Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report Last week, the soda ash market showed a pattern of weak supply and demand but with marginal improvement. The supply - side pressure reappeared as weekly production and capacity utilization increased. The demand was dull, with downstream industries purchasing on a just - in - time basis. Although the enterprise inventory decreased, the absolute level was still high, and the profit situation worsened. The core market contradiction lies in the game between high supply, high inventory, and weak demand. In the short term, the market lacks a clear directional driver and is expected to continue the oscillatory pattern. Key factors to watch include the sustainability of inventory reduction, the strength of downstream demand recovery, and whether industry losses will lead to more production cuts. [40] 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the price of the main soda ash contract SA2601 ranged from 1,252 to 1,303 yuan/ton, showing a narrow - range oscillation. As of September 12, 2025, the main contract SA2601 fell 12 yuan/ton, a weekly decline of 0.92%, closing at 1,290 yuan/ton. [6] 3.2 Fundamental Analysis - **Supply**: As of September 11, 2025, the weekly domestic soda ash production was 761,100 tons, a month - on - month increase of 9,300 tons or 1.24%. The comprehensive capacity utilization rate was 87.29%, up 1.07% from the previous value. Among them, the ammonia - soda capacity utilization rate was 90.84%, up 2.43% month - on - month, and the co - production capacity utilization rate was 77.40%, down 1.97% month - on - month. The overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 88.30%, up 0.83% month - on - month. [7][10][12] - **Inventory**: As of September 11, 2025, the total inventory of domestic soda ash manufacturers was 1.7975 million tons, a decrease of 25,600 tons or 1.40% from the previous Monday. Light soda ash inventory was 763,000 tons, down 1,100 tons month - on - month, and heavy soda ash inventory was 1.0345 million tons, down 24,500 tons month - on - month. [8][14] - **Shipment**: On September 11, the weekly shipment volume of Chinese soda ash enterprises was 785,700 tons, a month - on - month decrease of 1.44%. The overall shipment rate was 103.23%, a decrease of 2.81 percentage points month - on - month. [17] - **Profit**: As of September 11, 2025, the theoretical profit of ammonia - soda process soda ash in China was - 36.30 yuan/ton, a month - on - month increase of 0.90 yuan/ton. The theoretical profit of co - production process soda ash (double - ton) was - 54.50 yuan/ton, a month - on - month decrease of 6.50 yuan/ton. [20][24] 3.3 Downstream Industry Situation - **Float Glass Industry**: As of September 11, 2025, the daily output of national float glass was 160,200 tons, a 0.38% increase from the 4th. The weekly output was 1.1212 million tons, a 0.38% month - on - month increase and a 4.49% year - on - year decrease. The total inventory of national float glass sample enterprises was 61.583 million heavy boxes, a month - on - month decrease of 1.467 million heavy boxes or 2.33%, and a year - on - year decrease of 14.94%. The inventory days were 26.3 days, 0.6 days less than the previous period. [28][29] 3.4 Spot Market Situation - Domestic soda ash mainstream market prices were mostly stable, with only a few regions showing price changes. For example, the price of light soda ash in the northwest region decreased by 20 yuan/ton or 2%, and the price of heavy soda ash in the northwest region also decreased by 20 yuan/ton or 2%. The price of float glass increased by 8 yuan/ton or 0.69%, and the price of synthetic ammonia in Jiangsu increased by 71 yuan/ton or 3.30%. [37][38][39] 3.5 Comprehensive Analysis and Operation Suggestions - **Analysis**: The soda ash market last week was characterized by weak supply and demand with marginal improvement. The core contradiction was the game between high supply, high inventory, and weak demand. In the short term, the market is expected to continue oscillating. [40] - **Operation Suggestions**: - **Single - side**: In the short term, pay attention to the oversold rebound opportunities after a sharp price decline, but be cautious and set strict stop - losses. - **Arbitrage**: None. - **Options**: For hedging, consider constructing a bear spread strategy. [40]

