Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: With both supply and demand booming in the producing areas, a low - buying strategy is recommended [2]. - Soybean oil: Bullish factors have been fully priced in, and there may be a correction at high levels [2]. - Soybean meal: US soybeans have risen and then fallen, and the Dalian soybean meal futures will adjust and fluctuate [2]. - Soybean No.1: The futures price will fluctuate [2]. - Corn: It will move in a fluctuating manner [2]. - Sugar: It will consolidate within a range [2]. - Eggs: The price will adjust in a fluctuating way [2]. - Live pigs: Second - fattening has entered the market, but the spot performance is below expectations [2]. - Peanuts: The near - term contracts are stronger than the far - term ones [2]. Summary by Related Catalogs 1. Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's daytime closing price was 9,294 yuan/ton with a decline of 1.38%, and the night - session closing price was 9,386 yuan/ton with an increase of 0.99%. Soybean oil's daytime closing price was 8,540 yuan/ton with a decline of 0.61%, and the night - session closing price was 8,512 yuan/ton with a decline of 0.33% [5]. - **Macro and Industry News**: India's palm oil imports in July were 855,695 tons, down from 955,683 tons in June. The total vegetable oil imports in July were 1,579,041 tons, up from 1,549,825 tons in June. ICE Canadian canola futures closed down 0.8%, and CBOT soybean futures fell 1.5% due to profit - taking and export concerns. CONAB and ABIOVE both raised their forecasts for Brazil's 2024/25 soybean production and exports [6][8]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [9]. 2. Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2511's daytime closing price was 4,041 yuan/ton with a decline of 1.13%, and the night - session closing price was 4,049 yuan/ton with a decline of 0.54%. DCE soybean meal 2601's daytime closing price was 3,157 yuan/ton with an increase of 0.38%, and the night - session closing price was 3,140 yuan/ton with a decline of 0.76% [10]. - **Macro and Industry News**: On August 14, CBOT soybean futures fell from a six - week high due to profit - taking and export concerns. The US Department of Agriculture's weekly export sales report showed a significant reduction in 2024/25 US soybean net sales [10][12]. - **Trend Intensity**: The trend intensity of soybean meal and soybean No.1 is 0 [12]. 3. Corn - **Fundamental Data**: The closing price of C2509 was 2,281 yuan/ton with a 0.35% increase during the day and 2,279 yuan/ton with a 0.09% decline at night. The closing price of C2511 was 2,202 yuan/ton with a 0.05% decline during the day and 2,197 yuan/ton with a 0.23% decline at night [13]. - **Macro and Industry News**: Northern corn port collection prices were stable, while prices in Northeast and North China were weak. Imported sorghum and barley had different price quotes for different shipment periods [14]. - **Trend Intensity**: The trend intensity of corn is 0 [15]. 4. Sugar - **Fundamental Data**: The raw sugar price was 16.58 cents/pound with a 0.27 - cent decline. The mainstream spot price was 5,990 yuan/ton with a 10 - yuan increase. The futures主力 price was 5,659 yuan/ton with a 2 - yuan increase [16]. - **Macro and Industry News**: Brazil's sugar production needs to be re - estimated, and India's monsoon rainfall has weakened. China imported 420,000 tons of sugar in June. CAOC made production, consumption, and import forecasts for the 24/25 and 25/26 domestic sugar seasons. ISO estimated a global sugar supply shortage of 547 million tons in the 24/25 season [16][17][18]. - **Trend Intensity**: The trend intensity of sugar is 0 [19]. 5. Eggs - **Fundamental Data**: The closing price of egg 2509 was 3,191 yuan/500 kilograms with a 3.01% decline, and the closing price of egg 2601 was 3,578 yuan/500 kilograms with a 0.11% decline [20]. - **Trend Intensity**: The trend intensity of eggs is 0 [20]. 6. Live Pigs - **Fundamental Data**: The Henan spot price was 13,930 yuan/ton, the Sichuan spot price was 13,550 yuan/ton, and the Guangdong spot price was 15,190 yuan/ton. The prices of futures contracts such as live pig 2509, 2511, and 2601 all showed year - on - year declines [23]. - **Trend Intensity**: The trend intensity of live pigs is - 1 [24]. - **Market Logic**: In August, the planned slaughter volume of group farms increased, while散户 were forced to hold back pigs. Demand growth was limited, and market pressure was high. The September contract is approaching the delivery month, and the industrial willingness to deliver is increasing. There is a pattern of weak reality and strong expectation, and the spread structure maintains an inverse spread [25]. 7. Peanuts - **Fundamental Data**: The prices of important spot peanuts such as Liaoning 308 common peanuts remained unchanged. The closing price of PK510 was 8,058 yuan/ton with a 1.03% decline, and the closing price of PK511 was 7,884 yuan/ton with a 1.40% decline [27]. - **Spot Market Focus**: New peanuts have been gradually coming onto the market in small quantities in some areas, with uneven quality and small supply. Most areas' prices are stable or slightly weak [28]. - **Trend Intensity**: The trend intensity of peanuts is 0 [31].