Report Industry Investment Rating - Not provided in the report Core Viewpoints - The short - term supply and demand of lithium carbonate are both strong, with high production, rising downstream demand, and destocking of social inventory. The short - term fundamentals change little, but beware of the repeated "contrarian" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Short - term interval operations are recommended. If there is an over - decline, one can buy on dips and appropriately buy options for protection, or buy straddle options [1] Summary by Relevant Content 1. Lithium Carbonate Futures and Spot Price Changes - **Futures**: On August 26, 2025, the closing prices of near - month, consecutive one, consecutive two, and consecutive three contracts of lithium carbonate futures were 87,580 yuan/ton, 87,600 yuan/ton, 87,540 yuan/ton, and 87,420 yuan/ton respectively, with decreases compared to the previous day. The trading volume was 734,929 lots, and the open interest of the active contract was 414,097 lots. The inventory was 23,615 tons, an increase of 1,060 tons compared to the previous day [1] - **Spot**: The average price of battery - grade lithium carbonate was 85,700 yuan/ton, a decrease of 800 yuan/ton compared to the previous day; the average price of industrial - grade lithium carbonate was 83,400 yuan/ton, also a decrease of 800 yuan/ton compared to the previous day [1] 2. Lithium - Related Product Price Changes - **Lithium Ore**: The average price of spodumene concentrate (6%, CIF China) was 978 US dollars/ton, a decrease of 5 US dollars/ton compared to the previous day; the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,385 yuan/ton, a decrease of 20 yuan/ton compared to the previous day [1] - **Other Lithium Products**: The average price of lithium hydroxide (56.5% battery - grade, CIF China, Japan, and South Korea) was 8.85 US dollars/kg, unchanged from the previous day; the average price of lithium hexafluorophosphate (99.95%, domestic) was 56,300 yuan/ton, a decrease of 100 yuan/ton compared to the previous day [1] 3. Inventory Changes - **SMM Lithium Carbonate Inventory**: The total inventory was 141,543 tons, a decrease of 713 tons compared to the previous week. Among them, the inventory of smelters was 46,846 tons, a decrease of 2,847 tons; the inventory of downstream was 51,507 tons, an increase of 3,224 tons; and the inventory of other sources was 43,190 tons, a decrease of 1,090 tons [1] 4. Industry News - Guotou Xinjiang Lithium Co., Ltd. plans to invest about 800 million yuan to expand the total production capacity of lithium carbonate in its plant in Xinjiang from 500 tons to 10,000 tons. Jiwu Hi - Tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) salt project in Argentina. The project is expected to be put into production in the first half of 2026 [1]

Report Industry Investment Rating - Not provided in the report Core View of the Report - The dovish remarks from Fed Chairman Powell due to weak employment supply and demand, along with Trump's continuous pressure and potential replacement of Fed officials, and the continuous gold - buying by global central banks may make precious metal prices more likely to rise than fall. It is recommended that investors mainly lay out long positions when prices decline [1]. Summary by Relevant Catalogs 1. Market Data of Precious Metals - **Shanghai Gold Futures**: The closing price on August 26, 2025, was 776.83 yuan/gram, up 1.49 yuan from the previous day and 7.00 yuan from last week. The trading volume was 118,442.00, and the open interest was 174,588.00 [1]. - **Spot Shanghai Gold T+D**: The trading volume was 27,558.00, a decrease of 4,378.00 from the previous day. The open interest was 195,710.00 [1]. - **COMEX Gold Futures**: The closing price on August 26, 2025, was 3,443.20, up 32.50 from the previous day and 65.20 from last week. The trading volume was 168,954.00, and the open interest was 330,660.00 [1]. - **International Gold**: The London gold spot price was 3,367.10 dollars/ounce, up 32.85 from the previous day and 34.70 from last week. The SPDR Gold ETF holdings were 959.92 tons [1]. - **Shanghai Silver Futures**: The closing price on August 26, 2025, was 9,311.00 yuan/kg. The trading volume was 295,939.00, and the open interest was 322,774.00 [1]. - **COMEX Silver Futures**: The closing price on August 26, 2025, was 38.70. The trading volume was 55,047.00, and the open interest was 37,000.00 [1]. - **International Silver**: The London silver spot price was 38.42 dollars/ounce. The US iShare Silver ETF holdings were - 14.12 [1]. 