1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Views of the Report - For the lead market, the supply and demand are both weak with no obvious contradictions. Tight raw materials and peak - season expectations support the lead price. With Powell's dovish remarks, the market's expectation of a Fed rate cut in September increases, reducing the upward pressure on non - ferrous metals. Coupled with positive domestic sentiment, the lead price maintains range - bound consolidation [1]. - For the zinc market, the fundamentals show an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory continues to accumulate, indicating weak fundamentals. However, the LME zinc inventory overseas has dropped to an absolute low, the LME 0 - 3 has turned to a back structure, and the capital concentration remains high. The upward trend of LME zinc provides some support to SHFE zinc. It is expected that SHFE zinc will be range - bound in the short term under the influence of the external market [1]. 3. Summary by Relevant Catalogs 3.1 Lead Market 3.1.1 Price and Market Data - The average price of SMM1 lead ingot was 16,725 yuan/ton, down 0.15% from the previous day; the closing price of the SHFE lead futures main contract was 16,860 yuan/ton, down 0.03% [1]. - The SHFE lead basis was - 135 yuan/ton, down 20 yuan; the premium in Shanghai was - 35 yuan/ton, up 15 yuan; the LME 0 - 3 premium was - 44.77 dollars/ton, down 1.68 dollars; the LME 3 - 15 premium was - 69.80 dollars/ton, down 2.90 dollars [1]. - The trading volume of the active lead futures contract was 25,910 lots, down 14.61%; the open interest was 50,042 lots, down 1.18%; the trading - to - open - interest ratio was 0.52, down 13.59% [1]. - The LME lead inventory was 251,200 tons, unchanged; the SHFE lead warehouse receipt inventory was 55,044 tons, down 1.49% [1]. - The closing price of the LME 3 - month lead futures (electronic trading) was 1,985.50 dollars/ton, down 0.50%; the SHFE - LME lead price ratio was 8.49, up 0.47% [1]. 3.1.2 Supply and Demand - On the supply side, there is no expected increase in lead concentrate imports, and the processing fee is likely to rise. Some primary lead smelters have maintenance plans, and the operating rate has slightly declined. For recycled lead, the price of waste lead - acid batteries is likely to rise, the recyclers' supply is limited, and some smelters have reduced or stopped production due to raw material shortages or cost - price inversions [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers are mainly digesting inventory, and production enterprises produce according to sales [1]. 3.1.3 News and Events - From late August to early September, vehicle transportation in Hebei, Henan and other regions was restricted due to the Tianjin SCO Summit and Beijing military parade. After the parade ended on September 4, transportation returned to normal [1]. - As of September 4, the total inventory of SMM lead ingots in five locations was 66,100 tons, a decrease of 1,000 tons compared to August 28 and September 1 [1]. 3.2 Zinc Market 3.2.1 Price and Market Data - The average price of SMM1 zinc ingot was 21,900 yuan/ton, down 1.22% from the previous day; the closing price of the SHFE zinc futures main contract was 22,120 yuan/ton, down 0.74% [1]. - The SHFE zinc basis was - 220 yuan/ton, down 105 yuan; the premium in Shanghai was - 65 yuan/ton, up 5 yuan; the premium in Tianjin was - 75 yuan/ton, up 5 yuan; the premium in Guangdong was - 65 yuan/ton, up 15 yuan; the LME 0 - 3 premium was 16.21 dollars/ton, down 2.57 dollars; the LME 3 - 15 premium was 21.72 dollars/ton, down 2.52 dollars [1]. - The trading volume of the active zinc futures contract was 171,243 lots, up 45.17%; the open interest was 118,873 lots, up 13.50%; the trading - to - open - interest ratio was 1.44, up 27.90% [1]. - The LME zinc inventory was 54,750 tons, unchanged; the SHFE zinc warehouse receipt inventory was 40,896 tons, down 0.12% [1]. - The closing price of the LME 3 - month zinc futures (electronic trading) was 2,838 dollars/ton, down 1.10%; the SHFE - LME zinc price ratio was 7.79, up 0.36% [1]. 3.2.2 Supply and Demand - On the supply side, smelters have sufficient raw material stocks, and the zinc ore processing fee has continued to rise. The domestic zinc concentrate processing fee remained flat at 3,900 yuan/metal ton last week, and the imported zinc ore processing fee index rose to 93.75 dollars/dry ton. Affected by the low internal - external price ratio, domestic ore has an advantage, and smelters mainly purchase domestic ore. The domestic TC in September may have limited upside. Smelter profits and production enthusiasm have improved, and the output shows an obvious increasing trend [1]. - On the demand side, the off - season effect is evident, and affected by environmental protection restrictions in the north, the operating rate of some downstream enterprises has weakened, and the enthusiasm for purchasing zinc ingots is limited. Downstream enterprises mainly fix prices at low points [1]. 