一是推进普惠金融服务的广度、深度来深化普惠金融功能。屠光绍表示，"义乌"案例说明，普惠金融涉及面广，需要进一步在具体领域、具体群 体、具体地域、具体金融业务方面，不断推动精细化、具体化，精耕细作，实现"广覆盖"与"精准度"的结合。 二是要促进供给与需求两侧协调匹配来深化普惠金融功能。他指出，根据义乌的实际情况，从普惠金融服务供给侧看，还需要进一步丰富外汇风险 管理的产品工具，比如外汇期货。金融服务供给既要关注普而不惠又要重视普而不适的问题，同时还需要促进普惠金融业务的商业可持续。但当前 普惠金融亦需聚焦需求侧，解决小微企业对金融产品、工具"看不懂、用不起、不敢用"的痛点，比如义乌的许多个体及小微商户对外汇风险管理工 具不了解也用不起。针对需求侧的小微企业群体，提升其金融素养和能力是基础但也是个"慢活"，还需要在小微企业运用金融服务的组织方式、平 台搭建、系统处理等方面进行创新。 三是要加快在普惠金融与数字、绿色金融融合中来深化普惠金融功能。从义乌外贸小商户的经营实践看，他们也需要并已经在运用数字技术进行市 场营销、产品设计和客户管理，此外随着全球绿色低碳发展的进程，境外市场也更加重视进口商品的绿色含量并实施相 ...

Group 1: Report Industry Investment Rating - The rating for the US dollar is "Oscillating" [5] Group 2: Core Viewpoints of the Report - Market risk appetite has cooled, with most stocks falling, bond yields mostly declining, and the US Treasury yield dropping to 4.07%. The US dollar index oscillated and closed flat at 97.7, non - US currencies showed mixed performance, gold prices rose 4% to $3,586 per ounce, the VIX index dropped to 15.1, the spot commodity index fell, and Brent crude oil dropped 3.7% to $65.1 per barrel [1][9] - The market is concerned about Trump's influence on the Fed's personnel changes, and concerns about the Fed's independence have increased but not significantly fermented. There are significant differences among Fed officials' views before the September interest - rate meeting, with some dovish and some hawkish. The market has fully priced in a 25bp rate cut in September, and the expectation of a 50bp rate cut has increased, but a significant rate cut is still a low - probability scenario due to inflation rebound pressure [2][11] - The August non - farm payrolls report showed that the US employment market continued to cool down, with new non - farm jobs falling short of expectations, the unemployment rate rising to 4.3%, and wage growth slowing down. The market expects the Fed to cut interest rates in September, and the weakening labor market may lead to a weaker US dollar [2][33] Group 3: Summary by Relevant Catalogs 1. Global Market Overview This Week - Market risk appetite cooled. Most stocks fell, bond yields mostly declined, the US Treasury yield dropped to 4.07%. The US dollar index oscillated and closed flat at 97.7, non - US currencies had mixed performance, gold prices rose 4% to $3,586 per ounce, the VIX index dropped to 15.1, the spot commodity index fell, and Brent crude oil dropped 3.7% to $65.1 per barrel [1][9] 2. Market Trading Logic and Asset Performance 2.1 Stock Market - Global stock markets mostly fell. The S&P 500 index rose 0.33%, euro - zone stock markets mostly fell, emerging - market stock markets mostly rose, the Shanghai Composite Index fell 1.18%, the Hong Kong Hang Seng Index rose 1.36%, and the Nikkei 225 index rose 0.7% [10][11] - The market is concerned about Trump's influence on the Fed's personnel changes, and concerns about the Fed's independence have increased. Fed officials have different views before the September interest - rate meeting, and the August non - farm payrolls report is a key factor [11] 2.2 Bond Market - Global bond yields mostly declined. The 10 - year US Treasury yield dropped to 4.07%, euro - zone government bond yields mostly declined, and emerging - market bond yields mostly declined [18] - The August non - farm payrolls report strengthened the market's expectation of a Fed rate cut, pushing down the US Treasury yield. However, the manufacturing and service PMI showed increased price - rising pressure, and the upcoming August CPI in the US is expected to rebound, limiting the downward space of the long - end US Treasury yield [19] - The 10 - year Chinese government bond yield slightly dropped to 1.776%, and the Sino - US interest - rate spread inverted to 229bp. The domestic bond market remained weak [22] 2.3 Foreign Exchange Market - The US dollar index oscillated and closed at 97.7, non - US currencies had mixed performance. The offshore RMB fell 0.05%, the euro rose 0.28%, the pound rose 0.04%, the yen fell 0.26%, and some currencies depreciated while others appreciated [27] 2.4 Commodity Market - Spot gold rose 4% to $3,586 per ounce, reaching a new high. Trump's intervention in the Fed increased concerns about its independence, which was positive for gold. The expectation of a rate cut increased, but significant rate cuts were less likely due to inflation [30] - Brent crude oil dropped 3.7% to $65.1 per barrel. The decline in crude oil inventory was less than expected, supply increased, and weak supply - demand relationship pressured oil prices. The domestic industrial product anti - involution trading was volatile, and the commodity spot index fell [30] 3. Hot - Spot Tracking - The August non - farm payrolls in the US fell short of expectations, with the unemployment rate rising to 4.3% and new non - farm jobs only 22,000, far lower than the expected 75,000. The labor market continued to weaken, and the Fed is expected to cut interest rates in September [33] - The non - farm data made the weakening trend of the US dollar index more obvious, and the market is more inclined to a soft landing of the US economy, with continued bearish sentiment on the US dollar index [34] 4. Next Week's Important Event Tips - Monday: China's August imports and exports, US August New York Fed inflation expectations - Tuesday: US August NFIB small business confidence index, US 2025 non - farm employment benchmark change preliminary value - Wednesday: China's August CPI, US August PPI - Thursday: US August CPI, ECB September interest - rate meeting resolution - Friday: US September University of Michigan consumer confidence index and inflation expectations [35]

