Report Summary Investment Rating No investment rating for the industry is provided in the report. Core View The domestic old - crop cotton supply is tight, which supports price fluctuations, but weak downstream demand restricts the upside. The cotton market is expected to maintain a high - level volatile trend. It is recommended to wait and see for now [2]. Summary by Directory 1. Market Data - **Futures Market**: The closing price of Zhengzhou cotton's main contract was 14,125 yuan/ton (up 5 yuan), and that of the main cotton yarn contract was 20,155 yuan/ton (down 30 yuan). The net position of the top 20 in cotton futures was - 63,829 lots (down 3,972 lots), and for cotton yarn futures it was - 421 lots (up 34 lots). The main - contract positions of cotton and cotton yarn were 486,067 lots (up 8,447 lots) and 21,948 lots (up 612 lots) respectively. The cotton and cotton - yarn warehouse receipt numbers were 7,762 (down 67) and 69 (down 5) respectively [2]. - **Spot Market**: The China Cotton Price Index (CCIndex:3128B) was 15,234 yuan/ton (up 18 yuan), and the China Yarn Price Index for pure - cotton carded 32 - count yarn was 20,720 yuan/ton (unchanged). The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,558 yuan/ton (down 18 yuan), and the arrival price of imported pure - cotton carded 32 - count yarn was 22,128 yuan/ton (down 3 yuan) [2]. - **Upstream Situation**: The national cotton sowing area was 2,838.3 thousand hectares (up 48.3 thousand hectares), and the national cotton output was 616 tons (up 54 tons) [2]. - **Industry Situation**: The cotton - yarn price difference was 5,486 yuan/ton (down 18 yuan). The national industrial inventory of cotton was 85 tons (up 2.4 tons), and the national commercial inventory of cotton was 282.98 tons (down 62.89 tons). The import volume of cotton was 5 tons (up 2 tons), and that of cotton yarn was 110,000 tons (up 10,000 tons). The profit of imported cotton was 890 yuan/ton (up 20 yuan) [2]. - **Downstream Situation**: The yarn inventory days were 23.86 days (up 1.52 days), and the grey - cloth inventory days were 35.46 days (up 2.57 days). The monthly cloth output was 2.779 billion meters (up 0.109 billion meters), and the monthly yarn output was 206.5 tons (up 11.4 tons). The monthly export value of clothing and clothing accessories was 1,526,671,400 US dollars (up 168,897,700 US dollars), and that of textile yarns, fabrics and products was 1,204,820,700 US dollars (down 58,356,600 US dollars) [2]. - **Option Market**: The implied volatility of at - the - money call options for cotton was 10.9% (down 0.19%), and that of at - the - money put options was 10.88% (down 0.18%). The 20 - day historical volatility of cotton was 7.2% (up 0.19%), and the 60 - day historical volatility was 5.64% (up 0.04%) [2]. 2. Industry News - China's cotton imports in July were 5 tons, a year - on - year decrease of 73.2%. From January to July, the cumulative import of cotton was 52 tons, a year - on - year decrease of 74.2% [2]. - As of August 15, 2025, the total commercial inventory of cotton was 1.8561 million tons, a week - on - week decrease of 150,600 tons (a decrease of 7.50%). In Xinjiang, the commercial inventory of cotton was 1.1319 million tons, a week - on - week decrease of 150,000 tons (a decrease of 11.70%); in inland areas, it was 418,900 tons, a week - on - week increase of 14,900 tons (an increase of 3.69%) [2]. - The December ICE cotton contract closed down 0.16% last Friday. The January 2026 cotton contract closed up 0.11% on Monday, and the November 2025 cotton - yarn contract closed down 0.22%. The US Department of Agriculture's export sales report showed that for the week ending August 7, the net increase in US cotton export sales for the current market year was 242,000 bales, and that for the next year was 1,100 bales [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic mines remains stable. The supply of nickel ore from the Philippines has recovered, but the port inventory of domestic nickel ore has decreased, resulting in a tight raw material situation. [3] - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity was still planned to be put into operation, driving a slight increase in the overall refined nickel output. [3] - On the demand side, the profit of stainless - steel plants has improved, and the plants have increased production. The production and sales of new energy vehicles have continued to climb, but the demand for ternary batteries is limited. Recently, the increase in nickel prices has weakened procurement demand, the spot premium has slightly decreased, and domestic inventory has remained stable, while overseas LME inventory has increased. [3] - Technically, the price has fallen while the position