1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The macro - face is favorable for the non - ferrous sector as there are expectations of interest rate cuts. The operating rate and output of primary lead smelters are rising, and primary lead maintains an advantage over secondary lead with stable by - product revenues. However, some primary lead smelters have adjusted their production decisions due to fluctuating lead prices. The supply of secondary lead shows regional differences, with a tight supply of waste batteries and low confidence among smelters, leading to a tight overall supply. The sewage inspection in Anhui has affected local secondary lead production, increasing supply uncertainty. On the demand side, lead demand is mainly in the lead - acid battery field. Approaching the traditional peak season, the actual demand has not yet seen a significant explosive growth but is in a slow recovery phase. The 8 - month consumption increment expectation is weak, but there is a possibility of improvement as the peak season deepens. Inventory has shown a slight downward trend recently, indicating an overall improvement in demand. Although the current demand has not effectively reduced inventory, it is expected to gradually strengthen and support the lead price. It is recommended to go long on SHFE lead at low prices this week [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the SHFE lead main contract is 16,915 yuan/ton, up 30 yuan; the 3 - month LME lead quote is 1,997.5 dollars/ton, down 6 dollars. The price difference between the 09 - 10 contracts of SHFE lead is 0 yuan/ton, up 5 yuan; the SHFE lead open interest is 96,155 lots, down 3,367 lots. The net position of the top 20 in SHFE lead is - 3,792 lots, up 530 lots; the SHFE lead warehouse receipts are 58,683 tons, up 201 tons. The SHFE inventory is 62,334 tons, down 949 tons; the LME lead inventory is 265,800 tons, down 2,575 tons [2] 3.2 Spot Market - The spot price of 1 lead on SMM is 16,775 yuan/ton, up 50 yuan; the spot price of 1 lead in the Yangtze River Non - ferrous Market is 16,960 yuan/ton, unchanged. The basis of the lead main contract is - 140 yuan/ton, up 20 yuan; the LME lead cash - 3 months spread is - 35.5 dollars/ton, down 4.21 dollars. The price of 50% - 60% lead concentrate in Jiyuan is 16,154 yuan, up 201 yuan; the price of domestic secondary lead (≥98.5%) is 16,800 yuan/ton, up 30 yuan [2] 3.3 Upstream Situation - The WBMS lead supply - demand balance is - 18,700 tons, up 7,100 tons. The number of secondary lead production enterprises is 68, unchanged. The capacity utilization rate of secondary lead is 34.15%, down 0.8%. The monthly output of secondary lead is 224,200 tons, down 67,500 tons. The average operating rate of primary lead is 75.65%, down 1.84%; the weekly output of primary lead is 33,800 tons, down 30 tons. The processing fee of 60% lead concentrate at major ports is - 60 dollars/kiloton, unchanged. The ILZSG lead supply - demand balance is 16,400 tons, up 48,800 tons. The global lead ore output is 399,700 tons, down 3,700 tons. The monthly lead ore import volume is 119,700 tons, up 24,800 tons [2] 3.4 Industry Situation - The monthly refined lead import volume is 815.37 tons, down 1,021.76 tons; the monthly refined lead export volume is 2,109.62 tons, up 223.33 tons. The average domestic processing fee of lead concentrate at the factory is 540 yuan/ton, unchanged. The average price of waste batteries in the market is 10,205.36 yuan/ton, up 1.79 yuan [2] 3.5 Downstream Situation - The monthly export volume of batteries is 41.45 million units, down 425,000 units. The average price of lead - antimony alloy (for batteries, 2% antimony content) is 20,000 yuan/ton, up 25 yuan. The Shenwan industry index of batteries and other power sources is 1,875.1 points, up 60.88 points. The monthly automobile production is 2.8086 million vehicles, up 166,600 vehicles; the monthly new - energy vehicle production is 1.647 million vehicles, up 73,000 vehicles [2] 3.6 Industry News - On August 11, Codelco received authorization from the Chilean Labor Inspection Office to resume partial operations at the El Teniente copper mine, which had been suspended for over a week due to a collapse accident that killed six workers. Areas not affected by the July 31 accident can resume operations, while some areas are still on hold for further inspection. Kashkari said that it may be appropriate to cut interest rates in the short term, and two interest rate cuts this year are reasonable. The subsequent market is trading on interest - rate cut expectations, which is favorable for the non - ferrous sector [2]

