Report Information - Industry: Pig Futures [1] - Date: September 17, 2025 [2] Report Core View - The overall supply - demand situation of live pigs is loose, and the price is still weak. Although there is a slight increase in demand, the supply pressure is relatively greater. Futures are dragged down by the weak spot market and are mainly fluctuating weakly [7]. Section Summaries 1. Market Review and Operation Suggestions - **Futures Market**: On the 16th, the main 2511 contract of live pigs opened higher, fluctuated downward, and closed with a negative line. The highest price was 13,335 yuan/ton, the lowest was 13,125 yuan/ton, and the closing price was 13,160 yuan/ton, a decrease of 0.30% from the previous day. The total open interest of the index increased by 8,212 lots to 217,535 lots [6]. - **Spot Market**: On the 16th, the average price of ternary pigs nationwide was 13.08 yuan/kg, a decrease of 0.13 yuan/kg from the previous day [6]. - **Supply - Side**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual slaughter in August. The daily average increase was 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of the second - fattening pens remains high. The slaughter weight has declined slightly, and the slaughter volume before the Spring Festival may still show a slight increase in the long term [7]. - **Demand - Side**: The price difference between fat and standard pigs has slightly widened, and the fattening cost is still low. Currently, the second - fattening is mainly in a wait - and - see state. After the demand increased due to the start of school, the continuous increment is not obvious. The market demand is mediocre, the sales of白条 are slow, and there is no obvious positive news. Only the external sales volume in a few low - price regions has increased, which supports a slight increase in the开工 rate of enterprises. The orders of slaughtering enterprises have slightly increased, and the slaughter rate and volume have slightly increased. On September 16th, the slaughter volume of sample slaughtering enterprises was 149,200 heads, an increase of 12,000 heads from the previous day, a decrease of 7,000 heads week - on - week, and an increase of 90,000 heads month - on - month [7]. 2. Data Overview - **Breeding Profit**: As of September 11th, the average profit per head of self - breeding and self - raising was 54 yuan/head, a decrease of 45 yuan/head week - on - week; the average profit per head of purchasing piglets for breeding was - 175.8 yuan/head, a decrease of 63 yuan/head week - on - week [12]. - **Piglet Price**: In the week of September 11th, the average market sales price of 15 - kg piglets was 394 yuan/head, a decrease of 32 yuan/head from the previous week [12]. - **Price Difference**: In the week of September 11th, the price difference between 150 - kg fat pigs and standard pigs was 0.13 yuan/jin, a decrease of 0.06 yuan/jin week - on - week [12]. - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg was 13.18 yuan/kg, a decrease of 0.24 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 13.52 yuan/kg, a decrease of 0.17 yuan/kg from the previous week [12]. - **Slaughtering Rate**: In the week of September 11th, the slaughtering rate of enterprises was 31.40%, an increase of 0.13 percentage points from the previous week and 4.15 percentage points year - on - year. The weekly slaughtering rate fluctuated between 31.20% and 31.71% [12]. - **Average Slaughter Weight**: As of the week of September 11th, the average slaughter weight of live pigs nationwide was 128.32 kg, an increase of 0.09 kg or 0.07% month - on - month, and an increase of 2.36 kg or 1.84% year - on - year [12].

