1. Report Industry Investment Ratings - No specific industry - wide investment rating is provided in the report. 2. Core Views - **Corn**: The spot price of corn is weak this week compared to last week. The futures price of the corn main contract 2511 continued to decline on Monday, with near - month contracts leading the fall. It is expected to be in a volatile state, and attention should be paid to the price performance at the 2150 integer level of the November contract [1]. - **Soybean Meal**: The CBOT soybean price fell from a two - month high on Monday. Domestic soybean meal stopped falling and stabilized, showing strength. The strategy is to maintain a unilateral long - term thinking and participate in the monthly positive spread [1]. - **Oils and Fats**: The BMD palm oil price fell on Monday. Domestic three major vegetable oils were mainly volatile, with soybean oil and rapeseed oil performing stronger than palm oil. The overall inventory pressure increased, and the demand side 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 market is in a bullish trend, and the strategy is to participate in short - term long positions and sell put options [1]. - **Eggs**: The egg main contract 2510 oscillated and adjusted on Monday, with the near - month contract 2509 rebounding. The spot price of eggs increased slightly. In the future, egg demand will enter the peak season, but considering the supply pressure, the rebound strength is limited. The short - term market sentiment is bearish, and the futures will continue to be weak [1][2]. - **Pigs**: The futures price of the pig main contract 2511 continued to oscillate in the range on Monday. The spot price of pigs decreased slightly. According to seasonal rules, as the high - temperature weather subsides, demand will recover, but the abundant supply still exerts pressure on pig prices. The view on pig prices is volatile [2]. 3. Summary by Relevant Catalogs Market Information - **Palm Oil Exports**: Ship - surveying agencies ITS and Amspec data show that Malaysia's palm oil exports from August 1 - 25 increased by 10.9% - 16.4% compared to the same period last month [3]. - **Henan Peanuts**: The overall supply of spring - film peanuts in Henan is still low. Before the large - scale listing of new peanuts, prices may decline slightly. It is expected that the purchase price of Henan Dazahua peanuts from late August to early September will be between 7800 - 8500 yuan/ton [3]. - **Soybean Import and Processing**: The cost of importing Brazilian soybeans has risen this week, and the prices of domestic soybean oil and soybean meal have fallen slightly, resulting in a decline in the profit of importing and processing soybeans. As of August 22, the domestic main oil mills' soybean crushing volume decreased slightly last week, and it is expected to rebound to about 2.5 million tons this week [3]. Variety Spreads - **Contract Spreads**: The report provides charts of 1 - 5 spreads for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [5][6][10][14]. - **Contract Basis**: The report provides charts of the basis for various agricultural products, including corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs [13][16][18][23].

Group 1: Index Movements - On August 25th, the Shanghai Composite Index rose 1.51% to close at 3883.56 points with a trading volume of 1360.904 billion yuan; the Shenzhen Component Index rose 2.26% to close at 12441.07 points with a trading volume of 1780.233 billion yuan [1]. - The CSI 1000 Index rose 1.56% with a trading volume of 660.911 billion yuan, opening at 7418.35, closing at 7477.73, with a daily high of 7504.01 and a low of 7405.94 [1]. - The CSI 500 Index rose 1.89% with a trading volume of 574.923 billion yuan, opening at 6886.27, closing at 6951.9, with a daily high of 6967.8 and a low of 6863.93 [1]. - The SSE 300 Index rose 2.08% with a trading volume of 823.682 billion yuan, opening at 4416.29, closing at 4469.22, with a daily high of 4472.65 and a low of 4404.78 [1]. - The SSE 50 Index rose 2.09% with a trading volume of 231.307 billion yuan, opening at 2950.65, closing at 2989.85, with a daily high of 2989.85 and a low of 2943.98 [1]. Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 114.79 points from the previous closing price, with sectors such as computer significantly pulling the index up [2]. - The CSI 500 rose 129.05 points from the previous closing price, with sectors such as electronics, non - ferrous metals, and power equipment significantly pulling the index up [2]. - The SSE 300 rose 91.22 points from the previous closing price, with sectors such as electronics, non - ferrous metals, and communication significantly pulling the index up [2]. - The SSE 50 rose 61.24 points from the previous closing price, with sectors such as electronics, non - ferrous metals, and food and beverage significantly pulling the index up [2]. Group 3: Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 29.8, IM01 of - 76.71, IM02 of - 181.65, and IM03 of - 333.67 [12]. - For IC contracts, IC00 had an average daily basis of - 24.37, IC01 of - 58.94, IC02 of - 142.99, and IC03 of - 263.16 [12]. - For IF contracts, IF00 had an average daily basis of 4.56, IF01 of - 1.2, IF02 of - 12.32, and IF03 of - 30.06 [12]. - For IH contracts, IH00 had an average daily basis of 3.85, IH01 of 3.69, IH02 of 5.93, and IH03 of 9.61 [12]. Group 4: Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IM00 - 01 was - 73.02267, IM00 - 02 was - 259.4522, etc [27]. - For IC contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IC00 - 01 was - 68.64222, IC00 - 02 was - 225.568, etc [23]. - For IF contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IF00 - 01 was - 12.31678, IF00 - 02 was - 41.14122, etc [24]. - For IH contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, such as at 09:45, IH00 - 01 was 0.707, IH00 - 02 was 1.4593333, etc [26].

