Core Viewpoint - Recently, a new company named Lincang Ant Mango Technology Co., Ltd. was established, focusing on various technology and agricultural services [1] Company Overview - The legal representative of the company is Wang Dingcong, with a registered capital of 500,000 RMB [1] - The company operates in a wide range of sectors including technology services, equipment sales, and agricultural services [1] Business Scope - The company’s business scope includes: - General projects such as technology services, development, consulting, and transfer [1] - Sales of material handling equipment and specialized instruments for navigation, surveying, meteorology, and oceanography [1] - Manufacturing of intelligent unmanned aerial vehicles (UAVs) and their sales [1] - Agricultural services including pest control, crop cultivation, and harvesting [1] - Environmental monitoring and detection equipment manufacturing and sales [1] - Various types of planting services including nuts, traditional Chinese medicine, legumes, tobacco, and grains [1] - Business training services excluding those requiring special licenses [1] Licensing and Regulatory Compliance - The company is authorized to engage in specific licensed activities such as operating unmanned balloons, surveying services, general aviation services, and flight training, subject to approval from relevant authorities [1]

Core Viewpoint - The A-share market is experiencing a "slow bull" trend driven by institutional reforms, optimized capital structure, and economic momentum transformation, with a positive outlook on long-term market conditions [1] Market Performance - On the morning of the 21st, the three major stock indices showed strong fluctuations, with the Shanghai Composite Index approaching 3,800 points, reaching a 10-year high; the ChiNext Index rose by 0.21%, and the STAR Market Index increased by 0.96% [1] - As of the midday close, the Shanghai Composite Index rose by 0.35% to 3,779.52 points, while the Shenzhen Component Index increased by 0.45% [1] - The total trading volume in the A-share market reached approximately 1.6 trillion yuan, with the combined trading volume of the Shanghai, Shenzhen, and North markets at 1.5916 trillion yuan [1] Sector Performance - Sectors such as non-ferrous metals, brokerage, and pharmaceuticals saw declines, while oil, electricity, coal, gas, and agriculture sectors experienced gains; the digital currency concept surged [1] Investment Outlook - Huaxi Securities indicates that the market is effectively reversing pessimistic expectations regarding long-term deflation and corporate profit collapse due to supply-side governance and demand-side policy support [1] - The improvement of the investor return mechanism is seen as a foundational element for sustaining the "slow bull" market [1] - The initiation of "deposit migration" among residents is expected to provide ample potential incremental funds, forming a positive feedback mechanism [1] - Long-term capital from insurance funds, social security, pensions, and potential stabilization funds is continuously entering the market, optimizing the investor structure in A-shares [1] - The direction of the "slow bull" market will align with national strategic priorities, focusing on new momentum and new technologies, supported by segments of large finance and new consumption [1]

Group 1 - In the late 1980s, Nintendo dominated the gaming industry with a 95% market share in Japan and 83% in North America, but this changed dramatically by the mid-1990s due to Sony's entry into the market [1][2] - The introduction of CD-ROM technology by Sony allowed for larger game sizes and lower costs, prompting Nintendo to consider upgrading from cartridge-based systems [2] - A partnership was formed between Nintendo and Sony to leverage Sony's technology while Nintendo maintained strict control over third-party licensing, but this partnership soon faced significant challenges [2][3] Group 2 - The partnership between Nintendo and Sony collapsed when Nintendo discovered a control rights loophole in their agreement, leading to Nintendo secretly negotiating with Philips [3][4] - At the 1991 CES, Sony was blindsided by Nintendo's announcement of a partnership with Philips, prompting Sony to launch the PlayStation independently, which became a major success [3][4] - The PlayStation sold approximately 100 million units, while Nintendo's subsequent console, the Nintendo 64, struggled due to its reliance on cartridges and high costs [3][4] Group 3 - The conflict between Nintendo and Sony exemplifies a "prisoner's dilemma," where both companies prioritized individual gains over collaboration, leading to suboptimal outcomes for both [4] - The dynamics of repeated interactions in trade negotiations, such as the U.S.-China tariff disputes, reflect similar patterns of behavior seen in the gaming industry rivalry [4][6] - The strategies employed in these repeated games highlight the importance of cooperation and the potential pitfalls of short-sighted tactics [4][6]

