Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the passive inventory accumulation stage, supply pressure usually requires multiple rounds of state purchases for digestion. The September contract is still at a premium to the warehouse receipt cost, increasing the industry's willingness to deliver, and the premium - collecting market continues. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the cost of slaughter in March. Attention should be paid to the downward shift of the far - end price center, and stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,000 yuan/ton [2] - In August, the planned slaughter volume of group companies increased, small - scale farmers were forced to hold back pigs, demand growth was limited, the performance of leading groups in reducing volume to support prices was poor, daily transactions were still weak, and it was difficult to absorb market supply. Spot prices have repeatedly underperformed expectations, and the willingness of social free - range farms to sell pigs increased in the second half of the month. The state purchase policy has been implemented [6] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 13,780 yuan/ton (unchanged year - on - year), the Sichuan spot price is 13,550 yuan/ton (down 100 yuan/ton year - on - year), and the Guangdong spot price is 15,290 yuan/ton (unchanged year - on - year) [4] - **Futures Prices**: The prices of the生猪2509,生猪2511, and生猪2601 contracts are 13,760 yuan/ton (up 35 yuan/ton year - on - year), 13,840 yuan/ton (up 75 yuan/ton year - on - year), and 14,145 yuan/ton (up 40 yuan/ton year - on - year) respectively [4] - **Futures Trading Volume and Open Interest**: The trading volume of the生猪2509 contract is 2,339 lots (up 725 lots from the previous day), and the open interest is 10,823 lots (down 1,032 lots from the previous day); the trading volume of the生猪2511 contract is 36,781 lots (up 20,670 lots from the previous day), and the open interest is 73,260 lots (up 3,383 lots from the previous day); the trading volume of the生猪2601 contract is 12,331 lots (up 6,312 lots from the previous day), and the open interest is 48,187 lots (up 1,339 lots from the previous day) [4] - **Basis and Spreads**: The basis of the生猪2509 contract is 20 yuan/ton (down 35 yuan/ton year - on - year), the basis of the生猪2511 contract is - 60 yuan/ton (down 75 yuan/ton year - on - year), the basis of the生猪2601 contract is - 365 yuan/ton (down 40 yuan/ton year - on - year); the 9 - 11 spread of live pigs is - 80 yuan/ton (down 40 yuan/ton year - on - year), and the 11 - 1 spread of live pigs is - 305 yuan/ton (up 35 yuan/ton year - on - year) [4]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - Short - term outlook for synthetic rubber is bullish, while the medium - term outlook remains range - bound. In the short term, the overall macro sentiment is warm, with the pre - parade equity market excitement driving commodities higher. The rubber sector follows the commodity index. Also, the "anti - involution" and supply - side optimization policies support the overall valuation of commodities. In the medium term, the futures price increase is mainly speculative, and after the commodity market returns to fundamental trading, the futures price is expected to correct to the fundamental valuation range [3] 3) Summary by Related Catalogs a) Fundamental Tracking - **Futures Market**: For the butadiene rubber (BR) futures, the closing price of the main contract dropped from 11,775 yuan/ton to 11,660 yuan/ton, a decrease of 115 yuan/ton. The trading volume decreased from 106,881 lots to 89,334 lots, and the open interest decreased from 38,436 lots to 35,755 lots. The trading value decreased from 630,298 ten - thousand yuan to 522,802 ten - thousand yuan [1] - **Spread Data**: The basis of Shandong BR - futures main contract increased from - 25 to 90, and the monthly spread (BR09 - BR10) increased from - 20 to 20. The prices of North China, East China, and South China private BR decreased by 50 yuan/ton each [1] - **Spot Market**: The market price of Shandong BR (delivery product) remained unchanged at 11,750 yuan/ton. The prices of Qilu styrene - butadiene rubber (SBR) (models 1502 and 1712) decreased by 50 yuan/ton each. The prices of butadiene in Jiangsu and Shandong decreased by 100 