Core Points - The upcoming 2025 Qiong-Tai Economic and Trade Cooperation Exchange Conference in Haikou will attract over 200 participants from Taiwan's business community and youth representatives, highlighting the importance of Qiong-Tai cooperation in deepening cross-strait integration and supporting Hainan's free trade port development [2][4] - Hainan's policies, such as value-added tax and personal income tax incentives, are seen as significant advantages for Taiwanese businesses, enhancing their competitiveness and operational efficiency [3][4] - The Qiong-Tai Exchange Cooperation Base has become a key platform for economic collaboration, attracting over 60 Taiwanese enterprises across various sectors, including agriculture, manufacturing, and logistics, with more than 20,000 acres of land leased [3][4] Economic Cooperation - Hainan's trade with Taiwan saw a year-on-year increase of 20.4% from January to July 2025, with over 2,808 registered Taiwanese enterprises and actual utilized Taiwanese capital exceeding $5.9 billion as of August 2025 [4] - The establishment of the Hainan Taiwan Youth Innovation and Entrepreneurship Service Center aims to provide comprehensive support for Taiwanese youth in entrepreneurship, including guidance, policy consultation, and market expansion [7][8] Cultural Exchange - The second Qiong-Tai "Treasure Island Cup" youth cultural and sports exchange event in August 2025 involved over 200 participants, fostering mutual learning and friendship between youth from both regions [5][6] - Various cultural exchange activities, such as the annual Qiong-Tai Seven Fairy Water Festival, have been organized to deepen cultural ties and enhance understanding between the two regions [6] Policy Support - Hainan has introduced a series of supportive policies for Qiong-Tai exchanges, covering economic, employment, and educational aspects, with plans for more initiatives to facilitate Taiwanese youth's development in Hainan [8]

Financial Support for Agriculture - As of the end of August, the loan balance in key agricultural sectors increased by 17.09% year-on-year, significantly higher than the overall growth of 6.8% in RMB loans [4] - Farmers previously faced challenges in obtaining loans due to lack of collateral, but now over half of the operating loans do not require collateral or guarantees, relying solely on credit [7] - Various tailored loan products have emerged, including loans for specific agricultural activities such as "Smart Grain Warehouse Loan," "Marine Ranch Loan," and "Apple Flow E-Loan" [10] Insurance Developments - Agricultural insurance has improved significantly, with comprehensive cost insurance and income insurance for major crops like rice, wheat, and corn now available nationwide [12] - The cost of insurance has become more affordable, with farmers able to secure around 1000 yuan in coverage for a premium of about 10 yuan, largely subsidized by the government [12] - Specialty agricultural insurance products have also been developed to cover various types of farming, ensuring that farmers are protected based on what they grow [15] Policy and Economic Context - The current year is critical for consolidating poverty alleviation achievements, with stable summer grain production and increasing early rice yields [18] - The combination of supportive policies, financial empowerment, and effective insurance has created a robust safety net for farmers, enhancing their confidence in agricultural production [18]

Core Points - Ningxia will issue over one million consumption vouchers during the Mid-Autumn Festival and National Day holidays to stimulate market consumption [1][2] - Various promotional activities will be organized across five cities in Ningxia, focusing on integrating multiple industries such as commerce, culture, tourism, agriculture, and sports [1] - Specific initiatives include free parking, scenic area joint tickets, and targeted funding for shopping, dining, and cultural tourism [1][2] Summary by Category Consumption Vouchers - Ningxia plans to distribute over one million consumption vouchers across its five cities during the holiday period [1] - Shizuishan City will issue 105,000 vouchers under the theme "Double Festival Celebration" [1] Promotional Activities - Silver City has organized 159 activities under five themes, including "Happy Shopping" and "Enjoying Silver" [1] - Wuzhong City will allocate 20 million yuan for various sectors, including shopping and cultural tourism, coinciding with the fifth Wuzhong Early Tea Food Culture Festival [1] Tourist Experience Enhancements - Scenic areas like Shapotou will offer ticket discounts for visitors from multiple provinces [2] - The "Silver Ticket Gift" initiative allows citizens to enjoy discounts at over 700 local businesses by presenting event tickets or travel receipts [2] - Free parking and enhanced tourism bus services will be provided to improve visitor experience [2]

