Report Industry Investment Ratings - Macro-finance: Bullish on the medium to long term for stock indices, recommended to buy on dips; neutral on government bonds, recommended to hold [1][5] - Black building materials: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][10] - Non-ferrous metals: Neutral on copper, aluminum, nickel, tin, gold, and silver, recommended for range trading or cautious long positions [1][12][19] - Energy and chemicals: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins, recommended for range trading; recommended for short 01 and long 05 arbitrage on soda ash [1][22][34] - Cotton textile industry chain: Neutral on cotton and cotton yarn, recommended for range trading; bearish on PTA, recommended for range trading with a downward bias; neutral on apples, recommended for range trading with an upward bias; bearish on jujubes, recommended for range trading with a downward bias [1][36][37] - Agricultural and livestock: Bearish on pigs and eggs, recommended to sell on rallies; neutral on corn, recommended for range trading; bearish on soybean meal, recommended for range trading with a downward bias; bullish on oils, recommended to buy after the correction [1][40][53] Core Viewpoints - The A-share market is expected to continue its upward trend in the medium to long term, but short-term fluctuations are inevitable. The bond market is gradually recovering, and market sentiment is stabilizing [5] - The black building materials market is affected by factors such as coal prices and policy expectations. The non-ferrous metals market is influenced by macro factors and supply and demand. The energy and chemicals market is facing challenges such as high inventory and weak demand [8][12][23] - The cotton textile industry chain is affected by factors such as global supply and demand and policy changes. The agricultural and livestock market is affected by factors such as supply and demand and policy support [36][40] Summaries by Category Macro-finance - Stock indices: A-shares showed a shrinking consolidation trend on Monday, with technology growth sectors performing relatively well. The market is expected to continue its upward trend in the medium to long term, but short-term fluctuations are inevitable. Recommended to buy on dips [5] - Government bonds: The market sentiment continued to improve on Monday, and the yields of government bonds at all maturities fell from previous highs. The central bank restarted the 14-day reverse repurchase operation, injecting positive sentiment into the bond market. Recommended to hold [5] Black Building Materials - Coking coal: The coal market is experiencing a "Golden September" market, with prices rising across the board. The supply of coking coal is affected by factors such as mine maintenance and production cuts. Recommended for range trading [8] - Rebar: The futures price of rebar showed a slightly stronger trend on Monday. The valuation of rebar has slightly increased, and the macro policy and industrial demand are the main driving factors. Recommended for range trading [8] - Glass: The fundamentals of glass are stable, and the market is affected by factors such as coal prices and seasonal demand. The supply of glass is relatively stable, and the demand is expected to increase in the peak season. Recommended to buy on dips [10] Non-ferrous Metals - Copper: The price of copper showed a high-level consolidation trend this week. The demand for copper is affected by high prices, and the supply is affected by factors such as smelter maintenance and imports. The macro factors are expected to have a significant impact on the price of copper. Recommended for range trading [12] - Aluminum: The price of aluminum is expected to continue its high-level consolidation trend. The supply of aluminum is affected by factors such as production capacity expansion and imports, and the demand is expected to increase in the peak season. Recommended for range trading [13] - Nickel: The price of nickel is expected to continue its range-bound trend. The supply of nickel is affected by factors such as mine production and imports, and the demand is affected by factors such as stainless steel production and battery manufacturing. Recommended to sell on rallies [18] - Tin: The price of tin is expected to continue its range-bound trend. The supply of tin is affected by factors such as mine production and imports, and the demand is affected by factors such as semiconductor production and solder manufacturing. Recommended for range trading [18] - Gold and silver: The prices of gold and silver are expected to continue their range-bound trends. The prices of precious metals are affected by factors such as the Fed's interest rate policy and geopolitical risks. Recommended for range trading [19][21] Energy and Chemicals - PVC: The price of PVC is expected to continue its range-bound trend. The supply of PVC is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as real estate and exports. Recommended for range trading [23] - Caustic soda: The price of caustic soda is expected to continue its range-bound trend. The supply of caustic soda is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as alumina production and exports. Recommended for range trading [26] - Styrene: The price of styrene is expected to continue its downward trend. The supply of styrene is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as downstream consumption and exports. Recommended for range trading with a downward bias [27] - Rubber: The price of rubber is expected to continue its range-bound trend. The supply of rubber is affected by factors such as weather and production cuts, and the demand is affected by factors such as tire production and exports. Recommended for range trading [29] - Urea: The price of urea is expected to continue its range-bound trend. The supply of urea is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as agriculture and exports. Recommended for range trading [30] - Methanol: The price of methanol is expected to continue its downward trend. The supply of methanol is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as downstream consumption and exports. Recommended for range trading with a downward bias [31] - Polyolefins: The prices of polyethylene and polypropylene are expected to continue their range-bound trends. The supply of polyolefins is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as downstream consumption and exports. Recommended for range trading [32] - Soda ash: The price of soda ash is expected to continue its downward trend. The supply of soda ash is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as glass production and exports. Recommended for short 01 and long 05 arbitrage [34] Cotton Textile Industry Chain - Cotton and cotton yarn: The prices of cotton and cotton yarn are expected to continue their range-bound trends. The global supply and demand of cotton are improving, but the new cotton production is expected to increase, putting pressure on prices. Recommended for range trading [36] - PTA: The price of PTA is expected to continue its downward trend. The supply of PTA is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as polyester production and exports. Recommended for range trading with a downward bias [36] - Apples: The price of apples is expected to continue its upward trend. The supply of apples is affected by factors such as weather and production cuts, and the demand is affected by factors such as seasonal consumption and exports. Recommended for range trading with an upward bias [37] - Jujubes: The price of jujubes is expected to continue its downward trend. The supply of jujubes is affected by factors such as weather and production cuts, and the demand is affected by factors such as seasonal consumption and exports. Recommended for range trading with a downward bias [37] Agricultural and Livestock - Pigs: The price of pigs is expected to continue its downward trend. The supply of pigs is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as seasonal consumption and exports. Recommended to sell on rallies [40] - Eggs: The price of eggs is expected to continue its