Group 1: Report Industry Investment Rating - The report does not mention an industry investment rating. Group 2: Core Viewpoints - The LPG outer market and domestic futures have shown a weak oscillation recently, with a slight rebound yesterday. Although the market position is low and the short - term downward space may be limited, the upward momentum is still insufficient. The global LPG supply - demand pattern remains loose, and domestic supply is abundant. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement. The PDH operating rate has reached about 78%, and the new raw material procurement demand will support the domestic and outer - market propane markets [1]. - The unilateral strategy is oscillating weakly, and attention should be paid to the bottom - building signal of the market. There are no strategies for inter - period, inter - variety, spot - futures, and options [2]. Group 3: Summary by Relevant Catalog Market Analysis - On August 14, the regional prices of LPG were as follows: Shandong market, 4350 - 4450 yuan/ton; Northeast market, 3990 - 4260 yuan/ton; North China market, 4360 - 4620 yuan/ton; East China market, 4350 - 4450 yuan/ton; Yangtze River market, 4400 - 4540 yuan/ton; Northwest market, 4100 - 4300 yuan/ton; South China market, 4298 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF price of frozen propane in East China was 570 US dollars/ton, up 9 US dollars/ton, and butane was 547 US dollars/ton, up 11 US dollars/ton. In RMB terms, propane was 4476 yuan/ton, up 69 yuan/ton, and butane was 4296 yuan/ton, up 86 yuan/ton. In South China, the CIF price of frozen propane was 562 US dollars/ton, up 6 US dollars/ton, and butane was 539 US dollars/ton, up 8 US dollars/ton. In RMB terms, propane was 4414 yuan/ton, up 47 yuan/ton, and butane was 4233 yuan/ton, up 62 yuan/ton [1]. - The domestic civil LPG price remained stable overall yesterday, with a slight decline in Shandong. The global LPG supply - demand pattern is loose, and domestic supply is abundant due to high arrival volume. The combustion - end demand is in the off - season, while the chemical terminal demand shows marginal improvement [1]. Strategy - Unilateral: Oscillating weakly, pay attention to the bottom - building signal of the market - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2]

Report Industry Investment Rating - Gold: Neutral [8] - Silver: Neutral [9] - Arbitrage: Short the gold-silver ratio on rallies [9] - Options: Hold off [9] Core Viewpoints - The resilience of US employment and inflation has cooled the prospects of interest rate cuts, and precious metal prices are expected to remain volatile in the short term. Attention should be paid to the US retail sales month-on-month rate data for July [1]. - The trading logic of silver prices is still in sync with that of gold, mainly driven by future easing expectations on the macro level, and is expected to remain volatile in the short term under the cooling of interest rate cut expectations [8][9]. Summary by Relevant Catalogs Futures Quotes and Trading Volumes - On August 14, 2025, the Shanghai Gold main contract opened at 778.12 yuan/gram and closed at 778.70 yuan/gram, a change of 0.13% from the previous trading day's close. The trading volume was 41,087 lots, and the open interest was 129,725 lots. During the night session, it opened at 776.9 yuan/gram and closed at 774.54 yuan/gram, up 0.53% from the afternoon close [2]. - On August 14, 2025, the Shanghai Silver main contract opened at 9,332.00 yuan/kilogram and closed at 9,286.00 yuan/kilogram, a change of -0.15% from the previous trading day's close. The trading volume was 350,484 lots, and the open interest was 366,680 lots. During the night session, it opened at 9,242 yuan/kilogram and closed