Report Industry Investment Ratings No relevant content provided. Core Views of the Report Financial Futures - **Macro**: China's economy needs government support. Consumption - related policies will continue. Overseas, US inflation is resilient, and the market focuses on the Fed's actions [1]. - **Renminbi Exchange Rate**: The US dollar index shows a risk of downward break - out. The RMB against the US dollar is expected to fluctuate weakly and converge to the central parity rate [2]. - **Stock Index**: The domestic fundamentals are weak, putting pressure on the stock index. It will be affected by the Fed's rate - cut decision [4]. - **Treasury Bonds**: Focus on Sino - US economic talks and the Fed's September meeting. Hold long positions [5]. - **Container Shipping**: The decline of SCFIS European line has slightly converged. The futures price is likely to continue to fluctuate. Short - term intraday operations are recommended [7]. Commodities Non - ferrous Metals - **Gold & Silver**: Medium - to long - term may be bullish. Short - term, maintain the idea of buying on dips [8][11]. - **Copper**: It will be in a high - level consolidation. The price may be around 81,000 yuan per ton in the short term [12]. - **Aluminum**: It will be oscillating strongly. The weekly price range is 20,600 - 21,400 yuan/ton [14]. - **Alumina**: It will be in a weak operation. Recommend shorting on rallies [15]. - **Cast Aluminum Alloy**: It will be oscillating strongly. The price difference with aluminum is between 400 - 500 yuan/ton [16]. - **Zinc**: It will mainly oscillate [16]. - **Nickel & Stainless Steel**: They are strongly affected by the mining end. Short - term, they are in a bottom - strengthening oscillation [17]. - **Tin**: It will be in a high - level oscillation around 274,000 yuan per ton [20]. - **Lead**: It will be in a high - level oscillation. Be cautious about chasing high prices [21]. Black Metals - **Rebar & Hot - Rolled Coil**: The macro - level drives upward. The short - term fundamentals are mixed, but the macro - drive is strong, and the price shows an oscillatingly strong trend [24]. - **Iron Ore**: The shipment has recovered. The price will oscillate within a limited range before the National Day [26]. - **Coking Coal & Coke**: The overall supply is becoming more relaxed. The price will maintain a wide - range oscillation. Pay attention to the 1 - 5 reverse spread [28]. - **Silicon Iron & Silicon Manganese**: They are supported by cost and will be strong in the short term. Try to go long on specific contracts [29]. Energy and Chemicals - **Crude Oil**: Geopolitical disturbances drive a small rebound. Supply pressure dominates. Recommend shorting on rallies [31]. - **LPG**: Driven by the macro - level, the price goes up. The external market provides support [33]. - **PTA - PX**: They oscillate with the cost and the macro - environment. PTA processing fees are expected to be repaired [36]. - **MEG - Bottle Chip**: They are oscillating strongly in the short term due to macro - warming [37]. - **Methanol**: Reduce long positions. It may oscillate in the short term [38]. - **PP**: The downside space is limited. Recommend going long on dips [42]. - **PE**: The demand recovers slowly. It will maintain an oscillating pattern [45]. - **PVC**: It is recommended to wait and see. The current fundamentals are poor, but the short - selling willingness of funds is low [46]. - **Fuel Oil**: It fluctuates with the cost. It is not advisable to continue shorting [46]. - **Low - Sulfur Fuel Oil**: Pay attention to the opportunity to short the high - low sulfur spread in the far - month contract [47]. - **Asphalt**: It is pushed up by the "anti - involution" concept. The short - term peak season is not outstanding. Consider long - position allocation after the crude oil stabilizes [48]. - **Urea**: It is in a pattern of having support below and suppression above. The 01 contract is expected to oscillate between 1650 - 1850 [49]. - **Soda Ash**: The supply - demand pattern of supply exceeding demand remains unchanged. The price is restricted by high inventory [50]. - **Glass**: The price lacks a clear trend. Pay attention to supply - side ignition, cost, and demand seasonality [51]. - **Caustic Soda**: The spot price is weakening. Pay attention to the spot rhythm, peak - season performance, and downstream stocking enthusiasm [52]. - **Pulp**: It rebounds with the commodity sentiment. Recommend buying on dips [53]. - **Propylene**: The futures and spot prices diverge. The futures are driven up by the macro - level, while the spot weakens [55]. Agricultural Products - **Hogs**: Policy disturbances emerge again [56]. Summary by Relevant Catalogs Financial Futures - **Macro**: China's economic data in August shows "slow industry, weak investment, and light consumption". Policies in the consumption field will continue. Overseas, US inflation is resilient, and the market focuses on the Fed's actions [1]. - **Renminbi Exchange Rate**: The US dollar index shows a risk of downward break - out. The RMB against the US dollar is