has increased, indicating a divergence between bulls and bears. The nickel price is expected to fluctuate widely within a range. It is recommended to wait and see or conduct range operations, with a reference range of 119,500 - 124,000 yuan/ton. [3] Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,340 yuan/ton, a decrease of 260 yuan; the spread between the September - October contracts of Shanghai nickel is - 120 yuan/ton, an increase of 50 yuan. [3] - The price of LME 3 - month nickel is 15,195 US dollars/ton, an increase of 145 US dollars; the position of the main contract of Shanghai nickel is 62,507 lots, a decrease of 3,820 lots. [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 30,524 lots, a decrease of 2,845 lots; the LME nickel inventory is 210,414 tons, a decrease of 1,248 tons. [3] - The inventory of nickel in the Shanghai Futures Exchange is 26,962 tons, an increase of 768 tons; the cancelled warrants of LME nickel total 11,094 tons, a decrease of 1,248 tons. [3] - The warrant quantity of Shanghai nickel is 23,051 tons, an increase of 910 tons. [3] 2. Spot Market - The spot price of SMM 1 nickel is 121,650 yuan/ton, an increase of 150 yuan; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,550 yuan/ton, an increase of 150 yuan. [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warrant) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged. [3] - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the NI main contract is 1,310 yuan/ton, an increase of 410 yuan. [3] - The LME nickel (spot/three - month) premium is - 207.88 US dollars/ton, an increase of 3.35 US dollars. [3] 3. Upstream Situation - The import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons; the total port inventory of nickel ore is 1,095.16 million tons, an increase of 61.82 million tons. [3] - The average import unit price of nickel ore is 65.84 US dollars/ton, a decrease of 7.57 US dollars; the含税 price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged. [3] 4. Industry Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of ferronickel is 22,200 metal tons, a decrease of 400 metal tons. [3] - The import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons; the import volume of ferronickel is 1.0414 billion tons, an increase of 193.2 million tons. [3] 5. Downstream Situation - The monthly output of 300 - series stainless steel is 169.81 million tons, a decrease of 4.59 million tons; the total weekly inventory of 300 - series stainless steel is 58.27 million tons, a decrease of 1.02 million tons. [3] 6. Industry News - In July in China, the year - on - year growth rate of social consumer goods retail slowed down to 3.7%, and the total retail sales of automobiles decreased year - on - year. The added value of industrial enterprises above designated size increased by 5.7% year - on - year, with the automobile and electronics industries leading, while the output of crude steel and raw coal declined. From January to July, the national fixed - asset investment increased by 1.6%, and private investment declined. From January to July, real estate development investment decreased by 12% year - on - year, and the sales area of newly built commercial housing decreased by 4% year - on - year. In July, the prices of second - hand houses in first - tier cities in China showed an enlarged decline both month - on - month and year - on - year, and the year - on - year decline of housing prices in all tiers narrowed. [3] - In the United States, retail sales increased by 0.5% month - on - month in July, which was the second consecutive month of growth but lower than the previous value. The consumer confidence index of the University of Michigan unexpectedly declined in August, and both short - term and long - term inflation expectations climbed. The retail sales in the United States showed a significant increase, with a year - on - year increase of 3.9%, and the June data was revised up to 0.9%. [3]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply of soda ash is expected to remain ample, demand will continue to decline, and prices will generally face pressure, but there may be variables with anti - involution hype. It is recommended to buy on dips for the short - term main contract of soda ash, while being aware of operational risks [2]. - For glass, the supply remains at the bottom, and the current real - estate situation is not optimistic. However, there is an expectation of restocking as the peak season approaches. If the price drops to around 1100 yuan, pay attention to the opportunity when the 20 - day interest - rate cut expectation may be ignited. It is recommended to buy on dips for the main contract, while being aware of operational risks [2]. 