Core Insights - The July PCE inflation rate rose slightly, indicating the impact of President Trump's tariff policies on the U.S. economy [1] - The core PCE inflation rate reached 2.9%, the highest level since February, reflecting ongoing inflationary pressures [1][3] - Consumer spending increased by 0.3% in July, despite rising prices, showing strong momentum in the economy [3] Inflation Data - The PCE price index increased by 2.6% year-on-year and 0.2% month-on-month, aligning with market expectations [1] - The core PCE inflation, excluding food and energy, rose by 0.3% month-on-month, consistent with forecasts [1][3] - Service prices have increased, raising concerns about further inflation [3] Trade Deficit - The U.S. trade deficit surged by 22.1% in July, reaching $103.6 billion, indicating potential economic headwinds for Q3 [5] - Imports increased by $18.6 billion to $281.5 billion, while exports fell by $1 billion to $178 billion [5] - The previous quarter's trade deficit had significantly contributed to GDP growth, but the current trend suggests a reversal [5] Economic Growth Projections - The Atlanta Fed projects a 2.2% annualized growth rate for the U.S. GDP in Q3 [6]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The macro - face was affected by the Fed's potential interest - rate cut information, and market sentiment was volatile. The short - term market was mainly priced by the industry. With the approaching of the September 3 parade, funds were cautious, and the alloy trended weaker under the weakening of the sector. Silicon manganese was expected to move in a volatile manner [7]. Summary According to the Directory 1. Week - to - Week Summary - **Macro Aspect**: In China, the single - month electricity consumption in August exceeded 1 trillion kWh, and power supply was stable after the peak summer. Multiple small and medium - sized banks in Jiangsu and Nanjing lowered deposit interest rates. From January to July, the total profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, with a year - on - year increase of 5175.4%. Overseas, Fed Chairman Powell was open to interest - rate cuts, and some Fed officials supported interest - rate cuts in September [7]. - **Supply and Demand**: The production of silicon manganese has been on the rise since mid - May. After the recent price increase, the inventory has decreased for 5 consecutive weeks to a neutral level. The port inventory of imported manganese ore decreased by 20,000 tons, and the downstream hot metal production was at a high level. The spot profit in Inner Mongolia was - 80 yuan/ton, and in Ningxia was - 320 yuan/ton. The steel mill procurement and tender price in August increased by 150 yuan/ton month - on - month [7]. - **Technical Aspect**: The weekly K - line of the silicon manganese main contract was below the 60 - day moving average, showing a bearish trend [7]. - **Strategy Suggestion**: The market was mainly priced by the industry in the short term, and silicon manganese should be treated as moving in a volatile manner [7]. 2. Futures and Spot Markets - **Futures Market**: As of August 29, the silicon manganese futures contract open interest was 546,000 lots, a decrease of 43,198 lots compared with the previous period. The 1 - 9 contract month spread was 116, an increase of 26 points. As of August 28, the silicon manganese warehouse receipt quantity was 66,783, a decrease of 5,037. The price difference between the silicon manganese and silicon - iron contracts increased by 10 points [13][15]. - **Spot Market**: As of August 29, the silicon manganese spot price in Inner Mongolia was 5,720 yuan/ton, a decrease of 30 yuan/ton. The basis was - 72 yuan/ton, an increase of 10 points [24]. 3. Industrial Chain Situation - **Production and Inventory**: The production of silicon manganese has been rising since mid - May. The开工 rate of 187 independent silicon manganese enterprises was 47%, an increase of 0.63%. The daily average production was 30,485 tons, an increase of 315 tons. The weekly demand of five major steel types for silicon manganese was 126,656 tons, an increase of 1.09%, and the weekly supply of national silicon manganese was 213,395 tons, an increase of 1.04%. The inventory has decreased for 8 consecutive weeks to a neutral level [27][32]. - **Upstream**: As of August 28, the price of South32 South African semi - carbonate lump at Tianjin Port was 34.2 yuan/ton degree, a decrease of 0.6. The electricity price in Ningxia and Inner Mongolia was flat. The port inventory of imported manganese ore decreased by 20,000 tons. The spot production cost in the northern region was 5,840 yuan/ton, a decrease of 20, and the profit was - 160 yuan/ton, an increase of 10. In the southern region, the cost was 6,250 yuan/ton, a decrease of 20, and the profit was - 525 yuan/ton, a decrease of 5 [36][42][46]. - **Downstream**: The daily average hot metal production of 247 steel mills was 240,130 tons, a decrease of 620 tons compared with the previous week but an increase of 19,240 tons compared with the same period last year. The silicon manganese tender price of HBIS in August was 6,000 yuan/ton, an increase of 150 yuan/ton compared with July [50].

