Group 1: Report Summary - The report provides a daily update on the basis of non - ferrous metals futures, including copper, zinc, etc., and offers short - term price trend views and strategies [2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Views - Copper may have short - term range - bound fluctuations. The night - session copper price rose 3.31%. The Grasberg mine accident in Indonesia led to a reduced supply expectation. The concentrate supply has been tight since the beginning of the year, and the smelting profit is on the verge of profit and loss, but the smelting output has continued to grow. The power industry has positive growth, the PV rush - installation has increased sharply year - on - year, and the future growth rate may slow down. The auto production and sales are growing, the home appliance output growth rate is slowing down, and the real estate is weak. The Indonesian mine accident is likely to turn the global copper supply - demand into a deficit, which will support the copper price in the long term [2] - Zinc may have short - term wide - range weak - side fluctuations. The night - session zinc price rose 0.62%. The zinc concentrate processing fee has generally recovered, the smelting profit has turned positive, and the smelting output is expected to continue to rise. The galvanized sheet inventory has increased weekly. The infrastructure investment cumulative growth rate has a small positive growth, the auto production and sales are growing, the home appliance output growth rate is slowing down, and the real estate is weak. The short - term supply - demand difference may tilt towards surplus, and the zinc price may fluctuate weakly within a range [2] Group 4: Market Data Summary Copper - Domestic previous - day futures closing price: 79,970 yuan/ton, domestic basis: 25 yuan/ton, previous - day LME 3 - month closing price: 10,320 dollars/ton, LME spot premium: - 31.37 dollars/ton, LME inventory: 144,975 tons, LME inventory daily change: - 400 tons [2] Aluminum - Domestic previous - day futures closing price: 20,705 yuan/ton, domestic basis: 0 yuan/ton, previous - day LME 3 - month closing price: 2,655 dollars/ton, LME spot premium: - 5.44 dollars/ton, LME inventory: 513,850 tons, LME inventory daily change: - 50 tons [2] Zinc - Domestic previous - day futures closing price: 21,845 yuan/ton, domestic basis: - 105 yuan/ton, previous - day LME 3 - month closing price: 2,923 dollars/ton, LME spot premium: 59.64 dollars/ton, LME inventory: 45,775 tons, LME inventory daily change: - 1,050 tons [2] Nickel - Domestic previous - day futures closing price: 121,250 yuan/ton, domestic basis: - 1,250 yuan/ton, previous - day LME 3 - month closing price: 15,435 dollars/ton, LME spot premium: - 178.85 dollars/ton, LME inventory: 230,454 tons, LME inventory daily change: 1,554 tons [2] Lead - Domestic previous - day futures closing price: 17,030 yuan/ton, domestic basis: - 115 yuan/ton, previous - day LME 3 - month closing price: 2,003 dollars/ton, LME spot premium: - 40.08 dollars/ton, LME inventory: 219,975 tons, LME inventory daily change: - 1,700 tons [2] Tin - Domestic previous - day futures closing price: 271,650 yuan/ton, domestic basis: - 960 yuan/ton, previous - day LME 3 - month closing price: 34,315 dollars/ton, LME spot premium: - 105.00 dollars/ton, LME inventory: 2,575 tons, LME inventory daily change: - 5 tons [2]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views of the Report - Protein Meal: Night trading of soybean and rapeseed meal rebounded. Argentina temporarily取消 export taxes on soybeans and their derivatives, corn, and wheat, increasing global soybean market pressure. With ongoing US soybean harvest and unclear export prospects, domestic supply increase expectations and lower import costs may lead to short - term low - level oscillations of domestic soybean meal futures [2]. - Oils and Fats: Night trading of oils and fats was strong. In Malaysia, concerns about palm oil production due to floods in Sabah have subsided. Both production and exports of Malaysian palm oil decreased in September 1 - 20, 2025. Argentina取消 export taxes on soybean oil and meal, pressuring soybean oil prices and affecting palm oil's cost - effectiveness. This is expected to continue to drag down the performance of oils and fats in the short term [2]. 