Demand - External demand is expected to be better than internal demand in the short term, with August exports projected to maintain resilience at around 5.1% despite some downward pressure due to "transshipment tariffs" and "reciprocal tariffs" [2][11][100] - Internal demand shows signs of weakness, primarily due to limited use of subsidy funds, with retail sales expected to grow by 4.4% year-on-year in August [2][26][100] - Service consumption and investment are performing relatively well, driven by high travel activity and increased private investment in the service sector, with overall investment growth expected to remain stable at 1.6% [3][11][100] Supply - Production remains robust, with the manufacturing PMI rising to 49.4% in August, indicating continued high production levels, particularly in export-oriented sectors [4][43][100] - Industries with high external demand dependency, such as textiles and specialized equipment, are experiencing significant production index increases, while sectors like agriculture and automotive are lagging [4][50][100] - Industrial output is projected to grow by 5.8% year-on-year in August, supported by strong performance in the "export chain" [5][55][100] Inflation - PPI is expected to show improvement due to rising commodity prices and low base effects, with the main raw material purchase price index increasing by 1.8% to 53.3% [6][64][100] - CPI is anticipated to decline further, influenced by weak food prices and low downstream PPI, with an expected year-on-year drop of 0.4% in August [8][80][100] Outlook - The economic narrative for August centers around "resilient external demand and weak internal demand," with a focus on the effectiveness of incremental policies and the recovery of internal demand [9][91][100] - Overall, nominal GDP is projected to grow by 3.6% and real GDP by 4.8% year-on-year in August [9][91][100]

Demand - External demand is expected to perform better than internal demand, with August exports projected to decline by 5.1% due to high base effects and tariff impacts, but the pressure is manageable due to improved external demand and market share gains[1][12] - Domestic consumption and manufacturing investment are expected to weaken, with retail sales projected to grow by only 4.4% year-on-year in August, influenced by limited use of subsidy funds[1][24] Supply - The manufacturing PMI rose by 0.1 percentage points to 49.4% in August, indicating sustained production activity, particularly in export-oriented sectors[3][42] - Industrial output is expected to grow by 5.8% year-on-year in August, supported by resilient indicators in the export chain, such as a 3.8 percentage point increase in high furnace operation rates[4][51] Inflation - The Producer Price Index (PPI) is expected to show limited year-on-year improvement of -2.9% in August, despite rising commodity prices, due to low capacity utilization in mid and downstream sectors[5][64] - The Consumer Price Index (CPI) is projected to decline by 0.4% year-on-year in August, driven by weak food prices and a high youth unemployment rate affecting rental prices[6][68]

Core Viewpoint - Virginie (02199) announced a new property leasing agreement due to the expiration of the current lease for its smart residential units in 2024, which will end on September 30, 2025 [1] Group 1: Leasing Agreement Details - Virginie Smart Living, a wholly-owned subsidiary, signed a new leasing agreement with Virginie Investment Properties on September 2, 2025 [1] - The new lease will be effective from October 1, 2025, to September 30, 2026, for a duration of one year [1] - The monthly rent for the property is set at RMB 210,900, equivalent to approximately HKD 229,900 [1] Group 2: Property Specifications - The leased property consists of 128 apartment units located at No. 8 Yanyang Avenue, Zhaoqing New District, Zhaoqing City, Guangdong Province, China [1] - The total construction area of the property is approximately 14,061 square meters [1]

Group 1: Demand - External demand is expected to be better than internal demand in the short term, with August exports projected to maintain resilience at 5.1% despite potential pressures from "transshipment tariffs" and "reciprocal tariffs" [2][11][100] - Internal demand shows signs of weakness, primarily due to limited use of subsidy funds, with retail sales expected to grow by only 4.4% in August [2][26][100] - Service consumption and investment are performing relatively well, driven by high travel activity and increased private investment in the service sector, with overall investment growth expected to remain stable at 1.6% [3][11][100] Group 2: Supply - Production remains robust, with the manufacturing PMI rising to 49.4% in August, indicating continued production activity despite some constraints from "anti-involution" policies [4][43][100] - Industries with high external demand dependency, such as textiles and specialized equipment, are experiencing higher production indices, while sectors like agriculture and automotive are lagging [4][50][100] - Industrial output is projected to grow by 5.8% year-on-year in August, supported by strong performance in the export chain [5][55][100] Group 3: Inflation - Expectations of supply contraction and rising commodity prices are likely to support a rebound in the Producer Price Index (PPI), with a projected improvement in PPI year-on-year [6][64][100] - The Consumer Price Index (CPI) is expected to decline further due to weak food prices and low downstream PPI, with an anticipated drop of 0.4% year-on-year in August [8][80][100] Group 4: Outlook - The economic outlook for August centers around the resilience of external demand and the weakness of internal demand, with a projected nominal GDP growth of 3.6% and real GDP growth of 4.8% [9][91][100]

