Report Industry Investment Rating - Not provided Core View of the Report - The supply of asphalt raw materials is not scarce, and the "14th Five-Year Plan" demand surge is likely to be disproven. The asphalt price may rise in the short term due to the rebound of crude oil, but the medium - term price is not optimistic. The demand in North China is affected by rainfall, and some traders cut prices for promotion. The East China market focuses on digesting social inventories and prefers low - priced goods. The demand in South China is weak, and social inventories need to be reduced. Some refineries may cut prices. In Shandong and North China, the demand is flat, and the overall supply - demand is loose, with some asphalt prices likely to decline slightly [3] Summary by Related Information 1. Industry Policy - The Chinese government will conduct a comprehensive rectification of the petrochemical and refining industries, gradually eliminate small facilities, and promote the upgrading and transformation of backward production capacity. Petrochemical facilities operating for more than 20 years need technological transformation, and the government will encourage enterprises to shift to the special fine - chemical field [1][2] 2. International Oil - related Data - As of the week ending August 15, the number of active oil rigs in the United States increased by 1 to 412 [2] 3. Geopolitical Events - On August 19, Russia launched a large - scale attack on the energy infrastructure in Ukraine's Poltava Oblast, damaging the ground infrastructure of Ukraine's natural gas transportation system [2] 4. Crude Oil Import Data - In July, India's crude oil imports dropped to 435,000 barrels per day, the lowest level since September 2023. The imports from Russia decreased as some refiners slowed down purchases due to reduced discounts and domestic fuel demand declined during the monsoon season [2] 5. Geopolitical Negotiations - Trump, Zelensky and several European leaders held a multi - party meeting on the Ukraine issue. As long as the negotiations continue, the United States is unlikely to impose stricter sanctions on the crude oil buyers of a certain European country [3] 6. Asphalt Market Conditions - In North China, rainfall hindered terminal construction, and some traders cut prices, dragging down the regional transaction price. In East China, the market focused on digesting social inventories and preferred low - priced goods, with the high - end prices loosening. In South China, the demand was weak, and social inventories needed to be reduced, with some refineries considering price cuts. In Shandong and North China, the demand was flat, and the supply - demand was loose, with some asphalt prices likely to decline slightly [3] 7. Asphalt Price Data - **Spot Prices**: In the East China region, the current spot price is 3720, the previous value was 3720, with a 0 increase; in North China, the current price is 3670, the previous value was 3680, a decrease of 10; in South China, the current price is 3500, the previous value was 3520, a decrease of 20; in Northeast China, the current price is 3915, the previous value was 3912, an increase of 3; in Northwest China, the current price is 4250, the previous value was 4250, with no change; in Shandong, the current price is 3530, the previous value was 3550, a decrease of 20 [1] - **Futures Prices**: For BU2509, the current value is 3493, the previous value was 3490, with a 0.09% increase; for BU2510, the current value is 3454, the previous value was 3453, a 0.03% increase; for BU2511, the current value is 3404, the previous value was 3409, a - 0.15% decrease; for BU2512, the current value is 3354, the previous value was 3357, a - 0.09% decrease [1]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The old - crop corn supply and demand is tightening, but there is significant warehouse receipt pressure. With the expected selling pressure during the autumn harvest of new - season corn and the reduction in planting costs, the C11 and C01 contracts are expected to maintain a low - level oscillation. Given that the channel inventory - building mentality this year is relatively more positive than last year, attention should be paid to the support of planting costs for the lower bound of the futures price [5][13]. 