1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, steel prices maintained a weak and volatile trend. The profit of power - off - peak electricity for short - process steel decreased and fell into losses, leading to a reduction in production. The profit of long - process steel also fell into losses, but after the parade, the hot metal production quickly recovered to over 2.4 million tons. The overall supply remained high. The demand for hot - rolled coils recovered rapidly, while the demand for rebar declined due to large warehouse receipt pressure. The overall inventory continued to accumulate, with the rebar inventory accumulating faster than last year. It is expected that the short - term steel prices will maintain a bottom - oscillating trend. The trading strategy suggests maintaining a wait - and - see approach for both arbitrage and options [4][7]. 3. Summary According to Relevant Catalogs 3.1 Chapter 1: Steel Market Summary and Outlook 3.1.1 Market Summary - **Supply**: This week, the small - sample production of rebar was 2.1868 million tons (- 0.0188 million tons), and that of hot - rolled coils was 3.1424 million tons (- 0.105 million tons). The daily average hot metal output of 247 blast furnaces was 2.4055 million tons (+ 0.1171 million tons), and the capacity utilization rate of 49 independent electric arc furnace steel mills was 35.2% (- 0.3%). The cost of flat - rate electricity for electric furnaces in East China was about 3,373 yuan/ton (converted to the futures price), with a profit of - 166.92 yuan/ton. The cost of off - peak electricity was about 3,208 yuan/ton (converted to theoretical weight), and the profit of off - peak electricity for the third - tier rebar in East China was - 2 yuan/ton [4]. - **Demand**: The small - sample apparent demand for rebar was 2.0207 million tons (- 0.04 million tons), and that for hot - rolled coils was 3.0536 million tons (+ 0.208 million tons). From January to July, the growth rate of China's fixed - asset investment decreased month - on - month, and the incremental investment in domestic projects was insufficient. In July, the decline in housing sales, land acquisition, new construction, and completion areas widened, and the overall demand for housing construction was weak. The manufacturing PMI contracted, and the new orders, production, and export data all declined. The production and export of Chinese automobiles in July increased year - on - year, but the industry profit continued to shrink. The production schedule of three major white goods in September decreased year - on - year, and it is expected to decline further in October. The initial value of the US manufacturing PMI in August reached a 39 - month high, and the initial value of the eurozone manufacturing PMI in August returned to the expansion range for the first time in three years [4]. - **Inventory**: The rebar inventory in steel mills decreased by 47,100 tons, and the social inventory increased by 185,700 tons, with a total increase of 138,600 tons. The hot - rolled coil inventory in steel mills increased by 9,000 tons, and the social inventory decreased by 19,200 tons, with a total decrease of 10,200 tons. The total inventory of five major steel products in steel mills decreased by 35,000 tons, and the social inventory increased by 174,100 tons, with a total increase of 139,100 tons [4]. 3.1.2 Market Outlook - It is expected that the rebar production will continue to decrease due to serious losses in both short - and long - process production, while the hot - rolled coil production will continue to resume as it remains profitable. The overall inventory will continue to accumulate, with the rebar inventory accumulating faster than last year, and the hot - rolled coil inventory starting to decline. The steel prices are expected to maintain a bottom - oscillating trend in the short term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies. The trading strategy suggests a bottom - oscillating trend for single - side trading and a wait - and - see approach for both arbitrage and options [7]. 3.2 Chapter 2: Price and Profit Review - **Spot Prices**: On Friday, the aggregated price of rebar in Shanghai was 3,220 yuan (- 20 yuan), and in Beijing was 3,160 yuan (- 30 yuan). The price of hot - rolled coils in Shanghai was 3,380 yuan (unchanged), and that of HBIS hot - rolled coils in Tianjin was 3,310 yuan (unchanged) [11]. - **Profits**: The flat - rate electricity profit of electric furnaces in East China was - 166 yuan (- 39 yuan), and the off - peak electricity profit was - 2 yuan (- 39 yuan) [29]. 3.3 Chapter 3: Important Domestic and Overseas Macroeconomic Data - **US Data**: The unadjusted CPI annual rate in the US in August reached 2.9%, the highest since January, in line with market expectations. The seasonally adjusted CPI monthly rate was 0.4%, higher than the expected 0.3%. The number of initial jobless claims in the week of September 6 was 263,000, higher than the expected 235,000 [31]. - **Chinese Data**: In August, the retail sales of the national passenger car market reached 1.995 million units, a year - on - year increase of 4.6%. From January to August, the cumulative retail sales were 14.741 million units, a year - on - year increase of 9.5%. In July, the new social financing was 1.13 trillion yuan, with new RMB loans of - 5 billion yuan. The loans on the household side were - 48.93 billion yuan, and enterprise loans were 60 trillion yuan. From January to July 2025, the cumulative year - on - year growth rate of China's fixed - asset investment was + 1.6%, with a decline in growth rate month - on - month [31][38]. - **Egyptian Data**: Egypt launched safeguard measure investigations on imported steel billets, cold - rolled coils, galvanized sheets, and pre - painted sheets on September 10, 2025, and made a positive preliminary ruling on imported hot - rolled coils on September 10, suggesting the collection of temporary safeguard measure taxes from September 14, 2025, to April 1, 2026 [31]. 3.4 Chapter 4: Steel Supply, Demand, and Inventory Situation 3.4.1 Supply - The daily average hot metal output of 247 blast furnaces was 2.4055 million tons (+ 0.1171 million tons), and the capacity utilization rate of 49 independent electric arc furnace steel mills was 34.7% (- 0.5%) [56]. - The small - sample production of rebar was 2.1193 million tons, a month - on - month decrease of 0.0675 million tons, and that of hot - rolled coils was 3.2514 million tons, a month - on - month increase of 0.109 million tons [62]. 3.4.2 Demand - The small - sample apparent demand for rebar was 1.9807 million tons, a month - on - month decrease of 0.04 million tons, and that for hot - rolled coils was 3.2616 million tons, a month - on - month increase of 0.208 million tons [65]. - As of September 9, the capital availability rate of sample construction sites was 59.24%, a week - on - week decrease of 0.16 percentage points. The capital availability rate of non - housing construction projects was 61.03%, a week - on - week increase of 0.02 percentage points, while that of housing construction projects was 50.75%, a week - on - week decrease of 0.64 percentage points [74]. - From January to July 2025, China's cumulative steel exports were 67.983 million tons, a year - on - year increase of 11.4%. In July, the steel exports were 9.836 million tons, a month - on - month increase of 0.158 million tons. The high - frequency data in August showed that direct steel exports remained high, but the export profit shrank recently [77]. 3.4.3 Inventory - The overall inventory situation showed that the rebar inventory continued to accumulate, while the hot - rolled coil inventory started to decline. The total rebar inventory and its breakdown into social and steel mill inventories, as well as the total hot - rolled coil inventory and its breakdown, are presented in the relevant graphs [82][84].

