Group 1: Report Industry Investment Rating - The investment rating for the apple in the agriculture, forestry, and livestock sector is bullish [1] Group 2: Core Viewpoint of the Report - Apple futures prices continued their upward trend. The poor quality of early - maturing Gala and Fuji led to an expectation of a shortage of high - quality fruits, which drove up the apple futures prices. Overall, the apple futures prices maintained a volatile pattern. For the AP10 contract, investors should buy on dips [1] Group 3: Summary by Relevant Catalog Market Review - The price of apple futures pulled back. The closing price of the main 2510 contract was 8381 yuan/ton, up 1.16% [1] Important Information - In Shandong, the price of bagged late - Fuji 80 (striped red, first and second - grade) was 3.80 - 4.00 yuan/jin; the price of bagged late - Fuji above 80 (striped red, general goods) was 3.00 - 3.50 yuan/jin; the price of bagged late - Fuji above 80 third - grade was 2.50 - 2.80 yuan/jin; the price of striped 80 first and second - grade was 4.10 - 4.50 yuan/jin - In Shaanxi, the price of bagged late - Fuji starting from 70 semi - commercial fruits was 4.70 - 4.80 yuan/jin. In the Weinan production area, there was a small amount of remaining goods from merchants in cold storage, mostly self - shipped, with little procurement for resale, and the market was stable. Currently, the price of late - Fuji starting from 75 general goods was about 4.00 yuan/jin - In Gansu, the price of late - Fuji mountain semi - commercial fruits above 75 in Renda Town was about 4.50 yuan/jin [1] Market Logic - In the western production areas, the supply of early - Fuji increased. Purchasers were quite active, and fruit farmers were eager to sell. Transactions were priced according to quality. In the Shandong production area, the inventory of Fuji apples was moving at a normal pace. Holders mostly sold at the going price, and transactions were made through bargaining, with little change in the market [1] Trading Strategy - Keep buying on dips for the AP10 contract [1]

数据快讯-甘其毛都口岸蒙煤周度库存数据 研究员： 侯建 纪晓云 从业资格 F3066027 交易咨询： Z0011402 联系电话： (010)56711796 我公司的立场。未经我公司同意，任何人不得对本报告进行任何形式的发布、复制或对本报告进行有悖原意的删节和修改。 9月8日 大华期货有限公司 | 日期 | 生存 | 环比 | | 288口岸日度通关车辆合计与月均 | | --- | --- | --- | --- | --- | | 2025/6/7 | 419 | | 1800 | | | 2025/6/14 | 413 | | 1600 | | | 2025/6/20 | 409 | | 1400 | | | 2025/6/28 | 391 | -18 | 1200 | | | 2025/7/5 | 375 | -16 | 1000 | | | 2025/7/10 | 355 | -20 | | | | 2025/7/19 | 286 | -69 | 600 | | | 2025/7/26 | 290 | | 400 | | | 2025/8/2 | 283 | | 200 | | | 2025/8 ...

1. Report Industry Investment Ratings - Corn: Interval [1] - Pig: Interval [3] - Egg: High - short [3] 2. Core Views - Corn: In the short term, the spot price stabilizes and strengthens during the transition between old and new seasons. The lower support of the futures price is the port price range converted from the new - season corn planting cost, and the upper pressure is the wheat - corn price difference. In the medium term, it fluctuates around the new - season corn drive. In the long term, it follows the pricing logic of import substitution and planting cost, focusing on policy guidance [1]. - Pig: In the short term, the resumption of the breeding end's slaughter rhythm puts pressure on the pig price. In the medium term, the expected increase in pig supply in the second half of the year restricts the rise of the pig price. In the long term, the pig production capacity will continue to be realized throughout the year if there is no epidemic [3]. - Egg: In the short and medium term, the opening of schools and Mid - Autumn Festival stocking support the spot price, but the short - term rise is not overly optimistic due to lower - than - expected chicken culling and high cold - storage egg inventory. In the long term, pay attention to the culling amplitude; otherwise, the supply pressure may re - emerge in the fourth quarter [3]. 3. Summaries by Related Catalogs Corn Market Review - Last Friday night, the corn futures fluctuated narrowly. By the end of the night session, the 2511 contract rose 0.27% to 2225 yuan/ton [1]. Important Information - CGC Grain and Oil Trading Network will organize an auction of 193,946 tons of imported genetically - modified corn on September 9. As of September 5, the total corn inventory at the four northern ports was about 1.07 million tons, continuing the downward trend and lower than last year. The corn inventory at Guangdong Port was 630,000 tons, and some feed enterprises replenished at low prices. On the weekend, the arrival of corn at Shandong's deep - processing enterprises increased slightly, with 440 trucks arriving on the 7th, 35 more than the previous day [1]. Market Logic - Short - term: The spot price stabilizes and strengthens during the transition, with support from the new - season planting cost and pressure from the wheat - corn price difference. Medium - term: Fluctuate around the new - season corn drive. Long - term: Follow the import substitution and planting cost pricing logic, focusing on policies [1]. Trading Strategy - In late August, it was suggested to pay attention to the band - buying opportunity after the corn verified the 2150 - 2160 support. Last week, it was suggested to pay attention to the pressure at 2220 for the 2511 contract and 2200 - 2210 for the 2601 contract. This week, pay attention to whether the support is effective. If the 2511 contract stands firm at 2200 - 2220, the expected price range will move up to 2240 - 2250; if the 2601 contract stands firm at 2200, it will move up to 2220 - 2240. Otherwise, it will return to the previous 2150 - 2200 range [1]. Pig Market Review - Last Friday, the main pig futures contract weakened. The LH2511 contract fell 0.63% to 13,325 yuan/ton [3]. Important Information - The pig price continued to fall over the weekend. On the 7th, the national average pig price was 13.53 yuan/kg, down 0.2 yuan/kg from the 5th. The official data showed that in July 2025, the number of fertile sows was 40.42 million, 103.64% of the normal level, and the number of sows culled by large - scale pig farms increased by 2.1% month - on - month. The number of new - born piglets in the first half of the year was at a historical high, indicating an increasing pig supply in the second half of the year. On September 5, the price difference between fat and lean pigs was 0.22 yuan/jin, narrowing by 0.03 yuan/jin from the previous day. The weekly average slaughter weight on September 4 was 123.66 kg, down 0.08 kg from the previous week. On September 5, the number of pig futures warehouse receipts remained unchanged at 430 [3]. Market Logic - Short - term: The resumption of the breeding end's slaughter rhythm puts pressure on the pig price. Medium - term: The expected increase in pig supply in the second half of the year restricts the price rise. Long - term: The pig production capacity will continue to be realized throughout the year if there is no epidemic [3]. Trading Strategy - Near - month contracts operate weakly around the spot price, and far - month contracts trade on the expected difference in production capacity reduction driven by policies. For the 2511 contract, the support is at 13,200 - 13,300, and the pressure is at 13,650 - 13,750; for the 2601 contract, the support is at 13,500 - 13,600, and the pressure is at 13,800 - 14,000; for the 2603 contract, the support is at 12,800 - 12,900, and the pressure is at 13,150 - 13,200; for the 2605 contract, the support is at 13,500, and the pressure is at 13,700 - 13,800 [3]. Egg Market Review - Last Friday, the egg futures contract weakened again. The JD2510 contract fell 1.72% to 2,946 yuan/500 kg [3]. Important Information - The egg spot price was stable with a slight increase over the weekend. On the 7th, the spot price of Guantao powder eggs was 3.11 yuan/jin, up 0.11 yuan/jin from the previous day. On the 5th, the inventory level remained unchanged. The average production - link inventory was 0.93 days, and the circulation - link inventory was 1.03 days. On the 5th, the average price of old hens was 4.57 yuan/jin, up 0.03 yuan/jin from the previous day. As of September 4, the weekly average culling age of old hens was 495 days, one day less than the previous week. In August, the number of laying hens was about 1.365 billion, a month - on - month increase of 0.66% and a year - on - year increase of 5.98%. The theoretical estimated number of laying hens in September is 1.353 billion, a month - on - month decrease of 0.8% [3]. Market Logic - Medium - and short - term: School openings and Mid - Autumn Festival stocking support the spot price, but the high - point of the price increase is not overly optimistic due to lower - than - expected chicken culling and high cold - storage egg inventory. Long - term: Pay attention to the culling amplitude. If the egg - chicken breeding profit turns positive in the third quarter and the culling is less than expected, the supply pressure may re - emerge in the fourth quarter [3]. Trading Strategy - It was previously suggested to maintain a high - short strategy for the 2510 contract. Last week, the 3050 pressure level was confirmed to be effective. Existing short positions can be held cautiously. If it effectively breaks below 2900, there will be more room for decline; otherwise, consider taking profit. For the 2512 and 2601 contracts, it was suggested to pay attention to high - short opportunities. The pressure levels of 3280 - 3300 for the 2512 contract and 3460 - 3480 for the 2601 contract were verified. Existing short positions can be held cautiously. If it breaks below the previous low, there will be more decline; otherwise, take profit. In addition, breeding enterprises can consider selling hedging opportunities to lock in profits after the 2607 and 2608 contracts rise [3].

