Report Summary Industry Investment Rating - The investment ratings for short - fiber and bottle - chip are both "High - level Volatility" [1] Core Viewpoints - The short - fiber and bottle - chip markets are expected to experience high - level volatility. The short - fiber market has a cost - driven price adjustment, while the bottle - chip market shows relatively stable prices with a weak trading atmosphere [1][2] Summary by Relevant Catalogs 1. Fundamental Tracking - **Short - fiber**: - Futures prices: Short - fiber 2509 was 6492 (up 6 from the previous day), short - fiber 2510 was 6622 (up 26), and short - fiber 2511 was 6600. - Spread: PF09 - 10 was - 130 (down 20), PF10 - 11 was 22 (up 22), and the PF basis was - 37 (down 26). - Position and volume: The short - fiber main contract's open interest was 160220 (down 65356), and the trading volume was 155772 (up 4802). - Spot price and sales rate: The short - fiber spot price in East China was 6585 (unchanged), and the sales - to - production ratio was 40% (down 5%) [1] - **Bottle - chip**: - Futures prices: Bottle - chip 2509 was 5856 (down 42), bottle - chip 2510 was 6028 (down 12), and bottle - chip 2511 was 6034 (down 16). - Spread: PR09 - 10 was - 172 (down 30), PR10 - 11 was - 6 (up 4), and the PR main contract's basis was - 78 (down 18). - Position and volume: The bottle - chip main contract's open interest was 33925 (up 996), and the trading volume was 76184 (down 23091). - Spot price: The bottle - chip spot price in East China was 5950 (down 30), and in South China it was 6020 (unchanged) [1] 2. Spot News - **Short - fiber**: In the morning, the raw material prices rose, so most short - fiber factories in Jiangsu and Zhejiang raised their quotes by 50 yuan, while those in Fujian remained stable. The mainstream transaction price was 6550 - 6800 yuan/ton in Jiangsu and Zhejiang and 6550 - 6650 yuan/ton in Fujian. The market transactions were mainly for rigid demand, and the average sales - to - production ratio was 40% by 3:00 pm. Some factories planned to cut 20% of their September contracts [1] - **Bottle - chip**: The upstream polyester raw material futures first rose and then fell. Polyester bottle - chip factory quotes were mostly stable, with some increasing by 20 - 50 yuan. The market trading atmosphere was light, and the 8 - 10 month orders were mainly traded at 5880 - 6000 yuan/ton ex - factory [2] 3. Trend Intensity - The trend intensity of short - fiber and bottle - chip on the reporting day's daytime session of the main contract futures price fluctuations was 0, indicating a neutral trend [3]

Report Industry Investment Rating - The investment rating for styrene is "medium-term bearish" [1] Core View of the Report - The styrene market is expected to be bearish in the medium term. In the short term, it will mainly fluctuate due to weak crude oil, strong downstream bottom-fishing sentiment, and the downstream entering the seasonal bottom-fishing stage. However, the downstream raw material inventory is at a medium to high level, and the power for continuous restocking during the peak season is insufficient. Short-term explicit inventory is being depleted while implicit inventory is gradually accumulating, stabilizing market volatility [1][2] Summary by Relevant Catalog Fundamental Tracking - For styrene futures contracts, the price of styrene 2509 decreased from 7,352 to 7,296, a change of -56; styrene 2510 decreased from 7,378 to 7,330, a change of -48; styrene 2509 increased from 7,374 to 7,387, a change of 13. The spread EB08 - EB09 decreased from -26 to -34, a change of -8; EB09 - EB10 decreased from 4 to -57, a change of -61. The N + 1 contract price decreased from 7,480 to 7,460, a change of -20; the N + 2 contract price increased from 7,370 to 7,390, a change of 20. The EB - BZ spread increased from 1,290 to 1,315, a change of 25. Non - integrated profit decreased from -131 to -143, a change of -12; integrated profit decreased from 756 to 689, a change of -67 [1] Trend Intensity - The trend intensity of styrene is -1, indicating a bearish view, with the range of trend intensity being integers in the [-2, 2] interval, where -2 represents the most bearish and 2 represents the most bullish [1] Spot News - Crude oil is weak, and the downstream industry's bottom-fishing sentiment is strong, with the market mainly fluctuating. As it enters late August, the downstream enters the seasonal bottom-fishing stage, and the overall market sentiment is optimistic with strong bottom-fishing willingness. Currently, the downstream raw material inventory of styrene is at a medium to high level after nearly a month of restocking, and the power for continuous restocking during the peak season is insufficient. Short-term explicit inventory is being depleted while implicit inventory is gradually accumulating, stabilizing market volatility. The short-term trend is mainly fluctuating [2]

