Report Summary Core View The stock index options showed an upward movement with a decreasing volatility, and the implied volatility premium narrowed [1]. Market Data Summary Underlying Market Statistics - **Indices**: The Shanghai Composite 50 Index closed at 2790.73, up 21.34 points, with a trading volume of 41.26 billion hands, a decrease of 0.70 billion hands. The CSI 300 Index closed at 4103.45, up 32.75 points, with a trading volume of 178.85 billion hands, an increase of 16.58 billion hands. The CSI 1000 Index closed at 6787.48, up 47.79 points, with a trading volume of 223.72 billion hands, an increase of 10.23 billion hands [2]. - **ETFs**: The Shanghai Composite 50 ETF closed at 2.912, up 0.022, with a trading volume of 7.24 billion hands, an increase of 2.44 billion hands. The Huatai-PB CSI 300 ETF closed at 4.183, up 0.031, with a trading volume of 5.48 billion hands, an increase of 1.13 billion hands [2]. Option Market Statistics - **Trading Volume and Open Interest**: The trading volume of Shanghai Composite 50 Index Options was 30,577, an increase of 280, and the open interest was 72,824, a decrease of 1,212. The trading volume of CSI 300 Index Options was 78,143, an increase of 5,831, and the open interest was 205,892, an increase of 668 [2]. - **Volatility and PCR**: The ATM-IV of Shanghai Composite 50 Index Options was 11.59%, a decrease of 0.57%, and the VL-PCR was 48.61%, and the OI-PCR was 57.04%. The ATM-IV of CSI 300 Index Options was 11.16%, a decrease of 1.41%, and the VL-PCR was 52.69%, and the OI-PCR was 70.72% [2][5]. Individual Option Analysis The report provides detailed analysis and charts for various options, including Shanghai Composite 50 Index Options, CSI 300 Index Options, CSI 1000 Index Options, and multiple ETF options, covering aspects such as PCR, skew, volatility cone, and volatility term structure [8][12][15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Building an effective timing factor framework for Shanghai copper futures can identify price trend turning points through quantitative means, providing a scientific basis for trading decisions and helping investors capture excess returns. The framework includes 14 fundamental and macro - quantitative factors and 7 volume - price factors. After back - testing and screening, factors are combined equally weighted to output trend strength signals. The fundamental and volume - price factors have low correlation, and investors can adjust the proportion of the two types of factors according to their target returns and risk requirements [3][4]. 3. Summary According to the Table of Contents 3.1 Shanghai Copper Single Commodity Timing Factor Framework - The model divides factors into fundamental and macro - quantitative factors and volume - price factors. Fundamental factors are constructed from dimensions such as inventory, basis, upstream inventory, profit, spread, and macro - indicators, while volume - price factors are constructed from dimensions such as momentum, moving averages, trading volume, price - volume correlation, and technical indicators [6]. - The model currently contains 14 fundamental and macro - quantitative factors and 7 volume - price factors, with specific factor names provided [8]. - Back - testing and screening settings: Fundamental factors are back - tested from January 2016, volume - price factors from January 2010, and out - of - sample back - testing from January 2022 to December 2024. Other settings include unified bilateral commission of 0.03%, 1 - fold leverage, cumulative return calculation, factor value mapping to 0, 1, - 1, and more [9][10][11]. 3.2 Introduction and Back - testing Results of Shanghai Copper Fundamental Quantitative Factors - **Processing Profit**: Low processing profit may reduce supply and pressure prices, while high profit may increase supply and support prices. From 2020, its back - tested annualized return is 23.9%, with a Sharpe ratio of 1.94 [17]. - **Downstream Processing Fee**: Rising fees may increase demand and push up prices, while falling fees may reduce demand and prices. From 2021, its back - tested annualized return is 10.5%, with a Sharpe ratio of 0.66 [19]. - **Cathode Copper Inventory**: Rising inventory indicates supply surplus and may pressure prices. From 2016, its back - tested annualized return is 17.4%, with a Sharpe ratio of 1.62 [21]. - **Basis**: Expanding basis may indicate supply shortage, while narrowing basis may indicate supply surplus. From 2016, its back - tested annualized return is 17.4%, with a Sharpe ratio of 1.71 [23]. - **Social Inventory**: Similar to cathode copper inventory, rising social inventory may pressure prices. From 2016, its back - tested annualized return is 15.4%, with a Sharpe ratio of 1.6 [25]. - **LME Electrolytic Copper Inventory**: An important external market inventory factor. From 2016, its back - tested annualized return is 21.8%, with a Sharpe ratio of 1.99 [27]. - **Futures Inventory**: Similar to the logic of warehouse receipts. From 2016, its back - tested annualized