地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 制作日期： 2025/10/09 隔夜夜盘市场走势 1. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 1.40%报 4060.60 美元/盎司， COMEX 白银期货涨 1.95%报 48.44 美元/盎司。美联储会议纪要显示官员对货币 政策路径存在分歧，为黄金提供支撑。美国政府停摆及财政赤字问题加剧避险 需求，国际贸易紧张局势也利好黄金。 2. 美油主力合约收涨 0.92 ...

Report Summary 1. Overnight Night Market Trends - Domestic futures contracts showed mixed performance. Shanghai silver rose 3.90%, fuel oil nearly 2%, SC crude oil and low-sulfur fuel oil (LU) over 1%. On the downside, coking coal and glass dropped over 3%, coke and pulp over 2%, and soda ash, caustic soda, rebar, and rubber over 1% [3]. - International precious metals generally closed higher. COMEX gold futures rose 0.50% to $3789.8 per ounce, with a weekly gain of 2.27%; COMEX silver futures rose 2.77% to $46.365 per ounce, with a weekly gain of 7.95% [4]. - International oil prices fluctuated narrowly. WTI crude futures rose 0.32% to $65.19 per barrel, with a weekly gain of 4.47%; Brent crude futures rose 0.35% to $68.82 per barrel, with a weekly gain of 4.21% [5]. - London base metals all declined. LME zinc fell 1.37% to $2886.50 per ton, with a weekly loss of 0.09%; LME nickel fell 0.81% to $15155 per ton, with a weekly loss of 0.76%; LME lead fell 0.69% to $2001.50 per ton, with a weekly gain of 0.25%; LME copper fell 0.53% to $10205 per ton, with a weekly gain of 2.16%; LME aluminum fell 0.36% to $2649 per ton, with a weekly loss of 0.84%; LME tin fell 0.07% to $34415.00 per ton, with a weekly gain of 0.71% [5]. - International agricultural futures showed mixed trends. US soybeans rose 0.17%, US corn fell 1.00%, US soybean oil fell 0.24%, US soybean meal rose 0.62%, and US wheat fell 1.52% [7]. 2. Important Information Macro Information - The National Energy Administration released power industry statistics for January - August. As of the end of August, the cumulative installed power generation capacity was 3.69 billion kilowatts, a year-on-year increase of 18%. Among them, solar power installed capacity was 1.12 billion kilowatts, a year-on-year increase of 48.5%; wind power installed capacity was 0.58 billion kilowatts, a year-on-year increase of 22.1%. From January to August, the average utilization hours of power generation equipment were 2105 hours, a decrease of 223 hours compared to the same period last year [9]. - The third-quarter (110th) meeting of the Monetary Policy Committee of the People's Bank of China was held on September 23. The meeting mentioned implementing a moderately loose monetary policy, strengthening counter - cyclical adjustment, and enhancing the coordination between monetary and fiscal policies to promote economic stability and reasonable prices [9]. - Shanghai Shipping Exchange data showed that as of September 26, the Shanghai Export Containerized Freight Index was 1114.52 points, a decrease of 83.69 points from the previous period; the China Export Containerized Freight Index was 1087.41 points, a 2.9% decrease from the previous period [9]. - The Party Secretary and Director of the State - owned Assets Supervision and Administration Commission of the State Council held a symposium on the economic operation of some state - owned enterprises, focusing on stabilizing electricity and coal prices and preventing "involutionary" vicious competition [10]. - US consumer spending in August exceeded expectations, and underlying inflation remained stable. Real consumer spending increased 0.4% for the second consecutive month. The Fed's preferred core PCE price index rose 0.2% month - on - month and remained at 2.9% year - on - year, indicating economic robustness [10]. - On September 28, the UN Secretary - General's Office confirmed that six Iran - related sanctions resolutions of the UN Security Council had been re - enacted since 8 p.m. EDT on September 27 [11]. - Hamas stated that it had not received new proposals from mediators, and negotiations with Israel had been at a standstill since an assassination attempt on its leader in Doha [11]. - If the US federal government shuts down, the September employment report scheduled for release this Friday may be delayed [11]. - Trump said he was okay with a government shutdown if necessary. He will meet with four congressional leaders on Monday and attend a meeting with senior military generals on Tuesday [11]. - Richmond Fed President Barkin said upcoming data would determine further Fed rate cuts; Fed Governor Bowman strongly supported the Fed holding only Treasuries and ignoring one - time tariff impacts [12]. Energy and Chemical Futures - As of September 25, East China port methanol inventory was 82.40 tons, a decrease of 2.78 tons from the previous week [14]. - As of September 25, PVC social inventory increased 1.84% month - on - month to 97.13 tons, a 16.23% year - on - year increase. East China inventory was 91.33 tons, a 2.18% month - on - month and 14.86% year - on - year increase [16]. - Seven government departments issued a work plan for the petrochemical industry's stable growth from 2025 - 2026, aiming for an average annual value - added growth of over 5% and addressing issues like fertilizer supply and capacity control [16]. - The arbitrage window for US crude oil exports to Asia may close due to soaring tanker freight rates and lower Middle East oil prices [16]. - OPEC+ may approve an oil production increase of at least 137,000 barrels per day at this week's meeting [17]. Metal Futures - Global alumina production in August 2025 was 1.3301 million tons, compared to 1.2555 million tons in the same period last year and a revised 1.3182 million tons in the previous month. China's estimated production was 0.798 million tons, unchanged from the previous month [19]. - The Shanghai Futures Exchange reported a decrease in copper inventory by 7035 tons, aluminum by 3108 tons, lead by 8123 tons, nickel by 826 tons, and tin by 429 tons last week, while zinc inventory increased by 1229 tons [20]. - As of September 25, the national lead ingot social inventory was 42,200 tons, a decrease of 8900 tons from September 22 [20]. - The Indonesian mining minister said that mining companies meeting land - restoration fund requirements could have their mining licenses restored from "suspended" to "normal" [22]. - Eight government departments issued a work plan for the non - ferrous metal industry's stable growth from 2025 - 2026, aiming for an average annual value - added growth of about 5%, a 1.5% average annual increase in ten non - ferrous metal production, and other goals [22]. Black - series Futures - Mysteel data showed that the total imported iron ore inventory at 47 ports was 145.5068 million tons, a week - on - week increase of 1.69 million tons; at 