Group 1: Macroeconomic Overview - National general public budget revenue increased by 0.1% year-on-year in the first seven months of 2025, with a notable increase of 2.6% in July, marking the highest monthly growth of the year [3] - National general public budget expenditure grew by 3.4% year-on-year in the same period, with significant contributions from health and social security sectors [3] - Government fund budget revenue decreased by 0.7% year-on-year, indicating ongoing impacts from the real estate market adjustments [4] Group 2: Anfu Technology - Anfu Technology is expected to acquire a 43% stake in Nanfu Battery by 2026, significantly enhancing its earnings [8] - The restructuring strategy aims to deepen control over Nanfu Battery, with projected net profit of no less than 914 million yuan for 2025 [9] - The alkaline battery market is projected to grow, driven by trends such as smart home adoption and outdoor activities, with global retail sales expected to exceed $12 billion by 2025 [9][10] Group 3: Lenovo Group - Lenovo Group reported a strong start to FY2026, with total revenue reaching $18.8 billion, a 22% year-on-year increase [11] - The company’s three main business segments showed robust growth, with the IDG segment achieving $13.5 billion in revenue, up 18% [12] - Lenovo's AI strategy is advancing, with significant developments in both personal and enterprise AI solutions [12][13] Group 4: Ruoyuchen - Ruoyuchen's revenue for H1 2025 exceeded expectations, driven by a 242% year-on-year increase in self-owned brand sales [14] - The company is expected to maintain high growth rates, with EPS projections of 0.81, 1.20, and 1.62 yuan for 2025-2027 [15] - The self-owned brand "Zhanjia" has shown strong performance, contributing significantly to overall revenue growth [16] Group 5: Nuo Pin - Nuo Pin is positioned as a leader in high-end blueberry production, with a target EPS of 0.86, 1.26, and 1.56 yuan for 2025-2027 [18] - The company benefits from high barriers to entry in blueberry cultivation, leveraging unique climatic conditions in Yunnan [19] - Nuo Pin's sales channels are expanding, with a significant increase in fresh food revenue from 1 billion to 2.14 billion yuan from 2021 to 2024 [20]

1. Report Industry Investment Ratings No investment ratings for the entire industry are provided in the report. 2. Core Views of the Report - The A - share market showed a trend of opening low and rising high, with semiconductor stocks performing strongly. However, the four major stock index futures contracts declined, and it is expected that the market will enter a high - level shock to wait for the decision of the direction. [2][3][4] - The sentiment in the bond market is fragile, and the performance of treasury bond futures was weak in the afternoon, affected by the stock market. It is recommended to wait and see in the short - term and consider a curve - steepening strategy. [5][6] - For precious metals, due to the divergence among Fed officials and political pressure on some officials, investors' concerns have reignited, and precious metals prices rebounded. It is recommended to use bull - spread strategies for gold and maintain a low - buying mindset for silver. [8][9][10] - The container shipping futures are expected to be weakly volatile, and it is recommended to hold short positions in the 10 - contract. [13] - The prices of non - ferrous metals such as copper, aluminum, and zinc are mainly in a state of shock, affected by factors such as macro - economic data, supply and demand fundamentals, and inventory levels. [14][17][22] - The steel market maintains a shock pattern, with the fundamentals of rebar and hot - rolled coil showing differentiation. Iron ore and coking coal prices will follow the trend of steel products, and it is recommended to buy at low prices. [41][43][46] - For agricultural products, the long - term outlook for meal products is positive, while the prices of live pigs are affected by factors such as consumption and the epidemic, and the corn market is under supply pressure and shows a weak trend. [54][56][61] 3. