1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The US GDP in the second quarter had an annualized quarterly growth rate of 3.8%, a significant increase from the revised value of 3.3%, reaching the fastest growth rate in nearly two years, mainly due to unexpectedly strong consumer spending and a decline in imports. The final value of the core PCE price index was raised from 2.5% to 2.6% [2]. - Russia plans to implement a diesel export ban on resellers until the end of the year and extend the export ban on gasoline resellers and producers until the end of the year, except for supplies under inter - governmental agreements [2]. - As of the week ending September 25, the production of rebar increased after a decline, the factory inventory decreased for three consecutive weeks, the apparent demand increased for two consecutive weeks, and the social inventory decreased for two consecutive weeks. Rebar production was 206.46 million tons, an increase of 0.01 million tons from the previous week; the apparent demand for rebar was 220.44 million tons, an increase of 10.41 million tons from the previous week, with a growth rate of 4.96% [2]. - Starting from the settlement on September 29, 2025, the daily price limit range for industrial silicon futures contracts will be adjusted to 10%, for polysilicon futures contracts to 11%, and for lithium carbonate futures contracts to 10%. The margin standard for speculative trading will be adjusted to 12%, and for hedging trading to 11% [2]. - The "involution - style" competition in the copper smelting industry has led to continuously low processing fees for copper concentrates, which is the most prominent problem in the industry. Industry enterprises should oppose this kind of competition [3]. 3. Summaries by Related Catalogs Hot News - US second - quarter GDP annualized quarterly growth rate was 3.8%, core PCE price index final value was raised from 2.5% to 2.6% [2]. - Russia plans diesel and gasoline export bans until the end of the year [2]. - Rebar production increased, factory inventory decreased, apparent demand increased, and social inventory decreased in the week ending September 25 [2]. - Adjustments to the daily price limit range and margin standards for industrial silicon, polysilicon, and lithium carbonate futures contracts from September 29, 2025 [2]. - The copper smelting industry's "involution - style" competition problem was discussed at a meeting, and enterprises were urged to oppose it [3]. Plate Performance - Key focus: Urea, Shanghai Copper, Silver, Asphalt, PVC [4]. - Night - session performance: Non - metallic building materials (2.78%), Precious metals (31.98%), Oilseeds and oils (10.17%), Soft commodities (2.41%), Non - ferrous metals (20.18%), Coal, coke, and steel (13.66%), Energy (2.95%), Chemicals (11.55%), Grains (1.06%), Agricultural and sideline products (3.26%) [4]. Plate Position - Information about the position changes of commodity futures plates in the past five days is presented, but specific change values are not clearly summarized here due to the complex data form [5]. Performance of Major Asset Classes - **Equities**: Shanghai Composite Index had a daily change of - 0.01%, monthly change of - 0.12%, and annual change of 14.96%; S&P 500 had a daily change of - 0.50%, monthly change of 2.75%, and annual change of 12.86%; and other equity indices had corresponding changes [7]. - **Fixed - income**: 10 - year Treasury bond futures had a daily change of - 0.01%, monthly change of - 0.19%, and annual change of - 1.21%; 5 - year Treasury bond futures had a monthly change of 0.05% and an annual change of - 0.92%; 2 - year Treasury bond futures had a monthly change of - 0.09% and an annual change of - 0.63% [7]. - **Commodities**: CRB Commodity Index had a monthly change of - 0.82% and an annual change of 1.06%; WTI crude oil had a daily change of 0.38%, monthly change of 1.06%, and annual change of - 10.00%; London spot gold had a daily change of 0.34%, monthly change of 8.38%, and annual change of 42.36% [7]. - **Others**: US Dollar Index had a daily change of 0.61%, monthly change of 0.02%, and annual change of - 9.79%; CBOE Volatility Index had a monthly change of 8.33% and an annual change of - 4.09% [7].

