沪铜产业日报 2025/9/30 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 83,110.00 | +740.00↑ LME3个月铜(日,美元/吨) | 10,383.00 | -31.00↓ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 0.00 | -10.00↓ 主力合约持仓量:沪铜(日,手) | 213,859.00 | +67.00↑ | | | 期货前20名持仓:沪铜(日,手) | -8,035.00 | +7085.00↑ LME铜:库存(日,吨) | 143,900.00 | -500.00↓ | | | 上期所库存:阴极铜(周,吨) | 98,779.00 | -7035.00↓ LME铜:注销仓单(日,吨) | 9,875.00 | -450.00↓ | | | 上期所仓单:阴极铜(日,吨) | 26,823.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 83,240.00 ...

相关报告：智研咨询发布的《2025-2031年中国铜材行业市场调查研究及投资策略研究报告》 根据中国海关数据显示：2025年7月中国未锻轧铜及铜材进口数量为48万吨，同比增长10%，进口金额 为48.5亿美元，同比增长11.2%，2025年7月中国未锻轧铜及铜材出口数量为19.08万吨，同比增长 35.4%，出口金额为19.68亿美元，同比增长34.5%。 数据来源：中国海关，智研咨询整理 近一年中国未锻轧铜及铜材出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国未锻轧铜及铜材进口情况统计图 ...

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - The main contract of Shanghai copper shows a volatile trend, with decreasing positions, spot premium, and strengthening basis. The copper ore supply remains tight with strong quotes, supporting the copper price. The supply of refined copper in China is expected to decrease due to raw - material supply tightness and reduced smelter profits. The demand has increased slightly due to the slight decline in copper prices and pre - holiday stockpiling needs, leading to a small reduction in social inventory. The option market sentiment is bullish with a slightly rising implied volatility. It is recommended to conduct short - term long trades at low prices with light positions, paying attention to the trading rhythm and risks [2] Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract of Shanghai copper is 79,920 yuan/ton, down 240 yuan; the LME 3 - month copper price is 9,980.50 dollars/ton, up 8 dollars. The spread between the main contracts in different months is 0 yuan/ton, down 10 yuan; the position of the main contract of Shanghai copper is 173,294 hands, down 3,668 hands. The net position of the top 20 futures holders of Shanghai copper is - 13,444 hands, up 3,842 hands. The LME copper inventory is 145,375 tons, down 2,275 tons; the Shanghai Futures Exchange inventory of cathode copper is 105,814 tons, up 11,760 tons; the LME copper cancelled warrants are 11,875 tons, down 600 tons; the Shanghai Futures Exchange warehouse receipts of cathode copper are 27,727 tons, down 2,856 tons [2] 2. Spot Market - The SMM 1 copper spot price is 80,010 yuan/ton, down 215 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 80,035 yuan/ton, down 195 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 59 dollars/ton, unchanged; the average premium of Yangshan copper is 59.5 dollars/ton, unchanged. The basis of the CU main contract is 90 yuan/ton, up 25 yuan; the LME copper cash - to - 3 - month spread is - 72.44 dollars/ton, down 7.54 dollars [2] 3. Upstream Situation - The import volume of copper ore and concentrates is 275.93 million tons, up 19.92 million tons. The rough smelting fee (TC) of domestic copper smelters is - 40.80 dollars/kiloton, up 0.5 dollars. The price of copper concentrate in Jiangxi is 70,520 yuan/metal ton, up 200 yuan; the price of copper concentrate in Yunnan is 71,220 yuan/metal ton, up 200 yuan. The processing fee for blister copper in the south is 700 yuan/ton, unchanged; the processing fee for blister copper in the north is 700 yuan/ton, unchanged [2] 4. Industry Situation - The output of refined copper is 130.10 million tons, up 3.10 million tons. The import volume of unwrought copper and copper products is 430,000 tons, down 50,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 55,490 yuan/ton, up 100 yuan; the price of 2 copper (94 - 96%) in Shanghai is 68,150 yuan/ton, up 50 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 530 yuan/ton, unchanged [2] 5. Downstream and Application - The output of copper products is 222.19 million tons, up 5.26 million tons. The cumulative completed investment in power grid infrastructure is 331.497 billion yuan, up 40.431 billion yuan. The cumulative completed investment in real estate development is 6,030.919 billion yuan, up 672.942 billion yuan. The monthly output of integrated circuits is 4,250,287,100 pieces, down 438,933,600 pieces [2] 6. Option Situation - The 20 - day historical volatility of Shanghai copper is 8.29%, down 0.26%; the 40 - day historical volatility of Shanghai copper is 8.10%, up 0.02%. The implied volatility of the current - month at - the - money options is 12.94%, up 0.0177. The call - to - put ratio of at - the - money option positions is 1.33, up 0.0002 [2] 7. Industry News - Fed officials have different views on interest - rate cuts. Bostic believes there is not much reason for further cuts and expects only one cut this year; Musalem thinks the room for further cuts is limited; Harker is cautious about