Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Report Core Views Macro and Financial Futures - Domestic supportive policies are gradually taking effect. In September, policies to promote service consumption will be the focus, which will support the growth of total retail sales of consumer goods to some extent, but the actual effect remains to be seen. Policies in the real - estate sector are advancing, but their impact on the overall market may be limited. The profitability of industrial enterprises has not been fundamentally improved. Overseas, the US economy and employment have shown resilience, and key economic data next week should be closely monitored [2]. - The core issue of the RMB exchange rate is the timing and pace of appreciation. In the short - term, the RMB is likely to appreciate, and the market may reach a "triple - price integration" pattern around 7.10. In the medium - term, the RMB needs a clear downward trend of the US dollar index and substantial positive changes in the domestic economy to achieve a trend - strengthening [4][5]. - As the 9.3 parade approaches, the stock index is expected to have increased volatility. The stock market is expected to be volatile and bullish in the short - term, while the bond market may expand its rebound space if the stock market experiences a high - level adjustment after September 3 [7][8]. Commodities Metals - Gold and silver are expected to be bullish in the medium - to - long - term and strong in the short - term. The focus should be on US economic data this week, and the strategy is to buy on dips [12][15]. - Copper is expected to oscillate before the Fed's next interest - rate decision on September 19, with a mid - term strategy of low - level procurement [16][17]. - Aluminum is expected to be volatile and bullish in the short - term, with a price range of 20,500 - 21,000. Alumina is expected to be weakly volatile, and cast aluminum alloy is expected to be volatile and bullish [20][21]. - Zinc is expected to be strongly oscillating at the bottom in the short - term [23][24]. - Nickel and stainless steel prices rose under the influence of the Indonesian riot and strike. The short - term trend remains to be seen, depending on the development of the situation in Indonesia [24][25]. - Tin is expected to be slightly bullish in the short - term due to tight supply [26]. - The lithium carbonate market is in an adjustment phase. If downstream demand is released, prices may be supported; otherwise, it may remain weakly volatile [26][28]. - Industrial silicon and polysilicon are expected to rise in an oscillatory manner. The rise of polysilicon is mainly affected by macro - sentiment and the expectation of a possible storage platform in September [29]. - Lead is expected to oscillate within a narrow range, with limited upside and downside [30]. Black Metals - Steel products continue to accumulate inventory beyond the seasonal norm. If demand does not improve, the downward space of the steel futures market depends on the tolerance of steel mills for profit shrinkage. Short - sellers can consider reducing positions to take profits [32][33]. - Iron ore prices have released risks. After the short - term risk release, short - sellers are advised to take phased profits [34][35]. - Coking coal may maintain a high - level wide - range oscillatory pattern in the short - term. Coke may face a price cut cycle after the parade. Unilateral speculation on short - selling coking coal is not recommended for now [37]. - Silicon iron and silicon manganese are expected to oscillate at the bottom. It is advisable to go long on the spread between the two when the spread reaches - 400 [38][40]. Energy and Chemicals - Crude oil is currently oscillating weakly. In September, the demand decline is a definite negative factor, and the market needs to wait for key events to clarify the direction. The overall outlook is bearish [42][43]. - Propylene's spot market is strong, and the futures market is oscillating. The northern market is tighter than the southern market [44][45]. - PX - TA's market is mainly characterized by structural contradictions. The overall pattern is "tight at the top and loose at the bottom," and the processing fee of PTA01 is recommended to be compressed when it is above 350 [46][49]. - Ethylene glycol is expected to oscillate between 4330 - 4550, and it is advisable to go long on dips [53]. - PP's supply is increasing, and the demand situation is unclear. Its future trend depends on whether downstream demand can maintain high - speed growth [54][55]. - PE is in a pattern of decreasing supply and increasing demand, but the demand recovery is not strong enough to drive the price up significantly. It is expected to oscillate for now [56][57]. - PVC's price has returned to the industrial fundamentals. With high inventory and weak demand, it is advisable to short - allocate it [58][59]. - Pure benzene is expected to be weakly oscillating, and for benzene - styrene, short - selling on the short - term single - side is not recommended. Wait for the end of the decline and then consider low - buying [60][61]. - Fuel oil has a weak rebound driven by cost, but the downward pressure remains. Low - sulfur fuel oil follows cost fluctuations, and it is recommended to wait for long - allocation opportunities [63][64]. - Asphalt is expected to oscillate and strengthen, mainly following cost fluctuations. The short - term peak season has no super - expected performance [65][66]. - Urea is in a stalemate. It is advisable to pay attention to the 1 - 5 reverse spread [67]. Group 3: Summaries by Relevant Catalogs Macro and Financial Futures Market Information - China's September 3 parade will last about 70 minutes. The Shanghai Cooperation Organization's Tianjin Summit has achieved eight results. There are various tariff - related news, including Trump's remarks on India's tariffs and possible US housing policies. There are also speculations about Fed officials' appointments [1]. RMB Exchange Rate - The previous trading day, the on - shore RMB against the US dollar closed at 7.1332, down 2 basis points, and the night - session was at 7.1375. The central parity rate was 7.1072, down 42 basis points. The eurozone's manufacturing PMI in August showed expansion [3]. Stock Index - The stock index rose with reduced volume yesterday. The Shanghai and Shenzhen 300 Index closed up 0.60%. The trading volume of the two markets decreased by 483.37 billion yuan. The futures of stock index also rose with reduced volume. The 9.3 parade is approaching, and key economic data have been released [7]. Bond - Bond futures opened low and closed high