1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The steel and ore market will maintain a short - term oscillating trend. The iron ore's performance is still stronger than that of finished steel products. The rebar has reached a new low this week, while the iron ore has reached a new high. The rebar's pressure level is 3230 and support level is 3050. The hot - rolled coil's pressure level is 3450 and support level is 3250. The pressure level of the main iron ore contract 2601 is 833 and support level is 750. The trading strategy is short - term operation with stop - loss set [5][6]. 3. Summary by Related Catalogs Supply Side - In August 2025, China's daily crude steel output decreased both year - on - year and month - on - month. Considering most steel mills are on the verge of profit and loss, the supply expansion in September is limited. There is an obvious structural differentiation on the supply side. In August, pig iron output increased year - on - year while crude steel output decreased. Currently, blast furnace production contributes more, while electric furnace production is in full - scale loss and its contribution declines [17]. - This week, although blast furnaces resumed, steel supply decreased with structural differentiation. Rebar production and inventory both decreased, while hot - rolled coil production and inventory both increased, with hot - rolled coil performing better than rebar. Shanxi's blast furnaces are gradually resuming production, but the expectation of production restrictions in Tangshan is increasing [15][18]. - This week, the molten iron output increased by 0.47 million tons to 241.02 million tons. The steel mill profitability rate is 58.87%, down 1.5% month - on - month. Electric furnace steel is still in full - scale loss, limiting production enthusiasm [22]. - The total inventory of imported iron ore at 47 ports in China is 143.8168 million tons, a decrease of 744,400 tons month - on - month; the daily average port clearance volume is 3.5103 million tons, an increase of 664,000 tons. The number of ships at ports is 102, an increase of 1. From September 8th to 14th, the total arrival volume at 47 ports in China was 23.923 million tons, a decrease of 1.806 million tons month - on - month; the total arrival volume at 45 ports was 23.623 million tons, a decrease of 857,000 tons month - on - month; the total arrival volume at six northern ports was 12.45 million tons, a decrease of 750,000 tons month - on - month. From September 8th to 14th, Mysteel's global iron ore shipment volume was 35.731 million tons, an increase of 8.169 million tons month - on - month. The total shipment volume from Australia and Brazil was 29.778 million tons, an increase of 6.482 million tons month - on - month [26]. Demand Side - In August, the investment growth rates of real estate, infrastructure, and manufacturing all slowed down, and the domestic demand reduction was obvious. During the transition from the off - season to the peak season in September, the demand has increased but is unstable [17]. Important News - In August 2025, China's crude steel output was 77.37 million tons, a year - on - year decrease of 0.7%; pig iron output was 69.79 million tons, a year - on - year increase of 1.0%; steel output was 122.77 million tons, a year - on - year increase of 9.7%. From January to August, China's crude steel output was 671.81 million tons, a year - on - year decrease of 2.8%; pig iron output was 579.07 million tons, a year - on - year decrease of 1.1%; steel output was 982.17 million tons, a year - on - year increase of 5.5% [13]. - In August, the raw coal output of industrial enterprises above designated size was 390 million tons, a year - on - year decrease of 3.2%, and the decline rate narrowed by 0.6 percentage points compared with July; the daily average output was 12.6 million tons. From January to August, the raw coal output of industrial enterprises above designated size was 3.17 billion tons, a year - on - year increase of 2.8% [13]. - From January to August 2025, the national fixed - asset investment (excluding rural households) was 3.26111 trillion yuan, a year - on - year increase of 0.5%. Among them, private fixed - asset investment decreased by 2.3% year - on - year. In terms of month - on - month, fixed - asset investment (excluding rural households) in August decreased by 0.20% [13]. - On the 16th, there was news that coking and steel enterprises in Tangshan began environmental protection production restrictions. Steel mill blast furnaces were shut down by 40% in terms of equipment, and coking enterprises extended the coking time by 30%. Currently, some enterprises have received production restriction notices, and individual coking enterprises have extended the coking time by 30%. The current overall operating rate of coking plants in the Tangshan market is about 75%. Steel mills have received production restriction notices, and the specific implementation plan is still to be discussed [13]. - Nine listed steel enterprises are accelerating overseas layout, integrating deeply into the global steel industry supply chain through establishing overseas production bases, obtaining international authoritative certifications, and setting up overseas subsidiaries [14]. - British mining company Cadence Minerals recently announced a $4.6 million prepayment financing agreement for the Amapa Iron Ore Project in Brazil. The funds will be used to restart the Azteca beneficiation plant and process high - grade tailings into iron ore concentrates, laying the foundation for the project's long - term expansion plan of an annual output of 5.5 million tons of direct - reduction (DR - grade) iron ore concentrates [14].