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - On August 12, the manganese - silicon 2509 contract was reported at 6110, up 0.16%. The Inner Mongolia spot profit was - 90 yuan/ton, and the Ningxia spot profit was - 70 yuan/ton. The market should be treated as oscillating, and investors should pay attention to risk control [2]. - On August 12, the ferrosilicon 2509 contract was reported at 5820, up 0.21%. The Ningxia ferrosilicon spot was reported at 5630. The market should be treated as oscillating, and investors should pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 6110 yuan/ton, up 10 yuan; SF主力合约收盘价 was 5820 yuan/ton, down 10 yuan [2]. - SM期货合约持仓量 was 625,807 hands, up 3198 hands; SF期货合约持仓量 was 479,578 hands, up 10554 hands [2]. - The net position of the top 20 in manganese - silicon was - 104,374 hands, down 1083 hands; the net position of the top 20 in ferrosilicon was - 34,653 hands, up 1088 hands [2]. - The SM1 - 9 month contract spread was 96 yuan/ton, down 2 yuan; the SF1 - 9 month contract spread was 192 yuan/ton, up 12 yuan [2]. - The SM仓单 was 75,520 sheets, down 187 sheets; the SF仓单 was 19,998 sheets, up 379 sheets [2]. - The SM主力合约基差 was - 210 yuan/ton, down 10 yuan; the SF主力合约基差 was - 190 yuan/ton, up 10 yuan [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18, Guizhou manganese - silicon FeMn68Si18, and Yunnan manganese - silicon FeMn68Si18 was 5900 yuan/ton, unchanged; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5700 yuan/ton, unchanged, Qinghai ferrosilicon FeSi75 - B was 5530 yuan/ton, unchanged, and Ningxia ferrosilicon FeSi75 - B was 5630 yuan/ton, unchanged [2]. - The manganese - silicon index average was 5833 yuan/ton, down 4 yuan [2]. 3.3 Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 34 yuan/ton degree, unchanged; the price of silica (98% Northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1100 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670 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 opening rate was 43.43%, up 1.25%; the ferrosilicon enterprise opening rate was 34.32%, up 0.56% [2]. - The manganese - silicon supply was 195,825 tons, up 5005 tons; the ferrosilicon supply was 109,100 tons, up 4700 tons [2]. - The manganese - silicon manufacturer inventory was 161,500 tons, down 2500 tons; the ferrosilicon 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 ferrosilicon was 14.25 days, down 1.13 days [2]. - The demand for manganese - silicon from the five major steel types was 125,200 tons, up 1485 tons; the demand for ferrosilicon from the five major steel types was 20,266.30 tons, up 344.30 tons [2]. 3.5 Downstream Situation - The blast furnace opening 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 8318.40 million tons, down 336.10 million tons [2]. 3.6 Industry News - The National Mine Safety Supervision Administration will hold a special press conference on the new version of the "Coal Mine Safety Regulations" at 10:00 am on August 13 [2]. - As of now, Shanxi Province has built 10 national intelligent demonstration coal mines and a total of 289 intelligent coal mines [2]. - Henan Province has issued policies to support enterprises in reducing costs and increasing efficiency, including promoting ultra - low emission transformation in the steel industry [2]. - Goldman Sachs: As of June, US enterprises bear 64% of the tariff cost, consumers bear 22%, and foreign exporters bear 14%. It is expected that by October, consumers will bear 67% of the cost, and the proportion borne by enterprises will drop to less than 10% [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - A-share major indices closed generally higher, with the Shanghai Composite Index approaching the stage high on October 8, 2024. The trading volume of the Shanghai and Shenzhen stock markets rebounded significantly for two consecutive days. The pricing stability has a restorative effect on corporate profits and investment confidence. The market's focus has shifted to the semi-annual reports of listed companies, and the net profit growth rates of the four broad-based indices are all positive. Some listed companies' improved fundamentals support the stock market, but be vigilant against the drag on index performance from the profit decline of companies that have not yet released their financial reports. A-shares with reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. The S&P's attitude towards China's sovereign credit rating also boosts market confidence. Strategically, it is recommended to buy on dips with a light position [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2509) latest price is 4131.2, up 21.0; IF sub-main contract (2508) latest price is 4144.4, up 21.4. IH main contract (2509) latest price is 2809.6, up 17.0; IH sub-main contract (2508) latest price is 2809.8, up 17.4. IC main contract (2509) latest price is 6342.6, up 33.0; IC sub-main contract (2508) latest price is 6409.2, up 33.0. IM main contract (2509) latest price is 6883.6, up 21.2; IM sub-main contract (2508) latest price is 6954.2, up 21.2 [2] - IF-IH current month contract spread is 1334.6, up 7.0; IC-IF current month contract spread is 2264.8, up 12.6. IM-IC current month contract spread is 