Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The main contract of Shanghai copper fluctuated weakly, with a decrease in trading volume and an increase in spot premium and basis. The supply at the mine end increased, and the TC spot index rebounded significantly. The supply in the domestic market increased due to the rise in copper ore supply and the relatively strong spot market. The impact of the consumption off - season weakened, and the demand improved slightly during the transition from the off - season to the peak season. Overall, the fundamentals of Shanghai copper may be in a situation of both supply and demand growth, with inventory at a medium - low level and positive industry expectations. In the options market, the sentiment is bullish, and the implied volatility decreased slightly. Technically, the 60 - minute MACD shows a convergence of the green column below the 0 - axis. It is recommended to conduct short - term long trades at low levels with a light position, while paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper was 78,640 yuan/ton, a decrease of 250 yuan; the price of LME 3 - month copper was 9,699.50 dollars/ton, an increase of 7.50 dollars. The spread between the main contract and the next - month contract was 20 yuan/ton, an increase of 10 yuan. The trading volume of the main contract of Shanghai copper was 135,865 lots, a decrease of 4,502 lots. The positions of the top 20 futures holders of Shanghai copper were 5,193 lots, an increase of 686 lots. The LME copper inventory was 155,150 tons, a decrease of 450 tons; the Shanghai Futures Exchange inventory of cathode copper was 86,361 tons, an increase of 4,428 tons; the LME copper cancelled warrants were 11,250 tons, a decrease of 125 tons; the Shanghai Futures Exchange warrants of cathode copper were 25,223 tons, a decrease of 2,856 tons [2]. 3.2 Spot Market - The price of SMM 1 copper was 79,100 yuan/ton, a decrease of 180 yuan; the price of Yangtze River Non - ferrous Market 1 copper was 79,105 yuan/ton, a decrease of 195 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 52 dollars/ton, unchanged; the average premium of Yangshan copper was 48.50 dollars/ton, an increase of 4 dollars. The basis of the CU main contract was 460 yuan/ton, an increase of 70 yuan; the LME copper spread (0 - 3) was - 96.85 dollars/ton, a decrease of 0.10 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates was 256.01 million tons, an increase of 21.05 million tons. The rough smelting fee (TC) of domestic copper smelters was - 37.68 dollars/thousand tons, an increase of 0.38 dollars. The price of copper concentrates in Jiangxi was 69,430 yuan/metal ton, a decrease of 210 yuan; in Yunnan, it was 70,130 yuan/metal ton, a decrease of 210 yuan. The processing fee of blister copper in the south was 900 yuan/ton, unchanged; in the north, it was 750 yuan/ton, unchanged [2]. 3.4 Industry Situation - The output of refined copper was 127 million tons, a decrease of 3.20 million tons. The import volume of unforged copper and copper products was 480,000 tons, an increase of 20,000 tons. The social inventory of copper was 41.82 million tons, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai was 55,640 yuan/ton, an increase of 100 yuan; the price of 2 copper (94 - 96%) in Shanghai was 68,150 yuan/ton, an increase of 100 yuan. The ex - factory price of sulfuric acid (98%) of Jiangxi Copper was 640 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The output of copper products was 216.94 million tons, a decrease of 4.51 million tons. The cumulative completed investment in power grid infrastructure was 291.066 billion yuan, an increase of 87.08 billion yuan. The cumulative completed investment in real estate development was 5,357.977 billion yuan, an increase of 692.221 billion yuan. The monthly output of integrated circuits was 4,689,220,700 pieces, an increase of 1,834,353 pieces [2]. 3.6 Options Situation - The 20 - day historical volatility of Shanghai copper was 7.08%, an increase of 0.05%; the 40 - day historical volatility was 9.52%, an increase of 0.02%. The implied volatility of the at - the - money option in the current month was 8.69%, a decrease of 0.0023; the call - put ratio of at - the - money options was 1.24, a decrease of 0.0447 [2]. 3.7 Industry News - From January to July, the tax revenue of the equipment manufacturing and modern service industries performed well. The tax revenue of the railway, ship, aerospace equipment, computer and communication equipment, and electrical machinery and equipment manufacturing industries increased by 33%, 10.1%, and 8% respectively. The tax revenue of the scientific research and technology service industry increased by 12.7%, and that of the culture, sports and entertainment industry increased by 4.1%. A national teleconference on promoting the replacement of consumer goods with new ones was held in Beijing, emphasizing the need to optimize policies and implement consumption - promoting policies to cultivate new growth points in the consumer market. S&P affirmed the "AA+/A - 1+" sovereign rating of the United States with a stable outlook. Heilongjiang adjusted the subsidy policy for the replacement of consumer goods. Starting from August 23, subsidies for automobile replacement are divided into three levels, with an additional 0.2 million yuan for new energy vehicles. In July, the national general public budget revenue was 202.73 billion yuan, a year - on - year increase of 2.6%, the highest increase this year. The tax revenue was 180.18 billion yuan, an increase of 5%. In the first seven months of this year, the national general public budget revenue was 1,358.39 billion yuan, a year - on - year increase of 0.1%, with the cumulative increase turning positive for the first time; the expenditure was 1,607.37 billion yuan, a year - on - year increase of 3.4% [2].

