Report Information - Report Title: Zinc Futures Daily Report [1] - Date: August 21, 2025 [2] Investment Rating - No investment rating is provided in the report. Core Viewpoints - The core contradiction of abundant zinc ore and sufficient zinc ingots in the domestic zinc market is more prominent during the off - season of demand, and the inventory accumulation trend continues [7]. - The zinc market will maintain a loose supply situation, and the demand is in the off - season with no substantial improvement. Although the macro - environment is favorable, the weak fundamentals cannot resonate. The Shanghai zinc has given back its previous gains, and the current pattern of strong overseas and weak domestic markets continues. The domestic market is unlikely to fall sharply due to the influence of the overseas market. There is an expectation of a switch from the off - season to the peak season for demand in the second half of the month, and the callback space for Shanghai zinc is limited, with short - term wide - range fluctuations [7]. Summary by Section 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc 2510 closed at 22,265 yuan/ton, up 20 yuan, with a gain of 0.09%. The trading volume increased, and the open interest increased by 5,418 lots to 110,994 lots. LME zinc inventory decreased by 950 tons to 71,250 tons, all from Singapore, with 0 - 3C at 10.26 [7]. - **Supply and Demand Situation**: The supply of zinc ore is loose, pushing up the processing fee. The import zinc concentrate index is reported at 82.25 US dollars/dry ton, and the SMM domestic zinc concentrate monthly TC average price remains stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices have driven the continuous expansion of smelters' profit margins, and the production enthusiasm of smelters is high. The domestic refined zinc output in August may increase to 621,500 tons, and the supply side remains abundant. The off - season characteristics of downstream demand are significant. Although there are demand - supporting policies, the weakness cannot be concealed in the short term, and the operating load in the primary consumption field is still in a weak range [7]. 2. Industry News - **Zinc Price Transactions on August 20, 2025**: The mainstream transaction price of 0 zinc was concentrated between 22,150 - 22,290 yuan/ton, and that of 1 zinc was between 22,080 - 22,220 yuan/ton. The price differences in different regions such as Shanghai, Ningbo, Tianjin, and Guangdong were reported, including the premium or discount of different brands relative to the contract and the price differences between regions [8][9] 3. Data Overview - The report presents data such as the weekly inventory of SMM seven - region zinc ingots, LME zinc inventory, the price trends of zinc in two markets, and SHFE monthly spreads, but specific data analysis is not provided in the text [13][15]

Report Information - Industry: Cotton [1] - Date: August 21, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Investment Rating - Not provided Core View - Zhengzhou cotton (ZCE cotton futures) is in a range - bound adjustment. Seasonal peak season is approaching, downstream procurement has increased, and market trading has improved. Although textile mills are still in losses, the losses have narrowed. Before the new cotton is listed, ZCE cotton may fluctuate around the expected opening price of seed cotton, with limited upside and downside in the short - term [7][8] Summary by Directory 1. Market Review and Operational Suggestions - **Domestic Spot Market**: The latest China Cotton Price Index for Grade 328 is 15,240 yuan/ton, down 3 yuan/ton from the previous trading day. The low basis of 2024/25 Xinjiang Kashi lint (3129/29B/impurity within 3.5) is in the range of CF09 + 1050 - 1200, but the quantity is scarce. More quotes are above CF09 + 1200, all for self - pick - up in Xinjiang. The sales basis of 2024/25 northern Xinjiang machine - picked cotton (4129/29B/impurity within 3.5) is mostly above CF09 + 1450, and the low basis is in the range of CF09 + 1350 - 1450. Some CF01 contract quotes are the same, also for self - pick - up in Xinjiang [7] - **Domestic Downstream Market**: The seasonal peak season is approaching, downstream procurement and stocking have increased, and market trading has improved. Textile mills' losses have narrowed, but the operating rate has not recovered. Inland textile mills maintain a low operating rate, and inventory has decreased. The price of pure - cotton grey fabric market remains stable, downstream inquiries and sales have not improved continuously, and the overall trading atmosphere is still weak. The overall operating rate of weaving factories has increased slightly, and inventory has slowly declined [7] - **Overseas Market**: As of the week ending August 17, the good - to - excellent rate of U.S. cotton was 55% (53% the previous week, 42% the same period last year); the boll - setting rate was 73% (65% the previous week, 83% the same period last year, 80% the five - year average); the full - boll rate was 13% (8% the previous week, 18% the same period last year, 16% the five - year average); the budding rate was 97% (93% the previous week, 98% the same period last year, 98% the five - year average). The short - term external market is difficult to break out of the range - bound situation [8] - **Domestic Market Outlook**: As the new cotton listing period approaches, the expected output of new cotton is stable with