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - Iron ore: The actual demand for steel has limited improvement, and the price has corrected from its high level [2][4]. - Rebar and hot - rolled coil: Demand falls short of expectations, and the prices are in a weak and volatile state [2][9][10]. - Ferrosilicon and silicomanganese: The sentiment in the sector is weak, and the prices are in a weak and volatile state [2][15]. - Coke and coking coal: The sentiment has declined, and the prices are correcting from their high levels [2][18][19]. - Logs: The price fluctuates repeatedly [2][22]. 3. Summary by Related Catalogs Iron Ore - **Fundamental Data**: The futures price closed at 775.0 yuan/ton, down 20.0 yuan/ton (-2.52%). The import and some domestic ore prices also decreased. The basis and some spreads changed [5]. - **Macro and Industry News**: On August 12, 2025, South Korea plans to impose a five - year anti - dumping duty on Chinese - originated hot - rolled stainless steel plates [6]. - **Trend Intensity**: The trend intensity of iron ore is 0 [6]. Rebar and Hot - Rolled Coil - **Fundamental Data**: For rebar RB2510, the closing price was 3,189 yuan/ton, down 59 yuan/ton (-1.82%); for hot - rolled coil HC2510, it was 3,432 yuan/ton, down 41 yuan/ton (-1.18%). Inventory and production data also changed [10]. - **Macro and Industry News**: On August 14, steel production, inventory, and apparent demand data changed. In July, financial statistics showed changes in M2, M1, etc. In late July, steel inventory and production data of key enterprises changed, and automobile production and sales data were released [11][13]. - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is - 1 [14]. Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices and various spreads also changed [15][16]. - **Macro and Industry News**: On August 14, prices of ferrosilicon and silicomanganese in different regions were reported. Some steel mills' procurement prices and quantities changed [16]. - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0 [17]. Coke and Coking Coal - **Fundamental Data**: Futures prices of coking coal JM2601 and coke J2601 decreased. Spot prices and various spreads changed [19]. - **Macro and Industry News**: On August 12, 2025, South Korea plans to impose a five - year anti - dumping duty on Chinese - originated hot - rolled stainless steel plates [20]. - **Trend Intensity**: The trend intensity of coke and coking coal is 0 [21]. Logs - **Fundamental Data**: The closing prices, trading volumes, and open interests of different log contracts changed. Spot prices of different types of logs in different regions were mostly stable [23]. - **Macro and Industry News**: In July, financial statistics showed that M2 and M1 had year - on - year growth [25]. - **Trend Intensity**: The trend intensity of logs is 0 [25].

Report Summary Industry Investment Ratings - PX: Unilateral trend is weakly bearish [7] - PTA: Unilateral trend is weakly bearish [7] - MEG: Unilateral trend is weakly bearish and in a weak oscillation [7] Core Views - PX: From late August, pay attention to the recovery of terminal orders, and PXN has short - term support [7] - PTA: Hold the mid - term strategy of going long on MEG and short on PTA. With low processing fees, focus on unplanned production cuts and the positive spread of September - January contracts. Supply decreases while demand increases as polyester operating rate rises to 89.4% [7] - MEG: Hold the mid - term strategy of going long on MEG and short on PTA. Keep the September - January spread in the range of - 50 to 0; pay attention to the reverse spread of January - May contracts. The sharp decline in coal prices yesterday had a negative impact on the chemical sector [7] Market Dynamics - **PX**: On August 14, the price of PX decreased. One October Asian spot was traded at $824. The end - of - session physical goods had no negotiation for September, and October was negotiated at $820/825, with an asking price of $825 for November. The PX price was affected by the weak sentiment in the broader commodity market despite the rise of crude oil and naphtha [3] - **PTA**: Some PTA producers are turning from loss to profit, and the tight supply of PX has slightly eased. This week, the 1.5 - million - ton Taihua and 2.25 - million - ton Yisheng plants stopped, while the 2.5 - million - ton Weilian Chemical and 2.2 - million - ton Jiaxing Petrochemical plants restarted. As of Thursday, the PTA load was 76.4%, and the operating rate was around 82.3% [4] - **MEG**: Two MEG plants in East China with a total annual capacity of 1.9 million tons stopped for 1 - 2 days due to an accident. As of August 14, the overall operating load of ethylene glycol in mainland China was 66.39% (down 2.01% from the previous period), and the operating load of ethylene glycol produced