lifting policy restrictions; Milan believes the appropriate interest rate is around 2%. Chinese central bank governor Pan Gongsheng said that by the end of June, the number of financing platforms decreased by over 60% and the financial debt scale decreased by over 50% compared with March 2023, and China's current monetary policy is supportive. Vice - Premier He Lifeng met with a US congressional delegation, emphasizing promoting stable and healthy development of bilateral economic and trade relations. China's 1 - year LPR in September is 3% and the over - 5 - year variety is 3.5%, both unchanged for the 4th consecutive month. Analysts expect the central bank to cut interest rates and reserve requirements in Q4 and drive down the LPR [2]

沪铜产业日报 2025/9/22 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 80,160.00 | +250.00↑ LME3个月铜(日,美元/吨) | 9,984.50 | -4.50↓ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 10.00 | +40.00↑ 主力合约持仓量:沪铜(日,手) | 176,962.00 | +60410.00↑ | | | 期货前20名持仓:沪铜(日,手) | -17,286.00 | -3082.00↓ LME铜:库存(日,吨) | 147,650.00 | -1225.00↓ | | | 上期所库存:阴极铜(周,吨) | 105,814.00 | +11760.00↑ LME铜:注销仓单(日,吨) | 14,400.00 | +950.00↑ | | | 上期所仓单:阴极铜(日,吨) | 29,893.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 80 ...

Group 1 - In August, Shanghai's total import and export value reached 387.43 billion RMB, marking an 11.7% year-on-year increase, continuing a growth streak for seven consecutive months since February [1] - Exports amounted to 183.08 billion RMB, surpassing 180 billion RMB for the first time in a single month, with a year-on-year growth of 17.1%; imports were 204.35 billion RMB, up 7.3% [1] - For the first eight months of the year, Shanghai's cumulative import and export value reached 2.94 trillion RMB, reflecting a 4.5% year-on-year increase, with growth rate improving by 1 percentage point compared to the previous seven months [1] Group 2 - Private enterprises in Shanghai achieved an import and export value of 166.85 billion RMB in August, a significant year-on-year increase of 31.5%, contributing 11.5 percentage points to the city's overall trade growth [1] - Exports to emerging markets saw substantial growth, with a total of 53.74 billion RMB in August, representing a 45% year-on-year increase, which boosted the overall export growth rate by 10.7 percentage points [1] - Key export categories included ships and marine engineering equipment, and engineering machinery, with export values increasing by 10.6 times and 72.8% respectively [1][2] Group 3 - In August, Shanghai's export of electromechanical products reached 125.39 billion RMB, a 19% year-on-year increase, accounting for nearly 70% of total exports [2] - Notable growth was observed in the export of high-end machinery, electric vehicles, lithium batteries, and photovoltaic products, with year-on-year increases of 45.1%, 37.1%, 112.1%, and 39% respectively [2] - Import trends indicated stability and recovery in industrial and consumer demand, with significant increases in imports of metal ores, semiconductor manufacturing equipment, and various consumer goods [2]

Core Insights - In August, Shanghai's import and export value reached 387.43 billion yuan, marking a year-on-year growth of 11.7%, continuing a growth streak for seven consecutive months since February [1] - Exports amounted to 183.08 billion yuan, surpassing 180 billion yuan for the first time in a single month, with a growth rate of 17.1%, while imports were 204.35 billion yuan, growing by 7.3% [1] - For the first eight months of the year, the total import and export value was 2.94 trillion yuan, reflecting a growth of 4.5%, with an acceleration of 1 percentage point compared to the previous seven months [1] Export Performance - In August, the export of mechanical and electrical products reached 125.39 billion yuan, growing by 19%, accounting for nearly 70% of the total exports [2] - Notable growth was observed in the exports of ships and high-end machine tools, which increased by 45.1% and 43.7% respectively [2] - The demand for green products surged, with exports of electric vehicles, lithium batteries, and photovoltaic products growing by 37.1%, 112.1%, and 39% respectively [2] Import Dynamics - The import of metal ores, unrefined copper, and copper products increased by 15% and 21% respectively, reflecting a recovery in raw material manufacturing [2] - The development of the semiconductor and artificial intelligence industries drove significant growth in imports of semiconductor manufacturing equipment and computer accessories, which surged by 105.5% and 55.2% respectively [2] - Consumer goods imports also saw growth, with beef, milk powder, perfume, and sports equipment increasing by 10.5%, 43.2%, 29.4%, and 35.8% respectively [2] Market Opportunities - The strong performance in August was significantly driven by private enterprises, which accounted for 166.85 billion yuan in imports and exports, growing by 31.5% and contributing 11.5 percentage points to the overall growth [1] - Emerging markets such as Africa, ASEAN, the Middle East, and India saw exports totaling 53.74 billion yuan, a year-on-year increase of 45%, contributing 10.7 percentage points to the overall export growth [1] - The export of shipbuilding and marine engineering equipment, along with engineering machinery, showed remarkable performance, with increases of 10.6 times and 72.8% respectively, contributing 16.5 percentage points to the growth in emerging markets [1]