Report Industry Investment Rating - Investment Rating: ★★ [6] Core Viewpoints - Last week, the price of the rebar 2601 contract rose by 0.03%. Although the recent fundamentals of rebar are relatively weak, the demand during the "Golden September and Silver October" period may improve, and the steel price may still have the possibility of volatile rebound in the future [4][34] Summary by Directory Price Analysis - **Futures Price**: Not detailed in the report - **Spot Price**: As of September 12, 2025, the spot price of rebar in Shanghai was 3,210 yuan/ton, unchanged from the previous trading day, and the spot price in Tianjin was 3,190 yuan/ton, also unchanged [13] - **Basis and Spread**: Not detailed in the report Important Market Information - On September 10, Chinese Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio, expressing China's opposition to the US's negative actions. - In August, China's CPI decreased by 0.4% year - on - year (previous value 0%), and was flat month - on - month; the PPI decreased by 2.9% year - on - year, with the decline narrowing by 0.7 percentage points compared with the previous month, and turned flat from a 0.2% decline month - on - month. - In August 2025, the total transaction (signing) area of newly built commercial housing in 10 key cities was 5.4516 million square meters, a month - on - month decrease of 2.6% and a year - on - year decrease of 14.7%. The total transaction (signing) area of second - hand housing was 8.5618 million square meters, a month - on - month decrease of 9.9% and a year - on - year increase of 4% [17] Supply - side Situation - Mysteel's survey of 247 steel mills showed that the blast furnace operating rate was 83.83%, a month - on - month increase of 3.43% and a year - on - year increase of 6.20%; the blast furnace ironmaking capacity utilization rate was 90.18%, a month - on - month increase of 4.39% and a year - on - year increase of 6.29%; the daily average hot metal output was 2.4055 million tons, a month - on - month increase of 0.1171 million tons and a year - on - year increase of 0.1717 million tons. - According to My Steel Network data, last week, the weekly output of rebar was 2.1193 million tons, a month - on - month decrease of 0.0675 million tons; the steel mill inventory was 1.6663 million tons, a month - on - month decrease of 0.0471 million tons; the social inventory was 4.8723 million tons, a month - on - month increase of 0.1857 million tons. The weekly output of the five major steel products was 8.5724 million tons, a month - on - month decrease of 0.0341 million tons; the total inventory was 15.1461 million tons, a month - on - month increase of 0.1391 million tons; the apparent demand was 8.4333 million tons, a month - on - month increase of 0.155 million tons. - Zhaogang Network data showed that as of the week of September 10, the national building materials output was 4.7872 million tons, a decrease of 0.0567 million tons from the previous week; the mill inventory was 4.4837 million tons, a decrease of 0.1639 million tons from the previous week; the social inventory was 5.8199 million tons, an increase of 0.0962 million tons from the previous week; the total inventory was 10.3036 million tons, a decrease of 0.0677 million tons from the previous week [31][32][33] Demand - side Situation - As of August 2025, the current value of the non - manufacturing PMI for the construction industry was 49.1, a month - on - month decrease of 1.5%; the current value of the Lang Steel Iron and Steel Circulation Industry Purchasing Managers' Index was 49.8, unchanged month - on - month [23] Fundamental Analysis - The same as the supply - side situation, including blast furnace operating rate, capacity utilization rate, hot metal output, rebar output, inventory, and apparent demand data [31][32] 后市展望 - Although the recent fundamentals of rebar are relatively weak, the demand during the "Golden September and Silver October" period may improve, and the steel price may still have the possibility of volatile rebound in the future [34] Operation Strategy - **Single - side**: It is recommended to pay attention to the support at 3,100 yuan/ton and try to go long with a light position. - **Arbitrage**: Wait and see. - **Options**: Choose the opportunity to sell the deep out - of - the - money put option strategy for rb2601 [35]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Aluminum prices are expected to show a mainly oscillating and slightly upward trend, with limited price fluctuations and few arbitrage opportunities. It is recommended to mainly wait and see for option contracts [3][27] Group 3: Summary by Directory 1. Market Review - Last week, the price of the main contract AL2509 of Shanghai aluminum futures showed an upward trend, ranging from around 20,695 yuan/ton to a maximum of about 21,125 yuan/ton [7] 2. Macroeconomic Aspect - In August 2025, the national consumer price index decreased by 0.4% year-on-year. From January to August, the average national consumer price decreased by 0.1% compared with the same period of the previous year. In August, the national consumer price was flat month-on-month [10][11] 3. Supply and Demand Situation - As of July 2025, domestic bauxite imports increased compared with the previous month. As of September 11, 2025, the total domestic alumina inventory was 