Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [4] - The investment rating for the corn market is cautiously bearish [6] Core Views - The domestic soybean meal market currently has increasing inventory and relatively loose supply, and the price has declined due to factors such as the expected improvement in Sino - US negotiations and the weakening of Brazilian premiums. Future attention should be paid to Sino - US trade policy negotiations [3] - In the domestic corn market, the supply is expected to increase as new grains in North China and Northeast China are approaching the market, while the demand from deep - processing and feed enterprises is weak. Attention should be paid to the new - season corn production this week [5] Summary by Related Catalogs Market News and Important Data - Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2601 contract was 3054 yuan/ton, a change of - 1 yuan/ton (- 0.03%) from the previous day; the rapeseed meal 2601 contract was 2513 yuan/ton, a change of + 0 yuan/ton (0.00%) [1] - Spot: In Tianjin, the soybean meal spot price was 3080 yuan/ton, up 10 yuan/ton from the previous day; in Jiangsu, it was 2990 yuan/ton, up 10 yuan/ton; in Guangdong, it was 2960 yuan/ton, up 30 yuan/ton. The rapeseed meal spot price in Fujian was 2630 yuan/ton, up 20 yuan/ton [1] - Canadian rapeseed exports in the 2025/26 season slowed down. As of the week of August 24, the export volume was 79,000 tons, compared with 91,000 tons last week and 255,000 tons two weeks ago. The cumulative export volume since the 2025/26 season was 435,000 tons, a year - on - year decrease of 47.6% [2] - The EU Commission's August report predicted that the 2025/26 EU rapeseed production would be 18.84 million tons, higher than last month's forecast and the previous year; the sunflower seed production was 8.77 million tons, a 5.3 - percentage - point reduction from last month's forecast but still higher than the previous year [2] Market News and Important Data - Corn - Futures: The closing price of the corn 2511 contract was 2193 yuan/ton, a change of + 2 yuan/ton (+ 0.09%) from the previous day; the corn starch 2511 contract was 2500 yuan/ton, a change of - 1 yuan/ton (- 0.04%) [4] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2650 yuan/ton, unchanged from the previous day [4] - As of August 27, the 2024/25 Argentine corn harvest progress was 97.2%, with an average national yield of 7.21 tons per hectare, a 7.9 - percentage - point increase from the previous year. The BAGE maintained the Argentine corn production forecast at 49 million tons, a 5% decrease from the previous year due to a reduction in the planting area [4] Market Analysis - Soybean Meal - The domestic soybean meal inventory continues to increase. Although it is lower than the same period last year, the inventory of over 1 million tons makes the current supply relatively loose. The future domestic soybean arrivals are still high, and the soybean meal inventory has room to further increase [3] - Frequent market news, positive expectations for Sino - US negotiations, and the weakening of Brazilian premiums have led to a decline in import costs and domestic soybean meal prices. Future attention should be paid to Sino - US trade policy negotiations [3] Market Analysis - Corn - Supply: The new grains in North China and Northeast China are approaching the market, and the market supply is expected to increase. Currently, the remaining grains in the hands of traders are tight [5] - Demand: The inventory and operating rate of deep - processing enterprises are seasonally declining, mainly dealing with existing contracts. The inventory of feed enterprises continues to decline, and they mainly purchase corn out of rigid demand, waiting for the new grains. Wheat substitution is more common [5] Strategy - For soybean meal, the strategy is neutral [4] - For corn, the strategy is cautiously bearish [6]

1. Report Industry Investment Ratings - Cotton: Neutral to bullish [3] - Sugar: Neutral [6] - Pulp: Neutral [9] 2. Core Views of the Report - Cotton: Short - term domestic cotton supply is tightening, and with the arrival of the peak season and the possibility of a rush to purchase, Zhengzhou cotton may show a bullish trend before the large - scale listing of new flowers. Medium - term, due to strong expectations of a bumper harvest in the new year, the market will face pressure during the centralized listing period. If the peak season fails to meet expectations, there may be a decline [3]. - Sugar: Due to the low inventory of domestic sugar and the sugar mills' willingness to support prices, there is some support for Zhengzhou sugar prices, and the short - term decline space may be limited [6]. - Pulp: The current fundamentals of the pulp market have not improved significantly, and the industry chain lacks positive drivers. Short - term pulp prices are expected to continue to fluctuate at a low level [9]. 