Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - The report provides daily research and analysis on various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, and logs, and gives corresponding trend judgments and operation suggestions [2] Summary by Commodity Iron Ore - **Market Judgment**: Downstream construction restart expectations support raw material valuations, with a trend strength of 0 (neutral) [2][4][5] - **Fundamental Data**: The futures price closed at 789.5 yuan/ton, down 2.0 yuan or 0.25%. The open interest decreased by 5,586 lots to 501,397 lots. Among spot prices, the price of Super Special (56.5%) increased by 3.0 yuan to 688.0 yuan/ton, while the price of PB (61.5%) decreased by 3.0 yuan to 782.0 yuan/ton [4] - **Macro and Industry News**: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [5] Rebar and Hot-Rolled Coils - **Market Judgment**: Affected by market sentiment, both show a strong and volatile trend, with trend strengths of 0 (neutral) for rebar and 1 (slightly strong) for hot-rolled coils [2][8][9] - **Fundamental Data**: The rebar futures contract RB2510 closed at 3,054 yuan/ton, up 24 yuan or 0.79%, and the open interest decreased by 51,071 lots. The hot-rolled coil futures contract HC2510 closed at 3,366 yuan/ton, up 46 yuan or 1.39%, and the open interest decreased by 29,686 lots. Spot prices generally increased slightly [9] - **Macro and Industry News**: In July 2025, China exported 983.6 million tons of steel, a slight increase of 1.6% from the previous month. The export average price was 702.2 US dollars/ton, a slight increase of 2.2% from the previous month. From January to July, the cumulative export of steel was 67.983 billion tons, a year-on-year increase of 11.0%, and the export average price was 699.7 US dollars/ton, a year-on-year decrease of 10.3% [10] Ferrosilicon and Silicomanganese - **Market Judgment**: Market anti-involution information has heated up again, both showing a strong and volatile trend, with trend strengths of 1 (slightly strong) [2][13][16] - **Fundamental Data**: The ferrosilicon 2511 contract closed at 5,598 yuan/ton, up 102 yuan, and the silicomanganese 2511 contract closed at 5,830 yuan/ton, up 112 yuan. Spot prices and various spreads also showed corresponding changes [13] - **Macro and Industry News**: Multiple steel mills have determined ferrosilicon and silicomanganese procurement prices and quantities. South32 announced the offer prices for South African semi-carbonate lump ore and Australian lump ore in October 2025, both up 0.05 US dollars/ton-degree from the previous month. As of September 5, the total manganese ore inventory was 440.48 million tons, a slight increase of 0.1 million tons from the previous month [14][17] Coke and Coking Coal - **Market Judgment**: Expectations are fluctuating, showing a wide-range volatile trend, with trend strengths of 0 (neutral) [2][18][19] - **Fundamental Data**: The coking coal futures contract JM2601 closed at 1,094.5 yuan/ton, down 11.5 yuan or 1.0%, and the coke futures contract J2601 closed at 1,581.5 yuan/ton, down 12.5 yuan or 0.8%. Spot prices and various spreads also showed corresponding changes [19] - **Macro and Industry News**: On September 4, the Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Steady Growth of the Electronic Information Manufacturing Industry from 2025 - 2026" [19] Logs - **Market Judgment**: Weak and volatile, with a trend strength of 0 (neutral) [2][21][24] - **Fundamental Data**: The prices, trading volumes, and open interests of log futures contracts 2509, 2511, and 2601 all showed different degrees of decline. Spot prices and various spreads also showed corresponding changes [22] - **Macro and Industry News**: In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month [24]

1. Report Industry Investment Ratings No industry investment ratings are provided in the given content. 2. Core Views of the Report - Gold: Non - farm data exceeded expectations [2] - Silver: In a state of oscillatory adjustment [2] - Copper: The decline of the US dollar supports the price [2] - Zinc: In range - bound oscillations [2] - Lead: Reduced inventory restricts price decline [2] - Tin: In range - bound oscillations [2] - Aluminum: Attention should be paid to the inflection point of inventory reduction [2] - Alumina: There may still be room for downward movement [2] - Cast aluminum alloy: Follows the trend of electrolytic aluminum [2] - Nickel: Runs in a narrow - range oscillation [2] - Stainless steel: Due to the game between reality and expectations, steel prices may oscillate [2] 3. Summaries According to Related Catalogs Gold and Silver - **Price and Trading Volume**: Yesterday, the closing prices of various gold and silver products had different degrees of increase. For example, the closing price of Comex gold 2510 was 3639.80, with a daily increase of 1.04%. The trading volume and positions of some contracts also changed. For instance, the trading volume of Comex gold 2510 increased by 313 compared with the previous day [5]. - **Inventory**: The inventory of gold and silver also changed. The inventory of Comex silver (in troy ounces) increased by 1,345,761 compared with the previous day [5]. - **Macro and Industry News**: The non - farm employment in the US in August was significantly lower than expected, and the unemployment rate reached a nearly four - year high. The market almost determined a rate cut in September, but the subsequent rate - cut debate was more complex. Trump announced that the next Fed chairman would be