Report Industry Investment Rating - Not provided in the document Core Viewpoints - Pure benzene port inventory continued a slight decline, the pure benzene basis stabilized, there were maintenance plans for Korean aromatics in August - September, import pressure did not increase further, downstream comprehensive operation rate remained relatively high, demand was at a seasonal high, and inventory removal was driven, but the removal amplitude was expected to be limited [3] - For styrene, port inventory did not continue to decline at the beginning of the week, EB port pick - up volume did not continue to rise, EPS and PS operation rates rebounded, their inventory pressure was relieved, while ABS maintained a state of high inventory and low operation rate [3] Summary by Directory 1. Pure benzene and EB's basis structure, inter - period spread - Analyzed pure benzene's basis, inter - period spread, and styrene's basis and inter - period spread through multiple figures, but no specific analysis content was provided in the text [9][16][20] 2. Pure benzene and styrene production profit, internal - external spread - Multiple figures showed the production profit and internal - external spread of pure benzene and styrene, such as naphtha processing fee, pure benzene FOB Korea - naphtha CFR Japan spread, etc., but no specific analysis content was provided in the text [22][25][34] 3. Pure benzene and styrene inventory, operation rate - Pure benzene port inventory continued to decline slightly, downstream demand was at a seasonal high, driving pure benzene inventory removal, but the removal amplitude was expected to be limited; styrene port inventory did not continue to decline at the beginning of the week, and it was in the inventory rebuilding stage [1][3] 4. Styrene downstream operation and production profit - EPS and PS operation rates rebounded, EPS production profit was 253 yuan/ton (+10 yuan/ton), PS production profit was - 47 yuan/ton (+10 yuan/ton), ABS operation rate remained unchanged, and its production profit was - 68 yuan/ton (-211 yuan/ton) [2] 5. Pure benzene downstream operation and production profit - Caprolactam operation rate was 93.72% (+5.31%), production profit was - 1795 yuan/ton (+5); phenol - acetone operation rate was 77.00% (+0.00%), production profit was - 689 yuan/ton (+0); aniline operation rate was 71.57% (-1.89%), production profit was - 161 yuan/ton (-262); adipic acid operation rate was 61.70% (+7.30%), production profit was - 1386 yuan/ton (+55) [1] Strategies - Unilateral: Wait and see for pure benzene and styrene [4] - Basis and inter - period: Long BZ near - month paper cargo and short BZ2603 futures for positive spread [4] - Cross - variety: Expand the BZN processing fee on dips during the peak season. Wait and see for the EB - BZ spread [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In July, the global economic data still showed resilience, but there were still pressures in domestic monthly economic data. The A-share market was strong on August 18, with the Shanghai Composite Index reaching a near 10-year high, and the Shenzhen Component Index and ChiNext Index breaking through last year's highs. The bond market tumbled, and commodities were divided. Attention should be paid to the impact of "reciprocal tariffs" and the progress of "anti-involution" [1]. - The current tariffs are still in a "stagnant" stage, which will bring certain drag to commodities greatly affected by external demand. After the July interest rate meeting, Powell did not give guidance on a September rate cut, emphasizing the uncertainty of tariffs and inflation [2]. - For commodities, the black and new energy metal sectors are most sensitive to the domestic supply side, the energy and non-ferrous sectors benefit significantly from overseas inflation expectations, and the "anti-involution" space of some chemical products is also worthy of attention. The short - term fluctuation space of agricultural products is relatively limited [3]. - For strategies, it is recommended to allocate more industrial products on dips in commodities and stock index futures [4]. Summary by Directory Market Analysis - In July, China's official manufacturing PMI dropped to 49.3, non - manufacturing remained in expansion, exports increased by 7.2% year - on - year in US dollars, monetary supply exceeded expectations, but financing and loan data were still weak, and investment data had obvious pressure. In the US, the July non - farm payrolls data was below expectations, but