Report Industry Investment Rating - Unilateral: Cautiously bullish [4] - Options: Buy call options [4] Core View of the Report - The inventory continues to decrease, and the supply - demand pattern of lithium carbonate continues to improve. In September, the market shows a situation of both supply and demand increasing, with demand growing faster, leading to a temporary supply shortage [1]. - The futures market rebounds due to news from the lithium ore approval end, and the spot supply - demand pattern remains good. Lithium carbonate is expected to be supported, but the market fluctuates greatly [3]. Summary by Relevant Catalogs Market Analysis - On September 4, 2025, the opening price of the lithium carbonate main contract 2511 was 71,200 yuan/ton, and the closing price was 73,420 yuan/ton, a 1.05% change from the previous settlement price. The trading volume was 712,151 lots, and the open interest was 353,674 lots, compared with 346,048 lots the previous day. The basis was 2,000 yuan/ton, and the number of lithium carbonate warehouse receipts was 34,948 lots, a change of 830 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate was 73,400 - 76,600 yuan/ton, a - 900 yuan/ton change from the previous day; the price of industrial - grade lithium carbonate was 72,000 - 73,400 yuan/ton, also a - 900 yuan/ton change. The price of 6% lithium concentrate was 850 US dollars/ton, with no change from the previous day [1]. - From August 1 - 31, the retail sales of the national passenger car market were 1.952 million vehicles, a 3% year - on - year increase and a 7% month - on - month increase. The cumulative retail sales this year were 14.698 million vehicles, a 9% year - on - year increase. The wholesale volume of national passenger car manufacturers was 2.409 million vehicles, a 12% year - on - year increase and an 8% month - on - month increase. The cumulative wholesale volume this year was 17.934 million vehicles, a 12% year - on - year increase [2]. - The weekly production increased by 389 tons to 19,419 tons, with a slight increase in production from lithium spodumene, mica, and salt lakes. The weekly inventory decreased by 1,044 tons to 140,092 tons. Downstream inventory continued to increase, intermediate inventory increased slightly, and smelter inventory decreased significantly [2]. Strategy - The futures market rebounded mainly due to news from the lithium ore approval end. The spot supply - demand pattern is good, and inventory continues to decrease. Lithium carbonate is expected to be supported, but the market fluctuates greatly, and participants need to manage risks [3].

Group 1: Industry Overview - Upstream: PTA prices in the chemical industry continued to decline, and palm oil prices in the agricultural industry slightly dropped [2] - Midstream: The operating rates of PX, PTA, polyester, and urea in the chemical industry increased, power plant coal consumption remained stable, and the asphalt operating rate in infrastructure decreased [2] - Downstream: The sales of commercial housing in second - and third - tier cities in the real estate industry increased, and the number of international flights in the service industry decreased [2] Group 2: Policy Highlights - Electronic Information Manufacturing: The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued an action plan, aiming for an average annual growth rate of about 7% in the added value of large - scale computer, communication, and other electronic equipment manufacturing industries from 2025 - 2026, and an annual revenue growth rate of over 5% in the electronic information manufacturing industry including related fields [1] - Sports Industry: The State Council General Office issued an opinion, aiming to cultivate world - influential sports enterprises and events by 2030, with the total scale of the sports industry exceeding 7 trillion yuan [1] Group 3: Price and Trend Tracking | Industry Name | Index Name | Price on 9/4 | Year - on - Year Change | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2302.9 yuan/ton | 0.06% | | | Spot price of palm oil | 9400.0 yuan/ton | - 1.38% | | | Spot price of cotton | 15445.2 yuan/ton | 0.74% | | | Average wholesale price of