Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Production and consumption - side inflation rebounds, reducing the expected number of Fed rate - cuts. However, the decrease in scrap - copper - produced anode plates and domestic electrolytic copper social inventory may keep the Shanghai copper price oscillating. It is recommended that investors wait and see, paying attention to the support and pressure levels of Shanghai copper, London copper, and US copper [2]. 3. Summary by Relevant Catalogs Market Data - **Shanghai Copper Futures**: On August 14, 2025, the closing price of the active contract was 78,950 yuan, down 430 yuan from the previous day; trading volume was 51,734 lots, a decrease of 315 lots; open interest was 152,341 lots, a decline of 6,536 lots; SMM 1 electrolytic copper average price was 79,435 yuan, down 40 yuan, and inventory was 24,434 tons, an increase of 1,634 tons [2]. - **Shanghai Copper Basis and Spread**: The Shanghai copper basis was 485 yuan on August 14, 2025, an increase of 390 yuan from the previous day. There were also changes in spot premiums and discounts in different regions and spreads between different contract months [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on August 14, 2025, was 9,777, unchanged from the previous day. The total inventory of registered and cancelled warrants dropped by 155,850 tons. There were also changes in contract spreads [2]. - **COMEX Copper**: The closing price of the active copper futures contract on August 14, 2025, was 4.4975, down 0.02 from the previous day, and the total inventory increased by 915 tons [2]. Industry News - **Policy Impact**: Government policy adjustments may cause the operating rate of recycled copper rod enterprises to continue to decline [2]. - **Supply Disruptions**: There are operational disruptions in copper mines, and the Las Bambas project in Peru may be affected by the presidential election. There are also changes in the supply of electrolytic copper from South America [2]. - **Project Developments**: Multiple copper - related projects are under construction or planned, which may affect the production of electrolytic copper in August, such as the Jiangtong Hongyuan Phase II project, the Baotou Jinshan High - Purity Copper project, etc. Some overseas smelters face issues like equipment failure, supply shortages, and high costs [2]. Investment Strategy - It is recommended that investors wait and see. For Shanghai copper, pay attention to the support level around 77,000 - 78,000 and the pressure level around 80,000 - 81,000; for London copper, the support level is around 9,300 - 9,500 and the pressure level is around 10,000 - 10,200; for US copper, the support level is around 4.0 - 4.2 and the pressure level is around 4.6 - 5.0 [2].

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View - The fundamental outlook for methanol remains weak. From a valuation perspective, upstream coal - based profits are still high, coastal MTO profits have slightly declined, and inland downstream profits are poor with room for repair, making methanol relatively over - valued. In terms of drivers, the anti - involution policy may have limited impact on methanol production, as the proportion of old production facilities is small. Currently, inland coal - based methanol supply is gradually returning, downstream MTO enterprises have high raw material inventories, and port inventory accumulation is accelerating, which suppresses the spot price in East China. After the influence of coking coal sentiment weakens, methanol is expected to fluctuate weakly. (View score: 0) [1] 3. Summary by Relevant Catalogs 3.1 Price and Basis - **Futures Prices**: MA01 decreased from 2479 yuan/ton to 2435 yuan/ton, a decline of 44 yuan/ton (-1.77%); MA05 dropped from 2457 yuan/ton to 2416 yuan/ton, a decrease of 41 yuan/ton (-1.67%); MA09 fell from 2375 yuan/ton to 2340 yuan/ton, a decline of 35 yuan/ton (-1.47%) [1]. - **Spot Prices**: Prices in regions like Taicang, Shandong, and Guangdong decreased, while those in Shaanxi, Sichuan - Chongqing, and Hubei remained unchanged. Inner Mongolia's price dropped from 2125 yuan/ton to 2120 yuan/ton (-0.24%) [1]. - **Basis**: The basis of Taicang spot - MA increased from -104 yuan/ton to -85 yuan/ton, an increase of 19 yuan/ton [1]. 3.2 Upstream Costs - **Coal Prices**: The price of Buzhoushui Q5500 coal increased from 512.5 yuan/ton to 520 yuan/ton (1.46%), while prices of Datong Q5500 and Yulin Q6000 remained unchanged [1]. - **Natural Gas Prices**: Industrial natural gas prices in Hohhot and Chongqing remained unchanged at 3.94 yuan/cubic meter and 3.19 yuan/cubic meter respectively [1]. 