545.0, down 12.4; IC-IH current month contract spread is 3599.4, up 19.6. IM-IF current month contract spread is 2809.8, up 0.2; IM-IH current month contract spread is 4144.4, up 7.2 [2] - IF current quarter - current month is -42.4, down 1.6; IF next quarter - current month is -74.8, down 3.4. IH current quarter - current month is 1.6, down 1.0; IH next quarter - current month is 1.2, down 0.8. IC current quarter - current month is -219.2, up 4.4; IC next quarter - current month is -357.6, up 4.6. IM current quarter - current month is -260.0, up 1.8; IM next quarter - current month is -442.2, up 4.6 [2] 3.2 Futures Position - IF top 20 net position is -26,597.00, up 1315.0; IH top 20 net position is -17,108.00, up 424.0. IC top 20 net position is -15,559.00, up 1313.0; IM top 20 net position is -52,263.00, down 494.0 [2] 3.3 Spot Price - CSI 300 is 4143.83, up 21.3; IF main contract basis is -12.6, up 5.1. SSE 50 is 2807.01, up 17.1; IH main contract basis is 2.6, up 3.1. CSI 500 is 6418.16, up 26.4; IC main contract basis is -75.6, up 17.4. CSI 1000 A-share trading volume (daily, billion yuan) is 6963.61, up 19.7; IM main contract basis is +552.93, up 166.82. Margin trading balance (previous trading day, billion yuan) is 20,261.98, up 12.7 [2] - Northbound trading total (previous trading day, billion yuan) is 2270.00, up 261.04; Reverse repurchase (maturity volume, operation volume, billion yuan) is -1607.0, up 1146.0 [2] 3.4 Market Sentiment - Main funds (yesterday, today, billion yuan) is +76.53 yesterday, -376.99 today. MLF data not provided. Rising stock ratio (daily, %) is 38.45, down 38.81. Shibor (daily, %) is 1.315, unchanged [2] - IO at-the-money call option closing price (2508) is 15.00, up 3.00; IO at-the-money call option implied volatility (%) is 10.14, down 1.31. IO at-the-money put option closing price (2508) is 22.80, down 19.60; IO at-the-money put option implied volatility (%) is 10.14, down 1.31 [2] - CSI 300 index 20-day volatility (%) is 9.80, up 0.08; Volume PCR (%) is 57.21, up 1.86. Position PCR (%) is 76.85, up 1.74 [2] 3.5 Wind Market Strength and Weakness Analysis - All A-shares score is 5.10, down 2.30; Technical aspect score is 3.80, down 3.90. Capital aspect score is 6.40, down 0.70 [2] 3.6 Industry News - In the first seven months of 2025, China's total goods trade imports and exports were 25.7 trillion yuan, a year-on-year increase of 3.5%. Exports were 15.31 trillion yuan, up 7.3%; imports were 10.39 trillion yuan, down 1.6%, with the decline narrowing by 1.1 percentage points compared to the first half of the year. In July, China's total goods trade imports and exports were 3.91 trillion yuan, up 6.7%. Exports were 2.31 trillion yuan, up 8%; imports were 1.6 trillion yuan, up 4.8%, rising for two consecutive months [2] - In July, CPI increased by 0.4% month-on-month from a 0.1% decline last month, and was flat year-on-year. Core CPI excluding food and energy prices increased by 0.8% year-on-year, with the increase expanding for three consecutive months. PPI decreased by 0.2% month-on-month, with the decline narrowing by 0.2 percentage points compared to last month, and decreased by 3.6% year-on-year, the same as last month [2] 3.7 Key Points of Attention - Pending: China's July financial data. On August 12 at 20:30, the US July CPI and core CPI. On August 14 at 20:30, the US July PPI and core PPI. On August 15 at 10:00, China's July industrial added value above designated size, fixed asset investment, total retail sales of consumer goods, and real estate data [3]

Group 1: Report Overview - The report is a daily report on the sugar industry dated August 12, 2025 [1] Group 2: Market Data Futures Market - The closing price of the main sugar futures contract is 5608 yuan/ton, up 35 yuan; the main contract's open interest is 306,587 lots, down 571 lots [2] - The number of sugar warehouse receipts is 17,853, down 387; the net long position of the top 20 futures holders is -37,611 lots, down 1,429 lots [2] - The estimated import processing price of Brazilian sugar within the quota is 4398 yuan/ton, down 35 yuan; the estimated import processing price of Thai sugar within the quota is 4474 yuan/ton, down 45 yuan [2] Spot Market - The estimated import price of Brazilian sugar outside the quota (50% tariff) is 5584 yuan/ton, down 46 yuan; the estimated import price of Thai sugar outside the quota (50% tariff) is 5683 yuan/ton [2] - The spot price of white sugar in Kunming is 5815 yuan/ton, down 10 yuan; in Nanning is 5960 yuan/ton, up 10 yuan; in Liuzhou is 6010 yuan/ton, unchanged [2] Upstream Situation - The national sugar crop sown area is 1480 thousand hectares, up 60 thousand hectares; the sown area of sugar cane in Guangxi is 835.09 thousand hectares, down 12.86 thousand hectares [2] Industry Situation - The cumulative national sugar production is 11.1621 million tons, up 54,900 tons; the cumulative national sugar sales volume