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: The A - share market opened low and rose high, with the Shanghai Composite Index rising 1.04%. The four major stock index futures contracts declined, and the basis of the main contracts fluctuated neutrally. [2][3] - **News**: In July, China's general public budget revenue increased year - on - year, and overseas news mainly involved the US's stance on Ukraine and the expansion of steel and aluminum tariffs. [3][4] - **Funding**: On August 20, the trading volume of A - shares decreased, and the central bank conducted reverse repurchase operations with a net investment of 49.75 billion yuan. [4] - **Operation Suggestion**: It is recommended to buy put options to protect long positions or partially take profits on previous positions. [4] Treasury Bond Futures - **Market Performance**: Most treasury bond futures contracts closed down, and the yields of major interest - rate bonds generally rose. [5] - **Funding**: The central bank conducted 616 billion yuan of 7 - day reverse repurchase operations, with a net investment of 49.75 billion yuan. The inter - bank liquidity became balanced in the afternoon. [5][6] - **Operation Suggestion**: Wait and see in the short - term and consider a curve - steepening strategy. [6] Financial Derivatives - Precious Metals - **News**: The US and China had a good dialogue on economic and trade issues. The Fed's July meeting minutes showed internal differences, and there were political incidents involving Fed officials. [7][8] - **Market Performance**: Precious metals prices rebounded after a decline, with international gold rising 0.99% and international silver rising 1.41%. [9] - **Outlook and Suggestion**: There is still a demand for hedging in the market. It is recommended to use bull - spread strategies for gold and maintain a low - buying mindset for silver. [10][11] Financial Derivatives - Container Shipping Futures - **Spot Quotes**: The spot quotes of major shipping companies are provided, and the container shipping index shows a decline in the European line index and an increase in the US - West line index. [12] - **Fundamentals**: The global container shipping capacity has increased, and the demand in the eurozone and the US is at a certain level. [12] - **Logic and Suggestion**: The spot price is in a downward phase, which may put pressure on the futures price. It is recommended to hold short positions in the 10 - contract. [13] Commodity Futures - Non - Ferrous Metals Copper - **Spot**: The average price of electrolytic copper decreased, and the actual transaction was limited. [14] - **Macro**: The short - term trading focus is on the expectation of interest - rate cuts, and the US inflation data affects the expectation. [14][17] - **Supply**: The TC of copper concentrates increased slightly, and the production of refined copper increased in July. It is expected to decrease slightly in August. [15] - **Demand**: The operating rate of copper rod processing showed a mixed trend, and the overall demand was resilient. [16] - **Inventory**: COMEX and domestic social inventories increased, while LME inventory decreased. [16] - **Logic and Suggestion**: The copper price is mainly in a range - bound state, with the main contract reference range of 77,500 - 79,000 yuan/ton. [17] Aluminum Oxide - **Spot**: The spot price showed a north - south differentiation, with the north under pressure and the south supported. [17] - **Supply**: The production of metallurgical - grade aluminum oxide increased in July, and the operating capacity is expected to increase slightly in August. [18] - **Inventory**: The port inventory decreased, and the warehouse receipt registration increased. [18] - **Logic and Suggestion**: The market is in a state of slight surplus, and it is recommended to wait and see in the short - term and short at high prices in the medium - term. [19] Aluminum - **Spot**: The average price of A00 aluminum decreased, and the premium increased. [20] - **Supply**: The production of electrolytic aluminum increased in July, and the proportion of molten aluminum decreased. [20] - **Demand**: The operating rates of downstream industries increased slightly, but it is still in the off - season. [20] - **Inventory**: The domestic inventory of electrolytic aluminum ingots increased, and the LME inventory remained unchanged. [21] - **Logic and Suggestion**: The aluminum price is expected to be under pressure at a high level, with the main contract reference range of 20,000 - 21,000 yuan/ton. [22] Aluminum