Group 1: Report Summary - The report is a weekly analysis of the container shipping industry by Nanhua Futures, focusing on the European Line (EC) container shipping index futures [1] - It provides insights into market trends, trading strategies, and industry news for the week of September 14, 2025 [1] Group 2: Investment Ratings - There is no specific investment rating provided for the industry in the report [1] Group 3: Core Views - The core factors affecting the EC price are the spot cabin quotes on the European line and weak off - season demand. The continuous decline of spot cabin quotes in late September led to a weakening of the futures price [1] - In the short - term, the futures price may continue to oscillate slightly downward, but there is a possibility of a short - term rebound as it has reached a short - term low [4] - In the long - term, if the Red Sea resumes shipping due to geopolitical changes, or if the off - season demand further weakens, the European line freight rates may decline [7] Group 4: Trading Strategies Trading - Type Strategy - The trend is a continuation of the downward momentum. The short - term support for the main contract is in the range of 1050 - 1100, and the pressure level is in the range of 1200 - 1250 [9][10] - For hedging, one can sell at high positions, but also pay attention to the low - buying opportunity of the 12 - contract at 1550 - 1600 points [10] Arbitrage Strategy - For the arbitrage (inter - period) strategy, it is advisable to stay on the sidelines for now [12] Industrial Customer Operation Strategy - For the spot - futures (basis) strategy, traders can short the basis at an appropriate time [12] - For the cabin management of enterprises with full capacity or poor booking volume, they can short the container shipping index futures to lock in profits. For cost management, when the shipping company's empty - sailing intensity increases or the peak season is approaching, they can buy the container shipping index futures to lock in the booking cost [13] Group 5: Market Information Positive News - In the first eight months of 2025, the EU was China's second - largest trading partner, with a total trade value of 3.88 trillion yuan, a 4.3% increase [27] - The Israeli Prime Minister's statement about the cease - fire in Gaza may potentially ease geopolitical tensions [27] - In the first half of 2025, China's cross - border e - commerce imports and exports showed a prosperous trend, with a year - on - year increase of 5.7% [27] Negative News - Mexico plans to impose up to 50% tariffs on Chinese and some Asian products [31] - The spot cabin quotes on the European line of major shipping companies continued to decline in late September, with Maersk and MSC's small - container quotes falling below $1000 [31] - The SCFI European line declined rapidly [31] Group 6: Market Analysis Single - Side Trend and Capital Flow - The EC futures price continued to oscillate weakly, guided by the spot booking price. Technically, the moving averages are in a short - position arrangement, with a slight downward expectation [30] - The net short - position of the main positions in container shipping decreased slightly, indicating a cautious trading sentiment [32] Basis Structure - The SCFIS European line continued to decline, with the basis narrowing compared to the previous week. Traders can short the basis at an appropriate time [34] Inter - Period Structure - The spreads of the EC2510 - 2512 and EC2510 - 2602 contract combinations widened significantly. It is advisable to stay on the sidelines for now [36][37] Group 7: Valuation and Profit Analysis - In the first half of 2025, major shipping companies such as COSCO SHIPPING, Maersk, and CMA CGM had relatively good profit and revenue performance, while some companies like ONE and Yang Ming Marine Transport saw a significant reduction in profits [39] - For the second half of the year, shipping companies believe that the uncertainty has increased, and they will focus more on cost control, which may affect freight rates from the supply and cost sides [39]