return is 19.1%, with a Sharpe ratio of 1.73 [30]. - **Comex Copper Inventory**: Different from other inventory factors, more inventory indicates stronger buying sentiment. From 2016, its back - tested annualized return is 15.3%, with a Sharpe ratio of 1.26 [32]. - **Scrap Copper Spread**: Widening spread may suppress refined copper prices, while narrowing spread may support prices. From 2016, its back - tested annualized return is 7.9%, with a Sharpe ratio of 0.86 [34]. - **Imported Copper Concentrate Index (TC)**: Higher TC may increase supply and pressure prices, while lower TC may reduce supply and support prices. From 2020, its back - tested annualized return is 18.8%, with a Sharpe ratio of 1.43 [36]. - **CFTC Non - Commercial Position**: Net long position has a positive predictive effect on prices. From 2016, its back - tested annualized return is 11.0%, with a Sharpe ratio of 0.79 [38]. - **US Dollar Index**: Rising dollar index may suppress copper prices. From 2016, its back - tested annualized return is 8.0%, with a Sharpe ratio of 0.71 [40]. - **VIX Index**: Copper prices are mostly negatively correlated with the VIX index. From 2016, its back - tested annualized return is 11.4%, with a Sharpe ratio of 1.02 [42]. - **US Manufacturing PMI**: As a leading economic indicator, it affects copper prices. From 2016, its back - tested annualized return is 15.3%, with a Sharpe ratio of 1.32 [44]. - **Fundamental Multi - Factor**: Combining the first 4 fundamental single factors equally weighted, from 2016, the back - tested annualized return is 33.5%, with a Sharpe ratio of 4.0 [46]. 3.3 Introduction and Back - testing Results of Shanghai Copper Volume - Price Factors - **Intraday Momentum**: A larger value indicates a stronger upward momentum. From 2010, its back - tested annualized return is 8.9%, with a Sharpe ratio of 1.3 [48]. - **Median Double Moving Averages**: Short - term moving average crossing above the long - term moving average is a buy signal, and vice versa. From 2010, its back - tested annualized return is 10.1%, with a Sharpe ratio of 0.92 [50]. - **Kaufman Adaptive Moving Average (KAMA)**: Calculated through efficiency coefficient and smoothing constant. From 2010, its back - tested annualized return is 7.2%, with a Sharpe ratio of 0.56 [52][53]. - **On - Balance Volume (OBV)**: Calculated based on price and volume, and a long - short double moving average strategy is constructed. From 2010, its back - tested annualized return is 8.9%, with a Sharpe ratio of 0.77 [55][56]. - **Price - Volume Correlation**: Stronger correlation is more likely to form a trending market. From 2010, its back - tested annualized return is 7.3%, with a Sharpe ratio of 0.63 [61]. - **Rebound Momentum**: Calculated based on the difference between closing price and low price, and high price and low price. From 2010, its back - tested annualized return is 11.1%, with a Sharpe ratio of 0.93 [61]. - **TRIX**: A long - short double moving average strategy is constructed based on the daily change rate of EX3. From 2010, its back - tested annualized return is 12.4%, with a Sharpe ratio of 1.16 [63][66]. - **Volume - Price Multi - Factor**: Combining the first 7 volume - price single factors equally weighted, from 2010, the back - tested annualized return is 13.5%, with a Sharpe ratio of 1.32 [68]. 3.4 Comprehensive Model of Fundamental Quantification and Volume - Price Multi - Factors - **All - Factor Combined Long - Short Model**: Combining all single factors equally weighted, from 2010, the back - tested annualized return is 18.1%, with a Sharpe ratio of 1.53 [70]. - **Long - Only Model**: - Fundamental long - only model: Combining the first 14 single factors equally weighted, from 2010, the back - tested annualized return is 8.0%, with a Sharpe ratio of 0.51 [72]. - Volume - price long - only model: Combining the last 7 single factors equally weighted, from 2010, the back - tested annualized return is 7.4%, with a Sharpe ratio of 0.82 [73]. - All - factor comprehensive long - only model: Combining all single factors equally weighted, from 2010, the back - tested annualized return is 10.1%, with a Sharpe ratio of 0.92 [76]. - **Short - Only Model**: - Fundamental short - only model: Combining the first 14 single factors equally weighted, from 2010, the back - tested annualized return is 7.1%, with a Sharpe ratio of 0.77 [77]. - Volume - price short - only model: Combining the last 7 single factors equally weighted, from 2010, the back - tested annualized return is 5.1%, with a Sharpe ratio of 0.55 [79]. - All - factor comprehensive short - only model: Combining all single factors equally weighted, from 2010, the back - tested annualized return is 7.7%, with a Sharpe ratio of 0.85 [81]. - The long - only and short - only models can help enterprises with timing hedging. The comprehensive model of factors is relatively stable in different years, and investors can adjust the proportion of fundamental and volume - price factors according to their target returns and risks [85].

