Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: July 21, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - Not provided Core View - Tin prices rose passively, and there is still some pressure above [3]. Key Points by Content 1. Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 267,250 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.08%, and the current volatility historical percentile is 25.1% [2]. - **Risk Management Suggestions**: - **Inventory Management**: For high - level finished product inventory and fear of price decline, sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and sell 25% of SN2509C275000 call options when volatility is appropriate [2]. - **Raw Material Management**: For low - level raw material inventory and fear of price increase, buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and sell 25% of SN2509P245000 put options when volatility is appropriate [2]. 2. Factors Affecting Tin Prices - **Positive Factors**: Sino - US tariff policy relaxation, semiconductor sector in expansion cycle, Myanmar's resumption of production falling short of expectations, and anti - involution benefiting the entire non - ferrous metal sector [4]. - **Negative Factors**: Tariff policy fluctuation, inflow of Myanmar tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5][6]. 3. Nanhua's View on Tin Prices - Tin prices are still in an overall oscillating trend recently. The macro - level US tariff policy change has limited impact on tin. In the short term, considering the imminent outflow of Myanmar ore and no signs of further improvement in downstream demand, the view that the upward pressure on tin prices is greater than the downward support still holds [7]. 4. Tin Futures and Spot Data - **Futures Data (Daily)**: - Shanghai Tin main contract: latest price 267,250 yuan/ton, daily increase of 2,710 yuan, daily increase rate of 1.02% [2][8]. - Shanghai Tin continuous - one contract: latest price 267,470 yuan/ton, daily increase of 2,840 yuan, daily increase rate of 1.07% [8]. - Shanghai Tin continuous - three contract: latest price 267,250 yuan/ton, daily increase of 2,900 yuan, daily increase rate of 1.1% [9]. - LME Tin 3M: latest price 33,355 US dollars/ton, daily increase of 285 US dollars, daily increase rate of 0.86% [9]. - Shanghai - London ratio: latest ratio 7.96, daily increase of 0.04, daily increase rate of 0.51% [9]. - **Spot Data (Weekly)**: - Shanghai Non - ferrous tin ingot: latest price 267,200 yuan/ton, weekly increase of 700 yuan, weekly increase rate of 0.26% [16]. - 1 tin premium: latest price 500 yuan/ton, weekly decrease of 100 yuan, weekly decrease rate of - 16.67% [16]. - 40% tin concentrate: latest price 253,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.47% [17]. - 60% tin concentrate: latest price 257,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.46% [17]. - Solder bar (60A) Shanghai Non - ferrous: latest price 172,250 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.58% [17]. - Solder bar (63A) Shanghai Non - ferrous: latest price 179,750 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.55% [17]. - Lead - free solder: latest price 271,250 yuan/ton, weekly decrease of 1,500 yuan, weekly decrease rate of - 0.55% [17]. 5. Tin Import and Processing Data - **Import Profit and Loss and Processing Fees (Daily)**: - Tin import profit and loss: latest price - 16,228.79 yuan/ton, daily decrease of 684.78 yuan, daily increase rate of 4.41% [19]. - 40% tin ore processing fee: latest price 12,200 yuan/ton, no change [19]. - 60% tin ore processing fee: latest price 10,550 yuan/ton, no change [19]. 6. Tin Inventory Data - **Shanghai Futures Exchange Inventory (Daily)**: - Total tin warehouse receipts: latest quantity 6,817 tons, daily increase of 104 tons, daily increase rate of 1.55% [23]. - Tin warehouse receipts in Guangdong: latest quantity 4,524 tons, daily increase of 122 tons, daily increase rate of 2.77% [23]. - Tin warehouse receipts in Shanghai: latest quantity 1,412 tons, daily decrease of 8 tons, daily decrease rate of - 0.56% [23]. - **LME Tin Inventory**: latest quantity 1,935 tons, daily decrease of 100 tons, daily decrease rate of - 4.91% [23].