3. Summary by Relevant Catalogs Futures Market - Soda ash main contract closing price is 1386 yuan/ton, down 9 yuan; glass main contract closing price is 1212 yuan/ton, up 1 yuan. The price difference between soda ash and glass is 174 yuan/ton, down 10 yuan [2]. - Soda ash main contract open interest is 1398920 lots, down 10970 lots; glass main contract open interest is 1115020 lots, up 19010 lots. The net positions of the top 20 holders for soda ash is - 361252, up 3587; for glass is - 264184, up 40727 [2]. - Soda ash exchange warehouse receipts are 10192 tons, unchanged; glass exchange warehouse receipts are 2438 tons, down 805 tons. The spread between the September and January contracts for soda ash is - 114 yuan, down 12 yuan; for glass is - 182 yuan, down 17 yuan. The basis of soda ash is - 115 yuan/ton, up 25 yuan; the basis of glass is - 128 yuan, down 5 yuan [2]. Spot Market - The price of North China heavy soda ash is 1280 yuan/ton, up 20 yuan; Central China heavy soda ash is 1325 yuan/ton, unchanged. East China light soda ash is 1270 yuan/ton, unchanged; Central China light soda ash is 1220 yuan/ton, unchanged [2]. - The price of Shahe glass sheets is 1088 yuan/ton, unchanged; Central China glass sheets is 1110 yuan/ton, unchanged [2]. Industry Situation - The operating rate of soda ash plants is 87.32%, up 1.91 percentage points; the operating rate of float glass enterprises is 75.34%, up 2.34 percentage points [2]. - The in - production capacity of glass is 15.96 million tons/year, unchanged; the number of in - production glass production lines is 223, unchanged. The inventory of soda ash enterprises is 189.73 million tons, up 0.35 million tons; the inventory of glass enterprises is 6342.6 million heavy boxes, up 157.9 million heavy boxes [2]. Downstream Situation - The cumulative new construction area of real estate is 30364.32 million square meters, up 7180.71 million square meters; the cumulative completed area of real estate is 22566.61 million square meters, up 4181.47 million square meters [2]. Industry News - The domestic soda ash market showed a general trend with a lukewarm trading atmosphere. The supply increased as some plants resumed normal operation. The downstream demand was average, mainly replenishing stocks at low prices. The short - term soda ash market is expected to be lightly stable and volatile [2]. - The spot price of float glass was 1153 yuan/ton, down 7 yuan/ton compared with the previous trading day. Different regions had different market conditions, with some prices falling and some remaining stable [2]. Macro - aspect - In July, the housing prices in 70 cities were released. The prices of commercial residential buildings in all tiers of cities declined month - on - month, and the year - on - year decline generally narrowed [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - **Corn**: The USDA's August supply - demand report is overall bearish, causing international corn prices to decline. In the domestic market, factors such as continuous import corn auctions in the Northeast, the release of old - stock corn, good growth of new - season corn, and upcoming bulk listing of spring corn suppress the bullish sentiment in the spot market. The market trading activity is poor, and feed enterprises' consumption enthusiasm is low. Most deep - processing enterprises replenish stocks based on supply and demand. The spot price is weak, and the corn futures market is in a weak trend, suggesting a bearish approach [2]. - **Corn Starch**: As previously - overhauled enterprises resume production, the operating rate of the corn starch industry has increased, leading to greater supply - side pressure. The downstream demand is still in the off - season with poor order - taking and sales. The supply exceeds demand. The inventory has increased, and the futures market shows a weak trend, also suggesting a bearish approach [3]. 3. Summary by Relevant Catalogs **Futures Market** - **Domestic**: Corn futures' active - contract closing price is 2177 yuan/ton, down 13 yuan; corn starch futures' active - contract closing price is 2594 yuan/ton, down 8 yuan. The net long positions of the top 20 futures holders for corn decreased by 28,029 hands, and for corn starch, it remained unchanged. The registered warehouse receipts for yellow corn decreased by 2102 hands, and for corn starch, it remained unchanged [2]. - **CBOT**: The closing price of CBOT corn futures is 405.75 cents/bushel, up 7.25 cents. The total position decreased by 67,625 contracts, and the non - commercial net long position decreased by 25,206 contracts [2]. **Spot Market** - **Corn**: The average spot price is 2393.92 yuan/ton, down 0.2 yuan. The flat - hatch price at Jinzhou Port is 2310 yuan/ton, down 10 yuan. The