Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The international sugar market is under pressure due to increased supply expectations, with the global supply gap in the 2025/26 season expected to be only 231,000 tons. The domestic sugar market faces import pressure as the profit window for out - of - quota imports remains open, and the import volume in July reached a ten - year high for the same period. With the upcoming beet sugar harvest in September and a high expected new - season production, sugar prices are likely to be suppressed. It is recommended to hold short positions and set stop - losses [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the sugar futures main contract was 5,562 yuan/ton, down 37 yuan; the main contract position was 362,219 lots, up 5,943 lots; the warehouse receipt quantity was 12,782 sheets, down 420 sheets; the net long position of the top 20 futures holders was - 25,523 lots [2]. 3.2现货市场 - The in - quota import processing estimated prices for Brazilian and Thai sugar were 4,478 yuan/ton and 4,462 yuan/ton respectively, both down 40 yuan; the out - of - quota (50% tariff) import estimated prices were 5,689 yuan/ton and 5,668 yuan/ton respectively. The spot prices of white sugar in Kunming, Nanning, and Liuzhou were 5,850 yuan/ton, 5,900 yuan/ton, and 5,990 yuan/ton respectively, with no change [2]. 3.3 Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2]. 3.4 Industry Situation - The national cumulative sugar production was 1,116.21 million tons, an increase of 5.49 million tons; the cumulative sugar sales volume was 811.38 million tons, an increase of 86.92 million tons; the national industrial sugar inventory was 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate was 72.69%, an increase of 7.47 percentage points; the monthly sugar import volume was 740,000 tons, an increase of 320,000 tons; the monthly total sugar exports from Brazil were 3.5937 million tons, an increase of 0.2347 million tons [2]. 3.5 Downstream Situation - The monthly output of refined sugar was 41 million tons, an increase of 7.3 million tons; the monthly output of soft drinks was 1,796.6 million tons, a decrease of 46.2 million tons [2]. 3.6 Option Market - The implied volatility of at - the - money call and put options for sugar was 8.76%, an increase of 0.08 percentage points; the 20 - day historical volatility was 6.82%, an increase of 0.01 percentage points; the 60 - day historical volatility was 6.4%, a decrease of 0.01 percentage points [2]. 3.7 Industry News - The International Sugar Organization (ISO) predicted a global supply gap of only 231,000 tons for the 2025/26 season. The ICE sugar October contract fell 1.22% on Tuesday, and the sugar 2601 contract fell 0.59% on Wednesday. The production prospects in major Asian sugar - producing countries are good, and Brazil's sugar production increased in the first half of August, leading to a looser global supply expectation and weaker prices [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - Due to favorable weather in US cotton - growing areas and a stronger US dollar, US cotton prices have declined. In the domestic market, cotton is in a de - stocking state, supply is tight before the new cotton is listed, and spot prices are firm. There are expectations for the "Golden September and Silver October" demand peak season. In 2025, China's overall cotton planting area has increased, and attention should be paid to the impact of weather on new crop growth. Before a large amount of new cotton is listed, domestic old - crop supply is tight and demand is expected to improve, but short - term external price drops have dragged down the domestic market. It is expected that futures prices will fluctuate. It is recommended to wait and see [2] Group 3: Summary by Related Catalogs Futures Market - Zhengzhou cotton's main contract closing price was 13,990 yuan/ton, down 55 yuan; cotton futures' top 20 net positions were - 52,030 lots, an increase of 2,488 lots; the main contract's cotton position was 524,531 lots, an increase of 2,765 lots; cotton warehouse receipts were 5,996 lots, a decrease of 135 lots. The main contract closing price of cotton yarn was 19,965 yuan/ton, down 30 yuan; cotton yarn futures' top 20 net positions were - 580 lots, a decrease of 70 lots; the main contract's cotton yarn position was 24,910 lots, an increase of 412 lots; cotton yarn warehouse receipts were 59 lots, a decrease of 1 lot [2] 现货市场 - The China Cotton Price Index (CCIndex: 3128B) was 15,465 yuan/ton, up 53 yuan; the China Yarn Price Index for pure - combed 32 - count cotton yarn was 20,780 yuan/ton, unchanged. The China Imported Cotton Price Index (FCIndexM: 