Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - According to the closing prices of adjacent trading days, the South China Comprehensive Index rose 0.69% today. Among the sector indices, only the South China Precious Metals Index fell by -0.03%, while the rest of the sectors rose. The sector with the largest increase was the South China Black Index, with a gain of 1.52%, and the sector with the smallest increase was the South China Agricultural Products Index, with a gain of 0.23%. All theme indices rose, with the Black Raw Materials Index having the largest increase of 1.55% and the Oilseeds and Oils Index having the smallest increase of 0.02%. Among the single - variety indices of commodity futures, the single - variety index with the largest increase was lithium carbonate, up 2.99%, and the single - variety index with the largest decrease was red dates, down - 3.35% [1][3]. 3) Summary by Relevant Catalog Market Data of South China Commodity Index - The South China Comprehensive Index (NHCI) closed at 2563.19 today, up 17.56 points or 0.69% from yesterday. Its annualized return is 0.49%, annualized volatility is 11.89%, and the Sharpe ratio is 0.04. The South China Precious Metals Index (NHPMI) closed at 1523.51, down 0.50 points or - 0.03%, with an annualized return of 47.67%, annualized volatility of 17.97%, and a Sharpe ratio of 2.65. Other indices such as the Industrial Products Index (NHII), Metal Index (NHMI), etc., also have their respective closing prices, changes, annualized returns, volatilities, and Sharpe ratios [3]. Main Single - Variety Index Yield vs Volatility - No specific summary content provided for this part other than the title. Historical Trend Charts of South China Comprehensive Index and Sector Indices (Normalized) - No specific summary content provided for this part other than the title. Historical Trend Charts of South China Theme Indices (Normalized) - No specific summary content provided for this part other than the title. Industry Chain Diagrams and Single - Variety Index Daily Changes of Some Varieties in Different Sectors - In the energy and chemical sector, glass rose 1.38%, synthetic ammonia, coal, polyethylene, polypropylene, naphtha, citrus, and crude oil had their respective changes. In the black sector and agricultural products sector, relevant variety chain diagrams and single - variety index daily changes are presented, such as rapeseed oil in the agricultural products sector falling - 0.13%, etc. [13][17]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report As calculated based on the closing prices of adjacent trading days, the Nanhua Composite Index rose 0.08% today. Among the sector indices, the Nanhua Non - Ferrous Metals Index had the largest increase of 0.68%, while the Nanhua Metals Index had the smallest increase of 0.09%. The Nanhua Precious Metals Index had the largest decline of - 0.74%, and the Nanhua Agricultural Products Index had the smallest decline of - 0.06%. Among the theme indices, the Energy Index had the largest increase of 0.9%, and the Building Materials Index had the largest decline of - 0.86%. Among the single - variety indices of commodity futures, the Fuel Oil Index had the largest increase of 2.25%, and the Red Date Index had the largest decline of - 3.72% [1][3]. 3) Summary According to Relevant Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index closed at 2545.63 yesterday and 2543.71 today, with an increase of 1.92 points and a daily increase of 0.08%, an annualized return rate of - 0.31%, and an annualized volatility of 11.87% [3]. - The Nanhua Precious Metals Index closed at 1535.31 yesterday and 1524.01 today, with a decrease of 11.31 points and a daily decline of - 0.74%, an annualized return rate of - 0.03%, and an annualized volatility of 50.30% [3]. - The Nanhua Industrial Products Index closed at 3562.25 yesterday and 3555.56 today, with an increase of 6.69 points and a daily increase of 0.19%, an annualized return rate of - 8.16%, and an annualized volatility of 14.21% [3]. - Other indices such as the Metals Index, Energy and Chemical Index, etc., also have corresponding data on closing prices, daily changes, annualized return rates, and annualized volatilities [3]. Contribution of Each Variety's Daily Changes to Index Changes - For the Nanhua Industrial Products Index, varieties such as crude oil and fuel oil have positive contributions, while natural rubber and PVC have negative contributions [3]. - For the Nanhua Composite Index, crude oil and fuel oil have positive contributions, while natural rubber and iron ore have negative contributions [3]. - Similar contribution analyses are also provided for other indices such as the Nanhua Mini - Composite Index, Nanhua Metals Index, etc [3]. Single - Variety Index Data - Some