Report Summary 1. Report Industry Investment Rating Not provided in the content. 2. Core View of the Report The market sentiment has declined, leading to a correction in the silicon ferroalloy sector, with prices showing a weak trend. The macro - environment has both positive and negative factors, and the supply - demand situation has its own characteristics. The short - term market is mainly priced by the industry, and considering the approaching military parade on September 3rd, funds are cautious. The silicon ferroalloy main contract is expected to move in a volatile manner [6]. 3. Summary by Directory 3.1. Week - to - Week Summary - **Macro Aspect**: In August, China's monthly electricity consumption exceeded 1 trillion kWh for the first time. After the peak summer period, power supply is stable. Multiple small and medium - sized banks in China have cut deposit rates by 10 - 20 basis points. From January to July, the total profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, a year - on - year increase of 5175.4% [6]. - **Overseas Aspect**: On August 22, Fed Chairman Powell indicated an open attitude towards interest rate cuts, causing a sharp rebound in the night - session of the black futures market. Trump announced the dismissal of a Fed governor, and Fed Governor Waller supported a 25 - basis - point rate cut in the September meeting, expecting further cuts in the next 3 - 6 months [6]. - **Supply - Demand Aspect**: After profit improvement, production has rebounded rapidly in recent weeks. Most manufacturers have hedged in the early stage, and inventory is at a neutral level. The price of Ningxia semi - coke has increased, and the overall demand for steel is still weak. The spot profit in Inner Mongolia is - 185 yuan/ton, and in Ningxia is - 40 yuan/ton. The steel mill procurement tender price in August increased by 100 yuan/ton month - on - month [6]. - **Technical Aspect**: The weekly K - line of the silicon ferroalloy main contract is below the 60 - day moving average, indicating a bearish weekly trend [6]. - **Strategy Suggestion**: The short - term market is mainly priced by the industry. With the approaching military parade on September 3rd, funds are cautious. The alloy is expected to weaken with the sector. The silicon ferroalloy main contract should be treated as a volatile operation [6]. 3.2. Futures and Spot Market - **Futures Market**: As of August 29, the position volume of silicon ferroalloy futures contracts was 412,000 lots, a decrease of 30,686 lots compared to the previous period. The spread between the 1 - 9 contracts was 164, a decrease of 6 points compared to the previous period. As of August 28, the number of silicon ferroalloy warehouse receipts was 19,201, a decrease of 1,001 compared to the previous period. As of August 29, the spot price of silicon ferroalloy in Ningxia was 5,370 yuan/ton, a decrease of 90 yuan/ton compared to the previous period [12][15]. - **Spot Market**: As of August 29, the basis of silicon ferroalloy was - 276 yuan/ton, a decrease of 14 points compared to the previous period [21]. 3.3. Industrial Chain Situation - **Production and Demand**: As of August 28, the national average capacity utilization rate of 136 independent silicon ferroalloy enterprises was 36.54%, a week - on - week increase of 0.02%. The daily average output was 16,155 tons, a week - on - week decrease of 0.31% (50 tons). The weekly demand for silicon ferroalloy in five major steel products was 20,573.6 tons, a week - on - week increase of 1.47%. The national weekly supply of silicon ferroalloy was 113,100 tons [27]. - **Inventory**: As of August 28, the national inventory of 60 independent silicon ferroalloy enterprises was 62,910 tons, a week - on - week increase of 1.34% (830 tons). The inventory in Inner Mongolia increased by 1,400 tons, while that in Ningxia decreased by 200 tons [30]. - **Upstream**: As of August 25, the electricity price for silicon manganese and silicon ferroalloy in Ningxia and Inner Mongolia remained unchanged compared to the previous period. As of August 28, the average price of semi - coke in Ningxia remained unchanged compared to the previous period. As of August 29, the spot production cost of silicon ferroalloy in Ningxia and Inner Mongolia remained