on Monday. The yields of medium - and long - term bonds declined. The funding situation was loose, and DR001 dropped to 1.31%. Relevant policies and the end of the summer travel season have been reported [8]. Container Shipping - The futures prices of the container shipping index (European line) opened high and then oscillated. Spot prices of some shipping companies have changed. The Houthi armed forces' remarks have affected the market sentiment. The current market is in the off - season, and the SCFIS European line index has continued to decline [10][11]. Commodities Metals Gold and Silver - On Monday, the precious metals market continued to be strong. COMEX gold closed up 0.84% at 3545.8 dollars per ounce, and silver closed up 2.46% at 41.725 dollars per ounce. The Fed's interest - rate cut expectations and fund positions are stable. Key US economic data and events this week should be monitored [12][15]. Copper - The Shanghai copper index was slightly bullish on Monday. Chile's copper production in July increased slightly. The collapse of a copper mine in July and the reduction of production guidance in August have affected the market. The key factors affecting copper prices are complex, with both bullish and bearish factors in the short - to - medium - term [16][17]. Aluminum and Related Products - The prices of aluminum, alumina, and cast aluminum alloy have changed. The macro - environment is favorable for aluminum prices. The fundamentals of alumina are weak, and the supply of cast aluminum alloy may be affected by tax policies [19][22]. Zinc - The zinc price opened high and closed low. The supply is in an oversupply state, and the demand is stable. The LME inventory is decreasing, and the trading strategy of selling the outer market and buying the inner market can be considered [23][24]. Nickel and Stainless Steel - The price of nickel rose, and stainless steel fell slightly. The spot prices of nickel - related products have changed. The market was affected by the Indonesian riot and strike, and the supply uncertainty has increased [24][25]. Tin - The Shanghai tin index slightly declined on Monday. Yunnan Tin's equipment maintenance and the decrease in refined tin production in August have affected the market. The short - term price may rise slightly due to tight supply [26]. Lithium Carbonate - The futures price of lithium carbonate fell on Monday. The prices of lithium - related products in the spot market have declined. The supply has no new news, and the demand has marginal improvement expectations, but the increase in warehouse receipts may suppress the short - term price [26]. Industrial Silicon and Polysilicon - The prices of industrial silicon and polysilicon rose on Monday. The prices of related products in the spot market are stable. The rise of polysilicon is affected by macro - sentiment and the expectation of a storage platform [26][29]. Lead - The lead price oscillated narrowly. The supply side is weak, and the demand is in a "peak - season not prosperous" situation. The domestic inventory is oscillating, and the LME inventory is high [30]. Black Metals Steel - The prices of rebar and hot - rolled coil decreased. The production of Tangshan's blast furnaces has been affected by inspections, and most are expected to resume production on September 4. The steel market is in a state of over - seasonal inventory accumulation, and the demand has not shown significant seasonal strength [32][33]. Iron Ore - The price of iron ore fell and then rebounded. The global iron ore shipment volume in late August increased. The market is worried about the insufficient demand in the peak season, and short - sellers are advised to take phased profits [34][35]. Coking Coal and Coke - The prices of coking coal and coke declined. The prices of coking coal in some regions have decreased. The downstream's replenishment of raw materials has slowed down, and the supply of coking coal and coke is relatively loose. Coke may face a price cut cycle after the parade [36][37]. Silicon Iron and Silicon Manganese - The production and demand of silicon iron and silicon manganese have changed. The market was affected by the pre - parade steel mill restrictions and the decline of the "anti - involution" hype. The prices have fallen back, and the bottom support exists, but the upside is also under pressure [38][40]. Energy and Chemicals Crude Oil - The prices of US and Brent crude oil rose. There are news about the suspension of oil sales to an Indian refinery, the change in Shandong refineries' crude oil arrivals, and the expectation of OPEC+ to maintain production. The oil market is currently oscillating weakly, and the September demand decline is a negative factor [41][43]. Propylene - The futures prices of propylene rose slightly. The spot prices in different regions have changed. The supply and demand of propylene and its downstream products have changed. The spot market is tight, and the price is affected by multiple factors [44][45]. PTA - PX - The load of PX and PTA plants has changed. The supply of PX in September is expected to increase, and the PTA supply has decreased. The polyester demand has a marginal improvement, but the peak - season performance is not super - expected [46][48]. MEG - Bottle Chip - The inventory of ethylene glycol in East China ports decreased. The supply and demand of ethylene glycol and related products have changed. The market is currently in a state of limited drive, and the price is expected to oscillate [50][53]. PP - The futures price of polypropylene decreased. The supply has increased, and the demand has shown a recovery trend. The inventory has decreased. The market is affected by new device production and the uncertainty of demand [54][55]. PE - The futures price of polyethylene decreased. The supply has decreased slightly, and the demand has increased. The inventory has decreased. The current demand recovery is not strong enough to drive the price up significantly [56][57]. PVC - The production of PVC in August and September is estimated. The demand is weak, and the export has changed. The inventory is accumulating, and the price has returned to the industrial fundamentals [58][59]. Pure Benzene and Styrene - The prices of pure benzene and styrene futures decreased. The inventory of pure benzene and styrene in ports has increased. The supply and demand of both have changed, and the prices are expected to be volatile [60][61]. Fuel Oil - The price of fuel oil rebounded weakly. The supply and demand of fuel oil have changed. The export in August decreased, and the demand is mixed. The market is still under pressure [62][63]. Low - Sulfur Fuel Oil - The price of low - sulfur fuel oil is mainly following cost fluctuations. The supply and demand and inventory of low - sulfur fuel oil have changed. The valuation is low, and it is advisable to wait for long - allocation opportunities [64]. Asphalt - The price of asphalt rose. The supply and demand and inventory of asphalt have changed. The short - term peak season has no super - expected performance, and it mainly follows cost fluctuations [65][66]. Urea - The futures price of urea is in a stalemate. The spot price is stable, and the demand is weak. The inventory has increased. It is advisable to pay attention to the 1 - 5 reverse spread [67].