selected from three people. Japan's Prime Minister decided to resign. There were also some important events in China, such as the investigation of Yi Huiman and the relaxation of property purchase restrictions in Shenzhen [5][7][9]. - **Trend Intensity**: The trend intensity of both gold and silver is 1, indicating a neutral - to - slightly - positive view [8]. Copper - **Price and Trading Volume**: The closing price of the Shanghai copper main contract was 80,140, with a daily increase of 0.46%. The trading volume and positions of the Shanghai copper main contract and the London copper 3M electronic disk changed. For example, the trading volume of the Shanghai copper main contract decreased by 21,812 compared with the previous day [10]. - **Inventory and Spread**: The inventory of Shanghai copper and London copper decreased, and the spread of some contracts also changed. For example, the LME copper cash - 3M spread was - 68.04, with a decrease of 0.88 compared with the previous day [10]. - **Macro and Industry News**: The non - farm employment in the US in August was significantly lower than expected, and the market expected a rate cut in September. An African copper mine planned to resume production next year, and the copper production in Chile in July increased slightly [10][12]. - **Trend Intensity**: The trend intensity of copper is 0, indicating a neutral view [12]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai zinc main contract was 22155, with a daily increase of 0.16%. The trading volume and positions of the Shanghai zinc main contract and the London zinc 3M electronic disk changed. For example, the trading volume of the Shanghai zinc main contract decreased by 65567 compared with the previous day [13]. - **News**: The non - farm employment in the US in August was significantly lower than expected, and the market expected a rate cut in September. There were also some views on the Fed's policy [14]. - **Trend Intensity**: The trend intensity of zinc is 0, indicating a neutral view [15]. Lead - **Price and Trading Volume**: The closing price of the Shanghai lead main contract was 16900, with a daily increase of 0.24%. The trading volume and positions of the Shanghai lead main contract and the London lead 3M electronic disk changed. For example, the trading volume of the Shanghai lead main contract increased by 8082 compared with the previous day [16]. - **Inventory**: The inventory of Shanghai lead and London lead decreased. For example, the inventory of Shanghai lead decreased by 954 tons compared with the previous day [16]. - **News**: The non - farm employment in the US in August was significantly lower than expected, and the market expected a rate cut in September [17]. - **Trend Intensity**: The trend intensity of lead is 0, indicating a neutral view [17]. Tin - **Price and Trading Volume**: The closing price of the Shanghai tin main contract was 272,460, with a daily increase of 0.16%. The trading volume and positions of the Shanghai tin main contract and the London tin 3M electronic disk changed. For example, the trading volume of the Shanghai tin main contract decreased by 10,873 compared with the previous day [20]. - **Inventory and Spread**: The inventory of Shanghai tin decreased, and the spread of some contracts also changed. For example, the LME tin (spot/three - month) spread was 63, with a decrease of 35 compared with the previous day [20]. - **Macro and Industry News**: Similar to other metals, there were important events such as the non - farm employment situation in the US and policy - related news in other countries [21]. - **Trend Intensity**: The trend intensity of tin is 0, indicating a neutral view [24]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing prices, trading volumes, and positions of the Shanghai aluminum main contract, the Shanghai alumina main contract, and the aluminum alloy main contract changed. For example, the closing price of the Shanghai aluminum main contract was 20695, with an increase of 90 compared with T - 1 [25]. - **Inventory and Spread**: The inventory of electrolytic aluminum, alumina, and other related products, as well as the spread of some contracts, changed. For example, the LME aluminum cash - 3M spread was 1.86, with a decrease of 1.65 compared with T - 1 [25]. - **Comprehensive News**: Trump adjusted the global tariff policy, and some key commodities were exempted from tariffs. The US appellate court ruled that most of Trump's global tariffs were illegal, but the implementation was postponed [27]. - **Trend Intensity**: The trend intensity of aluminum is 0, alumina is - 1, and cast aluminum alloy is 0 [27]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing prices, trading volumes, and positions of the Shanghai nickel main contract and the stainless steel main contract changed. For example, the closing price of the Shanghai nickel main contract was 121,310, with an increase of 460 compared with T - 1 [29]. - **Industry Chain Data**: The prices and spreads of various products in the nickel and stainless - steel industry chains changed. For example, the price of 8 - 12% high - nickel pig iron (ex - factory price) was 946, with an increase of 1 compared with T - 1 [29]. - **Macro and Industry News**: There were some events related to nickel trade and production in Canada and Indonesia, such as the potential export suspension of nickel in Canada and the production start and environmental issues in Indonesian nickel projects [29][30]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0 [34].

