Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share strategy suggests short-term oscillation and long-term buying on dips [13] - Treasury bond futures recommend a curve steepening strategy for a stable approach and short-term buying on dips for an aggressive one [14] - Black commodities are expected to have limited short-term adjustment space and maintain a mid-term oscillating market [16][17] - For non-ferrous metals and new materials, different metals have different outlooks, such as short-term high-level oscillation for Shanghai Aluminum and mid-term shorting on rallies for Alumina [22] - In the agricultural product sector, different products like cotton, sugar, and eggs have their own trading suggestions based on supply and demand [28][31][34] - Energy and chemical products also vary, with crude oil likely to turn into a supply - exceeding - demand situation and suggesting shorting on rallies [41][42] Summary by Related Catalogs Macro News - China and Russia strengthen cooperation, with China implementing a visa - free policy for Russia from September 15, 2025, to September 14, 2026 [9] - The central bank's MLF had a net injection of 300 billion yuan in August, while PSL had a net withdrawal of 160.8 billion yuan [9] - A - share margin trading balance reached 2.296991 trillion yuan as of September 1, breaking the historical peak, with a cumulative increase of over 26% since June 23 [10] - The US ISM manufacturing index in August was 48.7, lower than the expected 49, and the output index fell into the contraction range [10] - The Eurozone's CPI in August increased by 2.1% year - on - year, and the core CPI slightly declined to 2.3% [11] Macro Finance Strategy - Short - term A - shares may oscillate, and long - term investors can consider buying on dips. On September 2, A - shares adjusted, with over 4000 stocks falling, and the Shanghai Composite Index dropped 0.45% [13] Treasury Bond Futures - A stable strategy is to continue with the curve steepening strategy, and an aggressive one is to consider short - term buying on dips. The bond market reacted calmly to the slightly improved PMI data in August [14] Black Commodities Spiral Steel and Iron Ore - Supply policies have limited impact on steel supply and market conditions. The market may experience a "peak season without a boom" due to limited downstream demand [15][16] Coking Coal and Coke - Prices may continue to oscillate at high levels in the short term. Supply is expected to be tight in the short term, but there are also factors pressuring prices [18] Ferroalloys - Silicon iron 10 contract has the possibility of premium repair, while manganese silicon is mainly shorted on rallies in the medium - long term [19] Soda Ash and Glass - Soda ash can be shorted on rallies, and glass is currently under observation [20] Non - Ferrous Metals and New Materials Aluminum and Alumina - Shanghai Aluminum is expected to oscillate at a high level in the short term, and Alumina is recommended to be shorted on rallies in the medium term [22] Shanghai Zinc - Zinc prices are expected to oscillate downward due to increasing supply and weak demand [23] Lithium Carbonate - It is expected to operate weakly and oscillate in the short term [24] Industrial Silicon - It will continue to oscillate with limited downward adjustment space, and the复产 progress of Xinjiang's leading manufacturers is the core contradiction [24][25] Polysilicon - Policy expectations will continue to affect the market, and there is a contradiction between policy expectations and fundamental over - supply [26] Agricultural Products Cotton - Short - term observation is advisable, and it is recommended to be short on rallies in the long term [28] Sugar - It is recommended to take a short - biased approach due to expected supply increases [31] Eggs - Consider short - term long positions on the 12 - 01 contract and maintain a reverse arbitrage logic [34] Apples - Buy on dips or use a long 10 short 01 positive arbitrage combination [35] Corn - Short the 01 contract on rallies [37] Red Dates - Observe the market [38] Pigs - Short near - month contracts on rallies and consider long positions on the 01 contract at low levels [38] Energy and Chemical Products Crude Oil - It may turn into a supply - exceeding - demand situation, and shorting on rallies can be considered [41][42] Fuel Oil - Its price will follow crude oil, and the short - term operating range of crude oil is estimated to be between $65 and $70 [42] Plastics - Polyolefins are expected to oscillate weakly due to supply pressure [43] Rubber - Consider buying on dips and be cautious when chasing high prices [44] Methanol - It may continue to oscillate weakly, but rumors of gas restrictions in Iran may cause disturbances. Short positions can be reduced [45] Caustic Soda - Maintain a long - term long position after the short - term trading rhythm [46] Asphalt - It follows crude oil and is stronger than crude oil. The short - term operating range of crude oil is estimated to be between $65 and $70 [48] Polyester Industry Chain - Temporarily observe the market for unilateral operations and consider PX positive arbitrage opportunities [49] Liquefied Petroleum Gas - It is recommended to maintain a long - term short - biased view [49] Pulp - Observe whether port de - stocking continues and the spot transaction and demand after Chenming's resumption of production [50] Logs - Observe the market in the short term [50] Urea - Observe the market and consider shorting when the futures price approaches the policy - limited price [51] Synthetic Rubber - Look for low - buying opportunities and be cautious when chasing high prices [52]

