Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [5] Core Viewpoints - PX/PTA follows cost fluctuations. The progress of the Russia-Ukraine issue has stagnated or regressed, with oil prices slightly declining in the range. The PX load is expected to rise, and the PX balance sheet has shifted from de-stocking to a loose balance. The PTA balance sheet's de-stocking amplitude has narrowed, and the polyester load increase in September may fall short of expectations. The demand for PF has slightly improved, and the overall supply and demand have improved. The spot processing fee for PR is expected to fluctuate within a range [2][3][5] Summary by Directory Price and Basis - Figures include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - bright natural white basis [11][12][15] Upstream Profits and Spreads - Figures cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [18][21] International Spreads and Import - Export Profits - Figures involve toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [26][28] Upstream PX and PTA Start - up - Figures show China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asia's PX load [29][32][34] Social Inventory and Warehouse Receipts - Figures include PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [37][40][46] Downstream Polyester Load - Figures cover filament production and sales, short - fiber production and sales, polyester load, direct - spun filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang dyeing start - up rate, and filament profit [50][52][63] PF Detailed Data - Figures include 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, polyester - cotton yarn processing fee, pure polyester yarn factory inventory available days, and polyester - cotton yarn factory inventory available days [76][83][90] PR Fundamental Detailed Data - Figures involve polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip, bottle - chip next - month spread, and bottle - chip next - next - month spread [94][96][104]

Group 1: Market News and Important Data - SC crude oil's main contract closed up 1.10%, at 489 yuan per barrel [1] - In June, US crude oil production hit a record high, and the supply of crude oil and petroleum products rose to the highest level since October 2024. US LNG production increased by 12,000 barrels per day, reaching 748,400 barrels per day [1] - Saudi Aramco and Iraq's SOMO suspended oil sales to Nayara Energy. Nayara's August crude imports rely entirely on Russia due to payment difficulties caused by sanctions [1] - Oil traders expect OPEC+ to keep oil production unchanged this weekend, halting previous production increases. IEA warns of significant supply surplus by year - end [1] - Indian refiners are buying more US crude oil, which may help reduce India's trade surplus with the US [1] - ONGC executives say they'll keep buying Russian oil if prices are right [1] Group 2: Investment Logic - Saudi Arabia is artificially controlling oil shipments. Despite Dubai prices being strong, eastern refiners have more options due to increased Latin American supply and open arbitrage windows [2] Group 3: Strategy - Short - term, oil prices will trade in a range; medium - term, bearish allocation is recommended [3] Group 4: Risks - Downside risks include US relaxing sanctions on Russian oil and macro black - swan events [4] - Upside risks include US tightening sanctions on Russian oil and large - scale supply disruptions from Middle East conflicts [4]

Report Industry Investment Rating - Soybean strategy: Neutral [3] - Peanut strategy: Neutral [3] Core Viewpoints - The soybean futures stopped falling and rebounded, with a divergence between the domestic and imported soybean markets. Policy - driven reserve soybean sales keep the supply abundant, and the demand is stable. The market focuses on international economic and trade relations and policy signals [2]. - The peanut futures fluctuated strongly. With the end of the spring peanut supply peak and less old - crop inventory, rain has affected peanut supply, and some oil mills' trial purchases sent positive signals [3]. Market Analysis - Soybean Futures - The closing price of the Douyi 2511 contract was 3965.00 yuan/ton, up 20.00 yuan/ton or +0.51% from the previous day [1]. Spot - The edible bean spot basis was A11 + 255, down 40 with a 32.14% change from the previous day. The prices in Northeast China were stable but trading was quiet. New bean prices were not optimistic due to continuous state - reserve auctions [1]. Market Situation - Policy promotes reserve soybean sales, keeping supply abundant. Demand runs stably. The market is tracking international economic and trade negotiations, and policy is the key factor affecting the market [2]. Market Analysis - Peanut Futures - The closing price of the peanut 2510 contract was 7830.00 yuan/ton, up 46.00 yuan/ton or +0.59% from the previous day [3]. Spot - The average peanut spot price was 8450.00 yuan/ton, up 40.00 yuan/ton or +0.48% month - on - month. The spot basis was PK10 + 270.00, down 46.00 with a - 14.56% change. The national average price of common peanuts was stable at 4.21 yuan/jin, and prices in some areas rose due to rain [3]. Market Situation - The spring peanut supply peak is over, and old - crop inventory is low. Rain affects peanut supply, and farmers are more reluctant to sell. Some oil mills' trial purchases sent positive signals, but the overall trading atmosphere is still dull [3].