3.2.3 News and Events - The Henan Provincial Department of Ecology and Environment released the fifth batch of typical cases of ecological environment law enforcement (involving illegal and criminal activities related to hazardous waste) in 2025 [1]. - On September 3, the [LME0 - 3 zinc] premium was 18.78 dollars/ton, and the open interest was 195,978 lots, a decrease of 866 lots [1].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - No clear core view can be extracted from the provided data, which mainly consists of price and rate information. 3. Summary by Related Catalog Price Information - The middle - price of North Asian CFR ethylene is $594.5 per ton on September 5, 2025, up 2.0% from the previous value [1]. - The upstream cost shows that the price of CFR ethylene in North Asia is $594.5 per ton on September 5, 2025, with a 2.0% increase [1]. - The ex - factory price of ethylene oxide in East China is 6,300 yuan per ton on September 5, 2025, unchanged from the previous value [1]. - The main contract closing price of CG is 4,357 yuan per ton on September 4, 2025, up 0.60% [1]. - The settlement price of the main contract of CG is 4,344 yuan per ton on September 4, 2025, up 0.02% [1]. - The closing price of the near - month contract of CG is 4,343 yuan per ton on September 4, 2025, up 0.12% [1]. - The settlement price of the near - month contract of CG is 4,349 yuan per ton on September 4, 2025, up 0.62% [1]. - The market middle - price of ethylene glycol in East China is 4,430 yuan per ton on September 4, 2025, unchanged [1]. - The price of ethylene glycol index is 4,475 yuan per ton on September 4, 2025, up 1.24% [1]. - The price difference between near and far months is 5 yuan per ton on September 4, 2025, with a basis difference of - 26 yuan per ton [1]. - The comprehensive price of ethylene glycol is 118 yuan per ton on September 4, 2025, up 529 yuan compared to 89 yuan previously [1]. Operating Rate and Load Rate - The operating rate of oil - based ethylene glycol is 62.66% on September 4, 2025 [1]. - The operating rate of coal - based ethylene glycol is 96.60% on September 4, 2025 [1]. - The industrial chain load rate of PTA factories is 88.16% on September 4, 2025 [1]. - The industrial chain load rate of Jiangsu and Zhejiang looms is 64.66% on September 4, 2025 [1]. External Market and Gross Margin - The price of external - market oil - based ethylene glycol is $1,119 per ton on September 3, 2025 [1]. - The after - tax gross margin of a certain coal - based unit is 1,341 yuan per ton on September 4, 2025 [1]. Price Index - The price index of polyester is 8,750 yuan per ton on September 4, 2025, unchanged [1]. - The price of polyester ester is 1,200 yuan per ton on September 4, 2025, unchanged [1]. - The price index of polyester staple fiber is 6,460 yuan per ton on September 4, 2025, down 0.77% compared to 6,510 yuan previously [1]. - The price index of bottle - grade chips is 90 yuan per ton on September 4, 2025, up 1.19% compared to 86 yuan previously [1].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The pricing logic of PX, PTA, and PR is still cost - driven. With the weakening cost support due to the decline in crude oil prices, and the downstream peak season not yet showing signs of starting, the market is expected to repair the previous decline. PX, PTA, and PR are all expected to operate in a volatile manner [2]. 3. Summary by Directory Price Information - **Crude Oil**: On September 4, 2025, the futures settlement price (continuous) of WTI crude oil was $63.48 per barrel, down 0.77% from the previous value; that of Brent crude oil was $66.99 per barrel, down 0.90% [1]. - **Naphtha and Xylene**: The spot price (mid - price) of naphtha CFR Japan was $592.50 per ton, down 2.07%; the spot price (mid - price) of xylene (isomeric grade) FOB Korea was $687.00 per ton, down 0.07% [1]. - **PX**: The spot price of PX CFR China Main Port was $828.00 per ton on September 4, 2025, down 1.70%. The CZCE PX main - contract closing price was 6680 yuan per ton, down 1.91% [1]. - **PTA**: The CZCE TA main - contract closing price was 4656 yuan per ton on September 4, 2025, down 1.61%. The spot price of domestic PTA was 4623 yuan per ton, down 2.06% [1]. - **PR**: The CZCE PR main - contract closing price was 5820 yuan per ton on September 4, 2025, down 1.22%. The market price (mainstream price) of polyester bottle chips in the East China market was 5790 yuan per ton, down 1.19% [1]. Spread Information - **PXN Spread**: On September 4, 2025, it was $235.50 per ton, down 0.77% [1]. - **PX - MX Spread**: It was $141.00 per ton on September 4, 2025, down 8.93% [1]. - **Near - Far Month Spread and Basis**: For PTA, the near - far month spread was - 82 yuan per ton on September 4, 2025, a decrease of 20 yuan; the basis was - 41 yuan per ton, a decrease of 9 yuan. For PX, the basis was 57 yuan per ton, an increase of 130 yuan. For