45 ports, it was 140.0028 million tons, a week - on - week increase of 1.992 million tons [24]. - The blast furnace operating rate of 247 steel mills was 84.45%, a 0.47 - percentage - point increase from the previous week and a 6.22 - percentage - point increase from the same period last year. The steel mill profitability rate was 58.01%, a 0.86 - percentage - point decrease from the previous week but a 39.40 - percentage - point increase from the same period last year. The daily hot metal output was 2.4236 million tons, a 13,400 - ton increase from the previous week [24]. - The China Coking Industry Association refuted false information about "forced production cuts" and "joint price increases" [24]. - SteelSilver e - commerce data showed that the total urban inventory this week was 9.0242 million tons, a 3.36% (313,300 - ton) decrease from the previous week. Construction steel inventory was 4.9196 million tons, a 5.10% (264,300 - ton) decrease from the previous week [25]. Agricultural Futures - The US agreed to consider tariff exemptions for Malaysian cocoa and palm oil products [28]. - Analyst Thomas Mielke predicted that global palm oil and soybean oil prices would rise by $100 - $150 per ton from January to June 2026 due to supply tightness [28]. - SPPOMA data showed that from September 1 - 25, Malaysian palm oil yield decreased 3.19% month - on - month, oil extraction rate decreased 0.18% month - on - month, and production decreased 4.14% month - on - month [28]. - SGS data showed that the estimated palm oil exports from Malaysia from September 1 - 25 were 795,947 tons, a 14.73% decrease from the same period last month [29]. - The Zhengzhou Commodity Exchange announced the premium for alternative delivery products of jujube futures for contracts starting from 2612 [29]. - As of September 25, the inventory of imported cotton at major ports decreased 3.08% week - on - week to 277,200 tons [29]. - As of September 26, the self - breeding and self - raising pig farming profit was a loss of 74.11 yuan per head, and the profit from purchasing piglets for farming was a loss of 236.57 yuan per head [29]. 3. Financial Market Finance - With the A - share market stabilizing, the private placement market has become active. As of September 28, 218 funds from 28 fund companies participated in private placement projects, with a cost of 5.864 billion yuan, exceeding last year's total, and over 90% of placements had floating profits [32]. - Bank wealth management subsidiaries have been more active in the equity market, conducting over 2100 research on A - share listed companies this year, focusing on the GEM and STAR Market. The issuance scale of equity and hybrid wealth management products has reached 72.7 billion yuan, exceeding last year's level [32]. - Many securities analysts expect the A - share market to gradually rise in the fourth quarter, with a focus on the technology growth sector [32]. - 1311 A - share listed companies have issued equity incentive plans this year, compared to 381 in 2024 [33]. - Hefei Youai Zhihé Robot Technology Co., Ltd. applied for listing on the Hong Kong Stock Exchange. If successful, it may become the "first mobile operation robot stock" [33]. - JD Industry submitted a prospectus to the Hong Kong Stock Exchange again, planning to issue about 253.3 million common shares [35]. - Micro - billion Intelligent Manufacturing, a provider of industrial embodied intelligent robots, applied for listing on the Hong Kong Stock Exchange [35]. - Hitcard, a four - year - old card company, is advancing its listing process after obtaining multiple rounds of financing [35]. Industry - Eight departments issued a work plan for the non - ferrous metal industry's stable growth from 2025 - 2026, aiming for value - added growth, resource development, and other goals [36]. - From January to August, national transportation fixed - asset investment was 2.26 trillion yuan, with railway investment at 504.1 billion yuan, highway at 1.5412 trillion yuan, waterway at 143.3 billion yuan, and civil aviation at 70.7 billion yuan [36]. - The State Administration for Market Regulation issued regulations on food safety responsibilities of catering service chain enterprises [36]. - As of September 27, about 200 Chinese cities and counties have issued over 470 policies to stabilize the real estate market this year, and more policies are expected in the fourth quarter [38]. - Guangzhou expanded the scope of housing provident fund withdrawals for housing purchases and elevator renovation [38]. - Changchun adjusted its housing provident fund loan policy, with a minimum down payment of 15% for certain home purchases [38]. - Jiangsu Province suspended its automobile replacement subsidy policy at 24:00 on September 28 [38]. - Shanghai Future Industry Fund completed a capital increase from 10 billion yuan to 15 billion yuan and has invested in cutting - edge fields [39]. - The CSRC announced the 2025 classification evaluation results of securities companies, with 53 A - class companies, 43 B - class companies, and 11 C - class companies [39]. - The cement industry has increased production cuts due to the real estate market. Under the influence of a new work plan, the industry may reduce inefficient clinker production capacity by about 10% this year, and the cement price is expected to rebound [39]. - The predicted box office for the first day of the 2025 National Day holiday is 343 million yuan, with "The Volunteers: To the War," "Assassin in Red 2," and "Life of a Loser" leading the list [41]. Overseas - Trump will meet with four congressional leaders on Monday due to the risk of a US government shutdown. If the two parties cannot reach an agreement by September 30, some government agencies may shut down [42]. - Goldman Sachs analysts said the risk of the US economy re - accelerating is rising, which will impact the Fed's monetary policy [42]. - Due to the US tariff policy adjustments, the global trade friction index reached 110 in July, with the amount of trade friction measures increasing year - on - year and month - on - month [42]. - Over 3000 food products in Japan will see price increases in October [43]. Commodity - OPEC+ may approve an oil production increase of at least 137,000 barrels per day at the October 5 meeting [44]. Bond - On September 28, the bond market was stable, with small fluctuations in yields. The central bank conducted 181.7 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 181.7 billion yuan [46]. - The National Association of Financial Market Institutional Investors reminded underwriting institutions to comply with regulations on debt - financing tool issuance [46]. - As of September 28, Henan Province has issued 270.635 billion yuan of special bonds this year, mainly for infrastructure and other fields [46]. Foreign Exchange - South Korea and the US reached an agreement on the exchange rate issue, and the US recognized that South Korea did not manipulate the exchange rate, clearing the way for South Korea to be removed from the US Treasury's exchange - rate manipulation monitoring list [47]. 