Report Information - Report Title: Stock Market Adjustment, Bond Market Rebound - Report Date: September 5, 2025 - Researcher: Liu Yang - Contact: liuyang18036@greendh.com - Futures Practitioner Qualification Number: F3063825 - Futures Trading Consultation Number: Z0016580 [3] Industry Investment Rating - Not provided Core Viewpoints - The overall trend of the main contracts of Treasury bond futures this week was to rise first and then fall. There is an obvious seesaw effect between stocks and bonds. The yield curve of Treasury bond cash bonds has changed little. The manufacturing PMI in August continued to be below the boom - bust line, with production expanding and demand being slightly weak. The non - manufacturing business activity index increased slightly. The export of South Korea in August showed a certain growth. The wholesale price of agricultural products continued to rise, and the inflation pressure was limited in the short term. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls [5][7][12] Summary by Directory Treasury Bond Futures Weekly Market Review - The main contracts of Treasury bond futures showed a trend of rising first and then falling this week. On Monday, they refused to fall and rebounded to close a medium - positive line. On Tuesday, there was a small - scale fluctuation adjustment. On Wednesday, they attacked again and closed a medium - positive line. On Thursday, they rose and then fell slightly. On Friday, they fell sharply. For the whole week, the 30 - year Treasury bond fell 0.18%, the 10 - year Treasury bond rose 0.12%, the 5 - year Treasury bond rose 0.07%, and the 2 - year Treasury bond fell 0.03% [5] Stock - Bond Seesaw - The Wind All - A Index hit a new high on Monday this week, then fell for three consecutive days from Tuesday to Thursday, and rebounded sharply on Friday. Although the Treasury bond futures showed independence on some single days, the overall stock - bond seesaw effect was obvious [7] Changes in the Yield Curve of Treasury Bond Cash Bonds at Maturity - As of September 5, compared with August 29, the 2 - year Treasury bond yield rose 1 BP to 1.41%, the 5 - year Treasury bond yield fell 2 BP to 1.61%, the 10 - year Treasury bond yield fell 1 BP to 1.83%, and the 30 - year Treasury bond yield fell 3 BP to 2.11% [9] Manufacturing PMI in August - The official manufacturing PMI in August was 49.4%, remaining below the boom - bust line for the fifth consecutive month. Large - scale enterprises continued to expand in the boom range, medium - sized enterprises' prosperity declined, and small - scale enterprises hovered at a low level. The PMI of the equipment manufacturing industry and high - tech manufacturing industry increased. The procurement volume index increased, indicating that corporate procurement activities accelerated [12] Production and Demand in the Manufacturing Industry in August - The production index in August was 50.8%, showing continuous expansion. The new order index was 49.5%, indicating that market demand was still slightly weak. Industries such as medicine and computer communication electronics had rapid production and demand release, while industries such as textile and clothing and chemical raw materials had insufficient production and demand [14] New Export Orders and Import Index in the Manufacturing Industry in August - The new export order index in August was 47.2%, and the import index was 48.0%. The new export order index changed little compared with July. After the Sino - US economic and trade talks in Stockholm, the two sides agreed to suspend the implementation of 24% tariffs for 90 days, and China's export growth in August might be acceptable [17] Price Indexes in the Manufacturing Industry in August - The purchase price index of major raw materials in August was 53.3%, and the ex - factory price index was 49.1%. The purchase price index of raw materials continued to be in the expansion range, and the expansion amplitude increased in August. The prices of some industries rose, while those of some industries were below the critical point. The average value of the Nanhua Industrial Products Index in August was basically the same as that in July [19] Inventory Indexes in the Manufacturing Industry in August - The raw material inventory index in August was 48.0%, and the finished - product inventory index was 46.8%. The finished - product inventory index fell to a relatively low level again. From January to July, the cumulative year - on - year growth of manufacturing profits was 4.8%, and the year - on - year growth of finished - product inventory was 2.3%. Manufacturing enterprises were cautious about increasing inventory [22] Business Expectation Indexes in the Manufacturing Industry in August - The employment index in August was 47.9%, hovering at a relatively low level. The business activity expectation index was 53.7%, showing a slight rebound in the expectation of future prosperity [24] Non - Manufacturing Business Activity Index in August - The non - manufacturing business activity index in August was 50.3%. The construction industry business activity index was 49.1%, and the service industry business activity index was 50.5%. Some industries such as capital