1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - China announced new national independent contributions at the United Nations Climate Change Summit, aiming to reduce greenhouse gas net emissions by 7 - 10% from the peak by 2035 and increase the total installed capacity of wind and solar power generation to 36 billion kilowatts [22][24]. - The glass market's short - term trend is likely to be strong due to policy anti - involution expectations and industry meetings [8]. - The short - term volatility of the Container Freight Index (Europe Line) may increase, and different trading strategies are proposed based on whether the price increase is implemented [11]. - Copper prices have risen significantly due to supply disruptions from the Grasberg mine in Indonesia, and the supply of copper raw materials is expected to be tight [12][13]. 3. Summaries by Relevant Catalogs 3.1 Gold and Silver - Gold continues to reach new highs, with a trend strength of 0; silver is in a shock adjustment phase, with a trend strength of 1 [17][25]. - The prices, trading volumes, positions, inventories, and spreads of gold and silver futures and spot markets are presented, along with relevant macro and industry news [22]. 3.2 Copper - Copper prices have risen sharply due to the Grasberg mine's force majeure event, and the supply of copper raw materials is expected to tighten, with a trend strength of 2 [12][29]. - The prices, trading volumes, positions, inventories, and spreads of copper futures and spot markets are provided, along with macro and industry news [27]. 3.3 Zinc - Zinc prices show a slight rebound, with a trend strength of 0 [17][32]. - The prices, trading volumes, positions, and spreads of zinc futures and spot markets are presented, along with relevant news [30]. 3.4 Lead - Lead prices are supported by inventory reduction, with a trend strength of 0 [17][33]. - The prices, trading volumes, positions, and spreads of lead futures and spot markets are provided, along with macro and industry news [33]. 3.5 Tin - Tin prices are in a range - bound shock, with a trend strength of 0 [17][40]. - The prices, trading volumes, positions, inventories, and spreads of tin futures and spot markets are presented, along with relevant macro and industry news [36]. 3.6 Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum shows a shock - upward trend, alumina is in a range - bound shock, and cast aluminum alloy is stronger than electrolytic aluminum, with trend strengths of 1, 0, and 1 respectively [17][43]. - The prices, trading volumes, positions, inventories, and spreads of aluminum, alumina, and cast aluminum alloy futures and spot markets are provided, along with relevant news [41]. 3.7 Nickel and Stainless Steel - Nickel prices are in a low - level shock due to the game between smelting inventory accumulation and ore - end expectations; stainless steel prices are in a shock operation due to the game between short - term supply - demand and cost, with trend strengths of 0 for both [17][50]. - The prices, trading volumes, positions, and spreads of nickel and stainless steel futures and spot markets are presented, along with macro and industry news [44]. 3.8 Carbonate Lithium - Carbonate lithium is in a shock trend as pre - holiday restocking is coming to an end, with a trend strength of 0 [17][53]. - The prices, trading volumes, positions, and spreads of carbonate lithium futures and spot markets are provided, along with relevant news [51]. 3.9 Industrial Silicon and Polysilicon - Industrial silicon shows resistance in the market, and polysilicon requires attention to market sentiment due to upstream sudden maintenance, with trend strengths of 0 and 1 respectively [17][56]. - The prices, trading volumes, positions, inventories, and spreads of industrial silicon and polysilicon futures and spot markets are presented, along with macro and industry news [54]. 3.10 Iron Ore - Iron ore prices are in a wide - range shock due to repeated expectations, with a trend strength of 0 [17][57]. - The prices, trading volumes, positions, and spreads of iron ore futures and spot markets are provided, along with relevant news [57]. 3.11 Rebar and Hot - Rolled Coil - Rebar and hot - rolled coil prices are in a wide - range shock, with trend strengths of 0 for both [17][63]. - The prices, trading volumes, positions, and spreads of rebar and hot - rolled coil futures and spot markets are presented, along with macro and industry news [60]. 3.12 Ferrosilicon and Silicomanganese - Ferrosilicon and silicomanganese prices are in a wide - range shock due to sector sentiment resonance, with trend strengths of 0 for both [64][66]. - The prices, trading volumes, positions, and spreads of ferrosilicon and silicomanganese futures and spot markets are provided, along with relevant news [65]. 3.13 Coke and Coking Coal - Coke and coking coal prices are in a wide - range shock due to repeated expectations, with trend strengths of 0 for both [17][68]. - The prices, trading volumes, positions, and spreads of coke and coking coal futures and spot markets are presented, along with relevant news [68]. 3.14 Logs - Log prices are in a repeated shock, but no detailed data or analysis is provided in the report [70].