is 8.1138 million tons, up 869,200 tons [2] - The national industrial sugar inventory is 3.0483 million tons, down 814,300 tons; the national sugar sales rate is 72.69%, up 7.47 percentage points [2] - The monthly sugar import volume is 420,000 tons, up 70,000 tons; the monthly total sugar exports from Brazil are 3.5937 million tons, up 234,700 tons [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar within the quota is 1457 yuan/ton, up 9 yuan; the price difference between imported Thai sugar and Liuzhou sugar within the quota is 1381 yuan/ton, up 8 yuan [2] - The price difference between imported Brazilian sugar and the current price of Liuzhou sugar outside the quota (50% tariff) is 271 yuan/ton, up 20 yuan; the price difference between imported Thai sugar and Liuzhou sugar outside the quota (50% tariff) is 172 yuan/ton, up 19 yuan [2] Downstream Situation - The cumulative year - on - year growth rate of refined sugar production is 16.7%, up 2.6 percentage points; the cumulative year - on - year growth rate of soft drink production is 2.9%, down 0.1 percentage point [2] - The implied volatility of at - the - money call options for sugar is 8.32%, down 4.3 percentage points; the implied volatility of at - the - money put options for sugar is 8.32%, down 4.3 percentage points [2] Option Market - The 20 - day historical volatility of sugar is 6.74%, down 0.11 percentage points; the 60 - day historical volatility of sugar is 5.86%, down 0.68 percentage points [2] Group 3: Industry News - Brazilian foreign trade secretariat export data shows that Brazil exported 1,094,070.33 tons of sugar in the first week of August, with a daily average export volume of 182,345.05 tons, a 2% increase compared to the daily average export volume of the entire August last year [2] - On Monday, the ICE raw sugar October contract closed up 1.66%. On Tuesday, the sugar 2601 contract closed up 0.61% [2] - Internationally, the production prospects of major Asian sugar - producing countries are good, and the global supply is expected to be loose, putting pressure on raw sugar prices. However, the market is worried about the sugar content of sugar cane in the 2025/26 season, and there are some buying orders from the CFTC report, leading to a short - term rebound in raw sugar prices [2] Group 4: Core View - Domestically, the profit outside the quota remains at a relatively high level, and the import expectation for the near - term is increasing. Beet sugar will start to be crushed in September, leading to a temporary increase in supply [2] - On the demand side, due to the hot summer weather, it is the peak season for cold drink demand, but due to weak prices, purchases are made on a need - to - buy basis, and demand is average [2] - In terms of inventory, the previous production and sales progress was good, and the current inventory pressure is not large, but the increase in the quantity of processed sugar has significantly slowed down the de - stocking process [2] - For new crops, according to the sugar supply and demand report released by the Chinese Ministry of Agriculture and Rural Affairs, the sugar production in the 2025/26 season is expected to be 11.2 million tons, a slight increase of 40,000 tons year - on - year, remaining at a high level in the past four years [2] - Overall, the foreign market price has rebounded, and the domestic sugar 2601 contract has followed suit, closing up 0.61%. However, the pressure of increasing import expectations remains, and the spot price is weak. The far - month contracts correspond to the new crushing season supply, and it is expected that the future prices will still be under pressure. It is recommended to wait for the price to rebound and then short, while paying attention to risk control [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of live pigs has increased recently due to the accelerated rhythm of weight - reducing sales by the breeding side, while the demand has slightly recovered with the increase in the slaughterhouse's operating rate, but the high temperature still restricts the increase. It is expected that the demand will improve significantly during the upcoming student enrollment and double - festival stocking periods. The spot price of live pigs runs steadily and slightly weakly, but the long - term supply pressure is expected to decrease marginally due to capacity policies, and the futures price of the live pig 2511 contract is stronger than the spot price, showing a volatile and slightly stronger trend. It is recommended to try long positions on dips [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs is 14,230 yuan/ton, up 90 yuan; the main contract's open interest is 60,882 lots, down 1,419 lots; the number of warehouse receipts is 410 lots, up 410 lots; the net long position of the top 20 futures holders is - 19,292 lots, up 2 lots [2]. 