3.3 Profit Situation - **Methanol Production Profits**: Coal - based methanol profit decreased from 452.6 yuan/ton to 446.3 yuan/ton (-1.39%), and natural - gas - based methanol profit remained at -412 yuan/ton [1]. - **Downstream Profits**: Northwest MTO profit increased from -33.6 yuan/ton to -11 yuan/ton (67.26%), and East China MTO profit increased from -620.07 yuan/ton to -550.07 yuan/ton (11.29%). Profits of some downstream products like acetic acid increased, while those of MTBE and formaldehyde remained unchanged [1]. 3.4 Important Information - **Domestic**: The main methanol contract MA2601 fluctuated downward, opening at 2476 yuan/ton, closing at 2435 yuan/ton, down 53 yuan/ton, with a trading volume of 427,587 lots and an open interest of 557,439 lots [1]. - **Foreign**: An 850,000 - ton methanol plant in Southeast Asia is under maintenance, and a 600,000 - ton downstream plant is planned to be shut down for maintenance in mid - August. In a Middle - Eastern country, multiple methanol plants are operating stably, with the total loading volume in August rising to 480,000 tons, an increase of 215,000 tons (81.13%) compared to the same period last month [1]. 3.5 Trading Strategy - Given the weak fundamentals, after the influence of coking coal sentiment weakens, methanol is expected to fluctuate weakly [1].

Report Summary - **Investment Rating**: Not provided [1] - **Core View**: The influence of the Indian tender on market sentiment is gradually fading. Returning to the domestic supply - demand situation, the supply pressure of urea remains high, with daily production close to 190,000 tons at a high level. Although the increase in enterprise inventory accumulation is not large due to increased port - collection, the upstream enterprise inventory is still around 860,000 tons. Domestically, agricultural demand may gradually enter the off - season. If export demand is not supplemented, urea prices will face significant downward pressure [1] Key Information by Category 1. Price Changes - **Futures Prices**: On August 14, compared with August 13, UR01 decreased by 21 yuan/ton (-1.20%) to 1726 yuan/ton, UR05 decreased by 17 yuan/ton (-0.95%) to 1771 yuan/ton, UR09 decreased by 11 yuan/ton (-0.64%) to 1715 yuan/ton, and the Shandong price decreased by 10 yuan/ton (-0.58%) to 1720 yuan/ton [1] - **Domestic Spot Prices**: The prices in most regions remained unchanged, except for the small - particle price in Hebei, which decreased by 10 yuan/ton (-0.57%) to 1740 yuan/ton [1] - **Upstream and Downstream Prices**: The prices of upstream raw materials such as anthracite and downstream products like compound fertilizer and melamine remained unchanged on August 14 compared with August 13 [1] 2. Basis and Spread - **Basis**: The basis of Shandong spot - UR increased by 7 yuan/ton to - 51 yuan/ton [1] - **Spread**: The 01 - 05 spread decreased by 4 yuan/ton to - 45 yuan/ton [1] 3. Trading Information - **Urea Futures Main Contract 2601**: On the previous trading day, the opening price was 1741 yuan/ton, the highest price was 1752 yuan/ton, the lowest price was 1725 yuan/ton, the closing price was 1726 yuan/ton, the settlement price was 1737 yuan/ton, and the position was 174,742 lots [1]

1. Report Industry Investment Rating - No information provided 2. Core Views of the Report - For the lead market, supply and demand are both increasing, there is no obvious contradiction, tight raw materials and peak - season expectations support lead prices, and short - term lead prices are expected to be range - bound [1] - For the zinc market, macro "anti - involution" sentiment fluctuates, both zinc ore and zinc ingot supply increase, demand is in the off - season, inventory continues to accumulate, and overseas LME zinc inventory decline provides some support, with short - term zinc prices expected to be range - bound [1] 3. Summary According to Relevant Catalogs Lead Market Price and Market Indicators - The average price of SMM1 lead ingots was 16,700 yuan/ton, down 0.30% from the previous day; the closing price of the main Shanghai lead futures contract was 16,770 yuan/ton, down 0.95% [1] - The Shanghai lead basis was - 70 yuan/ton, an increase of 110 yuan/ton; the premium in Shanghai was - 30 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active lead futures contract was 45,616 lots, up 57.64%; the open interest was 51,370 lots, up 3.94%; the trading - to - open - interest ratio was 0.89, up 51.67% [1] - LME lead inventory was 261,675 tons, unchanged; Shanghai lead warehouse receipts inventory was 61,784 tons, down 