pork | 19.9 yuan/kg | 0.15% | | Non - ferrous Metals | Spot price of copper | 80181.7 yuan/ton | 1.26% | | | Spot price of zinc | 21968.0 yuan/ton | - 0.62% | | | Spot price of aluminum | 20743.3 yuan/ton | - 0.02% | | | Spot price of nickel | 122133.3 yuan/ton | - 0.31% | | Ferrous Metals | Spot price of iron ore | 789.7 yuan/ton | 0.47% | | | Spot price of wire rod | 3315.0 yuan/ton | - 1.78% | | Non - metals | Spot price of natural rubber | 15058.3 yuan/ton | 0.28% | | Energy | Spot price of WTI crude oil | 64.0 dollars/barrel | - 0.28% | | | Spot price of Brent crude oil | 67.6 dollars/barrel | 0.24% | | | Spot price of liquefied natural gas | 3874.0 yuan/ton | - 2.07% | | | Coal price | 781.0 yuan/ton | - 0.26% | | Chemical | Spot price of PTA | 4740.5 yuan/ton | - 3.45% | | | Spot price of polyethylene | 7425.0 yuan/ton | - 0.27% | | | Spot price of urea | 1712.5 yuan/ton | - 0.29% | | | Spot price of soda ash | 1262.5 yuan/ton | - 2.13% | | Real Estate | Building materials composite index | 112.8 points | - 1.50% | | | Concrete price index | 92.9 points | - 0.14% | [33]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - The freight rate center continues to decline, with the HMM price revised down to $1700/FEU. The 10 - month contract is under downward pressure, and short - allocation is relatively safe, but attention should be paid to the price level at which shipping companies try to stabilize prices. The 12 - month contract follows the off - peak and peak season pattern, but the risk lies in the bottom of the current freight rate decline. The main contract shows a weak and fluctuating trend, and it is advisable to short the 10 - month contract at high prices [1][4][5]. - 2025 is a major year for container ship deliveries, with 180 ships delivered so far, totaling 1.452 million TEU of capacity [7]. Summary by Directory 1. Futures Prices - As of September 4, 2025, the total open interest of all container shipping index European route futures contracts is 80,613 lots, and the daily trading volume is 37,244 lots. The closing prices of EC2602, EC2604, EC2606, EC2508, EC2510, and EC2512 contracts are $1518.70, $1247.80, $1443.00, $1607.40, $1300.70, and $1676.00 respectively [6]. 2. Spot Prices - Online quotes from various shipping companies show a general downward trend in freight rates. For example, Maersk's Shanghai - Rotterdam prices in weeks 37 and 38 have decreased, and many shipping companies' prices in September and October have also declined. The current 9 - month freight rate center has dropped to around $1900/FEU [1][4]. 3. Container Ship Capacity Supply - MSC and the Gemini Alliance have announced blank sailings during the Chinese Golden Week. In September, there are 3 blank sailings, and in October, there are 10 blank sailings and 7 TBNs. HPL has announced two additional ships in October, with a total capacity of about 11,500 TEU. As of August 31, 2025, 180 container ships have been delivered in 2025, with a total capacity of 1.452 million TEU [3][7]. 4. Supply Chain - Geopolitical factors, such as the Israeli military's actions in Gaza, may affect the shipping supply chain. The Israeli military is expanding its operations in Gaza, which may lead to potential impacts on shipping routes and trade [2]. 5. Demand and European Economy - The US NRF estimates that the demand for container imports in the US from September to December 2025 will decline by about 20% compared to the same period in 2024. The demand in the US line is weak, and if ships from the US line are transferred to the European line in the fourth quarter, it may put pressure on European line prices [5].