the service PMI improved significantly, and the "Great Beauty" bill might support subsequent consumption. On August 18, the A - share market was strong, with the total market turnover exceeding 2.8 trillion yuan, the third - highest in history. Market hotspots focused on AI hardware stocks, brokers, and fintech, while the bond market tumbled and commodities were divided [1]. Tariff Impact - On July 31, the White House re - set "reciprocal tariff" rates. From August 12, 2025, the implementation of a 24% tariff was suspended for 90 days until November 10. On August 15, the Trump administration expanded the scope of a 50% tariff on steel and aluminum imports and might announce a semiconductor tariff of up to 300% within two weeks. Current tariffs are in a "stagnant" stage, dragging down some commodities [2]. Commodity Analysis - The black sector is still dragged down by downstream demand expectations, and the non - ferrous sector's supply constraints have not been alleviated. The medium - term supply of the energy sector is considered to be relatively loose, with OPEC+ accelerating production and increasing production by 548,000 barrels per day in August. The "anti - involution" space of some chemical products is worthy of attention, and the short - term fluctuation of agricultural products is relatively limited. Since the "anti - involution" market started in July, major varieties have retreated to varying degrees [3]. Strategy - For commodities and stock index futures, it is recommended to allocate more industrial products on dips [4]. To - do News - On August 18, the market was strong, with the Shanghai Composite Index reaching a near 10 - year high, over 4000 stocks rising, and the trading volume reaching 2.81 trillion yuan. Trump will meet with Zelensky and European leaders on the 18th. The European Council President emphasized the importance of trans - Atlantic unity, and the EU will introduce the 19th round of sanctions against Russia in early September [5].

Report Industry Investment Rating - The investment rating for both the apple and红枣 industries is neutral [4][8] Core Viewpoints - For the apple industry, due to the low remaining inventory at the origin and the expected new - season output having little change from last year, the apple fundamentals have no prominent contradictions, and the short - term price is expected to remain stable. Attention should be paid to the trading situation of new - season early - maturing apples [4] - For the jujube industry, when the reduction in production cannot be disproven, the futures market may still rise in the short term due to capital sentiment. However, considering the high inventory of old jujubes, attention should be paid to the final production of new jujubes. If the reduction in production is less than expected, the jujube price may return to a weak trend under the pressure of high inventory [8] Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 8230 yuan/ton, a change of +42 yuan/ton or +0.51% from the previous day [1] - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.80 yuan/jin, with no change from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.50 yuan/jin, also with no change from the previous day. The spot basis AP10 - 630 changed by - 42, and the spot basis AP10 + 770 also changed by - 42 [1] Market Analysis - The apple futures price rose yesterday. The in - warehouse trading was slow, and the enthusiasm of merchants was average. The low inventory supported the price. Attention should be paid to the price change after the large - scale listing of Gala apples and the quality of new - season fruits [3] - Last week, it was difficult to organize a large amount of high - quality early - maturing fruits in the western production areas, giving some sales space to inventory fruits. However, due to poor consumption, the overall sales speed was slow. Currently, the inventory is at a low level, supporting the price of inventory fruits. The poor quality of early - maturing fruits with many green - returning phenomena led to average sales of both early - maturing and inventory fruits last week. The price of new - season Fuji is low, and the purchase cost of merchants is low. As the spot price falls, the profit of merchants has declined, and the current profit from purchasing goods is not high [3] - This week, early - maturing varieties such as Gala in northern Shaanxi and Luli and Jinduhong in Shandong production areas are gradually being supplied to the market, which may squeeze