1. Report Industry Investment Ratings - Steel: Oscillating on the stronger side [1] - Iron ore: Oscillating [1] - Coking coal: Wide - range oscillation [1] - Coke: Wide - range oscillation [1] - Manganese silicon: Oscillating on the stronger side [1] - Ferrosilicon: Oscillating on the stronger side [3] 2. Core Viewpoints of the Report - The steel market is affected by environmental protection inspections and production restrictions in Tangshan, and the short - term thread disk is expected to run with an upward bias. The iron ore market has a complex supply - demand situation, and the price is expected to show a high - level oscillating trend. The coking coal and coke markets are influenced by production and demand factors, and the short - term disk is expected to have wide - range oscillations. The manganese silicon and ferrosilicon markets are boosted by market sentiment, but the fundamental driving force is limited, and the prices are expected to oscillate on the stronger side [1][3] 3. Summary According to Relevant Catalogs 3.1 Research Views - **Steel**: The thread disk rose yesterday. The closing price of the thread 2601 contract was 3166 yuan/ton, up 30 yuan/ton or 0.96% from the previous trading day, with a decrease of 21,800 lots in positions. Spot prices rose slightly, and trading volume declined slightly. With environmental protection inspections and production restrictions in Tangshan, the short - term disk is expected to run with an upward bias [1] - **Iron ore**: The main contract i2601 price of iron ore futures rose yesterday, closing at 803.5 yuan/ton, up 7.5 yuan/ton or 0.9% from the previous trading day, with 400,000 lots traded and a decrease of 3,000 lots in positions. Port spot prices rose. The supply has increased, and the demand has recovered after production restrictions, but the steel mill profitability has declined, and the inventory has increased. The price is expected to oscillate at a high level [1] - **Coking coal**: The coking coal disk rose yesterday. The closing price of the coking coal 2601 contract was 1240.5 yuan/ton, up 53 yuan/ton or 4.46%, with an increase of 33,930 lots in positions. Spot prices rose. The supply side has normal production, and the demand side has a slowdown in procurement. The short - term disk is expected to have wide - range oscillations [1] - **Coke**: The coke disk rose yesterday. The closing price of the coke 2601 contract was 1735 yuan/ton, up 46.5 yuan/ton or 2.75%, with a decrease of 406 lots in positions. Spot prices rose. After two rounds of price cuts, the profitability of coke enterprises has declined, and the supply is sufficient. With production restrictions in Tangshan, the short - term disk is expected to have wide - range oscillations [1] - **Manganese silicon**: The manganese silicon futures price strengthened on Tuesday. The main contract was reported at 5944 yuan/ton, up 1.02% month - on - month, with an increase of 7995 lots in positions to 335,700 lots. Market prices in various regions rose. Driven by the overall strength of the black sector and positive market news, the price is expected to oscillate on the stronger side, but the upward space is limited [1] - **Ferrosilicon**: The ferrosilicon futures price strengthened on Tuesday. The main contract was reported at 5700 yuan/ton, up 0.71% month - on - month, with a decrease of 810 lots in positions to 212,400 lots. Market prices in various regions rose. Affected by the overall strength of the black sector and positive market sentiment, but with limited fundamental driving force, the price is expected to follow the black sector and oscillate slightly on the stronger side [3] 3.2 Daily Data Monitoring - The report presents the contract spreads, basis, and spot prices of various black commodities, as well as the profit, price spreads, and other data of some commodities, including the contract spreads between different months, the basis of different contracts, and the changes in spot prices in different regions [4] 3.3 Chart Analysis - **3.1 Main Contract Prices**: The report shows the closing price trends of the main contracts of various black commodities from 2020 to 2025, including steel, iron ore, coking coal, coke, manganese silicon, and ferrosilicon [6][7][8][9][11][15] - **3.2 Main Contract Basis**: It shows the basis trends of the main contracts of various black commodities, including steel, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [17][18][20][22][23][24][25] - **3.3 Inter - period Contract Spreads**: It shows the inter - period contract spreads of various black commodities, including steel, hot - rolled coils, iron ore, coke, coking coal, manganese silicon, and ferrosilicon [27][30][31][32][33][34][35][36][37][38][39][41] - **3.4 Inter - commodity Contract Spreads**: It shows the inter - commodity contract spreads of some black commodities, such as the spread between hot - rolled coils and steel, the ratio of steel to iron ore, the ratio of steel to coke, the ratio of coking coal to iron ore, etc. [43][44][45][47] - **3.5 Steel Profits**: It shows the profit trends of steel, including the disk profit, long - process profit, and short - process profit of the main steel contracts [48][49][51][52] 3.4 Black Research Team Member Introduction - The report introduces the members of the black research team, including their positions, work experience, and professional qualifications [54][55]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The short - term and intraday view of Iron Ore 2601 is oscillating and bullish, while the medium - term view is oscillating. The market sentiment has warmed up, and with the pre - holiday restocking expectation, bullish factors support the high - level and bullish operation of ore prices. However, the demand resilience is weakening, and the supply is increasing. The fundamentals are difficult to continuously improve, and the upward driving force of high - valued ore prices is questionable. The subsequent trend is cautiously optimistic, and the performance of steel should be monitored [2][3]. 3. Summary by Related Content Variety Viewpoint Reference - For Iron Ore 2601, the short - term view is oscillating and bullish, the medium - term view is oscillating, and the intraday view is also oscillating and bullish. It is recommended to pay attention to the support at the MA5 line, and the core logic is that bullish factors are fermenting, leading to the bullish operation of ore prices [2]. Market Driving Logic - Market sentiment has warmed up, and the night - session ore price has risen again. The supply - demand pattern of iron ore continues to run smoothly. The terminal consumption of ore has increased, and with the approaching holiday restocking, the demand is good, providing strong support for ore prices. - The arrival of ore at domestic ports continues to decline, but the shipment of overseas miners has increased significantly on a month - on - month basis, reaching a new high for the single week of the year. According to the shipping schedule, the arrival of Australian and Brazilian ore will increase, and the supply of domestic ore has recovered, so the ore supply will increase. - Overall, although bullish factors support the high - level and bullish operation of ore prices, the demand resilience is weakening, and the supply is rising. The fundamentals are difficult to continuously improve, and the upward driving force of high - valued ore prices is questionable. The subsequent trend is cautiously optimistic, and the performance of steel should be monitored [3].

