Report Information - Reported Industry: Soybean Meal [1] - Report Date: August 19, 2025 [2] - Research Team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The USDA's August supply - demand balance report for US soybeans is unexpectedly bullish. Assuming the area estimate is reasonable, the pressure on the US soybean supply - demand balance sheet will be significantly reduced. The potential for further increases in yield is limited, and the negative impact of weather has been mostly digested. Although there is still room for a decline in US soybean export demand, the extent is expected to be small. The new - season US soybean market will only be slightly loose, and the CBOT soybean low may have been reached, with a future outlook of oscillating slightly stronger [6]. - Domestic soybean meal prices rose following the external market. There have been frequent bullish factors recently. The anti - dumping investigation on Canadian rapeseed has restricted its imports, and high tariffs on Canadian rapeseed meal and oil are favorable for soybean meal. With the 23% tariff on US soybeans remaining until early November, China will continue to purchase Brazilian soybeans. However, Brazilian soybean prices are rising, and it may be difficult to avoid an increase in the cost of imported soybeans. Therefore, soybean meal is expected to remain strong in the medium term [6]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: For the soybean meal contracts, the 2601 contract had a previous settlement price of 3137, opened at 3145, reached a high of 3167, a low of 3123, and closed at 3155, up 18 or 0.57% with a trading volume of 1057425 and an open interest of 2063811, an increase of 48679. The 2509 contract had a previous settlement price of 3082, opened at 3090, reached a high of 3110, a low of 3068, and closed at 3100, up 18 or 0.58% with a trading volume of 363469 and an open interest of 462582, a decrease of 59411. The 2511 contract had a previous settlement price of 3113, opened at 3120, reached a high of 3142, a low of 3100, and closed at 3131, up 18 or 0.58% with a trading volume of 110364 and an open interest of 603346, an increase of 3323. The US soybean futures contract on the external market was oscillating, with the main contract at 1035 cents [6]. 2. Industry News - In July 2025, the US soybean oil inventory was 1.379 billion pounds, slightly lower than the expected 1.38 billion pounds, and up from 1.366 billion pounds in June. The US soybean crushing volume in July 2025 was 195.699 million bushels, higher than the expected 191.59 million bushels and up from 185.709 million bushels in June [15]. - From August 18 - 21, 2025, Pro Farmer will conduct its annual North American field survey. Researchers will measure in more than 2000 corn and soybean fields in seven states, and the results will be announced at 9:00 am Beijing time daily [15]. 3. Data Overview - The report provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, with data sources from Wind and the Research and Development Department of Jianxin Futures [10][14][20]

Group 1: Report Information - Report Name: Asphalt Daily Report [1] - Date: August 19, 2025 [2] Group 2: Industry Investment Rating - No information provided Group 3: Core View - The asphalt market continues to have weak supply and demand with few highlights. The unilateral price mainly follows the weak trend of oil prices, but the trend may be stronger than that of oil prices. It is recommended to go long on asphalt and short on crude oil when the opportunity arises [6] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For BU2510, the opening price was 3461 yuan/ton, the closing price was 3473 yuan/ton, the highest was 3497 yuan/ton, the lowest was 3452 yuan/ton, the increase was 0.06%, and the trading volume was 175,500 lots. For BU2511, the opening price was 3405 yuan/ton, the closing price was 3429 yuan/ton, the highest was 3450 yuan/ton, the lowest was 3405 yuan/ton, the increase was 0.00%, and the trading volume was 46,700 lots [6] - Spot Market: Asphalt spot prices in Northeast, North China, Shandong, South China, and Sichuan-Chongqing markets have declined, while other regions remain stable. The weak trend of crude oil prices and asphalt futures has a negative impact on the sentiment of the asphalt spot market [6] - Supply: Jinling Petrochemical in East China may maintain low-load production in the near future. Jiangsu Xinhai has no clear restart plan after shutdown, and Shengxing Petrochemical plans to switch to producing residual oil. It is expected that the average operating load rate of asphalt plants will decline [6] - Demand: There is no obvious boost in demand. Rigid demand is restricted by funds and weather, market sentiment is pessimistic, and speculative demand is released cautiously [6] - Operation Suggestion: Go long on asphalt and short on crude oil when the opportunity arises [6] 2. Industry News - Shandong Market: The mainstream transaction price of 70 A-grade asphalt was 3500 - 3870 yuan/ton, a decrease of 10 yuan/ton from the previous working day. International oil prices and asphalt futures fluctuated and declined. The spot market sentiment