3. Summary by Relevant Catalogs Domestic Futures Market - **Futures Prices and Changes**: The previous day's closing prices of domestic futures for soybean oil, palm oil, and rapeseed oil were 8100, 9126, and 9921 respectively, with changes of 14, 72, and - 75, and percentage changes of 0.17%, 0.80%, and - 3.15%. For soybean meal, rapeseed meal, and peanuts, the previous day's closing prices were 2930, 2457, and 8844, with changes of 2, - 35, and 26, and percentage changes of 0.07%, - 1.40%, and 0.29% [1]. - **Spreads and Ratios**: Spreads and ratios such as Y9 - 1, P9 - 1, etc., showed different changes compared to the previous values. For example, Y9 - 1 changed from - 296 to - 320 [1]. International Futures Market - **Futures Prices and Changes**: The previous day's closing prices of international futures for BMD palm oil, CBOT soybeans, CBOT soybean oil, and CBOT soybean meal were 4299 (ringgit/ton), 1009 (cents/bushel), 50 (cents/pound), and 276 (dollars/ton), with changes of - 84, - 4, - 0, and - 1, and percentage changes of - 1.92%, - 0.40%, - 0.14%, and - 0.40% [1]. Domestic Spot Market - **Spot Prices and Changes**: Spot prices of various oils and fats and meals in different regions showed different percentage changes. For example, the spot price of Tianjin first - grade soybean oil increased by 0.85%, while the spot price of Zhangjiagang third - grade rapeseed oil decreased by 0.59% [1]. - **Spot Basis and Spreads**: Spot basis and spreads also changed. For example, the spot basis of Tianjin first - grade soybean oil was 210, and the spot spread between Guangzhou first - grade soybean oil and 24° palm oil changed from - 590 to - 560 [1]. Import and Crushing Profits - Import and crushing profits for different products such as Malaysian palm oil, US Gulf soybeans, etc., changed compared to the previous values. For example, the import and crushing profit of Malaysian palm oil changed from - 656 to - 417 [1]. Warehouse Receipts - Warehouse receipts for soybean oil, palm oil, etc., showed some changes. For example, the warehouse receipts of palm oil decreased from 1570 to 1500 [1]. Industry Information - Indonesia's palm oil exports in July 2025 were 354 tons, production was 511 tons, and inventory was 257 tons, slightly increasing from the previous month [2]. - Brazil's National Association of Grain Exporters (ANEC) lowered the September soybean export forecast from 753 tons to 715 tons and increased the September corn export forecast from 712 tons to 761 tons [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The upward trend of gold and silver has paused, showing some adjustments. The Fed's stance on interest rate cuts remains cautious, but the prospect of rate cuts is clear. The market expects rate cuts in the remaining two meetings this year. The long - term driver for gold is still clear due to factors such as the US fiscal deficit and central banks' gold purchases. However, there is a short - term adjustment [4]. 3. Summary by Related Catalogs Futures Market - **Gold Futures**: For沪金2510, the current price is 850.12, down 5.92 (-0.69%) from the previous close. The持仓量 is 60076, and the成交量 is 75472. For沪金2512, the current price is 853.06, down 6.94 (-0.81%), with a持仓量 of 274765 and a成交量 of 285621 [2]. - **Silver Futures**: For沪银2510, the current price is 10305.00, down 49.00 (-0.47%), with a持仓量 of 109776 and a成交量 of 175883. For沪银2512, the current price is 10349.00, down 48.00 (-0.46%), with a持仓量 of 516112 and a成交量 of 753535 [2]. Spot Market - **Gold Spot**: The Shanghai gold T + D previous closing price was 856.27, up 6.69 (0.79%). The London gold price was 856.56, down 3.86 (-0.45%), and in dollars per ounce, it was 3735.805, down 27.18 (-0.72%) [2]. - **Silver Spot**: The Shanghai silver T + D previous closing price was 10349.00, up 74.00 (0.72%). The London silver price was 43.89, down 0.13 (-0.29%) [2]. Inventory - **Gold Inventory**: The上期所黄金库存 increased by 1530.00 kg to 60543 kg, and the COMEX黄金库存 increased by 62032.18 to 39807223 [2]. - **Silver Inventory**: The上期所白银 inventory increased by 12756.00 kg to 1161799 kg, and the COMEX白银 inventory increased by 406878 to 527155089 [2]. Related Data - The dollar index increased by 0.65% to 97.8657, the standard -普尔指数 decreased by 0.28% to 6637.97, the US Treasury yield increased by 0.97% to 4.16, the Brent crude oil price increased by 0.01% to 68.26, and the US dollar to RMB exchange rate increased by 0.34% to 7.1379 [2]. Derivatives - The spdr黄金ETF持仓 increased by 1.00 tons to 44315 tons, the SLV白银ETF持仓 increased by 1.00 tons to 44315 tons. The CFTC speculators' net position in silver increased by 481 to 33486, and in gold decreased by 1451 to 32895 [2]. Macro News - The US and the EU have finalized a tariff agreement. The US will impose a 15% tariff on EU cars and parts from August 1st, and some EU products are on the tariff - exemption list from September 1st [2]. - US Treasury Secretary Besent criticized Fed Chairman Powell for not having a clear agenda for rate cuts and urged a 100 - 150 basis - point rate cut by the end of the year. The US Treasury is considering a $20 billion currency swap with Argentina [2]. - In August, the annualized number of new home sales in the US was 800,000, far exceeding the expected 650,000, with a month - on - month increase of 20.5%. The inventory of new homes for sale dropped to 490,000, the lowest level this year [3].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - Polyolefins rebounded slightly. The prices of polyolefins have been fluctuating passively following the cost - end recently. In the medium term, the market focuses on actual demand fulfillment and pre - holiday terminal stocking, as well as potential policy changes in the overall supply side in the fourth quarter in China. The future trend of polyolefins is driven by the interaction of cost and supply - demand, and they may continue to fluctuate in a low - level range [2]. 