2. Price Ratios - **Gold - to - Silver Price Ratio**: The ratio of Shanghai gold futures to Shanghai silver futures was 83.51; the ratio of London gold spot to London silver spot was 87.64 [1]. 3. Macroeconomic Information - **US**: Import tariffs pushed up commodity prices, leading to an increase in the US July producer - price inflation PPI annual rate and consumer - price inflation core CPI annual rate. Fed Chairman Powell said that the change in the risk balance point may require policy adjustment due to weak employment supply and demand, which increased the expectation of a Fed rate cut in September. Attention should be paid to the US August non - farm payrolls and CPI on September 6th and 11th [1]. - **Europe**: The European Central Bank paused rate cuts in July, keeping the deposit facility rate at 2%. The eurozone (Germany) July CPI annual rate was 2% (1.8%), higher than expected but the same as the previous value. The August manufacturing PMIs of Germany, France were higher than expected and the previous value, so the ECB may cut rates at most once before the end of 2025 [1]. - **UK**: The Bank of England cut the key interest rate by 25 basis points to 4.0% in August. It continued to reduce 100 billion pounds of government bonds from October 2024 to September 2025 and may slow down the balance - sheet reduction later. The UK July CPI (core CPI) annual rate was 3.8% (3.8%), and the GDP monthly rate was 0.4%, both higher than expected and the previous value. The August S&P manufacturing (services) PMI was 47.3 (53.6), lower (higher) than expected and the previous value, so the BoE may cut rates at most once before the end of 2025 [1]. - **Japan**: The Bank of Japan kept the benchmark interest rate unchanged at 0.5% in July and will start to reduce the quarterly government bond purchase scale from 400 billion yen to 200 billion yen in April 2026. The Japan (Tokyo) July CPI (CPI) annual rate was 3.1% (3.1%), in line with expectations but lower than the previous value. The Q2 GDP quarterly rate was 0.3%, higher than expected and the previous value. US Treasury Secretary Yellen urged the BoJ to raise interest rates, so there is still an expectation of a rate hike before the end of 2025, with the earliest possible time being October [1]. 4. Important News - Trump announced to "fire" the current Fed governor, and the governor Cook will sue the dismissal decision. The Fed stated that the president can only remove a governor for "just cause", and the Fed will abide by any court decision [1]. - The trade conflict between the US and Europe reignited. Trump criticized the digital tax again and threatened to retaliate with tariffs and export controls. The EU reviewed its right to formulate digital rules and refuted the US accusations. The US plans to impose a 50% tariff on India starting Wednesday. German media reported that Trump called the Indian prime minister at least four times recently but was rejected each time [1].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - For alumina, the rising prices of alumina, domestic and imported bauxite push up production costs. The decline in domestic alumina operating capacity cannot change the loose supply - demand expectation, suggesting limited upside for alumina prices. Investors are advised to wait and watch, focusing on the support level around 2800 - 3000 and the resistance level around 3300 - 3600 [2]. - For electrolytic aluminum, the increasing expectation of the Fed's interest rate cut in September, the expected shift from the traditional domestic consumption off - season, and the low domestic electrolytic aluminum social inventory may lead to a strong upward trend in electrolytic aluminum prices. Investors are recommended to go long on the main