Company Overview - Tianyu Biological Technology Co., Ltd. is located in Yangpu District, Shanghai, established on June 21, 2000, and listed on March 27, 2017. The company's main business includes landscape greening engineering design, construction, and maintenance; municipal public engineering construction; environmental comprehensive governance; river and lake pollution control; soil pollution control; and seedling planting and sales [1][2]. Financial Performance - As of June 30, Tianyu Biological reported a revenue of 412 million yuan for the first half of 2025, a year-on-year decrease of 2.62%. The net profit attributable to the parent company was 10.82 million yuan, showing a significant year-on-year increase of 73.68% [2]. - The company has cumulatively distributed 34.54 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Performance - On September 26, Tianyu Biological's stock price increased by 2.06%, reaching 8.91 yuan per share, with a trading volume of 37.07 million yuan and a turnover rate of 1.46%. The total market capitalization is 2.585 billion yuan [1]. - Year-to-date, the stock price has risen by 10.68%, with a recent decline of 0.78% over the last five trading days, a 7.87% increase over the last 20 days, and a 21.06% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 16, where it recorded a net purchase of 1.1632 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for Tianyu Biological was 20,200, a decrease of 2.00% from the previous period. The average circulating shares per person increased by 2.04% to 14,363 shares [2]. Business Segmentation - The main revenue composition of Tianyu Biological is as follows: pig farming accounts for 72.29%, landscape ecological engineering 19.78%, red yeast series products 3.89%, solar power generation 3.17%, and other supplementary sources 0.87% [1]. - The company operates within the agricultural, forestry, animal husbandry, and fishery industry, specifically in the pig farming sector, and is associated with concepts such as pork, characteristic towns, ecological landscaping, energy conservation and environmental protection, and solar energy [2].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For the stock index, after a continuous rise, high - risk sectors like AI are showing divergence. The market risk preference has decreased, and the short - term index faces uncertainty. However, in the long - term, the policy supports the capital market, and the main idea is to go long on dips [4]. - Regarding national debt, in August, economic data continued to slow down. The "anti - involution" policy led to a price increase, but the export may face pressure. The central bank maintains a loose attitude towards funds. Interest rates are expected to decline, and the bond market may oscillate and recover in the short - term [7]. - For precious metals, after the Fed's interest - rate cut in September, key figures' monetary policy statements are dovish. It is recommended to go long on dips [10]. - In the non - ferrous metals sector, although the Fed's statements are less dovish than expected, if the interest - rate cut progresses, market sentiment may not be significantly suppressed. Each metal has its own supply - demand situation, and short - term price trends vary [13][15][17]. - In the black building materials sector, steel prices may fall if demand fails to recover. Iron ore prices will oscillate. Glass may be bullish in the short - term, while soda ash will continue to oscillate. The black sector may face a short - term correction but may have long - term multi - allocation value [33][36][38][39][44]. - In the energy and chemical sector, rubber is recommended to be observed after the holiday. Crude oil is recommended for multi - allocation. Methanol and urea can be considered for long positions on dips. Other chemical products have different supply - demand and price trends [55][57][59][60]. - For agricultural products, the short - term trends of different products such as pigs, eggs, and grains vary, and corresponding trading strategies are provided according to their supply - demand situations [80][82][84]. Summary by Directory Stock Index - **Market Information**: The state is studying measures to standardize copper smelting capacity construction. The total scale of public funds has exceeded 36 trillion yuan. The China Foreign Exchange Trade System has optimized the "Swap Connect" mechanism. Shangwei New Materials will be suspended for verification [2]. - **Basis Ratio**: The basis ratios of IF, IC, IM, and IH for different periods are provided [3]. - **Strategy**: After a continuous rise, high - risk sectors are showing divergence. The short - term index faces uncertainty, but the long - term is bullish on dips [4]. National Debt - **Market Information**: On Thursday, the main contracts of TL, T, TF, and TS had different price changes. The central bank's deputy governor proposed measures to expand the application scenarios of the Hong Kong RMB bond market [5]. - **Liquidity**: The central bank conducted 4835 billion yuan of 7 - day reverse repurchase operations on Thursday, with a net withdrawal of 35 billion yuan [6]. - **Strategy**: Economic data in August was weak. The "anti - involution" policy affected exports. The central bank maintains a loose attitude towards funds. Interest rates are expected to decline, and the bond market may oscillate and recover in the short - term [7]. Precious Metals - **Market Information**: Domestic and foreign gold and silver prices rose. US economic data exceeded expectations, and the market's recession expectation eased. Fed Chairman Powell's statement implied possible policy adjustments [8][9]. - **Strategy**: After the Fed's interest - rate cut in September, key figures' statements are dovish. It is recommended to go long on dips [10]. Non - Ferrous Metals Copper - **Market Information**: Due to strong US employment and durable goods data, the US dollar index rebounded, and copper prices fell back. LME and domestic copper inventories changed, and the import loss of domestic copper spot increased [12]. - **Strategy**: The Fed's hawkish statement may put short - term pressure on sentiment, but if the interest - rate cut progresses, copper prices are expected to be strong in the short - term [13]. Aluminum - **Market Information**: Domestic social inventories decreased, and aluminum prices stabilized and rebounded. LME aluminum inventories decreased, and the basis changed [14]. - **Strategy**: Although the Fed's statement is less dovish than expected, aluminum prices have strong support below as the holiday approaches [15]. Zinc - **Market Information**: The Shanghai zinc index rose. Domestic and foreign zinc inventories decreased, and the Shanghai - London ratio weakened [16][17]. - **Strategy**: The surplus of zinc ore has eased. After the Fed's interest - rate cut, the sentiment of the non - ferrous metals sector cooled. It is expected that Shanghai zinc will be weak in the short - term [17]. Lead - **Market Information**: The Shanghai lead index rose. Domestic and foreign lead inventories decreased, and the basis changed [18]. - **Strategy**: The shortage of raw materials suppresses the start - up of primary smelting, while the start - up of secondary smelting recovers. Downstream demand increases, and it is expected that Shanghai lead will be strong in the short - term [19]. Nickel - **Market Information**: Nickel prices oscillated. The cost of nickel ore and nickel iron was stable, and the price of MHP increased slightly [20]. - **Strategy**: Although refined nickel inventory pressure drags down nickel prices, in the long - term, there are positive factors. It is recommended to go long on dips [20]. Tin - **Market Information**: The Shanghai tin main contract rose. Domestic and foreign inventories changed. The supply of tin concentrate was tight, and demand was in the peak season [21]. - **Strategy**: The short - term supply - demand of tin is in a tight balance. It is recommended to observe, and the price will continue to oscillate [22]. Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy**: The fundamentals of carbonate lithium remain the same. The spot is tight in the peak season, but the supply increase expectation suppresses the upside. It is expected to oscillate and adjust [23]. Alumina - **Market Information**: The alumina index rose. Due to a strike in Guinea, the supply risk of ore increased, and the import window opened [24]. - **Strategy**: Overseas ore disturbances may have a limited short - term impact. The over - capacity pattern in the smelting end is difficult to change. It is recommended to observe [26]. Stainless Steel - **Market Information**: The stainless - steel main contract rose. Spot prices were stable, and inventory decreased [27]. - **Strategy**: Domestic steel mills have a strong willingness to support prices, but consumption has not improved significantly. It is expected to oscillate in the short - term [28]. Cast Aluminum Alloy - **Market Information**: The AD2511 contract rose. The downstream is in the process of transitioning from the off - season to the peak season, and inventory changes [29]. - **Strategy**: The peak - season characteristics are not obvious, and there is delivery pressure. The price is supported by the cost of scrap aluminum [30]. Black Building Materials Steel - **Market Information**: The prices of rebar and hot - rolled coil rose slightly. The registered warehouse receipts and positions of the main contracts changed [32]. - **Strategy**: The commodity market was positive, but the demand for steel was weak. If demand fails to recover, steel prices may fall [33]. Iron Ore - **Market Information**: The main contract of iron ore rose. The spot price and basis changed [34]. - **Strategy**: Overseas iron - ore shipments decreased, and demand increased. Port and steel - mill inventories changed. Iron - ore prices will oscillate [35][36]. Glass and Soda Ash - **Glass Market Information**: The glass main contract rose. Spot prices increased, and inventory decreased [37]. - **Glass Strategy**: Six departments banned new flat - glass production capacity, and prices rose in the short - term. However, demand is weak. It is recommended to be bullish in the short - term [38]. - **Soda Ash Market Information**: The soda - ash main contract rose. Spot prices increased, and inventory decreased [39]. - **Soda Ash Strategy**: The domestic soda - ash market is stable, with limited price fluctuations. It is expected to continue to oscillate in the short - term [39]. Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The market was affected by policies [40][41][42]. - **Strategy**: The Fed's interest - rate cut and "anti - involution" sentiment affect the black sector. Although there is a short - term correction risk, there may be long - term multi - allocation value [43][44]. Industrial Silicon and Polysilicon - **Industrial Silicon Market Information**: The price of industrial silicon rose. The spot price and basis changed [45]. - **Industrial Silicon Strategy**: The supply - demand of industrial silicon has not changed significantly. The price is expected to oscillate, and attention should be paid to supply - demand and policy changes [46][47]. - **Polysilicon Market Information**: The price of polysilicon was stable. The spot price and basis changed [48]. - **Polysilicon Strategy**: The polysilicon price is affected by policies and fundamentals. It is expected to oscillate, and there is a risk of decline if expectations are not met [49]. Energy and Chemical Rubber - **Market Information**: Rubber prices were weak. There were factors such as expected state reserves release, changes in the position structure, and weather impacts [51]. - **Strategy**: In the medium - term, it is a long - term idea. In the short - term, it is recommended to observe and look for opportunities after the holiday [55]. Crude Oil - **Market Information**: The prices of INE crude oil and related refined products rose. US inventory data changed [56]. - **Strategy**: It is recommended for multi - allocation, as the current price is supported by fundamentals, and there is upside potential if geopolitical premiums return [57]. Methanol - **Market Information**: The price of methanol changed. The basis and spread changed [58][59]. - **Strategy**: The supply is expected to increase, and the demand has improved. The inventory has decreased. It is recommended to go long on dips [59]. Urea - **Market Information**: The price of urea was stable. The basis and spread changed [60]. - **Strategy**: The supply pressure has increased, and the demand is average. It is recommended to go long on dips at low prices [60]. Pure Benzene and Styrene - **Market Information**: The price of pure benzene was stable, and the price of styrene rose. The basis and spread changed [61]. - **Strategy**: The BZN spread has room for upward repair. The price of styrene may stop falling [62]. PVC - **Market Information**: The price of PVC rose. The cost, supply, and demand changed, and inventory changed [63][64]. - **Strategy**: The supply is strong, and the demand is weak. The export expectation is weak. It is recommended to short on rallies [65]. Ethylene Glycol - **Market Information**: The price of ethylene glycol rose. The supply, demand, and inventory changed [66]. - **Strategy**: The supply is high, and the inventory is expected to increase in the medium - term. It is recommended to short on rallies, but beware of risks [67]. PTA - **Market Information**: The price of PTA rose. The supply, demand, and inventory changed [68]. - **Strategy**: The supply has unexpected maintenance, and the inventory is decreasing. The demand is under pressure. It is recommended to observe [69][70]. Para - Xylene - **Market Information**: The price of PX rose. The supply, demand, and inventory changed [71]. - **Strategy**: The PX load is high, and the downstream PTA has maintenance. It is expected to accumulate inventory. It is recommended to observe [72]. Polyethylene (PE) - **Market Information**: The price of PE rose. The supply, demand, and inventory changed [73]. - **Strategy**: The market expects favorable policies. The price may oscillate upward [74]. Polypropylene (PP) - **Market Information**: The price of PP rose. The supply, demand, and inventory changed [75][76]. - **Strategy**: The supply pressure is high, and the demand is seasonally rebounding. The inventory pressure is high. There is no obvious short - term contradiction [77]. Agricultural Products Pig - **Market Information**: The domestic pig price mainly fell. The supply exceeded demand before the holiday [79]. - **Strategy**: The spot price is falling, and the futures price is expected to be weak. It is recommended to short the near - month contract and conduct reverse arbitrage [80]. Egg - **Market Information**: The national egg price was stable with a few declines. The supply was stable, and the