这场中美关税拉锯，从2018年头一炮打响，到2025年特朗普二度上台接着加码，步步走得急，闹得全球供应链都跟着晃荡。起初是特朗普签那道行政令，对 中国钢铝产品甩上25%和10%的关税，中国这边也没闲着，立马对美国128项产品回敬等额措施。 接着2018年7月，美国对340亿中国货加25%，中国对等反制；9月又来2000亿的10%，中国跟进600亿。2019年5月，美国把那2000亿从10%提到25%，中国加 600亿到5%-25%不等。8月美国再推3000亿的10%，中国对750亿美国货加5%-10%。这来来回回，关税清单像滚雪球，越滚越大。 到了2020年1月，第一阶段协议签了，中国承诺多买2000亿美国货，包括农产和能源，可执行起来磕磕绊绊。拜登接棒后，没松口，2022年5月审了301条 款，继续维持。 2023年8月，美国商务部对华为等加强出口管制，2024年5月14日拜登签令，对中国电动车加100%，半导体电池到50%。 特朗普2024年底胜选，2025年1月20日就职，2月1日三道行政令，对中墨加加10%，2月4日对中国10%生效。2月27日帖文宣布再加10%，3月3日行政令累计 20%。4月2日总 ...

Group 1 - The core point of the article is the resignation of Chen Jianjiang, the general manager of Xin Sai Co., Ltd., due to work adjustments, effective September 26, 2025 [1] - After his resignation, Chen Jianjiang will no longer hold any positions in the company or its subsidiaries [1] - As of the report, Xin Sai Co., Ltd. has a market capitalization of 2.7 billion yuan [1] Group 2 - For the first half of 2025, Xin Sai Co., Ltd.'s revenue composition is as follows: agriculture accounts for 82.55%, trade accounts for 28.21%, and industry accounts for 0.39%, with inter-segment eliminations at -11.15% [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The US second - quarter GDP was revised upwards, with inflation pressure remaining stubborn. The domestic anti - involution in various industries continued to advance. The A - share market was expected to maintain high - level fluctuations, and the bond market remained weak [2][3]. - Precious metals: Silver prices reached a new 14 - year high, and gold prices were oscillating at a high level. The uncertainty of the Fed's future monetary policy increased, and attention was paid to the PCE data [4]. - Copper: With the approaching of concentrate supply and the decline in domestic refined copper production expectations, copper prices were expected to maintain an oscillating upward trend in the short term [6][7]. - Aluminum: The reduction of the US economic growth rate and initial jobless claims limited the Fed's interest - rate cut expectations. The pre - holiday stocking boosted consumption, and aluminum prices were expected to remain stable and oscillate [8][9]. - Alumina: The pre - holiday stocking demand of downstream electrolytic aluminum plants increased, and the futures price was temporarily supported, but it was still expected to operate bearishly [10]. - Zinc: The weekly inventory reduction was obvious, and zinc prices had support at the bottom, but they lacked upward drive and were expected to continue low - level consolidation [11]. - Lead: The social inventory decreased significantly, which supported lead prices, but there was a risk of adjustment after high - level oscillation due to the recovery of supply and the decline of demand [12][13]. - Tin: Supported by the optimistic sentiment brought by the rise in copper prices and the low LME inventory, tin prices were oscillating at a high level [14]. - Lithium carbonate: The upstream production was active, and the downstream was in the seasonal peak season, but the spot performance was average, and lithium prices were oscillating [15]. - Nickel: The strong US economic data in the second quarter boosted nickel prices. Attention was paid to the intensity of typhoon disturbances, and nickel prices were oscillating [16][17]. - Soda ash and glass: The anti - involution policy was initially implemented in the glass industry, and the supply - demand of soda ash improved. Prices might still have the possibility of rising under policy drive [19][20]. - Steel: The steel inventory turned to reduction, and the futures price was expected to oscillate [21]. - Iron ore: The supply was stable, and the demand was supported by the pre - holiday replenishment. However, attention should be paid to the risk of high - level adjustment of futures prices [22][23]. 