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The fundamentals of the tin market remain stable. There are both positive and negative factors affecting the tin price. Positive factors include the easing of China-US tariff policies, the semiconductor sector still being in an expansion cycle, and the lower-than-expected resumption of production in Myanmar. Negative factors are the volatility of tariff policies, the resumption of production in Myanmar, and the slowdown of the semiconductor sector's expansion and its transition from an expansion to a contraction cycle [3][4][5] Group 3: Summary by Related Catalogs Price Volatility and Risk Management - The latest closing price of tin is 269,840 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 15.08%, and the historical percentile of the current volatility is 28.6% [2] - For inventory management with high finished product inventory and concerns about price drops, it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell call options (SN2508C275000) with a 25% hedging ratio when the volatility is appropriate. For raw material management with low raw material inventory and concerns about price increases, it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell put options (SN2508P245000) with a 25% hedging ratio when the volatility is appropriate [2] Market Data Futures Data - The latest prices of Shanghai tin futures (main, continuous 1, and continuous 3) are 269,840 yuan/ton, 269,840 yuan/ton, and 269,520 yuan/ton respectively, with no daily change. The price of LME tin 3M is 33,750 US dollars/ton, with a daily increase of 185 US dollars and a daily increase rate of 0.55%. The Shanghai-London ratio is 7.92, with a daily decrease of 0.09 and a daily decrease rate of -1.12% [6] Spot Data - The latest prices of Shanghai Nonferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, and various types of solder bars and lead-free solder have different weekly changes. For example, the Shanghai Nonferrous tin ingot price is 266,500 yuan/ton, with a weekly increase of 2,800 yuan and a weekly increase rate of 1.06% [9] Import and Processing Data - The latest tin import profit and loss is -16,263.89 yuan/ton, with a daily decrease of 948.87 yuan and a daily decrease rate of -5.51%. The processing fees for 40% and 60% tin ore remain unchanged [14] Inventory Data - The latest warehouse receipt quantities of tin in the Shanghai Futures Exchange (total, Guangdong, and Shanghai) and the LME tin inventory have different daily changes. For example, the total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,750 tons, with a daily increase of 199 tons and a daily increase rate of 3.04% [16]

Group 1: Company Strategy and Market Position - The company is focusing on the development of smart controllers for robotic applications and is exploring potential mergers and acquisitions to expand its market presence [2] - The company holds a positive outlook on the growth potential of the energy storage market, particularly in regions with unstable power supply like Kenya, Nigeria, and Tanzania [2] - The company plans to leverage its expertise in atomization controller technology to expand into new markets such as atomization medical and beauty applications [3] Group 2: Financial Performance and Projections - The revenue from the consumer electronics business accounts for 44% of total revenue in 2024, with significant contributions from the atomization controller platform [3] - The gross margin for the consumer electronics business is reported at 12.26%, with plans to enhance profitability through technology upgrades and customer optimization [3] - The company aims to expand its ODM business and strengthen strategic partnerships with key clients over the next two years, targeting both domestic and international market growth [3] Group 3: Operational Insights - The company's direct exports to the U.S. account for approximately 4%, indicating limited impact from changes in U.S.-China tariff policies [3] - The new factory in Thailand is set to begin production in June, focusing on PCBA products and finished goods such as sensing trash cans and electric tools [3]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - In the second half of 2025, the US soybean futures will maintain a range - bound pattern, with the core operating range between 900 - 1150 cents per bushel [2]. - The supply is loose, which suppresses the upper limit; the cost provides support at the lower limit; and there is a structural differentiation in the inventory - to - consumption ratio [3]. 