Demand - In August, external demand is expected to outperform internal demand, with exports projected to decline by 5.1% due to high base effects and tariff impacts, but the pressure is manageable due to improving external demand and market share gains[1] - Domestic consumption and manufacturing investment are expected to weaken, with retail sales projected to grow by only 4.4% year-on-year, influenced by limited use of subsidy funds[1][27] - High-frequency indicators show that retail sales of passenger cars and white goods in August increased by only 0.8% and 2.1% year-on-year, respectively[27] Supply - The manufacturing PMI rose by 0.1 percentage points to 49.4% in August, indicating sustained production activity, with the production index increasing by 0.3 percentage points to 50.8%[3][45] - Industries with high external demand, such as textiles and specialized equipment, showed significant production index increases of 23.6 percentage points to 57.1% and 8.6 percentage points to 63.9%, respectively[49] - Industrial added value is expected to grow by 5.8% year-on-year in August, supported by resilient indicators in the export chain[4][54] Inflation - The Producer Price Index (PPI) is expected to show limited year-on-year improvement at -2.9%, despite rising commodity prices and a low base effect, with the main raw material purchase price index increasing by 1.8 percentage points to 53.3%[5][61] - Consumer Price Index (CPI) is projected to decline by 0.4% year-on-year in August, constrained by weak food prices and downstream PPI[6]

格隆汇9月2日丨富安娜(002327.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞价 交易方式累计回购股份数量为5,664,855股，占公司总股本的0.6758%，最高成交价为7.41元/股，最低成 交价为7.26元/股，成交总金额为人民币4156.069万元(不含交易费用)。 ...

Core Viewpoint - Itochu Asia plans to reduce its stake in Sheng Tai Group by up to 3% of the total share capital through both centralized bidding and block trading methods, following a notification issued on September 1, 2025 [1] Group 1: Shareholding and Reduction Plan - As of the announcement date, Itochu Asia holds 116,680,000 shares in Sheng Tai Group, representing 21.00% of the total share capital [1] - The reduction plan allows for a maximum of 5,555,600 shares (1% of total share capital) to be sold through centralized bidding within three months after the announcement, and an additional 11,111,200 shares (2% of total share capital) through block trading [1] Group 2: Company Background and Financials - Sheng Tai Group was listed on the Shanghai Stock Exchange on October 27, 2021, with an initial issuance of 55.56 million shares at a price of 9.97 yuan per share [2] - The total funds raised from the initial public offering amounted to 554 million yuan, with a net amount of 463 million yuan after expenses [2] - The company has also issued convertible bonds in 2022, raising a total of 701.18 million yuan, with a net amount of approximately 683.85 million yuan after deducting issuance costs [3][4]

Group 1 - The core viewpoint of the news is that Nanshan Zhishang's stock price increased by 5.09% to 22.72 CNY per share, with a trading volume of 722 million CNY and a turnover rate of 7.86%, resulting in a total market capitalization of 11.499 billion CNY [1] - Nanshan Zhishang, established on April 29, 2007, and listed on December 22, 2020, is primarily engaged in the production and sales of fabrics and clothing, with revenue composition being 50.11% from fine woolen fabrics, 37.84% from clothing, 10.90% from ultra-high fiber, and 1.15% from other sources [1] Group 2 - Among the top ten circulating shareholders of Nanshan Zhishang, Penghua Fund's carbon neutrality theme mixed fund A (016530) reduced its holdings by 14,700 shares in the second quarter, now holding 2.9344 million shares, which is 0.68% of the circulating shares, with an estimated floating profit of approximately 3.2278 million CNY [2] - The Penghua carbon neutrality theme mixed fund A (016530) was established on May 5, 2023, with a latest scale of 2.08 billion CNY, achieving a year-to-date return of 76.11% and ranking 209 out of 8,184 in its category, while its one-year return is 164.2%, ranking 30 out of 7,971 [2]

