Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The supply - demand imbalance in the domestic urea market persists, with strong supply and weak demand. The supply pressure remains high, and if export demand does not increase, urea prices will face significant downward pressure [1]. 3) Summary by Directory Futures and Spot Prices - Urea futures prices: UR01 in Shandong closed at 1737 yuan/ton, up 11 yuan or 0.64% from the previous day; UR05 closed at 1783 yuan/ton, up 12 yuan or 0.68%; UR09 closed at 1721 yuan/ton, up 6 yuan or 0.35% [1]. - Domestic spot prices: In Shanxi, it was 1610 yuan/ton, down 10 yuan or - 0.62%; in Henan, 1720 yuan/ton, down 20 yuan or - 1.15%; in Hebei, 1730 yuan/ton, down 10 yuan or - 0.57%; in Northeast China, it remained unchanged at 1750 yuan/ton; in Jiangsu, 1710 yuan/ton, down 20 yuan or - 1.16% [1]. - Spreads: Shandong spot - UR spread was - 83 yuan/ton, down 32 yuan; 01 - 05 spread was - 46 yuan/ton, down 1 yuan [1]. Upstream and Downstream Prices - Upstream cost: Anthracite prices in Henan and Shanxi remained unchanged at 1000 yuan/ton and 900 yuan/ton respectively [1]. - Downstream prices: Compound fertilizer (45%S) prices in Shandong and Henan remained unchanged at 2950 yuan/ton and 2550 yuan/ton respectively; melamine prices in Shandong and Jiangsu remained unchanged at 5194 yuan/ton and 5100 yuan/ton respectively [1]. Market Situation and Strategy - Market situation: The daily production of urea is close to 190,000 tons, at a high level. The enterprise inventory accumulation is not significant, mainly due to increased port - bound volume, but the upstream enterprise inventory is still about 860,000 tons. Domestic agricultural demand may gradually enter the off - season [1]. - Trading strategy: If export demand cannot make up for the weakening domestic demand, urea prices will face significant downward pressure [1].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The market is in a state of shock, with the macro - environment being weak and the demand outlook showing a slow recovery. The price of some products such as ethylene glycol is affected by factors like supply and inventory, and the market sentiment is relatively cautious [2] Group 3: Summary According to Related Catalogs Market Conditions - There are fluctuations in product prices and market volumes. For example, the price of ethylene glycol has changes, and the market supply and demand relationship is complex. The polyester market is also in a state of adjustment, with the macro - environment having an impact on market expectations [1][2] Product - related - Ethylene glycol is a key product in the report. Its production cost, inventory level, and market demand all affect its price. The low - level price and supply - demand imbalance in the short - term have led to market instability [2] Business and Market Participants - Merchants' inventory levels and trading activities are affected by market conditions. They face challenges such as low prices and weak demand, and their trading decisions are also influenced by macro - economic factors and market information [2]

Report Industry Investment Rating - No specific investment rating for the industry is provided in the report. Core Viewpoints - For the lead market, supply and demand are both increasing, there is no obvious contradiction, raw material tightness and peak - season expectations support lead prices, and short - term lead prices are expected to move in a range [1]. - For the zinc market, macro "anti - involution" sentiment in China is fluctuating, the zinc market has an increase in both zinc ore and zinc ingot supply, demand is in the off - season, inventory continues to accumulate, and overseas LME zinc inventory is decreasing, providing some support. Short - term zinc prices are expected to move in a range [1]. Summary by Related Catalogs Lead Price and Market Data - SMM1 lead ingot average price is 16,700 yuan/ton with 0.00% change, Shanghai lead futures main contract closing price is 16,850 yuan/ton with a 0.48% increase, and the basis is - 150 yuan/ton with a - 80 yuan change [1]. - Futures active contract trading volume is 32,601 lots with a - 28.53% change, and the position is 51,207 lots with a - 0.32% change [1]. - LME inventory is 261,100 tons with 0.00% change, and Shanghai lead warehouse receipt inventory is 61,784 tons with 0.00% change [1]. - LME 3 - month lead futures closing price (electronic trading) is 1,981 dollars/ton with a - 0.45% change, and the Shanghai - London lead price ratio is 8.51 with a 0.93% increase [1]. Industry News - From August 8th to August 14th, the weekly operating rate of SMM primary lead enterprises was 68.07%, a 0.67 - percentage - point increase; the weekly operating rate of secondary lead enterprises was 41%, a 0.1 - percentage - point decrease; the weekly operating rate of lead battery enterprises was 67.3%, a 2.05 - percentage - point increase [1]. - On August 14th, [LME0 - 3 lead] was at a discount of 40.87 dollars/ton, and the position was 154,530 lots, an increase of 682 lots [1]. Fundamental Analysis - There is no expected increase in lead concentrate imports, processing fees are likely to rise and difficult to fall, but it has not had a substantial impact on smelter operations. Previously - shut - down smelters are gradually resuming production, and primary lead operations are rising steadily [1]. - For secondary lead, the price of waste lead batteries is likely to rise and difficult to fall, recyclers' supplies are limited, and stores are reluctant to sell due to bullish sentiment. Some smelters have cut or stopped production due to raw material shortages or cost - price inversion, with overall operations at a relatively low level and firm quotations, and a slight decline in operations [1]. - On the demand side, the terminal market has not improved significantly, the peak - season effect has not been reflected, dealers mainly digest inventory, and production enterprises produce according to sales [1]. Zinc Price and Market Data - SMM1 zinc ingot average price is 22,380 yuan/ton with a - 0.27% change, Shanghai zinc futures main contract closing price is 22,505 yuan/ton with a 0.11% increase, and the basis is - 125 yuan/ton with a - 85 yuan change [1]. - Futures active contract trading volume is 83,222 lots with a 6.65% increase, and the position is 76,347 lots with a - 5.51% change [1]. - LME inventory is 76,325 tons with 0.00% change, and Shanghai zinc warehouse receipt inventory is 20,020 tons with a 17.10% increase [1]. - LME 3 - month zinc futures closing price (electronic trading) is 2,796.5 dollars/ton with a - 1.62% change, and the Shanghai - London zinc price ratio is 8.05 with a 1.76% increase [1]. Industry News - From August 8th to August 14th, the weekly operating rate of galvanized enterprises was 58.54%, a 1.19 - percentage - point increase; the weekly operating rate of die - casting zinc alloy enterprises was 47.61%, a 0.81 - percentage - point decrease; the weekly operating rate of zinc oxide enterprises was 56.95%, a 1.27 - percentage - point increase [1]. - Last week, the total inventory of zinc concentrate at major Chinese ports was 354,000 physical tons, a 46,000 - ton increase from the previous week [1]. - On August 14th, [LME0 - 3 lead] was at a discount of 40.87 dollars/ton, and the position was 154,530 lots, an increase of 682 lots [1]. Fundamental Analysis - Smelters have sufficient raw material reserves, zinc ore processing fees are rising continuously. Last week, domestic zinc concentrate processing fees remained flat at 3,900 yuan/metal ton, and the imported zinc ore processing fee index rose to 90.3 dollars/dry ton. With continuous easing of raw materials, zinc concentrate processing fees are expected to continue rising in August, cost - side support is weakening, smelter profits and production enthusiasm are improving, and production volume is showing an obvious upward trend [1]. - On the demand side, last week zinc prices fluctuated within a narrow range, downstream enterprises mainly consumed existing inventory. The price of black metals showed a good trend, and some end - users stocked up due to concerns about future production cuts, driving an increase in galvanized operations [1].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No relevant information provided. 3. Summaries Based on Related Catalogs Commodity Prices - The price of crude oil on August 15, 2025, was $572.50 per ton, up 0.26% from the previous value [1]. - The price of ethylene in Northeast Asia on August 15, 2025, was $826.00 per ton, with no change from the previous value [1]. - The ex - factory price of ethylene oxide in East China on August 18, 2025, was 6300 yuan per ton, with no change from the previous value [1]. - The price of methanol in East China on August 15, 2025, was 2347.50 yuan per ton, with no change from the previous value [1]. - The含税 price of lignite in Inner Mongolia on August 15, 2025, was 290 yuan per ton, with no change from the previous value [1]. - The settlement price of the main contract of CG on August 15, 2025, was 4374 yuan per ton, down 0.30% from the previous value [1]. - The settlement price of the nearby contract on August 15, 2025, was 4400 yuan per ton, with no change from the previous value [1]. - The price of ethylene glycol in the East China market on August 15, 2025, was 4460 yuan per ton, with no change from