1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core View of the Report - The supply of zinc is increasing as the profits of smelters are further repaired, production enthusiasm is increasing, new capacities are being released, and previously shut - down capacities are resuming production. Meanwhile, the import loss is expanding, leading to a decline in imported zinc inflows. On the demand side, it is the off - season, the downstream processing enterprise's operating rate has decreased year - on - year, and the overall trading volume is dull with continuous accumulation of domestic social inventory and a decline in spot premiums. The overseas LME inventory has decreased significantly, and the LME spot premium has been adjusted downwards, which may weaken the support for domestic zinc prices. Technically, the price is adjusted at a low position of holdings and has fallen below the MA60. It is recommended to wait and see or conduct range operations [3]. 3. Summary According to the Directory 3.1 Futures Market - The closing price of the main contract of Shanghai Zinc is 22,265 yuan/ton, up 60 yuan; the 09 - 10 contract spread of Shanghai Zinc is 20 yuan/ton, up 5 yuan; the LME three - month zinc quotation is 2,770 dollars/ton, down 7 dollars; the total open interest of Shanghai Zinc is 216,150 lots, up 1,551 lots; the net open interest of the top 20 in Shanghai Zinc is - 5,980 lots, down 2,348 lots; the Shanghai Zinc warehouse receipts are 32,288 tons, down 250 tons; the SHFE inventory is 76,803 tons, up 10,886 tons; the LME inventory is 72,200 tons, down 3,650 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on Shanghai Non - ferrous Metals Network is 22,170 yuan/ton, down 30 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 21,980 yuan/ton, down 30 yuan; the basis of the main ZN contract is - 95 yuan/ton, down 90 yuan; the LME zinc premium (0 - 3) is - 10.26 dollars/ton, down 1.61 dollars; the arrival price of 50% zinc concentrate in Kunming is 16,940 yuan/ton, down 50 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, unchanged [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 mine production of ILZSG is 1,007,500 tons, down 4,300 tons; the domestic refined zinc production is 628,000 tons, up 45,000 tons; the zinc ore import volume is 455,900 tons, up 124,900 tons [3]. 3.4 Industry Situation - 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 zinc social inventory is 114,900 tons, up 4,900 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, down 130,000 tons; the monthly sales volume of galvanized sheets is 2.34 million tons, down 120,000 tons; the monthly new housing construction area is 352.06 million square meters, up 48.4168 million square meters; the monthly housing completion area is 250.34 million square meters, up 24.6739 million square meters; the monthly automobile production is 2.51 million vehicles, down 298,600 vehicles; the monthly air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 13.13%, down 1.32 percentage points; the implied volatility of at - the - money put options for zinc is 13.13%, down 1.32 percentage points; the 20 - day historical volatility of at - the - money options for zinc is 5.1%, down 0.28 percentage points; the 60 - day historical volatility of at - the - money options for zinc is 13.35%, up 0.18 percentage points [3]. 3.7 Industry News - In August, the LPR quotation remained unchanged, with the 5 - year - plus LPR at 3.5% and the 1 - year LPR at 3%. On August 18, Wang Yi held talks with Indian Foreign Minister Subrahmanyam Jaishankar, reaching 10 achievements. The Ministry of Industry and Information Technology and other departments will further standardize the competition order of the photovoltaic industry and curb low - price and disorderly competition [3].