3. Summary by Relevant Content Futures Market - **LL Futures**: The previous day's closing prices for January, May, and September contracts were 7142, 7182, and 7218 respectively, with increases of 37, 37, and 25, and涨幅 of 0.52%, 0.52%, and 0.35% respectively. The trading volumes were 191081, 13544, and 86, and the open interests were 571775, 44991, and 165, with changes of - 17901, 2245, and - 1 respectively. The current spreads for January - May, May - September, and September - January were - 40, - 36, and 76 respectively [2]. - **PP Futures**: The previous day's closing prices for January, May, and September contracts were 6877, 6920, and 6910 respectively, with increases of 35, 29, and 22, and涨幅 of 0.51%, 0.42%, and 0.32% respectively. The trading volumes were 178124, 12681, and 199, and the open interests were 636504, 76469, and 1742, with changes of - 15873, 799, and 117 respectively. The current spreads for January - May, May - September, and September - January were - 43, 10, and 33 respectively [2]. Raw Materials and Spot Market - **Raw Materials**: The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch films were 2353 yuan/ton, 6485 yuan/ton, 594 dollars/ton, 5600 yuan/ton, 6710 yuan/ton, and 8800 yuan/ton respectively [2]. - **Spot Market - LL**: The current price ranges in the East China, North China, and South China markets were 7150 - 7600 yuan/ton, 7050 - 7400 yuan/ton, and 7250 - 7700 yuan/ton respectively [2]. - **Spot Market - PP**: The current price ranges in the East China, North China, and South China markets were 6700 - 6800 yuan/ton, 6700 - 6800 yuan/ton, and 6650 - 6850 yuan/ton respectively [2]. Other Information - On Wednesday (September 24), the settlement price of WTI crude oil futures for November 2025 on the New York Mercantile Exchange was $64.99 per barrel, up $1.58 or 2.49% from the previous trading day, with a trading range of $63.25 - $65.05. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $69.31 per barrel, up $1.68 or 2.48% from the previous trading day, with a trading range of $67.51 - $69.37 [2].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - The night - session oil prices continued to decline. Iraq has preliminarily approved a plan to resume oil exports from its semi - autonomous Kurdistan region through the Turkish pipeline, potentially increasing the daily crude oil supply by at least 230,000 barrels. In September, drone attacks in Ukraine disrupted Russian crude oil exports, increasing the risk of production cuts, and there are expectations of more sanctions on a certain European country. Attention should be paid to OPEC's production increase. [3] - Methanol prices fell 0.17% in the night - session. The average operating load of domestic coal (methanol) to olefin plants was 83.63%, up 6.21 percentage points month - on - month. As of September 18, the overall operating load of domestic methanol plants was 72.66%, down 0.09 percentage points month - on - month and 0.61 percentage points year - on - year. The overall coastal methanol inventory increased steadily. As of September 18, the coastal methanol inventory was 1.5428 million tons (at a record high), up 34,800 tons from September 11, a 2.31% increase, and 40.77% higher year - on - year. The estimated available methanol supply in the coastal area was around 842,000 tons. The estimated arrival volume of imported methanol ships from September 19 to October 5 is between 734,200 and 740,000 tons. Methanol is expected to be bearish in the short term. [3] Group 3: Summary by Related Content Futures Market - **Price Changes**: SC near - month futures price decreased by 4.2 yuan to 485.8 yuan, a decline of 0.86%; SC次月 futures price decreased by 4.0 yuan to 483.0 yuan, a decline of 0.82%. WTI near - month futures price decreased by 0.08 dollars to 62.64 dollars, a decline of 0.13%; WTI次月 futures price decreased by 0.02 dollars to 62.34 dollars, a decline of 0.03%. Brent near - month futures price decreased by 0.86 dollars to 66.66 dollars, a decline of 1.27%; Brent次月 futures price decreased by 0.92 dollars to 66.05 dollars, a decline of 1.37%. [2] - **Trading Volume and Open Interest**: The trading volume of SC near - month was 2,249, and the open interest was 4,241 with a decrease of 836. The trading volume of SC次月 was 96,133, and the open interest was 35,314 with an increase of 1,533. For WTI and Brent, details of trading volume, open interest and their changes are also provided. [2] - **Price Spreads**: The current spread between SC near - month and SC次月 is 2.8 yuan, etc. There are also details about other price spreads. [2] Spot Market - **International Market**: International crude oil spot prices decreased. For example, the OPEC basket price decreased from 70.73 dollars to 69.78 dollars, and the Brent DTD price decreased from 67.80 dollars to 67.15 dollars. [2] - **Domestic Market**: Domestic crude oil and refined product prices also decreased. For example, the price of Daqing crude oil decreased from 65.46 dollars to 64.74 dollars, and the Chinese gasoline wholesale price index decreased from 7,865 yuan/ton to 7,860 yuan/ton. [2]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - Copper prices may experience short - term range - bound fluctuations. Night - time copper prices closed 0.07% lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. Multiple factors are intertwined, and attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. - Zinc prices may have short - term wide - range weak fluctuations. Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees have generally increased, and smelting profits have turned positive, with smelting output expected to continue rising. Short - term supply - demand differences may tilt towards oversupply [2]. Group 3: Summary by Related Catalog Copper - Night - time copper prices closed 0.07% lower. Concentrate supply is tight, and smelting profits are under pressure, but smelting output shows high growth. The power industry has positive growth, photovoltaic installation is surging but future growth may slow, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Copper prices may range - bound, and factors like the US dollar, smelting output, and downstream demand should be monitored [2]. Zinc - Night - time zinc prices closed 0.25% lower. Zinc concentrate processing fees are rising, smelting profits are positive, and smelting output is expected to rise. Galvanized sheet inventory is increasing weekly. Infrastructure investment has a small positive cumulative growth rate, auto production and sales are positive, home appliance output growth is slowing, and the real estate market is weak. Zinc prices may have wide - range weak fluctuations, and attention should be paid to the US dollar, smelting output, and downstream demand [2]. Market Data - Copper: Domestic previous - day futures closing price is 80,190 yuan/ton, domestic basis is 45 yuan/ton, previous - day LME 3 - month closing price is 10,002 dollars/ton, LME spot premium is - 72.44 dollars/ton, LME inventory is 147,650 tons with a daily change of - 1,225 tons [2]. - Aluminum: Domestic previous - day futures closing price is 20,750 yuan/ton, domestic basis is - 30 yuan/ton, previous - day LME 3 - month closing price is 2,655 dollars/ton, LME spot premium is 4.14 dollars/ton, LME inventory is 513,900 tons with no daily change [2]. - Zinc: Domestic previous - day futures closing price is 22,080 yuan/ton, domestic basis is - 85 yuan/ton, previous - day LME 3 - month closing price is 2,900 dollars/ton, LME spot premium is 45.99 dollars/ton, LME inventory is 47,825 tons with a daily change of - 1,000 tons [2]. - Nickel: Domestic previous - day futures closing price is 121,400 yuan/ton, domestic basis is - 1,260 yuan/ton, previous - day LME 3 - month closing price is 15,200 dollars/ton, LME spot premium is - 177.45 dollars/ton, LME inventory is 228,444 tons with a daily change of - 6 tons [2]. - Lead: Domestic previous - day futures closing price is 17,125 yuan/ton, domestic basis is - 120 yuan/ton, previous - day LME 3 - month closing price is 2,000 dollars/ton, LME spot premium is - 45.16 dollars/ton, LME inventory is 220,300 tons with a daily change of - 2,375 tons [2]. - Tin: Domestic previous - day futures closing price is 272,510 yuan/ton, domestic basis is - 3,280 yuan/ton, previous - day LME 3 - month closing price is 34,020 dollars/ton, LME spot premium is - 115.00 dollars/ton, LME inventory is 2,505 tons with a daily change of - 140 tons [2].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - After the Fed's interest rate decision, gold and silver prices dropped, then strengthened again starting Friday evening and reached new highs this week. The Fed cut interest rates by 25 basis points in September, in line with market expectations. The market anticipates further rate cuts in the remaining two meetings this year. Despite the Fed's cautious stance on rate cuts under Trump's pressure, the outlook for rate cuts is clear. The strong US retail sales in August and progress in trade negotiations have led to expectations of investment growth in Q4. The long - term drivers for gold remain clear due to the US fiscal deficit, expanding debt, and central banks' continuous gold purchases. After a short - term adjustment, the expectation of continued Fed rate cuts has sustained bullish sentiment [3] 3. Summary by Relevant Information Futures Market - **Precious Metal Futures Prices**: The prices of SHFE gold and silver futures contracts (2510 and 2512) all increased, with silver showing higher percentage increases. For example, the price of SHFE silver 2512 rose by 3.78% to 10348.00, and SHFE gold 2512 rose by 2.46% to 850.98 [2] - **Precious Metal Futures Positions and Volumes**: The trading volumes and open interests of SHFE gold and silver futures contracts were relatively large. For instance, the trading volume of SHFE silver 2512 was 571883, and its open interest was 433982 [2] - **Precious Metal Futures Premiums**: The spot premiums of SHFE