Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term macro environment for steel is positive, with supply contraction expectations, stable cost support, and the steel futures market may show a volatile and upward - biased pattern. The long - term trend depends on the actual demand during the peak season [3]. - Iron ore prices are bounded, with short - term stable fundamentals and long - term focus on hot - rolled coil inventory pressure. The current oscillation needs macro changes to break [20]. - For coal and coke, although there are import substitution effects, considering policy expectations and support for finished product prices, the medium - to - long - term trend is not pessimistic [29]. - The price of ferroalloys follows coal price fluctuations. In the short - term, there are still expectations of supply contraction, and in the long - term, demand support may weaken [45]. - The supply of soda ash exceeds demand, with high inventory and weak demand. Attention should be paid to cost fluctuations and price cuts by alkali plants [55]. - The glass market is in a weak balance, with high intermediate inventory and weak sales. Attention should be paid to policy guidance and short - term sentiment changes [80]. Summary by Directory Steel - **Supply**: Coal mine over - production governance and the "276 - working - day" policy support costs. There are expectations of supply contraction due to restrictions during the Tangshan parade [3]. - **Demand**: Steel export orders have improved slightly, but the price inversion still exists. The market depends on the actual demand during the peak season [3]. - **Price Data**: On August 13, 2025, the closing prices of steel futures contracts such as rebar and hot - rolled coil decreased compared to the previous day. The basis and spreads also showed corresponding changes [4][8][13]. Iron Ore - **Market Trend**: Iron ore prices are in a following state, with limited fundamental contradictions. The anti - spread is strengthening, and the price range is bounded [20]. - **Price Data**: On August 13, 2025, the closing prices of iron ore futures contracts decreased slightly compared to the previous day. The basis and some spot prices changed [21]. - **Fundamental Data**: Daily hot - metal production is stable at around 2.4 million tons, and port inventories are maintained. There are small changes in shipping and other data [24]. Coal and Coke - **Supply**: There are supply - side disturbances such as coal mine over - production inspections in Shanxi, but the import substitution effect is significant [29]. - **Demand**: Due to the support of finished product prices, steel mill profits are resilient, and the medium - to - long - term demand for coal and coke is not pessimistic [29]. - **Price Data**: On August 13, 2025, the basis, spreads, and costs of coal and coke futures and spot prices changed compared to the previous day [33][34][35]. Ferroalloys - **Market Trend**: The price of ferroalloys follows coal price fluctuations. There are still expectations of supply contraction in the short - term, and long - term demand support may weaken [45]. - **Price Data**: On August 13, 2025, the basis, spreads, and spot prices of silicon - iron and silicon - manganese changed compared to the previous day [46][48]. Soda Ash - **Supply - Demand Situation**: Supply is high, demand is weak, inventory is at a record high, and the market is in a state of supply exceeding demand [55]. - **Price Data**: On August 13, 2025, the prices of soda ash futures contracts decreased compared to the previous day, and the spreads also changed [56]. Glass - **Market Situation**: The market is in a weak balance, with high intermediate inventory, weak sales, and pressure on spot prices [80]. - **Price Data**: On August 13, 2025, the prices of glass futures contracts decreased compared to the previous day, and the spreads and basis changed [81]. - **Sales Data**: The sales rate in different regions shows certain fluctuations [82].