expected to fluctuate weakly and converge to the central parity rate. Enterprises are given corresponding exchange - rate operation suggestions [2][3]. - **Stock Index**: The domestic fundamentals are weak, putting pressure on the stock index. It is affected by the Fed's rate - cut decision, but the downward space is limited [4]. - **Treasury Bonds**: The bond market is less affected by the A - share market. The economic data in August is weak. Pay attention to Sino - US economic talks and the Fed's September meeting. Hold long positions [5]. - **Container Shipping**: The decline of SCFIS European line has slightly converged. The futures price is likely to continue to fluctuate. Short - term intraday operations are recommended [7]. Commodities Non - ferrous Metals - **Gold & Silver**: The price rises due to the Fed's easing expectations. The market focuses on the Fed's actions and tariff policies. Long - term, it may be bullish. Short - term, maintain the idea of buying on dips [8][11]. - **Copper**: The price is affected by the US inflation data and the Fed's rate - cut expectations. It will be in a high - level consolidation in the short term [12]. - **Aluminum**: It is affected by the Fed's rate - cut expectations and the improvement of fundamentals. The price is expected to be oscillating strongly in the early peak season [14]. - **Alumina**: The supply is in an oversupply state. The price may be weak in the short term. Recommend shorting on rallies [15]. - **Cast Aluminum Alloy**: It is affected by the shortage of scrap aluminum. It will be oscillating strongly [16]. - **Zinc**: It is mainly oscillating. The supply is in an oversupply state, and the demand is average [16]. - **Nickel & Stainless Steel**: They are strongly affected by the mining end. The fundamentals are stable. Short - term, they are in a bottom - strengthening oscillation [17]. - **Tin**: It is affected by the Fed's rate - cut expectations. It will be in a high - level oscillation around 274,000 yuan per ton in the short term [20]. - **Lead**: The price reaches a two - month high. The supply is relatively tight, and the demand is average. Short - term, the upward space is limited. Be cautious about chasing high prices [21]. Black Metals - **Rebar & Hot - Rolled Coil**: The macro - level drives upward. The current steel inventory is accumulating seasonally. The market has expectations for peak - season demand. The price shows an oscillatingly strong trend [24]. - **Iron Ore**: The shipment has recovered. The iron - water output has limited room for further increase. The price is expected to oscillate within a limited range before the National Day [26]. - **Coking Coal & Coke**: The supply is becoming more relaxed. The price will maintain a wide - range oscillation. Pay attention to the 1 - 5 reverse spread [28]. - **Silicon Iron & Silicon Manganese**: They are supported by cost and will be strong in the short term. Try to go long on specific contracts [29]. Energy and Chemicals - **Crude Oil**: Geopolitical disturbances drive a small rebound. Supply pressure dominates. Recommend shorting on rallies [31]. - **LPG**: Driven by the macro - level, the price goes up. The external market provides support [33]. - **PTA - PX**: They oscillate with the cost and the macro - environment. PTA processing fees are expected to be repaired [36]. - **MEG - Bottle Chip**: They are oscillating strongly in the short term due to macro - warming [37]. - **Methanol**: Reduce long positions. It may oscillate in the short term [38]. - **PP**: The downside space is limited. Recommend going long on dips [42]. - **PE**: The demand recovers slowly. It will maintain an oscillating pattern [45]. - **PVC**: It is recommended to wait and see. The current fundamentals are poor, but the short - selling willingness of funds is low [46]. - **Fuel Oil**: It fluctuates with the cost. It is not advisable to continue shorting [46]. - **Low - Sulfur Fuel Oil**: Pay attention to the opportunity to short the high - low sulfur spread in the far - month contract [47]. - **Asphalt**: It is pushed up by the "anti - involution" concept. The short - term peak season is not outstanding. Consider long - position allocation after the crude oil stabilizes [48]. - **Urea**: It is in a pattern of having support below and suppression above. The 01 contract is expected to oscillate between 1650 - 1850 [49]. - **Soda Ash**: The supply - demand pattern of supply exceeding demand remains unchanged. The price is restricted by high inventory [50]. - **Glass**: The price lacks a clear trend. Pay attention to supply - side ignition, cost, and demand seasonality [51]. - **Caustic Soda**: The spot price is weakening. Pay attention to the spot rhythm, peak - season performance, and downstream stocking enthusiasm [52]. - **Pulp**: It rebounds with the commodity sentiment. Recommend buying on dips [53]. - **Propylene**: The futures and spot prices diverge. The futures are driven up by the macro - level, while the spot weakens [55]. Agricultural Products - **Hogs**: Policy disturbances emerge again [56].

