Report Industry Investment Rating - Not provided in the content Core Viewpoints - The domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation. The overall refined nickel output has increased slightly due to the stable production rhythm of leading enterprises and the planned launch of new production capacity. On the demand side, stainless - steel mills have increased production due to improved profits, and the production and sales of new - energy vehicles have continued to rise, but the demand for ternary batteries is limited. Recently, nickel prices have declined, and downstream buyers purchase at low prices. Both domestic and overseas LME inventories have decreased. Technically, the position has rebounded with rising prices, and the bullish sentiment is strong. It is recommended to hold previous long positions, with a reference range of 122,000 - 125,000 yuan/ton [2] Summary by Directory 1. Futures Market - The closing price of the main futures contract of Shanghai nickel is 123,450 yuan/ton, with a month - on - month increase of 1,750 yuan/ton; the spread between the October - November contracts of Shanghai nickel is - 130 yuan/ton, with a month - on - month increase of 30 yuan/ton. The LME 3 - month nickel price is 1,5405 US dollars/ton, with a month - on - month increase of 105 US dollars/ton. The position of the main contract of Shanghai nickel is 91,963 lots, with a month - on - month increase of 2,342 lots. The net long position of the top 20 futures holders of Shanghai nickel is - 25,674 lots, with a month - on - month increase of 5,527 lots. The LME nickel inventory is 209,844 tons, with a month - on - month increase of 300 tons. The Shanghai Futures Exchange nickel inventory is 26,439 tons, with a month - on - month decrease of 504 tons. The LME nickel cancelled warrants total 7,998 tons, with a month - on - month increase of 18 tons. The warehouse receipt quantity of Shanghai nickel is 21,773 tons, with a month - on - month decrease of 132 tons [2] 2. Spot Market - The SMM 1 nickel spot price is 124,300 yuan/ton, with a month - on - month increase of 1,900 yuan/ton. The average spot price of 1 nickel plate in the Yangtze River is 124,200 yuan/ton, with a month - on - month increase of 1,600 yuan/ton. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change. The bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, with no change. The average price of battery - grade nickel sulfate is 28,100 yuan/ton, with no change. The basis of the NI main contract is 850 yuan/ton, with a month - on - month increase of 150 yuan/ton. The LME nickel (spot/three - month) premium is - 174.22 US dollars/ton, with a month - on - month increase of 1.18 US dollars/ton [2] 3. Upstream Situation - The monthly import volume of nickel ore is 500.58 million tons, with a month - on - month increase of 65.92 million tons. The total port inventory of nickel ore is 1,259.82 million tons, with a month - on - month increase of 53.97 million tons. The average monthly import unit price of nickel ore is 63.77 US dollars/ton, with a month - on - month decrease of 2.08 US dollars/ton. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no change [2] 4. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons. The total monthly output of ferronickel is 22,200 metal tons, with a month - on - month decrease of 400 metal tons. The monthly import volume of refined nickel and alloys is 38,234.02 tons, with a month - on - month increase of 21,018.74 tons. The monthly import volume of ferronickel is 83.59 million tons, with a month - on - month decrease of 20.55 million tons [2] 5. Downstream Situation - The monthly output of 300 - series stainless steel is 169.81 million tons, with a month - on - month decrease of 4.59 million tons. The total weekly inventory of 300 - series stainless steel is 58.68 million tons, with a month - on - month decrease of 0.33 million tons [2] 6. Industry News - China's official manufacturing PMI in August slightly rebounded to 49.4, and the new order index rose to 49.5. The non - manufacturing sector expanded at an accelerated pace. The US core PCE price index in July rebounded year - on - year to 2.9%, in line with expectations. The Indonesian government's PNBP policy restricts issuance, increasing the supply cost of nickel resources. The State Council executive meeting studied the implementation of comprehensive reform pilot projects for the market - based allocation of factors in some regions across the country [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The manufacturing sentiment in China has improved, with the official manufacturing PMI rising slightly to 49.4 in August, and the new order index rising to 49.5. The non - manufacturing sector is expanding at an accelerated pace. The inflation in the US has rebounded, and the tariff impact is still controllable. In the stainless - steel industry, on the supply side, steel mills' production profits have improved significantly, and it is expected that the output in August will increase. On the demand side, there are optimistic expectations for the peak seasons of "Golden September and Silver October", and domestic fiscal investment policies are favorable. The market procurement intention has recovered, and the domestic market is in a de - stocking trend with stable spot premiums. Technically, the increase in positions and price rise