Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report [3][18] 2) Core Viewpoints - The market is in a complex situation of dual - festival stocking and the alternation of new and old seasons. The delay in the listing of new - season late - Fuji apples and the differentiation of inventory quality are the main market contradictions. The scarcity of high - quality goods supports the bottom price of the spot, but weak trading restricts the upward space. The futures market maintains a volatile pattern under the influence of multiple and short factors. It is recommended to hold long positions in AP2601 [3]. - As the weather turns cooler, the supply of seasonal fruits decreases, and the demand for Mid - Autumn and National Day gift boxes boosts the apple consumption market. The purchasing enthusiasm of merchants increases, and the sales speed accelerates. The acquisition price of late - maturing Fuji may benefit from the high opening price of early - and mid - maturing apples and festival consumption expectations. It is necessary to focus on the climate impact on the high - quality fruit rate of late - maturing Fuji and the opening price dynamics from late September to early October. It is recommended to hold long positions in AP2601 [18]. 3) Summary by Relevant Catalogs Apple Production Areas - **Shandong**: The price of inventory paper - bagged late - Fuji apples (80 and above, slice - red, first - and second - grade) is 3.00 - 4.00 yuan/jin; the price of paper - bagged late - Fuji apples (80 and above, slice - red, general goods) is 2.50 - 3.00 yuan/jin; the price of inventory striped late - Fuji apples (80 and above, first - and second - grade) is 3.50 - 4.50 yuan/jin. The price of cream generals (75 and above) is 1.50 - 1.80 yuan/jin, and the e - commerce procurement enthusiasm is fair [6]. - **Shaanxi**: The price of paper - bagged early - Fuji apples (70 and above, semi - commercial) is 4.50 - 4.85 yuan/jin, and the price of general goods is 3.50 - 3.60 yuan/jin [6]. Apple Inventory As of September 12, 2025, the cold - storage inventory of apples in the main producing areas of the country was 20.91 tons, a decrease of 6.44 tons compared with the previous week, and the sales speed slowed down compared with the previous week. As of September 17, the national apple cold - storage inventory decreased by 4.59 tons to 16.32 tons week - on - week, reflecting the digestion effect of holiday demand on inventory [3][8]. Downstream Sales Areas In the Guangdong Chalong market, the number of trucks arriving in the morning has decreased week - on - week, with an average of about 51 trucks per week. The number of arriving trucks has increased slightly compared with the previous off - season. The market is still dominated by Fuji apples, with an increase in early - maturing Gala apples. The sales of early - maturing apples are fair, but the profits of merchants are average. The terminal sales speed is not fast, the digestion speed of high - quality goods is fair, and the digestion of poor - quality goods is slow. Seasonal fruits impact the apple market sales, the number of arriving trucks in the market is still at a low level, the terminal digestion has slowed down slightly, and second - and third - level wholesalers maintain on - demand purchases [11]. Other Fruit Prices As of the 23rd week of 2025, the average wholesale price of six kinds of fruits monitored by the Ministry of Agriculture and Rural Affairs was 8.04 yuan/kg, a week - on - week increase of 0.25 yuan/kg. Among them, the average wholesale prices of Kyoho grapes, Fuji apples, Ya pears, and pineapples increased by 1.51 yuan/kg, 0.29 yuan/kg, 0.03 yuan/kg, and 0.05 yuan/kg respectively compared with the 22nd week. The average wholesale prices of bananas and watermelons decreased by 0.03 yuan/kg and 0.34 yuan/kg respectively compared with the 22nd week [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - Corn: Support and pressure coexist, maintaining an interval trading strategy. In the short term, focus on the new - season corn planting cost and wheat - corn price difference; in the medium term, conduct band trading around the new - season corn drivers; in the long term, follow the pricing logic of import substitution and planting cost [5][6]. - Pig: Pig prices are expected to stop falling, and short positions on pigs are in the profit - taking range. Near - month contracts are based on supply - demand logic, and far - month contracts focus on the expected difference in sow de - stocking [9][10]. - Egg: The spot price has stopped rising and started to fall. Maintain a short - selling strategy before large - scale concentrated chicken culling. Pay attention to the culling amplitude in the long term [15][16]. 3. Summary by Related Catalogs Corn - **Important Information**: On the 19th, north - south port prices were stable, deep - processing enterprise purchase prices fluctuated, corn futures warehouse receipts decreased, the wheat - corn price difference was positive and expanding, and August 2025 corn imports were at a three - year low. From January to August 2025, cumulative imports decreased by 92.92% year - on - year [5]. - **Market Logic**: Short - term: The lower support of the futures price is the new - season corn planting cost, and the upper pressure is the wheat - corn price difference. Medium - term: Conduct band trading around new - season corn drivers. Long - term: Follow the import substitution and planting cost pricing logic, focusing on policy orientation [6]. - **Trading Strategy**: Maintain an interval trading strategy. For the 2511 and 2601 contracts, the support is at 2150 - 2160. If the support is broken, there may be further downward space; otherwise, it will remain within the interval [6]. Pig - **Important Information**: On the 19th, the national average pig price was 12.6 yuan/kg. It is expected to be stable with a slight increase on the 20th. In July 2025, the number of fertile sows was 40.42 million, and the number of sows culled by large - scale pig farms increased by 2.1% month - on - month. Central reserve frozen pork procurement will be carried out on September 23 [9][12]. - **Market Logic**: Short - term: Supply exceeds demand, but prices may stop falling after procurement. Medium - term: Pig supply is expected to increase in the second half of the year. Long - term: Pig production capacity will continue to be realized if there is no epidemic [10]. - **Trading Strategy**: Short positions on pigs are in the profit - taking range. Near - month contracts are based on supply - demand logic, and far - month contracts focus on the expected difference in sow de - stocking. Provide support levels for different contracts [10]. Egg - **Important Information**: On the 19th, egg prices continued to be weak, inventory levels increased, the price of old hens decreased, and in August, the number of laying hens was about 1.365 billion, with a month - on - month increase of 0.66% and a year - on - year increase of 5.98% [15]. - **Market Logic**: Short - to medium - term: Mid - to late - month Mid - Autumn Festival stocking weakens, and prices may fall further if inventory rises. Long - term: Pay attention to the culling amplitude, and the supply pressure may be realized in the fourth quarter [15]. - **Trading Strategy**: Maintain a short - selling strategy before large - scale concentrated chicken culling. Provide pressure levels for different contracts. Breeding enterprises can also consider selling - hedge opportunities for the 2607 and 2608 contracts [16].