预告时间：2025-09-1610:00 国务院新闻办公室2025年9月16日(星期二)上午10时举行"高质量完成'十四五'规划"系列主题新闻发布会，请农业 农村部部长韩俊介绍"十四五"时期农业农村发展成就，并答记者问。 ...

Market Overview - On September 16, A-shares opened higher across the board, with the Shanghai Composite Index rising by 0.14% and the ChiNext Index increasing by 0.2% [1] - The precious metals and small metals sectors showed strong performance, while sectors such as rare earths, photovoltaics, and agriculture experienced declines [1] Monetary Policy - The People's Bank of China announced a 287 billion yuan reverse repurchase operation for 7 days at a fixed rate of 1.40%, with a total bid amount of 287 billion yuan and a successful bid amount of 287 billion yuan [1] - On the same day, 247 billion yuan of reverse repos matured, resulting in a net injection of 40 billion yuan [1] Margin Trading - The margin trading balance in the two markets increased by 18.43 billion yuan, totaling 2369.99 billion yuan [2]

Group 1 - Guangzhou aims to enhance the quality and efficiency of East-West cooperation, focusing on deepening industrial and supply chain collaboration, and promoting the export of goods from Guizhou [4][5] - Meizhou targets local resources from returned hometown talents to implement the "Thousand Hometown Talents Investment Action" [5] - Dongguan is committed to advancing comprehensive support for Xinjiang while consolidating East-West cooperation results and enhancing industrial and consumer collaboration [6] Group 2 - Zhaoqing emphasizes the development of modern agriculture through industrialization, promoting the integration of agriculture, culture, tourism, and sports [7] - The 52nd Pig Industry Conference will be held in Guangzhou in December, highlighting the importance of the pig industry in the national livestock production and consumption landscape [9][10] - The "Media+" initiative is seen as a key driver for high-quality development in the livestock sector, particularly as the pig industry undergoes significant transformation [11] Group 3 - The "Thousand Towns, Ten Thousand Products" promotion event will take place in Guangzhou, showcasing unique agricultural products from the mountainous regions [21][23] - The strategic cooperation agreement between Zhaoqing and the Hong Kong Food Commission aims to enhance food trade and investment collaboration [28][29] - The introduction of advanced agricultural technologies, such as autonomous farming machinery and smart greenhouses, is transforming traditional farming practices and improving local agricultural output [34][36]

Core Insights - The domestic commodity futures market showed a strong upward trend on September 15, with industrial products like coking coal and coke leading the gains, driven by favorable policy factors [1][3] - The China Securities Commodity Futures Price Index closed at 1456.83 points, up 8.88 points or 0.61% from the previous trading day, while the China Securities Commodity Futures Index closed at 2011.89 points, up 11.98 points or 0.60% [1] Group 1: Coking Coal and Coke - Coking coal and coke both saw significant increases of over 4% on September 15, influenced by supply-side factors and a recent mine closure in Shanxi Province [3] - The National Bureau of Statistics indicated a focus on expanding domestic demand and effective investment, which is expected to support price recovery in key industries [3] - Market sentiment remains volatile due to expectations around "anti-involution" policies and the potential for supply disruptions [3] Group 2: Egg Market - The main egg contract opened high and rose nearly 5% during the day, ultimately closing up 3.12%, driven by pre-holiday stocking demand despite high inventory levels of laying hens [4] - Analysts suggest that after the holiday season, supply pressures may weigh on prices, recommending a focus on short positions in future contracts as demand subsides [4] Group 3: Agricultural Products - The agricultural products sector mostly declined, with red dates dropping 2.9%, leading the market downturn, attributed to weak terminal demand despite the upcoming holiday season [5] - The red date market is facing pressure from high inventory levels and low transaction volumes, with prices hitting a one-month low of 10,770 yuan per ton [5] - The protein meal and oilseed markets are under pressure due to increased supply and a neutral-to-bearish report from the USDA, which raised soybean planting area and ending stock expectations [6]