光大期货煤化工商品日报 光大期货煤化工商品日报（2025 年 8 月 26 日） 一、研究观点 | 品种 | 点评 | | | | | | | | | 观点 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 尿素 | 周一尿素期货价格宽幅震荡，主力01合约收盘价1745元/吨，微幅下跌0.17%。现货 | | | | | | | | | 震荡 | | | | | | 市场明显走弱，主流地区现货价格下调幅度20~50元/吨不等，山东、河南地区市场 | | | | | | | | | | | | | | | 价格分别为1700元/吨、1710元/吨，均较上周五跌40元/吨。基本面来看，尿素供应 | | | | | | | | | | | | | | | 水平高位波动，昨日行业日产量19.23万吨，日环比减少0.36万吨。阅兵前后仍需关 | | | | | | | | | | | | | | | 注北方地区尿素生产是否受限。需求端跟进偏慢，主流地区现货产销率昨日在20%~ | ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Cotton is expected to show a strong and volatile trend in the short - term, driven by macro sentiment. After the new cotton is launched, it will face both the impact of increased supply and the potential "scramble for purchase" risk. Attention should be paid to the purchase price of seed cotton, as well as macro, weather, and expected opening price [2]. - Sugar is expected to continue its narrow - range volatile market until new information breaks the balance. The domestic market is in the double - festival stocking period with moderate trading, and the international market is still trading around the Brazilian sugar - crushing progress [2]. Group 3: Summary by Relevant Catalogs Research Views - **Cotton**: On Monday, ICE U.S. cotton fell 0.93% to 67.38 cents per pound, while CF601 rose 0.75% to 14,120 yuan per ton. The main - contract positions increased by 19,701 lots to 504,600 lots. The cotton arrival price in Xinjiang was 15,100 yuan per ton, down 5 yuan from the previous day, and the China Cotton Price Index for Grade 3128B was 15,235 yuan per ton, down 8 yuan. The international market is affected by macro - level disturbances, and the release of a 200,000 - ton sliding - duty quota for cotton in 2025 in the domestic market eases some concerns about inventory shortages [2]. - **Sugar**: As of the week ending August 20, the number of ships waiting to load sugar at Brazilian ports decreased from 76 to 70, and the quantity of sugar waiting to be shipped decreased by 401,000 tons to 2.9169 million tons, a 12.08% decline. Spot prices in some regions were adjusted slightly. The raw - sugar market is still in a volatile state with insufficient driving forces [2]. Daily Data Monitoring - **Cotton**: The 1 - 5 contract spread was 45 yuan, up 5 yuan; the main - contract basis was 1,115 yuan, down 98 yuan. The Xinjiang spot price was 15,100 yuan per ton, down 5 yuan, and the national spot price was 15,235 yuan per ton, down 8 yuan [3]. - **Sugar**: The 1 - 5 contract spread was 42 yuan, up 1 yuan; the main - contract basis was 307 yuan, down 18 yuan. The spot prices in Nanning and Liuzhou remained unchanged at 5,970 yuan per ton and 5,995 yuan per ton respectively [3]. Market Information - On August 25, the number of cotton futures warehouse receipts decreased by 94 to 7,104, with 63 valid forecasts. Cotton arrival prices in different domestic regions were reported, and the yarn and short - fiber cloth load and inventory data changed slightly [4]. - On August 25, the spot prices of sugar in Nanning and Liuzhou remained unchanged, and the number of sugar futures warehouse receipts decreased by 170 to 15,385, with 1 valid forecast [4][5]. Chart Analysis - Charts show the historical data of cotton and sugar, including the closing price, basis, 1 - 5 spread, warehouse receipts, and price index of these two commodities [7][15]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report provides daily analysis of black commodities on August 26, 2025, covering steel, iron ore, coking coal, coke, manganese silicon, and ferrosilicon. It offers price trends, supply - demand information, and short - term market outlooks for each commodity [1][2]. - Overall, the report predicts that most commodities will show narrow - range consolidation or volatile trends in the short term due to various factors such as inventory changes, production adjustments, and export volume fluctuations [1][2]. 