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - The report provides trend outlooks for various commodities, including precious metals, base metals, energy, chemicals, agricultural products, etc., on September 5, 2025. Each commodity has its own unique market situation and influencing factors, such as supply - demand relationships, macro - economic data, and policy changes [3][5]. Summary by Commodity Precious Metals - **Gold**: Market sentiment is cooling [3][6]. - **Silver**: In a state of oscillatory adjustment [3][6]. Base Metals - **Copper**: Expectations of Fed rate cuts limit price declines. Macro data like weak JOLTS job - vacancy data have strengthened rate - cut expectations, and some copper mines have production - related news [11][13]. - **Zinc**: Inventory accumulation continues, and the trend is bearish with a trend strength of - 1 [3][14][16]. - **Lead**: Reductions in both domestic and overseas inventories support prices [3][17]. - **Tin**: Moving within a range, with a trend strength of - 1 [3][19][23]. - **Aluminum**: In a range - bound oscillation. Alumina is in a weakening trend, and cast aluminum alloy follows the trend of electrolytic aluminum [3][24][26]. - **Nickel and Stainless Steel**: Nickel has a narrow - range oscillation based on fundamentals, affected by news - driven sentiment. Stainless - steel prices are in a narrow - range oscillation, both with a trend strength of 0 [3][28][33]. - **Carbonate Lithium**: Output is increasing, and the price is in a weakening trend with a trend strength of - 1 [3][34][36]. Energy and Chemicals - **Industrial Silicon**: The recommended strategy is to short at high prices. - **Polysilicon**: Attention should be paid to policy - related information. Industrial silicon has a trend strength of 0, and polysilicon has a strength of 1 [3][38][40]. - **Iron Ore**: Due to the transfer of profits from carbon elements, the price is oscillating at a high level with a trend strength of - 1 [3][41]. - **Rebar and Hot - Rolled Coil**: Both are in a wide - range oscillation [3][43][44]. - **Silicon Ferroalloy and Manganese Ferroalloy**: Both are in a wide - range oscillation, with a trend strength of 0 [3][48][50]. - **Coke and Coking Coal**: Coke is in a weak oscillation due to downward - revised cost expectations. Coking coal has an increasing expectation of supply growth and a valuation correction, both with a trend strength of 0 [3][51]. - **Log**: In an oscillatory and repeated state with a trend strength of 0 [3][53][56]. - **Paraxylene**: Cost has collapsed, and the unilateral trend is weakening. PTA is recommended for positive monthly - spread arbitrage, and MEG has a weak unilateral trend [3][57]. Agricultural Products - **Palm Oil and Soybean Oil**: Palm oil lacks continuous driving forces and is waiting for a correction. Soybean oil is in an oscillatory adjustment [3][5][61]. - **Soybean Meal and Soybean No.1**: Soybean meal may rebound following US soybeans, and attention should be paid to frost risks. Soybean No.1 is in a rebound - oscillation [3][5][63]. - **Corn**: In an oscillatory state [3][5][65]. - **Sugar**: Brazil's sugar exports are down year - on - year [3][5][66]. - **Cotton**: Attention should be paid to the situation of new crop listings [3][5][67]. - **Eggs**: The near - end game sentiment is strong [3][5][69]. - **Hogs**: Spot prices are weakening, while far - end expectations are strong [3][5][70]. - **Peanuts**: Attention should be paid to the listing of new peanuts [3][5][71].

