Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - On August 27, CBOT soybean futures closed lower due to the expected high - yield of US soybeans this fall, but the optimistic sentiment of Sino - US trade negotiations restricted the decline [3] - The soybean market is shifting its focus to potential Sino - US trade negotiations, and the undetermined results may affect the US domestic ending inventory and change the market sentiment from extremely bearish to extremely bullish [3] 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Prices**: DCE Bean 1 2511 closed at 3935 yuan/ton during the day session, down 53 yuan (-1.33%), and 3940 yuan/ton at night, down 16 yuan (-0.40%); DCE Bean Meal 2601 closed at 3045 yuan/ton during the day, down 52 yuan (-1.68%), and 3063 yuan/ton at night, up 8 yuan (+0.26%); CBOT Soybean 11 closed at 1048.25 cents/bushel, down 0.75 cents (-0.07%); CBOT Bean Meal 12 closed at 288.7 dollars/short ton, down 4.4 dollars (-1.50%) [1] - **Spot Prices**: In Shandong, the spot price of 43% bean meal was 3060 - 3090 yuan/ton, with different basis levels for different months; in East China, it was 3020 yuan/ton (Taizhou Huifu), and in South China, it was 2970 - 3030 yuan/ton, with various basis adjustments compared to the previous day [1] - **Main Industry Data**: The trading volume of bean meal was 9.35 million tons/day, compared with 7.95 million tons/day in the previous two trading days; the inventory was 98.55 million tons/week, compared with 97.4 million tons/week in the previous two trading weeks [1] [Trend Intensity] - The trend intensity of bean meal and bean one was 0, indicating a neutral state for the day - session main - contract futures price fluctuations on the reporting day [3]

2025 年 08 月 28 日 短纤：高位震荡 瓶片：高位震荡 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin024367@gtjas.com 钱嘉寅（联系人） 从业资格号：F03124480 Qianjiayin028310@gtjas.com 【基本面跟踪】 | | 短纤2509 | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 6468 | 6492 | -24 | PF09-10 | -104 | -130 | 26 | | PF | 短纤2510 | 6572 | 6622 | -50 | PF10-11 | 24 | 28 | -4 | | | 短纤2511 | 6548 | ୧୧୨4 | -46 | PF基差 | 13 | -37 | 50 | | | 短纤主力持仓量 | 133704 | 160220 | -26516 | 短纤华东现货价格 | 6. 585 | 6. 585 | 0 | | | 短纤主力成交量 | 151482 | ...

Report Industry Investment Rating - Zinc investment rating: Oscillating weakly [1] Core Viewpoints - Zinc trend strength is 0, indicating a neutral view [3] Summary by Relevant Catalogs Fundamental Tracking - **Prices**: The closing price of SHFE zinc main contract was 22,310 yuan/ton, up 0.18%; the closing price of LME zinc 3M electronic disk was 2,807 dollars/ton, up 0.05% [1] - **Trading Volume**: The trading volume of SHFE zinc main contract was 114,993 lots, an increase of 21,819 lots; the trading volume of LME zinc was 8,014 lots, a decrease of 233 lots [1] - **Open Interest**: The open interest of SHFE zinc main contract was 107,827 lots, a decrease of 891 lots; the open interest of LME zinc was 192,457 lots, an increase of 964 lots [1] - **Premium and Discount**: Shanghai 0 zinc premium/discount was -45 yuan/ton, down 5 yuan/ton; LME CASH - 3M premium/discount was -4.61 dollars/ton, up 2.89 dollars/ton [1] - **Inventory**: SHFE zinc futures inventory was 36,213 tons, a decrease of 153 tons; LME zinc inventory was 60,025 tons, a decrease of 5,500 tons [1] News - The selection of the Fed Chairperson will be announced in autumn, with 11 potential candidates, and the final 3 - 4 candidates will be recommended after interviews [2] - Next week, the US Congress will have a crucial vote on the Fed's independence, which is highly politicized due