3. Summary According to Relevant Catalogs 3.1 Research Views Steel - The rebar futures contract 2510 closed at 3138 yuan/ton, up 19 yuan/ton (0.61%) with a decrease of 63,800 lots in positions. Spot prices rose slightly, and trading volume increased. National building material inventories continued to rise, but the growth rate slowed down. In July, exports of bar - wire rods and billets increased significantly, alleviating domestic supply pressure. Short - term rebar futures are expected to move in a narrow range [1]. Iron Ore - The main iron ore futures contract i2601 closed at 787 yuan/ton, up 17 yuan/ton (2.2%), with 320,000 lots traded and an increase of 12,000 lots in positions. Port spot prices rose. Australian shipments increased, Brazilian shipments decreased, and global shipments decreased slightly. Iron ore demand (hot metal production) increased slightly, and port inventories increased. Under the influence of multiple factors, iron ore prices are expected to fluctuate in the short term [1]. Coking Coal - The coking coal futures contract 2601 closed at 1215.5 yuan/ton, up 53.5 yuan/ton (4.6%), with an increase of 21,826 lots in positions. Some spot prices fell. Due to coal mine safety inspections and the approaching military parade, supply was affected, and demand was also restricted in some areas. Short - term coking coal futures are expected to fluctuate [1]. Coke - The coke futures contract 2601 closed at 1736 yuan/ton, up 57.5 yuan/ton (3.43%), with an increase of 2368 lots in positions. Spot prices rose. Many coking enterprises proposed an eighth - round price increase, but production was restricted due to the approaching military parade. Some steel mills increased freight rates, while others controlled purchases. Short - term coke futures are expected to fluctuate [1]. Manganese Silicon - The manganese silicon futures price strengthened on Monday, closing at 5898 yuan/ton, up 1.55%. Positions decreased. Market sentiment was volatile. Production has been increasing continuously, while demand stimulation is limited, and inventory is at a medium - level in recent years. It is expected to fluctuate with a bottom support in the short term [1][2]. Ferrosilicon - The ferrosilicon futures price strengthened slightly on Monday, closing at 5680 yuan/ton, up 0.89%. Positions decreased. Production has been increasing, demand has improved slightly, and inventory has declined. Production costs have increased, and profits have decreased. It is expected to fluctuate with a bottom support in the short term [2]. 3.2 Daily Data Monitoring - The report provides data on contract spreads, basis, and spot prices for various commodities, as well as profit margins and cross - commodity spreads such as the spread between hot - rolled coils and rebar, the ratio of rebar to iron ore, etc. [3] 3.3 Chart Analysis - It includes charts of main contract prices, basis, inter - period contract spreads, cross - variety contract spreads, and rebar profits of various black commodities from 2020 to 2025, which visually show the price trends and relationships of different commodities [4][6][8][12][15][18][19][22][24][27][29][31][34][36][37][39][42][44][46][47][51] 3.4 Black Research Team Member Introduction - The team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and experience in the black commodity research field [53][54]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - On August 25th, industrial silicon showed a fluctuating and slightly stronger trend. The main contract 2511 closed at 8,675 yuan/ton, with an intraday increase of 0.06%, and the open interest increased by 9,744 lots to 289,000 lots. The reference price of Baichuan's industrial silicon spot was 9,478 yuan/ton, up 71 yuan/ton from the previous trading day. The price of the lowest deliverable 421 grade rebounded to 8,800 yuan/ton, and the spot premium narrowed to 55 yuan/ton. Polysilicon also showed a fluctuating and slightly stronger trend. The main contract 2511 closed at 51,580 yuan/ton, with an intraday increase of 0.73%, and the open interest decreased by 5,596 lots to 139,000 lots. The price of N-type polysilicon reclaimed