single - variety index data are presented, including the daily changes of individual products such as glass, LLDPE, and natural rubber [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The gold market may experience significant short - term fluctuations, and it is recommended to take partial profits on gold long positions and reduce silver long positions [2]. - The aluminum price is expected to maintain a volatile and slightly stronger trend, while the rebound space of alumina is limited [3]. - For zinc, it is advisable to sell short at high prices; for lead, it is recommended to wait and see [4]. - Industrial silicon is expected to oscillate between 8000 - 9000, and it is recommended to wait and see; lithium carbonate is expected to be in short supply in the short - term, and it is necessary to pay attention to the reduction of warehouse receipts [4]. - In the black industry, it is recommended to wait and see for most varieties and take profits on long positions in a timely manner [6]. - For soybeans, the short - term is strong, but it depends on trade negotiations; for corn, the futures price is expected to oscillate weakly; for oils and fats, they are weak and differentiated; for sugar, it is recommended to short in the futures market and sell call options; for cotton, it is recommended to buy at low prices; for eggs and pigs, the futures prices are expected to oscillate [7][8]. - In the energy and chemical industry, different varieties have different trends. Some are expected to oscillate in the short - term and be in a loose supply - demand pattern in the long - term, and corresponding trading strategies such as shorting at high prices or waiting and seeing are recommended [10][11][12]. Summary by Related Catalogs Gold Market - Market performance: International gold priced in London gold rebounded on Thursday, rising above $4100 [2]. - Fundamentals: Sino - US economic and trade consultations will be held; the US established a critical minerals fund; there are various international political and economic events; domestic and international gold and silver inventories have different changes [2]. - Trading strategy: The de - dollarization logic remains unchanged, but there are contradictions in the outlook. It is recommended to take partial profits on gold long positions and reduce silver long positions [2]. Basic Metals Aluminum - Market performance: The closing price of the electrolytic aluminum main contract increased by 0.57% compared with the previous trading day, and the LME price was $2845.5 per ton [3]. - Fundamentals: Electrolytic aluminum plants maintain high - load production, and the weekly aluminum product start - up rate is stable [3]. - Trading strategy: The macro - sentiment is positive, downstream demand is warming up, and aluminum ingots have been destocked for two consecutive weeks. The price is expected to maintain a volatile and slightly stronger trend [3]. Alumina - Market performance: The closing price of the alumina main contract increased by 0.32% compared with the previous trading day [3]. - Fundamentals: Some alumina plants in Shanxi and Henan carried out maintenance or production reduction, while electrolytic aluminum plants maintained high - load production [3]. - Trading strategy: The short - covering of the main short positions caused a small rebound in the market, but the supply - demand surplus pattern of alumina remains unchanged. The rebound space is expected to be limited [3]. Zinc - Market performance: The closing price of the Shanghai zinc 2511 contract increased by 1.43% compared with the previous trading day [3][4]. - Fundamentals: The supply pressure persists, the domestic mine TC has decreased, but the smelting profit is still high. The consumption end has no outstanding performance, and the inventory situation is complex [4]. - Trading strategy: Sell short at high prices [4]. Lead - Market performance: The closing price of the Shanghai lead 2511 contract increased by 2.65% compared with the previous trading day [4]. - Fundamentals: The supply end has resumed production, but the consumption end is resilient. The low social inventory increases the risk of a short squeeze [4]. - Trading strategy: Wait and see [4]. Industrial Silicon - Market performance: The main 01 contract closed at 9060 yuan/ton, up 2.9% [4]. - Fundamentals: The supply end may reduce production in the southwest in late October. The demand end is supported by the high start - up rate of polysilicon [4]. - Trading strategy: The short - term trend is affected by other varieties and the photovoltaic industry chain, and it is expected to oscillate between 8000 - 9000. It is recommended to wait and see [4]. Lithium Carbonate - Market performance: LC2601 closed at 79,940 yuan/ton, up 3.66% [4]. - Fundamentals: The price