Group 1: Shipping Derivatives Data - Present values and previous values of various shipping freight rate indices (SCFI, CCFI, etc.) and their percentage changes are provided, such as SCFI with a present value of 1460, a previous value of 1490, and a decline of 1.98% [5] - Present values, previous values, and changes in contract prices (EC2506, EC2508, etc.), positions, and month - spreads are also presented [5] Group 2: Market News - Hamas has accepted a Gaza cease - fire and hostage agreement proposed by Qatar and Egypt mediators [6] - Trump called Putin during the Ukraine summit at the White House [6] - The US imposed a 50% import tariff on 407 steel and aluminum commodities on August 18 [6] - Asia - Europe route freight rates continue to decline despite "robust" bookings, with available container ship capacity at 30 TBU, about 29% of active capacity [6] - The spill - over effect of US tariff hikes is spreading, hitting Indian exporters with a 50% tariff [6] Group 3: EC Market Analysis - The EC market shows a volatile trend. Maersk's lower quotes and market reactions lead to a short - term price increase, and the 08 contract is strong due to delay - supported slower decline of freight rates [7] - Airlines are accelerating price cuts to maintain market share, and the overall downward trend of spot freight rates is established. The odds of shorting the 10 - contract are relatively low [7] Group 4: Strategy - The strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [8]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The new - crop US soybean balance sheet is tight, and under the change of current Sino - US trade, the Brazilian premium is expected to have upward space. With the expectation of rising import costs, M01 is expected to fluctuate strongly. It is necessary to continue to pay attention to relevant news about Argentine soybeans and the results of the Pro Farmer inspection [5][6][7] 3. Summaries According to Related Catalogs 3.1 Basis and Spread Data - On August 19, the basis of the main soybean meal contract in Dalian and Rizhao was 47, in Tianjin it was - 13, and the 43% soybean meal spot basis in Zhangjiagang was - 43, in Dongguan - 133, in Zhanjiang - 73, and in Fangcheng - 93, all with a decline of - 13. The rapeseed meal spot basis in Guangdong was - 41, with an increase of 10. The M9 - 1 spread was - 48, and the RM9 - 1 spread was 74. The spot spread of soybean meal - rapeseed meal in Guangdong was 435, with an increase of 23, and the spread of the main contract was 343 [4][5] 3.2 International Data - The US dollar to RMB exchange rate was 7.1325. The Brazilian soybean CNF premium (continuous month) and the import soybean disk gross profit are shown in the corresponding charts. The Brazilian disk crushing profit was 307 yuan/ton, with an increase of 2 [5] 3.3 Inventory Data - The inventory of soybeans at Chinese ports and the inventory of soybeans in major domestic oil mills are presented in the corresponding charts. The inventory of soybean meal in major domestic oil mills and the inventory days of soybean meal in feed enterprises are also shown in the charts. The domestic soybean inventory has increased to a high level, the speed of soybean meal inventory accumulation has slowed down but is still in the inventory - accumulation cycle, and the inventory days of soybean meal in feed enterprises have increased [5][7] 3.4开机和压榨情况 - The operating rate and soybean crushing volume of major domestic oil mills are presented in the corresponding charts [5] 3.5 Supply and Demand Analysis - Supply: The USDA August report raised the US soybean yield per acre from 52.5 to 53.6 bushels per acre, but unexpectedly reduced the planting area of US soybeans in the 25/26 season by 2.5 million acres to 80.9 million acres. It also raised the old - crop exports and continued to reduce the new - crop exports to 1.705 billion bushels. The ending inventory of US soybeans in the 25/26 season was reduced from 310 million bushels in the July forecast to 290 million bushels. The good - to - excellent rate of US soybeans this week was 68%. The rainfall in the production areas in the next two weeks is expected to be low, which may lead to a decline in the good - to - excellent rate. The expected arrival volume of soybeans in China from August to September is over 10 million tons, and soybean meal is still in the inventory - accumulation cycle. The purchase of ships from October to January is slow, and there is an expectation of inventory reduction in the far - month under the current Sino - US