Report Summary 1. Report Industry Investment Ratings - PX: Bullish, suggesting a long spread strategy (11 - 1) and a long PTA short PX (11 contract) strategy [1][6] - PTA: Bullish on basis and calendar spread, suggesting a long spread strategy (10/11 - 1) and a long PTA short PX (11 contract) strategy [1][6] - MEG: Bullish in the short - term, suggesting a 9 - 1 long spread strategy and a 1 - 5 reverse spread strategy [1][7] 2. Core Views - PX is expected to be short - term bullish due to increased开工 from high profits and upcoming PTA demand, but avoid chasing long positions on the single - side. Instead, focus on spread strategies [6] - PTA should not be chased long on the single - side. Hold basis and calendar spread long positions and consider a long PTA short PX (11 contract) strategy, as supply is adjusted by new production and maintenance while demand is seasonally improving [6] - MEG is short - term bullish with a 9 - 1 long spread strategy, but faces supply pressure above 4600. Consider a 1 - 5 reverse spread strategy [7] 3. Summary by Related Catalogs Market Dynamics - PX: Naphtha prices rose slightly. On the 26th, PX prices increased, with 10 - month and 11 - month negotiations but no deals. The PX valuation on the 26th was 864 USD/ton, up 5 USD from the 25th [3] - PTA: A 2.5 - million - ton PTA plant in East China started scheduled maintenance on the 26th, expected to restart in early September [3] - MEG: From August 25th to 31st, the planned arrival at major ports is about 44,000 tons [3] - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang on the 26th were weak, with an average sales rate of about 50% as of 3:30 pm [3] - Spun - bonded staple fiber: Sales were weak on the 26th, with an average sales rate of 40% as of 3:00 pm [5] Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing | Previous Closing | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX | 6994 | 6970 | 0.34% | PX9 - 1 | 80 | 122 | - 42 | | PTA | 4870 | 8 | 0.16% | PTA9 - 1 | - 40 | - 34 | - 6 | | MEG | 4490 | - 19 | - 0.42% | MEG9 - 1 | - 50 | - 59 | 9 | | PF | 6622 | 26 | 0.39% | PF9 - 1 | - 90 | - 90 | 0 | | SC | 496.1 | 3.2 | 0.65% | SC9 - 10 | - 7.3 | - 7.3 | 0 | | Spot | Yesterday's Price | Previous Price | Change | | --- | --- | --- | --- | | PX CFR China | 864 | 859 | 5 | | PTA East China | 4865 | 4860 | 5 | | MEG | 4552 | 4550 | 2 | | Naphtha MOPJ | 600 | 592.5 | 7.5 | | Dated Brent | 67.44 | 68.23 | - 0.79 | | Spot Processing Margin | Yesterday's Price | Previous Price | Change | | --- | --- | --- | --- | | PX - Naphtha | 270.33 | 269.17 | 1.16 | | PTA | 248.5 | 235.4 | 13.1 | | Staple Fiber | 102.62 | 86.27 | 16.36 | | Bottle Chip | - 88.83 | - 41.2 | - 47.62 | | MOPJ - Dubai Crude | - 6.01 | - 6.01 | 0 | [2] Trend Intensity - PX, PTA, and MEG all have a trend intensity of 1, indicating a moderately bullish outlook [5] Views and Suggestions - PX: Short - term bullish, avoid single - side long chasing, focus on 11 - 1 long spread and long PTA short PX (11 contract) [6] - PTA: Avoid single - side long chasing, hold basis and calendar spread long positions, consider long PTA short PX (11 contract) [6] - MEG: Short - term bullish, 9 - 1 long spread, face pressure above 4600, consider 1 - 5 reverse spread [7]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report focuses on the fuel oil and low - sulfur fuel oil markets. The appearance of new warehouse receipts in fuel oil has led to a bearish turn in the futures market. Low - sulfur fuel oil has reversed and declined, while the spread between high - and low - sulfur in the overseas spot market has temporarily stabilized. The trend strength for both fuel oil and low - sulfur fuel oil is - 1, indicating a bearish outlook [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Changes**: - For fuel oil futures contracts, FU2510 closed at 2,880 yuan/ton with a