downward trend. The supply of eggs is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as seasonal consumption and exports. Recommended to sell on rallies [42] - Corn: The price of corn is expected to continue its range-bound trend. The supply of corn is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as feed consumption and exports. Recommended for range trading [44] - Soybean meal: The price of soybean meal is expected to continue its downward trend. The supply of soybean meal is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as feed consumption and exports. Recommended for range trading with a downward bias [45] - Oils: The prices of soybean oil, palm oil, and rapeseed oil are expected to continue their downward trends. The supply of oils is affected by factors such as production capacity expansion and imports, and the demand is affected by factors such as seasonal consumption and exports. Recommended to buy after the correction [53]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The polyolefin market is experiencing intense supply - demand competition and is expected to trade in a range. The LL main contract is expected to oscillate between 7200 - 7500, and the PP main contract between 6900 - 7200, with the LP spread expected to widen [5]. - The plastics market has alleviated supply - demand contradictions and has strong bottom support [7]. - The PP market faces significant long - term pressure and is expected to be weakly volatile in the short term [44]. 3. Summary by Directory 3.1 Polyolefin Market - **Market Changes**: On September 19, the L main contract closed at 7169 yuan/ton, and the PP main contract at 6914 yuan/ton, with an LP spread of 255 yuan/ton. LDPE, HDPE, and LLDPE prices showed slight declines. LLDPE South China basis and PP basis both contracted, while their 9 - 1 month spreads widened [5]. - **Fundamental Changes** - **Supply**: China's polyethylene production start - up rate was 80.36%, up 2.32 percentage points, with a weekly output of 63.10 tons, up 2.97%. The PP petrochemical enterprise start - up rate was 74.90%, down 1.93 percentage points. PP pellet output decreased by 2.51% weekly, while PP powder output increased by 2.44% [5]. - **Demand**: The overall domestic agricultural film start - up rate was 26.75%, up 2.63%. The average downstream start - up rate was 51.45%, up 0.59 [5]. - **Inventory**: Plastic enterprise social inventory was 54.66 tons, down 1.37 tons, or 2.45%. Polypropylene domestic inventory was 55.06 tons, down 4.26% [5]. 3.2 Plastics Market - **Weekly Market Review**: On September 19, the plastics main contract closed at 7169 yuan/ton, with LDPE, HDPE, and LLDPE prices showing slight declines. LLDPE South China basis contracted, and the 9 - 1 month spread widened [8]. - **Key Data Tracking** - **Month - Spread**: The 1 - 5, 5 - 9, and 9 - 1 month spreads of plastics had different changes on September 19 compared to September 12 [16]. - **Spot Price**: Different regions and varieties of plastics had different price changes on September 19 [17][18]. - **Cost**: WTI crude oil was at 62.36 dollars/barrel, up 0.24 dollars/barrel, and Brent crude oil was at 66.05 dollars/barrel, down 0.83 dollars/barrel. Anthracite in the Yangtze River port was priced at 1060 yuan/ton, up 10 yuan/ton [20]. - **Profit**: Oil - based PE profit was - 312 yuan/ton, down 92 yuan/ton, and coal - based PE profit was 868 yuan/ton, down 63 yuan/ton [24]. - **Supply**: China's polyethylene production start - up rate was 80.36%, up 2.32 percentage points, with a weekly output of 63.10 tons, up 2.97%. The maintenance loss was 12.52 tons, down 2.10 tons [29]. - **2025 Production Plan**: Multiple enterprises have new production capacity coming on - stream in 2025, with a total planned capacity of 613 [31]. - **Maintenance Statistics**: Many enterprises' production lines are under maintenance, with some having undetermined restart times [32]. - **Demand**: The domestic agricultural film, PE packaging film, and PE pipe start - up rates all increased [33]. - **Downstream Production Ratio**: The linear film production ratio was the highest at 31.9%, and the low - pressure pipe ratio deviated significantly from the annual average [37]. - **Inventory**: Plastic enterprise social inventory was 54.66 tons, down 1.37 tons, or 2.45% [39]. - **Warehouse Receipts**: As of September 19, the polyethylene warehouse receipt quantity was 12736 lots, up 211 lots [42]. 3.3 PP Market - **Weekly Market Review**: On September 19, the PP main contract closed at 6914 yuan/ton, up 1 yuan/ton [45]. - **Key Data Tracking** - **Downstream Spot Price**: Different PP products and related products had different price changes on September 19 [48][49]. - **Basis**: On September 19, the PP spot price was 7020 yuan/ton, down 0.73%. The PP basis was 106 yuan/ton, down 88 yuan, and the 9 - 1 month spread was 14 yuan/ton, up 140 yuan [51]. - **Month - Spread**: The 1 - 5, 5 - 9, and 9 - 1 month spreads of PP had different changes on September 19 compared to September 12 [60]. - **Cost**: WTI crude oil was at 62.36 dollars/barrel, up 0.24 dollars/barrel, and Brent crude oil was at 66.05 dollars/barrel, down 0.83 dollars/barrel. Anthracite in the Yangtze River port was priced at 1060 yuan/ton, up 10 yuan/ton [62]. - **Profit**: Oil - based PP profit was - 435.85 yuan/ton, down 113.68 yuan/ton, and coal - based PP profit was 444.40 yuan/ton, down 45.80 yuan/ton [66]. - **Supply**: China's PP petrochemical enterprise start - up rate was 74.90%, down 1.93 percentage points. PP pellet output was 76.70 tons, down 2.51% weekly, and PP powder output was 6.14 tons, up 2.44% [69]. - **Maintenance Statistics**: Many enterprises' production lines are under maintenance, with some having undetermined restart times [72]. - **Demand**: The average downstream start - up rate was 51.45%, up 0.59. The plastic weaving, BOPP, injection molding, and pipe start - up rates had different changes [74]. - **Import - Export Profit**: The PP import profit was - 480.06 dollars/ton, up 20.80 dollars/ton, and the export profit was - 3.69 dollars/ton, down 0.09 dollars/ton [81]. - **Inventory**: Polypropylene domestic inventory was 55.06 tons, down 4.26%. The two - oil inventory increased by 1.63%, the trader inventory decreased by 7.06%, and the port inventory increased by 4.92% [84]. - **Warehouse Receipts**: On September 19, the PP warehouse receipt quantity was 13499 lots, down 207 lots [91].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The copper price fluctuated at a high level before the National Day. The Fed's interest - rate cut rhythm is uncertain, and domestic policies may be further strengthened. The recovery of peak - season consumption and high domestic maintenance will support the copper price [2]. - The aluminum price showed a pattern of rising and then falling back to the shock area. Although the inventory continued to accumulate during the peak season, it was still recommended to go long at low prices, and a strategy of going long on AD and short on AL could be considered for aluminum alloy [2]. - The zinc price was expected to fluctuate weakly, with the domestic zinc fundamentals lacking support, and it was recommended to trade with a short bias in the range [2]. - The lead price broke through and then moved sideways, and it was recommended to go long at low prices in the range [2]. - The nickel price was expected to decline in the short - term after the interest - rate cut and remain in a state of oversupply in the long - term. It was recommended to hold short positions moderately at high prices, and stainless steel was recommended for range trading [3]. - The tin price was expected to continue to fluctuate in the upward channel. Due to the tight supply of tin ore and the recovery of downstream consumption, it was recommended for range trading [3]. - The industrial silicon price was expected to fluctuate widely, and it was recommended for short - term long trading or to wait and see. The polysilicon price was expected to fluctuate widely at a high level, and it was recommended to wait and see [3]. - The lithium carbonate price was expected to continue to fluctuate widely, and it was recommended for cautious trading [3]. 