1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - **Copper**: Overnight LME copper fluctuated higher, and domestic copper was slightly stronger. The US July durable goods orders initial value was -2.8% month - on - month, higher than expected and the previous value, but still in decline for the second consecutive month. Excluding transportation equipment, the orders increased by 3.8% year - on - year. LME, Comex, SHFE copper inventories all decreased. As the seasonal off - season nears its end, downstream orders are expected to pick up, and the low scrap copper production benefits refined copper substitution. The US may expand the key minerals list, which could re - evaluate copper resources. Although there are concerns about US copper inventory impacting overseas, domestic post - off - season demand may drive LME de - stocking and copper price stabilization, but the September peak season may be weaker than the first half of the year [1]. - **Aluminum**: Alumina fluctuated weakly, while Shanghai aluminum and aluminum alloy were slightly stronger. Alumina prices fell, and the spot premium of aluminum ingots reached par. The resumption of alumina production increased, and the expectation of oversupply pressured prices. However, cost support strengthened due to factors like restricted ore mining. The inflow of domestic aluminum ingots decreased, and downstream stocking increased. Whether it's a cyclical inflection point needs further confirmation [1][2]. - **Nickel**: LME and Shanghai nickel prices rose. LME and domestic inventories decreased. The Indonesian government shortened the mineral and coal production period. Nickel ore prices were stable. Stainless steel supply increased, with some inventory pressure, but the cost of nickel - iron rose. Ternary demand in the new energy sector was strengthening, and the supply of raw materials was relatively tight. Overall, the fundamentals changed little, and prices were still in a volatile range [2][3]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Overnight LME copper and domestic copper showed different trends. Macro data in the US had mixed impacts. Inventory decreased in multiple markets. Demand is expected to improve as the off - season ends. The potential expansion of the US key minerals list may affect copper value. There are concerns about US copper inventory, but domestic demand may drive price recovery [1]. - **Aluminum**: Alumina was weak, while other aluminum products were slightly stronger. Price, inventory, and supply - demand factors all influenced the market. The balance between supply resumption and cost support determined the price trend. The change in aluminum ingot inventory needs further observation [1][2]. - **Nickel**: Prices rose, and inventories decreased. Policy changes in Indonesia, stable nickel ore prices, and different trends in stainless steel and new energy sectors all contributed to the overall market situation, with prices remaining volatile [2][3]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper increased, and the premium decreased. The price of scrap copper and the refined - scrap price difference also changed. Inventory decreased in LME and SHFE. Other indicators such as LME0 - 3 premium and import profit also showed fluctuations [4]. - **Lead**: The average price of 1 lead and related products increased. Lead concentrate prices and processing fees had some changes. LME and SHFE inventories decreased [4]. - **Aluminum**: The price of aluminum in different regions and the premium changed. Raw material prices and downstream processing fees were relatively stable. LME and SHFE inventories showed different trends, and the social inventory of alumina decreased [5]. - **Nickel**: The price of electrolytic nickel increased slightly. Nickel ore, nickel - iron, and stainless steel prices were mostly stable. The prices of new energy - related products decreased. LME and SHFE inventories decreased, and the social inventory of nickel increased [5]. - **Zinc**: The main settlement price decreased slightly. LME and SHFE inventories changed in different directions, and the social inventory increased. Other indicators such as premiums and processing fees remained stable [6]. - **Tin**: The main settlement price increased slightly. LME and SHFE inventories decreased. The price of tin concentrate decreased [6]. 3.3 Chart Analysis - **Spot Premium**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [8][10][15]. - **SHFE Near - Far Month Spread**: Charts display the historical trends of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [16][18][20]. - **LME Inventory**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventory**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventory**: Charts display the historical trends of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39]. - **Smelting Profit**: Charts show the historical trends of copper concentrate index, copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 [42][44][46]. 3.4 Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng has extensive experience in commodity research and has won multiple awards. Wang Heng focuses on aluminum - silicon research, and Zhu Xi focuses on lithium - nickel research, both providing valuable reports and services to clients [49][50].