3. Summary by Relevant Catalogs 3.1 2025 H1 US Soybean Futures Trend Review - January - February: South American weather factors and Sino - US trade friction expectations jointly pushed up prices. Adverse weather in Argentina and Brazil affected supply, and Chinese crushers' concentrated purchases of US soybeans due to potential trade risks increased demand [7]. - March: The market showed "expected - realization" characteristics, and the improvement of Brazil's harvesting progress led to price corrections. After the tariff announcements, the price first declined and then rebounded, and later entered a sideways - shock pattern [7]. - April: The downward adjustment of the new - crop area estimate and the end of the trade - war negative news led to a V - shaped reversal in price and then maintained a shock. The expected reduction in the US soybean planting area and the market's expectation of tariff reduction drove the price movement [8]. - May: The easing of trade tensions led to narrow price fluctuations. The Sino - US agreement improved the trade outlook and increased the market's expectation of China's demand recovery [8]. 3.2 Supply - Demand Framework: A Volatile Pattern under the Game of Bulls and Bears 3.2.1 Supply Side: Structural Contradictions in the Loose Pattern - Global oilseeds: In the 2025/26 season, the global oilseed market will see a mild increase in both supply and demand. The total output of seven core oilseed varieties is expected to reach 692.1 million tons (+2.2% year - on - year), and the total consumption is expected to reach 687.65 million tons (+2.9% year - on - year). The inventory - to - consumption ratio will remain at 20.8%. The market is expected to continue the range - bound trend [13]. - Global soybeans: In the 2025/26 season, the global soybean output and consumption will both increase. The output is expected to reach 426.82 million tons, and the consumption will reach 424.05 million tons. The inventory - to - consumption ratio will drop to 20.3%, but it is still at a relatively high level, indicating an overall supply - surplus situation [20]. - Brazil: The soybean harvesting area is expected to increase to 48.8 million hectares, and the output is expected to reach a record 175 million tons. Domestic consumption and exports are also expected to increase. However, the final output depends on the weather during the growing season [22][23]. - US: The soybean harvesting area is expected to decrease by about 1.35 million hectares. The output is expected to be 111.8 million tons, a slight decrease. Exports are expected to decrease, while domestic consumption is expected to increase. The inventory - to - consumption ratio will drop to 6.7%, indicating a tight - balance supply - demand situation [26]. - Argentina: In the 2025/26 season, the soybean output is expected to be 48.5 million tons, and the domestic consumption is expected to be 50.5 million tons. The inventory - to - consumption ratio is 13.2%, indicating a balanced supply - demand relationship [29]. 3.2.2 Demand Side: The Rigid Growth of Protein Meal Consumption - The feed protein raw material supply pattern is diversified, with soybean meal accounting for 70% of the market share. In the 2025/26 season, the global protein raw material consumption will maintain a steady growth trend. The total consumption is expected to exceed 394.78 million tons, an increase of 14.82 million tons (+3.9% year - on - year) [33][34]. - Since 2020, the global protein meal consumption has shown a differentiated growth trend. Rapeseed meal has the highest consumption growth rate, and emerging economies have become the main driving force for the growth of protein meal consumption [40]. 3.3 Trading Strategies: Trading Opportunities in a Volatile Market 3.3.1 US Soybean Prices in H2 2025: Mainly Sideways - Shocking - The global oilseed market shows a pattern of increasing supply and demand, and the overall supply is relatively loose. The high - yield pressure in South America and the cost support in North America form a game of bulls and bears. It is expected that the US soybean prices will maintain a range - bound trend in the second half of 2025 [42]. 3.3.2 Trading Strategies - Strategy 1: Band - buying based on cost support. Buy at the level of 900 - 950 cents per bushel, set the stop - loss at around 880 cents per bushel, and the target price at 1100 - 1150 cents per bushel [44]. - Strategy 2: A positive spread strategy of buying January and selling May. Due to the tight US soybean balance sheet and the probability of Brazil's continued expansion of planting, this strategy is highly feasible, and the better buying times are July and October [45].