3. Summary by Relevant Catalogs 3.1 Spot Price Data - **Corn Spot**: On August 20th, the prices of various regions showed different trends. For example, the Jinzhou Port FOB price was 2260 yuan/ton, down 50 yuan; the Bayuquan Port FOB price was 2310 yuan/ton, unchanged; the Shekou Port market price was 2410 yuan/ton, down 20 yuan [5]. - **Corn Starch Spot**: The price in Jilin Province was 2730 yuan/ton, unchanged; in Henan Province, it was 2436 yuan/ton, unchanged [5]. - **Wheat Spot**: In Anhui Province, the price was 2431 yuan/ton, down 2 yuan; in Jiangsu Province, it was 2443 yuan/ton, unchanged [5]. 3.2 Futures盘面 Data - **Corn Futures**: The closing price of the corn main contract was 2242 yuan/ton, unchanged, with a spread of C09 - 01 at 77 [5]. - **Corn Starch Futures**: The closing price of the corn starch main contract was 2602 yuan/ton, unchanged, with a spread of CS09 - 01 at 48 [5]. 3.3 International Data - The closing price of US corn was 403.00 cents per bushel, the imported US corn duty - paid price was 2085.37 yuan/ton, the US dollar to RMB exchange rate was 7.18, and the estimated profit from importing US corn was 344.63 yuan/ton [5]. 3.4 Spread Data - The spread between starch and corn (main continuous) was 360, and the spread between starch and corn (Jilin spot average price) was 490 [5]. 3.5 Inventory Data - **Port Inventory**: The North Port corn inventory was 177.4 million tons, the Guangdong Port domestic - trade corn inventory was 74.8 million tons, and the Guangdong Port foreign - trade corn inventory was 0.3 million tons [5]. - **Deep - processing Inventory**: The deep - processing corn inventory in the Northeast was 192.1 million tons, and in North China, it was 93.9 million tons [5]. 3.6 Supply and Demand Analysis - **Supply**: Residual grain is tightening, the volume of grain gathered at the North Port and the number of trucks arriving at Shandong deep - processing plants in the morning are at a low level. The planting cost in the 2025/2026 season continues to decline, with the estimated gathering price at about 2000 - 2100 yuan/ton. The sown area is slightly decreasing, and the growth of new - season corn is currently good. Import policies for grains continue to impose restrictions, leading to a reduction in imported grain supply [5]. - **Demand**: In the short term, livestock and poultry are expected to maintain a high inventory, supporting feed demand. However, policy tends to control the inventory and weight of pigs, which may affect long - term supply. The low wheat - corn price spread leads to a high proportion of wheat used as feed substitute in North China feed mills, and they maintain a cautious attitude towards corn procurement. Deep - processing downstream is in a loss, forcing the operating rate to decline to a low level, resulting in a reduction in deep - processing demand [5][13].

Report Overview - Report Name: Rubber Industry Data Daily - Date: August 21, 2025 - Author: Ye Haiwen from the Energy and Chemical Research Center of ITG Futures [2][5] Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoint - The rubber market shows a volatile performance. With the cooling of the commodity market sentiment, the rubber futures盘面 has declined. The market is approaching the September delivery, returning to the fundamental logic, and the previous "anti - involution" trading expectation has cooled, resulting in a bearish commodity sentiment. Rubber may follow a weak - volatile trend. It is recommended to stay on the sidelines for single - side trading and focus on the arbitrage strategy of going long on RU2509 and short on RU2601 [3]. Summary by Directory 1. Futures Disk - **Domestic Futures**: RU主力 dropped from 15875 to 15675 (-200), NR主力 from 12690 to 12525 (-165), and BR主力 from 11840 to 11715 (-125) [3]. - **Foreign Futures**: Tocom RSS3 decreased from 318.1 yen/kg to 313.8 yen/kg (-4.3), while Sicom TF remained unchanged at 172.4 cents/kg [3]. - **Inter - period Spreads**: RU2601 - RU2509 decreased from 995 to 955 (-40), RU2605 - RU2601 increased from 85 to 105 (+20), NR主力 - 次主力 decreased from 60 to 50 (-10), and BR主力 - 次主力 remained at 10 [3]. - **Inter - variety Spreads**: RU - NR decreased from 3185 to 3150 (-35), RU - BR from 4035 to 3960 (-75), and NR - BR from 850 to 810 (-40) [3]. - **Inter - market Spreads**: RU - Tocom RSS3 ($) increased from 56 to 58 (+2), and NR - Sicom TF ($) decreased from 43 to 21 (-22) [3]. 