1. Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures are in a sideways adjustment. After briefly breaking below 4,500 ringgit, they gradually declined and tested the support at the 20 - day moving average of 4,400 ringgit. If it can find support here, it may stop falling. Fundamentally, the production growth is lower than the export growth, which could support the futures to return above 4,500 ringgit. With the potential bullish impact of limited inventory increase at the end of August, there is a chance for a sideways upward trend. The view is that the near - term is weak and the long - term is strong, and it's crucial to watch if it can hold at 4,400 ringgit [3]. - Domestic market: Dalian palm oil futures are also in a sideways adjustment. After breaking below the 20 - day moving average, there is downward pressure, and it is expected to seek support around 9,200 yuan and then stabilize. After this correction and effectively standing firm, with the boost of the recovery of Malaysian palm oil, Dalian palm oil futures may gradually start a sideways upward trend. After returning above 9,500 yuan and standing firm, there is a chance to follow the upward trend of Malaysian palm oil. The view is also near - term weak and long - term strong [3]. Soybean Oil - International vegetable oils have been falling continuously (the end of the fuel consumption peak season has dragged down the vegetable oil market). CBOT soybean oil has fallen for five consecutive days, and BMD palm oil has fallen four days out of five, both dragging down domestic oils. Although domestic soybean oil has fallen, the decline is limited because the consumption season has started, and funds are reluctant to short aggressively. Currently, domestic demand is good, but international related varieties continue to exert pressure, so there is still some downward space, but the decline is not large. The support for the main January contract is seen around 8,300 yuan. If downstream consumption is good later, there is a chance for it to strengthen after the correction [4]. Oilseeds - Soybean Meal - Spot market: The fixed - price of oil mills generally remains stable. Although the Dalian soybean meal futures have slightly rebounded, at the end of the month, oil mills are increasing the pressure to pick up goods, and some traders' actual transactions are negotiable due to inventory transfer pressure. In the short term, the domestic market is executing inventory and September positions, and the trading pace is slow. However, with the premium trading of imported soybean auctions and the uncertainty of Sino - US tariffs, the terminal's bullish expectation for the long - term remains unchanged, and the upward trend of soybean meal prices continues [19]. 2. Price and Spread Information Oil Price and Spread - **Price and Spread Table**: P 1 - 5 is 260 yuan/ton with a daily increase of 8 yuan; Y - P 01 is - 1,042 yuan/ton with a daily increase of 68 yuan; etc. [5] - **Palm Oil Price**: Palm oil 01 is 9,316 yuan/ton with a decline of 1.04%; BMD palm oil main contract is 4,406 ringgit/ton with a decline of 0.97%; Guangzhou 24 - degree palm oil is 9,470 yuan/ton with an increase of 30 yuan [8]. - **Soybean Oil Price**: Soybean oil 01 is 8,358 yuan/ton with an increase of 0.53%; CBOT soybean oil main contract is 52.37 cents/pound with a decline of 1.47%; Shandong first - grade soybean oil spot is 8,470 yuan/ton with a decline of 50 yuan [15]. Oilseed Price and Spread - **Futures Price**: The closing price of soybean meal 01 is 3,055 with an increase of 16 and a rise of 0.53%; the closing price of rapeseed meal 01 is 2,513 with an increase of 30 and a rise of 1.21%; CBOT yellow soybeans are at 1,048.25 with no change [20]. - **Spread Table**: M01 - 05 is 225 with a daily increase of 9; RM01 - 05 is 75 with a daily increase of 20; etc. [21][23] - **Spot and Basis**: The spot price of soybean meal in Rizhao is 3,000 with no change, and the basis is - 39 with an increase of 6; the spot price of rapeseed meal in Fujian is 2,534 with a decline of 21, and the basis is 51 with a decline of 3 [23].

交易咨询业务：沪证监许可【2012】1515号 2025年8月29日 研究员：李海啸 交易咨询：Z0019568 审核：唐韵 Z0002422 【免责声明】 http://www.eafutures .com 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。 黑色系周报—铁矿石 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。本公司保留追究相关 ...