Group 1: Market Sentiment Indicators - The market sentiment indicator is currently at 3.2, indicating a high level of market sentiment, which is a slight increase from 2.9 the previous week, with a neutral outlook in the short term [2][8] - The price-volume consistency score has rapidly declined, suggesting a decrease in market activity and participation, while the trading volatility among industries continues to decrease, indicating a slowdown in capital flow [2][10] - The total transaction volume for the entire A-share market has significantly decreased compared to the previous week, with the lowest daily transaction amount recorded at 23,483.59 billion RMB and a daily trading volume of 1,460.90 million shares [2][14] Group 2: Industry Trends and Performance - The industry trend has shown a rapid decline, with the PCR combined with the VIX indicator turning negative, indicating a decrease in hedging demand and potential accumulation of risks due to suppressed volatility [2][10] - The sectors with high capital congestion include comprehensive and electric equipment, which have seen significant price increases, while sectors like computer and electronics have high congestion but lower price increases [2][38] - The short-term trend scores for industries such as electric equipment, public utilities, and food and beverage are on the rise, with electric equipment achieving a short-term score of 100, indicating strong performance [2][31][32] Group 3: Investment Style and Strategy - The current model indicates a preference for large-cap growth styles, with a strong signal for large-cap stocks, while the short-term RSI for growth styles has significantly declined, suggesting a need for further monitoring [2][31][43] - The analysis of industry congestion indicates that low congestion sectors like defense, steel, and construction materials may present investment opportunities as risk appetite increases [2][38][39]

Report Industry Investment Ratings No relevant content provided. Core Views - The oil market is facing potential supply - demand imbalances, with a bearish outlook if OPEC+ further releases production capacity [1]. - Precious metals are strongly influenced by interest - rate cut expectations and concerns about the Fed's independence, and the focus is on the US non - farm payroll data [2]. - Different metals and commodities have varying trends, including price fluctuations, supply - demand changes, and inventory adjustments, and corresponding investment strategies are proposed for each [1][2][3]. - The stock index may shift from a smooth upward trend to a volatile upward trend, and the market style suggests increasing the allocation of technology - growth sectors while also paying attention to consumer and cyclical sectors [47]. - The yield curve of treasury bonds is likely to steepen, and attention should be paid to the supply of government bonds and the matching of funds [48]. Summaries by Categories Energy - **Crude Oil**: Overnight international oil prices fell, with Brent 11 contract down 0.76%. US EIA crude oil inventory increased by 2415000 barrels last week. If OPEC+ further releases the remaining 1.657 million barrels per day of voluntary production cuts, the supply - demand will be bearish. Hold short positions on the SC11 contract above 495 yuan/barrel and use out - of - the - money call options for protection [1]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Singapore and Fujairah fuel oil inventories increased. The third batch of quotas was released later than expected. The supply pressure of LU has eased, and its warehouse receipts decreased slightly. FU lacks obvious drivers but may get geopolitical premium support [20]. - **Liquefied Petroleum Gas**: The 9 - month CP remained stable. After the gas off - season, it showed some resilience. Supported by rising import costs and rebounding domestic demand, the price of civil gas increased. The high - basis difference pattern is maintained, and the short - term market is strong in the near - term and weak in the far - term [22]. - **Coal (Coke and Coking Coal)**: The prices of coke and coking coal rebounded during the day. The first round of coke price cuts was partially implemented. The supply of carbon elements is abundant. The prices are greatly affected by the "anti - involution" policy expectations and are under short - term pressure [16][17]. Metals - **Precious Metals**: Overnight US economic data was mixed. Supported by stable interest - rate cut expectations and concerns about the Fed's independence, precious metals are strongly running. Focus on the US non - farm payroll data [2]. - **Base Metals**: - **Copper**: Overnight copper prices fell. The market is highly concerned about the non - farm data. Short - term long positions can still be held, paying attention to the performance at 79500 yuan [3]. - **Aluminum**: Overnight, Shanghai aluminum continued to fluctuate. The downstream start - up rate has seasonally increased. It is expected to test the resistance in the 21000 - yuan area in the short term [4]. - **Zinc**: The fundamentals are characterized by increasing supply and weak demand. The inventory of Shanghai zinc increased, and it may test the key level of 22000 yuan. The idea of shorting the profit