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are driven up by the strengthened expectation of a Fed rate cut in September, geopolitical risks in the Middle East and Eastern Europe, and the continuous gold - buying trend of global central banks [3]. - Copper prices are in a state of multi - factor intersection and remain volatile. The upside is limited by weak demand in the automotive, home appliance, and real estate sectors, while the support at 79,000 yuan/ton is solid [15]. - Aluminum prices are expected to be oscillatingly strong in the short term, but there is pressure above. Breaking through the 21,000 pressure level requires the fulfillment of peak - season expectations, a significant improvement in demand, and inventory reduction [35]. - Zinc prices are expected to oscillate in the short term, with the supply in an oversupply state and the demand awaiting the performance of the "Golden September and Silver October" [63]. - Nickel and stainless - steel prices are expected to oscillate within a range, with macro factors leading the market and little change in fundamentals [76]. - Tin prices have an upward driving force due to the tight supply, despite the demand pressure [93]. - Carbonate lithium futures are expected to enter an oscillating and consolidating stage, with attention paid to the environmental protection situation on the supply side and the continuation of downstream restocking [111]. - Industrial silicon prices are expected to oscillate at the bottom in the short term, with a relatively narrow price - fluctuation range [122]. - Polysilicon futures are expected to be oscillatingly strong, supported by the improved fundamentals from industrial integration [123]. 3. Summary by Related Catalogs Precious Metals - **Gold**: The expectation of a Fed rate cut in September has been strengthened to 89%, which suppresses the US dollar and boosts the financial attribute of gold. Geopolitical risks in the Middle East and Eastern Europe increase the demand for hedging, and the continuous gold - buying trend of global central banks provides long - term support, jointly driving up the gold price [3]. - **Silver**: No specific daily - view analysis provided, mainly shows relevant price and inventory data [4][12]. Copper - **Price**: The latest price of Shanghai copper futures shows an increase, with the daily increase of the main contract being 0.47%. The price of LME copper 3M also increases by 0.68%. The support at 79,000 yuan/ton is solid, but the upside is limited by weak demand [15][16]. - **Supply - demand**: The spot premium increases with the price increase, and the refined - scrap price difference is close to a reasonable level. The demand in the automotive, home appliance, and real estate sectors is weak, and the supply may shrink after September due to Fed rate cuts and maintenance [15]. Aluminum - **Aluminum**: The expectation of a Fed rate cut in September and domestic policies are beneficial to the price. The start - up rate of electrolytic aluminum has increased slightly, and the demand shows signs of recovery in the peak season, but the production and transportation control during the September parade may affect inventory reduction. The possible reduction in recycled aluminum supply supports the consumption of primary aluminum [35]. - **Alumina**: The supply of alumina is expected to be in a state of oversupply in the second half of the year, which suppresses the price. The environmental protection limit order for some alumina plants in Henan has only a short - term impact on production [36]. - **Casting Aluminum Alloy**: The supply of scrap aluminum is tight, and the cancellation of tax - return policies for some recycled aluminum enterprises may lead to a decline in the capacity utilization rate of waste - using enterprises, providing support for the price of aluminum alloy [37]. Zinc - **Supply**: The supply is in an oversupply state. The domestic zinc - ore price has an advantage, and the overseas zinc - ore supply is relatively loose. The increase in domestic processing fees in September may not be large, and the overseas refined - zinc increment is small [63]. - **Demand**: The demand is not significantly affected by the parade and remains stable. It is expected to improve during the "Golden September and Silver October", and there is a strong positive correlation with black varieties [63]. - **Inventory**: The LME inventory continues to decline, and the pattern of strong overseas and weak domestic zinc prices is more obvious [63]. Nickel - **Market Trend**: The nickel and stainless - steel markets oscillated last week, with macro factors leading the market and little change in fundamentals. The support of nickel ore continues, and the upward space of nickel iron needs attention. The new - energy sector was relatively strong last week [76]. Tin - **Supply - demand**: Tin prices are rising due to tight supply. Yunnan Tin plans to stop production for maintenance for 45 days starting from August 30. In August 2025, the output of refined tin decreased both month - on - month and year - on - year, mainly due to enterprise maintenance and the decrease in tin - concentrate imports in July [93]. Carbonate Lithium - **Market Sentiment**: The sentiment in the futures market declined last week, and the spot - market trading volume decreased. The production - scheduling data of downstream lithium - battery material enterprises increased by 5% month - on - month this month, providing support for the peak - season expectation. The futures market is expected to enter an oscillating and consolidating stage [111]. Silicon Industry Chain - **Industrial Silicon**: The downward space of industrial silicon is limited, and it is expected to oscillate at the bottom in the short term, with a relatively narrow price - fluctuation range [122]. - **Polysilicon**: Polysilicon futures are expected to be oscillatingly strong, supported by the improved fundamentals from industrial integration [123].

