1. Report Industry Investment Rating There is no information about the report industry investment rating in the content. 2. Core Viewpoints of the Report The report provides a daily tracking of stock index futures data on September 2, 2025, including the index trends, the impact of sector fluctuations on the indices, the basis and annualized opening costs of stock index futures, and the points differences and annualized costs of stock index futures roll - over [1]. 3. Summary by Relevant Catalogs 3.1 Index Trends - On September 2, the Shanghai Composite Index fell 0.45% to close at 3858.13 points, with a trading volume of 1222.778 billion yuan; the Shenzhen Component Index fell 2.14% to close at 12553.84 points, with a trading volume of 1652.214 billion yuan [1]. - The CSI 1000 Index fell 2.5% with a trading volume of 598.514 billion yuan, opening at 7498.44, closing at 7313.88, with a daily high of 7499.6 and a low of 7258.59 [1]. - The CSI 500 Index fell 2.09% with a trading volume of 541.494 billion yuan, opening at 7108.94, closing at 6961.69, with a daily high of 7108.94 and a low of 6909.72 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. - The SSE 50 Index rose 0.39% with a trading volume of 196.061 billion yuan, opening at 2983.72, closing at 2992.88, with a daily high of 3006.46 and a low of 2967.52 [1]. 3.2 Impact of Sector Fluctuations on the Indices - The CSI 1000 Index dropped 187.27 points from the previous closing price, and sectors such as communication, computer, and electronics significantly pulled the index down [3]. - The CSI 500 Index dropped 148.6 points from the previous closing price, and sectors such as computer and electronics significantly pulled the index down [3]. - The SSE 300 Index dropped 33.26 points from the previous closing price. Sectors such as banks significantly pulled the index up, while sectors such as computer, communication, and electronics pulled it down [3]. - The SSE 50 Index rose 11.68 points from the previous closing price. Sectors such as banks, food and beverage, and petroleum and petrochemicals significantly pulled the index up, while sectors such as non - bank finance and electronics pulled it down [3]. 3.3 Basis and Annualized Opening Costs of Stock Index Futures - For IM contracts, IM00 had an average daily basis of - 79.56, IM01 had - 138.59, IM02 had - 271.34, and IM03 had - 446.93 [14]. - For IC contracts, IC00 had an average daily basis of - 74.3, IC01 had - 122.99, IC02 had - 224.75, and IC03 had - 369.83 [14]. - For IF contracts, IF00 had an average daily basis of - 10.05, IF01 had - 15.77, IF02 had - 30.9, and IF03 had - 51.13 [14]. - For IH contracts, IH00 had an average daily basis of - 0.65, IH01 had - 2.19, IH02 had - 1.79, and IH03 had - 0.25 [14]. 3.4 Points Differences and Annualized Costs of Stock Index Futures Roll - over - The document provides the 15 - minute average points differences and their annualized costs for IM, IC, IF, and IH contracts' roll - over, including data such as IM00 - 01, IM00 - 02, etc. for different time points from 09:45 to 15:00 [23][25][27][26].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Copper prices fluctuated higher overnight. The US ISM manufacturing index in August was 48.7, contracting for the sixth consecutive month. LME copper inventory decreased by 100 tons, Comex inventory increased by 2932 tons, and SHFE inventory decreased by 699 tons. The "Golden September and Silver October" is a traditional consumption peak season in China, and refined copper consumption is expected to be boosted. However, the US recession expectation and high copper prices may limit the upside of prices [1]. - Alumina, Shanghai aluminum, and aluminum alloy all showed a strong - fluctuating trend overnight. Alumina should be shorted on rallies, but chasing short positions is not recommended. Downstream sectors are stocking up quickly before the peak season, and electrolytic aluminum demand may exceed expectations during the peak season. The aluminum industry profit continues to shift from upstream to downstream [1][2]. - LME nickel and Shanghai nickel both declined overnight. Nickel ore prices were stable. Stainless - steel inventory pressure may emerge, while the cost support is strengthening. Ternary demand in the new energy sector is gradually strengthening, and the price of nickel sulfate may continue to rise. First - grade nickel is expected to fluctuate strongly [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Copper**: Overnight copper prices rose. The US manufacturing index was in contraction, with new orders expanding for the first time this year. LME, Comex, and SHFE inventories changed. The "Golden September and Silver October" may boost refined copper consumption, but the US recession and high prices may limit the upside [1]. - **Aluminum**: Alumina, Shanghai aluminum, and aluminum alloy trended strongly. Alumina复产 increased, and the surplus expectation was strengthened. Downstream stocking is fast, and electrolytic aluminum demand may exceed expectations. The industry profit is shifting downstream [1][2]. - **Nickel**: LME and Shanghai nickel declined. Inventory increased, and nickel ore prices were stable. Stainless - steel inventory pressure may appear, and new energy demand is strengthening [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 245 yuan/ton. LME inventory decreased by 100 tons, Comex inventory increased by 2374 tons, and SHFE inventory decreased by 699 tons. The active contract import profit increased by 70 yuan/ton [3]. - **Lead**: The average price of 1 lead remained unchanged. LME inventory decreased by 1525 tons, and SHFE inventory increased by 982 tons. The active contract import loss decreased by 35 yuan/ton [3]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum increased. The inventory of LME decreased by 1450 tons, and SHFE inventory increased by 991 tons. The active contract import loss decreased by 45 yuan/ton [4]. - **Nickel**: The price of Jinchuan nickel decreased by 275 yuan/ton. LME inventory increased by 390 tons, and SHFE inventory decreased by 504 tons. The active contract import loss decreased by 380 yuan/ton [4]. - **Zinc**: The主力 settlement price increased by 0.3%. LME inventory decreased by 275 tons, and SHFE inventory increased by 793 tons. The active contract import loss decreased by 2538 yuan/ton [5]. - **Tin**: The主力 settlement price increased by 0.2%. LME inventory increased by 20 tons, and SHFE inventory increased by 75 tons. The active contract import loss decreased by 28963 yuan/ton [5]. 3.3 Chart Analysis - **Spot Premium**: There are charts showing the spot premium of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][9][10]. - **SHFE Near - Far Month Spread**: There are charts showing the spread between the first and second contracts of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [14][17][21]. - **LME Inventory**: There are charts showing the LME inventory of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27]. - **SHFE Inventory**: There are charts showing the SHFE inventory of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [30][32][34]. - **Social Inventory**: There are charts showing the social inventory of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [36][38][40]. - **Smelting Profit**: There are charts showing the copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit margin from 2019 - 2025 [43][45][47]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi, who are all experienced in non - ferrous metal research and have relevant qualifications and achievements [50][51].

