Core Viewpoint - The 20th National Congress of the Communist Party of China emphasizes the importance of enhancing the service trade system and acknowledges the significant growth potential of global service trade, which is expected to outpace goods trade in growth rate, despite facing challenges from protectionism and unilateralism [1] Group 1: Trends in Global Service Trade - The development of data trade is accelerating due to advancements in digital technologies such as artificial intelligence, with information service trade growing at an average rate exceeding 9%, significantly higher than the overall service export growth of 5% [1] - There is a rapid increase in demand for green services driven by the green technology revolution and the need to address EU carbon tariffs, with China being a major player in green trade [2] - The deep adjustment of global industrial and supply chains is leading to a rapid development of productive service trade, as companies localize production and provide cross-border services from parent companies [2] - The trend of nearshoring in international division of labor is accelerating the regionalization of service trade, with a noticeable shift towards regional and short-distance travel services post-COVID-19 [2] Group 2: Ecosystem of Service Trade Development - Resource factors such as technology, talent, and capital are fundamental to service trade development, with AI technology creating new service demands and enabling service industry growth [3] - Enhancing the competitiveness of the service industry is crucial, leveraging China's strengths in manufacturing and goods trade to boost logistics, software, and information services [3] - Cultivating enterprise主体 is essential, focusing on both large multinational corporations and innovative SMEs, particularly in the digital services sector [4] - Expanding international market cooperation is necessary, with efforts to strengthen service trade partnerships with both developed and developing countries, and utilizing platforms like the service trade fair to enhance international collaboration [4][5]

1. Report Industry Investment Rating - No investment rating information provided in the report 2. Core View of the Report - The U.S. three major indices showed mixed performance. The previous trading day saw the stock index rebound with oscillations, with the communication sector leading the gains and the power equipment sector leading the losses. The market turnover was 2.00 trillion yuan. On September 9, the margin trading balance increased by 5952 million yuan to 2303.495 billion yuan. In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. In the fourth quarter, more incremental policies may be introduced to boost the real economy, and external risks are gradually easing. The increasing probability of the Fed's interest - rate cut in September further enhances the attractiveness of RMB assets. The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but one needs to adapt to the accelerating sector rotation and structural differentiation. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300, which are mostly composed of dividend blue - chip stocks, are more defensive, with smaller fluctuations but relatively weaker price elasticity. Since July, the stock index has continued to rise with a large increase, and it may undergo shock consolidation in the short term, but the probability of a long - term market continuation is high [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4426.20, 4419.20, 4399.60, and 4379.20 respectively, and the previous day's closing prices were 4432.40, 4422.80, 4400.60, and 4378.20 respectively. The price increases were 11.60, 10.00, 7.40, and 4.60 respectively, and the corresponding increases in the CSI 300 were 0.26, 0.23, 0.17, and 0.11. The trading volumes were 76988.00, 6115.00, 38360.00, and 9217.00 respectively, and the open interest was 113485.00, 15085.00, 106452.00, and 40453.00 respectively. The changes in open interest were 944.00, 828.00, 4011.00, and 1524.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2925.40, 2925.80, 2924.80, and 2926.60 respectively, and the previous day's closing prices were 2937.80, 2936.20, 2936.80, and 2939.80 respectively. The price increases were 15.80, 14.60, 15.00, and 16.60 respectively, and the corresponding increases in the SSE 50 were 0.54, 0.50, 0.51, and 0.57. The trading volumes were 33015.00, 2270.00, 14970.00, and 2994.00 respectively, and the open interest was 48255.00, 5673.00, 32649.00, and 9310.00 respectively. The changes in open interest were - 159.00, - 802.00, 623.00, and 245.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 6872.80, 6813.60, 6696.40, and 6550.00 respectively, and the previous day's closing prices were 6863.40, 6803.00, 6682.80, and 6531.20 respectively. The price decreases were 3.40, 5.00, 9.20, and 15.20 respectively, and the corresponding decreases in the CSI 500 were 0.05, 0.07, 0.14, and 0.23. The trading volumes were 75803.00, 7440.00, 39131.00, and 12223.00 respectively, and the open interest was 105294.00, 15435.00, 88732.00, and 37927.00 respectively. The changes in open interest were 1013.00, 556.00, 801.00, and - 638.