remained bearish, and the overall rigid demand for asphalt was weak, leading to a decline in the prices of some asphalt brands and a lower market price [7] - South China Market: The mainstream transaction price of 70 A-grade asphalt was 3490 - 3530 yuan/ton, a decrease of 5 yuan/ton from the previous working day. The asphalt futures price continued to decline, the contract prices of some futures-spot traders' warehouses decreased, and the spot market sentiment was weak. With limited rigid demand, traders' spot quotes followed the decline [7] 3. Data Overview - The report presents multiple data charts, including asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, Shandong asphalt spot price, Shandong asphalt basis, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the Research and Development Department of CCB Futures [8][13][16]

Industry - The industry is cotton [1] Report Date - The report was dated August 19, 2025 [2] Research Analysts - Yu Lanlan, contact: 021 - 60635732, email: yulanlan@ccb.ccbfutures.com, futures qualification number: F0301101 [3] - Lin Zhenlei, contact: 021 - 60635740, email: linzhenlei@ccb.ccbfutures.com, futures qualification number: F3055047 [3] - Wang Haifeng, contact: 021 - 60635727, email: wanghaifeng@ccb.ccbfutures.com, futures qualification number: F0230741 [3] - Hong Chenliang, contact: 021 - 60635572, email: hongchenliang@ccb.ccbfutures.com, futures qualification number: F3076808 [3] - Liu Youran, contact: 021 - 60635570, email: liuyouran@ccb.ccbfutures.com, futures qualification number: F03094925 [3] Market Review and Operation Suggestions Market Review - Zhengzhou cotton fluctuated and adjusted. The latest cotton price index for Grade 328 was 15,234 yuan/ton, up 18 yuan/ton from the previous trading day. The low - basis of 2024/25 Xinjiang Kashi lint 3129/29B/impurity within 3.5 was in the range of CF09 + 1050 - 1300, but the quantity was scarce, and more quotes were above CF09 + 1300. The sales basis of 2024/25 northern Xinjiang machine - picked 4129/29B/impurity within 3.5 was mostly above CF09 + 1450, and the low - basis was in the range of CF09 + 1350 - 1450 [7] - Seasonal peak season was approaching, downstream procurement and stocking increased, and market trading improved. Spinning mills still had large losses, but they were narrowing. The operation rate of spinning mills had not recovered, with inland spinning mills maintaining low operation, and inventory decreased. The price of pure cotton grey fabric market remained stable, downstream inquiries and shipments did not improve continuously, and the overall trading atmosphere was still weak. The overall operation rate of weaving factories increased slightly, and inventory slowly declined [7] - Overseas, the signing and sales data in the first week of the new year were okay, with buyers mainly from Vietnam and Bangladesh. CFTC fund net long positions remained at a low level, and the short - term external market was difficult to break out of the range - bound pattern. In the domestic market, approaching the new cotton listing period, the expected output of new cotton was stable with a slight increase. The current expected opening price of the market was around 6 - 6.5 yuan/kg. The industrial downstream improved marginally. The inventory of cotton yarn finished products decreased slightly, the operation rate of spinning mills remained stable, the grey fabric end mainly received small orders, and the overall demand improved slightly compared with the previous period. Before the new cotton was listed, Zhengzhou cotton might fluctuate and adjust around the expected opening price of cotton seeds, with limited short - term upside and downside space [8] Operation Suggestions - No specific operation suggestions were provided in the given content Industry News - According to the National Bureau of Statistics, in July 2025, China's clothing, footwear, and textile products revenue was 96.1 billion yuan, a year - on - year increase of 1.8%. From January to July 2025, the cumulative revenue was 837.1 billion yuan, a year - on - year increase of 2.9%, and the growth rate decreased by 0.2 percentage points compared with the previous month [9] - On August 14, Conab, the Brazilian National Supply Company, stated that Brazil's cotton output in the 2024/25 season was estimated to be 3.9348 million tons, a year - on - year increase of 6.3% (3.7011 million tons in 2023/24). The cotton planting area was estimated to be 2.0857 million hectares, a year - on - year increase of 7.3% (1.9443 million hectares in 2023/24). The cotton yield per unit area was estimated to be 1,887 kg/hectare, a year - on - year decrease of 0.9% (1,904 kg/hectare in 2023/24) [9] Data Overview - Multiple data charts were presented, including those related to China's cotton price index, cotton spot price, cotton futures price, cotton basis change, CF spreads, cotton commercial inventory, cotton industrial inventory, warehouse receipt volume, and exchange rates (USD/CNY, USD/INR), with data sources from Wind and the Research and Development Department of CCB Futures [16][20][26]