Group 1: Cotton Market - Cotton futures prices are experiencing fluctuations as temperatures in Xinjiang rise, with most cotton fields entering the flowering stage, indicating good growth conditions [1] - The ongoing uncertainty regarding US-China tariff policies is causing market volatility, while the downstream textile industry is in a traditional consumption lull, leading to reduced orders and slight inventory accumulation [1] - Cotton prices may face downward pressure in the short term due to demand seasonality, with a support level to watch around 13,000 yuan/ton [1] Group 2: Soybean Meal and Oil Market - Soybean meal prices are rising, but there are still supply pressures, and inventory depletion may be challenging due to a lack of significant increases in aquaculture production [1] - Soybean oil prices are also increasing, supported by strong bottom levels despite a persistent oversupply situation, influenced by international relations and overall oil market trends [1] Group 3: Sugar Market - Sugar futures prices are declining, with Brazil's exports showing a decrease of 2% year-on-year, and India's projected sugar production for the 2025/2026 season estimated at 35 million tons [2] - In Guangxi, sugar sales have increased by 537,100 tons year-on-year, with a sales rate of 71.85%, indicating a positive trend in local sugar consumption [2] - Short-term sugar prices in Zhengzhou are expected to follow external market fluctuations, with a key support level at 5,600 yuan/ton [2] Group 4: Peanut Market - Peanut prices are declining due to weak spot market transactions, with new season prices stabilizing around 4.7 yuan per jin [2] - A significant reduction in import volumes is pushing up imported peanut prices, while peanut oil prices remain stable, indicating a mixed market response [2] Group 5: Overall Market Trends - The Yisheng Agricultural Futures Index showed a rebound last week, closing at 1,155.54 points, ending the previous week's downward trend [3] - The market is expected to continue experiencing wide fluctuations, with the index likely to maintain a volatile operating pattern in the near future [4]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The current Sino-US tariff policy expectations continue to cause disturbances, and the Sino-US talks bring about periodic emotional fluctuations. However, the characteristics of the domestic downstream off-season are gradually emerging, with insufficient new orders from gauze factories. The driving force for cotton price rebound is weak, and the cotton price may maintain a weak and volatile trend in the short term. Attention should be paid to the pressure around the previous high of 13,560 and the adjustment of the US foreign tariff policy [4] Summary by Relevant Catalogs Cotton Price Forecast and Risk Management - The predicted monthly price range of cotton is 12,800 - 13,700, with a current 20 - day rolling volatility of 0.065 and a current volatility historical percentile (3 - year) of 0.0734 [3] - For inventory management when inventory is high and there are concerns about cotton price decline, it is recommended to short Zhengzhou cotton futures (CF2509) at an entry range of 13,600 - 13,800 with a hedging ratio of 50% to lock in profits and make up for production costs. Also, sell call options (CF509C13800) at 200 - 250 with a hedging ratio of 75% to collect premiums and lock in the spot selling price if the cotton price rises [3] - For procurement management when the regular procurement inventory is low and procurement is based on orders, it is recommended to buy Zhengzhou cotton futures (CF2509) at an entry range of 12,600 - 12,800 with a hedging ratio of 50% to lock in procurement costs in advance. Also, sell put options (CF509P12800) at 150 - 200 with a hedging ratio of 75% to collect premiums and lock in the spot cotton buying price if the cotton price falls [3] Market Situation Analysis Bullish Factors - In the 24/25 season, the cotton in northern Xinjiang has a high impurity content, high - quality resources are scarce, and the remaining cotton ownership is mostly concentrated in large ginning enterprises and traders, resulting in a strong cotton basis [5] - Cotton inventory has decreased rapidly. As of the end of May, the total industrial and commercial cotton inventory in the country was 4.3998 million tons [5] Bearish Factors - The processing cost of new cotton in northern Xinjiang in the 24/25 season is mostly