Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The short - term fundamentals of styrene are still weak, but the expectation of improved supply - demand in September and the expectation of rectification in the oil - chemical industry support the October contract, resulting in a game between weak reality and strong expectation. Technically, EB2510 should focus on the support around 7200 and the pressure around 7500 [2] Group 3: Summary by Relevant Catalogs 3.1 Futures Market - The trading volume of styrene futures (active contract) is 7257, and the trading volume of the previous 20 positions' buy orders is 318745 hands. The closing price of the November contract is 7276 yuan/ton, down 66 yuan. The futures holding volume (active contract) is 295747 hands, and the net buy order volume of the previous 20 positions is - 48401 hands, a decrease of 10967 hands. The sell order volume of the previous 20 positions is 367146 hands, and the number of warehouse receipts is 650 hands [2] 3.2 Spot Market - The spot price of styrene is 7624 yuan/ton. The FOB South Korea intermediate price is 895.5 US dollars/ton, down 4 US dollars. The CFR China intermediate price is 905.5 US dollars/ton. The mainstream prices in Northeast, South, North, and East China are 7310 yuan/ton (down 200 yuan), 7480 yuan/ton (down 30 yuan), 7370 yuan/ton (down 5 yuan), and 7355 yuan/ton (down 20 yuan) respectively [2] 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene is 841 US dollars/ton, and the CFR Southeast Asia intermediate price is 831 US dollars/ton. The CIF Northwest Europe intermediate price is 822.5 US dollars/ton, and the FD US Gulf price is 457 US dollars/ton. The spot prices of pure benzene in the US Gulf, Taiwan, Rotterdam, South China, East China, and North China markets are 264 US cents/gallon, 744.67 US dollars/ton, 675 US dollars/ton, 6150 yuan/ton, 6055 yuan/ton (down 30 yuan), and 6130 yuan/ton (down 30 yuan) respectively [2] 3.4 Industry Situation - The total styrene production from August 15th to 21st was 370,800 tons, a 0.46% increase from the previous period, and the capacity utilization rate was 78.53%, a 0.35% increase. The national styrene inventory is 206,476 tons, a decrease of 2241 tons. The total inventory in the East China main port is 179,000 tons, and the trade inventory is 84,000 tons, an increase of 7500 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 60.98% (up 2.9%), 71.1% (unchanged), 57.5% (up 1.1%), 34% (up 2%), and 68.16% (down 3.94%) respectively. From August 15th to 21st, the consumption of the main downstream products of styrene was 270,600 tons, a 2.81% increase from the previous week [2] 3.6 Industry News - From August 15th to 21st, China's styrene factory production increased by 0.46% to 370,800 tons, and the capacity utilization rate increased by 0.35% to 78.53%. The consumption of the main downstream products increased by 2.81% to 270,600 tons. As of August 21st, the factory sample inventory decreased by 1.07% to 206,500 tons [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The fundamentals of the red date market have changed little, and the red date futures lack guidance, showing a volatile trend. The market recognizes the reduction in the output of Xinjiang grey dates in the new season, but there are certain differences in the output estimates. It is recommended to wait and see for now and pay attention to the actual output and the opening price in the future [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for red dates is 11,410 yuan/ton; the main contract's open interest is 132,249 lots, a decrease of 517 lots; the net long position of the top 20 futures holders is -8,698 lots, a decrease of 1,157 lots; the number of warehouse receipts is 10,022 sheets; the effective warehouse receipt forecast is 1,007 sheets, an increase of 63 sheets [2]. Spot Market - The wholesale prices of first - grade grey dates in Hebei, Henan are 6 yuan/jin and 4.8 yuan/jin respectively; the wholesale prices of red date specialties in Hebei, Henan, and Guangdong are 10.38 yuan/kg, 10.5 yuan/kg, and 11.5 yuan/kg respectively; the first - grade red date price in Guangdong is 10.5 yuan/kg [2]. Upstream Market - The annual red date output is 3.187 million tons, and the planting area is 1.993 million hectares, a decrease of 41,000 hectares [2]. Industry Situation - The national red date inventory is 9,519 tons, a decrease of 167 tons from last week, a 1.72% month - on - month decrease and a 79.20% year - on - year