Report Industry Investment Rating There is no relevant content provided in the report. Core Viewpoints of the Report - Market concerns about the independence of the Federal Reserve have led to increased investment in precious metals, with gold approaching its previous high and silver breaking through $40, reaching its highest level since 2011. The A - share market sentiment remains strong, and trading volume is still high. The US government's influence on the Federal Reserve is strengthening, and the US dollar maintains a weak trend. The stock index futures market is expected to remain bullish in the short term, and the US stock index is expected to fluctuate upward due to increased expectations of interest rate cuts [2][3][4]. - In the commodity market, the supply and demand of various products show different trends. For example, the production of red dates in Xinjiang is normal, and the production of polycrystalline silicon may increase in September. The price trends of different commodities also vary, with some expected to be volatile, some to decline slightly, and some to have potential upward momentum [5][56]. Summary According to the Catalog 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - The US Treasury Secretary stated that the Federal Reserve should be independent but has made many mistakes. Market concerns about its independence have led to a strong rise in precious metals. The expected trend of gold is bullish but with increased volatility. Whether it can break through the previous high remains to be seen [14][15]. 1.2 Macro Strategy (Stock Index Futures) - The cross - regional traffic volume during the summer vacation increased by 7% year - on - year, and the SCO issued a statement on strengthening digital economy development. The A - share market sentiment is strong, and trading volume is high. It is recommended to allocate the stock indices evenly [16][17][19]. 1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US Treasury Secretary's statement implies that the US government's influence on the Federal Reserve is strengthening, and the US dollar is expected to remain weak [23][24]. 1.4 Macro Strategy (US Stock Index Futures) - Concerns about the Federal Reserve's independence are hard to ease, but short - term expectations of interest rate cuts support the risk appetite of the US stock market. The index is expected to fluctuate upward [25][26]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a net withdrawal of funds through reverse repurchase operations. There are opportunities to go long on treasury bonds, but the rhythm needs to be grasped [27][28][29]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Meal) - In August, the national soybean crushing volume increased, and the soybean meal inventory of oil mills rose slightly. The futures price is expected to be volatile, and attention should be paid to the adjustment of the US balance sheet and Sino - US relations [29][30][31]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - In September, the arrival of imported rapeseed is expected to decrease significantly, and the export of Malaysian palm oil in August increased by 10.22% month - on - month. It is recommended to gradually lay out long positions and pay attention to the production in August and the MPOB report [32][33][34]. 2.3 Agricultural Products (Sugar) - The net short position of raw sugar increased, and the export of Indian sugar in the 2025/26 season may reach 200,000 tons. The domestic sugar market is under pressure from imported processed sugar, but the downside space of Zhengzhou sugar is limited. It is recommended to wait for opportunities to go long on the 1 - month contract on dips [35][36][38]. 2.4 Agricultural Products (Corn Starch) - The spot price of corn starch has stabilized. The supply - demand situation is weak, and the price difference between rice and flour is at a low level. Attention should be paid to the driving factors for widening the price difference [40]. 2.5 Agricultural Products (Corn) - The inventory days of feed enterprises in August decreased month - on - month but were still higher than the same period last year. The futures and spot prices rebounded slightly, and it is recommended to pay attention to short - selling opportunities on rallies [41][42]. 2.6 Black Metals (Rebar/Hot - Rolled Coil) - The CMI index in August increased year - on - year, and the heavy - truck sales increased by 35%. The steel price is expected to continue to decline, and it is recommended to treat the steel price with a callback mindset [43][44][47]. 2.7 Black Metals (Steam Coal) - During the summer vacation, the national railway transported 2.43 billion tons of thermal coal. The price of steam coal is expected to decline slightly seasonally and maintain a range of 650 - 700 yuan [48]. 