Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The domestic urea market rose first and then declined this week. The mainstream ex - factory price of small and medium - sized granules in Shandong dropped to 1740 - 1780 yuan/ton by Thursday, with the average price down 5 yuan/ton week - on - week. - New plant overhauls have led to a slight decrease in domestic urea daily output. Next week, the probability of increased production is high as one shut - down enterprise will resume production and there are no planned plant shutdowns, barring short - term enterprise malfunctions. - Domestic agricultural demand is in a seasonal off - peak, with only sporadic local demand. During the autumn fertilizer production stage, the compound fertilizer industry makes appropriate low - price purchases, but the demand for urea is relatively small as the start - up rate of compound fertilizer enterprises increases slowly. - Although domestic urea demand is weak, lower prices have stimulated downstream low - price purchasing enthusiasm. The unexpectedly high Indian urea tender price has boosted market sentiment, and some plant overhauls have led to a slight decline in domestic urea enterprise inventories this week. However, considering limited short - term trading volume and weak domestic demand, enterprises may accumulate inventories again. - The report suggests trading the UR2509 contract in the 1700 - 1770 range [6][7]. 3. Summary by Directory 3.1. Week - to - Week Highlights - Strategy: Trade the UR2509 contract in the 1700 - 1770 range [6]. - Market review: The domestic urea market rose first and then declined. The mainstream ex - factory price of small and medium - sized granules in Shandong dropped to 1740 - 1780 yuan/ton by Thursday, with the average price down 5 yuan/ton week - on - week [7]. - Outlook: Output may increase next week, demand is weak, but lower prices and the Indian tender have led to a slight inventory decline this week, and inventories may accumulate again [7]. 3.2. Futures Market - Price movement: The main contract price of Zhengzhou urea futures fluctuated and closed higher this week, up 1.11% week - on - week [10]. - Inter - delivery spread: As of August 8, the UR 9 - 1 spread was - 23 [13]. - Position analysis: No specific content on position analysis is summarized other than the topic. - Warehouse receipts: As of August 7, there were 3373 Zhengzhou urea warehouse receipts, unchanged from last week [21]. 3.3. Spot Market - Domestic price: As of August 7, the mainstream price in Shandong was 1780 yuan/ton, up 10 yuan; in Jiangsu, it was 1780 yuan/ton, unchanged [26]. - Overseas price: As of August 7, the FOB China price of urea was 410 US dollars/ton, down 15 US dollars/ton from last week [29]. - Basis: As of August 7, the urea basis was 43 yuan/ton, down 13 yuan/ton from last week [34]. 3.4. Upstream - Coal and natural gas prices: As of August 6, the market price of Qinhuangdao thermal coal with 5500 kcal was 670 yuan/ton, up 5 yuan/ton from last week. As of August 7, the NYMEX natural gas closed at 3.08 US dollars/million British thermal units, down 0.02 US dollars/million British thermal units from last week [38]. 3.5. Industry - Capacity utilization and output: As of August 7, China's urea production was 132.85 million tons, down 2.63 million tons from the previous period, a 1.94% week - on - week decrease. The capacity utilization rate was 81.98%, down 1.62% from the previous period [41]. - Inventory: As of August 7, the port sample inventory was 48.3 million tons, down 1 million tons, a 2.03% week - on - week decrease. As of August 6, the total enterprise inventory was 88.76 million tons, down 2.97 million tons, a 3.24% week - on - week decrease [44]. - Export: In June 2025, urea exports were 66,240.55 tons, up 2618.13% month - on - month; the export average price was 366.28 US dollars/ton, up 4662.05% month - on - month [47]. 3.6. Downstream - Compound fertilizer and melamine start - up rates: As of August 7, the compound fertilizer capacity utilization rate was 41.5%, up 2.82 percentage points week - on - week. The melamine capacity utilization rate was 63.50% on average this week, down 1.70 percentage points from last week [50].