Report Industry Investment Rating No relevant content provided. Core View of the Report Through macro - fundamental analysis and technical analysis such as the golden section line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on August 5, 2025, including the bias towards strong or weak oscillations, and provides resistance and support levels for each contract [2]. Summary by Related Catalogs 1. Futures Market Overview - On August 4, 2025, the stock index futures IF2509, IH2509, IC2509, and IM2509 all showed a trend of opening slightly lower and then rising. The broader market also opened lower and closed higher, with the ChiNext 50 leading the gains. A - share trading volume decreased slightly compared to the previous day. The number of new A - share accounts in July increased significantly year - on - year and month - on - month. Brokerage institutions are generally optimistic about the market outlook [13][15][16]. - On August 4, 2025, the ten - year and thirty - year treasury bond futures both opened higher, with the ten - year showing a slight upward trend and the thirty - year continuing to rebound. The central bank conducted 5448 billion yuan of 7 - day reverse repurchase operations, resulting in a net investment of 490 billion yuan. The short - term Shibor rates declined. The issuance of new local government special bonds has accelerated since April, reaching a new high in July [35][39][40]. - On August 4, 2025, international precious metal futures generally rose, with COMEX gold futures up 0.85% and COMEX silver futures up 1.40%. International oil prices fluctuated downward, with the U.S. oil main contract down 1.62% and the Brent crude main contract down 1.38%. London base metals mostly rose, with LME zinc up 0.99%, LME copper up 0.81%, and LME nickel up 0.79%. The on - shore RMB against the U.S. dollar rose, and the U.S. dollar index also rose slightly [9][10][12]. 2. Futures Market Forecast for August 5, 2025 Stock Index Futures - IF2509 is likely to oscillate strongly, with resistance levels at 4087 and 4100 points and support levels at 4052 and 4035 points [2]. - IH2509 is likely to oscillate strongly, with resistance levels at 2785 and 2800 points and support levels at 2770 and 2763 points [2]. - IC2509 is likely to oscillate strongly, with resistance levels at 6215 and 6275 points and support levels at 6169 and 6130 points [2]. - IM2509 is likely to oscillate strongly, with resistance levels at 6700 and 6750 points and support levels at 6642 and 6590 points [2]. Treasury Bond Futures - The ten - year treasury bond futures T2509 is likely to oscillate strongly, with resistance levels at 108.60 and 108.65 yuan and support levels at 108.43 and 108.37 yuan [2]. - The thirty - year treasury bond futures TL2509 is likely to oscillate strongly and attack the resistance levels of 119.6 and 120.0 yuan, with support levels at 119.1 and 118.9 yuan [2]. Precious Metal Futures - The gold futures AU2510 is likely to oscillate strongly and attack the resistance levels of 786.8 and 791.2 yuan/gram, with support levels at 781.8 and 778.5 yuan/gram [2]. - The silver futures AG2510 is likely to oscillate strongly and attack the resistance levels of 9100 and 9166 yuan/kg, with support levels at 9008 and 8985 yuan/kg [3]. Base Metal Futures - The copper futures CU2509 is likely to oscillate and consolidate, with support levels at 78200 and 78000 yuan/ton and resistance levels at 78600 and 78900 yuan/ton [3]. - The aluminum futures AL2509 is likely to oscillate weakly and test the support levels of 20370 and 20300 yuan/ton, with resistance levels at 20540 and 20600 yuan/ton [3]. - The alumina futures AO2509 is likely to oscillate weakly and test the support levels of 3162 and 3121 yuan/ton, with resistance levels at 3247 and 3274 yuan/ton [3]. - The zinc futures ZN2509 is likely to oscillate and consolidate, with resistance levels at 22350 and 22420 yuan/ton and support levels at 22220 and 22130 yuan/ton [3]. Energy and Chemical Futures - The industrial silicon futures SI2511 is likely to oscillate weakly, with support levels at 8220 and 8100 yuan/ton and resistance levels at 8450 and 8500 yuan/ton [3]. - The polysilicon futures PS2511 is likely to oscillate weakly in a wide range, with support levels at 47700 and 47100 yuan/ton and resistance levels at 49400 and 50400 yuan/ton [3]. - The lithium carbonate futures LC2511 is likely to oscillate in a wide range, with support levels at 67900 and 66900 yuan/ton and resistance levels at 71100 and 72200 yuan/ton [4]. - The rebar futures RB2510 is likely to oscillate weakly, with support levels at 3174 and 3160 yuan/ton and resistance levels at 3224 and 3236 yuan/ton [4]. - The hot - rolled coil futures HC2510 is likely to oscillate and consolidate, with resistance levels at 3449 and 3473 yuan/ton and support levels at 3400 and 3366 yuan/ton [4]. - The iron ore futures I2509 is likely to oscillate strongly and attack the resistance levels of 800 and 804 yuan/ton, with