1. Report General Information - Report Type: Stock Index Daily Review [1] - Date: August 19, 2025 [2] - Researchers: Nie Jiayi (Stock Index), He Zhuoqiao (Macroeconomics and Precious Metals), Huang Wenxin (Macroeconomics, Treasury Bonds, and Container Shipping) [3] 2. Market Review and Future Outlook 2.1 Market Review - On August 18, the Wind All - A index rose 1.40% with over 4000 stocks rising. Small - and medium - cap stocks performed better, with CSI 500 and CSI 1000 closing up 1.52% and 1.69% respectively, while SSE 50 and CSI 300 closed up 0.21% and 0.88% respectively. Index futures underperformed the spot market, with IF, IH, IC, and IM main contracts rising 0.78%, 0.31%, 0.72%, and 1.13% respectively [6] 2.2 Future Outlook - International: US and Russian leaders met in Alaska on the 15th, the meeting was "fruitful" but no agreement on a cease - fire in Ukraine was reached. Russia said the US had given up escalating pressure on Russia, and the key outcome was that the responsibility for cease - fire negotiations lies with Ukraine and Europe [8] - Domestic: July economic data showed a decline in both supply and demand. Industrial added value increased by 5.7% year - on - year, with the growth rate narrowing by 1.1 percentage points, and retail sales of consumer goods increased by 3.7% year - on - year, also with a 1.1 - percentage - point narrowing. Investment in manufacturing, infrastructure, and real estate showed a marginal decline. However, market expectations for economic recovery remain strong, especially for corporate performance repair after the "anti - involution" policy [8] - Market sentiment remained high. A - share trading volume reached 2.81 trillion yuan on August 18, a new high since October 9, 2024. The Shanghai Composite Index reached a ten - year high, and the Shenzhen Component Index exceeded last October's high. The margin trading balance continued to break through, and the medium - and long - term upward trend of the index remained good. The dumbbell strategy is maintained, with SSE 50 and CSI 1000 expected to perform better [9] 3. Industry News - The National Financial Regulatory Administration released the second - quarter 2025 insurance industry capital utilization data. As of the end of the second quarter, the balance of insurance company funds utilization exceeded 36 trillion yuan, a 17.4% year - on - year increase. Property insurance companies' funds utilization balance was 2.35 trillion yuan, and life insurance companies' was 32.6 trillion yuan. The balance of life and property insurance companies' investment in stocks and securities investment funds was 4.73 trillion yuan, a 25% increase compared to the same period in 2024 [28]

Report Information - Report Name: Zinc Futures Daily Report [1] - Date: August 19, 2025 [2] - Researcher: Zhang Ping, Peng Jinglin, Yu Feifei [3][4] Industry Investment Rating - Not mentioned Core View - The core contradiction of abundant zinc ore and refined zinc in the zinc market is more prominent during the off - season of demand, and the inventory accumulation trend continues. The zinc market supply remains loose, and the demand is hard to improve substantially as it has not stepped out of the off - season. Although the macro - atmosphere is warm, the weak fundamental pattern is difficult to resonate with it. The Shanghai zinc has given back its previous gains, and the current pattern of strong overseas and weak domestic continues. The domestic market is driven by the overseas market and is unlikely to fall deeply. 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 of Shanghai zinc is limited, with short - term wide - range fluctuations as the main trend [7] Summary by Directory 1. Market Review - **Futures Market Quotes**: The main contract of Shanghai zinc (2509) closed at 22,340 yuan/ton, down 180 yuan, a decline of 0.80%, with reduced volume and positions, and the position was 69,630 lots. The 2510 contract closed at 22,360 yuan/ton, down 185 yuan, a decline of 0.82%, and the position increased by 5,691 lots to 96,755 lots. The 2511 contract closed at 22,360 yuan/ton, down 190 yuan, a decline of 0.84%, and the position decreased by 63,418 lots to 27,646 lots [7] - **Fundamentals**: The supply of zinc ore is loose, which pushes up the processing fee. The import zinc concentrate index is reported at 82.25 US dollars/dry ton, and the monthly average TC of domestic zinc concentrates by SMM remains stable at 3,900 yuan/metal ton. High TC and high sulfuric acid prices year - on - year drive the continuous expansion of smelters' profit margins, and smelters have sufficient production enthusiasm. The domestic refined zinc output in August may increase to 621,500 tons, and the supply side remains abundant. The downstream off - season characteristics are significant. Although there are demand - supporting policies, the weakness is hard to cover in the short term, and the operating load in the primary consumption field is still in a weak range [7] 2. Industry News - **August 18, 2025 Transactions**: The mainstream transaction price of 0 zinc was concentrated at 22,305 - 22,415 yuan/ton, and Shuangyan was traded at 22,385 - 22,525 yuan/ton. The mainstream transaction price of 1 zinc was 22,235 - 22,345 