2.8 Black Metals (Iron Ore) - The CMI index in August increased year - on - year. The iron ore price is expected to be volatile, and short - selling should be cautious [49][50]. 2.9 Agricultural Products (Red Dates) - The growth of red dates in Xinjiang is normal and entering the sugar - increasing period. The futures price is in a volatile pattern. It is recommended to wait and see and pay attention to the weather in the producing areas [51][52]. 2.10 Black Metals (Coking Coal/Coke) - Some coal mines are operating normally, and the supply is affected by safety inspections. The demand side is under pressure, and the futures price is expected to be volatile [53][54]. 2.11 Non - ferrous Metals (Polycrystalline Silicon) - There are many positive news, but the production in September may increase. It is recommended to take profits on long positions in time and consider reverse arbitrage opportunities between November and December [56][58][59]. 2.12 Non - ferrous Metals (Nickel) - The nickel industry in Indonesia is operating normally. The raw material price is firm, and it is recommended to consider long positions at low levels [60][61][62]. 2.13 Non - ferrous Metals (Industrial Silicon) - The resumption of production of large factories in Xinjiang is less than expected. The short - term price is expected to be in the range of 8,200 - 9,200 yuan/ton, and attention should be paid to range - trading opportunities [63][64]. 2.14 Non - ferrous Metals (Lithium Carbonate) - The merger of Sayona and Piedmont was completed. It is recommended to pay attention to short - term long - position opportunities after de - stocking and the strengthening of the basis, as well as positive arbitrage opportunities [65][66]. 2.15 Non - ferrous Metals (Lead) - The LME lead price is weak, and the domestic supply - demand situation is expected to turn from loose to tight. It is recommended to consider long positions at low levels and pay attention to internal - external reverse arbitrage opportunities [69][70]. 2.16 Non - ferrous Metals (Copper) - Traders plan to make large - scale deliveries of copper futures. The market is paying attention to the expectation of the Federal Reserve's interest rate cut. It is recommended to take a bullish approach on a single - side basis and wait and see on an arbitrage basis [71][73][74]. 2.17 Non - ferrous Metals (Zinc) - The domestic zinc inventory has increased, and the LME zinc price is strong. It is recommended to wait and see on a single - side basis and pay attention to medium - term positive arbitrage opportunities [75][76]. 2.18 Energy Chemicals (Liquefied Petroleum Gas) - The price of LPG in East China is stable, and the 9 - month CP price remains unchanged. It is recommended to pay attention to the opportunity of upward valuation repair of CP [77][78][79]. 2.19 Energy Chemicals (Crude Oil) - The supply of Nayara refinery depends entirely on Russia. The oil price is expected to fluctuate within a narrow range [80][81]. 2.20 Energy Chemicals (PX) - The PX price is weak, and the supply - demand situation has not changed significantly. It is recommended to try long positions on dips [82][83][84]. 2.21 Energy Chemicals (PTA) - The spot price of PTA has declined, and the basis has weakened. The supply - demand situation has improved marginally. It is recommended to try long positions on dips [85][87][88]. 2.22 Energy Chemicals (Asphalt) - The asphalt inventory has decreased, mainly due to the reduction of refinery production. It is recommended to wait and see [87][88][89]. 2.23 Energy Chemicals (Urea) - The capacity utilization rate of melamine has increased. The supply of urea is under pressure, and the demand is not strong. It is recommended to pay attention to the new Indian tender [90][91]. 2.24 Energy Chemicals (Bottle Chips) - The export price of bottle chips has been slightly adjusted downward, and the demand is gradually entering the off - season. The absolute price follows the raw materials, and the processing fee is under pressure [92][93]. 2.25 Energy Chemicals (Styrene) - The port inventory of styrene has increased. The short - term inventory pressure may slow down, but the outlook in the fourth quarter is weak. It is recommended to pay attention to the policy [94][95]. 2.26 Energy Chemicals (Soda Ash) - The inventory of soda ash has decreased. The market sentiment is weak, and it is recommended to short on rallies and pay attention to supply - side disturbances [97]. 2.27 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market is stable. The glass market is under pressure, and it is recommended to focus on arbitrage strategies of going long on glass and short on soda ash when the price difference widens [98]. 2.28 Shipping Index (Container Freight Rate) - The throughput of the Port of Tanjung Pelepas in Malaysia increased by 15.4% in the first half of the year. The spot freight rate is weak, and the supply pressure is high from late September to early October. The 10 - month contract has broken through the support level, and attention should be paid to the support at 1,250 [99][100].

Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, individual investment suggestions are given for different sectors: - For股指期货, it is recommended to evenly allocate long positions in various stock index futures [15]. - For外汇 futures (US Dollar Index), the US dollar is expected to oscillate weakly [19]. - For US stock index futures, it is suggested to buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. - For treasury bond futures, it is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. - For other sectors such as commodities, specific investment suggestions are provided for each commodity, including buying on dips, selling on rallies, and waiting and seeing [26][28][29] Core Views - The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing, and marginal changes need attention [2][14]. - The US labor market shows resilience with lower - than - expected initial jobless claims, and the market risk preference remains high. The Federal Reserve officials are releasing signals of interest rate cuts, which has an impact on the US stock and foreign exchange markets [17][20][21]. - In the commodity market, different commodities have different price trends and influencing factors. For example, copper prices are expected to oscillate at a high level due to the complex influence of macro and fundamental factors; the price of soybeans and related products is affected by factors such as export sales, reserve sales, and Sino - US relations [5][25][26] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Stock Index Futures) - The Chinese trade representative will visit the US. The "Opinions of the CPC Central Committee and the State Council on Promoting High - Quality Urban Development" is released. The A - share market has a V - shaped reversal with trading volume exceeding 3 trillion, but market divergence is increasing [13][14]. - Investment suggestion: Evenly allocate long positions in various stock index futures [15]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - There are disputes over the dismissal of Federal Reserve Governor Lisa Cook. German Chancellor Merz says a meeting between Putin and Zelensky is unlikely. The US initial jobless claims last week were lower than expected [16][17]. - Investment suggestion: The US dollar is expected to oscillate weakly [19]. 1.3 Macro Strategy (US Stock Index Futures) - The US initial and continuing jobless claims last week were lower than expected. Federal Reserve Governor Waller supports a 25 - basis - point interest rate cut in the September meeting [20][21]. - Investment suggestion: Buy on dips after short - term corrections as the upward trend of US stocks has not reversed [22]. 1.4 Macro Strategy (Treasury Bond Futures) - The central bank conducted 4161 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1631 billion yuan. The stock - bond seesaw effect has weakened recently, and the bond market is expected to be in an oscillatory trend [23]. - Investment suggestion: It is in a recent oscillatory trend, and when going long, one needs to pay attention to the absolute price, funds, and market sentiment [24]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The export sales of US new - crop soybeans were better than expected. China will auction 164,000 tons of imported soybeans on August 29. The soybean meal futures price is weaker than the overseas market [25][26]. - Investment suggestion: Affected by the expectation of improved Sino - US relations, soybean meal is weaker than the overseas market. The focus later is on China's purchase of US soybeans [26]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The US soybean shipments to China were 0 tons in the week ending August 21. The oil market continued to oscillate at a high level and had a slight correction [27]. - Investment suggestion: The oil market still lacks clear guidance. It is recommended to go long on dips considering India's replenishment demand and the unfavorable inventory accumulation data of Malaysian palm oil in August [28]. 2.3 Agricultural Products (Corn Starch) - The corn consumption of starch sugar products increased slightly this week, while the corn starch consumption decreased. The industry's operating rate decreased slightly, and the inventory decreased slightly. The supply - demand situation is weak, and the CS11 - C11 spread is under pressure [29]. - Investment suggestion: The corn - starch price difference has fallen to a low level. It is necessary to pay attention to whether there are opportunities to widen the spread driven by factors such as the regional price difference of raw materials [29]. 2.4 Agricultural Products (Corn) - The corn inventory of major processing enterprises and the average inventory days of feed enterprises decreased. The spot market was cautious, while the futures rebounded. The short - term price decline rhythm may change [30][31][32]. - Investment suggestion: Short - term long positions entered earlier should be closed at an appropriate time. After the selling pressure is gradually realized, pay attention to whether there are new opportunities to go short on rallies [33]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of five major steel products increased by 268,400 tons week - on - week. The supply - demand fundamentals of steel products still face pressure, but the industry policy has a positive impact on market sentiment [34][35]. - Investment suggestion: In the short term, a oscillatory approach should be adopted for steel prices [36]. 2.6 Black Metals (Steam Coal) - The price of low - calorie Indonesian coal has loosened, and the port coal price has fallen. The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. - Investment suggestion: The coal price is expected to be seasonally weak, but there is support below 650 yuan [37]. 2.7 Agricultural Products (Sugar) - The number of sugar - carrying ships waiting at Brazilian ports increased, and the estimated sugar production in Brazil was lowered. The international sugar price is expected to oscillate, and the outlook for the fourth - quarter external market is optimistic. The domestic sugar price is affected by factors such as imports and warehouse receipts [38][40][41]. - Investment suggestion: The Zhengzhou sugar futures price has fallen rapidly recently. The 1 - month contract can wait for opportunities to go long on dips, with a target price of around 5500 yuan or after the September contract is delivered [41]. 2.8 Black Metals (Iron Ore) - Rio Tinto adjusted its operation mode and executive committee. The iron ore price continued to oscillate, and the short - term supply - demand pressure was not large [42]. - Investment suggestion: Pay attention to the actual trading volume after the price increase. The iron ore market is expected to oscillate, and pay attention to positive spread trading opportunities [43]. 2.9 Agricultural Products (Red Dates) - The price of red dates in the Guangzhou Ruyifang market increased. The downstream arrivals decreased, and the spot price was firm but lacked upward momentum. The new - season production is uncertain [43][44]. - Investment suggestion: It is recommended to wait and see. Pay attention to the weather in the production area and the results of on - the - spot investigations [44]. 