CIF price of imported corn is 1926.05 yuan/ton, unchanged [2]. - **Corn Starch**: The factory - quoted prices in Changchun, Weifang, and Shijiazhuang are 2710 yuan/ton, 2950 yuan/ton, and 2880 yuan/ton respectively, all unchanged [2]. **Upstream Situation** - The predicted annual corn production in the US is 401.85 million tons, Brazil 131 million tons, Argentina 53 million tons, China 295 million tons, and Ukraine 30.5 million tons. The predicted sown areas in the US, Brazil, Argentina, and China are 35.12 million hectares, 22.6 million hectares, 7.5 million hectares, and 44.3 million hectares respectively [2]. **Industry Situation** - **Inventory**: Corn inventories at southern ports decreased by 14.5 tons to 75.1 tons, and at northern ports decreased by 22 tons to 247 tons. The starch enterprise inventory increased by 1.2 tons to 133.2 tons [2]. - **Trade Volume**: The monthly import volume of corn decreased by 3 tons to 16 tons, and the monthly export volume of corn starch increased by 4.06 tons to 27.78 tons [2]. **Downstream Situation** - **Feed**: The monthly feed production increased by 175.6 tons to 2937.7 tons, and the sample feed corn inventory days decreased by 0.83 days to 29.61 days [2]. - **Deep - processing**: The weekly consumption of deep - processed corn decreased by 2.4 tons to 114.06 tons. The operating rate of alcohol enterprises decreased by 1.08% to 42%, and that of starch enterprises increased by 2.07% to 55.9% [2]. **Option Market** - The 20 - day historical volatility of corn decreased by 3.48% to 5.89%, and the 60 - day historical volatility decreased by 1.73% to 5.89%. The implied volatility of at - the - money call and put options on corn increased by 5.84% and 5.82% respectively to 21.26% and 21.24% [2]. **Industry News** - Field research by AgResource shows that corn and soybeans in northern and eastern Iowa have strong growth potential close to record yields. Dr. Michael Cordonnier raised the 2025 US corn yield per acre by 1 bushel to a record 183 bushels per acre [2]. - The USDA's August supply - demand report shows an increase in the estimated 2025/26 US corn planting area, yield per acre, production, and ending inventory, which is overall bearish for the market [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the situation of supply exceeding demand for domestic pure benzene is expected to continue, putting pressure on prices; in the long - term, the new production capacity of pure benzene downstream in August is higher than that of pure benzene, and the supply - demand contradiction may improve. The supply - demand situation of crude oil continues to be supply - dominant, and international oil prices are expected to fluctuate weakly. Technically, BZ2603 should pay attention to the support around 6100 and the resistance around 6300 [2] Summary by Relevant Catalogs Futures Market - The main closing price of pure benzene is 6186 yuan/ton, down 3 yuan; the main settlement price is 6171 yuan/ton, down 17 yuan. The main trading volume is 5030 lots, up 759 lots; the main open interest is 14110 lots, down 588 lots [2] Spot Market - The mainstream prices of pure benzene in East China, North China, South China, and Northeast China are 6100 - 6150 yuan/ton, 6130 - 6120 yuan/ton respectively, with different changes. The mainstream prices of hydrogenated benzene in Jiangsu and Shanxi are 6250 yuan/ton (down 75 yuan) and 6050 yuan/ton (unchanged) respectively. The spot price of pure benzene in South Korea's FOB middle price is 734 US dollars/ton, up 1 US dollar; the CIF middle price in China is 748.5 US dollars/ton, unchanged [2] Upstream Situation - The spot price of Brent DTD crude oil is 67.97 US dollars/barrel, down 0.61 US dollars; the CFR middle price of naphtha in Japan is 572.5 US dollars/ton, up 1.5 US dollars [2] Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13%; the weekly output is 44.52 tons, down 0.08 tons. The port inventory of pure benzene is 14.6 tons, down 1.7 tons; the production cost is 5327.8 yuan/ton, down 118.2 yuan; the production profit is 737 yuan/ton, up 76 yuan [2] Downstream Situation - The开工率 of styrene is 78.18%, up 0.45%; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid are 95.72% (up 6.41%), 78.54% (down 0.46%), 69.24% (down 0.1%), and 64.3% (up 2%) respectively [2] Industry News - From August 8th to 14th, the profit of PetroChina's benzene was 689 yuan/ton, up 113 yuan/ton from last week. As of August 18th, the total commercial inventory of pure benzene ports in Jiangsu was 14.4 tons, down 1.37% from the previous period [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - As of August 13, China's methanol port inventory totaled 1.0218 million tons, an increase of 96,300 tons from the previous