Report Industry Investment Rating No information provided. Core Views of the Report - The narrowing Sino-US interest rate spread will attract more global funds to focus on RMB assets. The current rise of the Chinese stock market is mainly driven by liquidity, with "reflation" expectations and AI autonomy as key catalysts. If the institutional shareholding ratio increases to the average level of emerging or developed markets, it may bring RMB 14 trillion to 30 trillion in potential capital inflows to the A-share market. The market is in a shock period with a phased style shift from growth to defense [23]. - In the context of downward export expectations and investment slowdown, consumption will become the main driving force for economic growth in the fourth quarter [46]. Summary by Relevant Catalogs Stock Market and Index - On Thursday, the Shanghai Composite Index attempted to break through 3900 points but faced large-scale selling pressure. In a bull market, there are often sharp drops [4]. - Foreign investors are buying Chinese concept stocks, driving up the Nasdaq Golden Dragon China Index, and pouring into the Hong Kong stock market, pushing up the Hang Seng Tech Index [18][20]. - As of September 17, the margin trading balance exceeded RMB 2.4 trillion. In August, there were 2.65 million new A-share accounts opened, indicating continuous capital inflow. In August, non-bank financial institutions had new RMB deposits of RMB 1.18 trillion, showing accelerated capital transfer to the stock market. The year-on-year growth rate of M1 in August reached 6.0%, indicating faster currency activation, which is beneficial for the stock market to rise [25][28][31]. Macroeconomic Data - The Fed cut interest rates by 25 basis points preventively, and its monetary policy focus is shifting towards employment. The Fed believes that the impact of tariffs on inflation may be short-term [7][8]. - In August, the year-on-year growth rate of core CPI was 0.9%, and the month-on-month growth rate of CPI for consumer goods was 0.1%, showing that anti-involution is helping to emerge from deflation [34]. - In August, the monthly value of fixed asset investment in the manufacturing industry was RMB 2.62 trillion, with a year-on-year growth rate of -0.3%, indicating a stall in investment. The monthly value of infrastructure investment was RMB 1.90 trillion, with a year-on-year growth rate of -6.4%, showing a stall in infrastructure investment and reflecting the financial difficulties of local governments. The year-on-year growth rate of the monthly value of real estate development investment completion in August was -19.9%, continuing to decline [37][40][43]. - In August, the monthly value of total retail sales of consumer goods was RMB 3.96 trillion, with a year-on-year growth rate of 3.4%. In the context of downward export expectations and investment slowdown, consumption will be the main driving force for economic growth in the fourth quarter [46]. Policy and Consumption - On September 16, nine departments including the Ministry of Commerce jointly issued policies and measures to expand service consumption, proposing 19 specific tasks in five aspects to stimulate the market vitality of service consumption [49]. US Economic Data - In August, the total retail and food sales in the US increased by 0.6% month-on-month, exceeding expectations, indicating strong US consumption [51]. - In July, the US capital goods import amount reached a record high of $96.1 billion, with a year-on-year growth rate of 15.1%, showing an acceleration of the US manufacturing industry's return and the "re-industrialization" process. In July, the US intermediate goods import amount was $60.8 billion, a month-on-month increase of 25%, indicating a recovery in the US manufacturing industry's prosperity [54][57]. Huawei's Technological Breakthroughs - At the Huawei Connect 2025 Conference, Huawei announced significant progress in AI chips. The Matrix 386 AI server cluster based on Ascend 910C in 2025 outperformed NVIDIA's mainstream products, and the planned Atlas 950 SuperCluster and Atlas 950 SuperPoD in 2026 will far exceed NVIDIA's products in terms of computing power. The computing power of Huawei's Ascend chips will double annually, and Huawei is also developing self - developed HBM, achieving full - process autonomy and controllability in semiconductor technology. The conference also released high - performance server processors such as Kunpeng 950 and Kunpeng 960, which may surpass Intel [9][10][12]. Trading Strategies - For stock index futures directional trading, during the shock period, the market has a phased style shift from growth to defense. For stock index option trading, during the shock period, with the style shift from growth to defense, it is advisable to wait and see. The portfolio should mainly consist of CSI 300 stock index futures [23][24][60].