market services and transportation were in a high - level boom range, while industries such as retail and real estate had weak prosperity [26] Construction Industry Indexes in August - The new order index in August was 40.6%, and the employment index was 43.6%. The business activity expectation index was 51.7%. Affected by weather conditions, the prosperity of the construction industry slowed down [29] Service Industry Indexes in August - The new order index in August was 47.7%, and the employment index was 45.9%. The business activity expectation index was 57.0%, showing a slight upward trend [31] South Korea's Exports in August - South Korea's exports increased by 1.3% year - on - year in August. The daily average export amount calculated by working days increased by 5.8% year - on - year. The semiconductor export amount reached a record high, and the automobile export also showed strong momentum [34] Agricultural Product Price Index - The Agricultural Product Wholesale Price 200 Index on September 5 was 117.93, higher than that on August 31 but significantly lower than the same period last year, indicating that the price continued to rise but was still lower than last year [37] Nanhua Industrial Products Index - The Nanhua Industrial Products Index continued to decline after hitting a closing high on July 25. It declined slightly in August and fluctuated narrowly this week, indicating limited short - term inflation pressure [39] Capital Interest Rates - After the end of the month, the capital interest rates fell to a low level this week. The weighted average of DR001 was between 1.31% - 1.32%, and the weighted average of DR007 was around 1.44%. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was around 1.66%. The central bank carried out a 100 - billion - yuan 3 - month (91 - day) repurchase operation on Friday, which fully offset the due amount [41] Market Logic and Trading Strategies - The manufacturing PMI in August continued to be below the boom - bust line, with economic downward pressure still obvious. The service industry business activity index expanded moderately. The strong rebound of the Wind All - A Index on Friday corresponded to the unilateral decline of Treasury bond futures. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls. The trading - type investment should conduct band operations [44][45]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the given content. 2. Core Views - Corn: Bullish in the short - term, trading within a wide range in the medium - term, and following the pricing logic of import substitution and planting cost in the long - term [4][6] - Pig: Weak in the short - term, with supply pressure expected to ease in the long - term if capacity reduction policies are implemented effectively [11][13] - Egg: Short - term stability with limited upside, supply pressure may re - emerge in the long - term depending on the extent of chicken culling [18][20] 3. Summary by Relevant Catalogs Corn - **Market Performance**: Corn futures stopped falling and rebounded, with the main contract rising 1.51% to 2224 yuan/ton. Spot prices at ports and deep - processing enterprises were stable or slightly stronger [4][8] - **Important Information**: Port prices increased slightly, deep - processing enterprise purchase prices were stable or stronger, import corn auctions had certain transaction volumes, and corn futures warehouse receipts decreased. Wheat - corn price spread was inverted [4][5][8] - **Market Logic**: Short - term: Spot prices are stable and strong during the transition period, with support from new - season planting cost and pressure from wheat - corn spread. Medium - term: Focus on new - season drivers. Long - term: Follow import substitution and planting cost pricing logic and policy guidance [6] - **Trading Strategy**: Last week, it was suggested to consider long - position opportunities after the price tested the 2150 - 2160 support. This week, pay attention to the pressure levels of different contracts. If the pressure is broken, there may be further upside [7] Pig - **Market Performance**: Pig futures and spot prices both declined, with the main contract falling 1.7% to 13325 yuan/ton [11] - **Important Information**: The national average pig price decreased, the number of newborn piglets in the first half of the year was high, and the weight of weekly slaughtered pigs decreased [12] - **Market Logic**: Short - term: The resumption of slaughtering by farmers puts pressure on prices. Medium - term: Supply is expected to increase in the second half of the year. Long - term: Pig production capacity will continue to be realized this year, but supply pressure may ease next year if capacity reduction policies are in place [13] - **Trading Strategy**: Near - month contracts are weak, and far - month contracts trade on the expected difference in capacity reduction. Provide support and pressure levels for different contracts [14] Egg - **Market Performance**: Egg futures rose 0.85% to 3964 yuan/500kg, and spot prices were stable or slightly increased [18][19] - **Important Information**: Spot prices increased slightly, inventory levels were stable, the price of culled hens increased, and the estimated number