of lithium carbonate and related raw materials has changed. The supply has increased, and the demand has also increased. It is expected to be in a state of destocking [4]. - Trading strategy: It is expected to be in short supply in the short - term, and it is necessary to pay attention to the reduction of warehouse receipts [4]. Black Industry Rebar - Market performance: The rebar main 2601 contract closed at 3058 yuan/ton, down 7 yuan/ton from the previous night's closing price [5][6]. - Fundamentals: The apparent demand and output of rebar and hot - rolled coils have increased. The supply - demand contradiction of steel is limited, but the structural differentiation is significant [6]. - Trading strategy: Wait and see mainly, and take profits on long positions in a timely manner. The reference range for RB01 is 3020 - 3090 [6]. Iron Ore - Market performance: The iron ore main 2601 contract closed at 777 yuan/ton, up 4 yuan/ton from the previous night's closing price [6]. - Fundamentals: The molten iron output has decreased slightly, the inventory has increased, and the first round of coke price increase has been implemented [6]. - Trading strategy: Wait and see mainly. The reference range for I01 is 750 - 780 [6]. Coking Coal - Market performance: The coking coal main 2601 contract closed at 1251 yuan/ton, up 35.5 yuan/ton from the previous night's closing price [6]. - Fundamentals: The molten iron output has decreased slightly, the first round of price increase has been implemented, and the second round has some resistance. The inventory is at a low level, and the futures valuation is high [6]. - Trading strategy: Wait and see mainly, and take profits on long positions in a timely manner. The reference range for JM01 is 1230 - 1270 [6]. Agricultural Products Market Soybean Meal - Market performance: The overnight CBOT soybeans rose on the optimistic expectation of Sino - US trade [7]. - Fundamentals: The US soybeans have a slight reduction in production, and South America has an expected increase in production. The demand is differentiated [7]. - Trading strategy: The short - term of US soybeans is strong, but it depends on trade negotiations. The domestic situation is currently loose, but the medium - term is uncertain [7]. Corn - Market performance: The corn futures price oscillated narrowly, and the spot price fluctuated [7]. - Fundamentals: The corn quality in North China has been damaged by rain, and the new corn in the Northeast is about to be listed in large quantities. The futures price is expected to oscillate weakly [7]. - Trading strategy: The futures price is expected to oscillate weakly due to the pressure of new crop listing [7]. Oils and Fats - Market performance: The Malaysian palm oil market rose [8]. - Fundamentals: The production in Malaysia is good, and the export has increased. The near - term inventory is accumulating, and the far - term will have seasonal production reduction [8]. - Trading strategy: Oils and fats are weak and differentiated. It is recommended to take a reverse spread for palm oil [8]. Sugar - Market performance: The Zhengzhou sugar 01 contract closed at 5455 yuan/ton, up 0.48% [8]. - Fundamentals: The sugar production in Brazil's central - southern region in the 25/26 season has exceeded that of the previous year. The domestic new - season production is expected to increase, and the futures - spot basis will converge through the decline of the spot price [8]. - Trading strategy: Short in the futures market and sell call options [8]. Cotton - Market performance: The overnight US cotton futures price stopped falling and rebounded [8]. - Fundamentals: The cotton import in India has increased, and the domestic cotton situation has also changed. The acquisition price of machine - picked cotton in Xinjiang has risen [8]. - Trading strategy: Buy at low prices, with a strategy in the range of 13400 - 13800 yuan/ton [8]. Eggs - Market performance: The egg futures price rose, and the spot price partially increased [8]. - Fundamentals: The egg price is at a low level, the downstream purchasing enthusiasm has increased, but the supply is sufficient, and the egg price is expected to be at a low level [8]. - Trading strategy: The futures price is expected to oscillate [8]. Pigs - Market performance: The pig futures price oscillated narrowly, and the spot price showed a north - south difference [8]. - Fundamentals: The pig slaughter volume will continue to increase, the slaughter profit has emerged, and the pig price is expected to bottom out weakly [8]. - Trading strategy: The futures price is expected to oscillate [8]. Energy and Chemical Industry LLDPE - Market performance: The LLDPE main contract rose slightly, the basis weakened, and the overseas price was stable with a slight decline [10]. - Fundamentals: The domestic supply pressure has increased but at a slower pace, and the demand in the downstream agricultural film season has improved [10]. - Trading strategy: In the short - term, it will oscillate, and in the long - term, it is recommended to short at high prices or take a reverse spread [10]. PVC - Market performance: V01 closed at 4711, down 0.3% [10]. - Fundamentals: The supply has increased, the demand is weak, the social inventory is at a high level, and the export has variables [10]. - Trading strategy: It is recommended to short [10]. PTA - Market performance: The PX CFR China price is $713/ton, and the PTA East China spot price is 4430 yuan/ton [10]. - Fundamentals: The PX supply is high, the PTA short - term production is affected by maintenance, and the polyester demand has improved [10]. - Trading strategy: It is recommended to go long on PX and short the processing fee of PTA at high prices [10]. Rubber - Market performance: RU2601 closed at 15245 yuan/ton, up 0.86% [10]. - Fundamentals: The raw material price has strong support, the inventory is decreasing, and the tire production capacity utilization rate has increased [10]. - Trading strategy: It is expected to oscillate with strong support at the bottom [10]. Glass - Market performance: FG01 closed at 1092, down 0.6% [10]. - Fundamentals: The glass price has fallen, the inventory has accumulated, the supply is at a high level, and the downstream demand is weak [10][11]. - Trading strategy: It is recommended to wait and see [11]. PP - Market performance: The PP main contract rebounded slightly, the basis weakened, the overseas price was stable with a slight decline, and the export window opened [11]. - Fundamentals: The supply is increasing, and the demand is in the peak season but has been over - consumed [11]. - Trading strategy: In the short - term, it will oscillate, and in the long - term, it is recommended to short at high prices or take a reverse spread [11]. MEG - Market performance: The MEG East China spot price is 4177 yuan/ton, and the basis is 88 yuan/ton [11]. - Fundamentals: The supply has decreased, the inventory is at a low level, and the polyester demand has improved [11]. - Trading strategy: Wait and see in the short - term and short at high prices in the long - term [11]. Crude Oil - Market performance: Oil prices rebounded sharply for two consecutive days due to geopolitical factors [11]. - Fundamentals: The supply pressure is increasing, and the demand in Q4 may be weaker than the season [11]. - Trading strategy: Wait and see in the short - term and pay attention to the reduction of Russian oil exports [11]. Styrene - Market performance: The EB main contract rebounded slightly, the overseas price was stable with a slight decline, and the import window was closed [11]. - Fundamentals: The supply and demand contradictions of pure benzene and styrene are still large, and the demand has been over - consumed [11]. - Trading strategy: In the short - term, it will oscillate weakly, and in the long - term, it is recommended to short at high prices or take a reverse spread [11][12]. Soda Ash - Market performance: SA01 closed at 1228, unchanged [12]. - Fundamentals: The supply and demand of soda ash are balanced, the inventory has a small accumulation, and the downstream demand has some changes [12]. - Trading strategy: Wait and see [12].

Report Overview - The report provides an analysis of the performance of the Nanhua Commodity Index on October 21, 2025, including the changes in various sector and theme indices, as well as the performance of individual commodity futures [1][3]. Index Performance Overall Index - The Nanhua Composite Index rose 0.41% based on the closing prices of adjacent trading days [1]. Sector Indices - All sector indices except the Nanhua Black Index rose. The Nanhua Precious Metals Index had the largest increase of 1.68%, while the Nanhua Agricultural Products Index had the smallest increase of 0.02%. The Nanhua Black Index fell 0.24% [1]. Theme Indices - Among the theme indices, the Petrochemical Index had the largest increase of 0.52%, and the Economic Crops Index had the smallest increase of 0.2%. The Black Raw Materials Index had the largest decline of 0.48%, and the Building Materials Index had the smallest decline of 0.04% [1]. Single - Commodity Indices - The Gold single - commodity index had the largest increase of 2.45% [1]. Performance of Specific Commodities Agricultural Products - In the agricultural products sector, palm oil fell 0.26%, rapeseed oil fell 0.54%, rapeseed fell 0.73%, rapeseed meal fell 1.23%, while live pigs rose 0.66% and corn rose 0.28% [8]. Energy and Chemicals - In the energy and chemicals sector, coal rose 0.43%, polyethylene rose 0.09%, and asphalt fell 0.12% [6][11].

