Group 1: Investment Rating - No investment rating information provided in the report. Group 2: Core View - The reference view for the day and medium - term of thermal coal spot is "oscillation". With the weakening of subsequent demand, the port destocking speed will gradually slow down and start to accumulate inventory. The off - season expectation drives the price to run weakly, but there are "anti - involution" related positive news in the market, and attention should be paid to whether the coal industry association and coal enterprises will introduce new policies or self - discipline measures [4]. Group 3: Summary According to the Catalog Price and Inventory - As of September 4, the total coal inventory of 9 ports in the Bohai Rim was 22.552 million tons, with a weekly destocking of 325,000 tons, and 527,000 tons lower than the same period last year. The rapid destocking of coal in northern ports during the peak summer period this year was one of the main factors supporting the previous coal price increase [4]. Market Driving Factors - The off - season expectation drives the price to run weakly. The market spread "anti - involution" related positive news this Friday. Although the coal industry is not within the scope of the nine "anti - involution" industries in the rumor, attention should be paid to whether the coal industry association and coal enterprises will introduce new policies or self - discipline measures to cooperate with the "anti - involution" work [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - The crude oil market is expected to run weakly, with short - term, medium - term, and intraday trends showing oscillations, and the intraday trend being weakly oscillating [1][5] 3. Summary According to the Catalog 3.1 Variety Morning Meeting Minutes - For the crude oil 2510 variety, the short - term, medium - term, and intraday trends are oscillation, oscillation, and weakly oscillating respectively, with a reference view of weak operation. The core logic is that supply surplus dominates, leading to a weakly oscillating crude oil market [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Energy and Chemical Sector - The intraday view of crude oil (SC) is weakly oscillating, and the medium - term view is oscillating, with a reference view of weak operation. The OPEC+产油国's latest monthly report shows that in August, the average OPEC+ crude oil production was 42.4 million barrels per day, a month - on - month increase of 509,000 barrels per day in July. Since the production increase started in April, OPEC+产油国 has cumulatively increased production by 1.48 million barrels per day. After the bearish expectation of increased supply outweighs geopolitical risks, domestic and international crude oil futures prices declined slightly on Thursday night. The domestic crude oil futures 2510 contract closed 1.45% lower at 481.6 yuan per barrel, and it is expected that domestic crude oil futures prices may maintain a weakly oscillating trend on Friday [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view for stock index futures is wide - range oscillation, the medium - term view is upward, and the intraday view is oscillating strongly. The overall reference view is wide - range oscillation [1][5] - The short - term oscillation is due to the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1][5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices, but short - term attention should be paid to the intensity of profit - taking at the current position [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For IH2509, the short - term view is oscillation, the medium - term view is upward, the intraday view is oscillating strongly, and the overall view is wide - range oscillation. The core logic is the game between short - term fund profit - taking and the fermentation of medium - and long - term policy - positive expectations [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - Yesterday, all stock indices rebounded unilaterally. The total turnover of the Shanghai, Shenzhen, and Beijing stock markets was 2464.6 billion yuan, an increase of 460.6 billion yuan from the previous day [5] - Since early September, due to the significant increase in the prices of some stocks and the notable improvement in the valuation side, some investors' willingness to chase the rise has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices [5] - Policy - positive expectations and continuous inflow of funds into the stock market are the medium - and long - term supporting forces for stock indices. The finance minister pointed out that more active macro - policies will be implemented, and the weak inflation data in August means that demand - boosting policies will continue to be introduced. Meanwhile, incremental funds are continuously flowing into the stock market, with the margin balance exceeding 2.3 trillion yuan, and the trend of residents' transfer from fixed - deposits to the equity market is gradually forming. The expectation of the Fed's interest rate cut is also conducive to the inflow of funds into emerging economies [5] - In the short term, stock indices are expected to mainly show wide - range oscillation, and the subsequent market trend depends on the game between fund profit - taking and the fermentation of policy expectations [5]