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 7165.80, 7100.60, 6956.40, and 6776.80 respectively, and the previous day's closing prices were 7151.00, 7088.60, 6938.20, and 6750.00 respectively. The price decreases were 2.40, 3.80, 10.60, and 19.80 respectively, and the corresponding decreases in the CSI 1000 were 0.03, 0.05, 0.15, and 0.29. The trading volumes were 161976.00, 14887.00, 74810.00, and 23421.00 respectively, and the open interest was 154502.00, 30109.00, 132535.00, and 66557.00 respectively. The changes in open interest were - 826.00, 1901.00, 1429.00, and 539.00 respectively [1] - **Inter - month Spreads**: The current values of the inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 9.60, - 1.60, - 60.40, and - 62.40 respectively, and the previous values were - 7.00, 0.40, - 59.20, and - 65.20 respectively [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4445.36, 2939.59, 6932.11, and 7230.17 respectively, and the previous two - day values were 4436.26, 2928.63, 6928.97, and 7226.03 respectively. The increases were 0.21, 0.37, 0.05, and 0.06 respectively. The trading volumes (in billions of lots) were 203.60, 56.40, 189.92, and 252.67 respectively, and the total trading amounts (in billions of yuan) were 5355.39, 1338.02, 3596.67, and 3961.05 respectively [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the energy, raw materials, industrial, and optional consumption sectors had decreases of - 0.47%, - 1.21%, - 0.88%, and - 0.61% respectively. The major consumption, medical and health, real - estate finance, and information technology sectors had increases of 0.31%, - 0.71%, - 0.08%, and 2.13% respectively. The telecommunications business and public utilities sectors had increases of 4.05% and 0.00% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of the basis of IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (far - quarter - CSI 300) were - 12.96, - 22.56, - 44.76, and - 67.16 respectively, and the previous two - day values were - 10.06, - 17.06, - 36.66, and - 57.06 respectively [1] - **IH Contracts and SSE 50**: The previous values of the basis of IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (far - quarter - SSE 50) were - 1.79, - 3.39, - 2.79, and 0.21 respectively, and the previous two - day values were - 3.23, - 2.83, - 3.83, and - 2.03 respectively [1] - **IC Contracts and CSI 500**: The previous values of the basis of IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (far - quarter - CSI 500) were - 68.71, - 129.11, - 249.31, and - 400.91 respectively, and the previous two - day values were - 56.17, - 115.37, - 232.57, and - 378.97 respectively [1] - **IM Contracts and CSI 1000**: The previous values of the basis of IM (current month - CSI 1000), IM (next month - CSI 1000), IM (next quarter - CSI 1000), and IM (far - quarter - CSI 1000) were - 79.17, - 141.57, - 291.97, and - 480.17 respectively, and the previous two - day values were - 60.23, - 125.43, - 269.63, and - 449.23 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3812.22, 12557.68, 7686.96, and 2904.27 respectively, and the previous two - day values were 3807.29, 12510.60, 7676.37, and 2867.97 respectively. The increases were 0.13%, 0.38%, 0.14%, and 1.27% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26200.26, 43837.67, 6532.04, and 23632.95 respectively, and the previous two - day values were 25938.13, 43459.29, 6512.61, and 23718.45 respectively. The increases were 1.01%, 0.87%, 0.30%, and - 0.36% respectively [1] 3.5 Macroeconomic Information - China's CPI in August was flat month - on - month and decreased by 0.4% year - on - year due to the high base and the drag of food prices. The core CPI increased by 0.9% year - on - year, with the increase expanding for the fourth consecutive month. The PPI decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and was flat month - on - month, ending the eight - month downward trend [2] - The report on the implementation of the national economic and social development plan since this year pointed out that in the second half of the year, it is necessary to better coordinate domestic economic work and international economic and trade struggles, coordinate high - quality development and high - level security, maintain policy continuity and stability, enhance flexibility and predictability, focus on stabilizing employment, enterprises, the market, and expectations, and promote the domestic and international dual - cycle, aiming to promote a reasonable recovery of the price level, social employment stability, and economic growth [2] - China will unswervingly expand high - level opening - up, actively align with international high - standard economic and trade rules, accelerate pilot implementation in platforms such as free trade pilot zones and national service trade innovation and development demonstration zones, and promote high - quality development of service trade [2] - China opposed the negative words and deeds of the US side, which damaged China's legitimate rights and interests and interfered in China's internal affairs [2] 3.6 Industry Information - Six departments including the Ministry of Industry and Information Technology jointly launched a special rectification action on network chaos in the automotive industry, focusing on issues such as online trolls and "black public relations" [2] - China has made major breakthroughs in prospecting for strategic emerging industry minerals, discovering an "Asian lithium belt" spanning four provinces and regions and multiple large and super - large lithium mines [2] - In August, the comprehensive inventory coefficient of automobile dealers was 1.31, a 3% month - on - month decrease and a 12.9% year - on - year increase. The inventory level was below the warning line but higher than the reasonable range. The passenger car terminal retail sales in September are expected to increase steadily month - on - month [2] - The China E - commerce Logistics Index in August was 112.3 points, up 0.3 points from the previous month, reaching a new high this year, and has increased for six consecutive months [2]

