Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The ChiNext Index has reached a new high after the current round of adjustment [4]. - Oracle's 40% surge has activated the A-share computing power, chip, and artificial intelligence sectors [7]. - Nearly $40 billion in foreign capital flowed into Chinese stocks and bonds in August, indicating a shift in investor sentiment [10]. - The market style has shifted towards mid - cap growth, and the CSI 500 index futures contract has reached a new high [19]. - There is a high probability that funds will continue to flow into the A - share market, and the market is expected to be bullish, but currently, the major indices are still in a shock range [22]. Summary by Relevant Catalogs Market Performance - The ChiNext Index reached a new high after the current round of adjustment [4]. - Driven by Oracle's surge, the 5G communication ETF in the computing power chain hit the daily limit on Thursday [12]. - The Sci - tech Innovation Board strengthened, with the Sci - tech Innovation Chip Design ETF and the Sci - tech Innovation Artificial Intelligence ETF rising continuously [14][17]. - The market style shifted towards mid - cap growth, and the CSI 500 index futures contract reached a new high [19]. Capital Inflow - In August, foreign investors invested nearly $45 billion in emerging market stocks and bonds, with China accounting for the majority. China's stocks and bonds received a net inflow of $39 billion, and it was the month with the largest capital inflow into Chinese stocks since February [10]. - According to Goldman Sachs data, global hedge funds' net buying of Chinese stocks (including A - shares and Hong Kong stocks) in August reached a new high since September 2024, and their positions in Chinese stocks rose by 76 basis points to a two - year high [11]. - As of September 8, the margin trading balance exceeded 2.3 trillion yuan, and 2.65 million new A - share accounts were opened in August, indicating continuous capital inflow [24]. - In July, the new RMB deposits of non - banking financial institutions increased by 2.1 trillion yuan, and funds are accelerating their transfer to the stock market [27]. - Bond funds have been subject to large - scale redemptions, and funds from the bond market are continuously flowing into the stock market [33]. Market Outlook and Trading Strategies - **Outlook**: The Shanghai Composite Index failed to break through 3900 points for the third time on Friday, and the major indices of the two markets are still in a shock range. It cannot be determined that the current technical adjustment has ended. The global re - allocation of financial assets away from the US is expected to accelerate the inflow of international funds into A - shares. Citi believes that the August CPI report provides more basis for the Fed to cut interest rates, and it is expected that the Fed will cut interest rates by a cumulative 125 basis points in the next five FOMC meetings [22]. - **Trading Strategies**: - For stock index futures directional trading, the Shanghai Composite Index fell back after reaching the previous high, and the index is still in a shock range [22]. - For stock index option trading, the Shanghai Composite Index fell back after reaching the previous high, the range shock has not ended, and it is recommended to continue to wait and see [23]. Domestic Economic Data - In July, the year - on - year growth rate of M1 rose to 5.6%, indicating accelerated currency activation, which is beneficial for the upward movement of the stock market [30]. - In August, the core CPI increased by 0.9% year - on - year, and the CPI of consumer goods increased by 0.1% month - on - month, showing signs of getting out of deflation [36]. - In July, the monthly value of manufacturing fixed - asset investment was 2.58 trillion yuan, with an investment slowdown and a year - on - year growth rate of - 0.3% [39]. - In July, the monthly value of infrastructure investment was 1.88 trillion yuan, with an investment slowdown and a year - on - year growth rate of - 2%, reflecting the financial difficulties of local governments [42]. - In July, the new housing start area and the commercial housing sales area weakened again [45]. - In July, the monthly value of social consumer goods retail sales was 3.24 trillion yuan, with a year - on - year growth rate of 4.0%. Consumption is expected to be the main driving force for economic growth in the fourth quarter [48]. International Economic Data - The US non - farm payrolls data was revised down by 912,000 people, strengthening the expectation of a Fed interest rate cut in September [51]. - The Fed signaled a possible interest rate cut in September. US companies neither recruit nor lay off employees, and employees do not resign, creating a strange balance in the labor market [53]. - In July, the US capital goods import amount reached $96.1 billion, a new historical high, with a year - on - year growth rate of 15.1%, indicating an acceleration of the reshoring of US manufacturing and the "re - industrialization" process [56]. - In August, the US PPI increased by 2.6% year - on - year and decreased by 0.1% month - on - month, lower than expected [59]. - The Eurozone's manufacturing PMI returned to the expansion range in August [62]. Investment Strategy - Continue the strategy of collecting discounts for the CSI 1000 and CSI 500 index 2512 contracts, which can earn both the index increase return and the discount spread return [64].