32,000 tons, an increase from the previous period, and the total inventory remained at a relatively low level compared with the past five years [14] 4. Inventory Situation - As of September 12, 2025, the Shanghai Futures Exchange's electrolytic aluminum inventory increased compared with the previous week, and the LME aluminum inventory remained unchanged from the previous trading day. As of September 11, 2025, the total social inventory of electrolytic aluminum decreased compared with the previous day [20] 5. Macroeconomic and Fundamental Analysis - On September 11, the probability of the Fed cutting interest rates by 25 basis points in September was 89.1%, and the probability of a 50 - basis - point cut was 10.9%. In August 2025, the national consumer price decreased year - on - year. Bauxite imports, alumina production capacity, and alumina inventory have all increased. Electrolytic aluminum production remains high, and its production capacity is continuously growing. Shanghai aluminum inventory has increased slightly, and the inventory level is at a low level in recent years [2][26] 6. Future Outlook - Aluminum prices are expected to show a mainly oscillating and slightly upward trend, with limited price fluctuations and few arbitrage opportunities. It is recommended to mainly wait and see for option contracts [3][27]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - Lead prices are likely to show a fluctuating trend, with limited price volatility and few arbitrage opportunities. It is recommended to take a wait - and - see approach for options contracts [5][40] 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the price of the main contract PB2510 of Shanghai lead futures fluctuated between around 16,780 yuan/ton and 16,950 yuan/ton [9] - Last week, the price of LME lead futures contracts fluctuated between 1,984 - 2,007 US dollars/ton [13] 3.2 Macroeconomic Aspect - In August, the manufacturing purchasing managers' index (PMI) was 49.4%, up 0.1 percentage points from the previous month, indicating an improvement in the manufacturing's prosperity level. Among the five sub - indices, the production index and the supplier delivery time index were above the critical point, while the new orders index, raw material inventory index, and employment index were below the critical point [16] 3.3 Spot Analysis - As of September 5, 2025, the average price of 1 lead in the Yangtze River non - ferrous metal market was 16,840 yuan/ton, down 70 yuan/ton from the previous trading day. The spot prices in Shanghai, Guangdong, and Tianjin were 16,710 yuan/ton, 16,755 yuan/ton, and 16,725 yuan/ton respectively. The premium/discount of 1 lead remained at around - 125 yuan/ton [20] 3.4 Supply and Demand Situation - In June 2025, the global lead mine output was 395.9 thousand tons, an increase of 15.7 thousand tons from the previous month, and was at a relatively low level compared with the past five years. As of August 29, 2025, the average processing fees in Jiyuan, Chenzhou, and Gejiu were 600 yuan/metal ton, 600 yuan/metal ton, and 300 yuan/metal ton respectively. The average processing fee in Kunming was 380 yuan/metal ton. As of July 31, 2025, the monthly refined lead output was 62.9 million tons, a decrease of 3.1 million tons from the previous month, and a year - on - year increase of 0.5%, and was at a relatively high level compared with the past five years [26] 3.5 Inventory Situation - As of September 5, 2025, the refined lead inventory on the Shanghai Futures Exchange was 66,834 tons, an increase of 2,162 tons from the previous week. As of September 4, 2025, the LME lead inventory was 251,200 tons, a decrease of 3,350 tons from the previous trading day, and the proportion of cancelled warrants was 21.96% [34] 3.6 Fundamental Analysis - The US economy's growth rate is below the average level and shows few signs of acceleration. Multiple US industries face cost - rising pressure due to tariff policies. The manufacturing PMI and new orders index show slight improvements. Global lead mine output has increased, lead processing fees remain at a low level, lead output has decreased month - on - month, Shanghai lead inventory has slightly increased and is at a moderate level in recent years, while LME lead inventory has continuously decreased and is at a high level in recent years [4][39]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The improvement of methanol fundamentals is limited, and methanol futures prices may fluctuate within a range. The spot price of methanol may perform strongly under the boost of the "Golden September" demand season, but overall, it is likely to continue to oscillate in the short term. A sell wide - straddle strategy can be considered [8][9][31]. 