Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In the production industry, the decline in industrial profits has narrowed. From January to July 2025, the total profit of industrial enterprises above designated size was 4,020.35 billion yuan, a year - on - year decrease of 1.7%. In July, the year - on - year decline in profits continued to narrow, and the manufacturing industry showed significant improvement [1]. - The service industry should focus on the implementation of housing new policies. The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - Quality Urban Development" was released, aiming to promote the construction of "good houses" and complete communities and build a new model for real estate development [1]. 3. Summary by Directory A. Upstream - Chemical industry: The price of urea has dropped significantly [2]. - Energy: The international crude oil price has slightly rebounded [2]. B. Midstream - Chemical industry: The operating rate of PTA has been continuously declining [3]. - Energy: The coal consumption of power plants has remained stable [3]. - Agriculture: The operating rate of pig products has increased [3]. C. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have seasonally declined [3]. - Service: As the end of the summer vacation approaches, the number of domestic flights has slightly decreased [3]. D. Key Industry Price Indicators | Industry | Indicator | Price (8/28) | YoY | | --- | --- | --- | --- | | Agriculture | Spot price of corn | 2301.4 yuan/ton | - 0.43% | | | Spot price of eggs | 6.5 yuan/kg | - 2.10% | | | Spot price of palm oil | 9532.0 yuan/ton | - 0.19% | | | Spot price of cotton | 15331.8 yuan/ton | 0.80% | | | Average wholesale price of pork | 19.8 yuan/kg | - 1.05% | | Non - ferrous metals | Spot price of copper | 79183.3 yuan/ton | 0.49% | | | Spot price of zinc | 22106.0 yuan/ton | - 0.49% | | | Spot price of aluminum | 20746.7 yuan/ton | 0.24% | | | Spot price of nickel | 121966.7 yuan/ton | 0.91% | | | Spot price of aluminum | 16837.5 yuan/ton | 0.71% | | | Spot price of rebar | 3246.0 yuan/ton | 0.00% | | Ferrous metals | Spot price of iron ore | 789.6 yuan/ton | 0.54% | | | Spot price of wire rod | 3375.0 yuan/ton | - 0.52% | | | Spot price of glass | 13.9 yuan/square meter | - 0.36% | | Non - metals | Spot price of natural rubber | 15016.7 yuan/ton | 0.45% | | | China Plastic City Price Index | 803.2 | - 0.21% | | Energy | Spot price of WTI crude oil | 64.2 dollars/barrel | 2.30% | | | Spot price of Brent crude oil | 67.4 dollars/barrel | 0.90% | | | Spot price of liquefied natural gas | 3956.0 yuan/ton | 1.07% | | | Coal price | 783.0 yuan/ton | 0.00% | | | Spot price of PTA | 4910.0 yuan/ton | 2.91% | | Chemical industry | Spot price of polyethylene | 7451.7 yuan/ton | 0.20% | | | Spot price of urea | 1717.5 yuan/ton | - 3.51% | | | Spot price of soda ash | 1290.0 yuan/ton | 0.00% | | | National cement price index | 129.6 | - 0.64% | | Real estate | Building materials composite index | - | - 0.23% | | | National concrete price index | 93.0 | 0.00% | [35]

Summary of Key Points Core Viewpoint - The food safety supervision and sampling plan for 2025 in the Huatang District of Zhuzhou City has been announced, detailing the results of 130 batches of food samples, with 122 passing and 8 failing the safety tests [3]. Group 1: Sampling Results - A total of 130 batches were tested, with 122 batches deemed qualified and 8 batches found to be unqualified [3]. - Among the qualified samples, 83 batches were agricultural products, 8 batches were catering foods, and 4 batches were grain products [3]. - The unqualified samples included 6 batches of agricultural products, 1 batch of catering food, and 1 batch of grain products [3]. Group 2: Consumer Guidance - Consumers are advised to purchase food from legitimate channels and retain shopping receipts [3]. - Important factors to consider when purchasing food include checking the manufacturer's name and address, production date, and expiration date [3].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - Overseas macro: The better-than-expected June non-farm payrolls in the US postponed market bets on Fed rate cuts, leading to a slight rebound in the US dollar index. The implementation of the "Big and Beautiful" bill will increase the US deficit pressure. There are concerns in the US employment market, with an increase in the proportion of permanent unemployment and continued rise in continuing jobless claims, along with slowing wage growth. The "Big and Beautiful" bill may have limited long - term economic boost but will add $3.3 trillion to the US deficit over the next 10 years [5]. - Domestic macro: China's economic fundamentals are showing resilience with an upward trend. The "anti - involution" policy combined with low prices has driven short - term rebounds in commodities such as rebar, glass, and polysilicon. The June manufacturing PMI and non - manufacturing business activities have improved. The "anti - involution" policy has a significant impact on domestic - demand - oriented commodities and those that have been falling since the beginning of the year [5]. - Asset viewpoints: For major asset classes, domestic assets present mainly structural opportunities, with the policy - driven logic strengthening. There is a higher probability of incremental domestic policies being implemented in the fourth quarter. Overseas, attention should be paid to tariff frictions and geopolitical risks. In the long term, the weak US dollar pattern will continue. Strategic allocation to resources such as gold should be maintained [5]. 