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - On August 27, 2025, the urea futures price was weakly volatile, with the main 01 contract closing at 1,737 yuan/ton, a slight decline of 0.52%. The spot market was partially stable, and prices in some peripheral areas continued to decline. The urea supply was fluctuating at a high level, with a daily output of 192,400 tons on August 26, a daily increase of 100 tons. The demand side remained cautious, and the spot sales-to-production ratio in the mainstream areas showed significant differentiation. The short - term domestic urea market sentiment was under pressure, but subsequent environmental protection restrictions in the north, transportation conditions, and the latest Indian urea tender results in early September could be new factors. The volatility of the urea futures market may increase [1]. - On August 27, 2025, the soda ash futures price first fluctuated narrowly and then dropped significantly in the afternoon. The main 01 contract closed at 1,311 yuan/ton, a decline of 1.80%. The spot market quotation was basically stable, and the traders' quotations declined with the market sentiment. Large - scale enterprises in Qinghai and Inner Mongolia reduced their loads, and the industry's operating rate dropped to 81.33% on August 26. The demand side was even weaker, and the resumption of production in the float glass industry provided limited support for the rigid demand of soda ash. The overall fundamentals of soda ash had no obvious improvement, and the short - term new driving forces in the futures market were still limited. There might be phased market conditions as themes such as the reduction of alkali plant loads, production restrictions, and the return of the chemical sector sentiment fermented [1]. - On August 27, 2025, the glass futures price was weakly volatile, with the main 01 contract closing at 1,173 yuan/ton, a decline of 1.76%. The spot market quotation increased locally, and the average price of the domestic float glass market on August 26 was 1,151 yuan/ton, a daily increase of 1 yuan/ton. There was a phenomenon of production line ignition and resumption, but the glass daily melting volume remained stable at 159,600 tons. The glass supply was expected to increase. The demand side sentiment improved, and the sales - to - production ratio in the mainstream areas mostly recovered to over 100%. However, logistics and transportation restrictions in some areas might suppress the enterprise's shipment speed. The short - term supply - demand contradiction of glass was still not optimistic [1]. Group 3: Summary According to Related Catalogs Market Information - **Urea**: On August 26, the urea futures warehouse receipts at Zhengshang Institute were 5,123, unchanged from the previous trading day, and the effective forecasts were 33. The daily output of the urea industry was 192,400 tons, an increase of 100 tons from the previous working day and 24,900 tons from the same period last year. The industry operating rate was 83.12%, a 7.17 - percentage - point increase from 75.95% in the same period last year. The spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,700 yuan/ton (unchanged), Henan 1,710 yuan/ton (unchanged), Hebei 1,730 yuan/ton (unchanged), Anhui 1,720 yuan/ton (- 10), Jiangsu 1,710 yuan/ton (unchanged), Shanxi 1,610 yuan/ton (unchanged) [4]. - **Soda Ash & Glass**: On August 26, the number of soda ash futures warehouse receipts at Zhengshang Institute was 9,178, a decrease of 135 from the previous trading day, and the effective forecast volume was 1,911; the number of glass futures warehouse receipts was 2,099, an increase of 456 from the previous trading day. The soda ash spot prices in various regions were provided. The soda ash industry operating rate on August 26 was 81.33%, down from 83.98% on the previous working day. The average price of the float glass market on August 26 was 1,151 yuan/ton, a daily increase of 1 yuan/ton, and the industry daily output was 159,600 tons, unchanged from the previous day [6][7]. Chart Analysis - The report includes various charts such as the closing price of the main contract, basis, trading volume and open interest, price spread, spot price trend, and futures price spread of urea, soda ash, and glass, which visually show the price trends and relationships of these products over time [9][10][12][16][18][20]. Research Team Introduction - The resource product research team of Everbright Futures includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen. They have rich experience and many honors in the field of futures analysis, covering various product categories such as sugar, urea, soda ash, cotton, and iron alloy [23].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - On August 26, 2025, the 2511 contract of lithium carbonate futures fell 0.75% to 79,020 yuan/ton. The average price of battery - grade lithium carbonate dropped 800 yuan/ton to 81,700 yuan/ton, and the average price of industrial - grade lithium carbonate decreased 800 yuan/ton to 79,400 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) declined 250 yuan/ton to 77,080 yuan/ton. The warehouse receipt inventory increased 1,060 tons to 26,690 tons [3]. - In the first half of 2025, Zimbabwe's lithium exports surged 30% to 586,197 tons of spodumene concentrate, highlighting its growing influence in the global supply chain [3]. - In terms of fundamentals, the supply - side production slowed down slightly due to mica shutdown. With the previous price increase and more overseas imports, spodumene - based lithium production is expected to continue rising. The high ore price still supports the lithium carbonate price. The total demand in August increased 6% month - on - month, and downstream production scheduling may remain strong in September, a traditional peak season. The social inventory remains at 141,000 tons with a two - week slight destocking trend [3]. - After the rapid price increase last week, lithium carbonate prices face short - term correction pressure and await new driving factors. Short - term focus is on lithium ore transaction prices, and medium - term attention is on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract decreased 360 yuan/ton to 79,020 yuan/ton, and the closing price of the continuous contract dropped 320 yuan/ton to 79,260 yuan/ton. The price of spodumene concentrate (6%, CIF China) fell 5 dollars/ton to 920 dollars/ton, and the price of lithium mica (Li2O: 1.5% - 2.0%) decreased 20 yuan/ton to 1,245 yuan/ton [5]. - Lithium ores and lithium salts: Most prices declined, such as battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide. The price of hexafluorophosphate lithium dropped 100 yuan/ton to 56,200 yuan/ton [5]. - Price differences: The price difference between battery - grade and industrial - grade lithium carbonate remained unchanged at 2,300 yuan/ton, while the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased 550 yuan/ton to - 4,620 yuan/ton [5]. - Precursor and cathode materials: The prices of most ternary precursors and cathode materials remained stable, with only a few showing minor decreases [5]. - Batteries: The prices of most batteries and cells were stable, with only a few showing small changes [5]. 