contract with a light position on dips, paying attention to the support level around 20200 - 20400 and the resistance level around 21000 - 21500. For LME aluminum, focus on the support level around 2300 - 2500 and the resistance level around 2700 - 2800 [2]. - For aluminum alloy, the increasing expectation of the Fed's interest rate cut in September and the tight supply of scrap aluminum leading to near - loss in recycled aluminum alloy production may cause aluminum alloy prices to be cautiously strong. Investors are advised to go long on the main contract with a light position on dips or short the spread between electrolytic aluminum and aluminum alloy on rallies, focusing on the support level around 19800 - 20000 and the resistance level around 20300 - 20500 [2]. 3. Summary by Related Catalogs Market Data - **Aluminum Futures in Shanghai**: On August 26, 2025, the closing price of the active contract was 20715 yuan/ton, down 55 yuan from the previous day. The trading volume was 103054 lots, a decrease of 43106 lots, and the open interest was 251409 lots, an increase of 3066 lots. The inventory was 56274 tons, a decrease of 396 tons. The basis of Shanghai aluminum was 65 yuan/ton, an increase of 55 yuan [2]. - **Alumina Futures**: The trading volume was 421870 lots, a decrease of 33265 lots, and the inventory was 84628 tons, an increase of 1496 tons. The price difference between the near - month and the first - continuous contract of alumina was - 1, an increase of 5 [2]. - **LME Aluminum**: The closing price of the 3 - month LME aluminum futures (electronic trading) was 9837, up 40.5 from the previous day. The price difference between the 3 - 15 - month contracts of LME aluminum futures was 0, an increase of 158.98. The ratio of Shanghai - LME aluminum prices was 7.8511, a decrease of 0.021 [2]. Industry News - An aluminum production capacity green and low - carbon transformation project is expected to have a construction period of about 10 months. After completion, the company's annual electrolytic aluminum output is expected to reach about 1.4 million tons [2]. - On August 22, Anhui Weiyu Intelligent Manufacturing Co., Ltd. signed a contract with the People's Government of Shiliang Town, Tianchang City, Chuzhou City for a "200,000 - ton annual aluminum - based new material and energy storage equipment project" with a total investment of 1.5 billion yuan [2]. - Henan Siweite Welding and Repair Co., Ltd. is building a project to reconstruct an annual output of 1200 tons of aluminum wire with a total investment of 6 million yuan, currently in the publicity stage of environmental impact report approval [2]. - The energy - saving report of the Wenshan Green and Low - Carbon Casting Project of Zhongyan (Yunnan) Green Advanced Aluminum - based Materials Co., Ltd. was approved. The project covers an area of about 104 mu with an annual output of 200,000 tons of deformed aluminum and aluminum alloy cast - rolled strips [2]. - Asia - Pacific Technology's wholly - owned subsidiary, Anxinda, plans to invest 210 million yuan in a "Automobile Lightweight Aluminum Material Production Line Transformation Project". After completion, it will have an annual production capacity of 80,000 tons of aluminum alloy melting and processing [2]. Market Analysis - In the alumina market, U.S. companies are actively buying scrap aluminum due to tariff exemptions, leading to fierce competition in overseas scrap aluminum procurement. Geopolitical conflicts and illegal smuggling in Southeast Asia may cause a continuous decline in scrap aluminum exports to China until the end of 2025 or early 2026. The domestic price difference of precision aluminum is positive and decreasing month - on - month, which may lead to a decrease (increase) in China's scrap aluminum production (import) in August [2]. - In the electrolytic aluminum market, the domestic electrolytic aluminum social inventory is still at a low level, and the price trend is expected to be strong [2]. - In the aluminum alloy market, the tight supply of scrap aluminum makes the production of recycled aluminum alloy close to a loss, and the price trend is expected to be cautiously strong [2].

