1. Report Industry Investment Ratings There is no information provided regarding the report's industry investment ratings in the given content. 2. Core Views of the Report - **Stock Index Futures**: Short - term trading may be mainly in a range - bound pattern, and long - term investors can consider buying on dips. It is advisable to focus on swing trading and avoid chasing highs or selling lows [10]. - **Treasury Bond Futures**: Consider buying bonds on dips to bet on future monetary policy easing, but pay attention to the trading rhythm [11]. - **Steel and Iron Ore**: Steel is expected to maintain a range - bound market, and it is recommended to wait and see. Hold a small short position in iron ore [13]. - **Coking Coal and Coke**: The prices of coking coal and coke may continue to decline from high levels in the short term. Pay attention to the production progress in the origin and the production status of steel mills and coking enterprises [15]. - **Ferroalloys**: Look for opportunities to go long on the 10 - contract of ferrosilicon. Adopt a medium - to long - term strategy of shorting manganese silicon on rebounds without chasing the short [15]. - **Soda Ash and Glass**: For soda ash, maintain a bearish trend strategy of selling on rallies, and exit flexibly if a short - term positive feedback atmosphere emerges. For glass, adopt a wait - and - see approach for now [16]. - **Aluminum and Alumina**: For aluminum, with strong expectations of Fed rate cuts and improving consumption in the peak season, buy on dips cautiously. For alumina, with high production and supply and rising inventory pressure, sell on rallies [19]. - **Lithium Carbonate**: It will mainly operate in a wide - range oscillation. The current supply - demand situation is strong on both sides, but the expected resumption of production on the supply side may have a negative impact on sentiment [20]. - **Industrial Silicon**: It may still have room for adjustment in the short term due to the impact of polysilicon, but the downward adjustment space is limited. Consider buying a small amount of far - month contracts at the lower end of the range [21]. - **Polysilicon**: Policy progress dominates the price fluctuation. If there is no substantial policy implementation in the short term, the upside will be gradually pressured after the futures price rises above the spot price. Be cautious in operation [22]. - **Cotton**: In the short term, cotton prices may continue to be under pressure, and a bearish strategy may be appropriate in the long term. Consider selling on rallies [24]. - **Sugar**: The fundamental situation of sugar prices is bearish, but after a continuous decline, there is a technical rebound demand. Pay close attention to the change in the domestic - foreign sugar price spread and consider covering short positions on rallies near the 5 - week moving average if necessary [26]. - **Eggs**: The probability of a short - term market reversal is not high. However, in the peak season, the spot price is short - term strong. There is a logic of production capacity reduction in the futures market, and the futures price may have a phased rebound. Consider short - term long positions on dips with caution [31]. - **Apples**: Consider buying on dips with a small position [33]. - **Corn**: Short the 01 - contract on rallies [34]. - **Red Dates**: Sell on rallies [35]. - **Hogs**: For near - month contracts, adopt a bearish strategy on rallies and control the trading rhythm. For the medium - to long - term, focus on low - buying opportunities for the 01 - contract. Also, pay attention to the 11 - 1 reverse spread and 1 - 3 positive spread arbitrage opportunities [35]. - **Crude Oil**: It is likely to enter a supply - exceeding - demand pattern. Consider shorting on rallies [35]. - **Fuel Oil**: The price will follow the movement of crude oil prices. The short - term trading range of oil prices is estimated to be between 65 and 70 dollars [35]. - **Plastics**: Polyolefins have a large supply pressure and a weak supply - demand pattern. The rebound space is limited, and a bearish strategy can be adopted after the rebound [37]. - **Rubber**: Except for the impact of weather and rainfall, there are no obvious fundamental contradictions. Consider reducing long positions or holding a small position or waiting and seeing [38]. - **Methanol**: The supply - demand situation is weak with continuous inventory accumulation at ports. However, there may be some supply disturbances. It is advisable to switch to a range - bound trading strategy and reduce short positions for now [39]. - **Caustic Soda**: Adopt a range - bound trading strategy [40]. - **Asphalt**: It will follow the movement of oil prices, and the short - term trading range is estimated to be between 3380 and 3450 [41]. - **Polyester Industry Chain**: The market may have a limited further downward space in the short term and has a demand for oversold correction. Consider buying on dips [43]. - **Liquefied Petroleum Gas (LPG)**: It has a large supply and limited upward space. Maintain a long - term bearish view [44]. - **Pulp**: Observe whether the port inventory reduction continues and the situation of spot transactions in the short term [45]. - **Logs**: The fundamental situation is range - bound. If the price - holding strategy is well - implemented and downstream orders in the peak season are good, consider buying on dips with a small position while controlling risks [46]. - **Urea**: Follow the movement of spot prices in futures trading. The 01 - contract of urea futures is oscillating weakly [46]. - **Synthetic Rubber**: Wait and see in the short term or look for low - buying opportunities on the futures price [47]. 3. Summary by Relevant Catalogs Macro News - The State Council Information Office held a press conference on the high - quality implementation of the 14th Five - Year Plan, and the Ministry of Industry and Information Technology released the development achievements of the industrial and telecommunications industries in the past five years and responded to hot topics [7]. - The US government announced preliminary benchmark revision data, showing a downward revision of 911,000 non - farm payrolls in the year ending March, which may lay the foundation for a series of Fed rate cuts starting next week [7]. - Apple held its 2025 autumn new product launch, releasing multiple new products including the iPhone 17 series [8]. - The State Administration for Market Regulation held a press conference, stating that it will closely monitor the competition in the food delivery industry, urge platforms to control subsidies, and improve the protection of riders' rights [8]. - Ningde Times' subsidiary is promoting the resumption of production at the Jianxiawo lithium mine, and the progress is faster than expected [8]. - The rumor of Alibaba's restart of Koubei.com is false, and the press conference is related to Gaode and group - buying business [8]. - The Guangzhou Futures Exchange adjusted the trading and intraday closing - out handling fees for the PS2511 contract of polysilicon futures and limited the daily opening volume for non - futures company members or clients on the SI2511 contract of industrial silicon futures and the PS2511 contract of polysilicon futures [9]. Stock Index Futures Tuesday's A - share market was weakly consolidating, with over 4000 stocks falling. The short - term may be range - bound, and long - term investors can consider buying on dips. It is advisable to focus on swing trading and avoid chasing highs or selling lows [10]. Treasury Bond Futures Consider buying bonds on dips to bet on future monetary policy easing, but pay attention to the trading rhythm. The recent weakening of foreign trade data may contribute to future monetary easing [11]. Steel and Iron Ore From a policy perspective, the impact on steel supply and market prices is limited. In terms of pricing rhythm, there may be a situation of "no peak season in the peak season". The demand for building materials is weak, and the supply is expected to remain strong. Steel is expected to be range - bound, and it is recommended to hold a small short position in iron ore [12][13]. Coking Coal and Coke The prices may continue to decline from high levels in the short term. The supply may gradually recover, but the mid - term resumption of coking coal production is hindered. The demand is supported by high - level iron - making in steel mills, but there is a possibility of a decline [15]. Ferroalloys There is an opportunity to go long on the 10 - contract of ferrosilicon. Manganese silicon should be shorted on rebounds in the medium - to long - term, but avoid chasing short positions. The spread between ferrosilicon and manganese silicon may widen [15]. Soda Ash and Glass For soda ash, sell on rallies and exit flexibly if the positive feedback atmosphere emerges. For glass, wait and see. The supply of soda ash is at a high level, and the demand for photovoltaic glass may increase. The price of glass has risen, and the future supply may slightly increase [16][17]. Aluminum and Alumina For aluminum, with strong expectations of Fed rate cuts and improving consumption in the peak season, buy on dips cautiously. For alumina, with high production and supply and rising inventory pressure, sell on rallies [19]. Lithium Carbonate It will mainly operate in a wide - range oscillation. The current supply - demand situation is strong on both sides, but the expected resumption of