Core Insights - The 2025 China International Service Trade Fair opened in Beijing, with Anhui Province participating as a guest province, showcasing its service trade growth and cultural trade initiatives [1][2] Service Trade Growth - Anhui Province's service trade total increased from 33.37 billion yuan in 2020 to 49.27 billion yuan in 2024, achieving an average annual growth rate of 10.2% [2] - In the first half of 2025, Anhui's service trade reached 30.64 billion yuan, marking a 34.4% increase, ranking third nationally and exceeding the national average growth rate by 26.4 percentage points [2] Structural Optimization - The structure of Anhui's service trade is improving, with digital delivery trade, including insurance, finance, and information services, accounting for 40.4% of the total service trade in the first half of 2025, growing by 32.8% year-on-year [2] - Anhui has developed a high-level open system centered around Hefei, enhancing its service trade capabilities and promoting service outsourcing [2][3] Cultural Trade Development - Anhui is leveraging "Hui culture" to enhance its cultural trade, with 33 enterprises and 3 projects recognized as key cultural export enterprises, ranking third nationally [4][5] - The province's cultural and tourism sector is thriving, with over 700 million annual visitors, contributing significantly to service trade and consumption upgrades [5] Business Environment Optimization - Anhui has implemented 35 measures to optimize its business environment, including a "one-stop" service reform that reduces the number of required visits by 94% [7] - The province has allocated 18.79 billion yuan directly to 41,000 enterprises, enhancing financial support for businesses [7] Foreign Investment and Cooperation - Anhui has successfully attracted major projects, including NIO headquarters and IKEA, and has established 33 overseas business service points to facilitate international cooperation [8][9] - From January to July 2025, Anhui's actual foreign investment reached 2.1 billion USD, growing by 19.2%, ranking eighth nationally [8]

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) opened in Beijing on September 10, with President Xi Jinping emphasizing China's commitment to expanding high-level opening-up and aligning with international trade rules [1] - The Jiangxi Provincial Government organized local service trade companies to participate in the fair, showcasing their achievements and facilitating international market expansion [1][3] - Companies from Jiangxi, including China Ruilin Engineering Technology Co., Youfu (Nanchang) Industrial Base Development Co., and Jiangxi Kejun Industrial Co., presented their core competencies in high-end services, digital services, and cultural services through various interactive formats [3] Group 2 - Seven companies, including Taihao Software Co. and Meifan Technology Co., participated in the online "cloud platform" of the fair, showcasing their products and services in software development, cross-border e-commerce, and information security [5] - The participation in CIFTIS is a strategic move by the Jiangxi Provincial Government to implement national policies aimed at expanding the service sector's openness and promoting high-quality service trade development [5] - The Jiangxi Provincial Government plans to provide comprehensive support for exhibitors, assisting companies in resource connections and project negotiations to enhance the local service trade ecosystem [5]

Core Viewpoint - The Chinese government is set to enhance support for service trade, with a focus on promoting service exports through various policy measures aimed at optimizing the trade structure and maintaining growth in the sector [1][2]. Group 1: Policy Support - The Ministry of Commerce will implement a series of policies to promote service exports, focusing on fiscal, financial, and regulatory facilitation [1][2]. - The upcoming policies will include measures to optimize the policy environment for service trade, as outlined in the "Opinions on Promoting High-Quality Development of Service Trade" [1]. Group 2: Fiscal and Financial Measures - Fiscal policies will leverage existing funding channels to support key areas and projects in service exports, including enhancing the role of innovation development funds [2]. - Financial policies will increase support for export credit insurance and improve financial services for small and medium-sized enterprises [2]. Group 3: Regulatory and Market Expansion - Regulatory measures will aim to improve customs supervision systems, facilitate personnel exchanges, and enhance the convenience of service trade fund settlements [2]. - The government will support enterprises in exploring international markets by leveraging service trade intermediary organizations and facilitating participation in overseas exhibitions [2].