trade policy [5][6] - Demand: The short - term high inventory of pig and poultry breeding supports the feed demand, but the policy aims to control the inventory and weight of pigs, which is expected to affect the supply of pigs in the future. The cost - performance of soybean meal is high, and the pick - up volume is at a high level. Wheat substitutes for corn in some areas, reducing the use of protein. The downstream trading of soybean meal this week was cautious [6][7]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Domestic PTA production decreased slightly, and the port inventory of PTA increased by 20,000 tons this week [2] - The spread between PX and naphtha expanded to $260, and the weak benzene price restricted the further increase of PX production to some extent [2] - The spread between PX and MX recovered to around $140, and the repair of short - process profit was the main driving force for the recovery of PX load [2] - The downstream load of polyester remained at around 88%, and the inventory performance of polyester factories was optimistic [2] - The main polyester production - cut factories were concentrated in short - fiber and bottle - chip varieties [2] - With the recent improvement in production and sales and inventory reduction, and the recovery of PTA price, the load of the weaving end increased slightly [2] Group 3: Summary of Related Indexes Price and Price Changes - PTA spot price rose from 4670 to 4690, an increase of 20 [2] - MEG domestic price rose from 4441 to 4458, an increase of 17 [2] - PTA closing price dropped from 4746 to 4734, a decrease of 12 [2] - MEG closing price rose from 4346 to 4384, an increase of 38 [2] - 1.4D direct - spun polyester staple fiber price rose from 6550 to 6555, an increase of 5 [2] - Short - fiber basis dropped from 153 to 126, a decrease of 27 [2] - 9 - 10 spread decreased from 94 to 88, a decrease of 6 [2] - Polyester staple fiber cash flow rose from 240 to 246, an increase of 6 [2] - 1.4D imitation large - chemical fiber price remained unchanged at 5700 [2] - The spread between 1.4D direct - spun and imitation large - chemical fiber rose from 850 to 855, an increase of 5 [2] - East China water bottle chip price dropped from 5897 to 5880, a decrease of 17 [2] - Hot - filling polyester bottle chip price dropped from 5897 to 5880, a decrease of 17 [2] - Carbonated - grade polyester bottle chip price dropped from 5997 to 5980, a decrease of 17 [2] - Outer - market water bottle chip price remained unchanged at 770 [2] - Bottle - chip spot processing fee dropped from 416 to 377, a decrease of 39.8 [2] - T32S pure polyester yarn price remained unchanged at 10300 [2] - T32S pure polyester yarn processing fee dropped from 3750 to 3745, a decrease of 5 [2] - Polyester - cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price dropped from 15080 to 15075, a decrease of 5 [2] - Polyester - cotton yarn profit dropped from 1257 to 1256, a decrease of 1.42 [2] - Primary three - dimensional hollow (with silicon) price remained unchanged at 7060 [2] - Hollow staple fiber 6 - 15D cash flow dropped from 379 to 357, a decrease of 22.79 [2] - Primary low - melting - point staple fiber price remained unchanged at 7330 [2] Market Conditions - Polyester staple fiber production and sales increased from 43% to 14%, an increase of 57% [3] - Polyester yarn startup rate (weekly) rose from 61.5% to 62%, an increase of 0.01 [3] - Recycled cotton - type load index (weekly) dropped from 49.5% to 49%, a decrease of 0.01 [3] - Direct - spun staple fiber load (weekly) rose from 90.3% to 90.6%, an increase of 0 [3]

Group 1 - Report Industry Investment Rating - The report does not provide an industry investment rating [1] Group 2 - Core View of the Report - Pulp prices in the futures market generally declined on August 19, 2025; while some spot prices remained stable and some increased. The supply side has price - increase announcements and production - reduction news; the demand side is still bearish for pulp prices as mainstream paper product prices have not stopped falling; and the inventory shows a cumulative trend. Currently, it is recommended to wait and see [1] Group 3 - Summary According to Relevant Catalogs 1. Pulp Price Data Futures Prices - On August 19, 2025, SP2601 was 5420, down 1.02% day - on - day and 1.24% compared to Philip; SP2511 was 5178, down 1.41% day - on - day and 1.63% compared to Philip; SP2509 was 5132, down 1.31% day - on - day and 1.61% compared to Philip [1] Spot Prices - On August 19, 2025, the spot price of coniferous