1% tariff) was 13,492 yuan/ton, up 107 yuan; the China Imported Cotton Price Index (FCIndexM: sliding - duty) was 14,282 yuan/ton, up 62 yuan. The arrival price of the imported cotton yarn price index for pure - combed 32 - count cotton yarn was 21,776 yuan/ton, up 10 yuan; for pure - combed 32 - count cotton yarn, it was 23,475 yuan/ton, up 12 yuan [2] Upstream Situation - The national cotton sowing area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2] Industry Situation - The cotton - yarn price difference was 5,315 yuan/ton, a decrease of 53 yuan; the national industrial inventory of cotton was 857,000 tons, an increase of 7,000 tons; the monthly import volume of cotton was 50,000 tons, an increase of 20,000 tons; the monthly import volume of cotton yarn was 110,000 tons, unchanged. The daily profit of imported cotton was 1,231 yuan/ton, a decrease of 67 yuan; the national commercial inventory of cotton was 2.1898 million tons, a decrease of 640,000 tons [2] Downstream Situation - The yarn inventory days were 27.67 days, a decrease of 0.69 days; the inventory days of grey cloth were 36.14 days, a decrease of 1.1 days. The monthly cloth output was 2.7 billion meters, a decrease of 79 million meters; the monthly yarn output was 1.9915 million tons, a decrease of 73,500 tons. The monthly export value of clothing and clothing accessories was 1516.1759 million US dollars, a decrease of 10.4955 million US dollars; the monthly export value of textile yarns, fabrics and products was 1160.4009 million US dollars, a decrease of 44.4198 million US dollars [2] Option Market - The implied volatility of at - the - money call options for cotton was 11.76%, a decrease of 0.47%; the implied volatility of at - the - money put options for cotton was 11.78%, a decrease of 0.45%. The 20 - day historical volatility of cotton was 7.07%, an increase of 0.3%; the 60 - day historical volatility of cotton was 5.45%, an increase of 0.05% [2] Industry News - According to the US Department of Agriculture's crop growth report, as of the week ending August 31, the good - to - excellent rate of US cotton was 51%, down from 54% the previous week and up from 44% the same period last year. The boll - setting rate was 90%, up from 81% the previous week, lower than 94% the same period last year and the five - year average of 93%. The full - boll rate was 28%, up from 20% the previous week, lower than 35% the same period last year and the five - year average of 30%. On Tuesday, the December ICE cotton contract fell 0.72%. On Wednesday, the Cotton 2601 contract fell 0.71%, and the Cotton Yarn 2511 contract fell 0.47% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - On September 2, the SM2601 contract was reported at 5744, up 0.49%. The spot price of silicon - manganese in Inner Mongolia was 5630. The output has been on the rise since mid - May, and the inventory has declined for 5 consecutive weeks to a neutral level. The operation is expected to be weak with oscillations [2]. - On September 2, the SF2511 contract was reported at 5528, up 0.77%. The spot price of silicon - iron in Ningxia was 5330, up 30 yuan/ton. After the profit improved, the output has rebounded rapidly in recent weeks, and the inventory is at a neutral level. The operation is expected to be weak with oscillations [2]. 3. Summary by Directory 3.1 Futures Market - SM main contract closing price was 5744 yuan/ton, up 8 yuan; SF main contract closing price was 5528 yuan/ton, down 4 yuan [2]. - SM futures contract holding volume was 571,002 hands, up 10,495 hands; SF futures contract holding volume was 441,881 hands, up 12,787 hands [2]. - The net holding of the top 20 in SM was - 66,477 hands, down 2,416 hands; the net holding of the top 20 in SF was - 36,146 hands, down 3,960 hands [2]. - SM 5 - 1 month contract spread was 38 yuan/ton, down 6 yuan; SF 5 - 1 month contract spread was 134 yuan/ton, up 10 yuan [2]. - SM warehouse receipts were 64,682 sheets, down 1,078 sheets; SF warehouse receipts were 18,972 sheets, down 359 sheets [2]. 3.2 Spot Market - The price of FeMn68Si18 in Inner Mongolia was 5630 yuan/ton, unchanged; the price of FeSi75 - B in Inner Mongolia was 5480 yuan/ton, up 20 yuan [2]. - The price of FeMn68Si18 in Guizhou was 5650 yuan/ton, unchanged; the price of FeSi75 - B in Qinghai was 5260 yuan/ton, up 20 yuan [2]. - The price of FeMn68Si18 in Yunnan was 5680 yuan/ton, unchanged; the price of FeSi75 - B in Ningxia was 5330 yuan/ton, up 40 yuan [2]. - The SM index average was 5689 yuan/ton, down 17 yuan; the SF main contract basis was - 198 yuan/ton, up 44 yuan [2]. - The SM main contract basis was - 114 yuan/ton, down 8 yuan [2]. 