Report Investment Rating - No information provided in the given content. Core Views - The market for ethylene and related products shows fluctuations, with factors such as supply, demand, and trading conditions influencing prices. For example, ethylene trading has limitations, and prices have experienced drops. The investment environment requires caution, and adjustments and considerations are needed based on various factors like market trends, supply - demand relationships, and macro - economic conditions. [2] Summary by Related Aspects Market Conditions - There are fluctuations in the prices of various products such as ethylene, polyester, and related chemicals. For instance, ethylene prices have dropped, and the polyester market has seen price changes. The market is affected by factors like supply, demand, and trading activities. [1][2] Supply and Demand - The supply of ethylene and related products is affected by factors such as production, transportation, and trading. Demand is influenced by downstream industries like fiber production. There are issues such as over - supply in some cases and limited trading in others. [2] Investment and Trading - Investment in the market requires caution. Traders need to consider factors like price trends, supply - demand balance, and macro - economic conditions. Adjustments and strategies are needed for trading activities, and there are suggestions for reference in investment decisions. [2]

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Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - For industrial silicon, with the continuous rise of silicon prices, some previously shut - down silicon plants in Xinjiang have resumed production, and the southwest production area has entered the wet season with lower power costs and increased enterprise operation. The supply side is increasing steadily. The demand side shows that polysilicon enterprises maintain a production - cut state, and some silicon material plants have复产 plans, bringing some demand increments. Organic silicon has supply pressure, and silicon - aluminum alloy enterprises purchase as needed. Overall, with the cooling of sentiment and hedging pressure, silicon prices may maintain high - level consolidation in the short term [1]. - For polysilicon, the supply side is expected to see a slight increase in production after offsetting increases and decreases. The demand side shows that silicon wafer prices lack upward momentum, battery cell prices are loosening, and component prices are weakening. Overall, the polysilicon fundamentals are supply - strong and demand - weak, and in the short term, price support is insufficient. In the long - term, industrial policy changes and macro - sentiment evolution need to be continuously monitored [1]. Group 3: Summary by Related Catalogs Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of industrial silicon non - oxygen - permeable 553 (East China) decreased by 1.65% to 8,950 yuan/ton, and the 421 (East China) decreased by 1.05% to 9,400 yuan/ton. The futures main contract closing price decreased by 2.10% to 8,390 yuan/ton [1]. - Polysilicon: N - type dense material, N - type re - feed material, N - type mixed material, and N - type granular silicon prices remained unchanged. The futures main contract closing price decreased by 0.22% to 49,555 yuan/ton [1]. Industry News - China Energy Construction's Zhongdian Engineering International Company and Zhongdian Engineering Northwest Institute jointly won the EPC contract for the 33 - megawatt Irute photovoltaic project in Zambia, marking the full implementation of the project [1]. - Malaysia's Gentari Renewables and Gamuda will build a 1.5GW solar photovoltaic project with a battery energy storage system in Malaysia to meet the energy needs of large - scale data center operators [1]. - Jakson Engineers Limited is investing over 80 billion Indian rupees (about $912.5 million, 6.52 billion yuan) to build a 6GW integrated solar component, battery, and silicon wafer factory in Madhya Pradesh [1].

Report Industry Investment Rating - Not provided in the content Core View - The Fed Chair Powell's indication of a September interest rate cut due to easing employment supply - demand, along with Trump's pressure and global central banks' continuous gold purchases, may make precious metal prices prone to rising and difficult to fall. It is recommended that investors mainly establish long positions when prices decline [2]. Summary by Relevant Catalog Gold and Silver Market Data - **Shanghai Gold**: On August 28, 2025, the closing price was 779.86 yuan/gram, up 2.24 yuan from the previous day and 8.23 yuan from last week. Trading volume was 30,942, and open interest was 2,396 [2]. - **Shanghai Silver**: The closing price was 9,182 yuan/ten - grams on August 28, 2025, with a trading volume of 475,098 and an open interest change of - 25,366 [2]. - **COMEX Gold**: The closing price of the active contract was 3,392.20, with a trading volume of 151,643 and an open interest of 336,177. Inventory was 200,824.48 fine ounces [2]. - **COMEX Silver**: The closing price of the active contract was 39.71, trading volume was 54,907, and open interest was 62,636. Inventory was 517,194,775.47 fine ounces [2]. Important Information - **Macroeconomic Data**: The US Q2 real GDP annualized quarterly - on - quarterly rate was revised up to 3.3%, and the PCE price index was 2.5%. Last week, the initial jobless claims decreased to 229,000, and the continued claims dropped to 1,954,000, both lower than expected [2]. - **Central Bank Policies**: - The Fed may cut interest rates by 25 basis points in September, with possible further cuts in the next three to six months [2]. - The European Central Bank may cut interest rates at most once by the end of 2025 [2]. - The Bank of England cut the key interest rate by 25 basis points in August and may slow down the balance - sheet reduction. It may cut interest rates at most once by the end of 2025 [2]. - The Bank of Japan may start to reduce quarterly treasury bond purchases from 400 billion yen to 200 billion yen in April 2026 and has an expectation of raising interest rates by the end of 2025 [2]. Trading Strategy - For London gold, focus on the support level around $3,200 - $3,300 and the resistance level around $3,450 - $3,500. For Shanghai gold, focus on the support level around 760 - 770 and the resistance level around 800 - 810. For London silver, focus on the support level around $34 - $36 and the resistance level around $37 - $40. For Shanghai silver, focus on the support level around 8,500 - 8,700 and the resistance level around 9,100 - 9,500 [2].