3. Summary by Section 3.1 Methanol Trend Review - **Futures**: Under the pressure of rising port methanol inventory, the fundamentals are weak. However, boosted by positive macro - expectations, the methanol weighted price closed at 2,404 yuan/ton on Friday afternoon, a 2.39% increase from the previous week [6][13]. - **Spot**: Port methanol continued to accumulate inventory last week, with limited upward price movement. The average price in the port market continued to decline. In the inland market, supply pressure increased, and prices weakened. The price range in Jiangsu was 2,200 - 2,270 yuan/ton, in Guangdong 2,220 - 2,260 yuan/ton, in Ordos North Line 2,042 - 2,057 yuan/ton, and the receiving price in Dongying was 2,295 yuan/ton [13]. 3.2 Methanol Fundamental Analysis - **Production**: From August 29 to September 4, 2025, China's methanol production was 1,962,815 tons, an increase of 43,690 tons from the previous week. The capacity utilization rate was 86.63%, a 2.07% increase. More units were restored than shut down [15]. - **Downstream Demand**: As of September 4, the capacity utilization rates of some downstream products showed different trends. The overall MTO capacity utilization rate in Jiangsu and Zhejiang increased slightly to 64.38%, while the capacity utilization rates of dimethyl ether, glacial acetic acid, chloride, and formaldehyde decreased [17][19]. - **Inventory**: As of September 3, the inventory of Chinese methanol sample production enterprises was 341,100 tons, a 2.31% increase; the order backlog was 241,300 tons, an 11.20% increase. The port sample inventory was 1,427,700 tons, a 9.88% increase [21][23]. - **Profit**: Last week, the average weekly profit of domestic methanol samples showed mixed trends. The theoretical profit of coal - to - methanol in production areas slightly narrowed, while that in consumption areas slightly expanded. The theoretical profits of coke oven gas - to - methanol and natural gas - to - methanol improved, but natural gas - to - methanol remained in a loss state [26]. 3.3 Methanol Trend Outlook - **Supply**: This week, more methanol units are expected to be shut down for maintenance than restarted. The estimated production is about 1.961 million tons, and the capacity utilization rate is about 86.42%, a decrease from last week [28]. - **Downstream Demand**: The overall demand is expected to show moderate growth. The capacity utilization rates of some industries such as formaldehyde and MTBE are expected to increase, while those of olefins, acetic acid, chloride, and dimethyl ether may decline [8]. - **Inventory**: The inventory of sample production enterprises is expected to decrease slightly to 325,700 tons. The port inventory is expected to continue to accumulate as the arrival of foreign vessels remains stable [30]. - **Overall**: The improvement of methanol fundamentals is limited, and it is likely to continue to oscillate in the short term [31].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core View of the Report - This week, the futures prices of edible oils rebounded after hitting bottom. In the short - term, domestic vegetable oil prices are expected to continue the volatile trend due to the current ample supply of the domestic edible oil market and the uncertainty of Sino - US economic and trade relations [9][31]. 3. Summary by Relevant Catalogs 3.1 Market Review - This week, the futures prices of edible oils rebounded after hitting bottom. The Y2601 soybean oil contract rose 1.10% to close at 8,450 yuan/ton, the P2601 palm oil contract rose 2.25% to close at 9,526 yuan/ton, and the OI2601 rapeseed oil contract rose 0.30% to close at 9,818 yuan/ton [5][30]. 3.2 Important Information - **Palm oil**: From August 1 - 31, 2025, Malaysia's palm oil production is estimated to increase by 2.07%. The total palm oil production in August is estimated to be 1.85 million tons. Malaysian palm oil rose 1.64% [7]. - **Soybean oil**: Brazil's soybean exports are expected to reach a record this year, benefiting from record - high production and strong Chinese demand. In August, China accounted for 84% of Brazil's total soybean exports, compared with an average of 75% in the past four years. US soybeans fell 2.49% this week [7]. 3.3 Spot Analysis - As of September 4, 2025, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,580 yuan/ton, down 30 yuan/ton from the previous trading day, at the average level compared with the past 5 years [10]. - As of September 5, 2025, the spot price of 24 - degree palm oil in Guangdong was 9,380 yuan/ton, up 60 yuan/ton from the previous trading day, at a relatively high level compared with the past 5 years [11]. - As of September 4, 2025, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,900 yuan/ton, up 40 yuan/ton from the previous trading day, at a relatively low level compared with the past 5 years [13]. 