Core Viewpoint - The overall performance of companies listed on the ChiNext board has significantly improved in the first half of 2025, achieving a total revenue exceeding 2 trillion yuan and a net profit exceeding 150 billion yuan, with year-on-year growth rates of over 9% and 11% respectively, leading the A-share market [2][4]. Group 1: Financial Performance - ChiNext companies collectively achieved a revenue of 2.05 trillion yuan in the first half of 2025, with an average revenue of 1.48 billion yuan, representing a year-on-year growth of 9.03% [4]. - The total net profit reached 150.54 billion yuan, with an average net profit of 109 million yuan, reflecting a year-on-year increase of 11.18% [4]. - Over 70% of ChiNext companies reported profits, with more than half experiencing a year-on-year increase in net profit, an increase of 4.86 percentage points compared to the previous year [5]. - In Q2 2025, ChiNext companies achieved a revenue of 1.10 trillion yuan, a quarter-on-quarter growth of 14.95%, and a net profit of 78.82 billion yuan, a quarter-on-quarter growth of 9.90% [5]. Group 2: Key Growth Areas - ChiNext companies are actively integrating into the broader economic development landscape, focusing on innovation-driven strategies in advanced manufacturing, digital economy, and green low-carbon sectors, with over 800 listed companies in these areas [6]. - In the first half of 2025, these three key sectors generated a total revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87%, and a net profit of 113.92 billion yuan, with a year-on-year growth of 15.90% [7]. - The green low-carbon sector showed strong performance, with over 190 companies achieving a revenue of 507.35 billion yuan, a year-on-year increase of 10.85%, and a net profit of 49.70 billion yuan, a year-on-year increase of 25.55% [8]. - The digital economy sector, with over 300 companies, reported a revenue of 370.95 billion yuan, a year-on-year growth of 8.66%, and a net profit of 29.22 billion yuan, a year-on-year growth of 40.03% [8]. - The advanced manufacturing sector achieved a revenue of 461.13 billion yuan, a year-on-year increase of 9.79% [8]. Group 3: Notable Highlights - The top 100 companies by market capitalization on the ChiNext board generated a revenue of 937.23 billion yuan, a year-on-year increase of 14.59%, and a net profit of 102.45 billion yuan, a year-on-year increase of 21.56% [11]. - Overseas revenue for ChiNext companies grew significantly by 21.26% in the first half of 2025, with notable increases in the electronics and communication sectors [11]. - The consumer electronics, automotive, and small home appliance sectors saw net profit increases of 16.80%, 9.57%, and 21.94% respectively, driven by policies supporting consumption recovery [12]. - Research and development expenditures for ChiNext companies totaled 94.99 billion yuan, a year-on-year increase of 5.35%, with a significant number of companies investing heavily in R&D [12]. - Long-term asset investments by ChiNext companies reached 182.23 billion yuan, reflecting a year-on-year growth of 9.43%, indicating a strong recovery in investment expansion intentions [13].