yuan/ton and 110 yuan/ton respectively [1] - **Fundamentals**: The butadiene rubber operating rate increased from 75.4881% to 75.8368%, an increase of 0.35%. The theoretical full cost and profit of butadiene rubber remained unchanged at 12,182 yuan/ton and - 282 yuan/ton respectively [1] b) Industry News - As of August 20, 2025 (Week 34), the inventory of Chinese high - cis butadiene rubber sample enterprises was 3.06 million tons, a week - on - week increase of 0.02 million tons or 0.56%. Most previously shut - down butadiene rubber plants restarted, increasing domestic production. The spot market price rose due to capital speculation and natural rubber market trends, but downstream procurement led to slow terminal sales. Sample production enterprise inventory decreased slightly, while sample trading enterprise inventory increased [2]

Report Summary 1. Industry Investment Ratings - The report gives an optimistic outlook for industrial silicon, stating that market sentiment is boosted, and suggests a strategy of "buying on dips" for polysilicon, which is expected to trade in a range [1]. 2. Core Views - The report analyzes the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and raw material costs, and believes that industrial silicon market sentiment is positive while polysilicon is in a range - bound pattern [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: Si2511 (industrial silicon) closed at 8,745 yuan/ton with a volume of 620,638 lots and an open interest of 279,381 lots; PS2511 (polysilicon) closed at 51,405 yuan/ton with a volume of 445,445 lots and an open interest of 142,397 lots [1]. - **Basis**: Industrial silicon's spot premium/discount varies with different benchmarks, and polysilicon's spot premium/discount (against N - type re - input) is - 2405 yuan/ton [1]. - **Price**: The price of Xinjiang 99 - silicon is 8450 yuan/ton, Yunnan Si4210 is 9850 yuan/ton, and polysilicon - N - type re - input material is 49000 yuan/ton [1]. - **Profit**: Silicon plant profits in Xinjiang and Yunnan are negative, at - 2556 yuan/ton and - 3251 yuan/ton respectively; polysilicon enterprise profit is - 15.7 yuan/kg [1]. - **Inventory**: Industrial silicon's social inventory is 54.3 million tons, enterprise inventory is 17.5 million tons, and total industry inventory is 71.8 million tons; polysilicon's manufacturer inventory is 24.9 million tons [1]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, and electrodes are provided, with some showing no change recently [1]. - **Polysilicon (Photovoltaic)**: The prices of related products like silicon wafers, battery cells, components, and photovoltaic glass are given, with some prices rising and some falling [1]. - **Organic Silicon and Aluminum Alloy**: DMC price is 10750 yuan/ton with a negative profit of - 1225 yuan/ton; ADC12 price is 20450 yuan/ton, and the profit of recycled aluminum enterprises is - 260 yuan/ton [1]. 3.2 Macro and Industry News - On August 22, 2025, Huadian Group's 2025 - 2026 photovoltaic module centralized procurement was bid - opened. The first bid section for N - type TOPCon modules has a scale of 18GW with an average bid price of 0.71 yuan/W, and the second bid section for N - type TOPCon, BC, and HJT modules has a scale of 2GW with an average bid price of 0.746 yuan/W [1][3]. 3.3 Trend Intensity - The trend intensity of industrial silicon and polysilicon is both 1, indicating a neutral - to - slightly - positive outlook [3].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The futures price of cotton is fluctuating and showing a slightly stronger trend [1]. Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: CF2601 closed at 14,030 yuan/ton with 0.00% daily increase and 14,155 yuan/ton in the night session with 0.89% increase; CY2511 closed at 20,060 yuan/ton with 0.00% daily increase and 20,180 yuan/ton in the night session; ICE US cotton 12 rose 0.79% to 68 cents/pound. For trading volume and open interest, CF2601 had 214,219 contracts traded with an increase of 16,126 from the previous day and an open interest of 727,579 contracts with a decrease of 6,325; CY2511 had 5,396 contracts traded with a decrease of 1,999 and an open interest of 21,958 contracts with an increase of 1,045 [1]. - **Warehouse Receipt Data**: Zhengzhou cotton had 7,198 