Report Industry Investment Rating - The investment rating for copper is cautiously bullish [7] Core Viewpoints - With the current low domestic TC price, copper prices are prone to rise and difficult to fall. The increasing market expectation of the Fed's interest rate cut and the strong performance of precious metal prices suggest a strategy of buying on dips for hedging, with a recommended buying range of 77,000 - 77,500 yuan/ton [7] Summary by Relevant Catalogs Market News and Key Data - **Futures Market**: On August 13, 2025, the main Shanghai copper contract opened at 79,220 yuan/ton and closed at 79,380 yuan/ton, up 0.46% from the previous trading day. The night - session closed at 79,110 yuan/ton, down 0.34% from the afternoon close [1] - **Spot Market**: The domestic electrolytic copper spot market remained strong. SMM1 copper was quoted at 79,390 - 79,560 yuan/ton, with an average premium of 200 yuan/ton, unchanged from the previous day. Despite incoming imported goods, spot premiums are likely to stay high due to approaching delivery and bill factors [2] Important Information Summary - **Monetary Policy**: US Treasury Secretary Besent called for the Fed to start a new round of interest rate cuts, suggesting rates should be 150 - 175 basis points lower. There's a high chance of a 50 - basis - point cut in September [3] - **Geopolitics**: Trump may propose joint development of rare earth resources in Alaska and lift export bans on Russian aircraft parts during the Russia - US summit. If the meeting goes poorly, the US may increase sanctions or impose secondary tariffs on Russia [3] Mining End - **Production Guidance**: Minmetals Resources maintained its 2025 production guidance, with copper output expected between 466,000 and 522,000 tons and zinc output between 215,000 and 240,000 tons [4] - **Cost Reduction**: The C1 cost guidance of Las Bambas and Rosebery was revised downwards due to favorable precious metal prices and lower processing fees [4] - **New Discovery**: Seabridge Gold found a large porphyry copper - gold mineralization zone in the Snip North target area, with the first resource report to be released early next year [4] Smelting and Import - **LME Inventory**: In July, a large amount of Chinese - origin copper flowed into LME registered warehouses, reducing the proportion of Russian - origin copper. The proportion of Russian - origin copper dropped from 53% in June to 19% in July, while Chinese - origin copper increased from 42% to 77% [4] Consumption - **AI Data Centers**: AI data center construction may tighten the global copper market, leading to a supply shortage of 6 million tons by 2035. Annual copper demand in this industry will average about 400,000 tons in the next decade, peaking at 572,000 tons in 2028 [5] Inventory and Warehouse Receipts - **LME Warehouse Receipts**: Changed by - 700 tons to 155,875 tons compared to the previous trading day [6] - **SHFE Warehouse Receipts**: Changed by - 3,496 tons to 22,800 tons compared to the previous trading day [6] - **Domestic Spot Inventory**: On August 11, it was 1.316 million tons, a change of - 400 tons from the previous week [6] Strategy - **Copper**: Cautiously bullish. Recommend buying on dips for hedging in the range of 77,000 - 77,500 yuan/ton [7] - **Arbitrage**: On hold [7] - **Options**: Short put at 77,000 yuan/ton [7]

Report Investment Rating - Gold: Cautiously bullish [8] - Silver: Cautiously bullish [9] Core Viewpoints - The expectation of looser US monetary policy remains the main line for precious metals, providing strong price support. The market is waiting for US economic data to verify the urgency and pace of interest rate cuts. Geopolitical factors, such as the outcome of the US-Russia summit, also need attention. Gold and silver prices are expected to remain volatile in the short term [1][8][9] Summary by Directory Strategy Summary - US Treasury Secretary Bessent called for an immediate new round of interest rate cuts, suggesting that US interest rates should be 150 - 175 basis points lower than the current level. There is a high possibility of a 50 - basis - point cut in September. There are 10 or 11 candidates for the Fed Chair. Trump may propose joint development of rare earth resources in Alaska and lift export bans on Russian aircraft parts during the summit. If the