Group 1: Report Title and Date - The report is titled "Continued Weakness, Focus on Demand Stabilization - Guoxin Futures Pulp Weekly Report" and was released on September 5, 2025 [2] Group 2: Market Performance - The main pulp futures contract SP2511 showed a slight rebound but remained in a weak overall trend [7] Group 3: Fundamental Analysis Pulp Market Prices - As of September 4, the weekly average price of imported softwood pulp was 5,652 yuan/ton, down 0.44% from the previous week, with the decline narrowing by 0.69 percentage points. The weekly average price of imported hardwood pulp was 4,210 yuan/ton, up 0.48% from the previous week, turning from a decline to an increase [11] Cumulative Pulp Imports from January to July - In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. The cumulative import volume and value from January to July increased by 6.5% and 3.4% respectively compared to the same period last year [15] Port Inventory - As of September 4, 2025, the weekly pulp inventory in major Chinese regions and ports such as Baoding, Tianjin Port, Rizhao Port, Qingdao Port, Changshu Port, Shanghai Port, Gaolan Port, and Nansha Port was 2.0574 million tons, up 0.52% from the previous week, turning from a decline to an increase [19][34] European Pulp Consumption and Inventory in July - In July 2025, the total European port inventory decreased by 1.91% month-on-month and increased by 19.19% compared to July 2024. Only the port inventories in the Netherlands/Belgium/France/Switzerland increased by 1.72% month-on-month, while the port inventories in the UK, Germany, Italy, and Spain decreased by 26.03%, 6.96%, 1.45%, and 7.22% respectively [22] Downstream Pulp Utilization Rates - Wastepaper pulp accounts for 63% of China's total pulp consumption, wood pulp accounts for 31%, and imported wood pulp accounts for 21%. Non-wood pulp accounts for 6%. As of September 4, the operating rate of double-coated paper remained flat, that of offset paper decreased by 0.47 percentage points, that of white cardboard increased by 0.19 percentage points, and that of tissue paper decreased by 0.38 percentage points [27] Group 4: Future Outlook - The pulp inventory in major Chinese regions and ports increased by 0.52% from the previous week, turning from a decline to an increase. Some major hardwood pulp producers have raised their prices. The recent weak rebound in the market did not prompt the pulp market to follow suit. Downstream paper mills have limited acceptance of high prices and mainly purchase at low prices. The market showed a slight rebound. It is recommended to wait and see and focus on the stabilization of demand [34]

Report Title - "A Weekly Report on Oils and Oilseeds by Guoxin Futures" [2] Report Date - September 5, 2025 [2] 1. Investment Rating - Not provided in the report. 2. Core Viewpoints - In the protein meal market, CBOT soybeans oscillated downward this week due to concerns about export demand, while domestic soybean meal fluctuated at the bottom. In the oils market, international oils fluctuated within a range, and domestic oils oscillated higher. Looking ahead, the protein meal market is expected to remain volatile in the short - term, and the oils market is likely to continue its strong - side oscillation [6][78][144]. 3. Summary by Directory 3.1 Protein Meal Market Analysis 3.1.1 Market Trends - CBOT soybeans oscillated downward due to concerns about export demand and the lack of Chinese buyers. Domestic soybean meal fluctuated around 3050. Brazilian premium increases provided cost - driven support, but future supply uncertainties intensified market volatility. Spot market trading was light [6]. 3.1.2 Export Data - As of August 28, 2025, the U.S. soybean export inspection volume was 472,914 tons, up 20% from the previous week but down 6% from the same period last year. The 2024/25 total export inspection volume reached 49,763,188 tons, up 11.3% year - on - year, and 97.5% of the revised annual export target [12]. 3.1.3 Crop Conditions - As of August 31, the U.S. soybean pod - setting rate was 94%, the leaf - falling rate was 11%, and the good - to - excellent rate was 65% [23][24]. 3.1.4 Global Supply Information - In Brazil, the 2025/26 soybean planting area in Paraná state is expected to be about 5.8 million hectares, up 1% year - on - year, and the yield may increase by 4%. StoneX maintains Brazil's 2025/26 soybean production forecast at a record 178.2 million tons [45]. 3.1.5 Inventory and Profitability - As of the end of this week, the domestic port's imported soybean inventory was about 6.8546 million tons. The domestic spot crushing profit continued to decline, while the futures crushing profit slightly rebounded [54]. 