Group 1: Report Summary - The BR2509 contract is expected to fluctuate in the range of 11,400 - 12,000 in the short - term [8] - This week, the spot price of cis - butadiene rubber in Shandong market stopped falling and consolidated, with a range of 1,1300 - 1,1800 yuan/ton, and the price of high - cis cis - butadiene rubber of Sinopec and PetroChina sales companies decreased by 300 - 400 yuan/ton [9] - In the near future, the cost supports the supply price of cis - butadiene rubber, but the supply will increase after the restart of maintenance devices. There are differences in the negotiation focus between spot traders and downstream. The inventory of sample enterprises increased slightly this week. Next week, the supply is expected to change little, the inventory of producers is expected to decline slightly, and the inventory of trading enterprises is expected to increase [9] - This week, the capacity utilization rate of domestic tire enterprises fluctuated slightly, and in the short - term, it may be mainly adjusted slightly with limited overall fluctuation [9] Group 2: Futures Market - This week, the price of the main contract of synthetic rubber futures oscillated and closed up, with a weekly increase of 0.52% [13] - As of August 8th, the 9 - 10 spread of butadiene rubber was 10 [20] - As of August 8th, the cis - butadiene rubber warehouse receipts were 2,490 tons, an increase of 200 tons compared with last week [23] Group 3: Spot Market - As of August 7th, the price of Qilu Petrochemical BR9000 in Shandong market was 11,550 yuan/ton, a decrease of 150 yuan/ton compared with last week [27] - As of August 7th, the basis of butadiene rubber was 15 yuan/ton, a decrease of 190 yuan/ton compared with last week [27] Group 4: Upstream Market - As of August 7th, the CFR mid - price of naphtha in Japan was reported at 571 US dollars/ton, a decrease of 32.88 US dollars/ton compared with last week; the CIF mid - price of ethylene in Northeast Asia was reported at 820 US dollars/ton, the same as last week [31] - As of August 8th, the weekly capacity utilization rate of butadiene was 69.76%, a decrease of 0.21% compared with last week; the port inventory of butadiene was 14,700 tons, an increase of 4,300 tons compared with last week [35] Group 5: Industry Situation - In July 2025, the domestic production of cis - butadiene rubber was 129,200 tons, an increase of 6,700 tons compared with last month. As of August 7th, the weekly capacity utilization rate of domestic cis - butadiene rubber was 68.17%, a decrease of 4.29% compared with last week [39] - As of August 7th, the domestic production profit of cis - butadiene rubber was - 606 yuan/ton, a decrease of 229 yuan/ton compared with last week [42] - As of August 7th, the domestic social inventory of cis - butadiene rubber was 31,440 tons, an increase of 120 tons compared with last week; the inventory of manufacturers was 24,150 tons, an increase of 350 tons compared with last week; the inventory of traders was 7,290 tons, a decrease of 230 tons compared with last week [46] Group 6: Downstream Market - As of August 7th, the capacity utilization rate of domestic semi - steel tire sample enterprises was 69.71%, a decrease of 0.27 percentage points month - on - month and 9.93 percentage points year - on - year; the capacity utilization rate of domestic all - steel tire sample enterprises was 60.06%, an increase of 0.80 percentage points month - on - month and 0.73 percentage points year - on - year [49] - In June 2025, China's tire export volume was 717,100 tons, a decrease of 5.47% month - on - month and 7.31% year - on - year. From January to June, the cumulative tire export volume was 4,121,300 tons, a cumulative year - on - year increase of 4.34% [52]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 7, the yields of treasury bond cash bonds strengthened collectively, and treasury bond futures also strengthened. The central bank continued to conduct net withdrawals, and the weighted average rate of DR007 fluctuated around 1.45%. Domestically, the manufacturing and non - manufacturing PMIs declined in July, but the overall production and business activities remained stable, and export growth continued to pick up. Overseas, the US labor market showed weakness, increasing market expectations of a Fed rate cut in September. The overall policy