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract yesterday was 14,025 yuan/ton, a change of - 215 yuan/ton from the previous day, a decrease of 1.51%. - Spot: The Xinjiang arrival price of 3128B cotton was 15,392 yuan/ton, a change of + 149 yuan/ton from the previous day; the national average price was 15,479 yuan/ton, a change of + 151 yuan/ton from the previous day. - Recent market news: In July, Argentina exported 4,131 tons of cotton, a 17.9% decrease from the previous month and a 75% decrease year - on - year. From August 2024 to July 2025, Argentina's cumulative cotton exports were about 87,000 tons, a 26% decrease year - on - year [1]. Market Analysis - International: India extended the temporary tariff exemption period, which supported US cotton. In August, USDA significantly lowered the global cotton output and ending stocks, changing the supply - demand pattern from loose to tight. However, the output adjustments of some production - increasing countries by USDA may not be in place. The supply - demand expectation of US cotton is expected to improve, but the slow export sales progress restricts the upside space. Short - term ICE US cotton may be difficult to break through the 65 - 70 cents oscillation range. - Domestic: The inventory reduction speed of domestic cotton is continuously fast, and the commercial inventory has dropped to a historical low. Although the sliding - scale tariff quota has been issued, it has not effectively solved the problem of tight cotton use in Xinjiang. The supply - tight pattern at the end of this year remains unchanged. With the arrival of the peak season, demand has improved marginally, providing strong support for domestic cotton prices. The new cotton is growing well, and the expectation of a bumper harvest is increasing. Although the pre - sale of new cotton is hot, there may be a rush to purchase in the early stage due to over - capacity of ginning factories. However, the hedging pressure during the centralized listing of new flowers will limit the upside of cotton prices [2]. Strategy - Neutral to bullish. Before the large - scale listing of new flowers, Zhengzhou cotton may show a bullish trend; in the medium - term, there may be pressure during the centralized listing period [3]. Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract yesterday was 5,609 yuan/ton, a change of + 5 yuan/ton from the previous day, an increase of 0.09%. - Spot: The spot price of sugar in Nanning, Guangxi was 5,910 yuan/ton, a change of - 50 yuan/ton from the previous day; the spot price in Kunming, Yunnan was 5,825 yuan/ton, unchanged from the previous day [3]. Market Analysis - International: Brazil's Conab and other institutions have lowered the sugar production forecast in the central - southern region. Pakistan's purchase of 100,000 tons of sugar has boosted prices. However, Brazil is in the peak crushing season, and the production - increasing expectation in the Northern Hemisphere remains unchanged, so there is limited upside space. - Domestic: The profit of out - of - quota imports has been high for several months, and the import volume in July increased significantly year - on - year. Processed sugar in August - September is expected to impact the domestic spot market, putting pressure on Zhengzhou sugar prices [6]. Strategy - Neutral. Due to low domestic sugar inventory and sugar mills' price - supporting intention, the short - term decline space of Zhengzhou sugar is limited [6]. Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract yesterday was 5,040 yuan/ton, a change of + 22 yuan/ton from the previous day, an increase of 0.44%. - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,750 yuan/ton, unchanged from the previous day; the spot price of Russian softwood pulp (U - needle and B - needle) was 5,090 yuan/ton, unchanged from the previous day [7]. Market Analysis - Supply: There will be more pulp production capacity put into operation in the second half of the year in China, and the import volume of wood pulp is expected to decline. However, due to the slow inventory reduction at ports and high inventory levels, the supply pressure of pulp remains, and the supply of hardwood pulp is looser than that of softwood pulp. - Demand: The pulp consumption in Europe and the United States is weak, and the inventory pressure of global pulp mills is emerging. In China, affected by the traditional off - season, demand is weak, the inventory pressure of finished paper is rising, and paper mills are cautious in raw material procurement. Although there are plans to put into operation a large amount of finished paper production capacity this year, the terminal demand is insufficient, and the improvement of terminal demand in the second half of the year is limited [8]. Strategy - Neutral. The current fundamentals of the pulp market have not improved, and short - term pulp prices are expected to fluctuate at a low level [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints No relevant content provided. Summary by Directory Option Trading