4. Upcoming Events Economic Indicators - Japan's July coincident/leading indicators final value will be released at 13:00 [49]. - Spain's September CPI preliminary value will be released at 15:00 [49]. - The UK's August central bank mortgage approvals will be released at 16:30 [49]. - The Eurozone's September industrial/economic sentiment index and consumer confidence index final value will be released at 17:00 [49]. - The US's August pending home sales index will be released at 22:00 [49]. - The US's September Dallas Fed business activity index will be released at 22:30 [49]. Events - 240.5 billion yuan of reverse repurchases of the People's Bank of China will mature at 09:20 [51]. - Bank of Japan board member Noguchi Akira will give a speech at 13:30 [51]. - The State Council Information Office will hold a press conference on cultural and tourism development achievements at 14:00 [51]. - ECB Governing Council member Madis Müller will speak on the digital euro at 14:30 [51]. - The National Development and Reform Commission will hold a September press conference at 15:00 [51]. - The Ministry of Commerce will hold a press conference on China - Nordic economic and trade cooperation at 15:00 [51]. - ECB Executive Board member Piero Cipollone will speak on the digital euro at 15:10 [51]. - ECB Governing Council member Mario Centeno will give a speech at 16:30 [51]. - ECB Executive Board member Isabel Schnabel and the German Banking Association will exchange views on monetary policy at 17:00 [51]. - ECB Governing Council member Joachim Nagel will give a speech at 17:00 [51]. - ECB Governing Council member Boris Vujčić will give a speech at 19:35 [51]. - Cleveland Fed President Loretta Mester will participate in a policy

Macroeconomic Data Overview - The GDP growth rate for the second quarter of 2025 is reported at 5.20%, a decrease from 5.40% in the previous quarter and an increase from 4.70% in the same period last year [1] - The Manufacturing PMI for August 2025 is at 49.40, slightly up from 49.30 in July and up from 49.10 year-on-year [1] - The Non-Manufacturing PMI for August 2025 is at 50.30, showing a slight increase from 50.10 in July and unchanged from the previous year [1] - The total social financing scale for August 2025 is reported at 25,668 billion yuan, a significant increase from 11,307 million yuan in July and a decrease from 30,323 million yuan year-on-year [1] - The CPI for August 2025 shows a year-on-year decrease of 0.40%, compared to 0.00% in July and 0.60% last year [1] - The PPI for August 2025 shows a year-on-year decrease of 2.90%, an improvement from a decrease of 3.60% in July and a decrease of 1.80% last year [1] Commodity Investment Reference - Federal Reserve Chairman Jerome Powell indicated that stock prices are currently overvalued but stated that financial stability risks are not high at this time [2] - The U.S. White House's cryptocurrency committee executive director expects the cryptocurrency market structure bill to pass by the end of the year, which aims to consolidate various legislative efforts [2] - The SEC chairman expressed hopes for a new "innovation exemption" rule to be introduced by the end of the year, allowing cryptocurrency companies to launch products more easily [2] Metals - As of September 23, the SPDR Gold Trust holds 32,169,273.34 ounces (1,000.57 tons) of gold, unchanged from the previous trading day [4] - International precious metal futures saw a general increase, with COMEX gold futures rising by 0.58% to $3,796.9 per ounce and COMEX silver futures increasing by 0.12% to $44.265 per ounce [4] Steel Industry - A notice from five departments outlines a growth stabilization plan for the steel industry for 2025-2026, emphasizing the acceleration of key iron ore projects and supporting compliant mining enterprises [6] - The steel industry aims for an average annual growth rate of 4% over the next two years, with a strict prohibition on new capacity [7] Energy and Chemicals - International oil prices have risen sharply, with U.S. crude oil main contract up by 2.20% to $63.65 per barrel and Brent crude oil main contract up by 1.85% to $67.19 per barrel [8] - The Russian government is discussing extending the export ban on gasoline producers until October and is considering a possible ban on diesel exports [8] - Kuwait's oil minister noted a recovery in global oil demand as oil inventories fall below the five-year average [8] Agricultural Products - The Malaysian Palm Oil Council indicates that upward price potential is limited due to weak demand, while uncertainties in export supply provide some support [10] - Brazil's agriculture ministry announced the reopening of the EU market for Brazilian chicken following an outbreak of avian influenza [10] Financial Market Overview - The central bank conducted a reverse repurchase operation of 276.1 billion yuan on September 23, with a net withdrawal of 10.9 billion yuan for the day [11] - The People's Bank of China governor met with Ray Dalio to discuss international economic conditions and financial market dynamics [12] - Concerns over local government special bond risks have drawn attention from the National People's Congress, highlighting the rapid growth of government debt [13] Stock Market News - The A-share market experienced wide fluctuations, with major banks showing stability and significant gains in semiconductor equipment and photolithography concepts [27] - The Hong Kong Hang Seng Index closed down 0.7%, with declines in consumer, real estate, and healthcare sectors [27] - Since the release of the "merger and acquisition six guidelines," over 2,800 A-share companies have disclosed M&A activities, with a notable increase in transactions in the semiconductor sector [27]

【资讯导读】 ·经合组织：2025年全球经济增长将为3.2% ·美联储理事鲍曼：支持年内进行三次各25个基点的降息 ·英国央行首席经济学家：应该加快缩表步伐 ·瑞典央行宣布降息25个基点至1.75% 【市场资讯】 ·经合组织最新报告指出，随着美国经济增速放缓，美联储尚有三次降息空间，预计2025年下调一次， 2026年初再降两次。全球经济增长预期上调至2025年3.2%（前值2.9%），2026年维持2.9%；美国2025 年增长预期小幅上调至1.8%（前值1.6%），2026年为1.5%。报告同时警告，尽管当前增长稳健，美国 关税政策的全面冲击尚未完全显现，潜在风险仍需警惕。 ·美联储理事鲍曼表示，劳动力市场正在恶化，决策者正面临"落后于形势"的严重风险，需要果断、主 动地采取行动。她支持年内进行三次各25个基点的降息。 ·美联储古尔斯比表示，鉴于通胀率高于目标且呈上升趋势，美联储在进一步降息方面应保持谨慎。 ·英国央行首席经济学家皮尔认为，市场比央行官员们所想象的要强劲得多，英国央行应该加快缩表步 伐，并且如果出现压力，央行有强劲工具来支撑市场。 ·美国9月标普全球制造业PMI初值为52，服务业PMI初值 ...