support levels at 790 and 787 yuan/ton [4]. - The coking coal futures JM2601 is likely to oscillate weakly and test the support levels of 1120 and 1092 yuan/ton, with resistance levels at 1166 and 1180 yuan/ton [4]. - The glass futures FG509 is likely to oscillate weakly and test the support levels of 1050 and 1032 yuan/ton, with resistance levels at 1102 and 1112 yuan/ton [4]. - The soda ash futures SA509 is likely to oscillate weakly and test the support levels of 1225 and 1206 yuan/ton, with resistance levels at 1265 and 1285 yuan/ton [6]. - The crude oil futures SC2509 is likely to oscillate weakly, with support levels at 502 and 500 yuan/barrel and resistance levels at 514 and 519 yuan/barrel [6]. - The PTA futures TA509 is likely to oscillate weakly, with support levels at 4664 and 4644 yuan/ton and resistance levels at 4698 and 4720 yuan/ton [6]. - The PVC futures V2509 is likely to oscillate weakly, with support levels at 4922 and 4900 yuan/ton and resistance levels at 5020 and 5046 yuan/ton [6]. - The methanol futures MA509 is likely to oscillate weakly and test the support levels of 2372 and 2359 yuan/ton, with resistance levels at 2385 and 2393 yuan/ton [6]. Agricultural Futures - The soybean meal futures M2509 is likely to oscillate strongly and attack the resistance levels of 3050 and 3071 yuan/ton, with support levels at 3014 and 3000 yuan/ton [6]. - The palm oil futures P2509 is likely to oscillate strongly and attack the resistance levels of 8926 and 9000 yuan/ton, with support levels at 8800 and 8770 yuan/ton [6]. 3. Macro - economic Information - The central bank, the financial regulatory administration, and the CSRC plan to further clarify the specific requirements for risk - based customer due diligence of financial institutions. For overseas remittances over 5000 yuan or the equivalent of 1000 US dollars, the remitter's identity needs to be verified. Payment institutions need to register when selling prepaid cards over 10,000 yuan at one time [7]. - In July, the SLF had a net withdrawal of 3 billion yuan, the MLF had a net investment of 100 billion yuan, the PSL had a net withdrawal of 230 billion yuan, the short - term reverse repurchase had a net investment of 188 billion yuan, and the outright reverse repurchase had a net investment of 200 billion yuan. There were no open - market treasury bond transactions in July [7]. - In the first half of the year, China's service import and export volume reached 3.88726 trillion yuan, a year - on - year increase of 8%. Exports were 1.6883 trillion yuan, up 15%, and imports were 2.19896 trillion yuan, up 3.2%. The service trade deficit was 510.66 billion yuan, a year - on - year decrease of 152.21 billion yuan [7]. - Experts and institutions expect the new social financing in July to increase year - on - year. Wang Qing believes that the new social financing in July will be about 1.7 trillion yuan, continuing the large - scale year - on - year increase from the previous month. It is expected that the central bank may cut interest rates and reserve requirements again around the end of the third quarter [8]. - Beijing has introduced 16 measures to promote the development of future industries, focusing on areas such as urban transportation and medical health, and exploring the opening of application demonstration scenarios [8]. - Shanghai has issued policies to support enterprises in basic research, with a maximum one - time subsidy of 10 million yuan and tax incentives for basic research [8]. - Hainan has proposed 20 specific measures to accelerate the cultivation of three future industries: seed industry, deep - sea, and aerospace, and to strengthen tropical characteristic high - efficiency agriculture. The goal is that by 2027, the added value of the four leading industries will account for about 70% of GDP [8]. - U.S. President Trump said that India is reselling a large amount of Russian oil in the open market for huge profits and will significantly increase the tariffs imposed on India [9]. - The EU will suspend the implementation of the tariff counter - measures against the U.S. that were originally scheduled to take effect on August 7 for six months and continue to cooperate with the U.S. to finalize a joint statement on trade [9]. - San Francisco Fed President Daly believes that the time for interest rate cuts is approaching, and two 25 - basis - point interest rate cuts within the year are still an appropriate adjustment [9].

2025 年 8 月 5 日 LPG：进口成本下行 丙烯：供需格局宽松，短期弱势震荡 陈鑫超 投资咨询从业资格号：Z0020238 chenxinchao@gtht.com 【基本面跟踪】 LPG 基本面数据 | | | 昨日收盘价 | 日涨幅 | 夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | PG2509 | 3,896 | -1.74% | 3,868 | -0.72% | | 期货价格 | PG2510 | 4,309 | -2.16% | 4,281 | -0.65% | | | PL2601 | 6,481 | 0.11% | 6,472 | -0.14% | | | PL2602 | 6,537 昨日成交 | -0.37% 较前日变动 | 6,532 昨日持仓 | -0.08% 较前日变动 | | | PG2509 | 92,565 | 25516 | 96,122 | 6161 | | 持仓&成交 | PG2510 | 31,664 | 12155 | 70,882 | 5252 | | | PL2601 | 2,137 | - ...

