1. Report Industry Investment Rating - Neutral, the oils and fats are expected to show a volatile trend [4] 2. Core View of the Report - The policy benefits for US soybean oil are limited, and the oils and fats market will continue to fluctuate. The market is currently mixed with both long and short factors, including potential changes in Sino - US trade policies and the peak season for palm oil stocking during the Double Festival [1][3] 3. Summary by Related Content Market Analysis - **Futures Prices**: On the previous trading day, the closing price of the palm oil 2601 contract was 9,500 yuan/ton, a decrease of 82 yuan or 0.86% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,456 yuan/ton, a decrease of 32 yuan or 0.38%; the closing price of the rapeseed oil 2601 contract was 9,821 yuan/ton, a decrease of 70 yuan or 0.71% [1] - **Spot Prices**: In the Guangdong region, the spot price of palm oil was 9,440 yuan/ton, a decrease of 110 yuan or 1.15%, with a spot basis of P01 + - 60 yuan, a decrease of 28 yuan compared to the previous period; in the Tianjin region, the spot price of first - grade soybean oil was 8,600 yuan/ton, a decrease of 20 yuan or 0.23%, with a spot basis of Y01 + 144 yuan, an increase of 12 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,940 yuan/ton, a decrease of 70 yuan or 0.70%, with a spot basis of OI01 + 119 yuan, unchanged from the previous period [1] Recent Market News - **Policy News**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude palm kernel oil and refined palm kernel oil from the Sales and Services Tax (SST). These two raw materials currently face a 5% special tax, and the exemption application has been submitted to the Ministry of Finance [2] - **Production Data**: From August 1 - 25, 2025, the yield per unit of Malaysian palm oil decreased by 3.26% compared to the same period last month, the oil extraction rate increased by 0.4%, and the output decreased by 1.21% [2] - **Inventory Data**: As of the end of the 34th week of 2025, the total inventory of imported rapeseed in China was 192,000 tons, a decrease of 45,000 tons from the previous week's 237,000 tons, and far lower than the 477,000 tons in the same period last year [2] - **Import Price Data**: The C&F price of US Gulf soybeans (October shipment) was 475 US dollars/ton, an increase of 4 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (October shipment) was 460 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (October shipment) was 486 US dollars/ton, a decrease of 3 US dollars/ton. The import soybean premium quotes also had corresponding changes [2]

Report Industry Investment Rating - The report does not explicitly provide an overall industry investment rating, but suggests a "sideways to bullish" outlook for the LPG market [1][2] Core Viewpoints - After a prolonged weak market, the LPG market has recently seen marginal positive factors such as rising international freight, improved chemical demand, and oil price rebounds, leading to improved market sentiment. With the main contract switching to 2510 and reduced pressure from warrant cancellations, the market shows a sideways to bullish trend. However, as the supply - demand pattern has not fundamentally reversed, the upward drive and space may be limited, but there is short - term support [1] - For trading strategies, it is recommended to be sideways to bullish, and look for opportunities to go long on the PG main contract on dips, but the expected upside space is limited [2] Summary by Related Content Market Analysis - On August 26, regional prices were as follows: Shandong market 4500 - 4630 yuan/ton; Northeast market 3850 - 4130 yuan/ton; North China market 4100 - 4600 yuan/ton; East China market 4350 - 4480 yuan/ton; Yangtze River market 4610 - 4820 yuan/ton; Northwest market 4450 - 4500 yuan/ton; South China market 4550 - 4580 yuan/ton [1] - In the second half of September 2025, the CIF price of frozen propane in East China was 586 dollars/ton, up 5 dollars/ton, and butane was 561 dollars/ton, up 5 dollars/ton. In South China, propane was 578 dollars/ton, up 5 dollars/ton, and butane was 553 dollars/ton, up 7 dollars/ton. The RMB - converted prices also increased [1] - Recently, the LPG market has marginal positive factors and improved market sentiment. The main contract switch has eased warrant cancellation pressure. Spot prices of civil gas were generally stable, with partial increases in North China and Shandong. The market atmosphere is fair, and downstream buyers purchase as needed [1] Strategy - Unilateral trading: Sideways to bullish, look for opportunities to go long on the PG main contract on dips, but the expected space is limited [2] - Inter - period, inter - commodity, spot - futures, and options trading: No specific strategies are provided [2]

Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Core Viewpoints - The supply and demand of lead are currently in a weak state, with no obvious signs of peak - season demand. The concentrate market remains tight even with smelter maintenance plans, and TC prices are continuously falling. There are no significant fundamental factors to boost lead prices, but macro - factors such as rising interest - rate cut expectations are favorable for the non - ferrous sector, limiting the downside of lead prices. It is expected that the lead price will fluctuate between 16,300 yuan/ton and 17,050 yuan/ton. The recommended option strategy is to sell a wide straddle [3] Summary by Related Catalogs Market News and Important Data Spot Market - On August 26, 2025, the LME lead spot premium was - 33.79 dollars/ton. The SMM1 lead ingot spot price increased by 50 yuan/ton to 16,800 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at - 10.00 yuan/ton. The SMM Guangdong lead price increased by 50 yuan/ton to 16,825 yuan/ton, and the SMM Henan lead price also increased by 50 yuan/ton to 16,800 yuan/ton. The SMM Tianjin lead spot premium increased by 50 yuan/ton to 16,800 yuan/ton. The lead refined - scrap price difference remained unchanged at - 50 yuan/ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells remained unchanged at 10,125 yuan/ton, 10,125 yuan/ton, and 10,450 yuan/ton respectively [1] Futures Market - On August 26, 2025, the main Shanghai lead futures contract opened at 16,865 yuan/ton and closed at 16,930 yuan/ton, up 85 yuan/ton from the previous trading day. The trading volume was 45,181 lots, an increase of 3,979 lots from the previous day, and the open interest was 50,846 lots, an increase of 22,871 lots. The intraday price fluctuated, with a high of 16,970 yuan/ton and a low of 16,860 yuan/ton. In the night session, the main contract opened at 16,920 yuan/ton and closed at 16,890 yuan/ton, down 0.15% from the afternoon close [1] Regional Quotes - According to SMM, the SMM1 lead price rose by 50 yuan/ton compared to the previous day. In Henan, suppliers quoted at a discount of 20 - 0 yuan/ton to the SMM1 lead average price or a discount of 120 - 80 yuan/ton to the SHFE 2510 lead contract. In Hunan, branded lead smelters quoted at a discount of 30 - 0 yuan/ton to the SMM1 lead price, with one smelter quoting at a premium of 50 yuan/ton but no transactions. Some suppliers quoted at a discount of 180 yuan/ton to the SHFE 2510 lead contract and made transactions. In Guangdong, suppliers' premium quotes were further lowered to par with the SMM1 lead price. In Yunnan, non - branded lead smelters quoted at a discount of 200 - 170 yuan/ton to the SMM1 lead price [2] Inventory - On August 26, 2025, the SMM lead ingot inventory was 6.8 million tons, a decrease of 0.16 million tons from the previous week. As of August 26, the LME lead inventory was 271,550 tons, a decrease of 1,500 tons from the previous trading day [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The steel price continues to fluctuate after the macro - sentiment fades, and the glass and soda ash markets fluctuate due to repeated market sentiment. The double - silicon market sentiment cools down, and ferroalloy futures decline slightly [1][3] - For glass, the supply - demand contradiction is large, and it needs low prices and low profits to reduce supply. For soda ash, the supply - demand imbalance will intensify, and it needs to limit capacity release through losses [1] - Both the silicon manganese and silicon iron industries have obvious over - supply, and need to limit production through losses. Their prices are expected to fluctuate with the sector [3] Market Analysis Glass and Soda Ash - **Glass**: The glass futures oscillated weakly yesterday, with the main 2601 contract down 1.76%. Spot trading sentiment is average. Supply is stable in production and sales, but factory inventories are growing. The supply - demand contradiction is large, and short - term premium suppresses prices. Later, attention should be paid to the performance of peak - season demand [1] - **Soda Ash**: The soda ash futures declined yesterday, with the main 2601 contract down 1.8%. Spot prices were adjusted downwards, and downstream buyers purchase at low prices. Supply is increasing as summer maintenance nears the end. Consumption is currently stable but is expected to weaken with new capacity coming online. The supply - demand imbalance will intensify, and losses are needed to limit capacity release. Attention should be paid to the impact of "anti - involution" policies on the photovoltaic sector [1] Double - Silicon - **Silicon Manganese**: The silicon manganese futures declined yesterday. The main contract closed at 5862 yuan/ton, down 36 yuan/ton from the previous day. The spot market oscillated. Production and sales increased month - on - month, and inventories decreased. The cost increased slightly due to a small increase in manganese ore prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to manganese ore cost support, inventory, and ore shipments [3] - **Silicon Iron**: The silicon iron futures declined slightly yesterday. The main contract closed at 5656 yuan/ton, down 24 yuan/ton from the previous day. The spot market sentiment was average, and prices were slightly adjusted. Production and sales increased, and factory inventories decreased, but absolute inventories are still high, suppressing prices. The industry has obvious over - supply, and losses are needed to limit production. Prices are expected to follow the sector, and attention should be paid to steel mill production restrictions, cost support, and industrial policies [3] Strategies - **Glass**: Oscillate weakly [2] - **Soda Ash**: Oscillate weakly [2] - **Silicon Manganese**: Oscillate [4] - **Silicon Iron**: Oscillate [4]