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The global natural rubber producing areas are in the tapping season. The supply pressure in Yunnan is still there due to weather interference, and the purchase price has been slightly adjusted downwards. In Hainan, the tapping operations have gradually resumed, but there is still a forecast of precipitation. The overall inventory in Qingdao shows a trend of de - stocking in general trade and inventory accumulation in bonded warehouses. The price of rubber fluctuates greatly, weakening the purchasing enthusiasm of tire enterprises. The capacity utilization rate of domestic tires has a small - scale fluctuation, with some room for increase but limited by the general order performance. The ru2601 contract is expected to fluctuate in the range of 15,500 - 16,000, and the nr2510 contract is expected to fluctuate in the range of 12,450 - 12,900 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of Shanghai rubber is 15,675 yuan/ton, down 200 yuan; the closing price of the main contract of 20 - number rubber is 12,525 yuan/ton, down 165 yuan. The 9 - 1 spread of Shanghai rubber is - 955 yuan/ton, up 40 yuan; the 9 - 10 spread of 20 - number rubber is - 50 yuan/ton, up 10 yuan. The spread between Shanghai rubber and 20 - number rubber is 3,150 yuan/ton, down 35 yuan. The trading volume and net positions of the main contracts of both have changed, and the exchange warehouse receipts have decreased [2]. Spot Market - The prices of various types of rubber in the spot market have different changes. For example, the price of state - owned whole latex in the Shanghai market is 14,600 yuan/ton, down 250 yuan; the price of Thai - standard STR20 is 1,810 US dollars/ton, up 5 US dollars. The basis of Shanghai rubber and its non - standard products has decreased, while the basis of 20 - number rubber has increased [2]. Upstream Situation - The reference prices of Thai raw rubber in the upstream have different changes. The theoretical production profit of RSS3 has increased, while that of STR20 has decreased. The monthly import volume of technical - grade natural rubber has decreased, while that of mixed rubber has increased. The weekly opening rates of all - steel and semi - steel tires have changed, with the all - steel tire opening rate up 2.09 percentage points and the semi - steel tire opening rate down 2.28 percentage points [2]. Downstream Situation - The inventory days of all - steel and semi - steel tires in Shandong have increased. The monthly output of all - steel tires is 1,275 million pieces, up 13 million pieces; the monthly output of semi - steel tires is 5,697 million pieces, up 174 million pieces [2]. Option Market - The historical 20 - day and 40 - day volatilities of the underlying have increased, while the implied volatilities of at - the - money call and put options have decreased [2]. Industry News - The rainfall in the Southeast Asian main producing areas of natural rubber has decreased compared with the previous period, and the impact on tapping has weakened. As of August 17, 2025, the total inventory of natural rubber in Qingdao has decreased. The inventory in the bonded area has increased, while that in general trade has decreased. The入库 rate and出库 rate of warehouses have different changes [2]. View Summary - The supply pressure in Yunnan still exists, and the purchase price has been slightly adjusted downwards. The tapping operations in Hainan have gradually resumed, but there is still a forecast of precipitation. The overall inventory in Qingdao shows a trend of de - stocking in general trade and inventory accumulation in bonded warehouses. The purchasing enthusiasm of tire enterprises has weakened, and the capacity utilization rate of domestic tires has a small - scale fluctuation, with limited room for increase [2]. Tip to Follow - Pay attention to the opening rate data of Longzhong's tire sample enterprises on Thursday [2].