Group 1: Rare Earth Industry - The price of praseodymium and neodymium oxide is 597,200 CNY/ton this week, a decrease of 4.05% week-on-week [1][5] - The recent implementation of the "Interim Measures" marks the official start of supply-side reforms in the rare earth industry [1][5] - In July, the export volume of magnetic materials increased significantly, with a month-on-month growth of 75% and a year-on-year growth of 6%, indicating substantial recovery potential in exports [1][5] Group 2: Copper Market - This week, LME copper price increased by 0.99% to 9,906 USD/ton, while Shanghai copper rose by 0.91% to 79,400 CNY/ton [2] - Domestic copper inventory increased by 4,100 tons to 127,100 tons compared to Monday, but decreased by 4,600 tons compared to last Thursday [2] - The operating rate of copper rod enterprises decreased to 68.12%, down 3.25% week-on-week, indicating a slow recovery in terminal demand [2] Group 3: Aluminum Market - This week, LME aluminum price decreased by 0.11% to 2,619 USD/ton, while Shanghai aluminum increased by 0.53% to 20,700 CNY/ton [3] - Domestic electrolytic aluminum ingot inventory rose by 4,000 tons to 620,000 tons compared to Monday [3] - The operating rate of recycled aluminum leading enterprises increased by 0.5% to 53.5%, reflecting a mild recovery in downstream demand [3] Group 4: Gold Market - This week, COMEX gold price is 3,516.10 USD/ounce, with SPDR gold holdings decreasing by 19.19 tons to 977.68 tons [4][5] - The gold market is experiencing fluctuations due to geopolitical conflicts and trade uncertainties [5] Group 5: Antimony and Molybdenum - Antimony prices are expected to rebound due to improved export expectations and significant production cuts in domestic smelters [6] - Molybdenum prices have risen as major steel mills resume procurement, with steel procurement volumes returning to around 13,000 tons since August [6] Group 6: Lithium and Cobalt - The average price of lithium carbonate decreased by 4.6% to 81,000 CNY/ton this week, while lithium hydroxide price decreased by 0.5% to 82,000 CNY/ton [7] - The price of cobalt decreased by 1.7% to 267,000 CNY/ton, while cobalt intermediate CIF price increased by 0.8% to 13.3 USD/pound [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Gold prices are supported by a weakening US dollar index, an 87.2% probability of a Fed rate cut in September, mixed labor - market data, and Middle - East geopolitical tensions [3]. - Copper prices face upward pressure from the US dollar index and demand feedback at high prices, but are supported by increasing downstream acceptance, with a target support price of 78,000 yuan per ton [15]. - Aluminum is expected to oscillate with an upward bias in the short - term due to dovish Fed signals and increasing downstream restocking, while alumina is expected to oscillate weakly due to supply surpluses [33]. - Zinc is expected to oscillate in the short - term, with supply in a surplus state, stable demand, and potential risks of a short squeeze in LME inventories [62]. - The nickel industry shows stability in nickel ore, firmness in nickel iron, and an uncertain outlook for stainless steel and nickel sulfate, with attention on the September rate - cut expectation [77]. - Tin prices may rise due to falling social inventories and decent demand from solder enterprises [92]. - Carbonate lithium prices may have short - term rebound opportunities if there are supply disruptions, but the long - term supply - demand situation remains loose [103]. - Industrial silicon is in a wait - and - see state, with its开工 rate potentially peaking, and polysilicon requires attention to industry policies [111]. 3. Summaries by Related Catalogs 3.1 Precious Metals - **Gold**: Supported by a low - interest - rate environment, geopolitical risks, and economic data, pushing up prices [3]. - **Silver**: No specific daily view provided, but multiple data charts on prices, spreads, and inventories are presented [4][6][11]. 3.2 Copper - **Price Outlook**: Short - term upward pressure and downward support coexist, with a target support price of 78,000 yuan per ton [15]. - **Market Data**: Various copper futures and spot prices show daily increases, with different price changes in different contracts [16][19]. - **Inventory and Spread**: LME copper inventory increased by 1.19% to 157,950 tons, and the scrap - refined copper spread remained stable [15][31]. 3.3 Aluminum - **Aluminum**: Short - term upward - biased oscillation due to macro and demand factors [33]. - **Alumina**: Weak short - term oscillation due to supply surpluses, with a support range of 3000 - 3050 yuan per ton and a reference upper range of 3250 - 3300 yuan per ton [33]. - **Cast Aluminum Alloy**: Supported by tight scrap - aluminum supply and tax - policy changes, with a price spread of 400 - 500 yuan per ton from aluminum [34]. 3.4 Zinc - **Supply and Demand**: Supply is in a surplus state, demand is stable, and there is a potential short - squeeze risk in LME inventories [62]. - **Price Movement**: LME zinc prices rose by 0.73% to 2781 dollars per ton, while domestic zinc prices declined slightly [63]. 3.5 Nickel - **Nickel Ore**: Stable, with a possible slight decline in the Indonesian benchmark price in September [77]. - **Nickel Iron**: Relatively firm, with some large - scale transactions above 940 [77]. - **Stainless Steel and Nickel Sulfate**: Both show oscillating trends, with attention on the September - October peak season [77]. 3.6 Tin - **Price Outlook**: May rise due to falling social inventories and decent demand from solder enterprises [92]. - **Market Data**: Tin futures prices increased, with the Shanghai tin main contract rising 2.19% to 278,650 yuan per ton [93]. 3.7 Carbonate Lithium - **Price Outlook**: Short - term potential for price rebounds with supply disruptions, but long - term supply - demand remains loose [103]. - **Market Data**: Futures and spot prices declined, with the main carbonate lithium futures contract dropping 960 yuan to 77,180 yuan per ton [104][106]. 3.8 Industrial Silicon - **Market Outlook**: Suggest a wait - and - see approach, with the开工 rate potentially peaking [111]. - **Market Data**: Spot and futures prices declined, with the industrial silicon main contract dropping 2.1% to 8390 yuan per ton [112][115].

