Group 1: Industry Investment Rating - Not provided Group 2: Core Viewpoints - The overall supply - demand pattern of LPG remains loose, and the futures market is at a relatively low level. However, there are some marginal positive factors recently, such as the increase in international freight rates and the improvement in chemical demand. The significant rebound of the overseas market price may drive a marginal improvement in sentiment [1]. - The spot prices in the Yangtze River and South China regions increased slightly, while those in other regions remained stable. Some downstream buyers replenished their stocks at low prices, resulting in improved trading and a favorable market atmosphere [1]. - The overseas supply is high, and the domestic commercial volume decreased slightly, with the overall supply remaining abundant. The demand for combustion is weak in the summer heat, and downstream buyers make rigid - demand purchases. Meanwhile, the chemical demand has improved marginally, with the PDH operating rate reaching a high level this year, but the power for further strengthening is limited [1]. - The unilateral strategy is to expect a volatile market. One can pay attention to short - term rebound opportunities at low levels of PG, but the upside space is limited. There are no specific strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 3: Summary by Related Catalogs Market Analysis - On August 20, the regional prices were as follows: Shandong market, 4420 - 4500 yuan/ton; Northeast market, 3950 - 4100 yuan/ton; North China market, 4280 - 4480 yuan/ton; East China market, 4280 - 4480 yuan/ton; Yangtze River market, 4480 - 4730 yuan/ton; Northwest market, 4200 - 4300 yuan/ton; South China market, 4478 - 4580 yuan/ton [1]. - In the second half of September 2025, the CIF prices of frozen propane and butane in East China were 578 dollars/ton (up 10 dollars/ton) and 558 dollars/ton (up 13 dollars/ton) respectively, equivalent to 4542 yuan/ton (up 80 yuan/ton) and 4385 yuan/ton (up 104 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 570 dollars/ton (up 10 dollars/ton) and 550 dollars/ton (up 13 dollars/ton) respectively, equivalent to 4479 yuan/ton (up 80 yuan/ton) and 4322 yuan/ton (up 103 yuan/ton) in RMB [1]. Strategy - Unilateral: Volatile. Pay attention to short - term rebound opportunities at low levels of PG, but the space is limited [2]. - Inter - period: None [2]. - Inter - variety: None [2]. - Spot - futures: None [2]. - Options: None [2].

1. Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] 2. Core View of the Report - The lead market currently shows a pattern of weak supply and demand, with no obvious manifestation of peak - season demand in the battery sector. Due to the relatively strong performance of the non - ferrous metals sector under the influence of macro factors, the lead price is expected to fluctuate between 16,350 and 17,050 yuan/ton [3] 3. Summary by Related Catalogs 3.1 Spot Market - On August 20, 2025, the LME lead spot premium was -$41.80/ton. The SMM1 lead ingot spot price decreased by 75 yuan/ton to 16,600 yuan/ton compared to the previous trading day. Lead prices in different regions such as Shanghai, Guangdong, Henan, and Tianjin also showed varying degrees of decline. The lead scrap price difference remained unchanged at 25 yuan/ton, while waste battery prices decreased [1] 3.2 Futures Market - On August 20, 2025, the opening price of the main SHFE lead contract was 16,825 yuan/ton, and the closing price was 16,725 yuan/ton, a decrease of 100 yuan/ton compared to the previous trading day. The trading volume was 38,671 lots, an increase of 11,416 lots, and the position was 46,776 lots, a decrease of 1,336 lots. The night - session closing price increased by 0.33% compared to the afternoon closing price. After the decline in lead prices, downstream enterprises were hesitant to purchase due to fear of price drops, resulting in light overall spot trading [2] 3.3 Inventory - On August 20, 2025, the total SMM lead ingot inventory was 71,000 tons, a decrease of 70 tons compared to the same period last week. As of August 20, the LME lead inventory was 281,100 tons, a decrease of 1,850 tons compared to the previous trading day [2]