indicates a weakening of the bearish atmosphere, and the price has broken through the MA10. It is recommended to either wait and see or take a short - term and lightly - weighted long position [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 12,950 yuan/ton, up 135 yuan; the 10 - 11 month contract spread is - 60 yuan/ton, up 5 yuan. The net long position of the top 20 futures holders is - 11,490 lots, a decrease of 2,563 lots; the main contract position is 100,563 lots, a decrease of 21,640 lots. The warehouse receipt quantity is 99,418 tons, a decrease of 354 tons [2] 3.2 Spot Market - The price of 304/2B rolled and trimmed stainless - steel in Wuxi is 13,700 yuan/ton, unchanged; the market price of 304 scrap stainless - steel in Wuxi is 9,550 yuan/ton, unchanged. The basis of the SS main contract is 320 yuan/ton, a decrease of 135 yuan [2] 3.3 Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly nickel - iron output is 22,200 metal tons, a decrease of 400 metal tons. The monthly import volume of refined nickel and alloys is 38,234.02 tons, an increase of 21,018.74 tons; the monthly import volume of nickel - iron is 835,900 tons, a decrease of 205,500 tons. The daily SMM1 nickel spot price is 124,300 yuan/ton, an increase of 1,900 yuan; the national average daily price of 7 - 10% nickel - iron is 950 yuan/nickel point, unchanged. The monthly Chinese chromite output is 757,800 tons, a decrease of 26,900 tons [2] 3.4 Industry Situation - The monthly output of 300 - series stainless - steel is 1.6981 million tons, a decrease of 45,900 tons; the total weekly inventory of 300 - series stainless - steel is 586,800 tons, a decrease of 3,300 tons. The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2] 3.5 Downstream Situation - The cumulative monthly new housing construction area is 35.206 million square meters, an increase of 4.84168 million square meters; the monthly output of excavators is 24,700 units, a decrease of 2,100 units. The monthly output of large and medium - sized tractors is 19,800 units, a decrease of 1,900 units; the monthly output of small tractors is 10,000 units, unchanged [2] 3.6 Industry News - China's official manufacturing PMI in August rose slightly to 49.4, and the new order index rose to 49.5. The non - manufacturing sector expanded at an accelerated pace. The inflation in the US in July rebounded, and the tariff impact was controllable. The Indonesian government has restricted the issuance of the PNBP policy, increasing the cost of nickel resource supply, but the production of Indonesian nickel - iron has increased significantly [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - Considering short - term enterprise malfunctions, the probability of a decrease in production is high. Domestic agricultural demand is in a seasonal off - season, with a slight increasing trend in fertilizer preparation in Jiangsu and Anhui. Industrial compound fertilizer is mainly for phased replenishment, and the enterprise operating rate has declined. Affected by policies, the adjustment of the enterprise operating rate is limited, but there is an expectation of an increase starting from the 4th. Domestic demand progresses slowly, and the inventory of some enterprises has increased slightly. Although the inventory of a few enterprises has decreased slightly due to export orders and device maintenance, the total inventory still shows an increase. This week, although some enterprises have export orders, due to environmental protection restrictions on shipping, the enterprise inventory is still expected to increase. The UR2601 contract is expected to fluctuate in the range of 1730 - 1780 in the short term [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1743 yuan/ton, a decrease of 3 yuan/ton; the 1 - 5 spread is - 41 yuan/ton, an increase of 4 yuan/ton. The main contract's open interest is 220,274 lots, an increase of 1,178 lots; the net position of the top 20 is - 32,056 lots, an increase of 7,422 lots. The exchange warehouse receipts are 7,205 lots, an increase of 732 lots [2] Spot Market - In the domestic spot market, the prices in Hebei and Henan remain unchanged at 1730 yuan/ton and 1720 yuan/ton respectively. The price in Jiangsu is 1730 yuan/ton, an increase of 10 yuan/ton; the price in Shandong is 1700 yuan/ton, a decrease of 20 yuan/ton; the price in Anhui is 1740 yuan/ton, an increase of 10 yuan/ton. The basis of the Zhengzhou urea main contract is - 43 yuan/ton, a decrease of 17 yuan/ton. FOB Baltic is 437.5 dollars/ton, a decrease of 7.5 dollars/ton; FOB China's main port is 435 dollars/ton, a decrease of 12.5 dollars/ton [2] Industry Situation - The port inventory is 600,000 tons, an increase of 99,000 tons; the enterprise inventory is 1,085,800 tons, an increase of 61,900 tons. The urea enterprise operating rate is 82.39%, a decrease of 1.6%; the daily urea output is 192,700 tons, a decrease of 1,700 tons. The urea export volume is 570,000 tons, an increase of 500,000 tons; the monthly output of urea is 6,052,080 tons, an increase of 20,740 tons [2] Downstream Situation - The compound fertilizer operating rate is 39.22%, a decrease of 1.62%; the melamine operating rate is 58.5%, an increase of 11.9%. The weekly profit of compound fertilizer in China is 153 yuan/ton, an increase of 22 yuan/ton; the weekly profit of melamine with externally purchased urea is 4 