Report Information - Report Title: Copper Industry Risk Management Daily Report [1] - Date: September 17, 2025 [2] - Research Team: Nanhua Non - ferrous Metals Research Team [2] Investment Rating - No investment rating provided in the report Core View - The copper price's rise and fall on Tuesday met expectations. The rise was due to the decline of the US dollar index, but the copper's fundamentals don't support further strengthening, and the macro - expectation remains unchanged in the short term. High - level oscillation may be the main trend for copper in the next few trading days [4] Summary by Category Copper Price and Volatility - The latest copper price is 80,880 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.40%, and the historical percentile of the current volatility is 6.3% [3] Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline, with a long spot exposure, it is recommended to sell 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the call option CU2511C82000 when the volatility is relatively stable [3] Raw Material Management - For low raw - material inventory and fear of price increase, with a short spot exposure, it is recommended to buy 75% of the Shanghai Copper main futures contract at around 78,000 yuan/ton [3] Factors Affecting Copper Price Bullish Factors - The US reaches a tariff agreement with other countries; increased expectations of interest - rate cuts lead to a decline in the US dollar index, boosting the valuation of non - ferrous metals; the lower support level rises [9] Bearish Factors - Repeated tariff policies; global demand decreases due to tariff policies; the adjustment of the US copper tariff policy causes an extremely high COMEX inventory [6][7] Copper Futures Market Data - The latest price of the Shanghai Copper main contract is 80,880 yuan/ton, with no daily change. The Shanghai Copper continuous - one contract is 80,870 yuan/ton, down 70 yuan (- 0.09%), and the Shanghai Copper continuous - three contract is 80,880 yuan/ton with no change. The LME Copper 3M is 10,117 US dollars/ton, down 72 US dollars (- 0.71%), and the Shanghai - London ratio is 8.07, up 0.03 (0.37%) [8] Copper Spot Market Data - The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaotrade, Guangdong Nanchu, and Yangtze Non - ferrous are 81,120 yuan/ton, 81,160 yuan/ton, 81,120 yuan/ton, and 81,320 yuan/ton respectively, with daily increases of 180 yuan (0.22%), 200 yuan (0.25%), 200 yuan (0.25%), and 250 yuan (0.31%) respectively. The Shanghai Non - ferrous, Shanghai Wumaotrade, Guangdong Nanchu, and Yangtze Non - ferrous spot premium/discounts are 75 yuan/ton, 30 yuan/ton, 70 yuan/ton, and 115 yuan/ton respectively, with daily changes of - 5 yuan (- 6.25%), - 40 yuan (- 57.14%), - 25 yuan (- 26.32%), and - 10 yuan (- 8%) respectively [13] Copper Scrap - to - Refined Spread - The current scrap - to - refined spread (tax - included) is 2,085.21 yuan/ton, up 21.38 yuan (1.04%); the reasonable scrap - to - refined spread (tax - included) is 1,509.15 yuan/ton, down 0.85 yuan (- 0.06%); the price advantage (tax - included) is 576.06 yuan/ton, up 22.23 yuan (4.01%). The current scrap - to - refined spread (tax - excluded) is 6,815 yuan/ton, up 15 yuan (0.22%); the reasonable scrap - to - refined spread (tax - excluded) is 6,315.5 yuan/ton, down 5.9 yuan (- 0.09%); the price advantage (tax - excluded) is 499.5 yuan/ton, up 20.9 yuan (4.37%) [18] Copper Warehouse Receipts and Inventory - Shanghai Copper warehouse receipts total 33,692 tons, up 3,049 tons (9.95%); International Copper warehouse receipts total 11,794 tons, up 321 tons (2.8%); Shanghai's Shanghai Copper warehouse receipts are 3,973 tons, up 2,315 tons (139.63%); the bonded total of Shanghai Copper warehouse receipts is 0 tons, down 100%; the tax - paid total of Shanghai Copper warehouse receipts is 33,692 tons, up 3,049 tons (9.95%) [22] - LME copper inventory totals 150,950 tons, down 1,675 tons (- 1.1%); COMEX copper inventory totals 312,868 tons, up 5,172 tons (1.68%) [24][25] Copper Import Profit and Processing - The copper import profit and loss is - 228.62 yuan/ton, down 90.09 yuan (65.03%); the copper concentrate TC is - 41.4 US dollars/ton, with no change [26]