unchanged compared to the previous period. The spot production profit in Ningxia was - 40 yuan/ton, an increase of 20 yuan/ton compared to the previous period, and that in Inner Mongolia was - 185 yuan/ton, an increase of 50 yuan/ton compared to the previous period [35][41]. - **Downstream**: The daily average molten iron output of 247 steel mills was 2.4013 million tons, a week - on - week decrease of 0.62 million tons and a year - on - year increase of 1.924 million tons. From January to July 2025, the total export volume of silicon ferroalloy was 236,000 tons, a year - on - year decrease of 4.91%. The silicon ferroalloy tender price in August was 5,700 yuan/ton, an increase of 100 yuan/ton compared to July [43][47].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Macroscopically, in July, China's monthly electricity consumption exceeded 1 trillion kilowatt - hours for the first time, and power supply is stable. Multiple small and medium - sized banks in China have cut deposit rates. Overseas, the Fed is open to rate cuts, which boosted the night - session of black commodities. The profit of the ferrous metal smelting and rolling processing industry from January to July increased significantly. The iron water output is at a high level, and the coking coal inventory is increasing. The eighth round of coke price increase is undecided, and there are voices of price cuts. The coke main contract is expected to fluctuate [7]. - Technically, the weekly K - line of the coke main contract is below the 60 - day moving average, showing a bearish trend [7]. - Strategically, affected by the Fed's potential rate cuts, the market sentiment is volatile. The coke price is mainly determined by the industry in the short term. Considering the undecided eighth - round price increase, potential price cuts, and the approaching military parade on September 3rd, the futures price will mainly show a volatile trend [7]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Macro Aspect**: In July, China's monthly electricity consumption hit a record high, and power supply is stable. Multiple small and medium - sized banks cut deposit rates. From January to July, the profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, a year - on - year increase of 5175.4%. Overseas, the Fed is open to rate cuts, and some Fed officials support rate cuts in September [7]. - **Supply - Demand Aspect**: The current iron water output is 2.4013 million tons, a decrease of 0.0062 million tons. The coking coal inventory is increasing. The eighth round of coke price increase is undecided, and there are voices of price cuts. The average profit per ton of coke for 30 independent coking plants is 55 yuan/ton [7]. - **Technical Aspect**: The weekly K - line of the coke main contract is below the 60 - day moving average, showing a bearish trend [7]. - **Strategy Suggestion**: The market sentiment is volatile. The coke price is mainly determined by the industry in the short term. Considering various factors, the futures price will mainly show a volatile trend, and the main contract of coke should be treated as a volatile operation [7]. 3.2 Futures and Spot Market - **Futures Market**: As of August 29th, the coke futures contract position was 48,700 lots, a week - on - week increase of 1011 lots. The spread between the 1 - 9 contracts of coke was 162.0 yuan/ton, a week - on - week increase of 110.5 points. The warehouse receipt volume increased by 90 lots week - on - week, and the ratio of rebar to coke increased by 0.02 points week - on - week [13][19]. - **Spot Market**: As of August 28th, the coke flat - price at Rizhao Port was 1530 yuan/ton, a week - on - week increase of 50 yuan/ton. The ex - factory price of coking coal in Wuhai, Inner Mongolia remained unchanged at 1100 yuan/ton. As of August 29th, the coke basis was - 142.5 yuan/ton, a week - on - week increase of 41.5 points. In July, the output of raw coal by industrial enterprises above the designated size was 380 million tons, a year - on - year decrease of 3.8%. From January to July, the output was 2.78 billion tons, a year - on - year increase of 3.8%. In June 2025, China's coking coal output was 4.06438 million tons, a year - on - year decrease of 4.91% [25][28]. 