yuan/ton, an increase of 130 yuan/ton. The monthly output of compound fertilizer is 4,221,200 tons, an increase of 53,000 tons; the weekly output of melamine is 28,000 tons, an increase of 4,800 tons [2] Industry News - As of August 27, the total inventory of Chinese urea enterprises was 1,085,800 tons, an increase of 61,900 tons from the previous week, a year - on - year increase of 6.05%. As of August 28, the sample inventory of Chinese urea ports was 600,000 tons, an increase of 99,000 tons from the previous week, a year - on - year increase of 19.76%. As of August 28, the output of Chinese urea production enterprises was 1,349,200 tons, a decrease of 11,900 tons from the previous period, a year - on - year decrease of 0.87%; the capacity utilization rate of Chinese urea production enterprises was 82.39%, a decrease of 1.60% from the previous period, and the trend changed from rising to falling [2] Suggestions for Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - **Overall Market**: The rapeseed and related product markets are influenced by international trade relations, with recent market fluctuations increasing. Short - term trading is recommended. The market is also affected by factors such as supply and demand, harvest conditions, and trade policies [2]. - **Rapeseed Meal**: In the international market, the expected high yield of US soybeans brings supply - side pressure, but the reduction in planting area provides support. Domestically, the decrease in near - month rapeseed arrivals reduces supply pressure, and the peak season of aquaculture boosts demand. However, the good substitution advantage of soybean meal weakens the demand for rapeseed meal [2]. - **Rapeseed Oil**: Internationally, there are supply - side risks in Indonesia and strong export data for Malaysian palm oil. Domestically, it is the off - season for oil consumption, and the supply of vegetable oil is relatively loose. But the low oil mill operating rate and fewer rapeseed purchases in the third quarter reduce supply pressure [2]. 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of rapeseed oil futures (active contract) is 9801 yuan/ton, up 12 yuan; the closing price of rapeseed meal futures (active contract) is 2513 yuan/ton, unchanged. The closing price of ICE rapeseed futures (active) is 627.5 Canadian dollars/ton, down 7.8 Canadian dollars; the closing price of rapeseed futures (active contract) is 6041 yuan/ton, down 369 yuan [2]. - **Spreads**: The 1 - 5 month spread of rapeseed oil is 166 yuan/ton, up 2 yuan; the 1 - 5 month spread of rapeseed meal is 107 yuan/ton, up 18 yuan [2]. - **Positions**: The position of the main rapeseed oil contract is 263,549 lots, down 52 lots; the position of the main rapeseed meal contract is 404,322 lots, down 9,848 lots. The net long position of the top 20 futures holding for rapeseed oil is 5,797 lots, down 1,541 lots; the net long position of the top 20 futures holding for rapeseed meal is - 22,321 lots, down 8,632 lots [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 3,887 sheets, unchanged; the number of rapeseed meal warehouse receipts is 4,750 sheets, up 104 sheets [2]. 3.2 Spot Market - **Prices**: The spot price of rapeseed oil in Jiangsu is 9880 yuan/ton, down 20 yuan; the spot price of rapeseed meal in Nantong is 2600 yuan/ton, up 10 yuan. The average price of rapeseed oil is 9945 yuan/ton, down 20 yuan; the import cost of rapeseed is 7858.15 yuan/ton, down 95.37 yuan [2]. - **Basis**: The basis of the main rapeseed oil contract is 79 yuan/ton, down 32 yuan; the basis of the main rapeseed meal contract is 87 yuan/ton, up 10 yuan [2]. - **Substitute Prices**: The spot price of grade - four soybean oil in Nanjing is 8560 yuan/ton, down 30 yuan; the spot price of 24 - degree palm oil in Guangdong is 9280 yuan/ton, down 40 yuan; the spot price of soybean meal in Zhangjiagang is 3050 yuan/ton, up 10 yuan [2]. - **Price Differences**: The spot price difference between rapeseed oil and soybean oil is 1320 yuan/ton, up 10 yuan; the spot price difference between rapeseed oil and palm oil is 600 yuan/ton, up 20 yuan; the spot price difference between soybean meal and rapeseed meal is 450 yuan/ton, unchanged [2]. 3.3 Upstream Situation - **Production**: The global rapeseed production forecast is 89.77 million tons, up 0.21 million tons; the annual rapeseed production forecast in China is 12,378 thousand tons, unchanged [2]. - **Imports**: The total monthly import volume of rapeseed is 17.6 million tons, down 0.85 million tons; the monthly import volume of rapeseed oil and mustard oil is 15 million tons, up 4 million tons; the monthly import volume of rapeseed meal is 27.03 million tons, up 7.56 million tons [2]. - **Inventory and Operating Rate**: The total inventory of rapeseed in oil mills is 15 million tons, unchanged; the weekly operating rate of imported rapeseed is 11.99%, down 0.8% [2]. 3.4 Industry Situation - **Inventory**: The coastal rapeseed oil inventory is 10.5 million tons, up 0.05 million tons; the coastal rapeseed meal inventory is 2.5 million tons, up 0.4 million tons. The rapeseed oil inventory in East China is 53.6 million tons, down 0.6 million tons; the rapeseed meal inventory in East China is 32.86 million tons, down 0.73 million tons. The rapeseed oil inventory in Guangxi is 4.9 million tons, down 0.1 million tons; the rapeseed meal inventory in South China is 21.4 million tons, down 0.4 million tons [2]. - **Delivery Volume**: The weekly delivery volume of rapeseed oil is 2.81 million tons, down 0.95 million tons; the weekly delivery volume of rapeseed meal is 2.79 million tons, down 0.45 million tons [2]. 