Report Title - Urea Industry Chain Weekly Report [1][2] Report Date - August 10, 2025 [2] Researcher Information - Author: Liu Chenrui Z0017093 [3] - Reviewer: Tang Yun Z0002422 [3] Fundamental Information and Views Fundamental Points - Capacity utilization rate decreased by 1.62% week-on-week to 81.98%. Maintenance of coal/gas-based plants increased, and supply pressure eased marginally [4]. - Total inventory dropped to 887,600 tons. Some enterprises reduced prices to attract orders, driving inventory reduction [4]. - Absolute inventory remains at a historical high. With daily production maintained at around 190,000 tons, the pattern of loose supply remains unchanged [4]. - Agricultural demand has entered a seasonal off - peak. Finished product inventory accumulation in compound fertilizer plants restrains raw material procurement, and export order conversion is not smooth [4]. Views - Although supply has contracted marginally, high inventory and weak domestic demand suppress the rebound space. Export benefits are difficult to sustain, and it will continue to fluctuate and adjust in the short term [5]. Urea Fundamental Data Inventory - Related - Data on China's weekly urea enterprise inventory, Guangdong and Guangxi urea inventory, and urea inventory (ports + inland) are presented [7][8][9] Futures - Related - Data on urea futures main contract positions, trading volume, total number of warehouse receipts, and valid warehouse receipt forecasts are shown [10][11][13] Price - Related - Data on Henan small - particle market price, basis, size - particle price difference, Shandong small - particle market price, basis, size - particle price difference, and various seasonal price differences of urea are provided [14][16][18] Cost and Profit - Related - Data on the production costs and profits of fixed - bed, natural - gas, and coal - water slurry gasification methods for urea production are presented [26][28][30] Production - Related - Data on urea production enterprise's pending order days, capacity utilization rate, total daily output, compound fertilizer capacity utilization rate, inventory, and production profit are shown [31][33][36] International Price - Related - Data on China's small - particle FOB price and Middle East small - particle FOB price are provided [39][40] Other Related - Data on thermal coal spot price, port inventory, and compound fertilizer production cost in Shandong are presented [41][43][44]

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: August 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Fats and Oils - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are oscillating around 4,250 ringgit, awaiting the MPOB report on Monday and August export data. If it effectively holds above 4,250 ringgit and export data is positive, there's an upward trend; otherwise, it may decline to around 4,000 ringgit in the long - term. Domestically, Dalian palm oil futures are oscillating between 8,900 - 9,000 yuan, waiting for Malaysian palm oil trends. If it gets support, it may stabilize; otherwise, it could fall to 8,500 - 8,600 yuan. If Malaysian palm oil holds above 4,250 ringgit and export data is positive, Dalian palm oil may rise [3]. - **Soybean Oil**: Last weekend, the total domestic factory soybean oil inventory increased by 13,000 tons. According to historical data, inventory is nearing its peak and will soon decrease due to increased demand. Spot basis quotes will fluctuate narrowly in the short - term and are expected to rise in the long - term [4]. Oilseeds - **Soybean Meal**: Spot prices from oil mills are mostly stable, while traders' quotes fluctuated. Domestic soybean meal inventory has been declining, reaching 1.04 million tons in Week 32, a decrease of 31,000 tons from the previous week, a 2.87% drop. In the short - term, near - month contracts are restricted by supply pressure, with prices ranging from 2,900 - 3,150 yuan/ton [16]. Data Summaries Fats and Oils - **Inter - month and Inter - variety Spreads**: Various spreads such as P 1 - 5, Y - P 01 are provided, with price changes detailed in the table [5]. - **Palm Oil Spot and Futures Prices**: Palm oil futures prices for different contracts (01, 05, 09) have different price levels and percentage changes. BMD palm oil and Guangzhou 24 - degree palm oil prices are also given, along with relevant basis and spreads [7]. - **Soybean Oil Spot and Futures Prices**: Soybean oil futures prices for different contracts (01, 05, 09) and CBOT soybean oil prices are provided, along with Shandong first - grade soybean oil spot price and basis [13]. Oilseeds - **Oilseed Futures Prices**: Futures prices of soybean meal (01, 05, 09), rapeseed meal (01, 05, 09), CBOT soybeans, and the offshore RMB exchange rate are presented, along with their price changes and percentage changes [17]. - **Soybean Meal and Rapeseed Meal Spreads**: Inter - month spreads of soybean meal and rapeseed meal, as well as spot and futures spreads between soybean meal and rapeseed meal, are given [18][20].