Report Industry Investment Rating - Not provided Core Views - The domestic soybean market is transitioning from a stage of expected supply loosening to a reality, exerting downward pressure on prices [3]. - Mid - and downstream players are waiting for the large - scale listing of new - season grains, with low acquisition enthusiasm and light current spot trading [3]. - The soybean No. 1 futures maintain a bearish trend under the suppression of supply loosening expectations [3]. - The future import rhythm will affect the demand for domestic soybeans due to the high uncertainty of Sino - US trade relations [3]. - Reducing or suspending the one - way auctions of Sinograin this week is beneficial for alleviating pressure on the spot market, and specific auction arrangements should be monitored [3]. - The consumer market is gradually recovering in September, with an expected rebound in edible demand [3]. - The new - season harvest and listing of domestic soybeans are causing significant pressure on prices, and the passive attitude of the procurement end may lead to price declines [3][4]. Summary by Related Catalogs Bean One Risk Strategy - For inventory management of planting subjects with high new - bean sales demand in autumn and large short - term selling pressure, it is recommended to short the A2511 soybean No. 1 futures with a 30% hedging ratio when the price is between 4000 - 4050 to lock in planting profits [2]. - When there is a large - scale listing and weakening bargaining power of sellers, it is recommended to sell the A2511 - C - 4050 call option with a 30% hedging ratio at 40 - 50 (holding) to increase the grain selling price [2]. - For procurement management, when worried about rising raw material prices and aiming to reduce procurement costs, it is recommended to mainly wait to purchase spot goods in the medium term and focus on forward procurement management, with a long position in A2603 and A2605, waiting for price guidance in autumn [2]. Bean One Futures Price - On September 16, 2025, compared with September 15, the closing prices of all listed soybean No. 1 futures contracts declined, with the decline ranging from 0.25% to 0.38% [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - The overall supply of asphalt is increasing, while the demand cannot be effectively released due to rainfall and capital shortages. The inventory structure has improved, with stable factory inventories and declining social inventories. The asphalt crack spread remains high due to concerns about potential US military action against Venezuela. In the short - term, the peak season has no unexpected performance, but after the crude oil stabilizes, consider a long - position allocation. In the medium - to - long - term, there may be only one last chance for the asphalt futures to rise this year as the demand is expected to pick up in the peak season after the negative factors of crude oil are digested [3]. 3. Summary by Related Content 3.1 Price and Volatility - The predicted monthly price range of the asphalt main contract is 3400 - 3750. The current 20 - day rolling volatility is 17.18%, and its historical percentile over 3 years is 24.55% [2]. 3.2 Risk Management Strategies - **Inventory Management**: For enterprises with high finished - product inventories, to prevent losses from inventory price drops, they can short 25% of the bu2512 asphalt futures at 3650 - 3750 to lock in profits and cover production costs. They can also sell 20% of the bu2512C3500 call options at 30 - 40 to reduce capital costs and lock in the selling price if the price rises [2]. - **Procurement Management**: For enterprises with low procurement inventories, to prevent cost increases from price hikes, they can buy 50% of the bu2512 asphalt futures at 3300 - 3400 to lock in procurement costs. They can also sell 20% of the bu2512C3500 put options at 25 - 35 to collect premiums and lock in the purchase price if the price drops [2]. 3.3 Core Contradictions - Supply is increasing, but demand is restricted by rainfall and capital shortages. The inventory structure is improving, with stable factory inventories and declining social inventories. The crack spread remains high due to geopolitical concerns. In the short - term, the peak season is affected by weather, and the cost of crude oil is decreasing. In the medium - to - long - term, demand is expected to improve, and there may be one last chance for the asphalt futures to rise this year. The South China region is the price trough due to restrictions on crude oil quotas and consumption tax [3]. 