1. Report Industry Investment Ratings - Cotton: Neutral [3] - Sugar: Neutral [6] - Pulp: Neutral [9] 2. Core Views of the Report - The cotton market shows a complex situation. Internationally, although the USDA has reduced global cotton production and ending stocks, the supply in the 25/26 season is expected to be relatively loose. Domestically, the cotton price has short - term support but limited upside in the long - term due to factors like new cotton listing and weak demand [2]. - The sugar market is under pressure. Brazilian data is bearish, and in the domestic market, the slowdown in domestic sugar sales and a large amount of imported sugar arriving at ports increase the pressure on Zhengzhou sugar futures [6]. - The pulp market has supply and demand imbalances. There is an oversupply situation in the market with high port inventories, and weak demand both at home and abroad restricts the pulp price increase [8]. 3. Summaries by Related Catalogs Cotton Market News and Key Data - Futures: The closing price of the cotton 2601 contract was 14,155 yuan/ton, up 25 yuan/ton (+0.18%) from the previous day. Spot: The Xinjiang arrival price of 3128B cotton was 15,060 yuan/ton, up 3 yuan/ton, and the national average price was 15,214 yuan/ton, up 26 yuan/ton [1]. - Recent market information shows that ICE futures decline has stimulated some import demand, but most spinning enterprises still make small - order purchases. Yarn prices have a slight increase, but textile mills are not strong in price - holding due to weak downstream demand [1]. Market Analysis - Internationally, the USDA report is bullish, but the supply in the 25/26 season is expected to be loose. The US cotton balance sheet is difficult to improve, and the international cotton price lacks a clear driving force. Domestically, the cotton price has short - term support from low inventory and limited imports, but the new cotton listing in the fourth quarter will suppress the price, and the demand outlook is uncertain [2]. Strategy - Maintain a neutral stance. The cotton price has support below but limited upside in the long - term [3]. Sugar Market News and Key Data - Futures: The closing price of the sugar 2601 contract was 5,659 yuan/ton, up 2 yuan/ton (+0.04%) from the previous day. Spot: The sugar spot price in Nanning, Guangxi was 5,980 yuan/ton, up 10 yuan/ton, and in Kunming, Yunnan was 5,860 yuan/ton, up 5 yuan/ton [4]. - India plans to allow 4 - 5 million tons of sugar to be converted into ethanol production in the 2025/26 season, and the remaining sugar will be considered for export [4]. Market Analysis - The Brazilian data is bearish, and the raw sugar futures are in a bottom - oscillating state. In the domestic market, the slowdown in domestic sugar sales and a large amount of imported sugar arriving at ports increase the pressure on Zhengzhou sugar futures [6]. Strategy - Maintain a neutral stance. In the short - term, Zhengzhou sugar futures are expected to oscillate within a range, and a bearish view is taken in the long - term [6]. Pulp Market News and Key Data - Futures: The closing price of the pulp 2511 contract was 5,318 yuan/ton, up 16 yuan/ton (+0.30%) from the previous day. Spot: The price of Chilean Silver Star softwood pulp in Shandong was 5,860 yuan/ton, up 10 yuan/ton, and the price of Russian softwood pulp was 5,250 yuan/ton, unchanged [6]. - The import wood pulp spot market was mostly stable, with limited changes. The prices of some imported hardwood pulp grades increased, but the downstream follow - up was general [7]. Market Analysis - Supply: The wood pulp import volume increased in the first half of 2025, and domestic production capacity will be put into operation in the second half. However, the high port inventory means that the supply pressure remains. Demand: Both domestic and international demand is weak, and the terminal demand improvement in the second half of the year is limited [8]. Strategy - Maintain a neutral stance. The pulp market fundamentals have no obvious improvement, and the pulp price is difficult to break away from the bottom in the short - term [9].