3.2 Chart Analysis - Ore prices: Charts show the price trends of spodumene concentrate, lithium mica, and phospho - lithium - aluminum stone from 2024 to 2025 [6][8]. - Lithium and lithium salt prices: Charts present the price trends of metal lithium, battery - grade and industrial - grade lithium carbonate, lithium hydroxide, and hexafluorophosphate lithium from 2024 to 2025 [11][13][15]. - Price differences: Charts display the price differences between different lithium products, including battery - grade and industrial - grade lithium carbonate, battery - grade lithium hydroxide and battery - grade lithium carbonate, etc., from 2024 to 2025 [18][20][22]. - Precursor and cathode materials: Charts show the price trends of ternary precursors and cathode materials from 2024 to 2025 [25][27][29]. - Lithium battery prices: Charts present the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt - acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][34]. - Inventory: Charts show the downstream and smelter inventory trends of lithium carbonate in 2025 [38]. - Production cost: The chart shows the production profit trends of lithium carbonate from different raw materials from 2024 to 2025 [44].

1. Index Trends - On August 26th, the Shanghai Composite Index decreased by 0.39% to close at 3868.38 points, with a trading volume of 1114.188 billion yuan; the Shenzhen Component Index increased by 0.26% to close at 12473.17 points, with a trading volume of 1564.832 billion yuan [1]. - The CSI 1000 Index decreased by 0.02%, with a trading volume of 573.343 billion yuan, an opening price of 7457.77, a closing price of 7476.47, a daily high of 7526.17, and a daily low of 7435.3 [1]. - The CSI 500 Index increased by 0.18%, with a trading volume of 490.812 billion yuan, an opening price of 6928.29, a closing price of 6964.07, a daily high of 7008.96, and a daily low of 6910.41 [1]. - The SSE 50 Index decreased by 0.67%, with a trading volume of 149.73 billion yuan, an opening price of 2975.7, a closing price of 2969.78, a daily high of 2985.54, and a daily low of 2964.21 [1]. - The SSE 50 Index decreased by 0.67%, with a trading volume of 149.73 billion yuan, an opening price of 2975.7, a closing price of 2969.78, a daily high of 2985.54, and a daily low of 2964.21 [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 Index decreased by 1.26 points compared to the previous closing price. Sectors such as basic chemicals, communications, and real estate had a significant positive impact on the index, while sectors such as computers, power equipment, and pharmaceuticals had a significant negative impact [2]. - The CSI 500 Index increased by 12.17 points compared to the previous closing price. Sectors such as computers, basic chemicals, and power equipment had a significant positive impact on the index, while sectors such as pharmaceuticals, national defense and military industry, and electronics had a significant negative impact [2]. - The SSE 300 Index decreased by 16.63 points compared to the previous closing price. Sectors such as agriculture, forestry, animal husbandry, and fishery, and basic chemicals had a significant positive impact on the index, while sectors such as communications, banks, and non - bank finance had a significant negative impact [2]. - The SSE 50 Index decreased by 20.07 points compared to the previous closing price. Some sectors (not fully specified) had a positive impact, while sectors such as pharmaceuticals, non - bank finance, and electronics had a significant negative impact [2]. 3. Futures Basis and Annualized Opening Costs - For IM futures, the average daily basis for IM00 was - 48.54, IM01 was - 98.52, IM02 was - 206.23, and IM03 was - 363.42 [12]. - For IC futures, the average daily basis for IC00 was - 33.99, IC01 was - 71.78, IC02 was - 158.87, and IC03 was - 285.59 [12]. - For IF futures, the average daily basis for IF00 was 1.26, IF01 was - 4.05, IF02 was - 15.8, and IF03 was - 33.52 [12]. - For IH futures, the average daily basis for IH00 was 2.42, IH01 was 2.85, IH02 was 4.69, and IH03 was 8.6 [12]. 4. Futures Roll - over Point Differences and Annualized Costs - The report provides 15 - minute mean data and annualized cost data for the roll - over point differences of IM, IC, IF, and IH futures from 09:45 to 15:00 [20][21][22][24]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - On August 26, industrial silicon showed a weak and volatile trend. The main contract 2511 closed at 8,515 yuan/ton, with an intraday decline of 2.85%. The position decreased by 7,286 lots to 282,000 lots. The reference price of industrial silicon spot by Baichuan remained stable at 9,478 yuan/ton compared to the previous trading day. The price of the lowest deliverable product 421 rebounded to 8,800 yuan/ton, and the spot premium expanded to 175 yuan/ton [2]. - Polysilicon also showed a weak and volatile trend. The main contract 2511 closed at 50,985 yuan/ton, with an intraday decline of 2.06%. The position increased by 677 lots to 137,000 lots. The price of N-type recycled polysilicon material rose to 49,000 yuan/ton, and the price of the lowest deliverable silicon material dropped to 49,000 yuan/ton. The spot discount narrowed to 2,130 yuan/ton [2]. - The cost of industrial silicon increased with the rise in silicon coal prices. The shipment volume from silicon factories to traders was high, while