PR, the basis in the East China market was - 30 yuan per ton, an increase of 2 yuan; the basis in the South China market was 40 yuan per ton, a decrease of 8 yuan [1]. Operating Conditions - **PX**: The operating rate of the PX in the polyester industry chain remained at 82.59% on September 4, 2025 [1]. - **PTA**: The PTA industry chain load rate of PTA factories was 74.26%, that of polyester factories was 88.16% (up 0.17% from the previous value), that of bottle - chip factories was 73.27%, and that of Jiangsu and Zhejiang looms was 64.56% (up 2.53% from the previous value) [1]. Production and Sales Information - **Polyester Filament**: The production - sales rate of polyester filament was 42.67% on September 4, 2025, down 8.16% from the previous value [1]. - **Polyester Staple Fiber**: The production - sales rate of polyester staple fiber was 39.84% on September 4, 2025, down 1.35% from the previous value [1]. - **Polyester Chip**: The production - sales rate of polyester chips was 48.49% on September 4, 2025, up 3.01% from the previous value [1]. Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2]. - Two 800,000 - ton PX devices in South China are postponed to restart next week, and the shutdown and maintenance plan of a 700,000 - ton PX device in the Northeast has not been implemented [2]. Important News - OPEC+ may consider further increasing oil production in the Sunday meeting to regain market share, leading to weakened supply expectations and a sharp drop in oil prices. The PX price decline has widened due to the significant drop in raw material prices and weak market sentiment [2]. - The decline in the crude oil market has weakened the cost support for PTA. With sufficient PTA supply and weak downstream production - sales, the PTA market has declined, and the basis has weakened [2]. - The polyester bottle - chip market has a relatively stable supply, and downstream terminal demand is for replenishing stocks on a just - in - time basis, with acceptable trading sentiment [2].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The industrial silicon price is expected to maintain high-level consolidation in the short term, and attention should be paid to the support level of RMB 8,300 per ton. Continued attention should be paid to the production dynamics of silicon enterprises [1]. - The polysilicon price is expected to have amplified fluctuations and is prone to rise but difficult to fall in the short term. Attention should be paid to the pressure level of RMB 55,000 - 56,000 per ton. Continued attention should be paid to the implementation of industrial policies and the evolution of macro - sentiment [1]. Summary by Relevant Catalogs Industrial Silicon Price Information - The average price of industrial silicon non - oxygenated 553 (East China) remained flat at RMB 8,950 per ton compared with the previous day, and the average price of 421 (East China) industrial silicon remained flat at RMB 9,400 per ton. The closing price of the futures main contract rose 0.29% to RMB 8,515 per ton compared with the previous day [1]. - The average prices of non - oxygenated 553 in different regions (Huangpu Port, Tianjin Port, Kunming, Sichuan) and oxygenated 553 in different regions (East China, Huangpu Port, Tianjin Port, Kunming) and 421 in different regions (East China, Huangpu Port, Tianjin Port, Sichuan, Kunming) either remained flat or had a small change (the average price of oxygenated 553 in Tianjin Port decreased by 0.55%) [1]. Supply and Demand - On the supply side, as the silicon price continues to rise, some previously shut - down silicon plants in Xinjiang have resumed production. In addition, the southwest production area has entered the wet season, with lower power costs and a steady increase in enterprise start - up rates, so the supply is increasing steadily [1]. - On the demand side, polysilicon enterprises maintain a production - cut situation, and some silicon material plants have复产 arrangements, which will bring some demand increments; in the organic silicon sector, a large factory has stopped production for rectification due to an accident, with a temporary tightening of supply. Recently, monomer plants have recovered, the market supply pressure has increased, and the price may be under pressure again; silicon - aluminum alloy enterprises purchase as needed, and the downstream as a whole has insufficient willingness to stock up at a low level [1]. Polysilicon Price Information - The price of N - type dense material remained flat at RMB 50 per kilogram compared with the previous day; the price of N - type re - feed material remained flat at RMB 51.5 per kilogram; the price of N - type mixed material remained flat at RMB 49 per kilogram; the price of N - type granular silicon remained flat at RMB 48.5 per kilogram; the closing price of the futures main contract rose 0.07% to RMB 52,195 per ton compared with the previous day [1]. Supply and Demand - On the supply side, polysilicon