demand was weak [81]. - **Strategy**: The spot price is expected to fall, and the near - month futures price is weak. It is recommended to observe in the short - term and buy the far - month contract after a decline [82]. Soybean Meal and Rapeseed Meal - **Market Information**: The price of US soybeans rose slightly. The domestic soybean - meal price and inventory changed. Argentina's export tax policy affected the market [83]. - **Strategy**: The domestic supply pressure is high, and the global supply is loose. It is expected to oscillate, and it is recommended to short on rallies [84]. Edible Oils - **Market Information**: The exports and production of Malaysian palm oil changed. Indonesia's palm - oil data changed. India bought a large amount of soybean oil. Domestic oil prices rebounded [85][86]. - **Strategy**: The low inventory in India and Southeast Asia, and the expected increase in demand support the oil price. It is expected to oscillate strongly in the medium - term. It is recommended to buy on dips [87]. Sugar - **Market Information**: The Zhengzhou sugar futures price fell back. The production of major sugar - producing countries is expected to increase [88]. - **Strategy**: Affected by imports and production increases, the sugar price is expected to fall. It is recommended to observe before the National Day [89]. Cotton - **Market Information**: The Zhengzhou cotton futures price was weak. The spot price and inventory changed [90]. - **Strategy**: The downstream start - up rate is weak, and there is an expected increase in production. The price is expected to be weak in the short - term, but there is support below. It is recommended to observe [91].

Report Information - Report Name: Pig Daily Report [1] - Date: September 26, 2025 [2] Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The overall supply - demand situation of live pigs is loose, with prices likely to remain weak. On the spot side, although demand has increased, the continuous increase is not obvious, and the supply pressure is relatively large. In the futures market, the supply of live pigs before the Spring Festival is expected to increase slightly, and the 2511 and 2601 contracts are mainly dragged down by the weak spot market [9]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 25th, the main 2511 contract of live pigs opened flat, then rose and then fell and fluctuated lower, closing with a negative line. The highest was 12,760 yuan/ton, the lowest was 12,665 yuan/ton, and the closing price was 12,685 yuan/ton, down 0.12% from the previous day. The total open interest of the index decreased by 536 lots to 247,350 lots [8]. - **Spot Market**: On the 25th, the average price of ternary pigs nationwide was 12.56 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Supply - side**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual output in August, with a daily average increase of 7.39%. The slaughter weight increased slightly, and long - term pre - Spring Festival slaughter may continue to increase slightly [9]. - **Demand - side**: The price difference between fat and standard pigs widened slightly, and the fattening cost was still low. Currently, secondary fattening is mainly in a wait - and - see state. Although the weather has turned cooler, the demand increase is not obvious, and the sales of white - striped pigs are slow. The orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume have slightly increased. On September 25th, the slaughter volume of sample slaughtering enterprises was 143,600 heads, a decrease of 11,400 heads from the previous day, a week - on - week decrease of 6,000 heads, and a month - on - month increase of 3,400 heads [9]. 3.2 Industry News - As of September 18th, the average profit per self - breeding and self - raising live pig was 7.7 yuan/head, a week - on - week decrease of 46 yuan/head; the average profit per purchased piglet for breeding was - 246.6 yuan/head, a week - on - week decrease of 70.8 yuan/head [10][11]. 3.3 Data Overview - On the week of September 18th, the average market sales price of 15kg piglets was 358 yuan/head, a decrease of 36 yuan/head from the previous week [14]. - On the week of September 18th, the price difference between 150 - kg fat pigs and standard pigs was 0.16 yuan/jin, a week - on - week increase of 0.03 yuan/jin [14]. - The cost of fattening from 110 kg to 140 kg was 12.71 yuan/kg, a decrease of 0.47 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 12.94 yuan/kg, a decrease of 0.58 yuan/kg from the previous week [14]. - On the week of September 18th, the operating rate of slaughtering enterprises was 31.77%, an increase of 0.37 percentage points from the previous week and 2.22 percentage points year - on - year, with the weekly operating rate fluctuating in the range of 31.54 - 31.80 [14]. - As of the week of September 18th, the average slaughter weight of live pigs nationwide was 128.45 kg, an increase of 0.13 kg or 0.10% from the previous week [14].