3. Summary by Related Catalogs 3.1 Macro - **China's Economic Data**: From January to August, China's real estate development investment decreased by 12.9% year - on - year; in August, the year - on - year growth rate of the added value of industrial enterprises above designated size was 5.2%, and the year - on - year growth rate of social consumer goods retail sales was 3.4% [11][13][14][15]. - **US Economic Data**: In August, US retail sales increased by 0.6% month - on - month, exceeding expectations. The Fed cut interest rates by 25 basis points as expected, and the number of initial jobless claims in the week ending September 13 fell to 231,000 [16][17][18]. 3.2 Copper - **Price Trend**: The copper price first rose and then fell this week. Domestically, the trading enthusiasm increased after the price center moved down, and it was expected to maintain a high - level shock before the National Day [2]. - **Supply and Demand**: Currently, domestic smelters are in a high - maintenance period, but with the supplement of imported copper, the supply pressure is not obvious. Terminal consumption is still weak, and the inventory is stable with a slight increase [2]. 3.3 Aluminum - **Price Trend**: The aluminum price showed a pattern of rising and then falling back to the shock area [47]. - **Supply and Demand**: The operating capacity of alumina and electrolytic aluminum increased steadily. The downstream demand entered the peak - season rhythm, and the inventory of aluminum ingots and aluminum rods continued to increase [2]. 3.4 Zinc - **Price Trend**: The zinc price fluctuated weakly last week, and it was expected to continue the weak shock [65]. - **Supply and Demand**: The supply of zinc concentrate was loose, and refined zinc production remained high. Terminal consumption was weak, and domestic zinc inventories reached a high for the year [2]. 3.5 Lead - **Price Trend**: The lead price showed a shock - rebound trend, breaking through and then moving sideways [2]. - **Supply and Demand**: The inventory decreased, and the replenishment demand of battery enterprises was strong, supporting the spot lead price [2]. 3.6 Nickel - **Price Trend**: The nickel price fluctuated and declined last week, and it was expected to decline in the short - term and remain oversupplied in the long - term [3]. - **Supply and Demand**: The refined nickel market was in an oversupply situation, the growth of nickel - iron prices slowed down, and the stainless - steel market had limited demand boost [3]. 3.7 Tin - **Price Trend**: The tin price continued to fluctuate in the upward channel [3]. - **Supply and Demand**: The supply of tin ore was tight, and the downstream semiconductor industry was expected to continue to recover, with inventories at a medium level [3]. 3.8 Industrial Silicon - **Price Trend**: The industrial silicon price was expected to fluctuate widely [3]. - **Supply and Demand**: The production and inventory of industrial silicon, polysilicon, and organic silicon changed in different directions, and the market risk was relatively large [3]. 3.9 Carbonate Lithium - **Price Trend**: The carbonate lithium price was expected to continue to fluctuate widely [3]. - **Supply and Demand**: The supply was affected by mine - related issues, and the demand from the energy - storage terminal was good, with battery factories increasing production [3].

Report Industry Investment Rating - The investment rating for the cotton textile industry is "Oscillating Weakly" [3] Core Viewpoints - Short - and medium - term outlook for cotton: This year, new cotton is on the market. With current prices in the low - value range, cotton purchases are likely to be stable. Around the National Day, firm spot prices support seed cotton prices, preventing deep drops in futures. After mid - to late October, as new cotton supply increases and hedging pressure rises, futures may first open low, then rebound, and finally decline. The short - term fluctuation range of CF2601 futures price is 13,200 - 14,200. Whether it can exceed 14,200 in October depends on the post - National Day spot tightness. Long - term outlook: Due to potentially tight domestic supply - demand next year, balanced global supply - demand, the Fed's shift to a rate - cut cycle, and possible continuous domestic favorable policies, the market is expected to improve macroscopically, showing an upward oscillating trend in the long run [5]. - For cotton yarn, this week, Zhengzhou cotton and cotton yarn markets mainly oscillated downward. The pure - cotton yarn market had average trading, worse than previous years. Low - count yarns performed better, with downstream purchasing for rigid demand. Inland spinning enterprises are still in cash - flow losses and lack confidence in the future. The market is highly concerned about subsequent orders in September [7]. Summary by Directory 01 - Weekly Viewpoint - Cotton - Short - and medium - term: New cotton purchase likely stable, futures supported by spot before National Day, may decline after mid - to late October. CF2601 short - term range 13,200 - 14,200. Long - term: Tight domestic supply - demand next year, global balance, possible favorable policies, long - term upward oscillation [5]. 02 - Weekly Viewpoint - Cotton Yarn - This week, Zhengzhou cotton and cotton yarn oscillated downward. Pure - cotton yarn market trading was average, low - count yarns better, inland enterprises in losses, market concerned about September orders [7]. 03 - Market Review - Cotton market: Zhengzhou cotton broke through support and trended down. Market focused on new cotton listing, with increased Xinjiang cotton production and yarn capacity, and tight spot market causing divergence. Cotton yarn market: Pure - cotton yarn trading was average, worse than previous years, low - count yarns better, inland enterprises in losses [11]. 04 - International Macroeconomics - In the US, various economic indicators such as ISM manufacturing PMI, employment data, trade balance, inflation, and interest rates had different changes in September 2025. In the Eurozone, unemployment, CPI, PPI, GDP, and interest rates also showed specific trends [12]. 05 - Domestic Macroeconomics - In China, in September 2025, foreign exchange reserves increased, CPI and PPI had specific changes, M2 money supply remained stable, social financing scale and new RMB loans had significant differences from previous values, and indicators like fixed - asset investment, retail sales, and unemployment also changed [14]. 06 - Global Supply - Demand Balance Sheet - In the 2025/26 season, global cotton production, consumption, imports, and exports all increased slightly compared to the previous month, while the ending inventory decreased. Total supply increased slightly, and the inventory - to - consumption ratio changed [16][17]. 08 - US Cotton Exports - From September 5 - 11, 2025, US net signing of 2025/26 upland cotton increased, while shipments decreased. Net signing of Pima cotton increased, but shipments decreased. China's net signing of 2025/26 upland cotton was 998 tons, with no shipments [22]. 09 - Industrial and Commercial Inventories - At the end of August, China's commercial cotton inventory decreased significantly compared to the previous month and last year. Industrial cotton inventory in textile enterprises decreased slightly. Total industrial and commercial inventories decreased year - on - year [23]. 10 - Cotton and Cotton Yarn Imports in July - In August 2025, China's cotton imports increased from the previous month but decreased year - on - year. Cotton yarn imports increased both month - on - month and year - on - year. Cumulative imports from January - August and the 2024/25 season decreased compared to the previous year [28]. 11 - Cotton Yarn Production and Sales in August - In August, the pure - cotton yarn market improved, especially in the second half. Spinning enterprises' profit margins improved, with reduced losses. August production increased year - on - year but decreased month - on - month, and cumulative production from January - August increased year - on - year [32]. 