of the futures market remains unchanged [7]. - **Nickel and Stainless Steel**: Shanghai nickel weakened, and the market trading picked up. The political unrest in Indonesia has gradually subsided. The inventory of pure nickel, nickel iron, and stainless steel decreased. Shanghai nickel is expected to fluctuate at a low level in the short term [9]. - **Tin**: Overnight tin prices fell. The inventory of LME tin increased slightly. Shanghai tin adjusted to 271000 yuan. Short - term long positions can be flexibly held based on 270000 - 271000 yuan [10]. Chemicals - **Methanol**: The import volume remained high, and the port inventory increased significantly. The supply in the inland area increased, and the production enterprises' inventory increased slightly. Although the current situation is weak, the market is expected to be strong due to the expected increase in downstream demand [24]. - **Pure Benzene**: The night - trading chemical market stabilized, and pure benzene rebounded to 6000 yuan/ton. The supply increased, and the demand was weak. The market may improve in the third quarter, but the positive factors are limited [25]. - **Polypropylene, Plastic, and Propylene**: The downstream products of propylene face high cost pressure, and the demand for propylene is weak. The supply of polyethylene is increasing, and the demand is gradually entering the peak season, but the actual demand recovery is slow [27]. - **PVC and Caustic Soda**: PVC is running weakly with increasing supply and weak demand. It may fluctuate weakly. Caustic soda is weak. The overall inventory is increasing, and it is expected to have a wide - range oscillation pattern [28]. - **PX and PTA**: PX and PTA are weakly oscillating. The terminal weaving orders are increasing, but the production growth of PX is limited. Attention should be paid to the oil price direction and the PX - polyester balance [29]. Agricultural Products - **Soybeans and Soybean Meal**: Sino - US trade is uncertain, and the soybean meal may continue to oscillate in the short term. The global soybean oil market is strong, which may drive up the soybean crushing volume. In the long - term, the soybean meal is cautiously bullish [35]. - **Soybean Oil and Palm Oil**: The prices of soybean oil and palm oil are oscillating. The supply of Chinese soybeans in the first quarter of next year is uncertain. Overseas palm oil is in the production - reduction cycle in the fourth quarter, and the domestic demand is in the peak season. Consider buying at low prices [36]. - **Rapeseed and Rapeseed Oil**: Canadian rapeseed is under harvesting pressure, and its export is declining. The domestic rapeseed market is expected to be in a tight - balance state, and the futures may stabilize in the short term [37]. - **Corn**: The domestic new - season corn is likely to have a good harvest, but the old - crop carry - over inventory is low. Corn may continue to oscillate strongly before and after the new - grain purchase, and then may run weakly at the bottom [39]. - **Cotton**: US cotton is oscillating narrowly. Zhengzhou cotton may continue to oscillate, with strong support below and limited upward space in the short term. It is recommended to buy on dips [42]. - **Sugar**: US sugar prices are falling. The domestic sugar sales are fast, and the inventory pressure is light. The sugar price is expected to oscillate [43]. - **Apple**: The early - maturing apple prices are high, and the short - term price may continue to rise. However, the supply - side positive factors are limited in the long - term, and it is recommended to wait and see [44]. Others - **Stock Index**: The stock market was weak yesterday, and the stock index futures all fell. The short - term macro situation is uncertain, and the stock index may shift from a smooth upward trend to a volatile upward trend. Increase the allocation of technology - growth sectors and pay attention to consumer and cyclical sectors [47]. - **Treasury Bond**: Treasury bond futures rose across the board. The net supply of government bonds in September is expected to be high. The yield curve is likely to steepen [48].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - On September 3, industrial silicon fluctuated weakly. The main contract 2511 closed at 8,490 yuan/ton, with an intraday decline of 0.29%. The position decreased by 1,738 lots to 279,700 lots. The spot reference price of Baichuan industrial silicon was 9,369 yuan/ton, remaining unchanged from the previous trading day. The price of the lowest deliverable 421 grade silicon dropped back to 8,600 yuan/ton, and the spot premium widened to 115 yuan/ton. Polysilicon fluctuated strongly. The main contract 2511 closed at 52,160 yuan/ton, with an intraday increase of 0.34%. The position increased by 3,355 lots to 149,000 lots. The price of N-type recycled polysilicon material rose to 49,000 yuan/ton, and the price of the lowest deliverable silicon material dropped to 49,000 yuan/ton. The spot discount widened to 3,300 yuan/ton. The resumption of production in the north and south of industrial silicon and the increase in crystalline silicon production have become marginal drivers, and the overall operating center is expected to rise slightly. After the previous anti-involution