the purchase volume from downstream was low. The upward and downward space was narrowing, and the adjustment rhythm continued. After the anti - involution, the price of polysilicon was basically under control. With the production increase in the southwest region, the social inventory and warehouse receipts continued to increase, but the industrial clearance was not actually promoted, and the pattern of separation between volume and price of polysilicon continued to expand [2]. - The market is highly focused on the anti - involution meeting recently. The relevant dynamics have an absolute driving force on the short - term market and may guide the correction of expectations and the callback range of the premium. It is recommended to be cautious about short - selling at high positions. The implementation rules of the energy - saving special supervision to be launched by the Ministry of Industry and Information Technology before the end of September may be updated. Continued attention should be paid to the implementation of production restrictions promoted by policies [2]. 3. Summary by Related Catalogs 3.1 Research Views - Industrial silicon futures closed lower on August 26, with a decrease in positions. The spot price was stable, and the premium of the lowest deliverable product expanded. Polysilicon futures also closed lower, with an increase in positions. The price of N - type recycled material rose, and the discount of the lowest deliverable product narrowed [2]. - The cost of industrial silicon increased, and the market supply - demand relationship was unbalanced. The anti - involution had an impact on the polysilicon market, but the industrial clearance was not effective [2]. - The market is affected by the anti - involution meeting, and policy - related production restrictions need attention [2]. 3.2 Daily Data Monitoring Industrial Silicon - The futures settlement prices of the main and near - month contracts decreased on August 26 compared to August 25. The prices of most spot products remained stable, but the prices of some products such as 421 silicon in some regions decreased [5]. - The current lowest deliverable product price remained unchanged, and the spot premium increased by 120 yuan/ton [5]. - The industrial silicon warehouse receipts remained unchanged, the inventory in some ports decreased, and the factory inventory increased [5]. Polysilicon - The futures settlement prices of the main and near - month contracts decreased on August 26 compared to August 25. The spot prices of various types of polysilicon remained stable [5]. - The current lowest deliverable product price remained unchanged, and the spot discount decreased by 430 yuan/ton [5]. - The polysilicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory increased, and the factory inventory decreased [5]. Organic Silicon - The price of DMC in the East China market remained stable, and the prices of some products such as raw rubber and 107 glue remained unchanged. The price of dimethyl silicone oil increased by 2,500 yuan/ton [5]. 3.3 Chart Analysis 3.3.1 Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][8][11] 3.3.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [15][18][20] 3.3.3 Inventory - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, and inventory changes, as well as the DMC and polysilicon weekly inventories [23][26][31] 3.3.4 Cost and Profit - Charts show the average cost and profit levels in main production areas, the weekly cost - profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost - profit of DMC, and the cost - profit of polysilicon [32][34][36]

1. Report Industry Investment Rating - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The report analyzes multiple energy and chemical products, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC, and provides short - term price trend views for each product, mostly indicating an oscillatory trend [1][2][4][6]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices declined. WTI October contract closed down $1.55 to $63.25 per barrel, a 2.39% drop; Brent October contract closed down $1.58 to $67.22 per barrel, a 2.3% drop; SC2510 closed at 486.8 yuan per barrel, down 10.9 yuan or 2.19%. Due to the US tariff increase on Indian goods, Indian refineries are expected to reduce Russian oil purchases. In October, India's Russian oil imports will be 400,000 barrels per day lower than the Q1 average, a 22% decrease. API data showed a decline in US crude, gasoline, and distillate inventories last week. Domestic refined oil retail prices were lowered. The current oil price is oscillating [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contracts on the SHFE declined. Affected by US sanctions on Iran and low valuations, FU rose strongly this week. The Asian low - sulfur fuel oil market structure weakened due to concerns about abundant arbitrage cargo supply and weak demand. High - sulfur fuel oil supply pressure will persist. Currently, FU is highly volatile and is expected to oscillate [2]. - **Asphalt**: In August, asphalt demand was lower than expected due to capital recovery and rainy weather. In September, demand is expected to increase in both northern and southern markets. Refineries with crude oil quotas have good profit margins, and production is expected to be stable. With a slight rebound in oil prices, the absolute price of BU has increased slightly. Attention should be paid to the actual demand fulfillment [2]. - **Polyester**: TA601 closed up 0.16% at 4870 yuan per ton; EG2601 closed down 0.42% at 4490 yuan per ton. PX futures rose 0.34%. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. A 2.5 - million - ton PTA plant is under maintenance. Demand improvement and supply contraction bring positive support, and PX and TA still have room for growth. High ethylene glycol operating load and low port inventory are favorable for its price [4]. - **Rubber**: On Tuesday, the main rubber contracts showed mixed trends. Thailand's natural rubber exports in July increased month - on - month but decreased year - on - year. The 13th typhoon affected production areas, and raw material prices were firm. Tire exports increased, providing demand support. The fundamentals are strong, and short - term rubber prices are expected to oscillate strongly. There are maintenance plans for butadiene rubber plants in September and October, and butadiene prices are expected to oscillate strongly [4][6]. - **Methanol**: Domestic plant maintenance has led to a short - term low in supply, which will gradually recover. Iranian plants have high operating loads, and short - term arrivals will remain high but may decrease in the long term. The MTO plant load in East China is not high, and port inventories will increase. Methanol prices are expected to oscillate [6]. - **Polyolefins**: The production profit margins of various polyolefin production methods vary. Supply will remain high, and downstream demand is currently low but is expected to improve with the approaching peak season. Overall, polyolefins are moving towards a situation of strong supply and demand, and prices will oscillate narrowly [6][7]. - **PVC**: The PVC market prices in different regions showed different trends on Tuesday. Domestic real estate construction is stabilizing, and demand for pipes and profiles is expected to increase. Supply remains high, exports will weaken due to Indian anti - dumping policies. PVC prices are expected to oscillate weakly [7]. 3.2 Daily Data Monitoring - The report provides the basis data of multiple energy and chemical products on August 27, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [8]. 3.3 Market News - The US plans to double the tariff on Indian goods to 50% from Wednesday, which is expected to reduce India's recent purchases of Russian oil. In October, India's Russian oil imports will be 400,000 barrels per day lower than the Q1 average [10]. - API data shows that US crude, gasoline, and distillate inventories declined last week [10]. 3.4 Chart Analysis - **Main Contract Prices**: There are charts showing the closing prices of main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, natural rubber, synthetic rubber, European line container shipping, and paraxylene [12][14][16][18][20][21]. - **Main Contract Basis**: There are charts showing the basis of main contracts of various products, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - grade rubber, paraxylene, synthetic rubber, and bottle chips [25][27][31][33][36][37]. - **Inter - period Contract Spreads**: There are charts showing the spreads of different contracts for products like fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [39][41][44][47][49][52][55]. - **Inter - product Spreads**: There are charts showing the spreads between different products, such as crude oil internal and external markets, crude oil B - W spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [57][61][59][63]. - **Production Profits**: There are charts showing the production profits of ethylene - based ethylene glycol, PP, and LLDPE [65][67]. 3.5 Team Members Introduction - **Zhong Meiyan**: Assistant Director of the Research Institute and Director of Energy and Chemicals, with over a decade of experience in futures derivatives market research, has won multiple industry awards [70]. - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, has won multiple industry awards [71]. - **Di Yilin**: Analyst for natural rubber and polyester, has won industry - related honors [72]. - **Peng Haibo**: Analyst for methanol, PE, PP, and PVC, with experience in energy and chemical spot - futures trading [73].

Report Highlights 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Stock Index Futures**: The market showed a mixed trend with the three major indices rising and falling. Over 2,800 stocks in the Shanghai, Shenzhen, and Beijing markets closed higher, and the trading volume on this day was 2.71 trillion yuan. The Fed's dovish stance led to market expectations of multiple interest rate cuts this year, benefiting the A - share market. Shanghai's adjustment of housing policies boosted the real estate and banking sectors. The implementation of the childcare subsidy system is expected to be an important way to drive inflation back up. The liquidity - driven market will continue, but funds are concentrating on index components and technology stocks, with short - term volatility increasing and long - term upward potential [1]. - **Treasury Bond Futures**: On Tuesday, Treasury bond futures closed with gains across the board. The central bank conducted 405.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 474.5 billion yuan. Although there were no significant changes in the short - term capital and fundamental aspects, market risk appetite rebounded. The dovish remarks of the Fed Chairman increased expectations of a September interest rate cut in the US and domestic monetary policy easing, leading to a rebound in the bond market. However, the strong performance of the stock market will be a short - term negative factor for the bond market, and short - term Treasury bond futures are expected to fluctuate at high levels [1][2]. 3. Summary by Section 3.1 Daily Price Changes - **Stock Index Futures**: The IH contract decreased by 0.71% to 2,970.8; the IF contract remained unchanged at 4,474.6; the IC contract increased by 0.10% to 6,916.4; the IM contract increased by 0.04% to 7,415.4 [3]. - **Stock Indices**: The Shanghai Composite 50 Index decreased by 0.67% to 2,969.8; the CSI 300 Index decreased by 0.37% to 4,452.6; the CSI 500 Index increased by 0.18% to 6,964.1; the CSI 1000 Index decreased by 0.02% to 7,476.5 [3]. - **Treasury Bond Futures**: The TS contract decreased by 0.02% to 102.39; the TF contract increased by 0.02% to 105.56; the T contract increased by 0.04% to 108.00; the TL contract increased by 0.43% to 117.30 [3]. 