Report Industry Investment Rating - Not provided Core View - Fed's September rate - cut expectation is rising, there's an expectation of a shift from the traditional domestic consumption off - season to the peak season, and the global total inventory of electrolytic copper shows an initial decline, which may lead to a relatively strong performance of Shanghai copper prices. It is recommended that investors lightly go long on the main contract on dips, and pay attention to the support and resistance levels of Shanghai copper, London copper, and US copper [2]. Summary by Relevant Data Shanghai Copper Futures Data (2025 - 08 - 28) - Closing price: 78,930, down 260 from the previous day [2] - Trading volume: 73,403 lots, an increase of 15,585 lots from the previous day [2] - Open interest: 168,997 lots, a decrease of 6,000 lots from the previous day [2] - Inventory: 21,232 tons, down 55 tons from the previous day [2] - SMM 1 electrolytic copper average price: 79,616, down 355 from the previous day [2] - Shanghai copper basis: 260, down 95 from the previous day [2] Other Price and Spread Data - LME 3 - month copper futures closing price: 9,818, up 62.5 from the previous day [2] - Total registered and cancelled warehouse receipt inventory: 0, a decrease of 157,950 from the previous day [2] - LME copper futures 0 - 3 - month contract spread: - 82.79, up 7.14 from the previous day [2] - LME copper futures 3 - 15 - month contract spread: - 167.53, up 2.04 from the previous day [2] - Shanghai - London copper price ratio: 8.0393, down 0.08 from the previous day [2] - COMEX 9 copper futures active contract closing price: 4.5445, down 0.0025 from the previous day [2] - Total inventory weight: 275,226 tons, an increase of 3,121 tons from the previous day [2] Industry News - Hudbay Minerals restarted the operation of its Snow Lake mine in Manitoba on August 22 [2] - European high - quality copper exports are restricted, and Sino - US tariff negotiation uncertainty affects scrap copper imports. Domestic electrolytic copper and scrap copper price difference is negative, and the scrap copper import window is closed. Some copper smelters are shut down or have production cuts, while some new projects are under construction or planned to be put into production [2] - The weekly processing fee of crude copper in northern (southern) China remains flat (decreases), and the operating rate of domestic scrap - produced anode plate capacity decreases compared with last week. Domestic smelters' crude copper maintenance capacity in August may decrease month - on - month, and the production (import) volume of domestic crude copper in August may increase [2] - Some domestic electrolytic copper production projects are planned to be put into production in the future, and some overseas copper smelters have maintenance or production - cut situations. African agricultural exports delay ship bookings, which may lead to a decrease in domestic electrolytic copper imports in August. The import window opening may increase imports, and the social inventory of domestic electrolytic copper increases [2]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The lithium carbonate market is still highly volatile. Short - term supply and demand are both strong, with high lithium carbonate production, rising downstream demand, and social inventory depletion. The fundamentals have little change in the short term, and the market is easily affected by news. It is expected that the lithium carbonate price will fluctuate widely. The recommended operation is short - term interval trading, and it is advisable to buy options to protect positions or buy straddle options [2][3]. 3. Summary by Relevant Information 3.1 Market Data - **Futures Contracts**: On August 28, 2025, the closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate futures decreased compared with the previous day, with decreases of 900 yuan/ton, 860 yuan/ton, 760 yuan/ton, and 720 yuan/ton respectively. The trading volume of lithium carbonate futures was 805,585 lots (+75,940), and the position volume of the active contract was 347,063 lots (-4,259) [3]. - **Spot Prices**: The average price of 99.5% battery - grade domestic lithium carbonate was 80,000 yuan/ton, up 1,600 yuan/ton; the average price of 99.2% industrial - grade domestic lithium carbonate was 77,700 yuan/ton, up 1,600 yuan/ton. The price of lithium spodumene concentrate, lithium mica, and other raw materials decreased [3]. - **Inventory**: The inventory was 28,957 tons (+1,480). The SMM lithium carbonate inventory showed that the inventory of smelters, downstream, and other sectors totaled 141,136 tons (-407) [3]. 