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]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The overall view of coking coal 2601 and coke 2601 is oscillatory, with short - term, medium - term, and intraday views being mostly oscillatory, and intraday views also showing a tendency to be oscillatory and slightly stronger [1]. - Coking coal futures are expected to maintain range - bound trading, and the回调 space may be relatively limited considering the long - term impact of the "anti - involution" policy [5]. - Coke futures' main contract oscillates downward due to weakened cost support, but the回调 space is also expected to be limited due to potential new positive factors on the supply side from the "anti - involution" policy [6]. 3. Summary by Variety Coking Coal (JM) - **Price and Inventory**: The latest quotation of Mongolian coking coal at the Ganqimaodu Port is 1180.0 yuan/ton, with a week - on - week flat. The total inventory of coking coal within the statistical scope this week is 2332.07 million tons, a week - on - week increase of 16.26 million tons. Mines and ports are accumulating inventory, while coke enterprises and steel mills are reducing inventory [5]. - **Market Outlook**: With the phased realization of positive factors on the supply side of coking coal and no new driving force for the "anti - involution" policy, coking coal futures are expected to range - bound. The回调 space is relatively limited in the long - term [5]. Coke (J) - **Price**: The latest quotation of the flat - price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1570 yuan/ton, with a week - on - week flat. The ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1450 yuan/ton, a week - on - week decrease of 2.68% [6]. - **Market Outlook**: As the steel market weakens, downstream operating pressure increases, and some steel mills start the first round of coke price increase, leading to more industry chain games. The cost support of coke weakens, causing the futures main contract to oscillate downward. However, new positive factors on the supply side are expected in the future, and the回调 space is limited [6].

上市公司半年报披露收官，险资私募基金持股曝光。 鸿鹄基金一期规模500亿元，2024年3月开始投资，至今年3月投资已悉数落地。新华资产总裁陈一江近 日表示，截至二季度末，鸿鹄基金二期基本完成建仓工作；三期从7月初开始启动，进展顺利。今年上 半年，试点基金的风险指标低于基准，收益指标高于基准，实现了功能性与盈利性双丰收，试点基金业 绩有信心保持长期韧性。截至目前，保险资金长期投资改革试点已有三批，试点金额合计2220亿元。前 两批试点机构均已获批成立私募基金公司。 成立最早、规模最大的鸿鹄基金已跻身至少6家上市公司前十大股东名单。其中，鸿鹄基金二期二季度 末现身于中国石油、中国神华前十大股东，鸿鹄基金三期1号位列中国石化前十大股东。鸿鹄基金一期 跻身伊利股份、陕西煤业、中国电信的前十大股东。 据记者了解，险资长期投资改革试点基金通过优化会计处理，可以有效降低权益工具投资的收益波动， 优化资产负债管理。有助于保险公司提升权益投资并实现长期投资，发挥保险资金的市场稳定器作用； 有利于资本市场平稳运行，实现保险资金与资本市场的良性互动、共同发展。 鸿鹄基金是保险资金长期投资改革试点基金，已设立一期、二期、三期1号和三 ...

Group 1 - The domestic commodity futures night market closed with mixed results, with most energy and chemical products rising [1] - Styrene increased by 0.72%, methanol by 0.63%, PVC by 0.57%, soda ash by 0.55%, pulp by 0.52%, and 20 rubber by 0.51% [1] - The black series saw most products rise, with iron ore up by 1.17%, rebar by 0.67%, coking coal by 0.49%, hot-rolled coil by 0.48%, coking coal by 0.47%, and thermal coal remaining flat [1] Group 2 - Most agricultural products declined, with palm oil up by 0.42%, soybean oil by 0.36%, rapeseed oil by 0.24%, soybean No. 2 by 0.16%, soybean meal flat, and soybean No. 1 down by 0.03% [1]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

Core Insights - The article highlights the transformation of revolutionary old areas in China, emphasizing their shift towards ecological sustainability and high-quality development while preserving their historical significance [1][2][3][4] Group 1: Ecological Restoration and Economic Development - Many revolutionary old areas, once hindered by environmental degradation, are now leveraging their ecological resources to develop unique agricultural and tourism industries [1][2] - Longtian, once known as the "Red Desert" due to severe soil erosion, has successfully transformed its environment through systematic governance, leading to a significant improvement in local ecology and economy [2] - Areas rich in mineral resources, such as coal and aluminum, face challenges from historical resource extraction, necessitating comprehensive ecological restoration to revitalize the land [2][3] Group 2: Innovative Industrial Practices - Shanxi's Lüliang is developing a circular economy around traditional coal and coke industries, integrating hydrogen energy and high-end manufacturing into its industrial chain [3] - The steel industry in Hebei's Shexian is evolving with a focus on green practices, enhancing the entire production process from material transport to product delivery [3] Group 3: Agricultural and Cultural Development - Revolutionary old areas are capitalizing on their unique agricultural products, enhancing brand recognition and value through specialized cultivation and processing [3] - The integration of red cultural resources with ecological tourism is becoming a trend, utilizing modern technology to create immersive experiences that promote local history and culture [4] - The enduring spirit of resistance and sacrifice from the revolutionary past continues to inspire local communities to pursue sustainable development and shared prosperity [4]