3.2 Spot Price - The live pig price in Henan Zhumadian is 13,600 yuan/ton, unchanged; in Jilin Siping is 13,200 yuan/ton, up 100 yuan; in Guangdong Yunfu is 15,300 yuan/ton, unchanged. The main live pig basis is - 630 yuan/ton, down 90 yuan [2]. 3.3 Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI is 0%, down 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,940 yuan/ton, down 10 yuan; the spot price of corn is 2,394.12 yuan/ton, down 0.78 yuan; the Dalian Commodity Exchange's pig feed cost index is 931.74, up 1.06; the monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged; the breeding profit of purchased piglets is - 134.14 yuan/head, down 17.36 yuan; the breeding profit of self - bred and self - raised live pigs is 45.13 yuan/head, up 1.28 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.9 yuan/kg, up 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 12, 2025, the daily national live pig slaughter volume of key breeding enterprises was 277,425 heads, up 0.56% from the previous day; on Tuesday, the live pig 2511 contract closed up 0.21% [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The current low volume of Gala apples on the market and low old - crop inventory boost short - term apple prices, but the price increase may slow down after a large number of Gala apples are listed. Technically, for the 2510 contract, pay attention to the pressure at the 8200 yuan/ton integer mark. It is recommended to partially take profits on long positions at high prices and hold a light position [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 8178 yuan/ton. The position of the main contract is 81105 lots, a decrease of 1363 lots. The number of apple warehouse receipts is 0. The net long position of the top 20 futures holders is 2658 lots, an increase of 1045 lots [2] Spot Market - The spot price of apples in Shandong Yantai Qixia (paper - bagged, above 80) is 4 yuan/jin, unchanged. The spot price in Gansu Jingning (paper - bagged, above 75) is 4 yuan/jin, unchanged. The spot price in Shandong Yiyuan (paper - bagged, above 75) is 2.4 yuan/jin, unchanged. The spot price in Shaanxi Luochuan (paper - bagged, above 70 semi - commercial) is 4 yuan/jin, unchanged [2] Upstream Situation - The national apple output is 5128.51 million tons. The weekly wholesale price of apples is 9.75 yuan/kg, a decrease of 0.16 yuan/kg compared to the previous period. The average weekly wholesale price of Fuji apples is 9.51 yuan/kg [2] Industry Situation - The inventory ratio of Shaanxi apples decreased by 10000 (the unit is not clear). The total national apple cold - storage inventory is 53.39 million tons, a decrease of 8.22 million tons. The inventory ratio of Shandong apples decreased by 0.01. The monthly export volume of apples is 40000 tons. The monthly export value of apples is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts decreased by 245562.17 million US dollars. The weekly profit of first - and second - grade paper - bagged 80 apple storage merchants is 0.5 yuan/jin, a decrease of 0.1 yuan/jin [2] Downstream Situation - The average weekly wholesale price of tangerines is 10.25 yuan/kg, a decrease of 0.39 yuan/kg. The weekly wholesale price of bananas is 5.92 yuan/kg, a decrease of 0.05 yuan/kg. The weekly wholesale price of watermelons is 3.73 yuan/kg. The early - morning average daily arrival of trucks at the Guangdong Jiangmen wholesale market is 8.4 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Xiaqiao wholesale market is 11 vehicles, an increase of 1 vehicle. The early - morning average daily arrival of trucks at the Guangdong Chalong wholesale market is 16 vehicles, an increase of 0.4 vehicles [2] Option Market - The implied volatility of at - the - money call options for apples is 20.32%, and the implied volatility of at - the - money put options is 20.39%, an increase of 1.2% [2] Industry News - On August 12, 2025, the trading of inventory Fuji apples in the western production area basically ended, and the remaining goods were mostly picked up by merchants themselves. The trading of early - maturing apples was mainly Gala apples, which were in the centralized bag - removing and coloring period, and merchants were mostly on the sidelines, with prices remaining stable and weak. In the Shandong production area, the trading speed of inventory fruit from farmers was slow, the quality was uneven, there were many price - concession transactions, and the prices were a bit chaotic. The supply of smooth - skinned Luli apples continued to increase, and the prices changed little. The apple 2510 contract rose 0.65% on Tuesday [2]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The precious metals market is under pressure and has corrected due to the optimistic expectation of a cease - fire in the Russia - Ukraine conflict, which has led to a phased decline in safe - haven buying demand. The inflation data will be a key factor in assessing the Fed's policy adjustment needs after the unexpectedly weak