meeting goes poorly, the US may increase sanctions or impose secondary tariffs on Russia [1] Futures Quotes and Volumes - On August 13, 2025, the Shanghai gold main contract opened at 777.28 yuan/gram and closed at 777.72 yuan/gram, up 0.22% from the previous trading day. The trading volume was 41,087 lots, and the open interest was 129,725 lots. The overnight session closed at 777.10 yuan/gram, down 0.08% from the afternoon close. The Shanghai silver main contract opened at 9,182.00 yuan/kilogram and closed at 9,300.00 yuan/kilogram, up 1.23% from the previous trading day. The trading volume was 415,237 lots, and the open interest was 365,333 lots. The overnight session closed at 9,318 yuan/kilogram, up 0.19% from the afternoon close [2] US Treasury Yield and Spread Monitoring - On August 13, 2025, the US 10 - year Treasury yield closed at 4.24%, down 5 basis points from the previous trading day. The 10 - year and 2 - year spread was 0.57%, unchanged from the previous trading day [3] SHFE Gold and Silver Positions and Volume Changes - On August 13, 2025, in the Au2508 contract, long positions decreased by 24 lots, and short positions decreased by 60 lots. The total trading volume of Shanghai gold contracts was 268,832 lots, up 10.32% from the previous trading day. In the Ag2508 contract, long positions decreased by 754 lots, and short positions decreased by 550 lots. The total trading volume of silver contracts was 640,354 lots, up 46.37% from the previous trading day [4] Precious Metals ETF Position Tracking - The gold ETF position was 964.22 tons, up 4.58 tons from the previous trading day. The silver ETF position was 15,099.56 tons, up 40.96 tons from the previous trading day [5] Precious Metals Arbitrage Tracking - On August 13, 2025, the domestic gold premium was - 9.96 yuan/gram, and the domestic silver premium was - 641.74 yuan/kilogram. The ratio of the main contracts of gold and silver on the SHFE was about 83.63, down 1.00% from the previous trading day. The overseas gold - silver ratio was 88.82, down 0.13% from the previous trading day [6] Fundamental Analysis - On August 13, 2025, the trading volume of gold on the Shanghai Gold Exchange T + d market was 32,602 kilograms, down 0.56% from the previous trading day. The trading volume of silver was 376,786 kilograms, up 24.67% from the previous trading day. The gold delivery volume was 10,014 kilograms, and the silver delivery volume was 2,070 kilograms [7] Strategy Recommendations - Gold: Cautiously bullish. The price is expected to be volatile in the short term, with the Au2510 contract oscillating between 760 yuan/gram and 795 yuan/gram [8] - Silver: Cautiously bullish. The silver price is expected to maintain a volatile pattern, with the Ag2510 contract oscillating between 9,150 yuan/kilogram and 9,450 yuan/kilogram. Arbitrage strategy: Short the gold - silver ratio at high levels. Option strategy: Postpone [9]

1. Report Industry Investment Ratings - The investment rating for RU and NR is cautiously bullish, while the rating for BR is neutral [5] 2. Core Views of the Report - The rainfall in major rubber - producing areas at home and abroad is expected to increase, which may limit raw material output and strengthen the cost - side support for rubber. The arrival volume at Qingdao Port has decreased, but the import volume of alternative indicators in Yunnan has rebounded. With stable imports and lackluster downstream demand, rubber prices are expected to remain strong. For BR, the supply may increase slightly, and the downstream demand remains lackluster. It may follow the raw material price trend, but it is also affected by the strong price of surrounding natural rubber and continuous tire replacement demand [5] 3. Summary by Relevant Catalogs Market News and Data - Futures: The closing price of the RU main contract was 15,800 yuan/ton, down 60 yuan/ton from the previous day. The NR main contract was 12,610 yuan/ton, down 55 yuan/ton. - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,800 yuan/ton, unchanged from the previous day. The price of Thai mixed rubber in Qingdao Free Trade Zone was 14,620 yuan/ton, up 40 yuan/ton. The price of Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,810 US dollars/ton, up 5 US dollars/ton. The price of Indonesian 20 - grade standard rubber was 1,760 US