daily decline of 0.93%, and its settlement price increased by 0.42%. FU2511 closed at 2,863 yuan/ton with a 0.42% increase, and its settlement price rose by 0.81%. - For low - sulfur fuel oil futures contracts, LU2510 closed at 3,524 yuan/ton with a 0.06% decline, and its settlement price increased by 0.60%. LU2511 closed at 3,529 yuan/ton with a 0.60% increase, and its settlement price rose by 0.45% [1]. - **Trading Volume and Open Interest**: - Trading volumes of all listed contracts (FU2510, FU2511, LU2510, LU2511) decreased compared to the previous day, with significant drops in some contracts. Open interests also decreased across the board [1]. - **Warehouse Receipts**: - The total fuel oil warehouse receipts in the market were 100,310, an increase of 26,600. The low - sulfur fuel oil warehouse receipts were 11,110, with no change [1]. - **Spot Prices**: - High - sulfur (3.5%S) spot prices in most regions showed slight declines, while low - sulfur (0.5%S) spot prices in some regions increased slightly. For example, the Singapore MOPS high - sulfur price dropped by 0.41%, and the low - sulfur price increased by 0.04% [1]. - **Price Spreads**: - For contract spreads, the FU10 - 11 spread was 17 yuan/ton, and the LU10 - 11 spread was - 5 yuan/ton. The LU10 - FU10 spread was 644 yuan/ton. - For other spreads, such as the difference between futures and spot prices, the FU2510 - Singapore MOPS (3.5%S) spread decreased by 15.2 yuan/ton, and the LU2510 - Singapore MOPS (0.5%S) spread decreased by 3.4 yuan/ton. The Singapore MOPS (0.5%S - 3.5%S) spread increased by 1.9 dollars/ton [1]. 3.2 Trend Intensity - The trend intensity for fuel oil and low - sulfur fuel oil is - 1, indicating a bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish), with - 1 representing a relatively bearish sentiment [1].

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View The report focuses on the polycrystalline silicon market, where market sentiment is cooling, and it suggests paying attention to the upstream production cut expectations. It also provides detailed fundamental data on industrial silicon and polycrystalline silicon, as well as macro and industry news [1]. 3) Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Market Data**: For industrial silicon, the Si2511 contract has a closing price of 8,515 yuan/ton (down 160 yuan from T - 1), a trading volume of 450,290 lots (down 25,321 lots from T - 1), and an open interest of 281,839 lots (down 7,286 lots from T - 1). For polycrystalline silicon, the PS2511 contract has a closing price of 50,985 yuan/ton (down 595 yuan from T - 1), a trading volume of 265,820 lots (down 94,702 lots from T - 1), and an open interest of 137,478 lots (up 677 lots from T - 1) [1]. - **Spot Price and Basis**: The spot price of Xinjiang 99 - silicon is 8,650 yuan/ton, and the spot price of Yunnan Si4210 is 9,750 yuan/ton. The polycrystalline silicon - N - type re - feedstock price is 49,000 yuan/ton. The industrial silicon has different spot premiums or discounts against different benchmarks [1]. - **Profit and Inventory**: Silicon factory profits in Xinjiang and Yunnan are negative, with - 2,626 yuan/ton and - 3,321 yuan/ton respectively. The industrial silicon social inventory is 54.3 million tons, and the enterprise inventory is 17.5 million tons. The polycrystalline silicon factory inventory is 24.9 million tons [1]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, electrodes, and trichlorosilane are provided, with some showing no change and others having slight fluctuations [1]. - **Downstream Product Prices and Profits**: The prices of downstream products like silicon wafers, battery cells, components, photovoltaic glass, and EVA are presented, along with the profits of polycrystalline silicon enterprises, DMC enterprises, and recycled aluminum enterprises [1]. b. Macro and Industry News The US government proposed to include copper, silicon, silver, etc. in the 2025 critical minerals list. The US Geological Survey published a draft list of 54 minerals and will solicit public comments within 30 days. Six minerals are newly proposed to be added, and arsenic and tellurium are suggested to be removed [2]. c. Trend Intensity The trend intensity of industrial silicon is - 1, indicating a weak bearish outlook, while the trend intensity of polycrystalline silicon is 0, indicating a neutral outlook [3].