employment report. The market's bet on a Fed rate cut in September remains high, and the potential downward trend of real interest rates in the medium - term is potentially positive for the gold price. If the July US CPI shows an obvious impact of tariffs on inflation, the Fed's rate - cut window may be further opened, which will put pressure on the gold price. In the medium - term, factors such as the risk of inflation rebound due to tariff implementation, the expectation of the Fed's loose policy, the damage to the US dollar's credit, and the resilience of central bank gold - buying demand still provide strong support, and the bullish logic remains intact, pushing up the gold price center. Short - term investors are advised to wait and see, while long - term investors should maintain the idea of buying on dips and pay attention to risk control. The focus ranges for the Shanghai Gold 2510 contract are 770 - 800 yuan/gram, and for the Shanghai Silver 2510 contract are 9000 - 9200 yuan/kilogram [2] 3. Summary by Directory 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 776.04 yuan/gram, down 3.44 yuan; the closing price of the Shanghai Silver main contract was 9187 yuan/kilogram, down 23 yuan [2] - **Positions**: The main contract positions of Shanghai Gold were 204,736 lots, down 6908 lots; the main contract positions of Shanghai Silver were 349,123 lots, down 9578 lots. The net positions of the top 20 in the Shanghai Gold main contract were 165,867 lots, down 6005 lots; the net positions of the top 20 in the Shanghai Silver main contract were 117,755 lots, down 649 lots [2] - **Warehouse Receipts**: The number of gold warehouse receipts was 36,045 kilograms, unchanged; the number of silver warehouse receipts was 1,151,209 kilograms, down 753 kilograms [2] 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network was 774 yuan/gram, down 4.5 yuan; the spot price of silver was 9134 yuan/kilogram, down 50 yuan [2] - **Basis**: The basis of the Shanghai Gold main contract was - 2.04 yuan/gram, down 1.06 yuan; the basis of the Shanghai Silver main contract was - 53 yuan/kilogram, down 27 yuan [2] 3.3 Supply and Demand - **ETF Holdings**: Gold ETF holdings were 964.22 tons, up 4.58 tons; silver ETF holdings were 15,058.6 tons, up 67.8 tons [2] - **CFTC Non - commercial Net Positions**: The non - commercial net positions of gold in CFTC were 237,050 contracts, up 13,454 contracts; the non - commercial net positions of silver in CTFC were 50,658 contracts, down 8749 contracts [2] - **Supply and Demand Quantities**: The total quarterly supply of gold was 1313.01 tons, up 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces. The total quarterly demand for gold was 1313.01 tons, up 54.83 tons; the total global annual demand for silver was 1195 million ounces, down 47.4 million ounces [2] 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 10.88%, up 0.17%; the 40 - day historical volatility of gold was 11.12%, up 0.29% [2] - **Implied Volatility**: The implied volatility of at - the - money call options for gold was 19.97%, up 1.29%; the implied volatility of at - the - money put options for gold was 19.97%, up 1.28% [2] 3.5 Industry News - The US will continue to modify the implementation of ad - valorem tariffs on Chinese goods stipulated in Executive Order No. 14257 on April 2, 2025. Starting from August 12, 2025, the 24% tariff will be suspended for another 90 days, while retaining the remaining 10% tariff [2] - The Trump team is expanding the scope of candidates for the Fed Chair. The Trump administration is considering including Fed Governor Bowman, Fed Vice - Chair Jefferson, and Dallas Fed President Logan as candidates. The White House is expected to announce the Fed Chair candidate this fall [2] - According to CME's "FedWatch", the probability that the Fed will keep interest rates unchanged in September is 14.1%, and the probability of a 25 - basis - point rate cut is 85.9%. The probability of keeping interest rates unchanged in October is 5.2%, the probability of a cumulative 25 - basis - point rate cut is 39.9%, and the probability of a cumulative 50 - basis - point rate cut is 55.1% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The current bond market has not yet shown an independent trend. Under the unchanged dominance of risk preference, the market makes bond trading based on stock market performance, and the volatile pattern may continue. It is necessary to wait for new driving factors to break the balance. Operationally, it is recommended to wait and see for the moment [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices decreased by 0.11%, 0.08%, 0.01%, and 0.55% respectively. T, TF, TS, and TL main contract trading volumes increased to 76,606, 56,309, 34,103, and 111,356 respectively [2] 3.2 Futures Spreads - TL2512 - 2509 spread decreased by 0.06 to -0.43; T2512 - 2509 spread increased by 0.00 to -0.11; TF2512 - 2509 