production on the supply side may have a negative impact on sentiment [20]. Industrial Silicon It may still have room for adjustment in the short term due to the impact of polysilicon, but the downward adjustment space is limited. Consider buying a small amount of far - month contracts at the lower end of the range [21]. Polysilicon Policy progress dominates the price fluctuation. If there is no substantial policy implementation in the short term, the upside will be gradually pressured after the futures price rises above the spot price. Be cautious in operation [22]. Cotton In the short term, cotton prices may continue to be under pressure, and a bearish strategy may be appropriate in the long term. Consider selling on rallies. The supply pressure is increasing, and the demand is weak [24]. Sugar The fundamental situation of sugar prices is bearish, but after a continuous decline, there is a technical rebound demand. Pay close attention to the change in the domestic - foreign sugar price spread and consider covering short positions on rallies near the 5 - week moving average if necessary [26]. Eggs The probability of a short - term market reversal is not high. However, in the peak season, the spot price is short - term strong. There is a logic of production capacity reduction in the futures market, and the futures price may have a phased rebound. Consider short - term long positions on dips with caution [31]. Apples Consider buying on dips with a small position. The price of early - maturing apples may affect the opening price of late - maturing Fuji apples [33]. Corn Short the 01 - contract on rallies. The domestic corn price shows a differentiated trend, and the trading focus will shift to new crops in September [34]. Red Dates Sell on rallies. The market trading volume is small, and the price is oscillating weakly [35]. Hogs For near - month contracts, adopt a bearish strategy on rallies and control the trading rhythm. For the medium - to long - term, focus on low - buying opportunities for the 01 - contract. Also, pay attention to the 11 - 1 reverse spread and 1 - 3 positive spread arbitrage opportunities. The short - term market is in a "supply - strong, demand - weak" pattern [35]. Crude Oil It is likely to enter a supply - exceeding - demand pattern. Consider shorting on rallies. Pay attention to the progress of US - Russia negotiations and whether OPEC+ will increase the production quota [35]. Fuel Oil The price will follow the movement of crude oil prices. The short - term trading range of oil prices is estimated to be between 65 and 70 dollars. The low - sulfur fuel oil has weak fundamentals, and the high - sulfur fuel oil is affected by refinery raw material demand [35][36]. Plastics Polyolefins have a large supply pressure and a weak supply - demand pattern. The rebound space is limited, and a bearish strategy can be adopted after the rebound [37]. Rubber Except for the impact of weather and rainfall, there are no obvious fundamental contradictions. Consider reducing long positions or holding a small position or waiting and seeing [38]. Methanol The supply - demand situation is weak with continuous inventory accumulation at ports. However, there may be some supply disturbances. It is advisable to switch to a range - bound trading strategy and reduce short positions for now [39]. Caustic Soda Adopt a range - bound trading strategy. The high supply pressure and the price trend of alumina have an impact on the price of caustic soda [40]. Asphalt It will follow the movement of oil prices, and the short - term trading range is estimated to be between 3380 and 3450. It has entered the seasonal demand peak season, and the inventory is at a critical stage [41][42]. Polyester Industry Chain The market may have a limited further downward space in the short term and has a demand for oversold correction. Consider buying on dips. The cost support is strengthening, and the supply - demand situation of each product in the polyester chain varies [43]. Liquefied Petroleum Gas (LPG) It has a large supply and limited upward space. Maintain a long - term bearish view. The price may follow the movement of crude oil prices [44]. Pulp Observe whether the port inventory reduction continues and the situation of spot transactions in the short term. The port inventory is still high, and the spot trading is weak [45]. Logs The fundamental situation is range - bound. If the price - holding strategy is well - implemented and downstream orders in the peak season are good, consider buying on dips with a small position while controlling risks [46]. Urea Follow the movement of spot prices in futures trading. The 01 - contract of urea futures is oscillating weakly. The market is waiting for the result of the rumored Indian urea procurement tender [46]. Synthetic Rubber Wait and see in the short term or look for low - buying opportunities on the futures price. The factory prices of butadiene and synthetic rubber have been lowered, and the downstream procurement has increased [47].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - **Macro - Financial**: Short - term stock index futures may fluctuate, and long - term investors can consider buying on dips; for treasury bond futures, consider buying on dips to bet on future monetary policy easing [7][8]. - **Black Metals**: Steel may maintain a volatile market, iron ore can be lightly shorted; coking coal and coke prices may continue to fall from high levels in the short term; for ferroalloys, go long on silicon iron 10 - contract and short manganese silicon on rebounds in the medium - long term; for soda ash, maintain a short - selling strategy on rallies, and for glass, wait and see [10][12][13]. - **Non - ferrous Metals and New Materials**: Aluminum can be bought on dips, alumina can be shorted on rallies; zinc prices will fluctuate downward; lithium carbonate will fluctuate widely in the short term; industrial silicon will continue to oscillate within a narrow range [17][18][19]. - **Agricultural Products**: Zhengzhou cotton may continue to be under pressure in the short term; sugar may rebound in the short term but has downward pressure in the medium - short term; for eggs, trade with a volatile mindset; buy apples on dips; short corn 01 - contract on rallies; short jujubes on rallies; for live pigs, short near - month contracts on rallies and consider long 01 - contract in the medium - long term [24][27][30]. - **Energy and Chemicals**: For crude oil, consider shorting on rallies; fuel oil prices will follow crude oil; plastics will maintain a relatively strong volatile trend in the short term; rubber can hold long positions and reduce some on further rallies; methanol should be traded with a volatile mindset; caustic soda should be treated with a volatile view; asphalt follows crude oil; for the polyester industry chain, consider buying on dips; liquefied petroleum gas should be held with a long - term bearish view; paper pulp should observe port de - stocking and spot transactions; for logs, consider light - long positions on dips if conditions are met [35][36][37]. 3. Summary by Related Catalogs Macro Information - China's goods trade进出口总值 in August was 3.87 trillion yuan, up 3.5% year - on - year. From January to August, the total value was 29.57 trillion yuan, up 3.5% year - on - year [4]. - Two departments promote the high - quality development of "AI + energy", aiming to initially build an innovation system by 2027 [4]. - On September 8, the application for child - rearing subsidies was fully opened [4]. - After the "8·8" property market policy in Beijing, the transaction volume of new and second - hand houses increased in August, and the market is expected to maintain the trend in September [4]. - In August, the retail sales of new energy passenger cars were 1.101 million, up 7.5% year - on - year and 11.6% month - on - month, with a penetration rate of 55.2% [5]. - The French government failed the confidence vote, and the prime minister will submit his resignation [5]. - Multiple institutions predict that the US employment data may be significantly revised downward [5]. - Trump's 50% tariff on India may drag down its GDP growth by 0.5 percentage points [5]. - As of September 8, the issuance of new special bonds in China reached 3.3822 trillion yuan, accounting for 76.9% of the annual plan [5]. Macro - Financial Stock Index Futures - Short - term trading may be volatile, and long - term investors can consider buying on dips. On Monday, A - shares were divided, with nearly 4000 stocks rising. The Shanghai Composite Index rose 0.38% to 3826.84 points, and the trading volume was 2.46 trillion yuan. Overseas, non - farm data was lower than expected, and the market is discussing a possible 50bp rate cut by the Fed in September [7]. Treasury Bond Futures - Consider buying on dips to bet on future monetary policy easing. The money market tightened, and the bond market fell. The release of weak foreign trade data may contribute to future monetary easing. The bond market may perform well in September [8]. Black Metals Steel and Iron Ore - Policy has limited impact on steel supply and market. The peak season may not be prosperous due to limited downstream demand. Steel may maintain a volatile market, and iron ore can be lightly shorted. After the parade, steel production recovered, and iron ore prices were relatively strong, while downstream demand was weak [10][11]. Coking Coal and Coke - Prices may continue to fall from high levels