2. Raw Material Prices - **Thailand (THB/kg)**: The price of smoked sheet rubber decreased from 60.85 to 59.60 (-1.25), the price of latex remained at 54.70, and the price of cup lump decreased from 49.80 to 49.35 (-0.45) [3]. - **Hainan and Yunnan (CNY/ton)**: Hainan latex for concentrated latex increased from 14000 to 14400 (+400), Hainan latex for whole - milk remained at 13400, Yunnan latex for concentrated latex remained at 14500, and Yunnan rubber block for whole - milk decreased from 14200 to 14100 (-100) [3]. 3. Factory Costs and Profits - **Whole - milk Rubber Delivery Profits**: Hainan remained at 479, Yunnan remained at - 301, and Thailand decreased from 955 to 875 (-81) [3]. - **Concentrated Latex Production Profits**: Hainan decreased from 1000 to 640 (-360), Thailand smoked sheet rubber remained at 2779 [3]. - **Smoked Sheet and 20 - grade Rubber Gross Margins**: Thailand 20 - grade rubber remained at - 189, and domestic 9710 remained at 250 [3]. 4. Domestic Spot - **Light - colored Rubber**: Old whole - milk decreased from 14900 to 14750 (-150), Vietnam 3L from 14900 to 14850 (-50), Thai mixed from 14650 to 14530 (-120), and Malaysian mixed from 14600 to 14480 (-120) [3]. - **Dark - colored Rubber**: Thai standard decreased from 12916 to 12813 (-103), and domestic standard II from 13900 to 13850 (-50) [3]. - **Other Types**: Domestic 9710 decreased from 14250 to 14150 (-100), Shanghai: Huangchunfa bulk from 11750 to 11600 (-150), Shanghai: Hainan bulk from 11300 to 11200 (-100), synthetic rubber (cis - J BR9000) from 11750 to 11600 (-150), styrene - butadiene SBR1502 from 12350 to 12150 (-200), and styrene - butadiene SBR1712 from 11350 to 11200 (-150) [3]. 5. Overseas Spot - **Mixed Rubber**: Thai mixed CIF decreased from 1810 to 1795 (-15), Malaysian mixed CIF from 1800 to 1785 (-15) [3]. - **Standard Rubber**: Thai standard CIF decreased from 1810 to 1795 (-15), Malaysian standard CIF from 1800 to 1785 (-15), and Indian standard CIF from 1735 to 1720 (-15) [3]. 6. Futures - Spot Spreads - **RU Spreads**: RU - Thai mixed decreased from 230 to 190 (-40), RU - old whole - milk from - 20 to - 30 (-10), and RU - Vietnam 3L from - 20 to - 130 (-110) [3]. - **NR Spreads**: NR - Thai standard delivery profit decreased from - 451 to - 511 (-60), NR - Indian standard delivery profit from 88 to 64 (-24), and NR - Malaysian standard delivery profit from - 379 to - 439 (-60) [3]. 7. Spot Spreads - **Variety Spreads**: Thai standard - Thai mixed ($) decreased from 10 to 5 (-5), Vietnam 3L - Thai mixed increased from 250 to 320 (+70), domestic standard II - Thai mixed increased from - 750 to - 680 (+70), old whole - milk - Vietnam 3L decreased from 0 to - 100 (-100), and domestic 9710 - Thai mixed increased from - 400 to - 380 (+20) [3]. 8. Exchange Rates and Interest Rates - **Exchange Rates**: The US dollar index remained at 98.2790, the US dollar/Chinese yuan increased from 7.1359 to 7.1384 (+0.002), the US dollar/Japanese yen remained at 147.6755, and the US dollar/Thai baht remained at 32.5550 [3]. - **Interest Rates**: SHIBOR - overnight increased from 1.464 to 1.473 (+0.009), and SHIBOR - seven - day from 1.517 to 1.534 (+0.017) [3]. 9. Supply, Inventory, and Demand - **Supply**: In Thailand, the price of raw material latex is 54.7 THB/kg, and the price of cup lump is 49.35 THB/kg. In Yunnan, the price of latex for whole - milk is 14100 CNY/ton, and for concentrated latex is 14500 CNY/ton. In Hainan, the price of latex for whole - milk is 13400 CNY/ton, and for concentrated latex is 14400 CNY/ton [3]. - **Inventory**: As of August 17, 2025, China's natural rubber social inventory was 128.5 million tons, a month - on - month increase of 0.75 million tons (0.6%). The total social inventory of dark - colored rubber was 80.6 million tons, a month - on - month increase of 1.2%, and the total social inventory of light - colored rubber was 47.9 million tons, a month - on - month decrease of 0.4% [3]. - **Demand**: As of August 14, the capacity utilization rate of all - steel tire sample enterprises was 62.62%, a month - on - month increase of 2.56 percentage points and a year - on - year increase of 3.69 percentage points. The capacity utilization rate of semi - steel tire sample enterprises was 69.11%, a month - on - month decrease of 0.60 percentage points and a year - on - year decrease of 10.55 percentage points [3].