warehouse receipts with a decrease of 137 and 63 valid forecasts with a decrease of 125; cotton yarn had 64 warehouse receipts with a decrease of 5 and 0 valid forecasts with an increase of 69 [1]. - **Spot Price Data**: The price of Northern Xinjiang 3128 machine - picked cotton was 15,272 yuan/ton with no change; Southern Xinjiang 3128 machine - picked cotton was 14,963 yuan/ton with no change; the price in Shandong was 15,243 yuan/ton with an increase of 35 (0.23%); in Hebei, it was 15,249 yuan/ton with an increase of 45 (0.30%); the 3128B index was 15,243 yuan/ton with an increase of 33 (0.22%); the international cotton index M was 74.95 cents/pound with a decrease of 0.24%. The price of pure - cotton carded yarn 32S was 20,720 yuan/ton with an increase of 20 (0.10%), and its arrival price was 22,053 yuan/ton with an increase of 18 (0.08%) [1]. - **Spread Data**: The CF9 - 1 spread was - 270 yuan/ton with a decrease of 10; the spread between Northern Xinjiang 3128 machine - picked cotton and CF509 was 1,240 yuan/ton with no change [1]. 2. Macro and Industry News - **Domestic Cotton Spot**: Cotton spot trading had partial good transactions. Southern Xinjiang cotton was mostly traded inland. The sales basis of inland warehouse cotton spot was stable, and the shipment was average. Spinning mills mainly made rigid - demand purchases. The mainstream sales basis of 2024/25 North and South Xinjiang machine - picked 3129/29 - 30B with impurity within 3.5 was CF09 + 1400 - 1550, inland self - pick; the mainstream sales basis of 2024/25 Northern Xinjiang local machine - picked 4129/29B with impurity within 3.5 was CF01+1300 and above, Xinjiang self - pick [2]. - **Domestic Cotton Textile Enterprises**: The trading in the pure - cotton yarn market was okay. Spinning mills' inventory continued to decline. Inland spinning mills had a cash - flow loss of about 500 yuan/ton, and the current production - restriction situation had no improvement. The pure - cotton grey fabric market was generally stable and weak, with limited market improvement. The downstream inquiry and transaction were average, and the inventory pressure of weaving factories slowly decreased [2]. - **US Cotton**: Last Friday, ICE cotton futures rose slightly, driven by the US interest - rate cut expectation [3]. 3. Trend Intensity - The trend intensity of cotton is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4][5].

Group 1: Report Core Views - The import cost of LPG provides support, but there is no significant improvement in supply and demand [1] - Propylene is in a tight supply - demand balance, and its price is consolidating strongly [1] Group 2: LPG and Propylene Futures Data Futures Prices - PG2509 closed at 3,878 yesterday with a -0.56% daily increase, and 3,889 in the night session with a 0.28% increase [1] - PG2510 closed at 4,387 yesterday with a -0.14% daily increase, and 4,428 in the night session with a 0.93% increase [1] - PL2601 closed at 6,470 yesterday with a -0.03% daily increase, and 6,510 in the night session with a 0.62% increase [1] - PL2602 closed at 6,522 yesterday with a 0.00% daily increase, and 6,543 in the night session with a 0.32% increase [1] Position and Trading Volume - PG2509 had a trading volume of 12,533 yesterday, a decrease of 6081 from the previous day, and a position of 29,779, a decrease of 5452 from the previous day [1] - PG2510 had a trading volume of 66,214 yesterday, a decrease of 32854 from the previous day, and a position of 101,565, a decrease of 3370 from the previous day [1] - PL2601 had a trading volume of 1,399 yesterday, a decrease of 1125 from the previous day, and a position of 4,614, an increase of 28 from the previous day [1] - PL2602 had a trading volume of 0 yesterday, a decrease of 23 from the previous day, and a position of 849, unchanged from the previous day [1] Spreads - The spread between Guangzhou domestic gas and the PG10 contract was 143 yesterday, compared to 137 the previous day [1] - The spread between Guangzhou imported gas and the PG10 contract was 193 yesterday, compared to 187 the previous day [1] - The spread between Shandong propylene and the PL01 contract was 30 yesterday, compared to -2 the previous day [1] - The spread between East China propylene and the PL01 contract was -45 yesterday, compared