3.1.6 Production and Consumption - As of the 35th week (August 30), the domestic soybean oil mill's average startup rate was 67.26%, and the domestic soybean meal inventory was 1.063 million tons. The estimated apparent consumption of soybean meal in the 35th week was 1.9941 million tons [61][65]. 3.2 Oils Market Analysis 3.2.1 Market Trends - International oils oscillated within a range, with U.S. soybean oil oscillating at the bottom and Malaysian palm oil oscillating at a high level. Domestic oils oscillated higher, with palm oil leading the rise on Friday [78]. 3.2.2 International Information - From January to July 2025, Indonesia exported 13.64 million tons of crude and refined palm oil, up 10.95% year - on - year. Indian palm oil imports in August increased by 16% [80]. 3.2.3 Weather Conditions - Typhoons and monsoons brought heavy rainfall to Thailand and neighboring countries, benefiting rice and oil palms in the region [89]. 3.2.4 Price and Spread - The overall trend of oils this week was palm oil > soybean oil > rapeseed oil, and the soybean - palm oil spread slightly declined [117]. 3.2.5 Inventory - As of the 35th week of 2025, the total inventory of the three major edible oils in China was 2.7017 million tons, up 4.22% week - on - week [100]. 3.3 Market Outlook 3.3.1 Seasonal Analysis - Seasonal analysis charts of U.S. soybeans, soybean meal, and various oils and meals are provided, but specific conclusions are not given [134][135][137]. 3.3.2 Next - Week Outlook - **Technical Aspect**: For soybean meal, short - term, medium - term, and long - term indicators are intertwined. For rapeseed meal, short - term indicators are intertwined, medium - term indicators are bullish, and long - term indicators are intertwined. Similar situations apply to different oils [143]. - **Fundamental Aspect**: In the protein meal market, the USDA report is due next week, and there is a possibility of a decrease in U.S. soybean yields. The domestic soybean meal market is expected to remain volatile. In the oils market, the MPOB report is coming, and the domestic oils market is expected to continue its strong - side oscillation [144].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View The chlor-alkali - PVC industry is currently in a "subsidizing chlorine with caustic soda" situation. The downstream of caustic soda, such as the alumina industry, is more prosperous than the downstream of PVC, about 60% of whose terminal demand is related to real estate. The high - level operation rate of the alumina industry and new capacity additions in 2025 support the demand for caustic soda. As long as the profit of caustic soda can cover the loss of PVC, chlor - alkali integrated plants may maintain a high operation rate. The situation of strong caustic soda and weak PVC may continue until the real - estate market improves significantly or the comprehensive profit of upstream chlor - alkali integrated plants incurs continuous losses, forcing upstream production cuts [2][13][37]. 3. Summary by Directory 3.1 Upstream and Downstream Industry Chain of Caustic Soda and PVC - **Caustic Soda**: Chemical name is sodium hydroxide (NaOH), with solid and liquid forms. The main production process is the ion - exchange membrane electrolysis method. Its cost mainly comes from electricity (60%) and raw salt (20%). It is mainly used in alumina production (over 30% consumption), and also widely used in other industries. Co - produced with it are liquid chlorine and hydrogen [4][5]. - **PVC**: A polymer of vinyl chloride monomer, mainly produced by the calcium carbide method (about 80% of production) and the ethylene method (about 20% of production) in China. Its downstream consumption is mainly in the construction industry (over 60% consumption) [5][6]. - **Chlor - Alkali Balance**: In the chlor - alkali production process, 1 ton of caustic soda is accompanied by 0.886 tons of liquid chlorine. The downstream demands of the two products are different. When caustic soda demand is good and its price rises, liquid chlorine production increases, and may lead to oversupply and price decline, resulting in the "subsidizing chlorine with caustic soda" situation [8]. 