increase; the monthly red date export volume is 1,784,164 kg, an increase of 19,057 kg; the cumulative monthly red date export volume is 18,899,838 kg [2]. Downstream Situation - The red date wholesale price in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province is 8 yuan/kg; the cumulative sales volume of red dates of好想你 is 36,480.43 tons, a decrease of 2,981.06 tons; the cumulative year - on - year output of red dates of好想你 is 1.47%, a decrease of 34.59 percentage points [2]. Industry News - On August 26, the weather in Aksu was sunny with temperatures ranging from 14 - 27°C. Jujube farmers were actively engaged in field management. The mainstream per - mu yield was 700 - 800 kg, and the first - crop large fruits had gradually turned red. Attention should be paid to rainfall [2]. - On Tuesday, the red date 2601 contract rose 0.13%. In 2024, the red date output increased year - on - year, resulting in a higher inventory of old crops than the same period last year [2].

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - Although the large出栏 pressure in August restrains the performance of the spot price, the state's reserve purchase boosts market confidence, and the approaching school - opening brings expectations of improved demand. It is expected that the short - term hog futures price will fluctuate strongly within a range. It is recommended to wait and see for now, and pay attention to the 出栏 rhythm and downstream demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main hog futures contract is 13,860 yuan/ton, down 50 yuan; the main contract's open interest is 70,270 lots, up 241 lots; the number of warehouse receipts is 0 lots, down 430 lots; the net long position of the top 20 futures holders is - 17,252 lots, down 923 lots [2]. 3.2 Spot Market - The hog price in Henan Zhumadian is 13,600 yuan/ton, down 100 yuan; in Jilin Siping is 13,200 yuan/ton, down 100 yuan; in Guangdong Yunfu is 15,100 yuan/ton, unchanged. The main hog basis is - 260 yuan/ton, down 50 yuan [2]. 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The monthly year - on - year CPI is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, down 10 yuan; the spot price of corn is 2,367.75 yuan/ton, down 0.68 yuan; the Dalian Commodity Exchange hog feed cost index is 900.89, down 1.93. The monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the weekly price of binary breeding sows is 1,627 yuan/head, down 11 yuan. The weekly breeding profit of purchased piglets is - 151.8 yuan/head, up 5.25 yuan; the weekly breeding profit of self - bred and self - raised hogs is 33.95 yuan/head, up 5.1 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The weekly average price of white - striped chicken in the main producing areas is 14.4 yuan/kg, up 0.3 yuan [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 26, 2025, the daily hog 出栏 volume of key breeding enterprises nationwide was 276,484 heads, up 2.41% from the previous day. On Tuesday, the hog 2511 contract closed down 0.47%. In August, the 出栏 plan of the breeding end increased month - on - month, and the market supply was loose. The current price difference between fat and lean hogs widened, providing conditions for later 压栏 [2]. 3.7 Viewpoint Summary - The state will carry out central pork reserve purchases in the near future, boosting market confidence. With sufficient hog supply, the demand in some areas has recovered, and the slaughterhouse's operating rate has rebounded moderately. It is expected that the demand will improve after the start of school and the upcoming double - festival stocking. Overall, although the large 出栏 pressure in August restrains the spot price, the reserve purchase and the expected improvement in demand will make the short - term hog futures price oscillate strongly within a range [2]. 3.8 Key Concerns - There is no news today. It is necessary to pay attention to the 出栏 rhythm and downstream demand [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For soda ash, supply is expected to remain ample, demand will continue to decline, and prices will face continuous pressure. However, with anti - involution speculation, there may be variables. It is recommended to go long on the soda ash main contract at low levels in the short term [2]. - For glass, the current situation is not optimistic. Although there is a small increase in deep - processing orders in the downstream, the overall inventory is rising slightly. It is recommended to go long on the glass main