Core Insights - LME tin inventory has decreased to a two-year low of 1,630 tons on August 19, 2025, but has since increased to 2,175 tons, marking a two-month high [2] - Shanghai Futures Exchange reported a 1% weekly increase in tin inventory to 7,566 tons for the week ending August 29, 2025 [2] Inventory Trends - LME tin inventory data from August 2025 shows a fluctuation with a notable increase from 1,630 tons on August 19 to 2,175 tons by September 2 [4] - Shanghai Futures Exchange inventory has shown a consistent upward trend, with a recorded increase to 7,566 tons on August 29, 2025 [4] Market Implications - The decline in inventories at both LME and Shanghai Futures Exchange typically supports tin prices, while an increase in inventory may exert downward pressure on prices [2]

Core Viewpoint - The London Metal Exchange (LME) copper futures prices are experiencing fluctuations, with a current price of $9,969 per ton, reflecting a slight decline of 0.12% from the opening price of $10,018 per ton [1] Group 1: LME Copper Futures Performance - On September 2, LME copper futures opened at $9,896 per ton, reached a high of $10,015 per ton, a low of $9,844 per ton, and closed at $10,013.5 per ton, marking a 1.40% increase [1] - The intraday trading on September 3 saw copper prices peak at $10,038 per ton and dip to $9,965 per ton [1] Group 2: Market Indicators - The electrolytic copper spot price ratio between Shanghai and London was reported at 8.08, with an import profit and loss of 316.06 yuan per ton, up from 217.18 yuan per ton on the previous trading day [1] - The SHFE warehouse report indicated a decrease of 699 tons in copper futures warehouse receipts, bringing the total to 19,501 tons, with all reductions occurring in Guangdong warehouses, while Shanghai and Jiangsu remained unchanged [1] Group 3: LME Copper Inventory - As of September 2, LME registered copper warehouse receipts totaled 145,700 tons, with canceled receipts at 13,075 tons, reflecting a decrease of 100 tons [1] - The total copper inventory at LME was reported at 158,775 tons, also showing a reduction of 100 tons [1]

Report Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - The report analyzes various commodities and financial instruments, including energy, metals, agricultural products, and financial derivatives. It provides insights into market trends, supply - demand dynamics, and price outlooks for each category, suggesting trading strategies based on the analysis. Summary by Commodity Categories Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. The oil market is sensitive to geopolitical events. After Q3, due to OPEC+ production increase and weaker demand, there is a risk of inventory build - up. Consider shorting SC11 contract above 495 yuan/barrel with protective options [2]. - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and China's ship - fuel sales declined, but domestic refinery production was also low. With crude oil's geopolitical premium and delayed LU supply pressure, both LU and FU strengthened [22]. - **Asphalt**: In the traditional peak season, demand is increasing seasonally, and inventories are decreasing. The 10 - contract is supported at 3500 yuan/ton and is expected to be oscillating strongly in the short - term. Consider a spread strategy on BU and SC10 [23]. - **Liquefied Petroleum Gas**: After the off - season, it shows resilience. With rising import costs and rebounding demand, the spot price is up. The high - basis situation persists, and the short - term market is strong in the near - term and weak in the far - term [24]. Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the Fed's rate - cut expectation and boosting precious metals. Hold long positions and focus on US employment data [3]. - **Copper**: Overnight, copper prices broke through key levels. Short - term prices are affected by the Fed's rate cut, consumption substitution, and capital resonance. Hold short - term long positions and pay attention to call - option premiums [4]. - **Aluminum**: Overnight, Shanghai aluminum was strongly oscillating. Downstream开工率 has been rising seasonally, and inventory is likely to remain low. It will test the resistance at 21000 yuan in the short - term [5]. - **Alumina**: Production capacity is at a historical high, and supply surplus is emerging. The price is weak but may not fall deeply below the high - cost capacity. Watch the support at 2830 - 3000 yuan [6]. - **Zinc**: In September, refinery maintenance will reduce output, and low inventory will drive a short - term rebound. However, the mid - term outlook is bearish, and consider shorting at 2.3 - 2.35 yuan/ton [8]. - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, nickel prices rebounded. With inventory declines, the short - term market is oscillating instead of bearish [10]. - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, but watch inventory and capital changes. Hold short - term long positions above 27.1 million [11]. - **Carbonate Lithium**: The futures price declined, and the market was quiet. Inventory changes were mixed. The market is oscillating [12]. - **Polysilicon**: It oscillated below 52,000 yuan/ton. The spot price rose, but actual trading needs attention. The PS2511 price is expected to face pressure at 53,000 yuan/ton [13]. - **Industrial Silicon**: The futures price rose slightly. Supply surplus will intensify in September, and the price may fall