Group 1: Report Industry Investment Ratings - Investment rating for the粕类 market: Neutral [3] - Investment rating for the corn market: Cautiously bearish [5] Group 2: Core Views of the Report - The current fundamentals of soybeans have no significant changes. The growth of US soybeans this year is good, and the domestic soybean meal inventory continues to increase with sufficient supply. Attention should be paid to the growth of new - season US soybeans and Sino - US trade negotiations [2] - For the corn market, the supply in the domestic market is becoming more abundant, while the demand is weak, and the price has limited upward momentum. Attention should be paid to the new - season corn production and Sino - US trade negotiations [2][4] Group 3: Summary by Relevant Catalogs 1. 粕类 Market Market News and Important Data - Futures: The closing price of the soybean meal 2509 contract was 3081 yuan/ton, down 36 yuan/ton (-1.15%) from the previous day; the rapeseed meal 2509 contract was 2526 yuan/ton, down 21 yuan/ton (-0.82%) [1] - Spot: In Tianjin, the soybean meal spot price was 3070 yuan/ton, down 30 yuan/ton; in Jiangsu, it was 2990 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2940 yuan/ton, down 20 yuan/ton. In Fujian, the rapeseed meal spot price was 2620 yuan/ton, up 10 yuan/ton [1] - US export inspection: As of the week ending August 21, the US soybean export inspection volume was 38.28 tons. Since the 2024/25 season, the US soybean export inspection volume has been 4927.99 tons, a year - on - year increase of 11.5%, reaching 96.6% of the annual export target [1] Market Analysis - The current fundamentals of soybeans have no significant changes. The growth of US soybeans this year is good, consistent with the historical high yield of 53.6 bushels per acre in the USDA report. The domestic soybean meal inventory continues to increase, and the supply is relatively loose. The future soybean arrivals in China are still high, and the soybean meal inventory may further increase. Attention should be paid to Sino - US trade negotiations [2] Strategy - Neutral [3] 2. Corn Market Market News and Important Data - Futures: The closing price of the corn 2509 contract was 2158 yuan/ton, up 4 yuan/ton (+0.19%); the corn starch 2509 contract was 2475 yuan/ton, down 6 yuan/ton (-0.24%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged from the previous day; in Jilin, the corn starch spot price was 2700 yuan/ton, unchanged from the previous day [3] - US export inspection: As of the week ending August 21, the US corn export inspection volume was 130.53 tons, a year - on - year increase of 39%. Since the 2024/25 season, the US corn export inspection volume has been 6552.59 tons, a year - on - year increase of 28.2%, reaching 91.5% of the USDA target. The US corn good - to - excellent rate was 71%, unchanged from the previous week [3] Market Analysis - Domestically, the trade inventory of corn in the Northeast is decreasing, and traders are actively selling. The autumn corn in Hubei is about to be listed, and a small amount of spring corn in the Huaihe River area has been listed, so the supply is becoming more abundant. The operating rate of deep - processing enterprises has slightly decreased, and the inventory has continued to decline. Feed enterprises maintain a rigid demand for corn and mainly use inventory. The price has limited upward momentum, and the overall demand is weak. Attention should be paid to the listing of new grain [4] Strategy - Cautiously bearish [5]

Report Summary 1. Report Industry Investment Rating - Short - term: Oil prices will fluctuate within a range; Medium - term: Bearish allocation [3] 2. Core View - Due to the disruption of refinery operations caused by Ukrainian drone attacks, Russia has increased its August crude oil export plan from western ports by 200,000 barrels per day, but it's uncertain whether the increased supply can be exported, especially under the background of the US imposing secondary tariffs on India [2] 3. Summary by Related Content Market News and Important Data - On the New York Mercantile Exchange, the October - delivery light crude oil futures price dropped by $1.55 to $63.25 per barrel, a decline of 2.39%; the October - delivery London Brent crude oil futures price fell by $1.58 to $67.22 per barrel, a decline of 2.30%. The SC crude oil main contract closed down 2.19% at 487 yuan per barrel [1] - Russia has extended the broader gasoline export restrictions until September 30. Gasoline producers are prohibited from exporting gasoline until the end of next month, and non - producers until the end of October, mainly affecting maritime supplies. This is due to refinery attacks and increased demand, especially in the agricultural sector [1] - Due to refinery disruptions from drone attacks, Russia has increased its August western port crude oil export plan by 200,000 barrels per day, but export arrangements are uncertain due to continuous attacks and changing maintenance plans [1] - Iran's crude oil exports in August declined. The average daily export volume so far this month is about 1.5 million barrels, down from 1.7 million barrels from March to May [1] Investment Logic - The increased supply from Russia may not be successfully exported as the motivation for sellers to purchase Russian oil is limited without further discounts under the US tariff policy [2] Strategy - Short - term: Oil prices will oscillate within a range; Medium - term: Bearish allocation [3]