3.2 Current Supply and Demand Fundamentals of Caustic Soda and PVC - **Profit Situation**: About 90.9% of PVC production capacity in China is equipped with caustic soda production devices. The industry is in a "subsidizing chlorine with caustic soda" pattern. The single - product profit of caustic soda in Shandong in August 2025 was 1500 - 1700 yuan/ton, while PVC had a loss of (- 1000) - (- 250) yuan/ton. The comprehensive profit of chlor - alkali in Shandong was 400 - 700 yuan/ton, and in the northwest region was 1300 - 1600 yuan/ton [10][13][14]. - **Inventory Situation**: The inventory of 32% liquid caustic soda in East China sample enterprises decreased by 6.37% from August 20 to August 27. The PVC inventory in sample warehouses in East and South China increased, while the PVC inventory in production enterprise factories decreased [16][18]. - **Downstream Demand Situation**: The planned alumina production capacity to be put into operation from the end of 2024 to 2025 is 1230 tons, with an estimated annual production capacity growth rate of about 10%. The monthly production of viscose staple fiber has been increasing since June - August 2025, and its inventory is low. In August 2025, the PVC powder production increased by 4.62% compared with July, and the annual cumulative production from January - August increased by 2.67% compared with the same period in 2024. The PVC supply is expected to remain high in September, and the domestic demand is expected to improve slightly but limitedly [20][26][27]. 3.3 Market Outlook The situation of strong caustic soda and weak PVC may continue until the real - estate market improves significantly or the comprehensive profit of upstream chlor - alkali integrated plants incurs continuous losses, forcing upstream production cuts. Otherwise, the weak situation of PVC is difficult to change in the short term [37].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, the global precious metals market has strengthened, with gold, silver, and platinum - group metals rising significantly. Platinum is expected to continue its strong upward trend driven by multiple factors such as tight supply - demand balance, weakening US dollar, inflow of speculative funds, and macro - policy uncertainties [4][6][73]. - The launch of Chinese platinum futures will provide more efficient risk - management tools for industrial chain enterprises, create more asset - allocation options for investors, and enhance China's pricing power in the global platinum market [6][76]. 3. Summary by Relevant Catalogs 3.1 2025 Precious Metals Sector Market Review - The global precious metals market has strengthened under the impetus of multiple factors. Gold, as a core safe - haven asset, reached a record high of $3,518.5 per ounce on September 1, with a cumulative increase of over 35% based on the annual peak. The main driving factors include geopolitical tensions, central bank gold purchases, and expectations of Fed rate cuts [4][9]. - Silver and platinum showed stronger growth, with platinum rising 66%, palladium 51%, and silver 42% based on the annual peak. The precious metals market presented a pattern of "gold leading the rise, platinum, palladium, and silver following, and sector rotation" [4][10]. 3.2 2025 Platinum Fundamental Market Analysis 3.2.1 2025 Platinum Supply Shows a Tightening Trend - **Primary Platinum Mine Supply**: The global platinum mine supply is highly concentrated, with 77% of the reserves in South Africa in 2024. Supply is vulnerable to disruptions. In 2025, global platinum mine supply is expected to decline by 6% to 543,000 ounces due to various factors such as South Africa's power shortages and North America's production cuts [14][24]. - **Recycled Platinum Supply**: In 2024, global recycled platinum increased slightly but remained at a historical low. In 2025, it is expected to grow by 3% to 157,000 ounces, but the increase is insufficient to offset the decline in primary supply [28][29]. - **China's Platinum Dilemma**: China has a high dependence on imports for platinum supply. In 2024, imports accounted for 85.7% of the total supply, mainly from South Africa. Supply faces external risks such as geopolitical changes and policy adjustments [35][36]. 3.2.2 Global Platinum Demand: Overall Decline in Total Demand, Expected to Drop 4% in 2025 - **Automotive Industry Demand**: The automotive industry is the largest demand area for platinum. In 2025, global automotive catalyst demand for platinum is expected to decrease by 2% to 305,200 ounces. The growth in some markets cannot offset the decline caused by the electrification of vehicles and the delay of emission standards [47]. - **Other Industrial Demand**: In 2025, global industrial platinum demand is expected to drop to 211,000 ounces, the lowest in six years, mainly due to the weakening of the glass and chemical industries [51]. - **Platinum Jewelry Demand**: In 2025, global jewelry platinum demand is expected to increase by 5% to 211,400 ounces, reaching a seven - year high. China's market shows significant growth [54]. - **Platinum Investment Demand**: In 2025, global physical platinum bar and coin investment demand is expected to increase by 30% to 25,200 ounces, with China as the core driving force [55]. 