Core Viewpoint - The Jinhu County Guoyao Industrial Group is committed to deepening state-owned enterprise reform, integrating party leadership, green development, and social responsibility into its operations, aiming for high-quality development since its establishment in September 2024 [1][8]. Group 1: Red Core Direction - The company prioritizes political construction and high-quality party building to guide its development, ensuring that the political direction of state-owned enterprise reform is adhered to [2]. - It has established a robust organizational structure by integrating various operational segments and optimizing resource allocation, thereby enhancing the advantages of party organizations in driving enterprise growth [2][3]. - A competitive talent selection mechanism has been implemented, focusing on young professionals, with over 53% of technical staff being specialized personnel, fostering a proactive and capable workforce [3]. Group 2: Green Core Drive - The company is advancing a modern industrial system that integrates agriculture, culture, tourism, commerce, engineering, and renewable energy, emphasizing green development [4]. - It has developed a modern agricultural base with over 30,000 acres of land and 20,000 acres of water resources, achieving an annual output of over 600,000 pounds of fish and generating over 5 million yuan in revenue [4]. - The tourism sector has been enhanced through the establishment of various attractions, leading to over 3 million annual visitors and generating over 3 billion yuan in comprehensive output [5]. Group 3: Energy Gathering and Social Responsibility - The company emphasizes its social responsibility by integrating community support with its business operations, contributing to rural revitalization and employment [6][7]. - It has initiated volunteer services and community support programs, benefiting over 100 individuals annually and enhancing the local political and social environment [7]. - Cultural initiatives have been launched to engage the community, with over 300 events reaching more than 3 million participants, promoting local culture and enhancing the company's public image [7].

Economic Growth - Kyrgyzstan's GDP for January to August is estimated at 1.0421 trillion som (approximately 11.9 billion USD), reflecting a year-on-year growth of 11% [1] - The service sector accounts for 50.8% of the economy, while goods production industries represent 33.4%, and product taxes make up 15.8% [1] Sector Performance - Industrial output increased by 11.5% year-on-year, with mining growing by 15.5% and manufacturing by 10.8% [1] - The construction sector showed significant growth with a 34.8% increase in output [1] - Wholesale and retail trade grew by 11.6%, while the hotel and restaurant services sector saw a 25.4% increase [1] - Agricultural, forestry, and fishing sectors grew by 2.4%, and freight volume increased by 9.8% [1] - The telecommunications services sector experienced a growth of 6.6% compared to the same period last year [1] Consumer Prices and Trade - The consumer price index in Kyrgyzstan rose by 5.1% from December of the previous year [1] - The foreign trade volume from January to July was 8.6644 billion USD, showing a year-on-year decline of 6.4% [1] - Exports amounted to 1.4931 billion USD, down 13.3% year-on-year, while imports totaled 7.1713 billion USD, a decrease of 4.8% [1]

当地时间9月15日，乌克兰经济、环境与农业部宣布，乌克兰与欧盟在布鲁塞尔完成了关于《农业与农 村发展》章节的审查会议，这也是乌克兰加入欧盟谈判中最后一个集群的最终议题，标志着审查阶段全 部结束。据介绍，在为期三天的会议中，乌克兰方面介绍了农业改革、数字化进展、国家支持、市场监 管以及农业发展等28个专题，并汇报了本国立法与欧盟法律在财政与行政结构、农业市场、质量政策、 有机生产和农产品推广等方面的对接情况。乌经济部副部长巴什利克表示，乌克兰在推动农业政策向欧 盟标准靠拢方面已取得积极进展，但未来仍有大量工作需要完成。他强调，加入欧盟的进程需要双方的 共同努力与紧密协调，乌克兰愿意继续推进。 ...

Group 1 - The company, Zhongxing Junye, announced the convening of the sixth meeting of the fourth employee representative assembly on September 15, 2025 [2] - During the meeting, employee representatives elected Mr. Shao Xiaojun as the employee representative director of the fifth board of directors [2]

Core Viewpoint - The market shows mixed performance with the Shanghai Composite Index declining while the ChiNext Index remains strong, indicating sector-specific movements and underlying market dynamics [1] Market Performance - As of the close, the Shanghai Composite Index fell by 0.26% to 3860.5 points, while the Shenzhen Component Index rose by 0.63% to 13005.77 points, and the ChiNext Index increased by 1.52% to 3066.18 points [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached 23034 billion [1] Sector Analysis - Sectors such as insurance, banking, liquor, brokerage, and non-ferrous metals experienced declines, while agriculture, automotive, and real estate sectors saw gains [1] - Active sectors included online gaming, CXO concepts, and robotics [1] Investment Insights - Huaxi Securities emphasizes that the driving force behind the current bull market remains unchanged, with strong policy support for stabilizing the stock market and abundant potential incremental funds from residents [1] - High-growth sectors are expected to enjoy valuation premiums during industrial transformations, with a focus on hard technology and new productivity areas likely to receive policy catalysts following the upcoming Fourth Plenary Session in October [1] - The recent increase in overseas AI industry capital expenditure expectations has positively influenced market sentiment [1] - A selection of high-growth sectors is recommended, including solid-state batteries, energy storage, innovative pharmaceuticals, AI applications, and humanoid robots, as well as new consumption areas like IP economy and oral tobacco [1] - The backdrop of potential Federal Reserve interest rate cuts may provide dual support for Hong Kong stocks through foreign and southbound capital inflows, particularly in the internet sector [1]