生猪周报. 生猪特刊 2025/08/10 咨询业务资格：沪证监许可【2012】1515号 研报作者：罗鑫海 Z0021565 审核：唐韵 Z0002422 北方市场周末猪价上涨，连日跌价后养殖端对低价抵触情绪较强，叠加周末放假，养殖公司出栏量减少，加之散户惜售，对北方市场价格起到向上支撑。周末南方 市场猪价有稳有涨，养殖端出栏量仍维持高位，市场供应压力仍偏大，导致周末猪价上涨动力不足。需求端维持疲软态势，猪肉产品走货平平，屠宰厂订单维持低 位。 生猪出栏均价：中国. source： Wind 元/千克 2021 2022 2023 2024 2025 01/01 03/01 05/01 07/01 09/01 11/01 20 30 40 生猪仓单数量季节性. source： Wind 手 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 0 200 400 能繁存栏影响10月后生猪价格. source： Wind 万头 中国:存栏数:能繁母猪(领先10月) 生猪价格（2006年开始-）/月频(右轴) 15/12 17/12 19/12 21/12 ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Precious Metals**: Domestic spot gold slightly rose by 0.14% to 783.18 yuan/gram. Supported by the Fed's interest - rate cut expectation and long - term central bank gold - buying, but with a temporary cooling of safe - haven demand. The market sentiment is cautious [3]. - **Copper**: The fundamentals show a pattern of weak supply and demand but are supported by macro expectations. The Fed's interest - rate cut expectation weakens the US dollar, and China's July export data boosts market sentiment. Supply concerns are raised by the mine shutdown, while consumption shows resilience. The spot premium reflects tight circulation [14]. - **Aluminum**: Aluminum prices are expected to fluctuate at a high level in the short term (20300 - 20800 yuan/ton) and may rise in the medium term. Alumina supply is expected to be in surplus, and the market may shift to cost - based pricing [34]. - **Zinc**: The fundamentals are weak in both supply and demand but are supported by macro expectations. High processing fees drive production growth, and social inventories increase. The Fed's September interest - rate cut expectation provides support, but the industry's over - supply problem remains [60]. - **Nickel and Stainless Steel**: The nickel - stainless steel market shows an oscillating trend. The cost of nickel - iron provides support, while the support from nickel ore is loosening [74]. - **Tin**: The fundamentals remain weak in supply and demand. The复产 expectations of tin mines are rising, but short - term supply is insufficient. Downstream consumption is suppressed by the off - season, and market sentiment is cautious due to tariff uncertainties [89]. - **Lithium Carbonate**: The shutdown of the mining end affects lithium supply, tightening the market. However, downstream inventory replenishment may limit the rise of spot prices. The futures market is more volatile [104]. - **Silicon Industry Chain**: The fundamentals of industrial silicon are unchanged. The approval of the second batch of polysilicon registered brands boosts future demand. Industrial silicon is expected to be in an oscillating and strengthening state, and polysilicon futures will be in a wide - range oscillation [116]. 3. Summary by Related Catalogs Precious Metals - **Price Movement**: Domestic spot gold rose 0.14% to 783.18 yuan/gram [3]. - **Influencing Factors**: Supported by the Fed's interest - rate cut expectation and long - term central bank gold - buying, with a temporary cooling of safe - haven demand. The US dollar and geopolitical policies are core influencing factors [3]. Copper - **Fundamentals**: Supply and demand are both weak, but macro expectations provide support. The Fed's interest - rate cut expectation weakens the US dollar, and China's July export data boosts sentiment. The social inventory of Shanghai copper increases to 8.19 tons but remains low. The mine shutdown causes supply concerns, and the rebound of the operating rate shows consumption resilience [14]. - **Price Data**: The latest prices of Shanghai copper futures and London copper 3M show increases, with daily price changes and increases ranging from 0.68% to 1.01% [15]. Aluminum - **Aluminum**: In the short term, it will fluctuate at a high level (20300 - 20800 yuan/ton). In the medium term, it may rise as the peak season approaches and the Fed is expected to cut interest rates [34]. - **Alumina**: Supply is expected to be in surplus, and the market may shift to cost - based pricing. The high - cost area's full cost of 3000 - 3150 yuan/ton can be seen as a support level [34]. - **Cast Aluminum Alloy**: The fundamentals are good, with scrap aluminum prices providing