格林大华期货有限公司 GELIN DAHUA FUTURES CO.,LTD | | 2025年8月 | 2025年7月 | 环比变化幅度 | 同比变化幅度 | | --- | --- | --- | --- | --- | | 中国原煤产量(万吨) | 39050 | 38099 | 2.50% | -3.20% | | 山西原煤产量 | 10771 | 10699 | 0.67% | -6.70% | | 七些十百柑立旦 | 10991 | 0070 | 9 560/ | 0 2000 | 内蒙古原煤产量 9979 3. 56% 0. 30% 10334 陕西原煤产量 6639 -0. 49% 6606 1.10% 新疆原煤产量 -10. 50% 4220 3685 14.51% 贵州原煤产量 -3.70% 1216 1234 -1. 43% 中国原煤产量(亿吨) 山西原煤月度产量(万吨) 13000 4.60 4. 40 12000 4. 20 10771 3. 9 4.00 3. 8 11000 3.80 3.60 10699 10000 3. 40 3. 20 9000 3.00 4月 3月 5月 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The global economy maintains an upward trend, with various countries showing positive economic indicators [8] - The Fed's preventive 25 - basis - point rate cut signals a shift in monetary policy focus towards employment [4] - International capital is actively increasing positions in China's technology sector, and the US manufacturing industry is accelerating its reshoring [7] Summary by Relevant Catalogs Global Economic Outlook - China implements the "Artificial Intelligence +" initiative, and international capital is bullish on China's technology sector in AI, robotics, and biotech [7] - The US Court of Appeals rules "reciprocal tariffs" illegal. US capital goods imports in July reached $96.1 billion, a record high, with a 15.1% year - on - year growth, indicating accelerated manufacturing reshoring [7][12] - The Eurozone's August manufacturing PMI exceeded the boom - bust line for the first time since June 2022, and Germany's and the Eurozone's manufacturing PMIs showed positive trends [7][23] - India's August manufacturing and service PMIs hit new highs, and its manufacturing and service industries have been expanding for over three years [25] - Japan's long - term government bond yields are on an upward trend [27] - US economic data shows positive signs: retail and food sales in August increased by 0.6% month - on - month, consumer demand is strong; CPI in August increased by 2.9% year - on - year and 0.3% month - on - month, in line with expectations; the Market manufacturing PMI index accelerated expansion in August, reaching a three - year high; capital goods imports in July reached a record high, and intermediate goods imports in July increased by 25% month - on - month, indicating a recovery in manufacturing [9][12][15][18][21] Asset Allocation - The Fed's 25 - basis - point rate cut in September starts a new rate - cut cycle [30] - Foreign capital is flowing into Hong Kong - listed Chinese assets, driving up the Hang Seng Tech Index [29][32][43] - The Shanghai Composite Index failed to break through 3900 points. A - shares enter a phased shock period and shift to a defensive stance, with a focus on allocating CSI 300 stock index futures [31][38] - After the Fed's rate cut, London gold enters a technical indicator repair period [33][46] - Thirty - year treasury bond futures continue to decline [34][49] - Foreign capital is buying Chinese concept stocks, pushing up the Nasdaq Golden Dragon China Index [41]

Report Summary 1. Report Industry Investment Rating - The report recommends going long on IC, IM, IF, and IH index futures in the macro and financial sector [1]. 2. Core Viewpoints - The Chinese stock market's current rally is mainly driven by liquidity, with "re - inflation" expectations and AI autonomy as key catalysts. If institutional shareholding ratios reach the average levels of emerging or developed markets, it could bring potential capital inflows of 14 trillion or 30 trillion yuan to the A - share market [1][2]. - The sharp fluctuations in the stock market on Thursday are a characteristic of sharp drops in a bull market, which do not hinder the medium - to - long - term upward trend. The sector - rotation structural market is expected to continue [2]. 