Report Information - Report Title: Black Series Weekly - Steel Products [2] - Date: August 29, 2025 [2] - Researcher: Li Haixiao [3] - Reviewer: Tang Yun [3] Report Industry Investment Rating - No information provided Core Viewpoints - In this period, the production of rebar decreased, inventory increased, and apparent demand increased; the production of hot-rolled coils decreased, inventory increased, and apparent demand decreased. With the arrival of the high-temperature rainy season, the inventory of the five major steel products has continuously accumulated. Rebar and hot-rolled coils are weakly oscillating and adjusting. Then, pay attention to the de-stocking time of rebar. [5] - The rebar 2601 contract is oscillating. [5] - The hot-rolled coil 2601 contract is oscillating. [5] Summary by Directory 1. Macro - In July, data such as new real estate starts and infrastructure investment declined month-on-month. [5] 2. Supply - In July 2025, China exported 9.836 million tons of steel products, an increase of 158,000 tons from the previous month, a month-on-month increase of 1.6%; from January to July, the cumulative export of steel products was 67.983 million tons, a year-on-year increase of 11.4%. [7] - The pig iron output was 2.4013 million tons, a month-on-month decrease of 62,000 tons and a year-on-year increase of 192,400 tons. [7] - The output of the five major steel products was 8.8461 million tons, a month-on-month increase of 65,500 tons and a year-on-year increase of 1.0595 million tons. The rebar output was 2.2056 million tons, a month-on-month increase of 59,100 tons and a year-on-year increase of 583,000 tons; the hot-rolled coil output was 3.2474 million tons, a month-on-month decrease of 5,000 tons and a year-on-year increase of 196,900 tons. [7] - The EAF operating rate was 75.1%, a month-on-month decrease of 0.59%. [7] 3. Inventory - The total inventory of the five major steel products was 14.6788 million tons, a month-on-month increase of 268,400 tons and a year-on-year decrease of 950,700 tons. The rebar inventory was 6.2339 million tons, a month-on-month increase of 163,500 tons and a year-on-year increase of 276,800 tons; the hot-rolled coil inventory was 3.6546 million tons, a month-on-month increase of 40,200 tons and a year-on-year decrease of 763,500 tons. [7] 4. Demand - The weekly apparent demand for the five major steel products was 8.5777 million tons, a month-on-month increase of 47,800 tons and a year-on-year increase of 1,900 tons. [7]

Report Information - Report Title: Black Series Weekly Report - Coking Coal and Coke [2] - Date: August 29, 2025 [2] - Researcher: Li Haixiao [3] - Reviewer: Tang Yun [3] Investment Rating - No investment rating information provided Core Views - For coking coal, with improved macro - expectations, slowed inventory depletion at mines, mixed spot transactions, and frequent regulatory pressures, the coking coal 2601 contract will oscillate [5] - For coke, with tight coke inventories in some regions and a game between the eighth round of price hikes and the first round of price cuts, the coke 2601 contract will oscillate [8] Summary by Directory 1. Price - Coking coal warehouse receipt is 1094, Mongolian coal warehouse receipt is 1182, coke warehouse receipt is 1608, and the overseas warehouse receipt price of Australian coal is 1518 [11] 2. Demand, Profit, and开工 - Coking plant's on - paper profit (01 contract) is 160, a week - on - week decrease of 20 [12] - Total coke daily output is 110.61 million tons, a week - on - week decrease of 1.57 million tons and a year - on - year decrease of 0.1 million tons [12] - Hot metal output is 240.13 million tons, a week - on - week decrease of 0.62 million tons and a year - on - year increase of 19.24 million tons [12] - Coal washery output is 25.98 million tons (with changes in the coal washery sample data), a week - on - week increase of 0.26 million tons [12] 3. Inventory - Coke total inventory is 887.47 million tons, a week - on - week decrease of 1.11 million tons and a year - on - year increase of 87.51 million tons [14] - Coking plant's coke inventory is 65.31 million tons, a week - on - week increase of 0.94 million tons and a year - on - year decrease of 12.62 million tons [14] - Steel mill's coke inventory is 610.07 million tons, a week - on - week increase of 0.48 million tons and a year - on - year