Report Industry Investment Rating - The investment rating for the global economy in the macro and financial sector is (Bullish) [1] Core View of the Report - The global economy maintains an upward direction, with China implementing the AI+ initiative, international capital actively increasing positions in China's technology sector, and major technology companies such as OpenAI and Alibaba making significant investments in AI infrastructure [1] Summary by Related Catalog Important Information - OpenAI plans to invest approximately $400 billion to develop five new data center sites in the US with Oracle and SoftBank, fulfilling its commitment to invest $500 billion in AI infrastructure in the US [1] - Alibaba Cloud's chairman says that large models are the next - generation operating systems, and AI Cloud is the next - generation computer. Alibaba is actively promoting 380 billion yuan of AI infrastructure construction and plans to increase investment [1] - Morgan Stanley predicts that by 2028, AI data center and chip investment will reach $29 trillion, with tech giants bearing about $14 trillion and the remaining gap filled by debt financing, of which private credit funds are expected to provide $800 billion [1] - Alibaba Cloud showcases high - density AI servers and a new - generation network architecture. Its ecosystem companies are promoting customer introduction and product delivery in the hardware field, and many Agent applications and AI terminal products will be exhibited [1] - Bloomberg's Nour Al Ali believes that the rise in the price of gold in Swiss francs this year shows that central bank demand is the key driver for the rise of precious metals [1] - Tech giants like Microsoft and Google are in an AI capital expenditure race, and Deutsche Bank warns that historical technology - driven capital spending booms have often led to "boom - bust" cycles [1] Global Economic Logic - China implements the AI+ initiative, and international capital is bullish on China's technology sector. The US retail sales in August increased by 0.6% month - on - month, and its capital goods imports in July reached a record high. Huawei's Ascend chips lead NVIDIA in computing power. OpenAI and Alibaba are making large - scale AI infrastructure investments [1]

Group 1: Report Industry Investment Rating - The investment rating for methanol in the energy and chemical sector is "oscillation" [1] Group 2: Core View of the Report - Methanol downstream shows a lackluster peak season. This week, port inventories are being reduced from high levels, and inland inventories continue to decline. With the restart of the Zhejiang Xingxing MTO unit and limited impact from the short - term shutdown of Iranian units last week, the short - term methanol price will oscillate within a range, and the downside space is narrowing, with a reference range of 2320 - 2420 [1] Group 3: Summary by Related Catalog Market Review - On Wednesday night, the futures price of the methanol main contract rose 3 yuan to 2358 yuan/ton, and the spot price of methanol in the mainstream East China region rose 15 yuan to 2255 yuan/ton. Long positions decreased by 13888 lots to 554800 lots, and short positions decreased by 23433 lots to 669400 lots [1] Important Information - Supply: The domestic methanol operating rate is 79.9%, a month - on - month decrease of 5.5%. The overseas methanol operating rate is 67.9%, a month - on - month decrease of 4.2% [1] - Inventory: The total inventory of Chinese methanol ports is 1492200 tons, a decrease of 65600 tons. The inventory in East China decreased by 41200 tons, and the inventory in South China decreased by 24400 tons. The inventory of Chinese methanol sample production enterprises is 319900 tons, a decrease of 20500 tons, a month - on - month decrease of 6.03% [1] - Demand: The signing volume of northwest methanol enterprises is 76800 tons, a month - on - month increase of 30900 tons. The pending orders of sample enterprises are 273000 tons, an increase of 39200 tons compared with the previous period, a month - on - month increase of 16.79%. The olefin operating rate is 84.8%, a month - on - month increase of 2.2%; the dimethyl