Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On Thursday, treasury bond spot yields strengthened collectively, while treasury bond futures weakened. The central bank continued net withdrawals, and the weighted average rate of DR007 rebounded slightly. Domestically, July's financial data showed structural differentiation, with the year - on - year growth rate of social financing rising for three consecutive months and credit weakening marginally. The policy effect of expanding domestic demand emerged, and foreign trade remained resilient. The Ministry of Finance launched a double - discount policy. Overseas, the Sino - US tariff suspension period was extended by 90 days, and the market expected a high probability of a Fed rate cut in September. Currently, the bond market is still anchored to equity fluctuations, and the linkage between stock and bond fluctuations may further strengthen. It is recommended to wait and see [2]. 3. Summary by Directory 3.1 Futures Market - **Futures Prices and Volumes**: T, TF, TS, and TL main contract closing prices decreased by 0.12%, 0.08%, 0.02%, and 0.36% respectively. T, TF, and TL main contract trading volumes increased by 5478, 4113, and 16673 respectively, while TS decreased by 1961 [2]. - **Futures Spreads**: Most spreads showed a downward trend, except for some spreads like T09 - TL09, TF09 - T09, TS09 - T09, and TS09 - TF09 which increased [2]. - **Futures Positions**: T, TF, TS, and TL main contract positions decreased by 13223, 6780, 2945, and 8709 respectively. The net short positions of T's top 20 increased by 1743, while those of TF, TS, and TL decreased by 1531, 2090, and 621 respectively [2]. 3.2 CTD Bonds - The net prices of the top two CTD bonds all decreased, such as 220010.IB decreased by 0.0853, 250007.IB decreased by 0.1408 [2]. 3.3 Active Treasury Bonds - The yields of active treasury bonds with maturities of 1y, 3y, 5y, 7y, and 10y decreased by 0.45bp, 1.50bp, 1.00bp, 0.86bp, and 0.75bp respectively [2]. 3.4 Short - term Interest Rates - The overnight silver - pledged repo rate increased by 1.97bp, Shibor overnight remained unchanged, the 7 - day silver - pledged repo rate decreased by 0.50bp, and Shibor 7 - day decreased by 0.80bp [2]. 3.5 LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged [2]. 3.6 Open Market Operations - The issuance scale of reverse repurchase was 1287 billion yuan, the maturity scale was 1607 billion yuan, with a net withdrawal of 320 billion yuan, and the interest rate was 1.4% for 7 days [2]. 3.7 Industry News - In July 2025, the incremental social financing was 1.16 trillion yuan, the new RMB loans were - 500 million yuan, M2 year - on - year growth rate was 8.8%, M1 was 5.6%, and M0 was 11.8%. - 188 billion yuan of investment subsidies for equipment renewal supported by ultra - long - term special treasury bonds in 2025 have been allocated, driving total investment of over 1 trillion yuan. - On August 18, 2025, the Ministry of Finance and the People's Bank of China will conduct the tender for the eighth - phase central treasury cash management commercial bank time deposits, with an operation volume of 120 billion yuan and a term of 1 month [2]. 3.8 Key Data to Watch - On August 14 at 20:30, the initial jobless claims in the US for the week ending August 9 (in ten thousand people). - On August 15 at 20:30, the US retail sales month - on - month rate for July [3].

Report Industry Investment Rating - Not provided Core Viewpoints - Next week, the arrival of foreign vessels at ports will remain high, and downstream demand will remain weak. It is expected that the methanol inventory at ports will continue to accumulate, but the impact of weather factors on the unloading speed needs attention [2]. - After hedging, the olefin industry's开工 rate decreased slightly this week. As the olefin plant of Yanchang Zhongmei Yulin restarts and operates at full capacity, the olefin industry's开工 rate will increase [2]. - The MA2601 contract is expected to fluctuate in the range of 2420 - 2480 in the short term [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract was 2340 yuan/ton, a decrease of 35 yuan; the 9 - 1 spread was -95 yuan/ton, an increase of 9 yuan [2]. - The main contract's open interest was 255,572 lots, a decrease of 52,659 lots; the net long position of the top 20 futures holders was -102,203 lots, a decrease of 465 lots [2]. - The number of warehouse receipts was 11,168, unchanged [2]. Spot Market - The price in Jiangsu Taicang was 2340 yuan/ton, a decrease of 30 yuan; the price in Inner Mongolia was 2120 yuan/ton, a decrease of 5 yuan [2]. - The price difference between East China and Northwest China was 220 yuan/ton, a decrease of 25 yuan; the basis of the main Zhengzhou methanol contract was 0 yuan/ton, an increase of 5 yuan [2]. - The CFR price at the main Chinese port was 269 US dollars/ton, unchanged; the CFR price in Southeast Asia was 331 US dollars/ton, a decrease of 2 US dollars [2]. - The FOB price in Rotterdam was 266 