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report presents the trading liquidity data of various market sectors on September 4, 2025, including trading volume, holding volume, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary by Directory 1. Plate Liquidity - Various charts are used to show the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [5] 2. Stock Index Plate - On September 4, 2025, the trading volume was 1162.502 billion yuan, with a +11.23% change compared to the previous trading day; the holding amount was 1378.315 billion yuan, with a +1.32% change; the trading - holding ratio was 83.01% [1] 3. Treasury Bond Plate - The trading volume was 411.039 billion yuan, with a - 3.73% change compared to the previous trading day; the holding amount was 707.072 billion yuan, with a +1.07% change; the trading - holding ratio was 58.81% [1] 4. Basic Metals and Precious Metals (Metal Plate) - The trading volume was 335.734 billion yuan for basic metals and 615.432 billion yuan for precious metals. The changes compared to the previous trading day were +0.29% and +21.98% respectively. The holding amounts were 505.788 billion yuan and 483.843 billion yuan, with changes of - 0.80% and - 0.11% respectively. The trading - holding ratios were 82.88% and 157.47% respectively [1] 5. Energy Chemical Plate - The trading volume was 482.815 billion yuan, with a +17.67% change compared to the previous trading day; the holding amount was 431.791 billion yuan, with a - 0.81% change; the trading - holding ratio was 83.46% [1] 6. Agricultural Products Plate - The trading volume was 318.503 billion yuan, with a +6.76% change compared to the previous trading day; the holding amount was 542.482 billion yuan, with a - 0.09% change; the trading - holding ratio was 53.90% [1] 7. Black Building Materials Plate - The trading volume was 255.315 billion yuan, with a +16.52% change compared to the previous trading day; the holding amount was 367.084 billion yuan, with a - 0.03% change; the trading - holding ratio was 63.88% [2]

1. Report Industry Investment Rating - Unilateral: Neutral; PDH propylene supply is expected to tighten, supporting prices, but downstream profits are under pressure, and demand follow - up is weak. There are no suggestions for inter - period and cross - variety investments [2] 2. Core View of the Report - Supply side: The overall propylene start - up has little change. Some PDH devices in Hebei and Shandong have restart expectations, while some in Shandong and Qingdao have delays or continued maintenance. The recent tightening of propylene external sales still supports prices, and the supply pressure is expected to ease later. - Demand side: The profits of propylene downstream have significantly narrowed, and the overall start - up has declined month - on - month. Some downstream procurement enthusiasm has weakened, suppressing the upward space of propylene. - Cost side: OPEC+ has a production increase expectation, and the crude oil price has fallen. The Saudi CP propane price in September is flat month - on - month, and the external propane trend is strong [2] 3. Summary by Relevant Catalog 3.1 Propylene Basis Structure - The report includes figures on the closing price of the propylene main contract, the East China basis, the North China basis, the 01 - 05 contract, the East China market price, and the Shandong market price of propylene [6][9][11] 3.2 Propylene Production Profits and Start - up Rates - Figures cover propylene CFR in China minus naphtha CFR in Japan, propylene capacity utilization rate, PDH production gross profit, PDH capacity utilization rate, MTO production gross profit, methanol - to - olefin capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [14][22][24] 3.3 Propylene Import and Export Profits - The report presents figures on the difference between South Korea FOB and China CFR, Japan CFR and China CFR, Southeast Asia CFR and China CFR, and propylene import profit [32][34] 3.4 Propylene Downstream Profits and Start - up Rates - Figures show the production profits and start - up rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [40][42][45] 3.5 Propylene Inventory - The report provides figures on propylene factory inventory and PP powder factory inventory [66]