Core Insights - Private enterprises are increasingly becoming a key force in stabilizing foreign trade due to their flexibility and market sensitivity [1] Group 1: Trade Performance - In August, Shanghai's total imports and exports grew by 11.7% year-on-year, marking the seventh consecutive month of growth since February [1] - Exports exceeded 180 billion yuan for the first time, with a growth rate of 17.1%, while imports reached 204.35 billion yuan, growing by 7.3% [1] - For the first eight months, Shanghai's total imports and exports increased by 4.5%, with the growth rate improving by 1 percentage point compared to the first seven months [1] Group 2: Role of Private Enterprises - In August, the import and export volume of private enterprises in Shanghai surged by 31.5%, maintaining a growth rate above 30% for three consecutive months [1] - The share of private enterprises in Shanghai's total foreign trade rose to 43.1%, surpassing 40% for the first time, contributing 11.5 percentage points to the city's overall trade growth [1] Group 3: Market Diversification - Exports to emerging markets such as Africa, ASEAN, the Middle East, and India grew by 45% in August, contributing 10.7 percentage points to the overall export growth [1] - Notable export performance was observed in shipbuilding and marine engineering equipment, which grew by 10.6 times, and engineering machinery, which increased by 72.8%, together driving a 16.5 percentage point increase in exports to these emerging markets [1] Group 4: High-End Manufacturing and Imports - In August, the export of electromechanical products grew by 19%, accounting for nearly 70% of the total export value, with significant growth in shipbuilding and high-end machine tools at 45.1% and 43.7% respectively [2] - The export of "new three samples" including electric vehicles, lithium batteries, and photovoltaic products saw growth rates of 37.1%, 112.1%, and 39% respectively [2] - Imports of raw materials such as metal ores and copper products increased by 15% and 21% respectively, driven by stable industrial and consumer demand [2] - The import of semiconductor manufacturing equipment and computer accessories surged by 105.5% and 55.2% respectively, supported by the development of the integrated circuit and artificial intelligence industries [2] - Consumption-related policies have led to significant growth in imports of consumer goods, with beef, milk powder, perfume, and sports equipment increasing by 10.5%, 43.2%, 29.4%, and 35.8% respectively [2]

在进口方面，高新技术产品、农产品、未锻轧铜及铜材进口保持增长，生产、消费均呈现向好趋势。前 8个月，河南进口高新技术产品866.2亿元，增长7.8%；进口农产品107.4亿元，增长20.2%；进口未锻轧 铜及铜材69.1亿元，增长96.4%。 此外，河南各地外贸进出口增长势头良好。前8个月，12个省辖市和济源示范区进出口实现正增长。 （记者 王歌 通讯员 刘远方） 责任编辑： 郭栩汝 河南进出口规模再创新高。9月16日，记者从郑州海关获悉，今年前8个月，我省外贸进出口值5500.1亿 元，同比（下同）增长19.3%，高于同期全国增速15.8个百分点，进出口规模历史同期首次突破5500亿 元，刷新河南省前8个月最高纪录。其中，出口值3643.1亿元，增长29.3%；进口值1857亿元，增长 3.6%。 外贸企业活力进一步增强。前8个月，河南省有进出口实绩的外贸企业数量达1.28万家，同比增长 10.8%，增加1245家；其中，进出口值5000万元以上的企业721家，同比增加82家。民营企业进出口值 4061亿元，增长16%；外商投资企业进出口值1083.9亿元，增长51%。 国际市场多元化布局更优。今年前8个月 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The main contract of Shanghai copper fluctuated and declined, with a decrease in open interest, a premium in the spot market, and a strengthening basis. The copper price is supported by the cost of the concentrate due to the negative TC index of copper ore and the firm offer of concentrate. Supply is constrained by the tight supply of scrap copper and copper concentrate, and macro - factors such as the Fed's interest rate cut keep the copper price in a high - level range. However, the strong copper price suppresses downstream purchasing sentiment, resulting in a light trading volume in the spot market. The peak season has not yet boosted demand, and consumption recovery is slow. In the options market, the call - put ratio of at - the - money options is 1.38, with a month - on - month increase of 0.0514, indicating a bullish sentiment and a slight increase in implied volatility. Technically, the 60 - minute MACD shows both lines below the 0 - axis with an expanding green bar. The operation suggestion is to