Core Points - The situation in Eastern Europe has escalated following reports of Russian drones entering NATO airspace, with Poland and Romania both taking action to intercept these incursions [1][3] - NATO has initiated the "Eastern Sentinel" military operation, which involves the deployment of troops from member countries to Poland [4][5] - The Russian government has denied the allegations of airspace violations and claims that NATO's actions are provocative [4][6] Group 1: Incidents and Responses - Poland reported that NATO and Polish aircraft were scrambled to intercept a Russian drone that entered its airspace [1] - Romania's Foreign Ministry summoned the Russian ambassador to protest against the drone incursion, labeling it an unacceptable violation of sovereignty [3] - The UK government also summoned the Russian ambassador, expressing solidarity with Poland, Romania, and other NATO allies in condemning Russia's actions [3] Group 2: NATO's Military Actions - NATO's "Eastern Sentinel" operation includes the deployment of various military assets, such as Danish F-16s, French Rafales, and German Eurofighters [5] - Additional military support is being provided by other NATO members, including Czech attack helicopters and Dutch Patriot missile systems [5] - The operation is seen as a response to perceived threats from Russia, with leaders from Estonia and Lithuania welcoming the increased military presence [4][6] Group 3: Political Implications - The drone incidents have raised concerns about NATO's readiness and the political will to respond to Russian aggression [6][8] - There is a growing perception that the U.S. may be less committed to European security, as indicated by its cautious response to the incidents [8] - The situation may lead to a reassessment of NATO's strategic posture in Eastern Europe, potentially triggering new deployments or adjustments in deterrence strategies [8]

Core Viewpoint - The Russian government believes Ukraine is not ready for serious negotiations to resolve the conflict, and the negotiation process has clearly stalled [1] Group 1: Conflict Status - The Kremlin asserts that NATO is effectively participating in the war by providing direct and indirect support to Ukraine [1] - The Russian government claims that Ukraine is "artificially delaying" the negotiation process, with interference from European countries [1] Group 2: Diplomatic Efforts - The Russian government remains focused on resolving the Russia-Ukraine conflict through political and diplomatic means [1] - There has been no progress in organizing a trilateral summit involving Russia, the United States, and Ukraine [1]

Core Viewpoint - The Kremlin asserts that NATO is effectively engaged in combat with Russia, providing both direct and indirect support to Ukraine, thus confirming NATO's involvement in the Russia-Ukraine conflict [1] Group 1 - The statement from the Kremlin indicates that NATO's actions constitute participation in the conflict, which is a significant escalation in the narrative surrounding the Russia-Ukraine war [1] - The assertion implies a shift in the geopolitical landscape, where NATO's support for Ukraine is framed as direct engagement against Russia [1]

Core Viewpoint - The Chinese government maintains a neutral stance on the Russia-Ukraine conflict, emphasizing the importance of trade relations between China and Russia, which should not be interfered with by third parties [1] Group 1 - The U.S. special envoy for the Russia-Ukraine issue, Keith Kellogg, claimed that if China stops supporting Russia, particularly economically, the conflict would end quickly [1] - The Chinese Foreign Ministry spokesperson, Lin Jian, reiterated that China's engagement with Russia aligns with WTO rules and market principles, and is not aimed at third parties [1] - Lin Jian highlighted that most countries, including the U.S. and Europe, continue to trade with Russia, indicating a broader context of international relations [1]

Core Viewpoint - Hungary's recent strong statement against Russia's drone incursion into Polish airspace marks a subtle shift in its traditionally pro-Russian stance, raising questions about its future foreign policy direction [1][3]. Group 1: Hungary's Position on Russia - Hungary's government condemned the Russian drone invasion of Poland, stating it is "completely unacceptable," while reaffirming Poland as a friend and ally despite existing differences [1]. - Historically, Hungary has been a major opponent of EU sanctions against Russia, having blocked or weakened sanctions proposals over a dozen times [3]. Group 2: Implications for Ukraine - This change in Hungary's rhetoric may provide a glimmer of hope for Ukraine, which views EU membership as a strategic goal, hindered by Hungary's previous opposition [3]. - Analysts suggest that Ukrainian diplomats might seek secret negotiations with Hungary to reach a compromise regarding EU membership discussions [3]. Group 3: Observations on Policy Change - International observers caution against concluding that Hungary's policy towards Russia has fundamentally changed, as the recent statement is likely influenced by its NATO membership and the need for strategic coordination with Poland [5]. - Hungary's Foreign Minister emphasized that the statement pertains only to security issues and does not indicate a shift in its policy towards Ukraine [5]. Group 4: Hungary's Role in EU Dynamics - Hungary acts as a buffer within the EU regarding Ukraine's membership, balancing the concerns of other member states about admitting a country in conflict while avoiding direct rejection [7]. - This delicate balance allows Hungary to maintain its veto power without incurring political backlash for obstructing Ukraine's integration into the EU [7].

Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. Core Views - Overall, after the military parade, the supply and demand of coking coal quickly recovered, but the second - round price cut of coke began. The short - term coking coal futures price is expected to fluctuate strongly [1]. - The independence of the Federal Reserve is continuously affected. The market is trading the subsequent interest - rate cut range and the number of consecutive interest - rate cuts of the Federal Reserve. Before the interest - rate cut is realized, the gold price shows a bullish trend, but the rhythm needs attention [1]. - The short - term fundamentals of iron ore are healthy, but the peak - season demand for rebar remains to be further verified, which limits the upside space of iron ore. The short - term price is expected to fluctuate [3]. - The policy signals are still positive. The supply - demand contradiction of rebar continues to accumulate, but with the return of the peak season, the demand is expected to pick up, and the policy still has positive impacts. The subsequent focus is on the recovery of peak - season demand [4]. - The supply of live pigs exceeds demand, and the pig price has reached a new low in recent years. In the short term, attention should be paid to the changes in the slaughter rhythm of large - scale farms and the recovery of demand [5]. - The potential increase in the mandatory palm oil blending ratio in Indonesia and the decrease in the production of Malaysian palm oil from September 1 - 10 are positive for palm oil. The short - term price is expected to fluctuate and rebound [5]. - The supply - demand pattern of domestic soybeans remains weak. The price of domestic soybeans has stabilized and rebounded, but the upside space is limited [6]. - The short - term methanol 01 contract is expected to fluctuate weakly, with the upper pressure at the 2390 level. It is recommended to wait and see or short on rebounds [8]. - The narrowing of the M1 - M2 gap indicates strengthened economic momentum, which is bearish for long - term bonds in the medium term. In the short term, the bond market is expected to fluctuate with a bearish bias [8]. - The short - term soda ash 01 contract is expected to fluctuate, with the upper pressure at the 1310 level. It is recommended to wait and see [9]. - The short - term PP 01 contract is expected to fluctuate, with the upper pressure at the 6965 level. It is recommended to wait and see or short on rebounds [10]. - Before the interest - rate cut is realized, silver is expected to fluctuate with a bullish bias. After the interest - rate cut is realized, it may follow the expected - realization trend. Attention should be paid to the impact of gold fluctuations on silver [10]. - The geopolitical risk, especially the concern about Russian crude oil supply, supports the crude oil market, but the pressure of supply surplus and weak US demand may suppress oil prices for a long time. The medium - term trend is bearish, and short - term trading should be cautious [12]. - The weekly production of PTA may gradually recover. The overall situation is that the supply is at a medium - low level and the demand shows seasonal strength. It is recommended to wait and see [12]. - The rubber market is in a situation of low inventory and weak demand. It should be treated with a fluctuating view [13]. Summary by Product Coking Coal - Mysteel statistics show that the daily coke output of 247 steel mills increased by 0.88 to 46.6 (in million tons), the capacity utilization rate increased by 1.62% to 85.93%, the coke inventory increased by 9.58 to 633.29 (in million tons), the available days of coke decreased by 0.42 to 11.29 days, the coking coal inventory decreased by 2.03 to 793.73 (in million tons), the available days of coking coal decreased by 0.28 to 12.81 days, the pulverized coal injection inventory decreased by 5.60 to 415.49 (in million tons), and the available days of pulverized coal injection decreased by 0.62 to 12.14 days [1]. Gold - The US Senate plans to vote on Trump's nomination of Stephen Milan as a Fed governor on the evening of the 15th. If the nomination is approved, he will participate in the subsequent interest - rate decision - making of the Fed [1]. Iron Ore - Mysteel statistics show that the total inventory of imported iron ore at 45 ports is 13849.47 million tons, a week - on - week increase of 24.15 million tons; the daily port clearance volume is 331.28 million tons, an increase of 13.50 million tons; the number of ships at ports is 100, a decrease of 4 [3]. Rebar - Mysteel research shows that the blast - furnace operating rate of 247 steel mills is 83.83%, a week - on - week increase of 3.43 percentage points; the blast - furnace iron - making capacity utilization rate is 90.18%, a week - on - week increase of 4.39 percentage points; the steel - mill profitability rate is 60.17%, a week - on - week decrease of 0.87 percentage points; the daily average pig - iron output is 240.55 million tons, a week - on - week increase of 11.71 million tons and a year - on - year increase of 17.17 million tons [4]. Live Pigs - As of September 12, the average slaughter weight of live pigs is 123.46 kg, an increase of 0.04 kg; the weekly slaughter operating rate is 31.8%, an increase of 0.09%; the profit of purchasing piglets for breeding is - 194.81 yuan per head, a decrease of 10.31 yuan per head; the self - breeding and self - raising profit is 21.12 yuan per head, a decrease of 3.22 yuan per head; the price of piglets is 284.29 yuan per head, a decrease of 31.42 yuan per head [5]. Palm Oil - Indonesia may increase the mandatory palm oil blending ratio in biodiesel to 45% (B45) before moving to B50. Currently, the mandatory blending ratio is 40%, and it is planned to increase to 50% next year [5]. Soybeans - The US Department of Agriculture predicts that Brazil's soybean output in the 2025/26 season will be 175 million tons, the same as the August forecast, and Argentina's soybean output will be 48.5 million tons, also the same as the August forecast [6]. Methanol - The market price of methanol in Jiangsu Taicang is 2280 yuan/ton, a decrease of 5 yuan/ton. The weekly domestic methanol capacity utilization rate is 84.58%, a decrease of 2.05%. The 300,000 - ton/year methanol plant of Guizhou Chitianhua is expected to end maintenance this week. The total downstream capacity utilization rate is 72.75%, a weekly decrease of 0.33%. The sample inventory of Chinese methanol ports is 155.03 million tons, a weekly increase of 12.26 million tons. The sample inventory of Chinese methanol production enterprises is 34.26 million tons, a weekly decrease of 0.45 million tons, and the orders to be delivered of sample enterprises are 25.07 million tons, a weekly increase of 0.94 million tons [8]. Medium - and Long - Term Treasury Bonds - At the end of August, M2 increased by 8.8% year - on - year, M1 increased by 6% year - on - year, and the M1 - M2 gap narrowed to - 2.8%, the lowest since June 2021 [8]. Soda Ash - The mainstream price of national heavy - quality soda ash is 1280 yuan/ton, showing a recent weak and fluctuating trend. The weekly soda - ash output is 76.11 million tons, a week - on - week increase of 1.25%. The total inventory of soda - ash manufacturers is 179.75 million tons, a weekly decrease of 1.35%. The operating rate of float glass is 76.01%, a weekly increase of 0.1 percentage point. The national average price of float glass is 1164 yuan/ton, the same as the previous day. The total inventory of national float - glass sample enterprises is 61.583 million weight cases, a week - on - week decrease of 2.33% [9]. Polypropylene - The mainstream price of East China drawn - grade polypropylene is 6820 yuan/ton, a decrease of 27 yuan/ton from the previous day. The polypropylene capacity utilization rate is 74.83%, a decrease of 1.78% from the previous day. The average operating rate of downstream industries is 50.86%, a weekly increase of 0.63 percentage points. The commercial inventory of polypropylene is 83.66 million tons, a weekly increase of 0.32 million tons. The polyolefin inventory of Sinopec and PetroChina is 65.5 million tons, the same as the previous day [10]. Silver - The preliminary value of the US September University of Michigan Consumer Confidence Index is 55.4, the lowest since May, with an expected value of 58. The preliminary value of the 5 - year inflation expectation is 3.9%, rising for two consecutive months [10]. Crude Oil - As of the week of September 12, the number of active oil - drilling rigs in the US increased by 2 to 416 compared with the previous week and decreased by 72 compared with the same period last year. The US proposes to urge G7 allies to impose a tariff of up to 100% on the purchase of Russian oil [11][12]. PTA - The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises this week is 34.9%, a week - on - week increase of 6.8%. The total shipment volume of 54 domestic asphalt enterprises is 39.7 million tons, a week - on - week decrease of 3.6%. The weekly average comprehensive profit of asphalt production is - 491.7 yuan/ton, a week - on - week increase of 122.3 yuan/ton [12]. Rubber - The price of Thai cup lump rubber decreased by 0.5 Thai baht/kg to 51.7 Thai baht/kg, the glue price remained firm at 56.2 Thai baht/kg, and the price difference between cup lump rubber and glue widened to 4.5 Thai baht/kg. Some areas in southern Thailand still have rainfall, and precipitation in Hainan affects rubber tapping, slowing down the new - rubber supply. The state - owned glue purchase price is 14400 yuan/ton, and the purchase price of some private enterprises is 16000 - 16400 yuan/ton. Malaysia's natural - rubber exports in July decreased by 22.8% year - on - year to 372,000 tons and increased by 25.2% month - on - month [13].