1. Report's Industry Investment Rating - Not provided in the report 2. Report's Core View - The short - term supply and demand of lithium carbonate are both strengthening, with high production, rising downstream demand, and social inventory depletion. The short - term fundamentals change little, but beware of the repeated "reversal" sentiment. It is expected that the lithium carbonate price will fluctuate widely. Operationally, it is recommended to conduct short - term range operations, buy on dips and appropriately purchase options for protection if it drops excessively, or buy straddle options [1] 3. Summary According to Relevant Content 3.1 Lithium Carbonate Futures Market - On August 26, the main contract of lithium carbonate futures fluctuated within a range. The trading volume was 5999 lots (- 67314), and the open interest was 34996 lots (- 1917). The spot market showed a rising trend, and the basis premium decreased [1] - The closing prices of near - month, consecutive - one, consecutive - two, and consecutive - three contracts decreased compared with the previous day, while the trading volume and open interest of the active contract decreased, and the inventory decreased [1] 3.2 Lithium - Related Product Prices - The average price of spodumene concentrate (6%, CIF China) decreased, while the prices of lithium mica (different grades), phospho - lithium - aluminum stone (different grades), and most lithium - related products such as lithium carbonate, lithium hydroxide, and ternary materials changed to varying degrees [1] - The price differences between different grades of lithium carbonate, lithium hydroxide, and other products also changed. For example, the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate increased by 550 [1] 3.3 Lithium Inventory - The SMM lithium carbonate inventory showed different trends in different sectors. The inventory of smelters decreased by 2847 tons, the inventory of downstream increased by 3224 tons, and the inventory of others decreased by 1090 tons. The total inventory decreased by 713 tons [1] 3.4 Industry News - SDIC Xinjiang Lithium Industry Co., Ltd. plans to invest about 800 million yuan to expand its lithium carbonate production capacity in Xinjiang from 500 tons to 10,000 tons. Jiuwu Hi - tech and Lanxiao Technology won the bids for the core systems in the equipment procurement of this expansion project [1] - Australian miner Galan Lithium obtained 20 million Australian dollars (equivalent to 13 million US dollars) in financing for its Hombre Muerto West (HMW) project in Argentina. The project is expected to be put into production in the first half of 2026 and has 7.86 million tons of lithium carbonate equivalent (LCE) resources [1]

| 贵金属日评20250827:全球多国长期国债收益率走高,特朗普因数字服务法或制裁欧盟 | 交易日期 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 较上周变化 | 较昨日变化 | 2025-08-26 | 2025-08-25 | 2025-08-20 | 收盘价 | 781.12 | 779.18 | 772. 68 | 1.94 | 8. 44 | | | | | | 成交量 | 118442.00 | 226253.00 | -107,811.00 | -34, 649. 00 | 153091.00 | 期货活跃合约 | 持仓量 | 174588.00 | -5, 563. 00 | 180151.00 | 191474.00 | -16, 886. 00 | | | | 库存(十克) | 37515.00 | 37503.00 | 921.00 | 36582. 00 | -12.00 | 上海黄金 | ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report recommends a strategy of buying on dips for urea futures. The current urea price is oscillating at a low level and its valuation is not high as upstream profits are relatively low. There are two potential upward drivers for urea prices in the second half of the year: on the supply side, there is an expectation of renovation of old urea production facilities (about 20% of the facilities are over 20 years old and the current comprehensive operating rate is over 80% with limited idle capacity); on the demand side, there is an expectation of improved exports, especially in September - October, considering the easing of China - India relations. Therefore, it is advisable to focus on the opportunity to buy on dips for the 01 contract [1]. 3) Summary by Relevant Catalogs Urea Futures Prices - UR01 in Shandong closed at 1737 yuan/ton on August 26, down 8 yuan/ton (-0.46%) from the previous day; UR05 closed at 1777 yuan/ton, down 12 yuan/ton (-0.67%); UR09 closed at 1703 yuan/ton, down 11 yuan/ton (-0.64%) [1]. Spot Prices - In the domestic market, prices in Shanxi, Henan, Hebei, and Jiangsu remained unchanged on August 26 compared to the previous day. The price in the Northeast dropped 20 yuan/ton (-1.14%) to 1730 yuan/ton [1]. Basis and Spreads - The basis of Shandong spot - UR increased by 12 yuan/ton to -77 yuan/ton; the 01 - 05 spread increased by 4 yuan/ton to -40 yuan/ton [1]. Upstream Costs - The prices of anthracite coal in Henan and Shanxi remained unchanged at 1000 yuan/ton and 900 yuan/ton respectively [1]. Downstream Prices - The prices of compound fertilizer (45%S) in Shandong and Henan, and the prices of melamine in Shandong and Jiangsu remained unchanged on August 26 compared to the previous day [1]. Important Information - On the previous trading day, the opening price of the main urea futures contract 2601 was 1741 yuan/ton, the highest was 1749 yuan/ton, the lowest was 1727 yuan/ton, the closing price was 1737 yuan/ton, and the settlement price was 1742 yuan/ton. The 2601 contract had a trading volume of 219,820 lots [1].