support and short - term demand being acceptable. The price difference with Shanghai aluminum is between 350 - 500 yuan/ton [35]. Zinc - **Fundamentals**: Supply and demand are weak, but macro expectations provide support. High processing fees drive production growth, and social inventories increase for seven consecutive weeks to 6.59 tons. The Fed's September interest - rate cut expectation provides support, but the over - supply problem remains [60]. - **Price Data**: The latest prices of Shanghai zinc futures and LME zinc show increases, with daily price changes and increases ranging from 0.33% to 0.5% [61]. Nickel and Stainless Steel - **Market Trend**: The nickel - stainless steel market shows an oscillating trend. The cost of nickel - iron provides support, while the support from nickel ore is loosening [74]. - **Price and Volume Data**: The prices of Shanghai nickel and stainless steel futures show different changes, and trading volume and open interest also change accordingly [75]. Tin - **Fundamentals**: The fundamentals remain weak in supply and demand. The复产 expectations of tin mines are rising, but short - term supply is insufficient. Downstream consumption is suppressed by the off - season, and market sentiment is cautious due to tariff uncertainties [89]. - **Price Data**: The latest prices of Shanghai tin futures and London tin show different changes, with daily price changes and increases ranging from - 0.68% to 0.22% [90]. Lithium Carbonate - **Market Influence**: The shutdown of the mining end affects lithium supply, tightening the market. However, downstream inventory replenishment may limit the rise of spot prices. The futures market is more volatile [104]. - **Price Data**: The prices of lithium carbonate futures and spot show significant increases, with daily and weekly price changes [105][110]. Silicon Industry Chain - **Market Outlook**: The fundamentals of industrial silicon are unchanged. The approval of the second batch of polysilicon registered brands boosts future demand. Industrial silicon is expected to be in an oscillating and strengthening state, and polysilicon futures will be in a wide - range oscillation [116]. - **Price Data**: The prices of industrial silicon spot and futures show increases, with daily price increases ranging from 0.51% to 3.33% [117][118].

Report Information - Report Title: LPG Industry Weekly Report - Report Date: August 10, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Report Industry Investment Rating - The provided content does not mention the industry investment rating. Core Viewpoints - Some plant restarts have driven the PDH operating rate up to around 73%, and there are still new production plans in August, with a marginal improvement in chemical demand [3]. - The sales-to-production ratio of sample enterprises is 101%, a 1-percentage-point increase from the previous period, indicating a short-term relief of shipment pressure [3]. - Port inventories have increased to 321.6 million tons (+8.2 million tons), reaching a new high for the year, with significant supply pressure [3]. - The official August CP price for propane is $520 per ton ($55 lower than the previous period), and the landed cost is suppressing domestic prices [3]. - During the off-season, combustion demand is weak. The increase in chemical demand cannot offset the pressure of high inventories. Coupled with the decline in import costs, LPG will continue its volatile and weak pattern [4]. Data Charts - The content includes multiple data charts, including the settlement price of propane's Far East landed price FEI: M1 (daily), the seasonal ratio of FEI to Brent (daily), PDH profit/operating rate, the seasonal ratio of FEI to MOPJ spread (daily), FEI discount, Middle East offshore discount (daily), the settlement price of propane's US offshore price: M1 (daily), the seasonal ratio of MB to WTI (daily), CP M1 - MB M1, VLGC freight, US propane weekly production, US propane import volume (weekly seasonal), US propane inventory (weekly seasonal), and US propane export volume (weekly seasonal) [5][9][12][15][17]