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.33%报 3780.5 美元/盎司， COMEX 白银期货涨 2.89%报 45.47 美元/盎司。 2. 国际油价窄幅震荡，美油主力合约收涨 0.35%，报 65.22 美元/桶；布伦特原 油主力合约涨 0.5%，报 68.8 美元/桶。 3. 伦敦基本金属涨跌参半，LME 期镍跌 1.15%报 15240 美元/吨，LME 期铜跌 0.59%报 10275.50 美元/吨，LME 期锌跌 0.53%报 2922.5 美元/吨，LME 期铅涨 0.48%报 2009 美元/吨，LME 期铝涨 0.47%报 2664 美元/吨，LME 期锡涨 0.20%报 34390 美元/吨。 4. 截至 2:20 收盘，美大豆涨 0.30%，美玉米涨 0.12%，美豆油涨 0.72%，美豆 粕跌 1.01%，美小 ...

地址：北京市朝阳区朝阳门外大街甲 6 号万通中心 D 座 20 层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 苏妙达，执业资格证号 F03104403/Z0018167。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 冠通每日交易策略 制作日期：2025 年 9 月 25 日 热点品种 期市综述 截止 09 月 25 日收盘，国内期货主力合约多数上涨。集运欧线涨近 4%，国际铜、 沪铜、玻璃涨超 3%，菜油、焦炭涨超 2%。跌幅方面，沪金、棉花、橡胶、20 号 胶（NR）、生猪小幅下跌。沪深 300 股指期货（IF）主力合约涨 0 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - China announces new climate targets, aiming to reduce greenhouse gas net emissions by 7% - 10% from the peak by 2035, increase non - fossil energy consumption to over 30%, and achieve other goals [2] - Six departments jointly issue a work plan for the building materials industry, targeting green building materials revenue to exceed 300 billion yuan in 2026 [2] - The US and the EU finalize a tariff agreement, with a 15% tariff on EU cars and parts from August 1st and some EU products on the tariff exemption list from September 1st [2] - Zhengshang Institute and Shangqi Institute adjust trading margin standards and price limit ranges for multiple futures contracts from September 29th [3] 3. Summaries by Related Catalogs Hot News - China's new climate targets include reducing greenhouse gas emissions, increasing non - fossil energy use, and more by 2035 [2] - The building materials industry work plan aims to boost green building materials revenue and control traditional capacity [2] - The US - EU tariff agreement involves tariffs and exemptions on various products [2] - Futures exchanges adjust trading margins and price limits for multiple contracts [3] Key Focus - Focus on commodities such as urea, Shanghai copper, polysilicon, crude oil, and PP [4] Night - session Performance - Different commodity futures sectors show various night - session performance, with precious metals up 33.25%, non - metallic building materials up 2.66%, etc. [4] Plate Holdings - The chart shows the changes in commodity futures plate holdings in the past five days [5] Major Asset Performance - Different asset classes have different daily, monthly, and annual returns. For example, the Shanghai Composite Index has a daily increase of 0.83%, an annual increase of 14.97%, etc. [7] Main Commodity Trends - The report presents the trends of major commodities through various charts, including the BDI index, WTI crude oil, London spot gold, etc. [9]

Report Summary 1. Overnight Night Market Trends - International precious metal futures generally closed lower, with COMEX gold futures down 1.24% at $3,768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce [3]. - U.S. EIA crude oil inventories unexpectedly decreased by 607,000 barrels. WTI crude oil futures rose 2.21% to $64.81 per barrel, and Brent crude oil futures rose 2.02% to $68.32 per barrel [4]. - London base metals all rose, with LME copper up 3.46% at $10,320 per ton, LME zinc up 1.18% at $2,922.5 per ton, LME aluminum up 0.63% at $2,654.5 per ton, and LME nickel up 0.53% at $15,435 per ton [4]. - As of 2:20, U.S. soybeans fell 0.35%, U.S. corn fell 0.53%, U.S. soybean oil fell 0.22%, U.S. soybean meal fell 0.50%, and U.S. wheat fell 0.19% [5]. - As of 23:00, most domestic futures contracts closed higher. Soybean No. 2, palm oil, soybean meal, low-sulfur fuel oil (LU), and fuel oil rose more than 1%, while cotton fell slightly [5]. 2. Important News Macroeconomic News - The People's Bank of China will conduct 600 billion yuan of MLF operations on September 25, 2025 [8]. - Zhengzhou Commodity Exchange will adjust the trading margin and price limit of certain futures contracts from September 29, 2025 [8]. - The Ministry of Housing and Urban-Rural Development announced that 25,000 old urban residential areas are planned to be renovated in 2025, and 21,700 have been started from January to August [8]. - U.S. Treasury Secretary Besent expressed disappointment that Fed Chair Powell did not set a clear agenda for interest rate cuts and called for a 100 - 150 basis point cut by the end of the year [8]. - The U.S. officially lowered tariffs on EU cars, effective August 1, 2025 [8]. - Fed's