gold and silver futures were all negative [2] Spot Market - **Precious Metal Spot Prices**: The prices of London gold, London silver, Shanghai gold T + D, and Shanghai silver T + D all increased. London silver had a relatively high increase of 1.21%, reaching 843.32 dollars per ounce [2] - **Precious Metal Spot Ratios**: The ratios between different precious metal spot prices and futures prices showed some changes. For example, the ratio of gold to silver decreased from 84.04 to 83.10 [2] Inventory - **Precious Metal Inventories**: The inventory of SHFE gold increased by 999.00 kilograms to 57429 kilograms, while the inventory of SHFE silver decreased by 44080.00 kilograms to 1159443 kilograms. COMEX gold inventory increased by 183001.68 ounces, and COMEX silver inventory decreased by 43194 ounces [2] Related Market Indicators - **Related Market Indexes**: The US dollar index increased by 0.29% to 97.6519, the S&P index increased by 0.49% to 6664.36, the US Treasury yield increased by 0.73% to 4.14, and Brent crude oil price decreased slightly by 0.01% to 66.05. The US dollar to RMB exchange rate increased by 0.15% to 7.1196 [2] ETF and CFTC Data - **ETF Holdings**: The holdings of SPDR Gold ETF and SLV Silver ETF both increased by 1.00 ton to 44315 tons [2] - **CFTC Speculative Positions**: The net long positions of CFTC speculators in silver increased by 481, while those in gold decreased by 1451 [2] Macro News - **Argentina's Situation**: Argentine President Milei is negotiating to curb market selling and avoid a debt crisis and plans to meet with US President Trump in New York on Tuesday [3] - **Fed Officials' Statements**: Different Fed officials have different views on interest rate cuts. Some are cautious about canceling restrictive monetary policies, some support the recent rate cut as an insurance measure, and some oppose further rate cuts due to high inflation. However, newly - appointed Fed理事Milan is strongly dovish and calls for significant and rapid rate cuts [3] - **US Economic Data**: US retail sales in August were strong, with a month - on - month increase of 0.6% (estimated 0.2%) and a year - on - year increase of 2.1%, achieving 11 consecutive months of positive growth [3] - **US Trade Negotiations**: There are multi - party progress in US trade negotiations, and the impact of tariffs on inflation may be limited [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The market entered a high - level consolidation phase after a long - term continuous rise. Some funds' increased hedging demand at high levels led to differences in long - and short - term forces, causing significant fluctuations in stock indices. However, from a long - term perspective, China's capital market is just at the beginning of its strategic allocation period. The CSI 500 and CSI 1000 indices, which are rich in technology - growth components, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300 indices, dominated by dividend blue - chip stocks, are more defensive, with smaller fluctuations but relatively weaker price elasticity [2]. 3. Summary by Related Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices for IF contracts (current month, next month, next quarter, and far - quarter) were 4510.00, 4487.00, 4464.40, and 4440.40 respectively, and the previous day's closing prices were 4506.40, 4493.40, 4484.00, and 4459.00 respectively. The price changes were - 3.38, - 1.60, 13.60, and 12.40, with price change rates of - 0.07, - 0.04, 0.30, and 0.28. The trading volumes were 33705.00, 2045.00, 65934.00, and 8437.00, and the open interests were 57115.00, 1918.00, 149528.00, and 47647.00. The changes in open interests were 57115.00, - 55816.00, - 1855.00, and - 189.00 [1]. - **IH Contracts**: The previous two - day closing prices for IH contracts were 2918.40, 2913.20, 2913.40, and 2915.20, and the previous day's closing prices were 2922.60, 2922.00, 2923.00, and 2924.40. The price changes were 4.55, 4.60, 5.60, and 4.80, with price change rates of 0.16, 0.16, 0.19, and 0.16. The trading volumes were 15232.00, 780.00, 30635.00, and 4166.00, and the open interests were 23325.00, 681.00, 63298.00, and 12355.00. The changes in open interests were 23325.00, - 22006.00, 2542.00, and 8.00 [1]. - **IC Contracts**: The previous two - day closing prices for IC contracts were 7181.80, 7105.00, 6984.00, and 6822.00, and the previous day's closing prices were 7143.40, 7078.20, 7013.20, and 6840.20. The price changes were - 39.22, - 39.60, 14.20, and 9.20, with price change rates of - 0.55, - 0.56, 0.20, and 0.13. The trading volumes were 32338.00, 2222.00, 67975.00, and 12092.00, and the open interests were 61096.00, 2014.00, 128272.00, and 47420.00. The changes in open interests were 61096.00, - 63664.00, - 3493.00, and - 1369.00 [1]. - **IM Contracts**: The previous two - day closing prices for IM contracts were 7448.00, 7343.80, 7190.80, and 6979.40, and the previous day's closing prices were 7395.60, 7312.40, 7230.20, and 7019.00. The price changes were - 53.08, - 48.60, 28.00, and 25.00, with price change rates of - 0.71, - 0.66, 0.39, and 0.36. The trading volumes were 53016.00, 4738.00, 134489.00, and 21052.00, and the open interests were 85942.00, 4498.00, 186980.00, and 76792.00. The changes in open interests were 85942.00, - 85962.00, - 6679.00, and - 3498.00 [1]. - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM were - 13.00, - 0.60, - 65.20, and - 83.20, and the previous values were - 23.00, - 5.20, - 76.80, and - 104.20 [1]. 