3.3 Industry Situation - **Coking Enterprises**: The average profit per ton of coke for 30 independent coking plants was 55 yuan/ton. The capacity utilization rate of 230 independent coking enterprises was 72.70%, a decrease of 1.47%. The daily coke output was 51,280 tons, a decrease of 1030 tons. The coke inventory was 398,100 tons, an increase of 34,000 tons. The total coking coal inventory was 8.1987 million tons, a decrease of 40,700 tons. The available days of coking coal were 12.0 days, an increase of 0.18 days [32]. - **Downstream**: The daily average iron water output of 247 steel mills was 2.4013 million tons, a decrease of 0.0062 million tons compared with last week and an increase of 0.1924 million tons compared with the same period last year. As of August 22nd, the total coke inventory was 8.5546 million tons, a week - on - week decrease of 18,700 tons and a year - on - year increase of 11.58% [36]. - **Inventory Structure**: The coke inventory in 18 ports was 2.6866 million tons, an increase of 400 tons. The inventory in 247 steel mills was 6.1007 million tons, an increase of 4800 tons [40]. 3.4 Fundamental Data Chart - **Export**: In July, China exported 890,000 tons of coke and semi - coke, a year - on - year increase of 15.58%. From January to July, the cumulative export was 4.4 million tons, a year - on - year decrease of 21.9%. In July, China exported 9.836 million tons of steel, a month - on - month increase of 158,000 tons and a month - on - month increase of 1.6%. From January to July, the cumulative export was 67.983 million tons, a year - on - year increase of 11.4% [44]. - **Real Estate**: In July 2025, the price index of second - hand residential buildings in 70 large and medium - sized cities decreased by 0.50% month - on - month. As of the week of August 24th, the commercial housing transaction area in 30 large and medium - sized cities was 1.6125 million square meters, a week - on - week increase of 26.24% and a year - on - year decrease of 9.17%. The transaction area in first - tier cities was 402,800 square meters, a week - on - week increase of 10.06% and a year - on - year decrease of 19.97%. The transaction area in second - tier cities was 903,700 square meters, a week - on - week increase of 65.43% and a year - on - year increase of 3.61% [47][52].

Report Industry Investment Rating - No information provided Core Viewpoint of the Report - The macro - economic situation shows that in July, China's monthly electricity consumption exceeded 1 trillion kWh for the first time, and power supply is stable after the peak - summer period. Many small and medium - sized banks have cut deposit rates. From January to July, the profit of the ferrous metal smelting and rolling processing industry increased by 5175.4% year - on - year. Overseas, the Fed is open to interest rate cuts. In terms of supply and demand, the mine - end inventory has turned from decline to increase, and the cumulative import growth rate has been declining for three consecutive months with a moderately high inventory level. Technically, the weekly K - line of coking coal futures is below the 60 - day moving average, indicating a bearish trend. The coking coal futures price is expected to fluctuate, mainly determined by the industry in the short term, and affected by the approaching military parade on September 3, with cautious capital in the short term [10]. Summary by Directory 1. Week - on - Week Summary Market Review - 523 coking coal mines: The average daily output of raw coal is 188.6 tons, a decrease of 2.6 tons week - on - week. - 314 independent coal washing plants: The daily output of clean coal is 26.0 tons, an increase of 0.3 tons week - on - week. - Total coking coal inventory (independent coking plants + 6 major ports + steel mills): 1898.37 tons, an increase of 11.01 tons week - on - week and 10.34% year - on - year. - Warehouse receipts: The price of Mongolian 5 clean coal in Tangshan is 1350, equivalent to 1130 on the futures market. - Profit per ton of coke: The average profit per ton of coke for 30 independent coking plants nationwide is 55 yuan/ton. - Profitability rate of steel mills: The profitability rate is 63.64%, a decrease of 1.30 percentage points week - on - week and an increase of 59.74 percentage points year - on - year. - Demand - side hot metal production: The average daily hot metal output is 240.13 tons, a decrease of 0.62 tons week - on - week and an increase of 19.24 tons year - on - year [9]. Market Outlook - Macro: In July, China's monthly electricity consumption exceeded 1 trillion kWh; many small and medium - sized banks cut deposit rates; from January to July, the profit of the ferrous metal smelting and rolling processing industry increased by 5175.4% year - on - year. - Overseas: The Fed is open to interest rate cuts, which led to a sharp rebound in the night - session of black commodities. Trump plans to "fire" the current Fed governor, and Fed governor Waller supports a 25 - basis - point interest rate cut in September. - Supply and demand: The mine - end inventory has turned from decline to increase, and the cumulative import growth rate has been declining for three consecutive months with a moderately high inventory level. - Technical: The weekly K - line of coking coal futures is below the 60 - day moving average, indicating a bearish trend. - Strategy: The coking coal futures price is expected to fluctuate, mainly determined by the industry in the short term, and affected by the approaching military parade on September 3, with cautious capital in the short term [10]. 2. Futures and Spot Market Futures Market - As of August 29, the open interest of coking coal futures contracts is 910,100 lots, an increase of 11,790 lots week - on - week. - As of August 29, the price difference between coking coal contracts 1 - 9 is 164.5 yuan/ton, an increase of 50.5 points week - on - week. - As of August 29, the number of registered coking coal warehouse receipts is 0 lots, unchanged from the previous period. - As of August 29, the ratio of the January coke - coking coal futures contract is 1.43, a decrease of 0.02 points week - on - week [14][23]. Spot Market - As of August 28, 2025, the ex - warehouse price of coking coal in Wuhai, Inner Mongolia is 1100 yuan/ton, unchanged from the previous period. As of August 29, the basis of coking coal is - 75.0 yuan/ton, a decrease of 28.0 points week - on - week [27]. 3. Industrial Chain Situation Upstream - The National Energy Administration aims to enhance overseas resource supply and cooperation with major coal - producing countries. From January to July, China's cumulative imports of coking coal decreased by 8.5% year - on - year. In July, the total import of coking coal was 962.30 tons, a 5.84% increase month - on - month. Mongolia is the largest source of imports, accounting for about 47% [55]. Industry - 523 coking coal mines: The capacity utilization rate is 84.0%, a decrease of 1.2% week - on - week. The average daily output of raw coal is 188.6 tons, a decrease of 2.6 tons week - on - week. The raw coal inventory is 472.6 tons, an increase of 1.0 ton week - on - week. The average daily output of clean coal is 75.3 tons, a decrease of 1.8 tons week - on - week. The clean coal inventory is 283.6 tons, an increase of 8.0 tons week - on - week. - 314 independent coal washing plants: The capacity utilization rate is 36.5%, an increase of 0.47% week - on - week. The daily output of clean coal is 26.0 tons, an increase of 0.3 tons week - on - week. The clean coal inventory is 289.5 tons, a decrease of 5.4 tons week - on - week. - Total coking coal inventory (independent coking plants + 6 major ports + steel mills): As of August 22, 2025, it is 1898.37 tons, an increase of 11.01 tons week - on - week and 10.34% year - on - year. - Coking coal inventory in ports: The inventory in 16 ports is 455.41 tons, an increase of 4.96 tons week - on - week [31][35][40]. Downstream - The average daily hot metal output of 247 steel mills is 240.13 tons, a decrease of 0.62 tons week - on - week and an increase of 19.24 tons year - on - year. - The profitability rate of steel mills is 63.64%, a decrease of 1.30 percentage points week - on - week and an increase of 59.74 percentage points year - on - year. - The average profit per ton of coke for 30 independent coking plants nationwide is 55 yuan/ton. The coking coal inventory of 247 steel mills is 811.85 tons, a decrease of 0.46 tons week - on - week, and the available days of coking coal are 13.25 days, an increase of 0.18 days week - on - week [44][48].