Report Summary 1) Report Industry Investment Rating No information provided in the given content. 2) Report's Core View - The methanol price in many domestic regions increased slightly yesterday. The inventory of enterprises in the main production areas in the northwest is at a low level, the willingness of downstream and traders to replenish at low prices has increased, and the transaction price of enterprise auctions has risen. The positive sentiment in the futures market has driven smooth new - order transactions in the afternoon, and some enterprises have stopped selling and supported prices, pushing up the spot price. The downstream is mainly on the sidelines, and the procurement has become more rational after the previous low - price replenishment. The market trend needs to pay attention to the downstream procurement transactions on Tuesday. - In the short term, the methanol price will fluctuate within a range. In the medium to long term, the methanol spot market may change from strong to weak oscillation. [1] 3) Summary by Relevant Catalog Price - The prices of most energy and chemical products remained stable on August 19 - 20, 2025, with only a few showing changes. For example, the price of Sichuan - Chongqing liquefied gas increased by 10 yuan to 4140 yuan, the price of international natural gas decreased by 0.09 to 10.43, and the price of MTBE decreased by 20 yuan to 4980 yuan. The price of methanol in many domestic regions increased slightly, with the price in Taicang rising by 20 yuan to 2290 yuan, and the price in Shandong rising by 10 yuan to 2290 yuan. [1] Supply - Domestic methanol production decreased by 360 to 270205, and the domestic operating rate decreased by 0.11 to 83.65, while the international operating rate remained unchanged at 71.67. The arrival quantity of imports remained unchanged at 38.84. [1] Inventory - Both enterprise inventory and port inventory remained unchanged, at 295573 and 1021800 respectively. [1] Demand - The order backlog remained unchanged at 219365. The operating rates of various downstream products of methanol remained stable, such as the MTO operating rate at 83.12, the dimethyl ether operating rate at 7.15, and the formaldehyde operating rate at 41.54. [1] Associated Product Prices - The prices of most associated products remained stable, with only MTBE showing a decrease of 20 yuan to 4980 yuan. [1]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily unfalsifiable [2] Group 2: Core Viewpoints - The report presents price changes of 24 - degree palm oil, first - grade soybean oil, and fourth - grade rapeseed oil in different regions on August 20, 2025, compared to August 19, 2025, with most showing a downward trend [1] - Due to the anti - dumping investigation on Canadian rapeseed, the domestic far - month rapeseed procurement progress is slow, and there are concerns about future rapeseed supply. The estimated rapeseed arrivals in August are about 200,000 tons, and the average monthly arrivals from September to October are about 130,000 tons [2] - The USDA report adjusted the US soybean new - crop area and yield. Although the yield per acre was raised to a historical high, the planting area was unexpectedly reduced, resulting in a lower - than - expected production [2] - The weather in the US in the next two weeks is favorable for soybean yield, and the good - to - excellent rates of US soybeans and corn are in line with market expectations [2] Group 3: Summary by Related Content Spot Price - 24 - degree palm oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 9,660, 9,540, and 9,510 respectively, down 200 from August 19 [1] - First - grade soybean oil: On August 20, 2025, prices in Tianjin, Zhangjiagang, and Huangpu were 8,510, 8,630, and 8,610 respectively, down 200 from August 19 [1] - Fourth - grade rapeseed oil: On August 20, 2025, prices in Zhangjiagang, Wuhan, and Chengdu were 9,900, 9,950, and 10,160 respectively, down 130 from August 19 [1] Futures Data - The price difference between soybean and palm oil main contracts was - 1,140 on August 20, 2025, down 26 from August 19 [1] - The price difference between rapeseed and soybean main contracts was 1,414 on August 20, 2025, up 90 from August 19 [1] - Palm oil warehouse receipts were 1,404 on August 20, 2025, down 16 from August 19; soybean oil warehouse receipts remained unchanged at 15,310; rapeseed oil warehouse receipts remained unchanged at 3,487 [1] Rapeseed - related Information - The Ministry of Commerce preliminarily ruled that there was dumping of imported Canadian rapeseed, and from August 14, 2025, importers need to pay a 75.8% deposit on Canadian rapeseed [2] Palm Oil - related Information - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - In Malaysia, from August 1 - 5, palm oil yield per unit decreased 17.27% month - on - month, and from August 1 - 10, exports increased 23.3% (ITS) and 23.7% (AmSpec) compared to the same period last month [2] Soybean - related Information - The USDA report raised the US soybean yield per acre to 53.6 bushels/acre but cut the 2025/26 planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 - million - bushel reduction in production to 4.292 billion bushels [2] - As of the week ending August 10, the good - to - excellent rate of US soybeans was 68%, and that of US corn was 72%, both in line with market expectations [2]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - For copper, recent macro - sentiment has been volatile, and the industry has weak supply and demand, but the downside of copper prices is limited [1]. - For aluminum, recent macro - sentiment is unstable, domestic downstream demand for aluminum is under pressure, inventory keeps rising, and aluminum prices may be weak [1]. - For zinc, the zinc social inventory increase suppresses zinc prices, but considering the squeeze risk in LME zinc, short - selling should be cautious [1]. - For nickel, domestic economic data declined in July, and short - term nickel prices fluctuate with the macro - situation. It is recommended to focus on short - term trading and selling at high prices [1]. Group 3: Summary by Metal Copper - **Price**: LME copper futures price is 9705.5 dollars/ton with a - 0.05% change, and the spot price is 9621.5 dollars/ton with a - 0.3% change. SHFE copper futures price is 78790 dollars/ton with a - 0.52% change, and the spot price is 78640 dollars/ton with a - 0.32% change [1]. - **Inventory**: LME copper futures inventory is 156350 tons with a 0.77% change, and the SHFE copper futures inventory is 86361 tons with a 5.4% change [1]. - **Analysis**: Macro - wise, waiting for the Jackson Hole "Global Central Bank Annual Meeting", Powell's hawkish stance is expected to change little. Industrially, LME copper spot premium widens, import increases, and downstream demand is in the off - season with lower copper product开工率 [1]. Aluminum - **Price**: LME aluminum futures price is 1932 dollars/ton with a 0.36% change, and the spot price is 2567.5 dollars/ton with a - 0.6% change. SHFE aluminum futures price is 20500 dollars/ton with a - 0.63% change, and the spot price is 20535 dollars/ton with a - 0.05% change [1]. - **Inventory**: LME aluminum futures inventory is 479525 tons with a 0.00% change, and the SHFE aluminum futures inventory is 120653 tons with a 6.2% change [1]. - **Analysis**: Macro - wise, same as copper. Industrially, aluminum prices are high, consumption recovery is weak in the off - season, supply is sufficient, inventory keeps rising, and the spot turns to a discount [1]. Zinc - **Price**: LME zinc futures price is 2764.5 dollars/ton with a - 1.04% change, and the spot price is 2758 dollars/ton with a - 0.54% change. SHFE zinc futures price is 22150 dollars/ton with a - 0.14% change, and the spot price is 22265 dollars/ton with a 0.27% change [1]. - **Inventory**: LME zinc futures inventory is 71250 tons with a - 1.32% change, and the SHFE zinc futures inventory is 76803 tons with a 16.51% change [1]. - **Analysis**: Macro - wise, there are both positive and negative factors, and the expected September Fed rate cut supports the non - ferrous sector. Fundamentally, zinc production is recovering, demand is in the off - season but has resilience, social inventory is rising, and LME zinc inventory is decreasing with a squeeze risk [1]. Nickel - **Price**: LME nickel futures price is 14885 dollars/ton with a - 0.1% change, and the spot price is 15060 dollars/ton with a - 0.1% change. SHFE nickel futures price is 121170 dollars/ton with a - 0.71% change, and the spot price is 119930 dollars/ton with a - 0.33% change [1]. - **Inventory**: LME nickel futures inventory is 209346 tons with a 0.01% change, and the SHFE nickel futures inventory is 26962 tons [1]. - **Analysis**: Domestic economic data declined in July, macro - sentiment cools slightly. Pure nickel supply increases, social inventory rises, global nickel inventory is high, supply from Indonesia is stable, and demand is weak with an oversupply of primary nickel [1]. Tin - **Price**: LME tin futures price is 33995 dollars/ton with a 0.13% change, and the spot price is 33840 dollars/ton with a 0.36% change. SHFE tin futures price is 267500 dollars/ton with a 0.49% change, and the spot price is 267840 dollars/ton with a - 0.09% change [1]. - **Inventory**: LME tin futures inventory is 1715 tons with a 5.21% change, and the SHFE tin futures inventory is 7792 tons with a - 0.17% change [1].

