Group 1 - The company Qimen County Nongye Yuan Agricultural Products Co., Ltd. has been established with a registered capital of 108,800 RMB [1] - The legal representative of the company is Wang Xiuxia [1] - The business scope includes the sale of agricultural products, health food (pre-packaged), primary agricultural product acquisition, tea set sales, packaging services, Dendrobium planting, food sales (only pre-packaged food), retail of aquatic products, and retail of edible agricultural products [1] Group 2 - The company is authorized to produce tea products, which requires approval from relevant departments before commencing operations [1] - The company can operate independently in accordance with laws and regulations for non-prohibited or restricted projects [1]

Core Viewpoint - A delegation of well-known restaurant enterprises from Beijing is conducting a "Taste of Lingao" event in Lingao County to connect local agricultural products with the Beijing market, aiming to enhance the development of local industries and promote rural revitalization [1] Group 1: Event Overview - The delegation arrived at the Xinying Center Seafood Trading Market at 3 AM to inspect freshly caught seafood [1] - The delegation also visited the geographical indication product, Duowen hollow vegetable, which is uniquely grown in specific villages and noted for its characteristics [1] - The event utilized a "field investigation + on-site tasting + precise matching" model to improve efficiency in connecting local products with Beijing's restaurant industry [1] Group 2: Local Product Highlights - The delegation explored the standardized planting base for Jinzuan pineapple, which does not require soaking in salt water [1] - They also investigated the breeding conditions for local chicken, black goats, and yellow cattle [1] Group 3: Economic Impact - Beijing's restaurant enterprises will help create a "Lingao Good Products" brand to increase local farmers' income and support rural revitalization [1] - The Lingao County Agricultural and Rural Bureau expressed commitment to support Beijing enterprises in procurement and industry layout to enhance the brand influence and market competitiveness of agricultural products [1]

Core Viewpoint - The consumption market in Changji Prefecture is stable and orderly during the National Day and Mid-Autumn Festival, with abundant supply and a vibrant shopping atmosphere [1][4]. Group 1: Market Supply and Demand - Large supermarkets and agricultural markets in Changji Prefecture are bustling, with a rich variety of goods available and a steady flow of shoppers [1]. - Daily trading volume in the Changji City Yuanfeng Agricultural Products Trading Market is around 2,800 tons, with vegetable and fruit storage at approximately 4,000 tons and over 2,000 tons for beef and lamb [3]. - Supermarkets in Jimsar County have ensured a fresh daily supply of vegetables and a wide variety of fruits and mooncakes to meet customer needs [3]. Group 2: Government Measures and Market Regulation - Market regulatory departments in Changji Prefecture have increased market inspections and supervision to maintain order and ensure product quality and price stability [4][5]. - The government in Manas County has implemented diverse support measures, including simplifying approval processes and providing support policies to help businesses overcome operational challenges [5]. Group 3: Consumer Engagement and Promotions - Supermarkets in Manas County have launched promotional activities such as discounts and lotteries, significantly boosting market vitality [6]. - Various cultural and recreational events have been organized to enrich residents' holiday experiences and expand consumption scale, including over 30 events during the holiday period [6]. - The Changji business department has guided major supermarkets to stock up on daily consumer goods and holiday bestsellers, with reserves reaching 2-3 times the usual amount [6].

Core Insights - The overall prices of major agricultural and sideline products in Jinan City remained stable during the period from October 1 to October 8, with 17 products increasing in price, 25 decreasing, and 35 remaining unchanged compared to the pre-holiday period [1][2] Price Trends - Grain and oil prices remained stable, with average prices for standard flour, japonica rice, and millet at 2.06 yuan/kg, 2.76 yuan/kg, and 5.58 yuan/kg respectively, unchanged from the pre-holiday period but down 8.04%, 2.47%, and 6.22% year-on-year [1] - The prices of peanut oil and soybean oil were 146.81 yuan and 57.50 yuan respectively, remaining stable compared to the pre-holiday period, with peanut oil down 0.74% and soybean oil up 1.32% year-on-year [1] Meat and Egg Prices - Pork prices showed a slight decline, with average prices for lean pork and pork belly at 14.48 yuan/kg and 13.64 yuan/kg respectively, down 0.28% and 0.94% from the pre-holiday period, and down 19.47% and 16.98% year-on-year [1] - Egg prices significantly decreased, with an average price of 3.97 yuan/kg, down 4.34% from the pre-holiday period and down 17.98% year-on-year [2] Vegetable and Fruit Prices - Vegetable prices experienced a slight increase, with an average price of 2.81 yuan/kg for 18 monitored vegetables, up 2.55% from the pre-holiday period but down 18.55% year-on-year [2] - Among the vegetables, six types saw price increases exceeding 5%, with green beans and chili peppers rising by 13.24% and 8.55% respectively [2] - Fruit prices showed a minor decline, with an average price of 3.66 yuan/kg for six monitored fruits, down 0.27% from the pre-holiday period and down 4.44% year-on-year [2]