by the oxalic acid catalytic hydrogenation method (syngas) was 80.47% (up 5.34% from the previous period) [4][5] - **Polyester**: A 300,000 - ton polyester plant in Huzhou has restarted, mainly producing polyester filament. As of Thursday, the overall theoretical operating load of domestic polyester industrial yarn has recovered to about 71%. The overall polyester load has increased, and as of Thursday, the polyester load in mainland China was around 89.4%. The sales of polyester filament in Jiangsu and Zhejiang on the 14th were weak overall, with an average sales rate of 30% - 40%. The sales of direct - spun polyester staple fiber on the 14th were average, with an average sales rate of 49% [5][6] Price and Spread Data | Futures | Yesterday's Closing Price | Change | Change Rate | Month Spread | Yesterday's Closing Price | Previous Day's Closing Price | Change | | --- | --- | --- | --- | --- | --- | --- | --- | | PX Main | 6614 | - 26 | - 2.51% | PX9 - 1 | 72 | 80 | - 8 | | PTA Main | 4666 | - 39 | - 0.55% | PTA9 - 1 | - 26 | - 34 | 8 | | MEG Main | 4367 | - 76 | - 0.89% | MEG9 - 1 | - 47 | - 50 | 3 | | PF Main | 6338 | - 4 | - 1.18% | PF9 - 1 | - 74 | - 82 | 8 | | SC Main | 485.5 | - 4 | - 0.82% | SC9 - 10 | - 3.6 | - 1.1 | - 2.5 | | Spot | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX CFR China ($/ton) | 824 | 831 | - 7 | | PTA East China (yuan/ton) | 4646 | 4692 | - 46 | | MEG Spot | 4465 | 4488 | - 23 | | Naphtha MOPJ | 571 | 563.5 | 7.5 | | Dated Brent ($/barrel) | 68.28 | 66.91 | 1.38 | | Spot Processing Fee | Yesterday's Price | Previous Day's Price | Change | | --- | --- | --- | --- | | PX - Naphtha Spread | 261.17 | 268.67 | - 7.5 | | PTA Processing Fee | 187.85 | 162.08 | 25.77 | | Short - Fiber Processing Fee | 161.38 | 137.24 | 24.14 | | Bottle - Chip Processing Fee | 42.77 | 19.7 | 23.07 | | MOPJ Naphtha - Dubai Crude Spread | - 6.01 | - 6.01 | 0 | [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The market risk preference for crude oil has improved, and investors are advised to hold long positions in the positive spread. [1] 3. Summary by Related Catalogs International Crude Oil - WTI September crude oil futures rose $1.31 per barrel, or 2.09%, to $63.96 per barrel; Brent October crude oil futures rose $1.21 per barrel, or 1.84%, to $66.84 per barrel; SC2510 crude oil futures rose 4.60 yuan per barrel, or 0.95%, to 490.50 yuan per barrel. [1] Geopolitical News - The Ukrainian military hit a Russian refinery in the Volgograd region in a nighttime drone attack. [3] - US Middle East envoy Witkoff, Russian Finance Minister, Russian Defense Minister, and Russian Presidential Envoy and Sovereign Wealth Fund负责人 Kirill Dmitriev are expected to attend the "Trump-Putin meeting" in Alaska. [3] - Russian President Putin said the US is making positive efforts to end the conflict and promote a nuclear weapons control agreement. [3] - Trump told European and Ukrainian leaders that the US is willing to provide security guarantees to Ukraine under certain conditions. [3] - Iran has reached an agreement to resume negotiations with the US. [3] Supply and Demand - Russian Deputy Prime Minister Novak supports extending the gasoline export ban until September. [2] - Indian state - owned refiners have started inquiring about purchasing Russian oil as the discount improves. [3] - Despite increased drone attacks on Russian refineries by Ukraine in early August, Russian oil product exports increased, with total refined product exports rising to 2.31 million barrels per day in the first 10 days of August, the highest since February and 9% higher than the daily average in July. [3] - Russian announced production cuts of 85,000 barrels per day from July to November and an additional 9,000 barrels per day in December. It will also extend oil production cuts for the rest of 2025 to compensate for previous over - production beyond OPEC+ quotas. [3] Inventory Data - As of the week ending August 8, US natural gas inventories totaled 318.6 billion cubic feet, an increase of 56 billion cubic feet from the previous week, a year - on - year decrease of 79 billion cubic feet (2.4% decline), and 196 billion cubic feet (6.6% increase) higher than the five - year average. [3] - As of the week ending August 13, Singapore fuel oil inventories decreased by 1.674 million barrels to 24.645 million barrels, a three - week low. [3] Monetary and Policy - Some Fed officials believe that a significant interest rate cut next month is not appropriate, and a 50 - basis - point cut does not match the current economic situation or data. [5] - The EU hopes to pass the 19th round of sanctions against Russia next month. [5] Trend Intensity The trend intensity of crude oil is 1, indicating a relatively neutral outlook. [4]