the inventory fruits to some extent. It is expected that the de - stocking of inventory fruits will continue to slow down this week. With the supply of early - maturing fruits in Shaanxi increasing, the price of Gala in some production areas may decline this week due to uneven quality [3] Strategy - Maintain a neutral strategy. The short - term price is expected to remain stable, and attention should be paid to the listing and trading situation of new - season early - maturing apples [4] Jujube Market News and Important Data - Futures: The closing price of the jujube 2601 contract yesterday was 11520 yuan/ton, a change of - 25 yuan/ton or - 0.22% from the previous day [5] - Spot: The price of first - grade gray jujubes in Hebei was 9.60 yuan/kg, with no change from the previous day. The spot basis CJ01 - 1920 changed by +25 [5] Market Analysis - The jujube futures price fell yesterday. The temperature in the production area is high, and it is in the fruit expansion period of jujubes. Attention should be paid to the quality of new - season jujubes. The supply of goods in the parking area of the Hebei sales area continues, and the price of sub - standard jujubes has risen. Attention should be continuously paid to whether there are weather anomalies in the production area [7] - In the jujube production area, the fruit - setting situation of the first - crop flowers was reported to be average in some jujube orchards in the early stage. However, the temperature drop and rainfall in early July led to better fruit - setting of the second - and third - crop flowers. In August, there was strong wind in some areas, causing some fruit drop in a small number of jujube orchards in windy areas. Weather changes need to be continuously monitored [7] - In the sales area, the spot price is running strongly, downstream merchants replenish goods as needed, and the trading atmosphere has improved. Since new jujubes entered the critical flowering and fruit - setting period in June, the market has been trading around the expectation of a reduction in new - season production, and the sensitivity to weather anomalies in the production area has increased. Currently, the long - short game has intensified, and there are significant differences in the expectation of the new - season jujube production [7] Strategy - Maintain a neutral strategy. When the reduction in production cannot be disproven, the futures market may still rise in the short term due to capital sentiment. However, due to the high inventory of old jujubes, attention should be paid to the final production of new jujubes. If the reduction in production is less than expected, the jujube price may return to a weak trend under the pressure of high inventory [8]

Group 1: Investment Ratings - The investment strategy for both the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - Future supply - side pressure in the pig market will persist, and if consumption recovers, the supply - side出栏量 will increase synchronously. Supply is expected to remain high until March next year. The support for prices comes from fourth - quarter consumption and secondary fattening, and if frozen products increase significantly, prices may drop to near the cost price [2] - In the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although weather issues make egg storage difficult and traders are cautious in purchasing, overall demand is increasing. Spot prices are expected to fluctuate upward next week, but attention should be paid to the impact of cold - storage egg outflows on the spot market [4] Group 3: Market News and Key Data (Pig) - Futures: The closing price of the live pig 2509 contract yesterday was 13,820 yuan/ton, a change of - 125.00 yuan/ton from the previous trading day, a decrease of 0.90% [1] - Spot: In Henan, the price of external ternary live pigs was 13.59 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 13.75 yuan/kg, a decrease of 0.05 yuan/kg; in Sichuan, it was 13.44 yuan/kg, unchanged from the previous trading day [1] - Agricultural product wholesale prices on August 18: The "Agricultural Product Wholesale Price 200 Index" was 115.24, up 0.36 points from last Friday. The "Vegetable Basket" product wholesale price index was 115.59, up 0.39 points. The average price of pork was 20.20 yuan/kg, up 0.7%; beef was 64.87 yuan/kg, down 0.3%; mutton was 60.17 yuan/kg, up 0.9%; eggs were 7.59 yuan/kg, unchanged;白条鸡 was 17.51 yuan/kg, up 0.7% [1] Group 4: Market News and Key Data (Egg) - Futures: The closing price of the egg 2509 contract yesterday was 3,113 yuan/500 kilograms, a change of - 69.00 yuan from the previous trading day, a decrease of 2.17% [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin, an increase of 0.22; in Shandong, it was 3.25 yuan/jin, an increase of 0.10; in Hebei, it was 2.69 yuan/jin, an increase of 0.07 [3] - On August 18, the national production - link inventory was 0.65 days, a decrease of 0.12 days from the previous trading day, and the circulation - link inventory was 1.00 days, a decrease of 0.05 days [3]

