1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Supply is expected to increase for both pigs and pork this week as the domestic market enters the peak season before the Mid - Autumn Festival and National Day, with more pigs being sent to the market. Demand is affected by the pessimistic macro - environment and high - temperature weather, but the tariff increase on pork imports from the US and Canada boosts market confidence. The market is likely to see a situation of both supply and demand increasing, and pig prices are expected to remain volatile in the short term. Attention should be paid to the changes in the slaughter rhythm of group farms at the end of the month and the dynamics of the secondary fattening market [10]. - The basis of the 2511 contract is - 5 yuan/ton, with the spot price at a discount to the futures price, presenting a neutral situation [10]. - As of June 30, the pig inventory was 424.47 million heads, a 0.4% increase from the previous month and a 2.2% increase year - on - year. As of the end of June, the inventory of breeding sows was 40.42 million heads, a 0.02% increase from the previous month and a 4.2% increase year - on - year, showing a bearish trend [10]. - The price is below the 20 - day moving average and moving downward, indicating a bearish trend [10]. - The net long position of the main contract is held, but the long position is decreasing, suggesting a bullish trend [10]. - In the near term, both supply and demand of pigs are rising. Pig prices are expected to bottom out and then maintain a range - bound pattern this week, with the LH2511 contract oscillating in the range of 13,400 - 13,800 [10]. 3. Summary According to the Table of Contents 3.1 Daily Tips - The supply of pigs and pork is expected to increase this week. The market may see a situation of both supply and demand increasing, and pig prices are likely to remain volatile in the short term. Attention should be paid to the changes in the slaughter rhythm of group farms at the end of the month and the dynamics of the secondary fattening market. The LH2511 contract is expected to oscillate in the range of 13,400 - 13,800 [10]. 3.2 Recent News - The tariff increase on pork imports from the US and Canada boosts market confidence. As the Mid - Autumn Festival and National Day approach, the supply and demand of pigs are both increasing, and the spot price has returned to a volatile pattern, with the futures following a range - bound pattern [12]. - High - temperature weather has led to a short - term decline in pork demand. The spot price of pigs is oscillating weakly due to increased supply, but the decline may be limited as demand gradually recovers [12]. - The profit of domestic pig farming remains at a low level, and the short - term profit has worsened. The enthusiasm for slaughtering large pigs is good in the short term, and the situation of both supply and demand increasing supports the short - term expectations of pig futures and spot prices [12]. - The spot price of pigs may oscillate strongly before the National Day, and the futures will generally return to a range - bound pattern in the short term. Further observation of the growth of supply and demand is needed [12]. 3.3 Bullish and Bearish Factors - Bullish factors: The domestic pig consumption has entered the peak season before the long holiday, and the room for further decline in the domestic pig spot price may be limited [13]. - Bearish factors: The domestic macro - environment has a pessimistic expectation due to the Sino - US tariff war, and the domestic pig inventory has increased year - on - year [13]. - Current main logic: The market focuses on the pig slaughter situation and fresh meat demand [13]. 