3.2 Industry News On August 27, mining company KoBold Metals obtained seven mineral exploration licenses from the government of the Democratic Republic of the Congo for lithium and related rare minerals. The licenses cover two regions, and the exploration focuses on lithium [3]. 3.3 Supply and Demand Analysis - **Supply**: Last week, the production of lithium carbonate decreased slightly, and the production of lithium carbonate from different raw materials changed little [3]. - **Demand**: Last week, the production of the lithium iron phosphate industry and ternary materials increased. In August, the production of lithium aluminate decreased, and the production schedule of lithium manganate increased. Last week, the production of power batteries increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the month - on - month sales decreased; 3C shipments were average; in August, the production schedule of energy - storage batteries increased [3].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - On August 28, the main contract of Shanghai nickel fluctuated at a low level, with the trading volume decreasing and the open interest decreasing. The spot market trading was weak, and the basis premium narrowed. The pure nickel fundamentals are loose, and the Fed's interest - rate cut expectations are volatile. It is expected that the nickel price will fluctuate within a range. It is recommended to wait and see [2]. - On August 27, the main contract of stainless steel fluctuated within a range, with the trading volume increasing and the open interest decreasing. The spot market trading was weak, and the basis premium narrowed. Currently, the impact of macro - sentiment is relatively large. Although the fundamentals are loose, it takes time for the price to return to the fundamentals and there is cost support. It is expected that the price will still fluctuate with the macro - environment. It is recommended to wait and see [2]. Summary by Related Content Nickel Market - **Price and Trading Volume**: On August 28, the Shanghai nickel main contract had a low - level oscillation. The trading volume was 129,831 lots (- 67,021), and the open interest was 92,205 lots (- 6,698). LME nickel rose 1.12%. The spot market trading was weak, and the basis premium decreased [2]. - **Supply Side**: Nickel ore prices remained flat. Last week, the arrival volume of nickel ore increased, and port inventories were replenished. The loss of nickel - iron plants narrowed. In August, domestic production decreased, while production in Indonesia increased, leading to nickel - iron accumulation. In August, domestic electrolytic nickel production increased, and export profits decreased [2]. - **Demand Side**: Ternary material production increased; stainless - steel plant production increased; alloy and electroplating demand remained stable [2]. - **Inventory**: SHFE inventory decreased, LME inventory increased, social inventory decreased, and bonded - area inventory remained unchanged [2]. Stainless Steel Market - **Price and Trading Volume**: On August 27, the stainless - steel main contract oscillated within a range. The trading volume was 128,526 lots (+ 25,799), and the open interest was 12,804 lots (- 5,355). The spot market trading was weak, and the basis premium decreased [2]. - **Supply Side**: In August, stainless - steel production increased [2]. - **Demand Side**: Terminal demand was weak [2]. - **Cost**: High - nickel pig iron prices rose, and high - carbon ferrochrome prices rose [2]. - **Inventory**: SHFE inventory decreased, and last week, the 300 - series social inventory was 62,600 tons (+ 8,500) [2]. Industry News - On August 27, at the "Stakeholder Engagement in the Nickel Industry's Decarbonization Roadmap" FGD held by the Indonesian Metal and Mining Entrepreneurs Association, illegal mining was the core focus. The Indonesian Nickel Mining Association pointed out that there are still loopholes in relevant regulations that need to be coordinated with ESG standards of some institutions [2].