3.3 2025 Platinum Price Driving Factor Deduction - **Commodity Attribute**: The platinum market has been in a supply shortage for three consecutive years. In 2025, the shortage is expected to be 966,000 ounces, providing a solid foundation for price increases [59]. - **Financial Attribute**: The US dollar's weakness is a key factor driving up platinum prices. The US dollar has been under pressure this year, and the negative correlation between the US dollar index and platinum prices is expected to support platinum prices [62]. - **Investment Attribute**: Platinum has strong speculative attributes. After gold reached a high valuation, speculative funds flowed into platinum, leading to significant price increases [66]. - **Other Major Impacts**: Uncertainty in US tariff policies can cause significant fluctuations in the precious metals market. If the policy extends to platinum bars, it may have a similar or stronger impact on platinum prices [70][72].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The current supply - demand structure of the urea market has not improved substantially. The core contradiction lies in the continuous game between high supply and seasonal weak demand. The short - term price may continue to fluctuate, and the urea futures main contract UR2601 is currently oscillating in the range of 1600 yuan/ton to 1900 yuan/ton. Investors are advised to be cautious [50] Group 3: Summary According to the Directory 1. Market Review - **Urea Futures Main Contract Trend**: From August 25th - 29th, the urea futures main contract UR2601 oscillated, with a range increase of 0.29% and a range amplitude of 2.08% [6] - **Urea Futures Basis Situation**: On August 28th, the basis of small - particle urea in Shandong was - 43 yuan/ton, a decrease of 47 yuan/ton compared to last Thursday, and it was at a low level compared to the past five years [11] 2. Urea Fundamental Analysis Supply - side - **Urea Production Enterprise Operating Rate**: This week, the operating rate of urea production enterprises was 81.73%, a 2.72% decrease from the previous week and a 6.55% increase year - on - year, still at a near - five - year high [16] - **Urea Plant Weekly Maintenance Loss**: This week, the weekly maintenance loss of urea plants was 20.33 tons, a 2.43% increase from the previous week and a 5.41% decrease year - on - year [18] - **Weekly Output of Coal - based and Gas - based Urea**: Currently, the weekly output of coal - based urea is 108 tons, a 0.92% decrease from the previous week; the weekly output of pipeline fertilizer gas - made urea is 27 tons, a 6.90% decrease from the previous week [22] Demand - side - **Compound Fertilizer Enterprise Operating Rate**: The capacity operating rate of compound fertilizer enterprises is 41.12%, a 2.71% increase from the previous period and a 7.95% decrease compared to 2024 [25] - **Compound Fertilizer Enterprise In - plant Inventory**: The in - plant inventory of compound fertilizers of 32 chemical enterprises in China is 86.72 tons, a 2.51% decrease from the previous week and an 11.58% increase compared to 2024 [29] - **Melamine Operating Rate**: The average operating load rate of Chinese melamine enterprises is 57.04%, a 10.26% increase from the previous week and a 6.38% decrease compared to 2024 [32] Inventory - side - **Inventory Situation**: Urea enterprise inventory is 100.3 tons, a 7.50% increase from the previous week; port inventory is 79.5 tons, a 7.14% increase from the previous week [35] Cost - side - **Synthetic Ammonia Price**: On August 28th, the daily low - end market price of synthetic ammonia in Shandong was 2040 yuan/ton, a decrease of 20 yuan/ton compared to August 21st [40] - **Coal Market Operation**: With the restorative rebound of the low - price anthracite in some regions, the cost support of coal - based urea plants has strengthened. The current aggregated price of Yangquan anthracite fine coal is 770 yuan/ton, flat compared to the previous period; the aggregated price of Jincheng anthracite washed small coal is 900 yuan/ton, also flat compared to the previous period [42] Urea Supply - Demand Balance Sheet - The report provides the supply - demand balance sheets from January 2024 to October 2025, including data such as initial inventory, output, consumption, export, and supply - demand ratio [46] 3. Market