3.3 Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 24 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2]. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 1200 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680 yuan/ton, unchanged [2]. - Manganese ore port inventory was 441.40 million tons, down 3.20 million tons [2]. 3.4 Industry Situation - The SM enterprise operating rate was 47%, up 0.63%; the SF enterprise operating rate was 36.54%, up 0.02% [2]. - SM supply was 213,395 tons, up 2,205 tons; SF supply was 113,100 tons, down 300 tons [2]. - SM manufacturer inventory was 149,000 tons, down 7,000 tons; SF manufacturer inventory was 62,910 tons, up 830 tons [2]. - The national steel mill inventory days of SM was 14.24 days, down 1.25 days; the national steel mill inventory days of SF was 14.25 days, down 1.13 days [2]. - The demand for SM in five major steel types was 126,656 tons, up 1,371 tons; the demand for SF in five major steel types was 20,573.60 tons, up 297.70 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16%; the blast furnace capacity utilization rate of 247 steel mills was 90%, down 0.27% [2]. - Crude steel output was 79.6582 million tons, down 3.5258 million tons [2]. 3.6 Industry News - New Zealand will relax the ban on foreigners buying homes, allowing wealthy investment immigrants with "golden visas" to buy luxury homes worth at least NZ $5 million [2]. - The Central Rural Work Leading Group Office has deployed comprehensive rectification of high bride - price issues in rural areas [2]. - Relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action" [2]. - French business leaders warn that France faces a real "recession risk" [2].

铝类产业日报 2025/9/2 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | 项目类别 | 沪铝主力合约收盘价(日,元/吨) | 20,720.00 | +75.00↑ 氧化铝期货主力合约收盘价(日,元/吨) | 3,022.00 | +14.00↑ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主力-连二合约价差:沪铝(日,元/吨) | 30.00 | 0.00 主力-连二合约价差:氧化铝(日,元/吨) | -23.00 | -2.00↓ | 主力合约持仓量:沪铝(日,手) | 213,947.00 | -7232.00↓ 主力合约持仓量:氧化铝(日,手) | 242,297.00 | -5508.00↓ | | | | LME铝注销仓单(日,吨) | 12,300.00 | 0.00 库存:氧化铝:合计(周,万吨) | 119,212.00 | +15848.00↑ | LME电解铝三个月报价（日，美元/吨） | 2,619.50 | +0.50↑ LME铝库存（日，吨） ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - On September 2, the coking coal 2601 contract closed at 1112.5, down 0.80%. The spot price of Tangshan Meng 5 clean coal was reported at 1350, equivalent to 1130 on the futures market. The macro - level shows that the proportion of electricity in China's terminal energy consumption has reached 30%, significantly higher than the world average, and is expected to exceed 40% by 2035. Fundamentally, mine - end inventory has increased, and the cumulative import growth rate has declined for three consecutive months with a moderately high inventory level. Technically, the daily K - line is between the 20 and 60 - day moving averages, and it should be treated as a volatile operation [2]. - On September 2, the coke 2601 contract closed at 1596.5, down 0.44%. The eighth round of coke price increase has not been implemented, and the first - round price cut has been proposed in some regions. From the macro - level, relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action". Fundamentally, on the demand side, the current pig iron output is 240.13 million tons, a decrease of 0.62 million tons. With high pig iron production, the coal mine inventory pressure has disappeared, and the total coking coal inventory generally shows an increase. In terms of profit, the average profit per ton of coke for 30 independent coking plants nationwide is 55 yuan/ton. Technically, the daily K - line is between the 20 and 60 - day moving averages, and it should be treated as a volatile operation [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1112.50 yuan/ton, down 6.00; the closing price of the J main contract was 1596.50 yuan/ton, up 2.00 [2]. - The JM futures contract position was 900128.00 lots, down 20101.00; the J futures contract position was 51244.00 lots, down 1062.00 [2]. - The net position of the top 20 coking coal contracts was - 130501.00 lots, up 4848.00; the net position of the top 20 coke contracts was - 4520.00 lots, up 607.00 [2]. - The JM 5 - 1 month contract spread was 47.00 yuan/ton, down 2.00; the J 5 - 1 month contract spread was 92.50 yuan/ton, down 4.00 [2]. - The coking coal warehouse receipts were 900.00, up 600.00; the coke warehouse receipts were 1060.00, up 90.00 [2]. - The JM main contract basis was 187.50 yuan/ton, up 6.00; the J main contract basis was 178.50 yuan/ton, down 2.00 [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 916.00 yuan/ton, down 64.00; the price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged [2]. - The price of Russian main coking coal forward spot (CFR) was 150.