3. Summary According to Related Catalogs 3.1 Metal Main Varieties Yesterday's Trading Data - The report provided the closing data of major futures markets for various metal contracts, including closing prices, price changes, price change percentages, total trading volumes, total open interests, and price units [24]. 3.2 Industrial Data Perspective - For copper, the SHFE copper price increased, the LME copper price decreased slightly, and the inventory and other data changed [25]. - For nickel, the SHFE nickel price rose, the LME nickel price fell, and the inventory data was provided [25]. - For zinc, the SHFE zinc price increased, the LME zinc price was flat, and inventory and other data changed [28]. - For lead, the SHFE lead price rose slightly, the LME lead price increased, and inventory and other data changed [28]. - For aluminum, the SHFE aluminum price increased, the LME aluminum price rose, and inventory and other data changed [28]. - For alumina, the SHFE alumina price increased, and the national average spot price decreased slightly [28]. - For tin, the SHFE tin price increased, the LME tin price rose, and inventory and other data changed [28]. - For precious metals, the prices of gold and silver in different markets were provided, and the gold - silver ratio and inventory data were also given [28]. - For rebar, the futures price increased slightly, and data such as spot prices, basis, and price differences were provided [30]. - For iron ore, the futures price increased slightly, and data such as spot prices, basis, and freight rates were provided [30]. - For coke, the futures price increased, and data such as spot prices and price differences were provided [30]. - For coking coal, the futures price increased, and data such as spot prices and basis were provided [30]. - For lithium carbonate, the futures price increased, and data such as spot prices and price differences were provided [30]. - For industrial silicon, the futures price increased, and data such as spot prices were provided [30]. - For soybeans and meal, the prices of CBOT soybeans, soybean meal, and rapeseed meal changed, and data such as import prices and spot prices were provided [30][32].

巴西财政部长费尔南多·阿达与农业界的沟通渠道仍在运作。他近期多次强调，政府愿意倾听各方意 见，寻求兼顾财政责任与行业发展的方案。 巴西议会农业阵线（FPA）也在积极与政府沟通。FPA主席、国会议员佩德罗·卢皮恩（Pedro Lupion） 说："我们与财政部进行了良好的谈话，谈判没有陷入僵局。" 新华财经圣保罗9月26日电（记者杨家和）在巴西财政政策调整和经济复苏进程中，政府与农业部门的 关系正因一项金融税收提案而面临考验。财政部近期提出对农业信贷票据（LCA）征收更高税率的主 张，在国会引发强烈反响。农业派系担心此举将增加生产成本，削弱行业融资能力，而财政当局则强调 该措施有助于提高税制公平性和稳定公共财政。 农业信贷票据是巴西农业融资的重要工具。根据官方数据，该机制在近年来为农户和企业筹集了数百亿 雷亚尔资金，是支持生产链扩张和出口的重要金融支柱。财政部提出的税收调整，则旨在缩小不同投资 产品之间的税收差异，并为联邦政府弥补财政缺口创造条件。 然而，国会农业派系迅速表态反对。多名议员指出，提高LCA税率不仅会抑制市场需求，还可能削弱巴 西在全球农产品市场的竞争力。业内人士认为，在国际粮食价格波动和国内生产 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints The report focuses on the price fluctuations of the black and infrastructure upstream industries, and presents the latest situation of the production and service industries through mid - level event overviews, as well as the operating conditions of the upstream, mid - stream, and downstream industries [1][2][3]. 3. Summary by Directory Mid - level Event Overview - **Production Industry**: The third fifth meeting of the Copper Branch of the China Non - Ferrous Metals Industry Association was held on September 24 in Xiongan New Area, with the low copper concentrate processing fees due to "involution - style" competition being the most prominent issue. The Ministry of Agriculture and Rural Affairs held a video conference on September 25, emphasizing stable supply of "vegetable basket" products, winter - spring vegetable production, and regulation of pig production capacity [1]. - **Service Industry**: The Ministry of Education and the State Administration for Market Regulation jointly issued the "Guidelines for the Procurement and Acceptance Management of Bulk Food Ingredients in School Canteens" to improve campus food safety [1]. Industry Overview - **Upstream**: The prices of glass (black) and cement (infrastructure) have rebounded [2]. - **Mid - stream**: The polyester industry's operating rate is at a three - year median, power plant coal consumption is at a median level, and the asphalt operating rate