Group 1: Report Core Data - On August 20, the domestic cotton futures CF01 was 14,055, down 45 or -0.32% from the previous day; CF09 was 13,800, down 20 or -0.14% [3] - The domestic cotton spot price in Xinjiang remained unchanged at 15,080; in Henan, it was 15,304, up 4 or 0.03%; in Shandong, it was 15,238, down 5 or -0.03% [3] - The domestic棉纱 futures CY was 20,065, down 80 or -0.40% from the previous day; the domestic棉纱 spot C32S price index remained unchanged at 20,700 [3] - The US cotton spot CT was 67.53 USD/pound, unchanged; the arrival price was 77.20, down 0.3 or -0.39%; the 1% quota pick - up price was 13,602, down 52 or -0.38%; the sliding - scale duty pick - up price was 14,358, down 29 or -0.20% [3] - The yarn - cotton spread (futures) was 6,010, down 35; the yarn - cotton spread (现货) was 756, up 23 [3] - The domestic - foreign spread (现货) was 1,589, down 47 from the previous day [4] Group 2: Core View - Under the expectation of a new crop's high yield and the reality of old - crop inventory shortage, the pattern of near - term strength and long - term weakness is prominent [4] - From late July to early August is the window period for multiple policies and industry events. The content of domestic policy - related meetings, the progress of Sino - US trade negotiations, the implementation of new cotton high - yield, whether the import sliding - scale duty quota is increased and the increase amount have a significant impact on the Zhengzhou cotton expectation. Among them, the situation of increasing the import sliding - scale duty quota has a greater impact on the old - crop supply - demand and near - term contracts [4]

Group 1: Report Overview - Report Name: Sugar Data Daily Report [3] - Date: August 21, 2025 [4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core View - During the new crushing season alternation period, the supply is diversified, and the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range - bound fluctuations [4] Group 4: Domestic Sugar Price and Futures Data - **Spot Prices**: In Nanning Warehouse, Guangxi, the price is 6030 yuan/ton, down 10 yuan; in Kunming, Yunnan, it is 5855 yuan/ton, unchanged; in Dali, Yunnan, it is 5750 yuan/ton, unchanged; in Rizhao, Shandong, it is 6050 yuan/ton, unchanged [4] - **Futures Prices**: SR09 is 5727 yuan, up 11 yuan; SR01 is 5676 yuan, up 15 yuan; SR09 - 01 is 51 yuan, down 4 yuan [4] Group 5: Exchange Rate and International Commodity Data - **Exchange Rates**: The RMB to US dollar exchange rate is 7.205, up 0.0015; the Brazilian real to RMB is 1.2818, up 0.0212; the Indian rupee to RMB is 0.084, down 0.0004 [4] - **International Commodity Prices**: The ICE raw sugar主力 is 16.3, unchanged; the London white sugar主力 is 573, up 3; the Brent crude oil主力 is 65.95, unchanged [4]

Group 1: Investment Ratings - No investment ratings are provided in the reports. Group 2: Core Views - On August 20, the prices of glass and soda ash declined. The recent market sentiment is volatile, and the anti - involution logic has become long - term. The short - term fundamentals are weak, and the industry is still facing oversupply, which hinders price increases. The 09 contract is approaching delivery, with the main contract shifting, resulting in a pattern of near - term weakness and long - term strength in prices [2]. - Glass supply remains stable, but demand is weak. After price drops, speculative demand fades, and inventory accumulates. Recently, there have been many supply disruptions for soda ash, but the supply has returned to a high level. Due to the production cut of photovoltaic glass, the direct demand has weakened, and the overall oversupply pressure is prominent, making it difficult for prices to rise [2]. - Industrial customers can