in the short term. After the parade, supply may gradually recover, but the "anti - involution" expectation has re - emerged. The supply of coking coal may be restricted in the medium term, and the demand from steel mills is strong but may decline. The first round of coke price cuts has started, weakening market sentiment [12]. Ferroalloys - Silicon iron supply has returned to a high level, and there is limited room for further increase. Manganese silicon will have new capacity in the fourth quarter. The spread between silicon iron and manganese silicon may widen. Go long on silicon iron 10 - contract and short manganese silicon on rebounds in the medium - long term [13]. Soda Ash and Glass - Glass rose, and soda ash followed. For soda ash, short on rallies; for glass, wait and see. The supply of soda ash is high, and the demand from the photovoltaic industry is good. The glass market is affected by the expected fuel upgrade in the main production areas [14]. Non - ferrous Metals and New Materials Aluminum and Alumina - Aluminum can be bought on dips due to expected consumption recovery and potential inventory reduction, but be cautious due to weak downstream confidence. Alumina has high supply and inventory, and its price is under pressure, so short on rallies [17]. Shanghai Zinc - Social inventory is increasing, and the inventory inflection point has arrived. With rising processing fees, smelters are resuming production, and zinc prices will decline as the industry enters the off - season and downstream demand is weak [18]. Lithium Carbonate - Supply and demand are both strong, and the price is supported by a supply - demand gap, but there is insufficient driving force for continuous increase, so it will fluctuate widely in the short term [19]. Industrial Silicon - It may have a small adjustment pressure in the short term and will continue to oscillate within a narrow range. The resumption of production of leading factories in Xinjiang is the core contradiction, and inventory reduction is expected after the southwest region cuts production in the dry season [20]. Agricultural Products Cotton - Zhengzhou cotton may be under pressure in the short term due to new cotton supply and weak demand. Globally, cotton production and inventory are changing. In China, cotton imports have decreased, and the spot price is firm, but the downstream demand is still weak [24][25][26]. Sugar - It may rebound in the short term but has downward pressure in the medium - short term. Globally, there is a supply surplus. In China, imports are increasing, and domestic demand is weakening [27][28][29]. Eggs - The laying hen inventory is high, and the probability of a short - term market reversal is low. However, due to the peak season, the spot price is strong in the short term. Futures have the logic of capacity reduction, so trade with a volatile mindset [30]. Apples - Buy on dips. The price of early - maturing apples is high, and the price of late - maturing apples is affected by the early - maturing and old - season apples [31]. Corn - Short the 01 - contract on rallies. The domestic corn price is divided. In the northeast, the price is rising due to low inventory, while in the north - central region, it is falling due to sufficient supply [32]. Jujubes - Short on rallies. The price in the production area is stable, and the price in the sales area is mainly stable with some high - quality products rising [33]. Live Pigs - Short near - month contracts on rallies and consider long 01 - contract in the medium - long term. The short - term market has a "supply - strong, demand - weak" pattern, and the supply pressure is high before the holidays [33]. Energy and Chemicals Crude Oil - Consider shorting on rallies. OPEC + is increasing production, and the market may enter a supply - surplus pattern. Pay attention to the US - Russia negotiation and OPEC + quota [35]. Fuel Oil - Prices will follow crude oil. The short - term trading will focus on supply and geopolitics, and the low - sulfur and high - sulfur fundamentals are affected by different factors [35]. Plastics - Polyolefins have high supply pressure and will be weak in terms of supply - demand. However, the market sentiment is boosted by rumors of anti - involution policies, and it will maintain a relatively strong volatile trend in the short term [36]. Rubber - Hold long positions and reduce some on further rallies. The market sentiment is improved by the poor US non - farm data and policy rumors. The supply of raw materials is tight [37]. Methanol - Trade with a volatile mindset. The port inventory is increasing, but the market is affected by rumors of device shutdowns and new device startups [38]. Caustic Soda - Treat with a volatile view. After the parade, the supply - demand situation in Shandong may improve, but the market sentiment is affected by factors such as the increase in alumina enterprises' liquid caustic soda purchases [38]. Asphalt - Follows crude oil. It has entered the seasonal peak demand season, and the inventory is at a critical stage [39][40]. Polyester Industry Chain - Consider buying on dips. After a sharp decline, there is a repair demand. The supply - demand situation of PX, PTA, and ethylene glycol is different [41]. Liquefied Petroleum Gas - Hold a long - term bearish view. It follows crude oil prices and is affected by import volume. Supply is abundant, and demand is weak [42]. Paper Pulp - Observe port de - stocking and spot transactions. The port inventory is still high, and the spot trading is weak [43]. Logs - Consider light - long positions on dips if the price - holding and downstream orders are good. The spot price is stable, and the foreign price of logs has decreased [44]. Urea - Hold a bearish view. The domestic demand is weak, and the futures price is higher than the spot price, showing a downward - oscillating trend [45]. Synthetic Rubber - Reduce long positions on further rallies and look for low - buying opportunities. The short - term supply - demand is balanced, and it will continue to oscillate. Pay attention to policies, device changes, and downstream purchasing sentiment [46].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The fundamental situation of the log market is in a state of oscillation. Downstream demand remains stable, but traders have a strong willingness to support prices during the peak season, causing the futures market to rebound following market sentiment. It is crucial to observe the implementation of price - support measures and downstream orders during the peak season. If the implementation is satisfactory, one can consider lightly opening long positions at low prices, while also paying attention to risk prevention [17]. 3. Summary According to the Directory Part 1: Log Overview - **Supply Side** - This week, the number of arriving ships decreased to 5 from 15 last week, and the arrival volume dropped by 37.1 million cubic meters to 17 million cubic meters. The import volume of coniferous logs decreased by 22.35 million cubic meters to 195.33 million cubic meters, a year - on - year decrease of 7%. The import volume of radiata pine decreased by 20.96 million cubic meters to 139.72 million cubic meters, a year - on - year decrease of 6%. The import volume of spruce and fir decreased by 2.15 million cubic meters to 13.73 million cubic meters, a year - on - year decrease of 44%. - In the short term, the arrival volume has rebounded this week, and the supply side has a certain amount of pressure. From the perspective of New Zealand's shipping seasonality, shipments usually increase in September. The poor order - taking situation in August led to a reduction in quotes, which promoted the import willingness of domestic traders to some extent. It is expected that the arrival volume in late September to mid - October will increase, depending on the peak - season price - support situation in the domestic spot market and traders' import profits [7]. - **Demand and Inventory Side** - The peak season has arrived, but the port's outbound volume has not improved significantly. Demand remains weak, and there are no large concentrated orders. The weekly outbound volume decreased by 0.56 million cubic meters to 42.84 million cubic meters, a year - on - year increase of 0.98 million cubic meters. The apparent demand decreased by 40.85 million cubic meters to 22 million cubic meters. - Although the total arrival volume last week was still low, factory demand remained stable. The arrival volume increased rapidly this week, and it is expected that inventory will fluctuate and gradually accumulate [9]. - **Price and Spread** - **Outer Market**: The outer - market price of 4 - meter medium - grade A radiata pine from New Zealand (CFR) is in the range of 113 - 115 US dollars per JAS cubic meter, a decrease of 5 US dollars compared to the previous period. - **Spot**: Demand remains stable. As the peak season approaches, spot prices are relatively stable, and traders have a strong willingness to support prices during the peak season. The prices of knot - free wood and sawn timber are currently polarized. In the short term, downstream acceptance is limited, and prices are expected to remain stable. - **Futures Market**: The fundamental situation is oscillating. Last week, the futures market was mainly affected by outer - market price adjustments. In the short term, the supply side has no significant pressure, and demand remains stable. It is expected that prices will oscillate. If spot