to -47 the previous day [1] - The spread between South China propylene and the PL01 contract was -45 yesterday, compared to -97 the previous day [1] Industry Chain Key Data - The PDH operating rate this week was 75.7%, compared to 76.3% last week [1] - The MTBE operating rate was 63.5%, compared to 63.4% [1] - The alkylation operating rate was 47.3%, compared to 49.0% [1] Group 3: Trend Intensity - The trend intensity of LPG is 0; the trend intensity of propylene is 0 [6] Group 4: Market Information CP Paper Cargo Prices - On August 22, 2025, the September CP paper cargo price for propane was 518 dollars/ton, a decrease of 2 dollars/ton from the previous trading day; the price for butane was 495 dollars/ton, a decrease of 1 dollar/ton from the previous trading day [7] - The October CP paper cargo price for propane was 534 dollars/ton, a decrease of 2 dollars/ton from the previous trading day [7] Domestic PDH Device Maintenance Plans - Multiple companies including Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., have PDH device maintenance plans with different start and end times [8] Domestic LPG Factory Device Maintenance Plans - Multiple production enterprises such as Shengli Oilfield, Zhenghe Petrochemical, etc., have LPG factory device maintenance plans with different start and end times and loss volumes [8]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Overnight, US soybeans closed slightly higher, and the Dalian Commodity Exchange (DCE) soybean meal may rebound and fluctuate; DCE soybeans No.1 are expected to rebound and fluctuate [1] - The rise of CBOT soybeans is mainly due to the strong rebound of Chicago soybean oil, the rumor that China may resume purchasing US soybeans, and the good performance of US soybean weekly export sales. The potential increase in demand has temporarily outweighed concerns about abundant supply [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybeans No.1 2511 closed at 3,985 yuan/ton during the day session, down 28 yuan (-0.70%), and 3,996 yuan/ton during the night session, up 7 yuan (+0.18%); DCE soybean meal 2601 closed at 3,088 yuan/ton during the day session, down 40 yuan (-1.28%), and 3,108 yuan/ton during the night session, up 14 yuan (+0.45%); CBOT soybeans 11 rose 2.25 cents (+0.21%) to 1,058.25 cents/bushel; CBOT soybean meal 12 closed at 291 dollars/short ton, down 2.8 dollars (-0.95%) [1] - **Spot Prices**: In Shandong, the price of soybean meal (43%) was 3,060 - 3,110 yuan/ton, down 20 yuan to unchanged from the previous day; in East China, it was 2,980 - 3,080 yuan/ton; in South China, it was down 30 or 20 yuan from the previous day. Different regions had different basis prices for different months [1] - **Industrial Data**: The trading volume of soybean meal was 13.1 million tons per day, compared with 13.8 million tons per day in the previous trading day; the inventory was not available, while it was 97.4 million tons per week in the previous two trading days [1] 3.2 Macro and Industry News - On August 22, CBOT soybean futures continued to rise, with the benchmark contract up 0.2%, reaching a two - month high since June 23. The main driving forces were the strong rise of soybean oil and the rumor of Chinese buyers inquiring about US soybeans, which enhanced the market's expectation of improved demand [3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans No.1 was 0, indicating a neutral trend for the day - session main contract futures prices on the reporting day [3]

Industry Investment Rating - No relevant information Core View - Fed's July meeting minutes show increasing internal divergence and no hint of a September rate cut, while the unexpectedly high US manufacturing PMI in August may change market expectations for a September rate cut [2] - Domestic policy intensity has marginally converged recently, and the main driving forces for the index are the "93 consensus" and institutional clustering. A - shares are not affected by the continuous decline of Hong Kong and US stocks due to the support of mainland margin - trading funds. The margin balance has increased significantly, and the total A - share trading volume has soared. The Sci - tech Innovation 50 index was the strongest this week, with a gain of over 13%, and the Shanghai Composite Index rose above 