Group 1: Report Overview - Report title: Pulp Daily [1] - Date: September 17, 2025 [2] Group 2: Market Conditions and Recommendations - Pulp futures contract 01 had a previous settlement price of 5308 yuan/ton and a closing price of 5350 yuan/ton, rising 0.79% overall. The intended transaction price range of softwood pulp in the Shandong wood pulp market was 4980 - 6600 yuan/ton, with the low - end price stable compared to the previous trading day's closing price. The Shandong Yinxing was quoted at 5680 - 5700 yuan/ton [7] - Arauco of Chile announced the new September wood pulp export prices: softwood pulp Yinxing at 700 USD/ton, down 20 USD/ton from last month; natural pulp Venus at 590 USD/ton, unchanged from last month; hardwood pulp Mingxing at 520 USD/ton, up 20 USD/ton from last month [8] - In August, the European wood pulp inventory was 70.78 million tons, up 3.5% month - on - month and 11.3% year - on - year; the consumption was 70.08 million tons, down 13.7% month - on - month and up 2.4% year - on - year. China's pulp imports in August were 265.3 million tons, down 7.9% month - on - month and 5.6% year - on - year. As of September 11, 2025, the weekly pulp inventory in major regions and ports was 207.20 million tons, up 0.71% from last week [8] - In the downstream cultural paper market, the restart of previously shut - down production lines led to an increase in supply, but new orders from printing factories were limited, and the market was weak. In the short term, pulp supply was relatively abundant. Although the downstream paper mills'开工 rate increased, they mainly purchased at low prices under cost pressure, and the market continued to fluctuate at a low level [8] Group 3: Industry News - On September 11, the State Administration for Market Regulation issued Announcement No. 21 of 2025, approving the release of 622 recommended national standards and 6 recommended national standard modification orders, including 6 national standards in the papermaking field. Four were revision projects and two were formulation projects. The release and implementation of these standards improved the papermaking standard system and promoted the healthy development of the industry [9] Group 4: Data Overview - The report includes multiple data charts such as import softwood pulp spot prices in Shandong, pulp futures prices, pulp spot - futures price differences, and inventory data [15][17][19][28][29][32]

Report General Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: September 17, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Researcher: Feng Zeren (Glass, Soda Ash) [4] Report Core Content 1. Industry Investment Rating - No investment rating information provided in the report. 2. Core Viewpoints - Soda ash: The short - term contradiction in the industry has been alleviated, but the supply - demand pattern of oversupply remains unchanged. With the improvement of macro - sentiment, the arrival of the peak season, and the resurgence of anti - involution expectations, the soda ash futures price is expected to fluctuate with a slightly strong trend, and subsequent attention should be paid to macro changes [8]. - Glass: The overall glass production shows a slight upward trend, and industry profits have improved. Industry inventory has started to accumulate again. Affected by the peak - season demand and anti - involution expectations, the glass futures price is expected to fluctuate with a slightly strong trend in the short term [9][10]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market** - On September 16, the price of the main soda ash futures contract SA601 rebounded significantly, closing at 1339 yuan/ton, up 41 yuan/ton or 3.15%, with a daily reduction of 101,682 lots in positions [7]. - Fundamentally, the weekly production growth rate has slowed down, and the inventory reduction has decreased. The high - inventory and weak - demand situation persists. The weekly production reached 761,100 tons, a 1.24% increase from the previous week. The factory inventory decreased to 1.7975 million tons, a decrease of 24,600 tons from last Thursday. The total shipment volume was 785,700 tons, a 1.44% decrease from the previous week, and the overall shipment rate was 103.23%, a decrease of 2.81 percentage points [8]. - **Glass Market** - Fundamentally, the overall glass production has slightly increased but is still at a low level. Spot prices have rebounded, and industry profits have improved. Deep - processing orders remain basically unchanged, mainly driven by rigid demand, and inventory has started to accumulate again. Different types of glass have different market situations. The supply - side pressure of float glass has been marginally relieved, and the cost side has certain support, but the demand side remains weak. The demand for new - house glass continues to decline, while the production of automobiles and home appliances is increasing, providing some support for glass demand. The photovoltaic glass market has seen a significant price increase [9][10]. 3.2 Data Overview - The report provides multiple charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy - soda market price, and flat - glass production, with data sources from Wind and iFind [12][15][17]