Report Summary - **Report Date**: August 20, 2025 [1] - **Report Type**: Industrial Silicon Industry Daily Report 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The total demand for industrial silicon from the three major downstream industries remains flat. Today, the price of industrial silicon continued to decline. During the wet season, the power cost is low, there are many production enterprises, and the supply is abundant. The price is expected to fall to around 8,000 yuan. It is recommended to consider mid - to long - term long positions if the price later falls below 8,000 yuan [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract was 8,390 yuan/ton, a decrease of 235 yuan; the main contract's open interest was 279,868 lots, a decrease of 6,737 lots; the net position of the top 20 was - 92,125 lots, an increase of 5,455 lots; the Guangzhou Futures Exchange's warehouse receipts were 50,625 lots, a decrease of 85 lots; the price difference between September and October industrial silicon was - 30 yuan, a decrease of 10 yuan [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon was 9,250 yuan/ton, a decrease of 150 yuan; the average price of 421 silicon was 9,600 yuan/ton, a decrease of 150 yuan; the basis of the Si main contract was 860 yuan/ton, an increase of 85 yuan; the DMC spot price was 11,300 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica was 410 yuan/ton, unchanged; the average price of petroleum coke was 1,810 yuan/ton, unchanged; the average price of clean coal was 1,850 yuan/ton, unchanged; the average price of wood chips was 490 yuan/ton, unchanged; the ex - factory price of graphite electrodes (400mm) was 12,250 yuan/ton, unchanged [2] 3.4 Industry Situation - The monthly output of industrial silicon was 324,700 tons, an increase of 19,500 tons; the weekly social inventory of industrial silicon was 552,000 tons, an increase of 10,000 tons; the monthly import volume of industrial silicon was 2,211.36 tons, an increase of 71.51 tons; the monthly export volume of industrial silicon was 52,919.65 tons, a decrease of 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC was 44,900 tons, an increase of 700 tons; the average price of aluminum alloy ADC12 in the Yangtze River spot market was 20,300 yuan/ton, unchanged; the overseas market price of photovoltaic - grade polysilicon was 15.75 US dollars/kg; the weekly average spot price of photovoltaic - grade polysilicon was 4.94 US dollars/kg; the monthly export volume of unforged aluminum alloy was 25,770.18 tons, an increase of 1,590.89 tons; the weekly operating rate of organic silicon DMC was 75.05%, an increase of 0.21 percentage points; the monthly output of aluminum alloy was 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy was 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - On August 20, the Ministry of Industry and Information Technology organized a photovoltaic industry symposium to standardize the competition order in the photovoltaic industry. The meeting on August 19 did not discuss the implementation details of "anti - involution" in each link, and the anti - involution rules for battery, component, silicon wafer, and polysilicon links are expected to be discussed in the next two days. The central bank will implement a moderately loose monetary policy and promote a reasonable recovery of prices. In the industrial silicon sector, in the supply side, as the wet season deepens in the southwest region, the electricity price advantage becomes more prominent, stimulating the resumption of production in silicon plants. The number of newly opened furnaces in Sichuan and Yunnan is increasing, and the output in the southwest region is expected to increase next week. In Xinjiang, some large factories maintain a stable production rhythm, while some small and medium - sized silicon factories have low enthusiasm for resuming production due to thin profits, and the overall output remains relatively stable [2] 3.7 Viewpoint Summary - The three major downstream industries' total demand for industrial silicon remains flat. Today, the price of industrial silicon continued to decline. During the wet season, the power cost is low, there are many production enterprises, and the supply is abundant. The price is expected to fall to around 8,000 yuan. If the price later falls below 8,000 yuan, it is recommended to consider mid - to long - term long positions [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The probability of an increase in domestic urea production is high considering short - term enterprise malfunctions. Domestic agricultural demand is in a seasonal off - season with only sporadic local demand. During the autumn fertilizer production stage, the industrial demand for compound fertilizers leads to appropriate low - price purchases, but the increase in the compound fertilizer enterprise operating rate is slow, resulting in low rigid demand for urea. Downstream factories mainly make small low - price purchases. Although some urea enterprises' inventory