编辑：陈俊明 9月28日"农产品批发价格200指数"比周五上升0.07个点 中新网9月28日电 据农业农村部网站消息，据农业农村部监测，9月28日"农产品批发价格200指数"为 118.85，比本周五上升0.07个点，"菜篮子"产品批发价格指数为119.75，比本周五上升0.05个点。 截至今日14:00时，全国农产品批发市场猪肉平均价格为19.17元/公斤，比本周五下降1.3%；牛肉66.48 元/公斤，比本周五上升0.3%；羊肉61.54元/公斤，比本周五下降0.9%；鸡蛋8.50元/公斤，比本周五上升 0.5%；白条鸡17.68元/公斤，比本周五下降0.1%。重点监测的28种蔬菜平均价格为5.03元/公斤，比本周 五下降1.0%；重点监测的6种水果平均价格为6.97元/公斤，比本周五上升0.1%。鲫鱼20.71元/公斤，比 本周五下降0.4%；鲤鱼14.25元/公斤，比本周五下降1.2%；白鲢鱼9.90元/公斤，比本周五下降2.0%；大 带鱼40.60元/公斤，比本周五下降0.7%。 今日，国内鲜活农产品批发市场重点监测的46个品种中，与本周五相比价格升幅前五名的是西瓜、平 菇、大蒜、莲藕和鸭梨，幅度分 ...

Core Insights - The "Agricultural Product Wholesale Price 200 Index" decreased by 0.21 points to 117.69 on September 19, indicating a slight decline in wholesale prices of agricultural products [1] - The "Vegetable Basket" product wholesale price index also fell by 0.25 points to 118.42, reflecting a similar trend in vegetable prices [1] Price Changes in Key Products - The average price of pork is 19.48 yuan/kg, down 0.4% from the previous day - Beef is priced at 65.55 yuan/kg, down 0.6% - Mutton increased by 0.6% to 61.45 yuan/kg - Eggs decreased by 0.7% to 8.34 yuan/kg - Broiler chicken rose by 0.9% to 17.70 yuan/kg [1] Vegetable and Fruit Price Trends - The average price of 28 monitored vegetables remained stable at 4.98 yuan/kg - The average price of 6 monitored fruits increased by 0.3% to 6.85 yuan/kg [1] Fish Price Movements - The price of crucian carp is 21.31 yuan/kg, down 0.1% - Carp increased by 0.8% to 14.80 yuan/kg - White catfish rose by 1.6% to 10.10 yuan/kg - Large hairtail fish decreased by 4.2% to 39.00 yuan/kg [1] Price Changes in Specific Products - Among 46 monitored fresh agricultural products, the top five price increases were for scallions (6.9%), potatoes (2.3%), cabbage (2.2%), leeks (1.7%), and white radishes (1.7%) - The top five price decreases were for large hairtail fish (4.2%), spinach (4.0%), cauliflower (1.9%), watermelon (1.9%), and lettuce (1.4%) [2]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" increased by 0.03 points to 117.90 on September 18, indicating a slight upward trend in wholesale agricultural prices [1] - The "Vegetable Basket" price index rose by 0.04 points to 118.67, reflecting a similar increase in key agricultural products [1] Price Changes in Key Products - Average pork price decreased by 0.9% to 19.55 CNY/kg, while beef rose by 1.1% to 65.97 CNY/kg [1] - Lamb price increased by 0.5% to 61.09 CNY/kg, and chicken eggs rose by 1.6% to 8.40 CNY/kg [1] - The average price of 28 monitored vegetables remained stable at 4.98 CNY/kg, while the average price of 6 monitored fruits decreased by 0.3% to 6.83 CNY/kg [1] - Specific fish prices showed mixed results, with crucian carp increasing by 0.2% to 21.34 CNY/kg and bighead carp rising by 1.0% to 9.94 CNY/kg, while large hairtail decreased by 2.2% to 40.71 CNY/kg [1] Price Fluctuations of Selected Products - Among 46 monitored fresh agricultural products, the top five price increases were for watermelon (3.7%), winter melon (2.0%), lettuce (2.0%), rapeseed (1.8%), and chicken eggs (1.6%) [2] - The top five price decreases were for duck pear (3.2%), scallion (2.4%), large yellow croaker (2.3%), large hairtail (2.2%), and green onion (1.3%) [2]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" decreased by 0.12 points to 118.31 on September 12, indicating a slight decline in wholesale prices of agricultural products [1] - The "Vegetable Basket" product wholesale price index also fell by 0.14 points to 119.16, reflecting a similar trend in vegetable prices [1] Price Changes in Key Agricultural Products - Average pork price is 19.88 yuan/kg, down 0.3% from the previous day - Average beef price is 65.68 yuan/kg, down 0.1% - Average lamb price is 61.28 yuan/kg, up 0.2% - Average egg price is 7.95 yuan/kg, up 0.3% - Average white-feathered chicken price is 17.43 yuan/kg, down 1.0% [1] Vegetable and Fruit Price Trends - Average price of 28 monitored vegetables is 5.07 yuan/kg, down 0.8% - Average price of 6 monitored fruits is 6.75 yuan/kg, down 1.3% [1] - Notable price increases include banana (1.6%), large yellow croaker (1.5%), and white catfish (0.6%) [2] - Significant price decreases include onion (4.9%), giant peak grape (3.6%), and cucumber (2.5%) [2]