3800 points [2] - The rise of the index this week has further pushed up the basis of various varieties. The annualized discounts of IC and IM have converged to 5.5% and 6.7%, and the term structure near - end and inter - period spreads have increased. There is a large profit space for cash - and - carry arbitrage in IH and IF September contracts, and the annualized hedging cost of near - month contracts of IC and IM is only about 2%, which may lead to an increase in the scale of neutral strategies [2] - The model predicts that the basis of IH, IF, IC, and IM will strengthen, remain flat, weaken, and weaken respectively next week [2] Summary by Related Contents Market Background - The Fed's internal divergence is increasing, and it is facing a trade - off between inflation and employment risks. The unexpectedly high US manufacturing PMI in August may affect the expected September rate cut [2] - Domestic policy intensity has marginally converged, and the main driving forces for the index are the "93 consensus" and institutional clustering. Geopolitical situation is calm, and A - shares are supported by mainland margin - trading funds [2] Market Performance - The margin balance has increased significantly, with a net purchase of over 80 billion this week. The total A - share trading volume is about 2.5 trillion per day. The Sci - tech Innovation 50 index was the strongest this week, with a gain of over 13%, and the Shanghai Composite Index rose above 3800 points [2] Basis and Spread - The rise of the index has further pushed up the basis of various varieties. The annualized discounts of IC and IM have converged to 5.5% and 6.7%, and the term structure near - end and inter - period spreads have increased [2] - The September contracts of IH and IF have an annualized premium of over 6% and 7% respectively, with a large profit space for cash - and - carry arbitrage. The annualized hedging cost of near - month contracts of IC and IM is only about 2% [2] Forecast - The model predicts that the basis of IH, IF, IC, and IM will strengthen, remain flat, weaken, and weaken respectively next week [2]

Report Industry Investment Rating No relevant content provided. Core View of the Report - On August 22, the main contracts of stock index futures opened slightly higher, oscillated upward, and rose slightly. IF2509 and IC2509 reached new highs in over 3 years, and IH2509 reached a new high in over 2 years. Foreign - funded institutions are accelerating their entry into the A - share market. Their latest research reports suggest that the sentiment in the A - share market has significantly improved and the medium - term outlook is positive. Foreign investors continue to be bullish on the Chinese stock market, which will attract more funds and help the stock index futures to oscillate upward in the medium, medium - short, and short terms [2]. Summary by Relevant Catalogs 1. Market Outlook - **Intraday Forecast**: - IF2509 is likely to oscillate strongly, attacking resistance levels at 4350 and 4380 points (4380 is a stronger resistance), with support levels at 4282 and 4270 points (4270 is a stronger support) [2][9]. - IH2509 is likely to oscillate strongly, attacking resistance levels at 2908 and 2920 points (2920 is a stronger resistance), with support levels at 2865 and 2858 points (2858 is a stronger support) [2][10]. - IC2509 is likely to oscillate strongly, attacking resistance levels at 6750 and 6800 points (6800 is a stronger resistance), with support levels at 6656 and 6621 points (6621 is a stronger support) [3][10]. - IM2509 is likely to oscillate strongly, attacking resistance levels at 7312 and 7370 points (7370 is a stronger resistance), with support levels at 7202 and 7156 points (7156 is a stronger support) [3][11]. - **August Forecast**: - The IF main contract in August 2025 is likely to oscillate strongly in a wide range, attacking resistance levels at 4400 and 4535 points, with support levels at 4003 and 3983 points [3][11]. - The IH main contract in August 2025 is likely to oscillate strongly in a wide range, attacking resistance levels at 2941 and 3000 points, with support levels at 2725 and 2700 points [3][11]. - The IC main contract in August 2025 is likely to oscillate strongly, attacking resistance levels at 6900 and 7017 points, with support levels at 6070 and 6050 points [3][12]. - The IM main contract in August 2025 is likely to oscillate strongly, attacking resistance levels at 7500 and 7800 points, with support levels at 6500 and 6450 points [3][12]. 