dollars/ton, up 5 US dollars/ton. The ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 11,700 yuan/ton, unchanged from the previous day. The market price of BR9000 in Zhejiang Chuanhua was 11,850 yuan/ton, up 150 yuan/ton [1] Market Information - In July 2025, China imported 634,000 tons of natural and synthetic rubber (including latex), a 3.4% increase from the same period in 2024. - ANRPC predicted that in June 2025, the global natural rubber production would decrease by 1.5% to 1,191,000 tons, a 14.5% increase from the previous month, and the consumption would increase by 0.7% to 1,271,000 tons, a 0.1% increase from the previous month. In the first half of the year, the cumulative global natural rubber production was expected to decrease by 1.1% to 6,076,000 tons, while the cumulative consumption increased by 1% to 7,715,000 tons. - In the first seven months of 2025, Cote d'Ivoire's rubber exports totaled 908,487 tons, a 14.3% increase from the same period in 2024. In July alone, exports increased by 28.3% year - on - year and 28.5% month - on - month. - In July 2025, the heavy - truck market sold about 83,000 vehicles, an approximately 42% increase from 58,300 vehicles in the same period last year. - In the first half of 2025, the United States imported 143.43 million tires, a 6.8% year - on - year increase. Passenger car tire imports increased by 3% to 84.89 million, truck and bus tire imports increased by 10% to 32.32 million, aircraft tire imports decreased by 13% to 132,000, motorcycle tire imports increased by 22% to 1.88 million, and bicycle tire imports increased by 5% to 3.15 million [2][3] Market Analysis Natural Rubber - Spot and Spread: On August 13, 2025, the RU basis was - 1,000 yuan/ton (+60), the spread between the RU main contract and mixed rubber was 1,240 yuan/ton (+65), the import profit of smoked sheet rubber was - 3,861 yuan/ton (- 41.18), the NR basis was 262 yuan/ton (- 7). The price of whole latex was 14,800 yuan/ton (+0), the price of mixed rubber was 14,620 yuan/ton (+40), and the price of 3L spot was 14,800 yuan/ton (- 50). The STR20 was quoted at 1,805 US dollars/ton (- 5), the spread between whole latex and 3L was 0 yuan/ton (+50), and the spread between mixed rubber and styrene - butadiene rubber was 2,520 yuan/ton (+40). - Raw Materials: The price of Thai smoked sheets was 62.50 Thai baht/kg (- 0.20), the price of Thai latex was 54.20 Thai baht/kg (+0.20), the price of Thai cup lump was 49.80 Thai baht/kg (+0.50), and the spread between Thai latex and cup lump was 4.40 Thai baht/kg (- 0.30). -开工率: The operating rate of all - steel tires was 60.06% (+0.80%), and the operating rate of semi - steel tires was 69.71% (- 0.27%). - Inventory: The social inventory of natural rubber was 1,277,859 tons (- 10,990), the inventory of natural rubber at Qingdao Port was 619,852 tons (- 11,918), the RU futures inventory was 176,280 tons (- 1,350), and the NR futures inventory was 42,235 tons (+2,519) [4] 顺丁橡胶 - Spot and Spread: On August 13, 2025, the BR basis was 50 yuan/ton (+275), the ex - factory price of butadiene from Sinopec was 9,400 yuan/ton (+0), the price of BR9000 of Qilu Petrochemical was 11,700 yuan/ton (+0), the price of BR9000 in Zhejiang Chuanhua was 11,850 yuan/ton (+150), the price of private - owned cis - polybutadiene rubber in Shandong was 11,700 yuan/ton (+150), and the import profit of cis - polybutadiene rubber in Northeast Asia was - 1,112 yuan/ton (+42). -开工率: The operating rate of high - cis cis - polybutadiene rubber was 68.17% (- 4.30%). - Inventory: The inventory of cis - polybutadiene rubber traders was 7,290 tons (- 230), and the inventory of cis - polybutadiene rubber enterprises was 24,150 tons (+350) [4][5] Strategy - For RU and NR, it is advisable to be cautiously bullish. With expected increased rainfall in major producing areas, raw material output may be limited, strengthening cost - side support. Domestic imports are expected to remain stable. With lackluster downstream demand, focus on the raw material procurement willingness of downstream factories. - For BR, it is rated neutral. The supply may increase slightly, and downstream demand remains lackluster. It may follow the raw material price trend, but is also affected by strong natural rubber prices and continuous tire replacement demand [5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - China's financial data in July showed steady growth, and the A-share market strengthened with increased trading volume. The economy in July still had resilience, with positive policies and various economic indicators showing certain trends. For example, China's July exports increased, and the narrowing M2 - M1 gap indicated improved capital circulation efficiency. In the US, the July non - farm data was below expectations, but the service PMI improved, and inflation showed different trends [2]. - Attention should be paid to the impact of "reciprocal tariffs." The US has set new tariff standards, and the current tariff situation may affect goods with high external demand. Concerns about interest rate hikes and market liquidity shortages have increased, and the demand for Japanese government bond auctions has decreased [3]. - Different commodity sectors have different characteristics. The black and new energy metal sectors are sensitive to the domestic supply - side, the energy and non - ferrous sectors benefit from overseas inflation expectations, and the "anti - involution" space of some chemical products and the follow - up trends of "anti - involution" in the market are worthy of attention [4]. - The strategy for commodities and stock index futures is to allocate long positions in industrial products on dips [5]. Summary by Relevant Catalogs Market Analysis - China's economic data in July: The official manufacturing PMI in July dropped to 49.3, the new order index dropped to 49.4, non - manufacturing remained in expansion, exports increased by 7.2% year - on - year, CPI was flat year - on - year, PPI's month - on - month decline narrowed, new social financing was 1.16 trillion yuan, and the M2 - M1 gap narrowed. The US's July non - farm data was below expectations, but the service PMI improved, and inflation showed different trends. On August 13, the A - share market strengthened, and trading volume exceeded 2 trillion yuan [2]. Tariff and Interest Rate - The US has set new "reciprocal tariff" standards, and the current tariff situation is in a "stagnant" stage, which may affect external - demand - sensitive goods. After the July interest rate meeting, the Fed's attitude towards interest rate cuts is uncertain, and concerns about interest rate hikes and market liquidity shortages have increased, leading to a decrease in the demand for Japanese government bond auctions [3]. Commodity Analysis - Different commodity sectors: The black sector is still dragged down by downstream demand expectations, the supply shortage in the non - ferrous sector persists, the energy sector's medium - term supply is expected to be relatively loose (OPEC + plans to increase production by 548,000 barrels per day in August), and the "anti - involution" space of some chemical products is worthy of attention. Agricultural products have limited short - term fluctuations. After the start of the "anti - involution" market in July, major varieties have retreated to some extent, and future trends will depend on the restoration of the economic fundamentals before the introduction of reciprocal tariffs in April and the implementation of "anti - involution" [4]. Strategy - The strategy for commodities and stock index futures is to allocate long positions in industrial products on dips [5]. Key News - China's financial data from January to July: RMB loans increased by 12.87 trillion yuan, deposits increased by 18.44 trillion yuan. At the end of July, M2 was 329.94 trillion yuan (up 8.8% year - on - year), M1 was 111.06 trillion yuan (up 5.6% year - on - year), M0 was 13.28 trillion yuan (up 11.8% year - on - year), and the net cash injection in the first seven months was 465.1 billion yuan. The social financing scale from January to July was 23.99 trillion yuan [6]. - Other news: The IEA predicts that the global oil market will face a record supply surplus next year. Trump will meet with Putin to discuss the Ukraine crisis. The A - share market strengthened on August 13, and the trading volume of the Shanghai, Shenzhen, and Beijing stock markets exceeded 2 trillion yuan [2][4][6].