Daly fully supports the 25 - basis - point rate cut last week and said further policy adjustments may be needed [9]. Energy and Chemical Futures - Multiple departments issued the "Work Plan for Stable Growth in the Building Materials Industry (2025 - 2026)", aiming to control cement and glass production capacity [12]. - As of the week of September 24, the capacity utilization rate of 92 asphalt refineries in China was 42.0%, up 5.7% week - on - week, and the weekly output was 701,000 tons, up 15.5% [12]. - As of September 24, 2025, China's methanol port inventory decreased by 65,600 tons to 1.4922 million tons [12]. - As of the week of September 22, the total refined oil inventory at the Fujairah Port in the UAE increased by 1.833 million barrels to 14.922 million barrels [12]. - U.S. commercial crude oil inventories (excluding strategic reserves) decreased by 607,000 barrels to 415 million barrels in the week ending September 19, 2025, while strategic petroleum reserve inventories increased by 230,000 barrels to 406 million barrels [13]. - Eight international oil companies in the Kurdistan region of Iraq reached a preliminary agreement to resume oil exports [13]. Metal Futures - Xinjiang Dongfang Hope New Energy Co., Ltd. started annual maintenance on its first - phase polysilicon production line, and the third - phase project is ready for maintenance [16]. - The Shanghai Futures Exchange will adjust the trading margin and price limit of copper, aluminum, zinc, lead, gold, and silver futures contracts from September 29, 2025 [16]. - The Antamina copper mine in Peru expects zinc production to increase by 67% this year, offsetting a 12% decline in copper production [16]. - From January to July 2025, the global copper market had a surplus of 101,000 tons, compared with a surplus of 401,000 tons in the same period last year [17]. - An accident at the Grasberg Block Cave mine in Indonesia led to the suspension of operations, and the company lowered its copper and gold sales forecasts for the third quarter [17]. Black - Series Futures - In mid - September, the daily output of crude steel by key steel enterprises decreased by 0.6% month - on - month, while the daily output of iron and steel products increased [20]. - Beibu Gulf Port in Guangxi suspended manganese ore pick - up due to a typhoon, with limited impact on inventory [20]. - On September 24, the auction price of coking coal in Linfen market rose significantly, with an average increase of about 92 yuan per ton [20]. - Dalian Commodity Exchange will adjust the trading margin and price limit of iron ore, coke, and coking coal futures contracts from September 29, 2025 [21]. Agricultural Product Futures - The EU postponed the implementation of anti - deforestation regulations, providing a respite for palm oil exporters [23]. - As of September 20, the inventory of sugar in third - party warehouses in Guangxi decreased by about 300,000 tons compared with August [23]. - In August 2025, China's industrial feed output was 29.36 million tons, up 3.7% month - on - month and 3.8% year - on - year [25]. - Indonesia's palm oil exports in July were 3.54 million tons, with a production of 5.11 million tons and an inventory of 2.57 million tons [26]. - The CNF price of Argentine soybeans imported into China decreased, and the cost of imported soybeans declined [26]. - A senior analyst predicted that Malaysian BMD crude palm oil futures may rise 27% in the first quarter of next year [26]. - The average pig - to - grain ratio in Guangdong Province entered the second - level early - warning range of excessive decline, and the province will conduct frozen pork reserve purchases [26]. - Brazil's ANEC lowered its September soybean export forecast to 7.15 million tons and raised its corn export forecast to 7.61 million tons [27]. 