Report Information - Report Title: Zinc Industry Weekly Report - Report Date: August 8, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Core Views Positive Factors - Low domestic zinc ingot inventory supports prices [3] - Strengthened expectations of interest rate cuts put pressure on the US dollar, boosting the rebound of zinc prices [3] Negative Factors - Accelerated supply growth and the release of new production capacity lead to oversupply [3] - It is the off - season for demand, with the downstream operating rate falling to a low level and weak consumption [3] Trading Consultation Views - Institutions are bullish on Shanghai zinc, mainly due to the good low - inventory situation [3] Processing and Terminal Demand Galvanized Sheet Coil - Market sentiment index (weekly) data is presented from 2023 - 12 to 2025 - 06 [5] - Weekly inventory - seasonal data is shown from 2021 to 2025 [5] - Steel mill weekly production - seasonal data is provided from 2021 to 2025 [5] Other Products - Net export seasonality data is provided for galvanized sheets (strips), die - cast zinc alloys, color - coated sheets (strips), and zinc oxide [6][7][10] Real Estate - Cumulative year - on - year data for real estate development investment, project progress, sales area, and unsold area are presented [13][15] Infrastructure - Cumulative year - on - year data for infrastructure fixed - asset investment (excluding rural households) is shown [20] Supply and Supply - Side Profits Zinc Concentrate - Monthly import volume seasonal data is provided from 2021 to 2025 [23] - TC (treatment charge) data is presented from 2022 - 04 to 2025 - 04 [25] Zinc Ingot - Monthly production seasonal data for SMM zinc ingots is shown from 2021 to 2025 [26] - Monthly production + import volume seasonal data for Chinese zinc ingots is provided from 2021 to 2025 [27] Inventory - Data on zinc concentrate raw material inventory days, LME zinc inventory, SHFE zinc inventory, and exchange zinc ingot inventory are presented [29][30] Futures and Spot Market Review Price Trends - Domestic and foreign zinc price trends are shown from 2023 - 12 to 2025 - 06 [32] - LME zinc closing price vs. US dollar index data is presented from 2022 - 04 to 2025 - 04 [34] Trading Volume and Position - Volume and position data of Shanghai zinc futures main contract are provided from 2023 - 12 to 2025 - 06 [33] Basis and Premium - Data on LME zinc premium, zinc ingot three - location basis, and Tianjin zinc ingot basis are presented [36][38][39]

铜周报 铜行业周报 2025/08/08 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追 ...

Group 1 - The investment rating of the bond industry is not mentioned in the report Group 2 - The core view of the report is that there are both positive and negative factors in the bond market. The positive factors are the continuous loosening of the capital market and the increasing expectation of the overseas Fed's interest rate cut. The negative factors are the rising inflation expectation and the phased recovery of capital interest rates. The market is cautious about the VAT benefits and regards them as short - term factors and should not be overly optimistic [3] Group 3 Market Factors - Positive factors include the continuous loosening of the capital market, rising treasury bond futures prices, falling yields, and increasing overseas Fed's interest rate cut expectation, which support the domestic bond market and boost the overall atmosphere [3] - Negative factors include the rising inflation expectation caused by policy - stimulated commodity price increases and the phased recovery of capital interest rates combined with high - level wealth management leverage, leading to partial profit - taking behavior [3] Transaction Advice - The market is cautious about the VAT benefits and considers them as short - term factors, not suitable for excessive optimism [3] Data Presentation - The report presents the data of treasury bond yields, capital interest rates, treasury bond term spreads, treasury bond futures positions, trading volumes, basis, inter - period spreads, and cross - variety spreads, covering 2 - year, 5 - year, 7 - year, 10 - year, and 30 - year treasury bonds [4][5][8][10]