yuan/ton. In the morning, the market quoted a premium of 20 - 30 yuan/ton to the SMM average price, and there were few quotes against the market. In the second trading session, ordinary domestic brands quoted a discount of 20 - 10 yuan/ton to the 2509 contract, Honglu - v quoted at par to the 2509 contract, Huize quoted a premium of 50 - 60 yuan/ton to the 2509 contract, and the high - price brand Shuangyan quoted a premium of 60 - 100 yuan/ton to the 2509 contract [8] - **Regional Market Conditions**: In the Ningbo market, the mainstream brand 0 zinc was traded at about 22,285 - 22,375 yuan/ton, and the regular brands in Ningbo quoted a discount of 50 yuan/ton to the 2509 contract and at par to the Shanghai spot. In the Tianjin market, 0 zinc ingots were mainly traded at 22,270 - 22,400 yuan/ton, and Zijin was traded at 22,310 - 22,420 yuan/ton. 1 zinc ingots were traded at around 22,210 - 22,3320 yuan/ton, and the price of Huludao was 22,950 yuan/ton. In the Guangdong market, the mainstream 0 zinc was traded at 22,225 - 22,380 yuan/ton, and the mainstream brands quoted a discount of 90 yuan/ton to the 2510 contract and a discount of 20 yuan/ton to the Shanghai spot [8][9] 3. Data Overview - Not elaborated in the provided content

1. Report Information - Report Title: Pig Daily Report [1] - Date: August 19, 2025 [2] 2. Market Review and Operation Suggestions 2.1 Pig Market - Futures: On the 18th, the main 2511 contract of live pigs opened lower, then rose and fell back, closing with a negative line. The highest was 13,975 yuan/ton, the lowest was 13,750 yuan/ton, and the closing price was 13,820 yuan/ton, down 0.65% from the previous day. The total open interest of the index increased by 7,500 lots to 185,851 lots [8]. - Spot: On the 18th, the national average price of ternary pigs was 13.64 yuan/kg, down 0.03 yuan/kg from the previous day [8]. 2.2 Pig Market Analysis - Demand side: The utilization rate of pigsties is at a high level. Currently, the enthusiasm for secondary fattening is weak, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and slaughterhouse orders are average. The current slaughter progress is fast, and the slaughter rate and volume of slaughterhouses have increased slightly. On August 18, the slaughter volume of sample slaughterhouses was 140,400 heads, down 800 heads from the previous day and up 1,400 heads from a week ago [9]. - 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% month - on - month increase compared with the actual slaughter volume in July. The slaughter volume is expected to increase significantly. The slaughter enthusiasm of the breeding side is high, the slaughter progress is fast, the utilization rate of secondary fattening pigsties remains high, and there are still secondary fattening pigs to be released. The slaughter pressure still exists, and the slaughter weight fluctuates within a narrow range [9]. 2.3 Market Outlook - Spot: In August, the slaughter of the breeding side increases, the current slaughter enthusiasm is okay, and the demand is in the off - season. The supply and demand remain relatively loose, and the spot price of live pigs may continue to be under pressure [9]. - Futures: Currently, the near - month 2509 contract of futures mainly fluctuates weakly following the spot. In the medium - to - long - term far - month view, the pig supply will increase slightly. The 2511 and 2601 contracts belong to the peak demand contracts, and the demand increase is relatively large. Currently, they are dragged down by the spot and are weakly correcting, but the initiatives for high - quality development against involution, strengthened environmental protection, and the peak demand season are favorable for the medium - to - long - term pig price performance, and the downside space may be relatively limited [9]. 3. Industry News - No specific industry news content is provided in the report. 4. Data Overview - Profit per head: As of August 15, the profit per head of self - breeding and self - raising pigs was 101 yuan/head, a week - on - week decrease of 36 yuan/head; the profit per head of purchasing piglets for breeding was - 52 yuan/head, a week - on - week increase of 1.3 yuan/head [14]. - Piglet price: The average market sales price of 15 - kg piglets in the week of August 15 was 484 yuan/head, a decrease of 33 yuan/head from the previous week [14]. - Slaughter volume: In the week of August 15, the slaughter volume of sample slaughterhouses was 1.6335 million heads, a week - on - week increase of 30,100 heads, a week - on - week increase of 1.88%. The average daily slaughter volume of daily slaughter samples was 138,446 heads, an increase of 1,321 heads from the previous week, with an average daily increase of 0.96% [14]. - Planned slaughter volume: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase compared with July [14]. - Average slaughter weight: As of the week of August 15, the average slaughter weight of national live pigs was 127.82 kg, an increase of 0.02 kg from the previous week, a week - on - week increase of 0.02%, and an increase of 1.65 kg compared with the same period last year, a year - on - year increase of 1.31% [14].