a slight increase. The downstream industry has gradually improved marginally. The inventory of cotton yarn products has decreased slightly, the operating rate of textile mills has remained stable, and the grey fabric end is still dominated by small orders. The overall demand has improved slightly compared with the previous period. The recent market rumor that the pre - purchased price of seed cotton in northern Xinjiang is about 6.3 yuan/kg has put pressure on the market [8] 2. Industry News - The Zhengzhou Commodity Exchange announced that starting from September 1, 2026, for the warehouse receipts registered in the following cotton delivery warehouses, the warehouse premium and discount will be calculated according to the adjusted standards. For the warehouse receipts registered before September 1, 2026, the warehouse premium and discount will be calculated according to the original standards [9] 3. Data Overview - The report provides multiple data charts, including China Cotton Price Index, cotton spot price, cotton futures price, cotton basis change, CF1 - 5 spread, CF5 - 9 spread, CF9 - 1 spread, cotton commercial inventory, cotton industrial inventory, total warehouse receipts, and exchange rates such as USD/CNY and USD/INR [16][18][19][26]

Report Information - Reported Industry: Soybean Meal [1] - Date: August 21, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Industry Investment Rating - Not provided Core Viewpoints - The 8 - month USDA supply - demand balance report for US soybeans in 2025/26 is unexpectedly bullish. Assuming the area estimate is reasonable, the pressure on the US soybean supply - demand balance sheet will be significantly reduced. With good weather, the room for further increase in yield per unit is shrinking, and most of the weather - related bearish factors have been digested. Although China may stop purchasing new - season US soybeans, US export demand may not decline significantly. New - season US soybeans will only be slightly loose, and the CBOT soybean low may have appeared, with future trends expected to be volatile and slightly bullish [6]. - Domestic soybean meal prices rose following the external market. The anti - dumping investigation on Canadian rapeseed and the high - tariff policy on Canadian rapeseed products are bullish for soybean meal. Although China will continue to purchase Brazilian soybeans, the import cost may increase, so soybean meal is expected to remain bullish in the medium term [6]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: - For the soybean meal 2601 contract, the previous settlement price was 3167, the opening price was 3158, the highest price was 3164, the lowest price was 3131, the closing price was 3160, with a decrease of 7 and a decline rate of 0.22%. The trading volume was 1,059,141, the open interest was 2,098,746, and the open interest decreased by 9,162 [6]. - For the soybean meal 2509 contract, the previous settlement price was 3115, the opening price was 3105, the highest price was 3117, the lowest price was 3080, the closing price was 3116, with an increase of 1 and an increase rate of 0.03%. The trading volume was 205,158, the open interest was 313,228, and the open interest decreased by 76,626 [6]. - For the soybean meal 2511 contract, the previous settlement price was 3149, the opening price was 3141, the highest price was 3147, the lowest price was 3108, the closing price was 3143, with a decrease of 6 and a decline rate of 0.19%. The trading volume was 147,959, the open interest was 573,773, and the open interest decreased by 19,396 [6]. - The US soybean futures contract on the external market fluctuated, with the main contract at 1035 cents. The USDA's August supply - demand balance report showed that the estimated harvested area of US soybeans in the 2025/26 season was 80.1 million acres (market expectation: 82.561 million acres), the yield per unit was expected to be 53.6 bushels per acre (market expectation: 52.9 bushels per acre), and the production was expected to be 4.292 billion bushels (market expectation: 4.365 billion bushels). The estimated ending inventory of US soybeans in the 2025/26 season in August was 290 million bushels (July estimate: 310 million bushels, market expectation: 349 million bushels) [6]. - **Operation Suggestions**: Consider the CBOT soybean to have reached its low point, with future trends expected to be volatile and slightly bullish. Domestically, soybean meal is expected to remain bullish in the medium term [6]. 2. Industry News - Not provided 3. Data Overview - **Pro Farmer's Forecast**: In 2025, the average number of soybean pods per 3x3 square - foot area in Ohio is expected to be 1,287.28 (2024: 1,229.93, three - year average: 1,204.83). In South Dakota, it is expected to be 1,188.45 (2024: 1,025.89, three - year average: 970.10) [11]. - **USDA Pressing Weekly Report**: As of the week ending August 15, 2025, the US soybean pressing profit was $2.91 per bushel, a 5.8% decrease from the previous week. In 2024, the average pressing profit was $2.44 per bushel, lower than the $3.29 per bushel in 2023. The spot price of 48% protein soybean meal at Illinois soybean processing plants was $287.98 per short ton (equivalent to $6.70 per bushel). The truck - quoted price of crude soybean oil in Illinois was 53.49 cents per pound (equivalent to $6.31 per bushel). The average price of No. 1 yellow soybeans was $10.32 per bushel (last week: $9.98 per bushel) [11].