Industry Investment Rating - Not provided in the content Core Views - The medium-term adjustment of both glass and soda ash markets is not over. For glass, wait until the end of delivery to consider anti-deflation and anti-involution. For soda ash, it rises based on expectations and falls due to delivery [4][5] - There is a possibility that the market will return to the negative feedback channel until the end of delivery. Anti-deflation and anti-involution can interrupt the negative feedback cycle [24] - The real estate industry is weak, with tight funds and lackluster transactions, which has a negative impact on the glass and soda ash industries [25][30] - Although anti-involution is weakening, there is still a possibility of trading anti-deflation in macro asset allocation [35] Summary by Relevant Catalogs Glass Glass Views - The main pressures include weak terminal demand, high futures premiums, large warehouse receipt pressure during the 09 contract period, and the lack of significant inclination in the previously hyped anti-involution policy. The main bullish logics are large positions, the unchanged trend of anti-deflation policies, and the possibility of market-driven production cuts [4] Supply - Side Situation - Cold - repaired production lines in 2025 have a total daily melting capacity of 11,680 tons/day; newly ignited production lines have a total daily melting capacity of 12,110 tons/day; potential newly ignited production lines have a total daily melting capacity of 14,000 tons/day; potential复产 production lines have a total daily melting capacity of 8,130 tons; potential cold - repaired production lines have a total daily melting capacity of 6,900 tons/day [44][45][46] - Short - term production reduction space is limited. If demand is poor in the third quarter, there may be a certain scale of production reduction in the fourth quarter. The current in - production capacity is about 159,000 tons/day [52] Price and Profit - Market prices have gradually declined in the past two weeks. Futures have rebounded, the basis has strengthened, and the monthly spread is still weak. The 01 contract has a premium of nearly 150 yuan/ton over the 09 contract. Profits vary by fuel type, with petroleum coke having a profit of about 130 yuan/ton, and natural gas and coal - fired having profits of about - 150 and 111 yuan/ton respectively [64][70][74] Inventory and Downstream开工 - Recent transactions have declined significantly, and inventories in various regions have increased. Regional price differences tend to widen. The supply - side current output is 159,000 tons/day, and it is expected that demand will exceed 5 million tons for at least 2 - 3 months in the second half of 2025 [81][86][90] Soda Ash Soda Ash Views - The main pressures are high supply and high inventory, with large warehouse receipt pressure during the 09 contract period. The main bullish logics are the unchanged trend of anti - deflation policies, concentrated inventory structure, improved export markets, and the linkage between stocks and futures [5] Supply and Maintenance - Some soda ash plants have resumed production, and the operating rate has increased. The current capacity utilization rate is 85.4%. The weekly output of heavy soda has reached 423,000 tons/week. The inventory is about 1.865 million tons, with 717,000 tons of light soda ash and 1.148 million tons of heavy soda ash [106][108][111] Price and Profit - Market quotes have been lowered, and the reduction range of traders' quotes is greater than that of manufacturers. The nominal prices in Shahe and Hubei are about 1,250 - 1,300 yuan/ton. The profit of the soda ash industry varies by region and production method, with the joint - alkali profit in East China (excluding Shandong) being 68 yuan/ton and the ammonia - alkali profit in North China being 56 yuan/ton [121][123][127] Market Scenarios - The market scenario of soda ash is becoming increasingly weak. Under different demand assumptions (weak, neutral, and optimistic), there are different supply - demand gaps [129] Anti - Involution, Anti - Deflation, and Real Estate - "Anti - deflation and anti - involution" are necessary for building a unified national market. The real estate industry has debt repayment pressure in the first half of 2025, with weak investment and lackluster transactions [8][29][30] Photovoltaic Glass - The overall transaction in the domestic photovoltaic glass market is good, and the inventory has been continuously decreasing. The prices of 2.0mm and 3.2mm coated panels have increased. The number of in - production production lines is 408, with a total daily melting capacity of 89,290 tons/day. The sample inventory days are about 26.93 days, showing a downward trend [94][96][98]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the price trends and support/resistance levels of various futures on August 14, 2025, including index futures, bond futures, precious metal futures, base metal futures, energy futures, and agricultural futures [2][3][4][5][7]. Summary by Directory 1. Futures Market Overview - On August 13, domestic commodity futures closed with mixed results. Some commodities like rapeseed oil, soybean meal, etc. rose, while container shipping to Europe, industrial silicon, etc. declined. International markets showed that COMEX gold futures rose, international oil prices fell, and most LME base metals declined. The U.S. dollar index fell, and the RMB exchange rate had mixed performance [14][15][16][17]. 