1. Report Industry Investment Rating - Investment rating for both the pig and egg sectors: Cautiously bearish [2][5] 2. Core Viewpoints of the Report - In the short - term, the pattern of strong supply and weak demand in the pig market is difficult to change. However, in the medium and long - term, attention should be paid to the reduction of pig production capacity and national policy changes. For the egg market, short - term consumption demand is strong due to the double festivals, but the impact of cold - storage eggs entering the market should be monitored [2][4] 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2511 contract was 13,000 yuan/ton, a change of - 160.00 yuan/ton (- 1.22%) from the previous trading day. - Spot: In Henan, the price of external ternary live pigs was 12.94 yuan/kg, a change of - 0.23 yuan/kg; in Jiangsu, it was 13.21 yuan/kg, a change of - 0.18 yuan/kg; in Sichuan, it was 12.66 yuan/kg, a change of - 0.10 yuan/kg. - Wholesale prices: On September 17, the "Agricultural Product Wholesale Price 200 Index" was 117.87, down 0.13 points from the previous day. The average wholesale price of pork was 19.73 yuan/kg, down 0.8% [1] Market Analysis - The weight - reducing slaughter of large - scale pig farms has weakened the festival's boosting effect. In the short - term, the supply - demand imbalance persists, while long - term factors include the reduction of sow production capacity and policy changes [2] Strategy - Cautiously bearish [2] Egg Market Market News and Important Data - Futures: The closing price of the egg 2511 contract was 3116 yuan/500 kilograms, a change of + 3.00 yuan (+ 0.10%) from the previous trading day. - Spot: In Liaoning, the egg price was 3.60 yuan/jin; in Shandong, it was 3.85 yuan/jin; in Hebei, it was 3.53 yuan/jin. - Inventory: On September 17, 2025, the national production - link inventory was 0.5 days, unchanged from the previous day, and the circulation - link inventory was 0.74 days, an increase of 0.14 days (23.33%) [3] Market Analysis - After the egg price increase, terminal consumption and trading are smooth, and inventory is being cleared. Overall demand is still strong due to the festivals, but the impact of cold - storage eggs entering the market should be noted [4] Strategy - Cautiously bearish [5]

Core Viewpoint - The article promotes a series of macroeconomic training sessions organized by Huachuang Macro, scheduled from August 20 to September 6, focusing on various aspects of the economy and financial markets [1][5]. Summary by Sections Training Series Overview - The training sessions will occur daily at 15:30, covering a range of topics related to macroeconomic insights and financial analysis [5][6]. Session Topics and Speakers - **Session 1 (Aug 20)**: Insights into macro "big" directions - Five major concerns, presented by Zhang Yu, Deputy Director of Huachuang Research Institute [8]. - **Session 2 (Aug 21)**: Examination of the "new" economic structure - Ten structural changes, led by Lu Yinbo, Deputy Head of Huachuang Macro Group [8]. - **Session 3 (Aug 22)**: Analysis of deposit migration trends - Three key directions regarding deposits, by Wen Ruoyu, Senior Analyst at Huachuang Macro [8]. - **Session 4 (Aug 25)**: Navigating low interest rate challenges - Optimal solutions in a low-rate environment, presented by Yin Wenqing, Senior Analyst [8]. - **Session 5 (Aug 26)**: Discussion on fiscal "clever" correlations - Ten experiential rules, led by Gao Tuo, Senior Analyst [8]. - **Session 6 (Aug 27)**: Clarifying local fiscal and tax accounts - Local fiscal mechanisms, presented by Yuan Lingling, Assistant Analyst [8]. - **Session 7 (Aug 28)**: Tracking subtle policy changes - Policy observation guide [8]. - **Session 8 (Aug 29)**: Analysis of the US political landscape - Insights into the Democratic and Republican parties, by Fu Chunsheng, Analyst [10]. - **Session 9 (Sep 1)**: Comprehensive export analysis - Multi-dimensional export scanning, led by Xia Xue, Assistant Analyst [10]. - **Session 10 (Sep 2)**: Understanding new dynamics in supply-side reforms - New directions in supply-side reforms, presented by Lu Yinbo [10]. - **Session 11 (Sep 3)**: Logical performance of assets - Review of supply-side reform outcomes, by Fu Chunsheng [10]. - **Session 12 (Sep 4)**: Monitoring exchange rate trends - In-depth exchange rate analysis, led by Xia Xue [10]. - **Session 13 (Sep 5)**: Understanding the reconstruction of order - Strategic multi-gold insights, presented by Li Xingyu, Analyst [10]. - **Session 14 (Sep 6)**: Final session details not specified [12].