Report Overview - Report Date: August 21, 2025 [2] - Reported Industry: Egg [1] Core Viewpoints - The egg price dropped significantly in early August, and the start of the peak - season spot market was late this year. The market pressure emerged in late July, and the cold - storage egg release hit the market. The current supply pressure is high, with a larger - than - usual price correction. The near - month futures contracts are under pressure, and the overall sentiment in the futures market is extremely low. The short - term trend of near - month contracts is likely to be bearish, and there are risks in taking long positions. A fundamental inflection point may appear in the later part of the fourth quarter if the low egg price affects subsequent replenishment [8] Market Review and Operation Suggestions Market Review | Contract | Pre - settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2509 | 3023 | 2974 | 3058 | 2961 | 3000 | - 23 | - 0.76% | 107462 | 81127 | - 10672 | | Egg 2510 | 3083 | 3050 | 3109 | 3045 | 3072 | - 11 | - 0.36% | 512726 | 408484 | - 2556 | | Egg 2511 | 3174 | 3143 | 3184 | 3110 | 3136 | - 38 | - 1.20% | 111117 | 156878 | 13795 | - The average price in the main production areas was 3.27 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the main sales areas was 3.45 yuan/jin, also down 0.02 yuan/jin from the previous day. The 09 contract fell 0.76% [7] Operation Suggestions - The near - month contracts are likely to be bearish in the long - run. Taking long positions in bands may face high risks. A fundamental inflection point may appear in the later part of the fourth quarter if the low egg price is reflected in subsequent replenishment data [8] Industry News Laying Hens Inventory - The inventory of laying hens is on an upward trend. As of the end of July, the monthly inventory of laying hens was about 1.356 billion, with a month - on - month increase of 1.2% and a year - on - year increase of 6.2% [9] Chick Hatchlings - In July, the monthly hatchling volume of sample enterprises was about 39.98 million, less than that in June and the same period in 2024. The replenishment volume in July decreased year - on - year for the first time this year [9] Hen Culling - In the three weeks up to August 14, the national hen culling volume showed a downward trend, and the current absolute value is close to the level of the previous three years. As of August 14, the average culling age was 506 days, unchanged from the previous week and one day later than last month [10] Data Overview - The report presents multiple data charts, including the monthly inventory of laying hens in China, egg - chicken farming profit, egg 09 contract basis, egg 09 - 10 spread, average price in the main egg production areas, and egg 09 seasonal trend [12][13][16]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The cease - fire prospect of the Russia - Ukraine war weakens the safe - haven demand for precious metals, while the market expects that Fed Chairman Powell may not give a clear guidance on the second - stage interest rate cut at the Jackson - Hole Global Central Bank Annual Meeting. The US dollar index rebounds, and London gold and silver prices decline. However, Trump's 2.0 new policy boosts the safe - haven demand for gold. Gold's medium - term upward trend remains good, and it is expected to fluctuate within the range of $3120 - $3500 per ounce before rising again [4]. - The restructuring of the international trade currency system and the expectation of central bank interest rate cuts support the long - and medium - term bull market of gold. But high price - to - earnings ratios also increase gold price volatility. In the short term, London gold will continue to consolidate in the range of $3120 - $3500 per ounce. Central bank easing expectations may support silver prices in the medium and short term. Investors are advised to take a long - position approach with medium - to - low positions [5]. 