decreases due to export orders and fault maintenance, the overall enterprise inventory is still on the rise. Short - term export news is beneficial for reducing urea enterprise inventory, but the decline may be limited due to enterprise restricted purchases and slow domestic demand improvement. The UR2601 contract is expected to fluctuate between 1770 - 1820 yuan/ton in the short term [2] 3. Summary by Related Catalogs Futures Market - The closing price of the Zhengzhou urea main contract is 1776 yuan/ton, down 41 yuan/ton; the 9 - 1 spread is - 25 yuan/ton, up 9 yuan/ton. The main contract's open interest is 208,609 lots, down 4,424 lots; the net position of the top 20 is - 35,050 lots, down 3,584 lots. The exchange warehouse receipts are 3,573 sheets, unchanged [2] Spot Market - In the domestic spot market, prices in Hebei, Jiangsu, and Anhui are 1740 yuan/ton, unchanged; the price in Henan is 1740 yuan/ton, up 10 yuan/ton; the price in Shandong is 1770 yuan/ton, up 40 yuan/ton. The main contract basis is - 6 yuan/ton, up 81 yuan/ton. FOB prices in the Baltic and China's main ports are both 450 US dollars/ton, unchanged [2] Industry Situation - Port inventory is 46.4 tons, down 1.9 tons; enterprise inventory is 95.74 tons, up 6.98 tons. The urea enterprise operating rate is 83.22%, up 1.24 percentage points; the daily output is 192,700 tons, up 2,900 tons. The urea export volume is 57 tons, up 50 tons; the monthly output is 6,052,080 tons, up 20,740 tons [2] Downstream Situation - The compound fertilizer operating rate is 43.48%, up 1.98 percentage points; the melamine operating rate is 49.82%, down 11.28 percentage points. The weekly profit of compound fertilizers in China is 116 yuan/ton, up 18 yuan/ton; the weekly profit of melamine with externally - purchased urea is - 78 yuan/ton, up 266 yuan/ton. The monthly output of compound fertilizers is 4.2212 million tons, up 53,000 tons; the weekly output of melamine is 24,800 tons, down 5,500 tons [2] Industry News - As of August 20, the total inventory of Chinese urea enterprises is 102.39 tons, up 6.65 tons, a 6.95% week - on - week increase. As of August 14, the port sample inventory is 46.4 tons, down 1.9 tons, a 3.93% week - on - week decrease. As of August 14, the production of Chinese urea enterprises is 1.3486 million tons, up 20,100 tons, a 1.51% week - on - week increase; the capacity utilization rate is 83.22%, up 1.24 percentage points, changing from a downward to an upward trend [2] Suggested Attention - Pay attention to Longzhong's enterprise inventory, port inventory, daily output, and operating rate on Thursday [2]

Report Industry Investment Rating - No information provided Core View of the Report - Internationally, ICE cotton futures prices are rising with short - term volatility. Domestically, cotton is in a de - stocking state, supply is tight before the new cotton is on the market, and spot prices and basis are firm. On the demand side, it's the off - season for textile consumption, spinning mills have no profit, the overall operating rate is declining, and raw material purchases are mainly for rigid demand, hoping for demand improvement in the "Golden September and Silver October". In 2025, China's cotton planting area has increased, and attention should be paid to the impact of weather on new crops. Overall, tight supply of old crops supports price fluctuations, but expected increase in new crop output and weak downstream demand limit the upside. The market is expected to maintain a high - level volatile trend, and it is recommended to wait and see [2] Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price is 14,055 yuan/ton, down 45 yuan; cotton yarn main contract closing price is 20,065 yuan/ton, down 80 yuan. - Cotton futures top 20 net positions are - 47,867 lots, an increase of 11,592 lots; cotton yarn futures top 20 net positions are - 266 lots, an increase of 194 lots. - Cotton main contract open interest is 478,466 lots, down 10,082 lots; cotton yarn main contract open interest is 22,149 lots, an increase of 235 lots. - Cotton warehouse receipts are 7,455 lots, down 141 lots; cotton yarn warehouse receipts are 69 lots, unchanged [2] 现货市场 - China Cotton Price Index (CCIndex:3128B) is 15,240 yuan/ton, down 3 yuan; China Yarn Price Index for pure - cotton carded yarn 32s is 20,700 yuan/ton, unchanged. - China Imported Cotton Price Index (FCIndexM:1% tariff) is 13,593 yuan/ton, up 52 yuan; China Imported Cotton Price Index (FCIndexM: sliding - duty) is 14,349 yuan/ton, up 29 yuan. - Arrival price of imported cotton yarn price index for pure - cotton carded yarn 32s is 22,045 yuan/ton, down 88 yuan; for pure - cotton combed yarn 32s is 23,923 yuan/ton, down 89 yuan [2] Upstream Situation - National cotton sown area is 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; national cotton output is 6.16 million tons, an increase of 540,000 tons [2] Industry Situation - Cotton - yarn price difference is 5,460 yuan/ton, up 3 yuan; national industrial inventory of cotton is 