2. Macroeconomic and Stock Market News - In July, the total social electricity consumption reached 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6%. The proportion of new energy has significantly increased, and the power generation of wind, solar, and biomass has increased rapidly, accounting for nearly a quarter of the total [4]. - A new policy - based financial instrument worth 500 billion yuan will be launched, focusing on emerging industries and infrastructure, including digital economy, artificial intelligence, etc. Policy - based banks such as the National Development Bank will participate [6]. - The EU and the US announced details of a new trade agreement. The US will impose a 15% tariff on most EU goods, while the EU will cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, and plans to purchase US energy and AI chips worth hundreds of billions of dollars by 2028 [6]. - The preliminary value of the US S&P Global Manufacturing PMI in August was 53.3, the highest since May 2022, far exceeding the expected 49.5. The service PMI slightly declined to 55.4, but the manufacturing rebound pushed the composite PMI to a 9 - month high of 55.4 [6]. - Foreign - funded institutions are accelerating their entry into the A - share market. As of August 21, foreign - funded institutions held A - shares worth about 2.5 trillion yuan, an 8% increase from the end of 2024, accounting for 2.72% of the total A - share floating market value. 261 out of 920 companies that disclosed their mid - year reports had QFIIs in their top ten floating shareholders, with a total market value of about 30.14 billion yuan. Foreign - funded institutions believe that the A - share market sentiment has improved and the medium - term outlook is positive [7]. - Goldman Sachs' latest research report points out that the current rise in the Chinese stock market is mainly driven by retail funds, and there is still a large amount of "idle funds" waiting to enter the market. Chinese small - and medium - cap stocks still have significant room for growth, and indices such as the CSI 1000 and CSI 500 are worthy of attention [7]. - South Korean investors have been actively buying Chinese assets. As of August 20, the cumulative trading volume of South Korean investments in the Hong Kong stock market this year has exceeded $5.8 billion. South Korean funds have net - bought about $499 million of Chinese stocks this year, compared with a net - selling of $985 million in the previous three years. They are particularly interested in high - growth industry leaders in the Hong Kong and A - share markets [8]. 3. Technical Analysis and Market Outlook - On August 22, IF2509 opened slightly higher, oscillated upward, and closed at 4338.8 points at noon, up 1.43% (1.32% based on the closing price). It reached a new high since July 12, 2022, but failed to break through the 4350 - point resistance. The 4282.2 - point closing price on August 21 and the 5 - day moving average provided obvious support [8]. - IH2509 opened slightly higher, oscillated upward, and closed at 2898.0 points at noon, up 1.26% (1.14% based on the closing price). It reached a new high since January 31, 2023, but failed to break through the 2908.4 - point resistance. The 2865.4 - point closing price on August 21 and the 5 - day moving average provided obvious support [9]. - IC2509 opened slightly higher, oscillated upward, and closed at 6739.8 points at noon, up 1.44% (1.25% based on the closing price). It reached a new high since January 26, 2022, but failed to break through the 6750 - point resistance. The 6656.4 - point closing price on August 21 and the 5 - day moving average provided obvious support [10]. - IM2509 opened slightly higher, oscillated upward, and closed at 7274.0 points at noon, up 1.21% (1.00% based on the closing price). It failed to break through the 7300 - point and 7312.0 - point resistances. The 7202.2 - point closing price on August 21 provided obvious support, and the 5 - day moving average support was regained, with the short - term trend turning upward [11].

