services input prices index is at 49.5%, down 0.1 percentage points from last month [1] - The sales prices index is at 48.6%, up 0.7 percentage points from last month, indicating a narrowing decline in sales prices [2] - The construction sales prices index is at 49.7%, up 0.5 percentage points from last month [2] - The services sales prices index is at 48.5%, up 0.8 percentage points from last month [2] Group 4: Employment and Expectations - The employment index is at 45.6%, unchanged from last month, indicating weak employment conditions in the non-manufacturing sector [2] - The construction employment index is at 43.6%, up 2.7 percentage points from last month [2] - The services employment index is at 45.9%, down 0.5 percentage points from last month [2] - The business activity expectations index is at 56.2%, up 0.4 percentage points from last month, reflecting optimism among non-manufacturing businesses regarding market prospects [2] - The construction business activity expectations index is at 51.7%, up 0.1 percentage points from last month [2] - The services business activity expectations index is at 57.0%, up 0.4 percentage points from last month [2]

Core Insights - The composite PMI output index for August is 50.5%, which represents an increase of 0.3 percentage points from the previous month, indicating an acceleration in the overall expansion of production and business activities in the country [1] Industry Summary - The PMI index remaining above the critical point suggests that the manufacturing and service sectors are experiencing growth, which may lead to positive implications for economic performance in the near term [1]