857,000 tons, an increase of 7,000 tons. - Monthly import volume of cotton is 50,000 tons, an increase of 20,000 tons; monthly import volume of cotton yarn is 110,000 tons, unchanged. - Imported cotton profit is 894 yuan/ton, down 20 yuan; national commercial inventory of cotton is 2.1898 million tons, down 640,000 tons [2] Downstream Situation - Yarn inventory days are 27.67 days, down 0.69 days;坯布 inventory days are 36.14 days, down 1.1 days. - Monthly cloth output is 2.7 billion meters, down 79 million meters; monthly yarn output is 2.065 million tons, an increase of 114,000 tons. - Monthly export value of clothing and clothing accessories is 1.5161759 billion US dollars, down 10.4955 million US dollars; monthly export value of textile yarns, fabrics and products is 1.1604009 billion US dollars, down 44.4198 million US dollars [2] Option Market - Implied volatility of at - the - money cotton call options is 10.44%, down 0.4%; implied volatility of at - the - money cotton put options is 10.46%, down 0.36%. - 20 - day historical volatility of cotton is 7.57%, up 0.17%; 60 - day historical volatility of cotton is 5.68%, up 0.02% [2] Industry News - India has suspended the 11% import tariff on cotton until September 30. On Tuesday, the ICE December cotton contract closed down 0.46%. On Wednesday, the cotton 2601 contract closed down 0.5%, and the cotton yarn 2511 contract closed down 0.45% [2]

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Report's Core View - The tin price has been fluctuating recently. The downstream enterprises mostly make rigid - demand purchases when the price is low, and there are some post - point - price orders. The spot premium has slightly rebounded to 400 yuan/ton, and domestic inventory has decreased, while the LME inventory shows a downward trend. Technically, the position has decreased, both long and short are cautious, and the lower - shadow positive line indicates support. It is expected to fluctuate within a range. Operationally, it is recommended to wait and see for now, and pay attention to the range of 266,000 - 271,000 yuan/ton [3][4] 3. Summary According to Related Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin is 267,840 yuan/ton, a decrease of 250 yuan; the closing price of the September - October contract is 230 yuan lower, with a change of 0; the LME 3 - month tin price is 33,770 US dollars/ton, an increase of 68 US dollars. The main contract's open interest of Shanghai Tin is 19,377 lots, a decrease of 1,627 lots; the net position of the top 20 futures is - 872 lots, a decrease of 159 lots. The LME tin total inventory is 1,630 tons, a decrease of 25 tons; the Shanghai Futures Exchange inventory of tin is 7,792 tons, a decrease of 13 tons; the LME tin cancelled warrants are 120 tons, a decrease of 25 tons; the Shanghai Futures Exchange tin warrants are 7,329 tons, a decrease of 184 tons [3] 3.2现货市场 - The SMM 1 tin spot price is 267,500 yuan/ton, an increase of 1,300 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 268,410 yuan/ton, an increase of 2,300 yuan. The basis of the Shanghai Tin main contract is - 340 yuan/ton, an increase of 1,550 yuan; the LME tin premium (0 - 3) is 81 US dollars/ton, a decrease of 8 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons, a decrease of 2,900 tons. The average price of 40% tin concentrate is 254,000 yuan/ton, a decrease of 2,000 yuan; the processing fee of 40% tin concentrate is 10,500 yuan/ton, with no change. The average price of 60% tin concentrate is 258,000 yuan/ton, a decrease of 2,000 yuan; the processing fee of 60% tin concentrate is 6,500 yuan/ton, with no change [3] 3.4产业情况 - The monthly output of refined tin is 14,000 tons, a decrease of 1,600 tons; the import volume of refined tin is 3,762.32 tons, an increase of 143.24 tons [3] 3.5下游情况 - The price of 60A solder bar in Gejiu is 173,830 yuan/ton, an increase of 460 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, an increase of 144,500 tons; the export volume of tin - plated sheets is 140,700 tons, a decrease of 33,900 tons [3] 3.6行业消息 - In August, the LPR quotation remained unchanged, with the over - 5 - year LPR at 3.5% and the 1 - year LPR at 3%. On August 18, Wang Yi held talks with Indian Foreign Minister Subrahmanyam Jaishankar, reaching 10 outcomes. The Ministry of Industry and Information Technology and other departments will further standardize the photovoltaic industry competition order and curb low - price disorderly competition [3] 3.7观点总结 - Macroscopically, the LPR quotation remained unchanged, and the photovoltaic industry competition order will be regulated. Fundamentally, although Myanmar's Wa State has restarted the mining license approval, actual ore production will not start until the fourth quarter; the Congo Bisie mine plans to resume production in stages, and the tin ore processing fee remains at a historical low. On the smelting side, the output increase in July was affected by multiple factors such as the resumption of production by some enterprises and the