12 - US Cotton Growth - As of September 14, US cotton boll opening and harvesting rates were close to the average of recent years, and the good - to - excellent rate was high. Yield is expected to increase steadily [35]. 13 - US Cotton Weather - As of September 16, the drought index in the US cotton - growing areas increased, approaching the 5 - year average. Early - stage drought had limited impact, and the weekly good - to - excellent rate was good [39]. 14 - Xinjiang Cotton Growth - As of September 15, 2025, Xinjiang cotton was in the late boll - opening stage, with a high boll - opening rate. The second round of defoliant spraying was in progress, and some early - maturing varieties in northern Xinjiang had started picking [41]. 15 - Textile Industry Inventories - In July, textile industry inventories increased slightly month - on - month and year - on - year. Textile and garment inventories showed different trends in month - on - month and year - on - year comparisons [42]. 16 - Domestic Demand - In August 2025, China's social consumer goods retail总额 increased year - on - year and month - on - month. Retail sales of clothing, footwear, and textiles also increased [47]. 17 - External Demand - Exports - In July 2025, China's textile and garment exports decreased slightly year - on - year and month - on - month. From January - July, exports increased year - on - year [50]. 18 - US Apparel Retail Sales in July - In July 2025, US apparel and clothing accessory retail sales increased year - on - year and month - on - month. In June, retailer inventories increased year - on - year but decreased month - on - month, and the inventory - to - sales ratio decreased [56]. 19 - US Cotton Product Imports in July - In July 2025, US cotton product imports increased month - on - month but decreased year - on - year. Textile and garment imports increased both month - on - month and year - on - year [59]. 20 - Warehouse Receipts - As of September 18, 2024/25 season warehouse receipts decreased compared to the previous week [61]. 21 - Non - Commercial Long Positions - As of September 9, ICE cotton futures non - commercial futures plus options net long positions decreased, as did non - commercial futures net long positions and commodity index fund net long positions [65]. 22 - Spinning Mill Load - As of September 12, the pure - cotton yarn mill load index remained flat, the rayon yarn load remained flat, and the polyester yarn load increased slightly [68]. 23 - Weaving Mill Load - The pure - cotton grey fabric load index, rayon fabric load index, and short - fiber fabric comprehensive load all increased [72]. 24 - Industrial Chain Inventories - Textile enterprises' cotton, cotton yarn, and pure - cotton grey fabric inventories decreased compared to the previous week. Improving demand in the "Golden September and Silver October" season led to inventory decline, supporting prices [76]. 25 - Industrial Chain Profits - In the spot market, the pure - cotton yarn market was mediocre. Spinning enterprises wanted to maintain prices, and yarn prices declined slightly with Zhengzhou cotton. Profits improved slightly, with inland enterprises' C32S cash - flow losses around 300 yuan/ton [82]. 26 - Basis - This week, the basis strengthened as futures prices declined. The current basis is 1448 yuan/ton, up 30 yuan/ton from last week. New cotton purchase prices are out, and the basis for pre - sold new cotton is relatively high and stable [83]. 27 - Domestic - Foreign Cotton Price Spread - This year, domestic cotton is stronger than foreign cotton. However, after October, with Xinjiang cotton harvest and possible large - scale arrival of Brazilian cotton in November - December, the situation may change. In the long run, domestic supply may be tight next year, so one should not blindly short domestic and long foreign cotton [86]. 28 - Inter - Month Spread - The 11 - 1 spread is - 115 yuan/ton this week. Considering next year's supply - demand and macro - factors, the near - term is weak and the long - term is strong. However, due to factors like warehouse receipt cancellation in November, the spread may fluctuate between - 80 and - 200 [91].

Group 1: Report Summary - The textile industry maintained stable overall operations in H1 2025, with high export and domestic demand, good cotton consumption, but weak profit growth and high business pressure. The overall performance of listed companies showed some resilience [1][3]. - The industry showed a stable revenue but faced significant profit pressure, with differences among sub - industries. Exports demonstrated resilience due to Sino - US trade disputes. Listed companies generally performed well, but individual stocks varied, and the sportswear industry led the market [25]. Group 2: H1 2025 Textile Industry Overall Operation Production Situation - The textile industry's capacity utilization was in a reasonable range. The industrial added - value of above - scale textile enterprises increased by 3.1% year - on - year (1.5 percentage points slower than the previous year). Most parts of the industrial chain had stable production. Some sub - industries had high growth rates, and 9 out of 15 major textile products saw output growth [4]. Consumption Market - Textile and clothing domestic sales had a mild recovery. Per capita clothing consumption expenditure increased by 2.1% year - on - year (0.9 percentage points faster than Q1). The retail sales of clothing, footwear, and textiles above the quota increased by 3.1% year - on - year (1.8 percentage points faster than the previous year). Online clothing sales increased by 1.4% year - on - year (1.5 percentage points higher than Q1). Consumption trends included a shift towards quality, personalization, and culture [5]. Foreign Trade Situation - Despite challenges, textile exports maintained a slight increase. Total textile and clothing exports were $143.98 billion, a 0.8% year - on - year increase. Textile exports were $70.52 billion, up 1.8% year - on - year, while clothing exports were $73.46 billion, down 0.2% year - on - year. Exports to the US declined, but those to other trading partners increased [10]. Benefit Situation - Textile enterprises faced increased operating pressure. The operating income of 38,000 above - scale textile enterprises decreased by 3% year - on - year, and the total profit decreased by 9.4% year - on - year. The operating income profit margin dropped to 3%. However, there were differences among sub - industries [12]. Group 3: Listed Company Performance H1 2025 Financial Report - In terms of revenue, the textile manufacturing and clothing home textile sectors had year - on - year growth rates of +7.8% and - 6.4% respectively. In terms of profit, the textile manufacturing sector had a stable gross profit margin of 19.4% and a net profit margin of 8.5%. The clothing home textile sector had a gross profit margin of 46.1% and a net profit margin of 8.5%. In terms of inventory, the textile manufacturing sector's inventory - to - sales ratio was about 3.9 months, and that of the clothing home textile sector dropped to about 6.7 months [17]. Q2 2025 - In terms of revenue, the textile manufacturing sector's growth rate slowed to 6.6% year - on - year, and the clothing home textile sector's decline narrowed to 4.6% year - on - year. In terms of profit, the textile manufacturing sector's gross profit margin was 19.4%, and the net profit margin was 9.5%. The clothing home textile sector's gross profit margin was 45.4%, and the net profit margin was 5.8%. In terms of inventory, the textile manufacturing sector's inventory - to - sales ratio increased to 4.1 months, and that of the clothing home textile sector decreased to 6.7 months [21]. Sector Companies - In the clothing home textile sector, the sportswear track was booming, with leading companies like Anta Sports, 361 Degrees, and Li Ning having good revenue and profit growth. Non - sportswear companies generally faced challenges. In the textile manufacturing sector, contract manufacturing enterprises had stable order growth, and cotton - spinning enterprises performed well [22][24].