the previous value [1]. Price Differences - The price difference between the near - month and far - month contracts on August 15, 2025, was 33 yuan per ton, up from 20 yuan per ton previously [1]. - The basis difference on August 15, 2025, was 86 yuan per ton, up from 83 yuan per ton previously [1]. Operating Conditions - The operating rate of oil - based ethylene glycol on August 15, 2025, was 52.46%, and that of coal - based ethylene glycol was 9.22% [1]. - The operating rate of the PTA industry chain on August 15, 2025, was 86.88%, and that of the textile machinery industry in the Yangtze River Delta was 57.80% [1]. Financial Conditions - The after - tax gross profit of coal - based synthesis gas method on August 15, 2025, was 1512.98 yuan per ton, compared with 1536.66 yuan per ton previously [1]. Price Indexes - The price index of polyester on August 15, 2025, was 8650 yuan per ton, with no change from the previous value [1]. - The price index of polyester chips on August 15, 2025, was 7125 yuan per ton, with no change from the previous value [1]. - The price index of polyester staple fiber on August 18, 2025, was 6400 yuan per ton, up 0.8% from the previous value [1]. - The price index of bottle - grade chips on August 15, 2025, was 5900 yuan per ton, up 0.1% from the previous value [1].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - PX prices are oscillating downward, with the absolute price down 0.5% week-on-week to $827/ton CFR by Friday, and the weekly average price down 3% to $830/ton CFR. Two 800,000-ton PX units in South China will restart soon, increasing supply. PX inventory is at a historical low, providing strong support. The future profitability of PX depends on unexpected factors. PX is currently in an advantageous position in the industrial chain, with social inventory decreasing due to the rigid demand of new PTA units. However, after a significant drop in PTA processing fees, there is a strong expectation of a decline in downstream operations [2]. - PTA prices rose on Friday, driven by the increase in crude oil prices on Thursday and the shutdown of a 2-million-ton PTA unit in Hainan on Friday. Spot supply is sufficient, and the spot basis fluctuates within a limited range. Currently, PTA processing fees are in a low range, and unplanned unit maintenance is difficult to boost prices due to the expected commissioning of new units on the supply side and the lackluster demand during the off-season. Planned maintenance in August is being carried out as scheduled, with few unplanned maintenance activities, and supply remains abundant. There are no unplanned PTA unit shutdowns, and the spot supply is sufficient, resulting in a weak rebound of the spot basis. Polyester production cuts are currently on hold, and the operation remains relatively stable. The negative feedback from weaving has only reached the polyester segment. From the perspective of industrial chain profits, the strong driving force from the cost side has led to a re - distribution of profits in the industrial chain towards the raw material segment. PTA will move forward in an oscillatory manner, with cost being the dominant factor [2]. - The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets is between 5,870 - 5,950 yuan/ton, up 10 yuan/ton from the previous trading day. The prices of polyester raw materials PTA and bottle chip futures are oscillating within a narrow range. Most suppliers of bottle chips have kept their quotes stable, and the downstream end - users have low purchasing enthusiasm, resulting in a light trading atmosphere in the market. Recently, the operation of bottle chip suppliers has been stable, and the market spot supply is relatively abundant. The downstream end - users have slowed down their purchasing pace, and the market sentiment is cautious [2]. - It is expected that PX, PTA, and PR will operate in an oscillatory manner. (PX view score: 0, PTA view score: 0, PR view score: 0) [2] Summary by Related Catalogs Price Information - **Crude Oil**: On August 15, 2025, the futures settlement price (continuous) of WTI crude oil was $62.80/barrel, down 1.81% from the previous value; the futures settlement price (continuous) of Brent crude oil was $65.85/barrel, down 1.48% from the previous value [1]. - **Upstream Products**: The spot price (middle price) of naphtha CFR Japan was $572.50/ton on August 15, 2025, up 0.26% from the previous value; the spot price (middle price) of xylene (isomeric grade) FOB South Korea was $684.50/ton, up 0.29% from the previous value; the spot price of p - xylene PX CFR China Main Port was $827.00/ton, up 0.36% from the previous value [1]. - **PTA Futures and Spot**: On August 15, 2025, the closing