Report Industry Investment Rating Not provided in the given content Core Viewpoints of the Report - The market saw PX prices rise significantly in the morning due to news of Zhejiang Petrochemical's potential maintenance, but prices dropped in the afternoon as the maintenance time was not confirmed and the Hengli Huizhou PTA plant, which had stopped last week, might resume earlier [1]. - The cost - end is affected by Powell's dovish stance and the Fed's increasing interest - rate cut expectations, with the macro - sentiment boosted. The fundamentals fluctuate around the prospects of the Russia - Ukraine geopolitical conflict after the US - Russia meeting, showing an overall range - bound movement [2]. - In the PX sector, the PXN was $267/ton (a month - on - month decrease of $3.50/ton). With the recent recovery of China's PX load and increased PTA maintenance, the PX balance sheet has shifted from de - stocking to a loose balance, and the floating price of near - month PX has weakened. However, PX remains in a low - inventory state, and there is support below the PXN [2]. - For TA, the spot basis of the main contract was - 11 yuan/ton (a month - on - month decrease of 33 yuan/ton), the PTA spot processing fee was 205 yuan/ton (a month - on - month increase of 4 yuan/ton), and the processing fee on the main - contract disk was 359 yuan/ton (a month - on - month decrease of 18 yuan/ton). With increased PTA maintenance, the supply - demand situation has improved, and the September PTA balance sheet has shifted from a loose balance to significant de - stocking. Hengli's reduction of September contracts may cause supply - demand tension in the South China region [2]. - In terms of demand, the polyester operating rate was 90.0% (a month - on - month increase of 0.6%), showing signs of recovery. The inventory of filament factories has significantly decreased, and profitability has gradually improved. The load of bottle - grade polyester chips is expected to recover in September [3]. - For PF, the spot production profit was 41 yuan/ton (a month - on - month decrease of 13 yuan/ton), and the average load of direct - spinning polyester staple fibers has increased to 91.9%. The overall supply - demand situation has improved, but the willingness to chase up raw - material prices is insufficient [3]. - For PR, the spot processing fee of bottle - grade polyester chips was 261 yuan/ton (a month - on - month decrease of 22 yuan/ton). The fundamentals have changed little, and the load is expected to remain stable in the short term. The spot processing fee is expected to recover [3]. - In terms of strategies, a cautious and slightly bullish stance is recommended for PX/PTA/PF/PR. For cross - variety trading, consider going long on PF processing fees at a low price. There is no recommendation for cross - period trading [4]. Summary by Directory 1. Price and Basis - The report presents charts on the TA main - contract price, basis, and inter - period spread, as well as the PX main - contract price, basis, and inter - period spread, and the PTA East China spot basis and short - fiber basis [9][11][13] 2. Upstream Profits and Spreads - Charts show the PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][22] 3. International Spreads and Import - Export Profits - Charts cover the toluene US - Asia spread, toluene South Korean FOB - Japanese naphtha CFR spread, and PTA export profit [27][29] 4. Upstream PX and PTA Operation Rates - The report provides information on the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia [30][33][37] 5. Social Inventory and Warehouse Receipts - Charts display the weekly social inventory of PTA, monthly social inventory of PX, total PTA warehouse receipts + forecast volume, PTA warehouse - receipt inventory, PX warehouse - receipt inventory, and PF warehouse - receipt inventory [39][42][43] 6. Downstream Polyester Load - Information includes filament sales, short - fiber sales, polyester load, direct - spinning filament load, polyester staple - fiber load, polyester bottle - grade chip load, filament factory inventory days, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [51][53][62] 7. Detailed PF Data - Charts show the polyester staple - fiber load, polyester staple - fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple - fiber load, original - recycled spread, pure - polyester yarn operating rate, pure - polyester yarn production profit, polyester - cotton yarn operating rate, polyester - cotton yarn processing fee, pure - polyester