Industry Investment Rating - Not provided in the content Core Viewpoints - The supply - demand pattern of soda ash shows strong supply and weak demand, with over - supply and inventory accumulation hard to ease in the short term, and the upstream coal price has peaked, so the soda ash futures price is expected to fluctuate weakly. For glass, the industry is in a weak supply - demand balance, the market is concerned about the anti - involution policy, and the glass futures main contract will show a short - term oscillatory trend [8][9] Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash**: On August 26, the main soda ash futures SA601 contract fluctuated downward, closing at 1311 yuan/ton, down 24 yuan/ton with a decline of 1.79% and a daily increase in positions of 13,450 lots. Fundamentally, the production increased and the inventory remained at a high level. The weekly production of soda ash rose to 771,400 tons, a 1.32% week - on - week increase. The factory inventory increased to 1.9108 million tons, a 0.71% increase from Monday. The daily melting volume of photovoltaic glass decreased to 87,000 tons, and the daily melting volume of float glass remained stable. The supply - demand pattern of strong supply and weak demand remained unchanged [7][8] - **Glass**: Fundamentally, the daily melting volume of glass was flat compared with last week, the inventory continued to accumulate, and the weekly LOW - E glass start - up rate was basically the same as before. The industry was in a weak supply - demand balance. In terms of profit, the profit of float glass using coal - gas as fuel increased, while those using natural gas and petroleum coke decreased by double - digits. The market is focused on the expected trend of the anti - involution policy. The glass futures main contract will show a short - term oscillatory trend [9] - **Transaction Data**: The trading data of soda ash and glass futures on August 26 are shown in Table 1, including opening price, highest price, lowest price, closing price, change, change rate, position volume, and position volume change of different contracts such as SA509, SA601, FG509, and FG601 [7] 2. Data Overview - Multiple charts are provided, including the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources from Wind and iFind [11][15][18]

Report Information - Report Name: Pig Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - No information provided Core Viewpoints - In the short - term, the terminal and second - fattening demand may increase in the second half of the month, and the supply - demand situation may improve slightly, leading to a potential low - level rebound in spot pig prices. The near - month 2509 futures contract may follow the spot price with a small rebound at the bottom. The 2511 and 2601 contracts are in the peak demand season, with a small increase in pig supply and a relatively large increase in demand. Along with factors like pork stockpiling, initiatives for high - quality development, and strengthened environmental protection, the medium - to - long - term pig prices are expected to rebound [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 26th, the main 2511 pig futures contract opened lower, then fluctuated upwards and closed with a positive candle. The highest price was 13,895 yuan/ton, the lowest was 13,770 yuan/ton, and the closing price was 13,860 yuan/ton, down 0.47% from the previous day. The total open interest of the index decreased by 1,305 lots to 181,393 lots [8]. - **Spot Market**: On the 26th, the national average price of external ternary pigs was 13.63 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Demand Side**: The price difference between fat and standard pigs has slightly widened, and the fattening cost remains low, increasing the expectation of second - fattening at low prices, which may reduce the slaughter pressure of farmers. The current demand is still in the seasonal off - season, with terminal demand remaining at a low level on a month - on - month basis. As students start school in the second half of the month, terminal demand may gradually pick up. The orders of slaughtering enterprises are average, and the slaughtering rate and volume have increased slightly. On August 26th, the slaughter volume of sample slaughtering enterprises was 140,300 heads, an increase of 100 heads from the previous day and the same as that of a week ago [9]. - **Supply Side**: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with the actual slaughter volume in July. The slaughter volume is expected to increase significantly, and the utilization rate of second - fattening pens remains high, with second - fattened pigs being continuously released, so the slaughter pressure still exists. The average slaughter weight has slightly declined, and the weight pressure on farmers has weakened in the second half of the month. In the long run, pig slaughter may continue to increase slightly [9]. 2. Industry News - No specific news content provided, only figure information about breeding profit, cost, etc. 3. Data Overview - **Breeding Profit**: As of August 21st, the average profit per self - bred and self - raised pig was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per pig from purchasing piglets was - 57.6 yuan/head, also a week - on - week decrease of 5 yuan/head [14]. - **Piglet Price**: The average market sales price of 15 - kg piglets in the week of August 21st was 463 yuan/head, a decrease of 21 yuan/head from the previous week [14]. - **Slaughter Volume**: In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%. The average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [14]. - **Planned Slaughter Volume**: The planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July [14]. - **Average Slaughter Weight**: As of the week of August 21st, the average slaughter weight of pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [14].

