1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. Considering the steel mill's resumption rhythm and restocking demand before the National Day holiday, it is expected that the iron ore price may fluctuate strongly in the near future [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook - **Market Review**: On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. The spot market showed that on September 24, the main iron ore outer - market quotes were flat compared to the previous trading day, and the prices of main - grade iron ore at Qingdao Port were mostly flat compared to the previous day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [7][9] - **Future Outlook**: Recently, the shipments from Australia and Brazil decreased, while the arrivals increased. The total shipments from Australia and Brazil in the past four weeks increased by 3.56% compared to the previous four weeks. Considering the shipping time, the future arrivals are expected to further recover, showing a pattern of being low first and then high. On the demand side, last week, the molten iron output, blast furnace start - up rate, and blast furnace capacity utilization rate rebounded again, with obvious demand recovery after the September 3rd restrictions. However, the continuous decline in the profitability of downstream steel enterprises will limit the growth space of demand. In terms of inventory, as the National Day holiday in October approaches, steel mills have started the restocking process, which will support the iron ore demand before the holiday [10][11] 3.2 Industry News - **Anti - Dumping News**: On September 23, South Korea decided to impose temporary anti - dumping duties on carbon steel and alloy steel hot - rolled coils from China and Japan. From September 19, India decided to impose a 5 - year anti - dumping duty on cold - rolled non - oriented electrical steel from China [12] - **Policy News**: Six ministries including the Ministry of Industry and Information Technology jointly issued the "Work Plan for Stable Growth of the Building Materials Industry (2025 - 2026)", aiming to make the building materials industry recover and improve profitability from 2025 - 2026, and increase the scale of green building materials and advanced inorganic non - metallic materials industries. The green building materials' operating income is expected to exceed 30 billion yuan in 2026. Five key tasks are deployed, including strengthening industry management, enhancing industrial technological innovation, expanding effective investment, expanding consumer demand, and deepening opening - up and cooperation [12][13] 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the capacity utilization rate of domestic mines, the trading volume at main ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the inventory and dispatch volume of port iron ore, the cost of molten iron in sample steel mills, the start - up rate and capacity utilization rate of blast furnaces and electric furnaces, the daily average molten iron output nationwide, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [15][20][24]

Market Overview - The short-term index is expected to maintain an upward trend after a period of consolidation and profit-taking [1][15] - The US stock market experienced declines for two consecutive trading days, with the Dow Jones down 0.37%, Nasdaq down 0.33%, and S&P 500 down 0.28% [4] - Notable tech stocks showed mixed performance, with Tesla up 4.0% and Amazon down 0.2% [4] Economic Data - In August, new home sales in the US increased to an annualized total of 800,000 units, up 20.5% from July's 664,000 units, exceeding market expectations [4] - International oil prices reached a seven-week high, with WTI crude oil rising 2.49% to $64.99 per barrel and Brent crude oil increasing 2.48% to $69.31 per barrel [4] - Gold prices fell from record highs, with COMEX gold futures for September delivery down 1.28% to $3,732.10 per ounce [4] Policy Developments - The Ministry of Commerce and eight other departments issued guidelines to promote digital consumption, focusing on supply-demand coordination and proposing 14 specific measures [5] - A set of 13 policy measures to support service exports was announced, including the development of international data service businesses and the facilitation of cross-border data flow [6] Industry Insights - The Ministry of Industry and Information Technology released a work plan for the building materials industry, aiming for recovery and growth in profitability from 2025 to 2026, with a target of over 300 billion yuan in revenue from green building materials by 2026 [7] - A public consultation was initiated regarding mandatory national standards for automotive door handles, emphasizing safety and accessibility [8] Company Announcements - Wanhua Chemical expects a net profit increase of 69.81% to 109.77% year-on-year for the first three quarters of 2025, driven by strategic sales adjustments and increased exports [10] - Sinopec Oilfield Services signed a contract worth $359 million for a project in Iraq, expected to contribute 3.15% to the company's 2024 revenue [11] - Mengke Pharmaceutical's major shareholder opposed a proposed stock issuance plan that would lead to a change in control [12] - Shanghai Zhiyuan Hengyue plans to acquire 37% of Shangwei New Materials at a price of 7.78 yuan per share, with a total funding requirement of 1.16 billion yuan [13] - China Jushi announced a share repurchase plan not exceeding 400 million shares, with a total amount of up to 880 million yuan [14]