9月25日，贵州省黔西南布依族苗族自治州贞丰县贞丰富之源养殖场，一批经过严格检验、称重和洗消 的生猪即将启程。这场看似普通的生猪贸易背后，是贵州首次生猪交割。 黔山秀水间，一场金融与实体的"握手"，开始改写贵州生猪产业的传统叙事。期货工具犹如一股活水， 正悄然浸润着这片土地的养殖产业。 贵州富之源的期货之路 在自身应用生猪期货避险的同时，贵州富之源还借助期货和衍生品进行交易模式革新，提供"价格兜 底"和"期货+订单"等增值服务，吸引和绑定中小养殖户，增强客户黏性，拓展业务渠道。 贵州富之源科技（集团）有限公司（简称贵州富之源）是一家贵州本土的大型现代化农牧企业，已在贵 州建立了三大饲料基地和七大养殖基地，形成了前连原料供应、饲料生产基地，后通养殖、肉食品加工 基地，以家庭农场为纽带与村集体、低收入户建立利益链接机制的一条龙生猪养殖全产业链新模式。 据了解，贵州富之源与期货市场结缘于2021年，即生猪期货上市首年。贵州富之源最初是通过"保险 +期货"间接接触和了解期货工具的。在中信期货贵州分公司等专业机构的帮助下，贵州富之源开始系 统性地学习期货知识，理解风险管理的必要性。2023年以来，贵州富之源逐步完善期货 ...

Investment Rating - The report suggests a positive outlook for the pig farming industry, indicating a shift towards stable and high-quality development, with a recommendation to focus on leading pig farming companies that demonstrate good performance and dividend payouts [6][5]. Core Insights - The pig farming industry is entering a new phase characterized by improved profitability and stability, driven by effective cost management and policy support for capacity reduction. The report emphasizes the importance of recognizing the strength of current policies aimed at reducing production capacity [6][5]. - In the first half of 2025, the pig farming sector saw a significant increase in supply, with a slight decline in pig prices year-on-year. However, listed companies in the sector reported substantial revenue growth and profit increases, primarily due to volume-driven strategies [6][21]. - The report highlights that the current profitability cycle in the pig farming industry is expected to be prolonged, with conservative market expectations and limited capacity expansion. The anticipated supply pressure may lead to continued losses for some farming operations [6][5]. Summary by Sections 1. Overview of the Pig Farming Industry in H1 2025 - The average price of pigs in H1 2025 was 14.80 yuan/kg, reflecting a year-on-year decrease of 4.21%. The supply of pigs increased due to higher production efficiency and a growing number of breeding sows [10][11]. - The slaughter volume from designated slaughterhouses increased significantly, with a year-on-year rise of 21.4% in Q2 2025, indicating stable demand despite price fluctuations [11][12]. 2. Performance Review of Listed Pig Farming Companies - In H1 2025, the total revenue of listed pig farming companies reached 201.9 billion yuan, a year-on-year increase of 17.9%, while net profit surged by 865.5% to 15.9 billion yuan [21][22]. - The leading companies, such as Muyuan Foods and Wen's Foodstuffs, reported substantial increases in both revenue and profit, with Muyuan achieving a 45% increase in the number of pigs slaughtered [27][26]. 3. Industry Outlook under the "Anti-Internal Competition" Policy - The report anticipates that the policy measures aimed at reducing production capacity will accelerate the pace of capacity reduction in the industry, with plans to cut 1 million breeding sows within six months [6][5]. - The industry is expected to transition towards a more stable and high-quality development phase, with improved profitability and cash flow for leading companies [6][5]. 4. Investment Analysis - The report suggests that investors should focus on companies with strong performance and reliable dividend payouts, as these firms are likely to experience a reassessment of their value in the market [6][5]. - The report indicates that the current cycle of profitability in the pig farming industry is expected to last longer than anticipated, with limited capacity expansion and ongoing supply pressures [6][5].