Core Viewpoint - The overall service trade in China is expected to maintain growth throughout the year, with continuous optimization of trade structure [1][2][3] Group 1: Service Trade Performance - In the first half of the year, China's total service import and export reached 3.9 trillion yuan, a year-on-year increase of 8% [1] - Service exports amounted to 1.7 trillion yuan, growing by 15%, with a share of 11.5% in total foreign trade exports, up 0.7 percentage points from the same period last year [1] - The rapid growth in service exports is primarily driven by traditional service sectors such as transportation and travel, with transportation service exports at 418.5 billion yuan (up 23.9%) and travel service exports at 174.87 billion yuan (up 68.7%) [1] Group 2: Future Opportunities - The service trade development in the second half of the year is expected to benefit from global growth, with the WTO projecting a 4% increase in global service exports by 2025 [2] - The travel sector is anticipated to see significant growth, with over 1 trillion yuan in travel service import and export in the first half, a growth rate of 12.3% [2] - Knowledge-intensive service imports and exports are expected to maintain the growth rate seen in the first half of the year [2] Group 3: Policy Support - The Ministry of Commerce plans to implement various policy measures to promote service exports, focusing on fiscal, financial, and regulatory facilitation [3] - Financial policies will include enhanced export credit insurance support and improved financial services for small and medium-sized enterprises [3] - Regulatory measures will aim to streamline customs supervision, facilitate personnel exchanges, and promote international data service business [3][4]

Core Insights - The total service trade import and export volume in China reached 3.9 trillion yuan in the first half of the year, marking an 8% year-on-year increase [1] - Service exports amounted to 1.7 trillion yuan, growing by 15%, with a share of 11.5% in total foreign trade exports, up 0.7 percentage points from the previous year [1] Group 1: Service Export Growth - The rapid growth in service exports is primarily driven by traditional service trade sectors such as transportation and travel [1] - Transportation service exports were 418.5 billion yuan, increasing by 23.9%, making it the largest sector in service exports [1] - Travel service exports reached 174.87 billion yuan, with a remarkable growth of 68.7%, representing the fastest-growing area in service exports [1] Group 2: Knowledge-Intensive Services - Knowledge-intensive service exports totaled 865.04 billion yuan, reflecting a 7.8% increase [1] - Significant contributions came from other business services and telecommunications, with exports of 416.33 billion yuan and 377.16 billion yuan, growing at rates of 6.9% and 14.6% respectively [1] Group 3: Future Outlook - The service trade sector is expected to benefit from favorable conditions in the second half of the year, with global service trade projected to grow [2] - The World Trade Organization forecasts a 4% increase in global service exports by 2025, with major economies maintaining rapid growth in service trade [2] - The Chinese travel service sector is anticipated to continue its growth trajectory, with imports and exports exceeding 1 trillion yuan and a growth rate of 12.3% in the first half of the year [2] - Policy support for service trade is expected to intensify, with the Ministry of Commerce implementing measures to promote service exports through fiscal, financial, and facilitation efforts [2]

Report Industry Investment Rating No relevant content provided. Core Views of the Report The report provides a comprehensive analysis of various financial and commodity markets, including macro - strategies, agricultural products, black metals, non - ferrous metals, and energy chemicals. It evaluates market trends, influencing factors, and offers corresponding investment suggestions based on different market segments. Summary by Catalog 1. Financial News and Reviews 1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - **News**: Trump's potential removal of Fed governors may affect the Fed's independence, and the US housing price growth in June 2023 was the slowest since 2023 [11][12]. - **Review**: Trump's actions pose a challenge to the Fed's independence, putting downward pressure on the US dollar index [13]. - **Investment Suggestion**: The US dollar index faces downward pressure [14]. 1.2 Macro Strategy (US Stock Index Futures) - **News**: The US consumer confidence index in August fell slightly to 97.4, and the Fed responded to Trump's attempt to fire a governor [15][16]. - **Review**: If Trump successfully fires the governor and nominates a dovish official, market expectations of interest - rate cuts will rise, and US stocks may perform well [18]. - **Investment Suggestion**: Interest - rate cut trading continues to support market risk appetite, and US stocks are expected to fluctuate strongly [19]. 