3. Financial Markets Stocks - A - shares rose, with the ChiNext Index and the Sci - Tech Innovation 50 Index hitting new highs. The semiconductor industry chain was strong, while AI hardware and the banking sector declined. The Shanghai Composite Index rose 0.83%, the Shenzhen Component Index rose 1.8%, the ChiNext Index rose 2.28%, and the Sci - Tech Innovation 50 Index rose 3.49%. The total trading volume was 2.35 trillion yuan [30]. - The Hong Kong Hang Seng Index rose 1.37%, the Hang Seng Tech Index rose 2.53%, and the Hang Seng China Enterprises Index rose 1.64%. Southbound funds had a net purchase of HK$13.7 billion [30]. - Chery Automobile's H - shares were listed on the Hong Kong Stock Exchange at a final offer price of HK$30.75 per share [31]. - Mercedes - Benz plans to acquire a minority stake in A - share listed Qianli Technology [32]. Industries - Six departments issued a work plan for stable growth in the building materials industry, aiming for green building materials revenue to exceed 300 billion yuan by 2026 [33]. - The State Administration for Market Regulation solicited opinions on a new standard for food delivery platform services [35]. - The National Press and Publication Administration approved 145 domestic and 11 imported game licenses in September [35]. - The transportation department issued a plan to promote the integrated development of container rail - water intermodal transport, aiming for a 15% annual growth in volume by 2027 [35]. - From January to August, China's railway passenger volume increased by 6.7% year - on - year, freight volume increased by 2.6%, and fixed - asset investment increased by 5.6% [35]. - The "Blue Book on the Development of the Beidou Industry (2025)" showed that the total output value of China's satellite navigation and location - based services industry reached 575.8 billion yuan in 2024, and the number of new Beidou - supported terminals is expected to exceed 400 million by the end of 2028 [36]. Overseas Markets - The U.S. and the EU finalized a tariff agreement, with the U.S. lowering tariffs on EU cars and the EU getting tariff exemptions for certain products [37]. - U.S. Treasury Secretary Besent criticized Fed Chair Powell for not setting a clear interest - rate - cut agenda and called for a 100 - 150 basis point cut by the end of the year. The Treasury is considering a $20 billion currency swap with Argentina [37]. - The U.S. government is negotiating to restructure a $2.3 billion energy department loan to Lithium Americas through equity investment [39]. - U.S. new home sales in August reached an annualized rate of 800,000 units, far exceeding expectations, and the inventory of new homes for sale decreased [39]. - Bank of England Governor Bailey said there is room for interest rate cuts, depending on inflation [40]. - Australia's CPI in August rose 3% year - on - year, reaching the upper limit of the RBA's inflation target range [40]. - Germany's September IFO business expectations and sentiment indices declined [41]. International Stock Markets - U.S. stocks fell slightly, with the Dow down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33%. Chinese concept stocks generally rose [42]. - European stocks closed mixed, with the German DAX Index rising 0.23%, the French CAC40 Index falling 0.57%, and the UK FTSE 100 Index rising 0.29% [42]. - Saudi Arabia is considering relaxing foreign ownership restrictions on listed companies, leading to a 5% rise in the Saudi All - Share Index [44]. - The Japanese Nikkei 225 Index rose 0.3% to a new high, while the South Korean KOSPI Index fell 0.45% after hitting a new high [44]. - South Korean securities companies may resume U.S. stock trading services in early November [44]. Commodities - Zhengzhou Commodity Exchange and Shanghai Futures Exchange will adjust the trading margin and price limit of multiple futures contracts from September 29, 2025 [45]. - International precious metal futures fell, international oil prices rose, London base metals rose, and global steel production in August increased slightly year - on - year [45][46][47]. Bonds - Yields of major interest - rate bonds in the inter - bank market generally rose, and bond prices fell. The central bank conducted 401.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1.7 billion yuan [48]. - Commercial banks can use certain bonds as collateral for treasury cash time deposits [48]. - The issuance scale of local government bonds from January to August reached 7.68 trillion yuan, a 41.9% year - on - year increase [48]. - U.S. Treasury yields rose, and the issuance of UK government bonds faced weak demand [48][50]. Foreign Exchange - The on - shore RMB against the U.S. dollar closed down 86 basis points at 7.1219, and the U.S. dollar index rose 0.65% [51]. 4. Upcoming Data Releases and Events Data Releases - A series of economic data from Germany, France, the UK, the U.S., and China Hong Kong will be released on September 25 [53]. Events - Multiple central bank meetings, policy announcements, corporate events, and international meetings are scheduled for September 25 [55].