1.20% [1] - The closing price of LME 3 - month lead futures (electronic trading) was 1,990 US dollars/ton, up 0.10%; the Shanghai - London lead price ratio was 8.43, down 1.04% [1] Industry News - The action plan for strengthening and extending the industrial chain of key advantageous industries in Guangxi's manufacturing industry aims to build a "recycling - disassembly - regeneration - utilization" industrial system and promote the recycling of lead batteries [1] - On August 13, the LME 0 - 3 lead was at a discount of 42.01 US dollars/ton, and the open interest was 153,848 lots, an increase of 1,928 lots [1] Fundamental Analysis - Lead concentrate imports have no expected increase, processing fees are likely to rise, but it has not affected smelter operations. Primary lead production is stable with a slight increase [1] - The price of waste lead batteries is likely to rise, some recyclers hoard goods, and some smelters cut production due to raw material shortages or cost inversion. However, as the inventory of electrolytic lead plants decreases, the acceptance of high - priced recycled lead improves, and the production of recycled lead is gradually recovering [1] - Due to high temperatures and weak demand, the operation rate of some battery enterprises decreased last week. After previous stockpiling by dealers, they are now consuming inventory. The peak - season demand is average, and downstream buyers are cautious when lead prices rise [1] Zinc Market Price and Market Indicators - The average price of SMM1 zinc ingots was 22,440 yuan/ton, down 0.22% from the previous day; the closing price of the main Shanghai zinc futures contract was 22,480 yuan/ton, down 0.53% [1] - The Shanghai zinc basis was - 40 yuan/ton, an increase of 70 yuan/ton; the premium in Shanghai was - 50 yuan/ton, an increase of 5 yuan/ton [1] - The trading volume of the active zinc futures contract was 78,030 lots, down 0.40%; the open interest was 80,798 lots, down 6.03%; the trading - to - open - interest ratio was 0.97, up 5.99% [1] - LME zinc inventory was 77,450 tons, unchanged; Shanghai zinc warehouse receipts inventory was 17,097 tons, up 5.59% [1] - The closing price of LME 3 - month zinc futures (electronic trading) was 2,842.50 US dollars/ton, up 1.10%; the Shanghai - London zinc price ratio was 7.91, down 1.62% [1] Industry News - According to 29Metals' Q2 report, its zinc concentrate production in Q2 was 12,300 metric tons, a 28% quarter - on - quarter decrease. The annual production guidance for 2025 is 60,000 - 70,000 metric tons [1] - On August 13, the LME 0 - 3 zinc was at a discount of 1.5 US dollars/ton, and the open interest was 194,301 lots, an increase of 1,359 lots [1] Fundamental Analysis - Zinc smelters have sufficient raw material stocks, zinc ore processing fees are rising. It is expected that the processing fees for zinc concentrates in August will continue to increase, weakening the cost support [1] - At the beginning of last week, when zinc prices were low, downstream buyers purchased more. As zinc prices rebounded, the restocking sentiment weakened [1] - Domestically, the supply of zinc ore and zinc ingots is increasing, demand is in the off - season, and inventory is accumulating. Overseas, the continuous decline in LME zinc inventory provides some support [1]

Industry Investment Rating - No relevant information provided Core Viewpoints - The silicon price is expected to maintain high-level consolidation due to cooling sentiment, hedging pressure on the disk, and fluctuating bullish sentiment. Continued attention should be paid to the production dynamics of silicon enterprises [1]. - The polysilicon price is also expected to maintain high-level consolidation with large disk fluctuations. Caution is required in operations, and continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1]. Summary by Related Catalogs Industrial Silicon - **Price Information**: The average price of non-oxygenated 553 (East China) remained flat at 9,200 yuan/ton, and the futures main contract closing price increased by 0.87% to 8,675 yuan/ton. The basis (East China 553 - futures main) decreased by 75 yuan/ton to 525 yuan/ton [1]. - **Supply and Demand**: As the silicon price continues to rise, some previously overhauled silicon plants in Xinjiang have resumed production. In the southwest production area, the power cost has decreased during the wet season, and the enterprise start-up is steadily increasing. The supply pressure in the market has rebounded, and the price may be under pressure again [1]. - **Investment Strategy**: The silicon price is expected to maintain