ether operating rate is 6.2%, a month - on - month increase of 1.4%; the methyl chloride operating rate is 86.4%, a month - on - month increase of 0.7%; the acetic acid operating rate is 82.4%, a month - on - month decrease of 0.7%; the formaldehyde operating rate is 42.9%, a month - on - month decrease of 0.2%; the MTBE operating rate is 63.5%, a month - on - month increase of 1.8% [1] - The OECD released a mid - term economic outlook report on the 23rd, predicting that the global economic growth rate in 2025 will be 3.2%, an upward adjustment of 0.3 percentage points compared with the forecast in June this year; the global economic growth rate in 2026 will slow down to 2.9%, the same as the June forecast [1] Market Logic - Methanol downstream shows a lackluster peak season. This week, port inventories are being reduced from high levels, and inland inventories continue to decline. The import volume in August is 1.7598 million tons, a month - on - month increase of 59%. The restart of the Zhejiang Xingxing MTO unit is a positive factor, and the short - term shutdown of Iranian units last week has limited impact. The short - term methanol price will oscillate within a range, and the downside space is narrowing, with a reference range of 2320 - 2420 [1] Trading Strategy - Short - term operation [1]

1. Report Industry Investment Ratings - Corn: Low long [3] - Pig: Range trading [5] - Egg: High short [5] 2. Core Views - **Corn**: Short - term, pay attention to import corn auction rhythm and corn - wheat price difference; mid - term, conduct band trading around new - season corn drivers; long - term, maintain the pricing logic of import substitution and planting cost and focus on policy orientation [3] - **Pig**: Short - term, supply exceeds demand, pressuring pig prices; mid - term, supply is expected to increase, limiting price increases; long - term, pig production capacity will continue to materialize if no epidemic occurs [5] - **Egg**: Mid - short - term, holiday stocking weakens, and egg prices may decline if inventory rises; long - term, focus on the extent of chicken culling, and supply pressure may re - emerge in Q4 [5] 3. Summary by Related Catalogs Corn Important Information - Deep - processing enterprise purchase prices vary: Northeast down 12 yuan/ton to 2155 yuan/ton, North China up 18 yuan/ton to 2370 yuan/ton [3] - Port prices: North weak, South stable. Jinzhou Port down 10 yuan/ton, Shekou Port unchanged [3] - Corn futures warehouse receipts unchanged at 23814 as of September 24 [3] - Wheat - corn price difference in Shandong is + 80 yuan/ton, narrowing by 10 yuan/ton [3] - Corn bidding procurement: 2.15 million tons planned, 1.91 million tons transacted, 89% success rate [3] - August 2025 national industrial feed output is 29.36 million tons, up 3.7% MoM and 3.8% YoY [3] Market Logic - Short - term, support at 2050 - 2150 yuan/ton, pressure from wheat - corn price difference [3] - Mid - term, conduct band trading around new - season corn, with wide - range trading [3] - Long - term, follow import substitution and planting cost pricing, focus on policies [3] Trading Strategy - Mid - long - term, maintain range trading; short - term, look for low - long opportunities. Support for 2511 contract at 2100 - 2130, 2601 contract at 2100 - 2120 [3] Pig Market Review - LH2511 contract closed flat at 12730 yuan/ton yesterday [5] Important Information - National average pig price is 12.51 yuan/kg, down 0.01 yuan/kg; expected morning prices are weak - stable [5] - July 2025 fertile sow inventory is 40.42 million, 103.64% of normal level; July sow culling up 2.1% MoM [5] - September 24 fattening - standard price difference is 0.2 yuan/jin, narrowing by 0.01 yuan/jin [5] - September 18 weekly average slaughter weight is 124.68 kg, up 0.36 kg [5] - September 24 pig futures warehouse receipts down 59 to 368 [5] - 15,000 tons of central reserve frozen pork will be released on September 28 [5] Market Logic - Short - term, supply exceeds demand, North may stop falling, South remains weak [5] - Mid - term, supply is expected to increase, limiting price increases [5] - Long - term, sow inventory is high, production