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The stock index options show an upward trend with declining volatility, indicating a decrease in the market's concern about a downward trend [1] Summary by Related Catalogs Market Data Statistics - **Underlying Market Statistics**: The closing prices of major indices and ETFs all increased, with the CSI 1000 Index rising 204.51 points to 7245.67. Trading volumes generally decreased, such as the Shanghai - Shenzhen 300 Index with a volume change of - 58.31 billion hands [1] - **Option Market Statistics**: Trading volumes and open interests of various options decreased. For example, the trading volume of SSE 50 Index Options decreased by 37,944 to 56,278, and the open interest decreased by 2,790 to 97,398. The VL - PCR and OI - PCR values varied among different options [1] Option Volatility Statistics - **Near - month Options**: The ATM - IV of most options decreased, like the SSE 50 Index Options with a - 2.22% change. The HV also showed different trends, with some increasing and some decreasing [4] - **Next - month Options**: Similar to near - month options, the ATM - IV of most next - month options decreased, while the HV generally increased [4] Option Types Analysis - **SSE 50 Index Options**: Presented data on PCR, skew, volatility cone, and volatility term structure through multiple charts [7][8] - **CSI 300 Index Options**: Similar to SSE 50 Index Options, with relevant data presented in corresponding charts [11][12] - **CSI 1000 Index Options**: Showed data on PCR, skew, volatility cone, and volatility term structure in charts [14][15] - **SSE 50 ETF Options**: Analyzed through charts including PCR, skew, volatility cone, and volatility term structure [18][19] - **Huatai - Berry 300ETF Options**: Similar analysis methods with corresponding chart data [22][23] - **Southern CSI 500ETF Options**: Presented data through various charts for analysis [28][32] - **Huaxia Science and Technology Innovation 50ETF Options**: Analyzed using multiple charts [34][36] - **E Fund Science and Technology Innovation 50ETF Options**: Similar to the above, with data presented in charts [39][44] - **Harvest 300ETF Options**: Analyzed through relevant charts [45][46] - **Harvest CSI 500ETF Options**: Presented data in charts for analysis [49][50] - **ChiNext ETF Options**: Analyzed using multiple charts [54][57] - **Shenzhen 100ETF Options**: Similar analysis with chart - based data [59][60]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The index trend is driven by sentiment this week, and the market expectation has cooled down. The long - term interest rate has declined, and the futures discount has reflected this in advance at the end of August. There is a value regression after structural overheating in each sector, and some previously hot - concept sectors have corrected. The leveraged funds have a continuous net outflow, and the broad - based index has continuously declined with shrinking volume. The probability of a September interest rate cut in the US has further increased [3]. - Since the end of August, the discount has continued to widen, and the risk sentiment from the futures perspective has turned in advance. This week, the basis of IH and IF has slightly weakened, while that of IC and IM has recovered, and the annualized discounts are around 8% and 9.5% respectively. The discount inversion of IC and IM has been lifted. As the basis of each contract has basically returned to the normal position, the profit of the spot - futures arbitrage strategy has been realized [4]. Summary Based on Relevant Catalogs 1. Futures Index Basis Situation - **Basis Comparison**: Compared with last week, this week, the basis of IH and IF has slightly weakened, while the basis of IC and IM has recovered. The annualized discounts of IC and IM are around 8% and 9.5% respectively, and the discount inversion of IC and IM has been lifted. The current term structure of each variety is higher at the near - end, and near - end hedging is the main approach [4]. - **Specific Basis Data**: The report provides the basis data of IF, IH, IC, and IM contracts, including last week's basis, this week's basis, basis changes, and index - enhancement annualized returns. For example, for the IF2509 contract, last week's basis was 9.44, this week's basis was - 3.72, the basis change was - 13.17, and the index - enhancement annualized return was 3.5% [1]. - **Basis after Considering Dividends**: The report also shows the basis situation after considering dividends for different contracts of the CSI 300, SSE 50, CSI 500, and CSI 1000, including the closing price, basis after considering dividends, expected total dividend points, and annualized premium/discount rate [5]. 2. Market Situation - **Index Performance**: The broad - based index has continuously declined with shrinking volume. The weekly decline of SSE 50 and CSI 300 is about 1%, the decline of CSI 1000 is 2.6%, and the decline of STAR 50 exceeds 5%. The large - cap index is relatively resistant to decline and outperforms the small - and medium - cap index [3]. - **US Economic Situation**: The US ISM manufacturing PMI has shrunk for six consecutive months, and the US manufacturing industry is in trouble. The employment index is at its weakest level since the pandemic, and the labor market cooling trend is confirmed. The probability of a September interest rate cut has further increased [3]. 3. Trading Volume and Open Interest - **IH**: The average daily trading volume this week is 77,702 lots, a 0.3% decrease compared with the previous week, and the open interest is 99,744 lots, a 7.7% decrease compared with the previous week [4]. - **IF**: The average daily trading volume this week is 182,186 lots, a 2.6% increase compared with the previous week, and the open interest is 278,339 lots, a 5.1% decrease compared with the previous week [4]. - **IC**: The average daily trading volume this week is 166,010 lots, a 3.5% increase compared with the previous week, and the open interest is 248,658 lots, a 0.1% increase compared with the previous week [4]. - **IM**: The average daily trading volume this week is 322,975 lots, a 0.9% increase compared with the previous week, and the open interest is 386,798 lots, a 0.3% decrease compared with the previous week [4]. 4. Hedging Profit and Loss - **IF and IH**: The report provides the hedging profit and loss data of IF and IH contracts for last week and this week. For example, for the IF2509 contract, the hedging profit and loss last week was 6.56, and this week it was 13.17 [11]. - **IC and IM**: Similar data are provided for IC and IM contracts. For example, for the IC2509 contract, the hedging profit and loss last week was 34.69, and this week it was - 31.79 [11].