Report Summary 1. Market Overview - As of the close on September 24, most domestic futures main contracts rose. Glass rose nearly 5%, fuel oil rose over 3%, and container shipping to Europe, polysilicon, and soda ash rose over 2%. In terms of declines, rapeseed meal fell nearly 3%, rapeseed oil fell over 1%, and lithium carbonate and soybean meal fell nearly 1%. Stock index futures of CSI 300 (IF), SSE 50 (IH), CSI 500 (IC), and CSI 1000 (IM) rose 1.69%, 0.94%, 3.90%, and 3.22% respectively. Treasury bond futures of 2-year (TS), 5-year (TF), 10-year (T), and 30-year (TL) fell 0.03%, 0.08%, 0.10%, and 0.41% respectively [5] - As of 15:31 on September 24, in terms of capital inflow of domestic futures main contracts, Shanghai Gold 2512 inflowed 1.12 billion yuan, CSI 500 2512 inflowed 616 million yuan, and Shanghai Silver 2512 inflowed 424 million yuan. In terms of capital outflow, CSI 1000 2512 outflowed 3.235 billion yuan, CSI 300 2512 outflowed 2.086 billion yuan, and rapeseed oil 2601 outflowed 434 million yuan [7] 2. Core Views - **Copper**: Shanghai copper opened high and moved higher, showing a strong oscillation. The supply of copper concentrate and refined copper is tight. The TC/RC fees are weakly stable, and smelters' profitability is under pressure. The supply of scrap copper will decrease significantly in September, and the import of refined copper has declined. The demand is driven by pre - holiday restocking, but overseas macro factors still impact copper prices, and copper prices fluctuate narrowly [9] - **Crude Oil**: The peak travel season for crude oil is over. The overall oil inventory in the US has increased, and the refinery operating rate has declined. OPEC+ will implement a production adjustment in October 2025, which will increase the pressure on crude oil in the fourth quarter. The price of Saudi Aramco's flagship product has been cut. The geopolitical situation and demand concerns co - exist, and it is recommended to short on rallies [10][11] - **Asphalt**: The asphalt开工率 has slightly declined but is still at a relatively low level in recent years. The expected production in September has increased. The downstream operating rate has risen, but is restricted by funds and weather. The inventory is at a low level, and the cost support has weakened. It is expected that the asphalt futures price will oscillate downward [12] - **PP**: The downstream operating rate of PP has rebounded, and the enterprise operating rate has increased. The cost has rebounded due to the oil price. New production capacity has been put into operation, and the demand in the peak season is less than expected. It is expected that PP will oscillate [14] - **Plastic**: The plastic开工率 has declined, and the downstream operating rate has increased. The cost has rebounded. New production capacity is being put into operation, and the demand in the peak season is less than expected. It is expected that plastic will oscillate [15][16] - **PVC**: The PVC开工率 has decreased, and the downstream operating rate has increased. The export expectation has weakened, and the inventory pressure is large. The real - estate market is still in adjustment. The cost support is strengthening, and it is expected that PVC will be under pressure and decline [17] - **Urea**: Urea opened high and moved low, with a slightly strong oscillation. The spot sentiment has improved slightly, but the price is still weak. The daily production has recovered, and the demand is mainly for pre - holiday restocking. The inventory is high, and the supply - demand is loose. The upward space of the futures price is limited [18][19]

【冠通研究】 沥青：高开后震荡运行 制作日期：2025年9月24日 【策略分析】 逢高做空 供应端，上周沥青开工率环比回落0.5个百分点至34.4%，较去年同期高了6.2个百分点，沥青开 工率小幅回落，仍处于近年同期偏低水平。据隆众资讯数据，9月份国内沥青预计排产268.6万吨， 环比增加27.3万吨，增幅为11.3%，同比增加68.3万吨，增幅为34.1%。上周，沥青下游各行业开工率 上涨，其中道路沥青开工环比上涨1.69个百分点至30.31%，只是仍处于近年同期最低水平，受到资金 和部分地区降雨高温制约。上周，华北地区多执行前期合同，出货量增加较多，全国出货量环比增 加31.10%至31.36万吨，处于中性水平。沥青炼厂库存存货比上周环比有所下降，仍处于近年来同期 的最低位。本周东明石化、山东金诚等装置稳定生产，河南丰利有复产计划，沥青产量将有所增加， 北方天气尚可，多地项目赶工，只是南方个别地区降雨增加，受到台风的影响，另外，资金端制约， 市场谨慎，影响沥青需求。供应过剩加剧下，近期原油期价下跌，沥青成本端支撑走弱。预计沥青 期价震荡下行。 【期现行情】 期货方面： 【基本面跟踪】 基本面上看，供应端， ...

