Report Industry Investment Rating No relevant content provided. Core View of the Report - Macroscopically, the expected end of the US government "shutdown" has led to a recovery in market risk appetite, providing some support for commodity prices. Industrially, the de - stocking of the five major steel products continued, but the slowdown in the decline of rebar inventory and the increase in hot - rolled coil inventory, along with the continuous decline in hot metal, have put pressure on steel prices. Currently, steel prices are near previous lows, and it is expected that the downward space is limited, with short - term low - level fluctuations. Medium - term, pay attention to new macro - driving factors from mid - November to December [3]. Summary According to the Directory 1. Market Review - Last week, overseas markets focused on liquidity risks, with a phased increase in risk - aversion sentiment. The high - level US dollar index pressured commodities. Industrially, the de - stocking of the five major steel products slowed down, with rebar slightly reducing inventory and hot - rolled coil inventory increasing. Steel prices fluctuated weakly under pressure [9]. 2. Steel Supply and Demand Analysis - **Production**: Rebar and hot - rolled coil production both decreased slightly. National rebar weekly production was 208.54 tons (down 1.91% week - on - week and 10.77% year - on - year), and national hot - rolled coil weekly production was 318.16 tons (down 1.67% week - on - week and up 2.13% year - on - year). Rebar production from both electric furnaces and blast furnaces decreased [13][15]. - **Operating Rate**: The blast furnace operating rate increased, while the electric furnace operating rate decreased. The national blast furnace operating rate was 83.13% (up 1.69% week - on - week and 0.84% year - on - year), and the electric furnace operating rate was 67.03% (down 2.62% week - on - week and 4.37% year - on - year) [22][26]. - **Profit**: The profits of rebar and hot - rolled coil improved slightly. Rebar profit was - 39 yuan/ton (up 18 yuan/ton week - on - week and down 188 yuan/ton year - on - year), and hot - rolled coil profit was - 80 yuan/ton (up 34 yuan/ton week - on - week and down 141 yuan/ton year - on - year) [27][30]. - **Demand**: The demand for rebar and hot - rolled coil both declined. Rebar apparent consumption was 218.52 tons (down 5.89% week - on - week and 5.34% year - on - year), the 5 - day average of national building materials transactions was 9.64 tons (down 7.81% week - on - week and 23.09% year - on - year), and hot - rolled coil apparent consumption was 314.3 tons (down 5.30% week - on - week and 1.48% year - on - year) [31][35]. - **Inventory**: Rebar de - stocking slowed down, with both factory and social inventories slightly decreasing. Hot - rolled coil inventory increased, with social inventory rising and factory inventory slightly decreasing [36][40]. - **Downstream**: In the real estate sector, the transactions of commercial housing and land both decreased month - on - month. In the automotive sector, in September 2025, automobile production and sales continued to rise both month - on - month and year - on - year [45][50]. 3. Iron Ore Supply and Demand Analysis - **Supply**: The arrivals from Australia and Brazil decreased periodically. The iron ore price index was 104.13 (down 2.23% week - on - week and up 2.96% year - on - year), the iron ore shipments from Australia and Brazil were 2683.5 tons (down 5.66% week - on - week and up 0.39% year - on - year), and the arrivals at 45 ports were 2741.2 tons (down 14.83% week - on - week and up 17.80% year - on - year) [53][58]. - **Demand**: The daily output of hot metal decreased month - on - month, while the port clearance volume increased slightly. The daily output of hot metal was 234.22 tons (down 2.14 tons week - on - week and up 0.16 tons year - on - year), the port clearance volume at 45 ports was 320.93 tons (up 0.24% week - on - week and 2.08% year - on - year), and the inventory - to - sales ratio of 247 steel enterprises was 31.21 days (up 2.83% week - on - week and down 0.89% year - on - year) [59][63]. - **Inventory**: Iron ore port inventory continued to rise, and steel enterprises' iron ore inventory increased slightly. The inventory at 45 ports was 14898.83 tons (up 2.45% week - on - week and down 2.50% year - on - year), the imported iron ore inventory of 247 steel enterprises was 9009.94 tons (up 1.81% week - on - week and down 1.32% year - on - year), and the average available days of iron ore for 114 steel enterprises was 24.25 days (up 3.85% week - on - week and 12.74% year - on - year) [64][68]. 4. Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of domestic coking mines continued to decline, while Mongolian coal customs clearance was at a high level. The operating rate of coking mines was 83.76% (down 1.20% week - on - week and 6.71% year - on - year), the capacity utilization rate of coal washing plants was 37.61% (up 3.15% week - on - week and down 11.96% year - on - year), and the average daily Mongolian coal customs clearance volume was 16.55 tons (up 52.78% week - on - week and 3.73% year - on - year) [70][74]. - **Demand**: The transaction rate of coking coal auctions decreased slightly. The daily transaction rate of coking coal auctions was 61.25% (down 37.74% week - on - week and 34.35% year - on - year), and the weekly transaction rate was 88.42% (down 5.00% week - on - week and up 3.11% year - on - year) [75][77]. - **Coking Enterprises**: The profit of independent coking enterprises increased slightly, and the capacity utilization rate decreased slightly. The profit per ton of coke for independent coking enterprises was - 22 yuan/ton (up 10 yuan/ton week - on - week and down 58 yuan/ton year - on - year), the capacity utilization rate of independent coking enterprises was 72.31% (down 1.54% week - on - week and 1.61% year - on - year), and the capacity utilization rate of steel mills' coke was 84.99% (down 0.26% week - on - week and 1.87% year - on - year) [79][83]. - **Inventory**: Coking coal port inventory continued to rise, and coking plant inventory continued to increase. Coke port inventory decreased, and coking plant inventory remained at a low level [84][90]. - **Spot Price**: The fourth round of coke price increase started, and the game between steel and coking enterprises continued. The price of low - sulfur coking coal in Shanxi was 1660 yuan/ton (up 60 yuan/ton week - on - week and 10 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Handan was 1490 yuan/ton (up 50 yuan/ton week - on - week and down 270 yuan/ton year - on - year) [96][100]. 5. Spread Analysis - The basis of rebar widened, and the 1 - 5 spread of rebar narrowed. The spread between hot - rolled coil and rebar slightly widened, and the 1 - 5 spread of coking coal and coke widened [102][108].