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The Jackson Hole Global Central Bank Annual Meeting saw the Fed Chair's dovish stance, increasing the certainty of a September rate cut, but short - term leveraged funds flowing in too quickly pose risks to the stock index, which may face a slight shock adjustment [3]. - The bond market lacks its own drivers, and its sentiment is significantly suppressed by the equity market. It is in a range - bound state, and the short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates [3]. - The dovish attitude of Fed officials continues to suppress the US dollar, and precious metals are strengthening and approaching the upper limit of the fluctuation range [3]. - The EC main contract of the container shipping index (European line) shows a weak trend [3]. - Steel prices are in a weak decline, and iron ore follows steel prices, with a trading range of 770 - 820 [3]. - Copper prices have weak short - term drivers and are in a narrow - range shock [3]. - The supply and demand pressure of PX is not large, but the short - term driver is limited; PTA is under short - term pressure in a weak market atmosphere, but the supply - demand expectation is tight [3]. - The inventory of bottle chips has decreased, and it follows the raw materials, with limited short - term processing fee upward space [3]. - The overseas supply outlook for sugar is relatively loose, and the short - selling position should be held [3]. - The issuance of sliding - scale tax quotas for cotton is lower than expected, and the 01 contract is short - term strong [3]. 3. Summary by Related Catalogs Stock Index - The current basis rates of the main contracts of IF, IH, IC, and IM are 0.05%, 0.06%, - 0.36%, and - 0.67% respectively. The technology main line strongly pulled up, and the stock index reversed intraday. It is recommended to wait until after the earnings report disclosure in September to decide the next - round direction [3]. Treasury Bonds - The stock market is strong, and the bond market sentiment is weak again, in a range - bound state. The short - term 10 - year Treasury active bond yield around 1.8% may be a resistance level for the upward movement of interest rates, corresponding to support for the T2512 contract around 107.4 - 107.6. The short - term bond futures can be temporarily on the sidelines [3]. Precious Metals - Gold is in a shock - strengthening trend. Hold the bull spread strategy of buying gold option AIU2512C776 and selling AU2512C792; hold the long position of silver [3]. Container Shipping Index (European Line) - The EC main contract shows a weak trend. Short the 12 - contract on rallies [3]. Steel and Black Metals - Steel prices are in a weak decline, and it is recommended to wait and see. Iron ore follows steel prices, with a range of 770 - 820, and a strategy of long iron ore and short coking coal can be adopted. Coking coal and coke can be short - sold on rallies, and long iron ore and short coke/coal strategies can be used [3]. Non - ferrous Metals - Copper prices are in a narrow - range shock, with a reference range of 78000 - 80000. Aluminum should pay attention to whether the peak - season demand can be fulfilled, with a reference range of 20400 - 21000 and pay attention to the 21000 pressure level [3]. Energy and Chemicals - For PX, pay attention to the support around 6800 and look for low - buying opportunities; for PTA, pay attention to the support around 4750 and look for low - buying opportunities, and adopt a rolling reverse spread strategy for TA1 - 5 [3]. Agricultural Products - Short - sell sugar. Cotton's 01 contract is short - term strong. Eggs are still bearish in the long - term, and short positions should be held [3]. Special Commodities - For glass, the previous short positions can be closed out at a stage. For rubber, if the raw material supply increases smoothly, short on rallies [3]. New Energy - For polysilicon, wait and see. For lithium carbonate, mainly wait and see [3].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - Copper: The Fed's dovish stance boosts the probability of a September rate cut, which in turn supports copper prices. However, the upside of copper prices is still restricted by the "stagflation-like" environment and the uncertainty of the rate cut amplitude. The fundamentals show a state of "weak reality + stable expectation". In the absence of a clear recession expectation in the US, copper prices will at least remain volatile, and a new upward cycle requires the resonance of the commodity and financial attributes of copper. The reference range for the main contract is 78,000 - 80,000 [2]. - Aluminum: For alumina, the market is under pressure due to the overall oversupply, and the short - term weakness is difficult to change. The reference range for the main contract is 3,000 - 3,300 yuan/ton. For electrolytic aluminum, in the short term, it is expected to oscillate between 20,400 - 21,000 yuan/ton, and if the subsequent demand does not improve, there is a possibility of a pull - back [4]. - Aluminum Alloy: The fundamentals are showing marginal improvement, and the spot price is expected to remain relatively firm. The reference range for the main contract is 20,000 - 20,600 yuan/ton [6]. - Zinc: The supply - side is loose and the demand - side is weak, which is not sufficient to boost the continuous rise of zinc prices, but the overseas inventory reduction provides price support. The short - term trend may be oscillatory, and the reference range for the main contract is 21,500 - 23,000 [10]. - Tin: Influenced by national policies, the market has positive expectations for domestic AI demand, which boosts tin prices. If the supply recovers smoothly, a short - selling strategy is recommended; if the supply recovery is less than expected, tin prices are expected to remain high and volatile [13]. - Nickel: The macro sentiment is temporarily stable, and the cost provides certain support. The short - term supply is expected to be loose, which restricts the upside of prices. The short - term trend is expected to be an interval adjustment, and the reference range for the main contract is 118,000 - 126,000 [14]. - Stainless Steel: The cost support remains, but the fundamentals are restricted by the weak spot demand. The short - term trend is an interval oscillation, and the reference range for the main contract is 12,600 - 13,400 [18]. - Lithium Carbonate: The supply - side contraction expectation is gradually realized, and the demand is showing a stable and optimistic trend. The market sentiment is still weak, and the short - term price is expected to oscillate widely around 80,000 [21]. 