Group 1: General Information - Report title: Pulp Daily Report [1] - Date: August 19, 2025 [2] - Research team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Pulp futures 01 contract: The previous settlement price was 5,498 yuan/ton, the closing price was 5,476 yuan/ton, a decline of 0.40% [7] - Shandong wood pulp market: The intended transaction price range of softwood pulp was 5,200 - 6,700 yuan/ton, with the low - end price up 50 yuan/ton from the previous trading day. The Shandong Yinxing offer was 5,850 yuan/ton [7] - Imported hardwood pulp: The new round of foreign offers were raised by 20 US dollars/ton, no change for softwood pulp [7] - June chemical pulp shipments: The shipments of 20 major pulp - producing countries increased by 4.7% year - on - year, with softwood pulp down 2.4% and hardwood pulp up 10.1% [7] - July pulp imports: The total pulp imports in China were 2.877 million tons, a 5.1% decrease from the previous month and a 23.7% increase year - on - year [7] - August 14 inventory: The weekly pulp inventory in major regions and ports increased by 4.96% month - on - month, with inventory at Qingdao and Changshu ports rising [7] - Market situation: Still in the off - season, paper mills' processing profits have not improved significantly. The pulp rebound is under pressure [7] Group 3: Industry News - On August 18, the CSRC approved the registration of offset printing paper futures and options on the SHFE. China is the world's largest producer and consumer of offset printing paper, with a market size of nearly 50 billion yuan. The new financial derivatives will help improve pricing efficiency and guide production planning [8]

Group 1: General Information - Reported industry: Oil and fat [1] - Date: August 19, 2025 [2] - Research team: Agricultural product research team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - **Market Review**: - East China tertiary rapeseed oil basis prices vary by month: August OI2601+110, September - October OI2601+200, August - September OI601+160 (non - GMO), and East China first - grade rapeseed oil in August is OI2601+180. - East China market soybean oil basis prices also vary: Spot Y2601+80, September Y2601+100, October - November Y2601+160, October - January Y2601+210. - Dongguan 24 - degree palm oil is 01 - 80 [7] - **Operation Suggestions**: - Palm oil continues to lead the rise. It has a short - term adjustment need according to technical analysis but is considered bullish in the medium term. The export data is positive for the market, with the export volume of Malaysian palm oil from August 1 - 15 increasing by 16.5% - 21.3% month - on - month, and Indian import demand may rebound in August. - For rapeseed oil, due to policy - influenced supply reduction, the strategy is to go long until the supply shortage situation is significantly improved. Sporadic purchases cannot fully make up for the supply gap from Canada. - For soybean oil, it is bullish in the long - term due to biodiesel policies in the US and Brazil, possible reduction in soybean imports in the fourth quarter, and domestic demand recovery. It may have short - term corrections [7] Group 3: Industry News - Malaysian palm oil export data from August 1 - 15: ITS reported an export volume of 724,191 tons, a 16.5% increase from July 1 - 15; AmSpec reported 696,425 tons, a 21.3% increase. Exports to China decreased by 2.83 million tons to 0.88 million tons compared to the same period last month. - CONAB increased the forecast of Brazil's 2024/25 soybean production to 1.6965 billion tons, slightly higher than last month's prediction. The 2025 export volume forecast is 1.0625 billion tons, and the ending inventory is expected to be 3.941 million tons, higher than last month [8] Group 4: Data Overview - Figures include spot prices of East China tertiary rapeseed oil, East China quaternary soybean oil, South China 24 - degree palm oil; basis changes of palm oil, soybean oil, and rapeseed oil; P1 - 5, P5 - 9, P9 - 1 spreads; and exchange rates of US dollar to RMB and US dollar to Malaysian ringgit. All data sources are Wind and the research and development department of Jianxin Futures [10][16][18][20][25][26]