enterprises maintain a production - cut situation, and some silicon material plants may have new capacity put into production. After offsetting the increase and decrease, the output is expected to increase slightly. It is expected that the output will approach 110,000 tons in July and increase to about 130,000 tons in August [1]. - On the demand side, many upstream and downstream enterprises completed procurement and shipment before the end of August. The trading volume in the polysilicon market increased significantly last week, the prices of some low - priced resources continued to rise, and the polysilicon inventory also decreased significantly. The price increase is gradually being transmitted downstream from the silicon material end, but the terminal demand pressure is large. Due to the consideration of IRR in terminal projects, the components are squeezed by both cost and demand, and the price increase faces great resistance, which may lead to reverse price transmission in the industrial chain [1]. Other Information - According to SMM statistics, the total social inventory of industrial silicon in major regions on September 4 was 537,000 tons, a decrease of 4,000 tons compared with last week. Among them, the social general warehouse inventory was 117,000 tons, a decrease of 2,000 tons compared with last week, and the social delivery warehouse inventory (including unregistered warehouse receipts and spot parts) was 420,000 tons, a decrease of 2,000 tons compared with last week (excluding Inner Mongolia, Gansu, etc.) [1]. - Zhongneng Energy's solar power project in Dalate Banner, with a total installed capacity of 500,000 kilowatts and a supporting energy storage scale of 75MW/150MWh, was successfully connected to the grid on August 31 [1].

Report Industry Investment Rating - Not provided in the report Core View of the Report - The expectation of a Fed rate cut in September, combined with Trump's continuous pressure and potential replacement of Fed officials, and the continuous gold purchases by central banks of many countries around the world, may make precious metal prices more likely to rise than fall. It is recommended that investors mainly take long positions when prices decline [1]. Summary by Relevant Categories Precious Metal Market Data - **Gold**: Shanghai gold's closing price on 2025 - 09 - 02 was 809.97 (yuan/gram), with a trading volume of 70268.00 and an open interest of 221198.00; COMEX futures active contract's closing price was 3619.70, with a trading volume of 94317.00 and an open interest of 360647.00; London gold spot price was 3556.20 (USD/ounce); SPDR gold ETF holding was 984.26, and iShare gold ETF holding was 456.92 [1]. - **Silver**: Shanghai silver's closing price on 2025 - 09 - 02 was 9377.00 (yuan/kilogram), with a trading volume of 627101.00 and an open interest of 270592.00; COMEX futures active contract's closing price was 41.73, with a trading volume of 22029.00 and an open interest of 88833.00; London silver spot price was 40.86 (USD/ounce); US iShare silver ETF holding was 15288.82, and Canadian PSLV silver ETF holding was 6065.79 [1]. Price Difference and Basis - **Gold**: The spread between near - month continuous and far - month active contracts was - 1.58, and the basis between spot and futures prices was - 3.36 [1]. - **Silver**: The spread between near - month continuous and far - month active contracts was - 12.00, and the basis between spot and futures prices was - 40.00 [1]. Macroeconomic and Policy Information - **US**: In July, TOLTS job openings dropped to a 10 - month low; in August, tariffs exceeded $31 billion, a record high; Fed Governor Waller suggested starting rate cuts this month and multiple cuts in the next 3 - 6 months; the Fed's Beige Book showed flat or declining consumer spending and price increases in all districts; due to weak employment supply and demand, Fed Chairman Powell hinted at a possible policy adjustment, making a September rate cut almost certain [1]. - **Eurozone**: In August, the PMI final value was slightly revised downwards, and Germany's service sector unexpectedly shrank; the ECB may cut rates at most twice before the end of 2025 [1]. - **UK**: In August, the key interest rate was cut by 25 basis points to 4.0%, and the Bank of England may cut rates at most once before the end of 2025 [1]. - **Japan**: The central bank may raise rates before the end of 2025, with the earliest possible time in October [1]. Trading Strategy - For precious metals, it is recommended that investors mainly take long positions when prices decline. For London gold, focus on the support level around 3200 - 3300 and the resistance level around 3600 - 3700; for Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 840 - 850; for London silver, focus on the support level around 36 - 37 and the resistance level around 41 - 43; for Shanghai silver, focus on the support level around 9000 - 9400 and the resistance level around 10000 - 10500 [1].