Report Information - Report Name: MEG Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term, the supply - demand of ethylene glycol has not changed significantly. Affected by the improvement of macro - market sentiment, it is expected to maintain a high - level range - bound trend [7] Section Summaries 1. Market Review and Operation Suggestions - **Futures Market Quotes**: The closing price of EG2601 was 4,490 yuan/ton, down 12 yuan, with a position of 151,958 contracts and an increase of 17,061 contracts. The closing price of EG2509 was 4,440 yuan/ton, down 3 yuan, with a position of 51,447 contracts and a decrease of 10,243 contracts. On the 26th, the main contract of ethylene glycol futures opened at 4,510 yuan/ton, reached a high of 4,521 yuan/ton, a low of 4,486 yuan/ton, settled at 4,507 yuan/ton, and closed at 4,490 yuan/ton, down 12 yuan from the previous trading day's settlement price. The total volume was 151,958 lots, and the position was 286,272 lots [7] 2. Industry News - **Crude Oil Market**: It is expected that the US will impose more sanctions on a certain European country, and Ukraine's attacks on the energy infrastructure of a certain European country may disrupt supply. European and American crude oil futures have risen for four consecutive trading days. On Monday (August 25), the settlement price of the West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of the Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [8] - **Ethylene Glycol Market in Zhangjiagang**: The spot negotiation price of ethylene glycol in Zhangjiagang this week is 4,538 - 4,540 yuan/ton, up 1.5 yuan/ton from the previous working day. The spot negotiation price next week is 4,543 - 4,545 yuan/ton, and the negotiation price for the end of September is 4,543 - 4,545 yuan/ton. The basis of this week's spot is at a premium of 48 - 50 yuan/ton compared to EG2601, the basis of next week's spot is at a premium of 53 - 55 yuan/ton compared to EG2601, and the basis for the end of September is at a premium of 53 - 55 yuan/ton compared to EG2601 [8] - **Industry Operation**: The operation of PX and ethylene glycol is stable. A 2.2 - million - ton (designed capacity, actual 2.5 - million - ton) PTA plant in East China is under maintenance, and the PTA operation rate has decreased by 2.58 percentage points. A 200,000 - ton polyester film plant of Ningbo Jinyuan has stopped for maintenance, and the polyester operation rate has decreased by 0.23 percentage points [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main - contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]

Report Information - Report Type: Iron Ore Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating - Not provided in the report Core Viewpoints - On August 25, the main iron ore futures contract 2601 fluctuated upward, closing at 787.0 yuan/ton, up 2.27%. The accident at Rio Tinto's SimFer mine in Guinea has a limited impact, but it has boosted the overall bullish sentiment. The supply of iron ore may show a pattern of low first and high later, while the demand remains strong, and the reduction in production may be less than expected, which also provides some support for the ore price. The demand for downstream steel products has recovered this week, but the sustainability needs to be observed. Overall, the current bullish sentiment is strong, and the actual impact of production cuts in Tangshan and the impact of the September 3 parade on the demand for downstream construction steel products need to be further observed [7][10][11] Summary by Directory 1. Market Review and Outlook 1.1 Spot Market Dynamics and Technical Analysis - Spot Market: On August 25, the main iron ore outer market quotes increased by 2 US dollars/ton compared with the previous trading day, and the prices of main-grade iron ore at Qingdao Port increased by 15 yuan/ton compared with the previous trading day [9] - Technical Analysis: The daily KDJ indicator of the iron ore 2601 contract formed a golden cross, and the green column of the daily MACD indicator of the iron ore 2601 contract began to narrow [9] 1.2 Outlook - News: On August 23, Rio Tinto announced that an employee of a contracting company died in an accident at the SimFer mine in Guinea on August 22. All activities at the SimFer mine have been suspended. The impact of the accident is limited, and production