Report Overview - Report Title: Sugar Daily Report - Date: September 17, 2025 - Researcher: Wang Haifeng, Lin Zhenlei, Yu Lanlan, Hong Chenliang, Liu Youran [3] 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The New York raw sugar futures fluctuated strongly, while the Zhengzhou sugar futures rose first and then fell. The raw sugar price rebounded after finding support at the previous low of 15.5 cents. Currently, the market lacks bullish factors, and the sugar price fluctuates mainly through low - level technical oscillations without a clear direction. The rise and fall of Zhengzhou sugar were mainly affected by the anti - involution atmosphere. After the market closed, there were no major moves from both long and short sides, but large short - position funds slightly reduced their positions, possibly due to the pressure at the high [7][8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market Quotes**: SR601 closed at 5,547 yuan/ton, up 2 yuan or 0.04%, with an increase of 4,016 in open interest; SR605 closed at 5,524 yuan/ton, up 3 yuan or 0.05%, with an increase of 1,766 in open interest; US Sugar 10 closed at 15.96 cents/pound, up 0.17 cents or 1.08%, with a decrease of 21,630 in open interest; US Sugar 03 closed at 16.67 cents/pound, up 0.15 cents or 0.91%, with an increase of 20,865 in open interest [7]. - **Spot Market Quotes**: The spot prices in domestic production areas remained unchanged. The price of sugar in Nanning was 5,940 yuan/ton, and that in Kunming was 5,770 yuan/ton [8]. 3.2 Industry News - **Brazil**: In August, the sugarcane yield in the central - southern region was 77.5 tons/hectare, slightly lower than 78.8 tons/hectare in the same period in 2024. The sugar content index (ATR) decreased by 2.9% from 148.4 kg/ton of sugarcane to 144.2 kg/ton. From the beginning of the 2025/26 season to August, the average sugarcane yield in the central - southern region decreased by 8.2% year - on - year to 79.2 tons/hectare, and the cumulative ATR was 129.7 kg/ton of sugarcane, compared with 133.2 kg/ton in the same period last year. It is estimated that the sugar production in the central - southern region in the second half of August will increase by 17.3% to 3.84 million tons, the sugarcane crushing volume will increase by 9.5% to 49.5 million tons, the sugar content per kilogram of sugarcane will decrease by 4.1% to 149.48 kg/ton of sugarcane, and the ethanol production will decrease by 2.5% to 2.4 billion liters [9]. - **India**: A government official said that India will have sufficient surplus sugar inventory, allowing sugar exports in the new sugar - crushing season starting on October 1. Indian exports may suppress global sugar prices but support local sugar prices and ensure that farmers receive guaranteed payments for sugarcane from sugar mills. The Indian Sugar and Bioenergy Manufacturers Association (ISMA) reaffirmed its previous forecast of the total sugar production of 34.9 million tons in the 2025 - 26 season [9]. 3.3 Data Overview - **Transaction Data of Top 20 Seats in Zhengzhou Sugar Main Contract**: The total trading volume was 249,503 lots, with an increase of 56,227 lots; the total long - position holding volume was 242,600 lots, with an increase of 3,077 lots; the total short - position holding volume was 301,703 lots, with an increase of 6,981 lots [22].

Group 1: General Information - Report title: Polyolefin Daily Report [1] - Date: September 17, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures market quotes: For plastic 2601, the opening price was 7232 yuan/ton, the closing price was 7234 yuan/ton, up 32 yuan/ton (0.44%), with a trading volume of 25.6 lots and a decrease in positions by 30939 to 524036 lots; for PP2601, the closing price was 6970 yuan/ton, up 24 yuan (0.35%), with a decrease in positions by 34852 to 581302 lots [5] Group 3: Market Review and Outlook - Market performance: Futures opened higher and fluctuated, boosting market trading sentiment. Spot prices rose in some areas, and terminal buyers purchased raw materials as needed [6] - Supply situation: Upstream maintenance levels exceeded expectations, with more shutdown devices. Production capacity utilization and output declined. New PP production capacity from CNOOC Daxie Phase II brought supply pressure, and there were still second - line devices to be put into production in September [6] - Demand situation: The downstream was in the transition from the off - season to the peak season. The agricultural film industry entered the peak season, with the operating load rising but at a relatively low level compared to the same period. The overall demand was not fully released. The operating rate of PP downstream industries increased, and there was still room for demand recovery [6] - Cost situation: Due to the expected increase in crude oil supply and a weak medium - to - long - term fundamental outlook, cost support weakened [6] - Overall situation: The market was in a pattern of both supply and demand recovery. As low - price resources were gradually consumed, the price center