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued a "Work Plan for Stable Growth in the Building Materials Industry (2025-2026)", aiming for green building materials revenue to exceed 300 billion yuan by 2026 [1][2]. Group 1: Policy Measures - The plan prohibits the addition of new cement clinker and flat glass production capacity, requiring new and renovated projects to develop capacity replacement plans [1]. - It emphasizes strengthening industry management and promoting the unification of actual and registered production capacities [1]. - The plan includes enhancing technological innovation in the industry, focusing on advanced inorganic non-metallic materials and fostering unique resource industries [1][2]. Group 2: Investment and Demand Expansion - The initiative aims to expand effective investment by accelerating digital and green transformations, and developing key industry standards [1][2]. - It promotes the demand for green building materials through government procurement policies and rural outreach activities [2]. - The plan encourages the establishment of cooperation mechanisms between upstream and downstream enterprises in the inorganic non-metallic materials sector [2]. Group 3: Collaborative Governance and Market Integration - The plan establishes a multi-departmental collaborative governance framework to address supply-demand imbalances in the industry [2]. - It aims to guide resource allocation away from traditional homogeneous competition towards green building materials and advanced non-metallic materials [2][3]. - The initiative seeks to activate domestic demand through measures like rural outreach and alignment with quality housing construction [2]. Group 4: Implementation and Support - Local governments are required to tailor the plan to their specific circumstances, ensuring stable growth in the building materials sector [3]. - Key enterprises are encouraged to take a leading role in the supply chain and promote collaborative development across industries [3]. - The plan outlines the use of existing and new policies to support equipment upgrades and technological innovations in the industry [3].

Core Viewpoint - The "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" aims to enhance the profitability and innovation capacity of the building materials industry, with a target of exceeding 300 billion yuan in green building materials revenue by 2026 [1] Group 1: Key Tasks - Strengthening industry management to promote survival of the fittest, prohibiting new capacities for cement clinker and flat glass, and enforcing the elimination of outdated capacities [2] - Enhancing industrial technological innovation to improve effective supply capacity and fostering advanced inorganic non-metallic materials [3] - Expanding effective investment to facilitate industry transformation and upgrading, including digital and green modifications [3] - Stimulating consumer demand through initiatives like promoting green building materials in rural areas and supporting cooperation between upstream and downstream enterprises [3] - Deepening open cooperation to enhance international development levels and promoting high-level international collaboration [3] Group 2: Market Impact - The policy is expected to reverse the weak expectations in the glass industry chain, potentially leading to a recovery in glass prices during the peak demand season [4] - The glass production industry is under high energy consumption scrutiny, with a shift towards natural gas as a fuel source anticipated [4] - The implementation of comprehensive standards for quality, environmental protection, energy consumption, and safety is expected to create a balanced supply-demand dynamic in the glass industry [4]

Group 1: Glass Market Insights - Glass futures prices have risen significantly, with the main contract closing at 1237 CNY/ton, an increase of 4.74% [2] - The current demand for glass is supported by the traditional peak season, with daily melting capacity at approximately 160,000 tons and a year-on-year increase in orders from deep processing enterprises [2] - Upstream inventory stands at around 3.04 million tons, down approximately 18% compared to the same period last year, indicating a tightening supply-demand balance [2] Group 2: Policy and Industry Dynamics - The Ministry of Industry and Information Technology and other departments have released a plan for the construction materials industry, aiming for green building materials revenue to exceed 300 billion CNY by 2026 [3] - The plan emphasizes strict control over new glass production capacity to prevent excessive competition, which has led to market concerns about supply constraints and subsequent price increases [3] - Glass manufacturers are actively raising prices to maintain market confidence, with some aggressive firms increasing spot prices by 100 CNY/ton in a single instance [3] Group 3: Future Outlook and Risks - Despite the recent price increases, the fundamental outlook for the glass market remains weak, with key factors influencing future trends including capacity exit speed, demand improvement in Q4, and market confidence recovery [4] - The current supply-demand pressure in the glass market has not been fully resolved, and price increases may not be sustainable without further positive developments [4] - The pure soda price increase is primarily driven by the rise in glass prices, with limited changes in its own fundamentals and significant inventory levels [5] Group 4: Market Sentiment and Structural Opportunities - The rise in both pure soda and glass prices is attributed to short-term sentiment, seasonal expectations, and supply disruptions, while long-term trends will revert to fundamental conditions [6] - Investors and industry participants should monitor policy developments and the realization of seasonal demand while being cautious of potential risks from oversupply and high inventory levels [6]

Core Viewpoint - The introduction of the new "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" signifies a shift from a single capacity control model to a modern industrial system focused on new productive forces, aiming to address the long-standing supply-demand imbalance in the industry [1][2]. Group 1: Industry Overview - The building materials industry is a crucial foundational industry for the national economy, supporting improvements in living environments and the development of a circular economy [1][5]. - Current market demand in the building materials sector is weak, with prominent structural issues, making the stabilization growth task challenging [2][5]. Group 2: Goals and Objectives - The main objectives of the plan include restoring positive growth in the building materials industry by 2025-2026, improving profitability, enhancing technological innovation capabilities, and increasing the scale of green building materials and advanced inorganic non-metallic materials, with green building material revenue expected to exceed 300 billion yuan by 2026 [2][10]. - The plan emphasizes the importance of strengthening industry management, enhancing technological innovation, expanding effective investment, stimulating consumer demand, and deepening open cooperation [2][11]. Group 3: Key Measures - Strict prohibition on the addition of new cement and glass production capacity, aiming to curb traditional overcapacity and promote high-tech, high-value-added industry transformation [2][15]. - Implementation of a "Six Zero" demonstration factory initiative, focusing on zero external electricity, zero fossil energy, zero primary resources, zero carbon emissions, zero waste emissions, and zero frontline employees as benchmarks for future building materials industry standards [3][4][23]. Group 4: Market Expansion and International Cooperation - The plan includes initiatives to promote green building materials in rural areas and enhance international cooperation to support the global presence of Chinese building materials products, technologies, and standards [3][32]. - The establishment of a green low-carbon transformation fund is proposed to facilitate the transition of the industry [12][20]. Group 5: Implementation and Support - The plan outlines the need for robust organizational support, policy backing, and monitoring to ensure effective implementation of the proposed measures [33][34].