increase of 68.19 million tons [14] - Port inventory is 212.09 million tons, a week - on - week decrease of 2.53 million tons and a year - on - year increase of 31.94 million tons [14] - Coking coal total inventory is 2048.47 million tons, a week - on - week increase of 8.26 million tons and a year - on - year increase of 187.63 million tons [16] - Coking plant's coking coal inventory is 961.27 million tons, a week - on - week decrease of 5.14 million tons and a year - on - year increase of 109.58 million tons [16] - Steel mill's coking coal inventory is 811.85 million tons, a week - on - week decrease of 0.46 million tons and a year - on - year increase of 77.39 million tons [16] - Port inventory is 275.35 million tons, a week - on - week increase of 13.86 million tons and a year - on - year decrease of 86.98 tons [16] - Coal washery inventory is 289.48 million tons (with data sample changes), a week - on - week decrease of 5.36 million tons [16] 4. Import and Export - From January to July, coking coal imports were 62.44 million tons, a year - on - year decrease of 8.47% [19] - From January to July, coke exports were 4.4 million tons, a year - on - year decrease of 22.02% [19]

Report Industry Investment Rating The document does not provide the report industry investment rating. Core Viewpoints - The oilseed and oil sectors are facing various supply - demand challenges. The oilmeal market has potential supply contractions, while the oil market is generally weak with high inventories. Without bio - diesel speculation, the oil market is likely to return to a weak fundamental state and may experience further short - term adjustments [6][40]. Summary by Related Catalogs 1. Oilmeal Market 1.1 Soybean Meal - In August, the USDA cut the U.S. soybean area, potentially leading to a supply contraction in the global market in the fourth quarter. The U.S. soybean is entering the harvest period, and its inventory is expected to decline. There is uncertainty about Sino - U.S. tariffs, and domestic soybean purchases in November are not active. The domestic spot price has stopped falling and is in a low - level oscillation. As the domestic futures market drops, the spot basis strengthens, presenting opportunities for a low - level rebound [6]. 1.2 Rapeseed Meal - The short - term fundamentals are relatively stable. The potential anti - dumping measures on Canadian rapeseed may lead to a significant drop in imports, but there is uncertainty before the tariffs are finalized. Domestic rapeseed inventory is low, and insufficient imports may slow down rapeseed crushing, affecting the supply of domestic rapeseed meal and oil. The domestic rapeseed meal market has price but low trading volume, with low overall inventory, and the medium - term outlook is positive. The uncertainty lies in future tariff negotiations with Canada and the implementation of import policies [6]. 2. Oil Market 2.1 Soybean Oil - Domestic soybean oil production is increasing, leading to high - level inventory accumulation. The price difference with other oils may cause demand substitution. After the speculation on soybean oil exports, there is no further progress. If exports do not meet expectations, the domestic market may face an oversupply situation. Future attention should be paid to the price difference and substitution effects of overseas bio - diesel and palm oil [37]. 2.2 Palm Oil - Palm oil prices are in a high - level oscillation. The delay of Indonesia's B50 program may weaken the bio - diesel outlook. The MPOB report shows that inventory accumulation is lower than expected, and the overseas supply pressure has slightly eased, but the seasonal inventory build - up is not over. Attention should be paid to the impact of the crude oil market and bio - diesel. Domestic inventory is high and increasing, and the supply - demand situation is weak. Higher import costs may lead to price drops if the overseas market weakens [38]. 2.3 Rapeseed Oil - The rapeseed sector lacks new topics, and during the off - season, inventory reduction is slow, putting pressure on the market. However, anti - dumping measures on Canadian rapeseed may reduce the supply of rapeseed oil. Currently, the basis of East China crude rapeseed oil has fallen to near par, with low terminal purchasing willingness and weak trading in many regions, and the basis continues to decline slightly [39].