1. Report Industry Investment Rating - No industry investment rating was provided in the report [1] 2. Core Viewpoints - For nickel, on August 26, the main nickel contract oscillated within a range, with weak spot - market trading, an expanding basis premium. The supply side saw stable nickel ore prices, increased nickel ore arrivals last week, and tight port inventories. Nickel - iron plants' losses narrowed, with domestic production scheduled to decline in August and Indonesian production to increase, leading to nickel - iron accumulation. Domestic electrolytic nickel production increased in August, and export profits expanded. On the demand side, ternary material production, stainless - steel plant production schedules, and alloy and electroplating demands all increased. In terms of inventory, there were decreases in SHFE, LME, and social inventories, while the bonded - area inventory remained flat. Overall, the pure nickel fundamentals were loose, and with the Fed's interest - rate cut expectations fluctuating, nickel prices were expected to oscillate within a range. It was recommended to wait and see [1] - For stainless steel, on August 26, the main stainless - steel contract oscillated within a range, with weak spot - market trading and an expanding basis premium. Inventory decreased in SHFE, and the 300 - series social inventory increased last week. Supply increased in August, while terminal demand was weak. On the cost side, high - ferronickel and high - carbon ferrochrome prices rose. Currently, macro - sentiment had a greater impact. Although the fundamentals were loose, it would take time for prices to return to fundamentals, and there was cost support. Therefore, prices were expected to fluctuate with the macro - situation. It was recommended to wait and see [1] 3. Summary by Related Content Nickel Market - **Futures Market**: On August 26, the closing prices of SHFE nickel's near - month, continuous - one, continuous - two, and continuous - three contracts were 120180, 120310, 120720, and 120780 yuan/ton respectively. The trading volume was 88775 hands (- 30404), and the open interest was 109267 hands (- 1070). The LME 3 - month nickel price rose 1.23%. The trading volume of LME 3 - month nickel was 7965 hands [1] - **Spot Market**: The average price of SMM 1 electrolytic nickel was 121450 yuan/ton, up 200 yuan/ton. The average price of 1 Jinchuan nickel was 122750 yuan/ton, up 150 yuan/ton. The average price of 1 imported nickel (Russian nickel) was 120350 yuan/ton, up 200 yuan/ton [1] - **Supply**: Nickel ore prices remained flat, with increased arrivals last week and tight port inventories. Nickel - iron plants' losses narrowed, with domestic production scheduled to decline in August and Indonesian production to increase. Domestic electrolytic nickel production increased in August, and export profits expanded [1] - **Demand**: Ternary material production increased; stainless - steel plant production schedules increased; alloy and electroplating demands were stable [1] - **Inventory**: SHFE, LME, and social inventories decreased, while the bonded - area inventory remained flat [1] Stainless - Steel Market - **Futures Market**: On August 26, the closing prices of stainless - steel's near - month, continuous - one, continuous - two, and continuous - three contracts were 12755, 12840, 12940, and 12965 yuan/ton respectively. The trading volume was 102727 hands (- 53612), and the open interest was 133659 hands (- 8340) [1] - **Spot Market**: Spot - market trading was weak, and the basis premium expanded [1] - **Supply**: Stainless - steel production schedules increased in August [1] - **Demand**: Terminal demand was weak [1] - **Cost**: High - ferronickel and high - carbon ferrochrome prices rose [1] - **Inventory**: SHFE inventory decreased, and last week, the 300 - series social inventory was 62600 tons (+ 8500) [1] Company News - Eramet's Indonesian subsidiary plans to produce 42 million tons of nickel ore this year, including about 27 million tons of laterite nickel ore mainly for nickel - iron smelters, 3 million tons for its own NPI plant, and 12 million tons of low - grade nickel ore (nickel pyrite) for HPAL projects. This target output is expected to continue for the next year, and the Weida Bay nickel ore reserves can support 22 years of mining, with room to further increase production capacity [1]

