Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The global economy maintains an upward trend. China strengthens its domestic circulation, with a 7.2% export growth in July, and the Sino - US reciprocal tariffs are extended by 90 days. The US may restart interest - rate cuts in September, and the European economy is expected to grow due to Germany's 30% military expansion. Global hedge funds are buying Chinese stocks on a large scale [1]. 3. Summary by Related Catalogs Important Information - Tian Tai Robot Co., Ltd. and its strategic partners signed the world's largest single - order of 10,000 embodied intelligent humanoid robots, marking the first step towards "large - scale commercial use" in the global humanoid robot industry [1]. - In July, OpenAI's monthly revenue exceeded $1 billion for the first time. Due to the release of GPT - 5 and new subscription services, there is a huge demand for computing power, leading to a $500 - billion investment in building the "Stargate" computing platform [1]. - The world is entering a new "fiscal - dominated" paradigm, where central bank independence is challenged by government debt expansion and rising financing costs. There are warnings of a "debt death spiral" and potential long - term inflation [1]. - Concerns about a "second wave" of inflation are rising in the US due to factors like M2 reaching a 5% peak and high PPI. The Fed's cautious attitude is crucial [1]. - The Japanese bond market is being sold off, with 10 - year bond yields reaching a 2008 high and long - term bond yields approaching multi - decade highs. New fiscal stimulus may increase bond issuance [1]. - Trump's tariff policy aims to reduce the US trade deficit and promote the return of the manufacturing industry. Future tariffs may focus on industries under the 232 clause, with measures like raising existing tariff rates and expanding the scope of investigations [1]. Global Economic Logic - China is strengthening its domestic circulation by providing loan subsidies for personal consumption and service - sector business entities. China's exports grew by 7.2% in July, and the Sino - US reciprocal tariffs are extended by 90 days [1]. - The US Bureau of Statistics significantly revised down non - farm payroll data, which is seen as a move to pave the way for the Fed to restart interest - rate cuts in September. The market expects a 50 - basis - point cut in September and accelerated cuts in 2026 [1]. - The European Central Bank has cut interest rates eight times, and Germany's 30% military expansion is expected to drive European economic growth [1]. - Goldman Sachs believes that China's humanoid robot industry is iterating products at an astonishing speed, and global hedge funds are buying Chinese stocks on a large scale [1].

Group 1: Report Core Information - The report is titled "China's Monthly Data Briefing on Raw Coal Production and Provincial Output" [2] - The report is released by Green Grand Futures Research Institute on August 21, 2025 [4][8] Group 2: National Raw Coal Production - In July 2025, the raw coal output of industrial enterprises above designated size was 380 million tons, a year - on - year decrease of 3.8%, with a daily output of 1.229 million tons. From January to July, the output was 2.78 billion tons, a year - on - year increase of 3.8% [4] - Comparing June and July 2025, the national raw coal output decreased by 9.52% month - on - month, and the output in July decreased by 3.8% year - on - year [5] Group 3: Provincial Raw Coal Production Shanxi - In July 2025, the raw coal output was 107 million tons, a year - on - year decrease of 5.3%. From January to July, the cumulative output was 756 million tons, a year - on - year increase of 7.2% [4] - Comparing June and July 2025, the output decreased by 5.89% month - on - month and 5.3% year - on - year [6] Inner Mongolia - In July 2025, the raw coal output was 99.79 million tons, a year - on - year decrease of 4.2%. From January to July, the cumulative output was 739 million tons, a year - on - year increase of 0.1% [4] - Comparing June and July 2025, the output decreased by 7.84% month - on - month and 4.2% year - on - year [6] Shaanxi - In July 2025, the raw coal output was 66.39 million tons, a year - on - year increase of 1.2%. From January to July, the cumulative output was 450 million tons, a year - on - year increase of 2.5% [4] - Comparing June and July 2025, the