Report Summary 1. Investment Rating - Unilateral: Cautiously bearish [5] - Arbitrage: Neutral [5] 2. Core View - The spot market trading is difficult to be active, with traders holding prices and downstream remaining pessimistic. The cost of imported TC is rising, and smelters have sufficient raw material inventory. The industry's smelting profit remains above 1,000 yuan/ton, and the supply pressure persists. Consumption is showing signs of transitioning from the off - season to the peak season, but there is still an expectation of inventory build - up in China. Zinc prices may be under pressure if the peak - season consumption expectation fails, and may show a relatively weak trend [4]. 3. Key Data Summary Spot Market - LME zinc spot premium is -$10.26 per ton. SMM Shanghai zinc spot price is 22,170 yuan/ton, down 30 yuan/ton from the previous trading day, with a premium of - 35 yuan/ton. SMM Guangdong zinc spot price is 22,120 yuan/ton, down 50 yuan/ton, with a premium of - 65 yuan/ton. Tianjin zinc spot price is 22,150 yuan/ton, down 30 yuan/ton, with a premium of - 55 yuan/ton [1] Futures Market - On August 20, 2025, the main SHFE zinc contract opened at 22,215 yuan/ton, closed at 22,265 yuan/ton, up 20 yuan/ton. The trading volume was 111,901 lots, and the open interest was 110,994 lots. The highest price was 22,275 yuan/ton, and the lowest was 22,155 yuan/ton [2] Inventory - As of August 20, 2025, the total inventory of SMM's seven - region zinc ingots was 135,400 tons, a change of 6,300 tons from the previous period. The LME zinc inventory was 71,250 tons, a change of - 950 tons from the previous trading day [3]

Group 1: Nickel Variety Market Analysis - On August 20, 2025, the main contract 2510 of Shanghai Nickel opened at 120,330 yuan/ton and closed at 119,930 yuan/ton, a change of -0.48% from the previous trading day's close, with a trading volume of 63,676 lots and an open interest of 50,856 lots [1] - The main contract of Shanghai Nickel switched to the 2510 contract. The night session opened flat at 120,430 yuan/ton, fluctuating between 120,200 - 121,080 yuan/ton. Affected by weak new - energy demand and stainless - steel inventory pressure, it failed to break through the key resistance level of 121,000 yuan/ton. The night session closed down 0.33% at 120,450 yuan/ton, with a trading volume of 63,118 lots, about 15% less than the previous day. The day session briefly rose to 120,940 yuan/ton but then fell to an intraday low of 119,620 yuan/ton due to increased domestic inventory and the continued decline of LME nickel. The final closing price dropped to 120,060 yuan/ton, a decline of 0.46%, with a trading volume of 77,982 lots, about 23% more than the night session. LME nickel fell 0.73% and 0.60% on August 19 and 20 respectively, reaching a two - week low of 15,060 US dollars/ton [2] - The nickel ore market is mainly in a wait - and - see attitude, and the nickel ore price is stable. In the Philippines, the FOB price of 1.3% nickel ore resources in September is mostly 32 US dollars. The downstream nickel - iron market is stabilizing, but iron plants are still in losses and are not willing to accept high - priced nickel ore. In Indonesia, the second - phase nickel ore domestic trade benchmark price in August decreased slightly by 0.03 - 0.04 US dollars; the current mainstream premium is +24, with a premium range of +23 - 25. Some Indonesian iron plants expect the premium in the second phase of August to decline [3] - In July 2025, China's refined nickel imports were 38,164 tons, a 124% increase from the previous month and a 703% increase from the same period last year. Among them, the imports of other unwrought non - alloy nickel were 35,506 tons, accounting for 93% of the refined nickel imports. Jinchuan Group's sales price in the Shanghai market was 122,200 yuan/ton, a 600 - yuan increase from the previous trading day. The spot trading of refined nickel was fair. The spot premiums of various brands of refined nickel were stable, with a slight increase in the spot premiums of Jinchuan and Russian nickel [3] Strategy - In the short term, nickel prices will be weak, with large inventory pressure and a significant increase in imports. In the medium term, the pattern of oversupply is difficult to reverse, and the upside space is limited. The strategy is mainly range - bound operation for the single - side trading, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [4] Group 2: Stainless Steel Variety Market Analysis - On August 19, 2025, the main contract 2510 of stainless steel opened at 12,925 yuan/ton and closed at 12,820 yuan/ton, with a trading volume of 149,736 lots and an open interest of 135,764 lots [5] - The