Report Overview - Report Date: August 18, 2025 [2] - Report Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Key Points 1. Investment Rating - Not provided in the report 2. Core View - The current egg market is under significant supply pressure, with the spot price in the peak season starting late and experiencing a large - scale correction. The near - month futures contracts are under downward pressure, and the overall sentiment in the futures market is extremely low. The large - scale decline in the near - month 09 contract is due to the weak spot market and the extrusion of the premium. In the short term, the near - month contracts may still be bearish, and the opportunity for band long positions faces greater risks. If the low egg price is reflected in the subsequent replenishment data, the fundamental inflection point may appear in the late fourth quarter [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The 09 contract of eggs decreased by 0.84%, the 2510 contract increased by 0.16%, and the 2511 contract decreased by 0.45%. The average price of eggs in the main producing areas was 3.11 yuan/jin, up 0.03 yuan/jin from the previous day, and the average price in the main selling areas was 3.30 yuan/jin, unchanged from the previous day [7] - **Analysis**: The peak season of egg prices started late this year, and the market pressure emerged in late July. The current correction is larger than in previous years, indicating significant supply pressure. The continuous decline of the near - month contracts is due to the loosening of the peak - season price increase logic. The 09 contract has reached a record low, and the futures market sentiment is extremely low. In the future, it is necessary to focus on whether the increase in recent culling can drive up the spot price. In the short term, the near - month contracts may be bearish, and the opportunity for band long positions has high risks. The fundamental inflection point may appear in the late fourth quarter if the low egg price affects subsequent replenishment [8] 3.2 Industry News - **In - laying Hens Inventory**: As of the end of July, the national monthly inventory of in - 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%, showing an upward trend for 7 consecutive months [9] - **Chick Hatchlings**: The monthly hatchling volume of sample enterprises in July was about 39.98 million, a decrease compared with June and the same period in 2024. It is a moderately high monthly replenishment volume in the past 8 years. The low breeding profit in the past two months has begun to change farmers' mentality of expanding production capacity, and the year - on - year decrease in the replenishment volume in July is the first this year [9][10] - **Chicken Culling**: In the first three weeks as of August 14, the national chicken culling volume showed a downward trend, and the decline rate was higher than the seasonal average. As of August 14, the average culling age was 506 days, unchanged from last week and 1 day later than last month [10] 3.3 Data Overview - The report provides multiple data charts, including the basis of the egg 09 contract, the price difference between the egg 09 - 10 contracts, the average price in the main producing areas, the seasonal trend of the egg 09 contract, the monthly inventory of in - laying hens in China, and the egg - chicken breeding profit, but no specific data analysis is provided in the text [12][13][17]

Report Information - Report Type: Steel Daily Review [1] - Date: August 18, 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 15, rebar and hot-rolled coil futures contracts 2510 explored lower and then rebounded. The steel futures are expected to experience a phased decline under pressure after the coking coal and coke futures reach their second peak, with a relatively small callback space but a potentially longer callback time compared to late July and early August, and are currently treated with a weakening oscillation trend [7][11] Summary by Sections 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On August 15, most rebar spot markets and some hot-rolled coil spot markets saw price declines. The prices of rebar in Chongqing, Xi'an, Changchun, Harbin, Kunming, and Shenyang dropped by 30 - 50 yuan/ton, while those in Shanghai, Lanzhou, and Urumqi remained stable, and other major rebar markets saw price drops of 10 - 20 yuan/ton. The prices of hot-rolled coils in Wuxi, Jinan, Changsha, Wuhan, Zhengzhou, Shenyang, Hangzhou, Nanjing, Guangzhou, and Tianjin increased by 10 - 20 yuan/ton. The daily KDJ indicator of the rebar 2510 contract continued to decline after a dead cross the previous day, and the daily KDJ indicator of the hot-rolled coil 2510 contract also showed a dead cross. The daily MACD green bars of the rebar and hot-rolled coil 2510 contracts have been expanding for three consecutive trading days [9] 1.2 Future Outlook - News: On August 9, Tangshan issued a notice requiring independent steel rolling enterprises to limit or halt production from August 16 to September 3 based on weather conditions. On August 12, some coking enterprises in Shandong received oral notices of environmental protection production restrictions, requiring coking enterprises to limit production by 30% - 50% from August 16 to early September. - Fundamentals: In the short term, the reduction in steel