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Group 1 - The core viewpoint of the article highlights significant inflows into the breeding ETF (159865), amounting to 138 million units, indicating strong market interest in breeding assets [1] - Recent low pork prices are crucial as they significantly impact the Consumer Price Index (CPI), with pork being a core commodity that accounts for over 20% of CPI [1] - A meeting held by the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission on September 16, 2025, outlined production reduction tasks for major breeding companies, signaling an accelerated phase of capacity reduction in the pig farming industry [1] Group 2 - The breeding ETF has approximately 60% exposure to pig-related assets, which includes sectors such as pig farming, poultry feed, and animal health related to pig disease prevention [2] - Investors without stock accounts are advised to consider the Guotai CSI Livestock Breeding ETF Link A (012724) and Guotai CSI Livestock Breeding ETF Link C (012725) as alternative investment options [1]

Group 1: Company Overview and Strategic Focus - The company has over 30 years of experience in the pig industry, focusing on biological feed, healthy breeding, and branded meat products [2] - Recent strategic shift towards healthy breeding and increased investment in meat products, particularly in the second half of 2025 [2] - Plans to enhance the competitive advantage of the entire pig industry chain by leveraging high-quality self-breeding bases and established brand influence [2] Group 2: Financial Health and Management - As of June 30, 2025, the company's debt-to-asset ratio is 64.5%, with cash reserves of approximately 2.4 billion yuan [2] - The company achieved a net cash flow from operating activities of 660 million yuan in the first half of 2025 [2] - Future strategies include maintaining good relationships with financial institutions and exploring equity financing to manage risks and ensure stable development [2] Group 3: Production Capacity and Regional Focus - The majority of the company's pig production capacity and output is concentrated in Hunan, Guangdong, and Guangxi, with additional capacity in Henan, Hebei, Yunnan, and Gansu [3] - Future development will focus on key regions such as Guangdong and Hunan to align with pork consumption areas [3] Group 4: Feed Business and Sales Strategy - Historically, the feed business has relied on a dealer-based model, with a shift towards direct sales as the industry scales [3] - The company is innovating its feed sales model to enhance profitability through customized nutrition and improved service offerings [3] - Overall strategy aims to boost feed sales and ensure a reasonable sales structure for downstream feed customers [3]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The economic situation in the third quarter is complex, with a slowdown in economic growth, policy counter - cyclical adjustments, and structural interactions between the financial market and the macro - fundamentals. The stock market is strong, and the commodity market is volatile. Overseas, the Fed may restart the interest - rate cut cycle in September, and future policies will depend on employment and inflation data [2]. - The RMB exchange rate is likely to fluctuate within the range of 7.09 - 7.15 against the US dollar this week. Export enterprises can lock in forward exchange settlement in batches at the upper edge of the exchange - rate range, and import enterprises can adopt a rolling foreign - exchange purchase strategy at the 7.10 mark [4]. - The stock index is expected to be volatile in the short term, and it is recommended to hold positions and wait and see [6]. - The bond market is expected to be volatile. It is advisable to buy long positions at intervals and control positions [7]. - The shipping index (European line) futures may fluctuate slightly upward in the short term, and low - buying opportunities can be considered [9]. - Precious metals are expected to be bullish in the medium - to - long term and may be adjusted in the short term. It is recommended to go long on dips and hold light positions during the National Day holiday [12]. - The supply - side shortage has significantly pushed up the copper price. It is recommended to hold cash and wait and see [14]. - The aluminum price may fluctuate strongly after a short - term correction. The alumina price may be weak in the short term, and the cast - aluminum alloy price may fluctuate