yarn factory in - house inventory available days, and polyester - cotton yarn factory in - house inventory available days [73][76][83] 8. Detailed PR Fundamental Data - Information covers the polyester bottle - grade chip load, bottle - grade chip factory inventory days, bottle - grade chip spot processing fee, bottle - grade chip export processing fee, bottle - grade chip export profit, East China water - bottle - grade chip - recycled 3A - grade white bottle - grade chip spread, bottle - grade chip next - month spread, and bottle - grade chip next - next - month spread [94][96][103]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The price of Maersk's quotes continued to decline in the second week of September, and attention should be paid to whether other shipping companies will follow suit [1] - The freight rate of the October contract is mainly short - allocated, and the freight rate center continues to decline. The freight rate in October is usually 20% - 30% lower than that in August. Attention should be paid to the price - following situation of other shipping companies after Maersk's freight rate drops to $1900/FEU [5] - The seasonality of the December contract still exists, but the risk lies in the bottom of this round of freight rate decline. If ships from the US line are transferred to the European line in the fourth quarter, it may put pressure on European line prices [6][7] - The main contract is expected to fluctuate weakly. For arbitrage, it is advisable to go short on the October contract [9] 3. Summary by Relevant Catalog 3.1 Futures Prices - As of August 26, 2025, the total open interest of all container shipping index European line futures contracts was 79,739 lots, and the daily trading volume was 34,224 lots. The closing prices of EC2604, EC2606, EC2508, EC2510, EC2512, and EC2602 contracts were $1273.10, $1416.60, $1627.90, $1318.90, $1643.90, and $1469.30 respectively [8] 3.2 Spot Prices - On August 15, 2025, the SCFI (Shanghai - Europe) was $1668/TEU, SCFI (Shanghai - US West) was $1644/FEU, and SCFI (Shanghai - US East) was $2613/FEU. On August 18, the SCFIS (Shanghai - Europe) was 1990.20 points, and SCFIS (Shanghai - US West) was 1041.38 points. The final settlement price of the August contract was 2135.28 points [4][8] 3.3 Container Ship Capacity Supply - In August 2025, the remaining one - week capacity from China to European base ports was 308,400 TEU. The weekly average capacity in September was 310,600 TEU, and that in October was 282,300 TEU. The capacity in September will increase, and the blank sailings of the PA alliance in September have been filled. HPL has announced two additional ships for October [4] - As of August 22, 2025, 177 container ships with a total capacity of 1.432 million TEU have been delivered in 2025. Among them, 57 ships with a capacity of 12,000 - 16,999 TEU (total 859,000 TEU) and 8 ships with a capacity of over 17,000 TEU (total 176,880 TEU) have been delivered [9] 3.4 Supply Chain - Not provided in the given content 3.5 Demand and European Economy - Not provided in the given content

Report Industry Investment Rating - The report suggests going long on industrial products on dips in commodities and stock index futures [3] Core Viewpoints - In July, the global economic data showed resilience. China's official manufacturing PMI in July dropped to 49.3, while the non - manufacturing sector remained in expansion. China's exports in July increased by 7.2% year - on - year in dollar terms, higher than expected. The money supply in financial data exceeded expectations, but financing and loan data were still weak. Investment data faced significant pressure. China's single - month electricity consumption in July exceeded 1 trillion kilowatt - hours for the first time [1] - Powell's attitude has turned dovish, clearing the way for the Fed to cut interest rates in September, making the path of rising overseas inflation smoother. Trump's "intervention in the Fed" plan is in progress, and commodity prices remain highly volatile. Current tariffs are in a "stagnant" stage, dragging down commodities highly affected by external demand [1][2] - The domestic supply - side is most sensitive to the black and new energy metal sectors. The energy and non - ferrous sectors benefit significantly from overseas inflation expectations. The fundamentals of the black sector are still dragged down by downstream demand expectations, and the non - ferrous sector's supply constraints have not been alleviated. The "anti - involution" space of some chemical products and the short - term performance of agricultural products driven by tariffs and inflation expectations are worthy of attention [2] Summary by Directory Market Analysis - Global economic data in July showed resilience. In China, the official manufacturing PMI dropped, exports increased, money supply exceeded expectations, but investment data faced pressure. China's single - month electricity consumption in July exceeded 1 trillion kilowatt - hours. The government emphasized measures to stabilize the real estate market, expand consumption, and invest. The total domestic ETF scale exceeded 5 