Report Industry Investment Rating - Not provided in the report Core Views - The lead market is in a state of weak supply and demand, with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. With Powell's dovish remarks and increased market expectations of a Fed rate cut in September, and positive domestic sentiment, lead prices will remain range - bound [1]. - The zinc market has an increasing supply of both zinc ore and zinc ingots, while demand is in the off - season and inventories are accumulating, showing a weak fundamental situation. However, the extremely low overseas LME zinc inventory, the LME 0 - 3 shifting to a back structure, and high capital concentration drive up LME zinc prices, which will support SHFE zinc. It is expected that SHFE zinc will be range - bound in the short term under the influence of external markets [1]. Summary by Relevant Catalogs Lead - Related Key Data and Changes - SMM1 lead ingot average price is 16,750.00 yuan/ton, up 0.15% [1]. - The closing price of the futures main contract is 16,865.00 yuan/ton, up 0.09% [1]. - The SHFE lead basis is - 115.00 yuan/ton, up 10.00 [1]. - The trading volume of the futures active contract is 30,342.00 lots, down 28.14% [1]. - The open interest of the futures active contract is 50,638.00 lots, down 1.68% [1]. - LME inventory is 254,550.00 tons, unchanged [1]. - SHFE lead warrant inventory is 55,874.00 tons, down 0.98% [1]. - The closing price of LME 3 - month lead futures (electronic session) is 1,995.50 US dollars/ton, up 0.08% [1]. - The SHFE - LME lead price ratio is 8.45, up 0.01% [1]. Lead - Related News - A small - to - medium - sized lead - zinc mine in Anhui is undergoing rectification and maintenance, expected to complete by the end of September and start the market quotation process in October. After normal operation, the monthly output of lead and zinc will reach about 450 metal tons [1]. - A large - scale secondary lead smelter in East China plans to stop production this Friday due to equipment maintenance and weak downstream lead consumption, which may reduce secondary lead production by over 8,000 tons in September [1]. Zinc - Related Key Data and Changes - SMM1 zinc ingot average price is 22,170.00 yuan/ton, up 0.41% [1]. - The closing price of the futures main contract is 22,285.00 yuan/ton, down 0.18% [1]. - The SHFE zinc basis is - 115.00 yuan/ton, up 130.00 [1]. - The trading volume of the futures active contract is 117,964.00 lots, down 6.15% [1]. - The open interest of the futures active contract is 104,733.00 lots, down 2.72% [1]. - LME inventory is 55,225.00 tons, unchanged [1]. - SHFE zinc warrant inventory is 40,947.00 tons, up 5.11% [1]. - The closing price of LME 3 - month zinc futures (electronic session) is 2,869.50 US dollars/ton, up 0.14% [1]. - The SHFE - LME zinc price ratio is 7.77, down 0.32% [1]. Zinc - Related News - Some galvanized orders that could not be delivered on time due to environmental restrictions in Tianjin and Hebei have flowed to galvanizing plants in Shandong and Henan [1]. - A galvanizing plant in Hebei has been under maintenance since August 20 due to a zinc pot problem, expected to resume normal production on September 5, affecting about 5,000 tons of galvanized product output [1]. - Environmental requirements in Tianjin and Hebei were lifted at 0:00 on September 4, and local and surrounding galvanizing plants began to resume normal production. Some galvanizing plants in Henan stopped production on August 31 due to environmental requirements and the impact was lifted at 12:00 on September 3, with a relatively small overall impact [1].