is expected to resume soon, but the overall bullish sentiment has been boosted [10] - Supply: The weekly shipment volume of 19 ports in Australia and Brazil increased last week. Considering the shipping schedule, the subsequent arrival volume may show a pattern of low first and high later [11] - Demand: Currently, the production enthusiasm of enterprises remains at a relatively high level, and the molten iron output has increased for two consecutive weeks, still remaining at a relatively high level of over 2.4 million tons. Regarding the September 3 production restrictions, according to Mysteel research, some steel enterprises reported receiving oral notices on the morning of the 17th, but whether to reduce production still depends on future weather conditions. From the current weather situation, the production reduction may be less than expected, which also provides some support for the ore price [11] - Downstream: The demand for steel products has recovered this week, but the sustainability needs to be observed. Considering that infrastructure projects in the Beijing-Tianjin-Hebei region may face phased shutdowns before September 3, and the expansion of US steel and aluminum tariffs, a cautious attitude is recommended [11] 2. Industry News - On the afternoon of August 25, the Market Committee of the China Coking Industry Association held a special market analysis meeting. Representatives of key coking enterprises from Shanxi, Hebei, Inner Mongolia, and other places attended the meeting. The participating representatives agreed that the coking market should raise prices again as soon as possible. The participating enterprises reached the following resolutions: Starting from 0:00 on August 26, the price of tamping wet quenched coke for steel mill customers will be increased by 50 yuan/ton, the price of tamping dry quenched coke will be increased by 55 yuan/ton, and the price of top-loaded coke will be increased by 75 yuan/ton [12] 3. Data Overview - The report provides a series of data charts, including the price of main iron ore varieties at Qingdao Port, the price difference between high-grade ore and PB powder at Qingdao Port, the price difference between low-grade ore and PB powder at Qingdao Port, the basis of iron ore spot and January contract at Qingdao Port, the shipment volume of iron ore from Brazil and Australia, the arrival volume of iron ore at 45 ports, the capacity utilization rate of domestic mines, the trading volume of iron ore at main ports, the available days of iron ore inventory in steel mills, the inventory of imported sintered powder ore, the inventory and port clearance volume of iron ore at ports, the tax-free molten iron cost of sample steel mills, the blast furnace operating rate and ironmaking capacity utilization rate, the electric furnace operating rate and capacity utilization rate, the national daily average molten iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mill inventory of five major steel products [16][23][39]

Group 1: Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 26, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Group 2: Market Review - Futures Market Quotes: - For SHFE Zinc 2509, the opening price was 22,230 yuan/ton, the closing price was 22,375 yuan/ton, up 115 yuan or 0.52%, with a trading volume of 38,685 lots and a decrease of 4,326 lots in open interest [7]. - For SHFE Zinc 2510, the opening price was 22,220 yuan/ton, the closing price was 22,395 yuan/ton, up 150 yuan or 0.67%, with a trading volume of 105,259 lots and a decrease of 2,533 lots in open interest [7]. - For SHFE Zinc 2511, the opening price was 22,210 yuan/ton, the closing price was 22,390 yuan/ton, up 160 yuan or 0.72%, with a trading volume of 38,208 lots and an increase of 1,139 lots in open interest [7]. - Market Analysis: The speech at the Jackson Hole meeting signaled a potential interest rate cut, leading to a continuous recovery in risk appetite and a general rise in the non - ferrous metals sector. The main SHFE Zinc contract 2510 closed at 22,395 yuan/ton, up 150 yuan or 0.67%, with increased volume and decreased open interest. The 09 - 10 spread was C20. The LME market was closed for the Summer Bank Holiday. The import zinc concentrate processing fee continued to rise, with the zinc concentrate index increasing by 2.2 dollars/dry ton to 92 dollars/dry