Alloy - **Spot**: The average price of aluminum alloy ADC12 remained unchanged. [23] - **Supply**: The production of recycled aluminum alloy ingots increased in July, and it is expected to remain stable in August. [23] - **Demand**: The demand was under pressure in July, and it is expected to improve marginally in late August. [23][24] - **Inventory**: The social inventory increased. [23] - **Logic and Suggestion**: The market is in a state of weak supply and demand, and the price difference between aluminum alloy and aluminum is expected to converge. The main contract reference range is 19,600 - 20,400 yuan/ton. [24] Zinc - **Spot**: The average price of 0 zinc ingots decreased, and the market trading was general. [25] - **Supply**: The zinc ore supply is in a loose cycle, and the production of refined zinc increased in July. [26] - **Demand**: The operating rates of primary processing industries were at a seasonal low, and the spot premium was weak. [27] - **Inventory**: The domestic social inventory increased, and the LME inventory decreased. [28] - **Logic and Suggestion**: The zinc price is expected to fluctuate, with the main contract reference range of 21,500 - 23,000 yuan/ton. [28] Tin - **Spot**: The price of 1 tin increased, and the market transaction was dull. [29] - **Supply**: The import of tin ore decreased in July, and the supply is difficult to improve in the short - term. [29] - **Demand**: The demand for solder decreased, and the overall demand is expected to be weak. [30] - **Inventory**: The LME inventory and social inventory decreased. [30] - **Logic and Suggestion**: The tin price is in a wide - range shock, and it is recommended to wait and see. [31] Nickel - **Spot**: The average price of electrolytic nickel decreased. [31] - **Supply**: The production of refined nickel was at a high level and is expected to increase slightly. [32] - **Demand**: The demand for electroplating and alloys was stable, while the demand for stainless steel and nickel sulfate was general. [32] - **Inventory**: The overseas inventory decreased, and the domestic social inventory increased slightly. [32] - **Logic and Suggestion**: The nickel price is expected to adjust in a range, with the main contract reference range of 118,000 - 126,000 yuan/ton. [33] Stainless Steel - **Spot**: The price of 304 cold - rolled stainless steel decreased, and the basis increased. [34][35] - **Raw Materials**: The prices of nickel ore and ferro - nickel were stable, and the price of ferro - chrome was expected to be strong. [35][37] - **Supply**: The planned production of stainless steel in August is expected to increase. [35] - **Inventory**: The social inventory decreased slowly, and the warehouse receipt increased. [36] - **Logic and Suggestion**: The stainless - steel price is expected to fluctuate in a range, with the main contract reference range of 12,800 - 13,500 yuan/ton. [37] Lithium Carbonate - **Spot**: The spot price of lithium carbonate remained unchanged, and the transaction improved after the price decline. [38] - **Supply**: The production of lithium carbonate increased in July and is expected to increase in August. [39] - **Demand**: The demand is expected to be optimistic, and the seasonal performance is weakened. [39] - **Inventory**: The overall inventory decreased slightly last week. [40] - **Logic and Suggestion**: The lithium carbonate price is expected to fluctuate widely, and it is recommended to wait and see and try to go long at low prices. [41] Commodity Futures - Black Metals Steel - **Spot**: The futures price first fell and then rose, and the basis strengthened. [41] - **Cost and Profit**: The cost support is expected to weaken, and the profit of steel products decreased. [42] - **Supply**: The production of iron and steel increased in August, and there is a pressure of inventory accumulation in August - September. [42] - **Demand**: The overall demand for steel increased year - on - year, but the demand for rebar decreased this period. [42] - **Inventory**: The inventory of five major steel products increased this week. [43] - **View**: The steel market is expected to maintain a high - level shock, and it is recommended to wait and see. [43] Iron Ore - **Spot**: The prices of mainstream iron ore powders showed a mixed trend. [45] - **Futures**: The prices of iron ore futures contracts decreased. [45] - **Basis**: The basis of different iron ore varieties is provided. [45] - **Demand**: The daily average pig iron output increased slightly, and the blast furnace operating rate decreased