Group 1: Report Overview - The report is the Baocheng Futures' morning report on beans and oils for September 12, 2025 [1] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - The beans market is still in a game between weak reality and strong expectations. Before the improvement of Sino - US trade relations, the divergence in the prices of domestic and foreign beans futures will continue. Short - term soybean meal futures prices will continue to fluctuate, and the impact of the US Department of Agriculture report should be noted [5] - The pressure on Malaysian palm oil inventory has been released as expected, and the linkage effect of the pressure on Malaysian palm oil prices on domestic palm oil futures prices is evident. After the short - term market pressure is released, there is not a strong driving force for further decline. Palm oil futures prices will still fluctuate around energy attributes and industrial changes, and the short - term rebound of palm oil futures prices will continue [8] Group 4: Summary by Variety Soybean Meal (M) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [5][7] - **Core Logic**: The import arrival rhythm, customs clearance inspection, oil refinery operation rhythm, and stocking demand [7] Palm Oil (P) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [6][7] - **Core Logic**: Bio - diesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrivals and inventory, and substitution demand [7] Soybean Oil (2601) - **Time - period Views**: Short - term: oscillation; Medium - term: oscillation; Intraday: oscillating strongly; Reference view: oscillating strongly [7] - **Core Logic**: US bio - fuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The short - term view of rebar 2601 is weak oscillation, the medium - term view is oscillation, and the intraday view is also weak oscillation. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that industrial contradictions are accumulating, and steel prices are seeking the bottom weakly [2]. - The rebar market remains in a situation of weak supply and demand. The weekly output of rebar continues to decline due to production conversion and short - process steel mill production cuts, but the sustainability of production cuts during the peak season needs to be tracked, and the high inventory does not relieve the supply pressure. Meanwhile, rebar demand remains weak, with high - frequency indicators running at a low level and no improvement in downstream industries. The peak - season performance is still poor, continuously pressuring steel prices. With cost increase and peak - season expectations as the only positives, steel prices are expected to continue the weak bottom - seeking trend, and attention should be paid to demand performance [3]. 3. Summary by Relevant Contents Variety View Reference - For rebar 2601, the short - term view is weak oscillation, the medium - term view is oscillation, and the intraday view is weak oscillation. The view reference is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the steel price's weak bottom - seeking [2]. Market Driving Logic - The rebar market has a pattern of weak supply and demand. Production conversion and short - process steel mill production cuts lead to a continuous decline in weekly rebar output, but the sustainability of production cuts during the peak season is uncertain, and high inventory does not ease supply pressure. Demand remains weak, with high - frequency indicators at a low level and no improvement in downstream industries. The poor peak - season performance pressures steel prices. With cost increase and peak - season expectations as positives, steel prices are expected to continue the weak bottom - seeking trend, and demand performance should be monitored [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The short - term, medium - term, and intraday views of Iron Ore 2601 are "oscillation", "oscillation", and "oscillation with a slight upward bias" respectively. It is recommended to pay attention to the support at the MA10 line. The core logic is that the demand has good resilience and the ore price is at a high level [2]. - The supply and demand of iron ore have changed. After the end of production restrictions, the terminal consumption of ore has increased significantly, and with the approaching holiday, there is a restocking expectation, so the demand has good resilience, which supports the ore price. However, the contradictions in the finished steel market are accumulating, the profit is shrinking, and the incremental space is limited. At the same time, the arrival at domestic ports has decreased, the overseas miners' shipments have also dropped significantly, the supply of foreign ore has shrunk in the short term, and the supply of domestic ore is weak. Overall, the fundamentals are acceptable, supporting the high - level operation of the ore price, but the upward movement of the high - valued ore price is restricted. The subsequent trend is cautiously optimistic, and attention should be paid to the performance of the steel market [3]. 3. Summary by Relevant Catalog Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation with a slight upward bias. The reference is to pay attention to the support at the MA10 line, and the core logic is the good demand resilience and high - level ore price [2]. Market Driving Logic - The demand side: After the end of production restrictions, the terminal consumption of ore has increased significantly, and with the approaching holiday, there is a restocking expectation, so the demand has good resilience, which supports the ore price. But the contradictions in the finished steel market are accumulating, the profit is shrinking, and the incremental space is limited [3]. - The supply side: The arrival at domestic ports has decreased, the overseas miners' shipments have dropped significantly, the supply of foreign ore has shrunk in the short term, and the supply of domestic ore is weak, resulting in relatively low ore supply [3]. - Overall: The fundamentals are acceptable, supporting the high - level operation of the ore price, but the upward movement of the high - valued ore price is restricted. The subsequent trend is cautiously optimistic, and attention should be paid to the performance of the steel market [3].