tone of the July Politburo meeting was positive, and the bond market stabilized and rebounded. It is recommended to seize the band - up market and lightly allocate long positions [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Closing Prices and Volumes**: The closing prices of T, TF, TS, and TL futures all showed slight increases, with T at 108.615 (+0.05%), TF at 105.830 (+0.05%), TS at 102.374 (0%), and TL at 119.380 (+0.03%). T's trading volume decreased by 2,677, while TF, TS, and TL increased by 996, 1,664, and 6,350 respectively [2]. - **Price Spreads**: Some price spreads changed, such as TL2512 - 2509 (-0.34, -0.02↓), T2512 - 2509 (-0.13, +0.01↑) [2]. - **Open Interest**: The open interest of T, TF, TS, and TL all decreased, with T at 168,650 (-2,279), TF at 116,886 (-4,939), TS at 83,781 (-2,699), and TL at 96,898 (-3,924) [2]. 3.2 CTD Bonds - The net prices of some CTD bonds increased, such as 220010.IB (6y) at 107.2157 (+0.0637), 250007.IB (6y) at 99.0955 (+0.0373), while 210005.IB (17y) decreased to 134.8686 (-0.0028) [2]. 3.3 Treasury Bond Active Bonds - The yields of 1 - year active bonds increased by 0.25bp to 1.3525%, while the yields of 3 - year, 5 - year, 7 - year, and 10 - year bonds decreased by 1.00bp, 1.40bp, 0.70bp, and 0.70bp respectively [2]. 3.4 Short - term Interest Rates - The silver - pledged overnight rate increased by 3.12bp to 1.3312%, while the Shibor overnight rate decreased by 0.10bp to 1.3150%. The silver - pledged 7 - day and Shibor 7 - day rates decreased by 0.89bp and 0.80bp respectively [2]. 3.5 LPR Rates - The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.6 Open Market Operations - The issuance scale of reverse repurchase was 160.7 billion yuan, the maturity scale was 283.2 billion yuan, and the interest rate was 1.4% for 7 days, with a net withdrawal of 122.5 billion yuan [2]. 3.7 Industry News - The Ministry of Finance will exempt kindergarten tuition fees starting from the senior class to ensure policy sustainability. Seven ministries including the Ministry of Industry and Information Technology issued an implementation opinion on promoting the innovation and development of the brain - computer interface industry. From January to July, China's total import and export value was 25.7 trillion yuan, a year - on - year increase of 3.5% [2]. 3.8 Key Events to Watch - On August 7 at 19:00, the Bank of England will announce its interest rate decision, meeting minutes, and monetary policy report. On August 8 at 07:50, the Bank of Japan will release the summary of opinions of the members of the Monetary Policy Meeting in July [3].

Report Industry Investment Rating - Not provided Core Viewpoints - The short - term forecast for the MA2509 contract is a fluctuation within the range of 2380 - 2450 yuan/ton [2] - This week, the inventory of inland enterprises decreased. The increase in transport vehicles and capacity in the northwest led to a decline in freight rates, reducing logistics costs and stimulating traders' enthusiasm for提货. The port inventory increased significantly after the lifting of restrictions, with complex demand situations in different regions. The olefin industry's overall开工 increased slightly this week, but is expected to decline next week due to the potential shutdown of Shenhua Xinjiang's olefin plant [2] Summary of Each Section Futures Market - The closing price of the main methanol contract was 2388 yuan/ton, down 8 yuan; the 9 - 1 spread was - 109 yuan/ton, down 2 yuan. The main contract's holding volume was 436,677 lots, down 17,842 lots; the net long position of the top 20 futures holders was - 93,108 lots, down 1723 lots. The number of warehouse receipts was 8688, down 60 [2] Spot Market - The price in Jiangsu Taicang was 2380 yuan/ton, down 5 yuan; in Inner Mongolia, it was 2110 yuan/ton, up 5 yuan. The price difference between East China and Northwest was 270 yuan/ton, down 10 yuan; the basis of the main Zhengzhou methanol contract was - 8 yuan/ton, up 3 yuan. The CFR price at the Chinese main port was 270 US dollars/ton, up 2 US dollars; CFR in Southeast Asia was 333 US dollars/ton, unchanged. The FOB price in Rotterdam was 262 euros/ton, up 16 euros. The price difference between the Chinese main port and Southeast Asia was - 63 US dollars/ton, up 2 US dollars [2] Upstream Situation - The price of NYMEX