capacity will continue to materialize [5] Trading Strategy - Near - month contracts follow supply - demand logic, suggest taking profit on short positions; far - month contracts trade on de - capacity expectation difference. Support for 2511 contract at 12300 - 12500, 2601 contract at 12800 - 13000, etc. [5] Egg Market Review - JD2511 contract fell 0.46% to 3056 yuan/500kg yesterday [5] Important Information - Egg prices are mainly stable, main production area unchanged, main sales area down 0.02 yuan/jin [5] - Inventory increased slightly, production link stable, circulation link up 0.02 days [5] - Old hen price is 4.5 yuan/jin, down 0.01 yuan/jin; September 18 average culling age is 497 days, up 2 days [5] - August in - production laying hen inventory is 1.365 billion, up 0.66% MoM and 5.98% YoY; September estimated at 1.353 billion, down 0.8% MoM [5] Market Logic - Mid - short - term, holiday stocking weakens, egg prices may decline with rising inventory [5] - Long - term, focus on chicken culling, supply pressure may re - emerge in Q4 [5] Trading Strategy - Maintain high - short strategy before large - scale culling. Pressure for 2511 contract at 3090 - 3100, etc. Also, breeding enterprises can consider selling hedging opportunities for 2607 and 2608 contracts [5]

Group 1: Report Industry Investment Rating - The investment rating for the log sector in the agriculture, forestry, and livestock industry is moderately bullish [3] Group 2: Core View of the Report - The log futures market has been oscillating recently. International prices remain high, while domestic spot prices are weak, increasing traders' operating pressure. Short - term imports are expected to be cautious, and the domestic supply may remain tight. Despite the traditional peak consumption season, last week's port shipments decreased, indicating that the recovery of terminal demand was less than expected. The overall inventory is low, and the de - stocking pressure is limited. The market fundamentals have improved, but the peak - season demand is mediocre, and the price upward momentum is insufficient. It is recommended to adopt a wait - and - see strategy in the short term [3] Group 3: Summary by Relevant Catalog Market Review - The log futures price declined. The closing price of the main 2511 contract was 805.0 yuan per cubic meter, down 0.31% [3] Important Information - The spot price of 3.9 - meter medium - grade A radiata pine logs in Shandong was 750 yuan per cubic meter, unchanged from the previous day and down 10 yuan per cubic meter from the previous week. The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu was 780 yuan per cubic meter, unchanged from the previous day and down 10 yuan per cubic meter from the previous week [3] - As of August 15, the weekly arrival volume of domestic coniferous logs was 33.9 million cubic meters, a decrease of 16.65 million cubic meters from the previous week [3] - The average daily outbound volume of coniferous logs at 13 ports in 7 provinces in China was 63,300 cubic meters, a decrease of 900 cubic meters from the previous week [3] Market Logic - The log futures market has been oscillating. International prices are high, domestic spot prices are weak, imports may be cautious, and supply may be tight. Terminal demand recovery is less than expected during the peak season, inventory is low, and de - stocking pressure is limited. Market fundamentals have improved, but peak - season demand is mediocre, and price upward momentum is insufficient [3] Trading Strategy - The log 11 - contract will oscillate [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - For the vegetable oil market, due to Argentina's zero - tariff export of soybeans and derivatives, existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. For the double - meal market, short positions in double - meals should take profits and exit, and those not yet entered the market should wait and see for buying points after stabilization [1][2][3]. 