around 15,000 yuan/ton, and there is still some new cotton that has not been hedged [7] - The downstream is in the traditional off - season, with slow sales, a decline in the operating rate of gauze factories, general enthusiasm for raw material procurement, strong wait - and - see sentiment, and a slight increase in finished product inventory [7] Price Data Cotton and Cotton Yarn Futures Prices - Cotton 01 closed at 13,490, up 5 (0.04%); Cotton 05 closed at 13,475, unchanged (0%); Cotton 09 closed at 13,520, up 25 (0.19%); Cotton yarn 01 closed at 19,820, down 75 (-0.38%); Cotton yarn 09 closed at 19,725, down 15 (-0.08%) [6][8] Cotton and Cotton Yarn Spreads - The cotton basis was 1,223, up 98; Cotton 01 - 05 spread was 15, up 5; Cotton 05 - 09 spread was - 45, down 25; Cotton 09 - 01 spread was 30, up 20; The cotton - yarn spread was 6,230, down 25; The domestic - foreign cotton spread was 891, up 25; The domestic - foreign yarn spread was - 677, unchanged [8] Domestic and Foreign Cotton Price Indexes - CCI 3128B was at 14,743, up 123 (0.84%); CCI 2227B was at 12,886, up 106 (0.83%); CCI 2129B was at 15,060, up 132 (0.88%); FCI Index S was at 13,946, up 31 (0.22%); FCI Index M was at 13,761, up 32 (0.23%); FCI Index L was at 13,530, up 31 (0.23%) [9]

Core Viewpoint - The cyclohexanone market has experienced a price increase followed by a decline, influenced by U.S.-China tariff policies and seasonal demand fluctuations [1] Group 1: Price Trends - Cyclohexanone prices in the East China market rose by 500 yuan per ton to 7550 yuan by May 15, but began to decline after May 23, stabilizing at 7500 yuan by May 28 [1] - Analysts predict that cyclohexanone prices will fluctuate within the range of 7200 to 7500 yuan in the short term due to weakened demand and cost support [1][4] Group 2: Cost Support Weakening - The price of pure benzene, a key raw material for cyclohexanone, increased significantly but has started to weaken due to insufficient downstream demand [2] - As of May 27, the price of pure benzene in East China was reduced to 5950 yuan, indicating a decline in cost support for cyclohexanone [2] Group 3: Supply Expectations - There is an anticipated increase in cyclohexanone supply as previously shut down production capacities are coming back online, with a total of 20,000 tons expected to enter the market [5] - The overall production capacity utilization rate for cyclohexanone was stable at 68% as of May 28, reflecting a slight increase from the previous week [6] Group 4: Demand Dynamics - Downstream users are showing reluctance to purchase high-priced cyclohexanone, leading to cautious procurement strategies focused on just-in-time inventory [4] - The production utilization rates for downstream caprolactam facilities are low, further contributing to the weak demand for cyclohexanone [4]

Core Viewpoint - The ongoing uncertainty surrounding the U.S. tariffs on China continues as the U.S. International Trade Court (CIT) ruled that the tariffs imposed by the Trump administration are illegal, but the government has appealed this decision, leading to further complications in U.S.-China trade relations [2][3]. Tariff Details - The CIT identified four specific tariffs as illegal, including a 10% baseline tariff on global imports, a 20% tariff on Chinese goods due to fentanyl smuggling issues, a 10% "reciprocal tariff" on Chinese products, and small tariffs on goods valued under $800 [4][3]. - Since February, the Trump administration has significantly increased tariffs, reaching as high as 145% on certain Chinese imports by April [5][6]. Legal Proceedings - Following the CIT's ruling on May 28, the Trump administration sought a stay of execution from the Federal Circuit Court, which allowed the tariffs to remain in effect while further materials are submitted by both parties [3][6]. - The CIT's decision was initiated by a lawsuit from the Freedom and Justice Center, representing five small U.S. businesses affected by the tariffs, marking the first legal challenge against Trump's tariff policies [8]. Market Impact - The uncertainty surrounding tariffs is expected to persist, affecting cross-border e-commerce sellers who are advised to prepare for ongoing volatility [7]. - Despite the challenges, many e-commerce sellers remain optimistic, believing that the U.S. will struggle to find alternatives to the Chinese supply chain and that they can adjust prices if tariffs increase [7][8].