natural gas was 3.09 US dollars/million British thermal units, up 0.08 US dollars [2] Industry Situation - The inventory at East China ports was 64.2 tons, up 7 tons; at South China ports, it was 28.35 tons, up 4.71 tons. The import profit of methanol was 46.77 yuan/ton, up 2.97 yuan. The monthly import volume was 122.02 tons, down 7.21 tons. The inventory of inland enterprises was 293,700 tons, down 30,800 tons. The methanol enterprise's operating rate was 85.36%, up 1.38% [2] Downstream Situation - The operating rate of formaldehyde was 43.29%, up 5.55%; dimethyl ether was 5.33%, up 0.14%; acetic acid was 91.4%, down 1.29%; MTBE was 67.79%, down 1.22%. The olefin operating rate was 85.27%, up 0.32%. The on - paper profit of methanol - to - olefin was - 889 yuan/ton, up 21 yuan [2] Option Market - The 20 - day historical volatility of methanol was 25.59%, down 0.27%; the implied volatility of at - the - money call options was 12.66%. The 40 - day historical volatility was 27.52%, down 2.85%; the implied volatility of at - the - money put options was 12.66%, down 2.86% [2] Industry News - As of August 6, the total inventory of Chinese methanol ports was 92.55 tons, up 11.71 tons. The inventory in East China increased by 7.00 tons, and in South China by 4.71 tons. The inventory of Chinese methanol sample production enterprises was 29.37 tons, down 3.08 tons, a 9.50% decline. The sample enterprise's orders to be delivered were 24.08 tons, up 1.01 tons, a 4.37% increase. As of August 7, the capacity utilization rate of domestic methanol - to - olefin plants was 85.11%, a 1.5% increase [2] Viewpoint Summary - Inland enterprise inventory decreased as transportation improved and freight rates dropped. Port inventory increased significantly after the lifting of restrictions, with different demand performances in different regions. The olefin industry's overall operating rate increased slightly this week but is expected to decline next week [2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Although the import and export trade has improved marginally, there may still be pressure in the future. The market's focus has shifted to the semi - annual reports of listed companies. The net profit growth rates of the four broad - based indexes are all positive, and the improvement of the fundamentals of some listed companies supports the stock market. However, one should be vigilant about the drag on index performance from the profit decline of companies that have not yet released their financial reports. Also, with the high valuation of US stocks, A - shares with reasonable valuations continue to attract foreign capital inflows, injecting incremental funds into the market. The strategy suggests light - position buying on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2509) is at 4092.6, down 6.0; IH main contract (2509) is at 2797.8, down 0.4; IC main contract (2509) is at 6226.4, down 39.8; IM main contract (2509) is at 6750.0, down 20.4. The spreads between different contracts also show various changes, such as IF - IH monthly contract spread at 1309.4, down 2.4 [2] 3.2 Futures Positions - IF top 20 net positions are - 25,062.00, down 2115.0; IH top 20 net positions are - 15,581.00, down 274.0; IC top 20 net positions are - 14,395.00, down 1600.0; IM top 20 net positions are - 51,037.00, up 460.0 [2] 3.3 Spot Prices - The Shanghai and Shenzhen 300 index is at 4114.67, up 1.2; the Shanghai Stock Exchange 50 index is at 2798.31, up 0.9; the CSI 500 index is at 6337.54, down 19.8; the CSI 1000 index is at 6862.15, up 0.8. The basis of each main contract also has corresponding changes [2] 3.4 Market Sentiment - A - share trading volume is 18,524.79 billion yuan, up 932.38 billion yuan; margin trading balance is 20,094.14 billion yuan, up 91.55 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, and main funds also show different trends [2] 3.5 Wind Market Strength and Weakness Analysis - All A - shares are at 4.50, down 2.00; the technical aspect is at 3.90, down 2.20; the capital aspect is at 5.00, down 1.80 [2] 3.6 Industry News - In the first seven months of 2025, China's total goods trade import and export value was 25.7 trillion yuan, a year - on - year increase of 3.5%. In July, the total import and export value was 3.91 trillion yuan, a year - on - year increase of 6.7%. In July, exports