【冠通研究】 原油：原油震荡上行 制作日期：2025年9月24日 【策略分析】 逢高做空 原油出行旺季基本结束，目前EIA数据显示美国原油超预期大幅去库，但精炼油累库幅度超预期， 缓解此前供应担忧，整体油品库存继续增加，美国炼厂开工率回落1.6个百分点。9月7日，OPEC+八国 决定将自2023年4月宣布的每日165万桶额外自愿减产中，实施每日13.7万桶的产量调整，该调整将于 2025年10月起实施。这将加剧四季度的原油压力，IEA最新月报再度提高原油过剩幅度。沙特阿美将 旗舰产品阿拉伯轻质原油10月份销往亚洲的发货价格下调1美元/桶。目前俄罗斯原油贴水扩大后， 印度继续进口俄罗斯原油，印度和美国仍在继续谈判。特朗普称普京让人失望，敦促各国停止从俄 罗斯购买石油，但同时又表示需进一步压低油价促使俄罗斯退出俄乌冲突。欧盟委员会通过新一轮 对俄制裁措施草案，其中包括制裁影子油轮，并将原油价格上限设定为每桶47.6美元，但未有对于 俄罗斯买家的二级制裁。关注后续俄乌停火协议谈判进展及俄罗斯原油出口情况。由于乌克兰加大 对俄罗斯石油基础设施的打击力度，俄罗斯可能延长汽油出口禁令，还考虑柴油出口禁令的可能性， 加之恢 ...

Group 1: Economic Data - In August, the total social electricity consumption reached 1015.4 billion kWh, a year-on-year increase of 5%. The national manufacturing electricity consumption in the same month increased by 5.5% year-on-year, the highest this year [2] - The OECD's mid-term outlook report predicts that the global economic growth rate in 2025 will be 3.2%, an upward revision of 0.3 percentage points from the June forecast, and the 2026 forecast remains at 2.9%. The economic growth forecasts of the US, Eurozone, Japan, and the UK for this year have been slightly raised [2] - The preliminary value of the US S&P Global Manufacturing PMI in September was 52, in line with expectations, and the final value in August was 53. The preliminary value of the Services PMI was 53.9, and the preliminary value of the Composite PMI was 53.6, both lower than expected and at a three-month low [2] - In September, the arrival volume of imported soybeans in China remained high. The soybean crushing volume of major oil mills in the country has remained above 2.3 million tons for four consecutive weeks, and this week's crushing volume is expected to be around 2.4 million tons. As of September 19, the soybean meal inventory of major oil mills has exceeded 1.2 million tons, and it is expected to rise above 1.25 million tons by the end of September [2] Group 2: Project News - The first-phase lithium carbonate project of Luopu Xihai New Energy Materials Co., Ltd. was put into operation. The total investment of the project is 4.6 billion yuan. After the first phase reaches full production, it can process 300,000 tons of lithium concentrate annually and produce 30,000 tons of battery-grade lithium carbonate [3] Group 3: Plate Performance - Key focus: urea, Shanghai copper, soybean meal, crude oil, plastic [4] - Night trading performance: non-metallic building materials 2.58%, precious metals 32.68%, oilseeds 10.34%, soft commodities 2.53%, non-ferrous metals 18.74%, coal, coke, steel, and minerals 13.97%, energy 3.01%, chemicals 11.88%, grains 1.05%, agricultural and sideline products 3.23% [4] Group 4: Plate Position - The chart shows the position changes of commodity futures plates in the past five days [6] Group 5: Performance of Major Asset Classes | Category | Name | Daily Change (%) | Monthly Change (%) | Year-to-Date Change (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index, SSE 50 | -0.18, -0.09 | -0.94, -1.91 | 14.02, 8.74 | | | CSI 300 | -0.06 | 0.51 | 14.86 | | | CSI 500 | -0.61 | 1.94 | 25.41 | | | S&P 500 | -0.55 | 3.04 | 13.18 | | | Hang Seng Index | -0.70 | 4.31 | 30.40 | | | German DAX | 0.36 | -1.22 | 18.60 | | | Nikkei 225 | 0.00 | 6.50 | 14.03 | | | UK FTSE 100 | -0.04 | 0.39 | 12.85 | | Fixed Income | 10-year Treasury Bond Futures | -0.21 | -0.09 | -1.11 | | | 5-year Treasury Bond Futures | -0.13 | 0.10 | -0.86 | | | 2-year Treasury Bond Futures | -0.05 | -0.07 | -0.61 | | Commodity | CRB Commodity Index | 0.00 | -1.52 | 0.35 | | | WTI Crude Oil | 2.22 | -0.61 | -11.48 | | | London Spot Gold | 0.46 | 9.17 | 43.40 | | | LME Copper | 0.21 | 0.92 | 13.80 | | | Wind Commodity Index | 0.94 | 11.20 | 28.57 | | Other | US Dollar Index | -0.08 | -0.63 | -10.37 | | | CBOE Volatility Index | 0.00 | 4.82 | -7.20 | [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents overnight and recent trading data of various futures, important macro - economic and industry - specific news, and financial market