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - According to the closing prices of adjacent trading days, the Nanhua Composite Index fell by -0.59% today. Among the sector indices, only the Nanhua Precious Metals Index rose by 2.85%, while the rest of the sectors declined. The Nanhua Energy and Chemical Index had the largest decline of -1.75%, and the Nanhua Black Index had the smallest decline of -0.23%. Among the theme indices, only the Economic Crops Index rose by 0.48%, and the rest of the theme indices declined. The Energy Index had the largest decline of -1.87%, and the Black Raw Materials Index had the smallest decline of -0.19%. Among the single - variety indices of commodity futures, the Gold index had the largest increase of 3.45%, and the Glass index had the largest decline of -4.53% [1][3] 3) Summaries by Related Catalogs Market Data of Nanhua Commodity Index - The Nanhua Composite Index (NHCI) closed at 2521.90 today, down 14.87 points or -0.59% from yesterday, with an annualized return of -2.13%, an annualized volatility of 12.01%, and a Sharpe ratio of -0.18. - The Nanhua Precious Metals Index (NHPMI) closed at 1633.24, up 45.20 points or 2.85%, with an annualized return of 62.62%, an annualized volatility of 17.28%, and a Sharpe ratio of 3.62. - The Nanhua Industrial Products Index (NHII) closed at 3466.89, down 42.15 points or -1.20%, with an annualized return of -11.62%, an annualized volatility of 14.31%, and a Sharpe ratio of -0.81. - The Nanhua Metals Index (NHMI) closed at 6349.75, down 20.11 points or -0.32%, with an annualized return of -3.03%, an annualized volatility of 12.68%, and a Sharpe ratio of -0.24. - The Nanhua Energy and Chemical Index (NHECI) closed at 1549.68, down 27.55 points or -1.75%, with an annualized return of -18.55%, an annualized volatility of 16.95%, and a Sharpe ratio of -1.09. - The Nanhua Non - Ferrous Metals Index (NHNF) closed at 1715.43, down 5.25 points or -0.31%, with an annualized return of 0.91%, an annualized volatility of 12.72%, and a Sharpe ratio of 0.07. - The Nanhua Black Index (NHFI) closed at 2486.47, down 5.85 points or -0.23%, with an annualized return of -12.51%, an annualized volatility of 17.70%, and a Sharpe ratio of -0.71. - The Nanhua Agricultural Products Index (NHAI) closed at 1044.65, down 6.97 points or -0.66%, with an annualized return of -2.40%, an annualized volatility of 8.78%, and a Sharpe ratio of -0.27. - The Nanhua Composite Mini Index (NHCIMi) closed at 1169.02, down 5.46 points or -0.46%, with an annualized return of -0.66%, an annualized volatility of 10.88%, and a Sharpe ratio of -0.06. - The Nanhua Energy Index (NHEI) closed at 980.68, down 18.67 points or -1.87%, with an annualized return of -4.50%, an annualized volatility of 18.38%, and a Sharpe ratio of -0.24. - The Nanhua Petrochemical Index (NHPCI) closed at 878.89, down 11.13 points or -1.25%, with an annualized return of -3.44%, an annualized volatility of 8.96%, and a Sharpe ratio of -0.38. - The Nanhua Coal - based Chemical Index (NHCCI) closed at 953.00, down 11.90 points or -1.23%, with an annualized return of -4.21%, an annualized volatility of 8.70%, and a Sharpe ratio of -0.48. - The Nanhua Black Raw Materials Index (NHFM) closed at 1048.30, down 1.95 points