main contract of stainless steel opened at 13,000 yuan/ton in the night session, then quickly dropped to an intraday low of 12,855 yuan/ton due to the decline of LME nickel, and finally closed down 140 yuan at 12,885 yuan/ton, a decline of 1.07%, with a trading volume of 134,000 lots, about 18% more than the previous day. The night session showed the characteristic of short - side active position - increasing, and the net short positions of the top 20 seats increased to 11,449 lots. The day session briefly rebounded to 12,895 yuan/ton but then fell again due to the accumulation of stainless - steel social inventory and the expectation of the release of Indonesian nickel ore quotas. The final closing price dropped to 12,820 yuan/ton, a decline of 0.50%, with a trading volume of 149,700 lots, a five - day high. The stainless - steel futures warehouse receipts on the Shanghai Futures Exchange decreased by 2,215 tons to 44,298 tons, a decline of 4.76% [6] - The spot market trading of stainless steel is increasingly light, mainly concentrated on low - price resources. Affected by the decline of the futures market and the completion of downstream restocking, there is a strong bearish sentiment in the future market. The stainless - steel price in the Wuxi market is 13,050 yuan/ton, and that in the Foshan market is also 13,050 yuan/ton. The premium of 304/2B is 310 - 510 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 927.5 yuan/nickel point [6] Strategy - Currently in the traditional off - season of consumption, with weak demand and no fundamental change in the fundamentals, it is expected that the stainless - steel price will fluctuate weakly in the near future. The strategy is mainly range - bound operation for the single - side trading, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [7]

Report Industry Investment Rating - Investment ratings for RU and NR are neutral, and the rating for BR is also neutral [5][6] Core Viewpoints - For natural rubber, continuous rainfall in Southeast Asian producing areas is expected to keep raw material prices firm, providing cost - side support. However, prices will fall after the rain ends. Current supply pressure is small, but domestic supply is expected to increase at the end of August. Tire开工率 is divided, and attention should be paid to tire factories' stocking willingness before the peak demand season [5] - For BR, the overall supply is expected to increase next week. Tire开工率 is divided, and the weakening of semi - steel tire开工率 has a more obvious impact on BR, resulting in a weak supply - demand pattern. The price of upstream butadiene is expected to remain strong, and the price of surrounding natural rubber also has a certain pulling effect on BR [6] Market News and Data Futures - The closing price of the RU main contract was 15,675 yuan/ton, down 200 yuan/ton from the previous day; the NR main contract was 12,525 yuan/ton, down 165 yuan/ton; the BR main contract was 11,715 yuan/ton, down 125 yuan/ton [1] Spot - The price of Yunnan - produced whole latex in the Shanghai market was 14,750 yuan/ton, down 150 yuan/ton. The price of Thai mixed rubber in Qingdao Free Trade Zone was 14,530 yuan/ton, down 120 yuan/ton. The price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,795 US dollars/ton, down 15 US dollars/ton. The price of Indonesian 20 - grade standard rubber was 1,745 US dollars/ton, down 20 US dollars/ton. The ex - factory price of BR9000 from PetroChina Qilu Petrochemical was 11,900 yuan/ton, unchanged from the previous day. The market price of BR9000 in Zhejiang Transfar was 11,500 yuan/ton, down 250 yuan/ton [1] Market Information Import and Export - In July 2025, China's natural rubber imports were 474,800 tons, a month - on - month increase of 2.47% and a year - on - year decrease of 1.91%. From January to July 2025, the cumulative import volume was 3.6005 million tons, a cumulative year - on - year increase of 21.82% [2] - In the first 7 months of 2025, Cote d'Ivoire's rubber exports totaled 908,487 tons, a 14.3% increase compared to the same period in 2024. In July alone, exports increased by 28.3% year - on - year and 28.5% month - on - month [2] - From January to July 2025, China's rubber tire exports reached 5.63 million tons, a year - on - year increase of 5.4%; the export value was 99.2 billion yuan, a year - on - year increase of 5.4%. The export volume of automobile tires from January to July was 4.8 million tons, a year - on - year increase of 4.9%; the export value was 81.9 billion yuan, a year - on - year increase of 4.9% [2] Sales - In July 2025, the heavy - truck market sold about 83,000 vehicles, including exports and new - energy models, an approximately 42% increase compared to 58,300 vehicles in the same period last year [2] Production and Sales - In July, China's commercial vehicle production and sales were 298,000 and 306,000 vehicles respectively, a year - on - year increase of 16.3% and 14.1%. Affected by seasonal factors, they decreased by 15.8% and 17.1% month - on - month. The industry showed a mild recovery driven by factors such as the recovery of logistics demand, the scrapping of old commercial vehicles, and new - energy purchase subsidies [3] US Tire Imports - In the first half of 2025, the United States imported a total of 143.43 million tires, a year - on - year increase of 6.8%. Passenger car tire imports increased by 3% year - on - year to 84.89 million; truck and bus tire imports increased by 10% year - on - year to 32.32 million; aircraft tire imports decreased by 13% year - on - year to 1，320,000; motorcycle tire imports increased by 22% year - on - year to 1.88 million; bicycle tire imports increased by 5% year - on - year to 3.15 million [3] Market Analysis Natural Rubber Spot and Spreads - On August 20, 2025, the RU basis was - 925 yuan/ton (+50), the spread between the RU main contract and mixed rubber was 1,145 yuan/ton (-80), the import profit of smoked sheet rubber was - 3,098 yuan/ton (+124.98), the NR basis was 288 yuan/ton (+62). The price of whole latex was 14,750 yuan/ton (-150), the price of mixed rubber was 14,530 yuan/ton (-120), the price of 3L spot was 14,850 yuan/ton (-50). The STR20 was quoted at 1,795 US dollars/ton (-15), the spread between whole latex and 3L was - 100 yuan/ton (-100), the spread between mixed rubber and styrene - butadiene rubber was 2,230 yuan/ton (-120) [4] Raw Materials - The price of Thai smoked sheet was 59.60 Thai baht/kg (-1.25), the price of Thai latex was 54.70 Thai baht/kg (unchanged), the price of Thai cup lump was 49.35 Thai baht/kg (-0.45), and the spread between Thai latex and cup lump was 5.35 Thai baht/kg (+0.45) [4] 开工率 - The开工率 of all - steel tires was 62.62% (+2.56%), and the开工率 of semi - steel tires was 69.11% (-0.60%) [4] Inventory - The social inventory of natural rubber was 1,285,363 tons (+7,504), the inventory of natural rubber at Qingdao Port was 616,731 tons (-3,121), the RU futures inventory was 179,930 tons (+3,650), and the NR futures inventory was 46,469 tons (+4,234) [5] BR Spot and Spreads - On August 20, 2025, the BR basis was - 265 yuan/ton (-125), the ex - factory price of butadiene from Sinopec was 9,400 yuan/ton (unchanged), the price of BR9000 from Qilu Petrochemical was 11,900 yuan/ton (unchanged), the price of BR9000 in Zhejiang Transfar was 11,500 yuan/ton (-250), the price of private - owned BR in Shandong was 11,450 yuan/ton (-150), and the import profit of BR in Northeast Asia was - 1,201 yuan/ton (-203) [5] 开工率 - The开工率 of high - cis BR was 64.52% (-3.65%) [5] Inventory - The inventory of BR traders was 7,410 tons (+420), and the inventory of BR enterprises was 23,200 tons (-250) [5]

丙烯日报 | 2025-08-21 韩国石化业去产能预期提振丙烯价格 市场要闻与重要数据 丙烯方面：丙烯主力合约收盘价6446元/吨（+42），丙烯华东现货价6425元/吨（+0），丙烯华北现货价6390元/吨（-20）， 丙烯华东基差-21元/吨（-42），丙烯华北基差-56元/吨（-62）。丙烯开工率75%（+1%），中国丙烯CFR-日本石脑油 CFR201美元/吨（-4），丙烯CFR-1.2丙烷CFR102美元/吨（+1），进口利润-228元/吨（-4），厂内库存36850吨（+2430）。 丙烯下游方面：PP粉开工率38%（+0.84%），生产利润-120元/吨（-10）；环氧丙烷开工率73%（-1%），生产利润-747 元/吨（+33）；正丁醇开工率88%（-1%），生产利润-204元/吨（+32）；辛醇开工率87%（+10%），生产利润527元/ 吨（+14）；丙烯酸开工率75%（-4%），生产利润463元/吨（+50）；丙烯腈开工率72%（-2%），生产利润-510元/吨 （+42）；酚酮开工率77%（+0%），生产利润-751元/吨（+0）。 市场分析 韩国石化业石脑油裂解存去产能预期，宏观情 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Not provided in the content Summary by Relevant Catalogs Option Trading Volume - On August 19, 2025, the trading volume of SSE 50 ETF options was 2.0212 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 2.0951 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.5965 million contracts; the trading volume of Shenzhen 100 ETF options was 0.2026 million contracts; the trading volume of ChiNext ETF options was 2.547 million contracts; the trading volume of SSE 50 index options was 0.0458 million contracts; the trading volume of CSI 300 index options was 0.1544 million contracts; and the total trading volume of CSI 1000 options was 0.2682 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day, such