euros/ton, unchanged; the price difference between the main Chinese port and Southeast Asia was -62 US dollars/ton, an increase of 2 US dollars [2]. Upstream Situation - The price of NYMEX natural gas was 2.82 US dollars/million British thermal units, an increase of 0.04 US dollars [2]. Industry Situation - The inventory at East China ports was 68.70 million tons, an increase of 4.50 million tons; the inventory at South China ports was 33.48 million tons, an increase of 5.13 million tons [2]. - The methanol import profit was 45.99 yuan/ton, an increase of 0.7 yuan; the monthly import volume was 1.2202 billion tons, a decrease of 72.1 million tons [2]. - The inventory of inland enterprises was 295,600 tons, an increase of 1,900 tons; the methanol enterprise's开工 rate was 81.61%, a decrease of 3.75 percentage points [2]. Downstream Situation - The formaldehyde's开工 rate was 41.62%, a decrease of 1.67 percentage points; the dimethyl ether's开工 rate was 5.33%, unchanged [2]. - The acetic acid's开工 rate was 89.24%, a decrease of 2.16 percentage points; the MTBE's开工 rate was 66.62%, a decrease of 1.17 percentage points [2]. - The olefin's开工 rate was 83.89%, a decrease of 1.38 percentage points; the methanol - to - olefin's on - disk profit was -1020 yuan/ton, a decrease of 202 yuan [2]. Option Market - The 20 - day historical volatility of methanol was 25.39%, an increase of 0.54 percentage points; the 40 - day historical volatility was 23.27%, an increase of 0.04 percentage points [2]. - 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 [2]. Industry News - As of August 13, the total methanol inventory at Chinese ports was 1.0218 billion tons, an increase of 96.3 million tons from the previous period. East and South China ports both saw inventory accumulation [2]. - As of August 13, the inventory of Chinese methanol sample production enterprises was 295,600 tons, an increase of 1,900 tons, a 0.64% increase; the pending orders of sample enterprises were 219,400 tons, a decrease of 21,400 tons, an 8.90% decrease [2]. - As of August 14, the capacity utilization rate of domestic methanol - to - olefin plants was 84.71%, a decrease of 0.41 percentage points [2]. Suggestions - Pay attention to the enterprise inventory and port inventory data from Longzhong on Wednesday [2]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - On August 14, the JM2601 contract of coking coal closed at 1214.0, down 6.25%. The market sentiment was affected by the position limit adjustment. 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 total inventory has increased for 4 consecutive weeks. Technically, the daily K is above the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On August 14, the J2601 contract of coke closed at 1707.0, down 4.32%. The fifth price increase was implemented in the spot market. Fundamentally, the raw material inventory rebounded, and the hot metal production was 242.23 tons, a decrease of 0.39 tons. The mine - end inventory has no pressure, and the inventory has transferred downstream. The total coking coal inventory has increased for 4 consecutive weeks. In terms of profit, the average loss per ton of coke of 30 independent coking plants nationwide was 16 yuan/ton. Technically, the daily K is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the JM main contract was 1214.00 yuan/ton, down 31.00 yuan; the closing price of the J main contract was 1707.00 yuan/ton, down 30.00 yuan [2]. - The JM futures contract position was 886207.00 lots, down 34771.00 lots; the J futures contract position was 52042.00 lots, down 2152.00 lots [2]. - The net position of the top 20 coking coal contracts was - 115590.00 lots, down 32614.00 lots; the net position of the top 20 coke contracts was - 6516.00 lots, down 12.00 lots [2]. - The spread between the JM1 - 9 contracts was 148.00 yuan/ton, up 3.50 yuan; the spread between the J1 - 9 contracts was 71.00 yuan/ton, down 6.50 yuan [2]. - The coking coal warehouse receipts were 800.00, unchanged; the coke warehouse receipts were 820.00, up 20.00 [2]. - The basis of the JM main contract was 106.00 yuan/ton, up 31.00 yuan; the basis of the J main contract was - 42.00 yuan/ton, up 30.00 yuan [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1040.00 yuan/ton, up 29.00 yuan; the price of Tangshan Grade - 1 metallurgical coke was 1665.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 147.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of Australian prime coking coal imported at Jingtang Port was 1540.00 yuan/ton, down 70.00 yuan; the price of Tianjin Port Grade - 1 metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1320.