Core Viewpoint - The Ministry of Industry and Information Technology of China has issued a work plan for the building materials industry aimed at restoring growth and improving profitability from 2025 to 2026, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [1][2] Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new projects, and enhancing the management of existing capacities [1] - Enhancing technological innovation in the industry by promoting advanced inorganic non-metallic materials and improving supply capabilities in sectors like advanced ceramics and superhard materials [1] - Expanding effective investment through digital and green transformations, and developing industry standards for safety glass and insulation materials [2] Group 2: Demand and Cooperation - Expanding consumer demand by promoting green building materials in rural areas and supporting the establishment of cooperation mechanisms between upstream and downstream enterprises in the non-metallic materials sector [2] - Deepening open cooperation with countries along the Belt and Road Initiative to promote building materials products, technologies, and standards internationally [2]

Core Viewpoint - The "Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026)" aims to enhance profitability, technological innovation, and the scale of green building materials, with a target of exceeding 300 billion yuan in revenue from green building materials by 2026 [1][8]. Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new and renovated projects, and promoting unified actual and registered capacity [2][10]. - Enhancing technological innovation in the industry by expanding advanced inorganic non-metallic materials, accelerating the development of advanced ceramics and superhard materials, and cultivating key resource industries such as graphite and fluorite [2][12]. - Expanding effective investment through digital and green transformation, promoting the establishment of "zero" factories in the cement and flat glass industries, and revising national standards for safety glass and insulation materials [2][14][20]. Group 2: Consumption Demand Expansion - Continuously promoting green building materials in rural areas and implementing government procurement policies to support green materials, thereby enhancing building quality [2][23]. - Encouraging local governments to create directories of green building materials that suit local consumption habits and establishing experience centers for green materials [2][23]. Group 3: Open Cooperation - Strengthening international cooperation with countries along the Belt and Road Initiative, promoting the export of building materials, technologies, and standards [3][26]. - Enhancing overseas project contracting services by leveraging green and low-carbon technology advantages in cement and flat glass [3][26].

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued the "Building Materials Industry Stabilization and Growth Work Plan (2025-2026)", aiming for recovery and growth in the building materials sector, with a projected revenue of over 300 billion yuan from green building materials by 2026 [1][2]. Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new projects, and enhancing regulatory standards for cement and flat glass [2]. - Enhancing industrial technological innovation by expanding the advanced inorganic non-metallic materials industry and improving supply capabilities in key resource sectors such as graphite and magnesium [2]. - Expanding effective investment through digital and green transformation initiatives, including the development of digital transformation solutions and the establishment of "zero" factories in the cement and flat glass industries [2]. - Expanding consumer demand by promoting green building materials in rural areas and supporting the establishment of cooperation mechanisms between upstream and downstream enterprises in the inorganic non-metallic materials sector [2]. - Deepening open cooperation by strengthening industrial collaboration with countries along the Belt and Road Initiative and promoting the internationalization of building materials products, technologies, and standards [2].

Summary of Key Points Core Viewpoint - The 20th China Forest Products Trade Fair achieved a total intended transaction amount and project investment of 3.819 billion yuan, reflecting significant changes in the timber industry driven by a green wave [2][6]. Group 1: Event Overview - The event, held from September 19 to 21 in Caoxian, attracted 126,900 visitors and resulted in an intended transaction amount of 1.639 billion yuan and project investment of 2.18 billion yuan [2]. - The fair has become a highly regarded and impactful professional exhibition in the forestry sector over the past 20 years [2]. Group 2: Product Innovations - A featured product, the negative ion functional board made from high-quality wood such as Russian birch and domestic cedar, was highlighted for its ability to release high concentrations of negative ions, improving indoor air quality [4]. - The board has been recognized as a recommended product at the fair, showcasing a model for sustainable building materials [4]. Group 3: Market Trends - The shift from merely selling timber to offering health-oriented solutions is evident, with companies focusing on ecological responsibility and consumer health [5][6]. - The pet economy was a notable highlight at the fair, with 24 local companies showcasing over 500 pet-related products, indicating a diversification in the timber industry's offerings [7][8]. Group 4: International Expansion - The fair attracted international buyers from 14 countries, facilitating the global reach of Chinese timber products [9]. - A procurement matching event resulted in over 80 companies participating, with an intended transaction amount exceeding 80 million yuan, indicating a strong interest in international collaboration [9].