3.4 Fundamental Data - Futures and spot prices: A table shows the prices of different pig futures contracts and the spot prices of outer - ternary pigs in different regions from August 21 to August 29 [14]. - Supply - side data: - Pig inventory: As of March 31, the pig inventory was 408.5 million heads, a 5.9% decrease from the previous month and a 5.2% decrease year - on - year. As of the end of May 2024, the inventory of breeding sows was 39.96 million heads, a 0.2% increase from the previous month and a 6.2% decrease year - on - year. As of June 30, the pig inventory was 424.47 million heads, a 0.4% increase from the previous month and a 2.2% increase year - on - year. As of the end of June, the inventory of breeding sows was 40.42 million heads, a 0.02% increase from the previous month and a 4.2% increase year - on - year [10][28]. - Piglet indicators: Diagrams show the average prices of binary sows, 7kg piglets, and culled sows, as well as the feed - to - meat ratio and survival rate of piglets [23][25]. - Scale - farm inventory: Diagrams show the inventory trends of commodity pigs in different weight ranges in scale farms [29][31]. - Pork imports: A diagram shows the monthly pork import trends [33]. - Fattening cost: A diagram shows the fattening cost trends (taking 100 - 120kg as an example) [36]. - Feed profit expectation: A diagram shows the weekly profit expectation of pig feed [39]. - Slaughter: Diagrams show the monthly pig slaughter volume trends and the weekly average slaughter weight trends [42]. - Slaughter profit: Diagrams show the weekly pig slaughter profit trends, the weekly profit trends of self - breeding and self - fattening and purchasing piglets, and the price differences between pigs and other meats [43][45][48]. - Slaughter - end data: - Prices: Diagrams show the trends of the average price of white - striped pigs, the price difference between live pigs and white - striped pigs, the slaughter settlement price, and the average price in 36 cities [50][52]. - Slaughter profit: A diagram shows the weekly slaughter processing profit trends [54]. - Demand slaughter: Diagrams show the daily pig slaughter volume and the opening rate, the weekly fresh - meat sales rate and frozen - product inventory rate of slaughtering enterprises [56][58]. - Demand - side data: - Consumption trend: A diagram shows the annual total pork consumption trend, and the annual pig consumption has increased month - on - month, indicating a recovery in pork consumption preference due to price advantages [60][62]. - Pig - grain ratio: A diagram shows the pig - grain ratio trends [63]. - Reserve operations: - Reserve purchase and sale: Diagrams show the historical trends of pig price increases and decreases, the pig reserve purchase situation from 2019 - 2024, and the pig reserve release situation from 2019 - 2024 [67][69][71]. 3.5 Position Data - The net long position of the main contract is held, but the long position is decreasing, suggesting a bullish trend [10].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Last week, the trends of steel and ore diverged, with rebar and hot-rolled coils being weak, while iron ore was relatively strong [68]. - The marginal effects of news such as capacity reduction and military parade began to decline, weakening the price support, and the market focus returned to fundamentals [68]. - The weekly apparent demand for rebar continued to rise slightly, but the off - season demand remained weak, and social inventories continued to increase, putting pressure on the later - stage fundamentals. The situation of hot - rolled coils was relatively better, with demand expected to improve, but it was dragged down by rebar [68]. - Although the molten iron output decreased slightly, it remained at a high level. The domestic inventory decreased month - on - month, and combined with the firm raw material prices, it supported the iron ore price [68]. - The market will enter the traditional peak season of "Golden September and Silver October" later, and whether the demand can pick up is the focus of attention. Technically, the price shows a bearish trend, and short - term short - side operations are recommended, but attention should be paid to the sudden intraday violent price fluctuations caused by the sentiment of capacity reduction [68]. 3. Summary According to Relevant Catalogs 3.1 Raw Material Market Condition Analysis 3.1.1 One - week Data Changes | Project | Change | | --- | --- | | PB powder price (yuan/wet ton) | Increased from 767 to 779, up 12 [6] | | Bahun powder price (yuan/wet ton) | Increased from 810 to 816, up 6 [6] | | PB powder spot landing profit (yuan/wet ton) | Decreased from - 6.77 to - 11.35, down 4.58 [6] | | Bahun powder spot landing profit (yuan/wet ton) | Decreased from 13.39 to - 2.61, down 16 [6] | | Australia's shipment volume to China (10,000 tons) | Increased from 1347.5 to 1658.2, up 310.7 [6] | | Brazil's shipment volume to China (10,000 tons) | Decreased from 