in US dollars increased by 7.2% year - on - year, and imports increased by 4.1% year - on - year [2] 3.7 Market Performance - A - share major indexes closed with mixed results. The Shanghai Composite Index rose 0.16%, the Shenzhen Component Index fell 0.18%, and the ChiNext Index fell 0.68%. The trading volume of the Shanghai and Shenzhen stock markets has rebounded significantly for three consecutive days. Industry sectors also showed mixed performance [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The cost of nickel resource supply has increased due to the restrictions on the issuance of the PNBP policy by the Indonesian government, but the production of nickel iron in Indonesia has rebounded significantly. Recently, the price of nickel iron has dropped significantly, weakening the support of raw material costs. [2] - The production profit of steel mills has improved significantly. Due to the rise in steel prices and the weak increase in raw material costs, it is expected that the output of steel mills will increase in August. [2] - As the traditional off - season for downstream consumption is coming to an end, there are optimistic expectations for the peak seasons of "Golden September and Silver October". Coupled with the favorable domestic fiscal investment policies, anti - involution measures are expected to improve the supply - demand pattern, and the market's purchasing willingness has recovered. [2] - Recently, the destocking of domestic stainless steel has been good, the market inventory pressure has been reduced, and the spot premium has risen. Technically, with a slight increase in positions and rising prices, the bullish sentiment is strong. It is recommended to go long with a light position. [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 13,000 yuan/ton, with a month - on - month increase of 65; the price difference between the 08 - 09 contracts is - 15 yuan/ton, with a month - on - month decrease of 15. [2] - The net long position of the top 20 futures holders is - 26,366 lots, with a month - on - month increase of 581; the position volume of the main contract is 81,584 lots, with a month - on - month decrease of 2,462. [2] - The warehouse receipt quantity is 103,226 tons, with a month - on - month increase of 423. [2] 现货 Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 13,600 yuan/ton, with no month - on - month change; the market price of scrap stainless steel 304 in Wuxi is 9,500 yuan/ton, with no month - on - month change. [2] - The basis of the SS main contract is 220 yuan/ton, with a month - on - month decrease of 65. [2] Upstream Situation - The monthly output of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120; the total monthly output of nickel iron is 22,600 metal tons, with a month - on - month decrease of 1,300. [2] - The monthly import volume of refined nickel and alloys is 17,215.27 tons, with a month - on - month decrease of 472.3; the monthly import volume of nickel iron is 1.0414 million tons, with a month - on - month increase of 193,200. [2] - The spot price of SMM1 nickel is 122,150 yuan/ton, with a month - on - month increase of 50; the average price of nickel iron (7 - 10%) nationwide is 920 yuan/nickel point, with no month - on - month change. [2] - The monthly output of Chinese ferrochrome is 757,800 tons, with a month - on - month decrease of 26,900. [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.744 million tons, with a month - on - month decrease of 40,700; the total weekly inventory of 300 - series stainless steel is 608,000 tons, with a month - on - month increase of 2,300. [2] - The monthly export volume of stainless steel is 458,500 tons, with a month - on - month decrease of 29,500. [2] Downstream Situation - The cumulative monthly value of new housing starts is 303.6432 million square meters, with a month - on - month increase of 71.8071 million square meters; the monthly output of excavators is 26,800, with a month - on - month increase of 1,000. [2] - The monthly output of large and medium - sized tractors is 21,700, with a month - on - month decrease of 2,900; the monthly output of small tractors is 10,000, with a month - on - month decrease of 1,000. [2] Industry News - Trump announced a 100% tariff on all imported products containing semiconductors, but companies building or promising to build factories in the US are exempted. [2] - The US plans to impose an additional 15% tariff on the basis of the existing tariffs due to the continuous differences in the US - Japan trade agreement. [2] - Fed Governor Cook said the July employment report was "worrying" and might indicate a turning point in the US economy. [2] - The Indonesian government's PNBP policy restricts the supply of nickel resources, increasing costs, but the production of nickel iron in Indonesia has rebounded. [2]