3.4利多解读 No relevant content provided. 3.5利空解读 - **Positive Factors**: Low factory inventory pressure, seasonal peak demand, low operating rates with catch - up construction expectations in the South, and strong expectations of capacity reduction [7]. - **Negative Factors**: Increased arrivals of Venezuelan crude oil, short - term demand drag from the rainy season in the South, slower social inventory reduction and weakening basis, and potential increase in operating rates due to the consumption tax reform in Shandong [7][8]. 3.6 Price and Basis Data - **Spot Prices**: On September 16, 2025, the spot prices in Shandong, the Yangtze River Delta, North China, and South China were 3520 yuan/ton, 3640 yuan/ton, 3660 yuan/ton, and 3490 yuan/ton respectively [8]. - **Basis**: The basis of Shandong, the Yangtze River Delta, North China, and South China for the 12 - contract increased by 43 yuan/ton compared to the previous day [8]. - **Crack Spread**: The crack spread of Shandong spot and the futures main contract against Brent crude oil decreased compared to the previous week [8]. 3.7 Seasonal Data - The report presents the seasonal data of the 09 - contract basis in Shandong, North China, the Yangtze River Delta, and Northeast China, as well as the seasonal data of the 06 - 09 and 09 - 12 futures month - spreads [9][10][11]. 3.8 Inventory and Warehouse Receipt Data - The report shows the seasonal data of domestic asphalt factory and social inventory rates, as well as the total warehouse receipt quantities of asphalt in warehouses and factories [13][14].

Report Overview - Report Title: Nanhua Log Industry Risk Management Daily Report - Date: September 16, 2025 Industry Investment Rating - Not provided in the report Core Viewpoints - The log market is relatively independent of market sentiment. With no obvious fundamental contradictions, the price volatility is limited, and the market is expected to remain range - bound [7] - The log price is predicted to be in the range of 780 - 830 yuan per cubic meter, with a current 20 - day rolling volatility of 16.28% and a 3 - year historical percentile of 67.4% [3] Summary by Directory Log Price Forecast and Hedging Strategies - The monthly price range of logs is predicted to be 780 - 830 yuan per cubic meter, and the current 20 - day rolling volatility is 16.28%, with a 3 - year historical percentile of 67.4% [3] - For inventory management, when log imports are high and inventory is at a high level, companies can short log futures (lg2511) at 820 - 830 yuan per cubic meter with a 25% hedging ratio to lock in profits and cover production costs [3] - For procurement management, when the regular inventory is low, companies can buy log futures (lg2511) at 780 - 800 yuan per cubic meter with a 25% hedging ratio to lock in procurement costs [3] Market Conditions Disk - The lg2511 contract closed at 806.5 (+2), with a decrease in positions of 1130 [6] Spot - According to MULIAN data, the prices of 3.9 - meter and 5.9 - meter large A logs in Rizhao increased [7] Valuation - The warehouse receipt cost is about 817 yuan per cubic meter in the Yangtze River Delta and 822 yuan per cubic meter in Shandong [7] Core Contradictions - The overall commodity sentiment strengthened. The opening of the lg2511 contract was affected by short - covering, and the log market was relatively independent, with limited price volatility expected to be mainly range - bound [7] Spot and Basis - The report provides detailed spot prices, price changes, and basis calculations for different specifications of logs at various ports on September 16, 2025 [9] Log Data Overview Supply - The radiation pine import volume in July 2025 was 1.4 billion cubic meters, a decrease of 210 million cubic meters from the previous period but a year - on - year increase of 6.1% [10] Inventory - The national port inventory on September 12, 2025, was 3.02 billion cubic meters, an increase of 80 million cubic meters from the previous period but a year - on - year decrease of 16.1% [10] - The port inventory in Shandong was 1.83 million cubic meters, an increase of 17,000 cubic meters from the previous period and a year - on - year decrease of 1.2% [10] - The port inventory in Jiangsu