1065.5 to 811.7, down 253.8 [6] | | Imported iron ore port inventory (10,000 tons) | Decreased from 14444.2 to 14388.02, down 56.18 [6] | | Imported iron ore arrival volume (10,000 tons) | Decreased from 2703.1 to 2462.3, down 240.8 [6] | | Imported iron ore port clearance volume (10,000 tons) | Decreased from 341.04 to 334.14, down 6.9 [6] | | Iron ore port trading volume (10,000 tons) | Decreased from 81.9 to 60.9, down 21 [6] | | Average daily molten iron output (10,000 tons) | Decreased from 240.75 to 240.13, down 0.62 [6] | | Steel enterprise profitability rate (%) | Decreased from 64.94 to 63.64, down 1.3 [6] | 3.1.2 Other Aspects Including iron ore port spot price, iron ore futures - spot basis, iron ore import profit, iron ore shipment volume, iron ore port inventory and steel mill inventory, iron ore arrival volume and port clearance volume, steel enterprise production situation, iron ore port average daily trading volume and steel mill average daily molten iron, but no specific analysis content is provided other than data [8][13][16] 3.2 Market Status Analysis 3.2.1 One - week Data Changes | Project | Change | | --- | --- | | Shanghai rebar price (yuan/ton) | Decreased from 3280 to 3270, down 10 [37] | | Shanghai hot - rolled coil price (yuan/ton) | Decreased from 3400 to 3380, down 20 [37] | | Blast furnace operating rate (%) | Decreased from 83.36 to 83.2, down 0.16 [37] | | Electric furnace operating rate (%) | Decreased from 75.69 to 75.1, down 0.59 [37] | | Rebar blast furnace profit (yuan/ton) | Decreased from 67 to 33, down 34 [37] | | Hot - rolled coil blast furnace profit (yuan/ton) | Decreased from 95 to 66, down 29 [37] | | Rebar electric furnace profit (yuan/ton) | Decreased from - 93 to - 124, down 31 [37] | | Rebar weekly output (10,000 tons) | Increased from 214.65 to 220.56, up 5.91 [37] | | Hot - rolled coil weekly output (10,000 tons) | Decreased from 325.24 to 324.74, down 0.5 [37] | | Rebar weekly social inventory (10,000 tons) | Increased from 432.51 to 453.77, up 21.26 [39] | | Hot - rolled coil weekly social inventory (10,000 tons) | Increased from 282.55 to 285.78, up 3.23 [39] | | Rebar weekly enterprise inventory (10,000 tons) | Decreased from 174.53 to 169.62, down 4.91 [39] | | Hot - rolled coil weekly enterprise inventory (10,000 tons) | Increased from 78.89 to 79.68, up 0.79 [39] | | Rebar weekly apparent consumption (10,000 tons) | Increased from 194.8 to 204.21, up 9.41 [39] | | Hot - rolled coil weekly apparent consumption (10,000 tons) | Increased from 318.18 to 321.71, up 3.53 [39] | | Building material trading volume (tons) | Decreased from 93906 to 83808, down 10098 [39] | 3.2.2 Other Aspects Including the summary price of hot - rolled coils in Shanghai, rebar and hot - rolled coil basis in Shanghai, but no specific analysis content is provided other than data [42][44] 3.3 Supply - Demand Data Analysis - It includes aspects such as blast furnace and electric furnace operating rates, rebar and hot - rolled coil actual production, steel profits, rebar and hot - rolled coil inventory, building material trading volume, apparent consumption of rebar and hot - rolled coils, steel exports, real estate development investment and sales data, and manufacturing PMI. However, no specific analysis content is provided other than data [46][49][53]

CONTENTS 目 录 1 每日提示 2 多空关注 交易咨询业务资格：证监许可【2012】1091号 2025-09-01甲醇早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号：Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 3 基本面数据 4 检修状况 甲醇2601： 1、基本面：宏观面暂无利好，而供需矛盾逐步凸显，预计本周国内甲醇价格或承压下行。内地来看，近期检修装置不 多，而八月下旬易高、世林等多套甲醇装置重启，供应明显放量。而宁夏CTO工厂外采减少，以及9月初的大型活动对华 北区域内需求有影响，且港口低价货源倒流对内地行情也有压制，缺乏利好驱动预计短线内地甲醇下行调整。港口方面， 伊朗装船发运较为集中，预期港口将持续累库；但伴随价格下跌，后续港口货倒流内地走量或逐渐扩大；且印度价格继 续走强，关注转口窗口；宏观面降温，基本面偏弱，弱现实主导下，短期驱动仍然向下；中性 2、基差：江 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The rapeseed meal RM2601 is expected to oscillate within the range of 2480 - 2540. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. In the short term, it will enter a pattern of strong oscillation, affected by the uncertainty of the final anti - dumping ruling on Canadian rapeseed [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal is oscillating and rebounding, influenced by soybean meal trends and technical consolidation. The spot demand for rapeseed meal remains in the peak season in the short term, and low inventory supports the market. However, after the National Day, demand will gradually enter the off - season, and there are still variables in China - Canada trade negotiations [9]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market. The demand side maintains a good outlook. China's preliminary anti - dumping investigation on Canadian rapeseed imports has been established, and a 75.8% import deposit has been imposed. Global rapeseed production has decreased slightly this year, and the geopolitical conflict still has the potential to rise, which supports commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills' rapeseed meal. Bearish factors: The concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Price and Spread**: From August 20th to 29th, the average price difference between soybean meal and rapeseed meal fluctuated slightly, with the 2601 contract showing a weak oscillation. Rapeseed meal futures oscillated and declined, while the spot price was relatively stable, and the spot premium slightly expanded [13][17][19]. - **Inventory**: Rapeseed meal inventory was 21,000 tons, a week - on - week decrease of 17.65% compared to last week's 25,500 tons and a year - on - year decrease of 25% compared to last year's 28,000 tons. The inventory of imported rapeseed at oil mills rebounded from a low level, and rapeseed meal inventory decreased slightly. The rapeseed crushing volume at oil mills decreased slightly [9][24][26]. - **Production and Price of Aquatic Products**: The production and price of aquatic products showed different trends. Aquatic fish prices fluctuated slightly, while shrimp and shellfish prices remained stable [34]. 3.5 Position Data - The main short positions increased, and funds flowed out [9].

交易咨询业务资格：证监许可【2012】1091号 碳酸锂期货早报 2025年9月1日 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 1 每日观点 2 基本面/持仓数据 供给端来看，上周碳酸锂产量为19030吨，环比减少0.56%,高于历史同期平均水平 需求端来看，上周磷酸铁锂样本企业库存为94493吨，环比增加0.91%,上周三元材 料样本企业库存为17832吨，环比增加1.22%。 3、库存: 冶炼厂库存为43336吨，环比减少7.49%,低于历史同期平均水平；下游库存为 52800吨，环比增加2.51%,高于历史同期平均水平；其他库存为45000吨，环比增 加4.19%,高于历史同期平均水平；总体库存为141136吨，环比减少0.28%,高于历 史同期平均水平。 中性。 4、盘面: 盘面:MA20向上，11合约期价收于MA20 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, international crude oil fluctuated, and fuel oil prices first rose and then fell. High - sulfur fuel oil closed at 2,813 yuan/ton, up 1.22% for the week, while low - sulfur fuel oil closed at 3,475 yuan/ton, down 0.69% for the week [5]. - Due to the unfeasibility of East - West arbitrage, the inflow of arbitrage cargo from the West in September is expected to decrease, which will boost the fundamentals of low - sulfur fuel oil in the short term. The tight barge operation berths support the increase in the premium of Singapore's marine fuel delivery, and the downstream marine fueling demand will also increase, further supporting the low - sulfur fuel oil market [5]. - For high - sulfur fuel oil, with sufficient supply and stable marine fuel demand, the market will maintain range - bound fluctuations in the near future. However, some traders are worried about the lack of raw material demand before the autumn refinery maintenance season and the weakening of power generation demand after summer. Unless the fueling activities pick up before the year - end holidays, the supply glut in Singapore may intensify. Next week, international crude oil prices may fluctuate slightly higher, and Singapore's fuel oil prices will continue to fluctuate narrowly with the market. Operationally, trade high - sulfur fuel oil in the 2,750 - 2,900 range and low - sulfur fuel oil in the 3,400 - 3,550 range [5]. 3. Summary by Relevant Catalog 3.1 Weekly View - High - sulfur fuel oil closed at 2,813 yuan/ton, up 1.22% for the week, and low - sulfur fuel oil closed at 3,475 yuan/ton, down 0.69% for the week. International crude oil prices may fluctuate slightly higher next week, and Singapore's fuel oil prices will continue to fluctuate narrowly. Trade high - sulfur fuel oil in the 2,750 - 2,900 range and low - sulfur fuel oil in the 3,400 - 3,550 range [5]. 