of laying hens in September is expected to decline [19] - **Market Logic**: Short - and medium - term: School openings and Mid - Autumn Festival stocking support prices, but the upside is limited due to less - than - expected chicken culling and cold - storage egg inventory pressure. Long - term: Focus on the extent of chicken culling [20] - **Trading Strategy**: Maintain a short - selling strategy for the 2510 contract. Provide pressure levels for different contracts and suggest short - selling opportunities after certain conditions are met [21]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Steel and ore are expected to have upside potential after bottoming out and oscillating. It is recommended to maintain the idea of buying on dips and hold existing long positions with stop - loss set [5]. 3. Summary by Related Content Steel and Ore Market Situation - This week, the production and apparent demand of rebar and hot - rolled coils decreased, while both factory and social inventories increased. The supply of rebar and hot - rolled coils is expected to increase as steel mills in Tangshan and other places resume production. During the "Golden September and Silver October" peak season, demand is expected to rise, and the capital availability rate of downstream construction has increased month - on - month. The cement delivery has been continuously improving, and the construction market is gradually transitioning to the peak season [5]. - This week, the daily output of hot metal was 228,840 tons, a week - on - week decrease of 112,900 tons. It is expected that the hot metal output will rebound later, supporting the demand for iron ore. The arrival and shipment of iron ore this period increased month - on - month. The resistance level of the main iron ore 2601 contract is 833, and the support level is 750 [5]. - This week, steel and ore oscillated at the bottom. During the week, the finished steel reached a new low, and the iron ore trend was still stronger than that of the finished steel [6]. Important News - In August 2025, China's heavy - truck market sold about 84,000 vehicles (wholesale basis, including exports and new energy), a slight month - on - month decrease of 1% from July and about a 35% year - on - year increase from 62,500 vehicles in the same period last year. This is the fifth consecutive monthly increase in the heavy - truck market since April this year [11]. - In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month. The market demand in the manufacturing industry has improved, with a slight month - on - month rebound [11]. - In August, the output of special - quality steel bars from 46 domestic enterprises was 4.3527 million tons, a month - on - month decrease of 90,200 tons and a year - on - year increase of 263,800 tons. The expected output in September is 4.4783 million tons, a month - on - month increase of 125,600 tons and a year - on - year increase of 454,800 tons [11]. - In August, China's Logistics Industry Prosperity Index was 50.9%, up 0.4 percentage points from the previous month [11]. - On September 2nd, Jiangsu Shagang Group lowered the scrap steel purchase price by 50 yuan/ton. After the adjustment, the truck - transported price for heavy - grade III scrap steel was 2,410 yuan/ton (including tax), and for furnace - grade I scrap steel was 2,490 yuan/ton (including tax). The cumulative decline in 2025 is 150 yuan/ton [11]. - On September 3rd, the average cost of 76 independent electric - arc furnace construction steel mills was 3,333 yuan/ton, unchanged from the previous day. The average profit was - 135 yuan/ton, and the profit during off - peak electricity hours was - 39 yuan/ton, a day - on - day decrease of 3 yuan/ton [11]. - On September 3rd, the total scrap steel inventory of 300 long - and short - process representative steel mills was 4.944 million tons, a decrease of 28,600 tons (0.58%) from the previous day. The daily consumption was 543,700 tons, a 0.28% decrease from the previous day, and the daily arrival was 515,100 tons, a 0.27% increase from the previous day [12]. Supply and Demand Analysis - Affected by production restrictions due to major events, the steel supply decreased this week but is expected to increase [13]. - Short - process steelmaking is in full - scale loss, while some blast furnaces still have profits. After the military parade, steel production will recover, and the daily hot metal output is likely to rise above 240,000 tons [15]. - The iron ore shipment volume continued to increase, and the arrival pressure is still expected to be high later. The port inventory has increased [23]. - From August 25th to August 31st, the total global iron ore shipment was 35.568 million tons, a month - on - month increase of 2.41 million tons. The total shipment from Australia and Brazil was 29.021 million tons, a month - on - month increase of 1.417 million tons. Australia's shipment was 18.946 million tons, a month - on - month decrease of 502,000 tons, and the amount shipped from Australia to China was 15.298 million tons, a month - on - month decrease of 1.874 million tons. Brazil's shipment was 10.075 million tons, a month - on - month increase of 1.919 million tons [25]. - From August 25th to August 31st, the total arrival at 47 ports in China was 26.45 million tons, a month - on - month increase of 1.827 million tons; the total arrival at 45 ports was 25.26 million tons, a month - on - month increase of 1.327 million tons; and the total arrival at six northern ports was 13.008 million tons, a month - on - month increase of 1.478 million tons [25].