Report Title - EU Carbon Market Market Briefing (Issue No. 149, 2025) [1] Report Date - August 21, 2025 [2] Industry Investment Rating - Not provided Core Viewpoint - TTF price surge drives EUA futures prices to turn positive; strategy is to buy low and sell high within the range of €63 - 76 [2] Market Summary Primary Market - EUA auction price is 70.47 euros/ton (-1.26%), and the bid coverage ratio is 1.66 [2] Secondary Market - EUA futures settlement price is 71.29 euros/ton (0.18%), with a trading volume of 17,700 lots (-0.40) [2] Strategy - Adopt a high - sell and low - buy strategy within the price range of €63 - 76 [2] Core Logic Bullish Factors - No new bullish factors [2] Bearish Factors - The latest CoT report shows that investment funds' net long positions decreased by 8.65 million tons last week due to significant long - position liquidation; under the newly passed regulations, European gas storage facilities must reach 90% of their capacity between October and December, and the current capacity utilization is 73.91%, indicating a loose EU natural gas supply [2] Other Information - Russia stated on Wednesday that it must participate in any discussions regarding Ukraine's security guarantees, weakening hopes for a quick peace agreement [2][3] Data Tables EUA Auction Information - On August 20, 2025, the EUA auction price was 70.47 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 2.069 billion tons, the bid coverage ratio was 1.66, and the auction revenue was 145.8 million euros [4] - On August 19, 2025, the EUA auction price was 71.37 euros/ton, the CBAM certificate price was 71.17 euros/ton, the auction volume was 3.2455 billion tons, the bid coverage ratio was 1.59, and the auction revenue was 231.63 million euros [4] EUA Futures and Spot Information - On August 20, 2025, the futures settlement price was 71.29 euros/ton (0.18% increase), the trading volume was 17,700 lots (-0.40), and the open interest was 335,200 lots (no change); the spot settlement price was 70.73 euros/ton (0.20% increase), and the trading volume was 1,233 lots (-5,020) [5]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The report presents the daily data briefing of non - ferrous metals and precious metals on August 21, 2025, including price data of various metals such as gold, silver, copper, aluminum, zinc, lead, nickel, and tin at different time points (today, previous trading day, last week, and last month), as well as relevant basis and inventory data [1]. Group 3: Summary by Metal Gold (AU) - Shanghai Gold futures: The main contract closed at 774.00 yuan/gram today, with a change of 2.44 yuan compared to the previous trading day, and - 3.62 yuan compared to last month; the near - month contract closed at 774.00 yuan/gram, with a change of 2.38 yuan compared to the previous trading day, and - 3.02 yuan compared to last month [1]. - COMEX Gold: The main contract closed at 3392.20 dollars/ounce today, with a change of 33.30 dollars compared to the previous trading day, and - 14.80 dollars compared to last month; the near - month contract closed at 3343.50 dollars/ounce, with a change of 29.70 dollars compared to the previous trading day, and - 16.80 dollars compared to last month [1]. - Spot prices: London Gold spot was at 3335.95 dollars/ounce, with a change of - 0.23 dollars compared to the previous trading day, and - 27.75 dollars compared to last month; Shanghai Gold Exchange spot was at 754.25 yuan/gram, with a change of - 17.08 yuan compared to the previous trading day, and - 20.25 yuan compared to last month [1]. Silver (AG) - Shanghai Silver futures: The main contract closed at 9162 yuan/kilogram today, with a change of - 124 yuan compared to last week, and 120 yuan compared to last month; the near - month contract closed at 9146 yuan/kilogram, with a change of 113 yuan compared to last month [1]. - COMEX Silver: The main contract closed at 38.38 dollars/ounce today, with a change of 0.35 dollars compared to the previous trading day, and - 0.90 dollars compared to last month; the near - month contract closed at 37.90 dollars/ounce, with a change of - 1.33 dollars compared to the previous trading day, and 0.69 dollars compared to last month [1]. - Spot prices: London Silver spot was at 37.08 dollars/ounce, with a change of - 2.24 dollars