prices increase smoothly this week, prices may oscillate upwards [11]. - **Spreads and Basis**: Spot spreads are relatively stable, mainly reflected in glued - laminated timber and sawn timber. Affected by spot spreads, the current basis can be considered at the level of 5.9 - meter medium - grade A radiata pine, with a reference size difference of 8%, equivalent to about 790 - 800 yuan per cubic meter in the futures market [13]. - **Cost and Profit** - The import cost of radiata pine decreased by 33 yuan to 968 yuan, and the import cost of spruce increased by 13 yuan to 1266 yuan. The import profit of radiata pine increased by 32.7 yuan to - 31 yuan, and the import profit of spruce decreased by 13 yuan to - 116 yuan. - The outer - market quotes have decreased, and import profits have rebounded. In the short term, the fundamental situation is still oscillating. Spot import profits are acceptable. If spot price increases are implemented, import profits will further improve [15]. - **Strategy Recommendation** - The fundamental situation is oscillating. Downstream demand remains stable, but traders have a strong willingness to support prices during the peak season, causing the futures market to rebound following market sentiment. Observe the implementation of price - support measures and downstream orders during the peak season. If the implementation is satisfactory, one can consider lightly opening long positions at low prices, while also paying attention to risk prevention [17]. Part 2: Log Balance Sheet The log balance sheet shows the supply, demand, inventory, and supply - demand differences of logs on a weekly basis from June 6, 2025, to September 5, 2025. In general, the arrival volume, daily average shipment volume, and apparent demand have all fluctuated, and inventory has also changed accordingly, with supply - demand differences sometimes positive and sometimes negative [19]. Part 3: Log Supply and Demand Analysis - **Supply Side** - **New Zealand Log Shipment Volume**: No specific data content provided. - **Log Import**: No specific data content provided. - **Import by Tree Species**: No specific data content provided. - **Demand Side** - **Daily Average Shipment Volume of Logs**: No specific data content provided. - **Real Estate**: No specific data content provided. - **Downstream Analysis** - **Timber Analysis - Price**: No specific data content provided. - **Timber Analysis - Profit**: No specific data content provided. - **Downstream Substitute - Aluminum Alloy Analysis**: No specific data content provided. - **Inventory Side** - **Inventory - Summary**: No specific data content provided. - **Inventory - By Tree Species**: No specific data content provided. - **Inventory - By Region**: No specific data content provided. Part 4: Cost and Profit - **Log Import Cost and Profit**: No specific data content provided. - **Log Delivery Profit**: No specific data content provided. Part 5: Log Price and Spread Analysis - **Log Outer - Market Quotes**: No specific data content provided. - **Seasonality of Radiata Pine and Spruce Prices**: The prices of radiata pine and spruce show certain seasonal characteristics in 2024 and 2025 [89]. - **Seasonality of Radiata Pine and Spruce Spreads**: No specific data content provided. - **Basis between Radiata Pine and LG**: No specific data content provided. - **Seasonal Chart and Inter - Month Spread of LG Main Contracts**: The price of the LG main contract shows certain seasonal characteristics in 2024 and 2025 [100].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current main trading logic of industrial silicon is related to the 12 - contract after the delivery rule modification. The 11 - 12 month spread is around 2200 when the price is below 11500. It is recommended to wait and see when the month spread is between 2000 - 2200. For the 06 contract, a light - short position can be tried at 11700 - 11800, and an over - the - counter option with a 300 - point fuse cumulative put can be considered at 11700 for the 06 contract. The variables include the production cut progress of northern silicon plants, the inventory reduction speed of downstream silicon wafers, and the situation of southwest factories locking long - term production capacity and resuming production in advance. The main contradiction of industrial silicon is the resumption progress of leading large factories. There is an inventory accumulation expectation during the wet season, but the downward adjustment space is limited due to the inventory reduction expectation during the dry season, and it will mainly fluctuate in a narrow range from September to October [65][66][70]. - The main trading logic of polysilicon is centered around policy progress. The release of the "Stable Growth Action Plan for the Electronic Information Manufacturing Industry from 2025 - 2026" on September 4 triggered market attention. Without actual policy implementation, there may be adjustment pressure at the beginning of next week. The price increase space is limited after the sales restriction in September. In September, it enters the last stage of the previous merger plan, and the industry meeting in Baotou on September 12 may bring relevant industry disturbances. After the six - ministry meeting on August 19 strengthened the supply - side policy expectation, the 14th Five - Year Plan in October will focus on demand - side guidance, and the polysilicon price is expected to remain strong in the medium term [71][72]. Summary by Relevant Catalogs 1. Industrial Silicon, Polysilicon Overview and Strategy Recommendation - **Weekly Overview (9.1 - 9.5)**: In the industrial silicon market, the prices of 553 and 421 remained unchanged week - on - week, while the price of 99 silicon in Xinjiang decreased by 100 yuan. Some raw material prices, such as silicon coal, increased. The production of industrial silicon decreased slightly, with a national decrease of 0.3%. In the polysilicon market, the price of N - type polysilicon dense material increased by 5.3%, while the price of 99 silicon continued to decline. The production of polysilicon decreased by 2.6%, and the inventory decreased by 0.9%. The production of silicon wafers increased by 3.5%, and the inventory decreased by 6.6%. The production of organic silicon monomers increased by 1.0%, and the demand increased by 3.9%. The consumption of aluminum alloy decreased by 8.0%, and the export increased by 8.3% [7][9]. 2. Balance Sheet - Industrial Silicon Supply - **Neutral Assumption**: The production of industrial silicon shows a downward trend in 2025 compared with 2024. The production in Xinjiang, Yunnan, and Sichuan has different changes. The production in Xinjiang decreased in some months, while the production in Yunnan and Sichuan increased slightly in some months. The production forecast is adjusted according to the production resumption and reduction plans of large factories [12]. - **Supply Hypothesis**: The production forecast of large factories in Xinjiang from April to October is adjusted downwards, and the production forecast of other regions in Xinjiang is adjusted upwards. There is an expectation of production resumption in Xinjiang in June. The monthly production in Xinjiang and Yunnan in July is adjusted upwards, and the production expectation of large factories in Xinjiang in July is adjusted downwards. The resumption volume in September is adjusted downwards, and the production in the southwest in October is adjusted upwards [16]. 3. Balance Sheet - Industrial Silicon Demand - **Neutral Assumption**: The demand for industrial silicon mainly comes from DMC, polysilicon, and aluminum alloy. The production of DMC shows a certain growth trend, while the production of polysilicon shows a downward trend in 2025 compared with 2024. The consumption of aluminum alloy also shows some fluctuations. The total demand and supply - demand gap are calculated based on the supply and demand data [20]. - **Demand Hypothesis**: The production forecast of DMC is adjusted upwards. The annual production growth rate expectation of exports is adjusted downwards, and the production expectation of polysilicon from June to October is adjusted upwards. The production expectation of polysilicon from July to September is adjusted upwards, and the production expectation of polysilicon is adjusted downwards due to possible changes in the resumption plan of a base in Xinjiang [20]. 4. Balance Sheet - Polysilicon Supply - **Neutral Assumption**: The supply of polysilicon shows a downward trend in 2025 compared with 2024. The production capacity utilization rate also shows some fluctuations. The production forecast is adjusted according to the production resumption and reduction plans of large factories [33]. - **Assumption**: There is an expectation of production resumption of a large rod - shaped silicon factory in the southwest in May. The production expectation of polysilicon from June to October is adjusted upwards, and the production expectation of polysilicon from July to September is adjusted upwards. The production expectation of polysilicon is adjusted downwards due to possible changes in the resumption plan of a base in Xinjiang [33]. 5. Balance Sheet - Polysilicon Demand - **Neutral Assumption**: The demand for polysilicon mainly comes from silicon wafers. The production of silicon wafers shows a certain growth trend, and the total demand and supply - demand gap are calculated based on the supply and demand data [40]. - **Polysilicon Demand Hypothesis**: The silicon wafer quota in the second quarter is higher than expected, which supports the inventory reduction expectation of polysilicon. The production growth rate of silicon wafers is assumed to be slightly more optimistic than the installation growth rate [41]. 6. Cost Curve - The cost curves of polysilicon mixed - material under different scenarios (considering and not considering waste - heat power generation) are provided, showing the cost levels of different enterprises in the wet season [62][63].