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The increase in this period's crude oil inventory exceeded market expectations, leading to a decline in international oil prices. In the fourth quarter, crude oil consumption is transitioning from the peak season to the off - season. If the OPEC+ production increase plan continues, the market may face supply surplus pressure, which will limit the upside potential of oil prices [1] 3. Summary by Related Content 3.1 Product Demand - In the four weeks ending August 29, the average daily total demand for refined oil products in the United States was 21.282 million barrels, 2.5% higher than the same period last year. The four - week average daily demand for motor gasoline was 9.05 million barrels, 0.8% lower than the same period last year, and the four - week average daily demand for distillate oil was 3.894 million barrels, 4.2% higher than the same period last year [1] 3.2 Inventory Data - As of August 29, the U.S. commercial crude oil inventory was 420.707 million barrels, an increase of 2.415 million barrels (0.58%) from the previous week. The Cushing crude oil inventory was 24.222 million barrels, an increase of 1.59 million barrels (7.03%). The U.S. gasoline inventory was 218.539 million barrels, a decrease of 3.795 million barrels (-1.71%), and the U.S. distillate oil inventory was 115.923 million barrels, an increase of 1.681 million barrels (1.47%). The total U.S. oil product inventory was 1.26582 billion barrels, an increase of 7.102 million barrels (0.56%), and the U.S. strategic petroleum reserve inventory was 404.71 million barrels, an increase of 509,000 barrels (0.13%) [1][2] 3.3 Production and Trade Data - The U.S. refinery utilization rate was 94.3%, a decrease of 0.3 percentage points (-0.32%). The U.S. crude oil production was 13.423 million barrels per day, a decrease of 16,000 barrels per day (-0.12%). The U.S. crude oil imports were 6.742 million barrels per day, an increase of 508,000 barrels per day (8.15%), and the U.S. crude oil exports were 3.884 million barrels per day, an increase of 74,000 barrels per day (1.94%) [2]

1. Report Industry Investment Rating - The investment rating for the methanol industry is "Oscillating with a Slight Uptrend" [1] 2. Core View of the Report - Methanol downstream is in the seasonal off - peak season. This week, port inventories continued to accumulate significantly, and inland inventories also increased. Import volume is expected to increase significantly from August to September. In early September, the MTO device of Zhejiang Xingxing is planned to restart, and the 200,000 - ton MTO of Zhongyuan Ethylene is expected to restart. Recently, there are rumors that Iranian methanol plants will undergo rotational maintenance in October. Under the situation of strong expectations and weak reality, methanol prices are oscillating slightly stronger, with a reference range of 2350 - 2450 yuan/ton [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday night, the futures price of the main methanol contract rose by 28 yuan to 2408 yuan/ton, while the spot price of methanol in the mainstream East China region fell by 8 yuan/ton to 2245 yuan/ton. In terms of positions, long positions increased by 5719 lots to 463,900 lots, and short positions increased by 2745 lots to 559,000 lots [1] 3.2 Important Information - **Supply**: The domestic methanol operating rate is 86.6%, a month - on - month increase of 2.1%. The overseas methanol operating rate is 71.9%, a month - on - month increase of 4.8% [1] - **Inventory**: The total inventory of Chinese methanol ports is 1.4277 million tons, an increase of 128,400 tons compared with the previous period. Among them, the inventory in East China increased by 113,300 tons, and the inventory in South China increased by 15,100 tons. The inventory of Chinese methanol sample production enterprises is 341,100 tons, an increase of 7700 tons compared with the previous period, a month - on - month increase of 2.31% [1] - **Demand**: The order volume of northwest methanol enterprises is 75,400 tons, an increase of 15,000 tons compared with the previous period. The pending orders of sample enterprises are 241,300 tons, an increase of 44,300 tons compared with the previous period, a month - on - month increase of 11.20%. The olefin operating rate is 87.1%, a month - on - month increase of 0.6%; the dimethyl ether operating rate is 4.8%, a month - on - month decrease of 1.1%; the methane chloride operating rate is 85.9%, a month - on - month decrease of 1.3%; the acetic acid operating rate is 84.2%, a month - on - month decrease of 1%; the formaldehyde operating rate is 37.7%, a month - on - month decrease of 4%; the MTBE operating rate is 62.2%, a month - on - month decrease of 1.3% [1] - **Macro - news**: Federal Reserve Governor Waller said that he supports a 25 - basis - point interest rate cut at the September meeting and expects further interest rate cuts in the next 3 - 6 months [1] 3.3 Market Logic - Methanol downstream is in the seasonal off - peak season, with significant inventory accumulation at ports and increased inland inventories. Expected import increase from August to September, planned restarts of MTO devices, and rumors of Iranian plant maintenance lead to a situation of strong expectations and weak reality, resulting in slightly stronger price oscillations [1] 3.4 Trading Strategy - It is recommended to buy at the low end within the range, or pay attention to the 10 - 01 reverse spread and 15 positive spread opportunities. For cross - variety arbitrage, pay attention to going long on methanol and short on urea [1]

Group 1: General Information - On August 15, 2025, the China Securities Regulatory Commission approved the Shanghai Futures Exchange to launch the world's first financial derivatives for cultural paper - offset printing paper futures and options, which will be officially listed for trading on September 10 [2] Group 2: Product Introduction - Offset printing paper is a type of cultural paper, mainly used in teaching materials, books, periodicals, flyers, etc. Most of the offset printing paper on the market is double - coated paper, and the futures of offset printing paper listed on the Shanghai Futures Exchange is also referred to as double - coated paper futures [3] - Double - coated paper is a variant of offset paper, with glue coated on both sides, which has better printability [4] - In terms of production cost, wood pulp accounts for about 60 - 70% of the cost, chemical additives account for 10 - 25%, energy cost accounts for about 10%, and other costs account for about 10% [5] Group 3: Product Classification - Double - coated paper is mainly distinguished by quantitative, brightness and other quality indicators. The most common quantitative is between 60 - 90g/m², and it can be classified by size, quantitative, brightness and calendering grade [12] - By size, there are positive degree (787mmx1092mm) and large degree (889mmx1194mm); by quantitative, it ranges from 60 - 180g/㎡, with different quantitatives suitable for different printing fields; by brightness, it can be divided into high - white, natural - white, elegant - white, off - white, etc.; by calendering grade, it can be divided into super - calendered and ordinary - calendered [12][13][14] Group 4: Delivery Standards - For physical delivery, the offset printing paper should be double - coated paper with a quantitative of 65g/m², 70g/m², 75g/m², 80g/m², and meet relevant technical indicators in GB/T 30130 - 2023 [18] - The delivery double - coated paper is reel paper with a width of 780mm, 787mm, 880mm, 889mm, and the size deviation should not exceed ±3mm [18] Group 5: Packaging, Storage and Logistics - The mainstream packaging methods are reel packaging and flat - plate packaging. Reel packaging uses multi - layer high - quantitative materials for protection, and flat - plate packaging has two forms: ream packaging and piece packaging [19] - The storage and logistics system of double - coated paper is highly stable. There are professional storage facilities in each link, and large paper mills generally use intensive distribution, while small and medium - sized enterprises prefer self - pick - up. Road transport is the mainstream, and multi - modal transport such as water and rail is also used for medium - and long - distance transport [20]

Report Industry Investment Rating - No information provided on the industry investment rating in the reports Core View of the Report - The main indices of the two markets continued to adjust on Wednesday, while the ChiNext Index strengthened. The A-share new account openings in August showed significant growth both month-on-month and year-on-year. The issuance of a private equity fund by Hengyi Chiying to Ping An Life and the inflow of international funds into A-shares are positive factors. The market as a whole may enter a daily-level adjustment state, with a low probability of a sharp downward trend, and the adjustment is expected to occur in the form of range-bound horizontal fluctuations [1][2] Summary by Relevant Catalogs Market Review - On Wednesday, the main indices of the two markets continued to adjust, with the ChiNext Index strengthening driven by the battery sector. The trading volume decreased during the adjustment, with a turnover of 236 million yuan. The Shanghai Composite 50 Index closed at 2960 points, down 31 points or -1.07%; the CSI 300 Index closed at 4459 points, down 30 points or -0.68%; the CSI 500 Index closed at 6868 points, down 93 points or -1.34%; the CSI 1000 Index closed at 7206 points, down 107 points or -1.46%. Among industry and theme ETFs, those related to energy storage batteries, photovoltaic, and new energy led the gains, while aerospace and military-related ETFs led the losses. Among the sector indices, electrical equipment, communication equipment, BC batteries, and the pharmaceutical index led the gains, while military trade concepts, aviation, military informatization, large aircraft, and the diversified finance index led the losses. The