after the short - term rally. Watch the support at 8300 yuan/ton [14]. Building Materials - **Rebar & Hot - rolled Coil**: Night - session steel prices rebounded. Rebar demand and production increased, while hot - rolled coil's decreased. Inventory is rising. The market is under pressure, and the decline may slow down. Watch the demand improvement and production restrictions [15]. - **Iron Ore**: The overnight iron ore price rebounded. Global shipments increased, and domestic arrivals also rose. Demand may decline due to the parade. It is expected to oscillate at a high level [16]. - **Coke**: The price oscillated widely. The first round of price cuts was partially implemented, and inventory decreased slightly. The price is under short - term pressure and is highly volatile [17]. - **Coking Coal**: Similar to coke, the price oscillated widely. Production increased slightly, and inventory decreased. It is under short - term pressure and volatile [18]. - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. Manganese ore prices may have limited downside. Observe the support at the previous low [19]. - **Silicon Iron**: Supply is rising, and demand is fair. Inventory is slightly decreasing [20]. Shipping - **Container Shipping Index (European Line)**: MSC announced empty - sailing plans for the Golden Week. The spot price is under pressure, but the downward space is limited. The market is expected to oscillate and be affected by other alliances' plans [21]. Chemicals - **Urea**: The futures price oscillated. Daily production decreased slightly, and inventory increased. The market is expected to oscillate [25]. - **Methanol**: Coastal available supply is abundant, and inventory is rising. However, with downstream demand expected to increase, the market outlook is optimistic [26]. - **Pure Benzene**: The price rebounded. Supply increased, and demand was weak. The market may improve in Q3. Watch downstream demand and oil prices [27]. - **Styrene**: Crude oil and pure benzene cannot support styrene effectively. Supply is high, demand is weak, and inventory is rising [28]. - **Polypropylene, Plastic & Propylene**: Propylene production inventory is controllable, but downstream acceptance is limited. Polyethylene demand is mixed, and polypropylene supply pressure is increasing [29]. - **PVC & Caustic Soda**: PVC supply pressure is high, demand is weak, and inventory is rising. It may oscillate weakly. Caustic soda is supported by demand but may face supply pressure later, with a wide - range oscillation expected [30]. - **PX & PTA**: Prices oscillated at a low level. Demand is improving, but the actual supply - demand situation has limited improvement. Watch device operations, oil prices, and polyester load [31]. - **Ethylene Glycol**: The price oscillated around 4350 yuan/ton. Supply increased, and demand was stable but weakening. Watch new capacity and policy changes [32]. - **Short - fiber & Bottle - chip**: Short - fiber supply - demand is stable, and it may be bullish in the medium - term if demand improves. Bottle - chip has over - capacity issues [33]. Agricultural Products - **Soybean & Soybean Meal**: Due to Sino - US trade uncertainties, the soybean meal market may oscillate in the short - term. It may be bullish in the medium - to long - term, but pay attention to supply in Q1 next year [37]. - **Soybean Oil & Palm Oil**: Prices rebounded after a short - term decline. Consider buying at low prices in the long - term, but manage risks [38]. - **Soybean (Domestic)**: The price rebounded as short - positions were reduced. Policy auctions increased supply, and new beans will be on the market soon. Watch the new - bean price [39]. - **Corn**: Dalian corn futures were weak. Feed companies may build inventory at 2150 yuan/ton. After the new - grain purchase enthusiasm fades, the price may be weak at the bottom [40]. - **Pig**: Spot prices were mixed, and futures prices were weak. Supply may increase in September, but demand may also rise during holidays. Prices may face downward pressure [41]. - **Egg**: Spot prices were stable, and futures prices rebounded. The industry is in capacity reduction, and consider long - positions in far - term contracts [42]. - **Cotton**: US cotton prices fell due to better weather. Chinese cotton may oscillate, with support below and limited upside in the short - term. Consider buying on dips [43]. - **Sugar**: US sugar may face pressure, and the domestic market has limited upside. The price is expected to oscillate [44]. - **Apple**: The price oscillated at a high level. Early - maturing apples had high prices, but supply may be stable. Short - term price may rise, but be cautious in the long - term [45]. - **Wood**: The price oscillated. Supply may remain low, and inventory pressure is small. Wait and see for now [46]. - **Pulp**: The futures price rose slightly. Supply is relatively loose, and demand is average. Adopt a wait - and - see or range - trading strategy [47]. Financial Instruments - **Stock Index**: The stock market oscillated, and futures contracts showed different trends. There are short - term macro uncertainties. Increase allocation in technology - growth sectors and also consider consumption and cyclical sectors [48]. - **Treasury Bond**: Treasury bond futures oscillated flat. US employment data and Fed's stance affect the market. Consider curve - steepening strategies in short - term hedging [49].