3.4 Other Data - As of August 29, 2025, the national soybean oil inventory increased by 53,000 tons to 1.42 million tons. On September 3, 2025, the national commercial palm oil inventory increased by 67,000 tons to 601,000 tons [16]. - As of September 4, 2025, the port's imported soybean inventory was 6,790,280 tons [20]. - As of September 4, 2025, the basis of Grade 4 soybean oil in Zhangjiagang was 224 yuan/ton, down 20 yuan/ton from the previous trading day, at a relatively low level compared with the past 5 years [21]. - As of September 5, 2025, the basis of 24 - degree palm oil in Guangdong was - 146 yuan/ton, down 76 yuan/ton from the previous trading day, at a relatively low level compared with the past 5 years [22]. - As of September 4, 2025, the basis of rapeseed oil in Jiangsu was 161 yuan/ton, up 28 yuan/ton from the previous trading day, at a relatively low level compared with the past 5 years [24]. 3.5 Comprehensive Analysis - The futures prices of edible oils rebounded after hitting bottom this week. The domestic soybean oil spot market remains in a situation of loose supply and demand, with limited consumption boost from the start of the school term. The inventory of soybean oil in oil mills continues to increase and is at a high level in recent years. The spot price adjusts with the market. The spot price of rapeseed oil has risen slightly. The domestic oil mill operating rate has remained low recently, and the production of rapeseed oil is limited. Coupled with Chinese enterprises' suspension of purchasing Canadian rapeseed, the market has a strong mentality of supporting prices. The commercial inventories of the three major domestic edible oils are at high levels in recent years, and the inventories of soybean oil, rapeseed oil, and palm oil have all increased year - on - year, indicating sufficient supply in the edible oil market. The Sino - US economic and trade relations are still uncertain, and there are still uncertainties in the future supply of soybeans and rapeseeds in China [9][31].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The main contract of natural rubber futures showed a strong and volatile trend last week with a significant overall increase. Looking ahead, the expectation of the Fed's interest rate cut in September has been raised, and the macro - atmosphere remains warm. The supply side has some support, but there is still supply pressure later. The demand side performs well, and the inventory is continuously being depleted. It is expected that the market will maintain a strong and volatile trend in the short term. Key factors to focus on include the Fed's interest rate cut, weather in rubber - producing areas, terminal demand changes, zero - tariff policy progress, and Sino - US tariff changes [8][87]. Summary by Directory Price Analysis Futures Price - Last week, the price of the main contract RU2601 of natural rubber fluctuated between 15,720 - 16,370 yuan/ton, showing a strong and volatile trend with a significant overall increase. As of the close on September 5, 2025, it closed at 16,325 yuan/ton, rising 465 points or 2.93% for the week [16]. Spot Price - As of September 5, 2025, the spot price of Yunnan state - owned whole latex (SCRWF) was 15,150 yuan/ton, up 250 yuan/ton from last week; the spot price of Thai three - smoke sheets (RSS3) was 20,000 yuan/ton, up 100 yuan/ton; the spot price of Vietnamese 3L (SVR3L) was 15,250 yuan/ton, up 350 yuan/ton [20]. - As of September 5, 2025, the arrival price of natural rubber in Qingdao was 2,180 US dollars/ton, down 20 US dollars/ton from last week [23]. Basis and Spread - Using the spot quotation of Shanghai Yunnan state - owned whole latex (SCRWF) as the spot reference price and the futures price of the main contract of natural rubber as the futures reference price, the basis expanded slightly last week. As of September 5, 2025, the basis was maintained at - 1,175 yuan/ton, an increase of 215 yuan/ton from last week [27]. - As of September 5, 2025, both the domestic and foreign prices of natural rubber increased significantly compared with last week [30]. Important Market Information - US economic data: The US August non - farm payrolls increased by only 22,000, far less than the expected 75,000. The June non - farm payrolls were revised down from an increase of 27,000 to a decrease of 13,000. The August unemployment rate rose to 4.3%. The probability of the Fed maintaining the interest rate unchanged in September is 0, the probability of a 25 - basis - point cut is 88.2%, and the probability of a 50 - basis - point cut is 11.7%. The August ISM manufacturing index rose slightly but was still below the boom - bust line, and the ISM services PMI index showed the fastest expansion in six months [31]. - Eurozone and China economic data: The Eurozone's August manufacturing PMI reached a three - year high and expanded for the first time since mid - 2022. China's August official manufacturing