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Report's Core Views - In the short - term, Shanghai nickel may continue its weak and volatile trend. In the long - term, the oversupply pattern of refined nickel remains unchanged, with continuous release of nickel intermediate product capacity and loosening of mine - end prices, limiting the upside space of nickel prices [3] - In the short - term, stainless steel may also continue its weak and volatile trend. In the long - term, the increase in the domestic trade benchmark price of Indonesian nickel ore and the upward shift of stainless steel cost support may limit the decline, but the global oversupply pattern remains unchanged, making it difficult for stainless steel prices to break through [5] Group 3: Summary by Related Catalogs Nickel Variety Market Analysis - On August 14, 2025, the main contract 2509 of Shanghai nickel opened at 122,700 yuan/ton and closed at 121,200 yuan/ton, down 1.26% from the previous trading day's close. The trading volume was 102,257 lots, and the open interest was 66,437 lots. Night - trading showed limited capital participation and a wait - and - see attitude. Day - trading saw short - position funds actively increasing positions, and market sentiment turned pessimistic [1] - The nickel ore market remained calm, with prices stable. Sea freight slightly increased due to weather and shipping capacity. In the Philippines, mines were reluctant to lower prices. In Indonesia, the August (Phase II) domestic trade benchmark price of nickel ore was expected to drop slightly, and some iron plants were bearish on the premium [2] - Jinchuan Group's sales price in the Shanghai market was 124,700 yuan/ton, down 200 yuan/ton from the previous day. Spot trading of refined nickel improved slightly, with changes in premiums for different types of nickel [2] Strategy - Short - term: Shanghai nickel may continue its weak and volatile trend. Long - term: The oversupply pattern of refined nickel remains unchanged, and the upside space of nickel prices is limited. Unilateral strategy: mainly range - bound operation; no strategies for inter - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety Market Analysis - On August 14, 2025, the main contract 2510 of stainless steel opened at 13,175 yuan/ton and closed at 13,025 yuan/ton. The trading volume was 160,562 lots, and the open interest was 135,237 lots. Night - trading showed limited capital participation and a wait - and - see attitude. Day - trading saw short - position funds actively increasing positions, and market sentiment turned pessimistic [3][4] - After the stainless steel futures price rose earlier in the week, the spot price increased, but downstream acceptance was poor. As the futures price fell, the spot price also dropped due to the pressure of sales [4] Strategy - Short - term: Stainless steel may continue its weak and volatile trend. Long - term: The increase in the domestic trade benchmark price of Indonesian nickel ore and the upward shift of cost support may limit the decline, but the global oversupply pattern remains unchanged, and prices are difficult to break through. Unilateral strategy: neutral; no strategies for inter - period, cross - variety, spot - futures, and options [5]

Report Industry Investment Rating - Absolute price: Neutral [3] - Option strategy: Sell wide straddle [3] Core View of the Report - The lead market shows relatively light trading and the lead price is oscillating weakly. The lead market is in a pattern of weak supply and demand, and the lead price is expected to remain in an oscillating range of 16,300 yuan/ton to 17,150 yuan/ton [1][3] Summary According to Relevant Catalogs Market News and Important Data - **Spot Market**: On August 14, 2025, the LME lead spot premium was -$42.01/ton. The SMM1 lead ingot spot price decreased by 50 yuan/ton to 16,700 yuan/ton compared to the previous trading day. The spot premiums and discounts in different regions also changed. The lead refined scrap price difference remained unchanged at 25 yuan/ton, and the prices of waste batteries remained stable [1] - **Futures Market**: On August 14, 2025, the opening price of the Shanghai lead main contract was 16,880 yuan/ton, and the closing price was 16,770 yuan/ton, a decrease of 160 yuan/ton compared to the previous trading day. The trading volume was 45,616 lots, an increase of 16,679 lots compared to the previous trading day, and the position was 51,370 lots, an increase of 1,946 lots compared to the previous trading day. The night - session closing price decreased by 0.06% compared to the afternoon closing price [1] - **Inventory**: On August 14, 2025, the SMM lead ingot inventory was 72,000 tons, an increase of 1,700 tons compared to the previous week. As of August 14, the LME lead inventory was 261,675 tons, a decrease of 550 tons compared to the previous trading day [2] Strategy - The lead