ton, and the domestic TC remained stable at 3,900 yuan/metal ton. Refinery operating rates remained high, and domestic maintenance in August was limited, with refined zinc production expected to increase to 621,500 tons, keeping the supply side abundant. Downstream demand remained weak at the end of the off - season, and due to the impact of the military parade, environmental protection became stricter, restricting production and transportation in North China. The operating rates of galvanizing and zinc oxide were expected to hover at low levels. The external market was supported by interest rate cut expectations and low inventories, making it prone to rise and difficult to fall. The pattern of a strong external market and a weak domestic market continued. The domestic market was driven by the external market and was unlikely to fall deeply. SHFE Zinc was in a wide - range oscillation, and in the short term, it might test the 22,500 yuan/ton mark [7]. Group 3: Industry News - On August 25, 2025, the mainstream transaction price of 0 zinc was concentrated between 22,340 - 22,415 yuan/ton, Shuangyan was traded between 22,450 - 22,525 yuan/ton, and 1 zinc was traded between 22,270 - 22,345 yuan/ton. In the morning, the market quoted a premium of 10 - 30 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, ordinary domestic zinc was quoted at a discount of 10 yuan/ton to the 2509 contract, Honglu - v was quoted at a discount of 20 yuan/ton to the 2509 contract, Huize was quoted at a premium of 50 yuan/ton to the 2509 contract, and high - end brand Shuangyan was quoted at a premium of 100 yuan/ton to the 2509 contract [8]. - In the Ningbo market, the mainstream brand 0 zinc was traded at around 22,300 - 22,365 yuan/ton. The regular brands in Ningbo were quoted at a discount of 50 yuan/ton to the 2509 contract and a discount of 10 yuan/ton to the Shanghai spot price. In the first period, Qilin was quoted at a discount of 50 yuan/ton to the 2509 contract; in the second period, traders' quotes remained the same as the previous period [8]. - In the Tianjin market, 0 zinc ingots were mainly traded between 22,290 - 22,390 yuan/ton, Zijin was traded between 22,310 - 22,400 yuan/ton, and 1 zinc ingots were traded around 22,230 - 22,310 yuan/ton. Huludao was quoted at 23,010 yuan/ton. Ordinary 0 zinc was quoted at a discount of 30 - 60 yuan/ton to the 2509 contract, Zijin was quoted at a discount of 20 - 40 yuan/ton to the 2509 contract, and the Tianjin market was at a discount of about 20 yuan/ton compared to the Shanghai market [8]. - In Guangdong, the mainstream 0 zinc was traded between 22,250 - 22,375 yuan/ton. The mainstream brands were quoted at a discount of 70 yuan/ton to the 2510 contract and at par with the Shanghai spot price, and the price difference between Shanghai and Guangdong narrowed. In the first period, holders quoted a discount of 110 - 50 yuan/ton for Qilin, Mengzi, Danxia, Anning, and Feilong; in the second period, the quotes remained the same [8][9]. Group 4: Data Overview - The report includes charts such as the price trends of zinc in two markets, SHFE monthly spreads, SMM's weekly inventory of zinc ingots in seven regions, and LME zinc inventories, with data sources from Wind, SMM, and the Research and Development Department of CCB Futures [11][13]

Report Information - Report Title: Copper Futures Daily Report [1] - Date: August 26, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3] Report Summary Investment Rating - No investment rating information provided Core View - Copper prices rose with increasing volume, hitting a new high in August. With the release of a potential interest - rate cut signal by Powell at the global central bank meeting and the relaxation of housing purchase restrictions in Shanghai, the market's bullish sentiment was high. In the short term, supported by a stronger fundamental outlook and growing expectations of a Fed interest - rate cut, copper prices are expected to break through the range, and attention should be paid to the previous high resistance level [10] Section Summaries 1. Market Review and Operation Suggestions - Copper prices soared on high volume, reaching an August high. The LME was closed, and COMEX copper edged up. The market's bullish sentiment was strong. The monthly spread structure on the futures market slightly narrowed. Spot