Report Industry Investment Rating - The global economic sector is rated as (Bullish) [1] Core View - Cost reduction and service innovation are making satellite internet an increasingly competitive mainstream choice. The global economy maintains an upward direction [1] Summary by Related Content Important Information - In August, a total of $39 billion flowed into Chinese bonds and stocks, while $13.2 billion flowed into bonds in emerging markets outside China. After three consecutive months of net inflows, emerging market stocks outside China saw an outflow of $7.4 billion [1] - The sharp rise in Oracle's stock price is due to its extremely strong cloud - service performance growth expectations in the latest earnings report. The company's unrecognized performance obligations reached $455 billion at the end of August, tripling in three months, and it claims to have more "multi - billion - dollar deals" in negotiation to push the figure over $500 billion [1] - Almost all of Oracle's soaring performance expectations are contributed by OpenAI. The five - year contract between Oracle and OpenAI is worth $300 billion, accounting for 94.6% of the newly added RPO ($317 billion) in the latest earnings report [1] - J.P. Morgan states that with the technological iteration of low - orbit satellite internet providers like Starlink, the network capacity may increase 100 times in the future, and reusable rocket technology may drive down the marginal bandwidth cost by up to 90% [1] - Approximately 30 AI stocks in the S&P 500 account for 43% of the total market capitalization. Since ChatGPT's launch in November 2022, these stocks have driven almost all the index returns and most of the profit growth [1] - Goldman Sachs hedge - fund chief Tony Pasquariello's research report points out that the current AI - driven US tech giants and loose monetary and fiscal policies are the two pillars supporting the bull market. However, record - high valuations and weakening short - term capital inflows indicate that the market needs "consolidation" in the short term [1] Global Economic Logic - China implements the AI + initiative, and its exports increased by 4.4% year - on - year in August. The US non - farm payroll data was significantly revised down by 911,000 people, and the rate - cut amplitude in September may widen. The US Court of Appeals ruled that "reciprocal tariffs" are illegal [1] - US capital goods imports reached $95.8 billion in July, setting a new record, and the manufacturing industry is accelerating. The Eurozone's manufacturing PMI in August broke above the boom - bust line for the first time since June 2022 [1] - Tesla plans to start mass - producing the Optimus robot in 2026. The five - year contract between Oracle and OpenAI is worth $300 billion, accelerating AI infrastructure development [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The EIA weekly crude oil data shows that as of September 5, 2025, the refinery utilization rate continued to decline, net imports increased by 4.7 million barrels, and U.S. commercial crude oil inventories, gasoline inventories, and distillate inventories all increased [1]. - The U.S. traditional fuel consumption peak season is coming to an end, and OPEC+ will start a new round of production increase in October, with an increase of 137,000 barrels per day [1]. - Geopolitical risks, such as the Israeli attack on the Hamas leader in Qatar and the large - scale Russian air strikes in Ukraine, may lead to the second - stage restrictive measures by the West, increasing concerns about potential supply risks and supporting oil price increases [1]. 3. Key Data Summaries Inventory Data - The total U.S. crude oil inventory, including strategic reserves, was 829.81 million barrels, an increase of 4.45 million barrels from the previous week; commercial crude oil inventories were 424.646 million barrels, an increase of 3.94 million barrels; gasoline inventories were 219.997 million barrels, an increase of 1.46 million barrels; distillate inventories were 120.638 million barrels, an increase of 4.72 million barrels [1]. - Compared with the same period last year, crude oil inventories were 1.31% higher, gasoline inventories were 0.70% lower, and distillate inventories were 3.51% lower. Compared with the five - year average, crude oil inventories were 3% lower, gasoline inventories were flat, and distillate inventories were 9% lower [1]. - The U.S. strategic petroleum reserve inventory increased by 514,000 barrels to 405.224 million barrels, a 0.13% increase [2]. Production and Trade Data - U.S. refinery utilization rate was 94.9%, a 0.6 - percentage - point increase from the previous week, or 0.64% [2]. - U.S. crude oil production was 13.495 million barrels per day, an increase of 72,000 barrels per day, or 0.54% [2]. - U.S. crude oil imports were 6.271 million barrels per day, a decrease of 471,000 barrels per day, or 6.99% [2]. - U.S. crude oil