Group 1 - The core viewpoint is that the consumption market in China is thriving during the National Day and Mid-Autumn Festival holiday, with essential goods being abundant and prices stable. National retail and catering sales increased by 3.3% year-on-year in the first four days of the holiday [1] Group 2 - Green and smart consumption is gaining popularity, with organic food sales up by 20.1% and energy-saving appliances by 19%. Smart refrigerators and smart home products saw increases of 20.7% and 16.8%, respectively [3] Group 3 - The "Shopping in China" campaign has shown significant highlights, with foot traffic and sales in 78 monitored pedestrian streets increasing by 4.2% and 4.0% year-on-year in the first three days of the holiday [4] Group 4 - Service consumption is vibrant, with activities like autumn tours, self-driving trips, and red tourism being popular. The box office for National Day films surpassed 1 billion yuan, and various sports events, including the China Open tennis tournament, attracted significant audiences [6] Group 5 - Market supply remains stable and orderly, with sufficient stocks of grains, oils, meats, and vegetables in 200 major wholesale markets. Prices for grains, edible oils, pork, lamb, and chicken remained stable compared to pre-holiday levels, while vegetable and beef prices increased by 0.4% and 0.3%, respectively, and egg prices decreased by 0.4% [8]

Core Insights - Shanghai Daocheng Tianxia Trading Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Liu Hongtao [1] - The company's business scope includes licensed projects for liquor sales and general projects for agricultural products and pre-packaged food sales [1] Company Overview - The company is newly formed and operates under the legal framework requiring approval for specific business activities [1] - The business activities will commence upon obtaining the necessary approvals and licenses from relevant authorities [1] Industry Context - The establishment of the company indicates a potential growth opportunity in the liquor and food sales sectors [1] - The focus on licensed liquor sales suggests compliance with regulatory requirements, which is crucial in the beverage industry [1]