Report Industry Investment Rating - Not provided in the content Core View - The Fed Chairman Powell signaled a September rate cut due to weakening employment supply and demand. Coupled with Trump's continuous pressure or potential replacement of Fed officials and global central banks' continuous gold purchases, precious metal prices are likely to rise and difficult to fall. Investors are advised to go long on price dips [1]. Summary by Related Catalogs Precious Metal Market Data - **Gold**: Shanghai gold's closing price was 809.97 yuan/g, with trading volume of 70,268.00 and open interest of 221,198.00. COMEX gold futures' closing price was 3,410.70 dollars/oz, trading volume was 94,317.00, and open interest was 360,647.00. London gold spot price was 3,334.25 dollars/oz. SPDR gold ETF holdings were 25.77 million ounces, and iShare gold ETF holdings were 456.72 million ounces [1]. - **Silver**: Shanghai silver's closing price was 433.00 yuan/kg, trading volume was -101,174.00, and open interest was 3,489,224.00. COMEX silver futures' closing price was 38.55 dollars/oz, trading volume was 22,029.00, and open interest was 88,833.00. London silver spot price was 40.52 dollars/oz. US iShare silver ETF holdings were -85.08 million ounces, and Canadian PSLV silver ETF holdings were 6,084.49 million ounces [1]. Macroeconomic Data - **Interest Rates**: US 10 - year Treasury nominal yield was 4.2200%, TIPS yield was 1.8200%, and breakeven inflation rate was 2.4000%. Shanghai Inter - bank Offered Rate (SHIBOR) overnight was 1.32%, and SHIBOR one - year was 1.66% [1]. - **Exchange Rates**: The US dollar index was 98.1485, the US dollar to RMB central parity rate was 7.1108, and the euro to RMB central parity rate was 8.2855 [1]. - **Stock Indices**: The Shanghai Composite Index was 3,813.5566, the S&P 500 was 32.72, the UK FTSE 100 was 9,321.4000, the French CAC40 was 7,719.7100, the German DAX was 23,487.3300, the Nikkei 225 was 42,807.8200, and the South Korean Composite Index was 3,184.4200 [1]. Important News - **US**: Trump reiterated tariffs might replace income tax, and the US threatened with tariffs against the UN shipping emissions agreement. US July JOLTS job openings hit a 10 - month low. US August tariffs exceeded $31 billion, a record high. Fed Governor Waller suggested starting rate cuts this month and multiple cuts in the next 3 - 6 months [1]. - **Europe**: Eurozone August PMI was slightly revised down, and German services unexpectedly shrank. The European Central Bank paused rate cuts in July, keeping the deposit facility rate at 2%. The Bank of England cut the key rate by 25 basis points to 4.0% in August [1]. - **Asia**: The Bank of Japan kept the benchmark rate unchanged at 0.5% in July and will reduce quarterly government bond purchases from 400 billion yen to 200 billion yen starting in April 2026 [1]. Trading Strategy - For precious metals, investors are advised to go long on price dips. For London gold, focus on support around 3,200 - 3,300 dollars/oz and resistance around 3,600 - 3,700 dollars/oz. For Shanghai gold, focus on support around 760 - 770 yuan/g and resistance around 840 - 850 yuan/g. For London silver, focus on support around 36 - 37 dollars/oz and resistance around 41 - 43 dollars/oz. For Shanghai silver, focus on support around 9,000 - 9,400 yuan/kg and resistance around 10,000 - 10,500 yuan/kg [1].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The Fed's September rate - cut expectation is almost certain, the resumption of tin mines in Wa State, Myanmar is slow, but weak demand causes the total inventory of tin ingots at home and abroad to increase month - on - month, which may lead to an adjustment in Shanghai tin prices. It is recommended that investors wait and see, paying attention to the support level around 265,000 - 270,000 and the pressure level around 276,000 - 280,000 for Shanghai tin, and the support level around 33,300 - 34,000 and the pressure level around 35,000 - 36,000 for London tin [1] Group 3: Summary by Related Information Supply - side - Andrada Mining's second concentrator in Namibia started commissioning in late August with a maximum monthly ore - processing capacity of 40,000 tons [1] - In Myanmar's Wa State, the first batch of 40 - 50 mines paid fees to resume mining, with an initial incremental output of no more than 10,000 metal tons and a 2 - 3 - month transmission period [1] - Alphamin Resources announced the phased resumption of the Bisie tin mine in Congo - Kinshasa, with production volumes of 17,300 and 20,000 tons in 2024 and 2025 respectively, and power system repair taking more than 3 months [1] - Thailand's suspension of Myanmar tin ore transit exports to China in June may affect 500 - 1,000 metal tons, which may increase (decrease) China's tin ore production (import) in September [1] - The domestic tin concentrate processing fee fluctuates and declines, indicating a tight supply expectation of domestic tin ore [1] - China's recycled tin production in September decreases month - on - month [1] - The operating rates of refined tin production capacity in Yunnan and Jiangxi decline (remain flat) compared with last week [1] - Yunnan Tin will conduct a shutdown