mill production has been disproven. The weekly output of the five major steel products has increased slightly for three consecutive weeks, the inventory accumulation of the five major steel products has accelerated, and their weekly apparent demand has continued to decline to a new low since early March. - Raw material market: Port iron ore inventories have increased slightly for two consecutive weeks, and the available days of iron ore inventory in steel mills have returned to 21 days. The output of independent coking enterprises continues to rise, continuing the steady resumption of production rhythm since mid-July. The sixth round of price increases for coke spot has been implemented, and profits have turned positive after 12 weeks. The tender price of Mongolian coal has declined, and the Dalian Commodity Exchange has taken cooling measures for coking coal futures again. - Overall: It is expected that after the coking coal and coke futures reach their second peak, the steel futures may experience a phased decline under pressure due to the less-than-expected improvement in fundamentals. Currently, the callback space seems relatively small, but the callback time is expected to be longer than that at the end of July and early August, and it is temporarily treated as a weakening oscillation trend [10][11] 2. Industry News - National Bureau of Statistics data shows that from January to July, the national real estate development investment was 535.8 billion yuan, a year-on-year decrease of 12.0%, with the decline expanding by 0.8 percentage points compared to the previous month. The housing construction area of real estate development enterprises was 6.38731 billion square meters, a year-on-year decrease of 9.2%. The sales area of newly built commercial housing was 515.6 million square meters, a year-on-year decrease of 4.0%. At the end of July, the floor area of commercial housing for sale was 764.86 million square meters, a decrease of 4.62 million square meters compared to the end of June. The funds in place for real estate development enterprises were 572.87 billion yuan, a year-on-year decrease of 7.5%. In July, the added value of industrial enterprises above the designated size increased by 5.7% year-on-year, a decrease of 1.1 percentage points from the previous month, reaching a new low since December last year. The total retail sales of consumer goods in July were 387.8 billion yuan, a year-on-year increase of 3.7%, a decrease of 1.1 percentage points from the previous month, matching the previous low set in December last year. From January to July, the national fixed - asset investment (excluding rural households) was 2.88229 trillion yuan, a year-on-year increase of 1.6%, a decrease of 1.2 percentage points from the previous month, reaching a new low since October 2020 [12] - National Bureau of Statistics data shows that in July, China's crude steel output was 79.66 million tons, a year-on-year decrease of 4.0%; pig iron output was 70.8 million tons, a year-on-year decrease of 1.4%; steel output was 122.95 million tons, a year-on-year increase of 6.4%. From January to July, China's crude steel output was 594.47 million tons, a year-on-year decrease of 3.1%; pig iron output was 505.83 million tons, a year-on-year decrease of 1.3%; steel output was 860.47 million tons, a year-on-year increase of 5.1% [12] - National Bureau of Statistics data shows that in July, the floor area of newly built commercial housing in first - tier cities decreased by 0.2% month-on-month, with the decline narrowing by 0.1 percentage points compared to the previous month. Among them, Beijing remained flat, Shanghai increased by 0.3%, and Guangzhou and Shenzhen decreased by 0.3% and 0.6% respectively. The floor area of newly built commercial housing in second - tier cities decreased by 0.4% month-on-month, with the decline expanding by 0.2 percentage points. The floor area of newly built commercial housing in third - tier cities decreased by 0.3% month-on-month, with the same decline as the previous month. In July, the floor area of second - hand housing in first - tier cities decreased by 1.0% month-on-month, with the decline expanding by 0.3 percentage points compared to the previous month. Among them, Beijing, Shanghai, Guangzhou, and Shenzhen decreased by 1.1%, 0.9%, 1.0%, and 0.9% respectively. The floor area of second - hand housing in second - and third - tier cities decreased by 0.5% month-on-month, with the decline narrowing by 0.1 percentage points [13] - The People's Bank of China announced on August 14 that to maintain sufficient liquidity in the banking system, it will conduct a 500 - billion - yuan outright reverse repurchase operation on August 15 through a fixed - quantity, interest - rate tender, and multiple - price winning bid method for a term of 6 months (182 days). There were 400 billion yuan of 3 - month and 50 billion yuan of 6 - month outright reverse repurchases maturing in the same month. After the People's Bank of China conducted a 700 - billion - yuan 3 - month outright reverse repurchase on August 8 and will conduct a 500 - billion - yuan 6 - month outright reverse repurchase on the 15th, as of the 15th, the People's Bank of China has conducted an excess renewal of outright reverse repurchases totaling 300 billion yuan in August. Wang Qing, the chief macro - analyst at Orient Jincheng, believes that the People's Bank of China's outright reverse repurchase operation helps to inject medium - term liquidity and signals the continuous intensification of quantitative monetary policy tools [13] - China Iron and Steel Association data shows that in early August, the social inventory of the five major steel products in 21 cities was 8.03 million tons, a month - on - month increase of 180,000 tons, or 2.3%; an increase of 1.44 million tons compared to the beginning of the year, or 21.9%; and a decrease of 2.18 million tons compared to the same period last year, or 21.4% [13] - According to China Iron and Steel Association statistics, in early August, key steel enterprises produced a total of 20.74 million tons of crude steel, with an average daily output of 2.074 million tons, a daily output increase of 4.7% month - on - month; 19.14 million tons of pig iron, with an average daily output of 1.914 million tons, a daily output increase of 3.2% month - on - month; and 20.05 million tons of steel, with an average daily output of 2.005 million tons, a daily output decrease of 4.1% month - on - month. In early August, the steel inventory of key steel enterprises was 15.07 million tons, an increase of 290,000 tons compared to the previous ten - day period, or 2.0%; an increase of 2.7 million tons compared to the beginning of the year, or 21.8%; basically the same as the same ten - day period last month; a decrease of 830,000 tons compared to the same ten - day period last year, or 5.2%; and a decrease of 980,000 tons compared to the same ten - day period the year before last, or 6.1% [13] - As of August 15, the coal inventory at Qinhuangdao Port was 5.67 million tons, an increase of 200,000 tons compared to the same period last week, a decrease of 100,000 tons compared to the same period last month, and an increase of 310,000 tons compared to the same period last year [13] - Xinjiang Baodi Mining Co., Ltd. disclosed its semi - annual report for 2025. In the first half of 2025, the company achieved an operating income of 721 million yuan, a year - on - year increase of 23.65%, while the total profit decreased by 36.19% year - on - year to 135 million yuan [13] - On August 13, 2025, the Mexican Ministry of Economy issued an announcement, making a positive final ruling on the fourth sunset review of anti - dumping duties on carbon steel pipe fittings originating from China, deciding to continue to impose an anti - dumping duty of $1.05 per kilogram on the涉案 products. The measure has been in effect since August 5, 2024, for a period of five years. The涉案 products are carbon steel pipe fittings with an outer diameter of 0.5 - 16 inches (inclusive), including elbows, tees, reducers, and caps, covering products under the TIGIE tariff number 7307.93.01 [13][14] - On August 13, 2025, the Japanese Ministry of Finance issued an announcement, deciding to initiate an anti - dumping investigation into hot - dipped galvanized steel strips and sheets originating from China and South Korea at the request of Japanese domestic manufacturers on April 28, 2025 [14] - The European Union recently stated that it hopes to pass the 19th round of sanctions against Russia next month to continue to pressure Russian President Vladimir Putin over the Russia - Ukraine conflict. EU Commission spokesperson Arianna Podesta detailed the timeline for the next round of measures against Russia at a daily press conference in Brussels on Thursday but did not disclose the specific content of the plan. The EU approved a series of measures in July [14] 3. Data Overview - The report provides multiple data charts, including the social inventory of rebar and hot - rolled coils in major cities, the weekly output of the five major steel products, the steel mill inventory of the five major steel products, the spot prices of rebar and hot - rolled coils in major markets, the blast furnace and electric furnace start - up rates and capacity utilization rates, the national daily average pig iron output, the apparent consumption of the five major steel products, and the basis between Shanghai rebar and hot - rolled coil spot and the October contracts [15][17][21]