at 9,197 yuan/kilogram, down 0.96% from the afternoon close [2]. US Treasury Yield and Spread Monitoring - On August 14, 2025, the US 10-year Treasury yield closed at 4.29%, a change of +5 BP from the previous trading day. The spread between the 10-year and 2-year yields was 0.56%, down 1 BP from the previous trading day [3]. Changes in Positions and Trading Volumes of Gold and Silver on the SHFE - On August 14, 2025, on the Au2508 contract, the long positions changed by -90 lots compared to the previous day, and the short positions changed by 0 lots. The total trading volume of the Shanghai Gold contract on the previous trading day was 188,176 lots, a change of -30.00% from the previous trading day [4]. - On the Ag2508 contract, the long positions changed by -328 lots, and the short positions changed by -408 lots. The total trading volume of the silver contract on the previous trading day was 532,407 lots, a change of -16.86% from the previous trading day [4]. Precious Metal ETF Position Tracking - The gold ETF position was 961.35 tons, a decrease of 2.87 tons from the previous trading day. The silver ETF position was 15,071.31 tons, a decrease of 28.25 tons from the previous trading day [5]. Precious Metal Arbitrage Tracking - On August 14, 2025, the domestic premium for gold was -8.95 yuan/gram, and the domestic premium for silver was -671.04 yuan/kilogram. The ratio of the main contract prices of gold and silver on the SHFE was approximately 83.86, a change of 0.28% from the previous trading day. The ratio of gold and silver prices in the overseas market was 87.08, a change of -1.96% from the previous trading day [6]. Fundamentals - On August 14, 2025, the trading volume of gold on the Shanghai Gold Exchange T+d market was 22,284 kilograms, a change of -31.65% from the previous trading day. The trading volume of silver was 465,346 kilograms, a change of 23.50% from the previous trading day. The gold delivery volume was 11,664 kilograms, and the silver delivery volume was 47,970 kilograms [7]. Strategy - Gold: The short-term price of gold is expected to remain volatile, with the Au2510 contract's oscillation range possibly between 765 yuan/gram and 795 yuan/gram [8]. - Silver: The short-term price of silver is expected to remain volatile, with the Ag2510 contract's oscillation range possibly between 9,015 yuan/kilogram and 9,350 yuan/kilogram [9]. - Arbitrage: Short the gold-silver ratio on rallies [9]. - Options: Hold off [9].

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - Due to the trade friction between China and Canada regarding rapeseed, the import cost of Canadian rapeseed has significantly increased. Some traders are seeking to import rapeseed from Australia, but the market expects the impact to be limited, causing the price of oils to rise and then fall [3] Group 3: Market Analysis Summary Futures Market - Yesterday, the closing price of the palm oil 2601 contract was 9,368.00 yuan/ton, a decrease of 56 yuan or 0.59% [1] - The closing price of the soybean oil 2601 contract was 8,520.00 yuan/ton, a decrease of 56.00 yuan or 0.65% [1] - The closing price of the rapeseed oil 2601 contract was 9,840.00 yuan/ton, a decrease of 224.00 yuan or 2.23% [1] Spot Market - In the Guangdong region, the spot price of palm oil was 9,310.00 yuan/ton, a decrease of 160.00 yuan or 1.69%, with a spot basis of P01 + -58.00, a decrease of 104.00 yuan [1] - In the Tianjin region, the spot price of first - grade soybean oil was 8,630.00 yuan/ton, a decrease of 50.00 yuan/ton or 0.58%, with a spot basis of Y01 + 110.00, an increase of 6.00 yuan [1] - In the Jiangsu region, the spot price of fourth - grade rapeseed oil was 9,950.00 yuan/ton, a decrease of 220.00 yuan or 2.16%, with a spot basis of OI01 + 