Report Overview - **Report Title**: Yangtze River Futures Precious Metals Weekly Report - **Report Date**: September 22, 2025 - **Reporting Institution**: Yangtze River Futures Co., Ltd. 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View - Fed's 25 - basis - point rate cut has been implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, leading to a strong - side oscillation in precious metal prices. With the US economic data trending weaker and concerns about the US fiscal situation and Fed independence, precious metal prices are expected to have support at the bottom. Attention should be paid to the US August PCE data to be released on Friday [7][10][12]. 3. Summary by Directory 3.1 Market Review - **Gold**: Fed's 25 - basis - point rate cut was implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, and the price of US gold continued to oscillate strongly. As of last Friday, US gold closed at $3,719 per ounce, up 1.1% for the week. The upper resistance level is $3,760, and the lower support level is $3,640 [7]. - **Silver**: Fed's 25 - basis - point rate cut was implemented, and the dot - plot shows two more rate cuts this year. The market anticipates a lower end - point for this round of rate cuts, and the price of US silver continued to rise. As of last Friday, it had a weekly increase of 1.6%, closing at $43.4 per ounce. The lower support level is $42, and the upper resistance level is $45 [10]. 3.2 Weekly View - The Fed's 25 - basis - point rate cut was implemented, and the market anticipates a lower end - point for this round of rate cuts, causing precious metal prices to oscillate strongly. The US Bureau of Labor Statistics significantly revised down the total non - farm payrolls for March. The US August PPI data was lower than expected, and the dot - plot of the FOMC meeting shows two more rate cuts. Trump's influence on the Fed's independence is evident, and the results of trade negotiations between the US and multiple countries have been finalized, with the tariff increase generally lower than market expectations, leading to increased optimism about a trade agreement between the US and Europe. The number of initial jobless claims in the US last week exceeded expectations, and Powell said that changing economic risks give the Fed more reason to cut rates, and the impact of tariffs on consumer prices is unlikely to be persistent. With the US economic data trending weaker and concerns about the US fiscal situation and Fed independence, precious metal prices are expected to have support at the bottom. It is recommended to pay attention to the US August PCE data to be released on Friday [12]. 3.3 Overseas Macroeconomic Indicators The report presents multiple charts related to overseas macroeconomic indicators, including the US dollar index, euro - to - dollar and pound - to - dollar exchange rates, real interest rates (10 - year TIPS yield), US Treasury bond yields (10 - year and 2 - year), yield spreads (10Y - 2Y), Fed's balance sheet size and its weekly changes, gold - to - silver ratio, and WTI crude oil futures price trends, but no specific analysis is provided [16][18][21]. 3.4 Important Economic Data of the Week - **US August Retail Sales MoM**: The announced value was 0.6%, higher than the expected 0.2% and the previous value of 0.5% [26]. - **US Initial Jobless Claims for the Week Ended September 13**: The announced value was 231,000, lower than the expected 240,000 and the previous value of 263,000 [26]. 3.5 Important Macroeconomic Events and Policies of the Week - **Fed Meeting in September**: The Fed cut rates by 25 basis points, the first rate cut this year after a cut in December last year. The dot - plot indicates two more rate cuts this year, generally in line with expectations. The statement emphasizes the downward risk of employment compared to the July meeting. Powell believes that tariffs have a one - time impact on core commodity inflation, and the probability of persistently high inflation is low. - **Economic Forecast Adjustment**: The Fed slightly raised the economic growth forecasts for 2025 - 2027, with increases of 0.2%, 0.2%, and 0.1% respectively compared to the June forecasts, reaching 1.6%, 1.8%, and 1.9%. It maintained the forecast of an annual unemployment rate of 4.5% this year and slightly lowered the unemployment rate forecasts for 2026 and 2027 to 4.4% and 4.3%. The Fed is more optimistic about the economic growth outlook and believes that the risks in the job market are generally controllable [27]. 3.6 Inventory - **Gold**: COMEX inventory increased by 17,077.21 kg to 1,227,454.08 kg this week, and SHFE inventory increased by 4,479 kg to 57,429 kg [14]. - **Silver**: COMEX inventory decreased by 105,128.15 kg to 16,299,580.27 kg this week, and SHFE inventory decreased by 87,126 kg to 1,159,443 kg [14]. 3.7 Fund Holdings - **Gold**: As of September 16, the CFTC speculative fund net long position was 256,079 contracts, an increase of 728 contracts from last week [14][34]. - **Silver**: As of September 16, the CFTC speculative fund net long position was 48,778 contracts, a decrease of 2,111 contracts from last week [14][34]. 3.8 Key Points to Watch This Week - **Tuesday (September 23), 21:45**: US September SPGI Manufacturing PMI Flash - **Thursday (September 25), 20:30**: US Q2 Real GDP Annualized QoQ Final Value - **Friday (September 26), 20:30**: US August PCE Price Index YoY [36] Strategy Suggestion - Trade cautiously and within a range. Refer to the operating range of 820 - 855 for the SHFE gold December contract and 9,800 - 10,500 for the SHFE silver December contract [14].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Last week, Shanghai copper showed a pattern of being strong first and then weak, closing at 79,910 yuan/ton on Friday, with a weekly decline of 1.42%. After the Fed cut interest rates by 25 basis points, long - positions took profits and copper prices pulled back. Fundamentally, copper concentrate remained in short supply, and the spot rough smelting fee for copper concentrate was at a historical low. During the peak shutdown and maintenance period of smelters from September to October, combined with the insufficient supply of anode copper affected by tax policies, refined copper production might decline month - on - month. Meanwhile, the low domestic copper inventory provided support for copper prices. As the National Day approached, the downstream inventory - building demand might increase, and the demand in the peak season remained to be verified. Domestic policies might be introduced successively, and it was expected that copper prices would maintain a relatively strong and volatile pattern in the short term [7]. - The supply - side contradiction between mines and smelters persisted, with the spot rough smelting fee for copper concentrate remaining at a historical low. Although the port inventory of copper concentrate rebounded slightly, it was still at a low level over the years. The growth rate of domestic refined copper production remained stable, but in September, the production of electrolytic copper was expected to decrease due to the peak of smelter shutdowns and maintenance and the impact of policies on anode copper supply. On the demand side, downstream consumption showed no obvious improvement, but the operating rate increased slightly approaching the National Day. The operating rate of some copper products decreased, while that of copper foil increased. In terms of inventory, the inventory of the Shanghai Futures Exchange and domestic copper social inventory increased, while the LME copper inventory decreased. Considering factors such as the Fed's interest - rate cut rhythm uncertainty, the weak terminal consumption, and the support from peak - season consumption and high domestic maintenance, copper prices were expected to maintain a high - level and volatile operation before the holiday, and it was recommended to trade with a cautious long - position [4][5]. 