maintenance of smelting equipment for no more than 45 days starting from August 30 [1] - China's refined tin production (inventory) in August decreases (increases) month - on - month [1] - Indonesia's mining license approval is affected by corruption investigations, which may compress medium - and long - term export quotas. PT Timah plans to increase production and sales in 2025, but its September exports may decrease month - on - month, which may increase (decrease) China's refined tin imports (exports) in September [1] - The refined tin inventory in the Shanghai Futures Exchange increases compared with last week [1] - China's tin ingot social inventory decreases compared with last week [1] - The refined tin inventory in the London Metal Exchange increases compared with last week [1] - The total domestic and foreign refined tin inventory increases compared with last week [1] Demand - side - The daily processing fee of photovoltaic welding tape decreases month - on - month, which may increase (decrease) China's tin solder production capacity utilization rate (inventory) in September [1] - China's welding tape imports (exports) in September may decrease (increase) month - on - month [1] - China's tin - plated sheet production (imports, exports) in September may decrease month - on - month [1] - China's lead - acid battery production capacity utilization rate declines compared with last week [1] Market Data - **Shanghai Tin Futures** - On September 3, 2025, the closing price was 273,980, down 860 from the previous day; the trading volume was 70,585 lots, up 1,086 from the previous day; the open interest was 34,947 lots, down 948 from the previous day; the inventory was 7,263 tons, up 144 from the previous day [1] - The Shanghai tin basis was - 480, up 460 from the previous day; the difference between the near - month and the first - continued contract was - 320, down 100 from the previous day; the difference between the first - continued and the second - continued contract was - 200, down 110 from the previous day; the difference between the second - continued and the third - continued contract was 60, up 110 from the previous day [1] - **London Tin Futures** - On September 3, 2025, the closing price of the 3 - month tin futures was 34,620, down 115 from the previous day; the 0 - 3 - month contract spread was 87, down 53.01 from the previous day; the 3 - 15 - month contract spread was 242, down 59 from the previous day [1] - The global inventory of LME tin was 2,195 tons, unchanged from the previous day; the registered warrants were 1,985, unchanged from the previous day; the cancelled warrants were 210, unchanged from the previous day; the ratio of Shanghai to London tin prices was 7.89, unchanged from the previous day [1]

Report Industry Investment Rating - No relevant content provided Core Viewpoint - The report believes that methanol is in a low - level oscillation state. It is recommended to wait for long - making opportunities. Although the upstream coal - based profit is still high, the coastal profit has rebounded to a high level, and the valuation of East China methanol price relative to downstream is low, with limited further downward space. In the short term, the upward driving force is limited due to high port inventory and insufficient restocking motivation of MTO enterprises. However, considering the low East China spot price and the approaching traditional downstream peak season, there may be opportunities to go long later [1] Summary According to Related Catalogs 1. Futures and Spot Prices and Basis - **Methanol Futures Prices (Closing Prices)**: MA01 increased from 2372.00 yuan/ton to 2382.00 yuan/ton, a change of 10.00 yuan/ton or 0.42%; MA05 increased from 2372.00 yuan/ton to 2379.00 yuan/ton, a change of 7.00 yuan/ton or 0.30%; MA09 increased from 2212.00 yuan/ton to 2226.00 yuan/ton, a change of 14.00 yuan/ton or 0.63% [1] - **Methanol Spot Prices (Daily Average)**: Prices in regions such as Taicang, Shandong, Guangdong, Shaanxi, and Inner Mongolia increased, while those in Sichuan - Chongqing and Hubei remained unchanged. For example, Taicang increased from 2235.00 yuan/ton to 2252.50 yuan/ton, a change of 17.50 yuan/ton or 0.78% [1] - **Basis**: The basis of Taicang spot - MA increased from - 137.00 yuan/ton to - 129.50 yuan/ton, a change of 7.50 yuan/ton [1] 2. Raw Material Prices - **Coal Spot Prices**: The prices of Datong Q5500 and Yulin Q6000 remained unchanged at 547.50 yuan/ton [1] - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1] 3. Profit Situation - **Methanol Production Profits**: Coal - based methanol profit increased from 398.90 yuan/ton to 405.20 yuan/ton, a change of 6.30 yuan/ton or 1.58%; natural - gas - based methanol profit remained unchanged at - 442.00 yuan/ton [1] - **MTO Profits**: Northwest MTO profit decreased from 303.00 yuan/ton to 44.60 yuan/ton, a decline of 258.40 yuan/ton or 85.28%; East China MTO profit decreased from - 371.07 yuan/ton to - 388.07 yuan/ton, a decline of 17.00 yuan/ton or 4.58% [1] - **Methanol Downstream Profits**: The profit of acetic acid increased from 348.47 yuan/ton to 376.53 yuan/ton, a change of 28.06 yuan/ton or 8.05%, while the profits