Core Points - NATO countries, including Denmark, France, and Germany, are mobilizing troops and fighter jets to strengthen the eastern flank in response to recent drone incursions into Polish airspace [1][2] - NATO Secretary General Jens Stoltenberg announced the deployment of the "Eastern Sentinel" system to enhance defense capabilities along the eastern flank [2] - The situation in Ukraine remains tense, with reports of Russian military actions and ongoing control by Ukrainian forces in certain regions [6] Group 1: Military Mobilization - Denmark is deploying 2 F-16 fighter jets and 1 naval vessel to support Poland's air defense [2] - France plans to send 3 Rafale fighter jets, while Germany will contribute 4 Eurofighter jets [2] - The UK is committed to supporting the "Eastern Sentinel" operation and will provide further details soon [2] Group 2: Drone Incursions - Multiple NATO countries have reported drone incursions, with Poland claiming the drones originated from Russia [1][3] - Romania also reported a drone entering its airspace during Russian attacks near the Ukrainian border, prompting a scramble of its fighter jets [3] - The incident marks the first public military action taken by NATO member states during the ongoing Russia-Ukraine conflict [3] Group 3: Political Reactions - U.S. Secretary of State Marco Rubio labeled the drone incident as "unacceptable and dangerous," emphasizing the need for clarity on whether the incursion was intentional [4] - Polish Prime Minister Donald Tusk refuted claims that the drone incident was a mistake, asserting that it was a deliberate act [4][5] - Russian representatives have called for cooperation with Poland to investigate the incident, suggesting that the situation should not escalate further [5] Group 4: Ongoing Conflict Developments - The Russian Defense Ministry reported intercepting 3 HIMARS rockets and downing 340 drones in a single day [6] - Ukrainian forces maintain control over key areas, including Kupiansk, and have successfully reclaimed territory in the Dnipropetrovsk region [6] - Ukrainian intelligence conducted a drone strike on a Russian oil refinery, causing significant damage [6]