3. Summary by Directory I. Precious Metals Market Quotes and Outlook - **Intraday Quotes**: The cease - fire prospect of the Russia - Ukraine war and the expected unclear guidance from Fed Chairman Powell lead to a rebound in the US dollar index. London gold falls to around $3320 per ounce, and silver to around $37.2 per ounce. Gold's safe - haven demand is boosted by Trump's new policy. It is recommended that investors maintain a long - position mindset and participate in trading with medium - to - low positions [4]. - **Domestic Precious Metals Quotes**: Shanghai Gold Index closes at 774.49, down 0.32%; Shanghai Silver Index closes at 9063, down 1.55%; Gold T + D closes at 769.69, down 0.35%; Silver T + D closes at 9019, down 1.79% [5]. - **Medium - term Quotes**: Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. The restructuring of the international trade currency system and central bank interest rate cut expectations support the gold bull market. It is expected that London gold will continue to fluctuate in the range of $3120 - $3500 per ounce in the short term. Central bank easing expectations may support silver prices in the medium and short term. Investors are advised to take a long - position approach with medium - to - low positions [5]. II. Precious Metals Market - Related Charts The report provides multiple charts, including Shanghai gold and silver futures indices, London gold and silver spot prices, the basis of Shanghai futures indices to Shanghai Gold T + D, gold and silver ETF holdings, the gold - silver ratio, and the correlation between London gold and other assets [7][9][11][16]. III. Major Macroeconomic Events/Data - **Russia - Ukraine War**: US President Trump says that Putin and Zelensky are arranging a meeting to end the war. The UK government says European leaders are considering new sanctions on Putin. Trump also says the US won't send ground troops to Ukraine but may provide air support [17]. - **Credit Rating**: S&P Global confirms the US credit rating as AA +, stating that the revenue from Trump's tariffs will offset the fiscal impact of tax cuts and spending bills [17]. - **Tariff Adjustment**: The US will increase tariffs on more than 400 steel and aluminum derivative products, with a 50% tariff on steel and aluminum components in 407 product categories [18].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply of soda ash exceeds demand and the inventory accumulation situation cannot be alleviated in the short - term, and the demand side is difficult to make efforts. It is expected that the futures price will fluctuate weakly. The glass industry's fundamentals continue to deteriorate, and the main glass futures contract will also show a short - term weakening trend [8][9] 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market on August 19**: The main soda ash futures contract SA601 fluctuated downward. The closing price was 1358 yuan/ton, down 36 yuan/ton, with a decline of 2.58%, and the daily open interest increased by 29,929 lots. Fundamentally, short - term production increased, and inventory remained at a high level. Weekly soda ash production rose to 761,300 tons, a week - on - week increase of 2.24%. The factory inventory increased to 1.8938 million tons, a week - on - week increase of 1.54%. The daily melting volume of photovoltaic glass decreased to 87,000 tons, and that of float glass remained unchanged. The pattern of strong supply and weak demand remained unchanged. It is expected that the price will fluctuate weakly [7][8] - **Glass Market**: As of August 15, 2025, the national float glass daily melting volume was 159,600 tons, and the capacity utilization rate was 79.78%, remaining at a high level. The order days of national deep - processing sample enterprises were 9.65 days, a week - on - week increase of 0.1 days. The increase in enterprise inventory days was higher than that of orders, and the total glass inventory was about 63.426 million weight boxes, an increase of 1.579 million weight boxes. In the short term, the fundamentals of the glass industry continued to deteriorate, and the profit of the industry slightly decreased, severely restricting the price rebound space. The main glass futures contract will show a short - term weakening trend [9] 3.2 Data Overview - The report presents various data charts, including the price trends of active soda ash and glass contracts, the weekly production of soda ash, the enterprise inventory of soda ash, the market price of heavy soda ash in Central China, and the flat glass production, with data sources from Wind, iFind, and the Research and Development Department of Jianxin Futures [11][14][18]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The industrial silicon futures prices mainly fluctuated. The Si2511 closed at 8,625 yuan/ton, down 1.26%, with a trading volume of 438,313 lots and an open interest of 286,605 lots, a net decrease of 11,014 lots. The spot prices of industrial silicon remained stable. Multiple production areas' device production pushed the weekly output to 84,700 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the polysilicon