go long on dips with a light position, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 79,620 yuan/ton, down 940 yuan; the price of LME 3 - month copper was 9,966.50 dollars/ton, down 29.50 dollars. The spread between the main contract and the next - month contract was - 70 yuan/ton, down 80 yuan. The open interest of the main contract of Shanghai copper was 127,860 lots, down 19,604 lots. The net position of the top 20 futures holders of Shanghai copper was - 16,293 lots, down 4,846 lots. LME copper inventory was 150,950 tons, down 1,675 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 94,054 tons, up 12,203 tons. The warehouse receipt of cathode copper in the Shanghai Futures Exchange was 33,291 tons, down 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot was 79,990 yuan/ton, down 610 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot was 80,065 yuan/ton, down 555 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 56 dollars/ton, unchanged. The average premium of Yangshan copper was 53.50 dollars/ton, up 3 dollars. The basis of the CU main contract was 370 yuan/ton, up 330 yuan. The LME copper cash - to - 3 - month spread was - 71.13 dollars/ton, down 11.87 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 256.01 million tons, up 21.05 million tons. The rough smelting fee (TC) of domestic copper smelters was - 41.30 dollars/kiloton, down 0.45 dollars. The price of copper concentrate in Jiangxi was 70,910 yuan/metal ton, down 620 yuan; the price of copper concentrate in Yunnan was 71,610 yuan/metal ton, down 620 yuan. The processing fee of blister copper in the south was 700 yuan/ton, unchanged; the processing fee of blister copper in the north was 700 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper was 130.10 million tons, up 3.10 million tons. The import volume of unwrought copper and copper products was 430,000 tons, down 50,000 tons. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 55,790 yuan/ton, down 580 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 590 yuan/ton, unchanged. The price of 2 copper scrap (94 - 96%) in Shanghai was 68,450 yuan/ton, down 250 yuan [2]. 3.5 Downstream and Application - The output of copper products was 222.19 million tons, up 5.26 million tons. The cumulative completed investment in power grid infrastructure was 331.497 billion yuan, up 40.431 billion yuan. The cumulative completed investment in real estate development was 6,030.919 billion yuan, up 672.942 billion yuan. The monthly output of integrated circuits was 4,250,287.10 thousand pieces, down 438,933.60 thousand pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper was 9.53%, up 1.16 percentage points; the 40 - day historical volatility of Shanghai copper was 8.30%, up 0.51 percentage points. The implied volatility of at - the - money options in the current month was 14.97%, up 0.0090 percentage points. The call - put ratio of at - the - money options was 1.38, up 0.0514 [2]. 3.7 Industry News - The Fed cut interest rates by 25 basis points, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the probability of the Fed cutting interest rates in October was over 90%. China will select about 50 pilot cities for new consumption formats, models, and scenarios, and introduce a series of policy documents. During the consumption month, more than 25,000 cultural and tourism consumption activities will be carried out, and more than 330 million yuan in consumption subsidies will be issued. In August, the production and sales of new energy vehicles were 1.391 million and 1.395 million respectively, with year - on - year increases of 27.4% and 26.8% [2].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The Shanghai copper main contract had a slight pullback, with a decrease in open interest, a spot premium, and a strengthening basis [2]. - At the mining end of the fundamentals, the spot index of copper concentrate TC is in the negative range, and the concentrate quotation remains firm, providing cost support for copper prices [2]. - In terms of supply, the supply of scrap copper and copper concentrate is relatively tight, which restricts the smelting capacity to some extent. Coupled with macro - factors such as the Fed's interest rate cut, copper prices are operating in a high - level range [2]. - On the demand side, the strong copper prices suppress the downstream purchasing sentiment, and the trading volume in the spot market is relatively light. At the terminal, the boost to demand in the peak season has not yet appeared, and the consumption recovery is relatively slow [2]. - In the options market, the purchase - to - sell ratio of at - the - money option positions is 1.33, a month - on - month decrease of 0.0385. The sentiment in the options market is bullish, and the implied