was 917,792 cubic meters, an increase of 2,392 cubic meters from the previous period and a year - on - year decrease of 9.8% [10] Demand - The average daily log outbound volume at ports on September 12, 2025, was 62.9 million cubic meters, an increase of 1.7 million cubic meters from the previous period and a year - on - year decrease of 1.1% [10] - The average daily outbound volume in Shandong was 34.4 million cubic meters, an increase of 1 million cubic meters from the previous period and a year - on - year increase of 25.6% [10] - The average daily outbound volume in Jiangsu was 22.2 million cubic meters, an increase of 0.6 million cubic meters from the previous period and a year - on - year decrease of 24.2% [10] Profit - The radiation pine import profit on September 12, 2025, was - 67 yuan per cubic meter, an increase of 15 yuan from the previous period [10] - The spruce import profit was - 88 yuan per cubic meter, a decrease of 5 yuan from the previous period [10] Influencing Factors Bullish Factors - Traders may jointly support prices due to continuous import losses [11] - The overall commodity sentiment has warmed up (this has been disproven) [11] - The willingness to take delivery increases when the discount is sufficient (not currently the case) [11] - The inventory is relatively low [11] Bearish Factors - The peak season is not prosperous [11] - The addition of new delivery warehouses reduces the buyer's willingness to take delivery [11] Other Data - The CFR outer - disk quotation on September 12, 2025, was 114 US dollars per JAS cubic meter, a decrease of 2 US dollars and 3.4% from the previous period [12]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The domestic soybean market is transitioning from a stage of expected supply looseness to an actual one, with prices mainly under pressure [2]. - Mid - and downstream players are waiting for a large supply of new - season grains and are bargaining for lower prices, resulting in low acquisition enthusiasm and light current spot trading [2]. - The soybean No.1 futures reflect the expectation of loose supply and maintain a bearish trend [2]. - Sino - US trade negotiations are ongoing, and future import rhythms will affect the demand for domestic soybeans [2]. 3. Summary by Related Catalogs 3.1. Risk Strategies - **Inventory Management for Sellers**: For those with long spot positions, such as planting entities with high demand for selling new soybeans in autumn but facing large short - term selling pressure, it is recommended to short the A2511 soybean No.1 futures at a hedging ratio of 30% when the price is between 4000 - 4050 to lock in planting profits. Also, sellers can sell the A2511 - C - 4050 call options at a hedging ratio of 30% with a holding price range of 40 - 50 to increase the selling price [2]. - **Procurement Management for Buyers**: For those with short spot positions worried about rising raw material prices and increased procurement costs, since the probability of price decline is high, they should mainly wait to purchase spot goods in the medium term and focus on long - term procurement management. They can go long on A2603 and A2605 contracts and wait for the price guidance in autumn [2]. 3.2. Market Analysis - **Likely Positive Factors**: The absence of a single - way auction notice from Sinograin this week may reduce or suspend auctions, which is beneficial for alleviating pressure on the spot market. In addition, the consumer market is gradually recovering in September, and there is an expectation of a rebound in edible demand [3]. - **Likely Negative Factors**: The Northeast production area is about to enter the peak harvest period. The current new - season harvest and listing of domestic soybeans have led to a large supply in the short term, putting significant pressure on prices. Moreover, the procurement side is inactive, and prices may seek a lower balance under the mindset of bargaining for low prices [3]. - **Price Changes**: From September 12 to September 15, 2025, the closing prices of all soybean No.1 contracts declined. For example, the closing price of soybean No.1 11 decreased from 3959 to 3939, a drop of 20 or 0.51%; the closing price of soybean No.1 09 decreased from 4081 to 4001, a drop of 80 or 1.96% [3].