Report Title - 7-month economic progress with real estate investment under pressure - A panorama of China's economic data in July 2025 [1] Report Industry Investment Rating No relevant content provided. Core Views - In the first half of the year, the economy grew steadily. In July, industrial growth continued, with the added value of large-scale industries increasing by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. The PPI decreased by 3.6% year-on-year in July (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline [2]. - Domestic demand still needs improvement, and external uncertainties are increasing. In July, the economy advanced steadily. The "anti-involution" optimized the supply chain and accelerated industrial upgrading. Service consumption supported the overall consumer market. Externally, trade protectionism and geopolitical risks intertwined, and continuous vigilance was needed for the impact of commodity supply chain disruptions and new US tariff policies on the second half of the year [4]. Summary by Directory Macro Events - On August 15, National Bureau of Statistics data showed that in July, the national economy maintained a steady and progressive development trend, with production and demand continuing [6]. Growth: Steady Growth - In July, industrial growth continued. The added value of large-scale industries increased by 5.7% year-on-year and 0.38% month-on-month. From January to July, it increased by 6.3% year-on-year. By category, the mining industry increased by 5.0% year-on-year, manufacturing by 6.2%, and the production and supply of electricity, heat, gas, and water by 3.3%. The added value of the equipment manufacturing industry increased by 8.4% year-on-year, and the high-tech manufacturing industry by 9.3%, 2.7 and 3.6 percentage points faster than the overall large-scale industries respectively [10]. Inflation: Month-on-Month Improvement - In July 2025, the PPI decreased by 3.6% year-on-year (unchanged from the previous month) and 0.2% month-on-month (narrowed by 0.2% compared to the previous month). The purchase price decreased by 4.5% year-on-year and 0.3% month-on-month. From January to July, the PPI decreased by 2.9% cumulatively. The CPI remained flat year-on-year in July (0.1% in June) and increased by 0.4% month-on-month ( -0.1% in June), ending the consecutive month-on-month decline. The core CPI increased by 0.8% year-on-year, with the increase expanding for three consecutive months, reaching a new high since March 2024 [19][39]. Investment: Marginal Slowdown - From January to July 2025, fixed - asset investment increased by 1.6% year-on-year (2.8% previously), and the month-on-month decline continued ( -0.63% in July). The investment growth rate of the secondary industry slowed down to 8.9% (manufacturing investment +6.2%), and the investment in the tertiary industry decreased by 2.3% (more affected by real estate) [53]. Production: Downstream Improvement - In the first half of 2025, the added value of large-scale industries increased by 6.4% year-on-year. The manufacturing industry increased by 7.0%. The downstream demand improved significantly, but the weakness of upstream raw material industries and export pressure were constraints [59]. Consumption: Structural Differentiation - In July 2025, the growth rate of the consumer market slowed down. From January to July, the total retail sales of consumer goods increased by 4.5% year-on-year (5.0% previously). The single - month retail sales in July increased by only 3.7% year-on-year, reaching a new low for the year. Service consumption showed resilience, while the growth of online channels slowed down [69]. Real Estate: Investment Under Pressure - From January to July, the national real estate development investment decreased by 12.0% year-on-year, with the decline expanding by 0.8% compared to January - June. The sales side remained weak, but policy - driven structural optimization accelerated inventory reduction [78].