Volume - On August 29, 2025, the trading volume of SSE 50 ETF options was 1592,500 contracts; CSI 300 ETF options (Shanghai) was 1,772,800 contracts; CSI 500 ETF options (Shanghai) was 2,381,200 contracts; Shenzhen 100 ETF options was 134,200 contracts; ChiNext ETF options was 2,746,900 contracts; SSE 50 index options was 73,400 contracts; CSI 300 index options was 203,300 contracts; and CSI 1000 options was 330,600 contracts [1]. - The detailed breakdown of call, put, and total trading volumes for various index ETF options on a recent day is as follows: SSE 50 ETF options had call volume of 980,500 contracts, put volume of 650,300 contracts, and total volume of 1,630,800 contracts; CSI 300 ETF options (Shanghai) had call volume of 968,900 contracts, put volume of 785,800 contracts, and total volume of 1,754,800 contracts; CSI 500 ETF options (Shanghai) had call volume of 1,005,800 contracts, put volume of 974,500 contracts, and total volume of 1,980,300 contracts; Shenzhen 100 ETF options had call volume of 84,400 contracts, put volume of 62,400 contracts, and total volume of 146,800 contracts; ChiNext ETF options had call volume of 1,681,500 contracts, put volume of 1,065,300 contracts, and total volume of 2,746,900 contracts; SSE 50 index options had call volume of 19,700 contracts, put volume of 63,300 contracts, and total volume of 73,400 contracts; CSI 300 index options had call volume of 139,000 contracts, put volume of 69,000 contracts, and total volume of 208,000 contracts; and CSI 1000 index options had call volume of 187,100 contracts, put volume of 143,500 contracts, and total volume of 330,600 contracts [19]. Option PCR - The turnover PCR and position PCR, along with their环比 changes, for different options are as follows: SSE 50 ETF options had a turnover PCR of 0.38 (环比 change -0.19) and a position PCR of 0.98 (环比 change +0.05); CSI 300 ETF options (Shanghai) had a turnover PCR of 0.35 (环比 change -0.15) and a position PCR of 1.26 (环比 change +0.05); CSI 500 ETF options (Shanghai) had a turnover PCR of 0.53 (环比 change -0.14) and a position PCR of 1.31 (环比 change +0.03); Shenzhen 100 ETF options had a turnover PCR of 0.35 (环比 change -0.01) and a position PCR of 1.12 (环比 change +0.07); ChiNext ETF options had a turnover PCR of 0.30 (环比 change -0.16) and a position PCR of 1.35 (环比 change +0.07); SSE 50 index options had a turnover PCR of 0.18 (环比 change -0.05) and a position PCR of 0.64 (环比 change +0.04); CSI 300 index options had a turnover PCR of 0.24 (环比 change -0.14) and a position PCR of 0.85 (环比 change +0.06); and CSI 1000 index options had a turnover PCR of 0.54 (环比 change -0.19) and a position PCR of 1.12 (环比 change +0.02) [2][29]. Option VIX - The VIX and its环比 changes for different options are as follows: SSE 50 ETF options had a VIX of 24.32% (环比 change +0.11%); CSI 300 ETF options (Shanghai) had a VIX of 23.52% (环比 change -0.43%); CSI 500 ETF options (Shanghai) had a VIX of 27.95% (环比 change -0.32%); Shenzhen 100 ETF options had a VIX of 30.68% (环比 change +0.89%); ChiNext ETF options had a VIX of 37.23% (环比 change -0.16%); SSE 50 index options had a VIX of 23.71% (环比 change -0.83%); CSI 300 index options had a VIX of 24.16% (环比 change -0.53%); and CSI 1000 index options had a VIX of 28.06% (环比 change -0.25%) [3][43].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The upstream energy prices have a slight correction, and sectors such as steel and building materials are relatively weak. The steel market is in a bottoming - out stage with slow demand recovery and supply pressure. Although the cost side has strong support, factors like increased social inventory and cautious terminal procurement restrict steel price rebounds [1]. - The mid - stream high - tech manufacturing industry continues to improve. In Jiangxi, the high - tech manufacturing industry shows strong momentum, with the sales of the new energy and equipment manufacturing industrial chains increasing by 20.9% and 17.3% year - on - year in the first half of the year. The manufacturing industry is accelerating its transformation and upgrading towards high - end, intelligent, and green directions driven by policy support and technological innovation [1]. - Downstream consumption sees local governments and enterprises jointly issuing large - scale consumption subsidy vouchers and launching intensive theme promotion activities to seize the traditional consumption peak season of "Golden September and Silver October". For example, Chongqing launched the "2025 Autumn Consumption Season" on September 1st, planning to invest over 1.7 billion yuan in promotion funds and carry out more than 500 consumption promotion activities. Guangdong will issue 20 million yuan in cultural and tourism consumption vouchers on September 12th [1]. 