公司已于2025年9月2日以每股H股29.28港元的配售价成功向不少于6名承配人(为独立专业或机构投资 者)配发及发行合共4002.56万股新H股，相当于经配售及已发行配售股份扩大后已发行H股数目的 9.02%。 赣锋锂业发布公告，公司配售协议中载列的所有配售先决条件已获满足(包括获得上市批准)，配售于 2025年9月2日完成。 智通财经APP获悉，香港联交所最新资料显示，9月2日，赣锋锂业(01772)股东将股票存入香港上海汇丰 银行，存仓市值12.69亿港元，占比9.92%。 ...

Market Trends - In August, the bond market's trading logic shifted to "watch stocks and trade bonds," with 10-year and 30-year government bond yields peaking at 1.79% and 2.06% respectively[1][12]. - The bond market's traditional pricing mechanisms failed as the stock market's performance overshadowed bond expectations, leading to a significant rise in yields despite a generally loose funding environment[1][12]. Institutional Behavior - Major banks reported a significant decline in financial investment returns, with state-owned banks experiencing an average year-on-year drop of 30 basis points (bp) in the first half of 2025, compared to 11 bp in the same period of 2024[2][23]. - Since May, large banks have been selling long-term bonds while buying short-term ones, indicating a strategy to realize profits amid pressure on revenue KPIs[2][24]. Funding Conditions - September is expected to see a tightening of funds initially, followed by a loosening, with historical trends suggesting a rise in funding rates post-August[3][39]. - The central bank has maintained a supportive stance on funding, with significant short-term injections to stabilize market sentiment, including a net injection of 4,217 billion yuan during the month-end transition[3][41]. Economic Indicators - Key economic indicators such as inflation, credit, and real estate have shown a downward trend, which the bond market has largely ignored, potentially leading to increased expectations for loose monetary policy[5][50]. - The upcoming release of August's economic data could reinforce the downward trend in key indicators, impacting market expectations for monetary policy[5][50]. Future Outlook - The bond market's ability to regain its "independent personality" hinges on three factors: stock market volatility, the impact of August's economic data, and the resolution of negative institutional behaviors[6][57]. - The market is divided into three phases for September: an observation period, a gaming period, and a bargain-hunting period, with strategies focusing on maintaining a neutral duration of around 3.5-4.0 years[7][57].

Summary of Key Points Core Viewpoint - On August 19, Ganfeng Lithium conducted a block trade with a transaction amount of 2.01 million yuan and a trading price of 38.95 yuan per share, indicating ongoing trading activity in the lithium sector [1]. Trading Activity - A total of 51,700 shares were traded in the block transaction, with the buyer being CITIC Securities Co., Ltd. Shanghai Branch and the seller being CITIC Securities South China Co., Ltd. Foshan Branch [1]. - Over the past three months, Ganfeng Lithium has recorded three block trades, accumulating a total transaction amount of 10.08 million yuan [1]. Stock Performance - The closing price of Ganfeng Lithium on the day of the block trade was 38.95 yuan, reflecting a decrease of 0.99% [1]. - The stock's turnover rate for the day was 2.48%, with a total trading volume of 1.17 billion yuan [1]. - Net capital outflow for the day was 25.88 million yuan, and over the past five days, the stock has seen a cumulative decline of 1.27% with a total net capital outflow of 577 million yuan [1]. Margin Trading Data - The latest margin financing balance for Ganfeng Lithium stands at 3.26 billion yuan, showing a decrease of 97.51 million yuan over the past five days, which is a decline of 2.90% [1].