1. Report Industry Investment Rating - All the commodities in the report are rated as "volatile" [1][2][4][6][7] 2. Core Viewpoints of the Report - Oil prices are likely to rebound with volatility due to geopolitical factors and the expected stable production of OPEC+ in October [1][2] - The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC are expected to be volatile, with their upward or downward trends depending on various factors such as supply - demand, cost, and market sentiment [1][2][4][6][7] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, WTI 10 - month contract rose by $1.58 to $65.59/barrel, a 2.47% increase; Brent 11 - month contract rose by $0.99 to $69.14/barrel, a 1.45% increase; SC2510 closed at 495.4 yuan/barrel, up 5.6 yuan/barrel, a 1.14% increase. Kazakhstan's August crude output increased by 2% compared to July. Ukraine's attacks on Russian oil facilities and the OPEC+ meeting are influencing factors [1] - **Fuel Oil**: On Tuesday, FU2510 rose 1.13% to 2852 yuan/ton, and LU2511 rose 2.54% to 3559 yuan/ton. The expected reduction of Western arbitrage goods and high - sulfur shipments from Iran and Russia may support prices, but demand lacks highlights [2] - **Asphalt**: On Tuesday, BU2510 rose 1.17% to 3551 yuan/ton. In September, northern demand may drive up prices, but supply increases may limit the rise. Overall, supply - demand contradictions may ease [2] - **Polyester**: TA601 fell 0.34% to 4756 yuan/ton, EG2601 fell 1.99% to 4339 yuan/ton, and PX futures fell 0.47% to 6834 yuan/ton. PX fundamentals are weak, and TA prices may be supported. Ethylene glycol futures weakened due to inventory expectations [4] - **Rubber**: On Tuesday, RU2601 rose 10 yuan/ton to 15870 yuan/ton, NR rose 30 yuan/ton to 12710 yuan/ton, and BR fell 75 yuan/ton to 11820 yuan/ton. July global natural rubber output slightly decreased. China's August heavy - truck sales were positive, and rubber prices are expected to be volatile [4][6] - **Methanol**: On Tuesday, Taicang spot price was 2235 yuan/ton. Due to profit improvement and the peak season, demand may pick up in September, and prices may enter a bottom - stage area [6] - **Polyolefins**: In September, supply and demand are both strong, and inventories are shifting to downstream. With stable costs, prices are expected to fluctuate narrowly [6] - **Polyvinyl Chloride (PVC)**: Market prices in different regions showed different trends. Real - estate construction recovery is weak, and exports may decline. PVC prices are expected to be volatile and weak in September [7] 3.2 Daily Data Monitoring - The report provides data on the spot price, futures price, basis, basis rate, and their changes for various energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. [8] 3.3 Market News - On August 30, Russia launched large - scale attacks on 14 regions in Ukraine, and Ukraine attacked Russian refineries. Ukrainian drone attacks have shut down at least 17% of Russia's oil processing capacity [10] 3.4 Chart Analysis - **Main Contract Prices**: There are charts showing the closing prices of main contracts for multiple energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [12][15][18][21][23][25][26][28] - **Main Contract Basis**: Charts display the basis of main contracts for different commodities over time, such as crude oil, fuel oil, etc. [29][34][35][38][41][42] - **Inter - period Contract Spreads**: There are charts showing the spreads between different contracts of fuel oil, asphalt, etc. [44][46][49][52][55][57] - **Inter - commodity Spreads**: Charts present the spreads and ratios between different commodities, like crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [59][60][64][66] - **Production Profits**: Charts show the production profits of ethylene - made ethylene glycol, PP, LLDPE, etc. [68][69] 3.5 Team Member Introduction - The report introduces the members of the energy - chemical research team, including their positions, educational backgrounds, honors, and professional experiences [75][76][77][78]