3.2 Futures and Spot Prices - **Futures prices**: The previous value of the FU main contract was 2,726, and the current value is 2,855, up 4.75%. The previous value of the LU main contract was 3,459, and the current value is 3,508, up 1.40% [6]. - **Spot prices**: For Zhoushan high - sulfur fuel oil, the previous value was 500.00, and the current value is 503.00, up 0.60%. For Zhoushan low - sulfur fuel oil, the previous value was 515.00, and the current value is 520.00, up 0.97%. For Singapore high - sulfur fuel oil, the previous value was 392.38, and the current value is 392.93, up 0.14%. For Singapore low - sulfur fuel oil, the previous value was 492.50, and the current value is 491.50, down 0.20%. For Middle East high - sulfur fuel oil, the previous value was 372.28, and the current value is 372.46, up 0.05%. For Singapore diesel, the previous value was 620.24, and the current value is 621.83, up 0.26% [7]. 3.3 Fundamental Data - Graphs of Singapore fuel oil consumption, China fuel oil consumption, and Shandong fuel oil coking profit margin from 2021 - 2025 are presented, but specific numerical changes are not described in the text [8][9][10]. 3.4 Inventory Data - Singapore fuel oil inventory: On August 27, the inventory was 2,188.9 million barrels, a decrease of 203 million barrels compared to the previous period [12]. - Graphs of Singapore inventory seasonal trends and Zhoushan Port fuel oil inventory trends are presented, but specific numerical changes are not described in the text [13][14]. 3.5 Spread Data - A graph of the high - low sulfur futures spread is presented, but specific numerical changes are not described in the text [16].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, nickel prices showed strong performance with average trading volume. Although there was some replenishment of imported supplies, overall supply remained tight. In the industrial chain, ore prices remained stable, while ferronickel prices increased steadily, keeping the cost line firm. Stainless steel inventory decreased slightly, and it is expected that the "Golden September and Silver October" period will boost consumption and reduce inventory. New energy vehicle production and sales data were good, but the installed capacity of ternary batteries decreased year - on - year, limiting overall demand growth. The medium - to - long - term oversupply situation remains unchanged [8]. - The main contract of Shanghai nickel will oscillate in a narrow range with cost support at the bottom. The main contract of stainless steel will oscillate widely around the 20 - day moving average [9][10]. 3. Summary by Relevant Catalogs 3.1 Viewpoints and Strategies - **Shanghai Nickel Viewpoint**: Nickel prices were strong this week with average trading. Overall supply was tight despite some imported supplies. Ore prices were stable, ferronickel prices rose, and stainless steel inventory decreased. New energy vehicle data was good, but ternary battery installed capacity declined year - on - year. The long - term oversupply persists [8]. - **Operation Strategies**: The main contract of Shanghai nickel will oscillate in a narrow range with cost support. The main contract of stainless steel will oscillate widely around the 20 - day moving average [9][10]. 3.2 Fundamental Analysis 3.2.1 Industrial Chain Weekly Price Changes - Red soil nickel ore prices remained unchanged. The price of battery - grade nickel sulfate increased by 0.92%, while the plating - grade remained the same. Low - grade ferronickel prices were flat, and high - grade ferronickel prices increased by 1.07%. Shanghai electrolytic nickel, Russian nickel, and Jinchuan's ex - factory price all increased. The price of 304 stainless steel increased by 0.18% [13][14]. 3.2.2 Nickel Ore Market Conditions - Nickel ore prices and freight rates remained the same as last week. As of August 28, 2025, the total nickel ore inventory at 14 Chinese ports was 12.5982 million wet tons, a 4.48% increase. In July 2025, nickel ore imports were 5.0058 million tons, a 15.16% increase month - on - month and 43.63% year - on - year. Ore prices were stable, and the supply from Indonesia was sufficient [17]. 3.2.3 Electrolytic Nickel Market Conditions - Nickel prices were strong with average spot trading. Although there was some arrival of imported nickel, overall supply was still tight. In the long - term, supply and demand will both increase, but the oversupply situation will not change. In July 2025, China's refined nickel production was 36,151 tons, a 4.74% increase month - on - month and 24.57% year - on - year. In July 2025, imports were 38,164.223 tons, a 124.36% increase month - on - month and 798.94% year - on - year. Exports were 15,545.572 tons, a 53.27% increase month - on - month and 3.43% year - on - year. LME and SHFE inventories decreased [22][26][40]. 