Report Summary 1. Report Type - Index Daily Review [1] 2. Date - May 27, 2025 [2] 3. Researchers - Nie Jiayi (Index Futures), contact: 021 - 60635735, niejiayi@ccb.ccbfutures.com, Futures Practitioner Qualification Number: F03124070 [3] - He Zhuoqiao (Macroeconomics and Precious Metals), contact: 18665641296, hezhuoqiao@ccb.ccbfutures.com, Futures Practitioner Qualification Number: F3008762 [3] - Huang Wenxin (Macroeconomics, Treasury Bonds, and Container Shipping), contact: 021 - 60635739, huangwenxin@ccb.ccbfutures.com, Futures Practitioner Qualification Number: F3051589 [3] 4. Market Review and Outlook 4.1 Market Review - On May 26, the Wind All - A Index rose with shrinking volume. It opened higher, then oscillated downward, rebounded in the afternoon, and closed up 0.14%, with over 70% of stocks rising. Among index spot, CSI 300 and SSE 50 opened slightly higher, then oscillated downward, and closed down 0.57% and 0.46% respectively. CSI 500 and CSI 1000 also opened slightly higher, oscillated downward, and then rebounded, closing up 0.29% and 0.65% respectively, indicating better performance of small - and medium - cap stocks. In index futures, futures generally outperformed spot. The main contracts of IF and IH closed down 0.39% and 0.32% respectively, while the main contracts of IC and IM closed up 0.59% and 0.90% respectively (based on the previous trading day's closing price). In terms of sectors, Media, Computer, and Environmental Protection led the gains, rising 2.14%, 1.39%, and 1.22% respectively. Comprehensive, Pharmaceutical Biology, and Automobile led the losses, with declines of - 0.86%, - 1.08%, and - 1.78% respectively [6] 4.2 Market Outlook - Overseas, Trump said on the 23rd that he would impose a 50% tariff on EU goods starting from June 1st, but on the 25th, he extended the tariff negotiation deadline to July 9th at the EU's request. The US stock market opened lower and then rebounded. Domestically, the Q1 macro data showed some resilience, and with the easing of Sino - US relations, the Q2 outlook has also improved. However, the improvement rhythm of domestic demand and the real estate recovery situation still need to be observed. Overall, with the suspension of Sino - US tariff policies and domestic policy support, the capital market is expected to rise steadily. But affected by overseas markets and the pressure from the upper trading - intensive area, it is recommended that previous long positions take profit at an appropriate time and maintain a medium - low position. In terms of market style, the long - term technology narrative logic remains, and with the approval of an additional 60 billion yuan on May 7th to support the long - term entry of insurance funds into the market, high - growth technology stocks and dividend - paying sectors may be more dominant. Strategically, the long - term performance of IH and IM is favored [7][8] 5. Data Overview - There are multiple charts showing domestic major index performance, market style performance, industry sector performance (Shenwan Primary Index), trading volume of Wind All - A, trading volume of index spot, trading volume and open interest of index futures, basis trend of main contracts, inter - delivery spread trend, statistics of major ETF fund shares, and statistics of major ETF trading volume, all sourced from Wind and the Research and Development Department of CCB Futures [10][12][14] 6. Industry News - On the 23rd, Trump proposed to impose a 50% tariff on EU goods starting from June 1st, stating that the EU was established to take advantage of the US in trade and that the US - EU negotiation had made no progress. On the 25th, he extended the tariff negotiation deadline to July 9th at the EU's request and said the conversation was "very pleasant" [26]

Group 1 - The core viewpoint of the articles indicates a mixed performance in the consumer sector, with the main consumption index showing a slight increase while retail sales growth has slowed down due to seasonal factors and external trade policies [2][3][4] - As of April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, with a slight decline in growth compared to March, attributed to weaker demand in the off-season and potential impacts from US-China tariff policies [2] - The food and beverage sub-sectors showed varied performance, with grain and oil food categories growing by 14.0% year-on-year, while beverage and tobacco categories experienced a decline in growth rates [2][3] Group 2 - The major consumption ETF has seen a net value increase of 0.35% over the past six months, with a maximum monthly return of 24.35% since its inception [3] - The ETF's management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [3] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 19.9, indicating a valuation lower than 93.63% of the time over the past year, suggesting it is at a historical low [3][4] Group 3 - The top ten weighted stocks in the consumer index account for 67.16% of the total index, with notable companies including Yili, Kweichow Moutai, and Wuliangye [4][6] - The performance of individual stocks within the top ten shows mixed results, with Kweichow Moutai declining by 0.52% and Yili increasing by 1.18% [6]