price may remain in an oscillating pattern, and the recommended option strategy is to sell wide straddles [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The steel production and sales are weakening, and the price is oscillating and correcting. The market sentiment of glass and soda ash is declining, and they are oscillating. The consumption of steel is weakening, and the alloy prices are continuously dropping [1][3] - Glass prices are expected to be oscillating weakly, and soda ash prices are also expected to be oscillating weakly. Silicon manganese and silicon iron prices are expected to maintain an oscillating trend [2][5] 3. Summaries by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures market was oscillating weakly. The spot market was mainly for刚需 purchases, and the speculative sentiment weakened. The weekly开工 rate of float glass enterprises was 75.34%, unchanged from the previous week, and the manufacturer inventory was 6.3426 billion heavy boxes, a 2.55% increase from the previous week [1] - Soda Ash: The soda ash futures market was oscillating strongly. The downstream demand was continuously weak, mainly for刚需 restocking. The weekly产能 utilization rate was 87.32%, a 1.91% increase from the previous week; the output was 761,300 tons, a 2.24% increase from the previous week; and the inventory was 1.8938 million tons, a 1.54% increase from the previous week [1] Supply - Demand and Logic - Glass: With the decline of market sentiment, glass returns to its fundamental pricing logic. The supply has not been effectively cleared, the speculative demand has weakened, the supply - demand is still loose, and the spot price has dropped. The increase in registered warehouse receipts has suppressed the price of the 09 contract [1] - Soda Ash: Currently, the soda ash output is continuously increasing with an expected further increase. The consumption may further weaken, and the inventory growth pressure is large. In the short - term, it is easily affected by news, while in the long - term, the supply - demand contradiction will suppress the price [1] Strategy - Glass: Oscillating weakly [2] - Soda Ash: Oscillating weakly [2] Silicon Manganese and Silicon Iron Market Analysis - Silicon Manganese: The steel data showed that steel inventory was continuously increasing and consumption was significantly declining. The silicon manganese futures market was oscillating downward. The spot market was in a wait - and - see state. The 6517 grade in the northern market was priced at 5,800 - 5,870 yuan/ton, and in the southern market at 5,850 - 5,920 yuan/ton [3] - Silicon Iron: Affected by the decline in steel prices, the silicon iron futures market tumbled at the end of the session. The silicon iron manufacturers' supplies were tight, and the spot market price was stable. The 72 - grade silicon iron natural block in the main production area was 5,450 - 5,600 yuan/ton, and the 75 - grade was 5,750 - 5,900 yuan/ton [3] Supply - Demand and Logic - Silicon Manganese: The output and demand of silicon manganese have slightly increased, the manufacturer inventory has decreased month - on - month and is at a medium level in the same period. The manganese ore quotation to China has slightly increased, and the cost has slightly moved up, supporting the spot price. However, considering the continuous increase in manganese ore port inventory, the cost support is weak, and the industry has obvious over - supply [3] - Silicon Iron: Currently, the silicon iron output is rapidly increasing, the demand has slightly increased, and the manufacturer inventory has increased month - on - month and is at a relatively high level in the same period. The increase in chemical coke price has driven up the cost, supporting the spot price. The industry has obvious over - supply [4] Strategy - Silicon Manganese: Oscillating [5] - Silicon Iron: Oscillating [5]

1. Report Industry Investment Rating - The report gives a cautious and bearish rating for the strategy [3][5] 2. Core View of the Report - The current growth of new - season US soybeans is good, with a strong expectation of a bumper harvest, but there is no substantial progress in Sino - US policies, causing market concerns. In China, although the soybean supply is sufficient and the soybean meal inventory is rising, the increase in Brazilian premiums and the lack of policy progress support the soybean meal price. For corn, the market supply and demand situation is complex, with low market confidence and weak demand. In the short term, the fundamentals of both are unlikely to change significantly, and policies and Brazilian premiums will be important factors affecting prices [2][4] 3. Summary by Relevant Catalogs 3.1 Market News and Important Data 3.1.1 Soybean Meal and Rapeseed Meal - Futures: The closing price of the soybean meal 2509 contract was 3157 yuan/ton, down 6 yuan/ton (-0.19%) from the previous day; the rapeseed