Group 1 - The latest stock price of Baiyin Nonferrous is 3.32 yuan, up 0.30% from the previous trading day, with a trading volume of 735,745 hands and a transaction amount of 243 million yuan [1] - Baiyin Nonferrous is a key state-owned enterprise in Gansu Province, primarily engaged in the mining, smelting, processing, and trading of nonferrous metals such as copper, lead, and zinc [1] - The company plays a significant role in the nonferrous metal industry in Northwest China, with important positions in industrial chain layout and technological innovation [1] Group 2 - Gansu Province's state-owned enterprises have achieved significant results in technological innovation, with industrial R&D investment increasing by 11.99% year-on-year in the first half of the year [1] - Baiyin Nonferrous has five technological achievements that have reached international advanced levels and has led the establishment of the province's first copper industry chain party committee [1] - The company has made breakthroughs in key projects such as ultra-fine electromagnetic wire and lithium battery copper foil through a "chain thinking" approach to integrate party building with industry [1] Group 3 - On July 29, Baiyin Nonferrous saw a net inflow of main funds amounting to 4.5434 million yuan, accounting for 0.02% of its circulating market value, indicating an increase in market attention towards the company [1]

Core Viewpoint - The CEO of CME Group stated that the market has demonstrated significant resilience amid policy changes [1] Group 1 - The market's ability to adapt to changing policies indicates a strong underlying strength [1] - CME Group's leadership emphasizes the importance of monitoring market reactions to policy shifts [1]

Report Industry Investment Ratings - Thread: ★★★ [1] - Hot Rolled Coil: ★★★ [1] - Iron Ore: ★★★ [1] - Coke: ★★★ [1] - Coking Coal: No rating provided [1] - Silicon Manganese: ★☆☆ [1] - Silicon Ferroalloy: ★☆★ [1] Core Views - The overall demand for steel is weak, the market sentiment is cautious, and the futures market is under pressure [2] - The short - term supply - demand contradiction of iron ore is limited, and it is expected to fluctuate [3] - Coke and coking coal prices may have upward drivers, but are affected by factors such as oil prices [4][6] - The fundamentals of silicon manganese have limited improvement, and the market temporarily expects a short - term rise [7] - The demand for silicon ferroalloy is acceptable, and the market temporarily expects a short - term rise [8] Summary by Related Catalogs Steel - The futures market is weakly volatile. The demand for thread in the off - season is under pressure, the production has increased, and the inventory reduction has slowed down. The demand for hot - rolled coil is resilient, the production remains high, and the inventory has decreased [2] - The blast furnace still has profits, and the molten iron production remains relatively high. However, the off - season carrying capacity is insufficient, and the negative feedback expectation still ferments repeatedly [2] - The downstream demand is weak, the demand expectation is pessimistic, and the market is cautious. Pay attention to terminal demand and policy changes [2] Iron Ore - The global shipment of iron ore is at a high level, and there is an expectation of a year - end rush. The port inventory in China has begun to stabilize and increase, and the supply pressure has increased marginally [3] - In the off - season, the terminal demand has resilience, the steel mill profitability rate has improved, the molten iron production remains high, and the steel mills have weak willingness to actively reduce production and have short - term replenishment actions [3] - The short - term supply - demand contradiction is limited, and the trend is expected to be volatile [3] Coke - The price has risen significantly during the day, and there is an expectation of a price increase in the market [4] - The daily production of molten iron has increased slightly to 242.18 tons per day. The coke profit is meager, and the daily production of coking has continued to decline from the annual high [4] - The overall coke inventory has decreased, and the purchasing willingness of traders is still low. The coke price is affected by oil price fluctuations, and there may be an upward driver [4] Coking Coal - The price has risen significantly during the day. Policy may strengthen the control of over - production, which may affect production [6] - The production of coking coal mines has continued to decline. Due to the safety production month and environmental inspections, some mines have reduced production [6] - The spot auction market has improved slightly, the transaction price has risen slightly, and the terminal inventory has continued to decline. The coking coal price is affected by the sharp decline in oil prices and may be strongly volatile [6] Silicon Manganese - The price volatility has increased during the day. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production has begun to increase, and the fundamentals have limited improvement [7] - Pay attention to the August forward price of South32 to China. In the short term, the manganese ore inventory is low, and the price of Comilog oxidized ore has risen slightly [7] - The trading logic of the futures market changes rapidly, and it is temporarily bullish in the short term [7] Silicon Ferroalloy - The price has fluctuated upward during the day. The molten iron production has risen above 242, the export demand is about 30,000 tons, and the marginal impact is small [8] - The production of magnesium metal has increased month - on - month, the secondary demand remains high, and the overall demand is acceptable [8] - The supply of silicon ferroalloy has continued to decline, the market transaction level is average, and the inventory has decreased. Some production is in cash - flow loss, which is conducive to inventory reduction, and it is temporarily bullish in the short term [8]