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of imported main coking coal from Australia at Jingtang Port was 1510.00 yuan/ton, down 60.00; the price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged [2]. - The price of main coking coal produced in Shanxi at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port was 1570.00 yuan/ton, unchanged [2]. - The price of medium - sulfur main coking coal in Lingshi, Jinzhong, Shanxi was 1300.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The refined coal output of 314 independent coal washing plants was 26.00 million tons, up 0.30; the refined coal inventory was 289.50 million tons, down 5.30 [2]. - The capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the raw coal output was 38098.70 million tons, down 4008.70 [2]. - The import volume of coal and lignite was 3561.00 million tons, up 257.00; the daily average output of raw coal from 523 coking coal mines was 188.60, down 2.60 [2]. - The inventory of imported coking coal at 16 ports was 455.41 million tons, up 4.96; the inventory of coke at 18 ports was 268.66 million tons, up 0.04 [2]. - The total inventory of coking coal of all - sample independent coking enterprises was 961.27 million tons, down 5.14; the inventory of coke of all - sample independent coking enterprises was 65.31 million tons, up 0.94 [2]. - The coking coal inventory of 247 steel mills was 811.85 million tons, down 0.46; the coke inventory of 247 sample steel mills was 610.07 million tons, up 0.48 [2]. - The available days of coking coal of all - sample independent coking enterprises were 13.25 days, up 0.18; the available days of coke of 247 sample steel mills were 10.78 days, up 0.02 [2]. - The import volume of coking coal was 962.30 million tons, up 53.11; the export volume of coke and semi - coke was 89.00 million tons, up 38.00 [2]. - The output of coking coal was 3880.62 million tons, down 183.76; the capacity utilization rate of independent coking enterprises was 73.36%, down 1.06 [2]. - The profit per ton of coke of independent coking plants was 55.00 yuan/ton, up 32.00; the output of coke was 4185.50 million tons, up 15.20 [2]. 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.00%, down 0.27 [2]. - The crude steel output was 7965.82 million tons, down 352.58 [2]. 3.5 Industry News - New Zealand will relax the ban on foreigners buying houses, allowing wealthy investment immigrants with "golden visas" to buy luxury houses worth at least 5 million New Zealand dollars [2]. - The Central Rural Work Leading Group Office will strengthen the comprehensive management of high bride prices in rural areas [2]. - Relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action" [2]. - French business leaders warn that France faces a real "recession risk" [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The inventory at Qingdao Port continued to decline, with a slightly reduced decline rate. The inbound volume increased month - on - month, but the outbound volume increase was average. Downstream tire enterprises' procurement was relatively moderate, and it is expected that the inventory at Qingdao Port will continue to decline slightly in the short term. In terms of demand, most semi - steel tire enterprises' equipment operated stably last week, while some enterprises had maintenance due to high shipment pressure, dragging down the overall capacity utilization rate. All - steel tire enterprises' equipment also operated stably, mostly continuing the previous production control state. Some enterprises had maintenance plans at the beginning of this month, which may still have a certain impact on short - term capacity utilization. The ru2601 contract is expected to fluctuate in the range of 15,650 - 16,200 in the short term, and the nr2510 contract is expected to fluctuate in the range of 12,520 - 13,000 in the short term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of Shanghai rubber was 15,870 yuan/ton, up 10 yuan; the closing price of the main contract of No. 20 rubber was 12,710 yuan/ton, up 30 yuan. The 1 - 5 spread of Shanghai rubber was - 100 yuan/ton, down 15 yuan; the 10 - 11 spread of No. 20 rubber was - 50 yuan/ton, down 10 yuan. The spread between Shanghai rubber and No. 20 rubber was 3,160 yuan/ton, down 20 yuan. The position of the main contract of Shanghai rubber was 143,220 lots, up 2,236 lots; the position of the main contract of No. 20 rubber was 38,853 lots, down 2,509 lots. The net position of the top 20 in Shanghai rubber was - 31,691 lots, down 1,523 lots; the net position of the top 20 in No. 20 rubber was - 7,238 lots, down 857 