cleaning of intermediate products, but the raw material shortage in Yunnan is still severe, and the waste recycling system in Jiangxi is under pressure, with the operating rate remaining at a low level. On the demand side, downstream processing enterprises are in the traditional off - season, with most enterprises only maintaining rigid - demand production and receiving goods, and the orders are unsatisfactory. Recently, the tin price has been fluctuating, with most downstream enterprises making rigid - demand purchases at low prices, and some post - point - price orders. The spot premium has slightly rebounded, and domestic and LME inventories are decreasing. Technically, the open interest has decreased, both long and short are cautious, and the lower - shadow positive line indicates support, with the price expected to fluctuate within a range [3] 3.8重点关注 - There is no news today [3]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - In August 2025, the pig slaughter plan increased month - on - month, leading to a relatively loose market supply. As the price fell, some farms might have the intention to hold prices, and the increasing spread between fat and lean pig prices provided conditions for later hoarding. On the demand side, the supply of pigs was sufficient, and demand in some areas recovered, with the slaughterhouse operation rate rising moderately. It was expected that demand would improve with the start of school in late August and the upcoming Double - Festival stocking. Overall, the pressure on pig sales in August was high, and the weak adjustment of the spot price dragged down the main pig futures contract. However, due to policy guidance, the expected long - term supply pressure decreased marginally, and the expected demand improvement from the start of school limited the decline space of pig futures prices, with the market expected to be mainly in a volatile state. It was recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs was 13,775 yuan/ton, a decrease of 125 yuan; the position volume of the main contract was 70,618 lots, an increase of 2,684 lots; the number of warehouse receipts was 430 lots, unchanged; the net long position of the top 20 futures positions was - 16,030 lots, an increase of 867 lots [2]. 3.2 Spot Price - The live pig price in Zhumadian, Henan was 13,700 yuan/ton, an increase of 100 yuan; in Siping, Jilin it was 13,400 yuan/ton, unchanged; in Yunfu, Guangdong it was 15,100 yuan/ton, an increase of 200 yuan. The basis of the main live pig contract was - 75 yuan/ton, an increase of 225 yuan [2]. 3.3 Upstream Situation - The live pig inventory was 42,4470,000 heads, an increase of 7160,000 heads; the inventory of breeding sows was 4,0430,000 heads, an increase of 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI was 0%, a decrease of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,070 yuan/ton, unchanged; the spot price of corn was 2,384.71 yuan/ton, a decrease of 6.66 yuan; the pig feed cost index of the Dalian Commodity Exchange was 911.24, a decrease of 0.09; the monthly output of feed was 29,377,000 tons, an increase of 1,756,000 tons; the price of二元能繁母猪 was 1,638 yuan/head, unchanged; the breeding profit of purchased piglets was - 157.05 yuan/head, a decrease of 22.91 yuan; the breeding profit of self - bred and self - raised pigs was 28.85 yuan/head, a decrease of 16.28 yuan; the monthly import volume of pork was 90,000 tons, unchanged; the average price of white - striped chicken in the main production areas was 14.1 yuan/kg, an increase of 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3,0060,000 heads, a decrease of 2100,000 heads; the monthly retail sales of social consumer goods in the catering industry was 470.76 billion yuan, an increase of 12.94 billion yuan [2]. 3.6 Industry News - On August 20, 2025, the daily national live pig sales volume of key breeding enterprises was 262,893 heads, a 1.62% increase from the previous day. On Wednesday, the live pig 2511 contract closed down 0.72% [2].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - SH2601 rose 1.80% to close at 2,655 yuan/ton. On the supply side, last week, there were both shutdown and restarted plants in China, and the caustic soda capacity utilization rate decreased by 1.0% week-on-week to 84.1%. On the demand side, last week, the alumina operating rate decreased by 0.09% week-on-week to 85.64%; the viscose staple fiber operating rate increased by 1.07% week-on-week to 86.04%, and the printing and dyeing operating rate increased by 2.19% week-on-week to 61.46%. In terms of inventory, last week, the liquid caustic soda factory inventory decreased by 5.18% week-on-week to 437,800 tons. This week, the number of maintenance plants in Shandong and other places will further increase, and the caustic soda capacity utilization rate is expected to further decline. Currently, the alumina industry has considerable profits, and there is no planned production cut, and the plants are expected to operate stably. The peak season for