to Trump's decision to fire Fed Governor Cook [2]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - amplitude fluctuations due to repeated disturbances on the supply side [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Market Data**: For the 2509 contract, the closing price was 79,040 yuan, down 220 yuan compared to T - 1; the trading volume was 15,027 lots, down 4,545 lots; the open interest was 29,214 lots, down 4,831 lots. For the 2511 contract, the closing price was 78,860 yuan, down 160 yuan; the trading volume was 729,645 lots, up 170,046 lots; the open interest was 351,322 lots, up 1,826 lots. The warehouse receipt volume was 27,477 lots, up 787 lots [2] - **Price Difference Data**: The spot - 2509 was 2,560 yuan, up 120 yuan; the spot - 2511 was 2,740 yuan, up 60 yuan; the basis of 2509 - 2511 was 180 yuan, down 60 yuan; the difference between electric carbon and industrial carbon was 2,300 yuan, unchanged [2] - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 920 yuan, unchanged; the price of lepidolite (2.0% - 2.5%) was 1,970 yuan, unchanged; the price of battery - grade lithium carbonate was 81,600 yuan, down 100 yuan; the price of industrial - grade lithium carbonate was 79,300 yuan, down 100 yuan [2] - **Consumer Data**: The price of ternary material 523 (polycrystalline/consumer - type) was 114,400 yuan, unchanged; the price of ternary material 622 (polycrystalline/consumer - type) was 117,850 yuan, unchanged; the price of ternary material 811 (polycrystalline/power - type) was 145,900 yuan, unchanged; the price of lithium hexafluorophosphate was 56,200 yuan, unchanged [2] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton compared to the previous workday. The price range of battery - grade lithium carbonate was 79,400 - 84,000 yuan/ton, with an average price of 81,700 yuan/ton, down 800 yuan/ton. The price range of industrial - grade lithium carbonate was 78,800 - 80,000 yuan/ton, with an average price of 79,400 yuan/ton, down 800 yuan/ton [3] - In the first half of 2025, Hunan Yueneng's shipments of phosphate cathode materials reached 480,800 tons, a year - on - year increase of 55.38%. Its operating income was 14.3577771 billion yuan, a year - on - year increase of 33.17%. The net profit attributable to shareholders of the listed company was 305.1675 million yuan, a year - on - year decrease of 21.59%. The product gross profit margin was 6.97%, a decrease of 1.02 percentage points compared to the same period last year [3][4] 3.3 Trend Intensity - The trend intensity of lithium carbonate was - 1, indicating a relatively bearish outlook [4]

2025 年 08 月 28 日 国 泰 君 安 期 货 研 究 所 铅：海外库存减少，支撑价格 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪铅主力收盘价 | 16890 | -0.24% | 伦铅 3M 电子盘收 | 1987 | -0.25% | | （元/吨） | | | 盘（美元/吨） | | | | 沪铅主力成交量 | 49426 | 4245 | 伦铅成交量（手） | 6584 | 1465 | | （手） | | | | | | | 沪铅主力持仓量 | 49915 | -931 | 伦铅持仓量（手） | 161771 | 859 | | （手） | | | | | | | 上海 1# 铅升贴水 | 0 | 10 | LME CASH-3M 升 | -38.74 | 5.26 | | （元/吨） | | | 贴水（美元/吨） | | | | PB00-PB01（元/吨） | -25 | -5 | 进口升贴水（美 | 110 | 5 | | | | | 元/吨） ...

商 品 研 究 2025 年 8 月 28 日 PP：中期震荡市 张驰 投资咨询从业资格号：Z0011243 zhangchi4@gtht.com 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 【基本面跟踪】 PP 基本面数据 | 期 货 | | 昨日收盘价 | 日涨跌 | 昨日成交 | 持仓变动 | | --- | --- | --- | --- | --- | --- | | | PP2601 | 7021 | -0.72% | 185,187 | 7338 | | | | 昨日价差 | | | 前日价差 | | 价 差 | 01合约基差 | -141 | | | -136 | | | 01-05合约价差 | -14 | | | -20 | | 重要现货价格 | | 昨日价格 | （元/吨） | 前日价格 | （元/吨） | | | 华北 | 6870 - | 7020 | 6880 - | 7020 | | | 华东 | 6880 - | 7050 | 6910 - | 7050 | | | 华南 | 6840 - | 708 ...