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 本公司具备期货交易咨询业务资格，请务必阅读免责声明。 分析师：王静，执业资格证号 F0235424/Z0000771。 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和 意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇员对使用本报告及其内容所引发的 任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可， 任何机构和个人均不得以任何形式翻版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期 货股份有限公司。 资讯早间报 制作日期： 2025/09/12 隔夜夜盘市场走势 1. 国际贵金属期货收盘涨跌不一，COMEX 黄金期货跌 0.23%报 3673.40 美元/盎 司，COMEX 白银期货涨 1.12%报 42.07 美元/盎司。 2. 美油主力合约收跌 2.25%报 62.24 美元/桶；布伦特原油主力合约跌 1.78%报 66.29 美元/桶。 3. 伦敦基本金属全线上涨，LME 期铝涨 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents overnight market trends across various sectors, including energy, agriculture, metals, and financial markets. It also covers important macro - economic news, industry - specific developments, and upcoming events and data releases. Summary by Sections Overnight Night - Market Trends - **Energy Futures**: US crude oil and Brent crude oil rose by 1.79% and 1.78% respectively. Domestic crude oil futures rose 0.82% to 490.1 yuan/barrel. Low - sulfur fuel oil (LU) fell over 1% [3][4][5] - **Agricultural Futures**: CBOT agricultural futures closed lower, with soybean down 0.61%, corn down 0.66%, and wheat down 1.01% [3] - **Metal Futures**: LME base metals mostly rose, while domestic base metals had mixed results. Gold and silver futures in China also edged up [3][4][5] Important News Macro News - China maintains an objective and fair stance on the Ukraine crisis. The National Development and Reform Commission aims to manage over - capacity in key industries. A US judge blocked Trump from removing Fed governor Cook [7] - In August 2025, China's CPI fell 0.4% year - on - year, and PPI fell 2.9% year - on - year with a narrowing decline. The US Senate Committee supported Trump's nominee for Fed governor. US PPI unexpectedly dropped in August [7][10] Energy Futures - Domestic butadiene rubber inventory increased by 8.15% week - on - week. UAE's Fujeirah port's refined oil inventory rose. China achieved major oil and gas and uranium ore discoveries. EU plans more sanctions on Russia [13][15] - US commercial crude oil and strategic petroleum reserve inventories increased. Russian crude oil exports reached a three - month high [15][16] Metal Futures - Ningde Times' subsidiary aims to resume production at Jiaxiaowo by November. ANZ raised its year - end gold and silver price targets [18] Black - Series Futures - HeSteel's first - round silicon - manganese inquiry price in September was 5800 yuan/ton. A mine earthquake occurred in Heilongjiang. National building materials' production and inventory had mixed changes [21][22] Agricultural Futures - Malaysian palm oil exports from September 1 - 10 decreased. Malaysia's August palm oil inventory, production, and exports had different trends. A meeting on pig production capacity regulation is planned [24][25][25] - The US is considering a bio - fuel blending plan. Argentina's 2025/26 soybean planting area is expected to decline [27] Financial Markets Finance - A - shares rebounded with reduced volume. Hong Kong stocks rose. Some brokers adjusted margin trading limits. A number of public funds held autumn strategy meetings [29][31] - NIO completed a $1 billion equity financing. Zijin Gold International plans an IPO in Hong Kong [31][32] Industry - Six ministries launched a special campaign to rectify the automotive industry's online chaos. China found a large lithium - rich area. A meeting on pig production capacity regulation is planned [33][35] - The auto dealer inventory coefficient decreased in August. The e - commerce logistics index reached a new high [35][36] Overseas - Canada is reviewing tariffs on Chinese products. Trump pressured the Fed to cut interest rates. The US 8 - month PPI decline strengthened the case for a rate cut [37] - The US Supreme Court will review tariff legality. India and the US are working on a trade deal. South Korea will set up a large investment fund [39] International Stocks - US stocks had mixed results. European stocks also had mixed performance. Asian stocks in Japan and South Korea reached new highs [40][42] Commodities - Oil prices rose due to Middle - East tensions. Precious metals had mixed performance. Base metals mostly rose [43] Bonds - China's bond market weakened, and bond funds faced redemption pressure. US bond yields fell [44][46] Foreign Exchange - The on - shore RMB against the US dollar rose slightly. The US dollar index edged up, and non - US currencies had mixed performance [47] Upcoming Indicators and Events - Upcoming economic indicators include UK house price index, US CPI, and initial jobless claims. Key events involve central bank rate decisions and oil market reports [49][51]

Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating. However, some institutions have provided ratings for specific sectors: Goldman Sachs maintains an "overweight" stance on Chinese stocks, and Standard Chartered Bank maintains an "overweight" rating on Chinese stocks in its "2025 H2 Global Market Outlook" [36]. Core Viewpoints - The domestic futures market had a mixed performance overnight, with most contracts falling. International precious metals generally rose, while international oil prices slightly declined. The global economic and policy environment is complex, with various factors influencing different markets such as macro - policies, corporate operations, and international trade relations [3][4][5]. Summary by Directory Overnight Night - Market Trends - **Domestic Futures**: Most domestic futures main contracts fell. Soda ash dropped over 2%, and glass, coke, cotton, etc., dropped over 1%. Shanghai silver and caustic soda rose over 1% [3]. - **International Precious Metals**: COMEX gold futures rose 1.13% to $3516.1 per ounce, and COMEX silver futures rose 2.62% to $40.723 per ounce [4]. - **International Oil Prices**: WTI crude oil main contract fell 0.48% to $64.01 per barrel, and Brent crude oil main contract fell 0.28% to $67.48 per barrel [5]. - **London Base Metals**: All London base metals rose. LME zinc rose 1.19%, LME nickel rose 0.93%, etc. [5]. - **International Agricultural Products**: International agricultural product futures