Domestic Futures Market Performance Diverged During the Midday Session: ⑴ At the midday close, the main domestic futures contracts saw mixed gains and losses. Shanghai silver rose nearly 4%, the European container line rose over 2%, and Shanghai gold also rose over 2%. ⑵ Shanghai tin, soybean oil, rapeseed meal, No. 20 rubber (NR), and soybean meal all rose over 1%. ⑶ In terms of price decline, polysilicon fell over 3%, while ferrosilicon and liquefied petroleum gas (LPG) fell over 2%. ⑷ Manganese silicon, SC crude oil, eggs, and starch all fell over 1.5%.

A-Share Market Close: All Three Major Indices Closed in the Green, with Strong Performance in the Consumer Electronics and Semiconductor Chip Sectors. The ChiNext Index turned positive in the afternoon, with all three major indices closing in the green, with the Science and Technology Innovation 50 Index rising over 3%. Among sectors, the precious metals sector continued its strength, with Hunan Silver hitting its daily limit. The consumer electronics sector performed strongly throughout the day, with Hongfuhan hitting its 20% daily limit, and several stocks, including Changying Precision and Hongxi Technology, rising over 20%. Guoguang Electric, Yingqu Technology, and Luxshare Precision also hit their daily limit. Semiconductor chips fluctuated and strengthened, with Zhongke Lanxun hitting its 20% daily limit in the afternoon. On the downside, the consumer sector saw a collective correction, with cinema chains, tourism and hotels, and dairy sectors leading the decline, with Jinyi Film & Television, China Film, and Tianfu Cultural Tourism hitting their daily limit. The hyperbaric oxygen chamber sector weakened, with Hangzhou Oxygen Co., Ltd. leading the decline. Overall, individual stocks fell more than rose, with over 3,100 stocks declining. As of the close, the Shanghai Composite Index was at 3828.58 points, up 0.22%; the Shenzhen Component Index was at 13157.97 points, up 0.67%; and the ChiNext Index was at 3107.89 points, up 0.55%. Precious metals, AI mobile phones, and the National Big Fund holdings led the gains, while film and television theaters, tourism and hotels, and the China-Korea Free Trade Zone led the declines.

[The national pig feed price ratio was 5.12 in the third week of September, down 1.54% month-on-month] According to the Price Monitoring Center of the National Development and Reform Commission, the national pig feed price ratio was 5.12 in the third week of September, down 1.54% month-on-month. Based on current prices and costs, the average profit per pig raised in the piglet fattening model will be -106.13 yuan. The average pig price for the week declined month-on-month. During the week, individual farmers actively sold their pigs, and farms were relatively willing to sell. This led to a concentrated increase in supply, but downstream demand was limited. This oversupply dragged down the average weekly pig price month-on-month. In the coming week, as farmers become increasingly reluctant to sell at low prices, the decline in pig prices may slow. However, insufficient end-user consumption will boost the rebound in pig prices. We expect the average weekly pig price to continue to decline month-on-month, and farmers are expected to continue to suffer losses.