slightly. [45] - **Supply**: The global iron ore shipment increased, and the arrival volume decreased. [45] - **Inventory**: The port inventory increased slightly, and the steel mill inventory increased. [46] - **View**: The iron ore price is expected to follow the rebound of steel products, and it is recommended to buy at low prices. [46] Coking Coal - **Futures and Spot**: The coking coal futures price declined, and the prices of some coal types were loosened. [47] - **Supply**: The production capacity utilization rate of coal mines showed a mixed trend, and the inventory adjustment slowed down. [47][48] - **Demand**: The coking production increased slightly, and the downstream demand for replenishment weakened. [48][49] - **Inventory**: The overall inventory of coking coal decreased. [49] - **View**: It is recommended to buy at low prices and conduct a 9 - 1 long - spread arbitrage. [49] Coke - **Futures and Spot**: The coke futures price declined, and the sixth - round price increase was implemented, with the seventh - round initiated. [50][51] - **Profit**: The coking profit improved. [50] - **Supply**: The coking production increased slightly. [50] - **Demand**: The downstream demand for coke remained resilient, and the pig iron output is expected to decline slightly in August. [51] - **Inventory**: The overall inventory of coke decreased. [51] - **View**: It is recommended to buy at low prices for the 2601 contract and conduct a 9 - 1 long - spread arbitrage. [51][53] Commodity Futures - Agricultural Products Meal Products - **Spot Market**: The prices of soybean meal were stable to weak, and the prices of rapeseed meal decreased. The trading volume of soybean meal increased. [54] - **Fundamentals**: There were export sales reports of US soybeans, and the export volume forecasts of Brazilian soybeans and soybean meal increased. [54][55] - **Market Outlook**: The long - term outlook for meal products is positive, and it is recommended to go long at low prices. [55][56] Live Pigs - **Spot Situation**: The spot price of live pigs fluctuated, and the market sentiment improved. [57] - **Market Data**: The profit of live pig breeding showed a mixed trend, and the average slaughter weight increased. [57][58] - **Market Outlook**: It is recommended to wait and see due to the uncertainty in the far - end market. [59] Corn - **Spot Price**: The spot price of corn was generally weak, and the trading was light. [60] - **Fundamentals**: The inventories of corn in Guangdong Port and northern four ports decreased. [60][61] - **Market Outlook**: The corn market is under supply pressure and is expected to be weakly volatile. [61]

Core Viewpoint - Yancheng, a city with a rich revolutionary history, is leveraging financial support to drive rural revitalization and economic growth, particularly in the agricultural sector, while also focusing on green finance and technological innovation [1][2][9]. Financial Support for Agriculture - The People's Bank of China Yancheng Branch has signed loans exceeding 11 billion yuan for over 130 major agricultural projects, emphasizing the importance of rural revitalization in the revolutionary old area [2]. - Financial institutions are innovating products and reducing costs to support local agricultural enterprises, exemplified by a quick loan approval process that enabled a grain processing company to expand production [2]. Focus on Red Towns and Villages - Yancheng has 128 red towns and villages that are prioritized for financial services, with a loan balance exceeding 13.7 billion yuan, reflecting a growth of 30.48% compared to the beginning of the year [3]. - The introduction of specialized products like "Hongyan Loan" and initiatives such as "Field Financial Class" are aimed at meeting the specific needs of these communities [3]. Support for Small and Micro Enterprises - Small and micro enterprises constitute nearly 90% of Yancheng's businesses, with a total of 237.15 billion yuan in inclusive loans, marking a growth of 19.54% [4]. - Financial institutions are utilizing data-driven approaches to assess creditworthiness and provide timely loans to support operational needs [4][5]. Green Finance Initiatives - Yancheng is promoting green finance to support low-carbon development, with green credit balances reaching 341.89 billion yuan, an increase of 38.25% [7]. - Innovative financial products such as "Ecosystem Carbon Credit Loans" and "Water Rights Loans" are being developed to enhance ecological restoration efforts [7]. Technological Innovation Support - The financial sector is focusing on supporting high-tech and specialized enterprises, with loans for technology-driven companies reaching 437.56 billion yuan, growing by 26.99% [10]. - Initiatives like "Research and Development Loans" and "Talent Loans" are being implemented to facilitate innovation and product development in the region [9][10].