3. Summary According to the Directory 3.1. Mid - level Overview - Upstream: Energy prices slightly correct, and steel and building materials are weak. The steel market is in a difficult situation with slow demand recovery and supply pressure [1]. - Mid - stream: High - tech manufacturing in Jiangxi shows strong growth, and the overall manufacturing industry is upgrading [1]. - Downstream: Local governments and enterprises promote consumption through subsidy vouchers and promotion activities [1]. 3.2. Industry Overview 3.2.1. Production Industry - Not detailed in the text other than the mid - stream high - tech manufacturing situation mentioned above 3.2.2. Service Industry - Not detailed in the text 3.3. Industry Pricing - PE (TTM) and PB values, as well as their trends and quantiles, are provided for various industries such as agriculture, mining, manufacturing, and construction. For example, the PE (TTM) of the computer, communication and other electronic equipment manufacturing industry is 53.6, with a quantile of 100%, and the PB is 4.78, with a quantile of 98% [32]. - Industry credit spreads are presented for different industries, including their values at different time points (last year, one quarter ago, one month ago, last week, this week) and quantiles. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry this week is 50.46, with a quantile of 2.90% [33]. 3.4. Sub - industry Tracking 3.4.1. Generalized Agriculture - Palm oil and corn prices continue to decline, while cotton prices continue to rise. Apple and cotton inventories decline cyclically [2]. 3.4.2. Chemical Industry - The PTA price goes up, and the urea inventory goes up [4]. 3.4.3. Non - ferrous Industry - The zinc price slightly declines, and the lead price goes up. The inventories of lead and copper decline cyclically [3]. 3.4.4. Ferrous Industry - All commodity prices in the ferrous industry slightly decline, and the inventories of coking coal and coke decline [3]. 3.4.5. Infrastructure Industry - The concrete price rebounds, and the cement price remains stable [5]. 3.4.6. Logistics and Transportation - Railway and road freight increase, while waterway freight volume decreases [7]. 3.4.7. Automobile Manufacturing - Not detailed in the text 3.4.8. Real Estate Industry - In key monitored cities this period, the sales of commercial housing in Chongqing, Nanchang, Qingdao, Jinan, and Zhengzhou decline significantly compared to the previous period [6].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The report provides a detailed overview of the market liquidity situation on August 29, 2025, including trading volume, holding amount, and trading - holding ratio of various sectors such as stock index, treasury bond, basic metal, precious metal, energy chemical, agricultural product, and black building material sectors [1][2] Group 3: Summaries by Directory 1. Plate Liquidity - Data sources for various plate - related charts are from Flush and Huatai Futures Research Institute [7][8] 2. Stock Index Plate - On August 29, 2025, the trading volume was 1052.647 billion yuan, a - 8.48% change from the previous trading day; the holding amount was 1395.568 billion yuan, a - 1.15% change; the trading - holding ratio was 75.05% [1] 3. Treasury Bond Plate - On August 29, 2025, the trading volume was 404.607 billion yuan, a - 25.10% change from the previous trading day; the holding amount was 679.998 billion yuan, a + 2.09% change; the trading - holding ratio was 60.04% [1] 4. Basic Metal and Precious Metal (Metal Plate) - On August 29, 2025, the basic metal trading volume was 355.938 billion yuan, a - 3.42% change from the previous trading day; the holding amount was 500.382 billion yuan, a + 1.87% change; the trading - holding ratio was 79.71%. The precious metal trading volume was 245.581 billion yuan, a + 5.71% change; the holding amount was 415.906 billion yuan, a + 0.60% change; the trading - holding ratio was 66.91% [1] 5. Energy Chemical Plate - On August 29, 2025, the trading volume was 421.807 billion yuan, a - 3.30% change from the previous trading day; the holding amount was 418.207 billion yuan, a - 0.72% change; the trading - holding ratio was 81.23% [1] 6. Agricultural Product Plate - On August 29, 2025, the trading volume was 335.139 billion yuan, a - 5.08% change from the previous trading day; the holding amount was 555.212 billion yuan, a - 1.55% change; the trading - holding ratio was 53.41% [1] 7. Black Building Material Plate - On August 29, 2025, the trading volume was 304.551 billion yuan, a - 1.69% change from the previous trading day; the holding amount was 370.771 billion yuan, a - 0.28% change; the trading - holding ratio was 78.95% [2]