Group 1 - The company Tianqi Lithium stated on August 18 that there is currently no actual business cooperation with SQM [2] - The company confirmed that there is no joint venture with SQM [2]

Group 1 - The core point of the article is that Tianqi Lithium Industries' stock opened over 14% higher following news of a three-month production halt at CATL's Yichun lithium mica mine [1] Group 2 - The production halt at the Yichun lithium mica mine is significant as it is expected to impact lithium supply in the market [1] - The market reaction, reflected in Tianqi Lithium's stock price increase, indicates investor optimism regarding potential supply constraints and pricing power in the lithium sector [1]

Core Viewpoint - The company has approved a share repurchase plan to maintain its value and protect shareholder interests, with a total repurchase fund of no less than RMB 400 million and no more than RMB 500 million, at a maximum price of RMB 17.75 per share [1][2]. Group 1: Share Repurchase Plan - The company will use its own funds and special loans to repurchase part of its issued A-shares through centralized bidding [1]. - The implementation period for the repurchase is within three months from the board's approval date [1]. - The first repurchase occurred on July 28, 2025, with 2,682,700 shares bought back, accounting for approximately 0.29% of the total share capital, at a total cost of RMB 43.39 million [1]. Group 2: Compliance and Regulations - The repurchase actions comply with the Shenzhen Stock Exchange's self-regulatory guidelines and relevant regulations [2]. - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [2].

Core Viewpoint - Dazhong Mining plans to invest 1 billion yuan in a lithium battery project, aiming to establish a second growth curve amid declining revenues from its traditional iron ore business [2][4]. Investment Project Details - The project will be constructed in three phases: - Phase 1 focuses on research and development, expected to complete by 2025 [4]. - Phase 2 involves building a production line with an annual capacity of 1,000 tons, scheduled to start in April 2026 and finish by the end of 2027 [4]. - Phase 3 plans for a 2,000-ton production line, set to begin in June 2027 and complete by the end of 2028 [4]. - The lithium battery materials are noted for their high specific capacity, aligning with the trends in the upgraded new energy industry [4]. Financial Performance - In 2024, Dazhong Mining's total revenue was approximately 3.84 billion yuan, a decrease of 4.01% from 2023 [8][9]. - The main products, iron concentrate and pellets, contributed over 90% of the revenue, with iron concentrate revenue dropping by 22.04% [6][8]. - The net profit for 2024 was 751 million yuan, down 34.17% year-on-year [9]. Market Conditions - The iron ore market is experiencing a downturn, with the average price index for iron ore (62% grade) falling by 8.7% in 2024 [8][11]. - Dazhong Mining's lithium projects have yet to generate revenue, with significant investments made since 2022 totaling over 4.2 billion yuan for lithium resource acquisitions [11][9]. - The price of lithium carbonate has been volatile, with a peak of 81,680 yuan per ton in January 2024, dropping below 60,000 yuan by May [11]. Company Valuation - As of June 18, Dazhong Mining's stock closed at 10.07 yuan per share, with a market capitalization of approximately 15.19 billion yuan [13].

Report Summary 1. Industry Investment Ratings The report does not provide an overall industry investment rating. However, it gives trend intensities for individual commodities, which can be used as a reference for investment decisions. 2. Core Views - **Precious Metals**: Gold shows risk preference recovery, and silver stabilizes and rebounds. The trend intensities for both are neutral [5][6]. - **Base Metals**: Copper prices are supported by inventory reduction; aluminum is in a range - bound oscillation; zinc is in range consolidation; lead has a narrow - range oscillation; nickel may have a narrow - range oscillation with converging upside and downside space; stainless steel has a game between cost and negative feedback on the disk; tin has a slight repair; industrial silicon has a weak oscillation due to weak demand; and alumina is still seeking a bottom [2][10][13]. - **Energy and Chemicals**: Crude - related products like fuel oil and asphalt have different trends; PTA, MEG, and other chemicals have specific trading strategies such as PTA's month - spread reverse arbitrage and going long on PTA and short on MEG [2][64][66]. - **Agricultural Products**: Corn oscillates strongly; sugar oscillates weakly; cotton's rebound is restricted by demand; and other agricultural products have their own supply - demand and price trends [2][4]. 