pulp Silver Star was 5850, unchanged day - on - day and year - on - year; Russian Needle was 5300, unchanged day - on - day and up 0.95% year - on - year; broadleaf pulp Goldfish was 4200, unchanged day - on - day and up 1.20% year - on - year [1] Outer - Disk Quotes - In August 2025, the outer - disk quote of Chilean Silver Star was 720 dollars, down 2.70% month - on - month; Brazilian Goldfish was 510 dollars, up 4.08% month - on - month; Chilean Venus was 620 dollars, unchanged month - on - month [1] Import Costs - In August 2025, the import cost of Chilean Silver Star was 5884, down 2.68% month - on - month; Brazilian Goldfish was 4182, up 4.03% month - on - month; Chilean Venus was 5073, unchanged month - on - month [1] 2. Pulp Fundamental Data Supply - In June 2025, the import volume of coniferous pulp was 67.8 tons, down 6.09% month - on - month; broadleaf pulp was 143.5 tons, up 10.98% month - on - month. The domestic production of broadleaf pulp and chemimechanical pulp fluctuated slightly in August 2025 [1] Inventory - As of August 14, 2025, the pulp port inventory was 209.9 tons, up 2.5% month - on - month; the futures delivery warehouse inventory was 25.4 tons [1] Demand - In August 2025, the production of finished paper such as offset paper, coated paper, tissue paper, and white cardboard fluctuated slightly [1] 3. Pulp Valuation Data - On August 19, 2025, the Russian Needle basis was 122, with a quantile level of 0.867; Silver Star basis was 672, with a quantile level of 0.9. The import profit of coniferous pulp Silver Star was - 34, with a quantile level of 0.547; broadleaf pulp Goldfish was 18, with a quantile level of 0.653 [1] 4. Summary Supply - Side - Brazil's Suzano announced a 20 - dollar/ton price increase in the Asian market in August 2025, and its commodity pulp production in the next 12 - month operating cycle will be about 3.5% lower than its annual nominal capacity. Chile's Arauco notified the August quotes, with supply reductions [1] Demand - Side - Current paper product demand is basically stable, but mainstream paper product prices have not stopped falling, which is bearish for pulp prices [1] Inventory - Side - As of August 14, 2025, the inventory of China's mainstream pulp ports was 209.9 tons, up 2.5% month - on - month, showing a cumulative trend [1] Strategy - Pulp prices have dropped significantly under the influence of the commodity macro - environment, but the spot price remains stable. The broadleaf pulp basis has strengthened to over - 1000 yuan/ton, and the futures valuation is low. Currently, it is recommended to wait and see [1]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Short - term**: On August 19, the main contract of Shanghai gold futures closed down 0.13% to 775.06 yuan/gram, and the main contract of Shanghai silver futures closed down 0.25% to 9187 yuan/kilogram. The potential for a three - way meeting between the US, Russia, and Ukraine may ease geopolitical conflicts, and high market risk preference along with a cooling of the Fed's rate - cut expectations due to tariff policies are suppressing precious metal prices. However, factors like the decline in US consumer confidence in August and ongoing tariff impacts will support gold prices. Short - term gold prices are expected to fluctuate within a range. Silver is expected to be volatile in the short - term. [4] - **Long - term**: With the US debt exceeding $7 trillion and a certain probability of Fed rate cuts this year, gold has long - term support. In the long run, factors such as the Fed's potential rate cuts, global geopolitical uncertainties, great - power competition, and the trend of de - dollarization with continued central bank gold purchases will likely push up the long - term center of gold prices. For silver, in the medium - term, it is more likely to follow fundamental logic, and caution is needed regarding its upside potential. [4] 3. Section - by - Section Summaries Price Tracking - **Precious Metal Prices**: On August 19, compared to August 18, London gold spot dropped 0.4% to $3336.05/ounce, London silver spot fell 0.5% to $37.90/ounce, COMEX gold decreased 0.4% to $3380.20/ounce, and COMEX silver declined 0.6% to $37.93/ounce. In the domestic market, AU2510 dropped 0.3% to 775.06 yuan/gram, and AG2510 fell 0.8% to 9187 yuan/kilogram. [3] - **Price Spreads and Ratios**: From August 18 to August 19, the spread of gold TD - SHFE active price increased 5.8% to - 3.47 yuan/gram, and the spread of silver TD - SHFE active price decreased 19.4% to - 25 