news was fully priced in, the trading focus of polysilicon has gradually shifted to fundamental logic. Due to the limitation of terminal power station yields, the acceptance of price increases in the component sector has reached its peak, and the sentiment in the silicon material market has cooled along with the downstream market. Before the introduction of specific policy measures, the market is still in a game between policy boosts and fundamental drags. Polysilicon has entered a range-bound mode with obvious tops and bottoms, and policy dynamics have a phased impact on the market. Attention should be paid to the results of the Ministry of Industry and Information Technology's energy-saving special inspection on September 30 and the destocking situation in the industrial chain [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 10 yuan/ton to 8,505 yuan/ton, and the near-month contract decreased by 10 yuan/ton to 8,485 yuan/ton. The spot prices of various grades of industrial silicon remained unchanged. The current lowest deliverable price was 8,600 yuan/ton, and the spot premium increased by 10 yuan to 115 yuan/ton. The industrial silicon warehouse receipts increased by 319 to 50,348, and the Guangzhou Futures Exchange inventory decreased by 955 tons to 252,265 tons. The inventory at Huangpu Port remained unchanged at 55,000 tons, and the inventory at Tianjin Port decreased by 2,000 tons to 68,000 tons. The inventory at Kunming Port decreased by 1,000 tons to 48,500 tons. The industrial silicon factory inventory increased by 10,000 tons to 271,400 tons, and the total social inventory of industrial silicon increased by 7,000 tons to 442,900 tons [3]. - **Polysilicon**: The futures settlement price of the main contract increased by 285 yuan/ton to 52,160 yuan/ton, and the near-month contract increased by 330 yuan/ton to 52,330 yuan/ton. The spot prices of various grades of polysilicon remained unchanged. The current lowest deliverable price was 49,000 yuan/ton, and the spot discount increased by 330 yuan to 3,330 yuan/ton. The polysilicon warehouse receipts remained unchanged at 6,870, and the Guangzhou Futures Exchange inventory increased by 11,040 tons to 206,400 tons. The polysilicon factory inventory decreased by 30,000 tons to 245,000 tons, and the total social inventory of polysilicon decreased by 30,000 tons to 245,000 tons [3]. - **Organic Silicon**: The spot price of DMC in the East China market remained unchanged at 10,800 yuan/ton. The prices of raw rubber, 107 glue, and dimethyl silicone oil remained unchanged, while the price of dimethyl silicone oil increased by 2,500 yuan/ton to 14,000 yuan/ton [3]. 3.2 Chart Analysis 3.2.1 Industrial Silicon and Cost-side Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [4][6][9]. 3.2.2 Downstream Product Prices - Charts show the prices of DMC, organic silicon products, polysilicon, silicon wafers, solar cells, and solar modules [12][16][18]. 3.2.3 Inventory - Charts show the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [21][24]. 3.2.4 Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost and profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost and profit, and polysilicon cost and profit [27][29][33].

Group 1: Asset Price Volatility - Gold prices surged, reaching a historical high of over $3500 per ounce, driven by geopolitical tensions and expectations of Federal Reserve rate cuts [3][5] - Brent and WTI crude oil prices experienced significant fluctuations due to Middle Eastern conflicts and anticipated demand recovery from China, although global economic uncertainties limited price increases [3][5] - The US dollar index remained above 98, with increased volatility in currencies like the euro and yen, influenced by conflicting expectations regarding Federal Reserve rate cuts and US economic data [4][6] Group 2: Driving Factors - Geopolitical risks, particularly in the Middle East, have raised concerns about oil supply disruptions, contributing to higher gold and oil prices [5] - Economic policies, including China's "moderate easing" monetary policy, have bolstered oil demand expectations, while rising expectations for Federal Reserve rate cuts have supported gold prices [6] - Market sentiment has shifted towards safe-haven assets like gold amid global trade tensions and geopolitical uncertainties, leading to a sell-off in riskier assets such as tech stocks [7] Group 3: Market Outlook - Gold is expected to experience short-term volatility but has a long-term bullish outlook, with potential price targets of $3780 to $4000 if it breaks above $3540 per ounce [8] - Oil prices may rise further if Chinese demand continues to improve and Middle Eastern tensions stabilize, but a global economic slowdown could lead to price corrections [8] - The US dollar's strength may persist in the short term due to safe-haven demand, but potential Federal Reserve rate cuts could weaken its long-term position, with other currencies' performance dependent on their respective economies [9]