Industry Investment Ratings The provided content does not mention the industry investment ratings. Core Views - The stock index is expected to be mainly volatile in the short - term and consider buying on dips in the long - term. Bonds are expected to perform well in September. [12] - Steel will continue to have limited adjustment space and maintain a mid - term oscillating market; iron ore can be lightly shorted. Double - coking prices may continue to fall from high - level oscillations in the short - term. Silicon iron can be considered for long positions, while manganese silicon is suitable for short - selling on rebounds. Soda ash can be shorted on rallies, and glass should be observed for now. [15][16][17][18][19] - Aluminum can be bought on dips, and alumina can be shorted on rallies. Zinc prices will oscillate and decline. Lithium carbonate will have a wide - range oscillation. Industrial silicon will oscillate, and polysilicon will have intense disk fluctuations. [22][23][24][25][27] - Cotton can be shorted on rallies in the long - term. Sugar should be shorted on rebounds. Eggs should be traded with an oscillating strategy. Apples can be bought on dips or use a long - 10 - short - 01 spread strategy. Corn can be shorted on the 01 contract. Red dates can be shorted on rallies. For live pigs, short the near - term contracts on rallies and consider long positions on the 01 contract in the medium - to - long - term. [29][31][34][35][37][38] - Crude oil prices are likely to fall. Fuel oil and asphalt prices will follow crude oil. Plastics will have a short - term strong - oscillating trend. Rubber can hold long positions in moderation. Methanol can reduce short positions and wait and see. Caustic soda should maintain a long - position strategy. Polyester industry chain products will operate weakly at the bottom. LPG should maintain a bearish view in the long - term. Pulp should observe port de - stocking. Logs should be observed. Urea should maintain a bearish view. Synthetic rubber can take profits on rallies and look for low - buying opportunities. [41][42][44][45][46][47][50][51][52][53][54][55] Summary by Directory Macro Information - The third - stage fee reform of public funds has been implemented, and the sales - link fee levels will be reasonably reduced. [10] - Shenzhen has further relaxed housing purchase restrictions, and mortgage interest rates are no longer differentiated between first - and second - home purchases. [10] - US non - farm payrolls in August were far lower than expected, increasing the market's expectation of a Fed rate cut in September. [10] - The Ministry of Commerce has imposed temporary anti - dumping measures on imported pork and by - products from the EU. [11] - Trump has mentioned potential candidates for the Fed chair, including Hassett. [11] - The US government will impose tariffs on semiconductor imports from companies that do not move production to the US. [11] - The probability of a Bank of Japan rate hike in October has increased significantly. [11] - The expectation of the central bank restarting treasury bond trading operations has risen sharply. [11] Macro Finance Stock Index Futures - Short - term, it will mainly oscillate; long - term, consider buying on dips. The A - share market rebounded on Friday, and overseas markets are discussing the possibility of a 50bp Fed rate cut in September. [12] Treasury Bond Futures - The market expects a possible 50bp rate cut in September. The capital side is loose, and the long - term bonds are expected to perform well in September. [12] Black Spiral Steel and Iron Ore - The adjustment space for steel is limited, and it will maintain an oscillating market in the medium - term. Iron ore can be lightly shorted. The supply is strong after the parade, and the downstream demand is weak. [15][16] Coking Coal and Coke - Double - coking prices may continue to fall from high - level oscillations in the short - term. The supply may gradually recover, but policy restrictions on coking coal supply still exist. The demand from steel mills is strong, but there is a possibility of a decline. [17] Ferroalloys - Silicon iron can be considered for long positions on the 10 - contract, and manganese silicon is suitable for short - selling on rebounds. The supply of silicon iron is at a high level, and the supply of manganese silicon will increase in the fourth quarter. [18] Soda Ash and Glass - Soda ash can be shorted on rallies, and glass should be observed. The supply of soda ash is expected to increase, and the supply of glass will slightly increase in the future. [19][20] Non - ferrous Metals and New Materials Aluminum and Alumina - Aluminum can be bought on dips, and alumina can be shorted on rallies. The consumption of aluminum is warming up in the peak season, and the supply of alumina is excessive. [22] Shanghai Zinc - Zinc prices will oscillate and decline. The social inventory is increasing, and the supply is expected to increase. [23] Lithium Carbonate - It will have a wide - range oscillation. The supply and demand are both strong, but the continuous positive driving force is insufficient. [24] Industrial Silicon - It will oscillate. The production recovery is slow, and it is expected to start de - stocking after the dry season. [25] Polysilicon - The disk fluctuations will be intense. Policy progress dominates the disk, and there is a contradiction between policy expectations and fundamental over - supply. [27] Agricultural Products Cotton - It can be shorted on rallies in the long - term. The supply is low, the demand is weak, and the market is affected by the macro and international cotton markets. [29][30] Sugar - It should be shorted on rebounds. The supply is expected to increase, and the domestic supply and demand are relatively loose. [31][32] Eggs - Trade with an oscillating strategy. The in - production inventory of laying hens is high, but there is a de - capacity expectation in the futures market. [34] Apples - Buy on dips or use a long - 10 - short - 01 spread strategy. The price of early - maturing apples is high, and the price of inventory apples is relatively stable. [35] Corn - Short the 01 contract. The new grain listing may be delayed, and there is a supply gap expectation in 2025/26. [35][37] Red Dates - Short on rallies. The weather in Xinjiang is normal, and the price has declined. [38] Live Pigs - Short the near - term contracts on rallies and consider long positions on the 01 contract in the medium - to - long - term. The supply is strong in the short - term, and the demand will improve at the end of the month. [38] Energy and Chemicals Crude Oil - Prices are likely to fall. OPEC+ may increase production, and the supply exceeds demand in the medium - term. [41] Fuel Oil - Prices will follow crude oil. The supply concern has increased, and the demand is affected by various factors. [42] Plastics - It will have a short - term strong - oscillating trend. The supply pressure is large, and market rumors have boosted sentiment. [44] Rubber - Hold long positions in moderation. The supply of glue is tight, and policy rumors are positive. [45] Methanol - Reduce short positions and wait and see. The port inventory is increasing, but there are supply - side disturbances. [46] Caustic Soda - Maintain a long - position strategy. The supply and demand situation in Shandong is expected to improve, and the spot price is positive. [47] Asphalt - Prices will follow crude oil. It is in the seasonal demand peak season, and the inventory is decreasing. [47][49] Polyester Industry Chain - Products will operate weakly at the bottom. The cost support is weak, and the supply of some products is expected to increase. [50] Liquefied Petroleum Gas (LPG) - Maintain a bearish view in the long - term. The supply is abundant, and the demand is difficult to exceed expectations. [51] Pulp - Observe port de - stocking. The supply is expected to be loose, and the port inventory has decreased slightly. [52] Logs - Observe. The spot price is stable, but the disk receiving intention is not high. [53] Urea - Maintain a bearish view. The domestic demand is weak, and the export has not brought significant benefits. [54] Synthetic Rubber - Take profits on rallies and look for low - buying opportunities. The short - term supply and demand have no obvious contradiction, and the market is slightly strong in oscillation. [55]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - Based on fundamental analysis, different trading instruments are classified into trend - bearish, oscillating - bearish, oscillating, oscillating - bullish, and trend - bullish categories [4]. - Based on quantitative indicators, trading instruments are classified as bearish, oscillating, and bullish [6]. - A series of macro - economic events at home and abroad have an impact on the financial and commodity markets, and different trading strategies are proposed for various trading products in different sectors [8][13][17] Summary