Report Investment Rating - Stock Index Futures: Bullish [1] - Treasury Bond Futures: Bearish [1] Core Views - A-shares experienced a significant pullback on September 2nd, with the Wind All A index down 1.48% and a trading volume of 2.91 trillion yuan. Since August, the A-share market has shown a "narrowing circle" trend, and the short-term correction is normal due to factors such as profit-taking. In the long run, the dovish stance of the Fed meeting and expectations of multiple interest rate cuts this year will benefit A-shares. Policy adjustments in Shanghai's housing market and the implementation of the national childcare subsidy system are expected to stimulate inflation and drive the market. The liquidity-driven market is expected to continue with obvious structural characteristics and accelerated sector rotation [1]. - On September 2nd, treasury bond futures closed lower, with the 30-year, 10-year, 5-year, and 2-year contracts down 0.18%, 0.03%, 0.02%, and 0.02% respectively. The central bank conducted 255.7 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 150.1 billion yuan. In August, the bond market was suppressed by the strong performance of the equity market, and the yield curve steepened. After continuous declines in August, the adjustment of the bond market is basically in place. However, the strong performance of the equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. Summary by Directory 1. Research Views - **Stock Index Futures**: The A-share market had a significant pullback on September 2nd, with different indices showing varying degrees of decline. Since August, the market has shown a "narrowing circle" trend, and the short-term correction is normal. In the long run, factors such as the Fed's dovish stance, policy adjustments in the housing market, and the implementation of the childcare subsidy system are expected to benefit A-shares. The liquidity-driven market will continue with obvious structural characteristics [1]. - **Treasury Bond Futures**: On September 2nd, treasury bond futures closed lower. The central bank's reverse repurchase operations led to a net withdrawal of funds. In August, the bond market was affected by the strong performance of the equity market, and the yield curve steepened. After the adjustment, the bond market is basically in place, but the strong equity market is negative for long-term bonds, while short-term bonds are relatively stable [1][2]. 2. Daily Price Changes - **Stock Index Futures**: On September 2nd, compared with September 1st, IH rose 0.44%, IF fell 0.65%, IC fell 1.69%, and IM fell 1.75%. Among the stock indices, the Shanghai Composite 50 index rose 0.39%, the CSI 300 index fell 0.74%, the CSI 500 index fell 2.09%, and the CSI 1000 index fell 2.50% [3]. - **Treasury Bond Futures**: On September 2nd, compared with September 1st, TS fell 0.02%, TF fell 0.02%, T fell 0.04%, and TL fell 0.20%. Among the treasury bond yields, the 2-year yield rose 0.62, the 5-year yield fell 0.18, the 10-year yield rose 0.01, and the 30-year yield fell 0.8 [3]. 3. Market News - On September 2nd, the central bank announced the liquidity injection situation in August. The medium-term lending facility (MLF) had a net injection of 300 billion yuan, the pledged supplementary lending (PSL) had a net withdrawal of 160.8 billion yuan, and the outright reverse repurchase in the open market had a net injection of 300 billion yuan, with no open market treasury bond transactions [4]. 4. Chart Analysis - **Stock Index Futures**: The report provides the historical price trends and basis trends of IH, IF, IC, and IM futures contracts [6][7][9][10]. - **Treasury Bond Futures**: The report presents the historical price trends, yield trends, basis trends, inter - delivery spreads, and cross - variety spreads of treasury bond futures contracts, as well as the trends of funding rates [13][16][17][18]. - **Exchange Rates**: The report shows the historical trends of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as the trends of forward exchange rates and currency indices [21][22][23][25][26].

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 9 月 2 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周一尿素期货价格窄幅震荡，主力 01 合约收盘价 1743 元/吨，微幅下跌 0.4%。现货 市场多数稳定，少部分地区价格下调 10~20 元/吨。昨日山东、河南地区市场价格分 | | | | 别为 1700 元/吨、1720 元/吨，日环比分别跌 20 元/吨、持平。基本面来看，尿素供 | | | | 应阶段性低位波动，昨日行业日产量 18.37 万吨，日环比增 0.05 万吨。需求表现依旧 | | | 尿素 | 呈现区域分化特征，部分地区产销率高达 150%~190%，另有部分地区产销 10%~20% | 偏强震荡 | | | 附近。整体来看，当前国内尿素市场情绪趋于谨慎，市场多等待印标及中国参与情况 | | | | 等结果出炉，此方面消息近期扰动也将更加频繁。预计短期尿素期货价格震荡整理运 | | | | 行，后续跟随印标结果等变化波动幅度仍将再度提升，关注尿素日产变化、出口动态 | | | | 及政策、现货成交情况。 | | | ...