Group 1 - The best time to buy gold typically occurs during periods of price lows, low market risk sentiment, and strong dollar and real interest rates putting pressure on gold prices [1][3] - When international gold prices adjust due to short-term economic data or policy expectations, but long-term demand logic remains intact, it is often the best time for rational investment [1][3] - If precise short-term fluctuations cannot be predicted, strategies such as dollar-cost averaging or phased buying can help smooth costs and reduce the risk of one-time purchases [1][3] Group 2 - Key factors influencing the timing of gold purchases include price trends, market environment, and macroeconomic conditions [3] - Price factors are fundamental for choosing when to buy gold, as significant price fluctuations require understanding price ranges [4][5] - When international gold prices decline more than 5%-10% from recent highs and stabilize at key support levels, it often indicates undervaluation, suggesting phased buying [5][6] Group 3 - The long-term trend of gold is closely related to the global economic environment [6][7] - A strong dollar index or a Federal Reserve rate hike cycle tends to put pressure on gold prices, making it a potentially lower-cost buying opportunity [7][8] - When inflation rises, financial markets become unstable, or geopolitical risks emerge, demand for gold significantly increases, leading to potential price rises, thus making early positioning advisable [8][9] Group 4 - Market sentiment often amplifies price volatility, and during overly optimistic periods, it is unwise to chase high prices [9][10] - When trading in the gold market is quiet, and mainstream analysis is cautious or pessimistic, it often indicates that prices are nearing undervaluation, presenting a more stable buying opportunity [10]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report's Core View - The main contract price of rebar oscillated, recording a daily decline of 0.16%. With both supply and demand increasing, the fundamentals of rebar have not improved, industrial contradictions have accumulated, inventory has continued to increase, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend, and attention should be paid to demand performance [4]. - The main contract price of hot - rolled coil oscillated weakly, recording a daily decline of 0.36%. The demand for hot - rolled coil has some resilience, but the fundamentals have not substantially improved, and the market sentiment is poor. It is expected to continue the oscillating and weakening trend, and attention should be paid to steel mill production [4]. - The main contract price of iron ore oscillated, recording a daily increase of 0.06%. The demand for iron ore has weakened, while the supply has increased steadily. The fundamentals of iron ore have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly, and attention should be paid to steel performance [4]. Group 3: Summary by Related Catalogs 1. Industry Dynamics - As of the end of August, the total amount of proposed use of special bonds to acquire idle stock land in 26 provinces and cities exceeded 610 billion yuan, and the actual issuance of special bonds was about 175.2 billion yuan. The bond - issuing progress accelerated in the third quarter [6]. - In the first half of 2025, nine major construction central enterprises all achieved profitability. The total revenue was 3,331.929 billion yuan, a year - on - year decrease of 4.39%; the total net profit was 77.727 billion yuan, a year - on - year decrease of 7.52% [7]. - In August 2025, 14 steel projects started or were put into production, including projects of Jinding Steel and Anhui Liugang starting, and projects of Quzhou Yuanli Metal, Hongyi New Materials, and Zhongnan Co., Ltd. being put into production [8]. 2. Spot Market - The spot prices of rebar, hot - rolled coil, and other products are presented, along with their price changes. For example, the national average price of rebar (HRB400E, 20mm) was 3,290 yuan, a decrease of 7 yuan; the national average price of hot - rolled coil (Shanghai, 4.75mm) was 3,424 yuan, a decrease of 5 yuan [9]. 3. Futures Market - The closing prices, price changes, trading volumes, and open interests of the main contracts of rebar, hot - rolled coil, and iron ore futures are provided. For example, the closing price of rebar futures was 3,117 yuan, a decrease of 0.16% [11]. 4. Related Charts - Include charts of steel inventory (rebar and hot - rolled coil inventory), iron ore inventory (national 45 - port iron ore inventory, 247 - steel mill iron ore inventory), and steel mill production (247 - sample steel mill blast furnace start - up rate and capacity utilization rate, etc.) [13][18][26]. 5. Market Outlook - Rebar: Supply has increased to a high level this year, and demand has improved slightly but remains at a low level in recent years. The fundamentals have not improved, inventory has increased, and steel prices are under pressure. It is expected to continue the weak bottom - seeking trend [34]. - Hot - rolled coil: Supply has slightly shrunk, and demand is weakly stable. There is some demand resilience, but the fundamentals have not substantially improved. It is expected to continue the oscillating and weakening trend [34]. - Iron ore: Demand has weakened, and supply has increased steadily. The fundamentals have weakened, and the valuation is relatively high. It is expected that the ore price will be under pressure and oscillate weakly [35].