lots. The warehouse receipts of Shanghai rubber were 167,920 tons, down 3,160 tons; the warehouse receipts of No. 20 rubber were 45,764 tons, up 102 tons [2] 3.2 Spot Market - The price of state - owned whole latex in the Shanghai market was 15,100 yuan/ton, up 150 yuan; the price of Vietnamese 3L in the Shanghai market was 15,150 yuan/ton, up 50 yuan. The price of Thai standard STR20 was 1,840 US dollars/ton, unchanged; the price of Malaysian standard SMR20 was 1,840 US dollars/ton, unchanged. The price of Thai RMB mixed rubber was 14,800 yuan/ton, unchanged; the price of Malaysian RMB mixed rubber was 14,750 yuan/ton, unchanged. The price of Qilu Petrochemical's styrene - butadiene 1502 was 12,500 yuan/ton, unchanged; the price of Qilu Petrochemical's cis - butadiene BR9000 was 12,100 yuan/ton, unchanged. The basis of Shanghai rubber was - 770 yuan/ton, up 140 yuan; the non - standard product basis of the main contract of Shanghai rubber was - 1,060 yuan/ton, unchanged. The price of No. 20 rubber in the Qingdao market was 13,034 yuan/ton, unchanged; the basis of the main contract of No. 20 rubber was 324 yuan/ton, down 30 yuan [2] 3.3 Upstream Situation - The market reference price of Thai raw rubber (smoked sheet) was 60.98 Thai baht/kg, down 0.1 Thai baht; the market reference price of Thai raw rubber (film) was 58.35 Thai baht/kg, down 0.23 Thai baht. The market reference price of Thai raw rubber (glue) was 55.45 Thai baht/kg, unchanged; the market reference price of Thai raw rubber (cup rubber) was 51.05 Thai baht/kg, up 0.55 Thai baht. The theoretical production profit of RSS3 was 227.4 US dollars/ton, down 7.6 US dollars; the theoretical production profit of STR20 was 35.8 US dollars/ton, down 2 US dollars. The monthly import volume of technically classified natural rubber was 121,900 tons, up 1,000 tons; the monthly import volume of mixed rubber was 259,500 tons, down 21,300 tons [2] 3.4 Downstream Situation - The operating rate of all - steel tires was 63.84%, down 0.92 percentage points; the operating rate of semi - steel tires was 72.77%, down 0.36 percentage points. The inventory days of all - steel tires in Shandong were 39.22 days, down 0.54 days; the inventory days of semi - steel tires in Shandong were 46.14 days, down 0.91 days. The monthly output of all - steel tires was 12.75 million pieces, up 130,000 pieces; the monthly output of semi - steel tires was 56.97 million pieces, up 1.74 million pieces [2] 3.5 Option Market - The 20 - day historical volatility of the underlying was 13.8%, down 0.22 percentage points; the 40 - day historical volatility of the underlying was 18.87%, up 0.3 percentage points. The implied volatility of at - the - money call options was 22.12%, up 0.71 percentage points; the implied volatility of at - the - money put options was 22.14%, up 0.73 percentage points [2] 3.6 Industry News - In the first week of September 2025, rainfall in the main natural rubber producing areas in Southeast Asia increased compared with the previous period. In the northern hemisphere, the red areas with heavy rainfall were mainly in southern Thailand, southern Vietnam, and southwestern Cambodia, which increased the impact on tapping work. In the southern hemisphere, the red areas were mainly in western Malaysia and eastern Indonesia, also increasing the impact on tapping work. As of August 31, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 602,000 tons, a decrease of 4,000 tons or 0.6% from the previous period. The bonded area inventory was 73,200 tons, a decrease of 0.14%; the general trade inventory was 529,000 tons, a decrease of 0.7%. The inbound rate of bonded warehouses in Qingdao increased by 2.9 percentage points, and the outbound rate decreased by 0.7 percentage points. The inbound rate of general trade warehouses increased by 2.1 percentage points, and the outbound rate increased by 1.6 percentage points [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, the supply - demand contradiction of pure benzene intensifies, and the expectation of spot price decline is clear. Affected by weak supply - demand and cost, BZ2603 is expected to fluctuate weakly in the range of 5900 - 6000 yuan/ton [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The main closing price of pure benzene is 5936 yuan/ton, down 74 yuan; the main settlement price is 5966 yuan/ton, down 36 yuan. The main trading volume is 5447 lots, down 2217 lots; the main open interest is 13794 lots, up 516 lots [2] 3.2 Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 5930 yuan/ton (down 30 yuan), 6000 yuan/ton (down 50 yuan), 6000 yuan/ton (unchanged), and 5955 yuan/ton (down 20 yuan) respectively. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6025 yuan/ton (down 25 yuan) and 5840 yuan/ton (unchanged) respectively. The FOB middle price of pure benzene in South Korea is 716 dollars/ton, down 8 dollars; the CFR middle price of pure benzene in China is 732.5 dollars/ton, down 7 dollars [2] 3.3 Upstream Situation - The spot price of Brent DTD crude oil is 69.08 dollars/barrel, up 0.98 dollars; the CFR middle price of naphtha in Japan is 596.25 dollars/ton, down 1.13 dollars [2] 3.4 Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 45.19 tons, up 0.11 tons. The port inventory of pure benzene is 13.8 tons, down 0.6 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2] 3.5 Downstream Situation - The开工率 of styrene is 78.07%, down 0.46%; the capacity utilization rate of caprolactam is 95.72%, up 6.41%; the capacity utilization rate of phenol is 78.54%, down 0.46%; the capacity utilization rate of aniline is 69.24%, down 0.1%; the capacity utilization rate of adipic acid is 64.3%, up 2% [2] 3.6 Industry News - As of September 1, the commercial inventory of pure benzene ports in Jiangsu is 14.9 tons, a month - on - month increase of 7.97% and a year - on - year increase of 119.12%. From August 22nd to 28th, the profit of petroleum benzene is 671 yuan/ton, a month - on - month decrease of 36 yuan/ton. BZ2603 fell 1.10% to close at 5936 yuan/ton. Last week, the domestic petroleum benzene plants mainly operated stably, with the capacity utilization rate increasing by 0.19% to 79.18% month - on - month; some hydrogenated benzene plants reduced production or stopped, with the capacity utilization rate decreasing by 1.57% to 56.12% month - on - month. The downstream weighted开工率 of pure benzene decreased by 1.46% to 76.96% month - on - month. The inventory of pure benzene in East China ports decreased by 4.17% to 13.8 tons month - on - month [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - EB2510 fell 1.20% to close at 6,934 yuan/ton. On the supply side, last week's styrene production decreased by 0.59% to 368,600 tons, and the capacity utilization rate decreased by 0.46% to 78.07%. On the demand side, last week's downstream styrene operating rates mostly declined, and the consumption of the EPS, PS, and ABS industries decreased by 0.18% to 270,100 tons. In terms of inventory, styrene factory inventory increased by 2.35% to 211,300 tons, East China port inventory increased by 9.78% to 179,000 tons, and South China port inventory decreased by 11.11% to 24,000 tons. In September, multiple large - scale plants will undergo centralized maintenance, which will have a greater impact than the planned new 600,000 - ton Jilin Petrochemical plant, and the industry's supply pressure may ease. This week, the 320,000 - ton Xinpu Chemical plant is planned to stop for maintenance, and production and capacity utilization are expected to decline month - on - month. The downstream industry's operating load is expected to be slightly adjusted. Currently, low downstream profits and high inventory still restrain the growth of styrene demand. In the short term, the supply - demand contradiction is difficult to improve, and inventory pressure remains high. In terms of cost, global crude oil supply and demand are weak, and the Russia - Ukraine peace talks are continuing, but the short - term deterioration of the Middle East geopolitical situation still provides some support for oil prices. The short - term market trend is weak, and technically, EB2510 should pay attention to the support around 6,800 [2][3] 3. Summary by Directory 3.1 Futures Market - The futures closing price of the active styrene contract was 6,934 yuan/ton, a decrease of 79 yuan; the trading volume was 18,792, and the closing price of the November contract was 6,962 yuan/ton, a decrease of 74 yuan. The long positions of the top 20 holders were 392,840 lots, an increase of 13,604 lots; the net long positions were - 29,389 lots, a decrease of 987 lots; the short positions were 440,953 lots, an increase of 19,779 lots; the total warehouse receipt quantity was 2,900 lots, an increase of 400 lots [2] 3.2 Spot Market - The spot price of styrene was 7,490 yuan/ton, a decrease of 20 yuan. The FOB South Korea intermediate price was 862 US dollars/ton, a decrease of 6.5 US dollars; the CFR China intermediate price was 872 US dollars/ton, a decrease of 6.5 US dollars. The mainstream prices in Northeast, South, North, and East China were 7,000 yuan/ton (a decrease of 225 yuan), 7,200 yuan/ton (a decrease of 125 yuan), 7,065 yuan/ton, and 7,035 yuan/ton (a decrease of 115 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 841 US dollars/ton, unchanged; the CFR Southeast Asia intermediate price was 