Report Industry Investment Ratings No relevant content provided. Core Views - The overall market shows a complex situation with different trends in various sectors. In the macro - financial field, the Fed's expected interest rate cuts have a significant impact on multiple asset classes. In the commodity market, different industries are affected by factors such as supply - demand relationships, policies, and seasonal factors [2][3][4]. - For the black building materials sector, the focus is on the verification of real - end demand, and there is a risk of price pressure due to the possible mismatch between peak - season demand and high supply [33]. - In the energy - chemical sector, different products have different supply - demand and price trends, and investment strategies vary accordingly [44][46][47]. - In the agricultural products sector, each product's price is affected by factors such as supply, demand, and policies, and trading strategies are also different [58][59][60]. Summaries by Catalogs Macro - Financial Index Futures - News includes Shenzhen's property market new policy, the record - high price of spot gold, the "Deep - space Economy" concept framework, and the weak US non - farm payroll data [2]. - The basis ratios of IF, IC, IM, and IH are provided. After the previous continuous rise, high - level hot sectors like AI have diverged, and funds have flowed to low - level sectors. The short - term index faces adjustment pressure, but the medium - and long - term strategy is to go long on dips [3]. Treasury Bonds - On Friday, the main contracts of TL, T, TF, and TS all declined. The weak US non - farm payroll data strengthened the market's expectation of the Fed's interest rate cut in September, and spot gold hit a record high. China's foreign exchange reserves increased in August. The central bank had a net withdrawal of funds on Friday [4]. - Fundamentally, the manufacturing PMI improved in August but remained below the boom - bust line. The central bank is expected to maintain loose funds. Interest rates are expected to decline in the long run, but the bond market may be volatile in the short term [5]. Precious Metals - The prices of domestic and foreign gold and silver showed different trends. The weak US labor market data strengthened the market's expectation of the Fed's interest rate cuts. Silver is expected to have stronger upward momentum than gold during the Fed's monetary policy easing process. It is recommended to go long on precious metals on dips, especially focusing on the rise of silver prices [6][7]. Non - ferrous Metals Copper - Last week, copper prices rose first and then fell. The inventories of the three major exchanges increased, and the spot import was slightly profitable. Given the weak US employment data and the domestic situation of reduced production and improved consumption, copper prices are expected to be strongly supported [9]. Aluminum - On Friday, aluminum prices rose first and then fell. The domestic inventory decreased, and the external inventory increased. Aluminum prices will fluctuate between macro - expectations and fundamental realities. The key is to focus on the peak - season demand and inventory trends [10]. Zinc - Zinc ore and zinc ingots are in a state of surplus, with inventory accumulation. The domestic supply is loose, and the downstream demand is weak. The LME market has low inventory and high spreads. The short - term price is expected to be in a low - level shock pattern [11]. Lead - The lead industry shows a pattern of weak supply and demand. The shortage of raw materials restricts production, and the downstream consumption is weak. With the high expectation of the Fed's interest rate cut, lead prices have some support, but there is also a large downward risk if the market sentiment weakens [12]. Nickel - The macro - environment is positive, and the demand for nickel - iron is expected to increase. Although the supply of refined nickel is in surplus, the long - term support for nickel prices is strong. It is recommended to go long on dips [14]. Tin - The supply of tin is expected to decrease significantly in the short term due to the slow resumption of production in Myanmar and the planned maintenance of domestic smelters. The demand is in the off - season. Tin prices are expected to be in a short - term shock pattern [16]. Carbonate Lithium - The spot price of carbonate lithium was stable on Friday, and the futures price rose slightly. The supply - demand relationship has improved, and the inventory has decreased. The positive sentiment in the equity market may drive the futures price to stabilize and rebound [17]. Alumina - The alumina index rose on September 5. Overseas ore supply is improving, and the smelting capacity is in surplus. With the high expectation of the Fed's interest rate cut, it is recommended to wait and see in the short term [18]. Stainless Steel - The price of stainless steel decreased on Friday. The end of the Indonesian riot and the slow recovery of downstream demand have suppressed the price. The market has entered a consolidation phase [21]. Casting Aluminum Alloy - The price of casting aluminum alloy rose on Friday. The downstream is transitioning from the off - season to the peak - season, and the cost is strongly supported. The price is expected to remain high in the short term [22]. Black Building Materials Steel - The prices of rebar and hot - rolled coil rose on Friday. The overall commodity market atmosphere is good, but the demand for steel is weak, and the inventory is accumulating. The price is under pressure, and the focus is on the recovery of terminal demand and the support of the cost side [24][25]. Iron Ore - The price of iron ore decreased slightly on Friday. The overseas