by Related Catalogs Macro Information - China's Ministry of Commerce announced the first anti - circumvention investigation ruling, and the central bank will conduct 1 trillion yuan of repurchase operations. Two departments issued an action plan for the stable growth of the electronic information manufacturing industry. The real estate market in 28 cities has supply changes. The US - Japan trade agreement is implemented, and the US has a soaring trade deficit in July. The US Department of Justice investigated a Fed governor, and the ADP employment data in August was lower than expected [8][9][10] Macro Finance - **Stock Index Futures**: Short - term may be mainly oscillating, and long - term consider buying on dips [13]. - **Treasury Bond Futures**: Adopt a curve - steepening strategy, keep the idea of steepening the short - end and ultra - long - end interest rate curves in the medium - and long - term, and participate in short - term rebounds with appropriate stop - loss and take - profit [14][15] Black - **Steel and Iron Ore**: The supply policy has limited impact on the market. The market may have a situation of "not prosperous in the peak season". Steel continues to have limited downward adjustment space and maintains an oscillating trend in the medium - term, while iron ore can be lightly short - sold [17][18]. - **Coking Coal and Coke**: Prices may continue to fall from high - level oscillations, and attention should be paid to production progress and enterprise production conditions [18]. - **Ferroalloys**: Consider buying silicon iron 10 contracts on dips, and maintain a medium - and long - term strategy of short - selling manganese silicon on rebounds [19]. - **Soda Ash and Glass**: Soda ash can be short - sold on rallies, and glass is recommended to be observed for the time being [20] Non - ferrous and New Materials - **Aluminum and Alumina**: Aluminum can be bought on dips, while alumina is recommended to be observed in the short - term and short - sold on rallies in the medium - term [20]. - **Zinc**: Zinc prices will oscillate downward [22]. - **Lithium Carbonate**: It will mainly operate in a wide - range oscillation in the short - term [23]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate, and polysilicon's price is mainly affected by policy progress and is in a fierce game [24] Agricultural Products - **Cotton**: Adopt a strategy of short - selling on rallies in the long - term [27]. - **Sugar**: Adopt a bearish strategy [29]. - **Eggs**: Temporarily treat it as a rebound and be cautious about the upside [32]. - **Apples**: Consider buying on dips or using a positive spread strategy [32]. - **Corn**: Short - sell the 01 contract [33]. - **Red Dates**: Short - sell on rallies [35]. - **Pigs**: Short - sell near - month contracts on rallies and consider low - buying the 01 contract in the medium - and long - term [36] Energy and Chemicals - **Crude Oil**: Consider short - selling on rallies [38]. - **Fuel Oil**: Its price will follow the change of crude oil prices, and the short - term price range of crude oil is estimated to be between $65 and $70 [39]. - **Plastics**: Polyolefins will oscillate weakly [41]. - **Rubber**: Consider buying on dips [42]. - **Methanol**: Temporarily reduce short positions [43]. - **Caustic Soda**: Adopt a bullish strategy [44]. - **Asphalt**: It follows crude oil and is stronger than crude oil, and the short - term price range of crude oil is estimated to be between $65 and $70 [44]. - **Polyester Industry Chain**: Each variety in the polyester industry chain will mainly oscillate weakly in the short - term [46]. - **Liquefied Petroleum Gas**: Adopt a bearish strategy in the long - term [47]. - **Paper Pulp**: Observe whether the port destocking continues and the improvement of spot trading [47]. - **Logs**: Observe the market in the short - term [49]. - **Urea**: Adopt a bearish strategy [49]. - **Synthetic Rubber**: Pay attention to low - buying opportunities [50]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The overall economic situation shows mixed trends globally. In China, the real - estate market varies by region, and the new - energy vehicle market continues to grow. The US economy has limited change, with inflation and employment issues. The global long - term bond market is experiencing a sell - off, and the oil market may face supply - demand imbalances [9][10][11]. - Different commodity markets have diverse trends. For example, the stock index futures may be volatile in the short - term and long - term investors can consider buying on dips; the bond market is influenced by various factors and different strategies are proposed for different investment styles; the black, colored, agricultural, energy - chemical, and other commodity markets all have their own characteristics in terms of supply, demand, and price trends [13][14][15]. Summary by Related Catalogs Macro - finance - **Stock Index Futures**: Short - term trading may be volatile, and long - term investors can consider buying on dips. The A - share market shows a differentiated trend, with the GEM leading the rise. The market turnover has decreased, and the index may adjust its rhythm [13]. - **Treasury Bond Futures**: Conservative strategies can continue to consider the curve - steepening strategy, while aggressive strategies can consider buying on dips in the short - term. The bond market is boosted by the weakening of the equity market and the loosening of the capital supply. The PMI data shows signs of stabilization and differentiation [14][15]. Black - **Steel and Iron Ore**: The steel industry's supply policy has limited impact on the market. The downstream demand is weak, and the steel market will continue to adjust with limited space, maintaining a mid - term oscillating trend. Iron ore can be lightly short - sold [17][18]. - **Coking Coal and Coke**: The prices of coking coal and coke may continue to decline from high levels in the short - term. The supply may gradually recover after the parade, and the market sentiment has weakened as the eighth round of coke price increase has not been implemented [19]. - **Ferroalloys**: The black market sentiment is weak. Silicon iron can consider long - positions in the 10 - contract, while manganese silicon should be short - sold on rebounds in the medium - to - long - term [20]. - **Soda Ash and Glass**: Soda ash can be short - sold on rallies, and glass should be observed for now. The supply of soda ash is increasing, and the demand for photovoltaic glass is stable. The glass market has weak sales in various regions, and the inventory may increase [22]. Colored and New Materials - **Aluminum and Alumina**: Aluminum may oscillate at a high level in the short - term, and investors can consider buying on dips in the long - term. Alumina is expected to decline in the medium - term, and short - selling on rallies is recommended [24]. - **Zinc**: The social inventory of zinc is increasing, and the supply is expected to increase. The zinc price will oscillate downward [25]. - **Lithium Carbonate**: The market is in a state of high supply and demand, with insufficient upward - driving forces. It will mainly oscillate widely in the short - term [26]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate with limited downward space. Polysilicon is mainly affected by policy progress, and the market will have intense games [27][28]. Agricultural Products - **Cotton**: The cotton market is affected by the game between upstream and downstream. The supply is low, and the demand is weak. The long - term trend is to short on rallies [30][31][32]. - **Sugar**: The domestic sugar market has a short - term supply - demand surplus, and the sugar price is expected to decline. The global sugar market is also expected to have a supply surplus [33][34][35]. - **Eggs**: The short - term spot price of eggs is strong, but the 10 - contract is expected to be weak. It is recommended to trade on rebounds with caution [37]. - **Apples**: Investors can buy on dips or use a long - 10 - short - 01 spread strategy. The price of stored apples will be stable, and early - maturing apples will maintain a high - quality, high - price trend [38]. - **Corn**: Short the 01 - contract. The supply pressure of old - crop corn is increasing, and the new - crop corn has a certain expectation of a bumper harvest [39][40]. - **Jujubes**: It is recommended to wait and see. The market price in the production area is stable, and the price in the sales area has a slight decline [41]. - **Pigs**: Short the near - term contracts on rallies and consider long - positions in the 01 - contract. The supply pressure in September is still large, and the demand improvement is limited [41][42]. Energy - Chemical - **Crude Oil**: The market may shift to a supply - surplus pattern. It is advisable to short on rallies as the inventory may accumulate rapidly after the peak - demand season [43][44]. - **Fuel Oil**: The price will follow the movement of crude oil, and the short - term price range is estimated to be between $65 and $70 [44][45]. - **Plastics**: Polyolefins will oscillate weakly due to high supply pressure and weak demand [45][46]. - **Rubber**: Consider buying on dips and be cautious when chasing high prices. The short - term fundamentals have no obvious contradictions [46]. - **Methanol**: The price may continue to oscillate weakly due to port inventory accumulation. It is recommended to reduce short - positions due to rumors of plant shutdowns [46][47]. - **Caustic Soda**: Adopt a long - term long strategy after short - term trading. The transportation situation may improve after the parade, and the demand is expected to increase [48]. - **Asphalt**: It follows the movement of crude oil and is stronger than crude oil. The demand is in the peak season, but the supply is also increasing [49]. - **Polyester Industry Chain**: The prices of polyester products are expected to be bearish in the short - term due to the weakening of crude oil and the lack of supply - demand support [50]. - **Liquefied Petroleum Gas (LPG)**: It follows the cost of crude oil and has sufficient supply. The demand is difficult to strengthen significantly, and a long - term bearish view is maintained [50]. - **Paper Pulp**: Observe whether the port inventory continues to decline and whether the spot trading and demand improve after Chenming's resumption of production [52]. - **Logs**: The fundamentals are oscillating, and the spot price is affected by weak trading [53]. - **Urea**: Adopt a bearish strategy. The export news is negative, and the futures price is falling [54]. - **Synthetic Rubber**: Consider buying on dips. The short - term fundamentals have no obvious contradictions, and the price is supported by raw materials [55].