production schedule in August will increase to 125,000 tons, and the organic silicon, aluminum alloy, and export parts are expected to remain stable, with a monthly demand of 360,000 tons. The supply and demand both increase, maintaining a loose balance (excluding 97 silicon and recycled silicon), and the industry has no inventory reduction drive. The anti-involution policy sets the bottom tone, but there is no implemented policy drive in the industrial silicon industry, and the weak and stable spot prices leave little room. Short-term attention should be paid to the convergent oscillation between 8,000 - 9,000 yuan/ton [4] 3. Summary by Relevant Catalogs 3.1 Market Performance - The industrial silicon futures prices mainly fluctuated. The Si2511 closed at 8,625 yuan/ton, down 1.26%, with a trading volume of 438,313 lots and an open interest of 286,605 lots, a net decrease of 11,014 lots [4] 3.2 Spot Prices - The spot prices of industrial silicon remained stable. The price of 553-grade in Sichuan was 8,850 yuan/ton, and in Yunnan was 8,500 yuan/ton; the price of 421-grade in Inner Mongolia was 9,700 yuan/ton, in Xinjiang was 9,500 yuan/ton, and in Sichuan was 9,950 yuan/ton [4] 3.3 Market Outlook - Multiple production areas' device production pushed the weekly output to 84,700 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, the polysilicon production schedule in August will increase to 125,000 tons, and the organic silicon, aluminum alloy, and export parts are expected to remain stable, with a monthly demand of 360,000 tons. The supply and demand both increase, maintaining a loose balance (excluding 97 silicon and recycled silicon), and the industry has no inventory reduction drive. The anti-involution policy sets the bottom tone, but there is no implemented policy drive in the industrial silicon industry, and the weak and stable spot prices leave little room. Short-term attention should be paid to the convergent oscillation between 8,000 - 9,000 yuan/ton [4] 3.4 Market News - On August 19th, the futures warehouse receipt volume of the Guangzhou Futures Exchange was 50,625 lots, a net decrease of 85 lots from the previous trading day. The domestic DMC market price declined, with the mainstream trading range between 10,700 - 11,200 yuan/ton for the net water acceptance delivery price, and the average price decreased by 150 yuan/ton from the previous working day. The monomer plants competed to sell, and the low-end trading center of gravity declined yesterday. From January to June 2025, China's cumulative industrial silicon export volume was 340,700 tons, a year-on-year decrease of 7%. Among them, the single-month export volume in June was 68,300 tons, a month-on-month increase of 23% and a year-on-year increase of 12% [5]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The price of the main contract of polysilicon continued to show high - level oscillations. The spot price provides strong support for the futures price, but the supply - demand balance in the industry requires more policy constraints and guidance. The overall supply - demand remains in a loose pattern. In the short term, the price will maintain a wide - range oscillation, and caution should be exercised regarding the policy exceeding expectations in the capital game [4]. 3. Summary by Relevant Catalogs 3.1 Market Performance - The closing price of the PS2509 contract of polysilicon was 52,260 yuan/ton, with a decline of 0.53%. The trading volume was 580,607 lots, and the open interest was 137,977 lots, with a net increase of 2,460 lots [4]. 3.2 Market Outlook - The average spot price (re - feedstock) was stable at 47,500 yuan/ton. The silicon industry association expects the production in September to reach 145,000 tons. The futures and spot prices are supported by policies at the bottom and restricted by supply - demand pressure at the top, and will maintain a wide - range oscillation in the short term [4]. 3.3 Market News - On August 19th, the number of polysilicon warehouse receipts was 5,930 lots, with a net increase of 110 lots compared to the previous trading day. From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year - on - year increase of 107.07%, and the domestic installed capacity in June was only 14GW. In June 2025, China exported about 21.7GW of photovoltaic modules, a 3% month - on - month decrease and a 2% decrease compared to June 2024. From January to June, the cumulative export of photovoltaic modules was about 127.3GW, a 3% decrease compared to the same period last year [5].