shipment increased, and the demand decreased. The inventory of ports increased, and the inventory of steel mills decreased. The short - term price is expected to be in a shock pattern, and the key is to observe the recovery of demand and the speed of inventory reduction [26][27]. Glass and Soda Ash - The price of glass was stable, and the inventory increased slightly. The price of soda ash rose slightly, and the inventory decreased slightly. The glass price adjustment space is limited, and the soda ash price is expected to be in a shock pattern in the short term and may rise in the long term [28][29]. Manganese Silicon and Ferrosilicon - Affected by the "anti - involution" rumor, the prices of manganese silicon and ferrosilicon rose on September 5. Their fundamentals are not ideal, and they are likely to follow the black - sector sentiment, especially the situation of coking coal. It is recommended to wait and see [30][33]. Industrial Silicon and Polysilicon - The price of industrial silicon rose on Friday. The supply and demand increased in August, and it is in a "weak reality" pattern. In September, it may be affected by downstream capacity integration and "anti - involution" sentiment [34][35]. - The price of polysilicon rose strongly on Friday. It is in a "weak reality, strong expectation" pattern. The focus is on capacity integration and downstream price - passing progress. The price is expected to be highly volatile in September [36][37]. Energy - Chemical Rubber - NR and RU are in a strong shock. The heavy rain in Thailand may cause the rubber price to rise. The mid - term strategy is to be bullish, and the short - term strategy is to be slightly bullish [39][43]. Crude Oil - The price of INE crude oil futures decreased on Friday. The European ARA data shows different trends in refined - oil inventories. The oil price is considered undervalued, and it is recommended to be long on crude oil, but not to chase the high price [44][45]. Methanol - The price of methanol rose on September 5. The domestic supply pressure is large, and the overseas import pressure exists. The demand is improving. It is recommended to go long on dips and consider the 1 - 5 positive spread [46]. Urea - The price of urea decreased on September 5. The supply pressure has eased, but the demand is weak. The price is expected to be in a range - bound operation, and it is recommended to go long on dips [47]. Styrene - The spot price of styrene was stable, and the futures price decreased. The BZN spread is expected to repair. The supply is increasing, and the demand is decreasing. The price may rebound after the inventory reduction [48][50]. PVC - The price of PVC rose on September 5. The supply is strong, the demand is weak, and the export expectation is weak. It is recommended to short on rallies, but beware of the impact of "anti - involution" sentiment [51]. Ethylene Glycol - The price of ethylene glycol decreased on September 5. The supply is high, and the short - term port inventory is expected to be low, but it may accumulate in the fourth quarter. The valuation is high in the short term and may decline in the medium term [52]. PTA - The price of PTA rose on September 5. The supply is expected to decrease, and the demand is improving. The processing fee is under pressure. It is recommended to go long on dips following PX [53]. p - Xylene - The price of p - xylene rose on September 5. The load is high, and the downstream PTA has many unexpected maintenance. The inventory accumulation is not significant. It is recommended to go long on dips following crude oil [54]. Polyethylene (PE) - The futures price of PE rose. The market expects favorable policies, and the cost is supportive. The supply is limited, and the demand is expected to increase. The price is expected to rise in a shock pattern [55]. Polypropylene (PP) - The futures price of PP rose. The supply pressure is large, and the demand is recovering seasonally. The inventory pressure is high. It is recommended to go long on the LL - PP2601 contract on dips [56]. Agricultural Products Hogs - The domestic hog price fell over the weekend. The supply in September is expected to be high, but there are potential supporting factors. The spot price may be in a narrow - range adjustment, and the trading strategy is to pay attention to the rebound and short - sell after the rebound [58]. Eggs - The domestic egg price rose over the weekend. The egg price may rise in the early ten - day period but may fall after the mid - ten - day period. It is recommended to short - sell on rallies [59]. Soybean and Rapeseed Meal - The price of US soybeans fell slightly on Friday, and the domestic soybean meal price rebounded slightly. The US soybean production decreased, but the global protein raw material supply is in surplus. The soybean meal price is expected to be in a range - bound operation, and it is recommended to go long on dips [60][61]. Oils and Fats - The prices of domestic three major oils fell on Friday. The export of Malaysian palm oil increased, and the production decreased. The demand is stable, and the inventory is low. The oil price is expected to be strong in the medium term, and it is recommended to buy on dips after the price decline [62][64]. Sugar - The price of Zhengzhou sugar futures fell on Friday. The domestic and foreign markets are generally bearish. The sugar price is expected to decline, and the downward space depends on the Brazilian production [65][66]. Cotton - The price of Zhengzhou cotton futures fell slightly on Friday. The global cotton production and inventory are expected to decrease. The domestic consumption is average, and the inventory is low. The cotton price is expected to be in a high - level shock in the short term [67][69].