prices rose by 565 to 79,395, while the spot premium dropped by 10 to 140. Social inventories decreased by 0.87 million tons to 12.3 million tons compared to last Thursday, which supported the spot premium [10] 2. Industry News - Codelco announced that the Andes Norte and Diamante mines of the El Teniente copper mine in Chile have been approved to resume production by the mining regulator Sernageomin after a suspension due to an accident on July 31 [11] - According to the ICSG report, after adjusting for inventory changes in Chinese bonded warehouses, the supply surplus in June was 42,000 tons, down from 58,000 tons in May. In June, the global copper market had a supply surplus of 36,000 tons, down from 79,000 tons in May. Global refined copper production in June was 2.43 million tons, and consumption was 2.4 million tons [11] - Luoyang Molybdenum's 2025 H1 financial report showed that the company's mining revenue reached a record high of 39.402 billion yuan, accounting for about 42% of total operating revenue, up 11 and 28 percentage points from the same periods in 2024 and 2023 respectively. The proportion of copper - related mining revenue also reached a record high. With the help of the TFM and KFM projects, the company produced 353,600 tons of copper in H1, a year - on - year increase of 12.68%, and achieved about 56.1% of the annual production target. The copper mining revenue was 25.718 billion yuan, accounting for about 65% of the total mining revenue, up 1 and 31 percentage points from the same periods in 2024 and 2023 respectively [11]

Report Information - Report Title: Container Shipping Index Daily Report [1] - Date: August 26, 2025 [2] - Research Team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Industry Investment Rating - Not provided Core Viewpoints - This week, the SCFIS dropped below 2000 points for six consecutive weeks, but the decline in online quotes has stabilized. Some airlines have shown a willingness to support prices in September. Considering the uncertainty of tariffs and the large actual damage to foreign trade, the demand side is difficult to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. This year's freight rates may show the characteristic of an even weaker off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still show a downward trend, and the October contract should be short - allocated on rallies [8] Summary by Directory 1. Market Review and Operation Suggestions - This week, the SCFIS dropped below 2000 points for six consecutive weeks, and the decline in online quotes has stabilized. For example, the lowest online quote for a 40GP large container on the Shanghai - Rotterdam route in the fourth week of August was $2384 from Maersk, and other airlines also kept their quotes stable in the range of $2500 - $2900. CMA CGM, HPL, and ONE have announced higher freight rates for September, showing a willingness to support prices. The uncertainty of tariffs has a great impact on foreign trade, and the demand side is difficult to improve significantly. The shipping capacity supply is at a relatively high level in the off - season, and this year's freight rates may be weaker in the off - season. The main October contract has a deep discount, and the decline in spot freight rates has slowed down, so the short - term decline in futures may narrow. In the long run, the freight rates may still decline, and the October contract should be short - allocated on rallies [8] 2. Industry News - From August 18th to August 22nd, the China export container shipping market was basically stable, but the supply - demand fundamentals were weak. Most route freight rates declined, and the comprehensive index continued to adjust. On August 22nd, the Shanghai Export Containerized Freight Index was 1415.36 points, down 3.1% from the previous period. In the European route, although the eurozone economy continued to recover, the impact of US tariff policies began to appear, and foreign orders in the eurozone manufacturing industry declined for the second consecutive month. The freight rate from Shanghai Port to European basic ports on August 22nd was $1668/TEU, down 8.4% from the previous period. The Mediterranean route was similar to the European route, and the spot booking price continued to fall. The freight rate from Shanghai Port to Mediterranean basic ports on August 22nd