strongly [15][16][17]. - The zinc price is expected to move downward slowly. It is recommended to buy in - the - money put options or sell out - of - the - money call options [19]. - The nickel and stainless - steel markets are expected to fluctuate narrowly [19]. - The tin price is expected to be volatile. It is recommended to wait for long - entry opportunities [22]. - The lithium - carbonate futures price is expected to fluctuate between 70,000 and 75,000 yuan per ton before the National Day holiday [23]. - It is recommended that investors be cautious when participating in the industrial - silicon and poly - silicon markets during the National Day holiday [25]. - The lead price is expected to fluctuate at a high level [27]. - The steel price is expected to be volatile in the short term, and the downward resistance is smaller than the upward resistance [28]. - The iron - ore price is expected to be volatile, and it is recommended to reduce positions before the holiday [31]. - It is not recommended to short coal and coke in the black - commodity market. Arbitrage can focus on the 1 - 5 reverse spread of coal and coke [33]. - It is recommended to try to go long on the silicon - iron 11 - contract at 5550 and the silicon - manganese 01 - contract at 5800 [35]. - The crude - oil price is expected to continue the pattern of weak rebound and then decline. The core contradiction lies in the game between fundamental pressure and geopolitical risk support [39]. - The LPG price is expected to fluctuate weakly [41]. - The PTA - PX price has rebounded slightly. It is recommended to try to go long cautiously or expand the TA - SC spread [44]. - The MEG - bottle - chip price has rebounded slightly. It is recommended to wait and see in the short term [47]. - It is recommended to reduce long positions in methanol and continue to hold short - put options [49]. - The PP price has limited downward space. It is recommended to pay attention to device changes and opportunities to go long on dips [52]. - The PE price is expected to continue to fluctuate [55]. - The pure - benzene price is expected to fluctuate weakly. The styrene price is expected to fluctuate, and it is recommended to expand the pure - benzene - styrene spread on dips [57][59]. - The low - sulfur fuel - oil price has few short - term contradictions and will follow cost fluctuations [60]. - The asphalt price is expected to fluctuate weakly. It may have the last chance to rise this year [62]. - The rubber price is expected to be bullish in the short term and neutral in the medium - to - long term. It is recommended to go long on RU2601 and pay attention to the spread [66][67]. - The soda - ash price is expected to be volatile, with a long - term supply - strong and demand - weak pattern [69]. - The glass price is expected to be volatile, with a short - term supply - strong and demand - weak pattern [71]. - The caustic - soda price is expected to fluctuate, and it is necessary to pay attention to the spot rhythm and downstream inventory - building enthusiasm [73]. - The pulp price is expected to stop falling. It is recommended to go long on dips and sell out - of - the - money put options on the far - month contract [74]. - The log price is expected to fluctuate in a narrow range. It is recommended to use a grid strategy and a covered - put strategy [75][77]. Summaries by Relevant Catalogs Financial Futures - **Macro**: Pay attention to US economic data. The Fed may restart the interest - rate cut cycle in September, and future policies will depend on employment and inflation data [1][2]. - **RMB Exchange Rate**: The RMB exchange rate is likely to fluctuate within the range of 7.09 - 7.15 against the US dollar this week. It is recommended that export enterprises lock in forward exchange settlement in batches at the upper edge of the exchange - rate range, and import enterprises adopt a rolling foreign - exchange purchase strategy at the 7.10 mark [4]. - **Stock Index**: The stock index is expected to be volatile in the short term, and it is recommended to hold positions and wait and see [6]. - **Bond**: The bond market is expected to be volatile. It is advisable to buy long positions at intervals and control positions [7]. - **Shipping Index (European Line) Futures**: The shipping index (European line) futures may fluctuate slightly upward in the short term, and low - buying opportunities can be considered [9]. Commodities Precious Metals - **Gold & Silver**: Precious metals are expected to