2.10 Non - Ferrous Metals (Lithium Carbonate) - KoBold Metals obtained seven lithium ore exploration licenses in the Democratic Republic of the Congo. The short - term supply - demand balance is affected by factors such as imports and production resumption, and there is support at the bottom [45]. - Investment suggestion: Pay attention to opportunities to go long on dips and positive spread trading opportunities [46]. 2.11 Non - Ferrous Metals (Polysilicon) - JinkoSolar's semi - annual report shows high - volume shipments but losses. The polysilicon price is stable, and the market is in a game about whether the upstream price increase can be transmitted downstream. The September production is uncertain [47][48]. - Investment suggestion: The downside space of the futures price is more definite, and the upside space depends on factors such as component bidding prices and production cuts. Unilaterally, a bullish view on dips can be maintained, and for arbitrage, pay attention to the 11 - 12 reverse spread opportunity at around - 2000 yuan/ton [49]. 2.12 Non - Ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry's semi - annual report shows a loss. The production and inventory of industrial silicon are affected by the resumption of production of large factories in Xinjiang. The short - term price is expected to operate in the range of 8200 - 9500 yuan/ton [50][51]. - Investment suggestion: Pay attention to the resumption of production progress of large factories in Xinjiang. The short - term price may operate in the range of 8200 - 9500 yuan/ton, and pay attention to range - trading opportunities [51]. 2.13 Non - Ferrous Metals (Copper) - Yunnan Copper produced 779,400 tons of cathode copper in the first half of the year. Jiangxi Copper's semi - annual profit increased. The Snow Lake copper - gold mine in Canada resumed operation. The copper price is affected by macro and fundamental factors and is expected to oscillate at a high level [52][53][54]. - Investment suggestion: Unilaterally, it is recommended to go long on dips. For arbitrage, it is recommended to wait and see [56]. 2.14 Non - Ferrous Metals (Nickel) - The Indonesian Nickel Mining Association focuses on illegal mining in the nickel industry. The nickel price is affected by factors such as raw material prices and supply - demand fundamentals. The short - term price is expected to have band - trading opportunities, and medium - term short - selling opportunities can be considered [57][58][59]. - Investment suggestion: Short - term band - trading opportunities can be paid attention to, and medium - term short - selling opportunities on rallies can be considered. The downside space depends on factors such as the decline of raw material prices and downstream restocking [59]. 2.15 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of liquefied petroleum gas in China increased, and the inventory situation was mixed. The market is expected to oscillate in the short term [60][61]. - Investment suggestion: The market is expected to oscillate in the short term [63]. 2.16 Energy Chemicals (Carbon Emissions) - The CEA closing price decreased on August 28. The carbon market trading volume has not increased significantly, and the price is expected to oscillate weakly in the short term [64]. - Investment suggestion: The CEA price is expected to oscillate weakly in the short term [65]. 2.17 Energy Chemicals (Natural Gas) - The US natural gas inventory increased less than expected. The natural gas price has support at the current level, and the export demand is strong. The market is expected to oscillate in the short term [66]. - Investment suggestion: The NYMEX natural gas price is expected to oscillate in the short term [67]. 2.18 Energy Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong increased locally. The supply is relatively sufficient, and the demand is stable. The market is affected by factors such as transportation and inventory [68][69]. - Investment suggestion: Be cautious when chasing high prices [69]. 2.19 Energy Chemicals (Pulp) - The import pulp spot market was mostly stable. The pulp market is in a weak fundamental situation and is expected to oscillate weakly [70][71]. - Investment suggestion: The pulp market is expected to oscillate weakly [71]. 2.20 Energy Chemicals (PVC) - The domestic PVC powder market price decreased slightly. The market is affected by factors such as futures prices and downstream demand. It is expected to oscillate [72][73]. - Investment suggestion: The market is expected to oscillate [73]. 2.21 Energy Chemicals (Styrene) - The weekly output of styrene decreased slightly. The port inventory is accumulating, and the supply pressure is large. The market is affected by factors such as policies and oil prices [74][75]. - Investment suggestion: Pay attention to internal and external policy variables [75]. 2.22 Energy Chemicals (Bottle Chips) - The export price of bottle chips decreased, and the major manufacturers will maintain a minimum 20% production cut in September. The inventory is decreasing, and the supply - demand contradiction is alleviated [76][78]. - Investment suggestion: Pay attention to whether new production capacity can be put into operation as scheduled in September. The absolute price follows the fluctuation of polyester raw materials [78]. 2.23 Energy Chemicals (PTA) - The terminal operating rate in the Jiangsu and Zhejiang regions decreased locally. The supply - demand situation of PTA has improved marginally, and it is recommended to go long on dips in the short term [79][80][81]. - Investment suggestion: The short - term unilateral price will oscillate and adjust. It is recommended to go long on dips in a rolling manner [82]. 2.24 Energy Chemicals (Soda Ash) - The inventory of domestic soda ash manufacturers decreased. The soda ash price is in a weak and stable oscillation. It is recommended to sell on rallies and pay attention to supply - side disturbances [83]. - Investment suggestion: Sell on rallies and pay attention to supply - side disturbances [83]. 2.25 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market decreased slightly. The glass price was affected by the equity market. The supply - demand contradiction has not been resolved, and it is recommended to be cautious in unilateral operations and focus on arbitrage [84][85]. - Investment suggestion: Be cautious in unilateral operations and focus on arbitrage. Pay attention to the spread - widening strategy of going long on glass and short on soda ash [85]. 2.26 Shipping Index (Container Freight Rate) - The cargo and container throughput of major ports from January to July increased year - on - year. The spot freight rate is weak, and the supply pressure is high. The freight rate is expected to continue to decline [86][87]. - Investment suggestion: The 10 - contract has broken through the 1300 support, and the next test is the 1250 support level [87].