yuan/kilogram. [3] Position Data - **ETF Holdings**: As of August 18, compared to August 15, the gold ETF - SPDR remained unchanged at 965.36 tons, and the silver ETF - SLV increased 1.89% to 15356.60489 tons. [3] - **Non - commercial Positions in COMEX**: For COMEX gold, from August 15 to August 18, non - commercial long positions decreased 1.40% to 288115 contracts, non - commercial short positions increased 6.32% to 58630 contracts, and net long positions decreased 3.19% to 229485 contracts. For COMEX silver, non - commercial long positions decreased 6.99% to 66252 contracts, non - commercial short positions increased 6.84% to 21984 contracts, and net long positions decreased 12.61% to 44268 contracts. [3] Inventory Data - **SHFE Inventories**: On August 19, compared to August 18, SHFE gold inventories decreased 0.03% to 36333 kilograms, and SHFE silver inventories increased 0.97% to 1149446 kilograms. [3] - **COMEX Inventories**: From August 15 to August 18, COMEX gold inventories increased 0.03% to 38646556 ounce, and COMEX silver inventories remained unchanged at 507551254 ounce. [3] Interest Rates, Exchange Rates, and Stock Markets - **Interest Rates**: From August 18 to August 19, the 2 - year US Treasury yield increased 0.05%. [4] - **Exchange Rates and Stock Markets**: The dollar index increased 0.31%, the VIX decreased 0.66%, the S&P 500 decreased 0.01%, the dollar/yuan central parity rate increased 0.53%, and NYMEX crude oil decreased 0.89%. [4] Key News - Trump plans a three - way meeting between the US, Russia, and Ukraine after meeting with Zelensky, and Zelensky said that Ukraine no longer insists on a cease - fire as a prerequisite for negotiation, and territorial issues can only be discussed with Putin. [4] Operation Strategy - For gold, in the short - term, it is expected to fluctuate within a range. Pay attention to the speech of the Fed Chairman at the global central bank annual meeting this week. In the long - term, it is recommended to cautiously go long at low prices. For silver, in the short - term, it is expected to be volatile, and in the medium - term, caution is needed regarding its upside potential. [4]

Report Summary 1) Report Industry Investment Rating - No information provided in the given content. 2) Core View of the Report - PTA: Domestic PTA production decreased slightly, and port inventories increased by 20,000 tons this week. The spread between PX and naphtha expanded to $260, and the weak benzene price restricted further increase in PX output. The spread between PX and MX recovered to around $140, driving the recovery of PX load. Polyester downstream load remained at around 88%, and polyester factory inventories were optimistic. Polyester production cuts were mainly in short - fiber and bottle - chip varieties. With improved sales and inventory reduction, and PTA price recovery, the weaving end load increased slightly [2]. - Ethylene glycol: Coal prices recovered, leading to an increase in ethylene glycol prices. Macro - sentiment weakened slightly, and the chemical industry followed the downward trend of bulk commodities. Overseas ethylene glycol plant maintenance, especially in Saudi Arabia, was continuously postponed, which affected the market outlook and boosted ethylene glycol prices. The future arrival volume of ethylene glycol decreased. Polyester inventories were in good condition, and the downstream weaving load increased [2]. 3) Summary by Relevant Catalogs Market Quotes - INE crude oil price dropped from 486.5 yuan/barrel on August 18, 2025, to 484.2 yuan/barrel on August 19, 2025, a decrease of 2.30 yuan/barrel. PTA - SC increased from 1210.6 yuan/ton to 1215.3 yuan/ton, an increase of 4.71 yuan/ton. PTA/SC ratio increased from 1.3424 to 1.3454, an increase of 0.0030. CFR China PX rose from 833 to 835, an increase of 2. PX - naphtha spread increased from 261 to 264, an increase of 4 [2]. - PTA主力期价 dropped from 4746 yuan/ton to 4734 yuan/ton, a decrease of 12 yuan/ton. PTA spot price rose from 4670 yuan/ton to 4690 yuan/ton, an increase of 20 yuan/ton. Spot processing fee decreased from 184.7 yuan/ton to 176.6 yuan/ton, a decrease of 8.1 yuan/ton. Disk processing fee decreased from 260.7 yuan/ton to 235.6 yuan/ton, a decrease of 25.1 yuan/ton. The main basis increased from (12) to (8), an increase of 4. PTA warehouse receipts decreased from 41,907 to 37,349, a decrease of 4558 [2]. - MEG主力期价 rose from 4346 yuan/ton to 4384 yuan/ton, an increase of 38 yuan/ton. MEG - naphtha decreased from (86.31) to (86.50), a decrease of 0.2. MEG domestic