Report Summary Investment Ratings - No industry investment ratings are provided in the report. Core Views - Palm oil: The fundamental situation has no new driving forces, and it is waiting for a pullback [1]. - Soybean oil: The trading of soybean shortages in the fourth quarter has暂缓, and it is in a range - bound consolidation [1]. Summary by Sections 1. Fundamental Data Tracking - **Futures Prices**: Palm oil's day - trading closing price was 9,424 yuan/ton with a - 0.67% change, and night - trading was 9,488 yuan/ton with a 0.68% change; soybean oil's day - trading was 8,536 yuan/ton (0.00% change) and night - trading was 8,402 yuan/ton (- 1.57% change); rapeseed oil's day - trading was 9,941 yuan/ton (- 0.57% change) and night - trading was 9,810 yuan/ton (- 1.32% change); Malaysian palm oil's day - trading was 4,470 ringgit/ton (- 0.51% change) and night - trading was 4,451 ringgit/ton (- 0.43% change); CBOT soybean oil was 53.46 cents/pound (- 2.57% change) [2]. - **Trading Volume and Open Interest**: Palm oil's trading volume was 29,423 lots (- 7,102 change) and open interest was 31,104 lots (- 11,004 change); soybean oil's trading volume was 25,058 lots (- 10,177 change) and open interest was 37,839 lots (- 14,776 change); rapeseed oil's trading volume was 12,749 lots (- 1,539 change) and open interest was 18,022 lots (- 6,367 change) [2]. - **Spot Prices**: 24 - degree palm oil in Guangdong was 9,470 yuan/ton (- 150 change); first - grade soybean oil in Guangdong was 8,850 yuan/ton (+ 130 change); fourth - grade imported rapeseed oil in Guangxi was 9,950 yuan/ton (+ 40 change); Malaysian palm oil FOB was 1,110 dollars/ton (- 5 change) [2]. - **Basis**: Palm oil in Guangdong was 46 yuan/ton; soybean oil in Guangdong was 314 yuan/ton; rapeseed oil in Guangxi was 9 yuan/ton [2]. - **Spreads**: Rapeseed - palm oil futures spread was 321 yuan/ton; soybean - palm oil futures spread was - 1,044 yuan/ton; palm oil 9 - 1 spread was - 76 yuan/ton; soybean oil 9 - 1 spread was 80 yuan/ton; rapeseed oil 9 - 1 spread was 120 yuan/ton [2]. 2. Macro and Industry News - **Malaysian Palm Oil Production**: From August 1 - 25, 2025, Malaysian palm oil yield decreased by 3.26% month - on - month, oil extraction rate increased by 0.4% month - on - month, and production decreased by 1.21% month - on - month [3]. - **Tax Exemption in Malaysia**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude and refined palm kernel oil from the sales and service tax (SST). Currently, these two products face a 5% special tax [5]. - **Indonesian Palm Oil Tariff**: The US has agreed in principle to exclude Indonesian palm oil, cocoa, and rubber from the 19% tariff, but the final agreement has no set schedule [5]. - **Indian Vegetable Oil Tax**: The Indian Vegetable Oil Producers' Association (IVPA) urges the government to cancel the tax credit refund restrictions implemented since July 2022 [6]. - **Pakistani Soybean Purchase**: Pakistan is expected to sign a purchase agreement to import about 1.1 million tons of soybeans from US exporters, with a total value of about 500 million dollars [6]. - **Brazilian Soybean Regulations**: A Brazilian federal judge has temporarily suspended a decision by the country's antitrust regulator regarding the "Amazon soybean ban" [7]. - **Brazilian Soybean Exports**: Brazil's soybean exports in August are expected to be 8.9 million tons, and soybean meal exports are expected to be 2.13 million tons [7]. - **Soybean Crushing Profit in Brazil**: In Mato Grosso from August 18 - 22, the soybean crushing profit was 387.05 reais/ton [7]. - **EU Oil Imports**: As of August 24, the EU's 2025/26 palm oil imports were 350,000 tons, soybeans were 1.96 million tons, and rapeseed was 390,000 tons, all lower than last year [8]. - **Russian Sunflower Oil Tax**: Russia will resume export tariffs on sunflower oil and its by - products from September [8]. 3. Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral stance [9].