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report The report provides trend analyses and investment suggestions for various commodities in the futures market, including precious metals, base metals, energy, chemicals, agricultural products, etc. Different commodities show different trends such as upward, downward, and oscillatory movements, influenced by factors like macro - economic news, supply - demand relationships, and policy changes [3][6]. Summaries by Commodity Precious Metals - **Gold**: Non - farm payroll data is weak, with positive price trends. For example, the closing price of沪金2510 was 781.42 with a daily increase of 1.39%, and the night - session closing price was 784.50 with a 0.52% increase [7][8]. - **Silver**: Shows a slight rebound [7]. Base Metals - **Copper**: Spot prices are firm, supporting the price. However, Trump's tariff policy on semi - finished copper products may impact the market. The trend strength is neutral [12][14]. - **Zinc**: Ranges within an oscillatory band. Trump's plan to fill Fed理事 vacancies may affect the market, with a neutral trend strength [15]. - **Lead**: Continuous reduction in inventory limits price decline, with a neutral trend strength [18]. - **Tin**: Moves within an oscillatory range, with a slightly bearish trend strength [20][23]. - **Aluminum**: Ranges within an oscillatory band; Alumina shows a weakening oscillatory trend; Casting aluminum alloy follows the trend of electrolytic aluminum, all with neutral trend strengths [24][26]. - **Nickel**: Intensified multi - short competition leads to narrow - range oscillations; Stainless steel returns to fundamentals after the macro - factor fades, with steel prices oscillating at a low level, both with neutral trend strengths [27][28][32]. Energy and Chemicals - **Carbonate Lithium**: Warehouse receipts increase significantly, and the price oscillates, with a neutral trend strength [33][35]. - **Industrial Silicon**: In a weak pattern, with a bearish trend strength [36][39]. - **Polysilicon**: Short - term sentiment cools down, and it's necessary to pay attention to news stimuli, with a neutral trend strength [37][39]. - **Iron Ore**: Oscillates repeatedly, with a neutral trend strength [40]. - **Rebar and Hot - Rolled Coil**: Market sentiment cools down, and prices oscillate in a wide range, both with neutral trend strengths [43][44][46]. - **Silicon Ferrosilicon and Manganese Silicide**: Market sentiment cools down, and prices oscillate in a wide range, both with neutral trend strengths [48][50]. - **Coke and Coking Coal**: Oscillate in a wide range, both with neutral trend strengths [51][54]. - **Log**: Oscillates repeatedly, with a neutral trend strength [55][58]. - **Para - Xylene**: Unilaterally oscillates weakly and gives downward concessions; PTA shows a weakening trend, and attention should be paid to positive spreads in monthly differences; MEG oscillates unilaterally [61]. Agricultural Products - **Palm Oil**: With repeated macro - sentiment, it's advisable to mainly build long positions at low levels [62]. - **Soybean Oil**: Oscillates at a high level, and attention should be paid to the Sino - US trade agreement [62]. - **Soybean Meal**: Overnight US soybeans closed slightly higher, and domestic soybean meal oscillates strongly [64]. - **Soybean**: Rebounds and oscillates [64]. - **Corn**: Runs weakly [66]. - **Sugar**: Narrowly consolidates [67]. - **Cotton**: Attention should be paid to the impact of external markets [68]. - **Egg**: The bullish expectation for the spot price is dashed, and market sentiment collapses [70]. - **Live Pig**: Maintains a pattern of near - term weakness and far - term strength [71]. - **Peanut**: Attention should be paid to the weather in the production area [72].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The four major stock index futures contracts all rose on August 4, 2025. The overall trend of stock index futures is in a volatile pattern, and investors are advised to be cautious about chasing up [1][3] 3. Summary by Relevant Catalogs 3.1. Stock Index Futures Data Tracking - **Closing Price and Fluctuation**: The closing prices of the underlying indexes such as CSI 300, SSE 50, CSI 500, and CSI 1000 all increased on August 4, with increases of 0.39%, 0.55%, 0.78%, and 1.04% respectively. The corresponding futures contracts also rose, with IF rising 0.52%, IH rising 0.54%, IC rising 0.92%, and IM rising 1.31% [1] - **Trading Volume and Open Interest**: The total trading volume of stock index futures declined, indicating a cooling of investors' trading enthusiasm. The total trading volume of IF, IH, IC, and IM decreased by 22,338 lots, 12,314 lots, 11,855 lots, and 23,743 lots respectively. The total open interest of IF, IH, IC, and IM decreased by 7,234 lots, 4,835 lots, 3,294 lots, and 1,172 lots respectively [2] - **Basis**: The basis of each futures contract varies, with some being positive and some negative, reflecting different market expectations [1] 3.2. Top 20 Member Position Changes - For most futures contracts, both long and short positions of the top 20 members showed certain changes. For example, in the IF2508 contract, the long - position increase was - 3303, and the net long - position change was - 6233; the short - position increase was - 2978, and the net short - position change was - 5185 [5] 3.3. Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and the trend intensity of IC and IM is also 1, indicating a neutral trend [6] - **Important Drivers**: The EU will suspend two trade counter - measures against the US for 6 months. The A - share market showed an upward trend on August 4, with the Shanghai Composite Index rising 0.66%, the Shenzhen Component Index rising 0.46%, and the ChiNext Index rising 0.5%. The market volume decreased slightly compared to the previous day [6]