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report provides trend judgments and trading strategies for various futures products based on fundamental and quantitative indicators. It analyzes the market conditions of different sectors, including macro - finance, black commodities, non - ferrous metals, agriculture, and energy - chemical industries, and offers corresponding investment suggestions. Summary by Relevant Catalogs 1. Macro Information - China's new LPR remains unchanged for three consecutive months, with the 1 - year at 3.0% and the 5 - year and above at 3.5% [10] - The Fed's July meeting minutes show that almost all policymakers support not cutting interest rates, with only two opposing. There are differences among officials on inflation, employment risks, and the impact of tariffs on inflation [10] - Multiple rural banks in Zhejiang, Guizhou, Jilin, etc., have lowered deposit rates, while many banks have launched large - value certificates of deposit with an annual interest rate of over 2% [10] - The US federal budget deficit is expected to reach $22.7 trillion in the next decade, nearly $1 trillion higher than the CBO's January forecast [11] 2. Macro Finance 2.1 Stock Index Futures - The strategy is to consider long - term buying on dips. The A - share market rebounded strongly on Wednesday, with the Shanghai Composite Index reaching a ten - year high. The semiconductor industry chain was strong, and sectors such as GPU, servers, and liquor led the rise [13] 2.2 Treasury Bond Futures - The curve steepening strategy can still be held in the medium - term cycle. The money market initially tightened and then eased. The stock - bond seesaw effect was obvious, and the long - end yield was strongly suppressed by the asset comparison logic [14] 3. Black Commodities 3.1 Spiral Steel and Iron Ore - Policy tone is milder. Seasonal demand is weak, but the medium - term supply - demand contradiction is not prominent. Steel mill profits are stable, and prices are expected to fluctuate. The futures price of rebar is affected by the rumored large - scale warehouse receipts [15][16][17] 3.2 Coking Coal and Coke - Prices may enter a high - level oscillation stage. Supply may be tight in the short term, but there is also downward pressure from factors such as the possible decline in steel mill iron - water production and sufficient imported Mongolian coal supply [17][18] 3.3 Ferroalloys - After the sharp decline in the double - silicon futures price, the short - term fundamentals have no rebound logic. It is recommended to hold previous short positions and consider taking profits on dips if there is a sharp decline [19] 4. Non - ferrous Metals and New Materials 4.1 Aluminum and Alumina - Aluminum prices are expected to rebound, and it is advisable to buy on dips because of downstream replenishment, the approaching peak season, and the expected Fed interest - rate cut. Alumina prices are expected to decline, and it is recommended to sell on rallies due to supply surplus [21][22] 4.2 Zinc - Social zinc inventories are increasing, and the supply is expected to increase. Zinc prices will oscillate downward as the macro - impact fades and the overseas inventory decline slows down [23] 4.3 Lithium Carbonate - Prices are expected to rise first and then fall. There is a short - term supply gap, but the fourth - quarter fundamentals will loosen, and the global lithium resource balance sheet is in surplus [24] 4.4 Industrial Silicon and Polysilicon - Industrial silicon is expected to oscillate as the polysilicon复产 supports de - stocking. Polysilicon is mainly affected by policy progress, with wide - range oscillations [25][27] 5. Agricultural Products 5.1 Cotton - In the long - term, it is advisable to sell on rallies due to weak downstream demand and future production increase pressure. In the short - term, it is recommended to wait and see. Pay attention to macro and supply - demand changes [29][30] 5.2 Sugar - Domestic sugar inventory is low, but the expected increase in processed sugar restricts prices. Pay attention to the short - covering opportunity during the Mid - Autumn and National Day stocking period [32] 5.3 Eggs - The supply pressure is high, and the futures contract