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - **Cotton**: On Monday, ICE U.S. cotton fell 1.14% to 66.53 cents per pound, and CF601 dropped 1.65% to 14,029 yuan per ton. The position of the main contract decreased by 14,025 lots to 528,900 lots. The spot price index of grade 3128B cotton was about 15,175 yuan per ton, down 205 yuan from the previous day. Internationally, more attention should be paid to macro and weather changes. The probability of the Fed cutting interest rates in September is high. As of the week ending August 26, the area affected by D1 - D4 level drought was 30%, up from 5% two weeks ago. According to NOAA forecasts, the drought in the main U.S. cotton - growing areas will continue. Currently, there are no obvious contradictions in the ON - CALL weekly report and non - commercial fund positions of U.S. cotton, and the willingness of funds to intervene is not strong. Domestically, there are many market news, but they are all short - term disturbances before substantial implementation. After a significant increase and then a significant decrease in positions in Zhengzhou cotton, the main concerns are the relatively warm macro - level sentiment and the country's obvious long - term intention to stimulate and promote consumption. The short - term fundamentals are relatively tight, and the supply will increase after the new cotton is listed, but the overall supply - demand contradiction in the new year is not significant. Overall, even though the 01 contract faces the pressure of a bumper harvest and large - scale listing of new cotton, it is expected to be relatively firm, and the 11 contract is expected to be weaker than the 01 contract [2]. - **Sugar**: In the first half of August, the sugarcane crushing volume in the central - southern region of Brazil was 47.63 million tons, an increase of 3.596 million tons or 8.17% year - on - year. The ATR of sugarcane was 144.83 kg/ton, a decrease of 6.34 kg/ton compared with the same period last year. The sugar - making ratio was 55%, an increase of 5.85 percentage points compared with the same period last year. Ethanol production was 2.193 billion liters, a decrease of 121 million liters or 5.21% year - on - year. Sugar production was 3.615 million tons, an increase of 497,000 tons or 15.96% year - on - year. The spot price of Guangxi sugar - making group was 5,860 - 5,970 yuan per ton, with an individual reduction of 20 yuan per ton; the price of Yunnan sugar - making group was 5,730 - 5,780 yuan per ton, unchanged; the price range of processing sugar factories was 5,970 - 6,450 yuan per ton, with some reductions of 20 - 50 yuan per ton. The sugar - making ratio in the central - southern region of Brazil reached a new high again. The futures price has been oscillating around 5,600 yuan per ton for 4 trading days, lacking a driving force, and should be treated with an oscillating mindset. Attention should be paid to the sales data of each province and import data in August [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 60, up 20; the main contract basis was 1454, up 366. The spot price in Xinjiang was 15,392 yuan per ton, up 149, and the national spot price was 15,479 yuan per ton, up 151 [3]. - **Sugar**: The 1 - 5 contract spread was 35, down 5; the main contract basis was 356, down 5. The spot price in Nanning was 5,910 yuan per ton, down 50, and the spot price in Liuzhou was 5,965 yuan per ton, unchanged [3]. 2. Market Information - **Cotton**: On September 1, the number of cotton futures warehouse receipts was 6,320, down 194 from the previous trading day, and the valid forecast was 0. The arrival prices of cotton in various domestic regions were 15,392 yuan per ton in Xinjiang, 15,454 yuan per ton in Henan, 15,510 yuan per ton in Shandong, and 15,639 yuan per ton in Zhejiang. The comprehensive load of yarn was 50, up 0.2 from the previous day; the comprehensive inventory of yarn was 27.1, down 0.1 from the previous day; the comprehensive load of staple - fiber cloth was 49.2, up 0.1 from the previous day; the comprehensive inventory of staple - fiber cloth was 31.3, down 0.3 from the previous day [4]. - **Sugar**: On September 1, the spot price of sugar in Nanning was 5,910 yuan per ton, down 50 yuan from the previous day, and the spot price in Liuzhou was 5,965 yuan per ton, unchanged. The number of sugar futures warehouse receipts was 13,434, down 482 from the previous trading day, and the valid forecast was 7 [4][5]. 3. Chart Analysis - The report provides multiple charts for cotton and sugar, including the closing price, basis, contract spread, warehouse receipts and valid forecasts, and price index of the main contracts, but no specific analysis of these charts is given in the text [7][15]. 