2. Macro - Information - **Financial Data**: In July 2025, M2 balance was 329.94 trillion yuan, up 8.8% year - on - year; M1 balance was 111.06 trillion yuan, up 5.6% year - on - year. The net capital injection in the first seven months was 465.1 billion yuan. RMB loans increased by 12.87 trillion yuan, and deposits increased by 18.44 trillion yuan. The social financing scale stock was 431.26 trillion yuan, up 9% year - on - year [8]. - **"Double Discount" Policy**: The "double discount" policy for personal consumption loans and service business loans has a one - year term, and its extension will be studied later [9]. - **Equipment Update**: 188 billion yuan of investment subsidy funds for equipment updates supported by special long - term bonds in 2025 have been allocated, driving over 1 trillion yuan in total investment [10]. - **Social Security Fund**: As of August 12, the social security fund appeared in the top ten tradable shares of 41 A - shares, with a total market value of 12.622 billion yuan. It increased holdings in rural commercial banks, feed, and small household appliances, and reduced holdings in power, chemical raw materials, and medical devices [11]. - **Countermeasures against the EU**: China included two EU banks in the counter - list in response to the EU's sanctions on two Chinese financial institutions [12]. - **Fed Outlook**: U.S. Treasury Secretary Bessent is optimistic about the Fed's September meeting, with a possible 50 - basis - point rate cut and a series of rate cuts. Trump is considering candidates for the Fed chair [13]. 3. Futures Market Analysis and Forecast Index Futures - On August 13, major index futures contracts showed an upward trend. It is expected that on August 14, index futures will show a strong - side oscillation. For the whole of August 2025, they are also expected to be strong - side oscillating or oscillating strongly [18][19][22][23]. Bond Futures - On August 13, the ten - year and thirty - year bond futures contracts showed a slight upward trend. On August 14, they are expected to have a wide - range oscillation [37][41]. Precious Metal Futures - On August 13, gold and silver futures contracts showed a slight upward trend. In August 2025, they are expected to have a strong - side wide - range oscillation, and on August 14, they are expected to be strong - side oscillating [42][48]. Base Metal Futures - On August 13, copper, aluminum, and other base metal futures contracts showed a slight upward trend, while alumina, industrial silicon, and others declined. In August 2025, they are expected to have various trends such as strong - side wide - range oscillation, wide - range oscillation, etc. On August 14, copper, aluminum, and alumina are expected to be weak - side oscillating, and industrial silicon and polysilicon are expected to have a wide - range oscillation [53][59][65][70][72]. Energy Futures - On August 13, the crude oil futures contract declined. In August 2025, it is expected to have a wide - range oscillation, and on August 14, it is expected to be weak - side oscillating [100]. Agricultural Futures - On August 13, the rapeseed meal futures contract rose significantly. On August 14, it is expected to be weak - side oscillating. Other agricultural futures such as PTA and PVC are expected to be weak - side oscillating on August 14 [7][105][108][110].

Report Industry Investment Ratings No industry investment ratings are provided in the report. Core Views - The report provides trend forecasts and analysis for various commodities in the futures market, including precious metals, base metals, energy, and agricultural products. Different commodities show different trends such as price fluctuations, range - bound trading, and strength or weakness in market sentiment [2]. Summary by Commodity Precious Metals - **Gold**: The price is affected by tariff - related issues, with a trend intensity of 1. The price of Comex gold 2510 was 3407.00 with a 0.22% daily increase [2][6][11]. - **Silver**: It shows a slight rebound, with a trend intensity of 1. The price of Comex silver 2510 was 38.550 with a 1.61% daily increase [2][6][11]. Base Metals - **Copper**: Lacks obvious driving forces and the price fluctuates. The trend intensity is 0. The price of the Shanghai copper main contract was 79,380 with a 0.46% daily increase [2][13][15]. - **Zinc**: The price is under pressure, with a trend intensity of - 1. The Shanghai zinc main contract closed at 22600, down 0.13% [2][16][17]. - **Lead**: The domestic spot market weakens, and the price is under pressure. The trend intensity is 0. The Shanghai lead main contract closed at 16930, up 0.09% [2][19]. - **Tin**: Trades within a range, with a trend intensity of - 1. The Shanghai tin main contract closed at 269,820, down 0.14% [2][21][26]. - **Aluminum**: Trades within a range. The Shanghai aluminum main contract closed at 20790. Alumina shows a slight