had mixed performances. US soybeans rose 0.45%, US corn rose 2.25%, etc. [7]. Important Information Macro Information - As of July 2025, there were 150 futures companies in China, with a trading volume of 10.99 billion lots and an operating income of 4.282 billion yuan in July [9]. - As of August 29, the Shanghai Export Containerized Freight Index dropped 29.7 points, and the China Export Containerized Freight Index dropped 1.6% [9]. - The NDRC will introduce policies to promote private investment and set minimum private investment participation ratios for major projects [9]. - From August 27 - 29, Chinese and US officials held talks on Sino - US economic and trade relations [9]. - In August, China's manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month, and the non - manufacturing business activity index was 50.3%, up 0.2 percentage points [10][12]. - The Fed entered a "quiet period" before its September meeting [12]. Energy and Chemical Futures - From September 1, 2025, the maximum daily opening position for non - futures company members or clients in the caustic soda 2601 contract is 10,000 lots [14]. - Last week, PVC production enterprises' capacity utilization rate was 76.02%, down 1.59% month - on - month [14]. - In June, US crude oil production reached a record high, and LNG production increased by 12,000 barrels per day [14]. Metal Futures - Tin Industry Co., Ltd. will conduct a routine shutdown for equipment maintenance, expected to last no more than 45 days, with little impact on the annual production plan [16][17]. - Last week, copper inventory decreased by 1,950 tons, and aluminum inventory increased by 991 tons [18]. - The US Federal Circuit Court of Appeals ruled that most of Trump's global tariff measures were illegal [18]. Black - Series Futures - The blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points from last week [20]. - The total inventory of imported iron ore in 45 ports was 137.6302 million tons, down 821,800 tons [20]. - Shanxi Coking Coal's subsidiary had a safety accident and stopped production, with an annual approved capacity of 4 million tons [21]. - This week, the total urban inventory was 8.8916 million tons, up 349,900 tons from last week [23]. - In August, the steel industry PMI was 49.8%, down 0.7 percentage points from the previous month [23]. - Colombia banned coal exports to Israel [23]. Agricultural Product Futures - As of August 29, the self - breeding and self - raising pig farming profit was 32.24 yuan per head, and the profit from purchasing piglets was a loss of 148.41 yuan per head [25]. - Zhengzhou Commodity Exchange revised the rules for fresh apple futures [25]. - India allocated 2.35 million tons of sugar for domestic sales in September 2025, the same as in 2024 [25]. - Indonesia set the reference price for CPO in September at $954.71 per ton, up from August [27]. - In the first half of August, Brazil's central - southern region had a 8.17% year - on - year increase in sugarcane crushing volume [27]. - The ISO expects the global sugar supply shortage in 2025/2026 to narrow significantly to 231,000 tons [28]. - Malaysia's palm oil exports from August 1 - 31 were 1.421486 million tons, up 10.2% from the previous month [29]. Financial Market Finance - Next week, 29 A - share stocks will face unlocking, with a total unlocking market value of 18.877 billion yuan, down 73.51% week - on - week [31]. - In H1 2025, Shanghai - listed companies' operating income was 24.68 trillion yuan, down 1.3% year - on - year, and net profit was 2.39 trillion yuan, up 1.1% [33]. - As of the end of August, the scale of Shanghai ETFs exceeded 3.7 trillion yuan, with a net inflow of over 350 billion yuan this year [33]. - As of June 30, 2025, the five A - share listed insurance companies' stock investment scale was nearly 1.8 trillion yuan, up 405.356 billion yuan from the end of 2024 [35]. - In August, A - shares continued to rise. Institutions expect the market to be volatile in September and focus on resource sectors, innovation drugs, etc. [36]. - Many foreign financial institutions are optimistic about the Chinese market. Hedge funds are net buyers of Chinese stocks [36]. - In the first eight months, the A - share market was strong, and the average return of active equity funds was 23.83% [36]. - Hesai Technology passed the Hong Kong Stock Exchange's hearing and plans to list in Hong Kong [37]. - Hefei Xinqi Microelectronics Equipment Co., Ltd. and Easy Health Group submitted IPO applications to the Hong Kong Stock Exchange [37]. Industry - Since August, nearly 20 small and medium - sized banks have lowered deposit interest rates [38]. - From January to August, the sales of TOP100 real estate enterprises were 2.32705 trillion yuan, down 13.3% year - on - year [40]. - In August, the inventory warning index for Chinese auto dealers was 57.0%, up 0.8 percentage points year - on - year [40]. - In 2025, China's total box office (including overseas) exceeded 40 billion yuan [40]. - The mother - fund market cooled significantly this year, with 33 new mother - funds established [41]. - Shanghai's leading commercial health insurance companies are developing new group insurance products [41]. Overseas - Trump's global tariff policy and the lawsuit to remove Fed Governor Cook are facing the US Supreme Court's final ruling [42]. - Japan and the US are discussing a package deal including tariff reduction and a $550 billion investment plan [44]. - ECB Governing Council member Rehn said inflation risks are "downward - biased" [44]. International Stock Market - Tata Capital will launch a $2 billion IPO in September [45]. Commodity - Malaysia's palm oil exports in August were 1.421486 million tons, up 10.22% month - on - month [46]. Bond - Yuzhou Group's overseas debt restructuring became effective, involving about $6.68 billion in debt, and is expected to reduce the repayment pressure by about $3.5 billion [47]. Foreign Exchange - In the past two weeks, the RMB has strengthened against the US dollar, driven by the weakening US dollar index and narrowing Sino - US interest rate differentials [49]. - The Canadian dollar has risen 4.68% against the US dollar this year, being the worst - performing G10 currency [50].