Group 1 - Solid-state batteries are expected to become a new core driver, with industry recovery and significant performance elasticity, indicating potential for further upward movement [1][2] - The solid-state battery sector is experiencing a resurgence, with new order volumes expected to rebound by the end of 2024, supported by domestic recovery and overseas expansion [1] - Leading companies like Xian Dao Intelligent reported significant order growth, with expectations of over 1 billion yuan in new orders for solid-state equipment in 2024 and a projected 10 billion yuan in orders for 2025 [2] Group 2 - The computing hardware sector is undergoing a recovery, with stocks like Shenghong Technology hitting historical highs, indicating strong capital involvement [2] - Despite the recovery, the likelihood of a rapid return to a new upward trend in computing hardware is low, suggesting a continued focus on a fluctuating market structure [2] Group 3 - The concept of "deep space economy" gained attention, with the first conference discussing its potential, including low-orbit satellite communication, and an expected global industry scale exceeding 1 trillion USD by 2040 [3]

Group 1 - The Hong Kong stock market experienced a rebound after several days of decline, attributed to profit-taking and short-selling activities [1] - The U.S. non-farm payrolls for August recorded an increase of only 22,000, significantly below the market expectation of 75,000, leading to speculation about potential interest rate cuts by the Federal Reserve [1] - China's official gold reserves increased by 60,000 ounces to 74.02 million ounces as of the end of August, marking the 10th consecutive month of gold accumulation by the central bank, which is expected to benefit gold stocks [1] Group 2 - The first Deep Space Economy and Industry Development Conference was held in Hefei, China, proposing a framework for the "deep space economy" and identifying ten industry directions, with a projected global market size of one trillion dollars by 2040 [1] Group 3 - Shou Cheng Holdings (00697) reported a 36% year-on-year increase in revenue to 731 million and a 30% increase in net profit to 339 million, aligning with market expectations [3] - The company declared a special dividend of 768 million and an interim dividend of 271 million, totaling 1.039 billion in dividends for the first half of the year, resulting in a yield of 5.83% [3] - CICC raised its profit forecast for Shou Cheng Holdings for 2025 and 2026 by 7% and 6%, respectively, reflecting growth in core business and potential investment returns [3] Group 4 - The construction machinery industry saw a total excavator sales volume of 16,523 units in August, a year-on-year increase of 13%, with domestic sales up 15% [5] - Domestic demand for small excavators drove growth, with a 26% increase in sales, while large excavators saw a decline of 22% [5] - The U.S. market is recovering, with overall demand increasing by 8% in July, and North America showing a significant 26% growth [6] Group 5 - The investment sentiment in the Chinese stock market is improving, with foreign institutional clients indicating a more optimistic outlook [11] - Goldman Sachs reported that there is still room for growth in the Chinese stock market, driven by retail investors with substantial savings [11]

Macro - China's foreign exchange reserves increased by 0.91% in August, reaching $332.2154 billion, with a rise of $29.9 billion from July [1] - The People's Bank of China has increased its gold holdings for the 10th consecutive month, with gold prices rising over 30% this year, reaching a historical high of $3,600 per ounce [1] - The U.S. non-farm payrolls for August recorded only 22,000 jobs added, significantly below the expected 75,000, indicating a deterioration in the labor market [4] - Following the non-farm payroll report, the market anticipates a 25 basis point rate cut by the Federal Reserve in its upcoming policy meeting [4] Market - New regulations on public fund sales have been introduced, reducing investor costs by approximately 30 billion yuan annually, a decrease of about 34% [2] - The revised rules aim to simplify and unify redemption fee structures, increasing the cost of short-term speculation for investors [2] Policy Focus - Recent policy adjustments in major cities like Shenzhen are expected to boost real estate transaction volumes in Q4, as the market anticipates a rebound [9] - The deep space economy framework has been established, with projections indicating that the global deep space economy could reach a trillion-dollar scale by 2040 [11] Company News - Ji Electric received 913 million yuan in renewable energy subsidies in August [12] - Gansu Energy's 2×1000 MW coal-fired unit expansion project has commenced commercial operations [14] - Junshi Biosciences achieved primary research endpoints in its Phase III clinical study for IL-17A monoclonal antibody treatment for moderate to severe plaque psoriasis [14]