spread decreased by 0.01 to 0.05; TS2512 - 2509 spread decreased by 0.01 to 0.04; T09 - TL09 spread increased by 0.58 to -10.11; TF09 - T09 spread increased by 0.04 to -2.76; TS09 - T09 spread increased by 0.13 to -6.13; TS09 - TF09 spread increased by 0.09 to -3.37 [2] 3.3 Futures Positions - T, TF, TS, and TL main contract positions decreased to 157,180, 108,276, 78,794, and 92,576 respectively. T, TF, TS, and TL top 20 long positions changed to 194,913 (up 1,334), 142,387 (down 803), 81,413 (up 616), and 120,931 (up 831) respectively. T, TF, TS, and TL top 20 short positions changed to 193,534 (down 1,096), 154,177 (down 1,574), 88,984 (down 717), and 115,443 (down 1,235) respectively. T, TF, TS, and TL top 20 net short positions changed to -1,379 (up 2,430), 11,790 (down 771), 7,571 (down 1,333), and -5,488 (up 2,066) respectively [2] 3.4 Top Two CTD (Clean Prices) - The clean prices of several bonds such as 220010.IB, 250007.IB, 240020.IB, etc. all decreased [2] 3.5 Active Treasury Bonds - Yields of 1y, 3y, 5y, 7y decreased by 0.75bp, 0.75bp, 0.45bp, 0.25bp respectively, while the yield of 10y increased by 0.35bp [2] 3.6 Short - term Interest Rates - Silver - pledged overnight, Shibor overnight, and silver - pledged 14 - day interest rates increased by 1.17bp, 0.06bp, and 7.00bp respectively; Shibor 7 - day and Shibor 14 - day interest rates decreased by 0.36bp and 1.39bp respectively; silver - pledged 7 - day interest rate remained unchanged [2] 3.7 LPR Rates - The 1y and 5y LPR rates remained unchanged [2] 3.8 Open Market Operations - The issuance scale was 112 billion yuan, the maturity scale was 554.8 billion yuan, with a net回笼 of 442.8 billion yuan at an interest rate of 1.4% for 7 days [2] 3.9 Industry News - In July, the CPI环比 turned from a 0.1% decline last month to a 0.4% increase, and was flat year - on - year; the PPI环比 decreased by 0.2%, with the decline narrowing by 0.2 percentage points from last month, and decreased by 3.6% year - on - year, the same as last month. On August 11, the Ministry of Finance revised and issued the "Administrative Measures for Funds to Support Preschool Education Development". On August 8, Beijing optimized and adjusted real estate policies, allowing residents who meet the purchase conditions to buy an unlimited number of commercial housing units outside the Fifth Ring Road [2] 3.10 Key Data to Focus On - Pay attention to the US July unadjusted CPI annual rate at 20:30 on August 11 and the US initial jobless claims for the week ending August 9 (in ten thousand people) at 20:30 on August 14 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The report suggests temporarily observing or conducting range - bound operations with a reference range of 12.0 - 12.5. It anticipates that nickel prices will have a wide - range oscillation in the future. The macro - situation shows that China's July CPI was flat year - on - year and PPI's month - on - month decline narrowed. The Indonesia government's PNBP policy restricts supply and raises costs, while the Philippines' nickel ore supply rebounds. On the supply side, overall refined nickel production increased slightly, and on the demand side, stainless - steel mills increased production, and new - energy vehicle production and sales climbed, but ternary battery demand was limited. Recently, nickel price increases led to reduced procurement demand, with domestic inventory rising and overseas LME inventory also growing. Technically, there are differences between bulls and bears, and attention should be paid to the battle around M60 [3]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main Shanghai nickel futures contract was 122,130 yuan/ton, a 950 - yuan increase. The 09 - 10 contract spread was - 150 yuan/ton, a 10 - yuan increase. The LME 3 - month nickel price was 15,115 dollars/ton, unchanged. The main contract's open interest was 77,193 lots, a decrease of 1,762 lots. The net long position of the top 20 futures holders was - 25,349 lots, a decrease of 2,345 lots. LME nickel inventory was 211,296 tons, a decrease of 936 tons. Shanghai Futures Exchange nickel inventory was 26,194 tons (weekly), an increase of 444 tons. The LME nickel canceled warrants totaled 14,832 tons, a decrease of 936 tons. The Shanghai nickel warrant quantity was 20,723 tons, an increase of 102 tons [3]. 2.现货市场 - The SMM 1 nickel spot price was 122,850 yuan/ton, a 900 - yuan increase. The spot average price of 1 nickel plate in the Yangtze River was 122,750 yuan/ton, a 700 - yuan increase. The Shanghai electrolytic nickel CIF (bill of lading) price was 85 dollars/ton, unchanged. The Shanghai electrolytic nickel bonded warehouse (warehouse receipt) price was 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate was 27,900 yuan/ton, unchanged. The NI main contract basis was 720 yuan/ton, a decrease of 50 yuan. The LME nickel (spot/three - month) premium was - 199.29 dollars/ton, an increase of 4.56 dollars [3]. 