Report Industry Investment Ratings - **Equities**: Bullish [2] - **Treasury Bonds**: Bearish [2] - **Silver**: Bullish [1][5] - **Copper**: Bullish [5] - **Aluminum Oxide**: Bearish [5] - **Aluminum**: Bullish [5] - **Nickel**: Bullish [5] - **Lithium Carbonate**: Bearish [7] - **Industrial Silicon**: Neutral [7] - **Polysilicon**: Bearish [7] - **Rebar**: Bearish [7] - **Hot - Rolled Coil**: Bearish [7] - **Iron Ore**: Neutral [7] - **Coking Coal**: Neutral [9] - **Coke**: Neutral [9] - **Soda Ash**: Bearish [9] - **Float Glass**: Bearish [9] - **Crude Oil**: Neutral [9] - **Methanol**: Bearish [9] - **Polyolefin**: Bearish [11] - **Cotton**: Neutral [11] - **Rubber**: Bullish [11] Core Views - The upward trend of the stock index remains unchanged, with short - term fluctuations. The bullish position of IF can be held patiently, while the bond market remains cautious [2] - The Fed is likely to cut interest rates in September, and the previous long positions of silver AG2510 can be held. The production of PP has reached a record high, and new short positions can be entered [1][3] - The prices of precious metals are strong, and the long positions of silver contracts can be held. The copper price is strong due to a weak dollar and tight supply, while the alumina price is under pressure, and the aluminum price is resilient [5] - The fundamentals of lithium carbonate are loose, and the previous short positions can be held cautiously. The polysilicon market will maintain a weak shock in the short term [7] - The prices of steel products are expected to be weak, and the profit of steelmaking tends to shrink. The short - term iron ore contract maintains a range - bound operation [7] - The actual demand for coking coal and coke is poor, but there are disturbances in production. The supply of soda ash is easy to increase but difficult to decrease, and the willingness of the glass near - month contract to accept orders is weak [9] - The oil price may rise due to geopolitical factors in the short term, but there is great pressure on the supply side in the medium and long term. The methanol supply pressure increases in September, and the price will further decline [9] - In September, the PE trend is still stronger than PP, and the long L - PP arbitrage can be held. The supply and demand of cotton are expected to be relatively loose, and the price is in a weak shock. The demand for rubber is supported [11] Summary by Category Financial Futures - The upward trend of the stock index remains unchanged, and the previous long positions of IF2509 can be held. The bond market is still cautious [1][2] Commodity Futures Precious Metals - The prices of precious metals are strong. The Fed is likely to cut interest rates in September, and the long positions of silver AG2510 and silver 10 - contract can be held [1][3][5] Non - Ferrous Metals - The copper price is strong due to a weak dollar and tight supply. The alumina price is under pressure, and the aluminum price is resilient. The Indonesian strike causes concerns about nickel supply, and the nickel price is strong in the short term [5] Energy Metals - The fundamentals of lithium carbonate are loose, and the previous short positions can be held cautiously. The polysilicon market will maintain a weak shock in the short term [7] Steel and Ore - The prices of steel products are expected to be weak, and the profit of steelmaking tends to shrink. The short - term iron ore contract maintains a range - bound operation [7] Coal and Coke - The actual demand for coking coal and coke is poor, but there are disturbances in production, and the prices are in a shock [9] Chemicals - The supply of soda ash is easy to increase but difficult to decrease, and the willingness of the glass near - month contract to accept orders is weak. The oil price may rise due to geopolitical factors in the short term, but there is great pressure on the supply side in the medium and long term. The methanol supply pressure increases in September, and the price will further decline [9] Polyolefins - In September, the PE trend is still stronger than PP, and the long L - PP arbitrage can be held [11] Agricultural Products - The supply and demand of cotton are expected to be relatively loose, and the price is in a weak shock. The demand for rubber is supported [11]

Group 1 - The US dollar index has dropped below 98, reaching a new low for the year, indicating a weakening of the dollar [1] - The offshore yuan has surged past the 7.12 mark, hitting a nearly ten-month high, with the central parity rate reported at 7.103 on August 28, reflecting a rapid appreciation [3][10] - The backdrop of this currency movement includes expectations of US Federal Reserve monetary policy, a global trend of "de-dollarization," and China's robust economic recovery [5] Group 2 - The People's Bank of China (PBOC) has been actively adjusting the central parity rate, leading to a cumulative appreciation of over 1100 basis points since April, when the yuan hit a low of 7.2133 [8][10] - The proportion of US dollars in foreign exchange reserves has fallen to 58%, the lowest in 30 years, while the digital yuan is gaining traction globally, covering 107 countries with a daily cross-border settlement volume of 800 billion yuan [12] - China's economic fundamentals are strong, with a GDP growth of 5.4% in Q1 and a 24% increase in high-tech product exports, contributing to the yuan's appreciation [14] Group 3 - International institutions are reassessing the yuan's trajectory, with Goldman Sachs predicting it may break 7 by year-end, while Deutsche Bank forecasts it could reach 6.7 by the end of 2026 [16] - The appreciation of the yuan is creating a "self-reinforcing" cycle, where A-share market gains attract foreign capital, further enhancing the appeal of yuan-denominated assets [20] - The PBOC's strategy includes releasing signals for appreciation through the central parity rate and adjusting the CFETS basket weights to stabilize the yuan against other currencies [22] Group 4 - The appreciation of the yuan poses challenges for export-oriented companies, particularly in labor-intensive sectors, where a 1% increase in the yuan could reduce profit margins by 0.5-0.7 percentage points [24] - The real estate market remains a concern, as domestic demand has not fully recovered, which could challenge the sustainability of the yuan's strength [26] - The US Treasury Secretary has expressed concerns over the yuan's exchange rate, highlighting the complexities of US-China currency dynamics [27][30] Group 5 - The current trend of capital inflow into A-shares and yuan-denominated bonds is indicative of a shift in global asset allocation towards yuan assets, driven by the depreciation of the dollar and the reassessment of the yuan's value [33] - The ability of the yuan to enter a "6 era" depends on the interaction of US and Chinese policy rhythms in the coming months, with potential for a new international monetary landscape [36] - The rise of the yuan signifies not just a price increase but also an enhancement of China's influence in the global financial system, challenging the dominance of the dollar [38]