Group 1 - Japan's Prime Minister Shigeru Ishiba announced his resignation following a loss in the second national election, which may trigger leadership competition and raise investor concerns [1] - The first Deep Space Economy and Industry Development Conference was held in Hefei, Anhui, proposing a framework for the "Deep Space Economy" and outlining ten industry directions, with a projected global market size of $1 trillion by 2040 [1] - Tesla launched an official Weibo account named "TeslaAI" and showcased its humanoid robot, which is expected to be the previously revealed "Optimus 3" model [1] Group 2 - The A-share market showed a weak overall trend last week, with the ChiNext Index and North China 50 rising, while the Sci-Tech 50 fell over 5% [8] - The Hong Kong market saw the Hang Seng Index rise by 1.36%, with the best-performing sectors being retail, power equipment, and pharmaceuticals [8] - In the US market, the S&P 500 rose by 0.33%, while the Dow Jones fell by 0.32%, with media and entertainment sectors leading the gains [8] Group 3 - The OPEC+ members agreed to increase oil production by 137,000 barrels per day starting in October, reflecting a stable global economic outlook [12][14] - The price of gold jewelry in China has surpassed 1,060 yuan per gram, with brands like Chow Sang Sang and Lao Miao reporting increases [15] - Tesla's AI5 chip design review was completed, with production expected by the end of 2026, and the AI6 chip anticipated to be the best yet [17] Group 4 - China's central bank has increased its gold reserves for the tenth consecutive month, reaching 74.02 million ounces by the end of August [20] - The US Bank predicts the Federal Reserve will cut interest rates twice this year, while Barclays expects three cuts [21] - South Korea will implement a visa waiver for Chinese group tourists from September 29, allowing stays of up to 15 days [23]

Industry Insights - The third International Conference on Deep Space Exploration was held in Hefei, focusing on "asteroid detection, defense, and resource utilization" [1] - The Chinese lunar exploration chief designer emphasized that asteroids represent not only risks but also valuable economic resources, which are of significant interest to major space-faring nations [1] - The future of deep space resource development includes minerals, water, ice, and atmospheric resources, which are crucial for sustainable human exploration and can reduce mission costs while enhancing the efficiency of deep space activities [1] Market Opportunities - The commercial space sector is shifting from merely entering space to utilizing and residing in space, with expectations of large-scale low Earth orbit internet, navigation enhancements, and high-resolution Earth observation satellite constellations in the next 1-5 years [1] - Over the next 5-10 years, the space industry is anticipated to expand from low Earth orbit to medium and high orbits, as well as deep space, promoting the sustainable growth of the space economy and forming a substantial industry scale through efficient resource utilization [1] Company Developments - Tianao Electronics reported that its timing products have been involved in major space missions, including manned spaceflight, lunar exploration, deep space exploration, and space station projects [3] - Shaanxi Huada's products, including electrical connectors and interconnects, are utilized across various aerospace fields, covering high and low orbit satellites, manned spacecraft, cargo spacecraft, space stations, rockets, and deep space exploration [3] Economic Projections - A report indicates that the global deep space economy is expected to reach a trillion-dollar scale by 2040, encompassing ten key industry directions such as deep space resource development, deep space internet, and deep space tourism [2]

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1 to 5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and precise space application services to the public [1] - Over the next 5 to 10 years, the space industry will gradually expand from low orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of the space environment and large-scale development of space resources and energy [1] Group 2: AI Computing and Market Trends - CITIC Securities stated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a trend of oscillation recovery [2] - The core logic of the current AI computing theme has not been disproven, suggesting that investors should rationally view market fluctuations and focus on high-quality stocks with strong performance certainty that align with industry trends [2] - The first AI computing open architecture in China was launched by Inspur, in collaboration with over 20 industry chain enterprises, which is a significant step towards promoting the collaborative development of AI industry technologies and ecosystem [3]