3. Summary by Related Catalogs Market Review - On Thursday, the major indices in the two markets rose in the morning and plunged in the afternoon, with high volatility. The trading volume was 3.13 trillion yuan, and the decline was accompanied by increased volume. The CSI 500, CSI 1000, SSE 300, and SSE 50 indices all declined, with respective drops of 0.83%, 1.04%, 1.16%, and 1.35%. The CSI 1000, CSI 500, SSE 300, and SSE 50 index futures saw net inflows of 66, 51, 32, and 17 billion yuan in settled funds respectively [1]. Important Information - The Fed's rate - cut signal is complex and contradictory. While signaling a dovish rate cut, it raised economic growth and inflation expectations. Goldman Sachs believes Powell's speech is "balanced" [1]. - Huawei announced the evolution and targets of Ascend chips, planning to launch Ascend 950DT in Q4 2026, Ascend 960 in Q4 2027, and Ascend 970 in Q4 2028 [1]. - Many auto - parts listed companies have ventured into the embodied - intelligence robot field this year, and some are also working on core - technology breakthroughs [1]. - CATL said its sodium - new battery will help expand the cold - weather market, with an energy density of 175Wh/kg and over 500 - km pure - electric range, and will start mass - supplying in 2026 [1]. - In the lithium - carbonate market, the "Golden September and Silver October" peak - season characteristics are evident, with record - high production of lithium iron phosphate and strong energy - storage orders. Inventory is being depleted rapidly, and the market is in a tight - balance or slight - de - stocking state [1][2]. - China's dexterous - hand technology has accelerated its iteration this year, such as the F - TAC Hand developed by a joint research team [2]. - Microsoft has become a key part of Musk's business. Colossus II plans to deploy 110,000 NVIDIA GB200 GPUs in the first phase, with a final goal of over 550,000 GPUs and a peak - power demand of over 1.1 gigawatts [2]. - The Fed's rate cut has boosted market sentiment, and investors expect the Indian central bank to follow suit. HSBC believes the Indian stock market is undervalued [2]. Market Logic - The Chinese stock - market rally is liquidity - driven. The inflow of international funds into the A - share market has increased, with a net inflow of $39 billion into Chinese bonds and stocks in August [2]. Future Outlook - The sharp fluctuations in the stock market on Thursday are a normal phenomenon in a bull market. AI will be a transformative driving force in the next decade. The international financial asset re - allocation trend of "de - Americanization" will accelerate the inflow of international funds into the A - share market. The psychological pressure at the 3900 - point level of the Shanghai Composite Index is still high, and the policy aims for a slow - bull market [2]. Trading Strategies - For index - futures directional trading, the sharp fluctuations are normal in a bull market and do not affect the medium - to - long - term upward trend [2]. - For index - option trading, investors should seize the opportunity to buy far - month deep - out - of - the - money call options [2].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - The macro - expectation is difficult to reverse the weak fundamental situation, limiting the geopolitical premium space in the short - term and driving the center of the crude oil futures market to gradually decline in the long - term. The market reaction is generally bearish due to the entry into the traditional demand off - season and the Fed's interest rate decision [1]. 