Group 1 - The company announced the resignation of Vice General Manager Wang Kai due to job relocation, effective from the date the resignation report was received by the board [1][2][4] - Wang Kai will no longer hold any positions in the company or its subsidiaries after his resignation [1] - The board expressed gratitude for Wang Kai's diligence and responsibility during his tenure [2]

Group 1 - The U.S. Court of Appeals ruled that most of Trump's global tariff policies are illegal, stating that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs [1][2][8] - The tariffs will remain in effect until October 14 to allow the Supreme Court time to review the case, despite Trump's criticism of the ruling [3][9][10] - The ruling does not affect industry tariffs imposed under the Trade Expansion Act of 1962, particularly those on automobiles, steel, and aluminum [4][12] Group 2 - The ruling highlights the boundaries of presidential power, emphasizing that trade powers are constitutionally assigned to Congress [6][8] - Trump's administration may expand the coverage of Section 232 tariffs as a contingency plan to maintain its trade agenda, even if the "reciprocal tariffs" are overturned [5][16][17] Group 3 - The expansion of industry tariffs is accelerating, with over 400 product lines added to steel and aluminum tariffs, imposing up to 50% tariffs on these products [18][19] - The total value of imported finished products affected by the latest metal tariffs exceeds $300 billion, indicating a broad impact on various sectors [20] - The U.S. government plans to open application windows three times a year for companies to include more products under tariff coverage, with the next application window starting in September [21][22][23]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Report Industry Investment Rating - No relevant information provided Core View of the Report - The fundamentals of rebar have not improved under the situation of both supply and demand increasing, with continuous inventory growth and accumulated industrial contradictions. Steel prices continue to be under pressure. Against the backdrop of the cost increase and the expectation of peak - season demand, rebar is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand performance [2] Summary by Related Catalogs Supply - Rebar weekly production increased by 59100 tons week - on - week to a high for the year, due to the resumption of production of construction steel mills and the return of production transfer. The blast furnace capacity utilization rate was 90.02%, a week - on - week decrease of 0.23 percentage points [1] Demand - Rebar weekly apparent demand increased by 94100 tons week - on - week, but the high - frequency daily transactions remained sluggish. Both were at a low level in the same period in recent years, and the improvement space of demand was questionable [1][2] Inventory - Rebar total inventory was 6.2339 million tons, a week - on - week increase of 163500 tons; factory inventory was 1.6962 million tons, a week - on - week decrease of 49100 tons; social inventory was 4.5377 million tons, a week - on - week increase of 212600 tons [1]

Report Industry Investment Rating - **Steel Products (including rebar and hot-rolled coil)**: Bearish [1][4][5] - **Iron Ore**: Cautiously bearish [1][6][7] - **Coke**: Bearish [1][10][11] - **Coking Coal**: Bearish [1][14][15] - **Manganese Silicon and Ferrosilicon**: Cautiously bearish [1][17][18] Core Viewpoints of the Report - The introduction of the steel industry's stable growth plan has limited positive effects. The overall steel market shows a trend of loose supply and demand, and there is a risk of a mid - term decline [1][4][5]. - The fundamentals of iron ore are neutrally bearish, with the market returning to a weak fundamental logic after the cooling of macro - sentiment [1][6][7]. - Coke has started the first round of price cuts, and there is a risk of a mid - term correction due to the weakening of the "anti - involution" atmosphere [1][10][11]. - Coking coal production recovers slowly, downstream replenishment slows down, and there is a downward risk in the mid - term [1][14][15]. - The supply and demand of manganese silicon and ferrosilicon tend to be loose, and the market sentiment is weak, with a focus on short - selling operations [1][17][18]. Summary by Variety Steel Products - **Rebar** - The stable growth plan of the steel industry has limited positive effects. Blast furnace profits have decreased but remain positive, and hot metal production remains at a relatively high level. Demand has increased month - on - month but is still lower than production, leading to an increase in inventory and a looser supply - demand margin. After the policy is implemented, there is a risk of continued decline [1][4][5]. - Futures prices: The latest prices of rebar 01, 05, and 10 are 3205, 3246, and 3129 respectively, with increases of 33, 32, and 18 [2]. - **Hot - rolled Coil** - Production and apparent demand have decreased slightly month - on - month, inventory has increased slightly, and the fundamentals are relatively stable. The impact of