3. Summary According to Relevant Contents Vegetable Oil Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybean series, global vegetable oil futures prices tumbled. The main contracts of soybean oil, palm oil, and rapeseed oil all decreased in price and positions, with the main soybean oil contract Y2601 closing at 8086 yuan/ton, down 3.35% day - on - day [1]. Important Information - International oil prices rose on September 23 due to the impasse in the agreement to restart Iraqi Kurdish oil exports. - The US EPA plans to redistribute the biofuel blending obligations exempted by the Small Refinery Exemption (SRE) program to large refineries, with two main options of 50% and 100% quota distribution. The public comment period lasts until the end of October, and a decision may be made in late November or December 25. - In August 2025, China's palm oil imports were 340,000 tons, a 33.60% increase from the previous month and a 15.17% decrease from the same period last year. - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - Canada launched a $370 million biofuel production incentive program to boost domestic rapeseed consumption. - From September 1 - 20, Malaysia's palm oil production decreased by 7.89% month - on - month, with the fresh fruit bunch (FFB) yield down 6.57% and the oil extraction rate (OER) down 0.25%. - From September 1 - 20, Malaysia's palm oil exports were 1,010,032 tons, an 8.7% increase from August 1 - 20. Exports to China were 30,400 tons, lower than the previous month. - As of the 38th weekend of 2025, the total inventory of the three major domestic edible oils was 2.6773 million tons, a 1.68% week - on - week decrease and a 22.80% year - on - year increase [1][2]. Market Logic - Externally, Argentina's cancellation of soybean oil and meal export tariffs and the continuous reduction of non - commercial net long positions in CFTC soybean oil led to the decline of US soybean oil and Malaysian palm oil. Domestically, soybean supply is sufficient, oil mill operating rates are around 65%, and soybean oil supply is abundant. Rapeseed oil is still in the process of inventory reduction, and palm oil is in the process of inventory accumulation [2]. Trading Strategy - Unilateral: Existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. Provide support and resistance levels for each contract. - Arbitrage: No relevant arbitrage strategy is provided [2]. Double - Meal Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybeans and derivatives, double - meal futures prices tumbled. The main contracts of soybean meal and rapeseed meal all decreased in price and increased in positions, with the main soybean meal contract M2601 closing at 3250 yuan/ton, down 3.49% day - on - day [2]. Important Information - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - As of the week ending September 18, 2025, US soybean export inspections were 484,116 tons, at the lower end of market expectations, a 41% decrease from the previous week and a 3% decrease from the same period last year. - As of September 21, the US soybean harvest was 9% complete, with a good - to - excellent rate of 61%. - Brazil's soybean exports in September 2025 are estimated to be 7.43 million tons, a 44% increase from the same period last year. - As of the 38th weekend of 2025, the domestic imported soybean inventory was 770,800 tons, an increase from the previous week, and the imported rapeseed inventory was 66,000 tons, a decrease from the previous week. The domestic soybean meal inventory was 124,600 tons, an increase from the previous week [2][3]. Market Logic - Externally, Argentina's zero - tariff policy on soybean series affected the global soybean market, but the continuous decline of US soybeans is limited. Domestically, oil mill spot prices have decreased, and near - month basis has increased. The terminal's willingness to replenish inventory at low prices has improved. Rapeseed meal spot transactions are limited, and institutional long - short games have intensified [3]. Trading Strategy - Unilateral: Short positions in double - meals should take profits and exit, and wait for buying points after stabilization. Provide support and resistance levels for each contract. - Arbitrage: Consider a long - short spread trade for soybean meal 1 - 5 contracts. Temporarily exit on September 23 and wait for subsequent stabilization [3].