Outlook - **Supply - side**: Under the joint promotion of the continuous implementation of the supply - guarantee policy and the release of the efficiency of previous technological improvements, high - load operation of production enterprises has become the norm. The overall urea supply continues to be in a loose pattern, and the high - supply situation is unlikely to change significantly in the short term [50] - **Demand - side**: Agricultural demand is limited, and industrial demand is gradually increasing but mainly for rigid needs. There is no strong willingness for large - scale centralized procurement [50] - **Inventory - side**: The overall inventory pressure still exists [50] - **Cost - side**: The supply of the anthracite market may not change much, and the price will fluctuate with changes in demand and market sentiment. The natural gas price will be range - bound [50] - **Operation Suggestion**: The short - term price may continue to fluctuate, and investors are advised to be cautious [50]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report is concerned about oversupply in the oil market, and it anticipates that oil prices will remain volatile and weak in the short - term, with an operational suggestion of a bearish outlook on the market [2][54]. 3. Summary by Directory 3.1 Market Review - China's INE crude oil futures main contract price trend and the US WTI crude oil futures continuous contract price trend are presented, but specific price trends are not detailed in the provided text. Data sources are Boyiyun and Guoxin Futures [11][14] 3.2 Crude Oil Supply and Demand Fundamental Analysis - **China's Crude Oil Production**: In July, China's above - scale industrial crude oil output was 18.12 million tons, a year - on - year increase of 1.2%. From January to July, the output was 126.6 million tons, a year - on - year increase of 1.3% [20] - **China's Crude Oil Imports**: From January to July 2025, China's total crude oil imports were 326.59 million tons, a year - on - year increase of 2.77%. In July, imports were 47.204 million tons, a month - on - month decrease of 5.38% and a year - on - year increase of 11.52% [22] - **China's Refinery Utilization and Processing Volume**: In July, China's above - scale industrial crude oil processing volume was 63.06 million tons, a year - on - year increase of 8.9%. From January to July, the processing volume was 424.68 million tons, a year - on - year increase of 2.6% [25] - **US Crude Oil Production and Refinery Utilization**: As of the week ending August 22, the US daily crude oil output was 13.44 million barrels [31] - **US Oil Rig Count**: As of the week ending August 29, 2025, the number of oil drilling rigs was 412, an increase of 1 from the previous week [34] - **US Crude Oil Inventories**: As of the week ending August 22, the total US crude oil inventory including strategic reserves was 822.493 million barrels, a decrease of 1.62 million barrels from the previous week; commercial crude oil inventory was 418.292 million barrels, a decrease of 2.39 million barrels; gasoline inventory was 222.334 million barrels, a decrease of 1.24 million barrels; distillate inventory was 114.242 million barrels, a decrease of 1.79 million barrels [37] 3.3 Future Outlook - **Global Crude Oil Supply and Demand**: Goldman Sachs' report indicates that from the fourth quarter of 2025 to the fourth quarter of 2026, the global oil market will have an average daily surplus of 1.8 million barrels, which will lead to an increase of nearly 800 million barrels in global oil inventories during this period [53] - **Crude Oil Future Outlook**: The US government will impose an additional 25% tariff on Indian exports, raising the overall tax rate to 50%. India initially reduced Russian crude oil purchases but recently resumed procurement plans for September - October. Technically, oil prices will remain volatile and weak in the short - term, with an operational suggestion of a bearish outlook [53][54]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the domestic market, short - term Zhengzhou cotton is expected to maintain a strong and volatile trend. In the international market, short - term US cotton may maintain a volatile trend. The report suggests short - term trading [48][49] 3. Summary by Relevant Catalogs 3.1 Cotton Market Analysis 3.1.1 Futures Price Trends - Zhengzhou cotton futures rebounded this week with a weekly increase of 1.5%. ICE cotton futures declined and then rebounded, with a weekly decrease of 1.01% [10] 3.1.2 Spot Prices - This week, the cotton price index rose. The 3128 index increased by 75 yuan/ton