3. Summary by Relevant Catalog Production - As of the week ending September 12, the daily average crude oil production in the US was 13.482 million barrels, a decrease of 13,000 barrels from the previous week and an increase of 282,000 barrels from the same period last year. The four - week daily average production as of September 12 was 13.46 million barrels, 1.4% higher than the same period last year. The daily average production this year was 13.437 million barrels, 1.9% higher than last year [1]. Inventory - US commercial crude oil inventory decreased by 9.285 million barrels to 415.361 million barrels, a decrease of 2.19%. Cushing crude oil inventory decreased by 296,000 barrels to 23.561 million barrels, a decrease of 1.24%. US gasoline inventory decreased by 2.347 million barrels to 217.650 million barrels, a decrease of 1.07%. US distillate oil inventory increased by 4.046 million barrels to 124.684 million barrels, an increase of 3.35%. US total oil product inventory increased by 1.171 million barrels to 1.282421 billion barrels, an increase of 0.019%. US strategic petroleum reserve inventory increased by 504,000 barrels to 405.728 million barrels, an increase of 0.12% [1][2]. Refinery - The US refinery utilization rate was 93.3%, a decrease of 1.6 percentage points from the previous week, a decrease of 1.69% [2]. Trade - US crude oil imports were 5.692 million barrels per day, a decrease of 579,000 barrels per day from the previous week, a decrease of 9.23%. US crude oil exports were 5.277 million barrels per day, an increase of 2.532 million barrels per day from the previous week, an increase of 92.1%, reaching the highest level in nearly two years [1][2]. Interest Rate - The Fed cut interest rates by 25 basis points as expected. After the announcement of the Fed's interest rate decision, oil prices showed a downward trend [1].

Report Summary 1. Report Industry Investment Rating - The investment rating for the iron ore in the black building materials sector is "oscillating" [3]. 2. Core View of the Report - The iron ore market had a decline on Wednesday and a rise during the night session. The supply of iron ore decreased as the arrival volume declined this period, and the port inventory continued to decrease with no prominent inventory contradiction. The iron ore main contract 2601 is expected to oscillate in the short - term, with the previous high of 833 as an important resistance level and 750 as the support level. Short - term operations are recommended [3]. 3. Summary by Related Content Market Review - Iron ore closed down on Wednesday and up during the night session [3]. Important Information - In August, the daily output of crude steel of key steel enterprises was 211,960 tons, a month - on - month decrease of 1.5% [3]. - The China Association of the National Shipbuilding Industry expects that the annual shipbuilding completion volume in China will be around 51 million deadweight tons in 2025 [3]. - The Jiangsu Iron and Steel Association believes that it is urgent to rectify the "involution - style" competition [3]. Market Logic - On the 17th, the price of 61.5% PB powder at Qingdao Port was 792 yuan/ton wet (-11), the price of first - grade coke at Rizhao Port was 1,550 yuan/ton (-60), the price of quasi - first - grade coke was 1,480 yuan/ton (-50), the price of Shanghai rebar was 3,260 yuan/ton (-10), and the price of Shanghai hot - rolled coil was 3,420 yuan/ton (-10). The arrival volume of iron ore decreased this period, and the port inventory continued to decrease [3]. Trading Strategy - The iron ore main contract 2601 is expected to oscillate in the short - term, with the previous high of 833 as an important resistance level and 750 as the support level. Short - term operations are recommended [3].