period. The inventory in the East China and South China regions continued to accumulate. With high foreign vessel arrivals and weak downstream demand, port methanol inventory is expected to continue to accumulate, but the impact of weather on unloading speed needs attention. The restart of the olefin plant in Yanchang Zhongmei Yulin will increase the olefin industry's operating rate. The MA2601 contract is expected to fluctuate in the range of 2390 - 2460 in the short term [3] Group 3: Summary by Related Catalogs Futures Market - The closing price of the main methanol contract was 2,396 yuan/ton, down 16 yuan; the 9 - 1 spread was -103 yuan/ton, down 7 yuan. The main contract's open interest was 665,628 lots, an increase of 42,183 lots; the net long position of the top 20 futures holders was -132,231 lots, a decrease of 4,802 lots. The number of warehouse receipts was 10,968, unchanged [3] Spot Market - The price in Jiangsu Taicang was 2,295 yuan/ton, down 25 yuan; in Inner Mongolia, it was 2,070 yuan/ton, down 25 yuan. The East China - Northwest price spread was 225 yuan/ton, unchanged; the basis of the main Zhengzhou methanol contract was -101 yuan/ton, down 9 yuan. CFR China Main Port was 262 US dollars/ton, down 4 US dollars; CFR Southeast Asia was 324 US dollars/ton, down 4 US dollars. FOB Rotterdam was 272 euros/ton, up 1 euro; the China Main Port - Southeast Asia price spread was -62 US dollars/ton, unchanged [3] Upstream Situation - NYMEX natural gas was 2.92 US dollars/million British thermal units, up 0.07 US dollars [3] Industry Situation - East China port inventory was 687,000 tons, an increase of 45,000 tons; South China port inventory was 334,800 tons, an increase of 51,300 tons. Methanol import profit was 49.87 yuan/ton, an increase of 3.38 yuan; the monthly import volume was 1.2202 million tons, a decrease of 72,100 tons. Inland enterprise inventory was 295,600 tons, an increase of 1,900 tons; the methanol enterprise operating rate was 82.4%, an increase of 0.79 percentage points [3] Downstream Situation - The formaldehyde operating rate was 42.05%, an increase of 0.43 percentage points; the dimethyl ether operating rate was 7.15%, an increase of 1.82 percentage points. The acetic acid operating rate was 91.06%, an increase of 1.82 percentage points; the MTBE operating rate was 63.39%, a decrease of 3.23 percentage points. The olefin operating rate was 83.12%, a decrease of 0.77 percentage points; the methanol - to - olefin disk profit was -940 yuan/ton, an increase of 12 yuan [3] Option Market - The 20 - day historical volatility of methanol was 21.64%, a decrease of 3.96 percentage points; the 40 - day historical volatility was 19.34%, a decrease of 4 percentage points. The implied volatility of at - the - money call options was 2.06%, a decrease of 12.05 percentage points; the implied volatility of at - the - money put options was 14.11%, a decrease of 1.74 percentage points [3] Industry News - As of August 13, China's methanol port inventory totaled 1.0218 million tons, with 45,000 tons of inventory accumulation in East China and 51,300 tons in South China. The port inventory continued to accumulate, with 236,000 tons of foreign vessel unloading recorded and a large amount of non - explicit unloading. As of August 13, the inventory of sample production enterprises was 295,600 tons, an increase of 1,900 tons from the previous period, a month - on - month increase of 0.64%; the order backlog of sample enterprises was 219,400 tons, a decrease of 21,400 tons from the previous period, a month - on - month decrease of 8.90%. As of August 14, the domestic methanol - to - olefin plant capacity utilization rate was 84.71%, a month - on - month decrease of 0.41% [3] Viewpoint Summary - Last week, the olefin industry's operating rate decreased slightly. After the restart of the olefin plant in Yanchang Zhongmei Yulin to full - load operation, the olefin industry's operating rate will increase. The MA2601 contract is expected to fluctuate in the range of 2390 - 2460 in the short term [3] Suggested Attention - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [3]