contract at low levels, but short - term long positions have limited opportunities [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price: 1311 yuan/ton, down 26 yuan; glass main contract closing price: 1173 yuan/ton, down 18 yuan [2]. - Soda ash and glass price difference: 138 yuan/ton, down 8 yuan; soda ash main contract open interest: 1,399,714 lots, up 13,450 lots; glass main contract open interest: 1,196,769 lots, down 4,653 lots [2]. - Soda ash top 20 net positions: - 313,904 lots, up 11,584 lots; glass top 20 net positions: - 245,653 lots, down 10,925 lots [2]. - Soda ash exchange warehouse receipts: 9,313 tons, up 249 tons; glass exchange warehouse receipts: 2,099 tons, up 456 tons [2]. - Soda ash September - January contract spread: - 111 yuan/ton, unchanged; glass September - January contract spread: - 189 yuan/ton, up 3 yuan [2]. - Soda ash basis: - 91 yuan/ton, up 26 yuan; glass basis: - 109 yuan/ton, up 18 yuan [2]. Spot Market - North China heavy soda ash: 1,220 yuan/ton, unchanged; Central China heavy soda ash: 1,325 yuan/ton, unchanged [2]. - East China light soda ash: 1,265 yuan/ton, unchanged; Central China light soda ash: 1,215 yuan/ton, down 5 yuan [2]. - Shahe glass large plate: 1,064 yuan/ton, unchanged; Central China glass large plate: 1,090 yuan/ton, unchanged [2]. Industry Situation - Soda ash plant operating rate: 88.48%, up 1.16 percentage points; float glass enterprise operating rate: 75.34%, unchanged [2]. - Glass in - production capacity: 15.96 million tons/year, unchanged; glass in - production production lines: 223, unchanged [2]. - Soda ash enterprise inventory: 1.8881 million tons, down 22,700 tons; glass enterprise inventory: 63,606,000 weight boxes, up 180,000 weight boxes [2]. Downstream Situation - Cumulative real - estate new construction area: 35,206 million square meters, up 4,841.68 million square meters; cumulative real - estate completion area: 25,034 million square meters, up 2,467.39 million square meters [2]. Industry News - National policies include improving domestic demand policies, promoting green - low - carbon transformation, and supporting forestry development [2]. - Soda ash supply is increasing, but profit recovery is not sustainable. Glass production is at a low level due to the impact of high - temperature weather on the real - estate industry [2]. - Shanghai has optimized real - estate and housing - loan policies [2]. Viewpoint Summary - Soda ash supply is expected to remain ample, demand will continue to decline, and prices will be under pressure. Although there may be speculation about supply cuts, the de - stocking process will be repeated [2]. - Glass supply remains stable at a low level, demand from the real - estate industry is weak, and the inventory is rising slightly. The de - stocking trend remains unchanged, and there is a possibility of restocking [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The main contract of lithium carbonate was fluctuating weakly, with a closing decline of -0.75%. The trading volume decreased month-on-month, the spot was at a premium, and the basis weakened [2]. - In terms of fundamentals, the price of lithium ore fluctuated sharply with the spot price of lithium carbonate. The supply situation changed from strong to weak due to the resumption of production of some smelters in Jiangxi. The domestic supply may increase slightly, and downstream purchasing sentiment was cautious [2]. - Overall, the fundamentals of lithium carbonate remained unchanged, with both supply and demand increasing. The inventory was still high but decreasing. In the options market, the call position was dominant, and the implied volatility decreased slightly [2]. - The operation suggestion was to go short at high levels with a light position and control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract was 79,020 yuan/ton, down 360 yuan. The net position of the top 20 was -152,176 lots, down 19,926 lots. The position volume was 349,496 lots, down 19,171 lots. The spread between near and far contracts was 560 yuan/ton, up 20 yuan [2]. - The warehouse receipts of GZEE were 25,630 lots/ton, up 640 lots [2]. 3.2现货市场 - The average price of battery-grade lithium carbonate was 81,700 yuan/ton, down 800 yuan. The average price of industrial-grade lithium carbonate was 79,400 yuan/ton, down 800 yuan [2]. - The basis of the Li₂CO₃ main contract was 2,680 yuan/ton, down 440 yuan [2]. 