high-level consolidation, and continuous attention should be paid to the production dynamics of silicon enterprises [1]. Polysilicon - **Price Information**: The price of N-type dense material remained flat at 46 yuan/kg, and the futures main contract closing price decreased by 1.68% to 50,430 yuan/ton [1]. - **Supply and Demand**: On the supply side, polysilicon enterprises maintain a production reduction trend, and some polysilicon plants may have new production capacity put into operation. After offsetting, the output is expected to increase slightly. On the demand side, the photovoltaic market is weak, and the inventory of silicon wafers and polysilicon has increased [1]. - **Investment Strategy**: The polysilicon price is expected to maintain high-level consolidation with large disk fluctuations. Caution is required in operations, and continuous attention should be paid to the evolution of macro sentiment and the registration of warehouse receipts [1]. Other Information - **Industry News**: On August 12, 2025, the filing of the organic silicon monomer upgrading project of Hubei Xingrui Silicon Materials Co., Ltd. was approved. The Indonesian government announced a new plan to deploy 100GW of solar power projects [1]. - **Inventory Information**: On August 14, the total social inventory of industrial silicon in major regions was 54.5 tons, a decrease of 0.2 tons compared to last week [1].

Report Industry Investment Rating - Not provided Core Viewpoints - Due to the weakening US job market, the expectation of the Fed's interest rate cut has increased, but the expected resumption of tin mines in Myanmar's Wa State and Congo-Kinshasa, along with the continuous increase in the operating rate of domestic refined tin production capacity, may limit the upside space of Shanghai tin prices. It is recommended that investors wait and see, focusing on the support levels around 248,000 - 258,000 and the resistance levels around 274,000 - 283,000 for Shanghai tin, and the support levels around 30,000 - 32,000 and the resistance levels around 34,000 - 36,000 for London tin [2] Summary by Related Contents Market Data - On August 13, 2025, the closing price of Shanghai tin was 267,940, a decrease of 380 compared to the previous day; the trading volume was 44,115 lots, a decrease of 37,387 lots; the open interest was 24,776 lots, a decrease of 1,155 lots; the inventory was 7,332 tons, an increase of 33 tons [2] - The closing price of LME 3 - month tin futures (electronic trading) on August 13, 2025, was 33,700, a decrease of 70 compared to the previous day [2] - The total inventory of refined tin at home and abroad decreased compared to last week [1][2] Industry News - According to the data released by the Indonesian Ministry of Trade for June, the total export volume of tin ingots decreased by 18.2% to 4,465 tons, with a year - on - year increase of 0.1%. Exports to Singapore increased by 15.1% month - on - month to 1,063.95 tons, while exports to China decreased by 35.7% month - on - month to 953.85 tons [2] - Stellar Resources extended the exclusive period for the use of infrastructure in the Comstock mining area adjacent to the Heemskirk tin mine project by 6 months. The company is evaluating three development plans and focusing on tailings storage solutions [2] Supply and Demand Analysis - Supply side: Tin mines in Myanmar's Wa State and Congo - Kinshasa are expected to resume production; domestic refined tin production capacity operating rate has increased; the inventory of refined tin in the Shanghai Futures Exchange has increased, while the social inventory in China and the inventory in the London Metal Exchange have decreased [2] - Demand side: The daily processing fee of photovoltaic solder strips has decreased, which may lead to a decrease in the operating rate of China's tin solder production capacity in August and an increase in inventory; the production volume of China's tin - plated sheets in August may increase [2] Trading Strategy - It is recommended that investors wait and see, focusing on the support and resistance levels of Shanghai tin and London tin [2]