Core View - Bullish factors include improved stainless steel mill profits leading to increased production, rising new energy vehicle sales boosting demand, strong cost support at the lower end, a falling US dollar index lifting nickel prices, and an improved macro - environment [3] - Bearish factors are high stainless steel inventories, declining demand for new energy ternary batteries suppressing nickel consumption, increasing global nickel ore supply and rising production, and a rebounding US dollar increasing cost pressure [3] - The trading advisory view is that the fundamentals are weak, but the increase in downstream procurement volume leads to significant divergence between bulls and bears [3] Market Data Nickel - The latest values of Shanghai nickel futures contracts (main, continuous 1, continuous 2, continuous 3) are 120990 yuan/ton, 120990 yuan/ton, 121110 yuan/ton, and 121300 yuan/ton respectively, with weekly increases of 0.57%, 1.15%, 1.09%, and 1.09% [4] - LME nickel 3M is at 15190 dollars/ton, up 1.04% weekly [4] - The positions decreased by 16.4% to 92205 hands, trading volume increased by 8.94% to 129831 hands, and the number of warehouse receipts decreased by 2.39% to 22013 tons [4] - The basis of the main contract is - 1060 yuan/ton, down 7.83% [4] - The spot prices of金川 nickel, imported nickel, 1 electrolytic nickel, and nickel beans are 122850 yuan/ton, 120950 yuan/ton, 121750 yuan/ton, and 123050 yuan/ton respectively, with daily decreases of 1.25%, 1.10%, 1.14%, and 1.05% [4] - The domestic social inventory of nickel is 40872 tons, a decrease of 1019 tons; LME nickel inventory is 209676 tons, an increase of 456 tons [4][7] Stainless Steel - The latest values of stainless steel futures contracts (main, continuous 1, continuous 2, continuous 3) are 12850 yuan/ton, 12850 yuan/ton, 12915 yuan/ton, and 12980 yuan/ton respectively, with the main contract unchanged, and continuous 1, 2, 3 up 0.78%, 0.70%, and 0.89% weekly [4] - The trading volume decreased by 22.05% to 121866 hands, positions decreased by 10.48% to 127116 hands, and the number of warehouse receipts decreased by 1.47% to 100431 tons [4] - The basis of the main contract is 620 yuan/ton, down 13.89% [4] - The stainless steel social inventory is 928.8 thousand tons, a decrease of 4.6 thousand tons; nickel pig iron inventory is 33111 tons, a decrease of 304 tons [7] Charts - There are charts showing the trends of Shanghai nickel and LME nickel futures main contracts, stainless steel futures main contract, nickel spot average price, China's refined nickel monthly production, China's primary nickel total monthly supply, domestic social nickel inventory, LME nickel inventory, Philippine laterite nickel ore price, China's port nickel ore inventory, China's nickel - iron monthly production, Indonesia's nickel pig iron monthly production, battery - grade nickel sulfate average price, nickel - bean - produced nickel sulfate profit margin, China's externally - sourced nickel - sulfate - produced electrowon nickel profit, China's nickel sulfate monthly production, ternary precursor monthly production capacity, China's 304 stainless steel cold - rolled coil profit margin, stainless steel monthly production, and stainless steel inventory [9][11][13][15][16][17][20][22][24][26][28][29][31][33]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report analyzes the factors affecting the bond market. The positive factors include a stable and loose capital supply, which provides continuous liquidity support and eases the pressure on the bond market, and the slower - than - expected issuance of government bonds, which reduces supply and eases concerns about the "asset shortage". The negative factors are that the manufacturing PMI has risen above 50, enhancing the expectation of economic improvement and suppressing the demand for bonds, and the 10 - year treasury bond variety has undergone shock adjustments, increasing the potential profit - taking pressure and weighing on market sentiment. The trading advice is to pay attention to the allocation value of the 10 - year treasury bond yield in the range of 1.75% - 1.80% and seize the trading opportunities [3]. 3. Summary According to Related Figures 3.1 Bond Yields - The report presents the trends of 2 - year, 5 - year, 7 - year, 10 - year, and 30 - year treasury bond yields from 2024/04 to 2025/04 [4]. 3.2 Interest Rates - The trends of the weighted average interest rate of pledged repurchase by deposit - taking institutions for 1 - day and 7 - day, and the 7 - day reverse repurchase rate from 2023/12 to 2025/06 are shown [4]. 3.3 Bond Term Spreads - The trends of the 7Y - 2Y and 30Y - 7Y treasury bond term spreads from 2024/04 to 2025/04 are presented [4]. 3.4 Bond Futures Positions - The positions of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2015/12 to 2023/12 are shown [6]. 3.5 Bond Futures Trading Volumes - The trading volumes of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures from 2024/04 to 2025/04 are presented [7]. 3.6 Bond Futures Basis - The trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures for the current - quarter contracts are shown from different time periods: 02/29 - 10/31 for 2 - year, 2024/04 - 2025/04 for 5 - year, 02/29 - 10/31 for 10 - year, and 2023/06 - 2025/06 for 30 - year [8][9][10][14]. 3.7 Bond Futures Inter - delivery Spreads - The trends of the inter - delivery spreads (current - quarter minus next - quarter) of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are presented from different time periods: 2024/04 - 2025/04 for 2 - year, 5 - year, and 10 - year, and 2023/06 - 2025/06 for 30 - year [12][13][15][16]. 3.8 Bond Futures Cross - variety Spreads - The trends of the cross - variety spreads of TS*4 - T from 2024/04 to 2025/04 and T*3 - TL from 2023/06 to 2025/06 are presented [17][18].

