Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are expected to continue to rise in the short - term, potentially approaching 4500 ringgit, with a chance of briefly breaking through and reaching 4580 - 4600 ringgit. However, due to potential production growth and export slowdown in the second half of the month, there is a risk of a pull - back. The overall view is near - term strength and long - term weakness. Domestically, Dalian palm oil futures have the potential to continue rising after breaking through 9500 yuan, possibly reaching 10,000 yuan. It is crucial to monitor whether they can effectively stay above 9500 yuan [3]. - **Soybean Oil**: China's decision to impose a 75.8% anti - dumping tariff on Canadian rapeseed from August 15 will increase the demand for other oilseeds and vegetable oils. The USDA monthly report has lowered the forecast for US soybean production and ending stocks, which will boost the prices of CBOT soybeans and soybean oil in the short term, and also support the price of Dalian soybean oil. The continuation of Sino - US tariffs until early November makes the fourth - quarter soybean import volume uncertain. The main January contract may face resistance at 8700 yuan, and if it fails to break through, a technical correction may occur [4]. - **Oilseeds (Bean and Rapeseed Meal)**: The US Department of Agriculture's report unexpectedly lowered the US soybean planting area, reducing the new - season production forecast and benefiting South American soybean exports. The preliminary anti - dumping ruling on Canadian rapeseed has led to a limit - up in rapeseed meal futures, also boosting the price of soybean meal futures. Short - term attention should be paid to whether the main contract of Dalian soybean meal can reach the resistance range of 3180 - 3200 yuan/ton [16]. 3. Summary by Relevant Catalogs 3.1 Oil Price Spreads - **Inter - monthly and Inter - variety Spreads of Oils**: The report provides price spreads and their daily changes for various oil contracts, such as P 1 - 5, Y - P 01, etc. For example, P 1 - 5 is 318 yuan/ton with a daily increase of 66 yuan, and Y - P 01 is - 920 yuan/ton with a daily decrease of 122 yuan [5]. 3.2 Palm Oil Spot and Futures Prices - **Palm Oil Futures and Spot Prices**: Palm oil futures prices for different contracts (01, 05, 09) have increased, with the 01 contract at 9490 yuan/ton (up 1%), the 05 contract at 9170 yuan/ton (up 1.01%), and the 09 contract at 9424 yuan/ton (up 0.66%). The BMD palm oil main contract is at 4459 ringgit/ton (up 1.29%). The spot price of 24 - degree palm oil in Guangzhou is 9470 yuan/ton, and the basis is - 42 yuan/ton [7]. 3.3 Soybean Oil Spot and Futures Prices - **Soybean Oil Futures and Spot Prices**: Soybean oil futures prices for different contracts (01, 05, 09) have also increased, with the 01 contract at 8576 yuan/ton (up 2.33%), the 05 contract at 8118 yuan/ton (up 1.89%), and the 09 contract at 8592 yuan/ton (up 2.24%). The CBOT soybean oil main contract is at 53.07 cents/pound (up 0.11%). The spot price of first - grade soybean oil in Shandong is 8640 yuan/ton, and the basis is - 6 yuan/ton [13]. 3.4 Oilseed Futures Prices - **Bean and Rapeseed Meal Futures Prices**: Futures prices of bean and rapeseed meal have generally increased. For example, the bean meal 01 contract is at 3163 yuan/ton (up 2.33%), and the rapeseed meal 01 contract is at 2688 yuan/ton (up 4.92%). The price of CBOT yellow soybeans remains unchanged at 1032.25, and the offshore RMB exchange rate is 7.1852 (down 0.12%) [16]. 3.5 Bean and Rapeseed Meal Spreads - **Bean and Rapeseed Meal Price Spreads**: The report provides price spreads and their daily changes for different contracts of bean and rapeseed meal, such as M01 - 05, RM01 - 05, etc. For example, M01 - 05 is 294 yuan with a daily increase of 4 yuan, and RM01 - 05 is 100 yuan with a daily increase of 52 yuan [17].