decline, and cast aluminum alloy follows the trend of electrolytic aluminum [2][27]. - **Nickel**: The support logic at the ore end weakens, and the logic at the smelting end limits its upward potential. The trend intensity is 0. The Shanghai nickel main contract closed at 122,340 [2][30][34]. - **Stainless Steel**: The multi - empty game intensifies, and the steel price fluctuates. The trend intensity is 0. The stainless - steel main contract closed at 13,130 [2][30][34]. Energy and Chemicals - **Carbonate Lithium**: The auction price is slightly lower than the market price, and the range - bound trend may continue. The trend intensity is 0. The 2509 contract closed at 85,040 [2][35][37]. - **Industrial Silicon**: Market sentiment cools down, with a trend intensity of - 1. The Si2511 contract closed at 8,600 [2][38][41]. - **Polysilicon**: Attention should be paid to news - related disturbances, with a trend intensity of - 1. The PS2511 contract had certain trading volume and price changes [2][39][41]. - **Iron Ore**: Fluctuates repeatedly, with a trend intensity of 0. The 12601 contract closed at 795.0, down 0.75% [2][43][44]. - **Rebar**: Trades in a wide range, with a trend intensity of 0. The RB2510 contract closed at 3,222, down 0.92% [2][46][50]. - **Hot - Rolled Coil**: Trades in a wide range, with a trend intensity of 0. The HC2510 contract closed at 3,451, down 0.66% [2][47][50]. - **Silicon Ferrosilicon and Manganese Silicate**: The sector sentiment is weak, and they trade in a wide range. The trend intensities of silicon ferrosilicon and manganese silicate are both 0 [2][51][53]. - **Coke and Coking Coal**: Show a relatively strong upward - fluctuating trend. The trend intensities of both are 0. The JM2601 contract of coking coal closed at 1245, down 5.2%, and the J2601 contract of coke closed at 1737, down 4.1% [2][54][56]. - **Log**: Fluctuates repeatedly, with a trend intensity of 0. The 2509 contract closed at 813, down 1.4% [2][57][60]. - **Para - Xylene**: The supply - demand pressure increases, and the trend is weak [2][63]. - **PTA**: The processing fee is at a low level, and attention should be paid to unplanned production cuts [2][63]. - **MEG**: It is recommended to go long on MEG and short on PTA/PX [2][63]. Agricultural Products - **Palm Oil**: The origin has strong supply and demand, and it is recommended to go long at low prices [2]. - **Soybean Oil**: The price of US soybeans is strong, and soybean oil fluctuates at a high level [2]. - **Soybean Meal**: The price of US soybeans rises, and Dalian soybean meal may follow a relatively strong upward - fluctuating trend [2]. - **Soybean**: Corrects and fluctuates [2]. - **Corn**: Fluctuates [2]. - **Sugar**: Rises while fluctuating [2]. - **Cotton**: The expectation of a bumper new crop limits the increase in futures prices [2]. - **Egg**: Adjusts while fluctuating [2]. - **Live Pig**: The spot market is weak [2]. - **Peanut**: The near - term contract is stronger than the far - term contract [2].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - The CBOT soybean futures closed higher, reaching a one - and - a - half - month high, and the upward trend is expected to drive the DCE soybean meal to follow a relatively strong oscillation. The DCE soybean is expected to have a corrective oscillation [1][3]. - The significant reduction in the USDA's soybean production forecast due to a large cut in planting area is the main reason for the increase in soybean prices [3]. 3) Summary by Related Catalogs Fundamental Tracking - **Futures Prices**: DCE soybean 2511 closed at 4107 yuan/ton during the day session, up 74 yuan (+1.83%), and 4080 yuan/ton at night, down 7 yuan (-0.17%); DCE soybean meal 2601 closed at 3163 yuan/ton during the day session, up 89 yuan (+2.90%), and 3166 yuan/ton at night, up 21 yuan (+0.67%); CBOT soybean 11 closed at 1042 cents/bushel, up 9.75 cents (+0.94%); CBOT soybean meal 12 closed at 297.2 dollars/short ton, up 5.4 dollars (+1.85%) [1]. - **Spot Prices**: In Shandong, the soybean meal (43%) price is 3080 - 3110 yuan/ton, unchanged; in East China, it is 3050 - 3100 yuan/ton; in South China, it is 3050 - 3100 yuan/ton, down 10 yuan from the previous day [1]. - **Industrial Data**: The trading volume of soybean meal was 7.46 million tons per day, and the inventory was 96.09 million tons per week [1]. Macro and Industry News - On August 13, 2025, the CBOT soybean futures closed higher for the third consecutive day, reaching a one - and - a - half - month high. The USDA significantly reduced the soybean production forecast due to a 2.5 million - acre cut in planting area, which was far lower than market expectations [3]. - Analysts expect the net sales of US soybeans in the 2024/25 and 2025/26 seasons for the week ending August 7 to be 200,000 - 700,000 tons and 400,000 - 900,000 tons respectively [3]. Trend Intensity - The trend intensity of soybean meal is +1, and that of soybean is 0 (only referring to the price fluctuation of the main contract in the day session on the reporting day) [3].