trillion yuan on August 26. In the US, July's non - farm data was below expectations, but the August PMI improved [1] Policy and Tariff Information - On July 31, the White House issued an executive order to reset "reciprocal tariff" rates for some countries. On August 19, the US added 407 product categories to the steel and aluminum tariff list. Trump plans to announce semiconductor tariffs and impose about 200% tariffs on Chinese rare - earth magnets. On August 25, the US announced a 50% tariff on Indian goods starting from August 27 [2] Commodity Sector Analysis - The black and new energy metal sectors are most sensitive to the domestic supply - side. The energy and non - ferrous sectors benefit from overseas inflation expectations. The black sector's fundamentals are dragged down by downstream demand, and the non - ferrous sector's supply constraints persist. The "anti - involution" of the photovoltaic and chemical industries is worthy of attention. Agricultural products are driven by short - term tariffs and inflation expectations but need fundamental signals [2] Strategies - Go long on industrial products on dips in commodities and stock index futures [3] Important News - On August 26, it was reported that China's single - month electricity consumption in July exceeded 1 trillion kilowatt - hours, the total domestic ETF scale exceeded 5 trillion yuan, and the market showed a volatile and differentiated trend. Trump's tariff plans and related responses, as well as the views of the Dallas Fed President on the Fed's asset - liability reduction, were also reported [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the trading and position data of various market sectors on August 26, 2025, including trading volume, position amount, trading - position ratio, and their changes compared to the previous trading day [1][2] 3. Summary According to the Table of Contents 3.1 Plate Liquidity - The report uses multiple charts to show the trading - position ratio, trading volume change rate, position volume, position amount, trading volume, and trading amount of each plate, with data sourced from Flush and Huatai Futures Research Institute [7][8] 3.2 Stock Index Plate - On August 26, 2025, the trading volume of the stock index plate was 751.982 billion yuan, a - 23.09% change from the previous trading day; the position amount was 1335.531 billion yuan, a - 5.60% change; the trading - position ratio was 55.91% [1] - Multiple charts show the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net position ratio trend of each variety in the stock index plate [11][13][15] 3.3 Treasury Bond Plate - The trading volume of the treasury bond plate was 481.821 billion yuan, a - 20.43% change from the previous trading day; the position amount was 781.592 billion yuan, a - 0.62% change; the trading - position ratio was 62.94% [1] - Charts display the price change, trading - position ratio, precipitation fund change, precipitation fund trend, trading amount change, and the top 20 net position ratio trend of each variety in the treasury bond plate [19][20][23] 3.4 Basic Metal and Precious Metal (Metal Plate) - The trading volume of the basic metal plate was 314.477 billion yuan, a - 22.46% change from the previous trading day; the position amount was 498.421 billion yuan, a - 0.92% change; the trading - position ratio was 79.54%. The trading volume of the precious metal plate was 204.622 billion yuan, a - 46.63% change from the previous trading day; the position amount was 432.020 billion yuan, a - 0.22% change; the trading - position ratio was 55.47% [1] - Charts show the price change, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net position ratio trend of each variety in the metal plate [27][30][31] 3.5 Energy and Chemical Plate - The trading volume of the energy and chemical plate was 471.213 billion yuan, a - 10.68% change from the previous trading day; the position amount was 430.996 billion yuan, a + 0.09% change; the trading - position ratio was 88.19% [1] - Charts present the price change, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net position ratio trend of the main varieties in the energy and chemical plate [35][36][38] 3.6 Agricultural Product Plate - The trading volume of the agricultural product plate was 301.314 billion yuan, a - 6.53% change from the previous trading day; the position amount was 574.743 billion yuan, a - 0.32% change; the trading - position ratio was 47.21% [1] - Charts show the price change, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net position ratio trend of the main varieties in the agricultural product plate [44][49][50] 3.7 Black Building Materials Plate - The trading volume of the black building materials plate was 293.865 billion yuan, a - 26.20% change from the previous trading day; the position amount was 374.027 billion yuan, a - 1.26% change; the trading - position ratio was 69.14% [2] - Charts display the price change, trading - position ratio, precipitation fund change amount, precipitation fund trend, trading amount change rate, and the top 20 net position ratio trend of each variety in the black building materials plate [54][57][62]