Core Insights - The "Agricultural Products Wholesale Price 200 Index" decreased to 118.31, down by 0.12 points from the previous day [1] - The "Vegetable Basket" product wholesale price index fell to 119.16, down by 0.14 points from the previous day [1] Price Summary - Average wholesale price of pork is 19.88 yuan/kg, down by 0.3% from yesterday [1] - Average wholesale price of beef is 65.68 yuan/kg, down by 0.1% from yesterday [1] - Average wholesale price of lamb is 61.28 yuan/kg, up by 0.2% from yesterday [1] - Average wholesale price of eggs is 7.95 yuan/kg, up by 0.3% from yesterday [1] - Average wholesale price of broiler chicken is 17.43 yuan/kg, down by 1.0% from yesterday [1] - Average price of 28 monitored vegetables is 5.07 yuan/kg, down by 0.8% from yesterday [1] - Average price of 6 monitored fruits is 6.75 yuan/kg, down by 1.3% from yesterday [1] Price Changes in Specific Products - Prices of carp (21.41 yuan/kg) increased by 0.1% [1] - Prices of crucian carp (14.80 yuan/kg) decreased by 0.3% [1] - Prices of white catfish (10.12 yuan/kg) increased by 0.6% [1] - Prices of large hairtail (40.08 yuan/kg) decreased by 0.6% [1] Notable Price Movements - The top five price increases among 46 monitored products include bananas (1.6%), large yellow croaker (1.5%), white catfish (0.6%), potatoes (0.5%), and Chinese cabbage (0.4%) [1] - The top five price decreases include shallots (4.9%), giant peak grapes (3.6%), cucumbers (2.5%), zucchini (1.9%), and duck pears (1.8%) [1]

Report Information - Report Title: Stock Market Adjustment, Bond Market Rebound - Report Date: September 5, 2025 - Researcher: Liu Yang - Contact: liuyang18036@greendh.com - Futures Practitioner Qualification Number: F3063825 - Futures Trading Consultation Number: Z0016580 [3] Industry Investment Rating - Not provided Core Viewpoints - The overall trend of the main contracts of Treasury bond futures this week was to rise first and then fall. There is an obvious seesaw effect between stocks and bonds. The yield curve of Treasury bond cash bonds has changed little. The manufacturing PMI in August continued to be below the boom - bust line, with production expanding and demand being slightly weak. The non - manufacturing business activity index increased slightly. The export of South Korea in August showed a certain growth. The wholesale price of agricultural products continued to rise, and the inflation pressure was limited in the short term. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls [5][7][12] Summary by Directory Treasury Bond Futures Weekly Market Review - The main contracts of Treasury bond futures showed a trend of rising first and then falling this week. On Monday, they refused to fall and rebounded to close a medium - positive line. On Tuesday, there was a small - scale fluctuation adjustment. On Wednesday, they attacked again and closed a medium - positive line. On Thursday, they rose and then fell slightly. On Friday, they fell sharply. For the whole week, the 30 - year Treasury bond fell 0.18%, the 10 - year Treasury bond rose 0.12%, the 5 - year Treasury bond rose 0.07%, and the 2 - year Treasury bond fell 0.03% [5] Stock - Bond Seesaw - The Wind All - A Index hit a new high on Monday this week, then fell for three consecutive days from Tuesday to Thursday, and rebounded sharply on Friday. Although the Treasury bond futures showed independence on some single days, the overall stock - bond seesaw effect was obvious [7] Changes in the Yield Curve of Treasury Bond Cash Bonds at Maturity - As of September 5, compared with August 29, the 2 - year Treasury bond yield rose 1 BP to 1.41%, the 5 - year Treasury bond yield fell 2 BP to 1.61%, the 10 - year Treasury bond yield fell 1 BP to 1.83%, and the 30 - year Treasury bond yield fell 3 BP to 2.11% [9] Manufacturing PMI in August - The official manufacturing PMI in August was 49.4%, remaining below the boom - bust line for the fifth consecutive month. Large - scale enterprises continued to expand in the boom range, medium - sized enterprises' prosperity declined, and small - scale enterprises hovered at a low level. The PMI of the equipment manufacturing industry and high - tech manufacturing industry increased. The procurement volume index increased, indicating that corporate procurement activities accelerated [12] Production and Demand in the Manufacturing Industry in August - The production index in August was 50.8%, showing continuous expansion. The new order index was 49.5%, indicating that market demand was still slightly weak. Industries such as medicine and computer communication electronics had rapid production and demand release, while industries such as textile and clothing and chemical raw materials had insufficient production and demand [14] New Export Orders and Import Index in the Manufacturing Industry in August - The