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The short - term fundamental situation of the log market is in a weak and volatile state. The supply side has not improved significantly, the demand is weak but with limited downward space, and the inventory is expected to fluctuate and adjust. The spot price is affected by weak transactions, and the disk is mainly affected by funds and commodity sentiment. It is recommended to observe the disk in the short term [6][9][17]. 3. Summary According to the Directory 3.1 Part 1: Log Overview - **Supply - side**: The next - week port arrival is expected to increase, but the supply side has not improved for the time being. The import volume of coniferous logs, radiata pine, and spruce has decreased to varying degrees. Affected by the low departure from New Zealand and the increase in foreign - market quotes, the import willingness of domestic traders is suppressed, and the port arrival volume in August is not expected to increase significantly [6][7]. - **Demand and Inventory - side**: The off - season continues, and the port outbound is still weak. Although the terminal real - estate start - up rate has decreased month - on - month, the short - term demand is weak but with limited space. As the peak season approaches, the outbound is expected to improve gradually. The total port arrival is still low, but there are signs of demand recovery. With the decrease in port arrival this week, the inventory is expected to fluctuate and adjust [8][9]. - **Price and Spread**: The foreign - market quotes of radiata pine are expected to rise, and the spot price is relatively stable as the peak season approaches. The subsequent increase in foreign - market prices may support the domestic spot. The disk is mainly affected by funds and commodity sentiment and shows a volatile trend. The spot spread is relatively stable [10][11][13]. - **Cost and Profit**: The foreign - market quotes have rebounded, the import profit has declined, and the short - term fundamental situation is still in a weak and volatile state. Affected by the weak demand of downstream and terminal, the log profit and sawn - timber profit are expected to show a weak trend [14][15]. - **Strategy Recommendation**: The fundamental situation is in a volatile state. The spot price is adjusted due to weak transactions. It is recommended to observe the disk in the short term [16][17]. 3.2 Part 2: Log Balance Sheet The report provides a weekly log balance sheet from June 6, 2025, to August 29, 2025, including data on port arrival numbers, port arrival volumes, daily average log outbound volumes, apparent demand, inventory by region and tree species, and supply - demand differences [18][20]. 3.3 Part 3: Log Supply - Demand Analysis - **Supply - side**: It includes aspects such as New Zealand log shipment volume, log import, and import by tree species, but specific data and analysis are not fully presented in the provided content [25][26][28]. - **Demand - side**: It involves the daily average log outbound volume and the real - estate market, but specific data and analysis are not fully presented in the provided content [34][35][37]. - **Log Downstream Analysis**: It includes the price and profit analysis of sawn - timber, the analysis of downstream substitutes (aluminum alloy), but specific data and analysis are not fully presented in the provided content [42][43][49]. - **Inventory - side**: It includes the summary of inventory, inventory by tree species, and inventory by region, but specific data and analysis are not fully presented in the provided content [58][59][61]. 3.4 Part 4: Cost and Profit - **Log Import Cost and Profit**: The import cost and profit of logs are involved, but specific data and analysis are not fully presented in the provided content [72][73]. - **Log Delivery Profit**: The delivery profit of logs is involved, but specific data and analysis are not fully presented in the provided content [78]. 3.5 Part 5: Log Price and Spread Analysis - **Log Foreign - market Quotes**: The foreign - market quotes of logs are involved, but specific data and analysis are not fully presented in the provided content [83][84]. - **Seasonality of Radiata Pine and Spruce Prices**: The price seasonality of radiata pine and spruce is presented through graphs, but specific data and analysis are not fully presented in the provided content [87]. - **Seasonality of Radiata Pine and Spruce Spreads**: The spread seasonality of radiata pine and spruce is involved, but specific data and analysis are not fully presented in the provided content [90]. - **Radiata Pine and LG Basis**: The basis between radiata pine and LG is involved, but specific data and analysis are not fully presented in the provided content [96]. - **LG Main Contract Seasonal Chart and Inter - monthly Spread**: The seasonal chart and inter - monthly spread of the LG main contract are presented through graphs, but specific data and analysis are not fully presented in the provided content [98].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share strategy suggests short-term oscillation and long-term buying on dips [13] - Treasury bond futures recommend a curve steepening strategy for a stable approach and short-term buying on dips for an aggressive one [14] - Black commodities are expected to have limited short-term adjustment space and maintain a mid-term oscillating market [16][17] - For non-ferrous metals and new materials, different metals have different outlooks, such as short-term high-level oscillation for Shanghai Aluminum and mid-term shorting on rallies for Alumina [22] - In the agricultural product sector, different products like cotton, sugar, and eggs have their own trading suggestions based on supply and demand [28][31][34] - Energy and chemical products also vary, with crude oil likely to turn into a supply - exceeding - demand situation and suggesting shorting on rallies [41][42] Summary by Related Catalogs Macro News - China and Russia strengthen cooperation, with China implementing a visa - free policy for Russia from September 15, 2025, to September 14, 2026 [9] - The central bank's MLF had a net injection of 300 billion yuan in August, while PSL had a net withdrawal of 160.8 billion yuan [9] - A - share margin trading balance reached 2.296991 trillion yuan as of September 1, breaking the historical peak, with a cumulative increase of over 26% since June 23 [10] - The US ISM manufacturing index in August was 48.7, lower than the expected 49, and the output index fell into the contraction range [10] - The Eurozone's CPI in August increased by 2.1% year - on - year, and the core CPI slightly declined to 2.3% [11] Macro Finance Strategy - Short - term A - shares may oscillate, and long - term investors can consider buying on dips. On September 2, A - shares adjusted, with over 4000 stocks falling, and the Shanghai Composite Index dropped 0.45% [13] Treasury Bond Futures - A stable strategy is to continue with the curve steepening strategy, and an aggressive one is to consider short - term buying on dips. The bond market reacted calmly to the slightly improved PMI data in August [14] Black Commodities Spiral Steel and Iron Ore - Supply policies have limited impact on steel supply and market conditions. The market may experience a "peak season without a boom" due to limited downstream demand [15][16] Coking Coal and Coke - Prices may continue to oscillate at high levels in the short term. Supply is expected to be tight in the short term, but there are also factors pressuring prices [18] Ferroalloys - Silicon iron 10 contract has the possibility of premium repair, while manganese silicon is mainly shorted on rallies in the medium - long term [19] Soda Ash and Glass - Soda ash can be shorted on rallies, and glass is currently under observation [20] Non - Ferrous Metals and New Materials Aluminum and Alumina - Shanghai Aluminum is expected to oscillate at a high level in the short term, and Alumina is recommended to be shorted on rallies in the medium term [22] Shanghai Zinc - Zinc prices are expected to oscillate downward due to increasing supply and weak demand [23] Lithium Carbonate - It is expected to operate weakly and