PMI, non - manufacturing PMI, and composite PMI all increased slightly month - on - month. The real estate market had a decline in land market volume and price in August. The sales of TOP100 real estate enterprises from January to August decreased by 13.3% year - on - year [34]. - Rubber - related data: From January to July 2025, China's cumulative imports of natural rubber increased by 35.01% year - on - year, and the cumulative imports of mixed rubber increased by 12.47%. The cumulative imports of natural and mixed rubber increased by 21.92%. In July, China's rubber tire outer tire production decreased by 7.3% year - on - year, and from January to July, it increased by 0.7% year - on - year [36]. Supply - side Situation - As of July 31, 2025, the production in Vietnam's main rubber - producing area increased significantly from the previous month, while the production in Indonesia and Thailand increased slightly. The production in China, Malaysia, and India decreased slightly. The total production of major rubber - producing countries in July 2025 was 927,000 tons, an increase of 91,600 tons or 10.96% from the previous month [38]. - As of July 31, 2025, China's monthly synthetic rubber production was 737,000 tons, a year - on - year increase of 8.2%, and the cumulative production was 5.12 million tons, a year - on - year increase of 11.1%. The import volume of new pneumatic rubber tires in China was 10,400 tons, a month - on - month increase of 10.64% [43][47][51]. Demand - side Situation - As of September 4, 2025, the operating rate of semi - steel tire enterprises was 67.47%, down 5.3% from last week, and the operating rate of all - steel tire enterprises was 59.78%, down 4.06% from last week [54]. - As of July 31, 2025, China's monthly automobile production was 2.5911 million vehicles, a year - on - year increase of 13.3% and a month - on - month decrease of 7.27%. The monthly sales were 2.5934 million vehicles, a year - on - year increase of 14.66% and a month - on - month decrease of 10.71%. The monthly sales of heavy - duty trucks were 84,885 vehicles, a year - on - year increase of 45.62% and a month - on - month decrease of 13.26%. The monthly production of tire outer tires was 94.364 million pieces, a year - on - year decrease of 7.3%. The export volume of new pneumatic rubber tires was 66.65 million pieces, a month - on - month increase of 10.51% [58][61][67][70][74]. Inventory - side Situation - As of September 5, 2025, the natural rubber futures inventory on the Shanghai Futures Exchange was 162,230 tons, a decrease of 16,410 tons from last week. As of August 31, 2025, China's natural rubber social inventory was 1.265 million tons, a month - on - month decrease of 6,000 tons or 0.5%. The total inventory of dark - colored rubber in China decreased by 0.09% month - on - month, and the total inventory of light - colored rubber decreased by 1.1% month - on - month. The total inventory of natural rubber in Qingdao was 602,200 tons, a month - on - month decrease of 4,000 tons or 0.6% [84]. Fundamental Analysis - Supply: Currently in the peak supply season of global natural rubber, recent weather in Southeast Asian and domestic producing areas has restricted rubber tapping, supporting raw material prices. In July 2025, China's natural rubber imports increased by 2.47% month - on - month and decreased by 1.91% year - on - year. From January to July, the cumulative import volume increased by 21.82% year - on - year, with a lower growth rate than in previous years [85]. - Demand: Last week, the operating rates of tire enterprises decreased significantly. All - steel tire enterprises had normal shipments and low inventory levels. Semi - steel tire exports to the EU slowed down. In July, China's automobile production and sales increased year - on - year, and the heavy - duty truck market had a year - on - year increase in sales. The monthly production of tire outer tires decreased year - on - year, but the cumulative production from January to July increased slightly. The tire export volume in July increased year - on - year and month - on - month, and the cumulative export from January to July also increased year - on - year [86]. - Inventory: Last week, the inventory on the Shanghai Futures Exchange decreased significantly, and China's natural rubber social inventory and Qingdao's total inventory decreased slightly month - on - month [86]. 后市展望 - Similar to the core view, the market is expected to be strong and volatile in the short term, and attention should be paid to multiple factors [87]. 观点及操作策略 - This week's view: It is expected that the main contract of natural rubber futures will maintain a strong and volatile trend in the short term. - Operation strategy: For single - side trading, consider buying on dips; for arbitrage and options, temporarily wait and see [10][88].