3.5 Downstream Situation - **Production**: The monthly production of feed is 2827.3 million tons, down 110.4 million tons; the monthly production of edible vegetable oil is 476.9 million tons, up 41.8 million tons [2]. - **Consumption**: The monthly retail sales of social consumer goods in the catering industry is 4504.1 billion yuan, down 203.5 billion yuan [2]. 3.6 Option Market - **Implied Volatility**: The implied volatility of at - the - money call options for rapeseed meal is 19.64%, up 0.19%; the implied volatility of at - the - money put options for rapeseed meal is 19.65%, up 0.21%. The implied volatility of at - the - money call options for rapeseed oil is 11.83%, up 0.23%; the implied volatility of at - the - money put options for rapeseed oil is 11.83%, up 0.23% [2]. - **Historical Volatility**: The 20 - day historical volatility of rapeseed meal is 32.15%, down 0.11%; the 60 - day historical volatility of rapeseed meal is 21.84%, unchanged. The 20 - day historical volatility of rapeseed oil is 18.44%, up 0.57%; the 60 - day historical volatility of rapeseed oil is 14.37%, up 0.11% [2]. 3.7 Industry News - On August 29, ICE rapeseed futures fell to a nearly five - month low due to fund long - position liquidation and the start of the Canadian rapeseed harvest. The most actively traded November rapeseed futures contract closed down 9.30 Canadian dollars at 626.40 Canadian dollars per ton, hitting a low of 621.70 Canadian dollars since April 7 [2]. - The Pro Farmer report predicts that the average yield of US soybeans will reach a record high of 53.0 bushels per acre, with a total production of 4.246 billion bushels. The deviation from the USDA forecast is small, indicating stable crop potential and supply - side pressure [2]. 3.8 Rapeseed Meal Viewpoint Summary - International supply pressure exists, but the reduction in planting area supports the price. Domestically, the decrease in near - month rapeseed arrivals reduces supply pressure, and the peak season of aquaculture boosts demand. However, the substitution advantage of soybean meal weakens the demand for rapeseed meal [2]. 3.9 Rapeseed Oil Viewpoint Summary - Internationally, there are supply - side risks in Indonesia and strong export data for Malaysian palm oil. Domestically, it is the off - season for oil consumption, and the supply of vegetable oil is relatively loose. But the low oil mill operating rate and fewer rapeseed purchases in the third quarter reduce supply pressure. The implementation of anti - dumping measures on Canadian rapeseed weakens long - term supply [2]. 3.10 Key Points to Watch - The rapeseed operating rate and rapeseed oil and meal inventories in various regions from Myagric on Monday, as well as the development of China - Canada and Canada - US trade relations [2].

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report [1][2][3] 2. Core View - On Monday, the I2601 contract decreased with reduced positions. The US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal, exceeding his authority. In terms of supply and demand, the shipments and arrivals of iron ore from Australia and Brazil both increased this period, while domestic port inventories declined. The blast furnace operating rate and molten iron output of steel mills decreased slightly, but the daily average molten iron output remained above 2.4 million tons. Overall, the increase in iron ore supply and the decline in steel prices put pressure on iron ore prices. Technically, the 1 - hour MACD indicator of the I2601 contract shows that DIFF and DEA are moving downward. The operation strategy is to be bearish on the oscillation, paying attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the I main contract was 766.00 yuan/ton, a decrease of 21.50 yuan; the position volume was 453,950 lots, a decrease of 19,658 lots. The spread between the I 1 - 5 contracts was 23 yuan/ton, a decrease of 1.00 yuan; the net position of the top 20 in the I contract was - 21,239 lots, an increase of 632 lots. The warehouse receipts of the Dalian Commodity Exchange were 1,900.00 lots, unchanged. The quoted price of the Singapore iron ore main contract as of 15:00 was 101.7 US dollars/ton, a decrease of 1.77 US dollars [2] 3.2 Spot Market - The price of 61.5% PB fines at Qingdao Port was 827 yuan/dry ton, a decrease of 18 yuan; the price of 60.8% Mac fines at Qingdao Port was 813 yuan/dry ton, a decrease of 21 yuan. The price of 56.5% Super Special fines at Jingtang Port was 707 yuan/dry ton, a decrease of 16 yuan. The basis of the I main contract (Mac fines dry ton - main contract) was 47 yuan, an increase of 1 yuan. The 62% Platts iron ore index (previous day) was 103.60 US dollars/ton, a decrease of 0.30 US dollars. The ratio of Jiangsu scrap steel to 60.8% Mac fines at Qingdao Port was 3.48, an increase of 0.08. The estimated import cost was 847 yuan/ton, a decrease of 2 yuan [2] 3.3 Industry Situation - The global iron ore shipment volume (weekly) was 3,556.80 million tons, an increase of 241.00 million tons; the arrival volume at 47 ports in China (weekly) was 2,645.00 million tons, an increase