3. Summaries According to the Table of Contents 3.1 Main Viewpoints and Strategies - **Supply - side**: As of September 18, the spot rough smelting fee for copper concentrate was - 41.4 dollars/ton, remaining at a historical low. As of September 12, the port inventory of domestic copper concentrate was 574,000 tons, rebounding slightly from a low level but still at a low level over the years. In August, China's electrolytic copper production was 1.1715 million tons, a month - on - month decrease of 0.24% and a year - on - year increase of 15.59%. In September, due to the peak of smelter shutdowns and maintenance and the impact of policies on anode copper supply, electrolytic copper production was expected to decrease [4][5][32]. - **Demand - side**: As of September 18, the weekly operating rate of major domestic refined copper rod enterprises rose to 70.49%, a month - on - month increase of 2.96 percentage points and a year - on - year decrease of 8.83 percentage points. Some enterprises stocked up in advance for the National Day holiday to avoid the risk of rising raw material prices. The decline in copper prices at the end of the week also increased downstream pick - up. In August, the operating rates of copper strips, copper tubes, and copper foils were 65.87%, 65.70%, and 78.44% respectively. The increase in copper prices reduced downstream purchasing willingness, and the growth of downstream orders was less than expected. The operating rate of copper tubes decreased due to the impact of US tariffs, while the operating rate of copper foils increased due to strong downstream demand for lithium - ion copper foils [4][5][36]. - **Inventory**: As of September 19, the copper inventory of the Shanghai Futures Exchange was 105,796 tons, a week - on - week increase of 12.51%. As of September 18, the domestic copper social inventory was 148,900 tons, a week - on - week increase of 3.19%. As of September 19, the LME copper inventory was 147,700 tons, a week - on - week decrease of 4.09% [4][5][48]. - **Strategy Suggestion**: Powell's statement on stagflation caused the US dollar to fall first and then rise, leading to a significant decline in precious metals and non - ferrous metals. High copper prices also suppressed demand, and market long - positions reduced their positions. After the decline in copper prices last week, market trading enthusiasm rebounded. Next week would be the inventory - building period before the National Day, and consumption might gradually recover. Currently, domestic smelters were in a high - maintenance period, but with the supplement of imported copper, the supply - side pressure was not obvious. The terminal consumption was still weak, and domestic and foreign inventories were stable with a slight increase but still fluctuating at a low level. The Fed's interest - rate cut rhythm was uncertain, and market expectations for future interest - rate cuts were divided. Domestic economic data was poor, and domestic policies might be further strengthened. Affected by the recovery of peak - season consumption and high domestic maintenance, copper prices were expected to maintain a high - level and volatile operation before the holiday, and it was recommended to trade with a cautious long - position [4][5]. 3.2 Macro and Industry News - **Macro Data Overview**: China and the US reached a basic framework consensus on properly resolving the TikTok issue. China's social consumer goods retail sales in August increased by 3.4% year - on - year, and the added value of industrial enterprises above a designated size increased by 5.2% year - on - year. From January to August, China's real estate development investment decreased by 12.9% year - on - year. US retail sales in August increased by 0.6% month - on - month, exceeding expectations. The Fed cut interest rates by 25 basis points as expected and emphasized the downward risk of employment [13]. - **Industry News Overview**: The Shanghai Futures Exchange would launch the bonded standard warehouse receipt trading of international copper varieties on September 19. The net long positions of COMEX copper increased. A small part of the Grasberg copper mine in Indonesia was still in operation after a mudslide accident. China's copper production increased slightly in August, and the production in September was expected to decline. The Shanghai Futures Exchange announced the listing benchmark price for the bonded standard warehouse receipt trading of international copper varieties [15]. 3.3 Spot and Futures Market and Positioning - **Premium and Discount**: At the beginning of the week, as it was the last trading day of the SHFE 2509 copper contract, the market's purchasing and sales sentiment declined. As copper prices rose, downstream purchasing sentiment was still poor, and the spot premium of Shanghai copper declined. Then, as copper prices fell approaching the weekend, purchasing sentiment increased, and the premium of Shanghai copper rose. The refined - scrap copper price difference narrowed slightly. The LME copper 0 - 3 maintained a stable discount, and the New York - London copper price difference changed little [18]. - **Domestic and Overseas Positions**: As of September 19, the trading volume of Shanghai copper futures was 73,378 lots per day on average during the week, a week - on - week increase of 3.91%. After the Fed's interest - rate cut, long - positions in Shanghai copper took profits and left the market. As of September 12, the net long positions of LME copper investment companies and credit institutions were 19,044.92 lots, a week - on - week decrease of 12.28%. As of September 16, the net long positions of COMEX copper asset management institutions were 42,097 lots, a week - on - week increase of 7.93%, and the net long positions of New York copper increased significantly [22]. 3.4 Fundamental Data - **Supply - side**: Similar to the supply - side content in "Main Viewpoints and Strategies", the spot rough smelting fee for copper concentrate remained at a low level, and the port inventory of copper concentrate was at a low level over the years. The production of electrolytic copper was expected to decrease in September [32]. - **Downstream Operating Rate**: The operating rate of refined copper rod enterprises increased slightly, but the growth of downstream orders was less than expected. The operating rate of copper tubes decreased, and the operating rate of copper foils increased [36]. - **Import and Export**: As of September 18, the Shanghai - London ratio of electrolytic copper was 8.01, and the ratio weakened during the week. The negative value of the spot copper import profit and loss narrowed slightly. In July, China's refined copper import volume was 296,900 tons, a year - on - year increase of 8.20%. In August, the import volume of unwrought copper and copper products was 425,100 tons, a year - on - year increase of 1.22% [40]. - **Inventory**: Similar to the inventory content in "Main Viewpoints and Strategies", the inventory of the Shanghai Futures Exchange and domestic copper social inventory increased, while the LME copper inventory decreased [48].