Report Summary Investment Rating No investment rating for the industry is provided in the report. Core Views - For palm oil, the supply and demand in the producing areas are both strong, and the strategy is to go long at low prices [1]. - For soybean oil, the U.S. soybeans are strong, and soybean oil will fluctuate at a high level [1]. Detailed Summaries from Different Sections 1. Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,424 yuan/ton with a 0.66% increase, (night session) 9,486 yuan/ton with a 0.66% increase; trading volume was 384,052 lots, a decrease of 58,978 lots, and open interest was 226,780 lots, a decrease of 43,883 lots [1]. - Soybean oil主力: Closing price (day session) was 8,592 yuan/ton with a 1.23% increase, (night session) 8,554 yuan/ton with a -0.44% change; trading volume was 183,673 lots, an increase of 43,470 lots, and open interest was 261,043 lots, a decrease of 45,207 lots [1]. - Rapeseed oil主力: Closing price (day session) was 10,069 yuan/ton with a 2.72% increase, (night session) 9,976 yuan/ton with a -0.92% change; trading volume was 298,318 lots, an increase of 27,033 lots, and open interest was 90,567 lots, a decrease of 26,912 lots [1]. - Malaysian palm oil主力: Closing price was 4,435 ringgit/ton with a 0.80% increase, (night session) 4,436 ringgit/ton with a 0.02% increase [1]. - CBOT soybean oil主力: Closing price was 53.40 cents/pound with a 0.49% increase [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,380 yuan/ton, a price increase of 120 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,820 yuan/ton, a price increase of 170 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 10,190 yuan/ton, a price increase of 500 yuan/ton [1]. - Malaysian palm oil FOB price: 1,090 dollars/ton, a price increase of 10 dollars/ton [1]. - **Basis Data**: - Palm oil (Guangdong) basis was - 44 yuan/ton [1]. - Soybean oil (Guangdong) basis was 228 yuan/ton [1]. - Rapeseed oil (Guangxi) basis was 121 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread was 574 yuan/ton, compared to 448 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread was - 914 yuan/ton, compared to - 886 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread was - 66 yuan/ton, compared to - 34 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread was 16 yuan/ton, compared to 12 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread was 5 yuan/ton, compared to - 8 yuan/ton two days ago [1]. 2. Macro and Industry News - Malaysia has raised its reference price for crude palm oil in September, and the export tax has been increased to 10%. The September reference price is 4053.43 ringgit/ton (962.12 dollars/ton), compared to 3864.12 ringgit/ton in August with a 9% export tax [2][3]. - Indonesia has saved at least 3.68 billion dollars in foreign exchange this year by using palm - oil - based biodiesel. The palm oil blending ratio in its biodiesel is 40% (B40 biofuel), and the policy took effect at the beginning of this year. As of June, about 6.8 million kiloliters of B40 biodiesel had been distributed, achieving half of the 2025 target of 13.5 million kiloliters [3]. - As of the week ending August 6, Argentine farmers sold 868,100 tons of 2024/25 soybeans, bringing the cumulative sales to 28.8286 million tons. The local oil mills purchased 679,500 tons, and the export industry purchased 188,600 tons. They also sold 52,700 tons of 2025/26 soybeans, with cumulative sales reaching 593,100 tons. The total soybean sales for all years in that week were 961,800 tons, and the cumulative sales reached 70.2008 million tons. The cumulative export sales registration of 2024/25 soybeans was 8.092 million tons, and that of 2025/26 soybeans was 0 tons [4]. - Ukraine's 2025 rapeseed production is expected to drop to 2.7 - 2.8 million tons, down from 3.7 million tons in 2024. The extreme drought in southern and central - eastern Ukraine has cut the sunflower seed production forecast to no more than 14 million tons, compared to the previous forecast of 16 million tons [4]. 3. Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is also 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - China's social financing and credit data in July showed that the increase in social financing scale was 1.16 trillion yuan, RMB loans decreased by 50 billion yuan, and the M2 - M1 gap narrowed. Analyzing economic and financial situations does not require excessive attention to single - month data [6][7]. - The August USDA report was bullish for US soybeans, tightening the supply - demand balance sheet. Both old and new crop balance sheets tightened, and there is still room for a decline in US soybean production. If the balance sheet remains tight, there is upside potential for US soybeans, which will also open up upside space for domestic soybean meal futures prices [8][9]. - For industrial silicon, upstream factories are gradually resuming production, market sentiment is weakening, and there is a possibility of inventory accumulation, which will drive the price down. It is advisable to adopt a short - selling strategy [10]. - For the container shipping index (European line), near - month special - price cabins and the expectation of extra ships in the distant end have weakened market sentiment. The fundamental supply - demand balance is tending to be loose, and the freight rate is expected to decline. It is recommended to hold short positions [11][12]. 