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 26.40 million tons, up 0.40 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 297.00 million tons, up 8.90 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly raw coal output was 42107.40 million tons, up 1779.00 million tons [2]. - The monthly import volume of coal and lignite was 3560.90 million tons, up 256.90 million tons; the daily average output of raw coal from 523 coking coal mines was 187.90 million tons, down 0.40 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 463.05 million tons, down 30.89 million tons; the weekly inventory of coking coal of all - sample independent coking enterprises was 987.92 million tons, down 4.81 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 808.66 million tons, up 4.87 million tons; the weekly inventory of coke of 247 sample steel mills was 619.28 million tons, down 7.41 million tons [2]. - The weekly available days of coking coal for all - sample independent coking enterprises was 12.99 days, up 0.12 days; the weekly available days of coke for 247 sample steel mills was 10.91 days, down 0.26 days [2]. Industry Situation - The monthly import volume of coking coal was 910.84 million tons, up 172.10 million tons; the monthly export volume of coke and semi - coke was 51.00 million tons, down 17.00 million tons [2]. - The monthly output of coking coal was 4064.38 million tons, down 5.89 million tons; the weekly capacity utilization rate of independent coking enterprises was 74.03%, up 0.34% [2]. - The weekly profit per ton of coke for independent coking plants was - 16.00 yuan/ton, up 29.00 yuan [2]. - The monthly output of coke was 4170.30 million tons, down 67.30 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.77%, up 0.29%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The monthly crude steel output was 8318.40 million tons, down 336.10 million tons [2]. Industry News - Dalian Commodity Exchange adjusted the trading limit and handling fee standard for the coking coal futures JM2601 contract. From the trading time on August 15, 2025, non - futures company members or clients are not allowed to open more than 1000 lots in a single day on the coking coal futures JM2601 contract; from the trading time on August 18, the handling fee rate for intraday speculative trading will be raised to two ten - thousandths of the transaction amount [2]. - This week, Mysteel statistics showed that the capacity utilization rate of 523 coking coal mine samples was 83.7%, down 0.2% month - on - month. The daily average output of raw coal was 187.9 million tons, down 0.4 million tons month - on - month, the raw coal inventory was 470.2 million tons, down 6.4 million tons month - on - month, the daily average output of clean coal was 76.4 million tons, up 0.9 million tons month - on - month, and the clean coal inventory was 257.7 million tons, up 12.0 million tons month - on - month [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the purchase price of coke for the sixth time. The price of tamping wet - quenched coke was raised by 50 yuan/ton, the price of tamping dry - quenched coke was raised by 55 yuan/ton, the price of top - charging wet - quenched coke was raised by 70 yuan/ton, and the price of top - charging dry - quenched coke was raised by 75 yuan/ton. The mainstream steel mills tendered on the 14th [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Market trading atmosphere has improved, and the inventory reduction process is going well. New - season crops are in the critical fruit - setting period, and the market focuses on the weather in production areas. The estimated new - season output is 56 - 62 million tons, with an expected reduction compared to previous years, but the reduction is less than that in 2023. Overall, the trading atmosphere is warming up, and the expected new - season production reduction supports the upward trend of red date futures prices. Technically, the red date 2601 contract has fallen below the 5 - day moving average and is undergoing a short - term technical adjustment but remains in the upward channel. It is recommended to wait and see for now [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the futures main contract for red dates is 11,460 yuan/ton, up 50 yuan; the main contract position is 143,720 lots, up 574 lots; the net long position of the top 20 futures holders is - 15,577 lots, up 2,903 lots; the number of warehouse receipts is 9,214, unchanged; the effective warehouse receipt forecast is 1,809, unchanged [3] 3.2 Spot Market - The unified price of red dates in Kashgar is 6 yuan/kg, unchanged; the wholesale price of first - grade gray dates in Hebei is 4.8 yuan/jin, up 0.05 yuan; the unified price of red dates in Alar is 5.2 yuan/kg, unchanged; the wholesale price of first - grade gray dates in Henan is 4.75 yuan/jin, up 0.15 yuan; the unified price of red dates in Aksu is 4.8 yuan/kg, unchanged; the special - grade price of red dates in Henan is 10.5 yuan/kg, up 0.2 yuan; the special - grade price of red dates in Hebei is 10.46 yuan/kg, up 0.16 yuan; the special - grade price of red dates in Guangdong is 11.5 yuan/kg, unchanged; the first - grade price of red dates in Guangdong is 10.5 yuan/kg, unchanged [3] 3.3 Upstream Market - The annual output of red dates is 6.069 million tons, up 3.187 million tons; the planting area is 1.993 