Report Investment Rating - Unilateral: Cautiously bullish; for the spread between contracts, conduct short - term volatility trading for the UR01 - 05 positive spread during the export window period, and conduct reverse spread trading for UR01 - 05 at high levels after the export window period; no strategy for cross - variety [3] Core View - Recently, manufacturers have lowered prices to attract orders. After the price dropped to the previous low, the transaction improved. Some regions have started the autumn agricultural fertilization. Industrial demand is weak due to the impact of the military parade on the operation of compound fertilizers, board factories, etc. Urea production remains high, but there will be more maintenance this week, so production may decline slightly. In the medium - to - long - term, urea supply and demand will still be relatively loose with the release of new production capacity. The profit of coal - based urea is acceptable, and the cost support is average. The export window period from August to September continues, and the port inventory is increasing rapidly. India's NFL has issued a urea import tender, and the export dynamics need to be continuously monitored [2] Summary by Directory 1. Urea Basis Structure - On September 1, 2025, the urea main contract closed at 1,743 yuan/ton (-3). The ex - factory price of small - sized urea in Henan was 1,720 yuan/ton (0), in Shandong was 1,700 yuan/ton (-20), and in Jiangsu was 1,710 yuan/ton (-20). The basis in Shandong was - 43 yuan/ton (-17), in Henan was - 23 yuan/ton (+3), and in Jiangsu was - 33 yuan/ton (-17) [1] 2. Urea Production - As of September 1, 2025, the enterprise capacity utilization rate was 81.70% (0.08%). Urea production remains high, but with more maintenance this week, production may decline slightly. In the medium - to - long - term, urea supply and demand will still be relatively loose with the release of new production capacity [1][2] 3. Urea Production Profit and Operating Rate - As of September 1, 2025, the urea production profit was 170 yuan/ton (-20). The capacity utilization rate of compound fertilizers was 39.22% (-1.62%), and that of melamine was 58.50% (+11.90%) [1] 4. Urea Off - shore Price and Export Profit - As of September 1, 2025, the export profit was 1,172 yuan/ton (-99). The export window period from August to September continues, and the port inventory is increasing rapidly. India's NFL has issued a urea import tender [1][2] 5. Urea Downstream Operating Rate and Orders - As of September 1, 2025, the urea enterprise's advance order days were 6.06 days (0.00). Industrial demand is weak due to the impact of the military parade on the operation of compound fertilizers, board factories, etc. Some regions have started the autumn agricultural fertilization [1][2] 6. Urea Inventory and Warehouse Receipts - As of September 1, 2025, the total inventory of sample enterprises was 1.0858 million tons (+61,900 tons), and the port sample inventory was 594,000 tons (+93,000 tons). The port inventory is increasing rapidly [1]

1. Report Industry Investment Rating - The investment rating for both the pig and egg markets is "Cautiously Bearish" [3][5] 2. Core Views - For the pig market, although the expected reduction in pig slaughter next week due to short - term supply adjustment may make spot and near - term contract prices firmer, the overall oversupply situation remains unchanged, having little impact on 2026 pig contracts and being favorable for hedging demand to participate at high prices. The current reduction in supply has increased compared to the end of June and July, which needs continuous monitoring [2] - For the egg market, with school stocking completed and tourism and catering demand decreasing, and due to the reduced consumption of end - products of food companies, food companies are purchasing cautiously. The inventory of cold - storage eggs has weakened market confidence, and the supply - side pressure has made the festival boost this