110.00, an increase of 4.00 yuan [1] Group 4: Recent Market Information Summary Import Prices - The C&F price of US Gulf soybeans (September shipment) was 460 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day [2] - The C&F price of US West soybeans (September shipment) was 454 US dollars/ton, an increase of 3 US dollars/ton from the previous trading day [2] - The C&F price of Brazilian soybeans (October shipment) was 497 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day [2] - The C&F price of Canadian rapeseed (October shipment) was 549 US dollars/ton, an increase of 7 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed (December shipment) was 539 US dollars/ton, an increase of 7 US dollars/ton from the previous trading day [2] - The C&F price of Argentine soybean oil (September shipment) was 1,146 US dollars/ton, unchanged from the previous trading day [2] - The C&F price of Argentine soybean oil (November shipment) was 1,140 US dollars/ton, an increase of 2 US dollars/ton from the previous trading day [2] - The C&F price of Canadian rapeseed oil (September shipment) was 1,035 US dollars/ton, unchanged from the previous trading day [2] - The C&F price of Canadian rapeseed oil (November shipment) was 1,015 US dollars/ton, unchanged from the previous trading day [2] Import Premiums - The import premium of Mexican Gulf soybeans (September shipment) was 210 cents/bushel, a decrease of 4 cents/bushel from the previous trading day [2] - The import premium of US West Coast soybeans (September shipment) was 184 cents/bushel, a decrease of 4 cents/bushel from the previous trading day [2] - The import premium of Brazilian ports (October shipment) was 313 cents/bushel, a decrease of 12 cents/bushel from the previous trading day [2] Brazilian Soybean Forecast - It is estimated that the soybean production in Brazil in the 2024/25 season will reach 169.657 million tons, an increase of 21.9207 million tons or 14.8% year - on - year, and an increase of 169,100 tons or 0.1% month - on - month [2] - The sown area of soybeans in Brazil in the 2024/25 season is expected to reach 47.6372 million hectares, an increase of 1.4826 million hectares or 3.2% year - on - year, and an increase of 22,300 hectares month - on - month [2] - The soybean yield per unit area in Brazil in the 2024/25 season is expected to be 3.56 tons/hectare, an increase of 360.5 kg/hectare or 11.3% year - on - year, and an increase of 1.9 kg/hectare or 0.1% month - on - month [2]

进出口方面，LL进口利润为-118.3元/吨（-39.6），PP进口利润为-508.0元/吨（+5.4），PP出口利润为30.5美元/吨（-0.7）。 下游需求方面，PE下游农膜开工率为13.8%（+0.8%），PE下游包装膜开工率为49.1%（-0.2%），PP下游塑编开工率 为41.4%（+0.3%），PP下游BOPP膜开工率为61.1%（+0.3%）。 市场分析 聚烯烃日报 | 2025-08-15 大榭石化投产推迟，下游延续刚需采购 市场要闻与重要数据 价格与基差方面，L主力合约收盘价为7287元/吨（-26），PP主力合约收盘价为7085元/吨（-22），LL华北现货为7250 元/吨（-20），LL华东现货为7300元/吨（+0），PP华东现货为7040元/吨（+0），LL华北基差为-37元/吨（+6），LL 华东基差为13元/吨（+26）， PP华东基差为-45元/吨（+22）。 上游供应方面，PE开工率为84.2%（+0.1%），PP开工率为77.9%（+0.6%）。 生产利润方面，PE油制生产利润为466.1元/吨（+61.7），PP油制生产利润为-33.9元/吨（+61.7），PDH制PP ...

新能源及有色金属日报 | 2025-08-15 氧化铝现货价格快速回落 重要数据 铝现货方面：SMM数据，华东A00铝价20710元/吨，较上一交易日变化-50元/吨，华东铝现货升贴水10元/吨， 较上一交易日变化30元/吨；中原A00铝价20600元/吨，现货升贴水较上一交易日变化30元/吨至-100元/吨；佛 山A00铝价录20650元/吨，较上一交易日变化-60元/吨，铝现货升贴水较上一交易日变化20元/吨至-50元/吨。 铝期货方面：2025-08-14日沪铝主力合约开于20780元/吨，收于20715元/吨，较上一交易日变化-80元/吨，最 高价达20790元/吨，最低价达到20635元/吨。全天交易日成交97989手，全天交易日持仓202961手。 库存方面，截止2025-08-14，SMM统计国内电解铝锭社会库存58.8万吨，较上一期变化0.1吨，仓单库存57946 吨，较上一交易日变化2830吨，LME铝库存479675吨，较上一交易日变化1050吨。 