exports were 2.745 million barrels per day, a decrease of 1.139 million barrels per day, or 29.33% [2]. Inventory Change Table | Item | 2025 - 09 - 05 | 2025 - 08 - 29 | Change | Percentage Change | | --- | --- | --- | --- | --- | | U.S. commercial crude oil inventory (thousand barrels) | 424,646 | 420,707 | 3,939 | 0.94% | | Cushing crude oil inventory (thousand barrels) | 23,857 | 24,222 | - 365 | - 1.51% | | U.S. gasoline inventory (thousand barrels) | 219,997 | 218,539 | 1,458 | 0.67% | | U.S. distillate inventory (thousand barrels) | 120,638 | 115,923 | 4,715 | 4.07% | | U.S. total oil product inventory (thousand barrels) | 1,281,250 | 1,265,820 | 15,430 | 1.22% | | U.S. strategic petroleum reserve inventory (thousand barrels) | 405,224 | 404,710 | 514 | 0.13% | | U.S. refinery utilization rate (%) | 94.9 | 94.3 | 0.6 | 0.64% | | U.S. crude oil production (thousand barrels per day) | 13,495 | 13,423 | 72 | 0.54% | | U.S. crude oil imports (thousand barrels per day) | 6,271 | 6,742 | - 471 | - 6.99% | | U.S. crude oil exports (thousand barrels per day) | 2.745 | 3.884 | - 1.139 | - 29.33% | [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The global economy maintains an upward direction, with China implementing the AI+ initiative, US non - farm payroll data being significantly revised downward, and the acceleration of AI infrastructure construction [1] 3. Summary According to Related Catalogs 3.1 Important Information - The US added 911,000 fewer non - farm jobs in the 12 months ending March this year than previously estimated, equivalent to 76,000 fewer per month, indicating an over - estimation of previous employment growth [1] - The US Supreme Court will rule on the legality of Trump's global tariff policy, with oral arguments scheduled for the first week of November and a possible year - end decision [1] - Google's cloud computing division has $106 billion in existing customer contracts, with at least $58 billion expected to turn into revenue in the next two years, driven by the surge in AI processing demand [1] - South Korea will set up a $120 billion public - private fund to support AI and other advanced industries, aiming to accelerate AI adoption in various sectors in the next five years [1] - TSMC's August sales were NT$335.77 billion, up 33.8% year - on - year and 3.9% month - on - month, and the cumulative sales from January to August were NT$2.43 trillion, up 37.1% year - on - year, confirming the acceleration of AI infrastructure construction [1] - Unless the appellate court suspends the ruling, Cook will be able to participate in the September interest - rate meeting [1] 3.2 Global Economic Logic - China's exports increased by 4.4% year - on - year in August, and Chinese assets have been bought by global funds since August [1] - The significant downward revision of US non - farm payroll data by 911,000 people may lead to a larger rate cut in September [1] - The US appellate court ruled that "reciprocal tariffs" are illegal [1] - US capital goods imports reached a record $95.8 billion in July, indicating an acceleration in manufacturing [1] - The Eurozone's manufacturing PMI in August exceeded the boom - bust line for the first time since June 2022 [1] - Tesla will start mass - producing Optimus robots in 2026 [1] - TSMC's strong sales in August show the acceleration of AI infrastructure construction [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - In August 2025, China's CPI and PPI were flat month - on - month, with prices hovering at low levels. China's overall economic activity is in a moderate state, and the inflation level may continue to hover at a relatively low level for some time [4][14] Group 3: Summary of CPI - related Content CPI Year - on - Year Data - In August, the national consumer price index (CPI) decreased by 0.4% year - on - year, against a market expectation of a 0.2% decline and a previous value of flat. The average CPI from January to August was 0.1% lower than the same period last year. The year - on - year decline in CPI was mainly due to the higher comparison base in the same period last year and the fact that the food price increase in this month was lower than the seasonal level [2][5] - In August, food prices decreased by 4.3% year - on - year, with the decline 2.7 percentage points larger than last month, pulling down the CPI year - on - year by about 0.51 percentage points more than last month. Non - food prices rose by 0.5% year - on - year, up from 0.3% in July. Core CPI rose by 0.9% year - on - year, up from 0.8% in July, with the year - on - year increase expanding for four consecutive months. Consumer goods prices decreased by 1.0% year - on - year, compared with a 0.4% decline in July. Service prices rose by 0.6% year - on - year, up from 0.5% in July [2][5] CPI Month - on - Month Data - In August, CPI was flat month - on - month, compared with a 0.4% increase in the previous month. Food prices rose by 