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - This week reached the "September 3rd" critical window period, with index trends mainly driven by sentiment. Market expectations cooled, long - term interest rates declined, and there was a value regression after structural overheating in various sectors. Leveraged funds had continuous net outflows, and broad - based indexes fell with shrinking trading volume. The U.S. manufacturing industry was in trouble, the labor market cooling trend was confirmed, and the certainty of a September interest rate cut increased. In terms of basis, the discount widened since the end of August, and the basis of JH and IF weakened slightly this week, while that of IC and IM recovered [2]. - The model predicts that the basis of IH and IF will strengthen next week, while the basis of IC and IM will weaken [3]. 3) Summary by Related Content Market Performance This Week - After structural overheating in various sectors, there was a value regression. Sectors with concentrated financing and institutional funds faced corrections. Concepts such as optical modules and national defense and military industry had large correction amplitudes, while battery and energy storage sectors led the rise. Leveraged funds had continuous net outflows, and the margin balance declined daily after peaking on September 1st. Broad - based indexes fell with shrinking trading volume, ending four consecutive weekly declines. Small - cap stocks broke through support levels, while large - cap indexes were relatively resilient. The weekly decline of the Shanghai 50 and CSI 300 was about 1%, the CSI 1000 declined by 2.6%, and the STAR 50 declined by more than 5% [2]. - The U.S. ISM manufacturing PMI contracted for six consecutive months, the employment index was at its weakest level since the pandemic, JOLTS employment data was not optimistic, ADP employment growth slowed significantly, and the labor market cooling trend was confirmed, increasing the certainty of a September interest rate cut [2]. - Since the end of August, the discount has continued to widen. The basis of JH and IF weakened slightly this week compared with last week, while the basis of IC and IM recovered. The annualized discounts were around 8% and 9.5% respectively, and the discount inversion of IC and IM was lifted. The current term structure of each variety has a higher near - end, and near - end hedging is the main strategy. As the basis of each contract basically returned to the normal position, the profit of the spot - futures arbitrage strategy was realized [2]. Next - Week Forecast - The model predicts that the basis movement directions of IH, IF, IC, and IM next week are: strengthen, strengthen, weaken, and weaken respectively [3]

Report Industry Investment Rating - Not provided in the report Core Viewpoint of the Report - During the callback and volatility decline, investors can consider buying put options for protection at low volatility levels [1] Summary by Directory 1. Option Market Trading Overview Review - The daily average trading data of various options, including call and put trading volume, total trading volume, call and put open interest, total open interest, and trading turnover, are presented. For example, the daily average call trading volume of Shanghai - Shenzhen 300 Index Options is 11.56 million lots, and the total trading turnover is 1.4862648 billion yuan [1] 2. Option Liquidity - Figures such as the changes in total trading volume, total open interest, total trading turnover, total trading market value, and total open - interest market value of financial options are provided, as well as the trading volume and open - interest proportions of each option variety [4][5][7][9] 3. Option Volatility Level - By comparing the at - the - money implied volatility (ATM - IV) and historical volatility (HV) of various options, it is found that last week, the ATM - IV and HV of options showed signs of convergence. For example, the current ATM - IV of Shanghai 50 Index Options is 17.60%. The correlation between the underlying asset and ATM - IV varies among different options. For instance, the correlation