volatility has slightly increased [2]. - Technically, for the 60 - minute MACD, the double lines are above the 0 - axis, and the green bars are expanding. The operation suggestion is to conduct light - position range - bound trading, paying attention to controlling the rhythm and trading risks [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 80,560 yuan/ton, a decrease of 320 yuan; the price of LME 3 - month copper was 10,006 dollars/ton, a decrease of 120.5 dollars [2]. - The inter - month spread of the main contract was 10 yuan/ton, an increase of 30 yuan; the open interest of the main contract of Shanghai copper was 147,464 lots, a decrease of 17,752 lots [2]. - The net position of the top 20 futures holders of Shanghai copper was - 11,447 lots, an increase of 1 lot; the LME copper inventory was 150,950 tons, a decrease of 1,675 tons [2]. - The inventory of cathode copper in the SHFE was 94,054 tons, an increase of 12,203 tons; the LME copper cancelled warrants were 15,800 tons, a decrease of 1,375 tons [2]. - The SHFE warrants of cathode copper were 33,291 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper spot was 81,120 yuan/ton, an increase of 180 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market was 81,235 yuan/ton, an increase of 240 yuan [2]. - The CIF (bill of lading) price of Shanghai electrolytic copper was 56 dollars/ton, with no change; the average premium of Yangshan copper was 53.5 dollars/ton, with no change [2]. - The basis of the CU main contract was 560 yuan/ton, an increase of 500 yuan; the LME copper cash - to - 3 - month spread was - 59.26 dollars/ton, an increase of 2.67 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 2.5601 million tons, an increase of 0.2105 million tons; the copper smelter's roughing fee (TC) was - 41.3 dollars/kiloton, a decrease of 0.45 dollars [2]. - The price of copper concentrate in Jiangxi was 71,530 yuan/metal ton, an increase of 250 yuan; the price of copper concentrate in Yunnan was 72,230 yuan/metal ton, an increase of 250 yuan [2]. - The processing fee for blister copper in the south was 700 yuan/ton, with no change; the processing fee for blister copper in the north was 700 yuan/ton, with no change [2]. 3.4 Industry Situation - The output of refined copper was 1.301 million tons, an increase of 0.031 million tons; the import volume of unwrought copper and copper products was 425,000 tons, a decrease of 55,000 tons [2]. - The social inventory of copper was 418,200 tons, an increase of 4,300 tons; the price of 1 bright copper wire scrap in Shanghai was 56,170 yuan/ton, a decrease of 20 yuan [2]. - The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 590 yuan/ton, with no change; the price of 2 copper scrap (94 - 96%) in Shanghai was 68,650 yuan/ton, with no change [2]. 3.5 Downstream and Application - The output of copper products was 2.2219 million tons, an increase of 0.0526 million tons; the cumulative grid infrastructure investment was 331.497 billion yuan, an increase of 40.431 billion yuan [2]. - The cumulative real estate development investment was 6,030.919 billion yuan, an increase of 672.942 billion yuan; the monthly output of integrated circuits was 4,250,287,100 pieces, a decrease of 438,933,600 pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 8.37%, an increase of 0.06%; the 40 - day historical volatility of Shanghai copper was 7.79%, an increase of 0.06% [2]. - The implied volatility of the at - the - money option in the current month was 14.07%, an increase of 0.0015; the purchase - to - sell ratio of at - the - money options was 1.33, a decrease of 0.0385 [2]. 3.7 Industry News - Nine departments including the Ministry of Commerce issued "Several Policy Measures to Expand Service Consumption", supporting cross - border cooperation between high - quality consumption resources and well - known IPs, etc. [2]. - US retail sales in August increased by 0.6% month - on - month, exceeding expectations for the third consecutive month. Real retail sales adjusted for inflation increased by 2.1% year - on - year, achieving 11 consecutive months of positive growth [2]. - PBOC Governor Pan Gongsheng pointed out in an article that the international dominant currency has the attribute of a global public good, and there are inherent instability problems when borne by a single sovereign currency. The international monetary system may evolve towards a pattern of co - existence, competition, and checks and balances among a few sovereign currencies [2]. - As of the end of August, the passenger vehicle industry inventory in China was 3.16 million units, a decrease of 0.13 million units from the previous month. From May to August, car companies more rationally controlled production, reducing the inventory pressure on dealers [2].