Group 1 - The company will hold its second extraordinary general meeting of shareholders on September 18, 2025, at 10:30 AM in Beijing [2][10] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's system [2][3] - Shareholders must register to attend the meeting, with specific registration methods outlined for both corporate and individual shareholders [11][12] Group 2 - The company will also hold a half-year performance briefing on September 18, 2025, from 9:00 AM to 10:00 AM, using an online interactive format [16][17] - The briefing will address the company's operational results, financial indicators, and details regarding cash dividends for the 2024 fiscal year [16][18] - Investors can submit questions for the briefing from September 11 to September 17, 2025, through the designated online platform or via email [18][19]

Core Insights - The Honghu Fund, the largest and earliest established insurance private equity fund, has become a significant shareholder in at least six listed companies, indicating a strategic investment approach focused on stable and high-dividend blue-chip companies [1][2] Group 1: Fund Overview - The Honghu Fund has established four funds with a total scale of 110 billion yuan, managed by Guofeng Xinghua, a joint venture of Guoshou Asset and Xinhua Asset [1] - The first phase of the Honghu Fund has a scale of 50 billion yuan and began investing in March 2024, with all investments completed by March of this year [2] - The second phase of the fund has nearly completed its investment allocation as of the end of the second quarter, while the third phase commenced in early July and is progressing smoothly [2] Group 2: Investment Characteristics - The investment strategy of the Honghu Fund focuses on large listed companies that are well-governed, operate steadily, offer stable dividends, and have good liquidity [1] - The selected companies exhibit characteristics of high dividend yields and large market capitalizations, with companies like Shaanxi Coal and China Shenhua having dividend yields exceeding 5% [1] - The smallest company in the portfolio, Yili Group, has a market capitalization exceeding 100 billion yuan, while China Petroleum's market cap exceeds 1.6 trillion yuan [1] Group 3: Performance and Impact - The pilot fund's risk indicators are below the benchmark, while its return indicators are above the benchmark, achieving both functional and profitability success [2] - The pilot fund aims to enhance equity investment and long-term investment capabilities for insurance companies, contributing to market stability and fostering a positive interaction between insurance funds and the capital market [2] - The total amount of the long-term investment reform pilot for insurance funds has reached 222 billion yuan across three batches, with the first two batches having established private equity fund companies [2]

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 18, 2025, at 10:30 AM [1] - The meeting will take place at the company's conference room located at No. 2, Xinqiao South Street, Mentougou District, Beijing [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 9:15 AM to 3:00 PM on the day of the meeting [1] - Shareholders holding multiple accounts can exercise voting rights based on the total number of shares held across all accounts [2][3] - The first voting result will be considered valid if the same voting right is exercised multiple times [3] Attendance Requirements - Shareholders registered by the close of trading on September 15, 2025, are eligible to attend the meeting [4] - Legal representatives of corporate shareholders must provide specific documentation to attend [4] - Natural person shareholders must present valid identification and shareholder account cards [4] Additional Information - All expenses related to travel and accommodation for attending shareholders will be borne by the shareholders themselves [5] - The meeting is expected to last half a day [5]

Core Viewpoint - The company, Beijing Haohua Energy Co., Ltd., is holding a half-year performance briefing on September 18, 2025, to discuss its operational results and financial status for the first half of 2025, as well as details regarding the 2024 cash dividend [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 18, 2025, from 9:00 to 10:00 AM [2]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][4]. - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center website [2][3]. Group 2: Participation and Interaction - Investors can submit questions from September 11 to September 17, 2025, before 4:00 PM, through the Roadshow Center website or via the company's email [3]. - The company will address commonly asked questions during the briefing [2][3]. Group 3: Attendees - Key attendees include the Chairman and General Manager, Xue Lingguang, along with other board members and executives [2]. - The presence of independent directors and the Chief Compliance Officer is also noted [2].