Macro

1. Industrial enterprise profits: National Bureau of Statistics: From January to July, industrial enterprises above designated size in China achieved a total profit of 4020.35 billion RMB, a year-on-year decrease of 1.7%. Among them, the mining industry achieved a total profit of 493.09 billion RMB, a year-on-year decrease of 31.6%; The manufacturing industry achieved a total profit of 3,023.58 billion RMB, an increase of 4.8%; The total profit of the electricity, heat, gas, and water production and supply industries reached 503.68 billion RMB, an increase of 3.9%.

2. Total logistics volume: The China Federation of Logistics and Purchasing has revealed that by 2025, the total logistics volume of the whole society is expected to reach 380 trillion RMB, with an increase of about 80 trillion RMB in five years. The total revenue scale of China's logistics industry continues to expand, with a growth of about 4 trillion RMB over the past five years. It is expected to exceed 14 trillion RMB by 2025, and the market size is expected to rank first in the world for 10 consecutive years.

3. US tariffs: Trump claims that trade agreements between the US and the EU, Japan, and South Korea have been completed. Trump also stated that he will soon impose "very high" tariffs on imported furniture, which will be implemented "soon". Hope to revitalize the furniture manufacturing industry in North Carolina and South Carolina. He hinted at the possibility of imposing tariffs as high as 200%, stating that tariffs of 100% or 200% would prevent other countries from dominating the furniture industry.

4. US Consumer Confidence Index: The US Consumer Confidence Index fell 1.3 points to 97.4 in August. Among them, the consumer evaluation index of current business and employment market conditions decreased by 1.6 points to 131.2.

5. Durable goods orders in the United States: Durable goods orders in July decreased by 2.8% compared to the initial value, with an expected decrease of 3.8% and a previous decrease of 9.4%.

Energy

1. Crude oil: On August 26th, international crude oil futures closed down. The settlement price of the October WTI crude oil futures contract in the United States was $63.25 per barrel, a decrease of $1.55 or 2.4%. The settlement price of Brent crude oil futures for October was $67.22 per barrel, a decrease of $1.58 or 2.3%.

Iraq's State Oil Marketing Organization (SOMO): Iraq's oil exports reached 104.7 million barrels in July.

2. LNG: South Korea's LNG company has announced that it will purchase an additional 3.3 million tons of LNG annually from the United States for the next 10 years starting from 2028.

4. Fuel oil: According to the National Bureau of Statistics, China's fuel oil production in July 2025 was 3.326 million tons, a year-on-year decrease of 4.1%. The cumulative production of fuel oil from January to July was 24.934 million tons, a year-on-year decrease of 2.9%.

5. Petroleum coke: According to the National Bureau of Statistics, China's petroleum coke production in July 2025 was 2.65 million tons, a year-on-year decrease of 2.1%. The cumulative production of petroleum coke from January to July was 18.282 million tons, a year-on-year decrease of 4.4%.

6. Coking coal: On August 26th, the auction price of coking coal in Lvliang market decreased. The starting price for Xiaoyi high sulfur main coking coal A10.5, S2.8, and G85 is 950 RMB/ton, with an average transaction price of 1,075 RMB/ton, a decrease of 53 RMB/ton from the previous period on August 19th; The starting price of low sulfur lean coke clean coal A11, S0.8, and G75 in Linxian is 1,240 RMB/ton, and the transaction price is 1,240 RMB/ton, which is the same as the transaction price on August 19th of the previous period.

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