1. Report Industry Investment Rating No relevant content available. 2. Core Viewpoint of the Report The soda ash market is expected to continue its oscillating bottoming pattern. Despite short - term boosts from supply contraction and inventory reduction, the key lies in whether the demand side can improve continuously. If the downstream glass market remains sluggish, the rebound space of soda ash prices will be limited. The market currently shows a pattern of weak supply and demand, with the core contradiction being the game between high supply, high inventory, and weak demand. In the short - term, it is expected to continue the oscillating pattern. Attention should be paid to inventory reduction persistence, downstream demand recovery, and potential production cuts due to industry losses. Operation suggestions include looking for short - term oversold rebound opportunities in single - side trading, considering the 01 - 05 reverse arbitrage strategy, and using a bear spread strategy for option hedging [9][40]. 3. Summary by Related Catalogs 3.1行情复盘 Last week, the price of the main soda ash contract SA2601 fluctuated narrowly between 1255 - 1311 yuan/ton. As of September 5, 2025, the main contract rose 6 yuan/ton, a weekly increase of 0.46%, closing at 1302 yuan/ton [6]. 3.2基本面分析 - **Supply**: As of September 4, 2025, the weekly domestic soda ash output was 751,700 tons, a month - on - month increase of 32,700 tons (4.55%). The comprehensive capacity utilization rate was 86.22%, a month - on - month increase of 3.75% [7]. - **Inventory**: As of September 4, 2025, the total inventory of domestic soda ash manufacturers was 1.8221 million tons, a month - on - month increase of 2,800 tons (0.15%). Light soda ash inventory was 750,200 tons (a month - on - month increase of 7,000 tons), and heavy soda ash inventory was 1.0719 million tons (a month - on - month decrease of 4,200 tons) [8]. 3.3纯碱供需情况 - **Output and Capacity Analysis**: As of September 4, 2025, the weekly domestic soda ash output was 751,700 tons, a month - on - month increase of 32,700 tons (4.55%). Light soda ash output was 340,500 tons (a month - on - month increase of 4,700 tons), and heavy soda ash output was 411,200 tons (a month - on - month increase of 28,000 tons). The comprehensive capacity utilization rate was 86.22%, a month - on - month increase of 3.75%. Among them, the ammonia - soda process capacity utilization rate was 88.40% (a month - on - month increase of 2.33%), and the combined - soda process capacity utilization rate was 79.36% (a month - on - month decrease of 5.01%). The overall capacity utilization rate of 15 enterprises with an annual capacity of over one million tons was 87.47%, a month - on - month increase of 6.72% [10][12]. - **Inventory Analysis**: As of September 4, 2025, the total inventory of domestic soda ash manufacturers was 1.8221 million tons, a month - on - month increase of 2,800 tons (0.15%). Light soda ash inventory was 750,200 tons (a month - on - month increase of 7,000 tons), and heavy soda ash inventory was 1.0719 million tons (a month - on - month decrease of 4,200 tons) [14]. - **Shipment Analysis**: This week, the shipment volume of Chinese soda ash enterprises was 797,100 tons, a month - on - month increase of 4.56%. The overall shipment rate was 106.04%, a month - on - month increase of 0.02 percentage points. Some enterprises had good shipments, leading to a decline in inventory [17]. - **Profit Analysis**: As of September 4, 2025, the theoretical profit of the ammonia - soda process was - 37.20 yuan/ton, a month - on - month decrease of 37.10 yuan/ton. The theoretical profit of the combined - soda process (double - ton) was - 48 yuan/ton, a month - on - month decrease of 28 yuan/ton [20][24]. 3.4下游产业情况 - **Float Glass Industry**: As of September 4, 2025, the daily output of national float glass was 159,600 tons, the same as on the 28th. The weekly output from August 29 to September 4 was 1.117 million tons, the same as the previous week and a year - on - year decrease of 4.95%. The total inventory of national float glass sample enterprises was 63.05 million heavy boxes, a month - on - month increase of 484,000 heavy boxes (0.77%) and a year - on - year decrease of 11.77%. The inventory days were 26.9 days, an increase of 0.2 days from the previous period [28][31]. 3.5现货市场情况 The prices of various products in different regions showed different trends. For example, the price of 5500 - calorie thermal coal decreased by 10 yuan/ton (1.42%); the price of well - mine salt in Northeast China decreased by 50 yuan/ton (3.57%); the price of light soda ash in North China decreased by 50 yuan/ton (3.7%); the price of float glass increased by 5 yuan/ton (0.43%); the price of 2.0 photovoltaic glass increased by 2 yuan/square meter (18.18%); etc. [37][39]. 3.6综合分析 The soda ash market last week showed a pattern of weak supply and demand, with prices oscillating. The supply - side pressure reappeared, and production and capacity utilization increased. The total inventory of producers decreased slightly but was still at a high level, especially the light soda ash inventory continued to accumulate. The demand was weak, with downstream industries purchasing on a just - in - time basis. The profit situation worsened, and both the ammonia - soda process and the combined - soda process were in deep losses. In the short - term, the market is expected to continue oscillating. Operation suggestions include short - term single - side trading, 01 - 05 reverse arbitrage, and using a bear spread strategy for option hedging [40].