feedstock rose to 49,000 yuan/ton, while the price of the lowest deliverable silicon feedstock dropped to 44,500 yuan/ton, and the spot discount widened to 7,060 yuan/ton [2]. - The cost of industrial silicon increased with the rising price of silicon coal. Silicon plants sold a large amount of products to traders, while downstream purchases were relatively small. The upward and downward space was narrowing, and the adjustment rhythm continued. After the anti-involution efforts, the price of polysilicon was basically under control. With the production resumption in the southwest region, the social inventory and warehouse receipts continued to increase, but the industrial clearance had not been effectively promoted, and the pattern of separation between volume and price of polysilicon continued to expand [2]. - The market is currently highly focused on the photovoltaic industry meeting jointly held by six ministries and commissions. The policy may gradually shift from direct production control to linking with production capacity and technical indicators. The dynamics of the anti-involution meeting have an absolute driving force on the short-term market and may guide the correction of expectations and the callback of the premium. It is recommended to be cautious when shorting at high levels. The implementation details 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, and continuous attention should be paid to the implementation of production restrictions driven by policies [2]. Summary by Directory 1. Research Views - Industrial silicon and polysilicon both showed a fluctuating and slightly stronger trend on August 25th. The cost of industrial silicon increased, and the price adjustment continued. The polysilicon market faced inventory pressure, and the separation between volume and price continued to expand. The market is highly concerned about the photovoltaic industry meeting, and policy dynamics may affect the market [2]. 2. Daily Data Monitoring - **Industrial Silicon**: The futures settlement prices of the main and near-month contracts increased. The prices of most spot varieties also showed an upward trend, with the price of the lowest deliverable product rising by 50 yuan/ton to 8,800 yuan/ton, and the spot premium narrowing by 75 yuan/ton to 55 yuan/ton. The industrial silicon warehouse receipts remained unchanged, and the Guangzhou Futures Exchange inventory increased by 2,250 tons. The total social inventory increased by 2,400 tons [3]. - **Polysilicon**: The futures settlement prices of the main and near-month contracts increased. The prices of most spot varieties rose, with the price of N-type polysilicon reclaimed feedstock increasing by 3,500 yuan/ton to 49,000 yuan/ton. The price of the lowest deliverable product remained unchanged, and the spot discount widened by 155 yuan/ton to 7,060 yuan/ton. The polysilicon warehouse receipts remained unchanged, the Guangzhou Futures Exchange inventory increased by 28,000 tons, the factory inventory decreased by 23,000 tons, and the total social inventory decreased by 23,000 tons [3]. - **Organic Silicon**: The prices of DMC, raw rubber, and 107 glue remained unchanged, while the price of dimethyl silicone oil increased by 2,500 yuan/ton to 14,300 yuan/ton [3]. 3. Chart Analysis - **Industrial Silicon and Cost - end Prices**: The report presents charts on industrial silicon prices, price differences between grades and regions, electricity prices, silica prices, and refined coal prices [4][6][9]. - **Downstream Finished Product Prices**: Charts show the prices of DMC, organic silicon finished products, polysilicon, silicon wafers, battery cells, and components [12][13][15]. - **Inventory**: Charts display the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, and weekly inventory changes, as well as the weekly inventory of DMC and polysilicon [19][21]. - **Cost and Profit**: Charts illustrate the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, cost - profit of DMC, and cost - profit of polysilicon [24][26][30].