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Viewpoints of the Report - Gold is expected to show short - term strength with short - term and medium - term upward trends and an intraday trend of being oscillating and slightly stronger. The main reasons are the approaching US interest rate cut and strong upward momentum after breaking through the oscillation range [1][3]. - Copper is also predicted to be short - term strong, with short - term and medium - term upward trends and an intraday trend of being oscillating and slightly stronger. This is due to the increasing expectation of the Fed's interest rate cut, the approaching industrial peak season, and strong upward momentum with increasing positions [1][5]. 3) Summary According to Related Catalogs Gold (AU) - **Time - cycle Views**: Short - term: rising; Medium - term: rising; Intraday: oscillating and slightly stronger [1][3]. - **Reference View**: Short - term strength [1][3]. - **Core Logic**: This week, the gold price first rose and then fell. The main contract of Shanghai gold oscillated around the 830 - yuan mark last night. The recent AI boom has led to new highs in the US Nasdaq Index and China's ChiNext Index, increasing market risk appetite and being negative for the gold price. In the long run, the gold price has been rising since the Jackson Hole meeting on August 22, breaking through the high of the oscillation range since the second quarter of this year. The short - term upward momentum is strong, and attention can be paid to the support of the 5 - day moving average [3]. Copper (CU) - **Time - cycle Views**: Short - term: rising; Medium - term: rising; Intraday: oscillating and slightly stronger [1][5]. - **Reference View**: Short - term strength [1][5]. - **Core Logic**: Last night, the copper price continued to rise with increasing positions, and the main contract price was approaching the highs in July and September. At the macro level, the increasing expectation of the Fed's interest rate cut is positive for the copper price. At the industrial level, the support from the domestic industrial peak season for the futures price is continuously strengthening. With a strong domestic and weak overseas macro situation and the industry entering the peak season, the futures price is expected to be strong. Technically, the futures price has been rising with increasing positions, and the upward momentum is strong. Attention should be paid to the technical pressure at the previous highs [5].

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - The short - term, medium - term, and intraday views for TL2512 are "oscillation", with an intraday view of "oscillation on the weak side". The core logic is that the long - term expectation of interest rate cuts remains, but the possibility of a short - term comprehensive interest rate cut is low [1]. - For financial futures in the bond index sector (TL, T, TF, TS), the intraday view is "oscillation on the weak side", the medium - term view is "oscillation", and the reference view is "oscillation". It is expected that Treasury bond futures will mainly undergo low - level oscillation and consolidation in the short term [5]. 3. Summary by Related Content Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation on the weak side", and the reference view is "oscillation". The core logic is that the long - term expectation of interest rate cuts remains, but the possibility of a short - term comprehensive interest rate cut is low [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for TL, T, TF, TS is "oscillation on the weak side", the medium - term view is "oscillation", and the reference view is "oscillation". Yesterday, Treasury bond futures maintained low - level oscillation and consolidation. Today, the stock market rose unilaterally, and the recovery of stock market risk appetite suppressed the bond market. Inflation data is still weak, and subsequent policy - makers will continue to introduce policies to stabilize demand to promote a moderate recovery of inflation. It is expected that fiscal policies will be strengthened in the fourth quarter, which will put pressure on the supply side of Treasury bonds. Since there is no need for a short - term comprehensive interest rate cut, the downward space for market interest rates is limited, and the upward momentum of Treasury bond futures is insufficient. In general, Treasury bond futures are expected to mainly undergo low - level oscillation and consolidation in the short term [5].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoint In the context of supply - demand both being weak, the fundamentals of coking coal remain good. In the short term, the bulls and bears will engage in a game between the "anti - involution" policy and weakening demand. The tight supply strongly supports the coking coal price, but the upside is limited, and it is expected to continue a high - level oscillating trend [6]. 