output decreased by 4.08% month - on - month and increased by 1.2% year - on - year [6] Xinjiang - In July 2025, the raw coal output was 38.85 million tons, a year - on - year decrease of 13.8%. From January to July, the cumulative output was 315 million tons, a year - on - year increase of 8.2% [4] - Comparing June and July 2025, the output decreased by 31.66% month - on - month and 13.8% year - on - year [6] Guizhou - In July 2025, the raw coal output was 36.85 million tons, a year - on - year increase of 1.9%. From January to July, the cumulative output was 88.92 billion tons, a year - on - year increase of 10.7% [4] - Comparing June and July 2025, the output decreased by 9.02% month - on - month and increased by 1.9% year - on - year [6] Group 4: Aggregate Provincial Output - The cumulative raw coal output of the top 5 provinces (Shanxi, Inner Mongolia, Shaanxi, Xinjiang, and Guizhou) accounted for 85% of the national total. From January to July, their cumulative output reached 2.35 billion tons, a year - on - year increase of 4.85% [4]

Report Overview - The report analyzes the raw coal production data of the top ten state-owned coal enterprises from January to July 2025, including monthly and cumulative production, year-on-year and month-on-month changes, and provides relevant comments [1]. Key Data Monthly Production in July 2025 - The top ten coal enterprises' total raw coal production in July 2025 was 20,089 thousand tons, a year-on-year decrease of 0.87% and a month-on-month increase of 1.99% [1]. - Among them, National Energy Group had the highest production of 5,277 thousand tons, with a year-on-year increase of 2.99% and a month-on-month increase of 2.23% [1]. - Jinmei Holding Group had a production of 3,452 thousand tons, a year-on-year decrease of 11.05% but a month-on-month increase of 1.26% [1]. Cumulative Production from January to July 2025 - The top ten coal enterprises' cumulative raw coal production from January to July 2025 was 1.388 billion tons, a year-on-year increase of 8.83 million tons, accounting for 49.6% of the raw coal production of enterprises above the designated size [1]. Core Viewpoints - From the cumulative raw coal production data of the top ten coal enterprises, the cumulative production from January to July showed a slight increase of 2.87%, but the single-month production in July showed a slight decline [1]. - The main reason is that the production of three major state-owned enterprises in Shanxi continued to catch up in the second half of 2024, resulting in significant changes in the year-on-year data in 2025 and a slowdown in the growth rate in the second half of 2025 [1]. - For example, the raw coal production growth rate of Jinmei Holding Group from January to July slowed down from the previous value of 10.9% to 7.1%, and that of Shanxi Coking Coal Group slowed down from 18.4% to 12.6% [1].

1. Report Industry Investment Rating - The report recommends a long position for macro and financial index futures, including IM, IC, IF, IH [1]. 2. Core View of the Report - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. The trading volume of the two markets was 2.40 trillion yuan. The inflow of continuous funds will drive the stock market to maintain an upward trend [1][2]. 3. Summary by Relevant Catalogs 3.1 Market Review - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. The trading volume of the two markets was 2.40 trillion yuan. The CSI 1000 Index closed at 7305 points, up 62 points or 0.86%; the CSI 500 Index closed at 6728 points, up 72 points or 1.09%; the SSE 300 Index closed at 4271 points, up 48 points or 1.14%; the SSE 50 Index closed at 2846 points, up 34 points or 1.23%. Among industry and theme ETFs, the top gainers were Science and Technology Innovation Chip ETF, Artificial Intelligence ETF Science and Technology Innovation, Chip 50 ETF, Science and Technology Innovation Information ETF, and Semiconductor Equipment ETF, while the top losers were Financial Technology ETF, Film and Television ETF, and Biological Vaccine ETF. Among the sector indices of the two markets, the top gainers were commercial vehicles, chemical fibers, semiconductors, hotel and catering, and optical and optoelectronic indices, while the top losers were navigation equipment, ground military equipment, radio and television, film and television theater chains, and CXO concept indices. The settlement funds of CSI 1000, SSE 300, CSI 500, and SSE 50 index futures had net inflows of 9.9 billion, 3.6 billion, 3.4 billion, and 0.8 billion yuan respectively [1]. 