3.3 Upstream Situation - The average price of spodumene concentrate (6% CIF China) was 961 US dollars/ton, down 9 US dollars. The average price of amblygonite was 7,735 yuan/ton, unchanged. The price of lithium mica (2 - 2.5%) was 2,645 yuan/ton, unchanged [2]. 3.4产业情况 - The monthly output of lithium carbonate was 44,600 tons, up 500 tons. The monthly import volume was 13,845.31 tons, down 3,852.31 tons. The monthly export volume was 366.35 tons, down 63.31 tons. The monthly operating rate of lithium carbonate enterprises was 48%, down 4% [2]. - The monthly output of power batteries was 133,800 MWh, up 4,600 MWh. The price of lithium manganate was 33,000 yuan/ton, down 1,000 yuan [2]. 3.5 Downstream and Application Situation - The prices of ternary materials (811 type, 622 power type, 523 single crystal type) in China remained unchanged. The price of lithium hexafluorophosphate was 55,800 yuan/ton, unchanged. The price of lithium cobalt oxide remained unchanged [2]. - The monthly operating rate of ternary cathode materials was 52%, up 1%. The monthly operating rate of lithium iron phosphate cathode was 51%, down 1% [2]. - The monthly production of new energy vehicles was 1,243,000 units, down 25,000 units. The monthly sales were 1,262,000 units, down 67,000 units. The cumulative sales penetration rate was 44.99%, up 0.68%. The cumulative sales were 8,220,000 units, up 2,286,000 units [2]. - The monthly export volume of new energy vehicles was 225,000 units, up 20,000 units. The cumulative export volume was 1.308 million units, up 600,000 units [2]. 3.6 Option Situation - The total call position was 201,196 lots, up 1,766 lots. The total put position was 151,582 lots, up 3,012 lots. The put - call ratio of total positions was 75.34%, up 0.8431% [2]. - The implied volatility of at - the - money options was 0.39%, down 0.0001% [2]. 3.7 Industry News - From January to June 2025, the installation rate of L2 - level and above assisted driving functions in new energy passenger vehicles reached 82.6%, and the intelligent driving installation rate in the market below 160,000 yuan increased [2]. - The COO of Lantu Automobile believed that the involution in the new energy vehicle industry was not only about low - price competition but also low profit margins. Supply chain enterprises needed to maintain reasonable profit margins for high - quality development [2]. - The General Administration of Customs took measures in mechanism innovation, supervision strengthening, safety guarantee, and service optimization to improve the efficiency of import and export, reducing the customs clearance time of imported minerals and exported lithium batteries by over 80% [2]. - The National Development and Reform Commission held a symposium to listen to suggestions on expanding domestic demand and stabilizing employment, aiming to promote the healthy and high - quality development of the private economy [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The methanol port inventory in China is expected to continue to accumulate. The demand for olefin devices is stable, and the industry's operation rate is expected to increase. The MA2601 contract is expected to fluctuate in the range of 2380 - 2450 in the short term [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2395 yuan/ton, down 29 yuan; the 1 - 5 spread is 13 yuan/ton, down 9 yuan; the position of the main contract is 710322 lots, up 35053 lots; the net long position of the top 20 futures is -112632 lots; the number of warehouse receipts is 10466, down 100 [2] Spot Market - The price in Jiangsu Taicang is 2275 yuan/ton, down 20 yuan; in Inner Mongolia, it is 2080 yuan/ton, down 2.5 yuan; the East - Northwest spread is 195 yuan/ton, down 17.5 yuan; the basis of the Zhengzhou methanol main contract is -120 yuan/ton, up 9 yuan; CFR China Main Port is 265 dollars/ton, up 3 dollars; CFR Southeast Asia is 322 dollars/ton, unchanged; FOB Rotterdam is 287 euros/ton, unchanged; the China Main Port - Southeast Asia spread is -57 dollars/ton, up 3 dollars [2] Upstream Situation - The price of NYMEX natural gas is 2.71 dollars/million British thermal units, up 0.02 dollars [2] Industry Situation - The inventory in East China ports is 70.62 tons, up 1.92 tons; in South China ports, it is 36.98 tons, up 3.5 tons; the import profit is 5.65 yuan/ton, down 14.84 yuan; the monthly import volume is 110.27 tons, down 11.75 tons; the inventory of inland enterprises is 310800 tons, up 15200 tons; the methanol enterprise operation rate is 83.91%, up 1.51% [2] Downstream Situation - The