1. Report Industry Investment Ratings - Aluminum: Range-bound [1] - Alumina: Weakening in a fluctuating manner [1] - Cast aluminum alloy: Following the trend of electrolytic aluminum [1] 2. Core Viewpoints - The report provides a comprehensive update on the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, open interests, spreads, premiums, processing fees, and inventory levels, among other aspects. It presents the changes in these data compared to previous trading days, weeks, months, and quarters [1]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Aluminum**: The closing price of the SHFE aluminum main contract was 20,525, down 90 from the previous trading day; the LME aluminum 3M closing price was 2,570, down 2. Trading volumes and open interests showed various changes compared to different time - points in the past [1]. - **Alumina**: The closing price of the SHFE alumina main contract was 3,225, down 3 from the previous trading day. Trading volumes and open interests also had significant changes over different time intervals [1]. - **Aluminum alloy**: The closing price of the aluminum alloy main contract was 19,865, down 95 from the previous trading day. Trading volumes and open interests decreased compared to previous periods [1]. 3.2 Spot Market - **Aluminum**: The domestic aluminum ingot social inventory was 547,000 tons, an increase of 22,000 tons from the previous trading day. The SHFE aluminum ingot warehouse receipts were 46,600 tons, a decrease of 2,000 tons [1]. - **Alumina**: The domestic average alumina price was 3,274, with no change from the previous trading day [1]. - **Aluminum alloy**: The three - place inventory totaled 31,346, a decrease of 2,809 from the previous trading day [1]. 3.3 Cost and Profit - **Electrolytic aluminum**: The profit of electrolytic aluminum enterprises was 3,751.59, down 38.75 from the previous trading day. The import profit and loss of aluminum showed different changes in spot and 3M contracts [1]. - **Aluminum alloy**: The theoretical profit of ADC12 was - 249, with a certain change compared to the previous trading day [1]. 3.4 Premiums and Processing Fees - **Premiums**: The Shanghai Bonded Area Premium was 108, with no change from the previous trading day; the EU Rotterdam aluminum ingot Premium (MB) was 200.0, with no change [1]. - **Processing Fees**: The Foshan aluminum rod processing fee was 290, an increase of 10 from the previous trading day; the Shandong 1A60 aluminum rod processing fee was 150, with no change [1]. 3.5 Other Information - The trend intensities of aluminum, alumina, and aluminum alloy were all 0, indicating a neutral outlook [3].

Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - Overnight, US soybeans closed slightly higher, and the Dalian soybean meal futures showed a relatively strong and volatile trend; the soybean No.1 futures showed a rebound and oscillation trend [1]. - On August 4, CBOT soybean futures closed higher due to short - covering, but the abundant global supply, including the Brazilian soybean harvest and strong US soybean production prospects, continued to suppress the upward momentum of soybean prices. Concerns about Sino - US trade tensions also limited market sentiment. The US soybean crop was still in good condition in early August, and the short - term weather in the US Midwest was expected to be mild and dry, with more mild and rainy weather possible in the next 6 - 15 days. As of August 3, the US soybean good - to - excellent rate was 69%, down 1 percentage point from a week ago, in line with market expectations [3]. Group 3: Summary by Relevant Content 1. Futures Prices - DCE soybean No.1 2509 closed at 4117 yuan/ton during the day session, down 9 yuan (-0.22%), and 4133 yuan/ton during the night session, up 7 yuan (+0.17%) [1]. - DCE soybean meal 2509 closed at 3024 yuan/ton during the day session, up 20 yuan (+0.67%), and 3045 yuan/ton during the night session, up 24 yuan (+0.79%) [1]. - CBOT soybean 11 closed at 994.5 cents per bushel, up 6.5 cents (+0.66%) [1]. - CBOT soybean meal 12 closed at 285.1 dollars per short - ton, up 4.7 dollars (+1.68%) [1]. 2. Spot Prices - In Shandong, the soybean meal price was 2940 - 2960 yuan/ton, with various basis adjustments compared to the futures contract M2509 and M2601, and price changes were mostly flat or up by 10 yuan compared to the previous day [1]. - In East China, the price was 2920 - 2980 yuan/ton, up 20 yuan compared to the previous day, with different basis levels for different contract months [1]. - In South China, the price was 2940 - 2970 yuan/ton, up 20 - 30 yuan compared to the previous day, and also had different basis adjustments for different contract months [1]. 3. Industrial Data - The trading volume of soybean meal was 16.7 million tons per day on the previous trading day, compared to 15.5 million tons two trading days ago [1]. - The inventory data for the previous week was not available, and the inventory two weeks ago was 96.1 million tons [1]. 4. Trend Intensity - The trend intensity of soybean meal was +1, and that of soybean No.1 was 0, referring to the price fluctuations of the main - contract futures on the day session of the reporting day [3].