Corn Market - The corn market showed little activity with December futures (ZCZ25) remaining unchanged after a trading range of 1.75 cents and a volume of 12,000 contracts [1] - The US is expected to harvest a large corn crop in 2025, and the commercial side has priced in a bearish scenario, as indicated by the stabilization of futures spreads [1] - The National Corn Index was reported at $3.78, up 2.25 cents for the day, with the national average basis at 41.75 cents under December futures [1] Soybean Market - The soybean market opened lower with November futures (ZSX25) trading in a range of 4.5 cents and a volume of 10,500 contracts [4] - The November-January futures spread covered 69% of the calculated full commercial carry, indicating a bearish sentiment compared to 64% a year ago [4] - The National Soybean Index was calculated at $9.5450, with the national average basis at 79.0 cents under November futures [4] Wheat Market - The wheat market was mostly lower, with December futures (ZWZ25) remaining unchanged and a total overnight trade volume of about 5,000 contracts [5] - The Dec-March futures spread covered a neutral 51% of the calculated full commercial carry, while the National SRW Index was at $4.4850 [5] - The National HRW Index was reported at $4.33, marking its lowest monthly close since July 2020 [5]

Core Insights - Sezzle (NASDAQ: SEZL) has over 36 million shares outstanding on a fully diluted basis, highlighting its market position in the context of supply and demand dynamics [1] Company Analysis - Sezzle is positioned within the small and midcap investment space, which is characterized by asymmetric upsides, indicating potential for significant growth [1] - The company operates in a competitive landscape, with comparisons drawn to Affirm, suggesting a need for strategic differentiation [1] Industry Context - The analysis reflects a broader understanding of the Industrials and chemicals sector, indicating the analyst's diverse experience which enriches the evaluation of companies like Sezzle [1]

Housing Market Analysis - Home prices are expected to decrease if local governments increase housing supply [1] - Mortgage rates are projected to decline when the Federal Reserve reduces interest rates [1] Policy Implication - Addressing the housing crisis can be achieved by increasing housing supply and lowering interest rates [1]

Bitcoin Mining Industry Overview - China used to have the most hash rate in the world, but after the ban on Bitcoin mining, many Chinese miners relocated to the US [1][51][52] - Bitcoin mining can revitalize rural communities by partnering with local utilities that have excess power [41][44][45] - Bitcoin mining is an interruptible load, making it a perfect partner for utilities because it can be turned off and on without memory on the A6 [2][48][49] - There are only 450 new Bitcoin mined per day globally, regardless of how many miners there are [3][9] - Bitcoin miners validate each block, and without Bitcoin mining, Bitcoin doesn't exist [79] CleanSpark's Strategy and Operations - CleanSpark sells a portion of its Bitcoin production to cover operating expenses and uses a line of credit secured by its other Bitcoin for new acquisitions [12][13] - CleanSpark writes 5-day future contracts on Bitcoin they plan to sell, generating a premium of 1-4% [13][14] - CleanSpark doesn't sell its "hodl" (older Bitcoin) because it was mined at $20,000 each, which would have a significant tax impact [27][28] - CleanSpark's cost to mine a Bitcoin was approximately $42,000 in the most recent quarter [29][61] - CleanSpark aims to reach 50 exahash this summer [37] - CleanSpark is the last remaining pure-play miner, a strategy favored by institutional investors, with institutional holdings increasing from 10% to nearly 70% in three years [38][39] Market Dynamics and Future Outlook - The adoption of Bitcoin ETFs has changed the market dynamics, providing alternative investment options and influencing the correlation between Bitcoin price and miner performance [33][65] - The company believes Bitcoin will exceed $200,000 this year due to supply and demand dynamics [70][71] - The supply shock, with only 450 new Bitcoin mined daily, will drive the next phase of price increase [4][72]