1.3 Macro Strategy (Stock Index Futures) - **News**: The State Council promotes high - quality development of service trade, and China will implement the "Artificial Intelligence +" action [20][21]. - **Review**: The A - share market sentiment has cooled slightly, but there is still upward momentum from the perspective of sentiment and capital [21]. - **Investment Suggestion**: Hold long positions in stock index futures [22]. 1.4 Macro Strategy (Treasury Bond Futures) - **News**: The 17th meeting of the 14th National People's Congress Standing Committee will be held from September 8th to 12th, and the central bank conducted a 405.8 - billion - yuan 7 - day reverse repurchase operation [23][24]. - **Review**: The bond market is mainly in a volatile state, and it is difficult to have a sustainable upward trend without special circumstances [26]. - **Investment Suggestion**: Be cautious with unilateral long positions; consider using long bond positions to hedge potential stock price corrections [26]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - **News**: Malaysia's palm oil production decreased in August, the US may exempt tariffs on Indonesian palm oil, and Malaysia seeks tax exemption for palm oil raw materials [27][28]. - **Review**: The oil market is in a weak and volatile state, and the impact of production changes is not significant [29]. - **Investment Suggestion**: The oil market is in a volatile state, and it is recommended to buy on dips [30]. 2.2 Black Metals (Coking Coal/Coke) - **News**: The price of metallurgical coke in Lvliang is strong, and some coking enterprises have proposed an 8th - round price increase [31]. - **Review**: The coking coal futures may adjust in the short term, but there is strong support below [32]. - **Investment Suggestion**: The futures price has short - term adjustment pressure, but strong support after adjustment [33]. 2.3 Agricultural Products (Sugar) - **News**: Pakistan initially bought 30,000 tons of sugar, India urged the sugar industry to reach a consensus on export quotas, and Brazil's sugar exports in August increased slightly [34][35][36]. - **Review**: Zhengzhou sugar futures fell due to factors such as approaching delivery and weak market sentiment [36]. - **Investment Suggestion**: Pay attention to the opportunity of going long on the 1 - month contract after a correction, with a target price of around 5,500 yuan/ton [37]. 2.4 Black Metals (Rebar/Hot - Rolled Coil) - **News**: The daily output of key steel enterprises in mid - August increased, and the national construction machinery start - up rate in July was 44.43% [38][39]. - **Review**: Steel prices continued to fluctuate downward, and the market sentiment was slightly weak [39]. - **Investment Suggestion**: Adopt a volatile trading strategy for steel prices [40]. 2.5 Agricultural Products (Pigs) - **News**: Aonong Bio's net profit in the first half of 2025 was 361 million yuan [41]. - **Review**: Near - month pig futures have limited rebound space, and there is a safety margin for the reverse spread structure [41]. - **Investment Suggestion**: Hold a short - term volatile view on the single - side, and pay attention to reverse spread opportunities [41]. 2.6 Agricultural Products (Red Dates) - **News**: The growth of red dates in Xinjiang is normal, and the futures price of the main contract is slightly up [42]. - **Review**: The supply and demand of red dates are weak, and there is uncertainty in production [43]. - **Investment Suggestion**: Adopt a wait - and - see strategy and focus on weather and research results [43]. 2.7 Agricultural Products (Corn Starch) - **News**: Corn starch continues to be weak in both production and sales areas [44]. - **Review**: The spot price of starch is weak, and the CS11 - C11 spread is under pressure [44]. - **Investment Suggestion**: Pay attention to the opportunity of widening the spread [44]. 2.8 Agricultural Products (Corn) - **News**: The growth of new - season corn in Henan is basically normal, with some local drought [45]. - **Review**: Corn futures fluctuate around 2,150 yuan/ton, and attention should be paid to new - crop production [46]. - **Investment Suggestion**: Hold short positions and 11 - 3 reverse spreads, and pay attention to 11 - 1 reverse spreads if the spread strengthens [46]. 2.9 Black Metals (Steam Coal) - **News**: The price of steam coal in Beigang was stable on August 26 [47]. - **Review**: The seasonal pressure on coal prices is increasing, and prices are expected to be weak [48]. - **Investment Suggestion**: Coal prices are expected to remain seasonally weak [48]. 