Report Summary 1. Investment Rating - The report does not provide an overall investment rating for the iron ore industry. The trading strategy suggests a "sideways" outlook for single - commodity trading, and no strategies are proposed for inter - period, inter - commodity, spot - futures, or options trading [3]. 2. Core View - This week, iron ore prices fluctuated. Although iron ore shipments decreased slightly, Australian shipments increased significantly while those from Brazil and non - mainstream regions decreased. Iron ore demand remained high despite a slight decline in molten iron production. However, due to the military parade, blast furnaces have production - restriction plans, which will lead to a decline in demand. Currently, the supply - demand contradiction of iron ore is relatively limited. Future attention should be paid to the impact of floating cargo volume on port arrivals, as well as changes in iron ore shipments and molten iron production [1][2]. 3. Summary by Section Price and Spread - This week, iron ore prices fluctuated. As of Friday's close, the main 2601 contract of iron ore closed at 787.50 yuan/ton, up 17.50 yuan/ton week - on - week. The Mysteel 62% Australian powder forward price index was 102.8 US dollars/ton, up 2.95 US dollars/ton week - on - week, a 2.95% increase. The price of PB powder at Qingdao Port was 779 yuan/ton, up 12 yuan/ton week - on - week [1][5]. Supply - According to the latest data from Mysteel, the global iron ore shipments this period were 33.16 million tons, a week - on - week decrease of 910,000 tons. Australian shipments increased significantly, while those from Brazil and non - mainstream regions decreased. The arrival volume of iron ore at 45 ports this period was 23.93 million tons, a week - on - week decrease of 830,000 tons [1][8]. Demand - A Mysteel survey of 247 steel mills showed that the blast furnace operating rate was 83.2%, a decrease of 0.16 percentage points from last week and an increase of 6.79 percentage points from the same period last year; the blast furnace iron - making capacity utilization rate was 90.02%, a decrease of 0.23 percentage points from last week and an increase of 7.06 percentage points from the same period last year; the steel mill profitability rate was 63.64%, a decrease of 1.30 percentage points from last week and an increase of 59.74 percentage points from the same period last year; the daily average molten iron output was 2.4013 million tons, a decrease of 6,200 tons from last week and an increase of 192,400 tons from the same period last year [1][10][11]. Inventory - According to Mysteel statistics, the total iron ore inventory at 45 ports across the country was 137.6302 million tons, a week - on - week decrease of 821,800 tons; the daily average port clearance volume at 45 ports was 3.1864 million tons, a week - on - week decrease of 710,000 tons [2][13].

Report Industry Investment Rating No relevant content provided. Core Views - The "anti-involution" in the steel industry promotes high-quality development. In early 2025, national policies clearly stated the anti-involution in the steel industry, continuously regulating crude steel production and promoting the reduction and reorganization of the steel industry. Industry associations encourage enterprises to break free from homogeneous low-price competition through technological innovation and product differentiation [3][65]. - The anti-involution sentiment boosts the prices of finished products. The "anti-involution" boosts market sentiment. Coupled with the relatively healthy fundamentals of the black sector, the supply of coking coal decreased in June due to safety and environmental inspections, leading to a significant increase in coking coal prices and driving up the prices of rebar, hot-rolled coils and other varieties in the black sector [3][20][65]. - Enterprises' profits improve, and production remains at a relatively high level. In 2025, steel enterprises had good overall profitability. As of the end of August, the profitability rate of 247 sample steel enterprises remained above 60%, a significant increase compared to the same period last year. The improvement in profits enhanced the production enthusiasm of steel mills, and the daily average output of hot metal remained at a high level [3][65]. - The increase in the supply side leads to a gradual increase in the inventory pressure of finished products. Entering the traditional consumption off-season in July and August, the high profit level drove up the production enthusiasm of steel mills, and the output of hot metal and finished products remained at a high level. Without a significant increase in the consumption side, the increase in output led to inventory accumulation, and the inventory pressure gradually emerged [3][51][66]. Summary by Directory 2025 Steel Market Operation Review - In the first half of 2025, the prices of black varieties in the steel market were generally weak. In the second quarter, tariff frictions escalated, the macro market sentiment weakened further, and the prices of finished products were continuously under pressure. At the same time, due to the relatively loose supply and demand of carbon elements, prices continued to decline, further weakening the cost support for finished products and driving the price center of steel products to move down continuously [13]. - In mid-to-late June, the coking coal market bottomed out and rebounded. Affected by environmental inspections and safety