3. Summaries by Related Catalogs Copper Price and Basis - SMM 1 electrolytic copper price is 79,545 yuan/ton, down 40 yuan or 0.05% from the previous day. The SMM 1 electrolytic copper premium is 170 yuan/ton, up 40 yuan from the previous day [2]. Fundamental Data - In July, the electrolytic copper output was 117.43 million tons, up 3.47% month - on - month; the import volume was 29.69 million tons, down 1.20% month - on - month [2]. Aluminum Price and Spread - SMM A00 aluminum price is 20,840 yuan/ton, up 60 yuan or 0.29% from the previous day. The import loss is 1,431 yuan/ton, down 118.6 yuan from the previous day [4]. Fundamental Data - In July, the alumina output was 765.02 million tons, up 5.40% month - on - month; the electrolytic aluminum output was 372.14 million tons, up 3.11% month - on - month [4]. Aluminum Alloy Price and Spread - SMM ADC12 aluminum alloy price is 20,750 yuan/ton, up 200 yuan or 0.97% from the previous day. The price difference between 2511 - 2512 contracts is 15 yuan/ton, up 45 yuan from the previous day [6]. Fundamental Data - In July, the output of recycled aluminum alloy ingots was 62.50 million tons, up 1.63% month - on - month; the output of primary aluminum alloy ingots was 26.60 million tons, up 4.31% month - on - month [6]. Zinc Price and Spread - SMM 0 zinc ingot price is 22,270 yuan/ton, down 10 yuan from the previous day. The import loss is 1,810 yuan/ton, up 15.64 yuan from the previous day [8][9]. Fundamental Data - In July, the refined zinc output was 60.28 million tons, up 3.03% month - on - month; the import volume was 1.79 million tons, down 50.35% month - on - month [10]. Tin Price and Spread - SMM 1 tin price is 272,000 yuan/ton, up 2,000 yuan or 0.74% from the previous day. The import loss is 18,280.69 yuan/ton, down 3,051.62 yuan or 20.04% from the previous day [13]. Fundamental Data - In July, the tin ore import was 10,278 tons, down 13.71% month - on - month; the SMM refined tin output was 15,940 tons, up 15.42% month - on - month [13]. Nickel Price and Spread - SMM 1 electrolytic nickel price is 123,150 yuan/ton, up 1,700 yuan or 1.40% from the previous day. The import loss of futures is 1,430 yuan/ton, up 490 yuan or 25.52% from the previous day [14]. Fundamental Data - The output of Chinese refined nickel is 31,800 tons, down 10.04% month - on - month; the import volume is 19,157 tons, up 116.90% month - on - month [14]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 coil) is 13,100 yuan/ton, unchanged from the previous day. The spot - futures price difference is 420 yuan/ton, down 10 yuan or 2.33% from the previous day [18]. Fundamental Data - The output of Chinese 300 - series stainless steel crude steel (43 enterprises) is 171.33 million tons, down 3.83% month - on - month; the import volume is 7.30 million tons, down 33.30% month - on - month [18]. Lithium Carbonate Price and Spread - The average price of SMM battery - grade lithium carbonate is 81,600 yuan/ton, down 100 yuan or 0.12% from the previous day. The price difference between 2509 - 2511 contracts is 240 yuan/ton, up 40 yuan from the previous day [21]. Fundamental Data - In July, the lithium carbonate output was 81,530 tons, up 4.41% month - on - month; the demand was 660,996 tons, up 2.50% month - on - month [21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The nickel and stainless steel markets are expected to be oscillating with an upward bias, and attention should be paid to the subsequent support from the new energy sector [1] - The intraday trend of nickel and stainless steel was oscillating, with limited improvement in fundamentals and a warming expectation of interest rate cuts in September at the macro - level. There were no obvious logical changes in fundamentals [5] 3. Summary by Related Catalogs Price and Volatility Forecast - The price range forecast for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [3] - The price range forecast for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 9.27% and a historical percentile of 1.8% [3] Risk Management Strategies Nickel - **Inventory Management**: When product sales prices fall and inventory has impairment risk, short Shanghai nickel futures (NI main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3] - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [3] Stainless Steel - **Inventory Management**: When product sales prices fall and inventory has impairment risk, short stainless steel futures (SS main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [4] - **Procurement Management**: When the company has future production procurement needs and is worried about rising raw material prices, buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [4] Market Situation Analysis Core Contradictions - The intraday trend of Shanghai nickel was oscillating, with limited fundamental improvement and a warming expectation of interest rate cuts in September at the macro - level. Indonesia is expected to slightly lower the first - phase benchmark price in September, with a firm premium. There was rainfall in some mining areas in the Philippines during the week, and there is an overall rainfall expectation in September, with limited overall impact. The price of nickel iron remained firm, and the new tender price of a large southern factory was 940 yuan/ton. The salt plants in the new energy chain were relatively strong, the MHP market was in short supply, and some traders raised the coefficient due to shortages. New energy vehicle sales remained strong, and subsequent support still existed. The intraday trend of stainless steel was also oscillating, some spot prices rose slightly, and attention should be paid to the sentiment trend approaching the peak demand season in September and October [5] Positive Factors - Indonesia's APNI plans to revise the HPM formula and include elements such as iron and cobalt - Indonesia shortens the nickel ore quota permit period from three years to one year - The construction of the Yarlung Zangbo River Hydropower Station may increase the demand for stainless steel - The expectation of interest rate cuts in September has increased [7] Negative Factors - Stainless steel has entered the traditional off - season of demand, and inventory reduction is slow - The inventory of pure nickel is high - The seasonal inventory of nickel ore has increased, and the bottom support has loosened - Sino - US tariff disturbances still exist - South Korea plans to impose anti - dumping duties on China's hot - rolled products [7] Market Data Nickel - **Futures Prices**: The closing price of the Shanghai nickel main contract was 121,760 yuan/ton, up 1390 yuan or 1% from the previous day; the closing price of Shanghai nickel continuous contract 1 was 120,370 yuan/ton, up 60 yuan or 0.05%; the closing price of Shanghai nickel continuous contract 2 was 120,480 yuan/ton, up 30 yuan or 0.02%; the closing price of Shanghai nickel continuous contract 3 was 120,700 yuan/ton, down 80 yuan or 0.02%; the LME nickel 3M price was 15,280 US dollars/ton, down 305 US dollars or 0.07% [7] - **Volume and Open Interest**: The trading volume was 196,852 lots, up 108,077 lots or 121.74% from the previous day; the open interest was 98,903 lots, down 10,364 lots or 9.49% [7] - **Warehouse Receipts**: The number of warehouse receipts was 22,025 tons, down 61 tons or 0.28% [7] - **Basis**: The basis of the main contract was - 1040 yuan/ton, up 510 yuan or - 32.9% [7] Stainless Steel - **Futures Prices**: The closing price of the stainless steel main contract was 12,850 yuan/ton, up 10 yuan or 0% from the previous day; the closing price of stainless steel continuous contract 1 was 12,840 yuan/ton, down 40 yuan or - 0.31%; the closing price of stainless steel continuous contract 2 was 12,910 yuan/ton, down 30 yuan or - 0.23%; the closing price of stainless steel continuous contract 3 was 12,975 yuan/ton, up 10 yuan or 0.08% [8] - **Volume and Open Interest**: The trading volume was 128,526 lots, up 25,799 lots or 25.11% from the previous day; the open interest was 128,304 lots, down 5355 lots or - 4.01% [8] - **Warehouse Receipts**: The number of warehouse receipts was 100,851 tons, down 175 tons or 0.17% [8] - **Basis**: The basis of the main contract was 630 yuan/ton, up 40 yuan or 6.78% [8] Industry Inventory - The domestic social inventory of nickel was 40,872 tons, down 1019 tons from the previous period - The LME nickel inventory was 209,220 tons, up 72 tons from the previous period - The stainless steel social inventory was 933.4 tons, down 0.2 tons from the previous period - The nickel pig iron inventory was 33,111 tons, down 304 tons from the previous period [9]