3. Summary by Commodity Precious Metals - **Gold and Silver**: Gold's risk preference rebounds, and silver stabilizes and recovers. Yesterday, the closing price of沪金2506 was 780.04 with a - 0.91% daily change, and沪银2506 was 8168 with a - 1.35% daily change. The trend intensities for both are 0 [5][6]. Base Metals - **Copper**: Inventory reduction supports prices. The closing price of沪铜主力合约 was 77,580 with a 0.18% daily increase. The trend intensity is 0 [10]. - **Aluminum and Alumina**: Aluminum oscillates within a range, and alumina continues to seek a bottom. The closing price of沪铝主力合约 was 19935, and沪氧化铝主力合约 was 2862. The trend intensities for both are 0 [13]. - **Zinc**: It is in range consolidation. The closing price of沪锌主力 was 22520 with a - 1.01% daily change. The trend intensity is 0 [16]. - **Lead**: It has a narrow - range oscillation. The closing price of沪铅主力 was 17005 with a 0.35% daily increase. The trend intensity is 0 [19]. - **Nickel and Stainless Steel**: Nickel may have a narrow - range oscillation, and stainless steel has a game between cost and negative feedback. The closing price of沪镍主力 was 124,690, and不锈钢主力 was 12,765. The trend intensities for both are 0 [21][22]. - **Tin**: It has a slight repair. The closing price of沪锡主力 was 262,840 with a 1.26% daily increase. The trend intensity is 0 [25][26]. Energy and Chemicals - **Industrial Silicon and Polysilicon**: Industrial silicon has a weak oscillation due to weak demand, and polysilicon is also weak due to news fermentation. The closing price of Si2506 was 8,800, and PS2506 was 37,780. The trend intensities for both are - 1 [32][33]. - **Carbonate Lithium**: Cost support weakens, and attention should be paid to purchasing demand under high basis. The closing price of 2507 contract was 66,960. The trend intensity is 0 [36][37]. - **Iron Ore**: Expectations are volatile, and it has a wide - range oscillation. The closing price of 12509 was 710.5 with a 0.21% daily increase. The trend intensity is 0 [40][41]. - **Rebar and Hot - Rolled Coil**: The expectation of production restriction increases, and there is a short - term rebound. The closing price of RB2510 was 3,129 with a 0.61% daily increase, and HC2510 was 3,237 with a 0.84% daily increase. The trend intensities for both are 1 [43][44]. - **Silicon Ferrosilicon and Manganese Silico - Manganese**: They are in low - level oscillations. The closing price of硅铁2506 was 5648, and锰硅2506 was 5746. The trend intensities for both are 0 [48]. - **Coke and Coking Coal**: They are affected by production - restriction news and have wide - range oscillations. The closing price of JM2509 was 947 with a - 0.94% daily change, and J2509 was 1562 with a - 0.26% daily change. The trend intensities for both are 0 [51]. - **Steam Coal**: The rigid demand has limited impact, and it oscillates weakly. The trend intensity is 0 [55]. - **Glass**: The price of the original sheet is stable. The closing price of FG509 was 1122 with a - 0.53% daily change. The trend intensity is 0 [59][60]. - **PX, PTA, and MEG**: PX's processing fee expands; PTA has a month - spread reverse arbitrage; and the strategy is to go long on PTA and short on MEG. The closing price of PX主力 was 6230, PTA主力 was 4400, and MEG主力 was 4160. The trend intensities for all are 0 [64][66]. - **Rubber**: It oscillates. The closing price of the rubber主力 was 14,730 (daily) and 14,735 (night). The trend intensity is 0 [70][72]. Agricultural Products - **Grains and Oils**: Corn oscillates strongly; sugar oscillates weakly; soybean meal may stop falling gradually; and other products have their own price trends [2][4]. - **Livestock and Poultry**: Eggs have a weak oscillation, and pigs start a phased inventory reduction [2][4].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The Politburo meeting set the policy direction after the change in the external environment. In the short - term, the focus is on accelerating the implementation of previously established policies, with sufficient policy reserves for potential additional hedging in the future. High - frequency data shows that foreign trade impact is increasing, and domestic real - estate sales are under pressure. It is expected that the macro data in April will weaken moderately. Near - term policies will focus on the implementation of structural policy tools emphasized in the Politburo meeting. Later, when the real impact of trade frictions on the economy and the direction of tariffs are clearer, domestic policies may be further strengthened, including the possibility of reserve requirement ratio cuts and interest rate cuts [8]. - Gold's current adjustment is tactical, and its strategic upward trend is unlikely to end easily. The short - term performance of gold is highly affected by the US tariff negotiation process. Even if gold prices fall due to the US loosening on tariffs, it may indicate that the US economy has been affected by tariffs, and the recession - interest rate cut chain may fuel gold's rebound in the second quarter [9]. 