production restrictions during the parade is limited, and the overall supply and demand show a loose trend. There is a mid - term decline risk under the weak fundamentals of steel [1][4][5]. - Futures prices: The latest prices of hot - rolled coil 01, 05, and 10 are 3372, 3380, and 3385 respectively, with increases of 31, 32, and 36 [2]. Iron Ore - Hot metal production has decreased, steel mills have completed replenishment, and port inventories have increased. The shipment of foreign mines has increased while arrivals have decreased, and the fundamentals are neutrally bearish. After the cooling of macro - sentiment, trading returns to fundamentals, and ore prices fluctuate weakly [1][6][7]. Coke - Spot prices have started the first round of cuts, and the game between steel and coke enterprises is obvious. Affected by the parade, production restrictions in some areas have led to a marginal contraction in supply. Hot metal production remains at a high level. There is a mid - term correction risk due to the weakening of the "anti - involution" atmosphere [1][10][11]. - Futures market: The latest prices of coke 1 - month, 5 - month, and 9 - month contracts are 1672.5, 1760.0, and 1583.5 respectively [9]. Coking Coal - Affected by the parade, safety supervision in some areas has been upgraded, and coking coal production recovers slowly. Although hot metal production remains at a high level, downstream replenishment has slowed down, market sentiment has weakened, and Mongolian coal auctions have failed multiple times. The stable growth policy of the steel industry mainly focuses on stable supply for raw materials, with limited positive effects, and there is a mid - term downward risk [1][14][15]. - Futures market: The latest prices of coking coal 1 - month, 5 - month, and 9 - month contracts are 1175.0, 1222.0, and 1020.0 respectively [13]. Ferrosilicon and Manganese Silicon - **Manganese Silicon** - Supply and demand tend to be loose, weekly production continues to increase, and the operating rate in Yunnan has reached a five - year high. The replenishment of steel mills has ended, and attention should be paid to the new round of steel tenders at the end of the month. The total shipment of the three major countries is 83.53 million tons, a decrease of 20.96 million tons month - on - month, mainly from South Africa. Arrivals have increased slightly, and port inventories are basically the same as last week. The cost side still has some support, and short - selling is the main strategy [1][16][17]. - Futures prices: The latest prices of manganese silicon 01, 05, and 09 are 5842, 2888, and 5734 respectively [16]. - **Ferrosilicon** - Weekly production continues to increase, demand has declined, and the fundamentals tend to be loose. Enterprise inventories have decreased month - on - month, and warehouse receipts have stopped increasing and started to decrease, but the absolute level is still high, with relatively large inventory pressure. Short - selling on rallies is the main strategy [1][16][17]. - Futures prices: The latest prices of ferrosilicon 01, 05, and 09 are 5604, 5736, and 5426 respectively [16].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.105 billion yuan, a year-on-year increase of 26.39%, and a net profit attributable to shareholders of 828 million yuan, up 28.48% year-on-year [6] - The company continues to optimize its product structure, with seamless pipe revenue showing steady growth and composite pipe revenue experiencing significant increases due to overseas orders [6] - The company is expanding its presence in high-end sectors, with high-value products contributing to 20% of total revenue, reflecting a 15.42% year-on-year growth [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.618 billion yuan, with a year-on-year growth rate of 6.4% [2] - Net profit attributable to shareholders is projected to be 1.682 billion yuan in 2025, representing a 12.9% increase year-on-year [2] - Earnings per share are expected to be 1.72 yuan in 2025, with a projected PE ratio of 13 [2] Market Data - As of August 27, 2025, the closing price of the stock is 22.37 yuan, with a market capitalization of 21.362 billion yuan [3] - The stock has a dividend yield of 4.34% based on the most recent dividend announcement [3] - The company has a price-to-book ratio of 2.8 [3]

Group 1 - The stock price of Huada New Materials closed at 8.90 yuan on August 27, 2025, down 0.34 yuan, a decrease of 3.68% from the previous trading day [1] - The trading volume on that day was 75,345 lots, with a transaction amount of 0.69 billion yuan [1] - Huada New Materials operates in the steel industry, focusing on the research, production, and sales of multifunctional colored coated boards, hot-dip galvanized boards, and their substrates [1] Group 2 - In the first half of 2025, the company achieved total operating revenue of 3.101 billion yuan, a year-on-year decrease of 8.82% [1] - The net profit attributable to the parent company for the same period was 68.8147 million yuan, down 55.93% year-on-year; the net profit after deducting non-recurring gains and losses was 53.7341 million yuan, a decrease of 62.39% [1] - The net cash flow from operating activities was -1.076 billion yuan [1] Group 3 - On August 27, 2025, the net outflow of main funds was 1.4824 million yuan, with a cumulative net outflow of 13.7898 million yuan over the past five days [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Shanghai's adjustment of the property market purchase - restriction policy led to a significant rebound in black - series commodities and real - estate stocks, but the market focus has shifted to verifying downstream actual demand. For steel products, although it's the consumption peak season, due to the real - estate market still being in the bottom - building process, there are concerns that future demand recovery may fall short of expectations. For iron ore, while there is room for an increase in steel mill's molten iron output after the military parade, the current output is relatively high and terminal demand is not optimistic, so the upward space is limited. The supply is at a high level, and there is a possibility of inventory increase during the consumption peak season [2][5] - For both steel products (including rebar and hot - rolled coils) and iron ore, the recommended operation is to maintain a wait - and - see attitude, wait for price rebounds, and then choose the opportunity to short - sell at high prices [2][5] 3. Summary by Relevant Catalogs 3.1 Rebar and Hot - Rolled Coils - **Supply and Demand Situation**: Rebar production has decreased for the second consecutive week, with apparent demand turning from a decline to an increase. Factory inventories have increased for the third consecutive week, and social inventories have increased for the sixth consecutive week. The total output of the five major steel products has risen, total inventories have increased, and apparent demand has also increased. In the consumption peak season, apparent demand should gradually recover and total inventories are expected to decline, but due to the real - estate market situation, there are concerns about insufficient demand recovery [2] - **Technical Analysis**: After a short - term rebound with position reduction, rebar and hot - rolled coils have seen an increase in positions and a decline in prices, indicating possible short - term pressure [2] - **Operation Suggestion**: Maintain a wait - and - see attitude, short - sell on short - term after rebounds, and avoid chasing up or selling down [2] - **Data Details**: See Table 1 in the report, including price changes of futures and spot prices, basis and spread, production, inventory, apparent demand, etc. For example, the rebar main contract closing price is 3113 yuan/ton, down 0.80% from the previous day; the national building materials steel mill rebar production is 214.65 tons, down 2.63% from the previous week; the five - major varieties social inventory is 1017.21 tons, up 2.66% from the previous week [3] 3.2 Iron Ore - **Supply and Demand Situation**: The profitability of steel mills is acceptable, but the profit margin has回调, possibly due to the sharp increase in coke prices. The molten iron output of 247 steel mills is at a relatively high level, with limited upward space. The global iron ore shipment is at a high level, and the arrival volume is expected to increase. The port inventory shows signs of stabilizing, and there is a possibility of inventory increase during the consumption peak season [5] - **Technical Analysis**: The 01 contract fluctuates repeatedly near the middle track of the daily K - line Bollinger Band, with the overall Bollinger Band opening narrowing, and the probability of medium - term oscillation is high, with limited short - term upward space [5] - **Operation Suggestion**: Maintain a wait - and - see attitude, patiently wait for price rebounds, and then choose the opportunity to short - sell at high prices [5] - **Data Details**: See Table 2 in the report, including price changes of futures and spot prices, basis and spread, shipment, arrival volume, inventory, etc. For example, the DCE iron ore main contract settlement price is 776.5 yuan/dry ton, down 1.33% from the previous day; the Australian iron ore shipment is 1719 tons, up 17.93% from the previous week; the port inventory is 13845.2 tons, up 0.19% from the previous week [5] 3.3 Industry News - The US Department of Commerce issued affirmative rulings on anti - dumping and counter - vailing duties against 10 countries and regions for corrosion - resistant steel products, involving 2.9 billion US dollars of imported products [7] - In Yulin on August 26, state - owned large mines were operating normally, some private coal mines were shut down, and most coal mine inventories were at a medium level. The terminal inventory is mostly high, mainly for replenishing stocks as needed. Yulin coal prices are expected to fluctuate weakly [7] - In July, the output of medium - thick plate rolling mills, hot - continuous rolling mills, and cold - continuous rolling mills of key statistical enterprises increased year - on - year [7] - Currently, Tangshan's steel section mills using billets are implementing production restrictions, with low operating rates and capacity utilization rates, and transportation is also restricted. Factory inventories are sufficient, but overall sales are weak, and market sentiment is mixed [8]

Group 1 - The company Ansteel Corporation (鞍钢股份) announced the appointment of Mr. Tian Yong as the new General Manager, effective from August 26, 2025 [1] - Mr. Tian Yong has also been nominated by the board of directors as a candidate for the 10th Board of Directors as an executive director, pending approval at the shareholders' meeting [1]