is rising [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have slightly declined, and the number of domestic flights is at a median level [3]. Key Industry Price Index Tracking | Industry Name | Index Name | Update Time | Current Value | Year - on - Year | | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | 9/25 | 2288.6 yuan/ton | 0.06% | | | Spot price: Egg | 9/25 | 7.8 yuan/kg | - 3.13% | | | Spot price: Palm oil | 9/25 | 9188.0 yuan/ton | - 1.90% | | | Spot price: Cotton | 9/25 | 15106.7 yuan/ton | - 1.45% | | | Average wholesale price: Pork | 9/25 | 19.4 yuan/kg | - 0.56% | | Non - ferrous Metals | Spot price: Copper | 9/25 | 82435.0 yuan/ton | 2.99% | | | Spot price: Zinc | 9/25 | 21864.0 yuan/ton | - 0.65% | | | Spot price: Aluminum | 9/25 | 20783.3 yuan/ton | - 0.59% | | | Spot price: Nickel | 9/25 | 124400.0 yuan/ton | 1.18% | | | Spot price: Aluminum | 9/25 | 17031.3 yuan/ton | - 0.33% | | | Spot price: Rebar | 9/25 | 3204.5 yuan/ton | 2.02% | | Ferrous Metals | Spot price: Iron ore | 9/25 | 807.9 yuan/ton | 0.04% | | | Spot price: Wire rod | 9/25 | 3385.0 yuan/ton | 1.27% | | | Spot price: Glass | 9/25 | 15.1 yuan/square meter | 5.60% | | Non - metals | Spot price: Natural rubber | 9/25 | 14958.3 yuan/ton | 0.73% | | | China Plastic City Price Index | 9/25 | 790.2 | - 0.39% | | | Spot price: WTI crude oil | 9/25 | 65.0 dollars/barrel | 2.03% | | Energy | Spot price: Brent crude oil | 9/25 | 68.5 dollars/barrel | 1.48% | | | Spot price: Liquefied natural gas | 9/25 | 3808.0 yuan/ton | - 1.19% | | | Coal price: Coal | 9/25 | 790.0 yuan/ton | 1.15% | | Chemical | Spot price: PTA | 9/25 | 4635.0 yuan/ton | - 0.19% | | | Spot price: Polyethylene | 9/25 | 7346.7 yuan/ton | - 0.65% | | | Spot price: Urea | 9/25 | 1647.5 yuan/ton | - 1.49% | | | Spot price: Soda ash | 9/25 | 1262.5 yuan/ton | 0.00% | | Real Estate | Cement price index: National | 9/25 | 134.8 | 2.53% | | | Building materials composite index | 9/25 | 114.4 points | 0.33% | | | Concrete price index: National index | 9/25 | 91.7 points | - 0.09% | [36]

Core Viewpoint - The conference held in Lhasa aimed to deepen cooperation between the region and enterprises, celebrating the 60th anniversary of Tibet Autonomous Region's establishment [1] Group 1: Conference Overview - The event was co-hosted by the China Council for the Promotion of International Trade and the People's Government of Tibet Autonomous Region, with over 200 participants from various sectors [1] - Keynote speeches were delivered by Ren Hongbin, President of the China Council for the Promotion of International Trade, and Zhao Peng, Vice Chairman of Tibet Autonomous Region [1] Group 2: Industry Participation - A total of 65 enterprises from various industries, including agriculture, energy, biomedicine, and cultural tourism, participated in the conference, including 11 well-known foreign enterprises [1] - The conference facilitated in-depth exchanges between enterprise representatives and officials from relevant departments in Tibet [1] Group 3: Investment Promotion - Local officials from Lhasa, Shigatse, and Nyingchi provided targeted investment promotion presentations, highlighting key industry layouts, resource advantages, and investment policies [1] - A signing ceremony for cooperation projects took place, covering sectors such as automotive technology and agriculture [1] Group 4: Ongoing Support for Tibet - The China Council for the Promotion of International Trade has a history of supporting Tibet's development, including training and promoting unique industries like Tibetan carpet exports [2] - Over the past 35 years, the Tibet Autonomous Region's trade promotion agency has organized nearly 6,000 enterprises to participate in over 480 domestic and international exhibitions, achieving a cumulative transaction volume exceeding 890 million yuan [2]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The economic data in July - August reveals a complex macro - economic situation. There is pressure of marginal slowdown in economic growth, but counter - cyclical policies are in place. The stock market is strong, and the commodity market is volatile. Overseas, the Fed restarted the interest - rate cut cycle in September, but the path of future rate cuts is uncertain [2]. - The RMB exchange rate is likely to