Report Information - Report Name: Yangtze River Futures Weekly Report on Meal and Oil [1] - Report Date: September 22, 2025 [1] - Researcher: Ye Tian [1] Report Industry Investment Rating - Not provided in the content Report's Core Viewpoints - **Soybean Meal**: Supply improvement is expected, and prices are likely to run weakly. Although the cost provides support, prices are unlikely to drop significantly. [5][7] - **Oils and Fats**: Fundamental support remains, and prices are expected to fluctuate at high levels. The decline in palm oil inventory accumulation and the supply gap in rapeseed before November are expected to limit the downward adjustment range of oil prices. [78][79] Summary by Directory Soybean Meal 1. Market Review - As of September 19, the spot price in East China was 2,930 yuan/ton, down 50 yuan/ton week-on-week. The M2601 contract closed at 3,014 yuan/ton, down 65 yuan/ton week-on-week. The basis price increased by 20 yuan/ton to 01 - 90 yuan/ton. [7][9] 2. Fundamental Data Review - **Price**: Spot and futures prices of soybean meal declined, while the basis price increased. The price difference between regions showed different trends. [13] - **Supply**: The USDA September supply and demand report adjusted the US soybean planting area, yield, and ending stocks. Brazil has started sowing, and the domestic supply is abundant. [7] - **Demand**: In 2025, the domestic aquaculture profit improved, and the high inventory of pigs and poultry supported the demand for feed. The demand for soybean meal is expected to increase by more than 5% year-on-year in the fourth quarter. [7] - **Cost**: The planting cost of US soybeans in the 25/26 season is estimated to be 1,135 cents/bushel, and the bottom price of domestic soybean meal cost has risen to 3,030 yuan/ton. [7] 3. Key Data Tracking - **Global Supply and Demand**: Global soybean supply and demand are tightening, with production declining to 426 million tons and the production-consumption gap narrowing to 1.98 million tons. [15] - **US Soybean Inventory-to-Sales Ratio**: The US soybean inventory-to-sales ratio has tightened to 6.89%. [25] - **Pressing and Export Demand**: As of the week of September 4, the cumulative export of US soybeans in the 24/25 season was 50.1059 million tons, a decrease of 2.74% compared to the same period last year. [26] - **Soybean Growth**: As of September 12, the good and excellent rate of US soybeans was 63%, the defoliation rate was 41%, and the harvest progress was 5%. [31] - **Brazilian Export Sales**: As of the latest data, Brazil's MT sales progress reached 91.94%, and the overall sales progress was good. [32] - **Weather Conditions**: In the next two weeks, precipitation in the main US soybean-producing areas will be low, while precipitation in the main Brazilian soybean-producing areas will improve. [39] - **US Soybean Planting Cost**: The planting cost of US soybeans in the 25/26 season is 1,135 cents/bushel. [44] - **Import and Purchase**: The domestic purchase of Brazilian vessels in the near term is progressing steadily and quickly, while the purchase of vessels in the far term is slow. The domestic soybean supply is abundant before November, but the supply may be insufficient after November. [58] - **Livestock Inventory**: The high inventory of pigs and poultry supports the demand for soybean meal, and the bottom demand support for soybean meal is strengthened. [76] Oils and Fats 1. Market Review - As of the week of September 19, the palm oil 01 contract rose 20 yuan/ton to 9,316 yuan/ton, the soybean oil 01 contract rose 6 yuan/ton to 8,328 yuan/ton, and the rapeseed oil 01 contract rose 221 yuan/ton to 10,068 yuan/ton. [79] 2. Fundamental Data Review - **Palm Oil**: The MPOB August report showed that the Malaysian palm oil inventory increased to 2.2 million tons, in line with market expectations. In September, the production is expected to decline, and the export demand remains, so the inventory accumulation rate is expected to slow down. [79][85] - **Soybean Oil**: The USDA September report adjusted the US soybean production and ending stocks, with a neutral to bearish impact. The domestic soybean supply is sufficient in the short term, but the supply may tighten after November. [79] - **Rapeseed Oil**: The anti-dumping measures against Canadian rapeseed have affected imports, and there is a supply gap before November, which supports the price of rapeseed oil. However, policy uncertainties and high inventory levels limit the room for price increases. [79] 3. Key Data Tracking - **Malaysian Palm Oil**: The MPOB August report had a neutral impact. In September, the production is expected to decline, and the export demand remains, so the inventory accumulation rate is expected to slow down. [79][96] - **Indonesian Palm Oil**: As of the end of June, Indonesia's palm oil inventory decreased by 13% month-on-month to 2.53 million tons. The production in June rebounded strongly, but the demand was also strong, resulting in a continued decline in inventory. [105] - **Indian Oil Imports**: In August, India's total vegetable oil imports increased by 4.75% month-on-month to 1.62 million tons. The inventory as of the week of September 1 was 1.865 million tons, an increase of 8.68% month-on-month. [117] - **Malaysian High-Frequency Data**: The export and production data of Malaysian palm oil in September showed different trends, with the export volume increasing and the production volume decreasing. [119]

Group 1: Report's Core View - The short - term A - share market may continue to fluctuate upwards, but short - term volatility should be watched out for. The style may become more balanced in the future, and a defensive allocation is recommended, focusing on opportunities in technology sector rotation, high - dividend, and cyclical sectors. The bond market is expected to be volatile and bearish [6]. - The "watch - the - stock - to - trade - bonds" principle dominates short - term trading, and the bond market is difficult to decline significantly before the stock market cools down [8]. Group 2: Stock Index Strategy Stock Index Trend Review - Last week, the A - share market showed a significant divergence. The Shanghai Composite Index representing large - cap blue - chips fell, while the Shenzhen Component Index, ChiNext Index, and STAR Market Index rose. The weakness of financial and real - estate sectors dragged down the Shanghai - related indices, while the growth - style sectors provided support for relevant indices [6]. Technical Analysis - The market maintained a differentiated pattern last week. The ChiNext and STAR Market indices were strong, while the SSE 50 was weak. After a ground - volume rebound on a certain day in August, there was a significant volume decline on Thursday, forming a divergence with the previous up - volume. The short - term profit - taking pressure was prominent [6]. Strategy Outlook - Reasonably control positions and pay attention to policies and sector rotation rhythms [6]. Group 3: Treasury Bond Strategy Treasury Bond Trend Review - The bond market oscillated last week. Although the central bank made a net injection, liquidity did not loosen significantly due to tax - period disturbances. Rumors of the central bank's bond - buying operation and the Fed's interest - rate cut provided some support [9]. Technical Analysis - The T - contract K - line oscillated upwards, with the MACD yellow and white lines intertwined, and the BOLL lines still opening downwards [9]. Strategy Outlook - The bond market is expected to be volatile and bearish. It is recommended to reduce positions in a timely manner [9]. Group 4: Key Data Tracking PMI - In July, the manufacturing PMI dropped to 49.3%, weaker than market expectations and seasonal trends. Both supply and demand sides weakened, with external demand falling more significantly on the demand side and production slowing on the supply side. Upstream non - ferrous and steel industries improved, while downstream export - oriented industries were suppressed [13]. Inflation - In a certain month, the year - on - year CPI was flat, and the month - on - month CPI rose by 0.4%. The year - on - year PPI decreased by 3.6%, and the month - on - month PPI decreased by 0.2%. There were positive changes in prices, but the year - on - year CPI and PPI remained sluggish [16]. Industrial Added Value - The year - on - year growth rate of industrial added value in a certain month dropped to 5.7%, and the growth rate of the service production index dropped to 5.8%. The decline in industrial added value was mainly due to the export - oriented industries such as automobiles, electronics, textiles, and electrical machinery [19]. Fixed - Asset Investment - The estimated year - on - year growth rate of fixed - asset investment in a certain month turned negative to - 5.2%. The reasons were complex, including short - term factors like extreme weather and statistical method issues, medium - term factors such as export - expectation decline and policy implementation, and long - term factors like the shrinking real - estate investment [22]. Social Retail Sales - The year - on - year growth rate of social retail sales in a certain month dropped to 3.7%, and that of above - quota retail sales dropped to 2.8%. The decline was mainly reflected in low - level fluctuations in catering revenue, weak sales of state - subsidized products, and a decline in real - estate - related consumption [25]. Social Financing - In a certain month, new social financing was 1.2 trillion yuan, and new RMB loans were negative. At the end of the month, the year - on - year growth rate of social financing stock was 9.0%, and that of M2 was 8.8%. Although the credit growth was negative, the growth rates of social financing, M1, and M2 improved. In the future, the social financing growth rate may peak and decline, and policies may be adjusted according to the situation [28]. Import and Export - In a certain month, China's exports were $3217.8 billion, imports were $2235.4 billion, and the trade surplus was $982.4 billion. The import and export performance was stronger than expected, mainly due to the "rush" behavior under the threat of US tariffs on semiconductors and pharmaceuticals [31]. Group 5: Weekly Focus - The report lists a series of US economic indicators to be focused on, including the second - quarter core PCE price index, personal consumption expenditure, real GDP, and initial jobless claims [33].

1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core Views - **Pig Industry**: The decline in pig prices has slowed down due to the support of the state's purchase and storage policies and the pre - holiday stocking for the Double Festivals. However, the supply in September is increasing, and the high weight of pigs restricts the rebound of prices. In the medium - and long - term, the supply before May next year is expected to increase, and the price outlook is not optimistic, except for a possible relative strengthening in the second half of next year [4][54]. - **Egg Industry**: The egg market is under pressure due to sufficient supply, with a near - weak and far - strong pattern in the futures market. In the short term, the support for egg prices is expected to weaken, and in the long - term, attention should be paid to the culling of laying hens and environmental protection policies [5][84]. - **Corn Industry**: During the new corn listing period, the futures price faces pressure to rebound. In the short term, the supply is relatively sufficient, and the price may be under pressure due to the concentrated listing. In the long - term, the cost support has decreased, and the price fluctuation center may move down, but attention should be paid to the weather in the production areas [6][106]. 3. Summary According to the Directory 3.1 Pig Industry 3.1.1 Week - on - Week Market Review - As of September 19, the national spot price was 12.63 yuan/kg, down 0.63 yuan/kg from last week; the Henan pig price was 12.93 yuan/kg, down 0.54 yuan/kg. The futures price of pig 2511 was 12,825 yuan/ton, down 430 yuan/ton from last week. The 11 - contract basis was 105 yuan/ton, down 110 yuan/ton from last week [4][54]. 3.1.2 Fundamental Data Review - Average weekly slaughter weight increased by 0.13 kg to 128.45 kg; the fat - to - standard price difference remained unchanged at 0.39 yuan. The daily average slaughter rate increased by 0.34% to 31.83%, and the daily average slaughter volume increased by 1,438 heads to 131,717 heads. The frozen product inventory rate increased by 0.26% to 17.91%. The self - breeding and self - raising profit was - 9.67 yuan/head, down 30.79 yuan/head, and the profit from purchasing piglets was - 222.56 yuan/head, down 27.75 yuan/head [16]. 3.1.3 Key Data Tracking - The inventory of breeding sows increased slowly from May to November 2024, decreased slightly in December 2024 and January 2025, increased again from May to June 2025, and decreased slightly in July. The production performance has improved, and the supply of pigs is expected to increase in the third and fourth quarters, especially after September [19]. 3.2 Egg Industry 3.2.1 Week - on - Week Market Review - As of September 19, the average price in the main egg - producing areas was 3.66 yuan/jin, up 0.08 yuan/jin from last Friday; the average price in the main egg - selling areas was 3.59 yuan/jin, down 0.02 yuan/jin. The futures price of the main egg 2511 contract was 3,112 yuan/500 kg, up 72 yuan/500 kg from last Friday. The basis of the main contract was 308 yuan/500 kg, up 78 yuan/500 kg from last Friday [5][84]. 3.2.2 Fundamental Data Review - The national weekly utilization rate of hatching eggs for laying hens was 64%, unchanged from last week. The number of culled laying hens was 17.61 million, an increase of 130,000 from last week. The production and circulation inventories increased by 0.03 and 0.07 days respectively to 0.94 and 1.06 days [60]. 3.2.3 Key Data Tracking - The number of newly - opened laying hens in September corresponded to the relatively high replenishment in May 2025. The culling of laying hens was normal, and the overall egg supply was sufficient. In the long - term, the supply pressure is still large, but the growth rate is expected to slow down [84]. 3.3 Corn Industry 3.3.1 Week - on - Week Market Review - As of September 19, the closing price of corn at Jinzhou Port, Liaoning was 2,300 yuan/ton, down 10 yuan/ton from last Friday. The futures price of the main corn 2511 contract was 2,168 yuan/ton, down 29 yuan/ton from last Friday. The basis of the main contract was 132 yuan/ton, up 19 yuan/ton from last Friday [6][106]. 3.3.2 Fundamental Data Review - The corn arrival volume at the four northern ports decreased by 216,000 tons to 105,000 tons. The inventory at the northern and southern ports decreased by 530,000 tons and 55,000 tons respectively to 870,000 tons and 601,000 tons. The opening rate of deep - processing enterprises increased by 1.01% to 48.15% [91]. 3.3.3 Key Data Tracking - The old - crop corn in the market is in limited supply, and new - crop corn has started to be listed in some areas in the Northeast. The supply is relatively sufficient in the short term. In the long - term, the corn planting in the 25/26 season is stable, and the cost support has decreased [106].