Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The domestic thermal coal price maintained a strong performance this week. It is expected that the coal price will remain strong in the mid - term due to high temperature in late August and early September, good electricity demand, slow supply growth, and significant inventory reduction [5]. 3. Summary by Related Content Price and Market Performance - As of August 14, the price of 5500K thermal coal at Qinhuangdao Port was 692 yuan/ton, up 18 yuan/ton week - on - week, approaching the 700 - yuan mark. The coal price has been rising due to high electricity demand and strong hauling enthusiasm [5]. Supply Aspect - In July, the national raw coal output was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 12.29 million tons; from January to July, the cumulative national raw coal output was 2.78 billion tons, a year - on - year increase of 3.8%. Since August, affected by rainfall, over - production inspections, and coal mine maintenance in major producing areas, the thermal coal output has not recovered significantly, and the growth of origin supply is slow [5]. Demand Aspect - As of August 7, the daily coal consumption of 17 inland provinces was 4.092 million tons, a week - on - week increase of 247,000 tons; the daily coal consumption of 8 coastal provinces was 2.518 million tons, a week - on - week increase of 285,000 tons. The National Climate Center predicts that from late August to early September, the temperature in most of East China, Central China, and the northeast of Southwest China will be significantly higher, while the hydropower substitution effect may still be limited [5]. Inventory Aspect - As of August 14, the total coal inventory of 9 ports in the Bohai Rim was 23.636 million tons, with a significant reduction of 1.183 million tons within the week, and 1.182 million tons lower than the same period last year [5].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - For the JM2601 contract of coking coal, in the short - term, it is in a range - bound state; in the medium - term, it shows an oscillatory and slightly upward trend. The overall view is that it oscillates due to the intertwining of multiple and short factors [1][5]. - For the J2601 contract of coke, in the short - term, it is in a range - bound state; in the medium - term, it shows an oscillatory and slightly upward trend. The overall view is that it oscillates and operates at a high level due to increased production - limit disturbances [1][7]. 3) Summary According to Related Catalogs Coking Coal (JM) - **Price and Market Information**: The latest quotation of Mongolian coking coal at the Ganqimao Port is 1,190 yuan/ton, with a week - on - week flat [5]. - **Core Logic**: Before the 9.3 parade, coking plants and steel mills around Beijing face production - limit pressure, causing short - term demand for coking coal to be under pressure and increasing market divergence. However, through capacity optimization and industrial upgrading, the oversupply situation of coking coal is expected to gradually ease, and the price center still has an upward basis in the long - term [5]. Coke (J) - **Price and Market Information**: On August 20, the main contract of coke closed at 1,678 yuan/ton, with an intraday decline of 2.33%. The position of the main contract was 39,100 lots, an increase of 644 lots compared with the previous trading day. The latest quotation of the ex - warehouse price index of quasi - first - grade wet - quenched coke at Rizhao Port is 1,520 yuan/ton, with a week - on - week increase of 3.40%; the ex - warehouse price of quasi - first - grade wet - quenched coke at Qingdao Port is 1,470 yuan/ton, with a week - on - week decrease of 0.68% [7]. - **Core Logic**: Since August, there have been continuous disturbances in the supply of coking coal, the raw material of coke. Although the actual supply of domestic coking coal has not been significantly affected, market expectations have improved. After a periodic adjustment, the futures price of coke may still show a characteristic of being easy to rise and difficult to fall [7].