3. Summaries by Related Catalogs 3.1 Macroeconomic Data - From January to July, China's cumulative increase in social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year. In July, the increase in social financing scale was 1.16 trillion yuan, social financing scale stock was 431.26 trillion yuan, a year - on - year increase of 9%. The increase in RMB loans in the first seven months was 12.87 trillion yuan, and in July, RMB loans decreased by 50 billion yuan. The increase in RMB deposits in the first seven months was 18.44 trillion yuan, and in July, the new RMB deposits were 500 billion yuan. At the end of July, the broad - money (M2) balance was 329.94 trillion yuan, a year - on - year increase of 8.8%, the narrow - money (M1) balance was 111.06 trillion yuan, a year - on - year increase of 5.6%, and the M2 - M1 gap was 3.2 percentage points, 0.5 percentage points narrower than the previous month [7]. 3.2 Commodity Analysis 3.2.1 Precious Metals - Gold: The tariff misunderstanding affected the price spread, and the trend strength was 1 [14][19][24]. - Silver: There was a slight rebound, and the trend strength was 1 [14][19][24]. 3.2.2 Base Metals - Copper: Lacked obvious drivers, and the price fluctuated. The trend strength was 0 [14][26][28]. - Zinc: The price was under pressure, and the trend strength was - 1 [14][29][30]. - Lead: The domestic spot market weakened, and the price was under pressure. The trend strength was 0 [14][32]. - Tin: Traded in a range, and the trend strength was - 1 [14][35][39]. - Aluminum: Traded in a range, alumina had a slight decline, and cast aluminum alloy followed the trend of electrolytic aluminum. The trend strength of aluminum, alumina, and aluminum alloy was 0 [14][40][42]. - Nickel: The support logic at the ore end was weakened, and the smelting - end logic limited the price elasticity. The trend strength was 0 [14][43][47]. - Stainless steel: The multi - and short - side game intensified, and the steel price fluctuated. The trend strength was 0 [14][43][47]. 3.2.3 Energy and Chemicals - Carbonate lithium: The auction price was slightly at a discount to the market price, and the range - bound trend might continue. The trend strength was 0 [14][48][50]. - Industrial silicon: Market sentiment cooled down, and the trend strength was - 1 [14][51][54]. - Polysilicon: Attention should be paid to news - related disturbances, and the trend strength was - 1 [14][52][54]. - Iron ore: Fluctuated repeatedly, and the trend strength was 0 [14][56][57]. - Rebar: Fluctuated widely, and the trend strength was 0 [14][59][63]. - Hot - rolled coil: Fluctuated widely, and the trend strength was 0 [14][60][63]. - Ferrosilicon: The sector sentiment was weak, and it fluctuated widely. The trend strength was 0 [14][64][66]. - Silicomanganese: The sector sentiment was weak, and it fluctuated widely. The trend strength was 0 [14][64][66]. - Coke: Traded with a bullish bias, and the trend strength was not explicitly stated but inferred as bullish from the description [14][67]. - Coking coal: Traded with a bullish bias, and the trend strength was not explicitly stated but inferred as bullish from the description [14][67]. 3.2.4 Agricultural Products - Palm oil: The origin had strong supply and demand, and a long - position strategy at low prices was recommended [14][17]. - Soybean oil: US soybeans were strong, and soybean oil traded at a high level with fluctuations [14][17]. - Soybean meal: US soybeans closed higher, and Dalian soybean meal might follow with a bullish bias [14][17]. - Corn: Traded in a range [14][17]. - Sugar: Traded with an upward trend [14][17]. - Cotton: The expectation of a bumper new crop limited the increase in futures prices [14][17]. - Eggs: Adjusted with fluctuations [14][17]. - Hogs: The spot market was weak [14][17]. - Peanuts: The near - term contract was strong, and the far - term contract was weak [14][17]. 3.2.5 Others - LPG: The market valuation was low, and attention should be paid to the risk of position reduction [14][17]. - Propylene: Supply and demand tightened, and the price had some support [14][17]. - PVC: Traded with a weak bias [14][17]. - Fuel oil: Continued to decline, and the short - term weakness persisted [14][17]. - Low - sulfur fuel oil: Traded with a weak bias at night, and the high - low sulfur spread in the overseas spot market was temporarily stable [14][17]. - Container shipping index (European line): Hold short positions in the October contract as appropriate [14][17]. - Short - fiber: Traded in a short - term range, and a long - PF and short - PR strategy was recommended [14][17]. - Bottle chips: Traded in a short - term range, and a long - PF and short - PR strategy was recommended [14][17]. - Offset printing paper: Traded at a low level, and it was difficult to rise [14][17]. - Pure benzene: Traded with a short - term bullish bias [14][17].