3.2 Market News - On August 26, the Chinese Foreign Ministry spokesperson responded to Trump's expected visit to China. China adheres to the principles of mutual respect, peaceful coexistence, and win - win cooperation in handling Sino - US relations, hopes that the US will work together, and emphasizes the strategic leading role of head - of - state diplomacy in Sino - US relations [5]. 3.3 Chart Analysis - **Stock Index Futures**: The report presents the historical trends of IH, IF, IM, and IC main contracts, as well as the historical trends of the corresponding basis of these contracts [7][9][11]. - **Treasury Bond Futures**: The report shows the historical trends of Treasury bond futures main contracts, the historical trends of Treasury bond spot yields, the historical trends of the basis of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, the historical trends of the inter - delivery spreads of these Treasury bond futures, and the historical trends of cross - variety spreads and capital interest rates [14][16][18]. - **Exchange Rates**: The report provides the historical trends of the central parity rate of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and the exchange rates between major currencies such as the euro, pound, and yen against the US dollar [21][22][25][27]. 3.4 Member Introduction - The report introduces two members: Zhu Jintao, the director of macro - financial research at Everbright Futures Research Institute, and Wang Dongying, an index analyst mainly responsible for stock index futures research [28].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - **Corn**: The spot price of corn is weak this week compared to last week. The purchase price at the northern ports continues to decline, and the arrival of goods is limited. The purchase price of deep - processing enterprises is also weak. The supply increases in the short term, and the market has a strong bearish expectation. The futures price of the near - month contract leads the decline, and the far - month contract follows. It is necessary to pay attention to the price performance of the 2511 contract at the 2150 integer mark and be vigilant against the rebound after a sharp decline [1]. - **Soybean Meal**: CBOT soybeans fell from a two - month high. The export inspection volume of US soybeans last week was 382,000 tons, and the previous week's inspection volume was revised up to 503,000 tons. The good rate of US soybeans was 69%, higher than the expected 67%. Brazil's soybean exports in the first four weeks of August increased by 24% year - on - year. Domestic soybean meal stopped falling and stabilized. The inventory of soybeans and soybean meal of major domestic oil mills increased last week, and the unexecuted contracts decreased. The market transaction improved. The strategy is to maintain a long - only mindset and participate in the positive spread between months [1]. - **Oils and Fats**: BMD palm oil fell. The export of Malaysian palm oil from August 1 - 25 increased by 10.9% - 16.4% month - on - month. Indonesia urged the EU to cancel the anti - subsidy tax on imported biodiesel. Canadian canola futures closed lower. The domestic three major vegetable oils fluctuated, with soybean oil and rapeseed oil performing stronger than palm oil. The inventory pressure increased, and the demand was still weak. If the spot demand starts later, the supply - demand situation of oils and fats is expected to improve, and the basis is expected to strengthen. The strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: The main 2510 contract of eggs fluctuated and adjusted, and the 2509 contract rebounded. The spot price of eggs increased slightly. After the previous price correction, the terminal demand was slightly boosted, but most traders purchased on demand. In the future, egg demand will enter the peak season, and the egg price may have a seasonal rebound, but the rebound strength is limited due to supply pressure. The short - term market sentiment is bearish, and the futures market continues to be weak [1][2]. - **Pigs**: The main 2511 contract of live pigs futures closed up 0.51%. The futures price continued the range - bound market. The spot price of live pigs decreased slightly. Some large farms increased their slaughter, and the supply increased, while the demand support was general. According to the seasonal law, the demand will recover as the high - temperature weather subsides, and the pig price has support, but the abundant supply still exerts pressure on the pig price. The pig price is expected to remain volatile [2]. 3. Market Information - The export volume of Malaysian palm oil from August 1 - 25 was 1,141,661 tons (ITS data), a 10.9% increase compared with the same period last month, and 1,065,005 tons (Amspec data), a 16.4% increase [3]. - The overall supply of spring plastic - film peanuts in Henan is still low, and the supply area is expected to expand at the end of August. The price may decline slightly in the short term before the large - scale listing of new peanuts. The purchase price of Henan Daza peanuts from late August to early September is expected to be between 7,800 - 8,500 yuan/ton [3]. - The import cost of Brazilian soybeans increased this week, and the prices of domestic soybean oil and soybean meal decreased slightly. The crushing profit of imported soybeans in China declined. As of August 22, the crushing profit of imported Brazilian soybeans for October - November shipments was - 147~ - 115 yuan/ton on the futures market and - 57~ - 25 yuan/ton in the spot market. More than 70% of the soybeans for October shipments have been purchased, and only 10% for November [3]. - The soybean crushing volume of domestic oil mills decreased slightly last week. As of August 22, the crushing volume was 2.27 million tons, a week - on - week decrease of 70,000 tons, a month - on - month increase of 30,000 tons, a year - on - year increase of 220,000 tons, and an increase of 350,000 tons compared with the average of the past three years. It is expected that the operating rate of oil mills will remain high this week, and the crushing volume will rebound to about 2.5 million tons [3]. 