Core Viewpoint - The recent "Super Central Bank Week" concluded with the Federal Reserve lowering interest rates by 25 basis points, prompting other central banks to follow suit, leading to a recalibration of asset pricing and new trading logic in the market [1] Market Performance - Global stock markets exhibited mixed results, with U.S. stocks initially declining but later reaching new highs, while A-shares experienced a pullback after a rise [1] - The Baltic Dry Index (BDI) saw a slight increase, while the volatility index (VIX) rose, indicating market uncertainty [1] - U.S. Treasury yields and the dollar index initially fell but later rebounded, showcasing volatility in non-U.S. currencies [1] Commodity Market Trends - Commodity prices displayed divergence, with gold experiencing high volatility, copper prices dropping significantly, and oil prices remaining weak, leading to a weekly decline in the CRB index [1] - In the domestic market, a trend against "involution" boosted black commodities, particularly coking coal and coke, while glass and soda ash also saw gains [1] - The domestic bond market showed mixed results, with stock indices reflecting varied performances [1] Commodity Sector Analysis - The Wind Commodity Index reported a weekly change of -0.19%, with 4 out of 10 sectors gaining and 6 sectors declining, indicating a pattern of strength domestically but weakness externally [1] - Precious metals faced a correction, and the significant drop in non-ferrous metals negatively impacted overall commodity performance, while coal, steel, and non-metallic building materials sectors surged [1] - Agricultural products led the decline among commodity sectors [1] Future Outlook - The resumption of the interest rate cut process is expected to shift global macro trading logic, with the Fed's rate cut likely to influence commodity prices through various channels [1] - Generally, rate cuts enhance the attractiveness of gold and other commodities, as a weaker dollar supports commodity prices and liquidity injections boost expectations [1] - The phenomenon of "buying the expectation, selling the fact" is noted, with gold experiencing a rise followed by a pullback post-rate cut, suggesting that future commodity trends may diverge [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - After the super central bank week ended, the Fed cut interest rates by 25BP as expected, and many central banks followed suit. The trading logic of interest rate cuts was adjusted, and major assets corrected the over - priced loose expectations and brewed new trading logics [6][11]. - Global major stock markets showed mixed performance. The US stocks rebounded after an initial decline and reached a new all - time high, while the A - shares adjusted after a sharp rise. The BDI index rose slightly, the VIX volatility index increased significantly, the US Treasury yields and the US dollar index rebounded after hitting bottom, and non - US currencies performed differently [6][11]. - Commodity trends were divergent. Gold corrected after reaching a high and fluctuated, the sharp decline in copper prices dragged down the entire non - ferrous sector, and oil prices remained weak. The CRB index declined significantly on a weekly basis. In China, an article by senior officials was published in Qiushi Journal, triggering an anti - involution market and boosting the strong rise of the black series, with coking coal and coke leading the gains, followed by glass and soda ash [6][11]. - The domestic bond market showed mixed performance and was under pressure in the long - term. Stock indices were also divergent. The domestic commodity sectors showed mixed performance, with most closing down. The growth - style stocks were significantly more resilient, while value stocks tumbled [7]. - The domestic commodity sectors showed an internal - strong and external - weak style. The correction in precious metals and the sharp decline in non - ferrous metals dragged down the overall commodity performance. The coal, coking, steel, and mining sectors and the non - metallic building materials sector rose strongly due to the resurgence of the anti - involution market. The energy, oilseeds, and chemical sectors rose slightly. The agricultural products sector led the decline with a drop of - 4.33%, followed by the grain sector with a decline of over - 1% [7]. 3. Summary by Directory 3.1. Big - Class Assets - After the super central bank week, the Fed cut interest rates by 25BP, and many central banks followed. Global major stock markets, bond markets, currencies, and commodities showed mixed performance. In China, the anti - involution market pushed up the black series [6][11]. 3.2. Sector Express - The domestic bond market was mixed and under long - term pressure, stock indices were divergent, and most domestic commodity sectors closed down. The growth - style stocks were more resilient, and value stocks tumbled. The Wind Commodity Index declined by - 0.19% on a weekly basis, with 4 out of 10 commodity sub - indices rising and 6 falling. The internal - strong and external - weak style was evident, with precious metals' correction and non - ferrous metals' decline dragging down the overall performance [7][17]. 3.3. Fund Flows - Last week, funds in the commodity futures market flowed out slightly. The soft commodities, coal, coking, and steel sectors, and the agricultural products sector saw obvious fund inflows, while the non - ferrous metals and energy sectors saw significant outflows [20]. 3.4. Variety Performance - Most domestic major commodity futures closed down last week. The top - rising commodity futures were coking coal, coke, and industrial silicon, while the top - falling ones were live pigs, 20 - number rubber, and soybean meal [26]. 3.5. Volatility Characteristics - Last week, the volatility of the international CRB commodity index decreased significantly, the volatility of the domestic Wind Commodity Index increased, and the Nanhua Commodity Index declined significantly. Most commodity futures sectors saw a slight increase in volatility, with the energy and chemical sectors experiencing a significant decline, while the grain, coal, coking, steel, and mining sectors, and the non - metallic building materials sector saw a significant increase [31]. 3.6. Data Tracking - Internationally, most major commodities closed up, with the BDI rising, soybeans and corn increasing, copper and oil falling, and gold and silver almost flat. The gold - silver ratio was under pressure and the gold - oil ratio declined. Domestically, the asphalt operating rate rebounded rapidly, real estate sales continued to decline weakly, freight rates dropped rapidly, and short - term capital interest rates fluctuated and rebounded [34][55]. 3.7. Macro Logic - Stock indices adjusted after a sharp rise and were mixed. Valuations were under pressure, and the risk premium ERP rebounded after hitting bottom. Commodity price indices adjusted after a sharp rise, inflation expectations rebounded, and the divergence between expectations and reality converged [39][48]. - The US Treasury yields showed a divergent trend, with short - term yields weak and long - term yields strong. The term structure steepened, the term spread widened, the real interest rate rebounded, and the gold price was under pressure at a high level [62]. - The US high - frequency "recession indicator" weakened, the impact of tariffs on the economy became more obvious, and the 10Y - 3M US Treasury spread turned positive [72]. 3.8. Fed Interest Rate Cut Expectations - The Fed cut interest rates by 25BP in September as expected. The probability of another 25BP cut in October to 3.75% is 95.2%, and the probability of a further cut in December is high. It is expected to cut interest rates three times this year, a total of 75BP, and 1 - 2 times in 2026 to around 3% [78]. 3.9. China - US Madrid Economic and Trade Talks - From September 14th to 15th, China and the US reached a basic framework consensus on properly resolving the TikTok - related issues, reducing investment barriers, and promoting economic and trade cooperation. The market reacted positively after the results were announced [83][85]. 3.10. The Publication of an Article in Qiushi Journal - An article by General Secretary Xi Jinping was published in Qiushi Journal, emphasizing the construction of a national unified market. The anti - involution market restarted, which had strategic significance in multiple dimensions [88]. 3.11. September FOMC Meeting - The Fed cut interest rates by 25BP at the September FOMC meeting, which was called a "risk - control" interest rate cut. Most policymakers expect to cut interest rates two more times this year. The meeting also adjusted the statement on employment, highlighting the increased risk of employment decline [91]. - The market reaction to the meeting was mainly an adjustment due to over - pricing. Globally, it was a reaction to the fact that the actual result fell short of expectations after a major event. In China, it led to a triple - kill of stocks, bonds, and commodities, reflecting the disappointment of policy expectations [105]. 3.12. Global Central Bank Policies - After the Fed restarted interest rate cuts, many central banks around the world followed suit. The main theme of global central bank policies was easing, but the paces of different countries varied according to their own situations [112][113]. 3.13. Market Outlook after Interest Rate Cuts - After the interest rate cuts, the market macro - logic may switch from interest - rate - cut trading to recovery trading. The US dollar may rebound slightly after an initial weakness if the economic fundamentals improve. Gold may correct after over - pricing the interest rate cut expectations, but its long - term upward trend remains. The performance of commodities will be divergent, with silver and copper benefiting from the recovery trading, and coking coal and new - energy varieties being favored if the domestic economy weakens unexpectedly [117][131]. 3.14. This Week's Focus - A series of economic data releases and speeches by central bank officials from different countries are scheduled from September 22nd to 26th, including China's one - year LPR, Eurozone's consumer confidence index, and US GDP and inflation data [135].