Report's Investment Rating for the Industry - Not provided Core Viewpoints of the Report - The recent correction in caustic soda futures prices is mainly due to the suppression of near - month warehouse receipts and weak exports. The warehouse receipt issue is a short - term impact, and the market pressure will ease after the 09 contract warehouse receipts are cancelled. However, if exports remain weak, the strength of the caustic soda peak season will be tested. Domestic demand is stable, with non - aluminum demand expected to improve in the peak season, and alumina production at a high level providing strong support. The key lies in the commissioning rhythm of new capacity in Guangxi at the end of this year [2]. Summary by Related Catalogs Fundamental Tracking - As of August 27, 2025, the 01 contract futures price of caustic soda was 2703, the spot price of 32% caustic soda in the cheapest deliverable area in Shandong was 860, the spot 32% caustic soda in Shandong converted to the futures price was 2688, and the basis was - 16 [1]. - Taking Shandong as the benchmark, the price of liquid caustic soda in Shandong remained firm, and prices in other regions followed the upward trend of the previous major regions. Attention should be paid to changes in the delivery volume to major downstream customers [1]. Market Condition Analysis - **Supply and Demand in the Export Market**: The new capacity of Vinythai and high supply in Japan and South Korea have led to sufficient supply in Southeast Asia. The export profit has not expanded, recent export orders have been poor, and the 50% - 32% caustic soda price spread has been weak, resulting in insufficient upward momentum for caustic soda [2]. - **Domestic Demand Situation**: Domestic demand is stable. Non - aluminum demand is expected to improve in the peak season, and alumina production is at a high level, providing strong rigid support. There are expectations of 360 million tons of new capacity to be commissioned in Guangxi by the end of this year, and the local caustic soda supply is tight. The alumina inventory build - up will drive the circulation of domestic 50% caustic soda, but it depends on the commissioning rhythm. The delivery volume of caustic soda to an alumina plant in Shandong has been consistently low, lower than its daily consumption [2]. Trend Intensity - The trend intensity of caustic soda is 0, indicating a neutral trend [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The cost of LPG crude oil is weakening, while the supply and demand of propylene are in a tight - balance, with short - term fluctuations [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 LPG and Propylene Futures Price - PG2509 closed at 3,875 yesterday with a daily increase of 0.39%, and its night - session price was 3,892 with a night - session increase of 0.44%; PG2510 closed at 4,435 yesterday with a daily decrease of 0.27%, and its night - session price was 4,428 with a night - session decrease of 0.16%; PL2601 closed at 6,467 yesterday with a daily decrease of 0.37%, and its night - session price was 6,462 with a night - session decrease of 0.08%; PL2602 closed at 6,515 yesterday with a daily decrease of 0.23% [1] 3.1.2 Position and Trading Volume - For PG2509, yesterday's trading volume was 7,842 (a decrease of 4821 compared to the previous day), and the position was 20,526 (a decrease of 3904 compared to the previous day); for PG2510, yesterday's trading volume was 66,639 (a decrease of 10222 compared to the previous day), and the position was 94,067 (a decrease of 5907 compared to the previous day); for PL2601, yesterday's trading volume was 1,117 (a decrease of 783 compared to the previous day), and the position was 4,744 (an increase of 30 compared to the previous day); for PL2602, yesterday's trading volume was 10 (an increase of 5 compared to the previous day), and the position was 852 (a decrease of 1 compared to the previous day) [1] 3.1.3 Price Spreads - The spread between Guangzhou domestic gas and the PG10 contract was 135 yesterday (compared to 103 the previous day); the spread between Guangzhou imported gas and the PG10 contract was 185 (compared to 163 the previous day); the spread between Shandong propylene and the PL01 contract was 3 (compared to - 36 the previous day); the spread between East China propylene and the PL01 contract was 8 (compared to - 41 the previous day); the spread between South China propylene and the PL01 contract was - 42 (compared to - 66 the previous day) [1] 3.1.4 Key Industrial Chain Data - The PDH operating rate this week was 75.7%, down from 76.3% last week; the MTBE operating rate this week was 