new export order index in August was 47.2%, and the import index was 48.0%. The new export order index changed little compared with July. After the Sino - US economic and trade talks in Stockholm, the two sides agreed to suspend the implementation of 24% tariffs for 90 days, and China's export growth in August might be acceptable [17] Price Indexes in the Manufacturing Industry in August - The purchase price index of major raw materials in August was 53.3%, and the ex - factory price index was 49.1%. The purchase price index of raw materials continued to be in the expansion range, and the expansion amplitude increased in August. The prices of some industries rose, while those of some industries were below the critical point. The average value of the Nanhua Industrial Products Index in August was basically the same as that in July [19] Inventory Indexes in the Manufacturing Industry in August - The raw material inventory index in August was 48.0%, and the finished - product inventory index was 46.8%. The finished - product inventory index fell to a relatively low level again. From January to July, the cumulative year - on - year growth of manufacturing profits was 4.8%, and the year - on - year growth of finished - product inventory was 2.3%. Manufacturing enterprises were cautious about increasing inventory [22] Business Expectation Indexes in the Manufacturing Industry in August - The employment index in August was 47.9%, hovering at a relatively low level. The business activity expectation index was 53.7%, showing a slight rebound in the expectation of future prosperity [24] Non - Manufacturing Business Activity Index in August - The non - manufacturing business activity index in August was 50.3%. The construction industry business activity index was 49.1%, and the service industry business activity index was 50.5%. Some industries such as capital market services and transportation were in a high - level boom range, while industries such as retail and real estate had weak prosperity [26] Construction Industry Indexes in August - The new order index in August was 40.6%, and the employment index was 43.6%. The business activity expectation index was 51.7%. Affected by weather conditions, the prosperity of the construction industry slowed down [29] Service Industry Indexes in August - The new order index in August was 47.7%, and the employment index was 45.9%. The business activity expectation index was 57.0%, showing a slight upward trend [31] South Korea's Exports in August - South Korea's exports increased by 1.3% year - on - year in August. The daily average export amount calculated by working days increased by 5.8% year - on - year. The semiconductor export amount reached a record high, and the automobile export also showed strong momentum [34] Agricultural Product Price Index - The Agricultural Product Wholesale Price 200 Index on September 5 was 117.93, higher than that on August 31 but significantly lower than the same period last year, indicating that the price continued to rise but was still lower than last year [37] Nanhua Industrial Products Index - The Nanhua Industrial Products Index continued to decline after hitting a closing high on July 25. It declined slightly in August and fluctuated narrowly this week, indicating limited short - term inflation pressure [39] Capital Interest Rates - After the end of the month, the capital interest rates fell to a low level this week. The weighted average of DR001 was between 1.31% - 1.32%, and the weighted average of DR007 was around 1.44%. The average issuance interest rate of one - year AAA inter - bank certificates of deposit was around 1.66%. The central bank carried out a 100 - billion - yuan 3 - month (91 - day) repurchase operation on Friday, which fully offset the due amount [41] Market Logic and Trading Strategies - The manufacturing PMI in August continued to be below the boom - bust line, with economic downward pressure still obvious. The service industry business activity index expanded moderately. The strong rebound of the Wind All - A Index on Friday corresponded to the unilateral decline of Treasury bond futures. If the stock market continues to be strong, it may suppress the bond market; if the stock index adjusts, it will be beneficial to bond bulls. The trading - type investment should conduct band operations [44][45]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" increased by 0.17 points to 117.58 on September 3, indicating a rise in wholesale prices of agricultural products [1] - The "Vegetable