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index was 4522.61, with a trading volume of 196.46 billion lots and a total trading amount of 5631.49 billion yuan. The value two days ago was 4501.92, with a trading volume of 225.04 billion lots and a total trading amount of 6038.87 billion yuan. The price change rate was 0.46 [1]. - **SSE 50 Index**: The previous value of the index was 2922.18, with a trading volume of 46.98 billion lots and a total trading amount of 1564.01 billion yuan. The value two days ago was 2909.74, with a trading volume of 57.24 billion lots and a total trading amount of 1632.61 billion yuan. The price change rate was 0.43 [1]. - **CSI 500 Index**: The previous value of the index was 7225.13, with a trading volume of 231.86 billion lots and a total trading amount of 4219.16 billion yuan. The value two days ago was 7170.35, with a trading volume of 271.51 billion lots and a total trading amount of 4506.54 billion yuan. The price change rate was 0.76 [1]. - **CSI 1000 Index**: The previous value of the index was 7438.19, with a trading volume of 295.90 billion lots and a total trading amount of 4832.03 billion yuan. The value two days ago was 7170.35, with a trading volume of 271.51 billion lots and a total trading amount of 4506.54 billion yuan. The price change rate was 0.69 [1]. - **Domestic and Overseas Major Stock Indices**: The price change rates of the Hang Seng Index, Nikkei 225, S&P, and DAX Index were - 1.16%, 0.23%, - 0.19%, and - 0.48% respectively [1]. 3.3 Futures - Spot Basis - **CSI 300**: The previous values of the basis for IF contracts (current month, next month, next quarter, and far - quarter) were - 81.73, - 146.93, - 211.93, and - 384.93, and the values two days ago were - 93.88, - 177.08, - 259.28, and - 470.48 [1]. - **SSE 50**: The previous values of the basis for IH contracts were 8.66, 3.46, 3.66, and 5.46 [1]. - **CSI 500**: The previous values of the basis for IC contracts were 9.81, - 94.39, - 247.39, and - 458.79 [1]. - **CSI 1000**: The previous values of the basis for IM contracts were not clearly presented in a unified format, but relevant data was provided for analysis [1]. 3.4 Other Domestic Major Indices and Overseas Indices - **Domestic Indices**: The price change rates of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 0.22%, 0.67%, 1.18%, and 0.55% respectively. The price change rates of some industry indices such as main consumption, medicine and health, real estate and finance, and information technology were also provided [1]. - **Overseas Indices**: The price change rates of the Hang Seng Index, Nikkei 225, S&P, and DAX Index were - 1.16%, 0.23%, - 0.19%, and - 0.48% respectively [1]. 3.5 Macroeconomic Information - A press conference on the "High - quality Completion of the 14th Five - Year Plan" will be held, with central bank and regulatory officials expected to discuss capital market development [2]. - Premier Li Qiang met with a US congressional delegation, emphasizing Sino - US cooperation [2]. - The China Institute of Science and Technology Development Strategy released a report showing an improvement in China's comprehensive scientific and technological innovation level [2]. - The Hong Kong SAR government plans to promote the development of the Northern Metropolis for multi - engine economic growth [2]. 3.6 Industry Information - The head of the National Data Administration called on manufacturing enterprises to increase investment in data management [2]. - Relevant departments are accelerating the formulation of national standards for pre - made dishes [2]. - China has achieved the 14th Five - Year Plan's goal for pumped - storage power stations [2]. - The power spot market in China has shown a positive effect on new energy consumption [2].

Report Investment Rating - No investment rating information is provided in the report. Core View - Protein meal: Night trading of soybean and rapeseed meal declined significantly. The September USDA report raised the planting area to 81.1 million acres, lowered the estimated yield per acre of US soybeans to 53.5 bushels, and the reduction was lower than market expectations. It raised the estimated soybean crushing volume to 2.555 billion bushels and lowered the estimated export volume to 1.685 billion bushels, ultimately increasing the ending inventory of US soybeans in 2025/26 to 300 million bushels. Currently, US soybeans are gradually entering the harvest and listing period, and the harvest pressure will gradually emerge. Argentina temporarily cancelled export taxes on soybean oil and soybean meal, which will put short - term