Report Information - Report Date: August 20, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No relevant information provided. Core Viewpoints - The supply of pigs in August is expected to increase significantly, with high enthusiasm among farmers for selling. Meanwhile, demand is in the off - season, resulting in a relatively loose supply - demand situation, and spot prices may continue to face pressure. In the futures market, the near - month 2509 contract fluctuates weakly following the spot market. In the medium - to - long - term for far - month contracts, although supply shows a slight increase, contracts like 2511 and 2601 are in the peak demand season, and with positive factors such as the anti - involution high - quality development initiative and strengthened environmental protection, the downside space is relatively limited [9]. Summary by Section 1. Market Review and Operational Suggestions Market Conditions - Futures: On the 19th, the main 2511 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line. The highest price was 13,930 yuan/ton, the lowest was 13,810 yuan/ton, and the closing price was 13,900 yuan/ton, up 0.18% from the previous day. The total open interest of the index decreased by 4,425 lots to 181,426 lots. - Spot: On the 19th, the average price of ternary pigs nationwide was 13.67 yuan/kg, up 0.03 yuan/kg from the previous day [8]. Market Analysis - Demand side: The utilization rate of pig pens is high, and the enthusiasm for secondary fattening is currently low, with most in a wait - and - see state. Due to the hot weather, terminal demand is weak, and orders from slaughtering enterprises are average. The current slaughtering progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 18, the slaughter volume of sample slaughtering enterprises was 140,400 heads, 800 heads less than the previous day but 1,400 heads more than a week ago. - Supply side: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to the actual slaughter volume in July. The enthusiasm of farmers for selling is high, and the slaughter progress is fast. The utilization rate of secondary fattening pens remains high, and there are still secondary - fattened pigs to be released, so there is still pressure on slaughter volume, and the slaughter weight fluctuates slightly [9]. 2. Industry News - No specific news content provided in the text. 3. Data Overview - Profit: As of August 15, the average profit per self - bred and self - raised pig was 101 yuan/head, a week - on - week decrease of 36 yuan/head; the average profit per pig purchased as a piglet was - 52 yuan/head, a week - on - week increase of 1.3 yuan/head. - Piglet price: The average market sales price of 15 - kg piglets in the week of August 15 was 484 yuan/head, 33 yuan/head lower than the previous week. - Slaughter volume: In the week of August 15, the slaughter volume of the slaughter sample was 1.6335 million heads, an increase of 30,100 heads compared to the previous week, a month - on - month increase of 1.88%; the average daily slaughter volume of the daily slaughter sample was 138,446 heads, an increase of 1,321 heads compared to the previous week, with an average daily increase of 0.96%. - Planned slaughter volume: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to July. - Average slaughter weight: As of the week of August 15, the average slaughter weight of live pigs nationwide was 127.82 kg, an increase of 0.02 kg compared to the previous week, a month - on - month increase of 0.02%, and an increase of 1.65 kg compared to the same period last year, a year - on - year increase of 1.31% [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 18, the main contracts 2601 of coke and coking coal futures fluctuated and declined, basically giving back the gains since August 6. Considering the exchange's cooling measures, the loosening of the coking coal spot market, and the US expansion of steel and aluminum tariffs, the futures of coke and coking coal may face pressure and shift to mid - high level oscillations in the future. Attention should be paid to the impact of changes in the stock market and risk appetite on black - series commodities [5][11]. 3. Summary by Related Catalogs 3.1 Market Review - **Futures Market**: On August 18, for the main contracts 2601 of coke and coking coal futures, the J2601 contract closed at 1702 yuan/ton, down 1.56%; the JM2601 contract closed at 1187.5 yuan/ton, down 2.94%. The trading volume of JM2601 was 1,808,732 lots, and the open interest was 716,091 lots, an increase of 56,595 lots. The capital inflow was 470 million yuan, while the J2601 had a capital inflow of 11 million yuan [5]. - **Spot Market**: On August 18, the flat - price index of quasi - first - class metallurgical coke in Rizhao Port, Qingdao Port, and Tianjin Port was 1520 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Heze increased by 30 yuan/ton, while other regions remained unchanged [7]. - **Technical Indicators**: On August 18, the daily KDJ indicators of the 2601 contracts of coke and coking coal showed a divergent decline, and the green bars of the daily MACD of the 2601 contracts of coke and coking coal enlarged for two consecutive trading days [7]. 