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View - The short - term trends of soybean meal, soybean oil, and palm oil futures are all expected to be oscillating on the stronger side, while the medium - term trends are mostly oscillating [5][8][9]. 3) Summary by Related Catalogs For Soybean Meal (M) - **Viewpoint**: Short - term and intraday views are oscillating on the stronger side, and the medium - term view is oscillating. The reference view is oscillating on the stronger side [5]. - **Core Logic**: The U.S. soybean futures prices are oscillating on the stronger side, the South American Brazilian soybean premium is still relatively high, and the sowing weather of new crops in South America and the harvesting weather of U.S. soybeans are attracting market attention. In China, the pattern of near - term weakness and long - term strength continues. The rising procurement cost of imported soybeans in the long - term and the supply gap support the long - term soybean meal futures prices [5]. For Soybean Oil (Y) - **Viewpoint**: Short - term view is strong, medium - term view is oscillating, and intraday view is oscillating on the stronger side. The reference view is oscillating on the stronger side [7][8]. - **Core Logic**: Currently, the operating rate of domestic oil mills is at a high level, and the domestic oil and meal market has entered a stage of increasing supply. The market focus is that due to the weakening monthly crushing profit, the procurement enthusiasm of oil mills is not high. The market continues to show a strong oscillating trend supported by cost and supply gap expectations. In the short term, the domestic soybean oil futures prices are boosted by both the external U.S. soybean oil market and the cost of domestic soybean raw materials [8]. For Palm Oil (P) - **Viewpoint**: Short - term view is strong, medium - term view is oscillating, and intraday view is oscillating on the stronger side. The reference view is oscillating on the stronger side [7][9]. - **Core Logic**: Although the previously leading palm oil futures prices have fallen from their highs, the positive expectations of the industrial chain still support the palm oil futures prices. Affected by sentiment fluctuations, the prices mainly fluctuate at high levels with strong support below. In the short term, the high - level oscillation of palm oil futures prices does not change the overall strong pattern [9].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - Since late July, coke futures have maintained a high - level oscillation pattern. Considering the "anti - involution" policy and macro - environment, coke futures are expected to continue high - level oscillation and may be prone to rise and hard to fall [2]. - With the sixth round of spot price increase, the operating pressure of coke enterprises has eased, and the spot market is expected to remain strong in the near future [3]. - The coke supply has a marginal increase, demand remains high and stable, and inventory is continuously decreasing. The fundamentals are good, and policies and the macro - atmosphere are optimistic, driving coke futures to run at a high level [6]. Summary According to Relevant Contents Market Situation - Since late July, coke futures have been in a high - level oscillation. There are both positive and negative factors. The positive factors include the "anti - involution" policy and the extension of Sino - US tariff exemptions, while the negative factors are the risk management measures of the Dalian Commodity Exchange and the potential suppression of raw material demand due to crude steel production restrictions [2]. Spot Market - On August 14, the sixth round of coke price increase was fully implemented. After this round of price increase, most domestic coke enterprises' profits improved. As of the week of August 15, the profit per ton of 30 sample independent coking plants was 20 yuan/ton, a week - on - week increase of 36 yuan/ton [3]. - The upstream coking coal price is stable for the time being, but the online auction failure rate has increased slightly to 23.3%. The downstream steel mill profitability rate is 65.8%, a week - on - week decrease of 2.6 percentage points. The daily iron - water output remains above 2.4 million tons, and the downstream replenishment demand is good, so the coke spot market is expected to remain strong [3]. Fundamentals - The domestic coke supply shows a marginal increase, but the output growth rate is relatively moderate under environmental protection policies. The demand pressure is limited as the iron - water output of downstream steel mills remains resilient. As of the week of August 15, the total daily output of sample coking plants and steel mills was 112.1 million tons, a week - on - week increase of 0.2 million tons; the daily iron - water output of 247 steel mills was 2.4066 million tons, a week - on - week increase of 0.34 million tons; the total coke inventory decreased to 8.8742 million tons, a week - on - week decrease of 0.1974 million tons [4]. Policy Aspect - Since July 1, the "anti - involution" policy in the coal industry has been continuously promoted. Although the actual impact on supply is limited, it has significantly improved market expectations and will continue to support coke prices in the long - term [5][6].