pressure on the soybean market. It is expected that soybean meal will mainly operate under pressure [2]. - Oils: Night trading of oils was weak. Recently, Sabah, Malaysia, was affected by flood weather, but concerns about production have cooled down. According to high - frequency data, SPPOMA estimated that the palm oil production in Malaysia from September 1 - 15, 2025 decreased by 8.05% compared with the same period last month. In terms of exports, SGS data showed that the estimated export volume of Malaysian palm oil from September 1 - 15 decreased by 24.7%. Both the production and exports of Malaysian palm oil declined, and Argentina cancelled export taxes on soybean oil and soybean meal, which pressured the soybean oil price and dragged down the short - term performance of the oil sector [2]. Summary by Related Catalogs Futures Market Domestic Futures - Prices: The previous day's closing prices of domestic futures were 8366 for soybean oil, 9360 for palm oil, 10143 for rapeseed oil, 3034 for soybean meal, 2548 for rapeseed meal, and 8844 for peanuts. The price changes were 38, 44, 75, 20, 5, and 26 respectively, with percentage changes of 0.46%, 0.47%, - 3.15%, 0.66%, 0.20%, and 0.29% [1]. - Spreads: The current spreads of Y9 - 1, P9 - 1, OI9 - 1, Y - P09, OI - Y09, OI - P09 were - 332, - 558, - 728, - 768, 1381, and 613 respectively, with previous values of - 338, - 524, - 569, - 802, 1466, and 664 [1]. - Ratios and spreads: The current values of M9 - 1, RM9 - 1, M - RM09, M/RM09, Y/M09, Y - M09 were - 143, - 81, 444, 1.18, 2.78, and 5143 respectively, with previous values of - 115, - 87, 464, 1.19, 2.76, and 5091 [1]. International Futures - Prices: The previous day's closing prices of international futures were 4363 for BMD palm oil (Ringgit/ton), 1011 for CBOT soybeans (cents/bushel), 50 for CBOT US soybean oil (cents/pound), and 280 for CBOT US soybean meal (dollars/ton). The price changes were - 5, - 15, - 1, and - 4 respectively, with percentage changes of - 0.11%, - 1.44%, - 1.90%, and - 1.41% [1]. Spot Market Domestic Spot - Prices: The current spot prices of Tianjin first - grade soybean oil, Guangzhou first - grade soybean oil, Zhangjiagang 24° palm oil, Guangzhou 24° palm oil, Zhangjiagang third - grade rapeseed oil, and Fangchenggang third - grade rapeseed oil were 8580, 8700, 9380, 9270, 10370, and 10370 respectively, with percentage changes of 0.23%, 0.35%, - 0.32%, - 0.32%, 0.48%, and 0.48% [1]. - Basis: The current spot basis of the above - mentioned products were 214, 334, 20, - 90, 227, and 227 respectively [1]. - Spreads: The current spot spreads of Guangzhou first - grade soybean oil and 24° palm oil, Zhangjiagang third - grade rapeseed oil and first - grade soybean oil, and Dongguan soybean meal and rapeseed meal were - 590, 1400, and 330 respectively, with previous values of - 610, 1340, and 350 [1]. Import and Profit - The current import profits of near - month Malaysian palm oil, near - month US Gulf soybeans, near - month Brazilian soybeans, near - month US West soybeans, near - month Canadian crude rapeseed oil, and near - month Canadian rapeseed were - 314, 63, - 71, 288, 748, and 1116 respectively, with previous values of - 361, 4, - 130, 320, 881, and 1020 [1]. Warehouse Receipts - The current warehouse receipts of soybean oil, palm oil, rapeseed oil, soybean meal, rapeseed meal, and peanuts were 25,644, 1,570, 8,182, 39,055, 9,248, and 0 respectively, with previous values of 25,644, 1,570, 8,202, 39,055, 9,248, and 0 [1]. Industry Information - Palm oil: SPPOMA data showed that from September 1 - 20, 2025, the yield per unit of Malaysian palm oil decreased by 6.57% compared with the same period last month, the oil extraction rate decreased by 0.25% compared with the same period last month, and the production decreased by 7.89% compared with the same period last month [2]. - Soybeans: As of last Thursday, the sown area of soybeans in Brazil's 2025/26 season had reached 0.9% of the expected total area. The field operations in Paraná, Mato Grosso, Rondônia, and São Paulo states had significantly increased, and the current progress was the same as the same period last year [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The current stance of China's monetary policy is supportive, implementing a moderately loose monetary policy. The market risk appetite has increased due to the strengthened expectation of the Fed's interest rate cut, and the US stock market has reached a record high [1]. - The Chinese capital market is in the initial stage of strategic allocation. The CSI 500 and CSI 1000 indices, which are rich in technology - growth components, are more aggressive, while the SSE 50 and CSI 300 indices, which are rich in dividend - blue - chip components, are more defensive [4][11]. - With the Fed entering the interest rate cut cycle, the policy space for the domestic central bank has expanded, but the short - term capital market has tightened, and the bond futures prices have fluctuated at a low level [13]. 