of 182.70 million tons. The iron ore inventory at 47 ports (weekly) was 14,388.02 million tons, a decrease of 56.18 million tons; the iron ore inventory of sample steel mills (weekly) was 9,007.19 million tons, a decrease of 58.28 million tons. The iron ore import volume (monthly) was 10,462.00 million tons, a decrease of 133.00 million tons. The available days of iron ore (weekly) were 18.00 days, unchanged. The daily output of 266 mines (weekly) was 39.22 million tons, a decrease of 0.57 million tons; the operating rate of 266 mines (weekly) was 62.45%, a decrease of 0.51%. The iron concentrate inventory of 266 mines (weekly) was 32.71 million tons, a decrease of 0.24 million tons. The BDI index was 2,025.00, an increase of 8.00. The iron ore freight rate from Tubarao, Brazil to Qingdao was 24.51 US dollars/ton, an increase of 0.15 US dollars; the iron ore freight rate from Western Australia to Qingdao was 10.11 US dollars/ton, a decrease of 0.05 US dollars [2] 3.4 Downstream Situation - The blast furnace operating rate of 247 steel mills (weekly) was 83.18%, a decrease of 0.16%; the blast furnace capacity utilization rate of 247 steel mills (weekly) was 90.00%, a decrease of 0.27%. The domestic crude steel output (monthly) was 7,966 million tons, a decrease of 353 million tons [2] 3.5 Option Market - The 20 - day historical volatility of the underlying (daily) was 19.57%, an increase of 2.30%; the 40 - day historical volatility of the underlying (daily) was 21.12%, an increase of 1.29%. The implied volatility of at - the - money call options (daily) was 18.91%, an increase of 0.84%; the implied volatility of at - the - money put options (daily) was 18.43%, a decrease of 0.21% [2] 3.6 Industry News - From August 25th to August 31st, 2025, the global iron ore shipment volume was 3,556.8 million tons, a week - on - week increase of 241.0 million tons. The total shipment volume of iron ore from Australia and Brazil was 2,902.1 million tons, a week - on - week increase of 141.7 million tons. The shipment volume from Australia was 1,894.6 million tons, a week - on - week decrease of 50.2 million tons, and the volume shipped from Australia to China was 1,529.8 million tons, a week - on - week decrease of 187.4 million tons. The shipment volume from Brazil was 1,007.5 million tons, a week - on - week increase of 191.9 million tons. From August 25th to August 31st, 2025, the arrival volume at 47 ports in China was 2,645.0 million tons, a week - on - week increase of 182.7 million tons; the arrival volume at 45 ports in China was 2,526.0 million tons, a week - on - week increase of 132.7 million tons; the arrival volume at six northern ports was 1,300.8 million tons, a week - on - week increase of 147.8 million tons [2]

1. Report Industry Investment Rating No information provided 2. Core Viewpoints - On Monday, the RB2601 contract decreased with increasing positions. In August, China's Manufacturing Purchasing Managers' Index was 49.4%, up 0.1 percentage points from the previous month, indicating a slight improvement in manufacturing market demand. In terms of supply and demand, the weekly output of rebar increased, with a capacity utilization rate of 48.35%. Market sentiment was weak, and downstream buyers mainly purchased on - demand, while inventory continued to rise. Overall, the steel market was mixed, with significant technical pressure, and the mainstream positions increased short positions, leading to weak futures prices. Technically, the 1 - hour MACD indicator of the RB2601 contract showed that DIFF and DEA were operating at low levels. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the RB main contract was 3,115.00 yuan/ton, down 45 yuan; the position volume was 1,633,714 lots, up 203,931 lots. The net position of the top 20 in the RB contract was - 211,528 lots, down 27,137 lots. The RB10 - 1 contract spread was - 76 yuan/ton, down 6 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 211,538 tons, up 12,041 tons. The HC2601 - RB2601 contract spread was 188 yuan/ton, up 2 yuan [2] 3.2现货市场 - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,270.00 yuan/ton, down 30 yuan; the price of HRB400E 20MM in Hangzhou (actual weight) was 3,354 yuan/ton, down 31 yuan. The price of HRB400E 20MM in Guangzhou (theoretical weight) was 3,290.00 yuan/ton, down 10 yuan; the price of HRB400E 20MM in Tianjin (theoretical weight) was 3,220.00 yuan/ton, down 20 yuan. The basis of the RB main contract was 155.00 yuan/ton, up 15 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 120.00 yuan/ton, down 10 yuan [2] 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 760.00 yuan/wet ton, down 18.00 yuan. The price of quasi - first - grade metallurgical coke in Hebei was 1,590.