stabilized and rebounded [6] Group 4: Industry News - Inventory: On September 16, 2025, the inventory level of major producers was 670,000 tons, a decrease of 30,000 tons (4.29%) from the previous working day, compared to 820,000 tons in the same period last year [7] - PE price: PE market prices rose in some areas. The LLDPE price in North China was 7140 - 7450 yuan/ton, in East China was 7230 - 7700 yuan/ton, and in South China was 7320 - 7750 yuan/ton [7] - Propylene price: The mainstream price of propylene in Shandong was 6530 - 6620 yuan/ton, a decrease of 25 yuan/ton from the previous working day. The demand support was weak, and the market transaction price was at the lower end [7] - PP price: PP market prices rose slightly in some areas. The mainstream price of North China drawstrings was 6740 - 6880 yuan/ton, in East China was 6720 - 6930 yuan/ton, and in South China was 6720 - 6930 yuan/ton [7][8]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: September 17, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Report Industry Investment Rating - Not provided in the content Core Viewpoints - The SCFIS has fallen below 1500 points for nine consecutive weeks, and online quotes in the second half of September have been further reduced. The price shows a smooth downward trend in the off - season with an enlarged decline. There may be low - buying opportunities in December, and the October contract is recommended to be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - The SCFIS has dropped below 1500 points for nine consecutive weeks, and online quotes in the second half of September have been further cut. For example, Maersk's quotes for the Shanghai - Rotterdam route in the third and fourth weeks of September decreased by about $400 compared to the first half of the month, and OOCL's quotes dropped by about $200. The overall shipping capacity has increased while the scale of blank sailings is not significantly higher than last year. There may be low - buying opportunities in December, and the October contract is advised to be short - allocated on rallies [8] 2. Industry News - From September 8th to 12th, the China Export Container Shipping Market was basically stable, but most route freight rates declined, dragging down the comprehensive index. In August, China's exports increased by 4.4% year - on - year. The Shanghai Export Container Comprehensive Freight Index on September 12th was 1398.11 points, down 3.2% from the previous period. For the European route, China's exports to Europe increased by 10.4% year - on - year in August, and the freight rate on September 12th was $1154/TEU, down 12.2% from the previous period. The Mediterranean route showed a similar downward trend. For the North American route, the US employment market slowed down significantly in August, and China's exports to the US decreased by more than 30% year - on - year in August, but the freight rates from Shanghai Port to the US West and East increased by 8.3% and 7.6% respectively. The Middle East situation has become tense again, with intensified conflicts between Israel and relevant parties [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - From September 8th to 15th, the SCFIS for the European route decreased from 1566.46 to 1440.24, a decrease of 8.1%, while the SCFIS for the US West route increased from 980.48 to 1349.84, an increase of 37.7% [12] 3.2 Container Shipping Index (European Line) Futures Market - Transaction data for September 16th shows that for the EC2510 contract, the closing price was 1169.7, down 0.10% from the previous settlement price; for the EC2512 contract, the closing price was 1673.8, up 2.04%; for the EC2602 contract, the closing price was 1572.1, up 3.36%; for the EC2604 contract, the closing price was 1283.7, up 2.69%; for the EC2606 contract, the closing price was 1471.6, up 3.25%; for the EC2608 contract, the closing price was 1625.9, up 1.84% [6] 3.3 Shipping - Related Data Charts - The content provides charts on container ship capacity in Europe, global container ship orders, Shanghai - Europe basic port freight rates, and Shanghai - Rotterdam spot freight rates, but specific data is not further described in the text [17][19]

Report Overview - **Report Date**: September 17, 2025 [2] - **Industry**: Soybean Meal [1] - **Research Team**: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Report Key Points 1. Market Review and Operational Suggestions - **Domestic Futures Contracts**: For domestic soybean meal futures contracts (2601, 2509, 2511), prices declined with varying degrees of decrease. For example, the closing price of the 2601 contract was 3041 yuan, down 10 yuan or 0.33% [6]. - **External Market**: The US soybean futures contract on the external market fluctuated, with the main contract at 1045 cents. The USDA's September monthly supply - demand report had a slight negative impact, but the market reaction was limited. The market is mainly focused on the China - US economic and trade consultations in Spain this week, which may involve US soybean import and export issues, providing some support to the external market [6]. - **Domestic Supply**: As the US soybean harvest approaches, China has not started purchasing US soybeans. With a 23% tariff on US soybean imports unchanged, Brazil will be the main source of imported soybeans in the fourth quarter, supplemented by some from Argentina. There may be a small import gap, which could be filled by state - reserve auctions. The China - US economic and trade consultations may change this supply logic [6]. - **Market Outlook**: In the short term, the market is likely to fluctuate at a low level due to heavy sentiment of long - position holders leaving the market. If no new news comes out of the consultations this week, futures may rebound, but the pressure on spot supply will persist in the short and medium term. In the long term, the import cost is expected to rise [6]. 2. Industry News - **USDA Forecasts**: The USDA's September forecast for the 2025/2026 US soybean production was 4.301 billion bushels, slightly higher than the market expectation of 4.271 billion bushels. The ending inventory was expected to be 300 million bushels, up from the previous 290 million bushels [6][9]. - **USDA Crop Reports**: As of the week ending September 14, 2025, the good - to - excellent rate of US soybeans was 63%, the same as expected. The harvest rate was 5%, and the defoliation rate was 41% [9]. - **USDA Export Inspection Reports**: As of the week ending September 11, 2025, the US soybean export inspection volume was 804,352 tons, higher than the expected 200,000 - 730,000 tons. The export inspection volume to the Chinese mainland was 0 tons [10]. 3. Data Overview - **Graphs**: The report includes multiple graphs such as the spread between different soybean meal contracts (1 - 5, 5 - 9), the ex - factory price of soybean meal, the basis of the 01 contract, the central parity rate of the US dollar against the Chinese yuan, and the exchange rate of the US dollar against the Brazilian real [13][15][16]

Group 1: General Information - Reported industry: Eggs [1] - Report date: September 17, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Egg futures contracts 2510, 2511, and 2512 all declined, with the 2511 contract down 0.86%. The main producing areas' average egg price was 3.76 yuan/jin, up 0.10 yuan/jin from the previous day, and the main consuming areas' average price was 4.00 yuan/jin, up 0.07 yuan/jin [7]. Core View - After the weakest summer peak season in recent years, the spot market has stabilized and rebounded. The futures market rose today to catch up after the weekend's strong spot market. However, supply pressure is difficult to ease in the short - term, and there may be fluctuations after price increases. It is recommended to take profit on long positions at high prices. The near - month 10 contract may enter the delivery month with a high discount. The rebound space should not be overestimated, and the operation of subsequent contracts needs to focus on elimination and replenishment data [8]. Group 3: Industry News - The inventory of laying hens is on an upward trend. As of the end of August, the monthly inventory of laying hens was about 1.365 billion, a 0.7% month - on - month increase and a 6.0% year - on - year increase. The monthly hatch of layer chicks in August was about 39.81 million, a decrease from July and a significant decrease compared with the same period in 2024 [9]. - The weekly chicken culling volume has been increasing since August, and as of September 4, the average age of culled chickens was 495 days, 1 day earlier than the previous week and 11 days earlier than the previous month [10]. Group 4: Data Overview - The report provides data on the monthly inventory of laying hens in China, egg - chicken farming profits, egg 10 - contract basis, and egg 12 - 02 spread, etc. [16][11]

Report Information - Report Date: September 17, 2025 [2] - Industry: Cotton [1] - Researchers: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The cotton market is expected to experience short - term range - bound fluctuations. Macro factors such as Sino - US economic and trade talks and the upcoming Fed interest rate decision have strengthened short - term macro impacts. Overseas, the US cotton market shows a weakening trend with a decline in the weekly good - to - excellent rate, weaker weekly export data, and low net long positions of CFTC funds. In the domestic market, new cotton picking has started in some areas, and the demand side has a slight de - stocking of finished products, with seasonal recovery in the downstream weaving mills' operation rate and some rigid demand support [7][8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Performance**: Zhengzhou cotton is in a volatile adjustment. The latest 328 - grade cotton price index is 15,300 yuan/ton, up 51 yuan/ton from the previous trading day. The cotton yarn market has average trading, weaker than the same period in previous years, with stable prices and some local discounts. The cotton fabric market has weak demand, and the home textile market has increased sales but poor order continuity and difficult price increases [7]. - **Macro and Overseas Factors**: Sino - US economic and trade talks are held in Spain, and the Fed will announce its interest rate decision this week. The US cotton weekly good - to - excellent rate has decreased slightly, export data has weakened, and the CFTC fund net long position remains low, leading to a weakening trend in the overseas market [8]. - **Domestic Market**: Some domestic regions have started manual cotton picking, and mechanical picking will start next week. As of September 11, the national new cotton picking progress is 0.3%, 0.1 percentage points higher than the same period last year and 0.1 percentage points lower than the average of the past four years. The demand side has a slight de - stocking of finished products, and the downstream weaving mills' operation rate has a seasonal increase, with rigid demand support [8]. 