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: PL01 - 02 inter - period reverse spread; Cross - variety: None [3] Core Viewpoints - Supply - side overall开工率环比回升，PDH装置开工率回升，天弘PDH装置存重启预期，山东主力PDH装置存检修计划，但烟台区域亦有装置供应临时放量，丙烯价格偏弱整理 [2] - Downstream开工涨跌分化，酚酮开工回升较快，下游采购积极性回落，择低刚需入市为主，需求阶段性小幅支撑，但韧性仍显不足，丙烯走势承压，后期关注金九银十主力下游的采购节奏 [2] - Cost - end原油走弱，且沙特CP下跌带动丙烷价格下行，丙烯成本支撑下移 [2] Summaries by Directory 1. Propylene Basis Structure - Figures include propylene main contract closing price, propylene East China basis, propylene North China basis, propylene 01 - 05 contract, propylene market price in East China, and propylene market price in Shandong [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover propylene China CFR - Japanese naphtha CFR, propylene capacity utilization rate, propylene PDH production gross profit, propylene PDH capacity utilization rate, propylene MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [16][18][24] 3. Propylene Import and Export Profit - Figures involve South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [30][34] 4. Propylene Downstream Profit and Operating Rate - Figures include PP powder production profit, PP powder operating rate, propylene oxide production profit, propylene oxide operating rate, n - butanol production profit, n - butanol capacity utilization rate, octanol production profit, octanol capacity utilization rate, acrylic acid production profit, acrylic acid capacity utilization rate, acrylonitrile production profit, acrylonitrile capacity utilization rate, phenol - acetone production profit, and phenol - acetone capacity utilization rate [37][39][42] 5. Propylene Inventory - Figures are about propylene in - plant inventory and PP powder in - plant inventory [64]

Group 1: Investment Rating - There is no specific report industry investment rating provided in the report Group 2: Core View - Zinc prices opened high and then declined, with the operating center still at a relatively high level. Downstream buyers showed strong fear of high prices, leading to a further slight expansion of the discount and冷清 market transactions. The TC of domestic and imported zinc ores continued to rise, increasing smelting profits and maintaining smelting enthusiasm, with the expectation of increased supply remaining unchanged. Even during the peak consumption season, the expectation of inventory accumulation in China remains unchanged, and the current inventory accumulation is accelerating. If the expectation of the peak consumption season fails, zinc prices will face significant pressure and may show a relatively weak trend, but the impact of overseas inventories needs to be watched out for [4] Group 3: Summary by Category 1. Important Data - **Spot**: The LME zinc spot premium was -$4.76 per ton. The SMM Shanghai zinc spot price increased by 60 yuan/ton to 22,560 yuan/ton, with a spot premium of -55 yuan/ton; the SMM Guangdong zinc spot price increased by 60 yuan/ton to 22,540 yuan/ton, with a spot premium of -75 yuan/ton; the Tianjin zinc spot price increased by 60 yuan/ton to 22,550 yuan/ton, with a spot premium of -65 yuan/ton [1] - **Futures**: On August 13, 2025, the SHFE zinc main contract opened at 22,720 yuan/ton, closed at 22,600 yuan/ton, up 55 yuan/ton from the previous trading day. The trading volume was 78,345 lots, and the open interest was 85,986 lots. The highest intraday price reached 22,775 yuan/ton, and the lowest was 22,600 yuan/ton [2] - **Inventory**: As of August 13, 2025, the total inventory of zinc ingots in seven regions monitored by SMM was 119,200 tons, a change of 6,000 tons from the previous period. The LME zinc inventory was 78,475 tons, a change of -1,075 tons from the previous trading day [3] 2. Strategy - **Single - side trading**: Cautiously bearish - **Arbitrage**: Neutral [5]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report The report provides a daily overview of the stock index options market, including option trading volume, option PCR (Put - Call Ratio), and option VIX (Volatility Index), which helps investors understand the market situation and potential trends of stock index options. 