1. Report Investment Rating - There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - On August 18, the JM2601 contract of coking coal closed at 1,187.5, down 2.94%. The market sentiment declined after the Dalian Commodity Exchange restricted the daily opening volume of the JM2601 contract. Fundamentally, the mine - end inventory changed from decreasing to increasing, and the clean coal inventory transferred from upstream mines and coal washing plants to downstream coal - using enterprises. The cumulative import growth rate has been declining for 3 consecutive months, and the inventory is moderately high. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and it should be treated as a volatile operation [2]. - On August 18, the J2601 contract of coke closed at 1,702.0, down 1.56%. The sixth round of price increase has been implemented on the spot side. Fundamentally, the raw material inventory has rebounded. The hot metal output this period is 240.66 tons, an increase of 0.34 tons. The hot metal is at a high level, and the coal mine - end inventory is no longer under pressure, with the inventory transferring downstream. The total coking coal inventory generally shows an increase. In terms of profit, the average profit per ton of coke of 30 independent coking plants nationwide this period is 20 yuan/ton. Technically, the daily K - line is between the 20 - day and 60 - day moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM main contract closing price: 1,187.50 yuan/ton, down 42.50 yuan; J main contract closing price: 1,702.00 yuan/ton, down 27.50 yuan [2]. - JM futures contract open interest: 941,070.00 lots, up 51,646.00 lots; J futures contract open interest: 51,445.00 lots, up 234.00 lots [2]. - Net open interest of the top 20 coking coal contracts: - 118,083.00 lots, down 7,855.00 lots; net open interest of the top 20 coke contracts: - 5,846.00 lots, up 162.00 lots [2]. - JM 1 - 9 month contract spread: 152.50 yuan/ton, up 3.00 yuan; J 1 - 9 month contract spread: 68.00 yuan/ton, down 8.50 yuan [2]. - Coking coal warehouse receipts: 0.00; coke warehouse receipts: 820.00 [2]. 3.2 Spot Market - Dry Qimantage Mongolian No. 5 raw coal: 996.00 yuan/ton, unchanged; Tangshan Grade 1 metallurgical coke: 1,720.00 yuan/ton, unchanged [2]. - Russian prime coking coal forward spot (CFR): 147.00 US dollars/wet ton, unchanged; Rizhao Port quasi - Grade 1 metallurgical coke: 1,520.00 yuan/ton, unchanged [2]. - Jingtang Port Australian imported prime coking coal: 1,510.00 yuan/ton, unchanged; Tianjin Port Grade 1 metallurgical coke: 1,620.00 yuan/ton, unchanged [2]. - Jingtang Port Shanxi - produced prime coking coal: 1,610.00 yuan/ton, unchanged; Tianjin Port quasi - Grade 1 metallurgical coke: 1,520.00 yuan/ton, unchanged [2]. - Shanxi Jinzhong Lingshi medium - sulfur prime coking coal: 1,300.00 yuan/ton, unchanged; J main contract basis: 18.00 yuan/ton, up 27.50 yuan [2]. - Inner Mongolia Wuhai - produced coking coal ex - factory price: 1,100.00 yuan/ton, unchanged; JM main contract basis: 112.50 yuan/ton, up 42.50 yuan [2]. 3.3 Upstream Situation - Clean coal output of 314 independent coal washing plants: 26.40 million tons per day, up 0.40 million tons; clean coal inventory of 314 independent coal washing plants: 2.97 billion tons per week, up 89 million tons [2]. - Capacity utilization rate of 314 independent coal washing plants: 0.37%, unchanged; raw coal output: 38.099 billion tons per month, down 4.0084 billion tons [2]. - Coal and lignite imports: 3.561 billion tons per month, up 257 million tons; daily average raw coal output of 523 coking coal mines: 187.90 million tons, down 0.40 million tons [2]. - Imported coking coal inventory at 16 ports: 4.4778 billion tons per week, down 152.7 million tons; coke inventory at 18 ports: 2.6971 billion tons per week, down 38.4 million tons [2]. - Total coking coal inventory of all - sample independent coking enterprises: 9.7688 billion tons per week, down 110.4 million tons; all - sample coke inventory of independent coking enterprises: 625.1 million tons per week, down 72.2 million tons [2]. - Coking coal inventory of 247 steel mills nationwide: 8.058 billion tons per week, down 28.6 million tons; coke inventory of 247 sample steel mills nationwide: 6.098 billion tons per week, down 94.8 million tons [2]. - Available days of coking coal for all - sample independent coking enterprises: 12.97 days per week, down 0.02 days; available days of coke for 247 sample steel mills: 10.83 days per week, down 0.08 days [2]. - Coking coal imports: 910.84 million tons per month, up 172.10 million tons; coke and semi - coke exports: 89 million tons per month, up 38 million tons [2]. - Coking coal output: 4.06438 billion tons per month, down 5.89 million tons; capacity utilization rate of independent coking enterprises: 74.34%, up 0.31% [2]. - Profit per ton of coke for independent coking plants: 20 yuan/ton, up 36 yuan/ton; coke output: 4.186 billion tons per month, up 15.7 million tons [2]. 3.4 Downstream Situation - Blast furnace operating rate of 247 steel mills: 83.57%, down 0.20%; blast furnace iron - making capacity utilization rate of 247 steel mills: 90.24%, up 0.17% [2]. - Crude steel output: 7.966 billion tons per month, down 352.40 million tons [2]. 3.5 Industry News - U.S. President Trump stated after meeting with Russian President Putin on the 15th that there is no plan to impose tariffs on China's purchase of Russian oil [2]. - The central bank proposed to implement a moderately loose monetary policy in the next stage and focus on promoting a reasonable recovery of prices [2]. - China's coal consumption ratio decreased from 56.8% in 2020 to 53.2% in 2024, while the non - fossil energy consumption ratio increased from 15.9% to 19.8% [2]. - Although future real estate construction will decline significantly, the existing housing stock will be huge. By 2030, the residential buildings over 30 years old will exceed 10 billion square meters, and even if only 10% is renovated annually, it will be 1 billion square meters [2].