1. Report Industry Investment Ratings - Crude Oil: Oscillating with an upward bias [1] - Fuel Oil: Oscillating with an upward bias [2] - Asphalt: Oscillating [2] - Polyester: Oscillating with an upward bias [4] - Rubber: Oscillating with an upward bias [4] - Methanol: Oscillating [6] - Polyolefins: Oscillating in a narrow range [7] - Polyvinyl Chloride (PVC): Oscillating with a downward bias [7] 2. Core Views of the Report - The instability of Russian energy facilities has increased, and the progress of the peace agreement lacks a clear timeline. The market has re - priced geopolitical risks, leading to an oscillating rebound in oil prices [1]. - The sanctions on Iran by the US have affected the arrival and delivery of fuel oil cargoes. The Asian low - sulfur fuel oil market structure has weakened, and the high - sulfur fuel oil supply pressure persists. The FU contract is subject to significant sentiment fluctuations and is expected to oscillate with an upward bias [2]. - In August, the actual demand for asphalt was lower than expected. In September, the demand is expected to increase, and the production of asphalt will remain stable. The price will depend on the actual demand [2]. - The improvement in demand expectations has brought positive support to the polyester chain. Short - term supply contractions due to unexpected maintenance of PX and TA, along with the slow recovery of pessimistic sentiment in the crude oil market, have led to a slight price rebound, and there is still room for further increase. The high operating load of ethylene glycol and the reduction of port inventory are beneficial to its price [4]. - The 13th typhoon has affected the supply of natural rubber, and the raw material prices are relatively firm. The export of tires has increased, providing support for demand. The short - term rubber price is expected to oscillate with an upward bias. The planned maintenance of butadiene rubber production facilities will improve the fundamentals, and the butadiene price will oscillate with an upward bias [4][6] - The domestic methanol supply is at a phased low due to multiple device overhauls, and the supply will gradually recover. The short - term arrival of overseas methanol will remain high, but it will decrease in the long term. The methanol price is expected to oscillate [6]. - The production of polyolefins will remain high, and the demand is gradually warming up. The fundamentals are not highly contradictory, and the price will oscillate in a narrow range [7]. - The domestic demand for PVC is gradually recovering, but exports will be weakened by India's anti - dumping policy. The price is expected to oscillate with a downward bias [7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Monday, oil prices continued to rise. Trump threatened sanctions on Russia and India. The Novoshakhtinsk refinery in Russia caught fire, and the Friendship Pipeline was attacked. India's crude oil imports in July decreased. The instability of Russian energy facilities and geopolitical risks have led to an oscillating rebound in oil prices [1] - **Fuel Oil**: On Monday, the fuel oil futures prices rose. US sanctions on Iran and the ample supply of arbitrage cargoes have affected the market. The low - sulfur fuel oil market structure has weakened, and the high - sulfur fuel oil supply pressure persists. The FU contract is subject to sentiment fluctuations and is expected to oscillate with an upward bias [2] - **Asphalt**: On Monday, the asphalt futures price rose. In August, the demand was lower than expected, but it is expected to increase in September. The production of asphalt will be stable, and the price depends on the actual demand [2] - **Polyester**: On Monday, the polyester futures prices showed mixed trends. The demand improvement and supply contractions due to unexpected maintenance have brought positive support. The price of PX and TA is expected to rise further, and the ethylene glycol price is also supported [4] - **Rubber**: On Monday, the rubber futures prices rose. The typhoon has affected the supply, and the tire export has increased, supporting the demand. The short - term rubber price is expected to oscillate with an upward bias, and the butadiene price will also oscillate with an upward bias [4][6] - **Methanol**: On Monday, the methanol spot prices showed differences. The domestic supply is at a phased low and will gradually recover. The short - term arrival of overseas methanol will remain high but decrease in the long term. The methanol price is expected to oscillate [6] - **Polyolefins**: On Monday, the polyolefin spot prices showed differences. The production will remain high, and the demand is gradually warming up. The price will oscillate in a narrow range [7] - **Polyvinyl Chloride (PVC)**: On Monday, the PVC market prices increased. The domestic demand is gradually recovering, but exports will be weakened. The price is expected to oscillate with a downward bias [7] 3.2 Daily Data Monitoring - The report provides the basis price data of various energy - chemical products on August 26, 2025, including spot prices, futures prices, basis, basis rate, and their changes [8] 3.3 Market News - Norway's Equinor discovered additional oil and gas resources near the Troll oil field in the North Sea, with an estimated total resource volume of 100,000 - 1.1 million cubic meters, equivalent to 600,000 - 6.9 million barrels of recoverable oil equivalent [11] - Nigeria's NNPC stated that almost all pipeline theft has been eliminated through the coordination of defense and intelligence agencies [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, asphalt, etc [13][15][17] - **4.2 Main Contract Basis**: The report shows the basis charts of main contracts for various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc [27][29][33] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts for various energy - chemical products, such as fuel oil, asphalt, etc [40][42][45] - **4.4 Inter - variety Spreads**: The report shows the spread and ratio charts between different varieties, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, etc [58][60][63] - **4.5 Production Profits**: The report presents the production profit charts of various energy - chemical products, such as ethylene - made ethylene glycol, PP, etc [66][67][69] 3.5 Research Team Member Introduction - The research team includes members such as Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, each with rich experience and professional titles in the energy - chemical research field [72][73][74]

光大期货金融期货日报（2025 年 08 月 26 日） 一、研究观点 光大期货金融期货日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 | 品种 | 点评 昨日，A 股市场放量上涨，Wind 全 A 上涨 1.8%，成交额 3.18 万亿元。中证 | 观点 | | --- | --- | --- | | | 1000 指数上涨 1.56%，中证 500 指数上涨 1.89%，沪深 300 指数上涨 2.08%， | | | | 上证 50 指数上涨 2.09%。美联储会议表态偏鸽，市场计价年内多次降息，A | | | | 股同样受益。此外，上海调整住房限购政策、公积金贷款政策和商业住房贷 | | | | 款利率定价机制，扩大潜在购房需求，地产银行板块上涨。此前，中共中央 | | | 股指 | 办公厅、国务院办公厅印发了《育儿补贴制度实施方案》，标志着育儿补贴 | 震荡 | | | 制度正式在全国范围内落地。这是我国近年来第一次发布普惠型中央财政政 | | | | 策，尽管总量仍有提升空间，但对于提升居民端收益水平影响较为直接。预 | | | | 计未来通过央行购买国债为中央政 ...

Report Summary 1. Index Trends - On August 21st, the Shanghai Composite Index rose 0.13% to 3771.1 points with a trading volume of 997.42 billion yuan; the Shenzhen Component Index fell 0.06% to 11919.76 points with a trading volume of 1426.32 billion yuan [1]. - The CSI 1000 Index fell 0.71% with a trading volume of 516.51 billion yuan; the CSI 500 Index fell 0.36% with a trading volume of 404.12 billion yuan; the SSE 50 Index rose 0.53% with a trading volume of 136.49 billion yuan; the CSI 300 Index rose 0.39% with a trading volume of 558.52 billion yuan [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 dropped 52.12 points compared to the previous close, with sectors like power equipment, machinery, and electronics pulling the index down [2]. - The CSI 500 dropped 23.9 points, with the media sector pulling it up and non - bank finance, power equipment, and electronics pulling it down [2]. - The CSI 300 rose 16.67 points, driven up by sectors such as banks, pharmaceuticals, and communications [2]. - The SSE 50 rose 15.19 points, boosted by banks, communications, and petroleum and petrochemicals [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 60.53, IM01 of - 107.71, IM02 of - 212.17, and IM03 of - 364.91 [13]. - For IC contracts, IC00 had an average daily basis of - 60.14, IC01 of - 98.23, IC02 of - 184.34, and IC03 of - 310.15 [13]. - For IF contracts, IF00 had an average daily basis of - 9.13, IF01 of - 16.06, IF02 of - 28.63, and IF03 of - 49.68 [13]. - For IH contracts, IH00 had an average daily basis of 0.85, IH01 of 0.7, IH02 of 2.49, and IH03 of 5.13 [13]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, e.g., at 09:45, IM00 - 01 was - 73.02267 [24]. - For IC contracts, similar data are given, such as at 09:45, IC00 - 01 was - 68.64222 [21]. - For IF contracts, at 09:45, IF00 - 01 was - 12.31678 [22]. - For IH contracts, at 09:45, IH00 - 01 was 0.707 [23].