meal 2509 contract was 2686 yuan/ton, down 37 yuan/ton (-1.36%) [1] - Spot: In Tianjin, the soybean meal spot price was 3090 yuan/ton, down 10 yuan/ton; in Jiangsu, it was 2980 yuan/ton, down 20 yuan/ton; in Guangdong, it was 2970 yuan/ton, down 10 yuan/ton. In Fujian, the rapeseed meal spot price was 2660 yuan/ton, down 30 yuan/ton [1] - Brazilian Soybean Exports: It is estimated that the soybean export volume in August 2025 will be 880 million tons, a 10.3% increase from the same period last year. The export volume from August 10 - 16 was 234 million tons, and the estimated export volume from January to August 2025 will reach 8855 million tons [1] 3.1.2 Corn and Corn Starch - Futures: The closing price of the corn 2509 contract was 2281 yuan/ton, up 2 yuan/ton (+0.09%); the corn starch 2509 contract was 2648 yuan/ton, down 3 yuan/ton (-0.11%) [3] - Spot: In Liaoning, the corn spot price was 2150 yuan/ton, unchanged; in Jilin, the corn starch spot price was 2730 yuan/ton, unchanged [3] - Russian Wheat Planting Area: The wheat planting area will decrease from 28.506 million hectares to 26.904 million hectares, including a decrease in winter wheat from 16.134 million hectares to 15.815 million hectares and a decrease in spring wheat from 12.372 million hectares to 11.089 million hectares [3] 3.2 Market Analysis 3.2.1 Soybean Meal - The growth of new - season US soybeans is good, with a strong expectation of a bumper harvest. However, there is no substantial progress in Sino - US policies, causing market concerns. In China, the soybean supply is sufficient, the soybean meal inventory is rising, but the increase in Brazilian premiums and import costs support the soybean meal price. Future focus should be on new - season US soybeans and policy changes [2] 3.2.2 Corn - In China, the remaining grain in the market is less than the same period last year, but market confidence is low, and traders are actively selling. The upcoming listing of spring corn in North China can supplement the supply. Downstream enterprises mainly purchase on demand, and the demand is weak. Future focus should be on the output of new - season corn [4] 3.3 Strategy - The strategy for both soybean meal and corn is cautious and bearish [3][5]

Report Industry Investment Rating - For industrial silicon, no specific investment rating is provided [1][2][3] - For polysilicon, the unilateral rating is neutral, and no ratings are given for other aspects [5][6] Core Viewpoints - For industrial silicon, the spot price remains stable, the inventory decreases slightly, and the fundamentals change little. The industrial silicon futures market is mainly affected by the overall commodity sentiment [1][3] - For polysilicon, the spot price is stable, but the inventory increases. The market is affected by anti - involution policies, and it is suitable to lay out long positions at low prices in the medium - to - long term [5][8] Summary by Related Catalogs Industrial Silicon Market Analysis - On August 14, 2025, the industrial silicon futures price fluctuated. The main contract 2511 opened at 8605 yuan/ton and closed at 8675 yuan/ton, down 100 yuan/ton (-1.14%) from the previous settlement. The position of the main contract was 279,035 lots, and the number of warehouse receipts was 50,693 lots, down 8 lots from the previous day [1] - The industrial silicon spot price remained stable. The price of East China oxygen - passing 553 silicon was 9300 - 9500 yuan/ton, 421 silicon was 9600 - 9900 yuan/ton, Xinjiang oxygen - passing 553 silicon was 8700 - 8900 yuan/ton, and 99 silicon was 8700 - 8900 yuan/ton [1] - The total social inventory of industrial silicon in major regions on August 14 was 545,000 tons, a decrease of 2,000 tons from last week. The inventory in ordinary social warehouses was 117,000 tons, a decrease of 1,000 tons, and the inventory in social delivery warehouses was 428,000 tons, a decrease of 1,000 tons [1] Consumption End - The price of organic silicon DMC was 11200 - 12300 yuan/ton, down 250 yuan/ton. The main price of DMC of domestic monomer enterprises this week was about 12,000 yuan/ton, down 500 yuan/ton from last week. The price decline was due to the approaching end of undelivered orders and poor new order reception [2] Strategy - Since the spot price remains stable and the inventory decreases slightly, the fundamentals change little. The industrial silicon futures market is mainly affected by the overall commodity sentiment [3] Polysilicon Market Analysis - On August 14, 2025, the main contract 2511 of polysilicon futures declined, opening at 51,385 yuan/ton and closing at 50,430 yuan/ton, a decrease of 3.08% from the previous trading day. The position of the main contract was 127,757 lots, and the trading volume was 415,544 lots [5] - The polysilicon spot price remained stable. The price of N - type material was 45.00 - 49.00 yuan/kg, and the price of n - type