0.5% month - on - month, with the increase about 1.1 percentage points lower than the seasonal level. Non - food prices decreased by 0.1% month - on - month, compared with a 0.5% increase in the previous month. Consumer goods prices rose by 0.1% month - on - month, compared with a 0.2% increase in the previous month. Service prices were flat month - on - month, compared with a 0.6% increase in the previous month. Core CPI was flat month - on - month, compared with a 0.4% increase in July [2][6] CPI Classification Data - In August, food and tobacco prices rose by 0.3% month - on - month, contributing about 0.09 percentage points to the CPI increase. Housing prices were flat month - on - month. Transportation and communication prices decreased by 0.3% month - on - month. Medical care prices rose by 0.3% month - on - month. Education, culture and entertainment prices decreased by 0.1% month - on - month. Clothing prices decreased by 0.1% month - on - month. Daily necessities and services prices decreased by 0.1% month - on - month. Other goods and services were flat month - on - month [7] CPI Trend Prediction - Since August, the wholesale price of agricultural products has risen from the low level in July, but the upward slope is much lower than that in August last year. Agricultural prices are expected to drive the CPI to rise month - on - month in September. From a month - on - month perspective, refined oil prices in September are likely to pull down the CPI [9] Group 4: Summary of PPI - related Content PPI Year - on - Year Data - In August, the national producer price index for industrial products (PPI) decreased by 2.9% year - on - year, in line with market expectations and an improvement from a 3.6% decline in the previous month. The average PPI from January to August was 2.9% lower than the same period last year [3][10] - In August, producer prices for means of production decreased by 3.2% year - on - year, contributing about 2.4 percentage points to the overall decline in industrial producer prices. Producer prices for means of subsistence decreased by 1.7% year - on - year, contributing about 0.45 percentage points to the overall decline in industrial producer prices [3][10][11] PPI Month - on - Month Data - In August, PPI was flat month - on - month, ending seven consecutive months of month - on - month decline. Producer prices for means of production rose by 0.1% month - on - month, contributing about 0.08 percentage points to the overall increase in industrial producer prices. Producer prices for means of subsistence decreased by 0.1% month - on - month, contributing about 0.03 percentage points to the overall decline in industrial producer prices [3][11][12] PPI Industry - specific Data - Industries with large month - on - month price increases in August included coal mining and washing (up 2.8% month - on - month), ferrous metal ore mining (up 2.1% month - on - month), and ferrous metal smelting and rolling processing (up 1.9% month - on - month). Industries with large month - on - month price decreases included oil and gas extraction (down 1.1% month - on - month) and non - metallic mineral products (down 1.0% month - on - month). The automobile manufacturing industry saw a 0.3% month - on - month price decline for two consecutive months, indicating persistent price competition pressure [3][11][12] Group 5: Summary of Other Economic Indicators - In August, the manufacturing purchasing managers' index (PMI) was 49.4%, remaining below the boom - bust line for the fifth consecutive month. The new orders index for the manufacturing PMI was 49.5%, indicating that the market demand in the manufacturing industry was still slightly weak. The service business activity index was 50.5%, and the new orders index for the service industry was 47.7% [4][14]

Report Highlights 1. Investment Rating - The macro and financial global economy sector is rated as "Bullish" [1] 2. Core View - The global economy maintains an upward trend, with various factors such as China's economic policies, US economic data, and technological advancements contributing to the overall positive outlook [1] 3. Summary by Category Important Information - Foreign capital's allocation of the Chinese mainland stock market has increased, with a net inflow of about $5.5 billion in the first week of September, including a $5.02 billion inflow into stock funds [1] - Musk's xAI is developing an inference chip code - named "X1", expected to use TSMC's 3 - nanometer process and be mass - produced in 2026 to solve the "chip shortage" problem [1] - London spot gold has reached $3,600 per ounce, hitting a new record high, with a year - to - date increase of $1,000 per ounce and a 38% gain [1] - In the Fed's August consumer expectations survey, the probability of respondents finding a new job if they lose their current one dropped to 44.9%, a 5.8 - percentage - point decline from the previous month and the