3.2.4 Ferronickel Market Conditions - Ferronickel prices increased steadily. In July 2025, China's ferronickel production was 22,900 tons of metal, a 1.69% decrease month - on - month and 10.63% year - on - year. In July 2025, imports were 836,000 tons, a 19.7% decrease month - on - month and 1.8% increase year - on - year. The inventory in July was 224,800 physical tons, equivalent to 21,800 tons of nickel [44][47][50]. 3.2.5 Stainless Steel Market Conditions - The price of 304 stainless steel increased by 25 yuan/ton this week. In July, stainless steel crude steel production was 3.2108 million tons, with the 300 - series production decreasing by 2.63% month - on - month. Imports were 73,000 tons, and exports were 416,300 tons. As of August 29, the national inventory was 1.083 million tons, a decrease of 8,800 tons [57][62][68]. 3.2.6 New Energy Vehicle Production and Sales - In July 2025, new energy vehicle production and sales were 1.243 million and 1.262 million units respectively, a 26.3% and 27.4% increase year - on - year. From January to July 2025, production and sales were 8.232 million and 8.22 million units respectively, a 39.2% and 38.5% increase year - on - year. In July, the production of power and other batteries was 133.8 GWh, a 3.6% increase month - on - month and 44.3% year - on - year. The installed capacity of power batteries was 55.9 GWh, a 4.0% decrease month - on - month and 34.3% year - on - year [73][74][78]. 3.3 Technical Analysis - From the daily K - line, prices fluctuated around the 20 - day moving average, with a decrease in positions and a reduction in short - selling pressure. The MACD showed a golden cross buy signal, and the KDJ was in an upward trend. Prices were still oscillating in a small range [81]. 3.4 Industrial Chain Combing Summary - The impact of different sectors on nickel prices: nickel ore was neutral; ferronickel was neutral; refined nickel was slightly bearish; stainless steel was neutral; and new energy was neutral [84]. - Unilateral trading strategies: the main contract of Shanghai nickel will oscillate in a narrow range with cost support, and the main contract of stainless steel will oscillate widely around the 20 - day moving average [86][87].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The cost - end of the silicon - manganese market has strong support as the quotes of United Mining (CML) and Comilog to China in October 2025 are flat compared to last month, and the current prices of manganese ore and coke are still relatively high [2]. - The supply is increasing as alloy plants in the north and south markets have a good start - up sentiment. However, due to the weakening of the macro - positive sentiment, the silicon - manganese futures market is weak, and the spot price has decreased slightly [2]. - The demand side shows that steel mills in the East China region are pressing down on the purchase price of silicon - manganese, with most around 5950 yuan/ton for acceptance and tax - included delivery to the factory [2]. - Overall, the short - term silicon - manganese market is expected to run in a weak and volatile manner, and attention should be paid to the actual driving effect of the traditional "Golden September" peak season on silicon - manganese alloys [2]. 3) Summary by Directory Manganese Silicon Supply - **Capacity**: There are data on the monthly capacity of Chinese silicon - manganese enterprises and the annual production of silicon - manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [6][7]. - **Production - Annual**: Annual production data of silicon - manganese in different regions are presented [7]. - **Production - Weekly, Monthly, and Start - up Rate**: Weekly and monthly production data of Chinese silicon - manganese and the weekly start - up rate of Chinese silicon - manganese enterprises are provided [10]. - **Production - Regional Production**: Monthly production data of Inner Mongolia, Ningxia, and Guizhou, and daily average production data of Inner Mongolia, Ningxia, Guizhou, and Guangxi are shown [11][12]. Manganese Silicon Demand - **Steel Tender Purchase Price**: Monthly purchase prices