氧化铝现货价格：2025-08-14SMM氧化铝山西价格录得3240元/吨，山东价格录得3220元/吨，河南价格录得 3240元/吨，广西价格 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The demand improvement of asphalt is weak, and the market sentiment is cautious. The supply - demand pattern of asphalt remains weak, and the price may follow the decline of oil prices. The meeting between the US and Russian presidents and changes in US sanctions policies may bring additional volatility risks to the crude oil and asphalt markets [1][2] 3. Summary by Related Catalogs Market Analysis - On August 14, the closing price of the main asphalt futures contract BU2510 in the afternoon session was 3,472 yuan/ton, down 19 yuan/ton or 0.54% from the previous settlement price. The open interest was 224,823 lots, a decrease of 176 lots from the previous day, and the trading volume was 153,819 lots, an increase of 30,630 lots from the previous day [2] - The spot settlement prices of heavy - traffic asphalt from Zhuochuang Information are as follows: Northeast 3,880 - 4,086 yuan/ton; Shandong 3,520 - 3,870 yuan/ton; South China 3,520 - 3,550 yuan/ton; East China 3,600 - 3,800 yuan/ton. The spot price of asphalt in the North China market increased yesterday, while other regions remained stable. Due to the weak oil price trend and poor asphalt demand, the spot market sentiment is cautious [2] - The supply - demand pattern of asphalt remains weak. Affected by typhoon weather, the demand improvement is still weak. Considering the low inventory, there is no prominent contradiction in the market currently. However, if the oil price continues to fall, the asphalt market price will also decline further [2] Strategy - Unilateral: Oscillating weakly; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [3]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the liquidity situation of various financial product sectors on August 14, 2025, including trading volume, holding amount, and trading - holding ratio, as well as their changes compared to the previous trading day [1][2]. 3. Summary by Directory I. Plate Liquidity - On August 14, 2025, different sectors showed different liquidity performances. The trading volume, holding amount, and trading - holding ratio of each sector varied, with some sectors experiencing an increase in trading volume and others a decrease [1][2]. II. Stock Index Plate - The trading volume of the stock index plate was 777.665 billion yuan, a +16.27% change from the previous trading day; the holding amount was 1203.26 billion yuan, a - 1.36% change; the trading - holding ratio was 64.62% [1]. III. Treasury Bond Plate - The trading volume of the treasury bond plate was 599.759 billion yuan, a +20.17% change from the previous trading day; the holding amount was 820.249 billion yuan, a - 1.83% change; the trading - holding ratio was 75.23% [1]. IV. Base Metals and Precious Metals (Metal Plate) - **Base Metals**: The trading volume was 414.711 billion yuan, a - 3.62% change from the previous trading day; the holding amount was 506.463 billion yuan, a - 2.30% change; the trading - holding ratio was 105.18% [1]. - **Precious Metals**: The trading volume was 221.192 billion yuan, a - 25.65% change from the previous trading day; the holding amount was 440.574 billion yuan, a +0.32% change; the trading - holding ratio was 59.65% [1]. V. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 508.484 billion yuan, a +18.51% change from the previous trading day; the holding amount was 433.418 billion yuan, a +0.64% change; the trading - holding ratio was 100.62% [1]. VI. Agricultural Products Plate - The trading volume of the agricultural products plate was 456.302 billion yuan, a - 19.02% change from the previous trading day; the holding amount was 609.453 billion yuan, a - 1.60% change; the trading - holding ratio was 71.03% [1]. VII. Black Building Materials Plate - The trading volume of the black building materials plate was 436.075 billion yuan, a - 8.27% change from the previous trading day; the holding amount was 399.136 billion yuan, a - 4.10% change; the trading - holding ratio was 93.40% [2].