流动性日报 | 2025-08-18 农产品板块成交3431.90亿元，较上一交易日变动-24.79%；持仓金额6061.13亿元，较上一交易日变动-0.55%；成交 持仓比为53.98%。 黑色建材板块成交3533.73亿元，较上一交易日变动-18.97%；持仓金额3959.96亿元，较上一交易日变动-0.79%；成 交持仓比为80.97%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 市场流动性概况 2025-08-15，股指板块成交7579.91亿元，较上一交易日变动-2.53%；持仓金额12094.83亿元，较上一交易日变动 +0.52%；成交持仓比为63.11%。 国债板块成交4817.31亿元，较上一交易日变动-19.68%；持仓金额8196.46亿元，较上一交易日变动-0.07%；成交持 仓比为60.02%。 基本金属板块成交4259.90亿元，较上一交易日变动+2.72%；持仓金额5126.08亿元，较上一交易日变动+1.21%；成 交持仓比为102.76%。 贵金属板块成交2506.80亿元，较上一交易日变动+13.33%；持仓金额4344.77亿元，较上一交易日 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The report provides a daily overview of the stock index options market, including option trading volume, PCR, and VIX data for various types of options on August 15, 2025 [1][2][3] Summary by Directory Option Trading Volume - On August 15, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 2.2963 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.9952 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 2.1653 million contracts; the trading volume of Shenzhen 100 ETF options was 0.1810 million contracts; the trading volume of ChiNext ETF options was 2.7918 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 0.0640 million contracts; the trading volume of CSI 300 stock index options was 0.2142 million contracts; the total trading volume of CSI 1000 options was 0.3960 million contracts [1] - The table shows the call, put, and total trading volumes of various index ETF options on the same day [20] Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.49, with a month - on - month change of +0.06; the position PCR was reported at 1.07, with a month - on - month change of - 0.10. Similar data is provided for other types of options [2] - The table presents the turnover PCR, month - on - month change, position PCR, and month - on - month change of various index ETF options [36] Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 19.62%, with a month - on - month change of +1.97%. Similar data is provided for other types of options [3] - The table shows the VIX and month - on - month change values of various index ETF options [47]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The report presents a daily overview of the stock index options market, including option trading volume, PCR (Put - Call Ratio), and VIX (Volatility Index) for various types of index options on August 14, 2025 [1][2][3]. 3. Summary by Related Catalogs Option Trading Volume - On August 14, 2025, the trading volumes of different index options were as follows: 127.52 million contracts for SSE 50 ETF options, 109.60 million contracts for SSE CSI 300 ETF options, 128.30 million contracts for SSE CSI 500 ETF options, 12.68 million contracts for Shenzhen 100 ETF options, 309.54 million contracts for ChiNext ETF options, 10.06 million contracts for SSE 50 index options, 21.42 million contracts for CSI 300 index options, and 40.51 million contracts for CSI 1000 index options [1]. Option PCR - The PCR data shows the following: for SSE 50 ETF options, the trading value PCR was 0.43 (a - 0.06 change from the previous period), and the open - interest PCR was 1.16 (+0.12 change). Similar data is provided for other index options, with varying changes in trading value and open - interest PCRs [2][35]. Option VIX - The VIX data indicates that for SSE 50 ETF options, the VIX was 17.65% (+0.07% change from the previous period). Other index options also had their respective VIX values and changes, with some increasing and some decreasing [3][50].

Report Industry Investment Rating - The investment rating for soybeans and peanuts is neutral [3] Core Viewpoints - The soybeans market remains weak. The fundamentals are weak, with poor auction results of state - reserved soybeans and favorable weather for new - season soybean growth in the Northeast, which lacks upward momentum. The upcoming new beans in Hubei will impact the old beans market. The peanut market shows a slight decline, with a weak trading atmosphere, stable supply of old peanuts and slow progress of new peanuts [2][4] Market Analysis - Soybeans Futures and Spot - The closing price of the soybean 2511 contract yesterday was 4041.00 yuan/ton, down 66.00 yuan/ton (-1.61%) from the previous day. The edible soybean spot basis was A11 + 259, up 66 (+32.14%) from the previous day [1] Market Information - Soybean prices in the Northeast remained stable yesterday. For example, the price in Harbin, Shuangyashan, and Jiamusi was 2.15 