Report Overview - Market status: PX price declined on August 4, following the drop in crude oil prices after OPEC+ decided to accelerate the removal of production cuts; MEG port inventory in East China decreased slightly; polyester sales were generally weak [5][8][9] - Investment ratings: PX - unilateral oscillating weakly and downward concessions; PTA - trending weakly, focus on positive spreads for monthly spreads; MEG - unilateral oscillating market [2] - Core view: For PX, conduct monthly spread reverse arbitrage and short PXN on rallies, with a weakening unilateral trend; for PTA, conduct positive spreads on monthly spreads at low levels, with a weakening unilateral trend; for MEG, conduct positive spreads on monthly spreads at low levels, with a downward - driving unilateral trend [9][10][11] Market Data Futures Data | Futures | PX Main | PTA Main | MEG Main | PF Main | SC Main | | --- | --- | --- | --- | --- | --- | | Yesterday's closing price | 6754 | 4698 | 4389 | 6410 | 514.3 | | Change | 6812 | - 46 | - 16 | - 34 | - 13.6 | | Change rate | - 0.85% | - 0.97% | - 0.36% | - 0.53% | - 2.58% | | Monthly spread | PX9 - 1 | PTA9 - 1 | MEG9 - 1 | PF9 - 1 | SC9 - 10 | | Yesterday's closing price | 26 | - 34 | - 28 | - 60 | 5.5 | | Previous day's closing price | 22 | - 38 | - 34 | - 64 | 4.6 | | Change | 4 | 4 | 6 | 4 | 0.9 | [4] Spot Data | Spot | PX CFR China ($/ton) | PTA East China (yuan/ton) | MEG Spot | Naphtha MOPJ | Dated Brent ($/barrel) | | --- | --- | --- | --- | --- | --- | | Yesterday's price | 838.33 | 4700 | 4455 | 584.62 | 70.84 | | Previous day's price | 845.67 | 4740 | 4480 | 603.88 | 71.39 | | Change | - 7.34 | - 40 | - 25 | - 19.25 | - 0.55 | [4] Spot Processing Fee Data | Spot processing fee | PX - Naphtha spread | PTA processing fee | Staple fiber processing fee | Bottle chip processing fee | MOPJ Naphtha - Dubai crude spread | | --- | --- | --- | --- | --- | --- | | Yesterday's price | 254.33 | 106.78 | 137.95 | - 0.61 | - 6.01 | | Previous day's price | 247.33 | 192.91 | 116.12 | - 27.37 | - 6.01 | | Change | 7 | - 86.13 | 21.83 | 26.76 | 0 | [4] Market Analysis PX - Price movement: On August 4, Asian PX prices continued to fall, following the decline in crude oil prices after OPEC+ decided to accelerate the removal of production cuts. The PX - naphtha spread widened daily supported by weak naphtha prices [5][7] - Supply and demand: In August, there is no new PX maintenance, but some plants have restart plans, and the operating rate of existing plants will increase. However, the PTA device operating rate is expected to continue to decline in August, and the PX supply - demand balance will become looser [9] - Trading strategy: Conduct monthly spread reverse arbitrage and short PXN on rallies. The unilateral trend is weak, and it is recommended to short on rallies in the short term [9] PTA - Supply and demand: Polyester factory operating rates are low, and their willingness to hold raw materials has decreased. The terminal weaving sector's concentrated procurement has overdrawn subsequent restocking momentum, and the polyester sector has entered a inventory - building pattern. In August, the polyester operating rate is expected to remain in the 88 - 89% range [10] - Trading strategy: Conduct positive spreads on monthly spreads at low levels. The unilateral trend is weak, and pay attention to positive spreads on monthly spreads at low levels [10][11] MEG - Supply and demand: The domestic device operating rate will continue to rise to over 70%. In August, Zhejiang Petrochemical 80 is expected to restart, while the restart time of Satellite Petrochemical has been postponed to the end of September. Polyester device operating rates are low, and the willingness to hold MEG has decreased [11] - Trading strategy: Conduct positive spreads on monthly spreads at low levels. The unilateral trend is downward - driven, and pay attention to the ratio of warehouse receipts to positions during the main contract roll - over [11] Polyester - Sales: On August 4, the sales of direct - spun polyester staple fibers were average, with an average sales - to - production ratio of 52%. The sales of polyester filament in Jiangsu and Zhejiang were weak, with an average sales - to - production ratio of about 40% in the afternoon of the 4th and about 20 - 30% on the weekend [8][9]