oscillate in the short term [24] Industrial Silicon - It will continue to oscillate with limited downward adjustment space, and the复产 progress of Xinjiang's leading manufacturers is the core contradiction [24][25] Polysilicon - Policy expectations will continue to affect the market, and there is a contradiction between policy expectations and fundamental over - supply [26] Agricultural Products Cotton - Short - term observation is advisable, and it is recommended to be short on rallies in the long term [28] Sugar - It is recommended to take a short - biased approach due to expected supply increases [31] Eggs - Consider short - term long positions on the 12 - 01 contract and maintain a reverse arbitrage logic [34] Apples - Buy on dips or use a long 10 short 01 positive arbitrage combination [35] Corn - Short the 01 contract on rallies [37] Red Dates - Observe the market [38] Pigs - Short near - month contracts on rallies and consider long positions on the 01 contract at low levels [38] Energy and Chemical Products Crude Oil - It may turn into a supply - exceeding - demand situation, and shorting on rallies can be considered [41][42] Fuel Oil - Its price will follow crude oil, and the short - term operating range of crude oil is estimated to be between $65 and $70 [42] Plastics - Polyolefins are expected to oscillate weakly due to supply pressure [43] Rubber - Consider buying on dips and be cautious when chasing high prices [44] Methanol - It may continue to oscillate weakly, but rumors of gas restrictions in Iran may cause disturbances. Short positions can be reduced [45] Caustic Soda - Maintain a long - term long position after the short - term trading rhythm [46] Asphalt - It follows crude oil and is stronger than crude oil. The short - term operating range of crude oil is estimated to be between $65 and $70 [48] Polyester Industry Chain - Temporarily observe the market for unilateral operations and consider PX positive arbitrage opportunities [49] Liquefied Petroleum Gas - It is recommended to maintain a long - term short - biased view [49] Pulp - Observe whether port de - stocking continues and the spot transaction and demand after Chenming's resumption of production [50] Logs - Observe the market in the short term [50] Urea - Observe the market and consider shorting when the futures price approaches the policy - limited price [51] Synthetic Rubber - Look for low - buying opportunities and be cautious when chasing high prices [52]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The stock index futures are expected to be mainly volatile in the short - term and consider buying on dips in the long - term. The bond futures' conservative strategy is the curve steepening strategy, and the aggressive strategy can consider buying on dips in the short - term [11][12]. - The black commodities are expected to adjust prices in the short - term and maintain a volatile market in the medium - term. For iron alloys, focus on the long opportunity of the silicon iron 10 - contract and maintain the medium - long - term short - selling strategy for manganese silicon [16][17]. - For non - ferrous metals and new materials, the Shanghai aluminum is expected to oscillate at a high level, and the alumina is recommended to be short - sold on rallies in the medium - term. The zinc price will oscillate downward, and the lithium carbonate will operate in a wide - range oscillation [21][22][23]. - In the agricultural products market, the cotton can be short - sold on rallies in the long - term, the sugar can be short - covered and observed, and the eggs' short positions can be closed on dips [28][30][34]. - In the energy and chemical industry, the crude oil can be short - sold on rallies, the fuel oil and asphalt prices will follow the oil price, and the plastics are expected to oscillate weakly [42][44][45]. Summary by Relevant Catalogs Macro - news - The Shanghai Cooperation Organization Summit was held, and a series of important documents were approved. The personal consumption loan fiscal subsidy policy was implemented, and the land market volume and price declined in August. The US may declare a housing emergency, and the eurozone unemployment rate dropped to a record low. South Korea's exports increased in August [8][9]. Macro - finance Stock Index Futures - The strategy is to be mainly volatile in the short - term and consider buying on dips in the long - term. The A - share market was strongly volatile on Monday, and the PMI data showed a slight rebound but the manufacturing was still below the boom level [11]. Treasury Bond Futures - The conservative strategy is the curve steepening strategy, and the aggressive strategy can consider buying on dips in the short - term. The funds were balanced and loose at the beginning of the month, and the market digested the PMI data [12]. Black Screw Steel and Iron Ore - The supply policy has limited impact on the steel market. The market may experience a situation where the peak season is not prosperous. The supply is expected to remain strong, and the price is expected to adjust in the short - term and oscillate in the medium - term [14][15][16]. Coking Coal and Coke - The prices of coking coal and coke may continue to oscillate at a high level in the short - term. The supply is expected to be tight in the short - term, but there is also downward pressure [16][17]. Ferroalloys - Focus on the long opportunity of the silicon iron 10 - contract, and maintain the medium - long - term short - selling strategy for manganese silicon. The current supply of both is in surplus [17]. Soda Ash and Glass - Soda ash can be short - sold on rallies, and glass can be observed. The supply of soda ash is expected to increase, and the demand for glass is weak [18][19]. Non - ferrous Metals and New Materials Aluminum and Alumina - Shanghai aluminum is expected to oscillate at a high level, and alumina is recommended to be short - sold on rallies in the medium - term. The demand for aluminum is weak, and the supply of alumina is in surplus [21]. Shanghai Zinc - The zinc price will oscillate downward due to increasing supply and weak demand [22]. Lithium Carbonate - It will operate in a wide - range oscillation in the short - term, and the inventory is expected to decrease in September [23]. Industrial Silicon - It will oscillate, and the resumption of production of large factories in Xinjiang is the core contradiction [24][25]. Polysilicon - The policy progress dominates the market. The short - term may be supported by the policy, but there is a contradiction between the policy expectation and the surplus fundamentals [26]. Agricultural Products Cotton - It can be short - sold on rallies in the long - term. The supply is low, the demand is weak, and it is affected by the macro and external cotton markets [28][29][30]. Sugar - It can be short - covered and observed. The domestic supply is relatively loose, and the international market has both positive and negative factors [30][31][32]. Eggs - The short positions can be closed on dips. The supply pressure is high, and the market is in a game between weak reality and the expectation of culling old hens [34]. Apples - Consider buying on dips or the long 10 - short 01 positive spread strategy. The price of early - maturing apples is high - quality and high - price, and the inventory apples' price is stable [36]. Corn - Short the 01 - contract. The old - crop price is falling, and the new - crop has a certain expectation of a bumper harvest [38]. Red Dates - Observe. The price in the producing area is stable, and the price in the selling area is weak [39]. Pigs - Short the near - term contracts on rallies and consider long opportunities for the 01 - contract. The supply pressure is high in September, and the demand improvement is limited [39][40]. Energy and Chemical Industry Crude Oil - Consider short - selling on rallies. The supply is expected to exceed demand, and the price may decline [42]. Fuel Oil - The price will follow the oil price, and the short - term oil price is expected to be in the range of $65 - 70. The demand is affected by shipping and refinery raw material demand [44]. Plastics - Oscillate weakly. The supply pressure is high, and the demand is weak [45]. Rubber - Consider buying on dips. The short - term fundamentals have no obvious contradictions, and there is a certain driving force for price increase [46]. Methanol - Consider reducing short positions. The port inventory is increasing, but there may be disturbances from the rumor of gas restrictions in Iran [47]. Caustic Soda - Maintain an oscillating strategy. The spot price is rising, but the futures are affected by the warehouse receipt problem [48]. Asphalt - Follow the oil price and be stronger than oil. The demand is in the peak season, and the supply is expected to increase in September [50]. Polyester Industry Chain - Observe in the short - term and consider the PX positive spread strategy. The cost is expected to oscillate, and the supply - demand structure of some products is expected to be optimistic [51]. Liquefied Petroleum Gas - Maintain a bearish view in the long - term. The supply is abundant, and the demand is difficult to exceed expectations [52]. Urea - Maintain a strong - oscillating strategy. The futures price is difficult to fall due to export rumors [53]. Synthetic Rubber - Consider low - buying opportunities. The fundamentals are gradually improving, but the upward movement is restricted by the weak market sentiment [54].