1. Report Industry Investment Rating - No relevant information provided in the reports. 2. Core Views Aluminum - The short - term market sentiment is cautiously optimistic due to improved macro - atmosphere and peak - season expectations. The aluminum price is expected to fluctuate in the short term, with the main contract reference range of 20400 - 21000 yuan/ton. Attention should be paid to inventory changes and the implementation of macro - policies [1]. Alumina - The market is in an overall oversupply situation, and the spot price is under pressure. The short - term price is expected to have limited upside and downside, with the main contract reference range of 3000 - 3300 yuan/ton. Attention should be paid to policy changes in Guinea and macro - sentiment fluctuations [1]. Aluminum Alloy - The fundamentals are showing marginal improvement. The spot price is expected to remain relatively firm, and the price difference between aluminum alloy and aluminum is expected to converge. The main contract reference operating range is 20000 - 20600 yuan/ton. Attention should be paid to the supply of scrap aluminum and changes in import policies and volumes [3]. Copper - The Fed's dovish stance boosts copper prices, but the upside is still restricted. The fundamentals are in a state of "weak reality + stable expectation". The copper price is expected to at least remain volatile, and the main contract reference range is 78500 - 80500 yuan/ton [4]. Zinc - The supply is loose and the demand is weak. The zinc price is expected to be volatile and slightly stronger in the short term due to improved interest - rate cut expectations. The main contract reference range is 22000 - 23000 yuan/ton [8]. Nickel - The market has digested the sentiment and returned to fundamental pricing. The short - term price is expected to be adjusted within a range, with the main contract reference range of 118000 - 126000 yuan/ton. Attention should be paid to macro - expectations and import - export situations [10]. Stainless Steel - The cost support remains, but the fundamentals are restricted by weak spot demand. The short - term price is expected to fluctuate within a range, with the main contract reference range of 12600 - 13400 yuan/ton. Attention should be paid to policy directions and steel - mill dynamics [12]. Lithium Carbonate - The current fundamentals are in a tight balance. The supply contraction expectation is gradually being fulfilled, and the demand is steadily optimistic. The short - term price is expected to fluctuate around 80,000 yuan/ton [14]. Tin - Affected by the Fed's dovishness, the tin price has risen. If the supply recovers smoothly, a short - selling strategy can be considered; if the supply recovery is less than expected, the tin price is expected to remain high and volatile [17]. 3. Summary by Directory Aluminum Price and Spread - SMM A00 aluminum price is 20780 yuan/ton, with no change. The spread between different months shows certain fluctuations, such as the 2509 - 2510 spread decreasing by 5 yuan/ton to 25 yuan/ton [1]. Fundamental Data - The operating rate of aluminum profiles remains unchanged at 50.5%, while the operating rates of aluminum cables, aluminum sheets, and aluminum foils have increased slightly. The LME inventory decreased by 0.1 tons to 47.9 tons, a decrease of 0.17% [1]. Alumina Price and Spread - The average prices of alumina in Shandong, Henan, and other regions have decreased slightly, with a decline of 0.16% - 0.31%. The import profit and loss is - 1354 yuan/ton [1]. Fundamental Data - The output in July was 765.02 million tons, a year - on - year increase of 5.4%. The static supply surplus is nearly 30,000 tons per day [1]. Aluminum Alloy Price and Spread - The prices of SMM aluminum alloy ADC12 in different regions remain unchanged. The price difference between refined and scrap aluminum in Foshan has increased by 1.28% - 1.06% [3]. Fundamental Data - In July, the output of recycled aluminum alloy ingots increased by 1.63%, and the output of primary aluminum alloy ingots increased by 4.31%. The import volume of unforged aluminum alloy ingots decreased by 10.59% [3]. Copper Price and Spread - The price of SMM 1 electrolytic copper increased by 0.24% to 79585 yuan/ton. The import profit and loss increased to 128 yuan/ton [4]. Fundamental Data - In July, the output of electrolytic copper increased by 3.47% to 117.43 million tons, and the import volume decreased by 1.20% to 29.69 million tons. The domestic social inventory decreased by 8.00% to 12.3 million tons [4]. Zinc Price and Spread - The price of SMM 0 zinc ingot decreased by 0.13% to 22280 yuan/ton. The import profit and loss decreased to - 1825 yuan/ton [8]. Fundamental Data - In July, the output of refined zinc increased by 3.03% to 60.28 million tons, and the import volume decreased by 50.35% to 1.79 million tons. The domestic zinc ingot inventory increased by 2.29% to 13.85 million tons [8]. Nickel Price and Spread - The price of SMM 1 electrolytic nickel increased by 0.16% to 121450 yuan/ton. The cost of integrated MHP production of electrowinning nickel decreased by 2.81% to 118531 yuan/ton [10]. Fundamental Data - The output of Chinese refined nickel products decreased by 10.04% to 31800 tons, and the import volume increased by 116.90% to 19157 tons. The SHFE inventory increased by 2.93% to 26962 tons [10]. Stainless Steel Price and Spread - The price of 304/2B (Wuxi Hongwang 2.0 roll) remains unchanged at 13100 yuan/ton. The price of 8 - 12% high - nickel pig iron increased by 0.64% to 937 yuan/nickel point [12]. Fundamental Data - The output of 300 - series stainless steel crude steel in China decreased by 3.83% to 171.33 million tons. The net export volume increased by 22.37% to 34.32 million tons [12]. Lithium Carbonate Price and Spread - The average price of SMM battery - grade lithium carbonate decreased by 0.97% to 81700 yuan/ton. The spread between battery - grade and industrial - grade lithium carbonate remains unchanged [14]. Fundamental Data - In July, the output of lithium carbonate increased by 4.41% to 81530 tons, and the demand increased by 2.50% to 96100 tons. The total inventory decreased by 2.01% to 97846 tons [14]. Tin Price and Spread - The price of SMM 1 tin increased by 0.11% to 270000 yuan/ton. The import profit and loss increased by 9.17% to - 15229.07 yuan/ton [17]. Fundamental Data - In July, the import volume of tin ore decreased by 13.71% to 10278 tons, and the output of SMM refined tin increased by 15.42% to 15940 tons. The SHEF inventory decreased by 3.86% to 7491 tons [17].