4. Research Team Introduction - Zhang Xiaojin is the director of resource research at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards related to sugar analysis [20]. - Zhang Linglu is an analyst at Everbright Futures Research Institute, responsible for research on futures varieties such as urea and soda - ash glass, and has won many industry - related honors [21]. - Sun Chengzhen is an analyst at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy, and has won the title of senior analyst in textile products at Zhengzhou Commodity Exchange [22].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Copper prices are expected to continue rising in the future, but the upside may be limited due to concerns about a US recession and high copper prices affecting downstream demand [1]. - Alumina is recommended to be sold on rallies, while electrolytic aluminum may have strong upward momentum in September, and there is room for the spread of aluminum alloy to continue to repair [1][2]. - Nickel prices are likely to continue to oscillate with an upward bias as the marginal improvement in nickel - iron and the new energy sectors becomes more evident [2]. Summary by Relevant Catalogs Research Views Copper - Overnight copper prices oscillated weakly. A rising gold price may indicate increased risk aversion and potential for copper value re - evaluation. Three factors to watch include the market's expectation of a Fed rate cut in September, the traditional "Golden September and Silver October" consumption season in China, and the implementation of anti - involution policies in some domestic industries. However, the US recession expectation and high copper prices may limit the upside of copper prices [1]. Aluminum - Alumina oscillated weakly, while Shanghai aluminum and aluminum alloy oscillated strongly. Alumina production resumption is increasing, and inventory is piling up. It is recommended to sell on rallies but be cautious about chasing the decline. Downstream demand for electrolytic aluminum may exceed expectations during the peak season, and the industry profit is shifting from upstream to downstream. There is room for the spread of aluminum alloy to repair [1][2]. Nickel - Overnight LME nickel and Shanghai nickel both rose. Nickel ore prices were stable. Stainless steel inventory decreased slightly, but supply increased, and cost support strengthened. The demand for ternary materials in the new energy sector is increasing, and the price of nickel sulfate may continue to rise. First - grade nickel inventory decreased, and consumption increased significantly. Nickel prices are expected to oscillate with an upward bias [2]. Daily Data Monitoring Copper - On September 1, 2025, the price of flat - water copper was 79,830 yuan/ton, up 530 yuan/ton from August 29. The price of 1 bright scrap copper in Guangdong was 73,600 yuan/ton, up 300 yuan/ton. LME and SHFE copper inventories changed slightly [3]. Aluminum - On September 1, 2025, the Wuxi and Nanhai aluminum prices decreased. The inventory of electrolytic aluminum remained unchanged, while the inventory of alumina decreased by 0.7 million tons [4][5]. Nickel - On September 1, 2025, the price of Jinchuan nickel increased. LME nickel inventory increased by 300 tons, while SHFE nickel inventory decreased by 504 tons [4][5]. Zinc - On September 1, 2025, the main settlement price of zinc increased by 0.5%. The social inventory increased by 0.35 million tons [6]. Tin - On September 1, 2025, the main settlement price of tin decreased by 0.7%. The inventory of SHFE tin increased by 75 tons [6]. Chart Analysis - The report presents multiple charts, including those on spot premiums and discounts, SHFE near - far month spreads, LME and SHFE inventories, social inventories, and smelting profits for various non - ferrous metals such as copper, aluminum, nickel, zinc, lead, and tin, covering data from 2019 - 2025 [7][8][15]

Index Trends - On September 1st, the Shanghai Composite Index rose 0.46% to close at 3875.53 points, with a trading volume of 1208.348 billion yuan; the Shenzhen Component Index rose 1.05% to close at 12828.95 points, with a trading volume of 1541.613 billion yuan [1]. - The CSI 1000 Index rose 0.84% with a trading volume of 564.568 billion yuan, opening at 7475.0, closing at 7501.15, with a daily high of 7502.59 and a low of 7424.34 [1]. - The CSI 500 Index rose 0.94% with a trading volume of 536.161 billion yuan, opening at 7087.73, closing at 7110.29, with a daily high of 7110.69 and a low of 7038.34 [1]. - The SSE 50 Index rose 0.16% with a trading volume of 195.262 billion yuan, opening at 2986.65, closing at 