of silicon - manganese 6517 by multiple steel companies, such as Baosteel Co., Ltd., Baowu E'gang, Chengde Jianlong, etc., are presented [15]. - **Daily Average Hot Metal and Profit**: Weekly data on the daily average hot metal production and the profitability rate of 247 Chinese steel enterprises are provided [17]. Manganese Silicon Import and Export - Import and export volume data of Chinese silicon - manganese iron are presented on a monthly basis [19]. Manganese Silicon Inventory - Weekly inventory data of 63 sample silicon - manganese enterprises in China, and monthly average available days of silicon - manganese inventory in China, the northern region, and the East China region are provided [21]. Manganese Silicon Cost - **Manganese Ore - Import Volume**: Monthly import volume data of manganese ore from different sources, including trade - mode imports, imports from Gabon, South Africa, and Australia, are presented [23]. - **Manganese Ore - Port Inventory and Available Days**: Weekly port inventory data of manganese ore in China, Qinzhou Port, and Tianjin Port, and weekly average available days of manganese ore inventory in China are provided [25]. - **Manganese Ore - High - Grade Ore Port Inventory**: Weekly port inventory data of high - grade manganese ore from different origins, such as Australia, Gabon, and Brazil, in Qinzhou Port and Tianjin Port are presented [27]. - **Manganese Ore - Tianjin Port Manganese Ore Price**: Daily price data of different types of manganese ore in Tianjin Port are provided [28]. - **Regional Cost**: Daily cost data of silicon - manganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, are presented [29]. Manganese Silicon Profit - Daily profit data of silicon - manganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi, are presented [31].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week, Shanghai copper fluctuated and rose, with the main contract of Shanghai copper rising 0.91% to close at 79,410 yuan/ton. Geopolitical factors disturbed copper prices, and there were still global instability factors. In China, consumption is entering the peak season, but the downstream consumption willingness is average. In the industrial end, domestic spot trading is average, mainly for rigid - demand transactions. The LME copper inventory was 158,900 tons with little change last week, and the SHFE copper inventory decreased by 1,950 tons to 79,748 tons compared with last week. The supply - demand situation is in a tight balance in 2024 and will be in surplus in 2025 [3][11]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the main contract of Shanghai copper rose 0.91% to close at 79,410 yuan/ton. Geopolitical factors and US tariff issues affected copper prices. In China, downstream consumption willingness is average, and domestic spot trading is mainly for rigid - demand. The LME copper inventory was 158,900 tons with little change, and the SHFE copper inventory decreased by 1,950 tons to 79,748 tons [3]. 3.2 Fundamentals 3.2.1 PMI - Not provided in detail in the given content 3.2.2 Supply - Demand Balance - The supply - demand situation is in a tight balance in 2024 and will be in surplus in 2025. The Chinese annual supply - demand balance table shows different supply - demand situations from 2018 - 2024, such as a supply surplus of 10,000 tons in 2018 and a supply shortage of 10,000 tons in 2023 [11][14]. 3.2.3 Inventory - Exchange inventory is in the process of destocking, and the bonded area inventory remains at a low level [15][18]. 3.3 Market Structure 3.3.1 Processing Fees - Processing fees are at a low level [21]. 3.3.2 CFTC Position - CFTC non - commercial net long positions are flowing out [23]. 3.3.3 Spot - Futures Spread - Not provided in detail in the given content 3.3.4 Import Profit - Not provided in detail in the given content 3.3.5 Warehouse Receipts - Not provided in detail in the given content

交易咨询业务资格：证监许可【2012】1091号 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 上周回顾 沪铝周评： 沪铝上周震荡调整上涨，上周主力合约上涨0.53%，周五收盘报20740元/吨。在碳中和下长期控制产能， 国内房地产压制需求不振，取消对铝材出口退税，对于国内铝价构成利空，美国加增钢铝关税。国内 基本面上，需求进入淡季，等待消费复苏。上周LME库存481050吨，较前周出现小幅增加，SHFE周库存 增991吨至125596吨。 沪铝周报（8.25~8.29） 大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 期货主力 数据来源：博易大师 基本面 1、供需平衡表 2、铝 3、铝土矿 4、氧化铝 5、铝棒 供需平衡 数据来源：Wind 供需平衡 | | | | 中国年度供需平衡表 铝(万吨) | | | | --- | --- ...