fluctuate between 7.09 - 7.15 this week. The strong US economic data supports the US dollar index and increases the uncertainty of the Fed's future rate - cut path [4][5]. - The stock index is under pressure due to the weakening expectation of the Fed's rate cut. However, there is support from positive policies, so the downside space is limited [6]. - The bond market is expected to remain volatile. Policy support exists, and operations should focus on oversold rebounds [7]. - The shipping index (European line) futures price is generally rising, driven by the increase in quotes by MSC and the closing of short positions by some investors [8][9]. - Precious metals are expected to be bullish in the medium - to - long - term. Gold is likely to fluctuate at a high level in the short - term, and silver may rise further if it breaks through key levels. It is recommended to hold light positions during the National Day holiday [10][12]. - The supply - side shortage has significantly pushed up the copper price. The long - term shutdown of Freeport's Grasberg mine will impact the global copper supply chain [13]. - Aluminum is expected to fluctuate strongly, alumina is likely to be weak, and cast aluminum alloy is expected to fluctuate strongly in the short - term [15][16][17]. - Zinc is expected to have its center of gravity move down slowly. It is recommended to buy in - the - money put options or sell out - of - the - money call options [18]. - Nickel and stainless steel are expected to be strong in the short - term, affected by supply concerns in the nickel ore market and the rise in cobalt prices [18][19]. - Tin is expected to fluctuate. It is recommended to wait for opportunities for long positions [20]. - Carbonate lithium is expected to fluctuate between 70,000 - 75,000 yuan/ton before the National Day holiday [21][22]. - Industrial silicon and polysilicon are in a situation of "strong expectation, weak reality". It is recommended to be cautious when participating in polysilicon investment [23][24]. - Lead is expected to fluctuate at a high level. The short - term contradiction lies in raw materials, and it is necessary to observe the demand's acceptance of prices [26]. - Steel products face problems of high supply and insufficient demand, with pressure on de - stocking. However, there is support from raw material replenishment before the holiday. Attention should be paid to the risk of negative - feedback production cuts after the holiday [27][28]. - Iron ore is expected to fluctuate. The supply is at a medium - to - high level, and the demand is in a tight balance due to pre - holiday replenishment by steel mills [29][30]. - Coking coal and coke are expected to be affected by the "anti - involution" policy. It is not recommended to short coking coal. Attention should be paid to the demand recovery after the holiday and relevant policies [31][32]. - Ferrosilicon and ferromanganese have cost support, and the downside space is limited. It is recommended to try long positions at specific price levels [33][34]. - Crude oil is rebounding driven by geopolitical risks, but the upside space is limited in the absence of major geopolitical events. The long - term trend may be weak [35][36]. - LPG is expected to fluctuate weakly. The domestic supply is controllable, and the chemical demand is temporarily strong [37][38]. - PX - PTA is recommended to be cautiously bought. The polyester demand is seasonally strong but lacks sustainability, and the supply - side contradictions may be alleviated [40][41]. - Ethylene glycol is expected to fluctuate between 4150 - 4300 yuan. It is recommended to wait for market drivers [44]. - Methanol is recommended to hold short - put options. The main contradiction lies in the port, and the 01 contract has limited upside potential [45][46]. - PP's downside space is limited. Attention should be paid to device changes and opportunities for long positions at low prices [48][49]. - PE is expected to fluctuate. The supply may increase, and the demand recovery is slow, but the downside space is limited due to macro - expectations and low valuations [51][52]. - Pure benzene is expected to fluctuate weakly. The supply is expected to increase in the fourth quarter, and the demand is uncertain [53]. - Styrene has more supply disturbances. The supply