was $2225/TEU, down 2.4% from the previous period. In the North American route, the US labor market cooled, and the freight demand growth was weak. The freight rates from Shanghai Port to the US West and East basic ports on August 22nd were $1644/FEU and $2613/FEU respectively, down 6.5% and 3.9% from the previous period. US President Trump announced a "major" tariff investigation on imported furniture, which will further impact the industry. In addition, the Israeli - Palestinian conflict situation also has potential impacts on the market [9][10] 3. Data Overview 3.1 Container Shipping Spot Prices - On August 25th, 2025, the SCFIS for the European route (basic ports) was 1990.2 points, down 189.97 points (-8.7%) from August 18th. The SCFIS for the US West route (basic ports) was 1041.38 points, down 64.91 points (-5.9%) from August 18th [12] 3.2 Container Shipping Index (European Line) Futures Market - The trading data of container shipping European line futures on August 25th showed different performance for each contract. For example, the EC2510 contract had an opening price of 1323.0, a closing price of 1358.0, a settlement price of 1356.3, a rise of 34.0, and a rise rate of 2.57%. The trading volume was 39234, and the open interest was 54357 with an increase of 102 [6] 3.3 Shipping - Related Data Charts - The report provides multiple charts including the European container ship capacity, global container ship orders on hand, Shanghai - European basic port freight rates, and Shanghai - Rotterdam spot freight rates [17][20]

Report Information - Date: August 26, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Industry Investment Rating - Not mentioned Core View - The short - term decline of lithium carbonate futures is expected to stop as downstream demand is gradually entering the peak season, consumption is supported, and the inflection point of social inventory of lithium carbonate is looming [9] Summary by Directory 1. Market Review and Operation Suggestions - Lithium carbonate fluctuated slightly downwards, with total positions and total trading volume both decreasing, and market trading sentiment declined. The spot price of electric carbon dropped by 1400 to 82500, and the spot continued to have a premium of nearly 3000 over the futures. Downstream procurement and price - fixing behavior became more stable compared to last week [9] - Due to the active market transactions last week, downstream inventory increased. Today's trading volume declined, and downstream procurement became more cautious, waiting for further price cuts [9] - Australian ore prices remained flat at 920, lithium mica prices dropped by 60 to 1995. The profit of salt plants using purchased lithium spodumene narrowed to 2516, and the loss of salt plants using purchased lithium mica widened to 5641. In the short term, ore prices were resistant to decline, compressing salt plant profits [9] - The prices of 5 - series power ternary materials dropped by 300, and lithium iron phosphate dropped by 340, with downstream prices following the decline [9] 2. Industry News - Group14 Technologies completed a $463 million Series D financing on August 20, led by SK Inc., with participation from existing investors. The funds will be used to expand the production capacity of its silicon anode material SCC55 in the US and South Korea to meet the surging global energy storage demand [12] - The National Energy Administration released the national power industry statistics for January - July. As of the end of July, the cumulative installed power generation capacity nationwide was 3.67 billion kilowatts, a year - on - year increase of 18.2%. Among them, the installed capacity of solar power was 1.11 billion kilowatts, a year - on - year increase of 50.8%; the installed capacity of wind power was 0.57 billion kilowatts, a year - on - year increase of 22.1%. From January to July, the average utilization hours of national power generation equipment were 1806 hours, 188 hours lower than the same period last year [12]

行业 贵金属日评 日期 2025 年 8 月 26 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 一、贵金属行情及展望 日内行情： 美联储主席鲍威尔在 Jackson-Hole 全球央行年会上终于调整货币政策前瞻 指引，年内首次明确支持美联储重启降息进程，美元指数大跌至 97.8 附近而全球 股市和大宗商品受到提振，伦敦金银分别反弹至 3370 和 38.9 美元/盎司附近。特 朗普 2.0 新政推动全球政经格局加速重组且进入乱纪元模式，黄金的避险需求得 到极大提振；目前看黄金波动性上升但中线上涨趋势保持良好，伦敦黄金或在 3120-3500 美元/盎司之间宽幅震荡整固后再次上涨，建 ...