3.2 Industry News - As of the week ending September 14, the US cotton boll opening rate is 50% (compared to 53% last year and a five - year average of 49%), the picking rate is 9% (compared to 10% last year and a five - year average of 8%), and the good - to - excellent rate is 52% (compared to 39% last year) [9]. 3.3 Data Overview - The report presents multiple data charts, including the China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, various cotton futures spreads, cotton commercial inventory, cotton industrial inventory, and the total number of warehouse receipts, as well as currency exchange rate data such as the US dollar against the Chinese yuan and the US dollar against the Indian rupee [16][17][20][26][28]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The domestic economic data for August showed marginal weakness rather than a sharp decline. It's not necessary for China's monetary policy to follow the Fed's easing in September. Policy may focus more on fiscal and credit expansion and real - estate support, which could bring disturbances to the bond market. However, as the fastest - strengthening phase of the stock market may have passed, the pressure on the bond market from the stock market may ease. Overall, the bond market's suppression may ease but still lacks a breakthrough, and investors need to be patient for better allocation opportunities. Currently, with the release of economic data, the short - end bonds may be more resilient than the long - end bonds under the support of loose funds [11][12] 3. Summary According to Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Market Conditions**: Treasury bond futures recovered in the afternoon, with most contracts closing higher. The yields of major inter - bank spot interest - rate bonds declined across the board, with medium - and long - term yields falling by about 2 - 3bp. By 16:30, the yield of the 10 - year Treasury bond active bond 250011 was reported at 1.7800%, down 2bp [8][9] - **Funding Market**: Amid tax - period disturbances, the central bank resumed net injections in the open market, and the funding situation remained stable. There were 247 billion yuan of reverse repurchases due, and the central bank conducted 287 billion yuan of reverse repurchase operations, achieving a net injection of 40 billion yuan. The inter - bank funding sentiment index remained stable, short - term funding rates mostly rose slightly, while medium - and long - term funds changed little [10] 3.2 Industry News - From September 14th to 15th local time, Chinese and US economic and trade leaders held talks in Madrid, Spain, reaching a basic framework consensus on issues such as resolving TikTok - related problems, reducing investment barriers, and promoting economic and trade cooperation [13] - On September 15th, the National Bureau of Statistics released data showing that in August, the national economy maintained a stable and progressive development trend. From January to August 2025, the national fixed - asset investment (excluding rural households) was 3.26111 trillion yuan, a year - on - year increase of 0.5%. The real - estate development investment was 603.09 billion yuan, a year - on - year decrease of 12.9%. In August, the total retail sales of consumer goods was 396.68 billion yuan, a year - on - year increase of 3.4% [14] - As of the end of August, M2 increased by 8.8% year - on - year, M1 increased by 6% year - on - year, and the M1 - M2 gap narrowed to - 2.8%. In the first eight months, RMB loans increased by 13.46 trillion yuan, and the cumulative increase in social financing scale was 26.56 trillion yuan, 4.66 trillion yuan more than the same period last year [15] 3.3 Data Overview - **Treasury Bond Futures Market**: The report presents trading data for multiple Treasury bond futures contracts on September 16th, including settlement prices, opening prices, closing prices, price changes, trading volumes, open interests, and changes in open interests [6] - **Money Market**: The report includes figures related to the SHIBOR term structure change, SHIBOR trend, inter - bank pledged repurchase weighted interest rate change, and inter - bank deposit - based pledged repurchase interest rate change [31][35] - **Derivatives Market**: The report shows the Shibor3M interest - rate swap fixing curve (mean) and FR007 interest - rate swap fixing curve (mean) [37]