coefficient between the underlying asset of Shanghai 50 Index Options and ATM - IV last week was 52.46% [9][10] 4. Option Market Bull - Bear Sentiment - The Put - Call - Ratio (PCR) indicator of options can reflect the market's bull - bear sentiment to some extent. The report presents the PCR trends and daily -环比 incremental percentages of various options [38] 5. Market Support and Resistance Level Information - The trading volume and open interest at each strike price of options can help reveal the support and resistance levels of the underlying assets. For example, the key support level of the Shanghai 50 Index is 2850, and the resistance level is 3000 [53]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No core viewpoints are explicitly stated in the report. It mainly presents the daily data briefing of non - ferrous metals and precious metals. 3. Summary by Related Catalogs Gold (AU) - **Prices**: The closing price of SHFE gold main contract was 815.60 yuan/gram on 2025/9/4, and 814.40 yuan/gram for the near - month contract on 2025/9/5. COMEX gold main contract closed at 144.20 dollars/ounce on 2025/9/4, and the near - month contract was 164.50 dollars/ounce on 2025/9/5. The London gold spot price was 3546.55 dollars/ounce on 2025/9/4, and the SGE gold spot price was 28.70 yuan/gram on 2025/9/5 [1] - **Basis**: The domestic basis (gold T + D - main contract) ranged from - 815.60 yuan/gram to - 803.67 yuan/gram, and the overseas basis (LBMA gold spot - COMEX AU01) ranged from - 63.50 dollars/ounce to 108.20 dollars/ounce [1] Silver (AG) - **Prices**: The closing price of SHFE silver main contract was 426 yuan/kilogram on 2025/9/4, and 9812 yuan/kilogram on 2025/9/5. COMEX silver main contract closed at 0.56 dollars/ounce on 2025/8/8, and the near - month contract was 1.61 dollars/ounce on 2025/8/8. The London silver spot price was 40.86 dollars/ounce on 2025/9/5, and the SGE silver spot price was 9770 yuan/kilogram on 2025/9/5 [1] - **Basis**: The domestic basis (AG(T + D) - main contract) ranged from - 22 yuan/gram to - 9 yuan/gram, and the overseas basis (LBMA silver spot - COMEX AG01) ranged from - 0.345 dollars/ounce to 0.61 dollars/ounce [1] Copper (CU, BC) - **Prices**: The closing price of SHFE copper (CU) main contract was 730 yuan/ton on 2025/9/4, and 80140 yuan/ton on 2025/9/5. The international copper (BC) main contract closed at 640 yuan/ton on 2025/9/4, and 71130 yuan/ton on 2025/9/5. LME copper 3M closed at 59.00 dollars/ton on 2025/9/4, and 9971.50 dollars/ton on 2025/9/5 [1] - **Spreads**: The SHFE copper monthly spread (CU00 - CU01) ranged from 20 yuan/ton to 80 yuan/ton, and the international copper monthly spread (BC00 - BC01) ranged from - 800.00 yuan/ton to - 150 yuan/ton. LME copper 0 - 3 spread ranged from 2.39 dollars/ton to - 67.16 dollars/ton [1] - **Inventory**: SHFE copper warrant inventory decreased from - 2345 tons to 18927 tons, and international copper warrant inventory increased from - 476 tons to 5121 tons. LME copper warrant inventory decreased from 425 tons to 2375 tons [1] - **Import Profit and Loss**: Copper spot import profit and loss ranged from - 255.36 yuan/ton to 53.79 yuan/ton, and copper 3M import profit and loss ranged from - 371.96 yuan/ton to 14.52 yuan/ton [1] Aluminum and Alumina (AL, AO) - **Prices**: The closing price of SHFE aluminum (AL) main contract was - 45 yuan/ton on 2025/9/4, and 20695 yuan/ton on 2025/9/5. The alumina (AO) main contract closed at - 164 yuan/ton on 2025/8/8, and 3006 yuan/ton on 2025/9/5. LME aluminum 3M closed at - 10.00 dollars/ton on 2025/9/4, and 2604.50 dollars/ton on 2025/8/8 [1] - **Spreads**: The SHFE aluminum monthly spread (AL00 - AL01) ranged from - 5 yuan/ton to 20 yuan/ton, and the alumina monthly spread (A000 - A001) ranged from - 19 yuan/ton to 5 yuan/ton. LME aluminum 0 - 3 spread ranged from - 2.49 dollars/ton to 4.01 dollars/ton [1] - **Inventory**: SHFE aluminum warrant inventory increased from 378 tons to 59961 tons, and alumina warrant inventory increased from 8428 tons to 106257 tons. LME aluminum warrant inventory decreased from 479600 tons to 9025 tons [1] - **Profit**: Alumina plant profit