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - The domestic Shanghai rubber futures 2601 contract showed a trend of increasing volume, reducing positions, fluctuating weakly, and slightly closing lower on Wednesday. The price is expected to maintain a volatile consolidation trend in the future [5]. - The domestic methanol futures 2601 contract showed a trend of increasing volume, reducing positions, stopping the decline and stabilizing, and slightly rebounding on Wednesday. However, the continuation of the rise is weak and the space is limited [5]. - The domestic crude oil futures 2510 contract showed a trend of decreasing volume, increasing positions, fluctuating weakly, and slightly closing lower on Wednesday. The price of domestic and foreign crude oil futures is expected to maintain a weak - fluctuating trend in the future [6]. 3. Summary by Directory 3.1 Industry Dynamics Rubber - As of August 17, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 616,700 tons, a decrease of 3,100 tons from the previous period, a decline of 0.50%. The bonded area inventory increased by 2.12%, and the general trade inventory decreased by 0.87% [9]. - As of August 15, 2025, the capacity utilization rate of domestic semi - steel tire sample enterprises was 69.11%, a decrease of 0.60 percentage points month - on - month and 10.55 percentage points year - on - year. The capacity utilization rate of full - steel tire sample enterprises was 62.62%, an increase of 2.56 percentage points month - on - month and 3.69 percentage points year - on - year [9]. - In July 2025, China's automobile production and sales were 2.591 million and 2.593 million respectively, a month - on - month decrease of 7.3% and 10.7%, and a year - on - year increase of 13.3% and 14.7%. From January to July 2025, China's automobile production and sales were 18.235 million and 18.269 million respectively, a year - on - year increase of 12.7% and 12% [10]. - In July 2025, China's heavy - truck market sales were about 83,000 vehicles, a month - on - month decrease of 15% and a year - on - year increase of about 42%. From January to July 2025, the cumulative sales of China's heavy - truck market were about 622,000 vehicles, a year - on - year increase of about 11% [10]. Methanol - As of the week of August 15, 2025, the average domestic methanol operating rate was maintained at 79.00%, a week - on - week decrease of 1.35%, a month - on - month decrease of 1.60%, and a year - on - year increase of 4.16%. The average weekly methanol output in China reached 1.8633 million tons [11]. - As of the week of August 15, 2025, the domestic formaldehyde operating rate was maintained at 30.13%, a week - on - week increase of 1.47%. The dimethyl ether operating rate was maintained at 9.17%, a week - on - week increase of 2.90%. The acetic acid operating rate was maintained at 86.56%, a week - on - week increase of 0.11%. The MTBE operating rate was maintained at 55.12%, a week - on - week increase of 1.21% [11]. - As of the week of August 15, 2025, the average operating load of domestic coal (methanol) to olefin plants was 79.88%, a week - on - week increase of 3.18 percentage points and a month - on - month increase of 3.61%. The domestic methanol - to - olefin futures market profit was - 172 yuan/ton [11]. - As of the week of August 15, 2025, the port methanol inventory in East and South China was maintained at 891,100 tons, a week - on - week increase of 87,800 tons. As of the week of August 14, 2025, the inland methanol inventory totaled 295,700 tons [12]. Crude Oil - As of the week of August 8, 2025, the number of active oil drilling rigs in the United States was 411, a week - on - week increase of 1 and a year - on - year decrease of 74. The average daily crude oil production in the United States was 13.327 million barrels, a week - on - week increase of 43,000 barrels per day [12]. - As of the week of August 8, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 427 million barrels, a week - on - week increase of 3.036 million barrels. The U.S. refinery operating rate was maintained at 96.4% [13]. - As of August 12, 2025, the average non - commercial net long positions in WTI crude oil futures were 116,742 contracts, a week - on - week decrease of 25,087 contracts. The average net long positions of Brent crude oil futures funds were 199,820 contracts, a week - on - week decrease of 30,594 contracts [13]. 3.2 Spot Price Table - The spot price of Shanghai rubber was 14,850 yuan/ton, unchanged from the previous day. The futures main contract was 15,675 yuan/ton, a decrease of 200 yuan/ton from the previous day [14]. - The spot price of methanol was 2,310 yuan/ton, an increase of 3 yuan/ton from the previous day. The futures main contract was 2,424 yuan/ton, an increase of 33 yuan/ton from the previous day [14]. - The spot price of crude oil was 456.8 yuan/barrel, an increase of 0.2 yuan/barrel from the previous day. The futures main contract was 482.8 yuan/barrel, a decrease of 1.4 yuan/barrel from the previous day [14]. 3.3 Related Charts - The report includes various charts related to rubber, methanol, and crude oil, such as rubber basis, 9 - 1 month spread, methanol basis, 9 - 1 month spread, crude oil basis, etc. [15][27][40]

