Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Crude oil's rebound due to geopolitics was unsustainable under OPEC's production increase, and energy - chemical related varieties weakened. Precious metals led the bulls under the environment of US interest rate cuts and global political and economic uncertainties. The threat of the US to impose additional tariffs on China caused drops in US stocks, crude oil, and domestic commodities. Without external intervention, commodities will continue to move based on the weak supply - demand fundamentals [4]. - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. The negotiation situation is uncertain, and strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks. In terms of specific sectors, industrial products are weak and precious metals are strong [2][3][5]. Summary by Relevant Catalogs Market Situation - After the National Day holiday, the market digested the overseas information during the holiday and continued the pre - National Day price trend. Energy - chemical products were under pressure from the weakening crude oil price, building materials faced insufficient demand, and agricultural products' valuations declined due to oversupply and weakening demand [4]. - The US threat to impose additional tariffs on China led to drops in US stocks, crude oil, and domestic commodities on the Friday night session [4]. Sector and Variety Analysis - **Industrial Products**: Products like soda ash and PVC have sufficient supply and weak downstream demand. Without effective implementation of relevant measures, the overall industrial products will continue to decline [4]. - **Energy - Chemicals**: Crude oil's rebound relying on geopolitics was unsustainable. Energy - chemical related varieties continued to weaken to release risks [4]. - **Precious Metals**: Led the bulls under the environment of US interest rate cuts and global political and economic uncertainties [4]. Investment Strategies - Unless the fundamentals have relatively certain expectations, it is advisable to mainly observe. Strategies should focus on short - term or arbitrage to avoid overnight or single - leg positions to avoid macro - systematic risks [3][5]. Product Recommendation - The net value performance of the "Chasing the Wind No. 1" and "Chasing the Wind No. 2" strategy products is good. The "Chasing the Wind No. 2" product is in the free trial period and is worth trying. They can be subscribed through the path of [Nanhua Futures app - Research Report Selection - Strategy Research Selection] [5]. Data Tables - **Plate Capital Flow**: The total capital is 20.499 billion, with precious metals at 485 million, non - ferrous metals at 5.005 billion, etc. [9]. - **Black and Non - ferrous Weekly Data**: It shows the price percentile, inventory percentile, valuation percentile, etc. of various black and non - ferrous metal varieties such as iron ore, rebar, etc. [9]. - **Energy - Chemical Weekly Data**: It shows the price percentile, inventory percentile, etc. of energy - chemical varieties such as fuel oil, low - sulfur oil, etc. [11]. - **Agricultural Product Weekly Data**: It shows the price percentile, inventory percentile, etc. of agricultural products such as soybean meal, rapeseed meal, etc. [12].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The anti - involution theme in the commodity market has entered a cooling stage, and the overall market is in a weak and volatile atmosphere. Trend strategies have low win - rates and odds, and it is difficult to operate [2][3][5]. - With the approaching of the National Day holiday, funds are flowing out. Investors should control their positions or stay in cash to avoid holiday risks [3][5]. - In terms of specific sectors, agricultural products are weak, while precious metals are strong [3]. - The market is currently affected by sudden news, with unclear main contradictions and insufficiently low valuations. It is advisable to wait patiently [4]. 3. Summary by Related Catalogs Market Overview - Various sudden news, such as Argentina's suspension of agricultural product tariffs, Indonesia's copper mine suspension, and Russia's refinery attacks, have caused short - term shocks to the market, increasing trading difficulty and hampering strategy execution [4]. - The anti - involution theme market is in a cooling cycle, and the market is now trading the real - end logic of surplus varieties. The supply - demand patterns of soda ash, PVC and other varieties remain loose, and downstream demand is weak [4]. Product Strategy Recommendations - Abandon market prediction. Stable account profitability depends on strategy, risk control, and execution [5]. - The net value performance of the Chase the Wind 1 and Chase the Wind 2 strategy products is good. Chase the Wind 2 is in a free trial period and is worth trying for non - subscribed customers [5]. Data Tables - **Plate Fund Flow**: The total capital flow is 322 million yuan. Precious metals have an inflow of 3.022 billion yuan, non - ferrous metals 1.405 billion yuan, while black metals have an outflow of 2.959 billion yuan, energy 165 million yuan, chemicals 846 million yuan, feed and breeding 555 million yuan, oils and fats 1.597 billion yuan, and soft commodities have an inflow of 73 million yuan [9]. - **Black and Non - ferrous Weekly Data**: Data such as price percentile, inventory percentile, valuation percentile, etc. are provided for various black and non - ferrous metal varieties, including iron ore, rebar, gold, etc. [9]. - **Energy and Chemical Weekly Data**: Similar data is presented for energy and chemical products like fuel oil, low - sulfur oil, asphalt, etc. [11]. - **Agricultural Product Weekly Data**: Data for agricultural products such as soybean meal, rapeseed meal, soybean oil, etc. are given [12].