price of the CZCE TA main contract was 4,716 yuan/ton, up 1.64% from the previous value; the settlement price was 4,708 yuan/ton, up 0.94% from the previous value. The closing price of the CZCE TA near - month contract was 4,676 yuan/ton, down 0.38% from the previous value; the settlement price was 4,672 yuan/ton, down 0.47% from the previous value. The domestic spot price of PTA was 4,654 yuan/ton, down 0.83% from the previous value. The CCFEI price index of refined terephthalic acid PTA domestic market was 4,659 yuan/ton, up 0.28% from the previous value; the CCFEI price index of PTA overseas market on August 14 was $619/ton, down 1.28% from the previous value. The near - far month spread was - 36 yuan/ton, and the basis was - 57 yuan/ton [1]. - **PX Futures and Spot**: On August 15, 2025, the closing price of the CZCE PX main contract was 6,688 yuan/ton, up 1.12% from the previous value; the settlement price was 6,682 yuan/ton, up 0.45% from the previous value. The closing price of the CZCE PX near - month contract was 6,756 yuan/ton, up 1.14% from the previous value; the settlement price was 6,740 yuan/ton, up 0.90% from the previous value. The domestic spot price of p - xylene was 6,577 yuan/ton, down 0.87% from the previous value. The spot price (middle price) of p - xylene CFR China Taiwan was $829/ton, up 0.48% from the previous value; the spot price (middle price) of p - xylene FOB South Korea was $804/ton, up 0.50% from the previous value. The PXN spread was $254.50/ton, up 0.59% from the previous value; the PX - MX spread was $142.50/ton, up 0.71% from the previous value; the basis was - 111 yuan/ton [1]. - **PR Futures and Spot**: On August 15, 2025, the closing price of the CZCE PR main contract was 5,896 yuan/ton, up 0.48% from the previous value; the settlement price was 5,892 yuan/ton, up 0.20% from the previous value. The closing price of the CZCE PR near - month contract was 5,848 yuan/ton, down 0.20% from the previous value; the settlement price was 5,846 yuan/ton, down 0.24% from the previous value. The market price (mainstream price) of polyester bottle chips in the East China market was 5,900 yuan/ton, up 0.17% from the previous value; the market price (mainstream price) of polyester bottle chips in the South China market was 5,930 yuan/ton, down 0.34% from the previous value. The basis in the East China market was 4 yuan/ton, and the basis in the South China market was 34 yuan/ton [1]. - **Downstream Products**: On August 15, 2025, the CCFEI price index of polyester DTY was 8,650 yuan/ton, with no change; the CCFEI price index of polyester POY was 7,125 yuan/ton, with no change; the CCFEI price index of polyester FDY68D was 7,150 yuan/ton, with no change; the CCFEI price index of polyester FDY150D was 7,150 yuan/ton, with no change; the CCFEI price index of polyester staple fiber was 6,470 yuan/ton, up 0.08% from the previous value; the CCFEI price index of polyester chips was 5,870 yuan/ton, with no change; the CCFEI price index of bottle - grade chips was 5,900 yuan/ton, up 0.17% from the previous value [2]. Operating Conditions - The operating rate of the PX in the polyester industrial chain on August 15, 2025, was 80.38%, with no change from the previous value; the PTA industrial chain load rate of PTA plants was 77.67%, down 2.34% from the previous value; the PTA industrial chain load rate of polyester plants was 86.88%, with no change from the previous value; the PTA industrial chain load rate of bottle chip plants was 71.93%, with no change from the previous value; the PTA industrial chain load rate of Jiangsu and Zhejiang looms was 57.80%, with no change from the previous value [1]. Production and Sales Rates - On August 15, 2025, the production and sales rate of polyester filament was 36.32%, down 21.58% from the previous value; the production and sales rate of polyester staple fiber was 49.62%, up 7.21% from the previous value; the production and sales rate of polyester chips was 53.57%, down 26.02% from the previous value [1]. Device Information - A 1.5 - million - ton PTA unit of Ningbo Taihua started maintenance on August 7, expected to last for 2 months; a 2.25 - million - ton PTA unit of Yisheng Dalian started maintenance on August 8, expected to last for 1 month; a 2 - million - ton PTA unit of Yisheng Hainan is planned to undergo technical transformation for 3 months starting from August 15 [2].