836 US dollars/ton, an increase of 5 US dollars; the CIF Northwest Europe intermediate price was 821 US dollars/ton, an increase of 4.5 US dollars; the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), South China market, East China market, and North China market were 734.76 US dollars/ton (unchanged), 663 US dollars/ton (a decrease of 6 US dollars), 6,000 yuan/ton (unchanged), 5,930 yuan/ton (a decrease of 30 yuan), and 6,000 yuan/ton (a decrease of 50 yuan) respectively [2] 3.4 Industry Situation - The overall styrene operating rate was 78.07%, a decrease of 0.46%. The national styrene inventory was 211,326 tons, an increase of 4,850 tons; the total inventory in the East China main port was 196,500 tons, an increase of 17,500 tons; the trade inventory in the East China main port was 96,500 tons, an increase of 12,500 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 58.35% (a decrease of 2.63%), 70.8% (a decrease of 0.3%), 59.9% (an increase of 2.4%), 34% (unchanged), and 67.04% (a decrease of 1.12%) respectively [2] 3.6 Industry News - From August 22nd to August 28th, China's total styrene factory output was 368,600 tons, a decrease of 0.59% from the previous period; the factory capacity utilization rate was 78.07%, a month - on - month increase of 0.46%. From August 22nd to 29th, the consumption of China's main styrene downstream industries (EPS, PS, ABS) was 270,100 tons, a decrease of 0.18% from the previous week. As of August 28th, the sample inventory of Chinese styrene factories was 211,300 tons, a month - on - month increase of 2.35% [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Internationally, the production prospects of major sugar - producing countries in Asia are good, Brazil's sugar production increased in the first half of August, and demand shows signs of improvement, so the raw sugar price continues to fluctuate at a low level [2] - Domestically, the profit window for out - of - quota imports remains open, the import pressure is released, the sugar import volume in July increased significantly month - on - month, reaching the highest level in the same period in the past decade, and August - September is still the peak period. Beet sugar will start to be squeezed in September, leading to a temporary increase in supply. On the demand side, the pre - holiday stocking for the Double Festivals will boost consumption. In terms of inventory, due to the good production and sales progress in the early stage, the inventory pressure is not large, but the increase in the quantity of processed sugar has significantly slowed down the current de - stocking process. For new crops, the new - season sugar production is expected to remain at a high level in the past four years. Overall, factors such as a significant increase in imports, the upcoming opening of northern sugar mills, and high - expected new - season production will suppress the sugar price trend. It is recommended to hold short positions and set stop - losses to control risks [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the futures main contract for sugar was 5,599 yuan/ton, a decrease of 10 yuan; the main contract position was 356,276 lots, a decrease of 2,505 lots; the number of warehouse receipts was 13,202 sheets, a decrease of 232 sheets; the net long position of the top 20 futures holders was - 20,766 lots, a decrease of 3,204 lots; the effective warehouse receipt forecast was 6 sheets, a decrease of 1 [2] 3.2 Spot Market - The estimated import - processing price of Brazilian sugar within the quota was 4,552 yuan/ton, an increase of 13 yuan; that of Thai sugar was 5,786 yuan/ton, an increase of 17 yuan. The estimated import price of Brazilian sugar outside the quota (50% tariff) was not provided, and that of Thai sugar was not provided. The spot price of white sugar in Kunming was 5,850 yuan/ton, an increase of 25 yuan; in Nanning was 5,900 yuan/ton, a decrease of 10 yuan; in Liuzhou was 5,990 yuan/ton, a decrease of 10 yuan [2] 3.3 Upstream Situation - The national sugar - crop sown area was 1,480 thousand hectares, an increase of 60 thousand hectares; the sown area of sugar - cane in Guangxi was 835.09 thousand hectares, a decrease of 12.86 thousand hectares [2] 3.4 Industry Situation - The cumulative national sugar production was 1,116.21 million tons, an increase of 5.49 million tons; the cumulative national sugar sales volume was 811.38 million tons, an increase of 86.92 million tons; the national industrial sugar inventory was 304.83 million tons, a decrease of 81.43 million tons; the national sugar sales rate was 72.69%, an increase of 7.47 percentage points; the monthly sugar import volume was 740,000 tons, an increase