compared with last week, and the 2129 index increased by 85 yuan/ton [14] 3.1.3 Cotton Import Situation - In July, 50,000 tons of cotton were imported, a year - on - year decrease of 150,000 tons [19] 3.1.4 Cotton Inventory Situation - In the first half of August, the commercial cotton inventory was 1.8202 million tons, a decrease of 369,600 tons compared with the second half of July [23] 3.1.5 Downstream Inventory Situation - In July, the yarn inventory was 27.67 days, a year - on - year decrease of 0.65 days. The grey cloth inventory was 36.14 days, a year - on - year increase of 2.82 days [27] 3.1.6 Yarn Prices - This week, yarn prices rose. The price of OEC10S yarn increased by 20 yuan/ton compared with last week, the price of C32S yarn increased by 60 yuan/ton, and the price of JC40S yarn increased by 40 yuan/ton [32] 3.1.7 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total number of Zhengzhou cotton warehouse receipts and forecasts decreased by 539. The number of warehouse receipts was 6,720, and the valid forecasts were 2, with a total of 6,722 [38] 3.1.8 US Cotton Export Situation - As of August 21, the net sales of US upland cotton exports in the current year increased by 179,300 bales, and the net sales of exports in the next year were 0 bales [40] 3.1.9 US Weather Situation - In the US, the total area in drought (D1 - D4) is 27.7%, with D0 - Abnormally Dry at 17.3%, D1 - Moderate Drought at 10.9%, D2 - Severe Drought at 10.8%, D3 - Extreme Drought at 5.5%, and D4 - Exceptional Drought at 0.5% [47] 3.2后市展望 3.2.1 Domestic Market - Xinjiang cotton has basically entered the yield - determining stage. The weather in the main producing areas is ideal, and cotton is growing well. The market expects a slight increase in cotton yield per mu, and the total cotton output in Xinjiang in the 2025/26 season may reach 7 million tons. The expected purchase price of seed cotton is 6 - 6.5 yuan/kg. Textile orders in the peak season are starting, and the operating rate has increased slightly. The 2025 cotton import sliding - duty processing trade quota has little impact on the market. Short - term Zhengzhou cotton is expected to maintain a strong and volatile trend [48] 3.2.2 International Market - US cotton declined and then rebounded. The weak US dollar due to the market's expectation of the Fed's interest rate cut has boosted the price of US cotton. There is some drought in the southern US, but the impact is limited. The good export situation and high excellent - rate of US cotton suggest that short - term US cotton may maintain a volatile trend [48]

Report Title - "Zhengzhou Sugar's Downside Limited After Adjustment, Focus on Consumption - Guoxin Futures Sugar Weekly Report" [2] Report Date - August 31, 2025 [2] Report Industry Investment Rating - Not provided Report's Core View - After continuous adjustment of sugar prices, the downside is limited supported by the peak season in the domestic market; in the international market, sugar prices are expected to fluctuate strongly due to support from supply and demand sides. Short - term trading is recommended [58][59] Summary by Directory 1. Sugar Market Analysis 1.1 Futures Price Trends - Zhengzhou sugar futures adjusted this week with a weekly decline of 1.16%, while ICE sugar futures fluctuated at a low level with a weekly increase of 0.36% [9] 1.2 Spot Price and Basis Trends - Not detailed in the provided text 1.3 Sales in Guangxi and Yunnan - For August 2025, Guangxi's sugar sales are expected to be 35 - 40 tons, similar to 36 tons in the same period last year; Yunnan's sugar sales are expected to be 13 - 16 tons, less than last month [58] 1.4 Sugar Import Situation - In July 2025, sugar imports were 740,000 tons, an increase of 320,000 tons year - on - year. Based on the ICE sugar October contract price of 16.5 cents per pound, Brazil's in - quota import cost is 4,539 yuan per ton and out - of - quota is 5,769 yuan per ton; Thailand's in - quota import cost is 4,580 yuan per ton and out - of - quota is 5,822 yuan per ton [23] 1.5 Domestic Industrial Inventory - In the 2024/25 sugar season, the industrial inventory in July was approximately 1.6123 million tons, a decrease of 99,500 tons compared to the same period last year [26] 1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zhengzhou sugar warehouse receipts and forecasts was 17,284, a decrease of 1,331 from last week. The number of warehouse receipts was 17,284 and valid forecasts were 0 [34] 1.7 Brazil's Production Progress - In the second half of July 2025, the cumulative crushing volume was 306 million tons, a year - on - year decrease of 8.57%, and sugar production was 19.268 million tons, a year - on - year decrease of 7.76% [38] 1.8 Brazil's Bi - weekly Sugar - making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern part of Brazil was 52.06%, compared to 49.13% in the same period last year [43] 1.9 Brazil's Monthly Sugar Exports - Brazil's sugar exports in July 2025 were 3.5937 million tons, a decrease of 4.6% compared to the same period last year [45] 1.10 International Main Producing Areas' Weather Conditions - India has abundant precipitation; Brazil's main producing areas have less rainfall, which is beneficial for sugarcane pressing [52][54] 2.