Report Summary 1) Report Industry Investment Rating - The investment rating for the black metal (silicon - ferromanganese and silicon) sector is "oscillating and bullish" [1] 2) Core View of the Report - The overall view of silicon - ferromanganese and silicon is bullish in the short - term, with the market trading on policy expectations [1] 3) Summary by Relevant Catalogs Market Quotes - The SM2601 contract closed at 5990, up 0.77% from the previous trading day's close; the SF2511 contract closed at 5766, up 1.16% from the previous trading day's close [1] Important Information - The Federal Reserve cut the federal funds rate target range to 4.00% - 4.25% by 25 basis points on Wednesday, the first rate cut this year and the resumption of rate cuts after 9 months [1] - On September 16, the First President's Office Meeting of the Third Session of the Jiangsu Iron and Steel Industry Association was held in Tangshan, Hebei. Relevant initiatives and suggestions were reviewed and passed [1] - On September 17, Li Zhen, Deputy Director of the State - owned Assets Supervision and Administration Commission of the State Council, said that state - owned enterprises would be promoted to carry out strategic and professional restructuring and integration [1] - From January to August, Hebei ranked first in the country in crude steel production with 14198.63 million tons, and Jiangsu ranked second with 8119.29 million tons [1] Market Logic - Recently, downstream inquiries in the manganese - silicon market have been active, and market procurement demand has increased. Manganese ore prices have slightly increased. With the approaching of the National Day holiday, downstream procurement demand has rebounded. Although Hebei Iron and Steel's steel procurement inquiry price has dropped significantly, downstream low - price procurement demand has increased, and manganese ore cost support is strong, so producers are reluctant to lower prices. The final pricing of Hebei Iron and Steel's September steel procurement should be noted. For silicon - iron, Hebei Iron and Steel's September silicon - iron tender price is 5800 yuan/ton (including tax and acceptance at the factory), a decrease of 230 yuan/ton compared with August, and the procurement quantity is 3280 tons, an increase of 130 tons compared with August. There is strong short - term support below, and the overall view of double - silicon is bullish [1] Trading Strategy - The short - term market trades on policy expectations and is viewed bullishly [1]

1. Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is (Bullish) [1] 2. Core View of the Report - Overseas funds are continuously flowing into Chinese assets, leading to the rise of popular Chinese concept stocks and new highs in relevant indices. Huawei's report on the future trends of key technologies shows the potential of AGI and AI. The consumption of enterprise - level large - model Tokens in China has increased significantly, and Alibaba has advantages. Ningde Times has high - tech production lines and great potential in the energy storage business. The UK and the US have reached a technology agreement, and the US may set up a mining investment fund. The gold price increase is driven by European and American investors. China's economic policies and international economic trends are also favorable [1] 3. Summary by Related Catalog 3.1 Important Information - Overseas funds are flowing into Chinese assets, with the Nasdaq Golden Dragon China Index reaching a new high since February 2022 and the Hang Seng Tech Index hitting a new high since March [1] - Huawei released the Smart World 2035 series of reports, stating that AGI will be the most transformative driving force in the next decade, and the total computing power of the whole society will increase by 100,000 times in 2035 [1] - The daily average Token consumption of Chinese enterprise - level large models reached 10.2 trillion in the first half of 2025, a surge of 363% compared to the second half of 2024. Goldman Sachs believes Alibaba is in an advantageous position [1] - Morgan Stanley thinks Ningde Times' self - developed production line has high - tech features, with a current utilization rate of over 90%, and it is building new capacity with a target of 1TWh next year [1] - The UK and the US reached a "Technology Prosperity Agreement", and US tech giants will invest over £31 billion in AI and other projects [1] - The rise in the gold price is mainly driven by European and American investors, with significant increases in the US trading session and ETF holdings [1] - The US International Development Finance Corporation is in talks to set up a mining investment fund with a scale of about $5 billion [1] 3.2 Global Economic Logic - China is implementing the "Artificial Intelligence +" action, and the energy storage installation scale will double in three years. In August, a net inflow of $39 billion entered Chinese bonds and stocks [1] - The Federal Reserve has entered an interest - rate cut cycle, and the US Court of Appeals ruled that "reciprocal tariffs" are illegal [1] - US capital goods imports in July reached a record high of $95.8 billion, and the manufacturing industry is accelerating. The eurozone's manufacturing PMI in August exceeded the boom - bust line for the first time since June 2022 [1] - Huawei released the Smart World 2035 series of reports, and Yushu Technology open - sourced a world model - motion architecture for multiple types of robots. Global AI giants are starting a model competition [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On Tuesday, the major indices of the two markets showed strong oscillations, with growth - type indices being relatively strong and the robot sector leading the gains. The total trading volume of the two markets was 2.34 trillion yuan, showing little change. The inflow of international and domestic funds into the A - share market is continuous, and mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. The anti - involution market has entered the second wave, and before the Fed cuts interest rates, commodity prices will restart their upward trend [1][2] 3. Summary According to Relevant Catalogs 3.1 Market Review - The CSI 500 Index closed at 7190 points, up 53 points or 0.75%; the CSI 1000 Index closed at 7483 points, up 68 points or 0.92%; the SSE 300 Index closed at 4523 points, down 9 points or - 0.21%; the SSE 50 Index closed at 2947 points, down 14 points or - 0.50%. Among industry and theme ETFs, those with the highest gains were auto parts ETF, robot 50ETF, computer ETF, big data ETF, and intelligent driving ETF, while those with the highest losses were rare metal ETF, rare earth ETF, and industrial non - ferrous ETF. Among the sector indices of the two markets, those with the highest gains were home appliance parts, motor manufacturing, reducers, industrial Internet, and humanoid robot indices, while those with the highest losses were marine equipment, rare metals, aquaculture, oil and gas extraction, and commercial vehicle indices. The futures settlement funds of the CSI 1000, CSI 500, SSE 300, and SSE 50 Index futures had net inflows of 970 million, 510 million, 270 million, and 30 million yuan respectively [1] 3.2 Important Information - Nine departments including the Ministry of Commerce issued policies to support financial institutions in expanding credit in the service consumption field. Since the low point in April, the CSI Non - Ferrous Metals Index and the CSI Sub - chemical Index have rebounded by 57% and 32% respectively, and a large amount of funds has flowed out of science - innovation ETFs and into chemical and non - ferrous ETFs. There are new changes in the application rules for public bond funds. Yushu Technology has open - sourced a world model - action architecture for multi - type robot bodies. The energy storage action plan has set a goal to double the domestic energy storage installed capacity by 2027. In early September, CATL's sodium - ion battery passed the new national standard certification. JPMorgan predicts that the gold price will break through $4000 per ounce in the first quarter of next year. US retail sales in August increased by 0.6% month - on - month for the third consecutive month. The US Federal Appellate Court in the District of Columbia rejected the Department of Justice's emergency application and maintained the ban on Trump from replacing Cook [1][2] 3.3 Market Logic - The major indices of the two markets showed strong oscillations on Tuesday, with growth - type indices being relatively strong and the robot sector leading the gains. By the end of June 2025, the total scale of other equity instrument investment OCI assets held by the five listed insurance companies reached about 1.1 trillion yuan, a record high. In August, a total of $3.9 billion flowed into Chinese bonds and stocks. According to EPFR data for the first week of September, foreign capital had a net inflow of $5.02 billion into Chinese mainland market stock funds [2] 3.4 Market Outlook - The inflow of international and domestic funds into the A - share market is continuous, and mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. The anti - involution market has entered the second wave, and before the Fed cuts interest rates, commodity prices will restart their upward trend. The total scale of domestic ETFs has historically exceeded 5 trillion yuan, and a new investment era defined by ETFs has arrived. Global financial assets are being re - allocated away from the US, and international funds are accelerating their inflow into the A - share market [2] 3.5 Trading Strategies - For futures index directional trading, as commodity prices restart their upward trend and the anti - involution market enters the second wave, with continuous inflow of domestic and international funds into the A - share market, mid - cap growth stocks represented by the CSI 500 Index are expected to lead the rise. For index option trading, as the major indices oscillate upward, one can buy out - of - the - money long - term index call options at an appropriate time [2]