of MTBE, formaldehyde, etc. remained unchanged [1] 4. Important Information - **Domestic Futures**: The main methanol contract MA2601 fluctuated at a high level, opening at 2373 yuan/ton, closing at 2382 yuan/ton, up 4 yuan/ton. The trading volume was 500463 lots, and the open interest was 795320, with increased volume and decreased open interest [1] - **Foreign Information**: The reference negotiation price of non - Iranian methanol shipments arriving in the far - future is 258 - 266 US dollars/ton, and there is insufficient active offering. The reference negotiation price of methanol shipments from other regions in the Middle East arriving in the far - future is + 0 - 0.6%, and sellers are reluctant to sell at low prices [1] 5. Trading Strategy - Wait for long - making opportunities. Methanol is in a low - level oscillation state. Although the upward driving force is limited in the short term, considering the low spot price and the approaching peak season of traditional downstream industries, there may be opportunities to go long later [1]

Report Industry Investment Rating - No investment rating information is provided in the report. Core View - On September 3, the main contract of lithium carbonate futures declined, with trading volume at 442,800 lots (-177,641) and open interest at 346,048 lots (-2,061). The spot market had average trading, and the basis premium narrowed. In terms of cost, spodumene concentrate prices and mica prices both decreased. On the supply side, last week's lithium carbonate production slightly declined, and the production of lithium carbonate from different raw materials changed little. Among downstream customers, last week, the production of lithium iron phosphate and ternary materials increased. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. In terms of terminal demand, in August, the year - on - year growth rate of new energy vehicle production slowed down; 3C shipments were average; in September, the production schedule of energy - storage batteries increased. In terms of inventory, registered warehouse receipts were 34,118 tons (+2,111), social inventory decreased, smelter inventory decreased, while downstream and other inventories increased. Overall, with good profits, high lithium carbonate production, rising downstream demand, and decreasing social inventory, short - term supply and demand both strengthened. The disturbance at the Jiangxi mine end was eliminated, the short - term fundamentals changed little, and the market was still affected by news. It is expected that the lithium carbonate price will fluctuate widely. It is not advisable to be overly bearish. In terms of operation, it is recommended to conduct short - term range trading, and use options to protect positions. Appropriate profit - taking is advised for the previously bought straddle options. (View score: 0) [1] Summary by Relevant Data Futures Market Data - On September 3, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures were 72,080 yuan/ton, 71,860 yuan/ton, 72,000 yuan/ton, and 72,000 yuan/ton respectively, all showing a decline compared to the previous day. The overall closing price was 71,880 yuan/ton, down 740 yuan. The trading volume was 442,800 lots (-177,641), and the open interest of the active contract was 346,048 lots (-2,061). The inventory was 34,118 tons (+2,111). The spreads between different contracts also changed, such as the near - month - consecutive - one spread narrowing by 400 yuan [1]. Spot Market Data - The prices of various lithium - related products in the spot market showed different trends. For example, the average price of battery - grade lithium carbonate was 75,900 yuan/ton (-1,600), and the average price of industrial - grade lithium carbonate was 73,600 yuan/ton (-1,600). The prices of lithium ore, including spodumene concentrate and lithium mica, decreased. The prices of some lithium compounds like lithium hydroxide and lithium hexafluorophosphate also changed to some extent [1]. Production and Inventory Data - Last week, the production of lithium carbonate slightly declined, and the production of lithium carbonate from different raw materials changed little. The production of lithium iron phosphate and ternary materials increased last week. In September, the production schedule of lithium cobalt oxide and lithium manganate increased, and last week, the production of power batteries increased. The SMM lithium carbonate inventory data showed that the total inventory decreased by 407 tons compared to the previous week, with different trends among smelters, downstream, and other sectors [1]. Industry News - Chile's customs data showed that in August, the country's lithium export volume was 20,114 tons, including 16,902 tons of lithium carbonate, and 1,298 tons were exported to China. Sichuan Energy Power's 30,000 - ton lithium project in Sichuan Energy De'ao Industrial Co., Ltd. successfully produced qualified battery - grade lithium carbonate products, which is expected to have an annual output value of 2.4 billion yuan and drive local employment. After commissioning, it will form a mining - smelting integration linkage with the company's Lijiagou lithium mine project [1]