| HONGYUAN FUTURES | | | | | | | --- | --- | --- | --- | --- | --- | | 变量名称 2025-08-13 | | 2025-08-12 | 2025-08-05 | 较昨日变动 | 近期走势 | | 收盘价 15800 | | 15860 | 14545 | -60.00 | | | 成交量(手) 315457 天然橡胶 | | 312971 | 251471 | | 2,486.00 ~ | | 期货活跃合约 持仓量(手) 182434 | | 184633 | 185247 | | -2. 199.00 - | | 注册仓单量 180200 | | 180240 | 176510 | -40.00 | | | 天然橡胶基差 -950 | | -1110 | -70 | 160.00 | | | 天津-上海标准胶SCRWF日度价差 -150 天然橡胶基差 | | -150 | -150 | 0.00 | | | 山东-上海标准胶SCRWF日度价差 (现货与期货) -150 | | -175 | -150 | 25.00 | | | 云南-上 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The addition of tariffs has raised concerns about a rebound in consumer - end inflation in the US, but due to the weakening of the US employment market, the Fed still has the possibility of interest - rate cuts. Coupled with the continuous gold purchases by global central banks, precious metal prices are likely to rise and difficult to fall. It is recommended that investors mainly lay out long positions when prices decline. The support and resistance levels for different precious metal products are also provided [1]. 3. Summary by Relevant Catalogs Precious Metal Market Data - **Gold**: - Shanghai Gold futures: The closing price on 2025 - 08 - 13 was 774.71 yuan/gram, with a change of 1.54 compared to the previous day and - 7.31 compared to the previous week. The trading volume was 32,602.00, and the open interest was 207,458.00 [1]. - Spot Shanghai Gold T + D: The trading volume was 32,602.00 on 2025 - 08 - 13, with a change of - 182.00 compared to the previous day and 864.00 compared to the previous week. The open interest was 207,458.00 [1]. - COMEX gold futures: The closing price on 2025 - 08 - 13 was 3,407.00, with a change of 7.40 compared to the previous day and - 28.00 compared to the previous week. The trading volume was - 17,739.00, and the open interest was - 7,223.00 [1]. - International gold (London gold spot): The price on 2025 - 08 - 13 was 3,343.30 dollars/ounce, with a change of - 10.90 compared to the previous day and 21.10 compared to the previous week [1]. - **Silver**: - Shanghai Silver futures: The closing price on 2025 - 08 - 13 was 9,300.00 yuan/ten - grams, with a change of 42.00 compared to the previous day and 113.00 compared to the previous week. The trading volume was 415,237.00, and the open interest was 365,333.00 [1]. - Spot Shanghai Silver T + D: The trading volume on 2025 - 08 - 13 was 302,236.00, with a change of 124,448.00 compared to the previous day and 74,550.00 compared to the previous week. The open interest was 3,541,500.00 [1]. - COMEX silver futures: The closing price on 2025 - 08 - 13 was 38.55 dollars/ounce, with a change of 0.71 compared to the previous day and 0.61 compared to the previous week. The trading volume was - 10,173.00, and the open interest was - 30,858.00 [1]. - International silver (London silver spot): The price on 2025 - 08 - 13 was 37.69 dollars/ounce, with a change of 0.91 compared to the previous day and 1.26 compared to the previous week [1]. Important Information - **US**: Trump may appoint the next Fed chair slightly earlier, with the candidates narrowed down to three or four. Bessent believes that the US interest - rate level should be 150 - 175 basis points lower than the current level, and there is a high possibility of a 50 - basis - point rate cut in September. The US Treasury Secretary pressured before the "Trump - Putin meeting" and threatened to increase sanctions against Russia. Trump said that if things go well, there will be a tri - party meeting among the US, Russia, and Ukraine. The import tariffs have pushed up commodity prices, leading to an increase in the core CPI annual rate in the US consumer - end inflation in July. However, due to the possible significant downward revision of the number of new non - farm employment in June and July in the US, the US economy shows "stagflation" characteristics, and the Fed still has the possibility of interest - rate cuts in September, October, and December [1]. - **Europe**: The European Central Bank suspended interest - rate cuts in July, keeping the deposit mechanism rate at 28%. The annual rate of the consumer price index (CPI) in the eurozone (Germany) in July was 2% (1.8%), higher than expected but the same as the previous value. Due to the continued recovery of the manufacturing PMI in the eurozone, Germany, and France in July, the market expects the European Central Bank to cut interest rates about once before the end of 2025. The Bank of England cut the key interest rate by 25 basis points to 4.0% in August, continued to reduce its holdings of 100 billion pounds of government bonds from October 2024 to September 2025, and may slow down the pace of balance - sheet reduction later. The annual rate of the consumer price index (CPI) (core CPI) in the UK in August was 3.6% (3.7%), higher than expected and the previous value. The manufacturing (service) PMI in July was 48.2 (51.2), higher (lower) than expected and the previous value. The number of people applying for unemployment benefits decreased continuously from June to July, so the Bank of England may cut