production requirements, the supply of coal mines in the main producing areas declined, and the supply of carbon elements shrank. Driven by the repair of macro market sentiment and increased downstream purchases, coal mine inventories decreased, leading to an increase in coal prices, which in turn drove up the prices of black series products from their lows. In July, boosted by the "anti-involution" sentiment, coking coal prices continued to strengthen, driving up the overall prices of the black series. In mid-to-late August, as the "anti-involution" sentiment weakened, the prices of finished products fluctuated downward [13]. Steel and Upstream and Downstream "Anti-Involution" Sorting - Since early 2025, the state has clearly stated the anti-involution in the steel industry at the policy level, and industry associations have cooperated to organize meetings and establish self-discipline mechanisms. The core idea is to control production through policy guidance and industry self-discipline, promote the reduction and reorganization of the steel industry, and encourage enterprises to break free from homogeneous low-price competition through technological innovation and product differentiation, ultimately promoting the high-quality development of the steel industry [15]. - A series of "anti-involution" actions have been carried out in the steel industry, including the issuance of policies by relevant ministries and commissions and the organization of meetings by industry associations to address issues such as overcapacity and low-price competition [15][17]. Anti-Involution Sentiment Boosts, Finished Product Prices Rise - The "anti-involution" boosts market sentiment. Coupled with the relatively healthy fundamentals of the black sector and the reduction in coking coal supply due to safety and environmental inspections in June, coking coal prices increased significantly, driving up the prices of rebar, hot-rolled coils and other varieties in the black sector [3][20]. - On the one hand, downstream demand has resilience, with manufacturing and infrastructure investment maintaining growth and steel exports remaining resilient. On the other hand, the rebound in the prices of coke and iron ore at the cost end further pushed up the price center of finished products. In July, the average price of rebar in Shanghai increased by 169 yuan/ton compared to June, and the average price of hot-rolled coils increased by 152 yuan/ton [20]. Enterprises' Profits Improve, Production Remains at a Relatively High Level - In recent years, steel mills have shown greater flexibility in production decision-making, adjusting the production rhythm according to the order structure and profit level, and increasing the output of high-value-added steel products. In 2025, steel enterprises had good overall profitability, and the profitability rate of 247 sample steel enterprises remained above 60% as of the end of August, a significant increase compared to the same period last year [32]. - The improvement in profits enhanced the production enthusiasm of steel mills. The daily average output of hot metal remained at a high level, and the weekly output of major finished products such as rebar and hot-rolled coils remained stable. The overall supply did not decline significantly during the off-season, indicating the strong production resilience of steel mills supported by profits [43]. - The daily consumption of scrap steel remained at a high level, highlighting the strong demand for raw materials in steel production. In 2025, due to the increase in profits, the high operation of hot metal and the output of five major steel products, and the continuous growth of scrap steel daily consumption, enterprises' production enthusiasm was high, the market supply was sufficient, and the overall efficiency of the industry improved significantly [45]. Supply Side Increases, Changes in Finished Product Inventory - As steel mills continued to operate at a high level, the supply of steel products increased significantly. Entering the traditional consumption off-season in July and August, the high profit level drove up the production enthusiasm of steel mills, and the output of hot metal and finished products remained at a high level. Although the demand for steel in infrastructure and manufacturing had resilience, the real estate industry continued to adjust, and the overall growth momentum of steel consumption was limited. The rapid recovery on the supply side led to a gradual increase in inventory pressure [51]. - The social and total inventories of rebar both increased, showing an accumulation trend. The social and total inventories of hot-rolled coils also increased simultaneously, and the overall inventory level of the five major steel products continued to rise [51]. Strategy - It is necessary to focus on the actual implementation of the "anti-involution" in the industry. Industries with substantial implementation are worth looking forward to in the long term [6][67].