is expected to increase after September, and the demand is limited. It is recommended to observe and consider widening the spread between pure benzene and styrene [54]. - Fuel oil is recommended to be observed due to concerns about supply reduction from Russia. The supply is expected to increase slowly, and the demand is stable [55]. - Low - sulfur fuel oil is currently weak. The supply is abundant, and the demand is sluggish [56][57]. - Asphalt is expected to continue to fluctuate within a range. The supply is increasing, the demand is affected by weather and funds, and the inventory is improving [58][59]. - Soda ash has a pattern of strong supply and weak demand. The long - term supply is expected to remain high, and the price is restricted by high inventory [60]. - Glass is expected to be easy to rise but difficult to fall. The supply - side may have uncertainties, and the demand is weak in the short - term [61]. - Caustic soda's spot price is weakening. The supply is fluctuating due to maintenance, and the demand varies by region [62]. - Pulp is recommended to be bought at low prices in the futures market and to sell out - of - the - money put options in the options market [63][64]. - Logs are recommended to use the interval grid strategy and the covered put strategy [66][67]. - Propylene is expected to fluctuate. The futures market is consolidating, and the cost pressure on the demand side still exists [68][69]. - Pigs are recommended to be short - sold at high prices due to high supply [70][72]. - Oils are expected to fluctuate in the short - term. Pay attention to the far - month rising opportunities of palm oil and the widening of the rapeseed oil 15 - spread [73]. Summaries by Relevant Catalogs Financial Futures - **Macro**: The US Q2 GDP growth was revised up to 3.8%, and the weekly initial jobless claims decreased. The Fed's future rate - cut path is uncertain, and the market's expectation of a rate cut in October has cooled [1][2]. - **RMB Exchange Rate**: The RMB depreciated slightly against the US dollar. The strong US economic data supported the US dollar index, and the RMB is expected to fluctuate between 7.09 - 7.15 this week [3][4][5]. - **Stock Index**: The stock index was under pressure due to the weakening expectation of the Fed's rate cut. The CSI 300 index rose, and the trading volume increased [5]. - **Treasury Bond**: The bond market was volatile. The 30 - year Treasury bond trading was crowded, and the policy was supportive. It is recommended to buy on dips with proper position control [6][7]. - **Container Shipping**: The container shipping index (European line) futures prices rose. MSC raised its quotes, and the market was affected by pre - holiday capital fluctuations [8][9]. Commodities - **Precious Metals**: Gold and silver prices showed different trends. Silver, platinum, and palladium rose strongly. It is recommended to hold light positions during the National Day holiday [10]. - **Copper**: The copper price rose significantly due to the supply - side shortage caused by the accident at Freeport's Grasberg mine [13]. - **Aluminum Industry Chain**: Aluminum is expected to fluctuate strongly, alumina is likely to be weak, and cast aluminum alloy is expected to fluctuate strongly in the short - term [15][16][17]. - **Zinc**: Zinc is expected to have its center of gravity move down slowly. It is recommended to buy in - the - money put options or sell out - of - the money call options [18]. - **Nickel and Stainless Steel**: Nickel and stainless steel are expected to be strong in the short - term, affected by supply concerns in the nickel ore market and the rise in cobalt prices [18][19]. - **Tin**: Tin is expected to fluctuate. It is recommended to wait for opportunities for long positions [20]. - **Carbonate Lithium**: Carbonate lithium is expected to fluctuate between 70,000 - 75,000 yuan/ton before the National Day holiday [21][22]. - **Industrial Silicon and Polysilicon**: Industrial silicon and polysilicon are in a situation of "strong expectation, weak reality". It is recommended to be cautious when participating in polysilicon investment [23][24]. - **Lead**: Lead is expected to fluctuate at a high level. The short - term contradiction lies in raw materials, and it is necessary to observe the demand's acceptance of