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Report - The US economic data in August showed mixed results. The manufacturing and services PMIs rebounded unexpectedly, but the initial jobless claims increased more than expected. The inflation pressure rose, and the market's expectation of the Fed's interest rate cut cooled down [2][13]. - In the commodity market, different products had different trends. For example, the price of动力煤was expected to be stable in the short - term, while the price of豆粕was affected by the US harvest and China's purchase policy [3][4]. 3. Summary by Relevant Catalogs 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, higher than the expected 49.5 and the previous value of 49.8. The services PMI and the composite PMI also showed good performance [12]. - The Fed's Hammack indicated that the FOMC might not cut interest rates in September. The gold price fluctuated and closed down. The market's expectation of the Fed's interest rate cut cooled down [13]. - Investment advice: The gold price remained in a range - bound state [14]. 3.1.2 Macro Strategy (Stock Index Futures) - The total social electricity consumption in July reached 1.02 trillion kWh, with a year - on - year increase of 8.6%. The proportion of new energy increased significantly [15]. - A new policy - based financial instrument of 500 billion yuan might be launched, focusing on emerging industries and infrastructure [16]. - Investment advice: It is recommended to allocate long positions in various stock indexes evenly [17]. 3.1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US and the EU took further measures to finalize the trade agreement, including plans to reduce US tariffs on European cars [19]. - The Atlanta Fed President still expected one interest rate cut this year and paid attention to the labor market [20]. - The US manufacturing activity expanded at the fastest pace since 2022, which supported the US dollar index [21]. - Investment advice: The US dollar is expected to rebound in the short - term [22]. 3.1.4 Macro Strategy (US Stock Index Futures) - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, reaching a 39 - month high. The services PMI also performed well [23]. - The Fed's Collins said that if the labor market deteriorated, it might be appropriate to cut interest rates in the short - term. Hammack did not support an interest rate cut in September [24][25]. - Investment advice: Pay attention to the opportunity of buying on dips after the correction, as the fundamental data remains resilient [26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 253 billion yuan 7 - day reverse repurchase operation on August 21, with a net injection of 124.3 billion yuan [27]. - Investment advice: If the short - term increase is high, it is recommended to pay attention to the short - hedging strategy [28]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - As of the week ending August 14, the net increase in US soybean export sales was 1.1369 million tons, in line with expectations [29]. - The Pro Farmer field inspection indicated a potential bumper harvest of US soybeans. The market focused on whether China would resume purchasing US soybeans [30]. - Investment advice: The price of soybean meal futures is expected to fluctuate. Pay attention to the US field inspection results and China's purchase policy [30]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indian importers started to buy palm oil from Colombia and Guatemala at a large discount [31]. - The Trump administration was expected to make a ruling on the exemption of small refineries [32]. - The palm oil export volume in Indonesia increased in June, and the inventory decreased slightly [33]. - Investment advice: After the adjustment, the US biodiesel policy might boost the price of the oil market. It is recommended to buy on dips, but pay attention to China's purchase of US soybeans [33]. 3.2.3 Agricultural Products (Red Dates) - The main producing areas of red dates in Xinjiang were about to enter the sugar - increasing period. The futures price of the main contract CJ601 rose slightly [34][35]. - Investment advice: Due to the uncertainty of the new - season production, it is recommended to wait and see. Pay attention to the weather in the producing areas and the pre - festival stocking in the main sales areas [35]. 3.2.4 Agricultural Products (Corn Starch) - Corn starch enterprises were affected by equipment maintenance, and the operating rate decreased. The inventory increased slightly [36]. - Investment advice: The CS11 - C11 spread was expected to strengthen when the new - season production was determined [37]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - The inventory of the five major steel products increased by 250,700 tons week - on - week as of August 21. The rebar inventory increased significantly [38]. - Investment advice: The steel price was expected to continue to fluctuate weakly in the short - term. It is recommended to wait for the market to correct [39]. 3.2.6 Agricultural Products (Corn) - The inventory of deep - processed corn decreased, and the consumption also decreased [40]. - Investment advice: The 11 and 01 contracts of corn futures were expected to decline. Hold short positions and pay attention to the weather [41]. 3.2.7 Black Metals (Steam Coal) - The total social electricity consumption in July increased by 8.6% year - on - year [42]. - Investment advice: The peak of the coal price was expected to have passed, and the price was expected to be stable in the short - term [43]. 3.2.8 Black Metals (Iron Ore) - The import of recycled steel raw materials in July was 21,700 tons, with a month - on - month increase of 12.10% and a year - on - year increase of 20.03% [44]. - Investment advice: The iron ore price was expected to continue to fluctuate. It is recommended to pay attention to arbitrage opportunities [44]. 