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].

Report Overview - Report Title: China's Raw Coal Production and Provincial Production Data Monthly Report [2] - Report Date: September 19, 2025 [4] - Researcher: Hou Jian, Ji Xiaoyun [4] Industry Investment Rating - Not provided Core View - The decline in raw coal production has narrowed. In August, the raw coal output of industrial enterprises above the designated size was 390 million tons, a year-on-year decrease of 3.2%, and the decline was 0.6 percentage points narrower than that in July. From January to August, the raw coal output of industrial enterprises above the designated size was 3.17 billion tons, a year-on-year increase of 2.8%. The monthly output of raw coal in five provinces, including Shanxi, Inner Mongolia, Shaanxi, Xinjiang, and Guizhou, varied month-on-month and year-on-year, but their combined share of the national total remained at 85% [4]. Summary by Relevant Catalog National Raw Coal Production - In August 2025, the national raw coal output was 39.05 million tons, a month-on-month increase of 2.5% and a year-on-year decrease of 3.2%. From January to August, the cumulative output was 3.17 billion tons, a year-on-year increase of 2.8% [4][6] Provincial Raw Coal Production - **Shanxi Province**: In August, the raw coal output was 10.771 million tons, a month-on-month increase of 0.67% and a year-on-year decrease of 6.7% [4][6] - **Inner Mongolia Autonomous Region**: In August, the raw coal output was 9.979 million tons, a month-on-month increase of 3.56% and a year-on-year increase of 0.3% [4][7] - **Shaanxi Province**: In August, the raw coal output was 6.639 million tons, a month-on-month decrease of 0.49% and a year-on-year increase of 1.1% [4][7] - **Xinjiang Uygur Autonomous Region**: In August, the raw coal output was 4.22 million tons, a month-on-month increase of 14.51% and a year-on-year decrease of 10.5% [4][7] - **Guizhou Province**: In August, the raw coal output was 1.216 million tons, a month-on-month decrease of 1.43% and a year-on-year decrease of 3.7% [4][7]

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]