2.10 Black Metals (Iron Ore) - **News**: The scale of the air - conditioning market from January to July reached 172 billion yuan [49]. - **Review**: Iron ore prices are in a weak and volatile state, and the impact of short - term factors on iron ore is limited [49]. - **Investment Suggestion**: Iron ore prices are expected to continue weak and volatile with limited decline [49]. 2.11 Non - Ferrous Metals (Lead) - **News**: Tibet Summit's metal production increased significantly in the first half of the year, and the US may add lead to the key minerals list [50][51]. - **Review**: Lead prices fluctuated upward, but there are concerns about supply and demand [51]. - **Investment Suggestion**: Adopt a wait - and - see strategy in the short term [53]. 2.12 Non - Ferrous Metals (Zinc) - **News**: Tibet Summit's metal production increased significantly in the first half of the year [54]. - **Review**: Zinc prices may fluctuate due to the influence of macro and fundamental factors [55]. - **Investment Suggestion**: Adopt a wait - and - see strategy for single - side trading, and pay attention to mid - line positive spread opportunities [55]. 2.13 Non - Ferrous Metals (Polysilicon) - **News**: Tongwei sold 161,300 tons of polysilicon in the first half of the year, and there were new developments in photovoltaic project component procurement [56][57]. - **Review**: The price of polysilicon is expected to rise, but there are concerns about over - supply [58]. - **Investment Suggestion**: Adopt a bullish view on dips for single - side trading, and pay attention to the 11 - 12 reverse spread opportunity at around - 2,000 yuan/ton [59]. 2.14 Non - Ferrous Metals (Industrial Silicon) - **News**: The US may add industrial silicon to the key minerals list [60]. - **Review**: The fundamentals of industrial silicon are weakening, but the price may be affected by other factors [61]. - **Investment Suggestion**: Pay attention to the production resumption of large factories and trade within the range of 8,200 - 9,500 yuan/ton [61][62]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - **News**: Galan plans to start production of a lithium project in Argentina in the first half of 2026 [63]. - **Review**: The short - term inventory reduction may support the price, but there is supply uncertainty [64]. - **Investment Suggestion**: Pay attention to the opportunity of going long on dips and positive spreads [64]. 2.16 Non - Ferrous Metals (Nickel) - **News**: Indonesia's sovereign wealth fund signed a framework agreement with GEM to develop a green nickel processing center [65]. - **Review**: Nickel prices may be affected by factors such as inventory and supply - demand [66]. - **Investment Suggestion**: Pay attention to short - term trading opportunities and mid - line short - selling opportunities [67]. 2.17 Non - Ferrous Metals (Copper) - **News**: The US may add copper to the key minerals list, and there are developments in copper mining projects [68][69][70]. - **Review**: Copper prices are in a high - level volatile state, and the short - term upward trend is not obvious [71]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy for single - side trading and a wait - and - see strategy for spreads [71]. 2.18 Energy Chemicals (Crude Oil) - **News**: API crude oil and refined product inventories decreased [72]. - **Review**: Oil prices are in a range - bound state, waiting for new drivers [72]. - **Investment Suggestion**: Maintain range - bound trading and wait for new drivers [73]. 2.19 Energy Chemicals (Carbon Emissions) - **News**: The closing price of CEA on August 26 was 69.69 yuan/ton [73]. - **Review**: The carbon market price is in a narrow - range volatile state [73]. - **Investment Suggestion**: CEA prices are expected to fluctuate in the short term [74]. 2.20 Energy Chemicals (Caustic Soda) - **News**: The price of caustic soda in Shandong was stable on August 26 [75]. - **Review**: The price of caustic soda is expected to remain high, but the upward space is limited [77]. - **Investment Suggestion**: Be cautious when chasing high prices [77]. 2.21 Energy Chemicals (Pulp) - **News**: The price of imported wood pulp showed mixed trends [78]. - **Review**: The fundamentals of pulp are weak, and the price is expected to fluctuate [78]. - **Investment Suggestion**: The pulp market is expected to fluctuate [79]. 2.22 Energy Chemicals (PVC) - **News**: The price of PVC powder decreased slightly [80]. - **Review**: The fundamentals of PVC are weak, but the price is expected to fluctuate [80]. - **Investment Suggestion**: The PVC market is expected to fluctuate in the short term [80]. 