3.2.9 Agricultural Products (Cotton) - In July, China's cotton product export volume increased, but the export value decreased [45]. - India temporarily exempted cotton import tariffs from August 19 to September 30 [46]. - The Indian Cotton Association expected that the cotton production in 2025/26 would increase despite the decrease in the planting area [47]. - Investment advice: Before the new cotton was listed in China, the supply was tight, which supported the price in the short - term. However, the price was expected to be under pressure in the fourth quarter [49]. 3.2.10 Non - Ferrous Metals (Polysilicon) - Trump reiterated that the US would not approve new photovoltaic or wind power projects [50]. - Investment advice: The futures price of polysilicon had strong support at 49,000 yuan/ton. It was recommended to take a bullish view on pull - backs and pay attention to the 11 - 12 reverse arbitrage opportunity [51][52]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - The export volume of primary polysiloxane in July decreased [53]. - Investment advice: The price of industrial silicon was expected to fluctuate between 8,200 - 9,200 yuan/ton. Pay attention to range - trading opportunities [54]. 3.2.12 Non - Ferrous Metals (Lead) - On August 20, the LME 0 - 3 lead was at a discount of $39.48/ton. The domestic lead inventory decreased slightly [55]. - Investment advice: It is recommended to wait and see in the short - term [56]. 3.2.13 Non - Ferrous Metals (Zinc) - On August 20, the LME 0 - 3 zinc was at a discount of $9.33/ton. The domestic zinc inventory decreased [57]. - Investment advice: It is recommended to wait and see in the short - term for single - side trading. Pay attention to the medium - term positive arbitrage opportunity [58]. 3.2.14 Non - Ferrous Metals (Lithium Carbonate) - The Zulu lithium project in Africa made a major breakthrough [59]. - Investment advice: It is recommended to look for opportunities to buy on dips and conduct positive arbitrage [60]. 3.2.15 Non - Ferrous Metals (Copper) - Codelco in Chile lowered its 2025 copper production guidance [61]. - The S3 expansion project of First Quantum Minerals in Zambia was put into operation [62]. - Investment advice: It is recommended to wait and see for single - side trading and pay attention to the internal - external reverse arbitrage strategy [63]. 3.2.16 Non - Ferrous Metals (Nickel) - The LME nickel inventory increased by 252 tons on August 21 [64]. - Investment advice: It is recommended to pay attention to short - term trading opportunities and medium - term short - selling opportunities [67]. 3.2.17 Energy Chemicals (Carbon Emissions) - On August 21, the closing price of CEA was 70.92 yuan/ton, with a 0.3% decrease [68]. - Investment advice: The CEA price was expected to fluctuate in the short - term [69]. 3.2.18 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of LPG in China increased, and the inventory decreased slightly [70][71]. - Investment advice: The PG price was expected to be strong in the short - term [73]. 3.2.19 Energy Chemicals (Natural Gas) - The US natural gas inventory increased week - on - week. Trump's statement on not approving new wind and photovoltaic projects might affect the demand for natural gas [74]. - Investment advice: The Nymex natural gas price was expected to fluctuate in the short - term and decline in the medium - term [75]. 3.2.20 Energy Chemicals (Urea) - As of August 21, the inventory of urea at Chinese ports increased by 37,000 tons week - on - week [76]. - Investment advice: The urea price was expected to be in a range - bound state. Pay attention to the new Indian tender and domestic demand [76]. 3.2.21 Energy Chemicals (PTA) - Two PTA plants in South China were planned to be shut down for maintenance [77]. - Investment advice: The PTA price was expected to be strong in the short - term. It is recommended to buy on dips [79]. 3.2.22 Energy Chemicals (Caustic Soda) - On August 21, the price of liquid caustic soda in Shandong was adjusted locally [80]. - Investment advice: The caustic soda price was expected to be strong, but it is recommended to be cautious when chasing the price [81]. 3.2.23 Energy Chemicals (Pulp) - The import pulp spot market continued to be weak [82]. - Investment advice: The pulp price was expected to fluctuate in the short - term [85]. 3.2.24 Energy Chemicals (PVC) - The domestic PVC powder market price was slightly stronger [86]. - Investment advice: The PVC price was expected to be weak in the short - term due to India's anti - dumping ruling [86]. 3.2.25 Energy Chemicals (Styrene) - An East China styrene plant with a capacity of 320,000 tons/year was planned to be shut down for maintenance in September [87]. - Investment advice: The styrene price was expected to continue to fluctuate. The supply and demand were expected to be balanced in September, but there was a risk of inventory accumulation in the long - term [88]. 3.2.26 Energy Chemicals (Bottle Chips) - The export quotes of bottle chip factories mostly increased [89]. - Investment advice: Pay attention to the pressure brought by the resumption of production and new plant commissioning in late August and September [91]. 3.2.27 Energy Chemicals (Soda Ash) - As of August 21, the total inventory of domestic soda ash producers was 1.9108 million tons, with a 0.71% increase [92]. - Investment advice: It is recommended to short the soda ash price on rallies and pay attention to supply disruptions [92]. 3.2.28 Energy Chemicals (Float Glass) - On August 21, the price of float glass in the Shahe market decreased [93]. - Investment advice: It is recommended to be cautious in single - side trading and pay attention to the arbitrage strategy of buying glass and shorting soda ash [94]. 3.2.29 Shipping Index (Container Freight Rate) - The global container ship order volume reached a record high, and the over - supply of shipping capacity was expected to last until 2029 [95]. - Investment advice: The container freight rate was expected to fluctuate in the short - term. It is recommended to pay attention to short - selling opportunities on rallies [97].

Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1 - The company intends to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will include forward foreign exchange settlement, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivatives [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting, with funds being able to be rolled over within this limit and timeframe [1]

Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1: Business Operations - The company and its subsidiaries intend to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will encompass forward foreign exchange settlements, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivative products [1] Group 2: Financial Details - The maximum amount for the hedging activities is set at RMB 1.5 billion [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting [1] - Funds can be used in a rolling manner within the specified amount and time frame [1]

Core Viewpoint - The article provides a comprehensive overview of foreign exchange trading, emphasizing the importance of understanding the operational processes, selecting a reliable broker, and mastering trading strategies to navigate the dynamic forex market effectively [1][2][3]. Group 1: Forex Trading Basics - Forex trading involves exchanging one currency for another, primarily for facilitating international trade and investment or for speculative purposes [1]. - The forex market operates 24 hours a day through an electronic network connecting global banks, financial institutions, and investors, with exchange rates constantly fluctuating [1]. - Selecting a reliable forex broker is crucial, with regulatory oversight being a key factor in ensuring the safety of investor funds and fair trading practices [1]. Group 2: Trading Mechanisms - Forex trading typically utilizes margin trading, allowing investors to control larger amounts with a smaller initial investment, which amplifies both potential gains and risks [2]. - Key trading tools include spot forex trading, forward forex trading, forex futures, and forex options, each serving different purposes and strategies [2]. - Stop-loss and take-profit orders are essential for managing risk and securing profits in forex trading [2]. Group 3: Market Analysis - In-depth market analysis is necessary, employing both fundamental and technical analysis methods to understand currency movements [3]. - Fundamental analysis focuses on economic, political, and social factors affecting exchange rates, such as GDP growth, inflation rates, and central bank policies [3]. - Technical analysis utilizes historical price trends and volume data to identify market signals and price movement patterns [3].

Core Viewpoint - The increasing uncertainty in the global economy has led to heightened foreign exchange market volatility, emphasizing the importance of foreign exchange risk management for companies engaged in cross-border transactions [1] Group 1: Foreign Exchange Risk - A $50,000 advance payment can lose approximately 3,000 RMB in value within a day due to exchange rate fluctuations, highlighting the significant impact of currency risk on businesses [1] - The number of domestic listed companies participating in foreign exchange hedging has surged from 143 in 2015 to 1,241, representing an increase of about eight times [1] Group 2: Hedging Tools - Foreign exchange futures are recognized as a crucial hedging tool, offering standardized and highly liquid trading options that enable companies to manage their currency exposure more effectively [1] - There is a growing demand for standardized and liquid domestic RMB foreign exchange futures, which are expected to fill the gap in China's currency risk management system, providing market participants with more convenient hedging options [1]

Core Viewpoint - The increasing foreign exchange risk and the importance of effective risk management tools for companies engaged in cross-border transactions are highlighted, particularly in the context of rising global economic uncertainties and currency fluctuations [1][2][3]. Group 1: Foreign Exchange Risk Management - The number of domestic listed companies participating in foreign exchange hedging has surged from 143 in 2015 to 1,241 in 2024, representing an approximate eightfold increase [6]. - The participation rate in foreign exchange hedging has grown from around 5% to 23.6% over the same period, indicating a heightened awareness of risk management among companies [6]. - The demand for standardized and highly liquid domestic RMB foreign exchange futures is increasing, which is expected to enhance the efficiency of risk management for market participants [1][7]. Group 2: Impact on Companies - BYD has raised its foreign exchange derivatives trading quota from the equivalent of $5 billion to $12 billion due to expanding overseas operations and increasing foreign exchange risk exposure [2][3]. - The company's overseas vehicle sales target for 2024 is set at 417,200 units, with a long-term goal of selling over 800,000 units abroad by 2025 [2]. - The significant scale of China's foreign direct investment, amounting to $177.29 billion in 2023, underscores the critical need for effective foreign exchange risk management [3]. Group 3: Financial Institutions and Investment Strategies - QDII funds, which invest in overseas foreign currency assets, are directly affected by currency fluctuations, with some funds maintaining a 90% foreign exchange hedging ratio this year [3][4]. - The investment logic for QDII has shifted to emphasize the importance of currency hedging alongside interest rate differentials, as the risks associated with currency fluctuations have increased [4][7]. - The introduction of RMB foreign exchange futures is anticipated to provide significant advantages, including broader participation in hedging, reduced costs, and potential additional returns from market dynamics [8][9].