Core Conclusions - The report emphasizes the importance of focusing on low-position elastic sectors during the mid-bull market phase, suggesting that these sectors may experience significant rebounds due to their low valuations, low holdings, and low growth rates [3][14]. - The report identifies a shift in market styles, indicating that while the TMT sector has led the recent market rally, there is potential for growth in previously underperforming sectors as economic conditions improve and policies shift [3][14]. Market Style Discussion - Recent market performance shows that the TMT sector has outperformed, driven by strong fundamentals in AI investments, which are on an upward trajectory globally [3][13]. - The report suggests that mid-bull market sectors are likely to expand, and it is advisable to pay attention to low-position sectors that may benefit from style shifts, particularly those with improving policies or fundamentals [14][15]. - Historical data indicates that the style of leading sectors during the mid-bull market often differs from that of the early bull market, with sectors that performed well initially not necessarily maintaining their momentum [16][18]. Sector Recommendations - Non-bank financials are highlighted as a sector with high certainty of performance improvement and still low valuations [15]. - The military and non-ferrous metals sectors are recommended due to favorable supply-demand dynamics and limited impact from macroeconomic changes [15]. - The media sector is noted for its favorable policy environment and relatively high valuation attractiveness compared to other AI sub-sectors [15]. - Cyclical sectors such as steel, construction materials, and chemicals are expected to benefit from supply-side policies and potential demand-side support, with low valuations making them attractive [15][24]. Style and Sector Analysis - The report discusses the potential for style shifts in the market, particularly as low-valuation sectors may see increased interest from institutional investors due to low holdings and the anticipated shift in market focus [21][22]. - The analysis indicates that sectors currently at low valuations, low holdings, and low growth rates include construction decoration, petroleum and petrochemicals, and real estate, which may present opportunities for recovery [23][24]. Seasonal Trends - The report notes that September typically shows weak seasonal trends for market styles, with a higher probability of style shifts occurring in Q4 [25][26]. - Historical data suggests that while small-cap growth has dominated in August, the likelihood of value styles gaining traction increases as the year progresses into the fourth quarter [26].

＃summary＃ 021-60635740 期货从业资格号：F3075681 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 请阅读正文后的声明 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 行业 锌期货日报 日期 2025 年 9 月 3 日 有色金属研究团队 研究员：彭婧霖 pengjinglin@ccb.ccbfutures.com 研究员：余菲菲 请阅读正文后的声明- 2 - 1. 2025 年 9 月 2 日 0#锌主流成交价集中在 22145~22275 元/吨，双燕主流成 交于 22305~22425 元/吨，1#锌主流成交于 22075~22205 元/吨。早盘市场 对 SMM 均价报价升水 20~30 元/吨，对盘报价几无。第二交易时段，普 通国产报价对 2510 合约贴水 40~30 元/吨，红鹭-v 对 2509 合约报价升水 40 元/吨，会泽对 2509 合约升水 70 元/吨，高价品牌双燕对 2510 合约升 水 120 元/吨 ...