3. Summary by Directory 3.1 Macro Highlights - **Overseas**: The better - than - expected June non - farm payrolls in the US postponed rate - cut bets, and the "Big and Beautiful" bill will increase the deficit. There are concerns in the employment market [5]. - **Domestic**: Economic fundamentals are improving. The "anti - involution" policy has led to short - term rebounds in some commodities, and the June PMI data shows improvement [5]. - **Asset Outlook**: Domestic assets have structural opportunities, and overseas risks such as tariff frictions should be watched. A strategic allocation to gold is recommended [5]. 3.2 Viewpoint Highlights 3.2.1 Financial and Macro - **Domestic**: Moderate reserve requirement ratio and interest rate cuts are expected, and short - term fiscal policies will be implemented as planned [7]. - **Overseas**: Inflation expectations are flattening, economic growth expectations are improving, and stagflation trading is cooling [7]. - **Stock Index Futures**: Anti - involution competition is boosting policy expectations, with a short - term outlook of volatile upward movement [7]. - **Stock Index Options**: A defensive strategy is recommended, with a short - term outlook of volatility [7]. - **Treasury Bond Futures**: Bond market sentiment is warming up, with a short - term outlook of volatility [7]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals are in a short - term adjustment phase, with a short - term outlook of volatility [7]. 3.2.3 Shipping - **Container Shipping to Europe**: Attention should be paid to the game between peak - season expectations and price - increase implementation, with a short - term outlook of volatility [7]. 3.2.4 Black Building Materials - **Steel**: Supply disturbances are increasing, and the market is showing strength, with a short - term outlook of volatility [7]. - **Iron Ore**: Iron ore production is decreasing, and port inventories are slightly decreasing, with a short - term outlook of volatility [7]. - **Coke**: Fundamentals are improving, and cost support is strong, with a short - term outlook of volatility [7]. - **Coking Coal**: Supply is slowly recovering, and upstream inventories are decreasing, with a short - term outlook of volatility [7]. - **Silicon Iron**: Policy expectations are rising, and the market is strongly rising, with a short - term outlook of volatility [7]. - **Manganese Silicon**: Supply - demand is marginally weakening, and the market is oscillating, with a short - term outlook of volatility [7]. - **Glass**: Far - month expectations are being repaired, and inventories are slightly decreasing, with a short - term outlook of volatility [7]. - **Soda Ash**: Supply exceeds demand, and the price center is moving down, with a short - term outlook of volatility [7]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: LME inventories are low, and copper prices are high, with a short - term outlook of volatility [7]. - **Alumina**: The "anti - involution" policy has stimulated market sentiment, and the market has risen strongly, with a short - term outlook of volatility [7]. - **Aluminum/Zinc**: Aluminum prices are oscillating strongly, and zinc prices are oscillating weakly, with short - term outlooks of volatility and volatile decline respectively [7]. - **Lead**: Cost support is stable, and lead prices are oscillating, with a short - term outlook of volatility [7]. - **Nickel**: The industrial product market is improving, and nickel prices are strong in the short term, with a short - term outlook of volatile decline [7]. - **Stainless Steel**: Market sentiment is boosting, and the market is rising, with a short - term outlook of volatility [7]. - **Tin**: Supply - demand fundamentals are resilient, and tin prices are oscillating, with a short - term outlook of volatility [7]. - **Industrial Silicon**: Supply - side policy expectations are positive, and silicon prices are oscillating upwards, with a short - term outlook of volatility [7]. - **Lithium Carbonate**: Driven by demand expectations and sentiment, lithium prices are oscillating, with a short - term outlook of volatility [7]. 