3.2 Important Information - Among the 31 Shenwan primary industries, 28 have risen overall this year. The top five gainers are the communication, non-ferrous metals, pharmaceutical and biological, machinery and equipment, and comprehensive industries, with annual increases of over 20%. The communication and non-ferrous metals industries have both increased by over 30% [1]. - As of the close on August 18, among the 5424 A-share stocks, 4514 have risen overall this year, accounting for 83%. 360 stocks have doubled this year, accounting for 6.6% [1]. - Overseas capacity construction has shifted its focus to equipment procurement. The imports of production equipment such as milling machines and grinding machines in the US, India, Malaysia, etc. have significantly increased since the second half of 2024, and the imports of generators and transformers are also picking up [1]. - Wall Street traders are buying a large number of "disaster puts" on the Invesco QQQ Trust Series 1 ETF that tracks the Nasdaq 100 Index, seemingly worried about a repeat of the sell-off in April [1]. - A MIT report states that "95% of organizations have received zero returns on their generative AI investments," combined with a bubble warning from OpenAI CEO Sam Altman, causing investors to flee high-momentum technology stocks and move to defensive sectors [1]. - Japan's export data for July reflects the continuous impact of tariffs. Japan's exports of automobiles and parts to the US decreased by 28.4% and 17.4% respectively, and exports of semiconductor manufacturing equipment decreased by 31.3%. Economists warn that Japan may fall into a recession [2]. - The US government has quietly expanded the scope of steel and aluminum tariffs, adding over 400 product categories with a 50% tariff rate, which will add more cost-push inflation pressure [2]. - The US Commerce Secretary is exploring how to obtain more equity in major chip manufacturers through the Chip Act funds. If the equity-for-subsidy model is fully implemented, the US government will become an important shareholder in major global chip manufacturers [2]. 3.3 Market Logic - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. Hedge funds' net purchases of Chinese stocks last week reached the highest in seven weeks, making China the market with the largest net capital inflow on the Goldman Sachs platform since August [1][2]. 3.4 Future Market Outlook - The major indices of the two markets on Wednesday first declined and then rose, with the chip sector surging in the afternoon and the Shanghai Composite Index reaching a new high in this round. As of the close on August 18, among the 5424 A-share stocks, 4514 have risen overall this year, accounting for 83%. 360 stocks have doubled this year, accounting for 6.6%. Hedge funds' net purchases of Chinese stocks last week reached the highest in seven weeks, making China the market with the largest net capital inflow on the Goldman Sachs platform since August. Goldman Sachs believes that China's humanoid robot industry is undergoing product iterations at an astonishing speed, and the commercialization path is becoming increasingly clear. The chief strategist of Bank of America believes that the Fed may deal with debt through currency depreciation, making shorting the US dollar the core investment theme. Gold, cryptocurrencies, commodities, and emerging markets will be the biggest winners. The probability of a Fed rate cut in September has risen to 100%. The "de-Americanization" of global financial asset reallocation is expected to accelerate the inflow of international funds into the A-share market. The short-term technical index correction has ended, and the major indices of the two markets have entered an upward phase again. Continuous capital inflows will drive the stock market to maintain an upward trend [1][2]. 3.5 Trading Strategy - For index futures directional trading, the short-term technical index correction has ended, and the major indices of the two markets have entered an upward phase again. Continuous capital inflows will drive the stock market to maintain an upward trend [2]. - For index option trading, with continuous capital inflows, investors can choose to buy out-of-the-money long-term call options on growth index futures [3].