Market Trends - Overnight, U.S. oil rose 1.23% to $63.48/barrel, Brent crude rose 1.14% to $67.60/barrel due to inventory drop [3][49] - COMEX gold fell 0.15% to $3383.5/ounce, COMEX silver rose 0.87% to $38.1/ounce [4][49] - LME base metals mostly fell, LME copper rose 0.14% to $9734.50/ton [4][49] - Domestic futures were mixed,烧碱 rose over 2%,焦煤 fell over 1% [4] - U.S. agricultural products had mixed performance, soybeans rose 1.83%, soybean meal fell 0.52% [5] Macroeconomic News - Jan - Jul全社会用电量 reached 5863.3 billion kWh, up 4.5% year - on - year [8] - Chinese Ambassador to the U.S. met with CFR President to discuss Sino - U.S. relations [8] - Former St. Louis Fed President called for 100 - basis - point rate cut this year [8] - U.S. initial jobless claims rose by 11,000 to 235,000 [9] Energy and Chemical Futures - Singapore fuel oil inventory dropped 1.61 million barrels, middle distillates rose 371,000 barrels, light distillates rose 914,000 barrels [11] - National float glass production was flat week - on - week, down 5.16% year - on - year [13] - India will continue to buy Russian oil [13] - Domestic soda ash inventory rose 0.90% week - on - week [13] - East China port methanol inventory rose 0.93 tons week - on - week [14] Metal Futures - Tianjin restricted some galvanizing enterprises, impact on northern galvanizing industry was limited [16] - Logistics in Tianjin was tight, North China electrolytic copper supply was short [16] - Goldman Sachs said copper price forecasts for 2026/2027 had upside risks [18] - Industrial silicon social inventory decreased 0.2 tons week - on - week [18] Black - Series Futures - Tangshan and Xingtai steel mills raised coke prices [20] - Mongolia's coking coal auction had all lots unsold [20] - Rebar production decreased, demand increased, inventories rose [20] Agricultural Futures - China will conduct central frozen pork reserve purchases [22][25][37] - Indonesia's palm oil inventory dropped 13% in June, exports rose 35.4% [23][24] - Malaysia's palm oil production rose 0.3% in Aug 1 - 20 [25] - Brazil's sugar shipping waiting decreased [25] - Argentina's 2025/2026 corn planting area may increase 9.6% [26] - U.S. drought affected 9% of soybean and 5% of corn planting areas [26] - 2025/26 global soybean production may rise 1% [28] - India imported rapeseed oil [28] - U.S. soybean export sales were in line or exceeded expectations [28] Financial Markets Financial - A - shares rose slightly, small - cap stocks adjusted, turnover was 2.46 trillion yuan [30] - Hong Kong's Hang Seng Index fell 0.24%, turnover was HK$239.487 billion [30] - Goldman Sachs said Chinese small - and medium - cap stocks had room to rise [32] - 171 A - share companies planned to distribute 124.584 billion yuan in dividends [33] - South Korean investors bought Chinese assets [33] - Many companies announced share - reduction plans [33] - Kuaishou's Q2 revenue rose 13.1% to 35 billion yuan, adjusted profit was 5.6 billion yuan [34] - Bilibili's Q2 revenue rose 20% to 7.34 billion yuan, adjusted profit was 560 million yuan [35] - Miniso's Q2 revenue rose 23.1% to 4.966 billion yuan [36] - Alibaba will spin off Zebra Intelligence for independent listing [36] Industry - China will conduct central frozen pork reserve purchases [37] - Financial regulators are formulating health insurance guidelines [37] - 20 troubled real - estate enterprises' debt restructuring was approved [37] - A large shale gas field in China was confirmed [38] - Chengdu introduced housing provident fund policies [40] - 2025 Fortune China Tech 50 list was released [40] Overseas - Trump planned to patrol Washington D.C. streets [41] - Trump criticized renewable energy [41] - Trump created a new government position [41] - U.S. Aug manufacturing PMI was 53.3, service PMI was 55.4 [41] - U.S. initial jobless claims rose to 235,000 [42] - U.S. July second - hand home sales rose 2% [44] - Japan may invest 10 trillion yen in India in 10 years [45] - South Korea denied U.S. chip subsidy share - exchange rumor [45] - South Korea restricted foreign real - estate speculation [45] - Eurozone Aug PMI rose to 50.5 [45] International Stock Markets - U.S. stocks fell slightly, Chinese concept stocks mostly rose [46] - European stocks were mixed [46] - Walmart's Q2 revenue rose 4.8% to $177.4 billion [48] Commodities - Oil prices rose due to inventory drop [49] - Precious metals had mixed performance [49] - Base metals mostly fell [49] Bonds - Treasury futures mostly rose, Chinese central bank net - injected 124.3 billion yuan [50] - Beijing will prepay part of its government bonds [50] - Japanese long - term bond yields rose to multi - decade highs [52] - U.S. bond yields rose [52] Foreign Exchange - On - shore RMB rose 15 points against the U.S. dollar [53] - U.S. dollar index rose 0.41% [53]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively covers overnight market trends of various commodities, important macro - economic and industry - specific news, and the performance of financial markets at home and abroad, offering investors a multi - faceted view of the current economic and market situation [3][9][33]. Summary by Relevant Catalogs Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 1.00% at $3392.20 per ounce and COMEX silver futures up 1.51% at $37.90 per ounce [3]. - U.S. inventory decline pushed up oil prices, with the U.S. crude oil main contract up 1.73% at $62.84 per barrel and Brent crude oil main contract up 1.76% at $66.95 per barrel [4]. - Most London base metals rose, except for LME tin which fell 0.22% to $33775.00 per ton [4]. - Most domestic futures main contracts rose, with caustic soda up over 3% and butadiene rubber up over 2% [4]. - As of 2:20, U.S. soybeans rose 0.17%, U.S. corn rose 0.25%, U.S. soybean oil fell 0.97%, U.S. soybean meal rose 0.52%, and U.S. wheat rose 1.44% [5]. Important