is at a premium. It is recommended to reduce short positions gradually and be cautious about bottom - fishing [33] 5.4 Apples - The strategy is to conduct light - position positive spreads due to rainfall in the western production area [34] 5.5 Red Dates - It is recommended to wait and see as the spot market in Hebei is stable and weak, and the futures price oscillates widely [36] 5.6 Pigs - The short - term spot price is expected to oscillate at the bottom. It is recommended to be cautiously short on near - month contracts and pay attention to the 11 - 1 reverse spread strategy [37][38] 6. Energy - Chemical Industry 6.1 Crude Oil - EIA inventory reduction is short - term positive. In the long - term, the market may turn to a supply - surplus situation. It is advisable to try shorting on rallies [39] 6.2 Fuel Oil - The price follows the trend of crude oil. The market is affected by factors such as the peak power - generation season in the Middle East, weak shipping, and inventory accumulation [39] 6.3 Plastics - Polyolefins have high supply pressure and are expected to oscillate weakly. However, the expectation of eliminating backward capacity in the petrochemical industry may drive up prices. It is recommended to close previous short positions and wait and see [39][40] 6.4 Rubber - There is no obvious short - term contradiction in the fundamentals. It is advisable to short on dips with a stop - loss and be cautious about chasing high prices [42] 6.5 Methanol - The port inventory is increasing, and the price is under pressure. It is recommended to close short positions and wait and see due to the impact of the expectation of eliminating backward capacity in the petrochemical industry [43] 6.6 Caustic Soda - The spot price is stable, and the futures price has risen significantly. It is advisable for long - positions to take profits at an appropriate time [44] 6.7 Asphalt - The price follows the trend of crude oil. The asphalt market is in the off - season, with slow inventory reduction [45] 6.8 Polyester Industry Chain - It is advisable to try going long on dips. The PX supply - demand pattern is in tight balance, the PTA supply is tight, and the terminal demand shows signs of recovery [46][47] 6.9 Liquefied Petroleum Gas (LPG) - The price is expected to decline as the Russia - Ukraine issue eases. The supply is abundant, and the demand is weak in the medium - term [48] 6.10 Pulp - The coniferous pulp market is weak. It is recommended to observe whether the port de - stocking continues and whether the spot trading improves [49] 6.11 Logs - The fundamentals are oscillating. It is recommended to observe and consider hedging at high prices according to the spot situation [50] 6.12 Urea - The domestic demand is weak, and the market follows a wide - range oscillation pattern. Pay attention to the changes in China's urea export volume [50]

Group 1 - The national poverty rate in Ghana has increased from 39% in 2017 to 40% [1] - Many households in Ghana are struggling due to severe inflation, with prices of food, transportation, and other essentials skyrocketing [1] - In 2023, many families find it difficult to meet basic living needs even with a daily income of $3 [1] Group 2 - A broader poverty standard indicates that 57.2% of the population will still be in poverty in 2024, defined as living on less than $4.20 a day [1] - Ghana's economic challenges are not only about growth but also structural issues, with an over-reliance on capital-intensive industrial models [1] - From 2012 to 2023, the working-age population increased by 2.7 million, but net job creation was only 250,000 [1] Group 3 - Most jobs created in the past decade have been in low-productivity sectors, with limited growth in manufacturing and high-value services [1] - The gap in the labor market poses a threat to Ghana's development prospects and its ability to benefit from the demographic dividend [1]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - Economic growth shows a slowdown in the decline of container shipping freight rate indices, with power plant daily consumption falling from a high level, and demand - side indicators showing mixed trends [1][4]. - Inflation presents a situation where pork prices are slowly falling at a low level, and there are fluctuations in CPI and PPI components [2][4]. Group 3: Summary by Directory 1. Economic Growth: Slowdown in the Decline of Container Shipping Freight Rate Indices 1.1 Production: Power Plant Daily Consumption Falls from a High Level - Power plant daily consumption has declined. On