Report Summary 1. Investment Rating - Unilateral: Neutral [3] 2. Core Views - Yesterday, the closing price of the main EG contract was 4,465 yuan/ton, down 16 yuan/ton or 0.36% from the previous trading day. The spot price of EG in the East China market was 4,525 yuan/ton, down 25 yuan/ton or 0.55%. The spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton, up 5 yuan/ton month-on-month [1]. - On Thursday, the price of ethylene glycol was weakly consolidated, and the market negotiation was average. The weak commodity atmosphere and the planned production cut by large polyester bottle chip manufacturers suppressed market sentiment [1]. - The production profit of ethylene-based EG was -$48/ton, down $2/ton month-on-month, and the production profit of coal-based syngas EG was -18 yuan/ton, up 1 yuan/ton month-on-month [1]. - According to CCF data, the inventory of MEG at the main ports in East China was 500,000 tons, down 47,000 tons month-on-month; according to Longzhong data, it was 413,000 tons, down 85,000 tons month-on-month. As of August 28, the total inventory of MEG at the main ports in East China was 413,200 tons, down 26,300 tons from Monday and 84,600 tons from last Thursday [1]. - On the supply side, domestic ethylene glycol production has returned to a high level and is expected to remain stable in the short term. Overseas, the Malaysian plant has restarted, and imports are expected to increase after August. On the demand side, there are signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales stocking. Polyester production is expected to remain stable with a slight increase, reaching a peak in late September. The balance sheet from August to September shows a loose balance with little supply-demand contradiction [2]. 3. Summary by Directory Price and Basis - Yesterday, the closing price of the main EG contract was 4,465 yuan/ton, down 16 yuan/ton or 0.36% from the previous trading day. The spot price of EG in the East China market was 4,525 yuan/ton, down 25 yuan/ton or 0.55%. The spot basis of EG in East China (based on the 2509 contract) was 66 yuan/ton, up 5 yuan/ton month-on-month [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$48/ton, down $2/ton month-on-month, and the production profit of coal-based syngas EG was -18 yuan/ton, up 1 yuan/ton month-on-month [1] International Price Difference - No specific data provided Downstream Production, Sales, and Operating Rate - Current demand shows signs of recovery, with increased foreign trade shipments and the gradual start of domestic sales stocking. Polyester production is expected to remain stable with a slight increase, reaching a peak in late September [2] Inventory Data - According to CCF data, the inventory of MEG at the main ports in East China was 500,000 tons, down 47,000 tons month-on-month; according to Longzhong data, it was 413,000 tons, down 85,000 tons month-on-month. As of August 28, the total inventory of MEG at the main ports in East China was 413,200 tons, down 26,300 tons from Monday and 84,600 tons from last Thursday [1]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None [3] Core Viewpoints - The traditional consumption peak seasons "Golden September and Silver October" are approaching. The demand for PE downstream agricultural films and greenhouse films is gradually starting, and the packaging film industry is stocking up in advance. The plastic products industry is recovering with the seasonal demand growth of home appliances and automobiles. The number of PE parking and maintenance devices has increased, slightly alleviating the supply pressure. However, the overall current operation is still at a relatively high level, with production enterprises accumulating inventory and upstream facing certain de - stocking pressure. The PP operation rate is flat month - on - month, and the inventory in the upstream and mid - stream links has decreased slightly. New PP production capacity is continuously being released. The international oil price shows a weak trend, the oil - based production profit is acceptable, the propane price has increased slightly, and the PDH - based PP profit is near the break - even point [2] Summary by Directory 1. Polyolefin Basis Structure - It includes the trend of plastic futures' main contracts and the basis between LL East China and the main contract, as well as the trend of polypropylene futures' main contracts and the basis between PP East China and the main contract [8][11] 2. Production Profit and Operation Rate - For PE, it involves LL production profit (crude oil - based), PE operation rate, PE weekly output, and PE maintenance loss. For PP, it includes PP production profit (crude oil - based), PP production profit (PDH - based), PP operation rate, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization [19][22][29] 3. Polyolefin Non - Standard Price Difference - It covers the price differences between HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection molding - drawn wire East China [28][35][36] 4. Polyolefin Import and Export Profit - For LL, it includes LL import profit, the price difference between LL US Gulf FOB and China CFR, the price difference between LL Southeast Asia CFR and China CFR, and the price difference between LL Europe FD and China CFR. For PP, it involves PP import profit, PP export profit (to Southeast Asia), and the price differences between PP homopolymer injection molding from different regions and China CFR [43][53][61] 5. Polyolefin Downstream Operation and Downstream Profit - It includes the operation rates of PE downstream agricultural films, packaging films, and winding films, as well as the operation rates and production profits of PP downstream plastic weaving, BOPP, and injection molding [62][63][71] 6. Polyolefin Inventory - It includes the inventories of PE oil - based enterprises, PE coal - chemical enterprises, PE traders, PE ports, PP oil - based enterprises, PP coal - chemical enterprises, PP traders, and PP ports [73][78][83]