Report Industry Investment Rating - Not provided Core View of the Report - Recommend a strategy of buying on dips for urea in the future, suggesting investors focus on the opportunity to buy the 01 contract on dips [1] - Currently, the urea price is oscillating at a low level, and the upstream profit is also relatively low, so the urea valuation is not high [1] - There are two possible upward drivers for the urea price in the second half of the year: supply - side has the expectation of old - device renovation (old devices over 20 years account for about 20%, and the current comprehensive urea operating rate is over 80% with limited idle capacity), and demand - side has the expectation of improved exports, especially optimistic about urea exports from September to October [1] Summary According to Relevant Catalogs Urea Futures Price - On August 28, the closing prices of UR01, UR05, and UR09 in Shandong were 1753 yuan/ton, 1789 yuan/ton, and 1702 yuan/ton respectively, with changes of 16 yuan/ton (0.92%), 10 yuan/ton (0.56%), and - 5 yuan/ton (- 0.29%) compared to August 27 [1] Domestic Spot Price - On August 28, the domestic spot prices in Shanxi, Henan, Hebei, Northeast, and Jiangsu were 1620 yuan/ton, 1720 yuan/ton, 1730 yuan/ton, 1730 yuan/ton, and 1720 yuan/ton respectively, with changes of 10 yuan/ton (0.62%), 10 yuan/ton (0.58%), 0 yuan/ton (0.00%), 0 yuan/ton (0.00%), and 10 yuan/ton (0.58%) compared to August 27 [1] Basis and Spread - On August 28, the Shandong spot - UR basis was - 79 yuan/ton, unchanged from August 27; the 01 - 05 spread was - 36 yuan/ton, with a change of 6 yuan/ton compared to August 27 [1] Upstream Cost - On August 28, the anthracite prices in Henan, Shanxi, and Shandong were 1000 yuan/ton, 900 yuan/ton, and unchanged compared to August 27 [1] Downstream Price - On August 28, the prices of compound fertilizer (45%S) in Shandong and Henan were 2950 yuan/ton and 2550 yuan/ton respectively, unchanged from August 27; the melamine prices in Shandong and Jiangsu were 5225 yuan/ton and 5300 yuan/ton respectively, unchanged from August 27 [1] Important Information - On the previous trading day, the opening price of the urea futures main contract 2601 was 1737 yuan/ton, the highest price was 1762 yuan/ton, the lowest price was 1737 yuan/ton, the closing price was 1753 yuan/ton, the settlement price was 1753 yuan/ton, and the position was 221,600 lots [1]

Group 1: Report Investment Rating - No investment rating provided in the report Group 2: Core Viewpoints - As coking coal prices decline, methanol prices return to a weaker fundamental state. Upstream coal profits remain high, while inland downstream profits are still poor, leaving room for repair. Methanol is relatively over - valued. In terms of drivers, the return of inland and imported supply exerts downward pressure on methanol prices. Currently, downstream MTO enterprises have high raw material inventories and are unlikely to build further inventories. Port inventory accumulation is a likely trend, and the upward driving force for methanol is not strong [1] Group 3: Summary by Directory 1. Price and Basis - **Methanol Futures Prices**: On August 28, 2025, MA01 closed at 2373 yuan/ton, up 1 yuan/ton (0.04%) from the previous day; MA05 closed at 2383 yuan/ton, up 17 yuan/ton (0.72%); MA09 closed at 2225 yuan/ton, down 22 yuan/ton (-0.98%) [1] - **Methanol Spot Prices**: On August 28, 2025, the daily average price in Taicang was 2232.50 yuan/ton, down 17.50 yuan/ton (-0.78%); in Shandong, it was 2295.00 yuan/ton, down 5.00 yuan/ton (-0.22%); in Guangdong, it was 2260.00 yuan/ton, down 7.50 yuan/ton (-0.33%); in Shaanxi, it was 2115.00 yuan/ton, down 2.50 yuan/ton (-0.12%); in Sichuan and Chongqing, it was 2180.00 yuan/ton, unchanged; in Hubei, it was 2340.00 yuan/ton, unchanged; in Inner Mongolia, it was 2055.00 yuan/ton, down 7.50 yuan/ton (-0.36%) [1] - **Basis**: The basis of Taicang spot - MA was - 140.50 yuan/ton, down 18.50 yuan/ton from the previous day [1] 2. Cost and Profit - **Raw Material Prices**: On August 28, 2025, the price of Datong Q5500 coal was 555.00 yuan/ton, down 7.50 yuan/ton (-1.33%); the price of Yulin Q6000 coal was 557.50 yuan/ton, down 5.00 yuan/ton (-0.89%); the industrial natural gas price in Hohhot was 3.21 yuan/cubic meter, unchanged; in Chongqing, it was 3.14 yuan/cubic meter, unchanged [1] - **Methanol Production Profits**: On August 28, 2025, the profit of coal - to - methanol was 432.60 yuan/ton, down 3.70 yuan/ton (-0.85%); the profit of natural - gas - to - methanol was - 462.00 yuan/ton, unchanged; the profit of Northwest MTO was 423.20 yuan/ton, up 40.20 yuan/ton (10.50%); the profit of East China MTO was - 260.07 yuan/ton, down 7.00 yuan/ton (-2.77%) [1] - **Methanol Downstream Profits**: On August 28, 2025, the profit of acetic acid was 309.06 yuan/ton, up 20.27 yuan/ton (7.02%); the profit of MTBE was 4.08 yuan/ton, down 