million hectares, down 41,000 hectares [3] 3.4 Industry Situation - The national red date inventory is 9,784 tons, down 255 tons; the monthly export volume is 1,765,107 kg, down 464,120 kg; the cumulative monthly export volume is 17,115,674 kg, an increase of 1,765,107 kg [3] 3.5 Downstream Situation - The wholesale price of red dates in Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 10 yuan/kg, unchanged; the cumulative quarterly sales volume of red dates of好想你 is 36,480.43 tons, down 2,981.06 tons; the cumulative quarterly year - on - year production growth rate of red dates of好想你 is 1.47%, down 34.59 percentage points [3] 3.6 Industry News - On August 14, the weather in Aksu changed from cloudy to light rain, with temperatures between 20 - 32°C. Jujube farmers are actively engaged in field management. The mainstream per - mu yield is 700 - 800 kg, and the jujube fruits are in the swelling period. Attention should be paid to rainfall [3]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On August 14, the silicon - iron 2511 contract reported 5918, down 2.18%. The market should be treated as fluctuating, and investors are advised to control risks. The macro - economic situation shows that single - month loan readings are not sufficient to accurately reflect economic activity. Supply and demand have seen a rapid increase in production and inventory in recent weeks after profit improvement. The cost of Ningxia semi - coke has risen, and the overall demand for steel is still weak. The spot profit in Inner Mongolia is - 50 yuan/ton, and in Ningxia it is 150 yuan/ton. The August steel mill procurement tender price increased by 100 yuan/ton month - on - month [2]. - On August 14, the manganese - silicon 2601 contract reported 6144, down 1.06%. The market should be treated as fluctuating, and investors are advised to control risks. Since August 15, 2025, trading sentiment has been affected by position limits. Fundamentally, production has been on an upward trend since mid - May, and inventory has decreased for 5 consecutive weeks to a neutral level after the recent price increase. The port inventory of imported manganese ore has increased by 10.4 tons, and the downstream hot - metal production is at a high level. The spot profit in Inner Mongolia is - 100 yuan/ton, and in Ningxia it is - 40 yuan/ton. The August steel mill procurement tender price increased by 150 yuan/ton month - on - month [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 6,050.00 yuan/ton, down 24.00 yuan; SF主力合约收盘价 was 5,744.00 yuan/ton, down 50.00 yuan [2]. - SM期货合约持仓量 was 605,369.00 hands, down 18,227.00 hands; SF期货合约持仓量 was 442,759.00 hands, down 13,384.00 hands [2]. - The net position of the top 20 in manganese - silicon was - 104,374.00 hands, down 1,083.00 hands; the net position of the top 20 in silicon - iron was - 34,653.00 hands, up 1,088.00 hands [2]. - The SM1 - 9 month contract spread was 94.00 yuan/ton, up 6.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, down 10.00 yuan [2]. - The SM warehouse receipt was 75,359.00 sheets, down 87.00 sheets; the SF warehouse receipt was 20,976.00 sheets, up 373.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, unchanged; the price of Guizhou manganese - silicon FeMn68Si18 was 5,950.00 yuan/ton, unchanged; the price of Yunnan manganese - silicon FeMn68Si18 was 5,920.00 yuan/ton, up 20.00 yuan [2]. - The price of Inner Mongolia silicon - iron FeSi75 - B was 5,700.00 yuan/ton, up 50.00 yuan; the price of Qinghai silicon - iron FeSi75 - B was 5,540.00 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5,630.00 yuan/ton, unchanged [2]. - The manganese - silicon index average was 5,833.00 yuan/ton, down 4.00 yuan; the SF main - contract basis was - 114.00 yuan/ton, up 50.00 yuan; the SM main - contract basis was - 150.00 yuan/ton, up 24.00 yuan [2]. 3.3 Upstream Situation - The price of South African manganese ore (Mn38 block, Tianjin Port) was 34.00 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,100.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 448.90 million tons, up 10.40 million tons [2]. 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 43.43%, up 1.25%; the silicon - iron enterprise operating rate was 34.32%, up 0.56% [2]. - The manganese - silicon supply was 195,825.00 tons, up 5,005.00 tons; the silicon - iron supply was 109,100.00 tons, up 4,700.00 tons [2]. - The manganese - silicon manufacturer inventory was 161,500.00 tons, down 2,500.00 tons; the silicon - iron manufacturer inventory was 7.17 million tons, up 0.62 million tons [2]. - The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of silicon - iron was 14.25 days, down 1.13 days [2]. 3.5 Downstream Situation - The demand for manganese - silicon from five major steel types was 125,200.00 tons, up 1,485.00 tons; the demand for silicon - iron from five major steel types was 20,266.30 tons, up 344.30 tons [2]. - The blast - furnace operating rate of 247 steel mills was 83.77%, up 0.29%; the blast - furnace capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The crude - steel output was 8,318.40 million tons, down 336.10 million tons [2]. 