63.5%, up slightly from 63.4% last week; the alkylation operating rate remained at 49.0% this week, the same as last week [1] 3.2 Trend Intensity - The trend intensity of LPG is 0, and that of propylene is also 0. The range of trend intensity is an integer within the [-2, 2] interval, with -2 indicating the most bearish and 2 indicating the most bullish [6] 3.3 Market Information 3.3.1 CP Paper Goods Prices - On August 26, 2025, the September CP paper goods price for propane was 520 US dollars per ton, unchanged from the previous trading day; the price for butane was 495 US dollars per ton, down 1 US dollar per ton from the previous trading day. The October CP paper goods price for propane was 535 US dollars per ton, down 1 US dollar per ton from the previous trading day [7] 3.3.2 Domestic PDH Device Maintenance Plans - Multiple enterprises have PDH device maintenance plans, such as Henan Huasong New Material Technology Co., Ltd. starting maintenance on May 12, 2023, with an undetermined end - date; Jiangsu Yanchang Zhongran Chemical Co., Ltd. starting maintenance in late November 2023, with an undetermined end - date; etc. [8] 3.3.3 Domestic Liquefied Gas Factory Device Maintenance Plans - Many domestic liquefied gas factories have device maintenance plans, including Shandong's Shengli Oilfield starting a full - plant maintenance on June 16, 2025, ending in late August 2025, with a loss of 400 units; Shandong's Zhenghe Petrochemical starting a full - plant maintenance on May 14, 2024, with an undetermined end - date; etc. [8]

Report Summary 1) Report Industry Investment Rating - No industry investment rating was provided in the report [1][3] 2) Core View of the Report - Short - term outlook is bullish, while medium - term is range - bound. In the short run, the overall macro sentiment is positive, with the equity market being excited before the parade, driving commodities to perform strongly. The rubber sector, with a neutral fundamental situation, follows the commodity index. Also, although the anti - involution policy is not as aggressive in the short term, it has a long - term policy tone, and the expectations of "anti - involution" and supply - side optimization support the overall valuation of commodities. In the medium term, as the price increase is mainly speculative and there is no obvious fundamental driver, the futures price has gradually become at a premium to the spot price. After the commodity sector returns to fundamental trading, the futures price is expected to correct to the fundamental valuation range [3] 3) Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: For the butadiene rubber main contract (10 contract) on August 27, 2025, the daily closing price was 11,845 yuan/ton (down 165 yuan from the previous day), the trading volume was 112,447 lots (down 42,957 lots), the open interest was 43,120 lots (down 3,585 lots), and the turnover was 673.629 million yuan (down 253.24 million yuan). The basis of Shandong butadiene - futures main contract was 155 yuan (up 265 yuan), the monthly spread of BR09 - BR10 was - 15 yuan (up 10 yuan). The prices of butadiene in North China, East China, and South China (private enterprises) increased by 50 yuan respectively. The market price of Shandong butadiene (delivery product) was 12,000 yuan/ton (up 100 yuan), the prices of Qilu styrene - butadiene rubber (models 1502 and 1712) increased by 100 yuan and 150 yuan respectively, and the prices of butadiene in Jiangsu and Shandong mainstream markets increased by 50 yuan [1] - **Fundamental Indicators**: The butadiene rubber operating rate was 76.1855% (up 0.44% from the previous day), the theoretical full cost of butadiene rubber was 12,285 yuan/ton (up 103 yuan), and the butadiene rubber profit was - 185 yuan/ton (up 97 yuan) [1] - **Inventory Situation**: As of August 20, 2025 (week 34), the inventory of Chinese high - cis butadiene rubber sample enterprises was 30,600 tons, a week - on - week increase of 200 tons or 0.56%. In this period, most butadiene rubber plants that had been under maintenance restarted, domestic production recovered, the mainstream supply price rose further under the influence of capital speculation and the natural rubber market, but the slow terminal sales due to strong downstream price - pressing sentiment led to a slight decrease in sample production enterprise inventory and an increase in sample trading enterprise inventory [1] 3.2 Trend Intensity - The trend intensity of synthetic rubber is 0, indicating a neutral trend, with the range of trend intensity being integers in the [- 2, 2] interval, where - 2 is the most bearish and 2 is the most bullish [3]