Core Insights - In August, the Producer Price Index (PPI) in Liaoning decreased by 4.5% year-on-year, with the decline narrowing by 1.3 percentage points compared to the previous month. Month-on-month, it increased by 0.1%, a reduction of 0.2 percentage points from last month [1] - The Industrial Producer Price Index (IPI) saw a year-on-year decrease of 6.1%, with the decline narrowing by 0.7 percentage points from the previous month. Month-on-month, it shifted from a decrease of 0.2% last month to an increase of 0.3% this month [1] Price Changes in Major Categories - In August, the prices of production materials decreased by 3.4% year-on-year. The mining industry saw a decline of 8.8%, raw materials industry decreased by 4.6%, and processing industry dropped by 1.5% [1] - The prices of living materials fell by 9.6% year-on-year, with durable consumer goods decreasing by 16.9%, food prices down by 3.3%, general daily necessities down by 2.4%, and clothing prices down by 0.3% [1] Raw Material Purchase Price Trends - In August, the purchase prices of nine major raw materials showed a "two increases and seven decreases" trend year-on-year. Non-ferrous metal materials and wires increased by 2.2%, while textile raw materials rose by 1.1% [1] - Other industrial raw materials and semi-finished products decreased by 1.3%, wood and pulp materials fell by 1.9%, construction materials and non-metallic products dropped by 3.2%, black metal materials decreased by 6.9%, chemical raw materials fell by 8.1%, agricultural and sideline products dropped by 10.5%, and fuel and power materials decreased by 10.6% [1]

Key Points Summary Hot News - China's real estate market is moving towards stabilization with narrowing year-on-year declines in commercial housing sales and residential prices, but more efforts are needed [2] - Hamas has suspended negotiations with Israel on a ceasefire in the Gaza Strip and the exchange of detainees [2] - China opposes the US's intention to impose "secondary tariffs" on China over the purchase of Russian oil, threatening to take necessary measures to safeguard its interests [2] - The US has opened a "window" to impose tariffs on more steel and aluminum derivatives under Section 232 [2] - China and the US held talks in Madrid, Spain, and had candid, in - depth, and constructive communication on economic and trade issues such as TikTok [3] Key Commodities - Key commodities to focus on include coking coal, coke, LPG, rapeseed meal, and Shanghai gold [4] Plate Performance - In terms of plate price changes, the non - metallic building materials plate rose 2.66% [6] - Regarding plate capital ratios, precious metals accounted for 30.14%, followed by non - ferrous metals at 21.15%, coal - coking - steel - ore at 14.41%, etc [7] Asset Performance - In the equity market, the Shanghai Composite Index fell 0.26% daily, rose 0.07% monthly, and 15.18% annually; the Hang Seng Index rose 0.22% daily, 5.46% monthly, and 31.84% annually [8] - In the fixed - income market, the 10 - year Treasury bond futures rose 0.12% daily, 0.00% monthly, and fell 1.03% annually [9] - In the commodity market, the CRB commodity index rose 1.24% daily, 1.03% monthly, and 2.95% annually; London spot gold rose 1.00% daily, 6.73% monthly, and 40.19% annually [9] - Other assets: the US dollar index fell 0.27% daily, 0.50% monthly, and 10.25% annually; the CBOE volatility remained unchanged daily, fell 3.91% monthly, and 14.93% annually [9]