1. Report Industry Investment Ratings - Not provided in the content 2. Core Viewpoints - The steel industry is affected by the military parade's production restrictions. After the parade, steel mills are resuming production, but demand has not significantly improved, and finished products continue to accumulate inventory. The short - term outlook is weak, and attention should be paid to blast furnace resumption and demand performance [1]. - The iron ore supply has increased, and the demand (daily hot metal production) has decreased due to the military parade's production restrictions. Steel mills are resuming production, and it is expected that hot metal production will recover next week. The supply - demand contradiction is relatively limited, and attention should be paid to the impact of floating cargo volume on arrivals, as well as iron ore shipments and hot metal changes [3]. - The supply of coking coal and coke is becoming more abundant, and the market is in a state of shock. For coking coal, the market sentiment is bearish due to factors such as coking profit compression and weakening thermal coal prices. For coke, the fundamentals are weakening due to the decline in steel mill profits, and attention should be paid to the impact of coal over - production inspections in September and the demand for finished products in the peak season [5][6]. - The supply of thermal coal is gradually recovering, and the price is oscillating. In the short term, the price is weakening, and in the long - term, the supply is still abundant. Attention should be paid to non - power coal consumption and replenishment [8]. 3. Summary by Related Catalogs Steel Market Analysis - Yesterday, the futures price of rebar was 3117 yuan/ton, and the hot - rolled coil was 3313 yuan/ton. The spot steel transaction was good, with the national construction steel trading volume reaching 101,000 tons, a daily increase of 22.87%. Affected by the military parade's production restrictions in Hebei, the production of rolled plates has decreased significantly. After the parade, steel mills are resuming production, but demand has not improved, and finished products continue to accumulate inventory [1]. Strategy - Unilateral: Oscillating weakly; Other strategies (cross - period, cross - variety, spot - futures, options) are not available [2]. Iron Ore Market Analysis - Yesterday, the futures price of iron ore oscillated upwards, with the main 2601 contract closing at 791.5 yuan/ton, a 1.87% increase. The price of imported iron ore in Tangshan Port increased slightly. The total transaction volume of iron ore in major ports across the country was 905,000 tons, a 4.75% increase from the previous day. The forward spot transaction volume was 1.748 million tons, a 74.80% increase. The supply has increased, the demand (hot metal production) has decreased due to production restrictions, and steel mills are resuming production. The port inventory has increased and is at a medium level [3]. Strategy - Unilateral: Oscillating; Other strategies (cross - period, cross - variety, spot - futures, options) are not available [4]. Coking Coal and Coke Market Analysis - Yesterday, the futures of coking coal and coke oscillated. After the military parade, both supply and demand are in the resumption stage, and the market supply is becoming more abundant. The supply of coking coal in the production area will gradually recover, and the bearish sentiment is strong. The number of customs - cleared vehicles for imported Mongolian coal has increased, and the price of Mongolian No. 5 raw coal has dropped to 910 - 930 yuan/ton [5]. Strategy - Coking coal: Oscillating; Coke: Oscillating; Other strategies (cross - period, cross - variety, spot - futures, options) are not available [7]. Thermal Coal Market Analysis - The price of thermal coal in the production area is oscillating. The supply in the production area is gradually recovering, the daily consumption of power coal has decreased, and the price is oscillating weakly in the short term. The supply is abundant in the long term. The port market is weak, and the import market is also lackluster [8]. Strategy - No strategy provided [9].