focus on cash - and - carry arbitrage [2]. Group 3: Summary by Related Catalogs Futures Price Information - **Futures prices and changes**: For glass and soda ash futures contracts on August 21, the prices of 1 - month, 5 - month, and 9 - month contracts all decreased. For example, the 1 - month contract price dropped from 1196 to 1162 (a decrease of 34, or 2.84%), the 5 - month contract price dropped from 1291 to 1255 (a decrease of 36, or 2.79%), and the 9 - month contract price dropped from 1020 to 997 (a decrease of 23, or 2.25%) [1]. - **Spread information**: The spreads between different contract months also changed. For example, the spread between the 1 - month and 5 - month contracts decreased from - 80 to - 93, and the spread between the 5 - month and 9 - month contracts decreased from 271 to 258 [1]. Spot Price Information - **Spot prices**: The spot prices of glass and soda ash vary by region. For example, in the East China region, the spot price of glass is 1150, and in the northwest region, it is 1050 [1]. - **Basis information**: The basis of the main contracts also shows differences. For example, the basis of the main contract in the East China region is 28 [1].

Report Summary Market Performance - The Shanghai Composite Index fell 0.02% to 3727.29 points, the Shenzhen Component Index fell 0.12%, the ChiNext Index fell 0.17%, the Beijing Stock Exchange 50 rose 1.27% hitting a new record high, the STAR 50 fell 1.12%, the Wind All - A fell 0.05%, the Wind A500 fell 0.31%, and the CSI A500 fell 0.43%. A - share trading volume was 2.64 trillion yuan, compared with 2.81 trillion yuan the previous day [11]. Index Futures and Options Index Futures - The closing price of the SSE 50 was 2812.4225, down 0.93%, with a trading volume of 62.84 billion and a turnover of 1531.40 billion yuan; the CSI 300 closed at 4223.3741, down 0.38%, with a trading volume of 250.82 billion and a turnover of 5535.36 billion yuan; the CSI 1000 closed at 7242.8494, up 0.07%, with a trading volume of 340.88 billion and a turnover of 5587.81 billion yuan [4]. Index Options - For the SSE 50 index options, the trading volume was 4.84 million contracts (3.76 million for call options and 1.07 million for put options, PCR = 0.29), and the open interest was 6.66 million contracts (4.32 million for call options and 2.34 million for put options, PCR = 0.54). - For the CSI 300 index options, the trading volume was 9.98 million contracts (7.25 million for call options and 2.73 million for put options, PCR = 0.38), and the open interest was 16.36 million contracts (9.18 million for call options and 7.18 million for put options, PCR = 0.78). - For the CSI 1000 index options, the trading volume was 26.82 million contracts (18.08 million for call options and 8.74 million for put options, PCR = 0.48), and the open interest was 25.29 million contracts (12.46 million for call options and 12.83 million for put options, PCR = 1.03) [4]. Volatility Analysis SSE 50 - Historical volatility and volatility smile curves are analyzed, including historical volatility ranges (minimum, maximum, 10% - 90% quantiles) and current values for different time - periods (5 - day, 20 - day, 40 - day, 80 - day, 120 - day), as well as the next - month at - the - money implied volatility [8][10]. CSI 300 - Similar to the SSE 50, historical volatility and volatility smile curves are presented, with historical volatility ranges and current values for different time - periods and the next - month at - the - money implied volatility [10]. CSI 1000 - Historical volatility and volatility smile curves are also analyzed, showing historical volatility ranges and current values for different time - periods and the next - month at - the - money implied volatility [10].