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,300.00 yuan/ton, unchanged. The price of Q235 billet in Hebei was 2,950.00 yuan/ton, down 40.00 yuan. The inventory of iron ore at 45 ports was 137.63 million tons, down 821,800 tons. The coke inventory of sample coking plants was 397,100 tons, up 3,300 tons. The coke inventory of sample steel mills was 6.1012 million tons, up 4,300 tons. The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16 percentage points. The blast furnace capacity utilization rate of 247 steel mills was 90.00%, down 0.27 percentage points. The billet inventory in Tangshan was 1.2836 million tons, up 122,700 tons [2] 3.4 Industry Situation - The output of rebar from sample steel mills was 2.2056 million tons, up 59,100 tons. The capacity utilization rate of rebar from sample steel mills was 48.35%, up 1.30 percentage points. The inventory of rebar in sample steel mills was 1.6962 million tons, down 49,100 tons. The social inventory of rebar in 35 cities was 4.5377 million tons, up 212,600 tons. The operating rate of independent electric arc furnace steel mills was 70.83%, unchanged. The domestic crude steel output was 79.66 million tons, down 353,000 tons. The monthly output of Chinese rebar was 1.658 million tons, up 140,000 tons. The net export volume of steel was 939,000 tons, up 18,000 tons [2] 3.5 Downstream Situation - The National Real Estate Climate Index was 93.34, down 0.25. The cumulative year - on - year growth rate of fixed - asset investment was 1.60%, down 1.20 percentage points. The cumulative year - on - year growth rate of real estate development investment was - 12.00%, down 0.80 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40 percentage points. The cumulative value of housing construction area was 6.38731 billion square meters, down 5.41 million square meters. The cumulative value of new housing construction area was 352.06 million square meters, down 4.842 million square meters. The unsold housing area was 40.536 million square meters, up 285,000 square meters [2] 3.6 Industry News - Since August, 13 domestic steel mills have released maintenance information. Shougang Jingtang plans to shut down a 5500m³ blast furnace from August 31 to September 3, about 48,000 tons of hot metal production will be affected. Last week, the blast furnace operating rate of 247 steel mills was 83.2%, down 0.16 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 90.02%, down 0.23 percentage points from the previous week; the daily average hot metal output was 2.4013 million tons, down 6,200 tons from the previous week [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Views - **Corn**: In the domestic market, the new corn season is approaching in the Northeast production area. Reserve rotation corn is continuously released to supplement market supply. Traders' confidence in price support has weakened, accelerating the sale of remaining grains. Feed - using enterprises have relatively sufficient inventories and low procurement enthusiasm, preferring to wait for new grains. Some price - setting enterprises have continuously lowered their quotes. Recently, due to short - covering by bears, the corn futures price has rebounded slightly from the low level [2]. - **Corn Starch**: With the resumption of work of previously overhauled enterprises, the operating rate of the corn starch industry has rebounded recently, increasing supply - side pressure. Meanwhile, downstream demand is still in the off - season, with poor order signing and shipment. The supply of corn starch far exceeds demand, and inventory pressure remains high. Affected by the corn rebound, the starch price has oscillated higher [3]. 3. Summary by Directory Futures Market - **Domestic Futures**: The closing price of the active corn starch futures contract is 2193 yuan/ton (up 2 yuan), and that of the active corn futures contract is 2500 yuan/ton (down 1 yuan). The 1 - 5 corn monthly spread is - 69 yuan/ton, and the 11 - 1 corn starch monthly spread is - 35 yuan/ton (down 2 yuan). The active - contract positions of yellow corn and corn starch are 974389 hands and 205537 hands respectively, with the latter down 3350 hands. The net long positions of the top 20 futures holders for corn starch and corn are - 83289 hands and - 35460 hands respectively, with the latter down 427 hands. The registered warehouse receipts of yellow corn and corn starch are 67737 hands and 7450 hands respectively, with the former down 1689 hands. The CS - C spread of the main contract is 226 yuan/ton (down 20 yuan) [2]. - **CBOT Futures**: The closing price of the active CBOT corn futures contract is 9.25 cents/bushel. The total CBOT corn positions are 1456701 contracts (down 109666 contracts), and the non - commercial net long positions are - 70940 contracts (up 34270 contracts) [2]. Spot Market - **Corn Spot**: The average spot price of corn is 2364.12 yuan/ton (down 0.59 yuan), the FOB price at Jinzhou Port is 2280 yuan/ton (up 10 yuan), and the CIF price of imported corn is 1926.14 yuan/ton (down 15.15 yuan). The international freight of imported corn is 0 dollars/ton. The basis of the corn main contract is - 2.59 yuan [2]. - **Corn Starch Spot**: The ex - factory quotes of corn starch in Changchun, Weifang, and Shijiazhuang are 2660 yuan/ton, 2900 yuan/ton, and 2830 yuan/ton respectively, all unchanged. The basis of the corn starch main contract is 160 yuan (up 1 yuan), and the weekly spread between Shandong starch and corn is 370 yuan/ton (up 34 yuan) [2]. - **Substitute Spot**: The average spot price of wheat is 2428.06 yuan/ton (down 0.83 yuan), the weekly spread between tapioca starch and corn starch is 184 yuan/ton (up 27 yuan), and the daily spread between corn starch and 30 - powder is - 67 yuan/ton (unchanged) [2]. Upstream Situation - The predicted sown areas of corn in the US, Brazil, Argentina, China, and Ukraine are 398.93 million hectares, etc. The predicted corn yields in these countries are 35.12 million tons, 22.6 million tons, 