CSI 300, CSI 500, CSI 1000, and Shanghai Composite 50 stock index futures saw net outflows of 4.9 billion, 4.6 billion, 2.9 billion, and 1.8 billion yuan respectively [1] Important Information - China's S&P Services PMI in August was 53, up from 52.6 in the previous month, reaching the fastest record since May 2024 and remaining in the expansion zone for 32 consecutive months. The growth rate of new orders accelerated for the second consecutive month and reached the highest record since May 2024, partly due to the strong growth of new export business [1] - In August this year, the number of new A-share accounts reached 2.6503 million, a month-on-month increase of 34.97% compared to 1.9636 million in July this year and a year-on-year increase of 165.21% [1] - The Shanghai Stock Exchange and China Securities Index Co., Ltd. jointly announced that they would adjust the samples of indices such as the Sci-Tech Innovation 50 according to the index rules. This adjustment is expected to be completed between September 12 and September 15. The weight of Cambrian in the Sci-Tech Innovation 50 Index will be passively adjusted from the current approximately 15% to 10% [1] - Hengyi Chiying will issue a contract-based private equity fund to Ping An Life as the fund manager, with an initial fund size of approximately 30 billion yuan. Once insurance funds enter the market through private equity funds, their returns will not be affected by the short-term fluctuations of the stock prices of the held varieties [1] - According to the preliminary estimate of the Passenger Car Association, the wholesale sales of new energy passenger vehicles by manufacturers nationwide in August were 1.3 million, a year-on-year increase of 24% and a month-on-month increase of 10%. The cumulative wholesale sales from January to August this year were 8.93 million, a year-on-year increase of 34% [1] - Since the beginning of this year, the overseas energy storage demand has increased explosively, leading to a surge in orders for domestic energy storage cell enterprises. Factories have been operating at full capacity. With the implementation of the market-oriented reform of the new energy on-grid electricity price, some energy storage enterprises even reported a situation of "even paying extra can't get an order" and "a shortage of cells" [1][2] - In the first half of the year, the global energy storage cell shipments were 226 GWh, a year-on-year increase of 97%. The top nine were all Chinese enterprises. In the first half of the year, Chinese enterprises obtained 199 new overseas energy storage orders (cooperations), with a total scale of over 160 GWh, a year-on-year increase of 220.28%. The emerging markets have broad prospects [2] - Tesla officially released "The Fourth Chapter of the Master Plan", expecting that approximately 80% of the company's value will come from the Optimus robot in the future. It plans to launch the third version prototype of Optimus by the end of this year and start large-scale mass production in 2026, aiming to reach an annual production scale of 1 million units within five years [2] - The yield of the 30-year UK government bond once rose to 5.697%, reaching a new high since 1998; the yield of the 30-year German government bond was at a level not seen since 2011; the yield of the 30-year French government bond refreshed the record since 2009. Investors are re-evaluating the long-term risks brought by the expanding public debt and political uncertainties in Europe [2] - Ray Dalio warned that Trump is pushing the United States towards the governance model of the 1930s through state intervention in the private sector. He predicted that the United States will face a debt crisis within three years, and the huge fiscal gap will force large-scale bond issuance [2] Market Logic - The main indices of the two markets continued to adjust on Wednesday, while the ChiNext Index strengthened. The A-share new account openings in August showed significant growth both month-on-month and year-on-year. Hengyi Chiying's issuance of a private equity fund to Ping An Life and the inflow of international funds into A-shares since August are positive factors [2] Market Outlook - The main indices of the two markets continued to adjust on Wednesday, while the ChiNext Index strengthened. The S&P Services PMI in August showed good performance, and the energy storage cell industry had strong growth. The A-share new account openings in August increased significantly. The global reallocation of financial assets away from the US is expected to accelerate the inflow of international funds into A-shares. The market as a whole may enter a daily-level adjustment state, with a low probability of a sharp downward trend, and the adjustment is expected to occur in the form of range-bound horizontal fluctuations [2] Trading Strategy - For stock index futures directional trading, the market as a whole may enter a daily-level adjustment state, with a low probability of a sharp downward trend, and the adjustment is expected to occur in the form of range-bound horizontal fluctuations [2] - For stock index option trading, the market has entered an adjustment period, so it is advisable to wait and see [2]