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - In the context of the restart of the trade war, the economic recession restricts the consumer demand for gold and silver jewelry; the demand for precious metals lies in the choice of sovereign funds in the context of de - dollarization; a relatively significant increase in domestic gold warehouse receipts has been tracked [2][3] 3. Summary by Relevant Catalogs 3.1 Gold and Silver Market Overview - One - Week Policy and Fundamental Review - Trump plans to impose tariffs on furniture imported from other countries, and will introduce furniture tariffs soon with high rates, and implement export restrictions and tariff measures against foreign digital taxes; he also plans to cut drug prices by 1400% - 1500% and quickly impose tariffs on drugs [7] - Canada will cancel counter - tariff measures on most US goods under the US - Mexico - Canada Agreement on September 1st, but will temporarily maintain tariffs on US automobiles, steel, and aluminum [7] - Fitch confirms the US rating as "AA+"; the outlook is stable [7] - The US government acquires a 9.9% stake in Intel at a price of $20.47 per share, and Intel believes that government ownership may pose risks to its business and may increase to 15% [7] - The European Central Bank Governing Council member Rehn believes that there is no need for "preventive interest rate cuts" as the inflation rate has reached 2%; the Bank of Japan Governor Kazuo Ueda expects the tight labor market to continue to put upward pressure on wages [2][3][7] - US officials plan to impose a unified tariff of $80 - $200 on packages sent to the US in the next six months, and then levy tariffs according to specific tariff rates [7] - The Bank of England Governor Andrew Bailey believes that the UK faces "severe challenges" of potential weak economic growth and a decline in labor force participation rate [7] - Apple is exploring the use of Google's Gemini AI to support the new version of Siri; Elon Musk open - sources Grok 2.5; xAI under Elon Musk sues Apple and OpenAI, accusing them of violating antitrust laws [7] - The Federal Reserve's Logan believes that there is still room for the banking system to reduce reserves, and the standing repurchase facility may be restarted in September; it is necessary to continue exploring whether it is still the optimal choice to communicate the federal funds rate target through the range form [2][3][7] - The White House National Economic Council Director Kevin Hassett believes that it is appropriate for the Federal Reserve to consider an interest rate cut, and it will take several months to decide on the successor to the Federal Reserve Chairman [7] - The European Central Bank President Christine Lagarde believes that the European economy is resilient but not prosperous, and the impact of tariffs on European GDP may be small [7] - The French Prime Minister Élisabeth Borne calls for a confidence vote on September 8th and will start negotiations with the opposition next week; the yield of French 30 - year government bonds has reached a 14 - year high, and the yield spread between French and German 10 - year government bonds has reached a new high since April [7] - NVIDIA's performance exceeds expectations, but its revenue outlook is a bit dull, and it increases its share repurchase by $60 billion [7] - Cook sues Trump over the dismissal incident, and Powell is also a defendant. A US judge will hold a hearing on Cook's lawsuit against Trump this Friday, and the case is expected to end up in the Supreme Court [2][3][7] - The EU proposes a legislative proposal to cancel some US goods tariffs to promote the US to lower automobile tariffs, and plans to accelerate the legislative process to fully cancel tariffs on US industrial products by the end of this weekend to meet Trump's requirements [7] - The Japanese Minister of Economic Revitalization Akazawa Ryosei visits the US again, urging the US to implement the automobile tariff reduction agreement [7] - The US is considering measures to influence local Federal Reserve banks and strengthen the review of the selection method of local Federal Reserve bank presidents. Trump says he will soon hold a majority in the Federal Reserve [2][3][7] - The US Commerce Secretary is studying potential equity investment opportunities in the defense sector and other industries [7] - The White House trade advisor says that if India stops buying Russian oil, it can get a 25% tariff discount [7] - A nominee for the Federal Reserve Board of Governors nominated by Trump is expected to be