Report Information - Report Name: Morning Meeting Minutes [2] - Release Date: August 27, 2025 [3] - Publisher: Zhongyuan Futures Research and Consulting Department [1] Industry Investment Rating - The report does not mention the industry investment rating. Core Views - The market is entering an upward trend, with increasing consensus, positive feedback between funds and sentiment, and favorable internal and external environments. The expectation of the Fed's interest rate cut in September further boosts the expectation of loose liquidity. However, short - term fluctuations may increase, and low - lying and stagnant large - consumption sectors may have opportunities for supplementary gains [18]. - For various commodities, different market trends and trading suggestions are provided based on supply - demand fundamentals, price movements, and other factors [11][12][13][15][17]. Summary by Catalog 1. Chemical and Agricultural Product Price Quotes - **Chemical Products**: On August 27, 2025, compared with August 26, prices of most chemical products showed different degrees of change. For example, the price of coking coal increased by 12.0 to 1,172.50, with a rise of 1.034%; the price of crude oil decreased by 9.30 to 486.80, with a decline of 1.875% [4]. - **Agricultural Products**: On August 27, 2025, compared with August 26, the prices of agricultural products also changed. For example, the price of No. 1 yellow soybean decreased by 13.0 to 3,961.00, with a decline of 0.327%; the price of white sugar increased by 3.0 to 5,635.00, with a rise of 0.053% [4]. 2. Macroeconomic News - The Chinese government emphasizes expanding high - quality service imports, promoting institutional opening of service trade, and accelerating the construction of a unified national market [7]. - China's foreign investment flow has ranked among the top three globally for 13 consecutive years since 2012, and the stock of foreign investment has ranked among the top three for 8 consecutive years, accounting for 7.2% of the global total [7]. - The 17th meeting of the Standing Committee of the 14th National People's Congress will be held from September 8th to 12th, 2025, to review multiple legal drafts and reports [7]. - State - owned enterprises are required to deepen industrial assistance in Tibet and promote the construction of major projects [8]. - The National Energy Administration will guide reasonable and green energy consumption with the "15th Five - Year Plan" for the new power system [8]. - Trump claims that the US has completed trade agreements with the EU, Japan, and South Korea and may impose high tariffs on imported furniture [8]. - China's total social logistics volume is expected to reach 380 trillion yuan in 2025, and the total income of the logistics industry is expected to exceed 14 trillion yuan [9]. - The summer tourism demand in 2025 is strong, with an average order price increase of 9.9% year - on - year [9]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Sugar**: On August 26, the sugar main contract showed a downward trend. With supply pressure and mild demand, it is recommended to sell high, focusing on the support levels of 5,600 and 5,550 [11]. - **Corn**: On August 26, the corn main contract was weakly volatile. With new grain supply pressure and weak demand, a bearish strategy is maintained, focusing on the support levels of 2,150 and 2,130 - 2,140 [11]. - **Pigs**: The spot price of pigs is stable with a slight increase, while the futures price is volatile and bearish [11]. - **Eggs**: The spot price of eggs is expected to rise slightly, while the futures price is recommended to be shorted on rebounds [11]. - **Cotton**: The ICE US cotton futures fell, and the Zhengzhou cotton futures were affected little by the quota. With the possible start of the peak season orders, the cotton price may rise slightly [13]. 3.2 Energy and Chemical Products - **Urea**: The domestic urea market price is stable. With sufficient supply and weak demand, the futures price may be weakly volatile, focusing on the range of 1,700 - 1,800 yuan/ton [12]. - **Caustic Soda**: As the peak demand season approaches, the caustic soda 2511 contract is expected to be strong, and a long - on - dips strategy is recommended [12]. - **Coking Coal and Coke**: The prices of coking coal and coke are expected to fluctuate repeatedly and run in a volatile manner [12]. 3.3 Industrial Metals - **Copper and Aluminum**: The copper price may be bullish if it breaks through the range, and the aluminum price is expected to remain high [13][15]. - **Alumina**: The alumina market is in an oversupply situation, and the 2601 contract is in range consolidation [15]. - **Rebar and Hot - Rolled Coil**: The steel price is under pressure and is expected to be volatile in the short term [15]. - **Ferroalloys**: The ferrous alloy market is weakly volatile, and short - term wide - range fluctuations are expected to continue [15]. - **Lithium Carbonate**: After the lithium carbonate price breaks through the range, a light - position long - entry after stabilization is recommended, focusing on the support level of 78,000 yuan [17]. 3.4 Options and Finance - **Stock Index Options**: On August 26, the three major A - share indexes showed different trends. Trend investors can focus on arbitrage opportunities, and volatility investors can trade according to the rise and fall of the underlying index [17]. - **Stock Indexes**: The A - share market is in an upward trend, but short - term fluctuations may increase. Attention should be paid to the high - low switching of funds, and the bull market judgment is maintained, but risk control is needed [18][19].