Report Date - The report is dated August 28, 2025 [1] Industry Investment Rating - No industry investment rating is provided in the report. Core View - The asphalt market showed a slight decline following the oil price. The trend strength of asphalt is -1, indicating a relatively bearish outlook [1][9] Summary by Related Catalogs Fundamental Tracking - **Futures Data**: The closing prices of BU2509 and BU2510 decreased by 1.49% and 1.48% respectively during the day, and increased by 0.46% and 0.61% respectively during the night session. The trading volume of BU2509 decreased by 1,751 lots, and its open interest decreased by 1,288 lots. The trading volume of BU2510 increased by 7,553 lots, and its open interest decreased by 23,879 lots. The total market asphalt warehouse receipts remained unchanged at 71,500 lots [2] - **Spread Data**: The basis (Shandong - 09) was 25 yuan/ton, with a change of 33 yuan/ton compared to the previous day. The 09 - 10 inter - period spread was 24 yuan/ton, a decrease of 1 yuan/ton. The Shandong - South China spread decreased by 30 yuan/ton to 20 yuan/ton, and the East China - South China spread decreased by 30 yuan/ton to 200 yuan/ton [2] - **Spot Market Data**: The Shandong wholesale price was 3,520 yuan/ton, a decrease of 20 yuan/ton. The Yangtze River Delta wholesale price was 3,700 yuan/ton, also a decrease of 20 yuan/ton. The refinery operating rate was 36.67%, a decrease of 0.25%, and the refinery inventory rate was 27.15%, a decrease of 0.66% [2] Market Information - **Capacity Utilization**: The capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 29.3%, a month - on - month decrease of 1.4%. The main reasons were that Xinjiang Meihuit had no production plan this week, and several refineries such as Henan Fengli, Shandong Jincheng, and Shandong Shengxing switched to producing residual oil, and Ningbo Keyuan stopped producing asphalt [14] - **Maintenance Volume**: The domestic asphalt plant maintenance volume this week (20250821 - 0827) was 68.2 tons, an increase of 3.4 tons or 5.2% compared to last week. Although Sinopec Quanzhou switched to producing asphalt, the shutdown and switch to residual oil production of several refineries increased the loss volume [14] - **Shipment Volume**: The total shipment volume of 54 domestic asphalt enterprises from August 20 - 26, 2025 was 40.4 tons, a month - on - month increase of 3.3%. In the North China region, shipments decreased due to rainfall and terminal shutdowns, while in the East and South China regions, shipments increased due to good terminal demand [14] - **Modified Asphalt Capacity Utilization**: The capacity utilization rate of 69 domestic sample modified asphalt enterprises was 17.1%, a month - on - month increase of 0.1% and a year - on - year increase of 1.8%. Although the processing enthusiasm of some northern enterprises weakened due to intermittent project closures and rainfall, the downstream demand in the East and South regions improved, especially in Shandong, which drove up production [14][15]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Fuel oil is expected to experience wide - range fluctuations, and its price remains weak in the short term. Low - sulfur fuel oil rebounded during the night session, and the price spread between high - and low - sulfur in the overseas spot market has temporarily stabilized [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Data - **Price and Price Changes**: For fuel oil futures contracts (FU2510, FU2511), the closing prices were 2,821 yuan/ton and 2,815 yuan/ton respectively, with daily declines of 2.05% and 2.11%. The settlement prices were 2,829 yuan/ton and 2,817 yuan/ton, with declines of 2.11% and 1.88%. For low - sulfur fuel oil futures contracts (LU2510, LU2511), the closing prices were 3,485 yuan/ton, with daily declines of 1.11% and 1.27%. The settlement prices were 3,487 yuan/ton and 3,489 yuan/ton, with