Report Information - Report Title: "Beware of the Risk of RMB Appreciation" - Research Institution: Huatai Futures Research Institute - Date of Publication: September 5, 2025 [1] Investment Rating - No investment rating for the industry is provided in the report. Core View - The report warns of the risk of RMB appreciation. The current economic expectation differential favors the RMB, the Sino-US interest rate differential is neutral, and trade policy uncertainty is also neutral. In the short term, the USD/CNY is expected to fluctuate between 7.1 - 7.2, while in the medium to long term, attention should be paid to the appreciation resistance range of 6.9 - 7.0 [32][35]. Summary by Directory 1. Quantity and Price Observation - The implied volatility curve of the 3-month USD/CNY option shows an appreciation trend of the RMB, with the put-side volatility higher than the call-side [4]. - The policy counter-cyclical factor has returned below 5%, and the 3-month CNH HIBOR - SHIBOR spread has fluctuated [10]. 2. Fundamental and View Macro - Interest Rate Cuts and Liquidity - There is a divergence in the pricing of interest rate cuts between the US and Europe. The TGA account had a balance of $595.7 billion on August 27, the Fed's reverse repurchase balance was $34.7 billion, and the reserve balance of depository institutions was $3.34 trillion (-$56.6 billion). Powell's speech at the global central bank annual meeting on August 22 turned dovish [17]. Core Chart - US Economy - US employment authority has declined, with a significant downward revision of non - farm payrolls in July. Inflation from tariffs is not significant, and economic expectations have been revised upwards, with fiscal spending rebounding and the August economic outlook showing resilience [19]. Tariff Events - In the trade negotiations between the US and 17 key countries and regions, there is a "gradient implementation." Some agreements have been reached, but many are still in the negotiation stage. The US has also adjusted tariff policies on various industries, and on August 29, the US Court of Appeals ruled that most of Trump's tariff policies were illegal [20][21]. China's Economy - In July, China's exports and consumption showed resilience, but inflation did not rebound, and fixed - asset investment faced pressure. In August, the national PMI was 49.4, with production, new orders, and other indicators showing different trends [22]. Macro - Scenario Deduction - Different time windows are affected by various factors such as domestic policies, Fed policies, inventory cycles, and tariff impacts [30][31]. 3. Overall View - The current economic expectation differential is favorable for the RMB, the Sino - US interest rate differential is neutral, and trade policy uncertainty is neutral. In the short term, the USD/CNY is expected to fluctuate between 7.1 - 7.2, and in the medium to long term, attention should be paid to the appreciation resistance range of 6.9 - 7.0 [35]. 4. Risk Assessment - The range of the basis fluctuation of the futures main contract from January 2022 to the present is between - 1100 and 900 [36].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Indonesia's biofuel industry shows initial development potential under policy guidance but faces multiple challenges, including policy implementation, raw material supply, production capacity, and subsidy mechanisms [97][98][99] - The development of the biofuel industry is crucial for Indonesia to fulfill climate commitments, ensure energy security, reduce import dependence, and promote economic development [13][93][94] - The biofuel industry is expected to play an increasingly important role in Indonesia's energy structure, with different sub - sectors having different development prospects and challenges [93][98][99] 3. Summary According to the Table of Contents 3.1 Indonesia Biofuel Policy Framework 3.1.1 Policy Background - Indonesia aims to meet increasing energy demand and fulfill international climate commitments through biofuel development, driven by both carbon reduction and energy security needs [11][12][13] - Social unrest in Indonesia may indirectly affect the biofuel industry, including policy implementation delays, raw material supply disruptions, and investment uncertainties [15] 3.1.2 Policy Start and Legislative Basis - Indonesia started its national - level biofuel policy in 2006 and has since issued a series of regulations and presidential decrees. The 2024 No. 79 Government Regulation is expected to replace the old one [16] - The current National Energy Policy sets targets for the proportion of renewable energy consumption, and biofuel is expected to contribute significantly to