lowest since the survey began in June 2013 [1] - JPMorgan believes that although the current US stock market bull run seems unstoppable, its internal support is weakening. A Fed rate cut in the September 17 meeting may trigger profit - taking [1] - Argentina's stock, foreign exchange, and bond markets tumbled after President Milei lost a key provincial election, with the peso falling more than 4% against the dollar [1] - Morgan Stanley believes that the US dollar's bear market is far from over due to factors like the Fed's tolerance of high inflation, slowing US economic growth, and global central bank policy divergence [1] Global Economic Logic - China implements the "Artificial Intelligence +" initiative, and China's August exports increased by 4.4% year - on - year [1] - US August non - farm payrolls only added 22,000 jobs, confirming a September Fed rate cut [1] - The US Court of Appeals ruled that "reciprocal tariffs" are illegal [1] - Since August, Chinese assets have been continuously bought by global funds [1] - US capital goods imports in July reached a record $95.8 billion, indicating an acceleration in the manufacturing industry [1] - The eurozone's August manufacturing PMI exceeded the boom - bust line for the first time since June 2022 [1] - Tesla will start mass - producing Optimus robots in 2026 [1] - Global energy storage cell shipments in the first half of the year were 226GWh, a 97% year - on - year increase [1]

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core Viewpoints of the Report - The domestic ETF market has achieved remarkable growth, with the total scale breaking through the 5 - trillion - yuan mark in just 4 months, reshaping the A - share ecosystem and ushering in a new investment era defined by ETFs [1][2]. - Since August, Chinese assets have been continuously bought by global funds, and the scale of many overseas - listed Chinese ETFs has soared [2]. - The market is in a stage of consolidation after sharp fluctuations, and index oscillations will continue [2]. 3) Summary by Relevant Catalogs Market Review - On Monday, the major stock indices in the two markets showed strong consolidation, with the robot sector leading the gains. The trading volume was 2.42 trillion yuan, showing a slight increase [1]. - The CSI 500 index closed at 6992 points, up 78 points or 1.13%; the CSI 1000 index closed at 7311 points, up 65 points or 0.90%; the SSE 50 index closed at 2939 points, down 2 points or - 0.08% [1]. - Among industry and theme ETFs, the top - gainers were Robot 50 ETF, New Energy Vehicle ETF Fund, etc., while the top - losers were Communication ETF, etc. [1] - Among the sector indices in the two markets, the top - gainers were sports, aerospace equipment, etc., and the top - losers were communication equipment, components, etc. [1] - The CSI 300 and CSI 500 stock index futures saw net inflows of 200 million and 100 million yuan in settled funds respectively [1]. Important Information - In August, China's total value of goods trade imports and exports was 3.87 trillion yuan, a year - on - year increase of 3.5%. Exports were 2.3 trillion yuan, up 4.8% year - on - year; imports were 1.57 trillion yuan, up 1.7% year - on - year [1]. - The National Development and Reform Commission and the Energy Bureau issued an implementation opinion on promoting the high - quality development of "Artificial Intelligence +" energy [1]. - The global official gold reserves increased by 166 tons in the second quarter of this year, at a historical high, and the annual gold purchases by global central banks have exceeded 1000 tons for three consecutive years from 2022 to 2024 [2]. - The 30 - year US Treasury yield once exceeded 5%, indicating a possible weakening demand for long - term bonds in the market [2]. - The Trump administration's expansion of steel and aluminum tariff scope has caused dissatisfaction among European manufacturers, with about 30% of EU mechanical products exported to the US now having to pay a 50% tariff on their metal content [2]. Market Logic - On Monday, the major stock indices in the two markets continued to adjust, with the ChiNext Index strengthening. The rapid development of the ETF market and the inflow of global funds into Chinese assets are the main market trends [1][2]. Future Market Outlook - The market is expected to continue to oscillate as it needs a consolidation process after sharp fluctuations. The scale of overseas - listed Chinese ETFs has increased significantly, and the inflow of international funds into A - shares may accelerate due to the "de - Americanization" of global financial asset re - allocation [2]. Trading Strategies - For stock index futures directional trading, due to the market's need for consolidation, oscillations will continue. For stock index option trading, as the market is in an oscillatory period, it is advisable to wait and see [2].

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].