3.2 Future Outlook - **News**: On August 15 (local time), the US government announced an expansion of the 50% tariff on steel and aluminum imports, including 407 derivative products in the list, which took effect on August 18. On August 14, the Dalian Commodity Exchange restricted the daily opening volume of the JM2601 contract of coking coal futures and adjusted the handling fee rate of coking coal futures contracts [9]. - **Fundamentals**: In terms of coke, the coke output of independent coking plants continued to rise slowly to a new high since mid - June, while the coke output of steel mills further decreased to a new low since early February. The port coke inventory declined from a new high since the end of May, and steel mills and coking plants further reduced their inventories. The profit per ton of coke turned positive after 12 consecutive weeks of losses, and the sixth round of price increase of coke spot was implemented on August 14. In terms of coking coal, from January to July, China's coal and lignite imports decreased by 13.0% year - on - year, with the decline rate expanding by 1.9 percentage points; from January to June, China's coking coal imports still showed a large decline of 7.4% year - on - year. The inventories of refined coal and raw coal in mines decreased significantly in the past 8 weeks, with declines of 48.4% and 33.0% respectively. The inventories of independent coking plants and steel mills declined, and the port inventory reached a new low since early July last year. With the cooling of replenishment by steel mills and coking plants, the prices of individual coking coal spot markets declined [10]. 3.3 Industry News - In July, the national raw coal output was 38.099 million tons, a new low since May 2024, with a year - on - year decrease of 3.8% and a month - on - month decrease of 9.52%. - As of now, 188 billion yuan of investment subsidies for equipment renewal supported by the ultra - long - term special treasury bonds in 2025 have been allocated, driving a total investment of over 1 trillion yuan. - From April 2024 to July 2025, the "two new" policies boosted the retail and manufacturing industries, with the manufacturing sales revenue increasing by 5.8% year - on - year. - From April 2024 to July 2025, the sales of daily household appliances, audio - visual equipment, furniture, and sanitary ware increased significantly year - on - year, and the sales of service - type robot manufacturing increased by 51.1%. The new energy vehicle sales increased by 81.7% year - on - year. - In July 2025, key steel enterprises produced 66.8 million tons of crude steel, 61.73 million tons of pig iron, and 69.11 million tons of steel, all showing year - on - year and month - on - month declines. - In the first half of 2025, Jizhong Energy's revenue was 7.293 billion yuan, a year - on - year decrease of 27.87%, and the net profit attributable to shareholders was 348 million yuan, a year - on - year decrease of 65.24%. - Since July, the external long - term contract thermal coal shipments of Shaanxi Coal Transportation and Marketing Group increased by 10.17% month - on - month. From January to July, Shaanxi Coal Group shipped 9.64 million tons of coal to Chongqing, including 7.91 million tons of thermal coal, accounting for 46% of Chongqing's thermal coal imports. - On August 15, China sued Canada at the WTO for its import restrictions on steel and other products. - In the first half of August 2025, the reference prices of all types of Indonesian thermal coal decreased. - In the 2024 - 25 fiscal year, the raw coal output of Australia's New Hope Corp was 16.382 million tons, a year - on - year increase of 33%. - In the first half of 2025, the net loss of Russia's Raspadskaya expanded to 199 million US dollars from 99 million US dollars in the same period last year [12][13][14]. 3.4 Data Overview The report provides multiple data charts, including the spot price index of metallurgical coke, the summary price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average hot metal output, the coke and coking coal inventories of ports, steel mills, and coking plants, the profit per ton of coke in independent coking plants, the production and inventory of sample mines, and the basis of coke and coking coal contracts [15][16][17][26][27][34].