ranged from - 94.81 yuan/ton to 281.69 yuan/ton, and electrolytic aluminum plant smelting profit ranged from 1.73 yuan/ton to 4088.74 yuan/ton [1] Zinc (ZN) - **Prices**: The closing price of SHFE zinc (ZN) main contract was 15 yuan/ton on 2025/9/4, and 22155 yuan/ton on 2025/9/5. LME zinc 3M closed at 47 dollars/ton on 2025/9/4, and 2864 dollars/ton on 2025/9/5 [1] - **Spreads**: The SHFE zinc monthly spread (ZN00 - ZN01) ranged from - 40 yuan/ton to - 20 yuan/ton, and LME zinc 0 - 3 spread ranged from 10.59 dollars/ton to 28.94 dollars/ton [1] - **Inventory**: SHFE zinc warrant inventory decreased from 40772 tons to 26426 tons, and LME zinc warrant inventory decreased from - 80425 tons to - 54750 tons [1] - **Import Profit and Loss**: Refined zinc spot import profit and loss ranged from - 2375.28 yuan/ton to - 51.80 yuan/ton, and refined zinc 3M import profit and loss ranged from - 2096.76 yuan/ton to - 63.27 yuan/ton [1] - **Profit**: Refined zinc plant smelting profit ranged from - 220 yuan/ton to - 8.00 yuan/ton [1] Lead (PB) - **Prices**: The closing price of SHFE lead (PB) main contract was 40 yuan/ton on 2025/8/29, and 16900 yuan/ton on 2025/9/5. LME lead 3M closed at 1990.50 dollars/ton on 2025/8/29, and - 2.00 dollars/ton on 2025/9/5 [1] - **Spreads**: The SHFE lead monthly spread (PB00 - PB01) ranged from - 70 yuan/ton to - 15 yuan/ton, and LME lead 0 - 3 spread ranged from - 44.77 dollars/ton to - 1.68 dollars/ton [1] - **Inventory**: SHFE lead warrant inventory decreased from - 4392 tons to 54090 tons, and LME lead warrant inventory decreased from 0 tons to - 259550 tons [1] - **Import Profit and Loss**: Refined lead spot import profit and loss ranged from - 531.62 yuan/ton to 127.31 yuan/ton, and refined lead 3M import profit and loss ranged from - 561.03 yuan/ton to 77.63 yuan/ton [1] - **Profit**: Regenerated lead plant smelting profit ranged from - 106.60 yuan/ton to 3.20 yuan/ton [1] Nickel and Stainless Steel (NI, SS) - **Prices**: The closing price of SHFE nickel (NI) main contract was 460 yuan/ton on 2025/9/4, and 121310 yuan/ton on 2025/9/5. The stainless steel (SS) main contract closed at 12850 yuan/ton on 2025/8/8, and - 5 yuan/ton on 2025/9/5. LME nickel 3M closed at 90 dollars/ton on 2025/9/4, and 15250 dollars/ton on 2025/9/5 [1] - **Spreads**: The SHFE nickel monthly spread (NI00 - NI01) ranged from - 310 yuan/ton to - 60 yuan/ton, and the stainless steel monthly spread (SS00 - SS01) ranged from - 85 yuan/ton to - 15 yuan/ton. LME nickel 0 - 3 spread ranged from - 150 dollars/ton to 70 dollars/ton [1] - **Inventory**: SHFE nickel warrant inventory decreased from 1057 tons to 21678 tons, and stainless steel warrant inventory decreased from - 3544 tons to 99439 tons. LME nickel warrant inventory increased from 5766 tons to 215310 tons [1] - **Import Profit and Loss**: Refined nickel spot import profit and loss ranged from - 1511.47 yuan/ton to 13.53 yuan/ton, and refined nickel 3M import profit and loss ranged from - 271.69 yuan/ton to - 46.25 yuan/ton [1] Tin (SN) - **Prices**: The closing price of SHFE tin (SN) main contract was 4680 yuan/ton on 2025/9/4, and 272460 yuan/ton on 2025/9/5. LME tin 3M closed at 950 dollars/ton on 2025/9/4, and 34605 dollars/ton on 2025/9/5 [1] - **Spreads**: The SHFE tin monthly spread (SN00 - SN01) ranged from - 430 yuan/ton to - 80 yuan/ton, and LME tin 0 - 3 spread ranged from - 15 dollars/ton to 280 dollars/ton [1] - **Inventory**: SHFE tin warrant inventory decreased from 124 tons to 7397 tons, and LME tin warrant inventory increased from 215 tons to 2225 tons [1] - **Import Profit and Loss**: Refined tin spot import profit and loss ranged from - 16176.58 yuan/ton to 1547.47 yuan/ton [1] - **Processing Fee**: The tin ore processing fee was 12000 yuan/ton [1]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - On September 4, 2025, most contracts of CBOT soybean futures closed higher, with the benchmark contract up 0.1%. The market rebounded due to technical buying at the end of the session, despite concerns over China's insufficient purchases of US new - crop soybeans. There are rumors that this year's US soybean production may be lower than the government's August forecast, but if exports to China are limited, it may not matter. According to StoneX, the estimated US soybean yield is 53.2 bushels per acre, and the production is 4.257 billion bushels, lower than last month's forecast [3]. - Meteorologists warn that potential frost weather threatens US corn and soybean crops as there have been several days of low - temperature weather in the north - central part of North America and southern Canada [3]. 