formaldehyde operation rate is 42.04%, down 0.01%; the dimethyl ether operation rate is 7.02%, down 0.13%; the acetic acid operation rate is 89.01%, down 2.05%; the MTBE operation rate is 63.54%, up 0.15%; the olefin operation rate is 84.59%, up 1.47%; the methanol - to - olefin disk profit is -939 yuan/ton, up 59 yuan [2] Option Market - The 20 - day historical volatility of methanol is 11.83%, down 0.39%; the 40 - day historical volatility is 17.94%, up 0.24%; the implied volatility of at - the - money call options is 16.74%, up 0.15%; the implied volatility of at - the - money put options is 16.74%, up 0.15% [2] Industry News - As of August 20, the total methanol port inventory in China was 107.60 tons, up 5.42 tons; the inventory in East China and South China increased by 1.92 tons and 3.50 tons respectively; the inventory of sample production enterprises was 31.08 tons, up 1.52 tons, a 5.15% increase; the order backlog of sample enterprises was 20.74 tons, down 1.20 tons, a 5.47% decrease; as of August 21, the capacity utilization rate of domestic methanol - to - olefin devices was 85.70%, up 1.45% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For corn, the domestic main - producing areas have a low expected opening price for new grain. Large grain - using enterprises' inventories can connect with the new - season corn. Some processing enterprises have stopped purchasing, and the scope is expanding. With potential suppressing factors such as policy - grain rotation and wheat substitution for corn, the market's bullish sentiment has cooled, and the spot - market downward adjustment range has expanded. Overall, corn is in a weak trend, and a bearish approach is recommended [2]. - For corn starch, as previously - overhauled enterprises resume work, the industry's operating rate has increased, leading to greater supply - side pressure. Meanwhile, downstream demand is in the off - season, with poor order - signing and sales. The supply - exceeds - demand situation is obvious. Corn starch is also in a weak trend, and a bearish approach is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Corn futures: The closing price of the active contract is 2158 yuan/ton, down 71 yuan; the 1 - 5 monthly spread is 4 yuan/ton; the trading volume of the active contract is 1004013 lots, an increase of 19933 lots; the net long position of the top 20 futures holders is - 120088 lots, a decrease of 22883 lots; the registered warehouse receipt volume is 90070 lots, a decrease of 4270 lots; the CS - C spread of the main contract is 331 yuan/ton, down 29 yuan [2]. - Corn starch futures: The closing price of the active contract is 2475 yuan/ton, down 33 yuan; the 11 - 1 monthly spread is - 6 yuan/ton; the trading volume of the active contract is 210722 lots, an increase of 11388 lots; the net long position of the top 20 futures holders is - 21708 lots, a decrease of 1038 lots; the registered warehouse receipt volume is 7450 lots, unchanged [2]. 3.2 Outer - market - CBOT corn: The closing price of the active contract is 412.5 cents/bushel, up 0.75 cents; the total position is 1566367 contracts, an increase of 16491 contracts; the non - commercial net long position is - 105210 contracts, an increase of 27964 contracts [2]. 3.3 Spot Market - Corn: The average spot price is 2367.75 yuan/ton, down 0.68 yuan; the FOB price at Jinzhou Port is 2260 yuan/ton, unchanged; the CIF price of imported corn is 1919.84 yuan/ton, down 3.27 yuan; the international freight of imported corn is 45 US dollars/ton, unchanged; the basis of the main contract is 209.75 yuan/ton, down 4.68 yuan [2]. - Corn starch: The ex - factory price in Changchun is 2660 yuan/ton, down 50 yuan; in Weifang is 2900 yuan/ton, down 50 yuan; in Shijiazhuang is 2830 yuan/ton, down 50 yuan; the basis of the main contract is 185 yuan/ton, down 44 yuan; the spread between Shandong starch and corn is 336 yuan/ton, down 64 yuan [2]. 3.4 Substitute Spot Prices - The average spot price of wheat is 2431.22 yuan/ton, down 0.39 yuan; the spread between tapioca starch and corn starch is 157 yuan/ton, an increase of 19 yuan; the spread between corn starch and 30 - powder is - 36 yuan/ton, down 4 yuan [2]. 3.5 Upstream Situation - Forecasted annual corn production: In the US, it is 398.93 million tons, a decrease of 2.92 million tons; in Brazil, it is 131 million tons, unchanged; in Argentina, it is 53 million tons, unchanged; in China, it is 295 million tons, unchanged; in Ukraine, it is 30.5 million tons, unchanged [2]. - Forecasted sown area: In the US, it is 35.12 million hectares, a decrease of 0.25 million hectares; in Brazil, it is 22.6 million hectares, unchanged; in Argentina, it is 7.5 million hectares, unchanged; in China, it is 44.3 million hectares, unchanged [2]. 