Group 1: Report Information - Report Name: Red Date Industry Daily Report 2025 - 08 - 18 [1] - Researcher: Zhang Xin [2] - Futures Practitioner Qualification Number: F03109641 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0018457 [2] Group 2: Report Industry Investment Rating - Not provided Group 3: Report Core View - Not provided Group 4: Summary by Related Catalogs Futures Market - Futures main contract closing price of red dates: 11,520 yuan/ton, down 25 yuan [2] - Main contract open interest of red dates: 139,877 hands, down 1,592 hands [2] - Net long positions of the top 20 futures holders of red dates: -15,508 hands, up 527 hands [2] - Warehouse receipt quantity of red dates: 9,214 sheets [2] - Effective warehouse receipt forecasts of red dates: 1,913 sheets, up 104 sheets [2] Spot Market - Kashi red date general cargo price: 6 yuan/kg, unchanged [2] - Hebei first - grade gray jujube wholesale price: 4.8 yuan/jin, unchanged [2] - Alar red date general cargo price: 5.2 yuan/kg, unchanged [2] - Henan first - grade gray jujube wholesale price: 4.75 yuan/jin, unchanged [2] - Aksu red date general cargo price: 4.8 yuan/kg, unchanged [2] - Henan red date special - grade price: 10.5 yuan/kg, unchanged [2] - Hebei red date special - grade price: 10.45 yuan/kg, unchanged [2] - Guangdong red date special - grade price: 11.5 yuan/kg, unchanged [2] - Guangdong red date first - grade price: 10.5 yuan/kg, unchanged [2] Upstream Market - Red date annual output: 606.9 million tons, up 318.7 million tons [2] - Red date planting area: 1.993 million hectares, down 41,000 hectares [2] Industry Situation - National red date inventory: 9,686 tons, down 98 tons [2] - Red date monthly export volume: 1,765,107 kg, down 464,120 kg [2] - Red date cumulative export volume: 17,115,674 kg, an increase of 1,765,107 kg [2] Downstream Situation - Red date wholesale price at Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi Province: 20 yuan/kg, down 8 yuan [2] - Accumulated sales volume of red dates of Hao Xiang Ni: 36,480.43 tons, down 2,981.06 tons [2] - Year - on - year growth rate of red date production of Hao Xiang Ni: 1.47%, down 34.59 percentage points [2] Industry News - No news today [2] View Summary - No news today [2] Prompt Attention - No news today [2]

1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints - EB2509 dropped and then rebounded, closing at 7,230 yuan/ton. In the short - term, the domestic market has no new shutdown devices, and the impact of restarted and capacity - increased devices is expanding, with an expected increase in supply. The downstream industry has both shutdown and restarted devices, and the terminal demand lacks positive factors, so the styrene consumption is difficult to grow significantly. The supply - stronger - than - demand situation in the spot market is expected to continue, and the inventory pressure may continue to rise. In terms of cost, the supply - stronger - than - demand situation of crude oil continues, and the international oil price is expected to fluctuate weakly. The main contract of styrene is about to change. EB2509 is dominated by the delivery logic, with a short - term fluctuation range expected between 7,150 - 7,360 yuan/ton; EB2510 is supported by the peak season in September and maintenance expectations, and technically, attention should be paid to the support around 7,130 yuan/ton and the pressure around 7,380 yuan/ton [2] 3. Summary by Related Catalogs Futures Market - The futures closing price of the active styrene contract is 7,230 yuan/ton, down 10 yuan/ton; the trading volume is 148,790, down 79; the buying volume of the top 20 positions is 317,145 hands, up 15,287 hands; the 10 - month contract closing price is 7,248 yuan/ton, down 19 yuan/ton; the position volume of the active contract is 167,851 hands, down 16,914 hands; the net buying volume of the top 20 positions is - 4,659 hands, down 17,718 hands; the selling volume of the top 20 positions is 334,863 hands, up 19,946 hands; the total number of warehouse receipts is 