Group 1: Pork Market - The average daily trading volume of pork reached 10,045 heads (769.14 tons), an increase of 13.09% compared to the previous week [1] - The average price of live pigs in Hangzhou was 14.87 yuan/kg, down 1.39% [1] - The average wholesale price of pork was 15.84 yuan/kg, down 4.86% [1] - Retail prices for various pork cuts showed mixed results, with pork loin at 34.28 yuan/kg, up 1.03%, while other cuts like pork hind leg and pork belly saw declines [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,931.28 tons, an increase of 7.25% [2] - The overall average wholesale price of vegetables was 4.74 yuan/kg, down 0.63% [2] - Among 17 vegetable varieties, prices increased for green bell peppers (5.79 yuan/kg, up 5.66%) and eggplants (6.95 yuan/kg, up 4.35%), while prices for loofah and celery saw significant declines [2] - The average retail price of monitored vegetables was 11.01 yuan/kg, down 2.48% [2] Group 3: Aquatic Products Market - The total trading volume of aquatic products was 3,221.35 tons, with a daily average of 460.19 tons, down 6.14% [3] - The average wholesale price of aquatic products remained stable at 40.38 yuan/kg [3] - Retail prices for aquatic products showed an overall increase, with grass carp rising dramatically to 90.07 yuan/kg, up 196.48% [3]

Core Viewpoint - Oil prices decreased by more than 2% due to concerns over oversupply and rising tensions between the US and China [1] Oil Industry - The decline in oil prices is attributed to oversupply concerns, indicating a potential imbalance in the market [1] - The geopolitical tensions between the US and China are negatively impacting market sentiment, contributing to the drop in oil prices [1] Gold Market - Gold prices continued to rise, surpassing $4,100 per ounce, indicating a strong demand for safe-haven assets amid market volatility [1]

Group 1: FactSet Research Systems Inc. - FactSet reported fourth-quarter sales of $596.9 million, exceeding analyst expectations of $593.5 million, marking a 6.2% year-over-year increase [2] - Adjusted earnings per share for the quarter were $4.05, which fell short of the expected $4.13 [2] - FactSet shares increased by 1% to close at $285.99, with a market cap of $10.88 billion, trading significantly below its 52-week high of $499.87 [4] - The company's P/E ratio stands at 18.39, indicating a potentially attractive valuation, while the dividend yield is 1.54% [4] Group 2: Freeport-McMoRan Inc. - Freeport-McMoRan is set to release its third-quarter earnings on October 23, with analysts expecting earnings of 41 cents per share, up from 38 cents in the previous year [3] - Projected quarterly revenue for Freeport is $6.71 billion, slightly down from $6.79 billion a year earlier [3] - Freeport-McMoRan shares surged 4.7% to close at $42.78, with a market cap nearing $60 billion [4] - The stock has fluctuated within a 52-week range of $27.66 to $50.28, reflecting a strong recovery amid evolving global demand for copper and other metals [4]