compared to the previous trading day, and - 1.53 dollars compared to last month; Shanghai Gold Exchange spot was at 9022 yuan/kilogram, with a change of - 161 yuan compared to last week, and - 453 yuan compared to last month [1]. Copper (CU, BC) - Shanghai Copper futures: The main contract of CU closed at 78540 yuan/ton today, with a change of - 100 yuan compared to the previous trading day, and - 1350 yuan compared to last month; the main contract of BC closed at 69620 yuan/ton today, with a change of - 100 yuan compared to the previous trading day, and - 450 yuan compared to last month [1]. - International Copper: LME Copper 3M closed at 9694.50 dollars/ton at 15:00, with a change of - 83.00 dollars compared to the previous trading day, and - 15.00 dollars compared to last month; COMEX Copper main contract was at 4.50 dollars/pound, with a change of 0.01 dollars compared to the previous trading day, and - 1.34 dollars compared to last month [1]. - Spot prices: SMM1 electrolytic copper was at 160 yuan/ton, with a change of - 30 yuan compared to the previous trading day, and 15 yuan compared to last month; regional spot premiums varied in different areas [1]. Aluminum and Alumina (AL, AO) - Shanghai Aluminum futures: The main contract of AL closed at 20590 yuan/ton today, with a change of - 125 yuan compared to last week, and 55 yuan compared to last month; the main contract of AO closed at 3124 yuan/ton, with a change of - 23 yuan compared to the previous trading day, and - 303 yuan compared to last month [1]. - International Aluminum: LME Aluminum 3M closed at 2574.50 dollars/ton at 15:00, with a change of 7.50 dollars compared to the previous trading day, and - 70.00 dollars compared to last month; COMEX Aluminum main contract was at 2479.00 dollars/ton [1]. - Spot prices: Regional spot premiums of electrolytic aluminum and alumina varied in different areas; aluminum bauxite spot prices in some areas remained unchanged [1]. Zinc (ZN) - Shanghai Zinc futures: The main contract closed at 22240 yuan/ton today, with a change of - 240 yuan compared to last month, and - 25 yuan compared to the previous trading day [1]. - International Zinc: LME Zinc 3M closed at 2774 dollars/ton at 15:00, with a change of - 3 dollars compared to the previous trading day, and - 44 dollars compared to last month [1]. - Spot prices: Regional spot premiums varied in different areas; refined zinc import prices and premiums had certain changes [1]. Lead (PB) - Shanghai Lead futures: The main contract closed at 16745 yuan/ton today, with a change of - 145 yuan compared to the previous trading day, and 16745 yuan compared to last month [1]. - International Lead: LME Lead 3M closed at 1970.50 dollars/ton at 15:00, with a change of - 13.00 dollars compared to the previous trading day, and - 65.00 dollars compared to last month [1]. - Spot prices: Refined lead Shanghai premium was at 5 yuan/ton, with a change of - 25 yuan compared to the previous trading day, and 5 yuan compared to last month [1]. Nickel and Stainless Steel (NI, SS) - Shanghai Nickel futures: The main contract closed at 119830 yuan/ton today, with a change of - 100 yuan compared to the previous trading day, and - 4530 yuan compared to last month [1]. - Shanghai Stainless Steel futures: The main contract closed at 12795 yuan/ton today, with a change of - 25 yuan compared to the previous trading day, and - 140 yuan compared to last month [1]. - International Nickel: LME Nickel 3M closed at 14970 dollars/ton at 15:00, with a change of - 210 dollars compared to the previous trading day, and - 640 dollars compared to last month [1]. - Spot prices: Regional spot premiums of nickel varied; stainless steel 304/2B (Wuxi) was at 13050.00 yuan/ton, with a change of - 200.00 yuan compared to the previous trading day [1]. Tin (SN) - Shanghai Tin futures: The main contract closed at 266480 yuan/ton today, with a change of - 940 yuan compared to the previous trading day, and - 7470 yuan compared to last month [1]. - International Tin: LME Tin 3M closed at 33625 dollars/ton at 15:00, with a change of - 260 dollars compared to the previous trading day, and 0 dollars compared to last month [1]. - Spot prices: Shanghai spot premium was at - 50 yuan/ton, with a change of - 50 yuan compared to the previous trading day [1].