3.6 Industry Situation - Corn inventory: In southern ports, it is 67.1 tons, a decrease of 8 tons; in northern ports, it is 203 tons, a decrease of 44 tons; the inventory of deep - processed corn is 314.7 tons, a decrease of 25.5 tons; the monthly import volume is 6 tons, a decrease of 10 tons [2]. - Corn starch inventory: The weekly inventory of starch enterprises is 133.9 tons, an increase of 0.7 tons; the monthly export volume is 14.5 tons, a decrease of 13.28 tons [2]. 3.7 Downstream Situation - Feed production: The monthly output is 2937.7 tons, an increase of 175.6 tons; the sample feed corn inventory days are 28.85 days, a decrease of 0.76 days; the deep - processed corn consumption is 113.62 tons, a decrease of 0.44 tons [2]. - Corn starch processing profit: In Shandong, it is - 94 yuan/ton, an increase of 13 yuan; in Hebei, it is - 77 yuan/ton, unchanged; in Jilin, it is - 67 yuan/ton, unchanged [2]. - Operating rate: The alcohol enterprise operating rate is 43.57%, an increase of 1.57%; the starch enterprise operating rate is 52.3%, a decrease of 3.6% [2]. 3.8 Option Market - Corn historical volatility: The 20 - day historical volatility is 6.77%, a decrease of 0.1%; the 60 - day historical volatility is 6.18%, an increase of 0.01% [2]. - Implied volatility of at - the - money call and put options for corn is 9.78%, a decrease of 0.11% and 0.13% respectively [2]. 3.9 Industry News - As of August 21, the harvesting progress of Brazil's 2024/2025 second - season corn was 98%, 4 percentage points higher than a week ago, while the harvesting was completed at the same time last year [2]. - Russia's total export volume of wheat, barley, and corn in August is expected to reach 4.7 million tons, a significant increase from 2.9 million tons in July [2]. - The final yield forecast report released by ProFarmer on Friday 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, lower than the USDA's August forecast [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The main contract of Shanghai copper fluctuated and declined, with increasing open interest, spot premium, and strengthening basis. The copper ore market remains firm, supporting copper prices. Domestic refined copper supply is expected to increase slightly, while downstream demand is currently weak but is expected to improve as the peak season approaches. Overall, the fundamentals of Shanghai copper may show a slight increase in supply, stable current demand with positive expectations, and industry inventories remaining in the medium - low range. The options market sentiment is bullish, and the implied volatility has slightly decreased. Technically, the 60 - minute MACD shows the double - line above the 0 - axis with a shrinking red bar. It is recommended to conduct short - term long trades on dips with light positions and pay attention to controlling the rhythm and trading risks [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 79,190 yuan/ton, down 500 yuan; the price of LME 3 - month copper was 9,802.50 dollars/ton, up 6 dollars. The spread between the main contract and the next - month contract was 10 yuan/ton, unchanged. The open interest of the main contract of Shanghai copper was 175,488 lots, up 64,228 lots. The net position of the top 20 futures holders of Shanghai copper was - 1,913 lots, up 1,702 lots. LME copper inventory was 156,350 tons, up 375 tons; the Shanghai Futures Exchange inventory of cathode copper was 81,698 tons, down 4,663 tons; the Shanghai Futures Exchange warrant of cathode copper was 22,917 tons, down 2,856 tons [2] 3.2 Spot Market - The price of SMM 1 copper spot was 79,585 yuan/ton, up 190 yuan; the price of Yangtze River Non - Ferrous Market 1 copper spot was 79,685 yuan/ton, up 300 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 57 dollars/ton, unchanged; the average premium of Yangshan copper was 52.50 dollars/ton, up 2.5 dollars. The basis of the CU main contract was 395 yuan/ton, up 690 yuan; the LME copper cash - to - 3 - month spread was - 78.38 dollars/ton, up 2.63 dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates was 256.01 million tons, up 21.05 million tons. The TC of domestic copper smelters was - 41.15 dollars/thousand tons, down 