3. Summary by Related Catalogs 3.1 Precious Metals - **Gold**: Risk preference is rising. The adjustment is tactical, and the strategic upward trend is difficult to end. The short - term performance is affected by US tariff negotiations. Yesterday, the closing price of沪金2506 was 780.04, with a daily decline of 0.91%, and the night - session closing price was 793.68, with a night - session increase of 1.57%. The trend strength is 0 [9][13][17]. - **Silver**: It is stabilizing and rebounding. Yesterday, the closing price of沪银2506 was 8168, with a daily decline of 1.35%, and the night - session closing price was 8244.00, with a night - session increase of 0.48%. The trend strength is 0 [13][17]. 3.2 Base Metals - **Copper**: Inventory reduction supports prices. Yesterday, the closing price of the沪铜主力合约 was 77,580, with a daily increase of 0.18%. The trend strength is 0 [13][21]. - **Aluminum**: It is in a range - bound oscillation. The沪铝主力合约 closed at 19935, down 95. The trend strength is 0 [13][24]. - **Alumina**: It is still searching for a bottom. The沪氧化铝主力合约 closed at 2862. The trend strength is 0 [13][24]. - **Zinc**: It is in a range - bound consolidation. The沪锌主力 closed at 22520, down 1.01%. The trend strength is 0 [13][27]. - **Lead**: It is in a narrow - range oscillation. The沪铅主力 closed at 17005, up 0.35%. The trend strength is 0 [13][30]. - **Nickel**: The upward and downward spaces are converging, and the nickel price may oscillate in a narrow range. The沪镍主力 closed at 124,690, down 1,110. The trend strength is 0 [13][32][33]. - **Stainless Steel**: Spot prices are falling to correct the basis, and there is a game between cost and negative feedback on the disk. The不锈钢主力 closed at 12,765, up 85. The trend strength is 0 [13][33]. - **Tin**: It is slightly recovering. The沪锡主力 closed at 262,840, up 1.26%. The trend strength is 0 [13][36][37]. 3.3 Industrial Metals - **Industrial Silicon**: Demand is weak, and the disk is weakly oscillating. The Si2506 closed at 8,800, up 20. The trend strength is - 1 [13][43][44]. - **Polysilicon**: The news is fermenting, and the disk is also weakly oscillating. The PS2506 closed at 37,780, down 610. The trend strength is - 1 [13][44]. 3.4 Energy Metals - **Lithium Carbonate**: The cost support is weakening. Attention should be paid to the purchasing demand under the high basis. The 2507 contract closed at 66,960, down 1,220. The trend strength is 0 [13][47][48]. 3.5 Ferrous Metals - **Iron Ore**: Expectations are fluctuating, and it is in a wide - range oscillation. The futures closed at 710.5, up 1.5. The trend strength is 0 [13][51][52]. - **Rebar**: The expectation of production cuts is rising, and there is a short - term rebound. The RB2510 closed at 3,129, up 19. The trend strength is 1 [13][54][55]. - **Hot - Rolled Coil**: The expectation of production cuts is rising, and there is a short - term rebound. The HC2510 closed at 3,237, up 27. The trend strength is 1 [13][54][55]. - **Silicon Ferrosilicon**: It is oscillating at a low level. The硅铁2506 closed at 5648, up 8. The trend strength is 0 [13][59]. - **Manganese Ferrosilicon**: It is oscillating at a low level. The锰硅2506 closed at 5746, up 4. The trend strength is 0 [13][59]. - **Coke**: It is affected by production - cut news and is in a wide - range oscillation. The J2509 closed at 1562, down 4. The trend strength is 0 [13][62]. - **Coking Coal**: It is affected by production - cut news and is in a wide - range oscillation. The JM2509 closed at 947, down 9. The trend strength is 0 [13][62]. - **Steam Coal**: The rigid demand has limited impact, and it is weakly oscillating. The动力煤ZC2505 had no trading yesterday. The trend strength is 0 [13][66][67]. 3.6 Building Materials - **Glass**: The price of the original sheet is stable. The FG509 closed at 1122, down 0.53%. The trend strength is 0 [13][70][71]. 3.7 Chemicals - **Para - Xylene (PX)**: The processing fee is expanding. It is recommended to go long on PX and short on SC. Short - term rebound, medium - term pressure. The 28 - day PX valuation was 758 US dollars/ton, up 6 US dollars. The trend strength is 0 [13][78][80]. - **PTA**: It is recommended for month - spread reverse arbitrage. Short - term rebound, medium - term pressure. Go long on PTA and short on MEG. The trend strength is 0 [13][78][81]. - **MEG**: Go long on PTA and short on MEG. Do not chase the month - spread. The trend strength is 0 [13][76][81]. - **Rubber**: It is oscillating. The trend strength is not provided in the text [13][82].