3. Summary by Related Content Price - Since August, the coking coal futures price has fallen from 1328 yuan/ton to 1075 yuan/ton, a cumulative decline of over 19%. The futures price decline has led to a synchronous weakening of the spot price, with mainstream varieties falling by 30 - 150 yuan/ton [2]. Inventory - As of the week of September 5, the coking coal inventory continued to decline. The total coking coal inventory was 3034.82 million tons, a week - on - week decrease of 36.78 million tons, and significantly lower than the same period last year, a year - on - year decline of 20.70%. The decline is due to low domestic coal mine supply [3]. Supply - Domestic coal mine production has been running at a low level recently. As of September 5, the capacity utilization rate of 523 coking coal mines was 75.78%, a week - on - week decrease of 8.26 percentage points. The daily output of raw coal and clean coal decreased by 18.55 million tons and 6.01 million tons respectively week - on - week. Although mines are gradually resuming production, the capacity utilization rate is difficult to return to the high level of the first half of the year, and domestic supply is tight [4]. - The supply of imported coking coal has increased. In July, China imported 3873.2 million tons of coking coal, a month - on - month increase of 13%. As of the week of September 5, the average daily customs clearance of the three major ports increased by 5.81% week - on - week [5]. Demand - As of the week of September 5, the combined daily coke output of all - sample independent coking plants and 247 steel mills decreased for two consecutive weeks. In the short term, there is room for improvement in coking coal demand due to the improved profitability of coking enterprises and the replenishment demand before the "National Day" holiday. However, the contradictions in the downstream steel market are accumulating, the increase in coking coal demand may be limited, and the procurement of raw materials is becoming more cautious [5].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - Today, all stock indices rebounded unilaterally. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets throughout the day was 2.4646 trillion yuan, an increase of 460.6 billion yuan compared to the previous day. Since early September, due to the significant increase in the prices of some individual stocks and a notable rise in the valuation, some investors' willingness to chase the market has weakened, and the profit - taking of profitable funds has led to a technical adjustment of the stock indices. However, the positive policy expectations and the continuous inflow of funds into the stock market still provide long - term support for the stock indices. The Minister of Finance pointed out that "in the next step, more efforts will be made to strengthen the domestic cycle, and more proactive and effective macro - policies will be implemented in a timely manner." Combined with the weak inflation data in August, it means that policies to boost the demand side will continue to be introduced, and the expectation of policy benefits is rising. On the other hand, incremental funds continue to flow into the stock market. The balance of margin trading has exceeded 2.3 trillion yuan and remains at a high level. The significant increase in non - bank deposits in July indicates that the trend of residents' maturing time deposits shifting to equity market allocation is gradually taking shape. The increasing expectation of the Fed's interest rate cut is conducive to driving the flow of the US dollar to emerging economies. Therefore, the trend of net inflow of incremental funds into the A - share market remains unchanged, which is expected to promote the repair of the stock market valuation. However, attention should still be paid to the intensity of profit - taking at the current position, and the subsequent market trend depends on the game between profit - taking and the fermentation of policy expectations. In general, the stock indices are expected to fluctuate widely in the short term [3]. - Currently, the implied volatility of options is within the normal range. Considering the long - term upward trend of the stock indices, investors can continue to hold bull spreads or ratio spreads [4]. 3. Summary According to Relevant Catalogs 3.1 Option Indicators - On September 11, 2025, the 50ETF rose 1.63% to close at 3.122; the 300ETF (Shanghai Stock Exchange) rose 2.69% to close at 4.660; the 300ETF (Shenzhen Stock Exchange) rose 2.56% to close at 4.800; the CSI 300 Index rose 2.31% to close at 4548.03; the CSI 1000 Index rose 2.35% to close at 7399.89; the 500ETF (Shanghai Stock Exchange) rose 3.16% to close at 7.224; the 500ETF (Shenzhen Stock Exchange) rose 3.14% to close at 2.891; the ChiNext ETF rose 5.22% to close at 3.025; the Shenzhen 100ETF rose 3.82% to close at 3.451; the SSE 50 Index rose 1.48% to close at 2983.08; the Science and Technology Innovation 50ETF rose 5.45% to close at 1.39; the E Fund Science and Technology Innovation 50ETF rose 5.50% to close at 1.36 [6]. - The trading volume PCR and position PCR of various options changed compared with the previous trading day. For example, the trading volume PCR of the SSE 50ETF option was 74.33, and the previous trading day was 98.65; the position PCR was 90.71, and the previous trading day was 83.10 [7]. - The implied volatility of at - the - money options in September 2025 and the 30 - day historical volatility of the underlying for various options are provided. For example, the implied volatility of at - the - money options of the SSE 50ETF option in September 2025 was 15.17%, and the 30 - day historical volatility of the underlying was 15.60% [8]. 3.2 Relevant Charts - The report includes a series of charts for different options, such as the SSE 50ETF option, SSE 300ETF option, etc. These charts show the trends, volatilities, trading volume PCR, position PCR, implied volatility curves, and various - term at - the - money implied volatilities of the underlying assets of the options [10][20][33].