3. Summary by Relevant Catalogs 3.1 Futures Data - DCE Bean No.1 2511: The daytime closing price was 3,965 yuan/ton, up 1 yuan (+0.03%); the night - session closing price was 3,971 yuan/ton, up 5 yuan (+0.13%) [1]. - DCE Bean Meal 2601: The daytime closing price was 3,048 yuan/ton, down 9 yuan (-0.29%); the night - session closing price was 3,050 yuan/ton, down 13 yuan (-0.42%) [1]. - CBOT Soybean 11: The price was 1,033.25 cents per bushel, up 1.5 cents (+0.15%) [1]. - CBOT Bean Meal 12: The price was 284.1 dollars per short ton, up 1.3 dollars (+0.46%) [1]. 3.2 Spot Data - Shandong: The price of 43% bean meal was 3,060 - 3,070 yuan/ton, flat to up 10 yuan compared to the previous day. Different delivery months had different spreads to M2601 [1]. - East China: Different delivery months of bean meal had different spreads to M2601, and most were flat compared to the previous day [1]. - South China: The price of bean meal was 3,010 - 3,070 yuan/ton, flat to up 10 yuan compared to the previous day. Different regions and delivery months had different spreads to M2601 [1]. 3.3 Main Industry Data - Bean meal trading volume: The previous trading day was 6.7 million tons per day, and the day before was 6.5 million tons per day [1]. - Bean meal inventory: The previous week was 101.49 million tons, and the week before was 98.55 million tons [1]. 3.4 Trend Intensity - The trend intensity of bean meal was +1, and that of bean No.1 was 0, mainly referring to the price fluctuations of the main - contract futures on the daytime session of the reporting day [3].

Report Investment Ratings - Aluminum: Range-bound oscillation [1] - Alumina: Weak operation [1] - Cast aluminum alloy: Follow electrolytic aluminum [1] Core Viewpoints - The report provides the latest fundamental data on aluminum, alumina, and cast aluminum alloy, including futures market prices, trading volumes, open interests, spreads, and spot market prices, costs, and inventories [1]. - The trend intensities of aluminum, alumina, and aluminum alloy are 0, -1, and 0 respectively, indicating a neutral view on aluminum and aluminum alloy and a bearish view on alumina [3]. Summary by Directory Futures Market - **Aluminum**: The closing price of the Shanghai aluminum main contract was 20,605, down 105 from the previous trading day. The trading volume decreased by 2,125, and the open interest decreased by 11,422 [1]. - **Alumina**: The closing price of the Shanghai alumina main contract was 2,980, down 12 from the previous trading day. The trading volume was 279,608, and the open interest was 3,753 [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,215, down 70 from the previous trading day. The trading volume decreased by 975, and the open interest decreased by 291 [1]. Spot Market - **Aluminum**: The domestic aluminum ingot social inventory was 620,000 tons, an increase of 4,000 tons from the previous trading day. The electrolytic aluminum enterprise profit was 3,990.62, a decrease of 97.85 from the previous trading day [1]. - **Alumina**: The domestic average alumina price was 3,188, a decrease of 16 from the previous trading day. The alumina enterprise profit in Shanxi was 190, a decrease of 15 from the previous trading day [1]. - **Aluminum Alloy**: The ADC12 theoretical profit was 373, an increase of 4 from the previous trading day. The three - place inventory totaled 33,928, an increase of 1,078 from the previous trading day [1]. Other Information - The US ISM services PMI expansion speed reached the fastest in half a year, with weak employment and high prices. In August, the US ISM services PMI index was 52, higher than the expected 51 and the previous value of 50.1 [3].