Group 1 - The company, Guolin Technology (300786), responded to investor inquiries on September 1, indicating that its stock price in the secondary market is influenced by multiple factors including macroeconomic conditions, industry policies, market sentiment, and company performance [1]

Report Industry Investment Rating No relevant content found. Core Viewpoints of the Report - Overseas, the market focuses on upcoming US economic data for policy clues, with concerns about the Fed's independence. The US dollar index and Treasury yields are generally weak, and global risk appetite has increased. Domestically, China's economic data in July slowed down and fell short of expectations. The Ministry of Commerce will introduce policies to expand service consumption in September. The 90 - day extension of the tariff truce between China and the US and increased US easing expectations reduce short - term external risks and strengthen domestic easing expectations. However, short - term market sentiment has cooled, and domestic risk appetite has significantly declined. The market trading logic focuses on domestic incremental stimulus policies and easing expectations, with short - term macro upward drivers strengthening marginally but sentiment weakening. Attention should be paid to the progress of China - US trade negotiations and the implementation of domestic incremental policies [2][3]. - For assets, the stock index has corrected from its short - term high, and short - term cautious observation is recommended. Treasury bonds are oscillating at a high level, and cautious observation is needed. In the commodity sector, black, non - ferrous, energy - chemical, and precious metals are all in short - term oscillations, and cautious observation is advised [2]. Summary by Relevant Catalogs Macro - finance - **Stock Index**: Affected by sectors such as clothing and home textiles, biomedicine, and liquor, the domestic stock market fell sharply. The economic data in July slowed down and missed expectations. The Ministry of Commerce will introduce policies in September. The 90 - day extension of the tariff truce and increased US easing expectations reduce external risks and strengthen domestic easing expectations. However, short - term market sentiment has cooled. The trading logic focuses on domestic policies and easing expectations, with short - term macro upward drivers strengthening but sentiment weakening. Short - term cautious observation is recommended [3]. - **Precious Metals**: Precious metals oscillated narrowly on Wednesday. The market focuses on Friday's PCE data to assess the Fed's policy path. Economists expect a 2.6% increase in PCE in July, the same as in June. After Powell's dovish signal, the market expects a more than 87% probability of a 25 - basis - point rate cut in September. The manufacturing PMI in August reached a new high, but initial jobless claims rose. The increase in key capital goods orders in July exceeded expectations. The rate - cut expectation is further strengthened, providing short - term support for gold, but beware of the Fed's changing attitude [4][5]. Black Metals - **Steel**: On Wednesday, the domestic steel futures and spot markets weakened, with low trading volumes. The stock market correction increased risk - aversion sentiment, dragging down the black sector. Real - world demand continued to weaken, inventories of construction steel and hot - rolled coils increased, and apparent consumption declined. Supply increased slightly. Near the end of the month, there is more pressure for capital repatriation and sales. The steel market is expected to be weak and oscillating in the short term [6]. - **Iron Ore**: On Wednesday, the spot price of iron ore remained flat, and the futures price declined slightly. With high steel mill profits, hot - metal production continued to decline slightly. In the next week, northern regions will have different degrees of production restrictions, and steel mills are cautious in purchasing. Global iron ore shipments and arrivals decreased this week. Mainstream Australian powder resources are stably supplied, but traders are reluctant to sell, and the market is in a wait - and - see state. The port inventory decreased slightly on Monday. Iron ore prices are expected to oscillate within a range in the short term [6]. - **Silicon Manganese/Silicon Iron**: On Wednesday, the spot prices of silicon iron and silicon manganese remained flat, and the futures prices declined slightly. The production of construction steel and hot - rolled coils increased slightly, and the demand for ferroalloys is currently okay. The price of silicon manganese 6517 is 5700 - 5750 yuan/ton in the north and 5770 - 5820 yuan/ton in the south. In the south, production is increasing, but factories are in a wait - and - see state due to the falling futures price. The price of manganese ore is weak. The price of silicon iron in the main production areas is 5350 - 5450 yuan/ton for 72 - grade natural lumps and 5800 - 5900 yuan/ton for 75 - grade. Some silicon - iron enterprises are profitable and have high production enthusiasm. Ferroalloy prices are expected to oscillate within a range in the short term [7][8]. - **Soda Ash**: On Wednesday, the main soda - ash contract oscillated weakly. Last week, production increased due to the return from maintenance. In the new capacity - release cycle, there is supply pressure, and the oversupply pattern remains. New devices will be put into production in the fourth quarter. High supply is the core factor suppressing prices. Demand remained stable week - on - week, and downstream demand support is still weak. Profits decreased week - on - week. Soda ash has a pattern of high supply, high inventory, and weak demand, and the supply - side contradiction is the core factor dragging down prices. The futures price is expected to oscillate within a range in the short term [9]. - **Glass**: On Wednesday, the main glass contract oscillated weakly. Last week, production and the number of operating production lines remained stable. The real - estate industry is still weak, and demand is hard to improve. Downstream deep - processing orders increased in mid - August, and overall demand remained stable. Profits decreased as the