3.2.6 Energy and Chemicals - **Crude Oil**: The rebound is limited, and attention should be paid to geopolitical disturbances, with a short - term outlook of volatile decline [9]. - **LPG**: The market is trading based on loose fundamentals, and the PG market may be weakly volatile, with a short - term outlook of volatile decline [9]. - **Asphalt**: OPEC+ over - production in August has weakened asphalt futures prices, with a short - term outlook of volatile decline [9]. - **High - Sulfur Fuel Oil**: OPEC+ over - production has strengthened the weakness of high - sulfur fuel oil, with a short - term outlook of volatile decline [9]. - **Low - Sulfur Fuel Oil**: The low - high sulfur spread is rebounding, with a short - term outlook of volatile decline [9]. - **Methanol**: The Taicang price is weakening, and methanol is oscillating, with a short - term outlook of volatility [9]. - **Urea**: The domestic supply - demand situation is difficult to change, and urea may oscillate in the short term, relying on exports [9]. - **Ethylene Glycol**: The basis is stable, and plants are restarting, with a short - term outlook of volatile upward movement [9]. - **PX**: Crude oil is stable, and PX is oscillating strongly, with a short - term outlook of volatility [9]. - **PTA**: Supply - demand is weakening, and the cost of PX is strong, with a short - term outlook of volatility [9]. - **Short - Fiber**: The basis is falling, and processing fees are rising, with a short - term outlook of volatile upward movement [9]. - **Bottle Chips**: Maintenance is starting, and processing fees have bottomed out, with a short - term outlook of volatility [9]. - **PP**: Important meetings have boosted market expectations, and PP is oscillating, with a short - term outlook of volatility [9]. - **Plastic**: The "anti - involution" policy has slightly boosted the market, and plastic is oscillating, with a short - term outlook of volatility [9]. - **Styrene**: There is a lack of driving factors, and styrene is oscillating, with a short - term outlook of volatile decline [9]. - **PVC**: Low valuation and weak supply - demand, with a short - term outlook of volatility [9]. - **Caustic Soda**: The spot market is weakly stable, and caustic soda is oscillating, with a short - term outlook of volatility [9]. 3.2.7 Agriculture - **Oils and Fats**: The market was weakly volatile yesterday, and palm oil is more resistant to decline, with a short - term outlook of volatile upward movement [9]. - **Protein Meal**: Supply pressure dominates, and the spot market is leading the decline, with a short - term outlook of volatility [9]. - **Corn/Starch**: The market sentiment is poor, and the market is in a weak adjustment, with a short - term outlook of volatility [9]. - **Rubber**: After a decline, it has stabilized, with limited downward space in the short term, and a short - term outlook of volatility [9]. - **Synthetic Rubber**: Weak raw materials have dragged down the market, with a short - term outlook of volatility [9]. - **Pulp**: The market is in a stalemate, and the downward trend has not been confirmed to end, with a short - term outlook of volatility [9]. - **Cotton**: Cotton prices are in a new round of oscillation, with a short - term outlook of volatility [9]. - **Sugar**: There is a lack of positive factors, with a short - term outlook of volatility [9]. - **Timber**: Spot digestion is limited, and the market is still weakly operating in the short term, with a short - term outlook of volatility [9].

Summary of Food Safety Supervision and Inspection Results - The announcement reveals that out of 221 batches of food inspected, 213 batches were found to be compliant while 8 batches were deemed non-compliant [3][4][5] - The non-compliant items include various food products such as fish, fruits, and vegetables, with specific violations related to harmful substances like malachite green and pesticide residues [3][4][5] - The inspection was conducted by the Shaoxing City Market Supervision Administration, and the results are part of ongoing efforts to ensure food safety in the region [3][4] Non-Compliant Products - Non-compliant products include: 1. Fish from a local vendor containing malachite green [3] 2. Fruits with pesticide residues such as oxamyl and thiamethoxam [3] 3. Various food items with improper use of preservatives [3] - The inspection identified specific companies and locations associated with the non-compliant products, highlighting the need for stricter regulatory oversight [3][4] Compliant Products - A total of 213 batches of food products were found to be compliant, including rice, noodles, and various packaged foods [4][5] - The compliant products were sourced from multiple manufacturers across different regions, indicating a diverse supply chain [4][5] - The inspection results serve to reassure consumers about the safety of food products available in the market [4][5]