Report Industry Investment Rating - The investment rating for the apple sector in the agricultural, forestry, and livestock industry is "Bullish" [1] Core View - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04%. The market focus is shifting from the supply side to demand verification. It is recommended that investors wait and see and choose the opportunity to operate after the new season's output is clear and the consumption peak season starts [1] Summary by Directory Market Review - Apple futures prices have corrected, and the main contract has shifted. The closing price of the 2601 contract is 8,288 yuan/ton, down 0.04% [1] Important Information - In Shandong, the price of bagged late Fuji 80 is between 3.80 - 4.00 yuan/jin (striped red, first and second grades); the price of bagged late Fuji above 80 is between 3.00 - 3.50 yuan/jin (striped red, general goods), and the price of the third - grade bagged late Fuji above 80 is between 2.50 - 2.80 yuan/jin. The price of the first and second - grade bagged striped 80 is between 4.10 - 4.50 yuan/jin. In Shaanxi, the semi - commercial price of bagged late Fuji starting from 70 is between 4.70 - 4.80 yuan/jin. In Gansu, the price of mountain semi - commercial fruit of late Fuji above 75 in Renda Town is about 4.50 yuan/jin [1] Market Logic - Rainfall in Shaanxi and Gansu production areas has ended, and the bag - removing work of late Fuji has begun. The current transactions in the production areas are mainly based on inventory Gala, Red Star, and Huaniu. In Shandong, the remaining supply of Red General is small, and the quality is poor. The new - season apple's early - maturing fruit purchase price in the northwest is 0.2 - 0.4 yuan/jin higher year - on - year, and the opening price of late - maturing Red Fuji is expected to be strong. The market focus is shifting from the supply side to demand verification [1] Trading Strategy - Hold long positions in the AP2601 contract [1]

Report Summary 1. Investment Ratings by Industry - Agriculture, Forestry, and Livestock (Corn): Bullish on dips [2] - Pig: Range trading [5] - Egg: Short on rallies [5] 2. Core Views - **Corn**: In the short - term, spot prices are stabilizing during the new - old crop transition, with support and resistance levels. In the medium - term, trading is driven by new - season factors. In the long - term, pricing is based on import substitution and planting costs [2]. - **Pig**: Short - term supply exceeds demand, pressuring prices. Medium - term supply is expected to increase. Long - term, high sow inventory and high efficiency will lead to continuous production [5]. - **Egg**: In the medium - short term, post - mid - month, price momentum weakens. In the long term, supply pressure may re - emerge depending on hen culling [5]. 3. Summary by Related Catalogs Corn - **Market Review**: Overnight, the corn futures had a narrow - range oscillation. The 2511 contract rose 0.23% to close at 2156 yuan/ton [2]. - **Important Information**: Deep - processing enterprise purchase prices fluctuated; port prices were stable to firm; futures warehouse receipts decreased; the wheat - corn price spread was positive [2]. - **Market Logic**: Short - term, spot prices are stabilizing, and the price is affected by import auctions and price spreads. Medium - term, it's driven by new - season factors. Long - term, it follows the import substitution and planting cost logic [2]. - **Trading Strategy**: Adopt a range - trading strategy in the medium - long term. Look for short - term low - buying opportunities near support levels [2]. Pig - **Market Review**: The pig futures continued to decline. The LH2511 contract dropped 1.48% to close at 12665 yuan/ton [5]. - **Important Information**: The national average pig price decreased; sow inventory was high; the price spread between fattening and standard pigs narrowed; the weekly average slaughter weight increased; futures warehouse receipts decreased [5]. - **Market Logic**: Short - term, supply exceeds demand. Medium - term, supply is expected to increase. Long - term, high sow inventory will lead to continuous production [5]. - **Trading Strategy**: Near - month contracts are based on supply - demand logic. Consider taking profits on short positions. Far - month contracts focus on the expected change in sow inventory [5]. Egg - **Market Review**: The egg futures continued to decline. The JD2511 contract dropped 1% to close at 3065 yuan/500kg [5]. - **Important Information**: Egg prices were stable; inventory increased; the price of culled hens rose; the estimated laying - hen inventory decreased in September [5]. - **Market Logic**: Medium - short term, price momentum weakens after mid - month. Long - term, supply pressure may re - emerge depending on hen culling [5]. - **Trading Strategy**: Maintain a short - on - rallies strategy. Look for selling - hedging opportunities for high - price contracts for farmers [5].

