Macro

1. MLF operation: On August 25, 2025, the People's Bank of China will carry out MLF operation of 600 billion RMB in the form of fixed quantity, interest rate bidding and multi price winning, with a period of one year.

2. Electricity: According to data from the National Energy Administration, as of the end of July, the cumulative installed power generation capacity in China was 3.67 billion kilowatts, a year-on-year increase of 18.2%. Among them, the installed capacity of solar power generation was 1.11 billion kilowatts, a year-on-year increase of 50.8%; The installed capacity of wind power was 570 million kilowatts, a year-on-year increase of 22.1%.

3. US tariffs: Starting from August 29th, the United States will temporarily suspend duty-free treatment for imported packages worth $800 or less, and all applicable taxes and fees will be required for small packages. Affected by this, postal operators in multiple European countries have recently announced the suspension of parcel services to the United States.

4. Canada's tariffs on the United States: Canadian Prime Minister Carney announced on the 22nd that the country will begin to lift some retaliatory tariffs on the United States from September 1st, but will still retain retaliatory tariffs on US steel, aluminum, and automobiles.

5. Federal Reserve: Federal Reserve Chairman Powell stated at the Jackson Hole Global Central Bank Annual Meeting that the current situation suggests downward risks to employment growth, and changes in the risk balance point may require policy adjustments. Powell stated that the Federal Reserve is open to interest rate cuts.

6. Japan CPI: Japan's core CPI in July increased by 3.1% year-on-year, higher than the expected value of 3%, and the growth rate has remained above 3% for 8 consecutive months. Energy prices have turned downward for the first time since March 2024, with an overall decrease of 0.3%.

Building Materials Industry

1. Glass: As of August 21st, the total inventory of float glass sample enterprises in China was 63.606 million heavy boxes, a month on month increase of 180,000 heavy boxes, a month on month increase of 0.28%, and a year-on-year decrease of 7.37%. The inventory days are 27.2 days, an increase of 0.1 days from the previous period.

2. Wastepaper: On August 22nd, Jiangsu Taicang Jiulong Paper Industry lowered the purchase price of waste paper by 10 RMB/ton, and implemented a factory price of 1,630 RMB/ton after the adjustment.

3. Wood pulp: Arauco notified August quotation: softwood pulp Silver Star $720, a decrease of $20 compared to June, hardwood pulp Star $520, an increase of $20 compared to June, a decrease of 50% in supply, and natural wood pulp Gold Star $590, a decrease of $30 compared to June.

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