3. Upstream Situation - The monthly import volume of nickel ore was 434.66 million tons, an increase of 41.94 million tons. The total port inventory of nickel ore was 1,033.34 million tons (weekly), an increase of 38.98 million tons. The average monthly import price of nickel ore was 65.84 dollars/ton, a decrease of 7.57 dollars. The含税 price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 dollars/wet ton, unchanged [3]. 4. Industry Situation - The monthly electrolytic nickel production was 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron production was 2.26 million metal tons, a decrease of 0.13 million metal tons. The monthly import volume of refined nickel and alloys was 17,215.27 tons, a decrease of 472.3 tons. The monthly import volume of nickel - iron was 104.14 million tons, an increase of 19.32 million tons [3]. 5. Downstream Situation - The monthly production of 300 - series stainless steel was 174.4 million tons, a decrease of 4.07 million tons. The total weekly inventory of 300 - series stainless steel was 59.29 million tons, a decrease of 1.51 million tons [3]. 6. Industry News - In July, China's CPI increased 0.4% month - on - month from a 0.1% decrease in June, and the core CPI increased 0.8% year - on - year with the growth rate expanding for three consecutive months. PPI decreased 0.2% month - on - month, with the decline narrowing by 0.2 percentage points compared to June, and decreased 3.6% year - on - year, the same as in June. The US and Russia are seeking a cease - fire agreement on the Russia - Ukraine conflict, which has caused a "flash crash" in crude oil prices. Trump said he would meet Putin in Alaska on the 15th. Zelensky firmly rejected territorial concessions [3]. 7. Key Points of Attention - There is no news today [3]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The futures prices of the Container Shipping Index (European Line) mostly declined on Monday, with the main contract EC2510 down 2.71% and the far - month contracts down 1 - 2%. The spot indicators continued to fall. Trade war uncertainties remain, the demand expectation for the Container Shipping Index (European Line) is weak, and the futures prices fluctuate greatly. However, the rapid recovery of spot - end price indicators may drive the futures prices to rise in the short term. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, capacity, and cargo volume data in a timely manner [1]. 3. Summary by Relevant Catalog 3.1 Futures Market Data - EC main contract closing price: 1408.800, down 39.2; EC sub - main contract closing price: 1750, down 18.70. The EC2510 - EC2512 spread was - 341.20, down 17.20; the EC2510 - EC2602 spread was - 108.30, down 13.90. The EC contract basis was 826.68, down 35.18. The main contract's open interest was 56688, up 86 [1]. 3.2 Shipping Index Data - SCFIS (European Line) (weekly): 2235.48, down 62.38; SCFIS (US West Coast Line) (weekly): 1082.14, down 47.98. SCFI (composite index) (weekly): 1489.68, down 61.06. CCFI (composite index) (weekly): 1200.73, down 31.56; CCFI (European Line) (weekly): 1799.05, up 9.55 [1]. 3.3 Freight Index and Charter Price Data - Baltic Dry Index (daily): 2051.00, down 43.00; Panama Freight Index (daily): 1635.00, up 14.00. The average charter price of Panamax ships was 13075.00, up 386.00; the average charter price of Capesize ships was 25236.00, down 1250.00 [1]. 3.4 Industry News - The personnel changes at the Federal Reserve have led to adjustments in policy expectations. JPMorgan currently expects the Fed to cut interest rates by 25 basis points at the September meeting, followed by three more 25 - basis - point cuts and then an indefinite pause. The US government will stop providing tax credits for electric vehicles from September 30. In July, the sales of electric vehicles accounted for 9.1% of the total passenger car sales, a record high, and the sales of used electric vehicles were close to 36700, also a monthly high. The minutes of the Bank of Japan's July policy meeting showed that although most members still supported future interest rate hikes, concerns about the negative impact of US tariff increases on the Japanese economy cooled market bets on short - term interest rate hikes [1]. 3.5 Macroeconomic Data and Trade Policy Impact - US President Trump signed an executive order to modify "reciprocal tariffs" for dozens of countries, with tax rates ranging from 10% to 41%. Goods considered to be transshipped to avoid tariffs will be subject to an additional 40% tariff. The US S&P Global Composite PMI index in June fell slightly from 53 in May to 52.8. The US retail sales data in June rebounded unexpectedly, with a month - on - month growth rate of 0.6%, significantly higher than the market expectation of 0.1%. China recently imposed counter - measures on Belarusian and medical device products from the EU, further intensifying Sino - EU trade tensions [1].