interest rates about once again 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 annual rate of the core consumer price index (CPI) in Japan (Tokyo) in June (July) was 3.3% (2.9%), which was in line with expectations but lower than the previous value, so the Bank of Japan still has the possibility of raising interest rates before the end of 2025 [1]. Trading Strategy - It is recommended that investors mainly lay out long positions when precious metal prices decline. For London gold, pay attention to the support level around 3,200 - 3,300 and the resistance level around 3,400 - 3,500; for Shanghai gold, pay attention to the support level around 760 - 770 and the resistance level around 800 - 810; for London silver, pay attention to the support level around 34 - 36 and the resistance level around 37 - 40; for Shanghai silver, pay attention to the support level around 8,500 - 8,700 and the resistance level around 9,100 - 9,500 [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The weakening US job market has increased expectations of a Fed rate cut, but due to the resumption of tin mines in Myanmar's Wa State and Congo-Kinshasa and the continuous increase in the operating rate of domestic refined tin production capacity, the upward space for Shanghai tin prices may be limited. It is recommended that investors wait and see for the time being, paying attention to the support and resistance levels of Shanghai tin and London tin [2]. Summary by Relevant Catalogs Market Data - On August 13, 2025, the closing price of Shanghai tin was 267,940 yuan, a decrease of 380 yuan from the previous day; the trading volume was 44,115 lots, a decrease of 37,387 lots; the open interest was 24,776 lots, a decrease of 1,155 lots; the inventory was 7,332 tons, an increase of 33 tons [2]. - The closing price of LME 3 - month tin futures (electronic trading) on August 13, 2025, was $33,700, a decrease of $70 from the previous day; the LME tin global inventory was 1,780 tons, unchanged from the previous day [2]. - The ratio of Shanghai tin to London tin was 8.01 on August 13, 2025, an increase of 0.01 from the previous day [2]. Industry News - According to June data from the Indonesian Trade Ministry, the total export volume of tin ingots decreased by 18.2% to 4,465 tons, a year - on - year increase of 0.1%. Exports to Singapore increased by 15.1% month - on - month to 1,063.95 tons, while exports to China decreased by 35.7% month - on - month to 953.85 tons [2]. - Stellar Resources extended the exclusivity period for the use of infrastructure in the Comstock mining area adjacent to the Heemskirk tin mine project by 6 months. The company is evaluating three development plans and aims to achieve an annual tin production of 3,000 - 3,500 tons in the first 6 - 10 years after production [2]. Supply and Demand Analysis - Supply: In July, some tin mines in Myanmar's Wa State planned to resume production, and the Bisie tin mine in Congo - Kinshasa also announced phased resumption of production. The domestic tin ore production and import volume in August may increase month - on - month, and the domestic tin concentrate processing fee is oscillating downward. The production of recycled tin in China in August increased month - on - month, and the operating rate of refined tin production capacity in Jiangxi and Yunnan increased. The production and inventory of refined tin in China in August increased month - on - month. Indonesia's tin export quota may be compressed in the medium and long term, but PT Tinah plans to increase production and sales in 2025, and China's refined tin import volume in August may decrease month - on - month. The total inventory of refined tin at home and abroad decreased compared with last week [2]. - Demand: The daily processing fee of photovoltaic solder strips decreased month - on - month, which may lead to a decline in the operating rate of China's tin solder production capacity in August. The import volume of China's solder strips in August may decrease month - on - month, and the production, import, and export volumes of China's tin - plated sheets in August may change as follows: production increases, import decreases, and export increases. The operating rate of China's lead - acid battery production capacity decreased compared with last week [2]. Trading Strategy - It is recommended that investors wait and see for the time being, paying attention to the support level of 248,000 - 258,000 and the resistance level of 274,000 - 283,000 for Shanghai tin, and the support level of 30,000 - 32,000 and the resistance level of 34,000 - 36,000 for London tin [2].