4. Variety Spreads - **Contract Spread**: The report provides the 1 - 5 contract spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these spreads is given [4][5][6]. - **Contract Basis**: The report provides the contract basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis of these bases is given [12][13][16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight, LME copper fluctuated higher, and domestic copper trended slightly stronger. The Fed Chair's dovish speech at the Jackson Hole Symposium cleared the way for a September rate cut, but market concerns about high - inflation data may pose obstacles. Seasonal demand is expected to pick up as the off - season ends. There are expectations of restocking by domestic processing enterprises and rapid destocking of social inventories, which could drive LME copper into a destocking phase and support price stabilization. However, the potential upside in September may be limited compared to the first half of the year [1]. - **Aluminum**: Alumina trended weakly, while Shanghai aluminum trended slightly stronger. Alumina's复产 rhythm is increasing, and the expectation of oversupply is pressuring prices. Cost support is strengthening due to reduced bauxite shipments during the rainy season and potential mining restrictions during the September 3 parade. Aluminum prices are supported by a decline in domestic aluminum ingot inflows and increased downstream restocking. Attention should be paid to the inflection point of aluminum ingot inventories and US rate - cut trends [1][2]. - **Nickel**: Overnight, Shanghai nickel rose 0.05%. Domestic SHFE nickel warehouse receipts decreased. The overall fundamentals changed little, with no prominent contradictions in the industrial chain, and prices are likely to fluctuate within a range [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Macro factors include the Fed's dovish stance and market inflation concerns. Inventory changes show a decrease in LME copper inventory, an increase in Comex copper inventory, and a decrease in SHFE copper warehouse receipts. Seasonal demand is expected to improve, and there are restocking expectations in the domestic market, which may support price stabilization [1]. - **Aluminum**: Alumina prices are under pressure due to increased复产 and inventory accumulation, but cost support limits deep declines. Aluminum prices are supported by reduced inflows and increased downstream restocking, and the formation of a cyclical inflection point needs further confirmation [1][2]. - **Nickel**: Nickel prices rose slightly, with a decrease in domestic SHFE warehouse receipts. The fundamentals are stable, and prices are likely to move in a range [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper increased by 575 yuan/ton. The domestic social inventory (including bonded areas) increased by 0.8 million tons. The active - contract import profit and loss improved by 550 yuan/ton [3]. - **Lead**: The average price of 1 lead increased by 100 yuan/ton. The inventory decreased by 1154 tons on a weekly basis [3]. - **Aluminum**: The price of aluminum in Wuxi and Nanhai increased. The social inventory of alumina decreased by 2.2 million tons [4]. - **Nickel**: The price of Jinchuan nickel increased by 750 yuan/ton. The SHFE nickel warehouse receipts decreased by 260 tons [4]. - **Zinc**: The主力 settlement price increased by 0.5%. The social inventory increased by 0.74 million tons on a weekly basis [5]. - **Tin**: The主力 settlement price increased by 1.0%. The SHFE inventory decreased by 301 tons on a weekly basis [5]. 3.3 Chart Analysis - **Spot Premiums**: Charts show the historical trends of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][9][14]. - **SHFE Near - Far Month Spreads**: Charts display the historical trends of near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][19][20]. - **LME Inventories**: Charts present the historical trends of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [22][24][26]. - **SHFE Inventories**: Charts show the historical trends of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **Social Inventories**: Charts display the historical trends of social inventories for copper, aluminum, nickel, and stainless steel from 2019 - 2025 [35][37][39]. - **Smelting Profits**: Charts present the historical trends of copper concentrate index, copper smelting fees, aluminum smelting profits, nickel - iron smelting costs, zinc smelting profits, and stainless - steel 304 smelting profit margins from 2019 - 2025 [42][44][45]. 3.4 Team Introduction - The team includes Zhan Dapeng, the director of non - ferrous research at Everbright Futures, with extensive experience in commodity research and many awards. Wang Heng, a researcher focusing on aluminum and silicon, and Zhu Xi, a researcher focusing on lithium and nickel, both provide in - depth reports and policy interpretations for clients [49][50].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On August 25, 2025, the 2511 contract of lithium carbonate futures dropped 0.3% to 79,380 yuan/ton. The average price of battery - grade lithium carbonate decreased by 1,400 yuan/ton to 82,500 yuan/ton, and the average price of industrial - grade lithium carbonate also dropped 1,400 yuan/ton to 80,200 yuan/ton. The price of battery - grade lithium hydroxide (coarse particles) fell 160 yuan/ton to 77,330 yuan/ton. The warehouse receipt inventory increased by 640 tons to 25,630 tons [3]. - Fundamentally, on the supply side, production slowed down slightly, mainly due to the suspension of mica production. In the future, with the previous price increase and the increase in overseas imports, lithium extraction from spodumene is expected to continue to increase. Currently, the high成交 price of ore still supports the price of lithium carbonate. On the demand side, the total demand in August increased by 6% month - on - month. September is the traditional peak season, downstream production scheduling is expected to remain strong, and downstream inventory replenishment willingness is strong. The social inventory remains at 141,000 tons, showing a two - week slight de - stocking state, and the downstream procurement behavior has increased [3]. - The production problems of known resource projects have basically been settled. After the rapid price increase last week, there is short - term callback pressure, waiting for new disturbing factors to drive the price. In the short term, pay attention to the成交 price of lithium ore, and in the medium term, focus on the progress of other projects that need to complete report compilation and submission by September 30 [3]. 