of 320,000 tons; the total monthly sugar exports from Brazil were 359.37 million tons, an increase of 23.47 million tons. The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota was 1,278 yuan/ton, a decrease of 29 yuan; that of Thai sugar was 1,288 yuan/ton, a decrease of 29 yuan. The price difference outside the quota (50% tariff) for Brazilian sugar was 44 yuan/ton, a decrease of 33 yuan; that of Thai sugar was 58 yuan/ton, a decrease of 33 yuan [2] 3.5 Downstream Situation - The monthly output of refined sugar was 41 million tons, an increase of 7.3 million tons; the monthly output of soft drinks was 1,796.6 million tons, a decrease of 46.2 million tons [2] 3.6 Option Market - The implied volatility of at - the - money call options for sugar was 8.68%, an increase of 0.41 percentage points; that of at - the - money put options was 8.68%, an increase of 0.41 percentage points. The 20 - day historical volatility was 6.81%, a decrease of 0.09 percentage points; the 60 - day historical volatility was 6.41%, unchanged [2] 3.7 Industry News - The Indian government announced that in the 2025/26 season, it will allow the use of sugar - cane juice, syrup, and various molasses to produce ethanol without quantity restrictions. ICE was closed on Monday. On Tuesday, the sugar 2601 contract closed down 0.05% [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On September 2, the SM2601 contract was reported at 5,744, up 0.49%. The market is expected to move weakly in a volatile manner. [2] - On September 2, the SF2511 contract was reported at 5,528, up 0.77%. The market is also expected to move weakly in a volatile manner. [2] 3. Summary by Directory 3.1 Futures Market - SM主力合约收盘价 was 5,744 yuan/ton, up 8 yuan; SF主力合约收盘价 was 5,528 yuan/ton, down 4 yuan. [2] - SM期货合约持仓量 was 571,002 hands, up 10,495 hands; SF期货合约持仓量 was 441,881 hands, up 12,787 hands. [2] - 锰硅前20名净持仓 was -66,477 hands, down 2,416 hands; 硅铁前20名净持仓 was -36,146 hands, down 3,960 hands. [2] - SM5 - 1月合约价差 was 38 yuan/ton, down 6 yuan; SF5 - 1月合约价差 was 134 yuan/ton, up 10 yuan. [2] - SM仓单 was 64,682 sheets, down 1,078 sheets; SF仓单 was 18,972 sheets, down 359 sheets. [2] 3.2 Spot Market - 内蒙古锰硅 FeMn68Si18 was 5,630 yuan/ton, unchanged; 内蒙古硅铁FeSi75 - B was 5,480 yuan/ton, up 20 yuan. [2] - 贵州锰硅FeMn68Si18 was 5,650 yuan/ton, unchanged; 青海硅铁 FeSi75 - B was 5,260 yuan/ton, up 20 yuan. [2] - 云南锰硅FeMn68Si18 was 5,680 yuan/ton, unchanged; 宁夏硅铁 FeSi75 - B was 5,330 yuan/ton, up 40 yuan. [2] - 锰硅指数均值 was 5,689 yuan/ton, down 17 yuan; SF主力合约基差 was -198 yuan/ton, up 44 yuan. [2] - SM主力合约基差 was -114 yuan/ton, down 8 yuan. [2] 3.3 Upstream Situation - 南非矿:Mn38块:天津港 was 24 yuan/ton degree, unchanged; 硅石（98% 西北） was 210 yuan/ton, unchanged. [2] - 内蒙古乌海二级冶金焦 was 1,200 yuan/ton, unchanged; 兰炭（中料 神木） was 680 yuan/ton, unchanged. [2] - 锰矿港口库存 was 441.40 million tons, down 3.20 million tons. [2] 3.4 Industry Situation - 锰硅企业开工率 was 47%, up 0.63%; 硅铁企业开工率 was 36.54%, up 0.02%. [2] - 锰硅供应 was 213,395 tons, up 2,205 tons; 硅铁供应 was 113,100 tons, down 300 tons. [2] - 锰硅厂家库存 was 149,000 tons, down 7,000 tons; 硅铁厂家库存 was 62,910 tons, up 830 tons. [2] - 锰硅全国钢厂库存 was 14.24 days, down 1.25 days; 硅铁全国钢厂库存 was 14.25 days, down 1.13 days. [2] - 五大钢种锰硅需求 was 126,656 tons, up 1,371 tons; 五大钢种硅铁需求 was 20,573.60 tons, up 297.70 tons. [2] 3.5 Downstream Situation - 247家钢厂高炉开工率 was 83.18%, down 0.16%; 247家钢厂高炉产能利用率 was 90%, down 0.27%. [2] - 粗钢产量 was 7,965.82 million tons, down 352.58 million tons. [2] 3.6 Industry News - New Zealand will relax the ban on foreigners buying homes, allowing wealthy investment immigrants with "golden visas" to buy luxury homes worth at least NZD 5 million. [2] - The Central Rural Work Leading Group Office has deployed comprehensive efforts to address the issue of high betrothal gifts in rural areas. [2] - Relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Initiative". [2] - French business leaders have warned that France faces a real "recession risk". [2] 3.7 Viewpoint Summary - For manganese - silicon, the output has been rising since mid - May, inventory has decreased for 5 consecutive weeks, and the cost of imported manganese ore has decreased. The spot profit in Inner Mongolia is -120 yuan/ton, and in Ningxia is -420 yuan/ton. The August steel mill procurement tender price increased by 150 yuan/ton month - on - month. [2] - For silicon - iron, the output has rebounded rapidly in recent weeks, the inventory is at a neutral level, and the cost of semi - coke in Ningxia has increased. The spot profit in Inner Mongolia is -285 yuan/ton, and in Ningxia is -190 yuan/ton. The August steel mill procurement tender price increased by 100 yuan/ton month - on - month. [2]