Report Overview - Date: August 27, 2025 - Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Precious Metals and Base Metals Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - Gold: JH meeting Powell signaled dovish stance [2] - Silver: Approaching previous high [2] - Copper: Decline in both domestic and overseas inventories, price remains firm [2] - Zinc: Trading within a range [2] - Lead: Decline in inventory supports price [2] - Tin: Trading within a range [2] - Aluminum: Oscillating with a bullish bias [2] - Alumina: Center of price moving down [2] - Cast Aluminum Alloy: Following the trend of electrolytic aluminum [2] - Nickel: Narrow - range oscillating [2] - Stainless Steel: Short - term low - level oscillation [2] Summary by Commodity Gold and Silver - **Price and Performance**: Comex gold 2510 rose 1.00% to 3417.20, London gold spot rose 0.95% to 3369.82; Comex silver 2510 rose 2.07% to 39.390, London silver spot rose 1.85% to 38.801 [5] - **Inventory**: SPDR gold ETF held 956.77 tons, SLV silver ETF held 15,288.82 tons (previous day) [5] - **Trend Intensity**: Gold and silver both have a trend intensity of 1 [8] Copper - **Price and Performance**: Shanghai copper main contract closed at 79,190, down 0.63%, night - session price rose 0.29% to 79420; LME copper 3M electronic disk rose 0.38% to 9,847 [10] - **Inventory**: Shanghai copper inventory decreased by 830 tons to 22,917 tons, LME copper inventory decreased by 975 tons to 155,000 tons [10] - **Trend Intensity**: Copper has a trend intensity of 1 [12] Zinc - **Price and Performance**: Shanghai zinc main contract closed at 22270, down 0.56%; LME zinc 3M electronic disk rose 1.39% to 2805.5 [13] - **Inventory**: Shanghai zinc futures inventory increased by 1172 tons to 36366 tons, LME zinc inventory decreased by 2550 tons to 65525 tons [13] - **Trend Intensity**: Zinc has a trend intensity of 0 [15] Lead - **Price and Performance**: Shanghai lead main contract closed at 16930, up 0.50%; LME lead 3M electronic disk rose 1.12% to 1992 [16] - **Inventory**: Shanghai lead futures inventory decreased by 747 tons to 58201 tons, LME lead inventory decreased by 1500 tons to 271550 tons [16] - **Trend Intensity**: Lead has a trend intensity of 0 [16] Tin - **Price and Performance**: Shanghai tin main contract closed at 265,930, down 0.21%; LME tin 3M electronic disk rose 1.11% to 33,845 [19] - **Inventory**: Shanghai tin inventory decreased by 205 tons to 7,053 tons, LME tin inventory increased by 45 tons to 1,785 tons [19] - **Trend Intensity**: Tin has a trend intensity of 1 [24] Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Performance**: Shanghai aluminum main contract closed at 20715, down 55; Shanghai alumina main contract closed at 3069, up 226; cast aluminum alloy main contract closed at 20265, down 65 [25] - **Inventory**: Domestic aluminum ingot social inventory was 60.30 million tons, unchanged [25] - **Trend Intensity**: Aluminum has a trend intensity of 0, alumina - 1, and cast aluminum alloy 0 [27] Nickel and Stainless Steel - **Price and Performance**: Shanghai nickel main contract closed at 120,370, up 60; stainless steel main contract closed at 12,840, down 40 [28] - **Industry News**: Multiple events in the Indonesian nickel industry, including production suspensions and regulatory actions [28][29][30] - **Trend Intensity**: Nickel and stainless steel both have a trend intensity of 0 [33]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - Short - term nickel prices will mainly show a volatile trend, influenced more by macro - sentiment. The supply surplus pattern remains unchanged, and the upside space is limited. Stainless steel prices are expected to continue the range - bound trend in the near future, facing the game between "high inventory" and "cost support" and being greatly affected by macro - policies and news [3][5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On August 25, 2025, the Shanghai nickel main contract 2510 opened at 119,550 yuan/ton and closed at 120,310 yuan/ton, up 0.59% from the previous trading day. Affected by the dovish expectations of the Federal Reserve, the futures market continued to strengthen. The price fluctuated in a narrow range, with the long - side dominant due to capital inflow [1]. - **Nickel Ore**: The overall trading activity in the nickel ore market was at a medium level, and the mainstream prices remained stable. Philippine mines maintained firm quotes. In Indonesia, the (Phase II) August nickel ore domestic trade benchmark price decreased slightly, and the current mainstream domestic trade premium remained at +24. The (Phase I) September domestic trade premium is under negotiation, and it is expected to remain the same as before [2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 122,600 yuan/ton, up 800 yuan/ton from the previous day. The spot trading of refined nickel was average, and the spot premiums of various brands were stable. The previous day's Shanghai nickel warrant volume was 22,292 (- 260.0) tons, and the LME nickel inventory was 209,748 (150) tons [2]. - **Strategy**: Short - term nickel price trading should focus on range - bound operations, with no suggestions for cross - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On August 25, 2025, the stainless steel main contract 2510 opened at 12,770 yuan/ton and closed at 12,880 yuan/ton, up 0.98%. Affected by the increasing expectation of the Federal Reserve's interest rate cut and domestic real estate policies, the futures market strengthened. The price fluctuated in a narrow range, with the long - side dominant due to capital inflow [3]. - **Spot**: Boosted by the futures price rebound, market confidence recovered. Traders' quotes were stronger, and the downstream and middlemen's inquiry enthusiasm increased. The actual trading volume showed an upward trend. The stainless steel prices in Wuxi and Foshan markets were 13,075 yuan/ton and 13,050 yuan/ton respectively, and the 304/2B premium was 340 - 490 yuan/ton [4]. - **Strategy**: The stainless steel market is facing the game between "high inventory" and "cost support". It is expected that the price will continue the range - bound trend in the near future. Trading should focus on range - bound operations, with no suggestions for cross - period, cross - variety, spot - futures, and options trading [5].