Core Insights - During the National Day and Mid-Autumn Festival, the supply in Juxian's market was abundant, leading to a general price decrease of 0.99% compared to the pre-holiday period [1] Price Trends - **Grain Prices**: The retail prices of wheat and corn remained stable at 1.25 yuan and 1.14 yuan per 500 grams, respectively, unchanged from the pre-holiday period. Similarly, millet and rice prices were stable at 5.50 yuan and 2.50 yuan per 500 grams [2] - **Edible Oil Prices**: The retail prices for bulk peanut oil and soybean oil were stable at 9.50 yuan and 5.10 yuan per 500 grams, respectively, with no change from the pre-holiday period [3] - **Pork Prices**: The retail prices for various pork cuts decreased significantly, with prices for whole pork and pork belly at 10.75 yuan per 500 grams, down 10.42% from the pre-holiday period. Other cuts like lean pork and ribs also saw decreases of 8.93% and 6.06%, respectively [4] - **Egg Prices**: The retail price of eggs fell to 3.85 yuan per 500 grams, a decrease of 10.47% compared to the pre-holiday period. Prices in major supermarkets ranged from 3.65 yuan to 3.99 yuan per 500 grams, also reflecting a downward trend [5] - **Aquatic Product Prices**: Prices for various fish remained stable, with carp, crucian carp, and others priced at 8.50 yuan, 13.00 yuan, and 14.50 yuan per 500 grams, respectively. However, frozen shrimp saw a price increase of 5.00%, reaching 21.00 yuan per 500 grams [6] - **Vegetable Prices**: Overall vegetable prices decreased by 1.37%, with 10 out of 29 monitored vegetables seeing price drops. Notable decreases included cabbage, spinach, and cauliflower, which dropped by 25.00%, 16.67%, and 16.67%, respectively [7]

Market Performance - U.S. stocks traded higher, with the Nasdaq Composite gaining around 150 points on Monday [1] - The Dow rose 0.19% to 46,333.68, the NASDAQ increased 0.67% to 22,635.76, and the S&P 500 climbed 0.42% to 6,671.51 [1] - Information technology shares jumped by 0.8%, while energy stocks fell by 0.8% [1] Real Estate Sector - U.S. pending home sales surged by 4% in August, marking the sharpest gain in five months, compared to a 0.4% decline in the previous month [2][7] Commodity Market - Oil traded down 2% to $64.41, while gold rose 0.9% to $3,844.30 [4] - Silver increased by 0.5% to $46.895, and copper rose 0.7% to $4.8070 [4] European Market - European shares were mostly higher, with the eurozone's STOXX 600 gaining 0.2% [5] - Spain's IBEX 35 Index fell 0.2%, London's FTSE 100 rose 0.4%, Germany's DAX 40 slipped 0.1%, and France's CAC 40 climbed 0.3% [5] Asian Market - Asian markets closed mixed, with Japan's Nikkei 225 falling 0.69%, Hong Kong's Hang Seng gaining 1.89%, China's Shanghai Composite rising 0.90%, and India's BSE Sensex falling 0.08% [6] Stock Movements - Maison Solutions Inc. shares surged 257% to $3.3603, while Predictive Oncology Inc. shares rose 112% to $1.64 after a reverse stock split [9] - Maison Solutions Inc. shares also gained 167% to $2.56 [9] - KALA BIO, Inc. shares dropped 92% to $1.4350 after failing to meet primary endpoints in a clinical trial [9] - MoonLake Immunotherapeutics shares fell 89% to $6.76 following disappointing trial results [9] - IO Biotech, Inc. shares decreased 75% to $0.3941 after an update post-FDA meeting [9]

Agricultural Products Market - The national edible agricultural product market price decreased by 0.1% from the previous week [1] - The average wholesale price of 30 types of vegetables was 4.68 yuan per kilogram, down 1.5%, with cucumber, spinach, and rapeseed decreasing by 9.7%, 9.5%, and 7.4% respectively [1] - The wholesale price of meat showed slight fluctuations, with pork priced at 19.81 yuan per kilogram, down 0.8%, while beef remained stable and lamb increased by 0.5% [1] - The average wholesale price of six types of fruits slightly increased, with watermelon, pear, and apple rising by 3.0%, 1.1%, and 0.8% respectively [1] - Poultry product prices remained stable, with eggs increasing by 3.8% [1] Production Materials Market - The prices of basic chemical raw materials mainly decreased, with sulfuric acid and methanol dropping by 4.0% and 0.2% respectively [2] - Fertilizer prices showed a stable decline, with urea decreasing by 0.3% [2] - Non-ferrous metal prices slightly retreated, with zinc, aluminum, and copper decreasing by 0.6%, 0.1%, and 0.1% respectively [2] - The price of coal showed slight fluctuations, with thermal coal priced at 759 yuan per ton, increasing by 0.4% [2] - Steel prices slightly increased, with high-speed wire, rebar, and hot-rolled strip steel priced at 3567 yuan, 3385 yuan, and 3590 yuan per ton, respectively, all showing increases [2]

