Summary of Key Points Core Viewpoint - The report highlights significant trends in liquidity, construction, real estate, and industrial sectors, indicating fluctuations in prices and production levels across various commodities and industries. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, with a month-on-month increase of 0.61% [4] - The M1 and M2 growth rate difference is at -2.8 percentage points in August 2025, showing a month-on-month increase of 0.4 percentage points [4] - The current price of London gold is at $3643 per ounce [4] Group 2: Infrastructure and Real Estate Chain - In late August, the average daily production of crude steel from key enterprises decreased by 7.94% month-on-month [5] - Price changes this week include rebar down by 1.53%, cement price index down by 0.57%, rubber down by 1.00%, coke down by 3.40%, coking coal down by 0.93%, and iron ore up by 0.38% [5] - The national blast furnace capacity utilization rate increased by 4.39 percentage points, cement by 8.00 percentage points, while asphalt and full-steel tire operating rates changed by -1.8 percentage points and +5.81 percentage points respectively [5] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass increased by 0.39% and remained unchanged respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide at -1277 yuan/ton [6] - The operating rate for flat glass this week is at 76.01% [6] Group 4: Industrial Products Chain - Major commodity price changes this week include cold-rolled steel down by 2.63%, copper up by 1.36%, and aluminum up by 1.79%, with corresponding gross profit changes of -591.05%, a loss of 0.59%, and an increase of 13.04% respectively [7] - The national semi-steel tire operating rate is at 73.46%, with a month-on-month increase of 5.99 percentage points [7] Group 5: Subcategories - The price of electrolytic aluminum reached a year-to-date high at 21,050 yuan/ton, with a month-on-month increase of 1.79% and estimated profit at 3,683 yuan/ton (excluding tax) [8] - The price of copper is at 81,140 yuan/ton, with a month-on-month increase of 1.36% [8] - The price of molybdenum concentrate is at 4,515 yuan/ton, down by 1.95%, while tungsten concentrate is at 286,500 yuan/ton, down by 0.87% [8] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is at 4.00 this week [9] - The price difference between hot-rolled and rebar steel is 240 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 290 yuan/ton, down by 40 yuan/ton [9] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 120 yuan/ton, with a month-on-month increase of 20.00% [9] Group 7: Export Chain - In August 2025, China's PMI new export orders are at 47.20%, with a month-on-month increase of 0.1 percentage points [10] - The China Containerized Freight Index (CCFI) composite index is at 1,125.30 points this week, down by 2.07% [10] - The U.S. crude steel capacity utilization rate is at 79.20%, with a month-on-month increase of 1.10 percentage points [10] Group 8: Valuation Percentiles - The Shanghai and Shenzhen 300 index increased by 1.38%, with the best-performing cyclical sector being real estate at +5.98% [11] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets is currently at 0.53, with the highest value since 2013 being 0.82 [11]