price rose from 4441 yuan/ton to 4458 yuan/ton, an increase of 17 yuan/ton. The main basis increased from 86 to 92, an increase of 6 [2]. Industry Chain Start - up Situation - PX start - up rate remained at 80.38%. PTA start - up rate decreased from 77.67% to 75.09%, a decrease of 2.58%. MEG start - up rate increased from 56.93% to 59.36%, an increase of 2.43%. Polyester load (POY150D/48F) remained at 87.30% [2]. Product Price and Cash Flow - POY150D/48F price dropped from 6770 to 6750, a decrease of 20. POY cash flow decreased from 39 to (3), a decrease of 42. FDY150D/96F price remained at 7100. FDY cash flow decreased from (131) to (153), a decrease of 22. DTY150D/48F price remained at 7955. DTY cash flow decreased from 24 to 2, a decrease of 22. Long - filament sales decreased from 46% to 51%, a decrease of 5% [2]. - 1.4D direct - spinning polyester short - fiber price rose from 6550 to 6555, an increase of 5. Polyester short - fiber cash flow decreased from 169 to 152, a decrease of 17. Short - fiber sales increased from 40% to 53%, an increase of 13% [2]. - Semi - bright chip price rose from 5800 to 5805, an increase of 5. Chip cash flow decreased from (31) to (48), a decrease of 17. Chip sales increased from 70% to 86%, an increase of 16% [2]. Device Maintenance - A 7.2 - million - ton PTA device of a supplier in East China reduced its load to 80 - 90% last night, and the recovery time depends on raw material logistics [2].

Report Summary 1. Investment Rating - Not provided in the given content 2. Core Viewpoints - The steel market shows a situation of both volume and price decline. The new production - restriction policy is looser, and there are fewer topics for speculation in the industry. The domestic policy may enter a vacuum period, and the market sentiment is cooling. The impact of pre - parade production restrictions on the total amount is not significant, and attention should be paid to possible mismatch in the low - inventory environment [2]. - The silicon - iron and manganese - silicon market has significant emotional fluctuations. Although the anti - involution policy provides long - term support, the current high inventory still has a de - stocking pressure. The steelmaking bids are generally positive, and the industry average profit has been greatly repaired [3]. - For coking coal and coke, the steel mills have not responded to the seventh round of price hikes. The futures and spot markets are both weak. The market has entered an adjustment phase and is expected to be volatile and weak [5]. - The iron ore market is in an adjustment phase. The future supply increase expectation and large - scale project capacity - release expectation will suppress the price increase. However, the support of the anti - involution policy and possible policy impacts in the steel sector may bring upward opportunities after the adjustment [6]. 3. Summary by Category Steel - **Market Performance**: On August 19, the far - month and near - month contract prices of steel futures generally declined. The RB2601 contract closed at 3208 yuan/ton, down 1.26%; the HC2601 contract closed at 3403 yuan/ton, down 0.58%. The spot market had a decline in both volume and price, and the market sentiment was poor [1][2]. - **Policy and Industry Environment**: The new production - restriction policy is looser, and the domestic policy may enter a vacuum period. The pre - parade production restrictions have little impact on the total amount, and the short - process power - valley profit is good, which is beneficial to the recovery of the operating rate [2]. - **Supply and Demand**: Last week, the supply and demand of building materials were both weak, with a large decline in apparent demand. The plate market improved month - on - month, but the overall demand was in the seasonal off - season, increasing concerns about insufficient demand [2]. - **Investment Strategy**: Unilaterally, pay attention to the support of the electric - arc furnace power - valley cost; in the short - term, pay attention to whether there is a stable trend when the price retraces. For arbitrage, do long the 01 volume - screw spread in the band. There are some profit - taking opportunities for the basis [7]. Silicon - Iron and Manganese - Silicon - **Market Performance**: The market sentiment fluctuates greatly, and the prices of silicon - iron and manganese - silicon have declined with the downward adjustment of the black sector [3]. - **Policy and Industry Environment**: The anti - involution policy provides long - term support. The