News Macroeconomic News - The People's Bank of China kept the one - year and five - year loan prime rates (LPR) unchanged at 3% and 3.5% respectively [9]. - U.S. Treasury Secretary Besent said that the U.S. had a "very good dialogue" with China on economic and trade issues and expected another meeting before November [9]. - The China Securities Regulatory Commission will work on enriching product supply, promoting the listing of important energy varieties like liquefied natural gas [9]. - Israel's Defense Minister approved an offensive plan against Gaza City [9]. - Kevin Thozet of Capital Economics said that U.S. short - term interest rates face an upward risk [9]. - The Fed's July meeting minutes showed that almost all policymakers supported not cutting interest rates, and there were differences among officials on inflation, employment risks, and the impact of tariffs [10]. Energy and Chemical Futures - In Japan, as of August 16, commercial crude oil inventory decreased, while gasoline and kerosene inventories increased, and the refinery's average operating rate rose [14]. - As of August 20, China's methanol port inventory increased, with both East and South China regions accumulating inventory [14]. - As of August 10, the rubber (RSS) inventory in Osaka Exchange's designated warehouses decreased [15]. - As of August 20, the capacity utilization rate and output of China's 92 asphalt refineries decreased [16]. - As of August 20, China's polypropylene production enterprise inventory decreased [16]. - Russia expects India to continue buying its oil despite potential U.S. tariff hikes [16]. - As of August 18, the refined oil inventory in the UAE's Fujairah Port decreased [16]. - As of August 15, U.S. commercial crude oil inventory (excluding strategic reserves) decreased by 601.4 million barrels, far exceeding market expectations [20]. Metal Futures - In July 2025, global primary aluminum production increased compared to the previous year and the previous month, and China's expected production also rose [22]. - Some polysilicon enterprises reached an agreement on production cuts and inventory control [22]. - With the approaching of relevant events, safety inspections in northern China's lead - zinc mines increased, but there was no direct impact on zinc concentrate production [22]. - In June 2025, the global refined copper market had a supply surplus, and the same was true for the first six months of 2025 [22]. Black - Series Futures - Environmental protection policies are affecting the coking coal and coke market from both supply and demand sides, with potential supply tightening and demand constraints [24]. - The online auction of coking coal from Mongolia's ETT company on August 20 ended in failure [26]. - A coal mine in Inner Mongolia was ordered to suspend production for rectification due to major safety hazards [26]. Agricultural Product Futures - The U.S. Soybean Association urged the Trump administration to reach an agreement to reopen the Chinese market [28]. - Pro Farmer's crop inspection predicted higher corn yields and more soybean pods in Nebraska and Indiana in 2025 compared to 2024 [28]. - In August, China's soybean crushing volume is expected to be high, and the commercial inventory of soybean meal in major oil mills is expected to rise [29]. - Malaysia's palm oil exports from August 1 - 20 increased compared to the same period last month according to different survey agencies [29]. - U.S. private exporters reported corn sales to Mexico and Colombia for the 2025/2026 sales year [31]. Financial Markets Financial - On Wednesday, the A - share market rebounded, with the Shanghai Composite Index hitting a ten - year high, and the semiconductor industry chain was strong [33]. - The Hong Kong Hang Seng Index rose, while the Hang Seng Technology Index was slightly down, and there was a large net southbound capital outflow [33]. - Since August, the securities sector has performed well, with many stocks rising and funds flowing in through ETFs [33]. - Many A - share listed companies announced mid - year dividend plans, with a total proposed dividend amount exceeding 100 billion yuan [34]. - The Hong Kong Stock Exchange has received 50 new IPO applications since the launch of the "tech enterprise special route" [34]. - China Evergrande's listing status will be cancelled on August 25 [38]. - The Hong Kong Stock Exchange's second - quarter revenue and profit increased year - on - year [38]. - Baidu's second - quarter revenue decreased slightly, but its net profit and AI new business revenue increased [38]. Industry - The State Taxation Administration will guide and remind platform enterprises that have not submitted tax - related information [39]. - The State Administration for Market Regulation plans to introduce new anti - monopoly regulations for the public utility sector [39]. - Some rural banks in Zhejiang, Guizhou, and Jilin have lowered deposit interest rates, while some banks have launched large - value certificates of deposit with higher yields [39]. - In July, the comprehensive inventory coefficient of automobile dealers decreased, and the inventory level was below the warning line but above the reasonable range [40]. Overseas - U.S. President Trump pressured Fed Governor Cook to resign [43]. - Trump has bought hundreds of bonds worth at least $103.7 million since taking office [44]. - The U.S. federal budget deficit is expected to reach $22.7 trillion in the next decade [44]. - The ECB President said that the euro - zone economy may slow down this quarter [45]. - UK's July CPI accelerated, reducing the possibility of a rate cut by the Bank of England [45]. - Japan's July commodity exports decreased significantly, especially automobile exports [46]. - South Korea will launch a 45.8 - trillion - won support plan for key industries [47]. - The Reserve Bank of New Zealand