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - Industrial silicon prices may maintain high-level consolidation due to factors such as the resumption of production in some silicon plants in Xinjiang, the entry of the southwest production area into the wet season, the stable increase in supply, and the complex demand situation [1] - Polysilicon prices are expected to remain at a high level with large fluctuations in the market, and cautious operation is required, considering the supply adjustment and the weak demand in the photovoltaic market [1] Group 3: Summary According to the Directory Industrial Silicon and Polysilicon Price Changes - Industrial silicon: The average price of non-oxygenated 553 (East China) remained flat at 9,200 yuan/ton, and the closing price of the futures main contract rose 1.50% to 8,805 yuan/ton. The price of most industrial silicon products remained stable, while the prices in some regions decreased slightly [1] - Polysilicon: The prices of N-type dense material, N-type re-feeding material, N-type mixed material, and N-type granular silicon remained flat, and the closing price of the futures main contract rose 4.58% to 52,740 yuan/ton [1] Power Generation Information - In July, the power generation of industrial enterprises above the designated size increased by 3.1% year-on-year, with the growth rate accelerating by 1.4 percentage points compared to June. From January to July, the cumulative power generation increased by 1.3% year-on-year. Different power generation varieties showed different trends, with the growth rates of thermal power, wind power, and solar power accelerating, the decline of hydropower expanding, and the growth rate of nuclear power slowing down [1] Investment Strategy - Industrial Silicon - Supply: With the continuous rise of silicon prices, some previously shut-down silicon plants in Xinjiang have resumed production, and enterprises in the southwest production area have steadily increased their production due to lower power costs. It is expected that some silicon furnaces will restart in August, and the supply will increase steadily [1] - Demand: Polysilicon enterprises maintain a production reduction trend, and some silicon material plants have复产 arrangements, which will bring some demand increments. The supply of the organic silicon industry is tightened due to an accident, but the supply pressure has recently increased. Silicon-aluminum alloy enterprises purchase on demand, and the downstream's willingness to stock up at low levels is insufficient [1] Investment Strategy - Polysilicon - Supply: Silicon material enterprises maintain a production reduction trend, and some new production capacities may be put into operation. After offsetting, the output is expected to increase slightly, with the output in July approaching 110,000 tons and increasing to about 130,000 tons in August [1] - Demand: The photovoltaic market is weak, with the inventory of silicon wafers and silicon materials increasing. Recently, due to the expected increase in polysilicon prices, the price of downstream silicon wafers has increased, and the trading atmosphere has improved. However, the terminal market is still weak, and the component prices have adjusted [1]

Report Summary 1. Investment Rating The report does not mention the industry investment rating. 2. Core View The short - term increase in cotton prices is significant, and it is advisable to wait for an adjustment. The market is currently in a state where supply and demand are both increasing, and news stimuli are needed to break the balance [3][4]. 3. Summary by Relevant Contents Market Performance - Last week, both domestic and international cotton prices fluctuated upwards, basically recovering the losses at the end of July. ICE cotton rebounded significantly after the USDA's August supply - demand report lowered the US cotton production and inventory. Zhengzhou cotton also rose after the 90 - day extension of the US - China tariff exemption period [4][5][9]. - The 1 - 5 spread of cotton futures first consolidated and then tended to strengthen. The futures price rebounded rapidly, and the basis weakened significantly [11][12][15]. Supply and Demand Analysis - In the August supply - demand report, the USDA predicted a global cotton supply - demand imbalance. The US cotton production was significantly lowered, while China's cotton production was raised as expected. The consumption in China and India showed an increase - decrease pattern, and the global cotton supply - demand was on the verge of balance [19]. - As of August 7, 2025, the national new cotton picking, processing, and sales rates were at high levels. The sales rate was 97.7%, an increase of 6.7 percentage points year - on - year and 8.4 percentage points compared to the average of the past four years [21][22]. - In June 2025, China's cotton import volume was 27,820 tons, a month - on - month decrease of 22.42% and a year - on - year decrease of 82.09%. The "rush to export" behavior