year obviously weak [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2511 contract yesterday was 13,625 yuan/ton, up 70 yuan/ton (+0.52%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live hogs was 14.17 yuan/kg (unchanged); in Jiangsu, it was 14.36 yuan/kg, up 0.31 yuan/kg; in Sichuan, it was 13.63 yuan/kg, up 0.20 yuan/kg. The national average wholesale price of pork on September 1 was 20.01 yuan/kg, up 0.4% from last Friday [1] Market Analysis - The short - term supply adjustment may lead to firmer spot and near - term contract prices, but the overall oversupply pattern persists, having little impact on 2026 contracts [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 2,921 yuan/500 kilograms, down 18 yuan (-0.61%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.20 yuan/jin (unchanged); in Shandong, it was 3.15 yuan/jin (unchanged); in Hebei, it was 2.80 yuan/jin, up 0.09 yuan. On September 1, the national production - link inventory was 0.73 days, down 0.19 days, and the circulation - link inventory was 1.00 days, down 0.05 days [3] Market Analysis - With the end of school stocking and the decline in tourism and catering demand, and the cautious purchasing of food companies, the overall demand is declining. Cold - storage egg inventory has weakened market confidence, and the supply - side pressure has made the festival boost weak [4] Strategy - Cautiously bearish [5]

Report Industry Investment Rating - Unilateral: Cautiously bullish [5] - Inter - delivery spread: None [5] - Cross - variety: None [5] - Spot - futures: None [5] - Options: None [5] Core Viewpoints - The futures market is still operating weakly, but the spot supply - demand pattern is good with decreasing inventory and production. Lithium carbonate production from mica has decreased, but lithium carbonate production from spodumene has made up for it. There is uncertainty in the subsequent approval of other mines. The consumption side provides support, and lithium carbonate is expected to be supported under the influence of mine - end disturbances, but the market fluctuates greatly [3]. Market Analysis - On September 1, 2025, the lithium carbonate main contract 2511 opened at 77,000 yuan/ton and closed at 75,560 yuan/ton, a - 2.73% change from the previous day's settlement price. The trading volume was 540,295 lots, and the open interest was 339,133 lots (346,605 lots the previous day). The current basis is 2,530 yuan/ton. The number of lithium carbonate warehouse receipts was 31,197 lots, a change of 1,310 lots from the previous day [1]. - According to SMM data, the price of battery - grade lithium carbonate is 76,500 - 80,200 yuan/ton, a - 1,300 yuan/ton change from the previous day; the price of industrial - grade lithium carbonate is 75,350 - 76,750 yuan/ton, also a - 1,300 yuan/ton change. The price of 6% lithium concentrate is 880 US dollars/ton, a - 15 US dollars/ton change from the previous day [1]. - The weekly production decreased by 108 tons to 19,030 tons. The production from lithium spodumene increased slightly, while the production from mica decreased slightly. The weekly inventory decreased by 407 tons to 141,366 tons. Downstream inventory continued to increase, intermediate inventory increased slightly, and smelter inventory decreased [2]. Strategy - Pay attention to the mine - end operation situation. Although the lithium carbonate market is expected to be supported, the market fluctuates greatly, and participants need to manage risks [3].

新能源及有色金属日报 | 2025-09-02 氧化铝现货成交快速回落 重要数据 铝现货方面：SMM数据，华东A00铝价20620元/吨，较上一交易日变化-110元/吨，华东铝现货升贴水-30元/吨， 较上一交易日变化-10元/吨；中原A00铝价20490元/吨，现货升贴水较上一交易日变化0元/吨至-160元/吨；佛 山A00铝价录20570元/吨，较上一交易日变化-100元/吨，铝现货升贴水较上一交易日变化0元/吨至-75元/吨。 铝期货方面：2025-09-01日沪铝主力合约开于20745元/吨，收于20645元/吨，较上一交易日变化-85元/吨，最 高价达20780元/吨，最低价达到20585元/吨。全天交易日成交158586手，全天交易日持仓221179手。 库存方面，截止2025-09-01，SMM统计国内电解铝锭社会库存62.3万吨，较上一期变化0.3吨，仓单库存58529 吨，较上一交易日变化-100吨，LME铝库存481050吨，较上一交易日变化0吨。 氧化铝现货价格：2025-09-01SMM氧化铝山西价格录得3180元/吨，山东价格录得3150元/吨，河南价格录得 3190元/吨，广西价格 ...