Group 1: Report Industry Investment Rating - No information provided regarding the report industry investment rating Group 2: Core Views of the Report - For stock index futures, the market is expected to be volatile. Since June, Chinese assets have performed strongly, with stocks and bonds rising together, pricing in possible policy changes in June. The market style may still favor consumption and technology sectors. The fundamentals in the second quarter may turn into a situation of "weak reality, strong expectation" [1]. - For treasury bond futures, the market is expected to be volatile. In June, the focus of the bond market has returned to changes in the capital situation. Short - term capital tightening expectations have weakened, and the bond market is expected to oscillate strongly [1][2]. Group 3: Summary by Relevant Catalogs 1. Research Views - **Stock Index Futures**: On June 10, most A - share market indices pulled back. The Wind All - A index fell 0.68% with a trading volume of 1.45 trillion yuan. The CSI 1000, CSI 500, SSE 50, and SSE 300 indices all declined. The TMT sector pulled back significantly. There are three factors contributing to the positive outlook for Chinese assets: progress in Sino - US communication, potential changes in long - term consumption stimulus policies, and possible further capital market reform measures at the Lujiazui Forum. The PPI data shows that China's inflation level remains low, and the fundamentals in the second quarter may be "weak reality, strong expectation". In the first quarter, the revenue growth rate of A - share listed companies has narrowed for three consecutive quarters, and the net profit has increased by about 4% year - on - year, but the ROE is still in the bottoming - out stage [1]. - **Treasury Bond Futures**: On June 10, treasury bond futures closed with gains in some contracts. The central bank conducted 1986 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 2559 billion yuan. The weighted average interest rates of DR001 and DR007 declined. In June, concerns about short - term capital tightening in the bond market have increased due to factors such as large - scale maturity of inter - bank certificates of deposit and increased government bond issuance. However, the central bank's earlier net injection of 5000 billion yuan through 3 - month outright reverse repurchase operations has alleviated market concerns, and the bond market is expected to oscillate strongly in the short term [1][2]. 2. Daily Price Changes - **Stock Index Futures**: On June 10, the IH, IF, IC, and IM contracts all declined, with decreases of - 0.62%, - 0.69%, - 0.84%, and - 0.88% respectively. The SSE 50, SSE 300, CSI 500, and CSI 1000 indices also fell [3]. - **Treasury Bond Futures**: On June 10, the TS, TF, T, and TL contracts showed different trends, with the TF and TL contracts rising slightly, and the TS and T contracts showing small changes [3]. - **Treasury Bond Spot Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year treasury bonds had small fluctuations on June 10 [3]. 3. Market News - China's exports in May increased by 4.8% year - on - year in US dollars, while imports decreased by 3.4% year - on - year [4]. - In May 2025, China's consumer price index (CPI) decreased by 0.1% year - on - year. From January to May, the average CPI decreased by 0.1% compared with the same period last year [4]. 4. Chart Analysis - **Stock Index Futures**: The report presents the historical price trends and basis trends of IH, IF, IM, and IC contracts, including the closing prices of corresponding stock index futures over time and the relationship between the futures prices and the spot prices [6][7][9][10][11]. - **Treasury Bond Futures**: The report shows the trends of treasury bond futures contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][16][17]. - **Exchange Rates**: The report provides charts of the central parity rates of the US dollar, euro against the RMB, as well as the forward exchange rates of the US dollar and euro against the RMB, and the exchange rates between the US dollar, euro, pound, and yen [20][21][22][24][25].

Core Viewpoint - The Chief Investment Officer of Citigroup's Wealth Management division, Kate Moore, stated that the company is unable to immediately adapt to policy changes, indicating a pre-existing economic slowdown prior to the implementation of tariffs [1] Group 1 - Citigroup's Wealth Management division is facing challenges in adapting to new policy changes [1] - Economic slowdown was already evident before the introduction of tariffs [1]