Report Overview - The report is a daily report on non-ferrous metals dated August 20, 2025, covering copper, aluminum, and nickel [3] Industry Investment Rating - No industry investment rating is provided in the report Core Views - **Copper**: Today, Shanghai copper maintained a volatile trend with a slight increase in open interest. The main contract price fluctuated above 78,500 yuan. Macroscopically, the continuous rebound of the overseas US dollar index is negative for copper prices. In the short term, the weakening domestic commodity atmosphere combined with the US dollar rebound may continue to put pressure on copper prices [5] - **Aluminum**: Today, Shanghai aluminum showed a relatively strong volatile trend with a continuous decline in open interest. Macroscopically, the domestic commodity atmosphere cooled. At the industrial level, the downstream is entering the peak season, and the inventory of aluminum rods has started to gradually decline. Technically, attention should be paid to the support at the 20,500 yuan mark [6] - **Nickel**: Today, Shanghai nickel showed a relatively weak volatile trend with a slight increase in open interest. The main contract price fell below the 120,000 yuan mark during the session and then stabilized and rebounded. Macroscopically, the long atmosphere in the domestic market cooled. At the industrial level, high inventories continue to put pressure on nickel prices. The resonance of macro and industrial negatives leads to the weak operation of nickel prices. Attention should be paid to the technical support at the 120,000 yuan mark [7] Industry Dynamics Copper - First Quantum Minerals has officially launched a $1.25 billion expansion project at its Kansanshi copper mine in Zambia, the largest copper investment project in the country in nearly a decade [9] Aluminum - According to customs data, in July 2025, the import volume of unforged aluminum alloy was 69,200 tons, a year-on-year decrease of 28.4% and a month-on-month decrease of 10.6%. From January to July 2025, the cumulative import volume was 611,500 tons, a year-on-year decrease of 13.9%. In July 2025, the export volume of unforged aluminum alloy was 24,900 tons, a year-on-year increase of 38.3% and a month-on-month decrease of 3.3%. From January to July 2025, the cumulative export volume was 145,200 tons, a year-on-year increase of 7.8% [9] Nickel - Today, the price of SMM1 electrolytic nickel was in the range of 119,400 - 122,400 yuan/ton, with an average price of 120,900 yuan/ton, a decrease of 750 yuan/ton compared to the previous trading day. The mainstream spot premium quotation range for Jinchuan No. 1 nickel was 2,300 - 2,500 yuan/ton, with an average premium of 2,400 yuan/ton, an increase of 50 yuan/ton compared to the previous trading day. The spot premium and discount quotation range for domestic mainstream brand electrowon nickel was -100 - 300 yuan/ton [10] Related Charts Copper - The report provides charts on copper basis, domestic visible inventory of electrolytic copper, overseas copper exchange inventory, LME copper cancelled warrant ratio, Shanghai Futures Exchange warrant inventory, and copper monthly spread [11][13][14] Aluminum - The report provides charts on aluminum basis, aluminum monthly spread, domestic social inventory of electrolytic aluminum, overseas exchange inventory of electrolytic aluminum, alumina trend, and alumina inventory [23][25][27] Nickel - The report provides charts on nickel basis, nickel monthly spread, LME inventory, Shanghai Futures Exchange inventory, LME nickel trend, and nickel ore port inventory [35][37][39]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - Today, all treasury bond futures fluctuated slightly downward. The central bank announced the LPR rates for August, which remained unchanged, meeting market expectations. The future implementation of a moderately loose monetary policy will focus on structural easing, reducing the possibility of comprehensive easing, and weakening the expectation of a general decline in policy rates. However, as market interest rates continue to rise, the anchoring effect of policy rates is gradually emerging, limiting the room for further increases in market interest rates, which may maintain high - level fluctuations. Recently, the risk appetite in the stock market has been continuously rising, and the profit - making effect in the stock market has attracted funds into the stock market, suppressing the demand for treasury bonds. The year - on - year growth rate of M1 in July rebounded significantly, indicating that fixed - deposit and bank - wealth - management products and other fixed - income assets were not renewed after maturity, suggesting a possible change in the direction of large - scale asset allocation, which will have a non - negligible impact on the stock and bond markets. In general, treasury bond futures will operate weakly in the short term [2]. 3. Summary by Relevant Catalog Industry News and Related Charts - On August 20, 2025, the People's Bank of China authorized the National Inter - bank Funding Center to announce that the 1 - year LPR was 3.0% and the 5 - year - plus LPR was 3.5%, which would be valid until the next LPR release [4]. - On August 20, the central bank conducted 616 billion yuan of 7 - day reverse repurchase operations in the open market at an operating rate of 1.40%, consistent with the previous rate. Data showed that 118.5 billion yuan of reverse repurchases matured on the same day [4].