these targets [17][18] 3.1.3 Mandatory Blending Plan and Market Price Mechanism - Bio - diesel blending policy has advanced rapidly, reaching B40 in 2025 and planning B50 in 2026. Ethanol fuel blending has a more tortuous path, with the E5 pilot restarted in 2023. The SAF blending target has been adjusted [20][21][22] - Indonesia uses a market index price mechanism to regulate the biofuel industry, with the price of bio - diesel and bio - ethanol related to CPO and molasses prices respectively [23][26] 3.1.4 Bio - diesel Subsidy Development and Adjustment - The subsidy mechanism for bio - diesel has shifted from the national budget to the palm oil plantation fund (BPDP). The government provides price - difference subsidies to producers [27][28] - Fluctuations in palm oil prices and frequent adjustments to export tax policies have put pressure on the sustainability of the subsidy fund [29] 3.1.5 Carbon Market Trading Mechanism and Carbon Tax - Indonesia has established a carbon market trading system and plans to implement a carbon tax. However, the carbon market is currently limited in scale, and the implementation of the carbon tax has been delayed [35][36][37] 3.2 Indonesia Bio - based Diesel Industry Analysis 3.2.1 Industry Overview - Indonesia mainly produces palm - oil - based bio - diesel, including FAME (dominant) and HVO (in the initial stage) [38] 3.2.2 Demand Growth Driven by Policy and Subsidy - Policy support and subsidies have driven the growth of bio - diesel demand. With the increase in blending ratios, consumption has grown rapidly. The planned B50 policy is expected to further boost demand [39] - The subsidy mechanism has some limitations, such as the instability of the subsidy fund due to palm oil price fluctuations [40] 3.2.3 Reshaping Export Trade Flow - Indonesia may prioritize the domestic market due to increasing domestic demand and trade policy restrictions. European trade policies have significantly affected Indonesia's bio - diesel exports [43][44] 3.2.4 Current Supply and Future Outlook - Currently, bio - diesel supply is stable, but future supply may be tight due to potential shortages in palm oil supply and limited production capacity when the blending ratio reaches B50 [48][55] 3.2.5 Challenges in Implementing B50 - The B50 policy faces challenges in technology (FAME limitations), supply (raw material and capacity shortages), and funds (sustainability of subsidies) [58][59] 3.3 Indonesia Sustainable Aviation Fuel Industry Analysis 3.3.1 Industry Overview - SAF is in the initial stage in Indonesia, with the HEFA process being the main production method [60][61] 3.3.2 Demand Drivers - Policy - mandated blending, the growth of the aviation industry, and economic benefits are the main drivers of SAF demand [63][64] 3.3.3 Supply Situation - The supply of SAF is limited by raw material collection and technology compliance issues. The Cilacap Green Refinery project has achieved initial commercialization [69][70] 3.4 Indonesia Fuel Ethanol Industry Analysis 3.4.1 Industry Overview - Indonesia's fuel ethanol industry mainly uses molasses as raw material, facing challenges such as limited supply, competition for raw materials, and high costs [74] 3.4.2 Policy Progress and Current Consumption - The development of fuel ethanol has been tortuous. The E5 pilot was restarted in 2023, but current consumption is limited [75][77] 3.4.3 Raw Material and Capacity Constraints - Raw material supply is insufficient, and the current production capacity is far from meeting the demand. Alternative raw materials are still in the experimental stage [80][81] 3.4.4 Economic Barriers - The high price of E5 gasoline compared to regular gasoline and import restrictions hinder the promotion of fuel ethanol [88][89] 3.5 Impact of Indonesia Biofuel on Petroleum Consumption - Bio - diesel has a large potential to replace fossil diesel, while the impact of fuel ethanol on gasoline consumption is limited, and SAF has great potential in the future [93] - Bio - fuels can reduce Indonesia's dependence on petroleum imports and lower import costs [94] 3.6 Summary and Outlook - Indonesia's biofuel industry has potential but faces challenges in policy implementation, raw material supply, production capacity, and subsidy mechanisms [97][98][99] - Key issues for future development include the implementation of the B50 plan, the breakthrough of the fuel ethanol industry, the development of SAF, and the improvement of the subsidy mechanism [99]