Report Information - Report Type: Steel Daily Review [1] - Date: August 26, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Industry Investment Rating No information provided. Core Viewpoints - On August 25, the main contracts of rebar and hot-rolled coil futures rebounded significantly, but the gains narrowed. The spot prices of rebar and hot-rolled coil generally increased. The steel futures market may show an oscillating rebound in the future, but its strength is weaker than that of the stock index. It needs to wait for the stock index to reach its peak to change the current lukewarm market pattern. [7][9][11] - The coking coal market ended its nearly one-and-a-half-year downward trend in July 2025, with both futures and spot prices rebounding from the bottom. There may still be a phased upward trend in August, but price increases may be limited. [13] Summary by Directory 1. Market Review and Outlook for the Future 1.1 Spot Market Dynamics and Technical Analysis - On August 25, the spot prices of rebar and hot-rolled coil in major markets generally increased. The prices of rebar in Shanghai, Nanjing and other cities rose by 30 yuan/ton, and the prices of hot-rolled coil in Shanghai, Shenyang and other cities rose by 30 - 40 yuan/ton. [9] - The daily KDJ indicators of the rebar and hot-rolled coil 2510 contracts showed a differentiated trend. The J and K values turned up, while the D value continued to decline. The daily MACD green bars of the rebar 2510 contract narrowed for two consecutive trading days, and the daily MACD green bars of the hot-rolled coil 2510 contract began to narrow. [9] 1.2 Outlook for the Future - News: Fed Chairman Powell hinted at a possible interest rate cut in September; the coal and coke market turned up significantly due to expectations of strengthened safety inspections after the Fujian coal mine accident. [10][11] - Fundamentals: The weekly output of the five major steel products has increased for four consecutive weeks, the factory inventory has slightly decreased, but the social inventory has increased for six consecutive weeks to a new high since mid-May. The weekly apparent demand has increased after six consecutive weeks of decline. The blast furnace capacity utilization rate remains at a relatively high level, and the daily average pig iron output remains above 2.4 million tons per day. [11] - Financial Market: The domestic A-share market continued to rise, which may attract some futures market funds to the stock market, but also help boost the prices of coal, coke, steel, and ore commodities. [11] 2. Industry News - National Energy Administration: As of the end of July, the cumulative installed power generation capacity nationwide was 3.67 billion kilowatts, a year-on-year increase of 18.2%. [12] - China Iron and Steel Association: In mid-August, the social inventory of five major steel products in 21 cities was 8.43 million tons, a month-on-month increase of 400,000 tons. [12] - Company Performance: New Steel Co., Ltd. achieved a net profit attributable to shareholders of 111 million yuan in the first half of 2025, turning a profit year-on-year; Xinji Energy Co., Ltd. had a net profit attributable to shareholders of approximately 920 million yuan in the first half of 2025, a year-on-year decrease of 21.72%. [12] - Coking Coal Market: In July 2025, the coking coal market ended its downward trend, and the market showed a pattern of "three leading rises, one decline, and one stability". There may still be a phased upward trend in August, but price increases may be limited. [13] - Customs Data: In July 2025, China's coal imports increased by 7.8% month-on-month to 35.609 million tons. [14] - US Anti-dumping Ruling: The US Department of Commerce ruled that if the current anti-dumping measures against carbon steel alloy wire rods imported from China are cancelled, the dumping margin of Chinese products will reach 110.25%. [14] - Steel Production Data: In July 2025, the global crude steel output was 150 million tons, a year-on-year decrease of 1.3%; Japan's crude steel output was 6.918 million tons, a month-on-month increase of 3.1%. [14] - VLCC Freight: As of August 24, 2025, the VLCC TCE increased by 31.7% week-on-week to $45,800 per day. OPEC+ plans to increase production by 547,000 barrels per day in September. [14] 3. Data Overview - The report provides charts on the spot prices of rebar and hot-rolled coil in major markets, the weekly output of five major steel products, factory and social inventories, blast furnace and electric furnace operating rates, daily average pig iron output, and apparent consumption of five major steel products, among others. [17][19][20]