granular silicon was 43.00 - 46.00 yuan/kg [5] - The polysilicon factory inventory and silicon wafer inventory increased. The polysilicon inventory was 242,000 tons, a 3.86% increase, and the silicon wafer inventory was 19.80GW, a 3.60% increase. The weekly polysilicon output was 29,300 tons, a 0.30% decrease, and the silicon wafer output was 12.10GW, a 0.67% increase [5] Strategy - Recently, the quotation of polysilicon factories to crystal - pulling factories has remained unchanged. As it is approaching the end of the order - signing period, the market trading is limited. The prices of downstream batteries and silicon wafers have declined slightly, and the spot market sentiment has loosened. The futures market is greatly affected by anti - involution policies. In the medium - to - long term, it is suitable to lay out long positions at low prices [8] Other Products - For silicon wafers, the price of domestic N - type 18Xmm silicon wafers was 1.20 yuan/piece, N - type 210mm was 1.54 yuan/piece, and N - type 210R silicon wafers was 1.34 yuan/piece [7] - For battery cells, the price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 was about 0.28 yuan/W, TopconM10 was about 0.29 yuan/W, Topcon G12 was 0.29 yuan/W, Topcon210RN was 0.29 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W [7] - For components, the mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.69 yuan/W [7]

Report Industry Investment Rating - Unilateral: Cautiously bullish; Inter - period: None; Cross - variety: None; Spot - futures: None; Options: None [4] Core Viewpoint - The supply - demand pattern of lithium carbonate has improved. With consumption support and disturbances at the mining end, lithium carbonate is expected to run strongly, but the market fluctuates greatly, and participants need to manage risks [2] Summary by Directory Market Analysis - On August 14, 2025, the main contract 2511 of lithium carbonate opened at 85,500 yuan/ton and closed at 85,300 yuan/ton, with a 0.28% change from the previous settlement price. The trading volume was 1,060,127 lots, and the open interest was 389,177 lots, down from 392,675 lots the previous day. The basis was - 4,100 yuan/ton, and the number of warehouse receipts was 21,939 lots, a change of 260 lots from the previous day [1] - Battery - grade lithium carbonate was priced at 79,700 - 84,300 yuan/ton, up 1,000 yuan/ton from the previous day; industrial - grade lithium carbonate was priced at 79,050 - 80,450 yuan/ton, up 950 yuan/ton. The 6% lithium concentrate price was 990 US dollars/ton, up 20 US dollars/ton. Downstream procurement and trader transactions increased, and the transaction price of lithium carbonate spot moved up significantly [1] - Weekly production increased by 424 tons to 19,980 tons, with an increase in production from salt lakes and spodumene and a decrease from mica. Weekly inventory decreased by 162 tons to 142,256 tons, with an increase in intermediate - link inventory and a decrease in smelter inventory [1] Strategy - The supply - demand pattern has improved. The lithium mining of leading large - scale manufacturers has stopped, and the duration is unknown. The subsequent approval of other mines is also uncertain. Attention should be paid to the mining end. With consumption support, lithium carbonate is expected to run strongly, but the market fluctuates greatly, and risk management is necessary [2] Risks Affecting Investment - Consumption end falls short of expectations [4] - Mining end disturbances exceed expectations [4] - Macroeconomic sentiment and open - interest changes have an impact [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The recent market index has shown positive trends, but the difficulty of making profits at the individual stock level has increased. The market experienced a decline after a rise, with significantly enlarged trading volume, indicating a certain selling pressure and a need for a correction. In the short term, the difficulty of individual stock operations is expected to increase, and investors are advised to focus on opportunities to buy index futures at low prices [3] Summary by Directory Market Analysis - Domestically, financial regulatory authorities and banking associations in Shanghai, Guangdong, Zhejiang, Anhui and other places have proposed "anti - involution" measures targeting industry phenomena such as "mortgage rebates, car loan commissions, and disguised interest subsidies", calling on banks to adopt differentiated competition strategies. Overseas, the number of initial jobless claims in the US last week decreased by 3,000 to 224,000, lower than expected, and the number of continuing jobless claims in the previous week dropped to 1.953 million, slightly lower than expected [1] - In the spot market, A - share indices rose and then fell. The Shanghai Composite Index dropped 0.46% to 3,666.44 points, and the ChiNext Index fell 1.08%. Most sector