3. Summary According to the Directory 3.1 Daily Data Monitoring - **Futures**: The closing price of the main contract was 79,380 yuan/ton, up 420 yuan from August 22; the closing price of the continuous contract was 79,580 yuan/ton, up 400 yuan [5]. - **Lithium Ore**: The price of spodumene concentrate (6%, CIF China) was $925/ton, down $9; the price of lithium mica (Li2O: 1.5% - 2.0%) was 1,265 yuan/ton, down 20 yuan; the price of lithium mica (Li2O: 2.0% - 2.5%) was 1,995 yuan/ton, down 60 yuan; the price of amblygonite (Li2O: 6% - 7%) was 6,685 yuan/ton, down 65 yuan; the price of amblygonite (Li2O: 7% - 8%) was 7,735 yuan/ton, down 90 yuan [5]. - **Lithium Carbonate and Lithium Hydroxide**: The average price of battery - grade lithium carbonate was 82,500 yuan/ton, down 1,400 yuan; the average price of industrial - grade lithium carbonate was 80,200 yuan/ton, down 1,400 yuan; the price of battery - grade lithium hydroxide (coarse particles) was 77,330 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (micropowder) was 82,300 yuan/ton, down 160 yuan; the price of industrial - grade lithium hydroxide (coarse particles) was 72,210 yuan/ton, down 160 yuan; the price of battery - grade lithium hydroxide (CIF China, Japan and South Korea) was $8.85/kg, unchanged [5]. - **Lithium Hexafluorophosphate**: The price was 56,300 yuan/ton, unchanged [5]. - **Price Difference**: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate was 2,300 yuan/ton, unchanged; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate was - 5,170 yuan/ton, up 1,240 yuan; CIF China, Japan and South Korea battery - grade lithium hydroxide - SMM battery - grade lithium hydroxide was - 14,352.52 yuan/ton, up 18 yuan [5]. - **Precursor and Cathode Materials**: The price of ternary precursor 523 (polycrystalline/power type) was 77,265 yuan/ton, up 120 yuan; the price of ternary precursor 523 (single - crystal/consumer type) was 76,830 yuan/ton, unchanged; the price of ternary precursor 622 (polycrystalline/consumer type) was 72,620 yuan/ton, up 70 yuan; the price of ternary precursor 811 (polycrystalline/power type) was 90,795 yuan/ton, up 100 yuan; the price of ternary material 523 (polycrystalline/consumer type) was 114,460 yuan/ton, unchanged; the price of ternary material 523 (single - crystal/power type) was 119,525 yuan/ton, down 300 yuan; the price of ternary material 622 (polycrystalline/consumer type) was 117,890 yuan/ton, unchanged; the price of ternary material 811 (power type) was 145,950 yuan/ton, down 60 yuan; the price of lithium iron phosphate (power type) was 35,810 yuan/ton, down 340 yuan; the price of lithium iron phosphate (mid - high - end energy storage) was 34,410 yuan/ton, down 340 yuan; the price of lithium iron phosphate (low - end energy storage) was 31,550 yuan/ton, down 320 yuan; the price of lithium manganate (power type) was 36,000 yuan/ton, unchanged; the price of lithium manganate (capacity type) was 33,000 yuan/ton, unchanged; the price of cobalt acid lithium (60%, 4.35V/domestic) was 227,600 yuan/ton, down 200 yuan [5]. - **Cells and Batteries**: The price of 523 square ternary cells was 0.385 yuan/Wh, unchanged; the price of 523 soft - pack ternary cells was 0.4 yuan/Wh, unchanged; the price of 523 cylindrical ternary batteries was 4.33 yuan/piece, up 0.01 yuan; the price of square lithium iron phosphate cells was 0.325 yuan/Wh, up 0.002 yuan; the price of square lithium iron phosphate cells (small power type) was 0.33 yuan/Wh, unchanged; the price of cobalt acid lithium cells was 5.75 yuan/Ah, up 0.2 yuan; the price of square lithium iron phosphate batteries was 0.301 yuan/Wh, unchanged [5]. 3.2 Chart Analysis - **Ore Price**: Charts show the price trends of spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and amblygonite (6% - 7%, 7% - 8%) from 2024 to 2025 [6][8]. - **Lithium and Lithium Salt Price**: Charts display the price trends of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide price, industrial - grade lithium hydroxide price, and lithium hexafluorophosphate price from 2024 to 2025 [11][13][15]. - **Price Difference**: Charts present the price difference trends between battery - grade lithium hydroxide and battery - grade lithium carbonate, battery - grade lithium carbonate and industrial - grade lithium carbonate, CIF China, Japan and South Korea battery - grade lithium hydroxide - battery - grade lithium hydroxide, battery - grade lithium carbonate (CIF Asia) - domestic, and the basis from 2024 to 2025 [19][22][24]. - **Precursor and Cathode Materials**: Charts show the price trends of ternary precursors, ternary materials, lithium iron phosphate, lithium manganate, and cobalt acid lithium from 2024 to 2025 [25][27][29]. - **Lithium Battery Price**: Charts display the price trends of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025 [31][34]. - **Inventory**: Charts show the inventory trends of downstream, smelters, and other links of lithium carbonate from January to August 2025 [38][40][41]. - **Production Cost**: A chart shows the production cost trends of lithium carbonate from different raw materials (外购三元极片黑粉, 外购磷酸铁锂极片黑粉, 外购锂云母精矿, 外购锂辉石精矿) from 2024 to 2025 [44].