Basket" price index rose by 0.19 points to 118.32, reflecting an upward trend in vegetable prices [1] Price Changes in Key Products - Average pork price reached 20.04 CNY/kg, up 1.2% from the previous day [1] - Beef price increased to 65.33 CNY/kg, a rise of 0.2% [1] - Mutton price rose to 61.03 CNY/kg, up 0.4% [1] - Egg prices increased by 2.0% to 7.74 CNY/kg [1] - White strip chicken price decreased by 0.9% to 17.28 CNY/kg [1] Vegetable and Fruit Price Trends - Average price of 28 monitored vegetables was 5.10 CNY/kg, up 1.6% [1] - Average price of 6 monitored fruits was 7.09 CNY/kg, up 3.1% [1] - The top five price increases among 46 monitored fresh agricultural products included giant peak grapes (5.0%), eggplants (4.8%), pineapples (4.3%), green beans (3.7%), and asparagus lettuce (3.6%) [2] Price Decreases in Selected Products - The top five price decreases included white bream (5.5%), flower bream (2.9%), Chinese cabbage (2.6%), carp (1.5%), and white strip chicken (0.9%) [2]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" increased to 117.20, up by 0.33 points from last Friday, indicating a general rise in agricultural product prices [1] - The "Vegetable Basket" product wholesale price index rose to 117.88, up by 0.38 points from last Friday, reflecting a similar trend in vegetable prices [1] Price Changes - The average wholesale price of pork reached 20.01 yuan/kg, up 0.4% from last Friday [1] - Beef prices decreased to 64.47 yuan/kg, down 1.3% from last Friday [1] - Lamb prices slightly decreased to 60.07 yuan/kg, down 0.2% from last Friday [1] - Chicken egg prices increased to 7.75 yuan/kg, up 1.4% from last Friday [1] - The average price of 28 monitored vegetables rose to 5.01 yuan/kg, up 1.4% from last Friday [1] - The average price of 6 monitored fruits increased to 6.93 yuan/kg, up 1.2% from last Friday [1] Specific Product Price Movements - Carp (鲫鱼) prices increased to 22.65 yuan/kg, up 4.1% from last Friday [1] - Crucian carp (鲤鱼) prices rose to 15.40 yuan/kg, up 1.7% from last Friday [1] - White catfish (白鲢鱼) prices increased to 10.37 yuan/kg, up 2.9% from last Friday [1] - Large hairtail (大带鱼) prices rose to 42.44 yuan/kg, up 2.7% from last Friday [1] Price Fluctuations in Key Products - The top five price increases among 46 monitored fresh agricultural products were for green beans (豆角) at 6.1%, pineapples (菠萝) at 6.0%, pleurotus eryngii (平菇) at 4.3%, carp (鲫鱼) at 4.1%, and eggplants (茄子) at 3.9% [2] - The top five price decreases were for Chinese cabbage (洋白菜) at 2.7%, spinach (菠菜) at 2.5%, bananas (香蕉) at 2.3%, winter melons (冬瓜) at 1.3%, and beef at 1.3% [2]

Group 1 - The "Agricultural Product Wholesale Price 200 Index" increased by 0.22 points to 116.31 on August 27 [1] - The "Vegetable Basket" product wholesale price index rose by 0.26 points to 116.85 [1] - The average price of pork in national wholesale markets was 19.92 yuan/kg, down 0.4% from the previous day [1] - The average price of beef was 65.05 yuan/kg, up 0.2% from the previous day [1] - The average price of mutton was 59.97 yuan/kg, up 0.5% from the previous day [1] - The average price of eggs was 7.69 yuan/kg, up 1.1% from the previous day [1] - The average price of white strip chicken remained stable at 17.67 yuan/kg [1] - The average price of 28 monitored vegetables was 4.90 yuan/kg, unchanged from the previous day [1] - The average price of 6 monitored fruits was 6.83 yuan/kg, down 0.9% from the previous day [1] Group 2 - Among 46 monitored fresh agricultural products, the top five price increases were for white catfish (4.0%), cucumber (3.8%), Chinese cabbage (3.8%), zucchini (2.2%), and asparagus lettuce (2.1%) [2] - The top five price decreases were for winter melon (2.6%), large yellow croaker (2.3%), bighead carp (2.0%), watermelon (1.9%), and duck pear (1.8%) [2]

Core Viewpoint - The Agricultural and Rural Affairs Department reported an increase in the "Agricultural Product Wholesale Price Index" to 113.92, reflecting a rise of 0.14 points from the previous day [1] Price Trends - Pork prices decreased to 20.45 yuan per kilogram, while beef prices remained stable [1] - Mutton prices slightly dropped to 59.36 yuan per kilogram [1] - Average vegetable prices increased to 4.58 yuan per kilogram, whereas average fruit prices decreased to 7 yuan per kilogram [1] Notable Price Changes - Significant price increases were observed in products such as pumpkin and large yellow croaker [1] - Conversely, prices for products like duck pears and bananas experienced a decline [1]