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The urea futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1764 yuan/ton, a decline of 1.34%. The spot market was weakly adjusted, and the mainstream regional spot prices dropped by 10 - 20 yuan/ton. The supply level of urea fluctuated at a high level, and the demand side was not significantly boosted. The short - term urea futures price will run in a range, and there may be phased market conditions following the Indian tender results and China's export situation, but the upside is limited by the policy of ensuring supply and stabilizing prices [1]. - The soda ash futures price on Thursday fluctuated narrowly, with the closing price of the main 01 contract at 1306 yuan/ton, a decline of 1.06%. The spot quotes were mostly stable, and the supply pressure continued to increase. The demand side was average, and the short - term futures price is expected to continue the range - oscillation trend [1]. - The glass futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1156 yuan/ton, a slight decline of 0.86%. The spot market remained weak. The demand side improved in some areas, but there were still obvious differences. The short - term glass futures price is expected to continue the weak - oscillation state [1]. Group 3: Summary by Related Catalogs Market Information Urea - On August 21, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 3,573, unchanged from the previous trading day, and the valid forecasts were 50 [4]. - On August 21, the daily output of the urea industry was 192,700 tons, a decrease of 2,500 tons from the previous working day and an increase of 20,100 tons compared with the same period last year. The industry's operating rate was 83.25%, a 4.97 - percentage - point increase compared with 78.28% in the same period last year [4]. - On August 21, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,760 yuan/ton, down 10 yuan/ton; Henan 1,760 yuan/ton, down 20 yuan/ton; Hebei 1,770 yuan/ton, unchanged; Anhui 1,780 yuan/ton, unchanged; Jiangsu 1,760 yuan/ton, down 20 yuan/ton; Shanxi 1,630 yuan/ton, unchanged [4]. - As of August 20, the inventory of domestic urea enterprises was 1.0239 million tons, a weekly increase of 66,500 tons, or 6.95% [5]. Soda Ash and Glass - On August 21, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 9,073, a decrease of 1,181 from the previous trading day, and the valid forecast volume was 1,609. The number of glass futures warehouse receipts was 2,188, a decrease of 200 from the previous trading day [7]. - On August 21, the spot prices of soda ash in different regions were provided. For example, in North China, the light soda ash was 1,250 yuan/ton and the heavy soda ash was 1,350 yuan/ton [7]. - As of the week of August 21, the capacity utilization rate of the soda ash industry was 88.48%, a week - on - week increase of 1.15 percentage points; the weekly output of soda ash was 771,400 tons, a week - on - week increase of 10,100 tons, or 1.32% [7]. - As of August 21, the inventory of domestic soda ash manufacturers was 1.9108 million tons, an increase of 13,500 tons compared with Monday, or 0.71% [8]. - On August 21, the average price of the float glass market was 1,147 yuan/ton, a daily decrease of 2 yuan/ton; the industry's daily output was 159,600 tons, unchanged from the previous day [8]. - As of August 21, the inventory of domestic float glass enterprises was 63.606 million weight cases, a week - on - week increase of 180,000 weight cases, or 0.28%, and a year - on - year decrease of 7.37%. The inventory days were 27.2 days, an increase of 0.1 day compared with last week [8]. Chart Analysis - The report includes various charts such as the closing price of the urea main contract, the closing price of the soda ash main contract, urea basis, pure alkali basis, the trading volume and open interest of the urea main contract, the trading volume and open interest of the soda ash main contract, the price spread between urea 2601 - 2509, the price spread between soda ash 2601 - 2509, the urea spot price trend chart, the soda ash spot price trend chart, the urea - methanol futures price spread, and the glass - soda ash futures price spread [11][12][16][17][19][20]. Research Team Introduction - Zhang Xiaojin is the research director of resource products at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards [22]. - Zhang Linglu is an analyst of resource products at Everbright Futures Research Institute, responsible for research on futures varieties such as urea, soda ash, and glass. She has won multiple honors [22]. - Sun Chengzhen is an analyst of resource products at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys. He has won relevant honors [22].