737 hands, unchanged [2] 现货市场 - The spot price of styrene is 7,596 yuan/ton, down 60 yuan/ton; the FOB South Korea middle - price is 887 US dollars/ton, unchanged; the CFR China middle - price is 897 US dollars/ton, unchanged; the mainstream price in the Northeast region is 7,400 yuan/ton, unchanged; the mainstream price in the South China region is 7,430 yuan/ton, down 5 yuan/ton; the mainstream price in the North China region is 7,325 yuan/ton, down 40 yuan/ton; the mainstream price in the East China region is 7,280 yuan/ton, down 25 yuan/ton [2] Upstream Situation - The CFR Northeast Asia middle - price of ethylene is 826 US dollars/ton, unchanged; the CFR Southeast Asia middle - price is 821 US dollars/ton, down 10 US dollars/ton; the CIF Northwest Europe middle - price is 856.5 US dollars/ton, up 3 US dollars/ton; the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton; the spot price of pure benzene in Taiwan (CIF) is 744.67 US dollars/ton, down 0.14 US dollars/ton; the FOB price of pure benzene in the US Gulf is 267 cents/gallon, down 1 cent/gallon; the FOB price of pure benzene in Rotterdam is 719 US dollars/ton, down 15 US dollars/ton; the market price of pure benzene in the South China market is 6,150 yuan/ton, unchanged; the market price in the East China market is 6,100 yuan/ton, unchanged; the market price in the North China market is 6,130 yuan/ton, down 110 yuan/ton; the total styrene operating rate is 78.18%, up 0.45%; the national styrene inventory is 208,717 tons, down 2,738 tons [2] 产业情况 - The total inventory of styrene in the East China main port is 148,800 tons, down 10,200 tons; the trade inventory in the East China main port is 69,500 tons, up 3,000 tons [2] 下游情况 - The operating rate of EPS is 58.08%, up 14.41%; the operating rate of ABS is 71.1%, unchanged; the operating rate of PS is 56.4%, up 1.4%; the operating rate of UPR is 32%, up 2%; the operating rate of styrene - butadiene rubber is 72.1%, down 1.25% [2] Industry News - From August 8th to August 14th, the overall output of Chinese styrene plants was 369,100 tons, a 2.76% increase from the previous period; the plant capacity utilization rate was 78.18%, a 0.45% increase from the previous period. The consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 263,200 tons, a 10.54% increase from the previous week. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a 1.29% decrease from the previous period [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [3] 2. Core Viewpoints - SH2509 rose 1.10% to close at 2,567 yuan/ton Supply-side, last week, there were both shutdown and restart of domestic plants, and the caustic soda capacity utilization rate decreased by 1.0% to 84.1% Demand-side, last week, the alumina operating rate decreased by 0.09% to 85.64%; the viscose staple fiber operating rate increased by 1.07% to 86.04%, and the printing and dyeing operating rate increased by 2.19% to 61.46% In terms of inventory, last week, the liquid caustic soda factory inventory decreased by 5.18% to 437,800 tons This week, the number of maintenance plants in Shandong and other places has further increased, 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 liquid caustic soda inventory pressure in Shandong is not large Technically, SH2509 should pay attention to the pressure around 2,650, and SH2601 should pay attention to the pressure around 2,700 [3] 3. Summary by Directory Futures Market - The main closing price of caustic soda was 2,567 yuan/ton, the main contract position was 42,812 lots (down 6,806 lots), the net position of the top 20 futures was -13,632 lots (down 1,133 lots), and the main contract trading volume was 101,040 lots (down 45,977 lots) The closing price of the January contract was 2,635 yuan/ton (down 2 yuan), and the closing price of the May contract was 2,723 yuan/ton (down 3 yuan) [3] Spot Market - The price of 32% ion-exchange membrane caustic soda in Shandong was 820 yuan/ton, and in Jiangsu was 890 yuan/ton The 32% caustic soda equivalent-to-100% price in Shandong was 2,562.5 yuan/ton, and the basis was 58 yuan/ton (up 34 yuan) [3] Upstream Situation - The mainstream price of raw salt in Shandong and Northwest China was 210 yuan/ton, and the price of thermal coal was 643 yuan/ton [3] Industry Situation - The mainstream price of liquid chlorine in Shandong was -49.5 yuan/ton, and in Jiangsu was -100 yuan/ton [3] Downstream Situation - The spot price of viscose staple fiber was 13,040 yuan/ton, and the spot price of alumina was 3,215 yuan/ton (down 5 yuan) [3] 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 factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 437,800 tons (wet tons), a week-on-week decrease of 5.18% and a year-on-year increase of 18.61% [3]