Report Industry Investment Ratings No specific industry investment ratings are provided in the document. Core Views - The core capital goods orders in the US in July rebounded by 1.06%, the fastest growth in nearly three years, indicating that the basic demand of enterprises for equipment and expansion remains stable, which weakens market concerns about economic slowdown [7][40]. - The PX market is short - term oscillating and strengthening. It is recommended not to chase long unilaterally, and pay attention to the 11 - 1 positive spread position, buying PTA and shorting PX [8]. - The caustic soda market is currently suppressed by near - month warehouse receipts and weak exports. Although domestic demand is stable, if exports remain weak, the peak season performance may be affected [10]. Summary by Related Catalogs 1. Metals Gold and Silver - Gold: After the JH meeting, Powell's dovish stance. The trend intensity is 1, showing a relatively neutral - to - positive outlook. The price of Comex gold 2510 rose by 1.00% to 3417.20, and London gold spot rose by 0.95% to 3369.82 [17][18][21]. - Silver: It is expected to reach the previous high. The trend intensity is 1. The price of Comex silver 2510 rose by 2.07% to 39.390, and London silver spot rose by 1.85% to 38.801 [17][18][21]. Copper - The price is firm due to the decrease in both domestic and foreign inventories. The trend intensity is 1. The price of the Shanghai copper main contract closed at 79,190 with a daily decline of 0.63%, and the LME copper 3M electronic disk closed at 9,847 with a 0.38% increase [23][25]. Zinc - It is in a range - bound oscillation. The trend intensity is 0. The Shanghai zinc main contract closed at 22270 with a 0.56% decline, and the LME zinc 3M electronic disk closed at 2805.5 with a 1.39% increase [26][28]. Lead - The price is supported by the decrease in inventory. The trend intensity is 0. The Shanghai lead main contract closed at 16930 with a 0.50% increase, and the LME lead 3M electronic disk closed at 1992 with a 1.12% increase [29]. Tin - It is in a range - bound oscillation. The trend intensity is 1. The Shanghai tin main contract closed at 265,930 with a 0.21% decline, and the LME tin 3M electronic disk closed at 33,845 with a 1.11% increase [31][37]. Aluminum, Alumina, and Cast Aluminum Alloy - Aluminum: Oscillating and strengthening. The Shanghai aluminum main contract closed at 20715, and the LME aluminum 3M closed at 2639 [38]. - Alumina: The center of gravity is moving down. The Shanghai alumina main contract closed at 3069 [38]. - Cast aluminum alloy: Follows the trend of electrolytic aluminum [38]. Nickel and Stainless Steel - Nickel: Narrow - range oscillating. The Shanghai nickel main contract closed at 120,370 [41]. - Stainless steel: Short - term low - level oscillating. The stainless steel main contract closed at 12,840 [41]. 2. Chemicals PX - Short - term oscillating and strengthening. The PXN spread is at a high level of 264 US dollars/ton, and the PX - MX spread is 170.5 US dollars/ton. The start - up enthusiasm of existing devices has increased, and the demand from the polyester industry is gradually recovering [8]. Caustic Soda - Suppressed by near - month warehouse receipts and weak exports. As of August 26, there were still 114 warehouse receipts on the caustic soda 09 contract, and export signing has been poor recently [10]. Carbonate Lithium - The spot trading has improved slightly, and it is in an oscillating state. The price of the 2509 contract closed at 79,260 [47][48]. Polysilicon - Market sentiment has cooled down. Attention should be paid to the upstream production reduction expectations. The trend intensity of industrial silicon is - 1, and that of polysilicon is 0 [51][53]. 3. Building Materials and Energy Iron Ore - Oscillating repeatedly. The price of the iron ore 12601 contract closed at 776.5 with a 1.33% decline [55]. Rebar and Hot - Rolled Coil - The market sentiment is fluctuating, and they are in a wide - range oscillation. The RB2510 contract of rebar closed at 3,113 with a 0.99% decline, and the HC2510 contract of hot - rolled coil closed at 3,367 with a 0.71% decline [59]. Ferrosilicon and Silicomanganese - Both are in a wide - range oscillation. The ferrosilicon 2511 contract closed at 5656, and the silicomanganese 2511 contract closed at 5850 [62]. Coke and Coking Coal - Both are in a wide - range oscillation. The JM2601 contract of coking coal closed at 1215.5 with a 4.6% increase, and the J2601 contract of coke closed at 1736 with a 3.4% increase [66]. Logs - Oscillating repeatedly. The 2509 contract of logs closed at 801.5 with a 0.2% decline [69].