Group 1: Deep Space Economy - The concept framework of "Deep Space Economy" was introduced at the first Deep Space Economy and Industry Development Conference, predicting a global scale of $1 trillion by 2040 [1] - In the next 1-5 years, the aerospace industry is expected to complete large-scale low-orbit internet, navigation enhancement, and high-resolution Earth observation satellite constellations, providing convenient and stable space application services [1] - Over the next 5-10 years, the space industry will gradually expand from low-orbit to medium-high orbit and deep space, promoting the sustainable growth of the space economy through efficient utilization of space resources and energy [1] Group 2: AI Computing Architecture - The first domestic AI computing open architecture was launched at the 2025 World Intelligent Industry Expo, involving over 20 companies in the AI industry chain [3] - The AI supercluster system supports 96 acceleration cards per cabinet, achieving a hundred P-level AI computing power, with the potential for large-scale expansion up to one million cards [3] - This initiative aims to break down computing silos, lower development barriers, and accelerate the innovation and industrialization of applications like large models, enhancing China's autonomous AI computing infrastructure [3] Group 3: AI Market Trends - CITIC Securities indicated that the current "slow bull" market has entered a consolidation phase, with mild index corrections and a long consolidation period observed in previous bull markets [2] - The core logic of the current AI computing theme has not been disproven despite recent market fluctuations, suggesting continued investor interest in high-quality stocks aligned with industry trends [2] - Investors are advised to approach market volatility rationally and focus on opportunities during the consolidation phase [2]

Important Market News - As of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $29.9 billion from the end of July, marking the highest level since January 2016 [1] - The rise in reserves is attributed to the depreciation of the US dollar index and overall increase in global financial asset prices, supported by China's stable economic performance [1] Industry Insights Energy Storage Market - In 2025, the overseas energy storage market is experiencing a surge in orders, leading to high demand for energy storage cells and systems, with 100Ah cell orders booked until February 2026 [2] - The North American market is driven by both large-scale storage and commercial storage, while countries like Germany and Italy have household storage penetration rates exceeding 25% [2] - In the first half of 2025, Europe added 12GWh of new storage capacity, a 210% year-on-year increase, with household storage accounting for over 60% of this growth [2][3] Aerospace Industry - The first Deep Space Economy and Industry Development Conference was held in Hefei, proposing a framework for the "deep space economy" and projecting a global market size of $1 trillion by 2040 [2] - The Chinese commercial aerospace market is expected to explode in 2025, with a market size increasing from 9.2 billion yuan in 2020 to 310 billion yuan in 2024, reflecting a compound annual growth rate exceeding 100% [4] Industrial Internet - The 2025 Global Industrial Internet Conference highlighted the integration of artificial intelligence with industrial internet, showcasing significant advancements in smart applications [5] - China has established over 30,000 basic-level smart factories, covering more than 80% of manufacturing industry categories, with the industrial internet market expected to exceed 1.2 trillion yuan by 2025 [5]

Group 1: Industrial and Technological Development - The Ministry of Industry and Information Technology emphasizes the integration of technological and industrial innovation to enhance the resilience and security of supply chains during the 14th Five-Year Plan period [1] - The focus is on accelerating the cultivation of high-quality enterprises and establishing a gradient cultivation system for these enterprises [1] Group 2: Foreign Exchange Reserves - As of the end of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $299 billion from the end of July, representing a rise of 0.91% [2] - The increase in reserves is attributed to the decline in the US dollar index and the overall rise in global financial asset prices [2] Group 3: Space and Satellite Development - China successfully launched the Remote Sensing Satellite 40 Group 03, which is primarily used for electromagnetic environment detection and related technical experiments [3] - The second phase of the Hainan commercial space launch site is progressing, which will enhance China's commercial space launch capabilities [6] - The launch of the Zhongxing 9C satellite marks a significant step towards the complete domestication of broadcasting and television satellites in China [9] - The successful launch of the "flexible sensing system" for spacecraft marks the first in-orbit verification of this technology in China [10] Group 4: Data and AI Development - The National Data Bureau plans to deepen the market-oriented allocation reform of data elements and promote the synergy between "artificial intelligence" and data elements [4] - The first domestic AI computing open architecture was launched, aiming to enhance technological capabilities and foster collaboration among industry players [8] Group 5: Deep Space Economy - The concept framework for the "deep space economy" was introduced, with projections indicating that the global deep space economy could reach a trillion-dollar scale by 2040 [7] - The conference highlighted the potential for large-scale low-orbit internet and high-resolution satellite constellations in the next 1-5 years [7]