cut interest rates by 25 basis points [47]. - The Central Bank of Indonesia unexpectedly cut interest rates by 25 basis points [50]. - The Swedish Central Bank kept the benchmark interest rate unchanged but still expects a possible rate cut this year [51]. International Stock Markets - U.S. three major stock indexes closed mixed, with the Dow up 0.04%, the S&P 500 down 0.24%, and the Nasdaq down 0.67% [52]. - European three major stock indexes closed mixed, affected by the expectation of peace talks in Ukraine, Fed policy, and economic data [52]. - Estée Lauder's Q4 net sales and adjusted EPS were higher than expected, but its 2026 EPS forecast was lower than expected [52]. - Target's Q2 net sales and adjusted EPS were higher than expected, but comparable sales decreased [53]. - iQiyi's Q2 net loss widened, and its core businesses shrank [53]. - Futu Holdings' Q2 revenue and profit increased significantly year - on - year [56]. Commodities - The CSRC will promote the listing of important energy varieties and expand the scope of futures and derivatives [57]. - The U.S. Soybean Association warned of the severe impact on U.S. soybean farmers if an export agreement with China is not reached soon [57]. - International precious metal futures rose, supported by market uncertainty related to inflation data [57]. - Oil prices rose due to a larger - than - expected decline in U.S. crude oil inventory [57]. - Most London base metals rose, affected by the uncertainty of U.S. monetary policy [58]. Bonds - The strong stock market suppressed the bond market, with most bond yields rising and bond futures falling [59]. - The central bank conducted 616 billion yuan of reverse repurchase operations, easing liquidity tensions [61]. - The Ministry of Finance will issue 12.5 billion yuan of RMB treasury bonds in Hong Kong on August 27 [62]. - Foreign investors continued to buy ultra - long - term Japanese government bonds in July [62]. - Most U.S. Treasury yields fell [62]. Foreign Exchange - The on - shore RMB against the U.S. dollar rose on Wednesday, while the central parity rate was slightly depreciated [63]. - The U.S. dollar index fell slightly, and most non - U.S. currencies had mixed performance [63].

1. Market Performance 1.1 International Precious Metals - COMEX gold futures fell 0.76% to $3382.30 per ounce, and COMEX silver futures fell 1.47% to $38.04 per ounce [2][47]. 1.2 Crude Oil - The main contract of U.S. crude oil rose 2.04% to $63.93 per barrel, and the main contract of Brent crude oil rose 1.92% to $66.89 per barrel [3][48]. 1.3 London Base Metals - LME nickel fell 1.4%, LME tin fell 0.87%, LME copper fell 0.27%, while LME zinc rose 0.48%, LME aluminum rose 0.31%, and LME lead rose 0.1% [3][50]. 1.4 Domestic Futures - Domestic futures contracts mostly declined. LPG rose over 1%, while rapeseed meal fell over 2%, and rapeseed oil, 20 - rubber, synthetic rubber, and caustic soda fell over 1% [4]. 1.5 Financial Markets - A - shares fluctuated, with the Shanghai Composite Index down 0.46% to 3666.44 points, the Shenzhen Component Index down 0.87%, and the ChiNext Index down 1.08%. The Hong Kong Hang Seng Index fell 0.37% to 25519.32 points [30][32]. 2. Important Information 2.1 Macroeconomic Information - Fed's Daly opposed a 50 - basis - point rate cut at the September meeting. The U.S. 7 - month PPI far exceeded expectations. China's central bank conducted 500 billion yuan of 6 - month reverse repurchase operations [6][7]. 2.2 Energy and Chemical Futures - Domestic soda ash inventory increased, while Singapore fuel oil inventory decreased. Russia's refined oil exports reached a high level [11][12][15]. 2.3 Metal Futures - The China Chemical and Physical Power Supply Industry Association issued an initiative for the energy storage industry, and the operating capacity of alumina increased [17]. 2.4 Black - series Futures - A coal mine in Shanxi planned to resume production, and coal supply in Shaanxi tightened. Steel production and inventory showed different trends [19][21]. 2.5 Agricultural Product Futures - Argentina's soybean and corn production had new forecasts. India's palm oil and sunflower oil imports changed, and U.S. soybean and corn exports were lower than expected [25][27]. 3. Company Performance - JD Group's second - quarter revenue increased by 22.4%. NetEase's second - quarter revenue increased by 9.4%. Foxconn's second - quarter revenue and profit reached new highs [34][35][10]. 4. Industry Dynamics 4.1 Aviation - The China Air Transport Association issued an aviation passenger self - discipline convention [36]. 4.2 Semiconductor - China's first domestic commercial electron - beam lithography machine entered application testing [37]. 4.3 Express Delivery - In July, express delivery business revenue increased by 8.9%, and business volume increased by 15.1% [38]. 4.4 Real Estate - Shanghai real - estate platforms hid historical transaction prices of second - hand houses [39]. 4.5 Banking - Financial regulators in some regions proposed "anti - involution" measures for the banking industry [41]. 5. Overseas Markets 5.1 U.S. - Trump signed an executive order to relax commercial space regulations. U.S. PPI data affected market expectations [42]. 5.2 UK - UK's second - quarter GDP grew by 0.3% [42]. 5.3 International Stock Markets - U.S. stocks were mixed, European stocks rose, and Japanese stocks fell [43][45][46]. 5.4 Bonds - Domestic and U.S. bond yields generally rose [51]. 5.5 Foreign Exchange - The on - shore RMB rose against the U.S. dollar, and the U.S. dollar index rose [52]. 6. Upcoming Events and Data Releases 6.1 Data Releases - Multiple economic data will be released, including Japan's GDP, China's economic indicators, and U.S. retail sales [55]. 6.2 Events - There are events such as central bank operations, news conferences, and corporate earnings releases [57].