Group 1 - The core viewpoint of the news is that LME aluminum futures prices are experiencing fluctuations, with a slight decline observed on September 3rd, 2023 [1] - On September 2nd, LME aluminum futures opened at $2619.5 per ton, reached a high of $2625.0, a low of $2600.0, and closed at $2621.5, reflecting a change of 0.08% [2] - The current price of LME aluminum futures is reported at $2612.5 per ton, showing a decrease of 0.25% from the opening price [1] Group 2 - The electrolytic aluminum spot price ratio between Shanghai and London is reported at 7.91, indicating an import loss of -1358.87 yuan per ton, compared to -1323.15 yuan per ton on the previous trading day [2] - As of September 2nd, LME registered aluminum warrants totaled 468,750 tons, with canceled warrants at 10,850 tons, a decrease of 1,450 tons [2] - LME aluminum inventory stands at 479,600 tons, also reflecting a decrease of 1,450 tons [2] - The Shanghai Futures Exchange (SHFE) aluminum futures warrants increased by 125 tons to a total of 58,654 tons compared to the previous trading day [2]

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 两融数据显示，该股最新（9月2日）两融余额为44.31亿元，其中，融资余额为43.84亿元，近10日增加9.39亿元，环比增长27.25%。 机构评级来看，近10日共有10家机构对该股进行评级，预计目标价最高的是中金公司证券，8月29日中金公司证券发布的研报给予公司目标价为 29.00元。 公司发布的半年报数据显示，上半年公司共实现营业收入1677.11亿元，同比增长11.50%，实现净利润232.92亿元，同比增长54.41%，基本每股收 益为0.8770元，加权平均净资产收益率16.11%。（数据宝） （原标题：紫金矿业股价又创新高，今日涨2.87%） 紫金矿业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有11个交易日股价刷新历史纪录。截至09:35，该股目前上涨2.87%， 股价报25.11元，成交6242.18万股，成交金额15.72亿元，换手率0.30%，该股最新A股总市值达5169.83亿元，该股A股流通市值5169.63亿元。 证券时报•数据宝统计显示，紫金矿业所属的有色金属行业，目前整体涨幅为1.30%，行业内，目前股 ...

期货市场交易指引 2025 年 09 月 03 日 全球主要市场表现 | 指标 | 最新价 | 涨跌幅 | | --- | --- | --- | | 上证综指 | 3,858.13 | -0.45% | | 深圳成指 | 12,553.84 | -2.14% | | 沪深 300 | 4,490.45 | -0.74% | | 上证 50 | 2,992.88 | 0.39% | | 中证 500 | 6,961.69 | -2.09% | | 中证 1000 | 5,903.58 | 0.25% | | 日经指数 | 42,310.49 | 0.29% | | 道琼指数 | 45,295.81 | #DIV/0! | | 标普 500 | 6,415.54 | #DIV/0! | | 纳斯达克 | 21,279.63 | #DIV/0! | | 美元指数 | 98.3208 | 0.63% | | 人民币 | 7.1476 | 0.20% | | 纽约黄金 | 3,599.50 | #DIV/0! | | WTI 原油 | 65.59 | #DIV/0! | | LME 铜 | 10,013.50 | 1 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 2, the A-share market and multiple futures varieties showed diverse trends, influenced by factors such as market supply - demand, policy restrictions, and international market conditions [1][2][3][4][5][7][8][9][11][12] Summary by Variety Stock Index Futures - On September 2, the three major A - share indexes collectively declined. The Shanghai Composite Index fell 0.45% to 3858.13 points, the Shenzhen Component Index dropped 2.14% to 12553.84 points, and the ChiNext Index decreased 2.85% to 2872.22 points. The trading volume of the two markets reached 2875 billion yuan, an increase of 125 billion yuan from the previous day. The CSI 300 index also adjusted downward, closing at 4490.45, a decrease of 33.26 [1][2] Coke and Coking Coal - Coke: On September 2, the weighted coke index showed weak consolidation, closing at 1599.6, a decrease of 6.9. There is a temporary supply contraction due to upcoming northern regional restrictions, while steel mills also face restrictions, and cost support is weakening [2][4] - Coking Coal: On September 2, the weighted coking coal index fluctuated weakly, closing at 1110.9 yuan, a decrease of 9.2. Some mines in major coal - producing areas have suspended production, and downstream enterprises will face restrictions, resulting in weak supply and demand [3][4] Zhengzhou Sugar - Affected by the reduction in spot prices and short - selling pressure, the Zhengzhou Sugar 2601 contract declined on September 2 and continued to fall slightly at night. India will allow unrestricted use