后市展望 (Market Outlook) - Domestic market: Zhengzhou sugar prices have been falling, mainly affected by the approaching delivery of the 2509 contract. After adjustment, the downside is limited supported by the peak season. International market: Sugar prices are expected to fluctuate strongly due to potential supply reduction in Brazil and strong demand from Pakistan and China. Short - term trading is recommended [58][59]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply of coking coal is expected to remain tight in the short term due to stricter safety inspections and planned shutdowns of some mines. The import volume of coking coal is expected to increase slightly month - on - month. The demand for coking coal is under pressure as coke enterprises' production is restricted. The coking coal futures market is expected to fluctuate at a low level, and short - term operations are recommended. [17][22][62] - The supply of coke is gradually tightening due to the approaching military parade and the implementation of production restrictions in some regions. The demand for coke is high in the short term but is expected to face production restrictions in the future. The coke futures market is under pressure, and short - term operations are recommended. [42][58][62] Summary by Directory 1. Double - Coking Market Review - It presents the weekly market review of double - coking main contracts, but specific review content is not detailed in the provided text. [8] 2. Coking Coal Fundamental Overview Coking Coal Production - In July, the raw coal output of industrial enterprises above the designated size was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 1.229 million tons. From January to July, the output was 2.78 billion tons, a year - on - year increase of 3.8%. As of August 29, the operating rate of 523 sample mines was 75.32%, a week - on - week decrease of 1.17%. The supply of coking coal remains tight in the short term. [17] Coking Coal Import - From January to July 2025, China imported 62.4453 million tons of coking coal, a year - on - year decrease of 7.98%. The monthly import volume of US coking coal has been zero, and the import volume of Australian coal has increased slightly year - on - year but accounts for a relatively small proportion. Since August, the customs clearance efficiency of Mongolian coal has rebounded to a high level, and the import volume of coking coal is expected to increase slightly month - on - month. [22] Port Inventory - The total coking coal inventory of six ports was 2.7535 million tons, a week - on - week increase of 138,600 tons. [25] Coke Enterprise Inventory - The coking coal inventory of 230 independent coke enterprises was 8.1987 million tons, a week - on - week decrease of 40,700 tons. Coke enterprises' coking coal inventory is at a relatively high level, and procurement has become more cautious. [30] Steel Mill Inventory - The coking coal inventory of sample steel mills was 8.1185 million tons, a week - on - week decrease of 4,600 tons. Steel mills mainly purchase on demand, and the in - plant coking coal inventory remains flat. [33] 3. Coke Fundamental Overview Coke Supply - In July, China's coke output was 41.86 million tons, a year - on - year increase of 0.5%. From January to July, the cumulative output was 291.68 million tons, a year - on - year increase of 2.8%, with the growth rate decreasing by 0.2% compared to the previous month. The capacity utilization rate of sample coke enterprises was 72.7%, a week - on - week decrease of 1.47%. Coke supply is gradually tightening. [37][42] Coke Enterprise Inventory - As of this Friday, the total coke inventory of independent coke enterprises was 398,100 tons, a week - on - week increase of 3,400 tons. The real demand of blast furnaces for raw materials is at a high level, and downstream procurement is based on demand. Inventory has stopped decreasing and has slightly accumulated week - on - week. [46] Port Inventory - As of this Friday, the