declines of 1.27% and 1.36% [1] - **Trading Volume and Open Interest**: The trading volume of FU2510 was 361,054 lots, a decrease of 14,742 lots, and the open interest was 82,271 lots, a decrease of 15,112 lots. The trading volume of FU2511 was 124,405 lots, a decrease of 14,578 lots, and the open interest was 50,170 lots, a decrease of 24,103 lots. The trading volume of LU2510 was 16,233 lots, an increase of 1,410 lots, and the open interest was 17,012 lots, a decrease of 3,876 lots. The trading volume of LU2511 was 97,234 lots, an increase of 21,163 lots, and the open interest was 70,718 lots, a decrease of 6,857 lots [1] - **Warehouse Receipts**: The total market warehouse receipts of fuel oil (FU) were 119,580, an increase of 19,270. The warehouse receipts of low - sulfur fuel oil (LU) were 35,110, an increase of 24,000 [1] 3.1.2 Spot Price Data - **High - Sulfur Fuel Oil**: In Singapore MOPS, the price was 396.5 US dollars/ton, a daily decline of 0.41%. In Singapore Bunker, it was 410.0 US dollars/ton, unchanged. In other regions like Fujeirah Bunker, Zhoushan Bunker, Shanghai Bunker, Tokyo Bunker, and South Korea Bunker, there were different degrees of price changes, with declines ranging from 0.25% to 0.70% [1] - **Low - Sulfur Fuel Oil**: In Singapore MOPS, the price was 489.5 US dollars/ton, a daily increase of 0.04%. In Singapore Bunker, it was 502.0 US dollars/ton, unchanged. In other regions, there were also different price changes, with increases in some regions such as Fujeirah Bunker (0.60%) and South Korea Bunker (1.17%) [1] 3.1.3 Spread Data - **Contract Spread**: The spread between FU10 - 11 was 6 yuan/ton, and the settlement spread was 12 yuan/ton. The spread between LU10 - 11 was 0 yuan/ton, and the settlement spread was - 2 yuan/ton. The spread between LU10 - FU10 was 664 yuan/ton, and the settlement spread was 670 yuan/ton [1] - **Other Spreads**: The spread between FU2510 and Singapore MOPS (3.5%S) was - 19.0 yuan/ton, a change of - 47.2 yuan/ton compared to the previous day. The spread between LU2510 and Singapore MOPS (0.5%S) was - 21.1 yuan/ton, a change of - 40.4 yuan/ton compared to the previous day. The spread between Singapore MOPS (0.5%S - 3.5%S) was 93.0 US dollars/ton, an increase of 1.9 US dollars/ton compared to the previous day [1] 3.2 Trend Intensity - The trend intensity of fuel oil is 0, and the trend intensity of low - sulfur fuel oil is also 0. The trend intensity ranges from - 2 to 2, where - 2 indicates the most bearish and 2 indicates the most bullish, and 0 represents a neutral view [1]

1. Report Industry Investment Rating - The report suggests not to chase short positions in caustic soda and take a bullish view in the fourth quarter, with a trend strength of 0, indicating a neutral stance [1][5] 2. Core Viewpoints - The recent correction in caustic soda futures prices is due to near - month warehouse receipts and weak exports, but the warehouse receipt issue is a short - term impact. The supply - demand contradiction in the second half of this year mainly comes from the concentrated stocking before the alumina production [3] - Domestic demand remains stable. Non - aluminum demand is expected to improve in the peak season, and alumina has high - level production with strong rigid demand. The later alumina stocking will drive the circulation of domestic 50% caustic soda, depending on the production start - up rhythm [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - On August 28, 2025, the 01 contract futures price was 2699, the cheapest deliverable spot 32% caustic soda price in Shandong was 860, the Shandong spot 32% caustic soda converted to the futures price was 2688, and the basis was - 12 [1] 3.2 Spot News - Taking Shandong as the benchmark, the overall price of liquid caustic soda in Shandong remained stable today, with a small number of enterprises raising prices. The current short - term inventory of liquid