trends across different sectors including stocks, bonds, foreign exchange, and commodities. It also includes forecasts from international organizations and statements from policymakers. Summary by Categories Overnight Market Trends - International oil prices rose strongly, with the US oil main contract up 2.20% at $63.65 per barrel and Brent crude up 1.85% at $67.19 per barrel [3] - International precious metal futures generally closed higher, with COMEX gold up 0.58% at $3796.9 per ounce and COMEX silver up 0.12% at $44.265 per ounce [4] - Most London base metals rose, with LME copper up 0.21% at $9993.5 per ton, LME nickel up 0.83% at $15340 per ton, and LME tin up 0.74% at $34270 per ton [4] - As of 23:00, domestic futures main contracts mostly rose, with fuel oil up over 3%, while some contracts like rapeseed meal and caustic soda fell over 1% [4] - As of 2:20, US agricultural products showed mixed performance, with soybeans up 0.15%, corn up 0.95%, and wheat up 1.96%, while soybean meal down 1.11% [5] Important Information - Macro - OECD expects the Fed to cut key interest rates in 2025 and twice in early 2026, and forecasts US economic growth to slow to 1.8% in 2025 and 1.5% in 2026 [8] - China's National Energy Administration reported that August's total social electricity consumption was 1015.4 billion kWh, up 5.0% year - on - year [8] - The Minister of Industry and Information Technology said that during the "15th Five - Year Plan" period, new emerging pillar industries will be developed [8] - Fed Governor Bowman expects three interest rate cuts in 2025 [9] - UN report shows Israel's intention to establish permanent control in the Gaza Strip [10] - Fed Chair Powell said the policy rate is slightly restrictive and may open space for further rate cuts [10] Important Information - Energy Futures - Since September 9, 2025, the adjustment of domestic refined oil prices has been suspended as the cumulative adjustment amount per ton is less than 50 yuan [14] - As of September 22, Daqing Oilfield's natural gas production in the Sichuan - Chongqing exploration area exceeded 4 billion cubic meters, with a daily production capacity of over 4.5 million cubic meters [14] - US President Trump called for anti - Russian oil measures and threatened to impose tariffs [14] Important Information - Metal Futures - The first - phase lithium carbonate project of Luopu Xihai New Energy Materials Co., Ltd. was put into operation, with an annual capacity of 300,000 tons of lithium concentrate processing and 30,000 tons of battery - grade lithium carbonate production [16] - In September, the production of polysilicon is expected to decline slightly, and in October, there is a production cut expectation in Sichuan [17] - The Shanghai Gold Exchange will adjust the margin ratio and price limit of gold and silver contracts from September 26 [19] - Guangxi plans to develop a high - quality development plan for the non - ferrous metal industry and establish a state - owned enterprise group [19] - As of September 22, the social inventory of lead ingots decreased by 8,500 tons compared to September 18 [19] - Hudbay Mining suspended the operation of its copper smelter in Peru due to political protests [20] Important Information - Black Futures - Indonesia suspended 190 coal and mining licenses for non - compliance [22] - As of September 23, the average daily customs clearance of three Mongolian coal ports increased by 5.90% month - on - month, and the 7 - day closure during the holidays will affect imports by about 1875600 tons [22][23] - On September 23, a large steel mill in Tangshan purchased 7000 tons of Mongolian No. 5 coking coal at a price 40 yuan/ton higher than the previous bid [24] Important Information - Agricultural Futures - As of September 23, the national soybean oil port inventory increased by 24,000 tons week - on - week [26] - Pakistani importers bought about 180,000 tons of soybeans from the US in September [26] - As of