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - On August 20, 2025, all stock indices showed a volatile upward trend, with early - morning consolidation and afternoon unilateral upward movement. The total trading volume of the Shanghai, Shenzhen, and Beijing stock markets was 2.4484 trillion yuan, a decrease of 192.3 billion yuan from the previous day. The trading volume greater than 2 trillion yuan indicates that investors' sentiment remains positive. Policy support from anti - involution and consumption - promoting policies boosts price indices and corporate profits. The continuous inflow of margin trading funds, institutional long - term funds, and household wealth management funds into the stock market has a positive impact on index valuation repair. At the micro - level, the rapid development of the technology AI industry and the increasing demand for domestic substitution are beneficial to the CSI 500 and CSI 1000 indices. In the short term, the stock indices are expected to be volatile and relatively strong. With the current rise in implied volatility of options, considering the long - term upward trend of stock indices, investors can continue to hold bull spreads or ratio spreads for a moderate bullish view [3] 3. Summary of Each Section 3.1 Option Indicators - On August 20, 2025, the 50ETF rose 1.29% to 2.975; the 300ETF (Shanghai Stock Exchange) rose 1.37% to 4.364; the 300ETF (Shenzhen Stock Exchange) rose 1.06% to 4.495; the CSI 300 Index rose 1.14% to 4271.40; the CSI 1000 Index rose 0.86% to 7305.46; the 500ETF (Shanghai Stock Exchange) rose 1.35% to 6.824; the 500ETF (Shenzhen Stock Exchange) rose 1.56% to 2.728; the GEM ETF rose 0.50% to 2.588; the Shenzhen 100ETF rose 1.30% to 3.121; the SSE 50 Index rose 1.23% to 2846.99; the Science and Technology Innovation 50ETF rose 3.25% to 1.21; and the E Fund Science and Technology Innovation 50ETF rose 3.15% to 1.18 [5] - Various option volume PCR and position PCR values are presented, showing changes compared to the previous trading day [6] - Implied volatility and 30 - day historical volatility data for different options are provided, including 50ETF options, 300ETF options, CSI 1000 index options, etc. [7][8] 3.2 Related Charts - **SSE 50ETF Options**: Include charts of SSE 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [9][10][11] - **Shanghai Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [20][21][22] - **Shenzhen Stock Exchange 300ETF Options**: Include charts of 300ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [31][32][33] - **CSI 300 Index Options**: Include charts of CSI 300 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [43][44][45] - **CSI 1000 Index Options**: Include charts of CSI 1000 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [56][57][58] - **Shanghai Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [70][71][72] - **Shenzhen Stock Exchange 500ETF Options**: Include charts of 500ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [83][84][85] - **GEM ETF Options**: Include charts of GEM ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [96][97][98] - **Shenzhen 100ETF Options**: Include charts of Shenzhen 100ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [109][110][111] - **SSE 50 Index Options**: Include charts of SSE 50 index trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [122][123][124] - **Science and Technology Innovation 50ETF Options**: Include charts of Science and Technology Innovation 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [133][134][135] - **E Fund Science and Technology Innovation 50ETF Options**: Include charts of E Fund Science and Technology Innovation 50ETF trends, option volatility, volume PCR, position PCR, implied volatility curves, and options' term - based at - the - money implied volatility [136][137][138]