of sugarcane juice, syrup, and molasses for ethanol production in the new season [4] Rubber - Shanghai rubber showed a narrow - range fluctuation on September 2 and closed slightly higher. Boosted by rising crude oil prices, it rose slightly at night. As of August 31, 2025, the total inventory of natural rubber in Qingdao decreased by 0.4 million tons, a decline of 0.6% [5] Soybean Meal - Internationally, on September 2, CBOT soybean futures were weak. The US soybean harvest will start in mid - to - late September, and Brazil's 2025/2026 soybean production is expected to reach a record 1.782 billion tons, a 5.6% increase year - on - year. Domestically, on September 2, soybean meal futures fluctuated. The M2601 contract closed at 3050 yuan/ton, a 0.13% decrease. High imports and high processing volumes have led to sufficient supply, and the price is under pressure [5] Live Hogs - On September 2, live hog futures fluctuated weakly. The LH2511 contract closed at 13595 yuan/ton, a 0.22% decrease. In September, supply is sufficient, and some areas face disease risks. Although there is a recovery in terminal demand due to the start of the school season, the support for prices is limited. In the medium - to - long - term, the supply pressure in the fourth quarter is high [7] Palm Oil - On September 2, palm oil futures continued a slight rebound but lacked upward momentum. The main contract P2601 closed at 9422, a 0.4% increase. Malaysia's August palm oil exports increased by 30.53% year - on - year, while production decreased by 2.65% [8] Shanghai Copper - Positive macro factors and supply - tightening expectations will support copper prices. With low inventory and high premiums in China, and the approaching peak consumption season, demand is expected to increase. However, high prices may suppress some purchasing intentions [8] Cotton - On the night of September 2, the main contract of Zhengzhou cotton closed at 14045 yuan/ton. The base - price quotation at Xinjiang's designated delivery warehouses was at least 900 yuan/ton, and the inventory decreased by 189 lots [9] Iron Ore - On September 2, the main contract of iron ore 2601 fluctuated and closed up 0.06%. Global shipments have reached a high for the year, and arrivals have increased. Short - term prices are in a fluctuating trend due to production cuts in the Beijing - Tianjin - Hebei region [9] Asphalt - On September 2, the main contract of asphalt 2510 fluctuated and rose 1.17%, closing at 3551 yuan. The capacity utilization rate has decreased, inventory reduction is slow, and with the approaching peak demand season, prices are expected to fluctuate [9] Logs - On September 2, the log futures contract 2511 opened at 820, closed at 810.5, and increased in positions by 755 lots. The price broke below the 60 - day moving average. The spot prices in Shandong and Jiangsu remained stable. There is a game between strong expectations and weak reality, and attention should be paid to factors such as peak - season prices, imports, and inventory [9][10][11] Steel Products - On September 2, rb2601 closed at 3117 yuan/ton, and hc2601 closed at 3298 yuan/ton. The market lacks strong macro - drivers, and the fundamentals are weak, which may continue to suppress prices [11] Alumina - On September 2, ao2601 closed at 3022 yuan/ton. Some domestic enterprises are under maintenance, and production and operating rates have slightly declined, but the supply is still relatively loose, and the market may continue to be weak [11] Shanghai Aluminum - On September 2, al2510 closed at 20720 yuan/ton. Macro sentiment is favorable, but the peak - season expectations have not been realized. The fundamentals are weak, and the price is in a range - bound trend [12]