or -0.19%, with an annualized return of -0.89%, an annualized volatility of 17.29%, and a Sharpe ratio of -0.05. - The Nanhua Building Materials Index (NHBMI) closed at 704.05, down 7.69 points or -1.08%, with an annualized return of -3.99%, an annualized volatility of 12.11%, and a Sharpe ratio of -0.33. - The Nanhua Oilseeds and Oils Index (NHOOl) closed at 1234.71, down 8.09 points or -0.65%, with an annualized return of -0.56%, an annualized volatility of 12.98%, and a Sharpe ratio of -0.04. - The Nanhua Economic Crops Index (NHAECI) closed at 895.08, up 4.28 points or 0.48%, with an annualized return of 0.24%, an annualized volatility of 6.87%, and a Sharpe ratio of 0.04 [3] Some Single - Variety Indexes - In the agricultural products sector, rapeseed had a 0.00% change, rapeseed meal fell -2.45%, and live pigs fell -1.97%. - In the energy and chemical sector, glass fell -4.53%, synthetic ammonia fell -0.13%, methanol fell -2.03%, styrene fell -1.75%, LPG fell -1.33%, and PTA fell -1.21% [7][11]

Group 1: Report Overview - The South China Commodity Index fell by -0.84% today based on the closing prices of adjacent trading days [1][3] - Among the sector indices, only the South China Black Index rose by 0.32%, while the rest declined. The South China Precious Metals Index had the largest decline of -1.15%, and the South China Metal Index had the smallest decline of -0.4% [1][3] - Among the theme indices, the Black Raw Materials Index had the largest increase of 0.49%, and the Economic Crops Index had the smallest increase of 0.38%. The Energy Index had the largest decline of -1.23%, and the Building Materials Index had the smallest decline of -0.15% [1][3] - Among the single - variety indices of commodity futures, the Wire Rod index had the largest increase of 3.01%, and the Egg index had the largest decline of -3.37% [1][3] Group 2: Index Data Details Comprehensive and Sector Indices | Index Name | Today Close | Pre. Close | Change Points | Change Rate | Annualized Return | Annualized Volatility | Sharpe Ratio | | --- | --- | --- | --- | --- | --- | --- | --- | | Comprehensive Index NHCI | 2572.47 | 2550.86 | -21.61 | -0.84% | 4.78% | 12.54% | 0.38 | | Precious Metals Index NHPMI | 1491.73 | 1474.58 | -17.15 | -1.15% | 16.66% | 2.89 | | Industrial Products Index NHII | 3573.12 | 3596.46 | -23.34 | -0.65% | -2.59% | 14.98% | -0.17 | | Metal Index NHMI | 6449.77 | 6475.78 | -26.01 | -0.40% | 4.47% | 13.55% | 0.33 | | Energy and Chemical Index NHECI | 1604.70 | 1618.24 | -13.54 | -0.84% | -9.45% | 17.51% | -0.54 | | Non - ferrous Metals Index NHNF | 1733.94 | 1749.24 | -15.29 | -0.87% | 4.91% | -2.37% | 19.83% | | Black Index NHFI | 2528.55 | 2520.44 | 8.11 | 0.32% | -0.12 | | Agricultural Products Index NHAI | 1060.79 | 1067.92 | -7.14 | -0.67% | -0.14% | 8.89% | -0.02 | | Mini Comprehensive Index NHCIMi | 1196.69 | 1186.06 | -10.63 | -0.89% | 0.74% | 0.07 | | Energy Index NHEI | 1023.68 | 1036.43 | -12.74 | -1.23% | -3.27% | 18.79% | -0.17 | | Petrochemical Index NHPCI | 904.04 | 912.67 | -8.63 | -0.95% | -3.10% | 8.19% | -0.38 | | Refined Chemical Index NHCCI | 970.75 | 974.73 | -3.98 | -0.41% | 4.06% | 7.84% | -0.52 | | Black Raw Materials Index NHFM | 1063.69 | 1058.55 | 5.14 | 0.49% | -0.36% | 18.46% | -0.02 | | Building Materials Index NHBMI | 727.40 | 728.50 | -1.10 | -0.15% | | Oil and Oilseeds Index NHOOI | 1251.56 | 1264.19 | -12.63 | -1.00% | 0.59% | 13.24% | 0.04 | | Economic Crops Index NHAECI | 901.50 | 898.06 | 3.44 | 0.38% | 7.18% | -0.02 | [3] Contribution of Single - variety Indices to Index Changes - For the South China Comprehensive Index, positive - contributing varieties include Iron Ore (14.40%), Methanol (2.66%), etc., and negative - contributing varieties include Palm Oil (-12.11%), Zinc (-19.34%), etc [3] - For the South China Mini Comprehensive Index, positive - contributing varieties include Iron Ore (5.13%), and negative - contributing varieties include PVC (-52.86%) [3] - For the South China Industrial Products Index, positive - contributing varieties include Iron Ore (7.52%), and negative - contributing varieties include Zinc (-19.34%) [3] - For the South China Metal Index, positive - contributing varieties include Coke (4.56%), and negative - contributing varieties include PVC (-3.51%) [3] - For the South China Energy and Chemical Index, positive - contributing varieties include Coke (5.84%), and negative - contributing varieties include Crude Oil (-3.86%) [3] - For the South China Agricultural Products Index, positive - contributing varieties include Apple (8.52%), and negative - contributing varieties include Palm Oil (-6.31%) [3] [6] Single - variety Index Changes in Some Sectors Energy and Chemical Sector - LPG rose by 0.35%, Crude Oil fell by -1.92%, Low - sulfur Fuel Oil fell by -1.87% [9] Black Sector - Coal fell by -1.84% [4] Agricultural Sector - Palm Oil fell by -1.38%, Rapeseed Oil fell by -1.82%, Rapeseed had a 0.02% increase, Live Pigs fell by -0.21%, Rapeseed Meal fell by -1.81% [6]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Report's Core View - The report provides short - term, medium - term, and intraday views on several agricultural commodity futures, including soybean meal, soybean oil, and palm oil, with most of them being "oscillating and moderately strong" [5][6][7]. 3. Summary by Variety Soybean Meal (M) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [5][6]. - **Core Logic**: The domestic market supply pressure is increasing, and concerns about short - term supply pressure persist. As the National Day holiday approaches, market funds tend to trade short - term logic with poor stability. Without unexpected risk factors, market volatility may decline before the holiday, and a rebound may occur after short - term market sentiment is released [5]. Palm Oil (P) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6][7]. - **Core Logic**: Due to increased production and decreased exports, Indonesia's palm oil inventory at the end of July increased by 1.5% month - on - month to 2.57 million tons. The EU's one - year delay in implementing the anti - deforestation law has eased the decline of Malaysian palm oil, and palm oil futures prices have rebounded slightly [7]. Soybean Oil (Y) - **View**: Short - term view is oscillating, medium - term view is oscillating, intraday view and reference view are oscillating and moderately strong [6]. - **Core Logic**: Influenced by US biofuel policies, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil refinery inventory [6].