caustic soda in the province is continuously low, and attention should be paid to the change in the delivery volume of major downstream industries [2] 3.3 Market Condition Analysis - The suppression factors for the rise of caustic soda are the 114 lots of warehouse receipts in the 09 contract as of August 26 (mainly from Zhejiang) and the weak export situation due to sufficient supply in Southeast Asia. The 50% - 32% caustic soda price spread is weak, resulting in insufficient driving force for the price increase [3] - Domestic demand is stable. Non - aluminum demand will improve in the peak season, and alumina production is at a high level. There are expectations of 3.6 million tons of new production capacity in Guangxi at the end of this year, and the alumina stocking will drive the circulation of domestic 50% caustic soda [3] 3.4 Trend Strength - The trend strength of caustic soda is 0, with a range of [-2, 2], indicating a neutral stance [5]

Group 1: Report Core Information - The report is about LPG and propylene futures on August 28, 2025, with the LPG cost rebounding and propylene supply - demand tightening and spot price rising [1] Group 2: Fundamental Tracking Futures Prices - PG2509 closed at 3,871 yesterday with a - 0.10% daily increase and 3,880 at night with a 0.23% night - session increase; PG2510 closed at 4,408 yesterday with a - 0.61% daily increase and 4,418 at night with a 0.23% night - session increase; PL2601 closed at 6,444 yesterday with a - 0.36% daily increase and 6,441 at night with a - 0.05% night - session increase; PL2602 closed at 6,478 yesterday with a - 0.57% daily increase and 6,449 at night with a - 0.45% night - session increase [1] Position and Trading Volume - PG2509 had 7,584 trades yesterday, a decrease of 258 from the previous day, and 15,526 positions, a decrease of 5000; PG2510 had 77,818 trades yesterday, an increase of 11179, and 88,792 positions, a decrease of 5275; PL2601 had 803 trades yesterday, a decrease of 314, and 4,820 positions, an increase of 76; PL2602 had 21 trades yesterday, an increase of 11, and 851 positions, a decrease of 1 [1] Spreads - The spread of Guangzhou domestic gas to PG10 contract was 192 yesterday, compared with 135 the previous day; the spread of Guangzhou imported gas to PG10 contract was 232 yesterday, compared with 185 the previous day; the spread of Shandong propylene to PL01 contract was 116 yesterday, compared with 3 the previous day; the spread of East China propylene to PL01 contract was 56 yesterday, compared with 8 the previous day; the spread of South China propylene to PL01 contract was - 19 yesterday, compared with - 42 the previous day [1] Key Industrial Chain Data - The PDH operating rate this week was 75.7%, compared with 76.3% last week; the MTBE operating rate was 63.5%, compared with 63.4%; the alkylation operating rate was 49.0%, the same as before [1] Group 3: Trend Intensity - The trend intensity of LPG is 0, and that of propylene is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7] Group 4: Market Information CP Paper Cargo Prices - On August 26, 2025, the September CP paper cargo price of propane was 516 dollars/ton, down 4 dollars/ton from the previous trading day; the price of butane was 492 dollars/ton, down 3 dollars/ton. The October CP paper cargo price of propane was 530 dollars/ton, down 5 dollars/ton from the previous trading day [8] Domestic PDH Device Maintenance Plans - Multiple companies have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with the end time to be determined; Jineng Chemical (Qingdao) Co., Ltd. starting maintenance on August 19, 2025, and ending in October 2025 [10] Domestic Liquefied Gas Factory Device Maintenance Plans - Many factories have maintenance plans, like Shengli Oilfield in Shandong starting a full - plant maintenance on June 16, 2025, and ending in late August 2025, with a normal output of 400 and a loss of 400 [10]