Group 1 - Report industry: Agricultural products (soybeans, oil, and meal) [5] Group 2 - The core view of the report: Argentina's decision to cancel all grain export taxes before October 31 is expected to increase the near - term supply of soybeans and soybean oil and lower soybean premium quotes. In the short term, the market sentiment is negatively affected, and Argentine soybeans, soybean oil, and soybean meal are expected to impact the market at low prices from September to October. However, the market will eventually return to its trading pattern, and the oil market is more resistant to pressure than the protein market [5] Group 3 - Event: Argentina's government announced the cancellation of all grain export taxes before October 31. The previous export tax rates were 26% for soybeans and 24.5% for soybean meal and soybean oil [5] - Market reaction: After the news, U.S. soybeans, U.S. soybean oil, and Malaysian palm oil prices declined. In the domestic market, the decline of Dalian Commodity Exchange's soybean meal and three major oils exceeded 2% and 3%, respectively [5] - Supply impact: The policy is expected to increase the near - term supply of soybeans and soybean oil and lower soybean premium quotes [5] - Short - term impact: From September to October, due to the tax - exemption policy, Argentine soybeans, soybean oil, and soybean meal are expected to impact the market at low prices [5] - Follow - up focus: It is necessary to pay attention to Argentina's subsequent export capacity. From January to August 2025, Argentina has processed and exported about 33.22 million tons of soybeans, with an annual remaining usage of about 15 million tons [5] - Market resistance: The oil market is more resistant to pressure than the protein market [5]

Report Industry Investment Rating - The macro and financial sector of the global economy is rated as "Bullish" [1] Core View - The global economy maintains an upward trend, with China implementing the "Artificial Intelligence +" initiative, international capital actively increasing positions in China's technology sector, the US retail and manufacturing showing positive trends, the euro - zone manufacturing PMI breaking above the boom - bust line, and the global AI infrastructure accelerating [1] Summary by Related Catalogs Important Information - From a global perspective, Luobomei is more optimistic about non - US equity markets, especially China, Japan, and Europe. The weakening of the US dollar is expected to promote global capital re - balancing, and the demand for foreign capital to flow back to A - shares and Hong Kong stocks is expected to significantly increase [1] - A Goldman Sachs trader believes that the market is entering a liquidity - driven speculative stage, similar to the situation in 1999 in the US stock market, with the investment logic shifting from fundamentals to liquidity, market positions, and price trends [1] - Hong Kong - related ETFs have become the core carriers of capital inflows, with many products showing high scale and high net capital inflows. As of September 19, the latest scale of E Fund Hang Seng Tech ETF exceeded 20 billion yuan, reaching 20.45 billion yuan [1] - Huaxi Securities believes that Huawei has achieved TB - level ultra - large bandwidth through multi - port aggregation and high - sealing technology. The inter - connection bandwidth of Atlas 950 reaches 16.3PB/s, 62 times that of NVIDIA NVL144, and has achieved a 24% improvement in latency [1] - Samsung has significantly raised the prices of memory and flash products, with DRAM products increasing by up to 30% and NAND flash prices rising by 5 - 10%. Micron and SanDisk have also announced similar price increases [1] - Morgan Stanley says the humanoid robot industry is at a critical turning point, with the global market expected to reach $5 trillion by 2050. China leads the world in commercial orders, with a cumulative order amount of 975 million yuan, and Tesla Optimus V3 has become a global focus [1] Global Economic Logic - China implements the "Artificial Intelligence +" initiative, and international capital actively increases positions in China's technology sector. The US retail in August increased by 0.6% month - on - month, exceeding expectations. The US capital goods imports in July reached $95.8 billion, a new record. The euro - zone manufacturing PMI in August broke above the boom - bust line for the first time since June 2022. Huawei announced the evolution and goals of Ascend chips, and the global AI infrastructure is accelerating [1]

Group 1 - The investment rating of the report is not mentioned in the provided content. Group 2 - The core view of the report is that as of September 14, the Mongolian coal inventory at the Ganqimao Port was 2780000 tons, with a slight weekly increase of 160000 tons. The average daily vehicle - throughput in August was 1085, and after entering September, the number of customs - cleared vehicles increased significantly, with the average monthly customs - cleared vehicles reaching 1273 per day [1]. Group 3 Summary of the table in the report - The report shows the weekly inventory data of Mongolian coal in the Ganqimao supervision area from July 5, 2025, to September 20, 2025. For example, the inventory on July 5, 2025, was 3750000 tons, and on September 20, 2025, it was 2780000 tons [1].