prices [26]. Black Commodities - **Rebar and Hot - Rolled Coil**: Steel products face problems of high supply and insufficient demand, with pressure on de - stocking. However, there is support from raw material replenishment before the holiday. Attention should be paid to the risk of negative - feedback production cuts after the holiday [27][28]. - **Iron Ore**: Iron ore is expected to fluctuate. The supply is at a medium - to - high level, and the demand is in a tight balance due to pre - holiday replenishment by steel mills [29][30]. - **Coking Coal and Coke**: Coking coal and coke are expected to be affected by the "anti - involution" policy. It is not recommended to short coking coal. Attention should be paid to the demand recovery after the holiday and relevant policies [31][32]. - **Ferrosilicon and Ferromanganese**: Ferrosilicon and ferromanganese have cost support, and the downside space is limited. It is recommended to try long positions at specific price levels [33][34]. Energy and Chemicals - **Crude Oil**: Crude oil is rebounding driven by geopolitical risks, but the upside space is limited in the absence of major geopolitical events. The long - term trend may be weak [35][36]. - **LPG**: LPG is expected to fluctuate weakly. The domestic supply is controllable, and the chemical demand is temporarily strong [37][38]. - **PTA - PX**: PX - PTA is recommended to be cautiously bought. The polyester demand is seasonally strong but lacks sustainability, and the supply - side contradictions may be alleviated [40][41]. - **MEG - Bottle Chip**: Ethylene glycol is expected to fluctuate between 4150 - 4300 yuan. It is recommended to wait for market drivers [44]. - **Methanol**: Methanol is recommended to hold short - put options. The main contradiction lies in the port, and the 01 contract has limited upside potential [45][46]. - **PP**: PP's downside space is limited. Attention should be paid to device changes and opportunities for long positions at low prices [48][49]. - **PE**: PE is expected to fluctuate. The supply may increase, and the demand recovery is slow, but the downside space is limited due to macro - expectations and low valuations [51][52]. - **Pure Benzene and Styrene**: Pure benzene is expected to fluctuate weakly. The supply is expected to increase in the fourth quarter, and the demand is uncertain. Styrene has more supply disturbances. The supply is expected to increase after September, and the demand is limited. It is recommended to observe and consider widening the spread between pure benzene and styrene [53][54]. - **Fuel Oil**: Fuel oil is recommended to be observed due to concerns about supply reduction from Russia. The supply is expected to increase slowly, and the demand is stable [55]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil is currently weak. The supply is abundant, and the demand is sluggish [56][57]. - **Asphalt**: Asphalt is expected to continue to fluctuate within a range. The supply is increasing, the demand is affected by weather and funds, and the inventory is improving [58][59]. Glass, Soda Ash, and Caustic Soda - **Soda Ash**: Soda ash has a pattern of strong supply and weak demand. The long - term supply is expected to remain high, and the price is restricted by high inventory [60]. - **Glass**: Glass is expected to be easy to rise but difficult to fall. The supply - side may have uncertainties, and the demand is weak in the short - term [61]. - **Caustic Soda**: Caustic soda's spot price is weakening. The supply is fluctuating due to maintenance, and the demand varies by region [62]. Others - **Pulp**: Pulp is recommended to be bought at low prices in the futures market and to sell out - of - the - money put options in the options market [63][64]. - **Logs**: Logs are recommended to use the interval grid strategy and the covered put strategy [66][67]. - **Propylene**: Propylene is expected to fluctuate. The futures market is consolidating, and the cost pressure on the demand side still exists [68][69]. Agricultural Products - **Pigs**: Pigs are recommended to be short - sold at high prices due to high supply [70][72]. - **Oils**: Oils are expected to fluctuate in the short - term. Pay attention to the far - month rising opportunities of palm oil and the widening of the rapeseed oil 15 - spread [73].