Report Overview - Report Title: Tin Industry Risk Management Daily Report [1] - Date: September 16, 2025 [2] - Research Team: Nanhua Non - ferrous Metals Research Team [2] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - Tin prices have strengthened recently due to the Fed's interest - rate cut expectations, which have boosted the valuation of the entire non - ferrous metals sector. In the short term, as investors' expectations for the Fed's September and October interest - rate decisions are relatively unified, the impact of monetary policy on tin prices may decrease. The short - term pattern of tight supply in the fundamentals is unlikely to change in September, and the weak demand has little impact on prices for now. Tin prices are likely to continue to fluctuate around 274,000 yuan per ton [4]. 3. Summary by Content 3.1 Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 273,960 yuan per ton, with a monthly price range forecast of 245,000 - 263,000 yuan per ton. The current volatility is 13.17%, and the historical percentile of the current volatility is 23.0% [3]. - **Risk Management Suggestions**: - **Inventory Management**: For those with high finished - product inventory worried about price drops, it is recommended to sell 75% of the Shanghai Tin main - contract futures at around 275,000 yuan per ton and sell 25% of the SN2511C275000 call options when the volatility is appropriate [3]. - **Raw Material Management**: For those with low raw - material inventory worried about price increases, it is recommended to buy 50% of the Shanghai Tin main - contract futures at around 230,000 yuan per ton and sell 25% of the SN2511P260000 put options when the volatility is appropriate [3]. 3.2 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy relaxation, the semiconductor sector still being in an expansion cycle, and Myanmar's复产 falling short of expectations [5]. - **Likely Negative Factors**: Tariff policy reversals, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and moving from an expansion to a contraction cycle [6]. 3.3 Tin Futures and Spot Data - **Futures Data**: - The latest prices of Shanghai Tin main, continuous - one, and continuous - three contracts are 273,960 yuan/ton, 273,960 yuan/ton, and 273,950 yuan/ton respectively, with no daily change. The LME Tin 3M price is 34,680 US dollars/ton, down 275 US dollars (- 0.79%). The Shanghai - London ratio is 7.84, up 0.03 (0.38%) [7]. - **Spot Data**: - The latest price of Shanghai Non - ferrous tin ingots is 273,300 yuan/ton, up 3,800 yuan (1.41%) week - on - week. The 1 tin premium is 100 yuan/ton, down 100 yuan (- 50%) week - on - week. Other spot prices such as tin concentrates and solder bars also showed increases [11]. 3.4 Tin Import and Processing - The latest tin import profit and loss is - 17,852.83 yuan/ton, down 49.13 yuan (- 0.27%) daily. The 40% and 60% tin ore processing fees are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [13]. 3.5 Tin Inventory - **Shanghai Futures Exchange Inventory**: The total tin warehouse receipt quantity is 7,402 tons, up 76 tons (1.04%) daily. The warehouse receipt quantity in Guangdong is 5,135 tons, up 56 tons (1.1%), and in Shanghai is 1,446 tons, up 20 tons (1.4%) [15]. - **LME Tin Inventory**: The total LME tin inventory is 2,620 tons, up 235 tons (9.85%) [15].

Group 1: Report Title and Date - Report title: Nanhua Metal Daily: Gold Hits New High, Focus on Fed FOMC [1] - Date: September 16, 2025 [2] Group 2: Market Review - On Monday, precious metal prices continued to rise due to the optimism ahead of the Fed's September FOMC meeting, including expectations of rate cuts and a pause in balance - sheet reduction, as well as uncertainty over US precious - metal tariff policies. Major surrounding assets rose, and the dollar fell. COMEX Gold 2512 contract closed at $3,719.5 per ounce, up 0.9%; Comex Silver 2512 contract closed at $42.19 per ounce, up 0.84%. SHFE Gold 2510 contract closed at 831.6 yuan per gram, up 0.1%; SHFE Silver 2510 contract closed at 10,017 yuan per kilogram, up 0.88% [2] - The US Court of Appeals rejected Trump's request to remove Fed