26.24 yuan/ton (-86.54%); the profit of formaldehyde was - 291.60 yuan/ton, up 4.80 yuan/ton (1.62%); the profit of another product was 142.00 yuan/ton, up 14.00 yuan/ton (10.94%) [1] 3. Information - **Domestic Information**: The main methanol contract MA2601 fluctuated within a range. It opened at 2372 yuan/ton, closed at 2373 yuan/ton, down 10 yuan/ton. Trading volume was 461,214 lots, and open interest was 785,833 lots, with volume decreasing and open interest increasing. All contracts had trading volume during the trading day [1] - **Foreign Information**: A 1.65 - million - ton methanol plant in a Middle - Eastern country restarted, and some methanol plants increased their operating rates. Recently, the operating rate of methanol plants in that country has increased to around 79%, and daily production has continued to rise to a high level. Attention should be paid to the loading frequency and cargo flow direction [1] 4. Trading Strategy - The previous trading day, MA fluctuated within a range and closed at 2377 at night. With the decline of coking coal, methanol prices return to a weaker fundamental state [1]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The lead market shows a situation of increasing supply and demand with no obvious contradictions. Tight raw materials and peak - season expectations support lead prices. With Powell's dovish remarks, the market's expectation of a Fed rate cut in September increases, and lead prices are expected to remain range - bound [1] - The zinc market has an increase in both zinc ore and zinc ingot supply, while demand is in the off - season and inventory continues to accumulate. However, the overseas LME zinc inventory is decreasing. Powell's dovish remarks provide some support, and short - term zinc prices are expected to be range - bound [1] Summary by Related Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,750 yuan/ton, down 0.15% from the previous day. The closing price of the futures main contract was 16,910 yuan/ton, up 0.12% [1] - The LME3 - month lead futures closing price (electronic disk) was 1,983.50 dollars/ton, down 0.05%. The Shanghai - London lead price ratio was 8.53, up 0.17% [1] - The trading volume of the futures active contract was 34,152 lots, down 30.90%, and the open interest was 49,909 lots, down 0.01%. The trading - to - open - interest ratio was 0.68, down 30.89% [1] - LME lead inventory was 262,500 tons, unchanged, and Shanghai lead warrant inventory was 58,151 tons, down 0.21% [1] Industry News - A large recycled lead smelter in East China will stop production in early September due to equipment maintenance, which may affect the recycled lead output by about 0.85 tons in September [1] - In September, SMMpb50TC price dropped 50 yuan/metal ton to 450 yuan/metal ton, and SMMpb60TC price dropped 30 dollars/dry ton to - 90 dollars/dry ton. The supply of lead concentrate remains tight [1] Fundamental Analysis - On the supply side, the supply of imported lead concentrate is tight, and the processing fee adjustment of domestic lead concentrate is relatively stable. The start - up of primary lead smelters is rising steadily, while the start - up of recycled lead smelters is at a relatively low level [1] - On the demand side, the terminal market shows no significant improvement, the peak - season effect is not obvious, and dealers mainly digest inventory [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,060 yuan/ton, down 0.63% from the previous day. The closing price of the futures main contract was 22,170 yuan/ton, down 0.63% [1] - The LME3 - month zinc futures closing price (electronic disk) was 2,787 dollars/ton, up 0.83%. The Shanghai - London zinc price ratio was 7.95, down 1.45% [1] - The trading volume of the futures active contract was 156,406 lots, up 36.01%, and the open interest was 114,628 lots, up 6.31%. The trading - to - open - interest ratio was 1.36, up 27.94% [1] - LME zinc inventory was 58,000 tons, unchanged, and Shanghai zinc warrant inventory was 36,037 tons, down 0.49% [1] Industry News - On August 27, Hudbay Minerals resumed operations in Snow Lake after the wildfire. The company expects full - scale operations to resume in early September [1] - On August 27, Ivanhoe Mines announced that the capacity - expansion bottleneck renovation project of the Kipushi zinc mine in Congo (Kinshasa) was completed ahead of schedule and under budget, with improved processing capacity and efficiency [1] Fundamental Analysis - On the supply side, smelters have sufficient raw material reserves, zinc ore processing fees are rising, and the production profit and enthusiasm of smelters are improving, with an obvious upward trend in output [1] - On the demand side, downstream enterprises mainly consume existing inventory. Some terminal enterprises stock up due to concerns about future production cuts, driving an increase in galvanizing start - up [1]