3. Summary by Relevant Catalogs Option Trading Volume - On August 12, 2025, the trading volume of Shanghai Stock Exchange 50 ETF options was 1.2752 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 1.096 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.283 million contracts; the trading volume of Shenzhen 100 ETF options was 0.1268 million contracts; the trading volume of ChiNext ETF options was 1.48 million contracts; the trading volume of Shanghai Stock Exchange 50 stock index options was 0.0516 million contracts; the trading volume of CSI 300 stock index options was 0.1172 million contracts; the total trading volume of CSI 1000 options was 0.2469 million contracts [1]. Option PCR - The turnover PCR of Shanghai Stock Exchange 50 ETF options was reported at 0.53, with a month - on - month change of - 0.14; the position PCR was reported at 1.05, with a month - on - month change of + 0.09. Similar data for other types of options are also provided in the report [2]. Option VIX - The VIX of Shanghai Stock Exchange 50 ETF options was reported at 16.29%, with a month - on - month change of + 0.35%. The VIX and its month - on - month changes of other types of options are also presented in the report [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Short - term supply of coking coal and coke is limited, making their prices prone to rise and hard to fall; the macro sentiment for glass and soda ash is positive, with soda ash prices rising significantly; steel prices are continuously rebounding, and ferroalloys are oscillating and consolidating [1][3] - Glass prices are expected to oscillate, and soda ash prices are also expected to oscillate; silicon manganese and silicon iron prices are expected to maintain an oscillating trend [2][5] Summary by Related Catalogs Glass and Soda Ash Market Analysis - Glass: The glass futures market showed a strong and oscillating trend yesterday. In the spot market, downstream procurement sentiment was cautious, with demand mainly for immediate needs [1] - Soda Ash: The soda ash futures market rose significantly yesterday. In the spot market, downstream transactions were stable, with a wait - and - see attitude [1] Supply - Demand and Logic - Glass: As market sentiment subsided, glass pricing returned to its fundamental logic. Currently, glass supply has not been effectively cleared, speculative demand has weakened, supply - demand remains relatively loose, and spot prices have declined. The previous premium in the futures market provided good opportunities for spot - futures arbitrage, and the rapid increase in registered glass warehouse receipts suppressed the price of the 09 contract. Attention should be paid to the impact of macro - policies on glass supply and demand [1] - Soda Ash: The market is again worried that stricter environmental inspections in Qinghai will affect local soda ash production capacity elimination. Since Qinghai has a large proportion of soda ash production capacity, if affected, it will improve the supply - demand imbalance to some extent. Currently, soda ash production is continuously increasing with further growth expected, while consumption may weaken further, and inventory growth pressure is high. Therefore, soda ash prices are easily stimulated by news in the short term, but long - term supply - demand contradictions will still suppress prices [1] Strategy - Glass: Oscillating [2] - Soda Ash: Oscillating [2] Silicon Manganese and Silicon Iron Market Analysis - Silicon Manganese: As steel prices continued to rebound, the silicon manganese futures market oscillated. In the spot market, the final pricing of mainstream steel procurement is still under negotiation. The price of 6517 silicon manganese in the northern market is 5800 - 5900 yuan/ton, and in the southern market, it is 5820 - 5920 yuan/ton [3] - Silicon Iron: The silicon iron futures market oscillated and consolidated yesterday. In the spot market, the market is waiting for HBIS's pricing. The ex - factory price of 72 - grade silicon iron natural lumps in the main production areas is 5400 - 5500 yuan/ton, and the price of 75 - grade silicon iron is 5750 - 5900 yuan/ton [3] Supply - Demand and Logic - Silicon Manganese: As market sentiment stabilized, the futures market returned to the fundamentals of the commodity. Currently, silicon manganese production and demand have slightly increased, and manufacturers' inventory has decreased month - on - month, being at a medium level compared to the same period. The quotation of manganese ore to China has slightly increased, causing the cost of silicon manganese to rise slightly, which supports the spot price. The 09 contract still has a certain discount, which also supports