Report Summary 1. Industry Investment Rating No relevant content provided. 2. Core Views - **Coke**: On August 20, the main coke contract closed at 1,678 yuan/ton, with an intraday decline of 2.33%. The spot price of quasi - first - grade wet - quenched coke at Rizhao Port increased by 3.40% week - on - week, while that at Qingdao Port decreased by 0.68% week - on - week. Since August, there have been continuous news disturbances on the coking coal supply side. Although the actual domestic coking coal supply has not been significantly affected, market expectations have improved. After a phase adjustment, coke futures prices may still be prone to rise and difficult to fall, with the main risk being that the reduction in coking coal supply falls short of expectations [5][33]. - **Coking Coal**: On August 20, the main coking coal contract closed at 1,162.5 points, with an intraday decline of 2.60%. The spot price of Mongolian coal at Ganqimaodu Port remained flat week - on - week. Before the 9.3 parade, coking plants and steel mills around Beijing face production restriction pressure, and short - term demand for coking coal is under pressure. The market has more long - short differences, and coking coal futures have started high - level consolidation. In the long - term, through capacity optimization and industrial upgrading, the oversupply pattern of coking coal is expected to ease, and the price center still has an upward basis, with the main risk being that policy implementation is less than expected [6][34]. 3. Summary by Directory 3.1 Industry News - **Coal Production and Import**: From January to July, the production of raw coal by industrial enterprises above the designated size was 2.78 billion tons, a year - on - year increase of 3.8%. In July, the output was 380 million tons, a year - on - year decrease of 3.8%. From January to July, the national coal imports were 260 million tons, a year - on - year decrease of 13.0% [8]. - **Coking Coal Auction in Lvliang**: On August 20, the online auction of coking coal in Lvliang market was weak, mostly resulting in auctions being cancelled or prices being reduced. Among 14 mines participating in the auction, the total listed volume was 191,300 tons, and the trading volume was 97,000 tons, with a trading rate of 50.7% [9]. 3.2 Spot Market - **Coke**: The current price of quasi - first - grade coke at Rizhao Port is 1,520 yuan/ton, up 3.40% week - on - week, 7.04% month - on - month, down 10.06% year - on - year, and down 15.08% compared to the same period. The current price at Qingdao Port is 1,470 yuan/ton, down 0.68% week - on - week, up 5.00% month - on - month, down 9.26% year - on - year, and down 15.52% compared to the same period [10]. - **Coking Coal**: The current price of Mongolian coal at Ganqimaodu Port is 1,190 yuan/ton, flat week - on - week, up 3.48% month - on - month, up 0.85% year - on - year, and down 16.20% compared to the same period. The price of Australian - produced coking coal at Jingtang Port is 1,530 yuan/ton, down 1.92% week - on - week, up 2.68% month - on - month, up 2.68% year - on - year, and down 12.57% compared to the same period. The price of Shanxi - produced coking coal at Jingtang Port is 1,630 yuan/ton, flat week - on - week, down 1.21% month - on - month, up 6.54% year - on - year, and down 6.86% compared to the same period [10]. 3.3 Futures Market - **Coke**: The main contract closed at 1,678 yuan/ton, with an intraday decline of 2.33%, a trading volume of 30,721 lots, an increase of 4,523 lots compared to the previous day, and an open interest of 39,060 lots, an increase of 644 lots compared to the previous day [13]. - **Coking Coal**: The main contract closed at 1,162.5 points, with an intraday decline of 2.60%, a trading volume of 1,974,478 lots, an increase of 609,519 lots compared to the previous day, and an open interest of 698,714 lots, a decrease of 15,151 lots compared to the previous day [13]. 3.4 Related Charts - **Coke Inventory**: Charts show the inventory trends of 230 independent coking plants, 247 steel - mill coking plants, port coke, and total coke inventory from 2019 - 2025 [14][16][18][20]. - **Coking Coal Inventory**: Charts show the inventory trends of mine - mouth coking coal, port coking coal, 247 sample steel - mill coking coal, and all - sample independent coking plant coking coal from 2019 - 2025 [21][24][26][29]. - **Other Charts**: Include Shanghai terminal wire rod procurement volume, domestic steel - mill production, coal - washing plant production, and coking plant operation charts [27][30][31][32]. 3.5 Market Outlook - **Coke**: Similar to the core view, after a phase adjustment, coke futures prices may still be prone to rise and difficult to fall, with the main risk being that the reduction in coking coal supply falls short of expectations [33]. - **Coking Coal**: Similar to the core view, short - term adjustment, but in the long - term, the price center has an upward basis, with the main risk being that policy implementation is less than expected [34].