total port coke inventory was 2.1209 million tons, a week - on - week decrease of 25,300 tons. Port inventory fluctuates within a narrow range. [50] Steel Mill Inventory - The coke inventory of 247 sample steel mills was 610,070 tons, a week - on - week decrease of 4,800 tons. Blast furnace operation remains at a high level, and the momentum for inventory increase is slowing down. Steel mills mainly purchase on demand. [53] Coke Demand - From January to July 2025, the national pig iron output was 505.83 million tons, a year - on - year decrease of 1.3%. In July, the pig iron output was 70.8 million tons, a year - on - year decrease of 1.4% and a month - on - month decrease of 1.5%. The daily average pig iron output of 247 steel mills was 2.4013 million tons, a week - on - week decrease of 6,200 tons. [58] 4. Double - Coking Future Outlook - For coking coal, the supply is tight in the short term, and the demand is under pressure. The futures market fluctuates at a low level, and short - term operations are recommended. For coke, the supply is tightening, and the demand is expected to face production restrictions in the future. The futures market is under pressure, and short - term operations are recommended. [62]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The pulp market continues to be weak, and it is recommended to pay attention to the stabilization of demand. The operation suggestion is to wait and see for the time being [35] Group 3: Summary According to the Directory 1. This Week's Market Review - The main pulp futures contract SP2511 searched for the bottom downward, rebounded slightly on Friday, and the overall trend was weak [7] 2. Fundamental Analysis - **Pulp Market Price**: As of August 28, the weekly average price of imported softwood pulp was 5,677 yuan/ton, down 1.13% from last week, and the decline rate increased by 0.49 percentage points compared with the previous period; the weekly average price of imported hardwood pulp was 4,190 yuan/ton, down 0.12% from last week, changing from rising to falling [11] - **Accumulated Pulp Imports from January to July**: In July 2025, China imported 2.877 million tons of pulp, with an import value of 1.7652 billion US dollars and an average unit price of 613.56 US dollars/ton. From January to July, the cumulative import volume and value increased by 6.5% and 3.4% respectively compared with the same period last year [16] - **Port Inventory Situation**: As of August 28, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.0468 million tons, down 0.14% from last week, and the decline rate narrowed by 1.45 percentage points [19][35] - **European Commodity Chemical Pulp Consumption and Inventory in July**: In July 2025, the consumption of European chemical pulp was 814,200 tons, a year-on-year decrease of 2.07%; the inventory of European chemical pulp was 683,200 tons, a year-on-year increase of 8.65%. The inventory days were 26 days, an increase of 3 days compared with the same period last year [23] - **Warehouse Receipt Inventory of the Shanghai Futures Exchange**: No specific analysis content provided - **Different Performance of Operating Rates of Downstream Pulp Types**: Wastepaper pulp consumption is the main consumption method of pulp in China, accounting for 63% of the total pulp consumption; wood pulp consumption accounts for 31% of the total pulp consumption, and imported wood pulp consumption accounts for 21% of the total pulp consumption; non-wood pulp consumption accounts for 6% of the total pulp consumption. As of August 28, the weekly operating load rate of double copper paper increased by 1.31 percentage points; the weekly operating load rate of double offset paper increased by 0.17 percentage points; the operating load rate of white cardboard decreased by 1.56 percentage points compared with last week; the operating load rate of household paper decreased by 0.32 percentage points compared with last week [28] 3. Outlook for the Future - The inventory of major Chinese regions and ports decreased slightly, and the decline rate narrowed. The external quotation of imported hardwood pulp has a rising expectation, and some spot traders in some regions have a certain sentiment of supporting prices due to cost pressure. However, the profit improvement of downstream paper mills is poor, the acceptance of high prices is limited, and they mainly purchase at low prices. The pulp market transaction is not prosperous, and the spot price is slightly weak. The recent market has been running weakly. It is recommended to pay attention to the stabilization of demand and wait and see for the time being [35]