1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Views of the Report - Trump threatens to significantly increase tariffs on India due to India's purchase of Russian oil, which may lead to significant changes in US - India relations and have an impact on the complex relations among India, Pakistan, Russia, and China [7][8]. - For the egg sector, in July, the laying - hen inventory continued to increase, and the supply of small - sized eggs kept rising. Although the market has been trading on the logic of price increase in the peak season since July, the spot performance has repeatedly fallen short of expectations. With the arrival of the peak season in August, the spot price declined instead of rising over the weekend, and the near - month contracts dropped significantly after entering the delivery month, pulling down the pricing of far - month contracts. Given the high inventory of laying hens and eggs, the spot price remains under pressure. However, the peak - season contracts on the futures market have reached the lowest price since listing. Attention should be paid to the rhythm of old - hen culling, and short positions should be held with caution [10]. - Regarding the stock index futures, there is a higher probability of the market rising after a period of oscillation. Recently, the index has shown a certain degree of correction. Historically, the turning points of bull markets in similar macro - environments were mainly due to two factors: policy shifting from stable growth to structural adjustment and intensified external disturbances. Currently, the Politburo meeting has reduced the intensity of stable - growth policies, and it is necessary to continuously monitor whether there will be continuous efforts in structural adjustment. Although the future direction between China and the US is somewhat uncertain as the 90 - day suspension period is approaching, the probability of a significant shift to a hawkish stance is not high. If the internal and external factors do not change fundamentally, considering the current loose liquidity and positive market expectations, the market is likely to continue to rise after the recent consolidation. If all factors turn negative, the market may continue to adjust in this area for a longer time [11]. - In the crude oil market, the short - term price is dominated by macro - pessimistic sentiment, while the supply - demand situation is gradually strengthening. Last Friday, the US non - farm payrolls data was significantly lower than expected, causing crude oil to decline in resonance with other major assets, and the gold - oil ratio strengthened significantly. In the short term, attention should be paid to the impact of the market's pricing of the US and European recessions on oil prices. Looking at the micro - supply - demand situation in the crude oil market, positive factors are gradually accumulating. For example, due to the approaching US sanctions, Russia's Urals crude oil exports may shrink as India's purchases decline; Iran's actual external supply is still decreasing; the export increase of OPEC + is still significantly lower than its production increase, and the apparent production increase in July was also lower than expected; there is a risk of a decline in US shale oil production. Overall, after the recent macro - pessimistic sentiment fades, there is still a chance for the oil price to reach $80 per barrel (about 580 - 600 yuan per barrel in the domestic market) in the third quarter. In terms of strategy, priority should be given to the positive spread trading opportunities of the domestic SC crude oil futures, and previous long positions can be held as appropriate [13]. 3. Summaries According to Relevant Catalogs 3.1 Trump's Tariff Threats - Trump threatens to significantly increase tariffs on India because India buys a large amount of Russian oil and resells most of it on the open market for profit. Previously, he also threatened to impose additional punitive tariffs on India. The situation may lead to significant changes in US - India relations and have an impact on the complex relations among multiple countries [7][8]. 3.2 Sector - Specific Analysis 3.2.1 Egg Sector - In July, the inventory of laying hens continued to increase, and the supply of small - sized eggs kept rising, indicating a loose supply of laying hens. The market's expectation of price increase in the peak season has not been fulfilled, and the spot price declined in August. With high inventory, the spot price is under pressure, and attention should be paid to the culling of old hens [10]. 3.2.2 Stock Index Futures - There is a high probability of the market rising after oscillation. The current macro - environment and policy trends need to be continuously monitored. If the internal and external factors remain stable, the market is likely to rise; otherwise, it may continue to adjust [11]. 3.2.3 Crude Oil Sector - Short - term price is affected by macro - pessimistic sentiment, while the supply - demand situation is improving. Positive factors in the supply - demand side are accumulating, and there is a chance for the oil price to rise in the third quarter. Priority should be given to positive spread trading opportunities [13]. 3.2.4 Other Commodity Sectors - A series of commodity sectors, including precious metals, base metals, energy, and agricultural products, are analyzed in the report, with specific trends and trading suggestions provided for each sector. For example, gold shows a trend affected by the weak non - farm payrolls data, copper is supported by strong spot prices, and zinc is in a range - bound oscillation [15][18][20].