7.5 million tons, 44.3 million tons, and 30.5 million tons respectively (only the US yield is down 0.25 million tons) [2]. Industry Situation - **Inventory**: The corn inventories at southern ports, northern ports, and deep - processing enterprises are 9.9 million tons, 175 million tons, and 294.2 million tons respectively, with the latter down 20.5 million tons. The weekly inventory of starch enterprises is 131.8 million tons (down 2.1 million tons, a 1.57% weekly decrease, 0.53% monthly increase, and 31.41% year - on - year increase) [2][3]. - **Trade Volume**: The monthly import volume of corn is 6 million tons (down 10 million tons), and the monthly export volume of corn starch is 15940 tons (up 1440 tons) [2]. - **Output**: The monthly output of feed is 2827.3 million tons (down 110.4 million tons) [2]. Downstream Situation - The average inventory days of sample feed corn is 28.13 days (down 0.72 days). The deep - processing corn consumption is 114.02 million tons (up 0.4 million tons). The operating rates of alcohol and starch enterprises are 42.87% and 51.01% respectively, with the latter down 1.29% [2]. - The processing profits of corn starch in Shandong, Hebei, and Jilin are - 117 yuan/ton (down 11 yuan), - 51 yuan/ton (up 11 yuan), and - 79 yuan/ton (down 14 yuan) respectively [2]. Option Market - The 20 - day and 60 - day historical volatilities of corn are 7.91% (up 0.02%) and 6.37% (down 0.17%) respectively. The implied volatilities of at - the - money call and put options on corn are 10.01% (up 0.18%) and 10.02% (up 0.19%) respectively [2]. Industry News - Brazilian ethanol producer Inpasa and grain processing and export giant Amaggi will establish a joint venture to build at least three new corn ethanol plants in Mato Grosso [2]. - The Buenos Aires Grain Exchange (BAGE) reported that the corn harvest in Argentina is nearing completion. As of August 27, the harvest progress of the 2024/25 Argentine corn crop was 97.2%, 1.3% higher than a week ago [2]. - Pro Farmer's final yield forecast report shows that the total US corn production in 2025 is expected to reach 1.6204 billion bushels, with an average yield of 182.7 bushels per acre, which is a record high but lower than the USDA's August forecast of 1.6742 billion bushels and 188.8 bushels per acre [2]. Key Points of Concern - Monitor the weekly corn consumption and the operating rate and inventory of starch enterprises on Thursday and Friday as reported by Mysteel [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report suggests to temporarily observe or go long with a light position at low prices. The macro - level shows that China's manufacturing PMI in August slightly rebounded, and the US core PCE price index in July also rose as expected. Fundamentally, the import volume of zinc ore at home and abroad has increased, and the processing fee for zinc ore has continued to rise. The profit of smelters has been further repaired, and the supply growth has accelerated. The import loss has continued to expand, and the inflow of imported zinc has decreased. On the demand side, downstream is at the end of the off - season, with stable and rising operating rates of processing enterprises. The domestic social inventory has increased, and the spot premium has stabilized at a low level. The overseas LME inventory has decreased significantly, and the spot premium has risen, supporting the zinc price. Technically, the position has increased while the price is adjusting, and attention should be paid to the support level at 22,000 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main Shanghai zinc contract is 22,175 yuan/ton, up 35 yuan; the 10 - 11 month contract spread of Shanghai zinc is 20 yuan/ton, up 15 yuan; the LME three - month zinc quotation is 2,814 US dollars/ton, up 27 US dollars. The total position of Shanghai zinc is 227,829 hands, up 4,138 hands; the net position of the top 20 in Shanghai zinc is - 13,578 hands, down 2,168 hands; the Shanghai zinc warehouse receipt is 37,957 tons, unchanged; the SHFE inventory is 85,980 tons, up 8,142 tons; the LME inventory is 56,500 tons, down 1,500 tons [3] 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,100 yuan/ton, up 90 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,140 yuan/ton, up 310 yuan. The basis of the main ZN contract is - 75 yuan/ton, up 55 yuan; the LME zinc premium (0 - 3) is 6.12 US dollars/ton, up 9.42 US dollars. The arrival price of 50% zinc concentrate in Kunming is 16,740 yuan/ton, down 110 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,700 yuan/ton, down 50 yuan [3] 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons, up 10,400 tons. The global zinc ore production is 1.0075 million tons, down 4,300 tons; the domestic refined zinc production is 617,000 tons, down 11,000 tons. The zinc ore import volume is 455,900 tons, up 124,900 tons [3] 3.4产业情况 - The refined zinc import volume is 35,156.02 tons, down 22,615.39 tons; the refined zinc export volume is 483.88 tons, up 266.83 tons. The social zinc inventory is 129,900 tons, up 5,300 tons [3] 3.5下游情况 - The production of galvanized sheets is 2.32 million tons, down 130,000 tons; the sales volume of galvanized sheets is 2.34 million tons, down 120,000 tons. The new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the housing completion area is 250.34 million square meters, up 24.6739 million