Report Industry Investment Rating - The report suggests short - term range - bound oscillation for oil prices and a medium - term short - position allocation [3] Core Viewpoint - The outcome of the Trump - Putin meeting will influence the oil market. If there are signs of progress, the oil market will interpret it as a bearish signal, and in the medium term, relaxing sanctions on Russian oil helps Russian crude production increase. If the negotiation fails, US sanctions on Russia may intensify [2] Summary by Related Catalog Market News and Important Data - SC crude oil's main contract rose 0.95% to 488 yuan per barrel [1] - Vietnam bought 1 million barrels of US WTI crude oil for November delivery, the first purchase in 2025 [1] - US Bank reaffirmed its bearish outlook on oil prices in the second half of this year, with Brent crude expected to average $63.50 per barrel and temporarily fall below $60 [1] - In early August, despite increased drone attacks on Russian refineries, Russian oil product exports increased, with fuel oil shipments reaching the highest level since the conflict began. The total refined oil exports in the first 10 days of August climbed to 2.31 million barrels per day, 9% higher than the daily average in July [1] - Russia may extend the gasoline export ban until the end of September [1] - Iran has reached an agreement to resume negotiations with the US [1] Investment Logic - Putin may offer enough concessions to Trump to avoid further oil sanctions in the short term, and Trump may postpone the plan to impose a 25% additional tariff on India's purchase of Russian oil. Any progress in the meeting will be seen as a bearish signal by the oil market, while a lack of progress may lead to stricter US sanctions on Russia [2] Strategy - Short - term range - bound oscillation for oil prices and medium - term short - position allocation [3] Risk - Downside risks: US relaxes sanctions on Russian oil, macro black swan events [3] - Upside risks: US intensifies sanctions on Russian oil, large - scale supply disruptions due to Middle East conflicts [3]

燃料油日报 | 2025-08-15 成本端指引偏空，盘面延续跌势 市场分析 上期所燃料油期货主力合约日盘收跌1.03%，报2700元/吨；INE低硫燃料油期货主力合约日盘收跌0.23%，报3449 元/吨。 原油价格近日呈现震荡下跌态势，成本端指引偏空，FU、LU盘面延续跌势。虽然原油平衡表中期存在供过于求的 预期，但短期不确定性来自于15号俄罗斯与美国首脑会晤的结果，美国对俄罗斯制裁加码或缓和将影响市场情绪， 可能造成额外的市场波动，并影响燃料油单边价格方向，需要保持谨慎。 就燃料油自身基本面而言，高硫油市场结构连续调整后，短期矛盾相对有限，现货端供应仍较为充裕，需求端则 缺乏增长动力，亚太地区库存偏高。未来如果裂解价差调整充分，吸引炼厂端需求大幅回升，市场结构有望再度 走强，但短期来看，前期积累的库存仍有待消化。 高硫方面：震荡偏弱 低硫方面：震荡偏弱 跨品种：无 跨期：无 期现：无 期权：无 风险 宏观风险、关税风险、制裁风险、原油价格大幅波动等、发电端需求超预期、欧佩克增产幅度不及预期、船燃需 求超预期 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 低硫燃料油方面，当前市场 ...

氯碱日报 | 2025-08-15 烧碱逆势上涨，PVC震荡偏弱 市场要闻与重要数据 PVC: 期货价格及基差：PVC主力收盘价4970元/吨（-46）；华东基差-150元/吨（-14）;华南基差-70元/吨（+6）。 现货价格：华东电石法报价4820元/吨（-60）；华南电石法报价4900元/吨（-40）。 上游生产利润：兰炭价格595元/吨（+0）；电石价格2780元/吨（+0）；电石利润14元/吨（+0）；PVC电石法生产毛 利-252元/吨（-231）；PVC乙烯法生产毛利-489元/吨（-10）；PVC出口利润6.5美元/吨（-0.4）。 PVC库存与开工：PVC厂内库存33.7万吨（-0.8）；PVC社会库存48.1万吨（+3.3）；PVC电石法开工率79.21%（+1.38%）； PVC乙烯法开工率77.92%（+0.37%）；PVC开工率78.84%（+1.09%）。 下游订单情况：生产企业预售量83.2万吨（-2.2）。 烧碱： 期货价格及基差：SH主力收盘价2530元/吨（+49）；山东32%液碱基差33元/吨（+14）。 现货价格：山东32%液碱报价820元/吨（+20）；山东50%液碱 ...