3.47 dollars. The price of copper concentrates in Jiangxi was 69,990 yuan/metal ton, up 290 yuan; the price of copper concentrates in Yunnan was 70,690 yuan/metal ton, up 290 yuan. The processing fee of blister copper in the south was 800 yuan/ton, down 100 yuan; the processing fee of blister copper in the north was 750 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper was 127 million tons, down 3.2 million tons. The import volume of unwrought copper and copper products was 480,000 tons, up 20,000 tons. The social inventory of copper was 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 55,590 yuan/ton, up 350 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 68,200 yuan/ton, up 350 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 640 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products was 216.94 million tons, down 4.51 million tons. The cumulative completed investment in power grid infrastructure was 331.5 billion yuan, up 40.434 billion yuan. The cumulative completed investment in real estate development was 53,579.77 billion yuan, up 692.221 billion yuan. The monthly output of integrated circuits was 4,689,220,700 pieces, up 183,435,300 pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper was 8.11%, up 0.32%; the 40 - day historical volatility of Shanghai copper was 9.29%, down 0.21%. The implied volatility of the at - the - money option in the current month was 10.5%, down 0.0039. The call - to - put ratio of at - the - money option positions was 1.27, up 0.0973 [2] 3.7 Industry News - The National Development and Reform Commission held a symposium to collect opinions on expanding domestic demand and stabilizing employment for the "15th Five - Year Plan". Moody's said that the downside risks of the US economy are intensifying, with about one - third of US states in or likely to enter a recession, one - third stagnant, and one - third still expanding, and the probability of the US economy entering a recession in the next 12 months is 49%. The General Administration of Customs said that since the "14th Five - Year Plan", China has added and opened 40 ports, with a total of 311 ports, and the customs has an average annual supervision of 52 billion tons of import and export goods worth 41.5 trillion yuan. The Shanghai Housing and Urban - Rural Development Commission and other 6 departments issued a notice to optimize and adjust real estate policies, including reducing purchase restrictions, adjusting housing provident funds, housing credit, and property tax [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On August 26, the JM2601 contract of coking coal closed at 1160.5, down 3.17%. The market sentiment declined and commodities corrected. In the short - term, there was repeated movement between long and short positions. The inventory at the mine end changed from a decrease to an increase, and the cumulative import growth rate had been declining for 3 consecutive months. The inventory level was moderately high. Technically, the daily K - line was between the 20 - day and 60 - day moving averages, and it was expected to move in a range [2]. - On August 26, the J2601 contract of coke closed at 1681.0, down 2.41%. The mainstream coking enterprises proposed an eighth - round price increase for coke. From January to July 2025, the global crude steel production was 1.0862 billion tons, a year - on - year decrease of 1.9%. In terms of fundamentals, the hot metal production was 240.75 tons, an increase of 0.09 tons. The inventory at the coal mine end was no longer under pressure and was transferred downstream, and the total coking coal inventory generally increased. The average profit per ton of coke for 30 independent coking plants nationwide was 23 yuan/ton. Technically, the daily K - line was between the 20 - day and 60 - day moving averages, and it was expected to move in a range [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the JM main contract was 1160.50 yuan/ton, down 55.00; the closing price of the J main contract was 1681.00 yuan/ton, down 55.00. The JM futures contract open interest was 908171.00 lots, down 9991.00; the J futures contract open interest was 47638.00 lots, down 1368.00. The net open interest of the top 20 coking coal contracts was - 114943.00 lots, down 472.00; the net open interest of the top 20 coke contracts was - 5563.00 lots, down 781.00. The JM1 - 9 contract spread was 129.50 yuan/ton, down 24.50; the J1 - 9 contract spread was 71.00 yuan/ton, down 13.00. The coking coal warehouse receipts were 0.00, unchanged; the coke warehouse receipts were 820.00, unchanged [2]. 