square meters. The automobile production is 2.51 million vehicles, down 298,600 vehicles; the air - conditioner production is 19.6788 million units, up 3.4764 million units [3] 3.6期权市场 - The implied volatility of at - the - money call options for zinc is 11.91%, down 0.17%; the implied volatility of at - the - money put options for zinc is 11.87%, down 0.17%. The 20 - day historical volatility of at - the - money zinc options is 5.71%, up 0.08%; the 60 - day historical volatility of at - the - money zinc options is 12.57%, down 0.01% [3] 3.7行业消息 - China's official manufacturing PMI in August slightly rebounded to 49.4, the new order index rose to 49.5, and the non - manufacturing sector accelerated its expansion. The US core PCE price index in July rebounded to 2.9% year - on - year, in line with expectations. The State Council executive meeting studied the implementation of comprehensive reform pilot projects for the market - based allocation of factors in some regions across the country [3]

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Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On Monday, the HC2510 contract decreased in price with increasing positions. Macroscopically, the US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal. In terms of supply and demand, the weekly output of hot-rolled coils decreased slightly, with a high-capacity utilization rate of 82.95%. The inventory slightly increased, and the terminal demand for hot-rolled coils was resilient, with apparent demand remaining above 3.2 million tons. Overall, the steel market was influenced by both bullish and bearish factors, facing significant technical pressure and a downward shift in the futures price center [2]. - Technically, the 1-hour MACD indicator of the HC2601 contract showed that both DIFF and DEA were moving downward. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract was 3,303 yuan/ton, a decrease of 43 yuan; the position volume was 1,195,204 lots, an increase of 28,571 lots. The net position of the top 20 in the HC contract was - 90,572 lots, an increase of 11,965 lots. The HC10 - 1 contract spread was 17 yuan/ton, an increase of 8 yuan; the HC2601 - RB2601 contract spread was 188 yuan/ton, an increase of 2 yuan. The HC main contract basis was 87 yuan/ton, an increase of 3 yuan [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,390 yuan/ton, a decrease of 40 yuan; in Guangzhou, it was 3,360 yuan/ton, a decrease of 20 yuan; in Wuhan, it was 3,440 yuan/ton, a decrease of 20 yuan; in Tianjin, it was 3,310 yuan/ton, a decrease of 50 yuan. The Hangzhou hot - rolled coil - rebar spread was 120 yuan/ton, a decrease of 10 yuan [2]. Upstream Situation - The price of 61.5% PB powder ore at Qingdao Port was 760 yuan/wet ton, a decrease of 18 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,590 yuan/ton, unchanged. The price of Tangshan 6 - 8mm scrap steel was 2,300 yuan/ton, unchanged; the price of Hebei Q235 billet was 2,950 yuan/ton, a decrease of 40 yuan. The inventory of iron ore at 45 ports was 137.6302 million tons, a decrease of 0.8218 million tons; the inventory of coke at sample coking plants was 397,100 tons, an increase of 3,300 tons; the inventory of coke at sample steel mills was 6.1012 million tons, an increase of 4,300 tons; the inventory of Hebei billets was 1.2836 million tons, an increase of 0.1227 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills was 83.18%, a decrease of 0.16 percentage points; the blast furnace capacity utilization rate was 90%, a decrease of 0.27 percentage points. The output of hot - rolled coils at sample steel mills was 3.2474 million tons, a decrease of 0.005 million tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 82.95%, a decrease of 0.13 percentage points. The inventory of hot - rolled coils at sample steel mills was 796,800 tons, an increase of 7,900 tons; the social inventory of hot - rolled coils in 33 cities was 2.8578 million tons, an increase of 0.0323 million tons. The domestic crude steel output was 79.66 million tons, a decrease of 3.53 million tons; the net export volume of steel was 939,000 tons, an increase of 18,000 tons [2]. Downstream Situation - The monthly output of automobiles was 2.5911 million vehicles, a decrease of 0.203 million vehicles; the monthly sales of automobiles were 2.5934 million vehicles, a decrease of 0.3111 million vehicles. The monthly output of air conditioners was 20.5965 million units, a decrease of 7.7866 million units; the monthly output of household refrigerators was 8.7307 million units, a decrease of 0.3168 million units; the monthly output of household washing machines was 8.7743 million units, a decrease of 0.7336 million units [2]. Industry News - Last week, the blast furnace operating rate of 247 steel mills was 83.2%, a decrease of 0.16 percentage points from the previous week; the blast furnace iron - making capacity utilization rate was 90.02%, a decrease of 0.23 percentage points from the previous week; the daily average pig iron output was 2.4013 million tons, a decrease of 0.0062 million tons from the previous week [2]. - The Guangzhou Municipal Bureau of Commerce announced that it had decided to adjust the 2025 "Replacement and Upgrade" policy for automobiles in Guangzhou, and the subsidy policy for automobile "Replacement and Upgrade" was suspended from 0:00 on August 30, 2025 [2].