Group 1: Industry Policy and Event Timeline - On June 5 - 25, 2025, the reference price of CCTD seaborne thermal coal spot remained unchanged at 618 yuan/ton for 15 days [2] - On July 1, 2025, the Sixth Meeting of the Central Financial and Economic Commission was held, providing a direction for the policy deployment of "comprehensive rectification of involution - style competition" [2] - On July 10, 2025, the National Energy Administration issued a notice on organizing a verification of coal mine production to promote the stable and orderly supply of coal [2] - On July 18, 2025, the Shanxi Provincial Energy Bureau issued a notice on organizing a verification of coal mine production [2] - On July 25, 2025, the Dalian Commodity Exchange announced position limits for coking coal futures contracts 250, 2601 [2] - On August 8, 2025, the Shanxi Provincial Emergency Management Department issued a notice on the work plan for on - the - spot inspections of mine safety production in the whole province [2] Group 2: Market Characteristics - The game between policies and the market is more intense when comparing the M2509, JM2601, and JM2605 contracts with the main continuous contract of coking coal in Wenhua Finance [5]

Report Summary 1. Core View - The US including Chinese jujube in the so - called key enforcement list is mainly for political purposes, and the actual impact on domestic jujube trade is negligible. It is not recommended to use this news as a short - selling logic [1] 2. Key Data - In 2024, China's exports of fruits and their products to the US were $805 million, a 25.4% year - on - year increase, accounting for 6.5% of the total agricultural exports to the US. Among them, fruit products were $620 million, a 31.3% year - on - year increase; dried fruits such as apple chips and jujubes were $115 million, a 5% year - on - year increase; fresh fruits such as pears and citrus fruits were $60 million, a 19.3% year - on - year increase [1] - In 2024, China's jujube exports were only 35,600 tons, accounting for a very small proportion of the total production. The export countries are relatively scattered, and direct trade with the US is extremely limited [1] 3. Industry Background - The US Department of Homeland Security listed steel, copper, lithium, caustic soda, and jujube as key enforcement industries under the "Uyghur Forced Labor Prevention Act" to strengthen the US's economic and national security [1]

Industry Investment Rating - No relevant content provided Core Viewpoints - The news of resumption of production and redirection of lithium concentrate transportation eases the market's expectation of supply shortage, leading to a significant decline in lithium carbonate prices [1][4] - Before the results of whether Yichun and salt lake production will be affected by mining permits are determined, market sentiment is greatly influenced by news. It is expected that the price of lithium carbonate will fluctuate widely between 80,000 and 85,000 yuan per ton in the near future [5] Summary by Related Content Company News - Jiangte Motor's subsidiary Yichun Yinli will resume production soon after equipment maintenance, with a lithium carbonate production capacity of 35,000 tons and a monthly output increase of about 2,500 tons [4] - Pilbara redirected a shipment of 36,000 tons of lithium concentrate originally destined for South Korea to China, increasing the arrival of Australian ore in China in September, with the equivalent lithium carbonate volume of about 4,500 tons [4] Market Influence - The increased supply from Yichun Yinli's resumption of production and Pilbara's redirected shipment largely offsets the supply reduction at Ningde Shixiaowo, alleviating the market's supply shortage expectation [4] - The redirection of Pilbara's lithium concentrate reminds the market that price increases will lead to supply growth, and it is necessary to balance the expectation of supply reduction due to the new mineral resources law with the expectation of idle capacity resumption and increased imports [4] Future Outlook - Attention should be paid to the result of Yongxing's safety production license renewal (expiring on September 6), which involves a lithium carbonate production capacity of about 2,000 tons per month [5] - The firm price of lithium ore provides support for lithium carbonate prices [5]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The major indices of the two markets had a strong consolidation on Tuesday to repair technical indicators, and the trading volume remained high. Hedge funds' net buying of Chinese stocks last week reached the highest level in seven weeks, making China the market with the largest capital inflow on the platform since August. The year 2025 has seen a "quantitative boom" in the quantitative circle. Continuous capital inflows will drive the stock market to maintain an upward trend [1][2]. Summary by Relevant Catalogs Market Review - On Tuesday, the major indices of the two markets had a strong consolidation, showing mixed trends to repair technical indicators. The trading volume was 2.58 trillion yuan, still relatively high. The CSI 1000 Index closed at 7,242 points, up 5 points or 0.07%; the CSI 500 Index closed at 6,655 points, down 12 points or -0.19%; the SSE 300 Index closed at 4,223 points, down 16 points or -0.38%; the SSE 50 Index closed at 2,812 points, down 26 points or -0.93%. Among industry and theme ETFs, those with the highest gains were Communication ETF, Gem Artificial Intelligence ETF Cathay, 5G ETF, Cloud 50 ETF, and Robot 50 ETF, while those with the highest losses were Tianhong Innovative Drug ETF, Leading Military Industry ETF, and Southern