confirmed before the Federal Reserve's September resolution [7] - Rehn believes that Trump's pressure on the independence of the Federal Reserve may have a major global impact on financial markets and the real economy [7] 3.2 Gold and Silver Market Overview - Gold Market Tracking - COMEX gold futures and options: The latest long - position holding of managed funds is 122,450 contracts, and the short - position holding is 35,978 contracts; the 5 - day increase in long - position holding is - 4%, and the short - position holding is - 1%; the 1 - week increase in long - position holding is - 5,556 contracts, and the short - position holding is 2,599 contracts [8] - Gold ETFs: The latest holding of SPDR Gold ETF is 862 tons, and iShares Gold ETF is 402 tons; the 5 - day increase in SPDR is - 2 tons, and iShares is - 4 tons; the 1 - week increase in SPDR is 6 tons, and iShares is - 4 tons [8] - Gold futures positions: The latest position is 407,927 hands, with a 5 - day increase of 16,492 hands and a 1 - week increase of 46,665 hands [8] - Gold warehouse receipts: The Shanghai warehouse receipt is 3 tons, with a 5 - day increase of - 0 tons and a 1 - week increase of - 1 ton; the overseas inventory is 617 ounces, with a 5 - day increase of 1 ounce and a 1 - week increase of - 2 ounces [8] 3.3 Gold and Silver Market Overview - Silver Market Tracking - COMEX silver futures and options: The latest long - position holding of managed funds is 44,277 contracts, and the short - position holding is 27,801 contracts; the 5 - day increase in long - position holding is 57 contracts, and the short - position holding is 58 contracts; the 1 - week increase in long - position holding is - 4,423 contracts, and the short - position holding is - 4,757 contracts [13] - Silver ETFs: The latest holding of SLV Silver ETF is 13,802 tons, with a 5 - day increase of 58 tons and a 10 - day increase of - 24 tons [13] - Silver futures positions: The latest position is 971,795 hands, with a 5 - day increase of 78,420 hands and a 10 - day increase of 87,220 hands [13] - Silver warehouse receipts: The Shanghai warehouse receipt is 1,075 tons, with a 5 - day increase of - 7 tons and a 10 - day increase of 0 tons; the overseas inventory is 8,398 tons, with a 5 - day increase of - 52 tons and a 10 - day increase of - 61 tons [13] 3.4 Gold and Silver Market Overview - Gold and Silver Import Profit Tracking - The import gold hedging profit margin and import silver hedging profit margin have fluctuated over time, but specific data trends are presented in the form of a graph [19] 3.5 Factors Affecting the Price Trend of Precious Metals - Dollar Index Futures Position Tracking - The non - commercial net long - position holding of the ICE dollar index futures and options has fluctuated over time, and the specific data trends are presented in the form of a graph [21] 3.6 Factors Affecting the Price Trend of Precious Metals - US Treasury Bond Futures Position Tracking - The non - commercial net long - position holdings of CBOT 10 - year, 5 - year, and 2 - year US Treasury bond futures and options have fluctuated over time, and the specific data trends are presented in the form of a graph [24] 3.7 Factors Affecting the Price Trend of Precious Metals - US Inflation Expectation - The 5 - year, 7 - year, and 10 - year break - even inflation rates in the US have fluctuated from July 1st to August 28th, 2025, with specific values presented in the form of a graph [28] 3.8 Factors Affecting the Price Trend of Precious Metals - US Real Interest Rate - The monthly real yield curves of 5 - year, 7 - year, and 10 - year US Treasury bonds have fluctuated over time, and the specific data trends are presented in the form of a graph [30] 3.9 Factors Affecting the Price Trend of Precious Metals - US Interest Rate Term Structure - The US Treasury bond interest rates, real interest rates (based on PCE and linearly interpolated within the year), and inflation expectations (linearly interpolated within the year) for different terms (1M - 30Y) are presented in the form of a graph [32][33] 3.10 Factors Affecting the Price Trend of Precious Metals - 2 - Year Treasury Bond Yield Spread between the US and Major Non - US Countries - The yield spreads between 2 - year US Treasury bonds and 2 - year Treasury bonds of the UK, Japan, China, and Germany have fluctuated over time, and the specific data trends are presented in the form of a graph [35]