Industry Overview Upstream - International crude oil prices are fluctuating at a low level, and PTA prices are falling [2] Midstream - PX operating rate is increasing, and coal consumption of power plants is decreasing [3] Downstream - The sales of commercial housing in second - and third - tier cities are picking up, and the number of international flights is declining [4] Zhongguan Event Overview Production Industry - In the first half of 2025, BYD led in terms of revenue and net profit among listed car companies, while GAC Group's data were at the bottom and it turned from profit to loss. Many car companies saw revenue growth, with BYD and Geely hitting record highs, but only BYD maintained profit growth, and its automotive gross margin dropped by two percentage points [1] - The Ministry of Commerce ruled that US optical fiber producers and exporters circumvented anti - dumping measures on non - dispersion - shifted single - mode optical fibers from the US by changing trade patterns [1] Service Industry - The joint working group of the Ministry of Finance and the People's Bank of China held a meeting, affirming the achievements since its establishment last year and discussing topics such as financial market operation, government bond issuance management, etc. They believe that the coordinated efforts of fiscal and monetary policies provide support for the economy [1] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 9/3 | 2302.9 | 0.00% | | | Spot price: Eggs | Daily | Yuan/kg | 9/3 | | | | | Spot price: Palm oil | Daily | Yuan/ton | 9/3 | 9492.0 | - 0.77% | | | Spot price: Cotton | Daily | Yuan/ton | 9/3 | 15460.2 | 0.82% | | | Average wholesale price: Pork | Daily | Yuan/kg | 9/3 | 20.0 | 0.60% | | | Spot price: Copper | Daily | Yuan/ton | 9/3 | 80360.0 | 0.97% | | | Spot price: Zinc | Daily | Yuan/ton | 9/3 | 22220.0 | - 0.20% | | Non - ferrous metals | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 20743.3 | - 0.22% | | | Spot price: Nickel | Daily | Yuan/ton | 9/3 | 123333.3 | 1.12% | | | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 16825.0 | - 0.07% | | | Spot price: Rebar | Daily | Yuan/ton | 9/3 | 3154.5 | - 2.67% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 9/3 | 782.3 | - 0.92% | | | Spot price: Wire rod | Daily | Yuan/ton | 9/3 | 3322.5 | - 1.99% | | | Spot price: Glass | Daily | Yuan/square meter | 9/3 | 13.9 | 0.00% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 9/3 | 15050.0 | 0.95% | | | China Plastics City price index | Daily | - | 9/3 | 802.4 | - 0.18% | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 9/3 | 65.6 | 3.70% | | | Spot price: Brent crude oil | Daily | US dollars/barrel | 9/3 | 69.1 | 2.86% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 9/3 | 3892.0 | - 1.32% | | | Coal price: Coal | Daily | Yuan/ton | 9/3 | 782.0 | - 0.13% | | Chemical industry | Spot price: PTA | Daily | Yuan/ton | 9/3 | 4749.5 | - 3.34% | | | Spot price: Polyethylene | Daily | Yuan/ton | 9/3 | 7425.0 | - 0.36% | | | Spot price: Urea | Daily | Yuan/ton | 9/3 | 1712.5 | 0.29% | | | Spot price: Soda ash | Daily | Yuan/ton | 9/3 | 1262.5 | - 2.13% | | Real estate | Cement price index: National | Daily | - | 9/3 | 129.3 | - 0.55% | | | Building materials composite index | Daily | Points | 9/3 | 113.1 | - 1.53% | | | Concrete price index: National index | Daily | Points | 9/3 | 92.9 | - 0.14% | [38]

FICC日报 | 2025-09-04 全球债市承压，金价延续强势格局 市场分析 8月海外通胀上升迹象初显。全球7月的经济数据仍有韧性：中国7月官方制造业PMI回落至49.3，非制造业保持扩 张；中国7月按美元计出口同比增长7.2%，高于预期，主要受去年低基数和"抢出口"效应支撑；金融数据中，货币 供给超预期，但融资和贷款数据仍弱；经济数据中，投资数据仍有明显压力，国内月频经济数据仍有压力。国务 院第九次全体会议强调，采取有力措施巩固房地产市场止跌回稳态势，培育壮大服务消费，加力扩大有效投资。 中共中央、国务院印发关于推动城市高质量发展的意见。意见提出，发展组团式、网络化的现代化城市群和都市 圈，持续推动城镇老旧小区改造。商务部宣布，将于9月出台扩大服务消费的若干政策措施。中国8月官方制造业 PMI小幅回升至49.4，新订单指数升至49.5，非制造业加速扩张。9月3日上午，纪念中国人民抗日战争暨世界反法 西斯战争胜利80周年大会在北京天安门广场隆重举行。A股市场全天震荡分化，三大指数涨跌互现，个股呈现普跌 态势，黄金股延续强势。近期，股指的IC和IM期货基差有所走阔，关注后续基差变化及风险。美国方面，8月IS ...