Report Industry Investment Rating No relevant content provided. Core Views - The main contract price of rebar fluctuated with a daily decline of 0.38%, showing increased volume and decreased positions. With weak demand, stable supply, and a weakening market sentiment, rebar prices are expected to continue to oscillate weakly. However, rising costs limit the downside space. Attention should be paid to demand performance [4]. - The main contract price of hot-rolled coil also fluctuated, recording a 0.61% daily decline, with increased volume and decreased positions. Although demand concerns remain and supply is expected to rise, cost increases and production restrictions are positive factors. The price is expected to continue to oscillate, and attention should be paid to steel mill production [6]. - The main contract price of iron ore fluctuated, with a 0.19% daily decline, increased volume, and decreased positions. While demand provides some support, the supply has returned to a high level, and the positive effect of demand is weakening. High-valued ore prices are expected to continue to adjust, and attention should be paid to steel mill production [6]. Summary by Directory Industry Dynamics - On August 20, 2025, the 1-year LPR was 3.0%, and the 5-year LPR was 3.5%, remaining unchanged [8]. - Container ship orders reached a record high of 10.4 million TEU, accounting for 31.7% of the existing fleet. There are concerns about oversupply as over 1 million TEU of new ships are expected to be delivered by the end of the year [9]. - Australia postponed the release of the basic facts report and final recommendation for the anti-dumping review of steel bars from China. The basic facts report is expected to be completed by December 10, 2025, and the final report will be submitted to the minister by February 16, 2026 [10]. Spot Market - Rebar: The national average price was 3,339 yuan/ton, a decrease of 8 yuan/ton. - Hot-rolled coil: The national average price was 3,477 yuan/ton, a decrease of 17 yuan/ton. - Iron ore: The price of 61.5% PB powder at Shandong ports was 768 yuan/ton, a decrease of 1 yuan/ton [11]. Futures Market | Variety | Closing Price | Change (%) | Volume | Open Interest | | --- | --- | --- | --- | --- | | Rebar | 3,132 | -0.38 | 1,317,374 | 1,523,392 | | Hot-rolled Coil | 3,402 | -0.61 | 619,254 | 1,123,892 | | Iron Ore | 769.0 | -0.19 | 289,366 | 440,389 | [13] Related Charts - Included charts on steel and iron ore inventories, production, and price trends, providing historical data for analysis [15][20][30]. 后市研判 - Rebar: Supply pressure remains, and demand is weak. With a weakening market sentiment, prices are expected to continue to oscillate weakly. Attention should be paid to demand performance [41]. - Hot-rolled Coil: Supply is expected to rise, and demand concerns remain. Cost increases and production restrictions are positive factors. The price is expected to continue to oscillate, and attention should be paid to steel mill production [42]. - Iron Ore: Demand provides some support, but supply has returned to a high level, and the positive effect of demand is weakening. High-valued ore prices are expected to continue to adjust, and attention should be paid to steel mill production [42].