Report Title - Zinc Industry Weekly Report, dated August 29, 2025 [1] Core Views Bullish Factors - China's zinc consumption is growing, with apparent consumption rising steadily, which supports demand [3]. - Both domestic and overseas inventories have slightly decreased, alleviating supply pressure [3]. Bearish Factors - Global zinc consumption is declining, especially in Western countries or regions, and inventories remain at a high level [3]. - Supply is abundant, processing fees are rising, it's the off - demand season, and inventories are increasing [3]. Trading Advisory View - The fundamental support for zinc is insufficient, but the expectation of the Fed's interest rate cut may provide macro - level support [3]. Summary by Related Catalogs Processing and End - User Demand - The report presents data on the market sentiment index of galvanized coils, their weekly inventory, and steel mills' weekly production, all with seasonal trends. It also shows the seasonal data of net exports of galvanized sheets (strips), die - cast zinc alloy, color - coated sheets (strips), and zinc oxide, as well as data related to the real estate market such as development investment, engineering progress, sales area, and unsold area, and 100 - large - city land transaction area and 30 - large - city commercial housing transaction volume. Additionally, it includes infrastructure fixed - asset investment data [4][6][8][11][13][16][17][19] Supply and Supply - Side Profits - Data on the seasonal monthly import volume of zinc concentrates, zinc concentrate TC, SMM zinc ingot monthly production, zinc ingot monthly production plus imports, zinc concentrate raw material inventory days, and LME and SHFE zinc inventories are provided, along with the production profit and processing fees of refined zinc enterprises [22][24][25][26][28][29] Futures and Spot Market Review - It shows the trends of domestic and foreign zinc prices, the trading volume and open interest of Shanghai zinc futures, the relationship between LME zinc closing price and the US dollar index, LME zinc's premium and discount, and the basis of zinc ingots in three locations [31][32][33][35][40]

1. Report Industry Investment Rating No information provided in the document about the report industry investment rating. 2. Report's Core View - The macro - environment is generally favorable for commodities. Overseas, Powell's dovish signal strengthens the market's interest - rate cut expectation, and the July S&P Global Manufacturing PMI exceeds expectations. Domestically, although the July domestic demand data is still weak, the market's pessimistic expectation of deflation has changed. However, the fundamentals of both raw materials and finished products are weakening, which suppresses the upward movement of the market. Overall, the steel market is expected to show a range - bound pattern [3]. - The supply of iron ore first increases and then stabilizes. The high demand for hot metal is maintained, but the downstream terminal demand is weak, and the inventory is accumulating. The short - term supply of coking coal is relatively loose, and the premium retracement supports the iron ore price. In the short term, the iron ore price is expected to be mainly range - bound [18]. - The details of the "anti - involution" policy need time to be introduced, and the macro - sentiment may fluctuate. The far - month production of coking coal may be restricted by over - production inspections and the 276 - working - day policy. The current main contract has a large open interest, and the long - short game is intense. Attention should be paid to the performance of finished product demand in the peak season, the production changes of coking coal mines, and the implementation effect of macro - policies [30]. - Driven by profit, the production of ferroalloys is gradually increasing, reaching a high level in the same period of the past five years, with great supply pressure. With the production restrictions on some steel mills before the parade and no obvious improvement in demand, the ferroalloy inventory may change from destocking to stocking. The price of ferroalloys is affected by the price of coking coal, and in the long - term, the valuation trend of coking coal is upward, but the short - term fluctuation is intense [48]. - The supply of soda ash is expected to remain high, and normal maintenance continues. The demand for soda ash is expected to be weak, and the upper - middle stream inventory continues to reach a new high. The cost of raw salt and coal has increased. The pattern of strong supply and weak demand for soda ash remains unchanged [57]. - The near - end trading of glass returns to the industry. After Hubei reduces the price, the production and sales situation improves. The policy expectation fluctuates, and the market sentiment also fluctuates. The supply of glass is stable, and the cumulative apparent demand from January to August is estimated to decline by 7%. The mid - stream inventory is at a high level, and the spot negative feedback continues. Attention should be paid to policy guidance and short - term sentiment changes [83]. 