Report Summary 1. Investment Rating No specific industry investment rating is provided in the report. 2. Core View After a continuous weak market, the fundamentals of LPG have shown some marginal improvement recently. With the main contract switching to 2510 and the pressure of warrant cancellation easing, the support for the futures market has strengthened. Although the CP prices of propane and butane in September remained flat compared to August, the recent increase in the discount has boosted the arrival prices. The spot market is stable, with a fair market atmosphere. Overall, the sentiment in the futures market has recovered, but the fundamental pattern has not reversed, and the upward space and driving force are still limited [1]. 3. Summary by Section Market Analysis - **Regional Prices in September**: In September, the regional prices of LPG were as follows: Shandong market, 4500 - 4610 yuan/ton; Northeast market, 3880 - 4210 yuan/ton; North China market, 4000 - 4650 yuan/ton; East China market, 4450 - 4550 yuan/ton; Yangtze River market, 4710 - 4930 yuan/ton; Northwest market, 4500 - 4600 yuan/ton; South China market, 4508 - 4660 yuan/ton [1]. - **October LPG Arrival Prices**: In the first half of October 2025, the arrival prices of propane in East China were 582 US dollars/ton (stable) and butane was 558 US dollars/ton (up 1 US dollar/ton), equivalent to 4554 yuan/ton (up 3 yuan/ton) and 4366 yuan/ton (up 10 yuan/ton) in RMB, respectively. In South China, propane was 575 US dollars/ton (up 1 US dollar/ton) and butane was 551 US dollars/ton (up 2 US dollars/ton), equivalent to 4499 yuan/ton (up 10 yuan/ton) and 4311 yuan/ton (up 18 yuan/ton) in RMB, respectively [1]. - **CP Prices in September**: Saudi Aramco's September CP prices for propane and butane were both flat compared to August, with propane，52，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，

Report Summary Core Views - The report focuses on the development of mid - stream high - tech industries and provides an overview of mid - level events and industry trends across different sectors [1]. Industry Overview Upstream - In the chemical industry, the PTA price has declined; in the agricultural sector, the palm oil price has dropped; and in the black metal industry, the rebar price has fallen [3]. Mid - stream - The PTA operating rate in the chemical industry has decreased, and the coal consumption of power plants in the energy sector has shown no significant change recently [3]. Downstream - The sales of commercial housing in first - and second - tier cities in the real estate industry have seasonally declined, and the number of domestic flights in the service industry has decreased [4]. Mid - level Event Summary Production Industry - On September 1st, new energy vehicle manufacturers announced their August delivery data, with overall growth. Leapmotor, XPeng, and NIO achieved new monthly delivery highs, while Li Auto's monthly delivery decreased for three consecutive months due to product transition and sales - service system adjustment. In August, Leapmotor led with 57,066 units delivered, a year - on - year increase of over 88%, while Li Auto delivered 28,529 vehicles, a year - on - year decrease of 40.72% and a month - on - month decrease of 7.17% [1]. - The Standardization Administration of China and the Ministry of Industry and Information Technology issued the "Plan for the Construction of a High - Quality Standard System for Machine Tools", aiming to basically establish a high - quality standard system for machine tools by 2026, with at least 300 standards formulated or revised, at least 5 international standards led in formulation or revision, and an international standard conversion rate of 90% [1]. Service Industry - A commemorative event for the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War will be held on September 3rd. The parade will last about 70 minutes, with 45 formations (echelons) demonstrating the military's modern combat capabilities [2]. Key Industry Price Indicators | Industry Name | Indicator Name | Unit | Price on 9/1 | YoY | | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Yuan/ton | 2301.4 | - 0.31% | | Agriculture | Spot price: Eggs | Yuan/kg | 6.5 | - 0.77% | | Agriculture | Spot price: Palm oil | Yuan/ton | 9404.0 | - 2.43% | | Agriculture | Spot price: Cotton | Yuan/ton | 15478.7 | 1.59% | | Agriculture | Average wholesale price: Pork | Yuan/kg | 20.0 | - 0.50% | | Non - ferrous metals | Spot price: Copper | Yuan/ton | 79993.3 | 0.98% | | Non - ferrous metals | Spot price: Zinc | Yuan/ton | 22076.0 | - 1.01% | | Non - ferrous metals | Spot price: Aluminum | Yuan/ton | 20636.7 | - 0.75% | | Non - ferrous metals | Spot price: Nickel | Yuan/ton | 124566.7 | 2.31% | | Ferrous metals | Spot price: Rebar | Yuan/ton | 3180.0 | - 2.45% | | Ferrous metals | Spot price: Iron ore | Yuan/ton | 794.0 | - 0.24% | | Ferrous metals | Spot price: Wire rod | Yuan/ton | 3377.5 | - 0.81% | | Non - metals | Spot price: Natural rubber | Yuan/ton | 14958.3 | - 0.11% | | Non - metals | China Plastic City Price Index | - | 803.4 | - 0.16% | | Energy | Spot price: WTI crude oil | US dollars/barrel | 64.0 | 0.55% | | Energy | Spot price: Brent crude oil | US dollars/barrel | 67.5 | - 0.37% | | Energy | Spot price: Liquefied natural gas | Yuan/ton | 3936.0 | 0.66% | | Energy | Coal price: Coal | Yuan/ton | 783.0 | 0.00% | | Chemical | Spot price: PTA | Yuan/ton | 4755.5 | - 2.05% | | Chemical | Spot price: Polyethylene | Yuan/ton | 7445.0 | 0.07% | | Chemical | Spot price: Urea | Yuan/ton | 1707.5 | - 0.29% | | Chemical | Spot price: Soda ash | Yuan/ton | 1290.0 | 0.00% | | Building materials | Cement price index: National | Points | 129.6 | - 0.74% | | Building materials | Building materials composite index | Points | 113.7 | - 1.33% | | Real estate | Concrete price index: National | Points | 93.0 | 0.00% | [36]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current margin balance is less than 30 billion yuan from the historical high. Among public - fund categories with a high proportion of stock investment, only partial - stock hybrid funds still have some room for position replenishment. The end of the rapid capital inflow window coincides with the military parade time point. It is expected that the subsequent upward rhythm of the market may slow down, and attention should be paid to the risk of a staged correction [2]. 3. Summary by Directory 3.1 Market Analysis - **Macroeconomic Situation**: The eurozone's manufacturing PMI in August reached a three - year high of 50.7, up from 49.8 in July, and expanded for the first time since mid - 2022. In China, President Xi Jinping chaired the 25th meeting of the Council of Heads of Member States of the Shanghai Cooperation Organization. Member states signed and issued multiple important documents [1]. - **Spot Market**: A - share major indices closed up. The Shanghai Composite Index rose 0.46% to 3875.53 points, and the ChiNext Index rose 2.29%. Most sector indices increased, with communication, non - ferrous metals, pharmaceutical biology, and electronics leading the gains, while non - bank finance, banking, and household appliances led the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.75 trillion yuan. U.S. stocks were closed for the Labor Day holiday [1]. - **Futures Market**: In the futures market, the basis of stock index futures deepened rapidly, and the basis of IC and IM was at a historically low level. The trading volume and open interest of stock index futures declined simultaneously [1]. 3.2 Strategy - The current margin balance is close to the historical high, and only partial - stock hybrid funds have room for position replenishment. The end of the rapid capital inflow window points to the military parade time, so the market's upward rhythm may slow down, and there is a risk of a staged correction [2]. 3.3 Charts - **Macroeconomic Charts**: Include charts showing the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rate and A - share trends, and U.S. Treasury yields and A - share style trends [4][5]. - **Spot Market Tracking Charts**: Present the daily performance of major domestic stock indices on September 1, 2025, and August 31, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc., along with their daily changes. Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and margin balance [4][5][12]. - **Stock Index Futures Tracking Charts**: Provide data on the trading volume and open interest of IF, IH, IC, and IM contracts, their changes, the basis of different contracts, and the inter - period spreads of different contracts. There are also charts showing the open interest, open - interest ratio, and net open interest of foreign investors for different contracts [4][5][14].