Core Viewpoint - China Petrochemical Corporation (Sinopec) is expanding its procurement scope beyond bulk energy commodities to include equipment, technology, and materials, which supports the company's industrial upgrade and stabilizes the global energy and chemical industry supply chain [1] Group 1: Procurement Strategy - Sinopec's procurement strategy reflects the theme of the China International Import Expo (CIIE), emphasizing "buying globally and benefiting globally" by importing products from developed countries in Europe and America while increasing procurement from Belt and Road Initiative countries and least developed countries [1] - The company has established a presence in over 180 countries and regions, with more than 8,000 projects and overseas assets exceeding 9 trillion yuan, enhancing international cooperation and contributing positively to global technological progress, industrial development, and economic growth [1] Group 2: Global Supply Chain Cooperation - The current global situation is characterized by rapid changes and complex dynamics, necessitating the consolidation and strengthening of global industrial and supply chain cooperation, which is a shared interest and urgent expectation among all parties [1] - The State-owned Assets Supervision and Administration Commission (SASAC) will continue to guide and promote central enterprises in strengthening communication and cooperation with companies from various countries to maintain the stability and smooth operation of global industrial and supply chains [1]

Group 1: Market Data - On September 29, the prices of rebar and hot-rolled coil futures contracts RB2601 and HC2601 continued to decline, approaching their lows since July 9 and July 18 respectively. The closing prices of RB2601 and HC2601 were 3097 yuan/ton and 3289 yuan/ton, with declines of 1.34% and 1.23% respectively. The trading volumes were 1,145,688 lots and 517,716 lots, and the open interests decreased by 49,906 lots and 6,738 lots respectively. The net capital outflows were 132 million yuan and 39 million yuan respectively [5]. - The closing price of stainless steel futures contract SS2511 was 12,760 yuan/ton, a decline of 0.70%. The trading volume was 163,271 lots, and the open interest decreased by 11,471 lots, with a net capital outflow of 108 million yuan [5]. - In the black futures market, the long - short position differences and deviations of various contracts on September 29 were as follows: RB2601 had a long - short difference of 41,212 lots and a deviation of 3.44%; HC2601 had a difference of 17,299 lots and a deviation of 1.75%; SS2511 had a difference of - 69 lots and a deviation of - 0.11%; J2601 had a difference of 948 lots and a deviation of 3.32%; JM2601 had a difference of 13,307 lots and a deviation of 3.57%; I2601 had a difference of 11,264 lots and a deviation of 3.74% [6]. Group 2: Spot Market and Technical Analysis - On September 29, the prices of some rebar and hot - rolled coil in the spot market declined. The rebar prices in Nanning and Zhengzhou dropped by 30 yuan/ton, and those in Jinan, Chongqing, Chengdu, Kunming, and Xi'an decreased by 10 - 20 yuan/ton. The hot - rolled coil prices in Shanghai, Wuxi, Jinan, Nanning, Chongqing, Nanjing, Fuzhou, Chengdu, and Guiyang fell by 10 - 20 yuan/ton [7]. - The daily KDJ indicators of rebar and hot - rolled coil 2601 contracts continued to decline. The daily MACD red column of the rebar 2601 contract has been narrowing for 5 consecutive trading days and is close to a death cross, while the daily MACD of the hot - rolled coil 2601 contract showed a significant increase in the green column after a death cross the previous day [7]. Group 3: Market Outlook - The weekly output of the five major steel products increased after three consecutive weeks of decline. The demand reached a new high since mid - July after three consecutive weeks of recovery from its lowest level since early March. The social inventory of the five major steel products declined from its highest level since late April [9]. - In the raw material market, the iron ore inventory of 247 steel mills and the imported sinter powder ore inventory of 64 sample steel mills reached new highs since early February after three and four consecutive weeks of significant increases respectively, indicating that steel mills actively replenished their stocks before the festival. The shipping volume of Australian and Brazilian iron ore increased after reaching a low since late February, but the growth rate narrowed, and the arrival volume reached a new high since late March. The coke per - ton profit has been in the red for two consecutive weeks, and the coke spot price started to rise again on September 24. The coke inventories of coking plants and ports were not high, and steel mills actively replenished their coke stocks before the festival. The refined coal inventory of mines decreased significantly, and the coking coal spot price generally increased again [9]. - Considering that the domestic incremental policies are less effective than those in the previous year, while the anti - involution policies are still expected, and the steel production cut will be mainly structural, the support from the raw material side is relatively predictable. It is expected that the steel market will rebound for the second time after a period of consolidation from late September to early October. Attention should be paid to the recovery rhythm of finished product profits and the willingness of steel mills and coking plants to replenish raw material stocks [9]. Group 4: Industry News - From 2021 to 2024, China's investment in water conservancy construction exceeded 1 trillion yuan for three consecutive years, reaching 1.3529 trillion yuan in 2024, a record high. During the 14th Five - Year Plan period, the total investment in water conservancy construction is expected to reach 5.4 trillion yuan. Since the 14th Five - Year Plan, 172 major water conservancy projects have been launched, and the layout, structure, function, and system integration of water conservancy infrastructure have been optimized [10]. - The National Development and Reform Commission will implement a series of practical measures to stimulate private investment and promote the healthy and high - quality development of the private economy [10]. - In August 2025, the total import and export volume of automobile products was 25.81 billion US dollars, a month - on - month increase of 3.3% and a year - on - year decrease of 0.3%. The import amount was 4.17 billion US dollars, a month - on - month decrease of 7.4% and a year - on - year decrease of 38.4%. The export amount was 21.64 billion US dollars, a month - on - month increase of 5.6% and a year - on - year increase of 13.2% [11]. - From January to August, the advanced steel industry in Hebei Province led the nine major industrial leading industries, with a double - digit growth rate of 14.1% [11]. - Jiufeng Energy plans to invest up to 3.455 billion yuan in a coal - to - natural - gas project in Xinjiang, holding a 50% stake in the project [11]. - Kailuan Energy Chemical Co., Ltd. provided a 100 million yuan guarantee for its subsidiary's letter of credit business [11].