Report Industry Investment Rating - No relevant information provided Core View - Owing to concerns about sanctions on Russia and increased demand from India, oil prices are rebounding. The domestic PX inventory is at a historical low, offering strong support. Whether PX profitability can continue to rise depends on unforeseen factors. As the downstream demand peak season approaches, polyester production is gradually increasing, and attention should be paid to when positive feedback will occur. PTA has sufficient spot supply, weak downstream polyester sales, and limited upward momentum. The current PTA processing fee is in a low - range, and price increases require market sentiment and new device production expectations. Polyester bottle - chip supply is abundant, and downstream purchasing is weak. The pricing logic of PX, PTA, and PR is cost - driven, and all are expected to fluctuate [2] Summary by Directory Price Information - **Upstream**: On August 26, 2025, WTI crude oil futures settlement price was $63.25 per barrel, down 2.39%; Brent crude oil was $67.22 per barrel, down 2.30%. Naphtha spot price in CFR Japan was $600 per ton, up 1.27%. The spot price of xylene (isomeric grade) FOB South Korea was $694 per ton, up 0.51%. The spot price of PX CFR China Main Port was $864 per ton, up 0.66% [1] - **PTA**: On August 26, 2025, the CZCE TA main contract closing price was 4,870 yuan per ton, up 0.16%; the settlement price was 4,882 yuan per ton, up 0.16%. The domestic PTA spot price was 4,874 yuan per ton, up 0.18%. The CCFEI price index of domestic PTA was 4,865 yuan per ton, up 0.10%; the foreign price index was $640 per ton, up 0.31% [1] - **PX**: On August 26, 2025, the CZCE PX main contract closing price was 6,994 yuan per ton, up 0.34%; the settlement price was 7,050 yuan per ton, up 0.97%. The domestic PX spot price was 6,832 yuan per ton, unchanged. The spot price of PX CFR Taiwan, China was $865 per ton, up 0.58%; the FOB South Korea price was $840 per ton, up 0.60% [1] - **PR**: On August 26, 2025, the CZCE PR main contract closing price was 6,034 yuan per ton, down 0.26%; the settlement price was 6,058 yuan per ton, up 0.13%. The mainstream market price of polyester bottle - chip in East China was 5,950 yuan per ton, down 0.50%; in South China, it was 6,020 yuan per ton, unchanged [1] - **Downstream**: On August 26, 2025, the CCFEI price index of polyester DTY was 8,750 yuan per ton, up 0.57%; the index of polyester POY was 7,125 yuan per ton, unchanged. The index of polyester FDY68D was 7,300 yuan per ton, up 0.69%; the index of polyester FDY150D was 7,200 yuan per ton, up 0.70%. The index of polyester staple fiber was 6,585 yuan per ton, up 0.08%. The index of polyester chip was 5,960 yuan per ton, unchanged. The index of bottle - grade chip was 5,950 yuan per ton, down 0.50% [2] Spread Information - On August 26, 2025, the PXN spread was $264 per ton, down 0.69%; the PX - MX spread was $170 per ton, up 1.29%. The TA near - far month spread was - 38 yuan per ton, a decrease of 8 yuan; the TA basis was - 5 yuan per ton, a decrease of 3 yuan. The PX basis was - 162 yuan per ton, a decrease of 24 yuan. The PR basis in East China was - 84 yuan per ton, a decrease of 14 yuan; in South China, it was - 14 yuan per ton, an increase of 16 yuan [1] Operating Rate and Sales Rate - On August 26, 2025, the operating rate of the PX polyester industry chain was 80.38%, unchanged. The PTA factory load rate was 72.16%, down 2.58 percentage points; the polyester factory load rate was 86.11%, down 0.23 percentage points; the bottle - chip factory load rate was 71.93%, unchanged; the Jiangsu and Zhejiang loom load rate was 59.42%, unchanged. The polyester filament sales rate was 50.15%, up 6.44 percentage points; the polyester staple fiber sales rate was 41.02%, down 6.31 percentage points; the polyester chip sales rate was 54.42%, up 2.21 percentage points [1] Device Information - A 2.2 - million - ton PTA device of Jiaxing Petrochemical restarted on August 22. Two 5 - million - ton PTA devices of Hengli Huizhou unexpectedly shut down from August 21 to August 23, and the restart time is to be determined [2] Trading Strategy - On August 26, 2025, the TA2601 contract closed at 4,870 yuan per ton, down 0.08%, with a trading volume of 818,200 lots. The PX2601 contract closed at 6,994 yuan per ton, up 0.17%, with a trading volume of 442,100 lots. The PR2511 contract closed at 6,034 yuan per ton, up 0.26%, with a trading volume of 76,200 lots. International oil prices ended a four - day increase and closed lower. PX, PTA, and PR are all expected to fluctuate [2]