August 19, the average daily consumption of 6 major power - generating groups was 912,000 tons, a 4.5% drop from August 12. On August 14, the daily consumption of power plants in eight southern provinces was 2.369 million tons, a 5.3% drop from August 6 [4][11]. - Blast furnace operating rates fluctuated slightly. On August 15, the national blast furnace operating rate was 83.6%, down 0.2 percentage points from August 8, while the capacity utilization rate was 90.2%, up 0.2 percentage points. The blast furnace operating rate of Tangshan steel mills remained flat at 92.6% [4][17]. - Tire operating rates were weakly stable. On August 14, the operating rate of truck - used all - steel tires was 63.1%, up 2.1 percentage points from August 7, and that of car - used semi - steel tires was 72.1%, down 2.3 percentage points [4][19]. 1.2 Demand: Slowdown in the Decline of Container Shipping Freight Rate Indices - The decline in the month - on - month sales of new homes in 30 cities slowed down. From August 1 to 19, the average daily sales area of commercial housing in 30 large and medium - sized cities was 179,000 square meters, down 6.1% from July, 15.0% from August last year, and 32.4% from August 2023 [4][24]. - The retail sales of the auto market are gradually picking up. In August, retail sales increased by 2% year - on - year, and wholesale sales increased by 20% year - on - year [4][27]. - Steel prices generally fell. On August 19, rebar, wire rod, hot - rolled coil, and cold - rolled prices decreased by 3.5%, 3.1%, 2.8%, and 0.2% respectively compared to August 12 [4][32]. - Cement prices generally rebounded. On August 19, the national cement price index rose 1.4% from August 12, with prices in East China and the Yangtze River region rising 4.4% and 4.3% respectively [4][33]. - Glass prices stopped falling and rebounded. On August 19, the active glass futures contract price was 1,215 yuan/ton, up 13.9% from August 12 [4][37]. - The decline of container shipping freight rate indices slowed down. On August 15, the CCFI index decreased by 0.6% from August 8, and the SCFI index decreased by 2.0% [4][40]. 2. Inflation: Slow Fall of Pork Prices at a Low Level 2.1 CPI: Slow Fall of Pork Prices at a Low Level - Pork prices are slowly falling at a low level. On August 19, the average wholesale price of pork was 20.2 yuan/kg, a 0.2% drop from August 12 [4][46]. - The agricultural product price index is slowly rising. On August 19, the agricultural product wholesale price index rose 0.8% from August 12, with different fluctuations in various varieties [4][51]. 2.2 PPI: Weak Fluctuation of Oil Prices - Oil prices are weakly fluctuating. On August 19, the spot prices of Brent and WTI crude oil were $67.6 and $62.4 per barrel respectively, down 0.01% and 1.3% from August 12 [4][54]. - Copper and aluminum prices declined. On August 19, the LME 3 - month copper and aluminum prices decreased by 0.2% and 1.4% respectively compared to August 12 [4][58]. - The month - on - month increase of the domestic commodity index narrowed. On August 19, the Nanhua Industrial Products Index decreased by 2.5% from August 12, and the CRB index decreased by 0.3% from August 11 [4][58].

Core Points - The Bank of Indonesia announced a 25 basis point cut in the benchmark 7-day reverse repo rate to 5%, marking the fifth rate cut since September last year and the lowest level since October 2022 [1] - The central bank aims to support economic growth while maintaining low inflation and stability of the Indonesian Rupiah, with inflation expected to remain within the target range of 2.5%±1% for this year and next [1] - Indonesia's GDP grew by 5.12% year-on-year in the second quarter, the highest growth rate in two years, while July's inflation rate rose to 2.37%, the highest in a year but still within the central bank's target [1] - The central bank projects GDP growth of 5.1% in 2025, driven by consumption, exports, and government spending, with an emphasis on increasing exports of mineral products, palm oil, and fishery products [1] - The central bank has urged banks to improve credit allocation efficiency, as credit growth slowed to 7.03% in July, and has implemented measures to enhance liquidity support [1] Market Reaction - Following the rate cut announcement, the Indonesian stock market responded positively, with the Jakarta Composite Index closing at 7939 points, up 0.97%, reaching a historical high, indicating strong recovery momentum and capital inflow trends, particularly in the financial, infrastructure, and agriculture sectors [2]