in the textile and garment industry from April to June overdrew some orders, reducing the cotton import demand [23][24]. - In June 2025, China's cotton yarn import volume was about 109,000 tons. Although it ended the three - month consecutive month - on - month decline, the annual import demand was still in a contraction channel, with the cumulative import volume from January to June decreasing by 13.61% year - on - year [26][27]. Industry Operation - In July 2025, the cloth production was 2.7 billion meters, a year - on - year increase of 6.8% and a month - on - month decrease of 3.5%. It is expected that the production from July to August will remain weak, and the month - on - month decline may expand to 3% - 5% [32]. - In June 2025, textile exports were 12.048 billion US dollars, a year - on - year decrease of 1.6%. Clothing exports were 15.267 billion US dollars, a year - on - year increase of 1.1%. The retail sales of domestic clothing in June increased by 2.8% year - on - year [34][35][39]. Inventory and Operation of Enterprises - In July 2025, China's cotton commercial inventory was at a four - year low, while the industrial inventory was increasing. The commercial inventory was 2.1898 million tons, a year - on - year decrease of 588,400 tons, and the industrial inventory was 898,400 tons, a year - on - year increase of 91,400 tons [41][42]. - Spinning mills mainly digested cotton inventory, and the cotton yarn inventory decreased for two consecutive weeks. The opening rate of Chinese cotton spinning mills began to pick up, while the opening rates of Vietnamese and Indian spinning mills were at low levels [44][46][47]. - The spinning profit of domestic spinning mills was stable. The cotton yarn inventory of grey fabric mills continued to replenish, and the inventory of imported yarn at ports rebounded [56][57][59]. Fund Position By August 5, the fund's cotton position was a net short position of 55,882 lots, indicating that the fund continued to increase short positions before the USDA report [64].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The profit of lithium carbonate has been restored, production has rebounded, downstream demand has increased, and social inventory has been depleted. In the short - term, both supply and demand have strengthened. The impact from Jiangxi's mining end continues, but the exchange has taken measures to cool down coking coal futures. It is necessary to guard against the decline of "contrarian" sentiment. It is expected that the price of lithium carbonate will fluctuate widely. In operation, it is recommended to conduct short - term range trading and appropriately buy options for protection [3] 3. Summary According to Relevant Data 3.1 Futures Market - On August 14, the main contract of lithium carbonate futures fluctuated widely. The trading volume was 1,060,127 lots (-185,297), and the open interest was 389,177 lots (-3,498). The contango in the spot market was strong, and the basis discount narrowed [3] 3.2 Raw Material Prices - The price of spodumene concentrate (6%, CIF China) increased from $926.00 to $937.00; the price of lithium mica (Li2O: 1.5% - 2.0%) rose from $1,275.00 to $1,300.00; the price of lithium mica (Li2O: 2.0% - 2.5%) increased from $2,030.00 to $2,075.00; the price of montebrasite (Li2O: 6% - 7%) was $0.00 (previously $7,250.00), and the price of montebrasite (Li2O: 7% - 8%) remained at $8,350.00 [3] 3.3 Lithium Product Prices - The average price of battery - grade lithium carbonate (99.5% domestic) rose from $81,000.00 to $82,000.00; the average price of industrial - grade lithium carbonate (99.2% domestic) increased from $78,800.00 to $79,750.00; the average price of battery - grade lithium hydroxide (56.5% CIF China, Japan and South Korea) increased from $8.50/kg to $8.60/kg; the average price of battery - grade lithium hydroxide (56.5% coarse - grained domestic) rose from $71,990.00 to $73,040.00; the average price of battery - grade lithium hydroxide (56.5% micronized domestic) increased from $77,110.00 to $78,110.00 [3] 3.4 Downstream Product Prices - The average price of ternary precursor 523 (polycrystalline/consumer - type) was $76,575.00; the average price of ternary precursor 523 (single - crystal/power - type) remained at $76,830.00; the average price of ternary precursor 622 (polycrystalline/consumer - type) remained at $72,130.00; the average price of ternary precursor 811 (polycrystalline/power - type) remained at $90,235.00; the average price of ternary material 523 (single - crystal/power - type) rose from $118,795.00 to $118,995.00; the average price of ternary material 523 (polycrystalline/consumer - type) increased from $113,260.00 to $113,530.00; the average price of ternary material 622 (polycrystalline/consumer - type) increased from $116,330.00 to $116,610.00; the average price of ternary material 811 (polycrystalline/power - type) increased from $145,970.00 to $146,070.00; the average price of lithium iron phosphate (power - type) rose from $35,050.00 to $35,390.00; the average price of lithium iron phosphate (mid - to high - end energy - storage type) increased from $31,235.00 to $34,040.00; the average price of lithium iron phosphate (low - end energy - storage type) rose from $31,000.00 to $31,230.00; the average price of lithium cobalt oxide (60%, 4.35V/domestic) increased from $223,350.00 to $223,850.00 [3] 3.5 Supply and Demand - Supply side: Last week, the production of lithium carbonate increased. In August, the production of lithium hydroxide decreased, and the planned production of lithium carbonate increased. Last week, the production of power batteries increased [3] - Demand side: Last week, the production of lithium iron phosphate and ternary materials increased. In July, the year - on - year growth rate of new energy vehicle production and sales continued, but the sales volume decreased month - on - month, and the 3C shipments were average. In August, the planned production of energy - storage batteries increased [3] 3.6 Inventory - Registered warehouse receipts were 21,939 tons (+260 tons). Social inventory decreased, smelters reduced inventory, while downstream and other sectors accumulated inventory. The total SMM lithium carbonate inventory was 142,256 tons [3] 4. Market Information - The US July PPI annual rate reached 3.3%, the highest since February; the July PPI monthly rate was 0.9%, the largest increase since June 2022. After the data was released, interest - rate futures traders reduced their bets on Fed rate cuts [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Natural rubber may fluctuate due to typhoon - affected production areas and weak downstream demand [2]. - Synthetic rubber may show a weak - fluctuating trend because of insufficient upstream raw material price support and weak demand [2]. - Pay attention to the support and pressure levels of natural rubber (14900 - 15100 and 16200 - 16500) and butadiene rubber (11200 - 11400 and 12200 - 12400) [2]. 3. Summary by Related Aspects Natural Rubber - **Market Data**: On August 14, 2025, the closing price was 15635, down 165 from the previous day; the trading volume was 382182 lots, an increase of 66725 lots; the open interest of the active futures contract was 181852 lots, a decrease of 582 lots; the registered warrant volume was 179070, a decrease of 1130; the basis was - 785, up 165 [2]. - **Supply**: Future precipitation is expected in major overseas production areas, and domestic production areas are affected by typhoon "Yang", with large precipitation in Guangdong, Guangxi, and some precipitation in Hainan and Yunnan [2]. - **Inventory**: As of August 8, 2025, the weekly inventory of SHFE natural rubber warehouses was 200.33 thousand tons, an increase of 1.9 thousand tons; the weekly social inventory of Qingdao natural rubber was 40.15 million tons, an increase of 21.2 million tons; the bonded area inventory was 38.57 million tons, a decrease of 0.2 million tons [2]. - **Cost**: As of August 11, 2025, the glue purchase price in Songkhla, Thailand was 51.2 baht/gram, unchanged; the daily purchase price of natural rubber latex in Hainan was 15400 yuan/ton, unchanged [2]. - **Demand**: As of August 14, 2025, the weekly operating rate of Shandong all - steel tires was 63.07%, up 2.09% from the previous week; the weekly operating rate of Chinese semi - steel tires was 72.25%, down 2.28% from the previous week [2]. Synthetic Rubber - **Market Data**: On August 13, 2025, the closing price was 11645, down 105 from the previous day; the trading volume was 68153 lots, a decrease of 12028 lots; the open interest of the active futures contract was 23673 lots, a decrease of 2884 lots; the registered warrant volume was 10470, unchanged; the basis was - 78.33, up 105 [2]. - **Supply**: As of August 14, 2025, the weekly capacity utilization rate of butadiene rubber was 62.91%, down 1.8% from the previous week; the weekly capacity utilization rate of styrene - butadiene rubber was 80.71%, up 1.39% from the previous week [2]. - **Inventory**: As of August 14, 2025, the weekly social inventory of butadiene rubber was 11531 tons, a decrease of 1135 tons [2]. - **Cost**: The international oil price declined, the butadiene production capacity increased, and the overall balance in the Northeast region was achieved. As of August 11, 2025, the daily average price of Chinese butadiene (99.6%) was 9375 yuan/ton, down 60 yuan/ton from the previous day [2]. - **Demand**: The demand is weak, and the car market has entered the traditional off - season. In July 2025, the sales volume of trucks was 264 thousand, a decrease of 52.2 thousand from the previous month; from January to July 2025, the cumulative production and sales volume of Chinese automobiles were 18.235 million and 18.269 million respectively, with year - on - year increases of 12.7% and 12% [2].