September 23, the price of Malaysian palm oil reached a nearly one - and - a - half - month low, with negative import profit [26] - In September, China's soybean imports remained high, and the soybean meal inventory is expected to rise to over 1.25 million tons by the end of September [27] - As of September 20, Brazil's 2025/2026 soybean planting rate was 0.6% [29] - StoneX forecasts Brazil's 2026/27 sugar production in the central - southern region to reach 42.1 million tons, up 5.7% [30] - India's 2025/26 monsoon - season grain output is expected to exceed the target [30] Financial Market - Stocks - A - shares fluctuated widely, with bank stocks stabilizing the market and semiconductor equipment concepts rising at the end of the session; the Shanghai Composite Index fell 0.18% [32][33] - Hong Kong's Hang Seng Index fell 0.7%, and the southbound capital net sold HK$4.069 billion [33] - Since the release of the "Six M&A Rules" by the CSRC, over 2800 A - share companies have disclosed M&A matters, with a significant increase in new - quality productivity sectors [33] - Avita Technology plans to submit a listing application to the Hong Kong Stock Exchange in Q4 this year [33] Financial Market - Industry - The Ministry of Industry and Information Technology will formulate a development plan for intelligent and connected new - energy vehicles and implement relevant pilot projects [34] - The market supervision department will rectify live - streaming e - commerce chaos and issue a supervision and management method [34] - Domestic refined oil price adjustment was suspended for the sixth time this year [34] - From January to August, China's telecom business revenue reached 1.1821 trillion yuan, up 0.8% year - on - year [36] Financial Market - Overseas - OECD raises the global economic growth forecast for 2025 to 3.2% [37] - Multiple Fed officials support using an inflation target range [37] - The US current account deficit in Q2 decreased by $188.5 billion [37] - The US will adjust the H - 1B visa application process [38] - The US September manufacturing and service PMI showed mixed performance [40] - The eurozone September manufacturing PMI fell below the boom - bust line [40] - Indonesia and the EU signed a comprehensive economic partnership agreement [40] - Argentina temporarily取消 agricultural export withholding taxes [40] - India's September manufacturing and service PMI declined [41] - The UK September manufacturing and service PMI slowed down [42] - The Bank of England should accelerate balance - sheet reduction [43] - The Swedish central bank cut interest rates by 25 basis points [44] Financial Market - International Stocks - US stocks fell, with major indices like the Dow Jones down 0.19% [46] - European stocks closed mixed, with Germany's DAX up 0.36% [46] - The US IPO market in September is the busiest since 2021 [46] Financial Market - Commodities - The Shanghai Gold Exchange adjusted the margin ratio and price limit of gold and silver contracts [47] - International oil prices rose, supported by inventory decline and supply concerns [47] - International precious metal prices rose due to factors like Fed rate - cut expectations [47] - Most London base metals rose as the US dollar index fell slightly [49] Financial Market - Bonds - Bank - to - bank bond yields generally rose, and the 30 - year Treasury futures fell 0.67% [50] - Shenzhen issued 4 billion yuan of offshore RMB local government bonds in Hong Kong [50] - Vanke is negotiating to lower the interest rate of non - public debt [50] - US Treasury yields fell due to dovish remarks and economic data [51] - US municipal bond funds attracted about $2.4 billion in the week ending September 10 [53] Financial Market - Foreign Exchange - The on - shore RMB against the US dollar rose 15 basis points at the 16:30 close [54] - The Thai central bank took measures to stabilize the Thai baht [54] - The US dollar index fell 0.08%, and most non - US currencies rose [54]