Report Summary 1) Report Industry Investment Rating - Not provided in the content 2) Core View of the Report - As coking coal prices decline, methanol prices return to a weaker fundamental state. Methanol is relatively over - valued as upstream coal - based profits are still high and inland downstream profits are poor with room for repair. In terms of drivers, the return of inland and imported supplies exerts downward pressure on methanol prices, and with high raw material inventories of downstream MTO enterprises, port inventory accumulation is likely, so the upward driving force for methanol is weak [1] 3) Summary by Relevant Catalogs a) Price and Basis - **Methanol Futures Prices**: MA01 closed at 2395 yuan/ton, down 29 yuan/ton (-1.20%); MA05 at 2382 yuan/ton, down 20 yuan/ton (-0.83%); MA09 at 2272 yuan/ton, down 36 yuan/ton (-1.56%) [1] - **Methanol Spot Prices**: Prices in most regions decreased, except for Hubei which increased by 15 yuan/ton (0.65%). For example, the price in Taicang was 2275 yuan/ton, down 22.5 yuan/ton (-0.98%) [1] - **Basis**: The basis of Taicang spot - MA increased by 6.5 yuan/ton [1] - **Coal Spot Prices**: Most coal prices declined, such as Ordos Q5500 at 495 yuan/ton, down 5 yuan/ton (-1.00%) [1] - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged [1] b) Profit Situation - **Methanol Production Profits**: Coal - based methanol profit increased by 62.6 yuan/ton (16.75%), while natural - gas - based methanol profit decreased by 10 yuan/ton (-2.21%) [1] - **Methanol Downstream Profits**: Profits of most downstream products changed. For example, the profit of Northwest MTO increased by 51.4 yuan/ton (78.35%), while the profit of formaldehyde decreased by 24 yuan/ton (-8.81%) [1] c) Information - **Domestic Information**: The main methanol contract MA2601 fluctuated and declined, opening at 2425 yuan/ton, closing at 2395 yuan/ton, down 28 yuan/ton. Trading volume was 373,944 lots, and open interest was 710,322, with decreasing volume and increasing positions [1] - **Foreign Information**: A 1.65 - million - ton methanol plant in a Middle - Eastern country restarted, and some plants increased their loads. The operating rate of methanol plants in this country reached around 79%, and daily output continued to rise [1] d) Trading Strategy - After the previous trading day's decline, with the fall of coking coal, methanol prices return to a weaker fundamental situation. Considering valuation and driving factors, the upward driving force for methanol is not strong [1]

Group 1: Price Information - The current price of naphtha in the US is $600 per ton, with a daily change of 1.2% [1] - The price of ethylene in North Asia is $841 per ton, with no change [1] - The ex - factory price of ethylene oxide in East China is $6300 per ton, with no change [1] - The price of methanol in East China is $2300 per ton, with no change [1] - The price of coal in Inner Mongolia is $290 per ton, with no change [1] - The settlement price of the main contract of a certain commodity is $402 per ton, with a change of 0.11% [1] - The price of ethylene glycol in East China is $440 per ton, with no change [1] - The price difference between near - and far - month contracts is $100 per ton, with a change of - 5% [1] - The comprehensive price of ethylene glycol is $555.9 per ton [1] Group 2: Industry Load Rate - The load rate of the PTA factory industry chain is 86.11%, a decrease of 0.23% compared to the previous value [1] - The load rate of the Jiangsu and Zhejiang looms in the PTA industry chain is 9.42%, with no change [1] Group 3: Other Information - The external market price of ethylene glycol made from naphtha is $944.9 per ton on August 21, 2025 [1] - The after - tax gross profit of a certain coal - based equipment is $1324.9 per ton on August 26, 2025 [1] - The price index of polyester is $8750 per ton, with a change of 0% [1] - The price index of polyester ester is $1200, with a change of 0% [1] - The price index of polyester staple fiber is $6585 per ton, with a change of 0.08% [1] - The price index of bottle - grade chips is $900 per ton, with a change of 0% [1]