non-aluminum downstream industries is approaching, but the current rigid demand is still weak, waiting for signals of demand improvement. The inventory pressure of liquid caustic soda in Shandong is not large. Technically, SH2601 should pay attention to the support around 2,530 and the resistance around 2,700 [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main caustic soda contract was 2,655 yuan/ton, up 57 yuan; the position of the main caustic soda contract was 78,794 lots, up 14,720 lots; the net position of the top 20 futures contracts for caustic soda was -2,221 lots, up 11,389 lots; the trading volume of the main caustic soda contract was 351,729 lots, up 141,371 lots; the closing price of the caustic soda contract for January was 2,655 yuan/ton, up 57 yuan; the closing price of the caustic soda contract for May was 2,731 yuan/ton, up 37 yuan [3] 3.2 Spot Market - The price of 32% ion-exchange membrane caustic soda in Shandong was 840 yuan/ton, unchanged; the price in Jiangsu was 900 yuan/ton, up 10 yuan; the converted price of 32% caustic soda in Shandong was 2,625 yuan/ton, unchanged; the basis of caustic soda was 27 yuan, down 31 yuan [3] 3.3 Upstream Situation - The mainstream price of raw salt in Shandong was 210 yuan/ton, unchanged; the mainstream price in the Northwest was 210 yuan/ton, unchanged; the price of steam coal was 643 yuan/ton, unchanged [3] 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong was -250 yuan/ton, up 50 yuan; the mainstream price in Jiangsu was -225 yuan/ton, up 25 yuan [3] 3.5 Downstream Situation - The spot price of viscose staple fiber was 13,040 yuan/ton, unchanged; the spot price of alumina was 3,210 yuan/ton, down 5 yuan [3] 3.6 Industry News - From August 8th to 14th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.1%, a week-on-week decrease of 1.0%. As of August 14th, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above in China was 437,800 tons (wet tons), a week-on-week decrease of 5.18% and a year-on-year increase of 18.61% [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Although economic data weakened in July, market expectations for policy intensification have increased [2]. - The market is focusing on the semi - annual reports of listed companies. The net profit growth rates of the four broad - based indexes are positive, and the improved fundamentals of some listed companies support the stock market, but the potential drag from companies with unannounced reports should be watched [2]. - With high valuations in the US stock market, A - shares with reasonable valuations are attracting foreign capital inflows, bringing incremental funds to the market. It is recommended to buy on dips with a light position [2]. 3. Summary by Related Catalogs Futures盘面 - **Contract Prices**: IF, IH, IC, and IM主力合约（2509）prices are 4270.0, 2851.2, 6695.2, and 7276.0 respectively, with increases of +49.0, +30.4, +92.4, and +88.6. Their corresponding secondary - main contracts also showed price increases [2]. - **Contract Spreads**: Various contract spreads such as IF - IH, IC - IF, etc. showed changes, with most spreads increasing [2]. - **Quarter - to - Month Spreads**: Spreads between quarterly and monthly contracts of different varieties changed, with some increasing and some decreasing [2]. Futures持仓头寸 - The net positions of the top 20 in IF, IH, and IC decreased by - 1677.0, - 437.0, and - 1152.0 respectively, while that of IM increased by +50.0 [2]. Spot Price - The prices of the Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 increased by +48.0, +34.6, +72.8, and +62.6 respectively. The basis of the corresponding futures contracts also changed [2]. Market Emotions - A - share trading volume was 24,484.14 billion yuan, a decrease of - 1922.65 billion yuan. Margin trading balance increased by +293.85 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, etc. also showed corresponding changes [2]. Wind Market Strength - Weakness Analysis - All A - shares, technical aspects, and capital aspects showed increases of +1.90, +1.30, and +2.30 respectively [2]. Industry News - From January to July 2025, national fixed - asset investment (excluding rural households) was 288229 billion yuan, with a year - on - year increase of 1.6%. Real estate development investment decreased by 12.0% year - on - year. Other economic data such as social consumer goods retail and industrial added value also had corresponding changes [2]. - On August 20, 2025, the 1 - year LPR was 3.0% and the 5 - year LPR was 3.5%, remaining unchanged from the previous period [2]. Key Event Schedule - On August 21, at 15:00 - 16:30, the preliminary values of SPGI manufacturing, service, and composite PMIs for France, Germany, the Eurozone, and the UK in August will be released; at 21:45, the preliminary values of SPGI manufacturing, service, and composite PMIs for the US in August will be released [3]. - On August 22, at 22:00, Federal Reserve Chairman Powell will give a speech at the Jackson Hole Global Central Bank Annual Meeting [3].