2.23 Energy Chemicals (Bottle Chips) - **News**: The export price of bottle chips was partially raised [81]. - **Review**: The inventory of bottle chips is decreasing, but attention should be paid to new capacity [83]. - **Investment Suggestion**: Pay attention to the impact of new capacity on processing fees [83]. 2.24 Energy Chemicals (PTA) - **News**: A 2.5 - million - ton PTA plant in East China will be under maintenance [84]. - **Review**: The short - term supply - demand pattern of PTA has improved, and the price is expected to be strong [84]. - **Investment Suggestion**: Adopt a short - term long - on - dips strategy [85]. 2.25 Energy Chemicals (Styrene) - **News**: A 500,000 - ton/year styrene plant in Shandong is under maintenance [86]. - **Review**: The situation of styrene in September has improved marginally, but there may be pressure in the fourth quarter [87]. - **Investment Suggestion**: Pay attention to policy variables at home and abroad [87]. 2.26 Energy Chemicals (Soda Ash) - **News**: The production of a 5 - million - ton/year soda ash plant in Inner Mongolia is reduced [88]. - **Review**: The price of soda ash is weak, and the market sentiment is not strong [88]. - **Investment Suggestion**: Adopt a short - selling strategy on rallies and pay attention to supply - side disturbances [88]. 2.27 Energy Chemicals (Float Glass) - **News**: The price of float glass in Shahe was stable on August 26 [89]. - **Review**: The glass market is in a volatile state, and the demand improvement is limited [89]. - **Investment Suggestion**: Be cautious with single - side trading and focus on spread trading [90]. 2.28 Shipping Index (Container Freight Rate) - **News**: Premier Alliance adjusted its shipping routes [91]. - **Review**: The spot freight rate is weak, and the supply - demand situation is not optimistic [92]. - **Investment Suggestion**: The 10 - month contract will test the support level of 1,300 yuan/FEU [92].

Core Viewpoint - The 2025 China International Service Trade Fair (CIFT) will be held at Shougang Park, emphasizing the theme "Digital Intelligence Leading, Service Trade Renewed," showcasing China's commitment to high-level opening-up and enhancing global trade confidence [1][5][10]. Group 1: Event Overview - The CIFT will feature over 800 enterprises intending to participate, marking a significant shift to a single venue format at Shougang Park [1][2]. - The exhibition area will exceed 100,000 square meters, with enhancements to public spaces to improve attendee interaction [2][4]. Group 2: Economic Impact - In the first half of the year, China's service trade import and export totaled 38,872.6 billion yuan, reflecting an 8.0% year-on-year increase [7]. - Knowledge-intensive service trade, a key driver of growth, reached 15,025.4 billion yuan, with a 6.0% increase, highlighting a shift towards high-value sectors [7]. Group 3: Policy Support - Beijing aims to rank among the top three in service trade by 2030, with digital services expected to constitute 70% of the city's service exports [8]. - Shenzhen has introduced ten policies to accelerate digital trade and support high-value outsourcing and technology export [8]. Group 4: Innovation and Collaboration - The CIFT serves as a platform for innovation, with over 70 companies, including Alibaba and Schneider, planning to unveil more than 130 new products [10]. - Nearly 70 countries and international organizations are expected to participate, with over 330 Fortune 500 companies involved, indicating a high level of international engagement [10].

Group 1 - The core theme of this year's service trade fair is "Digital Intelligence Leading, Service Trade Renewing," reflecting China's high-quality development in service trade [5] - The event will take place at Shougang Park, marking a shift to a single venue format, enhancing the experience for participants [2][3] - Over 800 enterprises are expected to participate, including more than 330 Fortune 500 companies, indicating a strong international presence [8] Group 2 - In the first half of the year, China's service trade import and export totaled 38,872.6 billion yuan, a year-on-year increase of 8.0% [5] - Knowledge-intensive service trade has shown significant growth, with imports and exports reaching 15,025.4 billion yuan, up 6.0% [5] - Beijing aims to rank among the top three in service trade by 2030, with digital services expected to account for about 70% of the city's service exports [6] Group 3 - The fair serves as an important platform for expanding openness, deepening cooperation, and leading innovation in service trade [8] - The event will feature 130 new products and innovations from over 70 companies, highlighting its role in promoting innovation [8][9] - Various facilitation measures have been introduced to enhance international participation, including visa services for foreign attendees [8]