steel mills' profits are repaired, and the supply of alloy plants continues to increase, with inventory mainly being destocked [3]. - **Investment Strategy**: Stop loss on long positions and wait and see [7]. Coking Coal and Coke - **Market Performance**: The steel mills have not responded to the seventh - round price hikes of coke. The spot market sentiment is average, and the futures market is weak. The prices of coking coal and coke futures declined on August 19, with the J2605 contract closing at 1802 yuan/ton, down 1.02%, and the JM2605 contract closing at 1230 yuan/ton, down 2.73% [1][5]. - **Policy and Industry Environment**: The safety inspection in the main production areas has little impact on the market. The market is concerned about the imbalance between the supply and demand of steel, and the demand problem has come into the spotlight as the market enters the off - season [5]. - **Investment Strategy**: Consider the market to be volatile and weak [7]. Iron Ore - **Market Performance**: The black sector is in a volatile trend, and the iron ore market is in an adjustment phase. The iron ore price is affected by the supply increase expectation and large - scale project capacity - release expectation [6]. - **Policy and Industry Environment**: The anti - involution policy continues, and possible future policies in the steel sector may have a greater impact on the iron ore market [6]. - **Investment Strategy**: Wait and see [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The supply is diverse during the new sugar - cane crushing season transition period, the competition between processed sugar and domestic sugar intensifies. It is expected to maintain range - bound trading [3]. - If Brazil's sugar production exceeds expectations or India relaxes sugar exports, raw sugar may test previous lows again [3]. 3. Summary by Relevant Catalog Sugar Price and Market Data - **Domestic Spot and Futures Prices**: On August 19, 2025, the spot price of sugar in Nanning Warehouse, Guangxi was 6040 yuan/ton with no change; in Kunming, Yunnan it was 5855 yuan/ton with no change; in Dali, Yunnan it was 5750 yuan/ton, down 100 yuan; in Rizhao, Shandong it was 6050 yuan/ton with no change. SR09 futures price was 5716 yuan/ton, down 20 yuan; SR01 was 5661 yuan/ton, down 11 yuan. The spread between SR09 and SR01 was 55 yuan, down 9 yuan [3]. - **Exchange Rate and International Commodity Prices**: The exchange rate of RMB against the US dollar was 7.2035, up 0.0020; the exchange rate of the Brazilian real against the RMB was 1.2818, up 0.0212; the exchange rate of the Indian rupee against the RMB was 0.084, down 0.0004. The price of ICE raw sugar's main contract was 16.24, with no change; the price of London white sugar's main contract was 573, up 3; the price of Brent crude oil's main contract was 66.46, with no change [3].

Group 1: Market Data and Central Bank Operations - DROO1 closed at 1.47 with a 2.26 bp increase, DR007 at 1.55 with a 3.08 bp increase, GC001 at 1.70 with a 46.50 bp increase, and GC007 at 1.60 with a 10.50 bp increase. SHBOR 3M was at 1.55 with a 0.10 bp increase, LPR 5 - year at 3.50 with no change. 1 - year, 5 - year, and 10 - year Chinese treasury bonds were at 1.39 (0.44 bp increase), 1.63 (-0.56 bp decrease), and 1.77 (-1.82 bp decrease) respectively, while 10 - year US treasury bonds were at 4.34 with a 1.00 bp increase [4] - The central bank conducted 580.3 billion yuan of 7 - day reverse repurchase operations, with 114.6 billion yuan of reverse repurchases maturing, resulting in a net injection of 465.7 billion yuan [4] - The central bank released its Q2 2025 monetary policy report. Overseas, US tariff policies increase global economic recovery uncertainty and some economies have sticky inflation. Domestically, with measures to regulate low - price competition and boost consumption, the central bank believes there are more positive factors for a moderate recovery in price levels and expects an improvement. Monetary policy continues the tone of the Politburo meeting at the end of July, emphasizing the implementation of a moderately loose monetary policy [4] Group 2: Stock Index Performance - The CSI 300, SSE 50, CSI 500, and CSI 1000 closed at 4223 (-0.38%), 2812 (-0.93%), 6655.3 (-0.19%), and 7242.8 (0.07%) respectively. The trading volume of the Shanghai and Shenzhen stock markets was 2.5884 trillion yuan, a decrease of 175.8 billion yuan from the previous day. Industry sectors showed more gains than losses, with sectors like automobile services, brewing, real - estate services leading the gains, and insurance, electronic chemicals, shipbuilding, and securities leading the losses [5] - Yesterday, stock indices rose first and then fell. Currently, the valuation still provides support. Taking the CSI 300 as an example, although the current P/E ratio has risen to 15.9 (at the 83% historical percentile), the equity risk premium (ERP) remains at a relatively high historical level (about the 68% percentile). This means that from the perspective of the relative cost - effectiveness of stock - bond investment, stocks can still provide higher potential return compensation compared to risk - free assets. With the liquidity support from Huijin, valuation factors are expected to continue to play a supporting role. At the macro level, attention should be paid to the Fed's September interest - rate cut expectation and its potential impact on domestic interest - rate cut space [6] Group 3: Futures Contract Data - For IF, the current - month, next - month, current - quarter, and next - quarter contracts had an annualized premium rate of 2.00%, 1.75%, 1.75%, and 1.84% respectively; for IH, -1.25%, -0.70%, -0.66%, and -0.52% respectively; for IC, 9.79%, 9.18%, 8.65%, and 8.12% respectively; for IM, 10.64%, 9.93%, 9.39%, and 9.26% respectively [7] - The trading volume and open interest of IF, IH, IC, and IM contracts all decreased. IF trading volume decreased by 27.3 to 109,269, and open interest decreased by 5.6 to 258,257; IH trading volume decreased by 15.8 to 62,436, and open interest decreased by 3.3 to 103,724; IC trading volume decreased by 22.3 to 102,352, and open interest decreased by 2.3 to 220,750; IM trading volume decreased by 19.4 to 236,188, and open interest decreased by 4.0 to 376,950 [5]

Report Summary 1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core View of the Report - The old - crop corn supply - demand is tightening, but there is significant warehouse receipt pressure, causing the futures market to struggle to rebound. With the expected selling pressure during the new - season corn harvest and the reduction in planting costs, a bearish view is maintained on the C11 and C01 contracts [5]. 3. Summary by Related Catalogs Market Price Data - **Corn Spot Prices**: The prices of corn at various ports and regions have different levels of change. For example, the Jinzhou Port FOB price is 2310 yuan/ton, down 10 yuan; the Jilin Province corn starch spot price is 2730 yuan/ton, unchanged; the Anhui Province wheat spot price is 2433 yuan/ton, down 2 yuan [5]. - **Futures Prices**: The corn主力 contract closing price is 2263 yuan/ton, down 3 yuan; the corn starch主力 contract closing price is 2614 yuan/ton, down 10 yuan [5]. - **International Data**: The US corn closing price is 405.75 cents per bushel, the imported US corn duty - paid price is 2098.54 yuan/ton, and the estimated profit from importing US corn is 331.46 yuan/ton [5]. Supply Situation - The remaining old - crop grain is in short supply. The volume of grain arriving at the northern ports and the number of trucks arriving at Shandong deep - processing plants in the morning are at low levels. The planting cost for the 25/26 season continues to decline, and the estimated port - collection price is about 2000 - 2100 yuan/ton. The sown area shows a slight decrease, the new - season corn is growing well, and the import of grain is restricted, leading to a reduction in imported grain supply [5]. Demand Situation - In the short term, livestock and poultry are expected to maintain high inventory, supporting feed demand. However, national policies tend to control the inventory and weight of pigs, which may affect long - term supply. The price difference between wheat and corn is low, and feed mills in North China have a high proportion of wheat as a feed substitute, so they are cautious about purchasing corn. Deep - processing downstream is in a loss state, forcing the operating rate to decline to a low level, resulting in a reduction in deep - processing demand [5]. Inventory Situation - The inventories at the northern and southern ports are continuously decreasing. The number of days of corn inventory in feed enterprises and the deep - processing corn inventory are both declining [5]. Spread and Other Data - The spread between starch and corn (main continuous contract) is 351, and the spread between starch and corn (Jilin spot average price) is 490. The northern port corn inventory is 177.4 million tons, and the Guangdong port domestic - trade corn inventory is 74.8 million tons [5].