be bullish in the medium - to - long term and may be adjusted in the short term. It is recommended to go long on dips and hold light positions during the National Day holiday. London gold should pay attention to the support around 3700 and the resistance at 3800; London silver has resistance in the 44.5 - 45 area and support at 43.5 and 43 [12]. Base Metals - **Copper**: The supply - side shortage has significantly pushed up the copper price. It is recommended to hold cash and wait and see [14]. - **Aluminum & Alumina & Cast - Aluminum Alloy**: The aluminum price may fluctuate strongly after a short - term correction. The alumina price may be weak in the short term, and the cast - aluminum alloy price may fluctuate strongly [15][16][17]. - **Zinc**: The zinc price is expected to move downward slowly. It is recommended to buy in - the - money put options or sell out - of - the - money call options [19]. - **Nickel & Stainless Steel**: The nickel and stainless - steel markets are expected to fluctuate narrowly [19]. - **Tin**: The tin price is expected to be volatile. It is recommended to wait for long - entry opportunities [22]. - **Lead**: The lead price is expected to fluctuate at a high level [27]. Energy & Chemicals - **Crude Oil**: The crude - oil price is expected to continue the pattern of weak rebound and then decline. The core contradiction lies in the game between fundamental pressure and geopolitical risk support [39]. - **LPG**: The LPG price is expected to fluctuate weakly [41]. - **PTA - PX**: The PTA - PX price has rebounded slightly. It is recommended to try to go long cautiously or expand the TA - SC spread [44]. - **MEG - Bottle - Chip**: The MEG - bottle - chip price has rebounded slightly. It is recommended to wait and see in the short term [47]. - **Methanol**: It is recommended to reduce long positions in methanol and continue to hold short - put options [49]. - **PP**: The PP price has limited downward space. It is recommended to pay attention to device changes and opportunities to go long on dips [52]. - **PE**: The PE price is expected to continue to fluctuate [55]. - **Pure Benzene & Styrene**: The pure - benzene price is expected to fluctuate weakly. The styrene price is expected to fluctuate, and it is recommended to expand the pure - benzene - styrene spread on dips [57][59]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel - oil price has few short - term contradictions and will follow cost fluctuations [60]. - **Asphalt**: The asphalt price is expected to fluctuate weakly. It may have the last chance to rise this year [62]. - **Rubber & 20 - Number Rubber**: The rubber price is expected to be bullish in the short term and neutral in the medium - to - long term. It is recommended to go long on RU2601 and pay attention to the spread [66][67]. Building Materials - **Soda - Ash**: The soda - ash price is expected to be volatile, with a long - term supply - strong and demand - weak pattern [69]. - **Glass**: The glass price is expected to be volatile, with a short - term supply - strong and demand - weak pattern [71]. - **Caustic - Soda**: The caustic - soda price is expected to fluctuate, and it is necessary to pay attention to the spot rhythm and downstream inventory - building enthusiasm [73]. Others - **Pulp**: The pulp price is expected to stop falling. It is recommended to go long on dips and sell out - of - the - money put options on the far - month contract [74]. - **Log**: The log price is expected to fluctuate in a narrow range. It is recommended to use a grid strategy and a covered - put strategy [75][77].

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Wens Foodstuff Group Co., Ltd, including stock price fluctuations and revenue growth [1][2][3] - As of September 25, Wens' stock price decreased by 2.11% to 18.58 CNY per share, with a total market capitalization of 123.63 billion CNY [1] - The company has seen a year-to-date stock price increase of 13.91%, with a 2.62% decline over the last five trading days [1] Group 2 - For the first half of 2025, Wens reported a revenue of 49.88 billion CNY, reflecting a year-on-year growth of 6.67%, and a net profit of 3.48 billion CNY, which is a significant increase of 161.77% [2] - The company has distributed a total of 28.12 billion CNY in dividends since its A-share listing, with 4.94 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 20.62% to 91,000, while the average circulating shares per person increased by 43.71% to 65,602 shares [2][3]