as the call trading volume of SSE 50 ETF options was 0.9748 million contracts, the put trading volume was 0.7808 million contracts, and the total trading volume was 1.7557 million contracts [20] Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.59, with a month - on - month change of +0.19; the open interest PCR was reported at 0.96, with a month - on - month change of - 0.11. Similar data are provided for other types of options [2] - The table presents the turnover PCR, its month - on - month change, open interest PCR, and its month - on - month change for various index ETF options [35] Option VIX - The VIX of SSE 50 ETF options was reported at 20.20%, with a month - on - month change of - 1.44%; the VIX of CSI 300 ETF options (Shanghai market) was reported at 19.91%, with a month - on - month change of - 1.59%. Similar data are provided for other types of options [3] - The table shows the VIX and its month - on - month change value for various index ETF options [48]

1. Report Industry Investment Rating - The investment rating for both the pig and egg sectors is cautiously bearish [3][5] 2. Core Views - For the pig market, future supply - side pressure will persist, and if consumer demand recovers, the supply - side slaughter volume will increase accordingly. From the breeding sow data, the supply is expected to remain high until March next year. The price support lies in the fourth - quarter consumption and secondary fattening, and if the frozen product volume increases significantly, the price may drop to near the cost price [2] - For the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although the egg storage is difficult recently due to weather issues and traders are cautious in purchasing, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows on the spot market [4] 3. Summary by Relevant Catalogs Pig Section Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,900 yuan/ton, a change of +80 yuan/ton from the previous trading day, with a change rate of +0.58% [1] - Spot: In Henan, the price of external ternary live pigs was 13.63 yuan/kg, a change of +0.04 yuan/kg; in Jiangsu, it was 13.82 yuan/kg, a change of +0.07 yuan/kg; in Sichuan, it was 13.44 yuan/kg, with no change. The spot basis for Henan was LH09 - 270, a change of - 40; for Jiangsu, it was LH09 - 80, a change of - 10; for Sichuan, it was LH09 - 460, a change of - 80 [1] - Agricultural product prices: On August 19, the "Agricultural Product Wholesale Price 200 Index" was 115.33, up 0.09 points from the previous day. The "Vegetable Basket" product wholesale price index was 115.70, up 0.11 points. The average wholesale price of pork was 20.21 yuan/kg, unchanged; beef was 64.76 yuan/kg, down 0.2%; mutton was 59.72 yuan/kg, down 0.7%; eggs were 7.73 yuan/kg, up 1.8%; and white - striped chickens were 17.42 yuan/kg, down 0.5% [1] Market Analysis - The future supply - side pressure will continue. Based on the breeding sow data, the supply until next March will remain high. The price support comes from fourth - quarter consumption and secondary fattening, and a significant increase in frozen products may push the price down to near the cost [2] Strategy - Cautiously bearish [3] Egg Section Market News and Important Data - Futures: The closing price of the egg 2509 contract yesterday was 3065 yuan/500 kg, a change of - 48 yuan from the previous trading day, with a change rate of - 1.54% [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin, with no change; in Shandong, it was 3.25 yuan/jin, with no change; in Hebei, it was 2.64 yuan/jin, a change of - 0.05 yuan. The spot basis for Liaoning was JD09 + 175, a change of +48; for Shandong, it was JD09 + 185, a change of +48; for Hebei, it was JD09 - 425, a change of - 2 [3] - Inventory: On August 19, the national production - link inventory was 0.74 days, an increase of 0.09 days from the previous day, with an increase rate of 13.85%. The circulation - link inventory was 1.1 days, an increase of 0.10 days, with an increase rate of 10.00% [3] Market Analysis - It has entered the pre - Mid - Autumn Festival stocking period. Some food companies and schools are stocking up, and tourism and catering consumption are strong. Although the egg storage is difficult due to weather and traders are cautious, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows [4] Strategy - Cautiously bearish [5]