3.6 Industry News - Bitcoin's dominance has fallen below 60% for the first time since February 1, and the cryptocurrency market has soared to over $4 trillion [2]. - The verified capacity utilization rate of 523 coking coal mines was 83.7%, down 0.2% week - on - week; the daily output of raw coal was 1.879 million tons, down 0.4 million tons; the raw - coal inventory was 4.702 million tons, down 0.064 million tons; the daily output of clean coal was 0.764 million tons, up 0.009 million tons; the clean - coal inventory was 2.577 million tons, up 0.12 million tons [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the coke procurement price for the sixth time [2]. - US Treasury Secretary Besent said that sanctions or secondary tariffs might increase if the meeting between Trump and Putin did not go well [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Supply of pure benzene is expected to increase on a month - on - month basis, but the small number of imported cargo arrivals may partially offset the domestic increase. Consumption of pure benzene is likely to rise on a month - on - month basis as the overhaul devices of the five major downstream industries of pure benzene restart intensively. In the long - term, there is an improving trend in the supply - demand of pure benzene, and the spot supply - demand gap may gradually shrink. Recently, international oil prices are weakly volatile, and technically, BZ2603 should focus on the support around 6100 [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 6179 yuan/ton, down 58 yuan; the settlement price was 6210 yuan/ton, down 40 yuan. The trading volume was 2318 lots, and the open interest was 14833 lots. The mainstream prices of pure benzene in different domestic markets varied, with some rising and some falling [2]. Spot Market - The spot price of pure benzene in South Korea's FOB intermediate price was 734 dollars/ton, down 6 dollars; the CFR intermediate price in China was 750.5 dollars/ton, down 4 dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 66.97 dollars/barrel, down 0.64 dollars; the CFR intermediate price of naphtha in Japan was 563.5 dollars/ton, down 6.5 dollars [2]. Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 44.6 tons, up 1.03 tons. The port inventory was 16.3 tons, down 0.7 tons. The production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The operating rates of downstream products of pure benzene varied. For example, the operating rate of styrene was 77.73%, down 1.19 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points [2]. Industry News - From August 1st to 7th, the profit of PetroChina's benzene was 576 yuan/ton, down 67 yuan/ton compared with last week. As of August 11th, the commercial inventory of pure benzene ports in Jiangsu was 14.6 tons, down 10.43% from the previous period. BZ2603 fell 1.14% to close at 6179 yuan/ton. The capacity utilization rate of petroleum benzene increased by 0.21% to 78.79%, while that of hydrogenated benzene decreased by 3.29% to 59.66%. The weighted operating rate of downstream products of pure benzene decreased by 1.22% to 76.74%. The inventory of pure benzene in East China ports decreased by 10.43% to 14.6 tons [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For rapeseed meal, domestically, high oil - mill operating rates and soybean meal inventory accumulation suppress prices, but uncertain fourth - quarter purchases support the forward market. Near - month rapeseed arrivals are low, and the peak aquaculture season boosts demand. The anti - dumping measures on Canadian rapeseed weaken forward supply, while the substitution advantage of soybean meal weakens demand expectations. The market remains bullish despite price drops and increased volatility [2]. - For rapeseed oil, internationally, good weather in Canada boosts production prospects, and anti - dumping measures on Canadian imports may pressure prices. The MPOB report and Indonesia's bio - diesel policy affect palm oil prices. Domestically, the off - season of fat consumption and sufficient supply restrict prices, but low oil - mill operating rates, fewer third - quarter rapeseed purchases, and anti - dumping measures on Canadian rapeseed reduce supply pressure. The market should be participated in with a bullish view despite price drops and increased volatility [3]. 