Governor Cook. Trump - nominated Fed Governor nominee Milan's appointment was confirmed and can attend this week's FOMC meeting. China and the US reached a basic framework consensus on properly resolving the TikTok issue [2] Group 3: Rate - Cut Expectations and Fund Holdings - Traders expect the Fed to cut rates three times this year, with a 25 - basis - point cut likely in September. According to CME "FedWatch" data, the probability of the Fed keeping rates unchanged in September is 0%, the probability of a 25 - basis - point cut is 95.9%, and the probability of a 50 - basis - point cut is 4.1% [3] - The probability of a cumulative 25 - basis - point cut by October is 23.1%, a 50 - basis - point cut is 73.8%, and a 75 - basis - point cut is 3.1%. By December, the probability of a cumulative 25 - basis - point cut is 1.9%, a 50 - basis - point cut is 27.2%, a 75 - basis - point cut is 68.1%, and a 100 - basis - point cut is 2.9% [3] - SPDR Gold ETF holdings increased by 2.01 tons to 976.81 tons; iShares Silver ETF holdings remained at 15,069.6 tons. SHFE silver inventory decreased by 3.1 tons to 1,243.5 tons; SGX silver inventory decreased by 35.3 tons to 1,248.3 tons this week [3] Group 4: This Week's Focus - Light data this week, mainly pay attention to US retail sales data on Tuesday night. Focus on the Fed's FOMC announcement of the interest - rate decision and economic outlook summary at 02:00 on Thursday; Fed Chair Powell's press conference at 2:30. Also, the Bank of England will announce its interest - rate decision and meeting minutes at 19:00 on Thursday. The Bank of Japan will announce its interest - rate decision on Friday. Trump will visit the UK on a state visit [3] Group 5: Nanhua's View - Medium - to long - term outlook is likely bullish. Short - term, London gold and silver weekly lines continue to close with positive candles, indicating that the strong pattern is expected to continue. London gold support is at 3,600, strong support at 3,500, resistance at 3,700, then 3,800. For London silver, focus on the support at the 40 - integer mark, with the upper target raised to the 44 - 45 area. Maintain the idea of buying on dips, and hold existing long positions cautiously [3] Group 6: Precious Metal Price Table - SHFE Gold Main - continuous: 831.6 yuan per gram, down 2.62 yuan, down 0.31% - SGX Gold TD: 828.03 yuan per gram, down 2.31 yuan, down 0.28% - CME Gold Main: $3,719.5 per ounce, up $38.8, up 1.05% - SHFE Silver Main - continuous: 10,017 yuan per kilogram, down 18 yuan, down 0.18% - SGX Silver TD: 9,994 yuan per kilogram, down 40 yuan, down 0.4% - CME Silver Main: $43.19 per ounce, up $0.51, up 1.19% - SHFE - TD Gold: 3.57 yuan per gram, down 0.31 yuan, down 7.99% - SHFE - TD Silver: 23 yuan per kilogram, up 22 yuan, down 96.15% - CME Gold - Silver Ratio: 86.1195, down 0.12, down 0.14% [5] Group 7: Inventory and Position Table - SHFE Gold inventory: 53,226 kilograms, up 276 kilograms, up 0.52% - CME Gold inventory: 1,218.6641 tons, up 8.2872 tons, up 0.68% - SHFE Gold position: 104,349 lots, down 4,918 lots, down 4.5% - SPDR Gold position: 976.81 tons, up 2.01 tons, up 0.21% - SHFE Silver inventory: 1,243.481 tons, down 3.088 tons, down 0.25% - CME Silver inventory: 16,411.6893 tons, up 6.9809 tons, up 0.04% - SGX Silver inventory: 1,248.255 tons, down 35.355 tons, down 2.75% - SHFE Silver position: 204,407 lots, down 14,921 lots, down 6.8% - SLV Silver position: 15,069.602597 tons, down 67.772 tons, down 0.45% [15][17] Group 8: Stock, Bond, and Commodity Summary - US Dollar Index: 97.3236, down 0.2914, down 0.3% - USD/CNY: 7.1173, down 0.0027, down 0.04% - Dow Jones Industrial Average: 45,883.45 points, up 49.23 points, up 0.11% - WTI Crude Oil Spot: $63.3 per barrel, up $0.61, up 0.97% - LmeS Copper 03: $10,189 per ton, up $124.5, up 1.24% - 10 - Year US Treasury Yield: 4.05%, down 0.01%, down 0.25% - 10 - Year US Real Interest Rate: 1.68%, down 0.02%, down 1.18% - 10 - 2 Year US Treasury Yield Spread: 0.51%, up 0.01%, up 2% [21]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Since August 13th, the adjustment wave of anti - involution varieties