Securities ETF. Among the sector indices of the two markets, those with the highest gains were consumer electronics, home appliance parts, communication equipment, motor manufacturing, and industrial Internet index, while those with the highest losses were medical services, glass fiber, insurance, aviation equipment, and securities index. The settlement funds of stock index futures for the CSI 1000, SSE 300, CSI 500, and SSE 50 indices had net outflows of 5.5 billion, 5.1 billion, 1.8 billion, and 0.9 billion yuan respectively [1]. Important Information - The State Council meeting emphasized continuously stimulating consumption potential, systematically clearing restrictive measures in the consumption field, and accelerating the cultivation and expansion of new growth points such as service consumption and new - type consumption. It also aimed to increase effective investment, give play to the leading and driving role of major projects, and actively promote private investment [1]. - Data from Goldman Sachs' Prime Brokerage (GS PB) showed that hedge funds' net buying of Chinese stocks last week reached the highest level in seven weeks, making China the market with the largest capital inflow on the platform since August [1]. - In just eight months of 2025, the quantitative circle has witnessed a "quantitative boom" comparable to 2019 and even surpassing 2020. Many quantitative institutions have quietly enjoyed a "silent bull market" with substantial floating profits [1]. - According to data compiled by Zishitang, among 53 quantitative private equity funds' CSI 500 enhanced products (with institutional scale all above 1 billion yuan, including 26 "10 - billion - scale giants"), the average return in 2025 was about 28.4%, while the CSI 500 Index only rose 10.4% during the same period [1]. - Zhaopin data showed that in the second quarter, the number of recruitment positions in the humanoid robot field increased by 398.1% year - on - year, far leading the growth rate. Technical talents proficient in algorithms and mechanical structure design have become highly sought - after in the job market [1]. - Apollo's chief economist said that consumer spending usually accounts for 70% of the US GDP, and private consumption is usually the main driving force for US GDP growth. However, in the first half of the year, the contribution of data center investment to US GDP growth was the same as that of consumer spending. The contribution of consumer spending has been declining, while that of data center construction has been rising [1]. - The drag effect of US trade tariffs is becoming increasingly apparent in Europe. In June, the exports of the 27 EU countries to the US decreased by 10% year - on - year to just over 40 billion euros (about 46.8 billion US dollars), the lowest level in two years [2]. - JPMorgan Chase said that multiple alternative inflation indicators showed that inflation not only failed to continue to decline, but the sticky part of core inflation was accelerating again, and a considerable part of its persistence was not related to tariffs. Unless the economy falls into recession, the persistent inflation will not support the Fed to take more aggressive easing policies [2]. - Goldman Sachs said that among the S&P 500 component stocks that have announced their earnings reports, 60% of the companies' earnings per share exceeded expectations by more than one standard deviation, mainly due to companies' multiple strategies such as supplier negotiations, supply chain adjustments, cost cuts, and passing on price increases to consumers, and the weakening of the US dollar provided additional impetus for corporate sales growth [2]. Market Logic - The major indices of the two markets had a strong consolidation on Tuesday to repair technical indicators. Hedge funds' net buying of Chinese stocks last week reached the highest level in seven weeks, making China the market with the largest capital inflow on the platform since August. The Shanghai Composite Index hit a nearly 10 - year high on Monday, and the total A - share market capitalization of A - share companies exceeded 100 trillion yuan, a record high. The year 2025 has seen a "quantitative boom" in the quantitative circle, and many quantitative institutions have enjoyed a "silent bull market" with floating profits [2]. Future Market Outlook - The major indices of the two markets had a strong consolidation on Tuesday to repair technical indicators, and the trading volume remained high. The State Council meeting emphasized measures to stimulate consumption and investment. Hedge funds' net buying of Chinese stocks reached a seven - week high. Goldman Sachs believes that the Chinese humanoid robot industry is iterating products at an amazing speed with a clearer commercialization path. The Fed may use currency depreciation to deal with debt, and the probability of a September interest rate cut by the Fed has risen to 100%. The "de - Americanization" of global financial asset reallocation is expected to accelerate the inflow of international funds into A - shares. The strong consolidation of major indices after continuous rises is a normal technical trend, and continuous capital inflows will drive the stock market to maintain an upward trend [2]. Trading Strategy - Stock index futures directional trading: The strong consolidation of major indices after continuous rises is a normal technical trend, and continuous capital inflows will drive the stock market to maintain an upward trend [2]. - Stock index options trading: With continuous capital inflows, investors can choose to buy out - of - the - money long - term call options on growth - type stock indices [2].