Group 1 - NATO countries, including Denmark, France, and Germany, are mobilizing troops and fighter jets to strengthen the eastern flank in response to recent drone incursions into Polish airspace [1][3][4] - Denmark is deploying 2 F-16 fighter jets and a naval vessel to support Poland's air defense, while France is sending 3 Rafale fighter jets and Germany is contributing 4 Eurofighter jets [3][4] - NATO Secretary General Jens Stoltenberg announced the deployment of the "Eastern Sentinel" system to enhance defense posture, integrating military resources from multiple allies [3][4] Group 2 - The Russian Defense Ministry reported intercepting 3 HIMARS rockets and shooting down 340 drones in a single day, while also targeting Ukrainian military command posts and foreign legion facilities [9] - Ukrainian forces maintain control over Kupiansk and have recaptured the village of Filia in the Dnipropetrovsk region, indicating ongoing military engagements [9] - A drone attack on a refinery in Ufa, Bashkortostan, was reported, causing significant damage but no casualties, highlighting the ongoing conflict's impact on infrastructure [10]

Core Points - The Russian Ministry of Defense announced control over a residential area in Dnipropetrovsk Oblast, marking the capture of three residential points in the past week and targeting Ukrainian transportation and energy infrastructure [1] - Ukraine claims to have recaptured another residential point in the same region, with the situation in Kupiansk and surrounding areas stabilizing while defensive operations continue [1] - Ukraine conducted a drone strike on an oil refinery located in Ufa, Russia, on the same day [1] - The UN Security Council held an emergency meeting regarding the incident of drones entering Polish airspace, where the Russian representative reiterated that Russia does not intend to escalate tensions with Poland [1]

Group 1 - The ongoing Russia-Ukraine conflict reveals a duality in European nations' stance, as they provide military and economic support to Ukraine while simultaneously purchasing energy from Russia, indirectly funding its military efforts [1][9][26] - In the first half of 2025, the EU imported Russian liquefied natural gas (LNG) worth €4.48 billion, indicating a continued reliance on Russian energy despite claims of reducing dependency [3][11][24] - Russia's natural gas exports to Europe are projected to exceed 50 billion cubic meters in 2024, marking an 18% to 20% increase from the previous year, despite a general decline in overall exports [5][7][30] Group 2 - The EU's energy imports from Russia accounted for approximately 19% in 2025, highlighting the challenges in completely eliminating reliance on Russian gas [7][22] - Despite sanctions, Russia's economy has shown resilience, with a projected GDP growth of 4.1% in 2024, supported significantly by energy exports [9][32] - The EU's sanctions have primarily targeted oil and coal, while natural gas imports remain less restricted, allowing Russia to maintain a steady revenue stream [11][28] Group 3 - Ukraine's decision to stop the transit of Russian gas through its territory as of January 1, 2025, is a significant move aimed at cutting off Russian revenue, but it may lead to energy shortages in Europe [19][22] - The EU's financial assistance to Ukraine, while substantial, pales in comparison to the funds flowing to Russia through energy purchases, raising questions about the effectiveness of the support [17][26][30] - The conflict has entered a phase of attrition, with both sides suffering casualties, and Ukraine's reliance on international support remains critical for its defense efforts [32][34]