has lasted for a month. As time progresses, it is approaching the end of the adjustment wave, and the overall view is bullish. In specific sectors, the outlook for oilseeds and fats is bullish, while that for chemicals is bearish [2][3][5] - In addition to industrial products, agricultural products have also stabilized recently. The downward driving force of agricultural products has further weakened, but attention should be paid to the risk of soybean meal prices caused by uncertain tariffs [3][4][5] 3. Summary by Relevant Catalogs 3.1 Market Trend - From August 13th, the adjustment wave of anti - involution varieties has lasted for a month. During this period, varieties with weak fundamentals and low basis, such as glass, soda ash, PVC, urea, and crude oil, have adjusted and led the decline, while polysilicon and coking coal have maintained horizontal consolidation. As the adjustment wave nears its end, these varieties will choose a direction [4] - Agricultural products have stabilized. The USDA supply - demand report on September 12th showed a slight increase in the US soybean ending inventory, but it could not drive the market lower. The path of least resistance for US soybeans is no longer downward, and there is little point in short - selling domestic soybean meal and oil varieties. The risk lies in tariffs [4] 3.2 Capital Flow - The total capital flow is 10.312 billion. Among different sectors, precious metals have a capital flow of 2.421 billion, non - ferrous metals have - 0.143 billion, black metals have 0.447 billion, energy has 0.83 billion, chemicals have 0.265 billion, feed and breeding have 0.479 billion, oilseeds and fats have 0.06 billion, and soft commodities have 0.065 billion [8] 3.3 Weekly Data of Different Sectors - **Black and Non - ferrous Metals**: Data such as price percentile, inventory percentile, valuation percentile, position percentile, basis difference percentile, and annualized basis are provided for various black and non - ferrous metal varieties, including iron ore, rebar, hot - rolled coil, etc. [8] - **Energy and Chemicals**: Similar data are provided for energy and chemical varieties, such as fuel oil, low - sulfur oil, asphalt, etc. [10] - **Agricultural Products**: Data for agricultural products like soybean meal, rapeseed meal, soybean oil, etc. are presented, including price percentile, inventory percentile, etc. [11]

Group 1 - The core viewpoint emphasizes the increasing demand for enterprises to use the futures market to hedge risks and stabilize operations amid complex international situations and transformation challenges [1][2] - The total amount of funds in China's futures market has exceeded 1.9 trillion yuan, with steady growth in trading volume and open interest [2][3] - Enterprises face challenges such as insufficient demand, severe industry competition, prolonged payment cycles, and increased credit risks, making participation in the futures market crucial for managing market volatility [2][3] Group 2 - The futures market stabilizes expectations by providing transparent and effective price signals, allowing market participants to adjust strategies in advance and reduce panic [3][4] - South China Futures has implemented 45 "insurance + futures" projects in rural revitalization, providing 746 million yuan in risk protection across 11 provinces [4][5] - The company has established a strong international presence with 15 subsidiaries in major financial centers, enhancing its ability to support Chinese enterprises going global [5][6] Group 3 - The company aims to transform from a traditional channel service provider to a strategic partner in risk management for enterprises, offering customized training and systematic solutions [6][7] - There is a need for improved investor education to change the perception of the futures market as "high risk," with initiatives like the establishment of an investor education base and various educational activities [7][8] - South China Futures conducts numerous seminars and training sessions for small and medium investors, enhancing their investment capabilities and risk awareness [8]