Group 1: Pork Market - The average daily trading volume of pork was 9,313 heads (714.07 tons), a decrease of 2.92% compared to the previous week [1] - The average price of live pigs in Hangzhou was 15.93 yuan/kg, down 0.44% [1] - The average wholesale price of pork was 18.31 yuan/kg, down 2.24% [1] - The retail price of pork products showed mixed results, with pork loin at 33.39 yuan/kg down 3.89% and pork hind leg at 29.25 yuan/kg up 6.25% [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,661.15 tons, a decrease of 1.86% [2] - The overall average wholesale price of vegetables was 4.96 yuan/kg, an increase of 2.69% [2] - Among 17 vegetable varieties, 12 saw price increases while 5 experienced price drops, with the largest increase being for loofah at 6.56 yuan/kg, up 16.31% [2] - The overall average retail price of vegetables was 11.04 yuan/kg, an increase of 3.76% [2] Group 3: Egg Market - The average daily trading volume of eggs was 1,035 tons, remaining stable compared to the previous week [2] - The wholesale price of chicken eggs was 8.11 yuan/kg, an increase of 7.37% [2] - The wholesale price of duck eggs remained unchanged at 15.3 yuan/kg [2] Group 4: Aquatic Products Market - The total wholesale trading volume of aquatic products was 3,406 tons, with an average daily trading volume of 486.57 tons, down 0.71% [3] - The overall average wholesale price of aquatic products was 43.45 yuan/kg, a decrease of 0.41% [3] - The average retail price of aquatic products was 62.96 yuan/kg, an increase of 2.22%, with grass carp showing a significant increase of 16.96% [3]

Market Overview - U.S. stocks showed mixed performance with the Nasdaq Composite gaining over 100 points, while the Dow decreased by 0.17% to 45,632.29 and the S&P 500 rose by 0.64% to 6,554.06 [1] - Information technology shares increased by 2.2% on the same day [1] Company Performance - Chewy, Inc. (CHWY) shares fell approximately 14% after reporting second-quarter results, with adjusted earnings of 33 cents per share, exceeding market estimates of 14 cents, and quarterly sales of $3.104 billion, surpassing expectations of $3.080 billion [3] Commodity Market - Oil prices rose by 1.3% to $63.46, while gold increased by 0.2% to $3,689.50. Silver and copper also saw gains of 0.7% to $41.630 and 0.3% to $4.5845, respectively [5] European Market - European shares experienced an upward trend, with the eurozone's STOXX 600 rising by 0.3% and Spain's IBEX 35 Index increasing by 1.3% [6] Asian Market - Asian markets closed higher, with Japan's Nikkei 225 gaining 0.87% and Hong Kong's Hang Seng rising by 1.01% [7] Notable Stock Movements - Wearable Devices Ltd. (WLDS) shares surged by 412% to $5.20 following a year-over-year increase in H1 EPS results and a new patent announcement [8] - Cuprina Holdings (Cayman) Limited (CUPR) shares increased by 212% to $2.19 after announcing exclusive licensing rights for medical waste recycling technology [8] - YY Group Holding Limited (YYGH) shares dropped by 61% to $0.3674 after pricing a registered offering of ordinary shares and warrants [8]

Company Performance - Monday.com (MNDY) shares dipped around 27% after posting second-quarter results, despite reporting a quarterly revenue growth of 27% year-on-year to $299.01 million, which beat the analyst consensus estimate of $293.54 million [2] - The adjusted EPS of Monday.com was $1.09, surpassing the analyst consensus estimate of 86 cents [2] - For fiscal third-quarter 2025, Monday.com expects revenue between $311.00 million and $313.00 million, slightly above the analyst consensus estimate of $312.95 million, with an adjusted operating margin of 11%-12% [3] Market Movements - Equillium, Inc. (EQ) shares surged 115% to $1.0650 after announcing up to $50 million in financing through a securities purchase agreement [9] - TEGNA Inc. (TGNA) shares rose 29% to $19.67 following reports of Nexstar's acquisition talks [9] - International Money Express, Inc. (IMXI) shares increased by 63% to $15.08 after Western Union announced plans to acquire Intermex for $500 million [9] - Owens & Minor, Inc. (OMI) shares fell 25% to $5.29 due to worse-than-expected second-quarter earnings [9] - Thumzup Media Corporation (TZUP) shares dropped 34% to $10.25 after announcing a $50 million confidentially marketed public offering at $10 per share [9] - Safety Shot, Inc. (SHOT) shares decreased by 44% to $0.6388 following a strategic alliance announcement [9]