glass price fell. With stable supply and limited demand growth, glass prices are expected to oscillate within a range in the short term [9]. Non - ferrous Metals and New Energy - **Copper**: US data shows that core capital goods orders (excluding aircraft and military equipment) increased by 1.1% last month. As factors such as export rush, PV pre - installation, and the marginal effect of trade - in policies decline, domestic demand will weaken marginally, and the strong copper price will not last [11]. - **Aluminum**: On Wednesday, the aluminum price rose and then fell. There was no news for the night - session surge, which was likely driven by the copper price. The aluminum price increase was greater than that of copper, but it fell during the day as commodities weakened. Aluminum's fundamentals changed little, with social inventory increasing by 20,000 tons and a cumulative increase of 170,000 tons. LME aluminum inventory also continued to increase. There is limited medium - term upward space, and it will oscillate in the short term, lacking a strong downward driver but with a weakening rebound foundation [11]. - **Aluminum Alloy**: The supply of scrap aluminum is tight, and recycled aluminum plants face raw - material shortages, with rising production costs. It is still the off - season for demand, and manufacturing orders are growing weakly. Considering cost support, the price is expected to oscillate strongly in the short term, but the upside is limited due to weak demand [11]. - **Tin**: On the supply side, the combined operating rate in Yunnan and Jiangxi increased by 0.41% to 59.64%. The mine supply is currently tight, but the reduction in refined tin production is less than expected. Some enterprises plan to conduct maintenance, and capacity utilization may decline. With the issuance of mining licenses, the mine supply will tend to be loose. African tin imports decreased in July due to transportation and power issues. On the demand side, terminal demand is weak. PV pre - installation has overdrawn future demand, and new PV installations are weakening. The operating rates of PV glass and PV solder strips have declined. Overall, downstream orders are scarce. The price decline has stimulated downstream restocking, and inventory decreased by 802 tons to 9,278 tons, but downstream buyers are still cautious, only making purchases for immediate needs. The price is expected to oscillate in the short term, supported by smelter maintenance and peak - season expectations, but restricted by high - tariff risks,复产 expectations, and weak demand [12]. - **Lithium Carbonate**: On Wednesday, the main lithium - carbonate contract 2511 fell by 0.23%, with a new settlement price of 80,000 yuan/ton and a reduction of 3,104 lots in weighted contracts, and a total position of 757,900 lots. The battery - grade lithium - carbonate price is 79,500 yuan/ton (unchanged), and the industrial - grade is 78,450 yuan/ton (unchanged). The CIF price of Australian lithium spodumene is 920 US dollars/ton (unchanged). The profit from purchasing lithium spodumene for production is 1,988 yuan/ton. After the previous sentiment subsided, it is expected to oscillate widely, with a short - term bearish and long - term bullish outlook [13]. - **Industrial Silicon**: On Wednesday, the main industrial - silicon contract 2511 fell by 1.56%, with a new settlement price of 8,540 yuan/ton, a position of 516,800 lots in weighted contracts, and a reduction of 9,286 lots. The price of East China oxygen - containing 553 is 9,300 yuan/ton (down 50 yuan), and the futures price is at a discount of 775 yuan/ton. The price difference between East China 421 and East China oxygen - containing 553 is 250 yuan/ton. Recently, black metals and polysilicon have weakened, and industrial silicon is expected to oscillate weakly [13]. - **Polysilicon**: On Wednesday, the main polysilicon contract 2511 fell by 4.89%, with a new settlement price of 49,715 yuan/ton, a position of 334,600 lots in weighted contracts, and an increase of 14,137 lots. The price of N - type re -投料 is 49,500 yuan/ton (unchanged), and the P - type cauliflower - like material is 30,500 yuan/ton (unchanged). The price of N - type silicon wafers is 1.24 yuan/piece (unchanged), the M10 single - crystal TOPCon battery is 0.292 yuan/watt (unchanged), and the 210mm N - type module is 0.68 yuan/watt (unchanged). The number of polysilicon warehouse receipts increased to 6,880, reflecting increased hedging pressure. The polysilicon output in August is approaching 130,000 tons, and there is a game between strong expectations and weak reality. It broke through support in the short term, with a bearish direction. Attention should be paid to the spot support below [14]. Energy and Chemicals - **Crude Oil**: US crude and fuel inventories decreased, alleviating concerns about imminent supply over - capacity. Although the absolute price is still in a range, the spread of WTI has widened to the largest in over a week, and Cushing inventory decreased for the first time in 8 weeks, with a national inventory reduction of 2.4 million barrels, exceeding expectations. The US increased tariffs on some Indian goods, but Indian refineries plan to maintain most purchases, so short - term supply concerns are hard to ease, and there is still significant medium - and long - term downward pressure on oil prices [16]. - **Asphalt**: The asphalt price decreased slightly as the market followed the decline of anti - involution leading varieties. The asphalt spot market has slightly recovered, and the decline of the basis has paused. However, social and factory inventories have not significantly decreased, and profits have slightly recovered with a significant increase in production. In the future, crude oil will be affected by OPEC+ production increases and decline. With limited inventory reduction, asphalt is expected to remain in a weak oscillation pattern in the near term [16]. - **PX**: After the price increase due to Zhejiang Petrochemical's maintenance, the tight PX situation will provide obvious support at the bottom. Benefiting from petrochemical capacity adjustment, but with the PX plant load at a medium - low level, it is still in a tight pattern in the short term. The PXN spread is currently 