3. Summary by Relevant Catalogs Futures Market - Futures closing prices: Rapeseed oil was 9840 yuan/ton (down 224 yuan), rapeseed meal was 2686 yuan/ton (down 37 yuan), ICE rapeseed was 660.3 CAD/ton (up 9.6 CAD), and domestic rapeseed was 5044 yuan/ton (down 92 yuan) [2]. - Month - to - month spreads: Rapeseed oil (1 - 5) was 184 yuan/ton (down 44 yuan), and rapeseed meal (1 - 5) was 83 yuan/ton (down 29 yuan) [2]. - Main contract positions: Rapeseed oil had 301,480 lots (up 18,815 lots), and rapeseed meal had 115,197 lots (down 63,472 lots) [2]. - Top 20 net long positions: Rapeseed oil had 15,064 lots (up 850 lots), and rapeseed meal had 14,580 lots (down 2,813 lots) [2]. - Warehouse receipts: Rapeseed oil had 3,487 sheets, and rapeseed meal had 9,821 sheets [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 10,260 yuan/ton (up 500 yuan), rapeseed meal in Nantong was 2,600 yuan/ton (down 60 yuan), rapeseed in Yancheng, Jiangsu was 5,700 yuan/ton (down 300 yuan), and the oil - meal ratio was 3.79 (up 0.06) [2]. - Average prices: Rapeseed oil was 10,325 yuan/ton (up 500 yuan), and the import cost of rapeseed was 8,216.19 yuan/ton (up 3,559.36 yuan) [2]. - Basis: Rapeseed oil main contract basis was 196 yuan/ton (up 238 yuan), and rapeseed meal main contract basis was - 86 yuan/ton (down 23 yuan) [2]. - Substitute prices: Fourth - grade soybean oil in Nanjing was 8,840 yuan/ton, palm oil (24 - degree) in Guangdong was 9,380 yuan/ton, and soybean meal in Zhangjiagang was 3,090 yuan/ton. The rapeseed - soybean oil spread was 1,420 yuan/ton (up 330 yuan), the rapeseed - palm oil spread was 880 yuan/ton (up 380 yuan), and the soybean - rapeseed meal spread was 490 yuan/ton (up 60 yuan) [2]. Upstream Situation - Global production: Rapeseed production was forecasted at 89.77 million tons (up 0.21 million tons), and the annual forecast for rapeseed was 12,378 thousand tons [2]. - Imports: Rapeseed imports were 18.45 tons (down 15.1 tons), rapeseed oil and mustard oil imports were 15 tons (up 4 tons), and rapeseed meal imports were 27.03 tons (up 7.56 tons) [2]. - Inventory and operating rates: Rapeseed inventory in oil mills was 15 tons (up 5 tons), and the weekly operating rate of imported rapeseed was 16.84% (up 0.32%) [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 11 tons (up 0.35 tons), coastal rapeseed meal inventory was 3.2 tons (up 0.5 tons), East China rapeseed oil inventory was 54.92 tons (down 0.58 tons), East China rapeseed meal inventory was 33.25 tons (up 0.68 tons), Guangxi rapeseed oil inventory was 5.5 tons (down 0.2 tons), and South China rapeseed meal inventory was 21 tons (down 1.5 tons) [2]. -提货量: Rapeseed oil weekly提货量 was 3.47 tons (up 1.77 tons), and rapeseed meal weekly提货量 was 2.72 tons (down 0.15 tons) [2]. Downstream Situation - Production: Feed production was 2,937.7 tons (up 175.6 tons), and edible vegetable oil production was 476.9 tons (up 41.8 tons) [2]. - Consumption: The monthly catering revenue was 470.76 billion yuan (up 1.294 billion yuan) [2]. Option Market - Implied volatilities: Rapeseed meal call was 13.22% (down 14.17%), put was 27.39% (down 1.71%), rapeseed oil call was 5.11% (down 14.04%), and put was 19.15% (up 2.5%) [2]. - Historical volatilities: Rapeseed meal 20 - day was 24.96% (up 1.77%), 60 - day was 18.9% (up 0.71%), rapeseed oil 20 - day was 16.4% (up 2.5%), and 60 - day was 13.95% (up 1.06%) [2]. Industry News - ICE rapeseed futures rebounded as US soybean and soybean oil futures rose. The November contract closed 9.50 CAD higher at 659.80 CAD/ton, and the January contract rose 9.70 CAD to 672.80 CAD/ton [2]. - The USDA August report showed that US 2025/26 soybean harvest area was estimated at 80.1 million acres (down from 82.5 million acres in July), yield was 53.6 bushels/acre (higher than expected), production was 4.292 billion bushels (down from July), and ending stocks were 290 million bushels (down 20 million bushels) [2]. Key Points to Watch - Monday's rapeseed operating rate and regional rapeseed oil and meal inventories from Myagric, as well as China - Canada and Canada - US trade disputes [3]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - On Thursday, the freight index (Europe line) futures prices fluctuated slightly. The main contract EC2510 closed down 0.18%, and the far - month contracts rose between 1 - 2%. The spot indicators continued to decline, and the market sentiment turned cold. Due to the "price war" among leading shipping companies, the advance release of cargo volume in the second quarter, and various tariff measures, the supply - demand mismatch remained unchanged, leading to a downward trend in futures prices. Although the US consumer side showed resilience, inflation risks still existed, and China's counter - measures against the EU further intensified trade tensions. The demand expectation for the freight index (Europe line) was weak, and the futures prices had large fluctuations. However, the rapid recovery of spot - end price indicators might drive the futures prices to rise in the short term. Investors were advised to be cautious and track relevant data [1] 3. Summary by Related Catalogs 3.1 Futures Market Data - EC main contract closing price: 1359.500, down 2.4; EC second - main contract closing price: 1723.3, up 27.6 - EC2510 - EC2512 spread: - 363.80, up 3.20; EC2510 - EC2602 spread: - 161.90, down 7.00 - EC contract basis: 875.98, down 88.78 - EC main contract open interest: 56698, down 4042 [1] 3.2 Spot Market Data - SCFIS (Europe line) (weekly): 