Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trends of various futures on September 1st, 2025, including股指期货 (shock consolidation), 白银期货 (shock - strong and hitting a new high), etc. [2][3] - The A - share market has shown positive trends recently, with major indices rising in August. Multiple factors are expected to support its long - term positive development, and sectors such as technology, consumption, and dividend assets are favored [22][23][27] - The prices of international commodities are affected by various factors such as supply - demand relationships, economic data, and policies. For example, US crude oil production hitting a new high has pressured oil prices [17] Group 3: Summary by Related Catalogs 1. Futures Market Forecast (1) Stock Index Futures - On September 1st, 2025, 股指期货 will shock and consolidate and accumulate strength for an upward attack. Specific contracts have corresponding support and resistance levels. For example, IF2509 has resistance at 4550 and 4600 points and support at 4500 and 4475 points [2] - In September 2025, IF, IH, IC, and IM main contracts are expected to be shock - strong [30][31] (2) Bond Futures - On September 1st, 2025, the ten - year treasury bond futures main contract T2512 will likely have a wide - range shock, with support at 107.66 and 107.53 yuan and resistance at 107.91 and 108.04 yuan. The thirty - year treasury bond futures main contract TL2512 will also likely have a wide - range shock, with support at 116.0 and 115.3 yuan and resistance at 116.8 and 117.4 yuan [2][3] (3) Precious Metal Futures - On September 1st, 2025, the gold futures main contract AU2510 will likely be strong - shock and attack resistance levels of 794.9 and 796.3 yuan/gram, with support at 785.4 and 783.6 yuan/gram. The silver futures main contract AG2510 will likely be shock - strong, attack resistance levels of 9650 and 9700 yuan/kg, and hit a new high since listing, with support at 9386 and 9347 yuan/kg [2][3] (4) Base Metal Futures - On September 1st, 2025, copper, zinc, and nickel futures will likely be strong - shock; aluminum, alumina, tin, and industrial silicon futures will likely be weak - shock; and lead futures' trend is not specifically mentioned in this part of the prediction [3][4] (5) Energy and Chemical Futures - On September 1st, 2025, crude oil, glass, and soda ash futures will likely be weak - shock; PTA, PVC, and methanol futures will also likely be weak - shock [6][7] (6) Agricultural Product Futures - On September 1st, 2025, soybean meal futures will likely be strong - shock; soybean oil, palm oil, and cotton futures will likely be weak - shock [7] 2. Macro - Information and Trading Tips - The State Council held a meeting to study element market - oriented reform pilot projects, deploy county - level high - school revitalization, and review relevant medical plans [8] - Multiple departments have introduced policies to promote employment, support private enterprises, and develop inclusive childcare services [8][9] - The economic data shows that the business revenue of state - owned enterprises is flat, and the manufacturing and non - manufacturing PMIs have rebounded [9] - International events include Sino - US economic and trade exchanges, and the development of Sino - Russian economic cooperation [9][11] 3. A - Share Market Analysis - On August 29th, the A - share market had most major indices rising, with 3300 stocks falling, and some sectors such as lithium - battery, rare - earth, and CRO concepts leading the gains [22] - In August, the Shanghai Composite Index rose 7.97%, the Shenzhen Component Index rose 15.32%, and the ChiNext Index rose 24.13% [23] - In the future, the A - share market is expected to maintain a long - term positive trend, supported by factors such as policy support and economic improvement [27] 4. International Stock and Bond Markets - On August 29th, US stocks closed down due to factors such as technology stock corrections, tariff concerns, and inflation data. European stocks also closed down, affected by geopolitical risks and other factors [29][30] - On August 29th, US bond yields showed different trends, with long - term yields rising and short - term yields fluctuating greatly [56]