Group 1: Sugar Core View - The fundamentals of sugar are mixed. In Brazil, the sugarcane crushing volume in the first half of July increased by 14.77% year-on-year, and the sugar production ratio rose to a high of 53.68, indicating significant supply pressure. However, low yields and sugar content in the sugarcane regions have led some institutions to lower their production forecasts for Brazil. In the domestic market, the concentrated arrival of imported sugar and the loosening of refined sugar prices have put pressure on the spot market. Nevertheless, the seasonal recovery of sugar consumption and improved procurement by traders have provided support. In the medium to long term, the expected bumper harvest in the Northern Hemisphere's new season remains unchanged, and the global loose supply pattern will continue to limit the upside potential [3]. Price and Spread Information - On August 13, 2025, SR01 closed at 5657 with a daily increase of 0.87% and a weekly increase of 0.52%; SR03 closed at 5628 with a daily increase of 0.86% and a weekly increase of 0.52%; SR05 closed at 5606 with a daily increase of 0.81% and a weekly increase of 0.68%; SR07 closed at 5600 with a daily increase of 0.68% and a weekly increase of 0.7%; SR09 closed at 5722 with a daily increase of 0.28% and a weekly increase of 0.69%; SR11 closed at 5665 with a daily increase of 0.75% and a weekly increase of 0.35%. SB closed at 16.95 with a daily increase of 2.48% and a weekly increase of 5.67%; W closed at 486.8 with a daily increase of 2.27% and a weekly increase of 5.23% [4]. - The sugar basis shows different changes. For example, on August 12, 2025, the basis of Nanning - SR01 was 352, with a daily decrease of 35 and a weekly decrease of 10; the basis of Kunming - SR01 was 207, with a daily decrease of 45 and a weekly decrease of 20 [11]. - The import prices of Brazilian and Thai sugar have increased. On August 13, 2025, the in - quota price of Brazilian sugar was 4476, with a daily increase of 55 and a weekly increase of 43; the out - of - quota price was 5686, with a daily increase of 72 and a weekly increase of 56. The in - quota price of Thai sugar was 4564, with a daily increase of 55 and a weekly increase of 56; the out - of - quota price was 5801, with a daily increase of 72 and a weekly increase of 73 [14]. Group 2: Cotton Core View - The current low inventory of old cotton provides strong support for cotton prices. However, the downstream sales have not yet recovered, so the short - term driving force for cotton prices is insufficient, and the price may remain volatile. As the peak seasons of "Golden September and Silver October" approach, the downstream's willingness to stock up is expected to improve marginally, and the cotton price center may rise with the recovery of demand. Attention should be paid to the downstream stocking situation and the adjustment of the USDA supply - demand forecast report this week [16]. Price and Spread Information - On August 13, 2025, Cotton 01 closed at 14130, up 150 or 1.07%; Cotton 05 closed at 14090, up 180 or 1.29%; Cotton 09 closed at 13830, up 95 or 0.69%. Yarn 01 closed at 20165, up 185 or 0.93%; Yarn 05 closed at 20345, up 275 or 1.37%; Yarn 09 closed at 20115, up 120 or 0.6% [17]. - The cotton basis was 1197, down 284; Cotton 01 - 05 was 70, up 20; Cotton 05 - 09 was 175, up 25; Cotton 09 - 01 was - 245, down 45; the flower - yarn spread was 5985, down 30; the domestic - foreign cotton spread was 1775, down 1; the domestic - foreign yarn spread was - 582, down 15 [18]. Group 3: Red Dates Core View - Based on last year's bumper harvest, the output of grey dates in the new season has decreased year - on - year and may be lower than normal, but the extent of the reduction is difficult to determine, leading to significant market divergence. As the festival peak season approaches, downstream buyers will start to stock up gradually, and combined with the fermentation of the production - reduction sentiment, the short - term price trend of red dates may be strong. However, due to the high inventory of old dates and the unclear production, it is not advisable to chase the high price [21]. Group 4: Apples Core View - Under the impact of seasonal fruits, the sales speed of apples is limited. In Shandong, the number of apple packages is limited due to the busy farming season. In Shaanxi, the apple supply is concentrated in northern Shaanxi, and the secondary production areas are almost cleared of inventory. For the new - season apples, the paper - bag Gala apples have started to be listed, and the prices are good [26]. Price Information - On August 13, 2025, AP01 closed at 7986 with a daily increase of 0%, and a weekly increase of 1.68%; AP03 closed at 7904 with a daily increase of 0.28% and a weekly increase of 1.4%; AP04 closed at 7952 with a daily increase of 0.49% and a weekly increase of 1.49%; AP05 closed at 7981 with a daily decrease of 0.21% and a weekly increase of 0.96%; AP10 closed at 8158 with a daily decrease of 0.24% and a weekly increase of 3.07%; AP11 closed at 7894 with a daily increase of 0.05% and a weekly increase of 2.31%; AP12 closed at 7926 with a daily increase of 0.27% and a weekly increase of 1.89% [27]. - The spot prices of different apple varieties remained stable on that day. For example, the price of Qixia first - and second - grade 80 apples was 3.8, with a daily and weekly increase of 0% [27].

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 ...