2235.48, down 62.38; SCFIS (US West line) (weekly): 1082.14, down 47.98 - SCFI (composite index) (weekly): 1489.68, down 61.06; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1200.73, down 31.56; CCFI (Europe line) (weekly): 1799.05, up 9.55 - Baltic Dry Index (daily): 2025.00, down 8.00; Panamax Freight Index (daily): 1594.00, up 1.00 - Average charter price (Panamax ship): 13658.00, up 230.00; Average charter price (Capesize ship): 25955.00, down 531.00 [1] 3.3 Industry News - Four departments including the central bank detailed two discount interest policies, which were an innovative exploration of fiscal - financial cooperation to boost consumption. After the policy expired, an effect evaluation would be carried out, and the policy period might be extended or the support scope might be expanded - Trump might propose to jointly develop rare earth resources in Alaska with Putin during the Russia - US summit and lift the export ban on Russian aircraft parts. The US might increase sanctions or impose secondary tariffs on Russia if the meeting went poorly - US Treasury Secretary Besent called for an immediate new round of interest rate cuts by the Fed, believing that the Fed might start earlier and there was a high possibility of a 50 - basis - point cut in September. There were 10 or 11 candidates for the Fed chairman [1] 3.4 Key Data to Watch - China's July year - on - year growth rate of total retail sales of consumer goods at 10:00 on August 15 - China's July year - on - year growth rate of industrial added value of large - scale industries at 10:00 on August 15 - China's year - to - date year - on - year growth rate of urban fixed - asset investment in July at 10:00 on August 15 - US July month - on - month growth rate of retail sales at 20:30 on August 15 - US July month - on - month growth rate of industrial production at 21:15 on August 15 - US preliminary August one - year inflation rate expectation at 22:00 on August 15 [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short term, the "hard economic data" shows signs of weakness, combined with a significant increase in interest - rate cut expectations. The US dollar index maintains a weak and volatile pattern, which is beneficial for gold prices. However, if the subsequent US - Russia negotiations make substantial progress, it may relieve the downward pressure on gold prices. The industrial nature of silver may be boosted by both interest - rate cuts and the easing of geopolitical tensions, and silver prices may remain relatively resilient. It is recommended to focus on the US July PPI producer inflation and last week's unemployment benefit claims data to be released tonight. A moderate PPI may strengthen the Fed's dovish interest - rate cut expectations, thereby supporting precious metal prices. For trading, try to go long at low levels in the short term and maintain a long - term low - level layout strategy, while paying attention to risk control. The focus range for the Shanghai Gold 2510 contract is 770 - 800 yuan/gram, and for the Shanghai Silver 2510 contract is 9200 - 9400 yuan/kilogram [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai Gold main contract is 778.7 yuan/gram, up 0.98; the closing price of the Shanghai Silver main contract is 9286 yuan/kilogram, down 14. The main contract positions of Shanghai Gold are 199,577 hands, down 1900; those of Shanghai Silver are 366,680 hands, up 1347. The net positions of the top 20 in the Shanghai Gold main contract are 163,500 hands, down 2367; those of Shanghai Silver are 118,970 hands, up 1215. The warehouse receipt quantity of gold is 36,345 kilograms, up 300; that of silver is 1,150,782 kilograms, up 15,684 [2] 3.2 Spot Market - The spot price of gold on the Shanghai Non - ferrous Metals Network is 774.6 yuan/gram, up 0.9; the spot price of silver is 9308 yuan/kilogram, up 108. The basis of the Shanghai Gold main contract is - 4.1 yuan/gram, down 0.08; the basis of the Shanghai Silver main contract is 22 yuan/kilogram, up 122 [2] 3.3 Supply - Demand Situation - The gold ETF holdings are 964.22 tons, unchanged; the silver ETF holdings are 15,099.56 tons, unchanged. The non - commercial net positions of gold in CFTC are 237,050 contracts, up 13,454; those of silver are 50,658 contracts, down 8749. The total supply of gold in the quarter is 1313.01 tons, up 54.84; the total supply of silver in the year is 987.8 million troy ounces, down 21.4. The total demand for gold in the quarter is 1313.01 tons, up 54.83; the global total demand for silver in the year is 1195 million ounces, down 47.4 [2] 3.4 Option Market - The 20 - day historical volatility of gold is 10.88%, down 0.1; the 40 - day historical volatility is 10.96%, up 0.02. The implied volatility of at - the - money call options for gold is 18.57%, down 0.11; the implied volatility of at - the - money put options for gold is 18.57%, down 0.11 [2] 3.5 Industry News - A source said that US President Trump will propose to Putin during the Russia - US