266 US dollars, and the PX overseas price has rebounded to 864 US dollars. It is expected to oscillate in the near term, waiting for changes in PTA plants [16]. - **PTA**: The PTA price decreased with position reduction as the market declined. However, domestic and South Korean petrochemical capacity adjustments have stabilized the energy - chemical sector in the short term. The temporary shutdown of the Huizhou plant due to environmental requirements provides some support, and the basis remains at +30. Downstream production has recovered to 90%, and the restocking pace has accelerated before the peak season. PTA may have a slight inventory reduction in September and is expected to maintain a strong oscillation pattern in the short term [17]. - **Ethylene Glycol**: Ethylene glycol gave back some previous gains and oscillated narrowly in the short term. Port inventory decreased slightly to 500,000 tons. Domestic restrictions on petrochemical capacity and new - project approvals will limit supply. However, the basis has not significantly recovered. The increase in downstream production will support ethylene glycol at the bottom, but the supply pressure is still large after the resumption of synthetic - gas - based plants. It is necessary to wait for verification of peak - season demand. When going long at low prices, attention should be paid to crude - oil cost fluctuations [18]. - **Short - fiber**: The short - fiber price decreased slightly as the sector declined. Terminal orders have seasonally increased, and short - fiber production has slightly rebounded, with limited inventory accumulation. Further inventory reduction depends on the continuous improvement of terminal orders and the resulting increase in production. In the medium term, short - fiber can be short - sold along with the polyester sector [18]. - **Methanol**: The restart of inland plants and concentrated arrivals have pressured the price. As the port price falls, the back - flow window is about to open, providing some support for the spot. MTO plants plan to restart, and the traditional downstream peak season is approaching. The methanol fundamentals show marginal improvement, but the oversupply pattern has not changed, and the price is expected to oscillate [18]. - **PP**: The increase in plant operation and upcoming new capacity have increased supply pressure. Downstream production has slightly increased, and demand is showing signs of recovery. There is significant fundamental pressure, but policy support prevents a deep decline. The 09 contract is expected to oscillate weakly, and the 01 contract should be monitored for peak - season stocking [18]. - **LLDPE**: Supply pressure remains high, and demand is showing a turning point. The "supply - side" speculation provides some price support. The 09 contract is expected to oscillate weakly, and the 01 contract is short - term bearish. Attention should be paid to demand and stocking [19]. Agricultural Products - **US Soybeans**: The November soybean contract on the CBOT closed at 1048.25, down 1.25 or 0.12% (settlement price 1047.50). The weather in the US core soybean - producing areas in August has been favorable, and the overall soybean quality rate remains high. With the increasing likelihood of a US soybean harvest, the futures price is under pressure. Market news indicates that China will send a delegation to the US for trade negotiations this week, boosting US soybean export expectations. Additionally, increased US Treasury bond selling and a weaker US dollar provide some macro - level support for US soybeans [21]. - **Soybean and Rapeseed Meal**: The pressure on domestic oil mills to accumulate soybean and soybean meal inventories has eased. Market news suggests that this week's China - US trade negotiations will focus on soybean purchases, further stabilizing supply expectations. In the third quarter, preventive purchases have ensured sufficient soybean supply, but supply may tighten in the fourth quarter, with stable cost - based support. Rapeseed meal currently has high - inventory circulation pressure, but with low rapeseed inventory and few far - month purchases, there is still potential for price increases. Attention should be paid to the development of China - Canada trade relations [21]. - **Edible Oils**: The port inventory of rapeseed oil is continuously decreasing. With few imported rapeseed purchases and low inventory in China, the supply is expected to contract strongly. The cost expectation of soybean oil has strengthened, and a low - valuation price increase is expected. The palm oil production cycle is in progress, and the supply - demand contradiction is not prominent. There is no short - term incremental consumption expectation from policies, and the bullish market may enter an oscillation phase [21]. - **Corn**: The national corn price is running weakly. The arrival of corn at Shandong deep - processing enterprises increased over the weekend, and enterprise prices were slightly reduced. In September, the pricing weight of new - season corn will increase, and the C2511 contract has entered the price range of last year's opening price, 2100 - 2200 yuan/ton. There is no pressure from a large - scale arrival as in last year, with low carry - over inventory and the risk of excessive rainfall in the main producing areas. Although the planting cost has decreased this year, due to policies to stabilize the prices of important agricultural products and increase farmers' income, it is unlikely to break through last year's price range. The futures price is currently in a relatively undervalued range, and there is no need for excessive pessimism [22]. - **Hogs**: The supply of hogs for slaughter is sufficient, and slaughterhouses have low purchasing pressure. The reduction in supply in some provinces has a limited impact on enterprise purchases, with a slight upward trend. There may be local emotional - driven price increases in the north tomorrow. In the south, demand supports the price, and the market is stable. Currently, secondary fattening is generally cautious, with limited restocking. As a result, the buffer space for large - scale future slaughter is reduced, and market pessimism about the fourth - quarter outlook is increasing [22].