3.2 Spot Market - The price of Ganqimao Meng 5 raw coal was 948.00 yuan/ton, down 14.00; the price of Tangshan first - grade metallurgical coke was 1775.00 yuan/ton, unchanged. The price of Russian prime coking coal forward spot was 150.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - first - grade metallurgical coke was 1570.00 yuan/ton, unchanged. The price of Australian imported prime coking coal at Jingtang Port was 1620.00 yuan/ton, up 120.00; the price of first - grade metallurgical coke at Tianjin Port was 1670.00 yuan/ton, unchanged. The price of Shanxi - produced prime coking coal 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. The price of medium - sulfur prime 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. The basis of the JM main contract was 139.50 yuan/ton, up 55.00; the basis of the J main contract was 94.00 yuan/ton, up 55.00 [2]. 3.3 Upstream Situation - The clean coal output of 314 independent coal washing plants was 25.70 tons, down 0.70; the clean coal inventory of 314 independent coal washing plants was 294.80 tons, down 2.20. The capacity utilization rate of 314 independent coal washing plants was 0.36%, down 0.00; the raw coal output was 38098.70 tons, down 4008.70. The import volume of coal and lignite was 3561.00 tons, up 257.00; the daily average output of raw coal from 523 coking coal mines was 191.20 tons, up 3.30. The inventory of imported coking coal at 16 ports was 450.45 tons, up 2.67; the inventory of coke at 18 ports was 268.62 tons, down 1.09 [2]. 3.4 National Industry Situation - The total inventory of coking coal of independent coking enterprises was 966.41 tons, down 10.47; the total inventory of coke of independent coking enterprises was 64.37 tons, up 1.86. The coking coal inventory of 247 steel mills was 812.31 tons, up 6.51; the coke inventory of 247 steel mills was 609.59 tons, down 0.21. The available days of coking coal for independent coking enterprises were 13.07 days, up 0.10; the available days of coke for 247 steel mills were 10.76 days, down 0.07. The import volume of coking coal was 962.30 tons, up 53.11; the export volume of coke and semi - coke was 89.00 tons, up 38.00. The output of coking coal was 4064.38 tons, down 5.89; the output of coke was 4185.50 tons, up 15.20. The capacity utilization rate of independent coking enterprises was 74.42%, up 0.08; the average profit per ton of coke for independent coking plants was 23.00 yuan/ton, up 3.00 [2]. 3.5 National Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.34%, down 0.23; the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.27%, up 0.03. The crude steel output was 7965.82 tons, down 352.58 [2]. 3.6 Industry News - On January 25, mainstream coking enterprises proposed an eighth - round price increase for coke, with a 50 - yuan/ton increase for wet - quenched coke and a 55 - yuan/ton increase for dry - quenched coke. According to the oral notice of the environmental protection department in Henan Province, coking enterprises in the province will implement self - restricted production from August 25 to September 3, with a preliminary estimated restriction range of 20 - 35%. Some enterprises have already implemented a 30 - 35% restriction, and other enterprises will gradually follow. Zheng Shanjie, director of the National Development and Reform Commission, chaired a symposium to listen to opinions and suggestions on expanding domestic demand and stabilizing employment during the 15th Five - Year Plan period. Shanghai optimized and adjusted real estate policies, including unrestricted housing purchases outside the outer ring for eligible resident families, and adult single individuals are subject to the same housing purchase restriction policy as resident families. Eligible non - local resident families are temporarily exempt from property tax for their first - purchased housing [2].

锰硅硅铁产业日报 2025/8/26 | 项目类别 | 数据指标 | 最新 | 环比 | | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | --- | | | SM主力合约收盘价（日，元/吨） | 5,862.00 | -36.00↓ | | SF主力合约收盘价（日，元/吨） | 5,656.00 | -24.00↓ | | | SM期货合约持仓量（日，手） | 553,714.00 | -15570.00↓ | SF期货合约持仓量（日，手） | | 430,790.00 | -6807.00↓ | | 期货市场 | 锰硅前20名净持仓（日，手） | -82,183.00 | -2933.00↓ | 硅铁前20名净持仓（日，手） | | -35,432.00 | +281.00↑ | | | SM1-9月合约价差（日，元/吨） | 96.00 | -4.00↓ | SF1-9月合约价差（日，元/吨） | | 166.00 | -2.00↓ | | SM | 仓单（日，张） | 68,108.00 | -811.00↓ | SF 仓单（ ...