summit to jointly develop rare - earth mineral resources in Alaska and lift the export ban on Russian aircraft parts. US Treasury Secretary Bessent said that if the meeting between Trump and Putin goes poorly, the US may increase sanctions on Russia or impose secondary tariffs. The US Department of Energy announced actions to ensure the security of the US critical mineral and material supply chain and allocated $1 billion for mineral security. Bessent issued the clearest call for interest - rate cuts by the US government so far, asking the Fed to immediately start a new round of interest - rate cuts and stating that US interest rates should be 150 to 175 basis points lower than the current level. According to CME's "FedWatch", the probability that the Fed will keep interest rates unchanged in September is 0%, the probability of a 25 - basis - point cut is 94.3%, and the probability of a 50 - basis - point cut is 5.7%. In October, the probability of keeping interest rates unchanged is 0%, the probability of a cumulative 25 - basis - point cut is 31.8%, the probability of a cumulative 50 - basis - point cut is 64.4%, and the probability of a cumulative 75 - basis - point cut is 3.8%. During the Asian session, the US dollar index rebounded slightly, and the prices of gold and silver in the Shanghai market fluctuated weakly. The overall growth rate of the US CPI in July was relatively moderate. Combined with the previously significantly weak non - farm payrolls report and PMI indicators, the expectation of a slowdown in the US economy has been strengthened. The probability of a Fed interest - rate cut in September remains high, which strongly supports the prices of gold and silver. However, the expectation of US - Russia negotiations intensifies the long - short game in the precious metals market, and there may be short - term downward pressure. Bessent's repeated calls for an emergency interest - rate cut by the Fed and the continuous obstruction of the Fed's independence have increased the marginal risk - aversion sentiment. However, considering the combination of tariffs and fiscal stimulus plans, the feasibility of an interest - rate cut greater than 25 basis points is low and the risk is high [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The market is currently focusing on the semi - annual reports of listed companies. The net profit growth rates of the four major broad - based indexes are showing positive growth, and the improvement of the fundamentals of some listed companies supports the stock market. However, one should be wary of the drag on the index performance caused by the profit decline of companies that have not yet released their financial reports. - With the high valuation of US stocks, A - shares with more reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. - Although the market faces certain pressure near the previous stage high, the trading volume has not significantly declined. After a short - term consolidation, A - shares still have the potential to rise. It is recommended to buy on dips with a light position for the medium - to - long - term [2]. 3. Summary by Related Catalogs 3.1 Futures Disk - **Contract Prices**: IF (2509) is at 4163.8, down 0.8; IH (2509) is at 2829.6, up 13.6; IC (2509) is at 6380.2, down 64.2; IM (2509) is at 6929.2, down 66.2. - **Contract Spreads**: IF - IH spread is 1344.6, down 18.6; IC - IF spread is 2259.0, down 65.6; IM - IC spread is 557.4, down 1.0. - **Quarter - to - Month Spreads**: IF (quarter - month) is - 33.8, up 4.4; IH (quarter - month) is 1.8, down 2.2; IC (quarter - month) is - 188.6, up 14.0; IM (quarter - month) is - 234.0, up 8.2 [2]. 3.2 Futures Positions - IF top 20 net positions are - 26,185.00, down 2544.0; IH top 20 net positions are - 16,055.00, down 1890.0; IC top 20 net positions are - 15,324.00, down 2013.0; IM top 20 net positions are - 49,157.00, down 3751.0 [2]. 3.3 Spot Prices - CSI 300 is at 4173.31, down 3.3; SSE 50 is at 2829.47, up 16.5; CSI 500 is at 6429.85, down 78.3; CSI 1000 is at 6976.49, down 87.9 [2]. 3.4 Market Sentiment - A - share trading volume is 23,062.83 billion yuan, up 1310.72 billion yuan; margin trading balance is 20,462.51 billion yuan, up 117.18 billion yuan; northbound trading volume is 2771.92 billion yuan, up 406.58 billion yuan [2]. 3.5 Industry News - In July, China's CPI turned from a 0.1% decline to a 0.4% increase month - on - month, and was flat year - on - year. The core CPI increased by 0.8% year - on - year, with the growth rate expanding for three consecutive months. PPI decreased by 0.2% month - on - month, with the decline narrowing by 0.2 percentage points from the previous month, and decreased by 3.6% year - on - year, the same as the previous month [2]. 3.6 Key Data to Watch - On 8/14 at 20:30, US July PPI and core PPI data will be released; on 8/15 at 10:00, China's July industrial added value, fixed - asset investment, social consumer goods retail sales, and real estate data will be released [3]