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View - The rebound of inflation in the production and consumption sectors in the US has reduced the market's expectations for the number of Fed rate cuts. However, due to continuous gold purchases by global central banks and persistent geopolitical risks, the downside space for precious metal prices may be limited. It is recommended that investors wait for price dips to establish long positions [1]. 3. Summary by Related Catalogs Gold - **Market Data**: On August 14, 2025, the closing price of Shanghai gold was 775.10 yuan/gram, up 0.39 yuan from the previous day and down 8.17 yuan from the previous week; the closing price of COMEX gold futures active contract was 3382.30 US dollars/ounce, down 24.70 US dollars from the previous day and down 49.50 US dollars from the previous week; the price of London gold spot was 3343.85 US dollars/ounce, down 20.55 US dollars from the previous day and down 28.15 US dollars from the previous week [1]. - **Important Information**: US inflation soared in July, with the PPI rising 0.9% month - on - month, a three - year high, and 3.3% year - on - year. The Fed's reverse repurchase tool usage reached a new low since 2021 [1]. Silver - **Market Data**: On August 14, 2025, the closing price of Shanghai silver was 9274.00 yuan/kilogram, down 4.00 yuan from the previous day and up 25.00 yuan from the previous week; the closing price of COMEX silver futures active contract was 38.04 US dollars/ounce, down 0.52 US dollars from the previous day and up 0.10 US dollars from the previous week; the price of London silver spot was 38.32 US dollars/ounce, down 0.29 US dollars from the previous day and up 0.54 US dollars from the previous week [1]. - **Important Information**: The US Treasury will issue over 1 trillion US dollars of mainly short - term treasury bonds in the third quarter to replenish the cash account. The Fed's overnight reverse repurchase tool usage is approaching zero, which may gradually reduce the bank reserve scale. Import tariffs have pushed up commodity prices, and the PPI and core CPI in the US in July have increased, reducing the Fed's expected rate cut times to September/October [1]. Other Markets - **Commodities**: On August 14, 2025, INE crude oil was 481.90 yuan/barrel, down 7.60 yuan from the previous day and down 24.00 yuan from the previous week; ICE Brent crude oil was 66.89 US dollars/barrel, up 1.15 US dollars from the previous day and down 0.07 US dollars from the previous week; NYMEX crude oil was 63.93 US dollars/barrel, up 1.19 US dollars from the previous day and down 0.34 US dollars from the previous week [1]. - **Interest Rates**: The US 10 - year Treasury nominal yield was 4.2900%, up 0.05% from the previous day and up 0.07% from the previous week; the US 10 - year Treasury TIPS yield was 1.8800%, up 0.02% from the previous day [1]. - **Exchange Rates**: The US dollar index was 98.2041, up 0.42 from the previous day and down 0.02 from the previous week; the US dollar to RMB central parity rate was 7.1337, down 0.00 from the previous day and down 0.00 from the previous week [1]. - **Stock Indexes**: The Shanghai Composite Index was 3,666.4426, down 17.02 from the previous day and up 31.31 from the previous week; the S&P 500 was 6,468.5400, up 1.96 from the previous day and up 123.48 from the previous week [1]. Central Bank Policies - **European Central Bank**: It paused rate cuts in July, keeping the deposit mechanism rate at 28%. The market expects about one rate cut by the end of 2025 due to the continued recovery of the manufacturing PMI in the eurozone and Germany and France [1]. - **Bank of England**: Its key interest rate dropped 25 basis points to 4.0% in August. It continued to reduce its holdings of 100 billion pounds of government bonds from October 2024 to September 2025 and may slow down the balance - sheet reduction speed later. It is difficult to cut rates before the end of 2025 [1]. - **Bank of Japan**: Its benchmark interest rate remained unchanged at 0.5% in July. It will start to reduce the quarterly treasury bond purchase scale from 400 billion yen to 200 billion yen in April 2026. There is still an expectation of a rate hike before the end of 2025 [1].