Report Industry Investment Rating - Unilateral: Neutral; no specific ratings for inter - period and cross - variety [3] Core Viewpoints - Propylene prices are expected to fluctuate weakly in the short term due to ample supply, insufficient downstream demand, and weak cost support. However, prices may be supported after late August due to potential supply - side maintenance and downstream demand restocking [3] Summary by Directory 1. Propylene Basis Structure - This section includes charts of the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [7][10][12] 2. Propylene Production Profit and Operating Rate - It involves charts of the difference between China's CFR propylene and Japan's CFR naphtha, propylene capacity utilization rate, PDH production gross profit of propylene, PDH capacity utilization rate of propylene, MTO production gross profit of propylene, methanol - to - olefins capacity utilization rate, naphtha cracking production gross profit of propylene, and the capacity utilization rate of the main crude oil refinery [16][25][27] 3. Propylene Import and Export Profit - This part has charts of the difference between South Korea's FOB and China's CFR, the difference between Japan's CFR and China's CFR, the difference between Southeast Asia's CFR and China's CFR, and propylene import profit [34][38] 4. Propylene Downstream Profit and Operating Rate - It includes charts of the production profit and operating rate of PP powder, the production profit and operating rate of propylene oxide, the production profit and capacity utilization rate of n - butanol, the production profit and capacity utilization rate of octanol, the production profit and capacity utilization rate of acrylic acid, the production profit and capacity utilization rate of acrylonitrile, and the production profit and capacity utilization rate of phenol - acetone [41][43][46] 5. Propylene Inventory - This section contains charts of propylene in - plant inventory and PP powder in - plant inventory [68]

Group 1: Report Core View - Focus on the start - up situation of mid - stream manufacturing industries, including the "anti - involution" progress in the production industry and pension policies in the service industry [1][2] - Provide an overview of the upstream, mid - stream, and downstream industries, including price and start - up rate changes [3] Group 2: Industry Investment Rating - No relevant content provided Group 3: Summary by Directory Production Industry - In the photovoltaic industry, on August 19, multiple departments jointly held a symposium to further standardize the competition order, including strengthening industrial regulation, curbing low - price disorderly competition, and standardizing product quality [1] Service Industry - From January to July 2025, the stamp duty was 255.9 billion yuan, a year - on - year increase of 20.7%. The securities trading stamp duty was 93.6 billion yuan, a year - on - year increase of 62.5%. In July 2025, the securities trading stamp duty was 1.51 billion yuan, a month - on - month increase of 29% and a year - on - year increase of 1.25 times [2] - Starting from September 1, 2025, three new personal pension withdrawal situations are added, related to medical expenses, unemployment insurance benefits, and minimum living security [2] Upstream Industry - In the black industry, glass prices have dropped significantly; in the agricultural industry, egg and palm oil prices have rebounded; in the energy industry, liquefied natural gas prices have dropped [3] Mid - stream Industry - In the chemical industry, the PX start - up rate has increased, while the start - up rates of urea and PTA have slightly decreased; in the energy industry, the coal consumption of power plants has increased; in the agricultural industry, the start - up rate of pig products has increased [3] Downstream Industry - In the real estate industry, the sales of commercial housing in first - and second - tier cities have seasonally declined; in the service industry, the number of domestic flights has remained stable at a high level [3] Key Industry Price Indicators - In the agricultural industry on August 19, the spot price of eggs increased by 5.16% year - on - year, and the spot price of palm oil increased by 4.55% year - on - year; in the non - ferrous metal industry, most metal prices decreased year - on - year; in the black metal industry, most product prices decreased year - on - year; in the energy industry, the price of liquefied natural gas decreased by 3.32% year - on - year [37]