indices declined, with only the non - bank financial sector closing in the green. The trading volume of the Shanghai and Shenzhen stock markets increased to 2.3 trillion yuan. Overseas, the US PPI in July soared to 3.3% year - on - year, the highest since February, far exceeding the expected 2.5%, and rose 0.9% month - on - month, the largest increase since June 2022. The three major US stock indices closed mixed [2] - In the futures market, the basis of index futures has basically converged as the current - month contracts are due for delivery today. The trading volume of index futures increased, and the positions of IH and IF contracts increased [2] Strategy - Although the recent market index trends are positive, the difficulty of individual stock operations has increased. The market is under selling pressure and has a need for correction. In the short term, it is recommended that investors focus on opportunities to buy index futures at low prices [3] Macroeconomic Charts - The report includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6] Spot Market Tracking Charts - The daily performance of major domestic stock indices on August 14, 2025, shows that the Shanghai Composite Index dropped 0.46%, the Shenzhen Component Index fell 0.87%, the ChiNext Index declined 1.08%, the CSI 300 Index decreased 0.08%, the SSE 50 Index rose 0.21%, the CSI 500 Index dropped 1.20%, and the CSI 1000 Index fell 1.24% [13] Futures Market Tracking Charts - Regarding the trading volume and positions of index futures, the trading volume of IF was 153,749 (an increase of 26,975), IH was 87,090 (an increase of 20,405), IC was 112,146 (an increase of 5,277), and IM was 265,731 (an increase of 36,064). The positions of IF were 271,876 (an increase of 5,578), IH were 104,724 (an increase of 3,248), IC were 215,557 (a decrease of 9,652), and IM were 365,293 (a decrease of 6,229) [17] - The basis of index futures shows different values and changes for different contracts (current - month, next - month, current - quarter, and next - quarter) of IF, IH, IC, and IM [35] - The cross - period spreads of index futures are presented for different combinations (next - month minus current - month, next - quarter minus current - month, etc.) of IF, IH, IC, and IM, along with their daily values and changes [42][43]

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The report focuses on the "anti-involution" policy progress in the production industry and the entry-exit new policies in the service industry. It also provides an overview of the upstream, midstream, and downstream industries, including price changes and industry indicators [1][2][3][4]. Summary by Directory 1. Mid - view Event Overview - **Production Industry**: The energy storage industry is promoting "anti - involution." As of August 14, 152 enterprises have participated in the initiative issued by the China Chemical and Physical Power Industry Association on August 13 [1]. - **Service Industry**: On August 15, 2025, the People's Bank of China will conduct a 500 - billion - yuan outright reverse repurchase operation. The "Decision of the State Council on Amending the Regulations of the People's Republic of China on the Administration of the Entry and Exit of Foreigners" will be implemented on October 1, 2025, adding a K - type visa for foreign young scientific and technological talents [1]. 2. Industry Overview - **Upstream**: The price of glass in the black industry has declined, while the prices of eggs and palm oil in the agricultural industry have increased [2]. - **Midstream**: The urea production start - up rate in the chemical industry has stopped falling [3]. - **Downstream**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low. The number of domestic flights is at a high level [4]. 3. Industry Credit Spread Tracking - The report provides the credit spreads of various industries as of August 13, including industries such as agriculture, forestry, animal husbandry, and fishery, mining, chemical industry, etc., and shows their changes over different time periods [48]. 4. Key Industry Price Index Tracking - The report tracks the price indicators of key industries as of August 14, including the prices of agricultural products, non - ferrous metals, energy, chemicals, and real estate - related building materials, and shows their year - on - year changes and trends in the past 5 days [49].

内地方面：Q5500鄂尔多斯动力煤470元/吨（+0），内蒙煤制甲醇生产利润700元/吨（-5）；内地甲醇价格方面，内 蒙北线2115元/吨（-5），内蒙北线基差375元/吨（+30），内蒙南线2100元/吨（+0）；山东临沂2360元/吨（-10），鲁 南基差220元/吨（+25）；河南2255元/吨（-5），河南基差115元/吨（+30）；河北2300元/吨（+0），河北基差220元/ 吨（+35）。隆众内地工厂库存295573吨（+1885），西北工厂库存182500吨（-3000）；隆众内地工厂待发订单219365 吨（-21435），西北工厂待发订单107000吨（-15800）。 甲醇日报 | 2025-08-15 下游仍处于淡季，港口库存持续回升 甲醇观点 市场要闻与重要数据 跨期：MA09-01跨期价差逢高做反套 跨品种：逢高做缩PP2601-3MA2601 风险 投产超20年装置的动向，MTO装置检修续时间 港口方面：太仓甲醇2350元/吨（-22），太仓基差10元/吨（+13），CFR中国269美元/吨（+0），华东进口价差3元/吨 （-3），常州甲醇2455元/吨；广东甲醇2350元/吨 ...