yuan/jin for certain soybean types. In the Northeast, only 11% of soil monitoring stations in Heilongjiang had soil moisture deficiency, and the previously dry areas had rainfall. In Hubei, mid - maturing soybeans are expected to be listed in bulk this Friday and Saturday [1][2] Market Analysis - Peanuts Futures and Spot - The closing price of the peanut 2510 contract yesterday was 7884.00 yuan/ton, down 104.00 yuan/ton (-1.30%) from the previous day. The average peanut spot price was 8400.00 yuan/ton, with no change. The spot basis was PK10 + 316.00, up 104.00 (+49.06%) [3] Market Information - The domestic peanut market declined slightly yesterday, with the average price of common peanuts at 4.20 yuan/jin. The trading of old peanuts was general, and new peanuts were sporadically listed in some areas [3] Strategies - The strategy for both soybeans and peanuts is neutral [3]

Report Industry Investment Rating - The rating for unilateral trading is neutral; for inter - delivery spread, it is recommended to conduct reverse arbitrage on UR01 - 05 when the spread is high; there is no recommendation for inter - commodity trading [3] Core Viewpoints - The market trading atmosphere continues to weaken, and spot prices are stable with a slight decline. Agricultural demand has entered the off - season, and industrial demand is weak. Although the output of urea is at a high level and the upstream inventory is still relatively high year - on - year, the supply - demand situation of urea will remain relatively loose in the future. The profit of coal - based urea production is acceptable, but the cost support is weak. Urea exports are ongoing, and port inventories are fluctuating slightly. Continued attention should be paid to export dynamics [2] Summary by Directory 1. Urea Basis Structure - The report includes information on the market prices of small - sized urea in Shandong and Henan, the basis of Shandong and Henan main - continuous contracts, the price of the urea main - continuous contract, and the spreads between different contract months (1 - 5, 5 - 9, 9 - 1) [7][8][12][21] 2. Urea Production - It presents the weekly urea production and the loss of urea plant maintenance [21] 3. Urea Production Profit and Operating Rate - The report shows the production cost, spot production profit, coal - based and gas - based capacity utilization rates, and the national capacity utilization rate [21][24][29] 4. Urea Off - shore Prices and Export Profits - It includes the FOB prices of small - sized urea in the Baltic Sea, the CFR price of large - sized urea in Southeast Asia, the FOB and CFR prices of small - and large - sized urea in China, and the urea export profit and the profit of export on the futures market [26][28][32][35][38] 5. Urea Downstream Operating Rate and Orders - The operating rates of compound fertilizer and melamine, and the number of days of pre - received orders are presented [48][43] 6. Urea Inventory and Warehouse Receipts - It shows the upstream in - plant inventory, port inventory, the number of days of raw material inventory of downstream urea manufacturers in Hebei, futures warehouse receipts, the position and trading volume of the main contract [46][49][50] Market Data - **Price and Basis**: On August 14, 2025, the closing price of the urea main contract was 1,726 yuan/ton (unchanged); the ex - factory price of small - sized urea in Henan was 1,740 yuan/ton (unchanged); in Shandong, it was 1,720 yuan/ton (down 10 yuan/ton); in Jiangsu, it was 1,730 yuan/ton (unchanged). The price of small - sized anthracite was 750 yuan/ton (unchanged). The basis in Shandong was - 6 yuan/ton (down 10 yuan/ton), in Henan it was 14 yuan/ton (unchanged), and in Jiangsu it was 4 yuan/ton (unchanged). The production profit of urea was 190 yuan/ton (down 10 yuan/ton), and the export profit was 1,374 yuan/ton (down 2 yuan/ton) [1] - **Supply Side**: As of August 14, 2025, the enterprise capacity utilization rate was 83.21% (up 0.08 percentage points). The total inventory of sample enterprises was 95.74 million tons (up 6.98 million tons), and the inventory of port samples was 46.40 million tons (down 1.90 million tons) [1] - **Demand Side**: As of August 14, 2025, the capacity utilization rate of compound fertilizer was 43.48% (up 1.98 percentage points); the capacity utilization rate of melamine was 49.82% (down 11.28 percentage points); the number of days of pre - received orders of urea enterprises was 6.29 days (down 0.24 days) [1]