Report Industry Investment Rating - Not provided Core Viewpoints - **Lido Factors**: Strong macro - sentiment support with an increased expectation of Fed rate cuts leading to a general rise in the non - ferrous market; marginal improvement in stainless steel demand, continuous decline in inventory, and increased production scheduling supporting demand [3] - **Negative Factors**: Significant inventory accumulation with LME and Shanghai nickel inventories reaching new highs, prominent supply - surplus pressure; strong expectation of loose nickel ore supply, weakening cost support, and increased downward pressure on prices [3] - **Trading Consultation Viewpoint**: Suggest short - term range trading and pay attention to changes in the ore end and demand [3] Summary According to Related Catalogs Market Data - **Nickel Futures**: The closing price of SHFE nickel main contract is 121,850 yuan/ton, up 1,220 yuan or 1.01% week - on - week; SHFE nickel continuous contract 1 is 121,070 yuan/ton, up 1,240 yuan or 1.03%; SHFE nickel continuous contract 2 is 121,170 yuan/ton, up 1,170 yuan or 0.98%; SHFE nickel continuous contract 3 is 121,330 yuan/ton, up 1,110 yuan or 0.98%; LME nickel 3M is 15,130 dollars/ton, up 180 dollars or 0.92%. The trading volume is 96,611 lots, down 23,911 lots or 19.84% week - on - week; the open interest is 81,103 lots, down 14,364 lots or 15.1%; the warehouse receipt quantity is 20,687 tons, down 687 tons or 3.21%; the basis of the main contract is - 1,590 yuan/ton, up 400 yuan or 33.61% [4] - **Stainless Steel Futures**: The closing price of stainless steel main contract is 13,000 yuan/ton, up 75 yuan or 1% week - on - week; stainless steel continuous contract 1 is 12,935 yuan/ton, up 130 yuan or 1.02%; stainless steel continuous contract 2 is 12,995 yuan/ton, up 140 yuan or 1.09%; stainless steel continuous contract 3 is 13,080 yuan/ton, up 140 yuan or 1.08%. The trading volume is 85,499 lots, down 36,750 lots or 30.06% week - on - week; the open interest is 81,584 lots, down 5,891 lots or 6.73%; the warehouse receipt quantity is 103,226 tons, up 240 tons or 0.23%; the basis of the main contract is 320 yuan/ton, down 10 yuan or - 3.03% [4] - **Nickel Spot**: The price of Jinchuan nickel is 123,250 yuan/ton, up 50 yuan or 0.04%; imported nickel is 121,350 yuan/ton, up 50 yuan or 0.04%; 1 electrolytic nickel is 122,150 yuan/ton, up 50 yuan or 0.04%; nickel beans are 123,450 yuan/ton, up 50 yuan or 0.04%; electrowon nickel is 121,100 yuan/ton, up 50 yuan or 0.04% [4] - **Inventory**: Domestic social nickel inventory is 39,486 tons, down 795 tons; LME nickel inventory is 211,212 tons, down 240 tons; stainless steel social inventory is 966.2 thousand tons, down 1.2 thousand tons; nickel pig iron inventory is 33,415 tons, up 182 tons [4][6] Graphical Information - **Nickel Futures**: Graphs show the closing prices of SHFE nickel futures main contract and LME nickel (3 - month) electronic - trading contract from February 2024 to June 2025 [7][8] - **Stainless Steel Futures**: A graph shows the closing price of stainless steel futures main contract from February 2024 to June 2025 [9][10] - **Nickel Spot**: A graph shows the average prices of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel from February 2024 to June 2025 [11][12] - **Supply and Inventory**: Graphs show China's refined nickel monthly production, total monthly supply of primary nickel including imports, domestic social nickel inventory (nickel plates + nickel beans), LME nickel inventory, price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory, China's 8 - 12% nickel pig iron ex - factory price, Ni≥14% Indonesian high - nickel pig iron (duty - paid at port) price, China's and Indonesia's nickel - iron monthly production from different time periods [13][14][15] - **Downstream Products**: Graphs show the average price of battery - grade nickel sulfate, its premium over primary nickel (plates), the profit margin of producing nickel sulfate from nickel beans, the profit of producing electrowon nickel from externally - purchased nickel sulfate in China, China's monthly production of nickel sulfate, the monthly production capacity of ternary precursors, the profit margin of China's 304 stainless steel cold - rolled coils, stainless steel monthly production, and stainless steel inventory from different time periods [22][23][26]