Report Core View - Short - term supply of ferroalloys increases while demand decreases, leading to a decline in ferroalloys among black varieties. The supply of silicon - manganese and ferrosilicon is on an accelerating upward trend, and the demand for steel - making is affected in the short term. The futures market may be under pressure, with a short - term bearish outlook [1][5] Market Conditions - The SM2601 contract closed at 5914 today, down 206 points or 3.37% from yesterday's close, with a daily increase in positions of 18.59%. The SF2601 contract closed at 5652, down 214 points or 3.65% from yesterday's close, with a daily increase in positions of 21.39% [4] Influencing Factors - Some steel mills in Tangshan received oral notices of environmental production restrictions. From August 25th to September 3rd, sintering machines will be restricted by 30%, and from August 31st to September 3rd, blast furnaces will be restricted by 40% [4] - Last week, the weekly operating rate of manganese - silicon enterprises was 45.75%, an increase of 2.32% from the previous week, and the daily average output was 29,580 tons, an increase of 1,605 tons. The weekly operating rate of ferrosilicon enterprises was 36.18%, a week - on - week increase of 1.86%, and the daily average output was 16,125 tons, a week - on - week increase of 3.43% or 535 tons [4] Analysis and Suggestions - The resumption of production of ferroalloy enterprises is accelerating, and the supply is increasing, which puts pressure on the prices of silicon - manganese and ferrosilicon. The approaching military parade on September 3rd has led to production restrictions in steel mills, affecting the short - term demand for ferroalloys in steel - making. The increasing hedging demand of enterprises may suppress the futures market, and the short - term outlook is bearish [5]

Report Industry Investment Rating - The report takes a short - term bearish view on the ferrosilicon and silicomanganese futures [5] Report's Core View - The supply of ferrosilicon and silicomanganese has increased while demand has decreased, which may suppress the futures prices of the two products in the short term [4][5] Summary by Related Content Disk Situation - The SM2601 contract closed at 5914 today, down 206 points or 3.37% from yesterday's close, with a daily increase in positions of 18.59%. The SF2601 contract closed at 5652, down 214 points or 3.65% from yesterday's close, with a daily increase in positions of 21.39% [4] Influencing Factors - Some steel mills in Tangshan received oral notices of environmental protection production restrictions. From August 25th to September 3rd, sintering machines will be restricted by 30%, and from August 31st to September 3rd, blast furnaces will be restricted by 40% [4] - Last week, the weekly operating rate of silicomanganese enterprises was 45.75%, an increase of 2.32% from the previous week, and the daily average output was 29,580 tons, an increase of 1,605 tons. The weekly operating rate of ferrosilicon enterprises was 36.18%, a week - on - week increase of 1.86%, and the daily average output was 16,125 tons, a week - on - week increase of 3.43% or 535 tons [4] Analysis and Suggestions - The start - up of ferrosilicon and silicomanganese enterprises increased significantly last week. According to the spot cost, manufacturers' profitability is good, and previously shut - down enterprises are actively resuming production. The supply is on an accelerating upward trend, which suppresses the prices of the two products. On the other hand, due to the approaching September 3rd parade, steel mills have received production restriction notices, which will affect the daily output of hot metal by about 100,000 tons. The short - term demand for the two products in steelmaking is affected. In the futures market, the increasing hedging demand of enterprises may suppress the futures prices [5]