Market Sentiment - There's significant attention surrounding a particular individual or entity within the cryptocurrency space [1] - Speculation exists regarding the potential impact of staking activities on supply and demand dynamics [1]

Core Insights - The return of McDonald's Snack Wrap has led to unexpected high demand, resulting in a temporary depletion of lettuce supplies [1][5][8] - The company issued a directive to franchisees to pause adding shredded lettuce to McChicken sandwiches to manage supply shortages [2][5] - McDonald's had not anticipated such a surge in demand after the Snack Wrap's nine-year absence from the menu [5][11] Supply Chain Management - The supply shortage of lettuce has been resolved and is currently stable, with other ingredient outages also being temporary [8] - McDonald's typically follows a standard process for projecting supply needs but was caught off guard by the pent-up demand for the Snack Wrap [5][8] Customer Engagement - The decision to bring back the Snack Wrap was influenced by customer enthusiasm, including social media buzz and petitions [11] - McDonald's U.S. President had previously indicated that the Snack Wrap had a "cult following," which contributed to its relaunch [9][11]

Tokenization of Securities - The industry is considering whether algorithms should match supply and demand in the tokenization of securities and new offerings [1]

Core Viewpoint - Bitcoin has reached a new all-time high of $118,856, surpassing its previous peak of $111,560, indicating strong market momentum and investor interest [1] Supply Dynamics - Approximately 94% of all possible bitcoins have been mined, with around 20% of the supply believed to be permanently lost [3] - The upcoming halving in April 2024 will reduce the daily output of new bitcoins from 900 to 450, tightening supply further [3] - The current supply situation is optimal for buyers, as demand is increasingly driven by institutional investors rather than retail enthusiasts [4] Institutional Demand - Bitcoin exchange-traded funds (ETFs) saw net inflows of $4.6 billion in June, reducing the public float available for new investors [5] - Major companies, such as Tesla, are maintaining significant Bitcoin holdings, with Tesla holding 11,509 coins valued at nearly $1.4 billion [6] - New Bitcoin treasury companies are emerging, focused on acquiring and storing bitcoins, further constraining supply [6][8] Government Interest - Governments are exploring or accumulating Bitcoin, with the U.S. planning to create a Strategic Bitcoin Reserve (SBR) to hold forfeited coins [9] - This institutional and governmental interest contributes to a competitive environment for Bitcoin, as various entities vie for a limited supply [10] Market Sentiment and Conditions - Current market conditions are healthier compared to the 2021 crypto bull market, characterized by ETF-driven demand and increased regulatory clarity [12] - Investor sentiment appears cautious rather than exuberant, indicating a more stable market environment [13] Investment Strategy - Dollar-cost averaging is recommended as a strategy to mitigate the impact of market volatility, allowing investors to buy a fixed amount of Bitcoin regularly [16] - With tightening supply and increasing institutional interest, the current price level may be a temporary milestone rather than a peak [17]

Market Reaction to Geopolitical Events - Equity markets are seemingly moving past concerns related to geopolitical events, as evidenced by Asian FX and dollar offer trends [1] - The oil market is largely discounting the recent flare-up in US-Iranian conflict, with prices falling below the June 12 level [3] - Oil traders perceive minimal risk to the market, contingent on no strikes on Iranian oil infrastructure and no disruption to the Strait of Hormuz [2] Oil Supply and Demand Fundamentals - The oil market's focus is shifting to supply and demand fundamentals, which are currently bearish [4] - Widespread expectations suggest oil supplies will outpace demand in the second half of the year [5] - Chinese demand growth has been weak in recent months, contributing to the bearish outlook [6] - OPEC plus has been agreeing to increase output more than normal, adding barrels to the market [8] - Iran has been increasing its exports, further contributing to the supply glut [8] Price Outlook - The market sentiment has swung back to a bearish view, with discussions shifting from extreme scenarios like $100 oil to potentially lower prices [6] - The $60 range is considered a likely level for oil prices, barring disruptions to the Strait of Hormuz [9] - Shale drillers potentially taking advantage of the recent price spike could add supply, putting downward pressure on prices [9]