Group 1 - The price of physical gold from Mingpai Jewelry remains unchanged at 1009 yuan per gram as of August 29, 2025, compared to the previous trading day [1] - The platinum price is not provided in the report, indicating a focus solely on gold pricing [1] Group 2 - Federal Reserve's Waller indicates that the underlying inflation rate is close to 2% when excluding temporary tariff impacts [2] - The policy interest rate is considered "moderately restrictive," expected to be 1.25 to 1.50 percentage points above the neutral rate [2] - There is no expectation for a significant rate cut in September unless the August employment report shows substantial economic weakness while inflation remains well-controlled [2] - Waller expresses a stronger inclination towards a 25 basis point rate cut in September and anticipates further cuts in the next 3-6 months [2] - There is a noted weakening in labor demand, which poses risks to the labor market [2]

Report Industry Investment Rating - Not provided in the content Core View - The Fed Chair Powell's indication of a September interest rate cut due to easing employment supply - demand, along with Trump's pressure and global central banks' continuous gold purchases, may make precious metal prices prone to rising and difficult to fall. It is recommended that investors mainly establish long positions when prices decline [2]. Summary by Relevant Catalog Gold and Silver Market Data - **Shanghai Gold**: On August 28, 2025, the closing price was 779.86 yuan/gram, up 2.24 yuan from the previous day and 8.23 yuan from last week. Trading volume was 30,942, and open interest was 2,396 [2]. - **Shanghai Silver**: The closing price was 9,182 yuan/ten - grams on August 28, 2025, with a trading volume of 475,098 and an open interest change of - 25,366 [2]. - **COMEX Gold**: The closing price of the active contract was 3,392.20, with a trading volume of 151,643 and an open interest of 336,177. Inventory was 200,824.48 fine ounces [2]. - **COMEX Silver**: The closing price of the active contract was 39.71, trading volume was 54,907, and open interest was 62,636. Inventory was 517,194,775.47 fine ounces [2]. Important Information - **Macroeconomic Data**: The US Q2 real GDP annualized quarterly - on - quarterly rate was revised up to 3.3%, and the PCE price index was 2.5%. Last week, the initial jobless claims decreased to 229,000, and the continued claims dropped to 1,954,000, both lower than expected [2]. - **Central Bank Policies**: - The Fed may cut interest rates by 25 basis points in September, with possible further cuts in the next three to six months [2]. - The European Central Bank may cut interest rates at most once by the end of 2025 [2]. - The Bank of England cut the key interest rate by 25 basis points in August and may slow down the balance - sheet reduction. It may cut interest rates at most once by the end of 2025 [2]. - The Bank of Japan may start to reduce quarterly treasury bond purchases from 400 billion yen to 200 billion yen in April 2026 and has an expectation of raising interest rates by the end of 2025 [2]. Trading Strategy - For London gold, focus on the support level around $3,200 - $3,300 and the resistance level around $3,450 - $3,500. For Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 800 - 810. For London silver, focus on the support level around $34 - $36 and the resistance level around $37 - $40. For Shanghai silver, focus on the support level around 8,500 - 8,700 and the resistance level around 9,100 - 9,500 [2].

Core Viewpoint - The article discusses the implications of Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole meeting, indicating a shift towards a more dovish monetary policy stance due to rising unemployment risks and a reassessment of inflation dynamics [2][3]. Summary by Sections Jackson Hole Meeting Insights - The annual Jackson Hole meeting serves as a platform for central bank leaders to outline future monetary policy directions, with Powell's speech focusing on the review of the monetary policy framework [2]. Shift to Dovish Stance - Powell's remarks suggest an increased concern over rising unemployment risks in a weak labor market, indicating a potential for a swift rise in unemployment rates [3]. - He downplayed previous concerns regarding tariffs' impact on persistent inflation, suggesting that any price level changes are likely to be one-time events rather than ongoing inflationary pressures [3]. Future Monetary Policy Adjustments - Powell's speech indicates a potential adjustment in policy stance if inflation data does not show significant increases, with market expectations leaning towards at least two rate cuts by the end of the year [3]. Long-term Interest Rate Dynamics - The article highlights that a decrease in short-term policy rates does not necessarily lead to a reduction in long-term U.S. Treasury yields, citing factors such as strong household balance sheets and expanding fiscal deficits [4]. - The yield curve has shown a steepening trend since the Jackson Hole meeting, with the spread between 10-year and 2-year Treasury yields increasing by 10 basis points [4].