3. Summary by Related Catalogs Steel - **Macro and Fundamental Analysis**: Overseas macro - drivers are upward, and domestic deflation pessimism has changed. However, steel has a high - supply pressure with super - seasonal inventory accumulation. Raw material fundamentals are weakening, but the overall inventory of finished products is not high, and the total demand is acceptable. The market is expected to be range - bound [3]. - **Price Data**: On August 25, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3224, 3261, and 3138 yuan/ton respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3377, 3388, and 3389 yuan/ton respectively [4]. - **Spot Price and Basis**: The rebar summary price in China on August 25, 2025, was 3354 yuan/ton, and the 01 rebar basis in Shanghai was 86 yuan/ton. The hot - rolled coil summary price in Shanghai was 3430 yuan/ton, and the 01 hot - rolled coil basis in Shanghai was 53 yuan/ton [8]. Iron Ore - **Supply - Demand and Price Outlook**: Supply first increases and then stabilizes, demand for hot metal is high but terminal demand is weak with inventory accumulation. Coking coal supply supports the price. In the short term, the price is expected to be range - bound [18]. - **Price Data**: On August 25, 2025, the closing prices of iron ore 01, 05, and 09 contracts were 787, 763, and 806.5 yuan/ton respectively. The price of Rizhao PB powder was 780 yuan/ton [19]. - **Fundamental Data**: On August 22, 2025, the daily average hot - metal output was 240.75 tons, the 45 - port port clearance volume was 325.74 tons, and the 45 - port inventory was 13845.2 tons [24]. Coking Coal and Coke - **Market Analysis**: The "anti - involution" policy details are pending, and the macro - sentiment may fluctuate. The far - month production of coking coal may be restricted. The main contract has a large open interest, and the long - short game is intense. Attention should be paid to multiple factors [30]. - **Price and Basis Data**: On August 25, 2025, the coking coal warehouse - receipt cost in Tangshan (Meng 5) was 1128 yuan/ton, and the main - contract basis was - 88 yuan/ton. The coke warehouse - receipt cost in Rizhao Port (wet - quenched) was 1616 yuan/ton, and the main - contract basis was - 120.4 yuan/ton [35]. - **Spot Price and Profit**: The ex - factory price of Anze low - sulfur main coking coal was 1470 yuan/ton, and the immediate coking profit was 397 yuan/ton [36]. Ferroalloys - **Market Situation**: Driven by profit, production is increasing, with high supply pressure. With production restrictions on steel mills and no obvious demand improvement, inventory may change from destocking to stocking. The price is affected by coking coal [48]. - **Data of Ferrosilicon and Ferromanganese**: On August 25, 2025, the ferrosilicon basis in Ningxia was 8 yuan/ton, and the ferromanganese basis in Inner Mongolia was 268 yuan/ton [49][51]. Soda Ash - **Market Analysis**: Supply is expected to remain high, demand is weak, and the upper - middle stream inventory is at a new high. The cost of raw salt and coal has increased, and the pattern of strong supply and weak demand remains unchanged [57]. - **Price Data**: On August 25, 2025, the closing price of the soda ash 05 contract was 1393 yuan/ton, and the 5 - 9 month spread was 167 yuan/ton [58]. - **Spot Price**: The heavy - soda market price in North China was 1350 yuan/ton, and the heavy - soda to light - soda price difference was 100 yuan/ton [62]. Glass - **Market Analysis**: The near - end trading returns to the industry. After Hubei reduces the price, production and sales improve. Policy expectations and market sentiment fluctuate. Supply is stable, and the cumulative apparent demand from January to August is estimated to decline by 7%. The mid - stream inventory is high, and the spot negative feedback continues [83]. - **Price and Month - Spread Data**: On August 25, 2025, the closing price of the glass 05 contract was 1280 yuan/ton, and the 5 - 9 month spread was 281 yuan/ton [84]. - **Production and Sales Data**: On August 24, 2025, the production and sales rate in Shahe was 110%, and in Hubei was 131% [85].