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Due to the anti - involution theme, exchange measures like position limits and fee hikes, and the delivery logic of the 2509 contract, some varieties with weak supply - demand fundamentals have seen continuous declines. In September, some varieties started to stabilize after losing the downward guidance of the 09 contract. The impact of the anti - involution theme is limited. With the National Day holiday approaching, it's advisable to control positions and operate cautiously [2][3][5]. - Anti - involution varieties are relatively strong, while the non - ferrous sector is bearish [3]. - The anti - involution is a long - term theme. After a sharp rise in July, trading volume and open interest of anti - involution varieties decreased due to position limits and fee hikes, and some varieties with weak industrial supply - demand in the real - world declined in mid - and late - August. After September 1st, these varieties showed signs of stopping the decline and stabilizing. The implementation of anti - involution policies in the industrial end is a key influencing factor. The Fed's interest - rate cut cycle led to the outflow of profit - taking funds, causing a downward adjustment in the non - ferrous sector. For agricultural products, if the Sino - US tariff negotiation progresses smoothly, domestic agricultural products will face pressure [4]. 3. Directory Summaries 3.1. Capital Flow - The total capital flow is - 5.637 billion yuan, with significant outflows in non - ferrous metals (- 3.211 billion yuan) and precious metals (- 224 million yuan), and inflows in soft commodities (239 million yuan) and oils and fats (123 million yuan) [8]. 3.2. Weekly Data of Black and Non - ferrous Metals - Data such as price percentile, inventory percentile, valuation percentile, open interest percentile, open interest change percentile, and annualized basis are provided for various black and non - ferrous metal varieties. For example, iron ore has a price percentile of 21.5%, a inventory percentile of 55.0%, etc. [8] 3.3. Weekly Data of Energy and Chemicals - Similar data is presented for energy and chemical varieties. For instance, fuel oil has a price percentile of 4.9%, a inventory percentile of 36.7%, etc. [10] 3.4. Weekly Data of Agricultural Products - Data for agricultural product varieties are shown, like soybean meal with a price percentile of 6.1%, a inventory percentile of 77.4%, etc. [11] 3.5. Capital Flow Diagrams - There are diagrams showing the capital flow of black varieties, olefin varieties, polyester varieties, other chemical varieties, energy varieties, oils and fats and oilseeds, agricultural and sideline products, and non - ferrous sectors [12][16][17][19][21][22][26]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Since August 13th, the adjustment wave of anti - involution varieties has lasted for a month. As time progresses, it is approaching the end of the adjustment wave, and the overall view is bullish. In specific sectors, the outlook for oilseeds and fats is bullish, while that for chemicals is bearish [2][3][5] - In addition to industrial products, agricultural products have also stabilized recently. The downward driving force of agricultural products has further weakened, but attention should be paid to the risk of soybean meal prices caused by uncertain tariffs [3][4][5] 3. Summary by Relevant Catalogs 3.1 Market Trend - From August 13th, the adjustment wave of anti - involution varieties has lasted for a month. During this period, varieties with weak fundamentals and low basis, such as glass, soda ash, PVC, urea, and crude oil, have adjusted and led the decline, while polysilicon and coking coal have maintained horizontal consolidation. As the adjustment wave nears its end, these varieties will choose a direction [4] - Agricultural products have stabilized. The USDA supply - demand report on September 12th showed a slight increase in the US soybean ending inventory, but it could not drive the market lower. The path of least resistance for US soybeans is no longer downward, and there is little point in short - selling domestic soybean meal and oil varieties. The risk lies in tariffs [4] 3.2 Capital Flow - The total capital flow is 10.312 billion. Among different sectors, precious metals have a capital flow of 2.421 billion, non - ferrous metals have - 0.143 billion, black metals have 0.447 billion, energy has 0.83 billion, chemicals have 0.265 billion, feed and breeding have 0.479 billion, oilseeds and fats have 0.06 billion, and soft commodities have 0.065 billion [8] 3.3 Weekly Data of Different Sectors - **Black and Non - ferrous Metals**: Data such as price percentile, inventory percentile, valuation percentile, position percentile, basis difference percentile, and annualized basis are provided for various black and non - ferrous metal varieties, including iron ore, rebar, hot - rolled coil, etc. [8] - **Energy and Chemicals**: Similar data are provided for energy and chemical varieties, such as fuel oil, low - sulfur oil, asphalt, etc. [10] - **Agricultural Products**: Data for agricultural products like soybean meal, rapeseed meal, soybean oil, etc. are presented, including price percentile, inventory percentile, etc. [11]