Group 1: Market Performance Summary - The Nanhua Composite Index rose 0.35% based on the closing prices of adjacent trading days [1]. - Among the sector indices, only the Nanhua Non - Ferrous Metals Index fell by 0.21%, while the rest rose. The Nanhua Precious Metals Index had the largest increase of 0.49%, and the Nanhua Metals Index had the smallest increase of 0.02% [1][3]. - In the theme indices, the Energy Index had the largest increase of 1.17%, the Economic Crops Index had the smallest increase of 0.07%, the Coal - Chemical Index had the largest decrease of 0.59%, and the Oilseeds and Oils Index had the smallest decrease of 0.02% [1]. - Among the single - variety commodity futures indices, the Low - Sulfur Fuel Oil index had the largest increase [1]. Group 2: Sector - Specific Performance Energy and Chemical Sector - In the energy and chemical sector, crude oil rose 1.61%, LPG rose 0.79%, while methanol fell 0.55%, styrene fell 1.05%, etc. [2] Black Sector - In the black sector, some varieties had their respective single - variety index daily changes as shown in the black - sector part of the document, with some falling, e.g., a certain variety fell 0.69% [2]. Agricultural Products Sector - In the agricultural products sector, palm oil rose 0.40%, corn rose 0.32%, while rapeseed meal fell 0.92%, etc. [8]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - According to the closing prices of adjacent trading days, the Nanhua Comprehensive Index fell by -0.03% today [1][2] - Among the sector indices, the Nanhua Precious Metals Index had the largest increase of 2.77%, and the Nanhua Agricultural Products Index had the smallest increase of 0.08%. The Nanhua Black Index had the largest decline of -1.9%, and the Nanhua Non - Ferrous Metals Index had the smallest decline of -0.06% [1][2] - Among the theme indices, only the Oilseeds and Oils Index rose by 0.17%, while the rest declined. The Black Raw Materials Index had the largest decline of -2.53%, and the Coal - based Chemical Index had the smallest decline of -0.07% [1][2] - Among the single - variety indices of commodity futures, the Silver index had the largest increase of 4.12%, and the Glass index had the largest decline of -3.81% [2] Group 3: Summary by Related Catalog Market Data of Nanhua Commodity Index - **Nanhua Comprehensive Index (NHCI)**: The index value was 3614.48, with an annualized return of -0.03% [2] - **Nanhua Precious Metals Index (NHPMI)**: The index value was 1273.01, with an annualized return of 4.17%, and a daily increase of 2.77% [2] - **Nanhua Industrial Products Index (NHII)**: The index value was 1273.01, with an annualized return of 33.89%, and a daily decline of -0.6% [2] - **Nanhua Metal Index (NHMI)**: The index value was 6346.75, with an annualized return of 2.91%, and a daily increase of 2.77% [2] Single - Variety Index Performance - **Silver**: Increased by 4.12% [2] - **Glass**: Declined by -3.81% [2] Contribution of Each Variety's Daily Rise and Fall to Index Rise and Fall - The document shows the contribution of each variety's daily rise and fall to the Nanhua Industrial Products Index and the Nanhua Mini - Comprehensive Index, but specific data is not comprehensively summarized here [2] Historical Trend Chart - There are historical trend charts of the Nanhua Comprehensive Index, sector indices, and theme indices (normalized) [2] Industry Chain Diagram and Single - Variety Index Daily Rise and Fall - There are industry chain diagrams of energy - chemical, black, and agricultural product sectors, showing the daily rise and fall of single - variety indices [2]

Group 1: Index Performance - The Nanhua Composite Index declined by -0.05% based on the closing prices of adjacent trading days [1][4] - Among the sector indices, the Nanhua Non - ferrous Metals Index had the largest increase of 0.26%, and the Nanhua Agricultural Products Index had the smallest increase of 0.05%. The Nanhua Black Index had the largest decline of -1.04%, and the Nanhua Industrial Products Index had the smallest decline of -0.18% [1][4] - Among the theme indices, the Economic Crops Index had the largest increase of 0.5%, and the Energy Index had the smallest increase of 0.06%. The Building Materials Index had the largest decline of -0.92%, and the Oilseeds and Oils Index had the smallest decline of -0.02% [1][4] - Among the single - variety indices of commodity futures, the Tin Index had the largest increase of 2.16%, and the Industrial Silicon Index had the largest decline of -2.1% [4] Group 2: Sector - Specific Single - Variety Index Performance Energy and Chemical Sector - Synthetic ammonia declined by -0.79%, polyvinyl chloride by -0.66%, styrene by -1.02%, LPG by -0.18%, PTA by -0.17%, and some product increased by 0.52% [2] Black Sector - Some varieties in the black sector had a single - variety index increase of 0.62% [2] Agricultural Products Sector - Palm oil declined by -1.04%, rapeseed meal by -0.20%, rapeseed oil by -0.17%, rapeseed by 0.49%, rapeseed cake by 1.21%, and corn by 0.27% [6]