3. Summary by Directory 3.1 Key Varieties - **Fats and Oils**: The night - session of fats and oils was weak. The production and export of Malaysian palm oil decreased in early September, and Argentina's cancellation of export taxes on soybean oil and soybean meal dragged down the short - term performance of the fats and oils sector [2][29]. - **Gold**: After the Fed's interest rate decision, gold and silver initially declined and then strengthened again, reaching a new high this week. The long - term driving force for gold remains clear, and the expectation of further interest rate cuts by the Fed has continued the bullish sentiment [3][20]. - **Stock Index**: The US stock market rose. The previous trading day's stock index rebounded. The 9 - month trend was more volatile, in the high - level consolidation stage, but the long - term strategic allocation period of the Chinese capital market has just begun [4][11]. 3.2 Main News on the Day - **International News**: The Indian Minister of Commerce and Industry will visit the US to reach a "mutually beneficial" trade agreement, indicating a relaxation of tensions between the two countries [6]. - **Domestic News**: Since the implementation of the "9·24" package of policies, the "stability" foundation of China's capital market has been continuously consolidated, and the "vibrant" ecosystem has been accelerating. The number of new A - share accounts in August increased significantly [7]. - **Industry News**: The State Council's Food Safety Office is promoting the formulation of national standards for pre - made dishes and the explicit use of pre - made dishes in the catering industry [8]. 3.3 Daily Returns of Overseas Markets - The FTSE China A50 futures rose 0.45%, ICE Brent crude oil fell 0.15%, ICE 11 - sugar fell 2.04%, and other varieties showed different degrees of change [9]. 3.4 Morning Comments on Main Varieties - **Financial**: - **Stock Index**: Similar to the previous analysis, the short - term is in a high - level consolidation stage, and the long - term is in the strategic allocation period [11]. - **Treasury Bonds**: Bond prices rose slightly. The central bank carried out a 14 - day reverse repurchase operation. It is recommended to wait and see in the short term [13]. - **Energy and Chemicals**: - **Crude Oil**: Night - session oil prices continued to fall. Iraq plans to resume oil exports, and the market is concerned about OPEC's production increase [14]. - **Methanol**: Methanol prices fell at night. The overall inventory of coastal methanol is rising, and it is expected to be short - term bearish [15]. - **Rubber**: Natural rubber prices stopped falling and stabilized. Supply is expected to increase, and there is a possibility of a short - term rebound [16]. - **Polyolefins**: Polyolefin prices fell. The market is expected to fluctuate in a low - level range [17][18]. - **Glass and Soda Ash**: Glass and soda ash futures prices fell. The market is in the process of inventory digestion, and attention is paid to the consumption in autumn [19]. - **Metals**: - **Precious Metals**: Gold and silver prices reached a new high. The long - term driving force for gold is clear, and the bullish sentiment continues [20]. - **Copper**: Copper prices fell slightly at night. The market is affected by multiple factors and may fluctuate within a range [21]. - **Zinc**: Zinc prices fell slightly at night. The supply may be in surplus in the short term, and prices may fluctuate weakly within a range [22]. - **Lithium Carbonate**: Weekly production increased, inventory decreased, and prices may fluctuate in the short term [23][24]. - **Black Metals**: - **Coking Coal and Coke**: The main contracts fluctuated in a narrow range, showing a high - level oscillating trend [25]. - **Iron Ore**: Steel mills have resumed production, and iron ore demand is supported. The market is expected to be oscillating and bullish [26]. - **Steel**: The supply pressure of steel is increasing, and the market supply - demand contradiction is not significant. The market is bullish, with hot - rolled coils stronger than rebar [27]. - **Agricultural Products**: - **Protein Meal**: Bean and rapeseed meal prices fell significantly at night. The US soybean harvest pressure will gradually emerge, and bean meal is expected to be under pressure [28]. - **Fats and Oils**: Similar to the previous analysis, the short - term performance is weak [29][30]. - **Sugar**: International sugar prices are in a stage of inventory accumulation and are expected to be weak. Domestic sugar prices are supported by low inventory but are also affected by import pressure [31]. - **Cotton**: International cotton prices have limited upward momentum, and domestic cotton prices are also under pressure. The short - term is expected to be oscillating and weak [32]. - **Shipping Index**: - **Container Shipping to Europe**: The EC index fluctuated, and the spot freight rate accelerated its decline at the end of September. The decline rate may slow down after the National Day, and attention is paid to the shipping companies' price - cut rhythm [33].