1. Report Industry Investment Rating - Goldman Sachs maintains an "Overweight" stance on Chinese stocks; Standard Chartered Bank maintains an "Overweight" rating on Chinese stocks in its "2025 H2 Global Market Outlook" [38] 2. Core Viewpoints of the Report - China's economic sentiment generally continues to expand, with the official manufacturing PMI, non - manufacturing PMI, and composite PMI in August showing month - on - month increases [2][20] - The overseas business of futures companies is accelerating development, driven by policy support and the concentrated overseas expansion of Chinese enterprises [3] - The bond market is expected to have limited adjustment space and may continue to consolidate in the short term [26] - The A - share market may show a phased shock consolidation feature in September, with market hotspots in a rotation state [38] 3. Summary by Directory 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter [1] - In August 2025, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month; the non - manufacturing business activity PMI was 50.3%, up 0.2 percentage points [1][2][20] - In July 2025, M1 and M2 increased by 5.6% and 8.8% year - on - year respectively, showing an upward trend [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Personal consumer loan interest subsidies will be available from September 1st, with multiple banks promoting related products [2] - Many domestic commodity futures showed inventory changes on August 29th, with some increasing and some decreasing [4][5] - China and the US held economic and trade talks, emphasizing cooperation and the management of differences [6] 3.2.2 Metals - As of mid - August 2025, the price of electrolytic copper increased by 0.94% month - on - month [7] - London's basic metals generally rose on August 29th, with domestic copper demand expected to improve [7] - International precious metal futures generally closed higher due to weak US economic data [8] 3.2.3 Coal, Coke, Steel and Minerals - In H1 2025, the coking industry faced difficulties, with most listed coke companies reporting losses [9] - As of mid - August 2025, the prices of most coal products increased, while the price of rebar decreased slightly [9] 3.2.4 Energy and Chemicals - China is promoting policies to support private enterprises in major projects and consumer replacement [11][12] - China has achieved large - scale thermal recovery of offshore heavy oil, with production hitting a record high [12] - As of mid - August 2025, the prices of most oil and gas products decreased [12] 3.2.5 Agricultural Products - As of mid - August 2025, the prices of most agricultural products increased [14][15] - China is strengthening the management of crop varieties and protecting permanent basic farmland [15] - A batch of Russian rapeseed oil was imported into Chengdu, marking a new breakthrough in international grain and oil trade [16] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 22.731 trillion yuan of reverse repurchases will mature, and 1 trillion yuan of 91 - day repurchase agreements will mature on Friday [18] - On August 29th, the central bank conducted 782.9 billion yuan of 7 - day reverse repurchases, resulting in a net investment of 421.7 billion yuan [19] 3.3.2 Important News - The economic sentiment in China continues to expand, and policies are being promoted to support private enterprises and consumer replacement [20] - The sales of TOP100 real estate enterprises from January to August decreased by 13.3% year - on - year, and the market may recover moderately in September [22] - Many small and medium - sized banks have recently cut deposit rates [23] 3.3.3 Bond Market Summary - The bond market was generally strong, with yields of major interest - rate bonds in the inter - bank market declining slightly [26] - Most Vanke bonds rose, and the CSI Convertible Bond Index fell [26] 3.3.4 Foreign Exchange Market - The on - shore RMB rose against the US dollar, while the US dollar index fell slightly [29][30] 3.3.5 Research Report Highlights - After Powell's speech, the market's expectation of a Fed rate cut in September increased [31] - The Trump administration may interfere with the Fed's personnel, potentially leading to monetary easing [31] 3.3.6 Today's Reminder - On September 1st, 121 bonds will be listed, 64 bonds will be issued, 82 bonds will be paid, and 604 bonds will have principal and interest repaid [33][34] 3.4 Stock Market News - Next week, 29 A - shares will be lifted from lock - up, with a total market value of 18.877 billion yuan [35] - In H1 2025, Shanghai - listed companies' revenues decreased slightly, while profits increased [35] - As of the end of August, the scale of Shanghai ETFs exceeded 3.7 trillion yuan, with significant capital inflows [36]

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting over 3,200 projects to stimulate private investment, with a total investment exceeding 3 trillion yuan, aiming to enhance the participation of private enterprises in major national projects [1][2]. Group 1: Project Promotion and Investment - The NDRC has introduced a platform to promote projects focusing on key sectors such as transportation, energy, water conservancy, and new infrastructure, facilitating the attraction of private capital [2][3]. - As of June 20, 2023, a total of 11,745 projects have been promoted to private capital, with a total investment amounting to 10.14 trillion yuan [3]. Group 2: Private Investment Growth - From January to May 2023, private investment remained stable, with a year-on-year growth of 5.8% in non-real estate private investment [4]. - The hospitality and catering sector saw a significant increase in private investment by 25.3%, while the cultural, sports, and entertainment sectors grew by 10.0% [4]. Group 3: Regional Initiatives - Various provinces have released investment project lists aimed at attracting private capital, with Hubei planning to introduce 916.7 million yuan across 229 projects, and Shanxi planning 622 million yuan across 60 projects [5]. - Yunnan has established a project database with 382 projects totaling 345.66 billion yuan, covering diverse sectors such as energy, agriculture, and digital economy [5].

Group 1 - The National Development and Reform Commission is accelerating the establishment of a long-term mechanism for private enterprises to participate in major national projects, with an investment scale of approximately 3 trillion yuan in key areas such as transportation, energy, and new infrastructure this year [1] - Private enterprises have become a driving force in implementing major national strategies, contributing to various sectors from nuclear power to high-speed rail and new infrastructure [1][2] - The introduction of the "Private Economy Promotion Law" on May 20 will provide solid legal protection for private enterprises, establishing their legal status and promoting sustainable and high-quality development [2] Group 2 - Policy optimizations, such as the revision of the negative list for market access, have opened up sectors like railways and nuclear power to private enterprises, enhancing their participation in major projects [2][3] - A sustainable participation ecosystem is being constructed, focusing on optimizing the business environment, simplifying administrative processes, and enhancing policy support [3] - The establishment of a systematic service mechanism aims to address decision-making challenges for private enterprises, improving their confidence and effectiveness in participating in national projects [3]