Group 1: Report's Investment Rating of the Industry - Not provided Group 2: Core Viewpoints of the Report - The fundamental outlook for methanol remains weak. In terms of valuation, upstream coal - based profits are still relatively high, coastal MTO profits have slightly declined, and inland downstream profits are poor but have room for repair, so methanol valuation is relatively high. Regarding the driving factors, the anti - involution policy may have limited impact on methanol production as the proportion of old - fashioned production facilities is small, and there is no expectation of a significant reduction in methanol supply. Currently, the supply of coal - based methanol in the inland area is gradually increasing, and downstream MTO enterprises have high raw material inventories, making further inventory building unlikely. It is highly probable that the port will continue to accumulate inventory, which will put pressure on spot prices in East China. After the influence of coking coal sentiment weakens, methanol is expected to fluctuate weakly. (Viewpoint score: 0) [1] Group 3: Summary According to Relevant Catalogs 1. Methanol Futures Prices - MA01 closed at 2496.00 yuan/ton on August 13, 2025, down 17.00 yuan/ton or - 0.68% from August 12 [1]. - MA05 closed at 2461.00 yuan/ton on August 13, 2025, down 4.00 yuan/ton or - 0.16% from August 12 [1]. - MA09 closed at 2391.00 yuan/ton on August 13, 2025, down 16.00 yuan/ton or - 0.67% from August 12 [1] 2. Methanol Spot Prices - The spot price in Taicang was 2375.00 yuan/ton on August 13, 2025, unchanged from August 12 [1]. - In Shandong, it was 2355.00 yuan/ton on August 13, 2025, up 5.00 yuan/ton or 0.21% from August 12 [1]. - In Guangdong, it was 2375.00 yuan/ton on August 13, 2025, down 7.50 yuan/ton or - 0.32% from August 12 [1] 3. Coal and Natural Gas Prices - The spot price of Ordos Q5500 coal was 510.00 yuan/ton on August 13, 2025, up 2.50 yuan/ton or 0.49% from August 12 [1]. - The spot price of Datong Q5500 coal was 570.00 yuan/ton on August 13, 2025, up 17.50 yuan/ton or 3.07% from August 12 [1]. - The industrial natural gas price in Hohhot was 3.94 yuan/cubic meter on August 13, 2025, unchanged from August 12 [1] 4. Methanol Profit Situation - The profit of coal - based methanol was 452.60 yuan/ton on August 13, 2025, up 13.70 yuan/ton or 3.12% from August 12 [1]. - The profit of natural gas - based methanol was - 432.00 yuan/ton on August 13, 2025, up 20.00 yuan/ton or 4.63% from August 12 [1]. - The profit of Northwest MTO was - 33.60 yuan/ton on August 13, 2025, up 40.40 yuan/ton or - 183.17% from August 12 [1] 5. Methanol Downstream Profit - The profit of acetic acid was 204.54 yuan/ton on August 13, 2025, up 4.15 yuan/ton or 2.07% from August 12 [1]. - The profit of MTBE was 105.88 yuan/ton on August 13, 2025, down 7.52 yuan/ton or - 7.10% from August 12 [1]. - The profit of formaldehyde was - 301.60 yuan/ton on August 13, 2025, down 9.60 yuan/ton or - 3.18% from August 12 [1] 6. Important Information - The main methanol contract MA2509 fluctuated within a range, opening at 2386 yuan/ton, closing at 2375 yuan/ton, down 11 yuan/ton, with a trading volume of 271,458 lots and an open interest of 308,231, showing a decrease in volume and position [1]. - In the Middle East, a 1 - million - ton methanol plant has resumed normal operation in the past two days, and some other plants are increasing their loads. The overall daily production in a certain Middle Eastern country has increased recently [1]