the futures price. However, considering the continuous increase in manganese ore port inventory, the cost support is weak, and the silicon manganese industry has an obvious supply surplus. A certain degree of loss is needed to suppress production release. It is expected that silicon manganese prices will continue to oscillate. Attention should be paid to manganese ore cost support, silicon manganese inventory, and manganese ore shipments in the future [3] - Silicon Iron: Currently, silicon iron production has rapidly increased, demand has slightly increased, and manufacturers' inventory has increased month - on - month, being at a relatively high level compared to the same period. The increase in chemical coke prices has driven up the cost of silicon iron, which supports the spot price. However, considering that the futures market is slightly at a premium, and the silicon iron industry has an obvious supply surplus, a certain degree of loss is needed to suppress production release. It is expected that silicon iron prices will continue to oscillate. Attention should be paid to cost support and the impact of industrial policies on the black sector in the future [4] Strategy - Silicon Manganese: Oscillating [5] - Silicon Iron: Oscillating [5]

Report Industry Investment Rating - Not provided in the content Core View - The report presents the trading and position data of various market sectors on August 12, 2025, including the trading volume, position amount, trading - position ratio, and their changes compared to the previous trading day, to reflect the market liquidity situation [1][2] Summary by Relevant Catalog 1. Plate Liquidity - The report provides comprehensive data on the trading volume, position amount, trading - position ratio, and their changes of different market sectors such as stock index, treasury bond, base metal, precious metal, energy chemical, agricultural product, and black building materials [1][2] 2. Stock Index Plate - On August 12, 2025, the trading volume was 514.001 billion yuan, a change of - 11.04% compared to the previous trading day; the position amount was 1127.055 billion yuan, a change of - 4.14%; the trading - position ratio was 45.83% [1] 3. Treasury Bond Plate - On August 12, 2025, the trading volume was 470.916 billion yuan, a change of + 4.51% compared to the previous trading day; the position amount was 842.067 billion yuan, a change of - 0.32%; the trading - position ratio was 56.92% [1] 4. Base Metal and Precious Metal (Metal Plate) - Base metal: On August 12, 2025, the trading volume was 504.038 billion yuan, a change of + 39.82% compared to the previous trading day; the position amount was 510.479 billion yuan, a change of + 1.55%; the trading - position ratio was 128.65% - Precious metal: On August 12, 2025, the trading volume was 249.769 billion yuan, a change of - 31.03% compared to the previous trading day; the position amount was 436.098 billion yuan, a change of - 2.36%; the trading - position ratio was 57.45% [1] 5. Energy Chemical Plate - On August 12, 2025, the trading volume was 464.113 billion yuan, a change of - 0.68% compared to the previous trading day; the position amount was 428.566 billion yuan, a change of - 0.29%; the trading - position ratio was 102.18% [1] 6. Agricultural Product Plate - On August 12, 2025, the trading volume was 402.797 billion yuan, a change of - 4.21% compared to the previous trading day; the position amount was 603.319 billion yuan, a change of + 0.84%; the trading - position ratio was 62.41% [1] 7. Black Building Materials Plate - On August 12, 2025, the trading volume was 462.453 billion yuan, a change of + 7.12% compared to the previous trading day; the position amount was 419.844 billion yuan, a change of + 3.39%; the trading - position ratio was 103.44% [2]

甲醇日报 | 2025-08-13 市场要闻与重要数据 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710元/吨（+23）；内地甲醇价格方面， 内蒙北线2125元/吨（+23），内蒙北线基差334元/吨（+21），内蒙南线2100元/吨（+0）；山东临沂2390元/吨（+23）， 鲁南基差199元/吨（+21）；河南2260元/吨（+10），河南基差69元/吨（+8）；河北2275元/吨（+0），河北基差144元 /吨（-2）。隆众内地工厂库存293688吨（-30832），西北工厂库存185500吨（-30500）；隆众内地工厂待发订单240800 吨（+10075），西北工厂待发订单122800吨（+10800）。 港口方面：太仓甲醇2377元/吨（+3），太仓基差-14元/吨（+1），CFR中国269美元/吨（+0），华东进口价差5元/吨 （-7），常州甲醇2465元/吨；广东甲醇2370元/吨（+0），广东基差-21元/吨（-2）。隆众港口总库存925480吨（+117080）， 江苏港口库存498000吨（+79000），浙江港口库存144000吨（-9000），广东 ...