研究报告 螺纹周报 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 行情回顾：上周螺纹 2601 合约下跌 1.01%。 报告日期：2025 年 9 月 8 日星期一 基本面：据中钢协数据，8 月下旬，重点统计钢铁企业共生 产粗钢 2141 万吨，平均日产 194.7 万吨，日产环比下降 8.0%； 生铁 2010 万吨，平均日产 182.7 万吨，日产环比下降 5.1%；钢 材 2352 万吨，平均日产 213.8 万吨，日产环比增长 4.4%。Mysteel 调研 247 家钢厂高炉开工率 80.4%，环比减少 2.8%，同比增加 2.77%；钢厂盈利率 61.04%，环比减少 2.60%，同比增加 56.71%； 日均铁水产量 228.84 万吨，环比减少 11.29 万吨，同比增加 6.23 万吨。 后市展望：上周五市场反内卷传言，刺激黑色大福反弹， 短期钢价下方空间逐渐有限，"金九银十"需求或有所修复， 钢价或有反弹可能。 操作建议： 单边：建议关注 3100 元/吨支撑轻仓试多 套利：观望 投资咨询业务资格： 证监许可【2012】1087 号 黑色板块研究员：魏云 期货 ...

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Copper prices may mainly show a volatile and slightly stronger market, with small price fluctuations and limited arbitrage opportunities. It is recommended to mainly wait and see for option contracts [4][34]. 3. Summary by Relevant Catalogs 3.1 Market Review - In August, the price of the main contract of Shanghai copper futures showed a volatile and slightly stronger trend, ranging from 77,950 yuan/ton to 79,840 yuan/ton. The price trend of the LME copper futures contract was similar to that of the main contract of Shanghai copper futures, with an operating range of about 9,575 - 9,914 US dollars/ton [7]. 3.2 Macroeconomic Environment - **Fed Rate Cut Imminent**: Fed Governor Waller supports a 25 - basis - point rate cut at the next monetary policy meeting on September 16 - 17, 2025, and expects further rate cuts in the next three to six months. As of August 29, the probability of a 25 - basis - point rate cut in September is 86.2%, and the probability of keeping the interest rate unchanged is 13.8% [2][12][33]. - **Narrowed Decline in Profits of Industrial Enterprises above Designated Size**: From January to July, the total profit of industrial enterprises above designated size was 4,020.35 billion yuan, a year - on - year decrease of 1.7%, with the decline narrowing. Profits in different industries showed different trends [14]. 3.3 Supply Side - **Decrease in Refined Copper Production Month - on - Month**: As of July 2025, the monthly refined copper production was 1.27 million tons, a decrease of 32,000 tons from the previous month and a year - on - year increase of 14%. As of August 22, 2025, the refining fee of Chinese copper smelters was - 4.14 cents/pound, and the smelting fee was - 41.32 US dollars/kiloton [16]. - **Reduction in the Price Difference between Refined and Scrap Copper**: As of August 29, 2025, the price of refined copper in Shanghai Wumaom was 79,355 yuan/ton, the price of scrap copper in Foshan, Guangdong was 72,850 yuan/ton, and the price difference was - 780 yuan/ton [21]. 3.4 Demand Side - **Month - on - Month Decline in Copper Product Output**: As of July 2025, the monthly output of copper products was 2.1694 million tons, a year - on - year increase of 8.3%. As of July 2025, the cumulative monthly investment in power grid construction was 331.5 billion yuan, a year - on - year increase of 12.5% [24]. 3.5 Inventory Side - **Continuous Inventory Accumulation of COMEX Copper**: As of August 29, 2025, the cathode copper inventory in the Shanghai Futures Exchange was 79,748 tons, a decrease of 1,950 tons from the previous week. As of August 28, 2025, the LME copper inventory was 157,950 tons, an increase of 1,850 tons from the previous trading day, and the proportion of cancelled warrants was 8.26%. The COMEX copper inventory was 275,226 tons, an increase of 1,459 tons from the previous trading day. The inventory in Shanghai Free Trade Zone was 83,300 tons, a decrease of 2,000 tons from the previous week [29]. 3.6 Outlook - **Analysis of Price Trend Factors**: Key factors affecting copper prices include Chinese economic policies, US policies, supply, demand, inventory, etc. Among them, Chinese economic policies, US policies, and supply - side refined copper processing fees have a relatively large impact [32]. - **Market Outlook**: Considering various factors, copper prices may mainly show a volatile and slightly stronger market, with small price fluctuations and limited arbitrage opportunities. It is recommended to mainly wait and see for option contracts [34].