2981.2, with a daily high of 2988.55 and a low of 2965.45 [1]. - The SSE 300 Index rose 0.6% with a trading volume of 770.378 billion yuan, opening at 4516.88, closing at 4523.71, with a daily high of 4528.13 and a low of 4487.53 [1]. Impact of Sector Movements on Index - The CSI 1000 rose 62.47 points from the previous close, with sectors such as electronics, biomedicine, and non - ferrous metals significantly pulling the index up [2]. - The CSI 500 rose 66.35 points from the previous close, with biomedicine, electronics, and non - ferrous metals sectors significantly pulling the index up [2]. - The SSE 300 rose 26.95 points from the previous close, with communication, biomedicine, and non - ferrous metals sectors pulling the index up, while banking and non - banking finance sectors pulling it down [2]. - The SSE 50 rose 4.73 points from the previous close, with non - ferrous metals, biomedicine, and electronics sectors pulling the index up, while food and beverage, banking, and non - banking finance sectors pulling it down [2]. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 93.15, IM01 of - 154.48, IM02 of - 288.35, and IM03 of - 468.81 [12]. - For IC contracts, IC00 had an average daily basis of - 70.43, IC01 of - 117.84, IC02 of - 223.47, and IC03 of - 371.28 [12]. - For IF contracts, IF00 had an average daily basis of - 6.04, IF01 of - 11.49, IF02 of - 25.94, and IF03 of - 48.15 [12]. - For IH contracts, IH00 had an average daily basis of - 0.62, IH01 of - 2.63, IH02 of 0.05, and IH03 of 2.4 [12]. Stock Index Futures Roll - over Point Differences and Annualized Costs - The report provides 15 - minute average data on roll - over point differences and their annualized costs for IC, IF, IH, and IM contracts from 09:45 to 15:00 [20][21][24][25].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - On September 1st, industrial silicon fluctuated strongly. The main contract 2511 closed at 8,495 yuan/ton, with an intraday increase of 0.89%, and the position decreased by 6,966 lots to 285,000 lots. The reference price of Baichuan industrial silicon spot was 9,364 yuan/ton, down 7 yuan/ton from the previous trading day. The price of the lowest deliverable 421 product rebounded to 8,600 yuan/ton, and the spot premium expanded to 290 yuan/ton. Polysilicon fluctuated weakly. The main contract 2511 closed at 52,285 yuan/ton, with an intraday increase of 6.03%, and the position increased by 5,412 lots to 150,400 lots. The price of N-type recycled polysilicon materials rose to 49,000 yuan/ton, and the price of the lowest deliverable silicon materials fell to 49,000 yuan/ton, and the spot discount expanded to 1,500 yuan/ton. The resumption of production in the north and south of industrial silicon and the increase in crystalline silicon have become marginal drivers, and the overall operating center is expected to rise slightly. After the previous anti-involution news was fully priced in, the trading center of polysilicon gradually shifted to the fundamental logic. Due to the limitation of the terminal power station yield, the acceptance of price increases in the component link has reached its peak, and the silicon materials have cooled down following the downstream market sentiment. Before the introduction of specific policy measures, the market is still in the game between policy support and fundamental drag. Polysilicon has entered a range mode with obvious top and bottom, and policy dynamics have a phased disturbing effect on the market. Pay attention to the results of the energy-saving special supervision of the Ministry of Industry and Information Technology on September 30th and the inventory clearance situation of the industrial chain, and still be vigilant against the risks of delayed capacity storage and weak peak season [2] 3. Summary by Relevant Catalogs 3.1 Research View - Industrial silicon fluctuated strongly on September 1st, with an intraday increase of 0.89%, and the position decreased. The spot price decreased slightly, and the spot premium expanded. Polysilicon fluctuated weakly, with an intraday increase of 6.03%, and the position increased. The price of N-type recycled polysilicon materials rose, and the price of the lowest deliverable silicon materials fell, and the spot discount expanded. The resumption of production in the north and south of industrial silicon and the increase in crystalline silicon are the marginal drivers, and the overall operating center is expected to rise slightly. The trading center of polysilicon has shifted to the fundamental logic, and the market is in the game between policy support and fundamental drag. Pay attention to the policy results and inventory clearance situation [2] 3.2 Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near-month contracts decreased. The spot prices of most grades remained unchanged, except for a 100-yuan/ton decrease in the price of 421 silicon (for organic silicon use, East China). The current lowest deliverable price remained at 8,600 yuan/ton, and the spot premium increased by 55 yuan/ton. The industrial silicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory decreased by 955 tons, the inventory at Huangpu Port remained unchanged, the inventory at Tianjin Port decreased by 2,000 tons, the inventory at Kunming Port decreased by 1,000 tons, and the industrial silicon factory inventory increased by 10,000 tons. The total social inventory of industrial silicon increased by 7,000 tons [5] - **Polysilicon**: The futures settlement prices of the main and near-month contracts increased. The spot prices of various grades remained unchanged. The current lowest deliverable price remained at 49,000 yuan/ton, and the spot discount increased by 440 yuan/ton. The polysilicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory increased by 110,000 tons, the polysilicon factory inventory decreased by 30,000 tons, and the total social inventory of polysilicon decreased by 30,000 tons [5] - **Organic Silicon**: The spot price of DMC in the East China market remained unchanged, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased by 2,500 yuan/ton [5] 3.3 Chart Analysis - **Industrial Silicon and Cost Side Prices**: Charts show the prices of various grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][11] - **Downstream Product Prices**: Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [15][17][19] - **Inventory**: Charts show the industrial silicon futures inventory, factory inventory, weekly industry inventory, and inventory changes, as well as the DMC weekly inventory and polysilicon weekly inventory [22][28][29] - **Cost and Profit**: Charts show the average cost and profit levels of the main production areas, the weekly cost and profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost and profit of DMC, and the cost and profit of polysilicon [30][32][35]

Report Industry Investment Rating - All varieties (corn, soybean meal, oils, eggs, and pigs) are rated as "volatile" [2][3] Core Viewpoints - Corn: The futures price continues to rise, but the spot price is expected to be weak before the new grain is listed. The 11 - month contract shows a five - consecutive - yang pattern. It is recommended to maintain a volatile mindset before the new grain is listed [2] - Soybean Meal: The domestic two - meal futures prices rise to repair the deviation. The market has a divergence on whether there will be a shortage of soybeans in the fourth quarter and the first quarter of next year. The price is mainly volatile, and short - term long positions are recommended [2] - Oils: The domestic three major vegetable oils are volatile due to the lack of external market guidance. The basis is rising steadily. With the start of school, the market expects the demand to improve. Short - term trading is recommended [2] - Eggs: The spot price is weakly volatile, and the futures price is in a low - level shock. It is recommended to wait and see [2] - Pigs: The futures price rebounds slightly, and the spot price rises. The fundamentals and market sentiment change little, and the price is expected to be volatile [3] Market Information - The weekly soybean crushing volume of major domestic oil mills from August 22 - 29 was 2430000 tons, with a week - on - week increase of 160000 tons, a month - on - month increase of 170000 tons, and a year - on - year increase of 370000 tons, 410000 tons higher than the average of the same period in the past three years [3] - The soybean crushing volume of major domestic oil mills in August was about 10000000 tons, at a historical high. The import volume of soybeans in September is still high, and the monthly crushing volume is expected to be about 9500000 tons [4] - On August 29, the crushing profit of imported Brazilian soybeans for October - November shipments was - 111 to - 127 yuan/ton, and the spot crushing profit was - 45 to - 29 yuan/ton. The procurement of soybeans for October shipments is nearly completed, while that for November to January next year is scarce [4] - Malaysia's palm oil exports from August 1 - 31 were 1421486 metric tons, a 10.2% increase from the previous month [4] Variety Spreads Contract Spreads - The report presents contract spreads such as corn 1 - 5, corn starch 1 - 5, soybeans 1 - 5, soybean meal 1 - 5, etc [6][7] Contract Basis - The report presents contract basis such as corn, corn starch, soybeans, soybean meal, etc [14][17]