Group 1: Steel Report Industry Investment Rating - Not provided Core View - Steel prices are oscillating at the bottom with the resurgence of favorable policies. Building materials face increasing supply and demand, rising inventory, and accumulating industrial contradictions, pressuring steel prices. Plate consumption maintains toughness, with price support, but the off - season pattern remains unchanged. The release of the "Work Plan for Stabilizing Growth in the Iron and Steel Industry" by five departments should be noted [1]. Summary of Relevant Catalog - **Market Analysis**: The rebar futures contract closed at 3,129 yuan/ton, and the hot - rolled coil main contract closed at 3,385 yuan/ton. Spot steel transactions were generally fair, with better low - price transactions and increased purchases. The trading volume of steel on the previous day was 102,700 tons [1]. - **Strategy**: The unilateral strategy is oscillating weakly; there are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 2: Iron Ore Report Industry Investment Rating - Not provided Core View - The iron ore price is oscillating upwards with a slight decline in hot metal production. With the arrival of previously high floating cargoes, iron ore supply has increased. High hot metal production ensures rigid demand, but demand will decline due to the parade. Port inventory has decreased, and the overall inventory continues to fall from a high level. The supply - demand contradiction is relatively limited [3]. Summary of Relevant Catalog - **Market Analysis**: The iron ore futures price strengthened slightly. The main 2601 contract closed at 790.5 yuan/ton, up 1.74%. In the spot market, the prices of mainstream imported iron ore varieties at Tangshan Port trended strongly. Traders were fairly active in quoting, and steel mills mainly made purchases for rigid demand. The average daily hot metal production was 2.4013 million tons, a decrease of 6,200 tons from the previous period. The total inventory of 45 ports was 137.63 million tons, a decrease of 820,000 tons. The total transaction volume of iron ore at major ports across the country was 907,000 tons, down 0.66% from the previous day; the total transaction volume of forward - looking spot was 1.377 million tons (10 transactions), down 13.94% from the previous day (with a mine trading volume of 850,000 tons) [3]. - **Strategy**: The unilateral strategy is oscillating; there are no strategies for inter - period, inter - variety, spot - futures, and options [4]. Group 3: Coking Coal and Coke Report Industry Investment Rating - Not provided Core View - Affected by macro - sentiment, coking coal and coke are oscillating within a range. With the approaching of the parade, the supply of coking coal is tightening, and downstream demand is mainly for rigid procurement. The expectation of a new round of price increases for coke has cooled down, and the supply has shrunk due to environmental protection policies. The demand is cautious. In the short term, they will mainly oscillate, and attention should be paid to the resumption of steel mills, inventory reduction of finished products, and macro - policy adjustments after the parade [6]. Summary of Relevant Catalog - **Market Analysis**: The coking coal and coke futures prices oscillated within a range, with a divergence in trends. The coking coal main contract rose 0.90%, and the coke main contract fell 0.51%. The customs clearance volume of imported coal decreased, and traders were cautious. Downstream markets mainly made rigid purchases, and the overall trading volume was average [5][6]. - **Strategy**: Both coking coal and coke are in an oscillating state; there are no strategies for inter - period, inter - variety, spot - futures, and options [6]. Group 4: Thermal Coal Report Industry Investment Rating - Not provided Core View - The tight supply pattern remains unchanged, and the downward resistance of coal prices has increased. With the approaching of the parade, non - power industries have limited production, and power coal demand has declined from a high level. In the short term, the tight supply situation has not eased, and in the long - term, the pattern of loose coal supply remains unchanged [7]. Summary of Relevant Catalog - **Market Analysis**: In the production area, coal prices declined slightly. Frequent rainfall restricted production and sales, and downstream traders slowed down purchases. At the port, the market was quiet, and coal prices continued to fall. The port is in a de - stocking cycle, and continuous de - stocking will support coal prices. Imported coal was weakly stable, with fewer inquiries and transactions [7]. - **Strategy**: No strategy is provided [8].