Group 1 - The yield on U.S. Treasury bonds showed a divergence on August 28, with long-term yields declining and short-term yields rising, resulting in a narrowing of the yield curve. The 10-year Treasury yield fell over 2 basis points to 4.21%, while the 2-year yield rose nearly 3 basis points to 3.64%, leading to a 5 basis point reduction in the spread between the two to 57 basis points [1] - The U.S. Department of Commerce revised the annual growth rate of real GDP for Q2 2025 to 3.3%, an upward adjustment of 0.3 percentage points from initial estimates. In Q1, the real GDP decreased by 0.5% [1] - The growth in Q2 real GDP was primarily driven by a reduction in imports and an increase in consumer spending, although declines in investment and exports partially offset these gains [1] Group 2 - The actual final sales to domestic purchasers, which includes consumer spending and private fixed investment, increased by 1.9% in Q2, revised up by 0.7 percentage points from initial estimates [1] - The domestic purchasing power parity index rose by 1.8%, revised down by 0.1 percentage points from initial estimates, while the Personal Consumption Expenditures (PCE) price index increased by 2.0%, also revised down by 0.1 percentage points [1] - Excluding food and energy prices, the PCE price index rose by 2.5%, consistent with previous expectations [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Copper: Overnight LME copper and domestic copper trended upward. The US Q2 real GDP annualized quarterly growth rate was revised to 3.3%, better than expected. A Fed official supported a 25 - basis - point rate cut in September. China's urban renewal is expected to speed up. LME and Comex copper inventories increased, while SHFE copper warehouse receipts decreased. As the seasonal off - season ends, downstream orders may pick up, and there are expectations of domestic enterprises restocking and inventory depletion, which could support copper prices, but the potential upside in September is limited [1]. - Aluminum: Alumina,沪铝, and aluminum alloy trended weakly. Alumina production resumption increased, but cost support strengthened, limiting deep declines. The inflow of aluminum ingots decreased and downstream stocking increased, and the inflection point of aluminum prices depends on the last week before September [1][2]. - Nickel: LME and SHFE nickel prices rose. LME inventory increased, and SHFE warehouse receipts decreased. The fundamentals improved marginally, and the price may trend upward with low valuation [2]. Group 3: Summary According to the Table of Contents 1. Research Views - **Copper**: Macroeconomic data in the US was positive, and China's urban renewal policy may boost demand. Inventory changes varied in different markets. Seasonal factors and import window conditions may affect future inventory and price trends [1]. - **Aluminum**: Alumina prices declined, and aluminum products showed weak trends. Production resumption and cost factors influenced the market. The change in aluminum ingot inventory needs further observation [1][2]. - **Nickel**: Price increases were accompanied by inventory changes. The improvement in fundamentals was not significant, but the price may be strong in the short - term [2]. 2. Daily Data Monitoring - **Copper**: Market prices, including those of flat - water copper, scrap copper, and downstream products, changed. Inventory levels in LME, COMEX, and social inventories also changed, along with other indicators such as premiums and import profits [4]. - **Lead**: Prices of lead products decreased slightly, and inventory levels in LME and the Shanghai Futures Exchange decreased [4]. - **Aluminum**: Market prices of aluminum and its raw materials changed. Inventory levels in LME, the Shanghai Futures Exchange, and social inventories also had corresponding changes [5]. - **Nickel**: Prices of nickel products decreased, and inventory levels in LME, the Shanghai Futures Exchange, and social inventories changed [5]. - **Zinc**: The main settlement price decreased, and inventory levels in the Shanghai Futures Exchange and LME changed. Social inventory increased [6]. - **Tin**: The main settlement price increased slightly, and inventory levels in the Shanghai Futures Exchange and LME decreased [6]. 3. Chart Analysis - **3.1 Spot Premiums**: Charts showed the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][15] - **3.2 SHFE Near - Far Month Spreads**: Charts presented the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][20][22] - **3.3 LME Inventory**: Charts displayed the historical trends of LME inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27] - **3.4 SHFE Inventory**: Charts showed the historical trends of SHFE inventory for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [30][32][34] - **3.5 Social Inventory**: Charts presented the historical trends of social inventory for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [36][38][40] - **3.6 Smelting Profits**: Charts showed the historical trends of copper concentrate index, copper smelting fees, aluminum smelting profits, nickel - iron smelting costs, zinc smelting profits, and stainless - steel 304 smelting profit margins from 2019 - 2025 [43][45][47] 4. Non - research Content (Team Introduction) - The non - research part introduced the members of the non - ferrous metals team, including Zhan Dapeng, Wang Heng, and Zhu Xi, along with their educational backgrounds, positions, research directions, and professional achievements [50][51]