Report Main Points 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The report suggests that the nickel price is expected to have a wide - range short - term interval fluctuation. It recommends either temporary observation or interval operation, with a reference range of 120,000 - 125,000 yuan/ton. The Indonesian government's PNBP policy restricts supply and raises costs, while Philippine supply recovers. Domestic nickel ore ports see a decline in inventory, and raw materials are tight. Refined nickel production slightly increases, stainless - steel production decreases, and new - energy vehicle production rises but battery demand is limited. Recently, the nickel price dropped, leading to increased downstream purchases, higher spot premiums, and a decline in domestic social inventory while LME inventory increased. Technically, with falling positions and rising prices, there is a divergence between bulls and bears, and the price stands above M60 [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 121,850 yuan/ton, up 780 yuan; the 08 - 09 contract spread is - 200 yuan/ton, up 80 yuan. LME 3 - month nickel is at 15,130 dollars/ton, up 75 dollars. The main - contract position of Shanghai nickel is 81,103 hands, down 4,949 hands. The net long position of the top 20 futures holders is - 23,562 hands, down 753 hands. LME nickel inventory is 211,212 tons, down 240 tons. Shanghai Futures Exchange nickel inventory is 25,750 tons, up 299 tons. The warrant quantity of Shanghai nickel is 20,687 tons, down 102 tons [3]. 3.2现货市场 - The SMM1 nickel spot price is 122,150 yuan/ton, up 50 yuan; the average spot price of 1 nickel plate in Yangtze River is 122,150 yuan/ton, up 150 yuan. The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 dollars/ton, unchanged; the bonded - warehouse (warrant) price is 85 dollars/ton, unchanged. The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged. The basis of the NI main contract is 300 yuan/ton, down 730 yuan. The LME nickel (spot/3 - month) premium is - 207.28 dollars/ton, down 1.64 dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, up 41.94 million tons; the total port inventory of nickel ore is 994.36 million tons, up 6.49 million tons. The average monthly import price of nickel ore is 65.84 dollars/ton, down 7.57 dollars/ton. The tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 dollars/wet ton, unchanged [3]. 3.4产业情况 - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly nickel - iron production is 22,600 metal tons, down 1,300 metal tons. The monthly import volume of refined nickel and alloys is 17,215.27 tons, down 472.3 tons; the monthly import volume of nickel - iron is 1.0414 million tons, up 0.1932 million tons [3]. 3.5下游情况 - The monthly production of 300 - series stainless steel is 1.744 million tons, down 40,700 tons; the weekly total inventory of 300 - series stainless steel is 608,000 tons, up 2,300 tons [3]. 3.6行业消息 - Indian media reports that Modi will visit China from August 31 to September 1 to attend the SCO Tianjin Summit. Trump plans to impose a 100% tariff on chip products, exempting companies building factories in the US like Apple and TSMC. The US - Japan trade agreement has ongoing differences, and the US plans to add a 15% tariff. Fed Governor Cook says the July employment report is "worrying" and may signal a turning point in the US economy [3]. 3.7观点总结 - The Indonesian government's policy restricts supply and raises costs, Philippine supply recovers, but domestic nickel ore ports' inventory declines. In July, leading smelters maintained stable production, some increased output, and new capacity is planned, increasing overall refined nickel production. Stainless - steel mills cut production due to profit compression, new - energy vehicle production rises but ternary - battery demand is limited. Recently, the nickel price dropped, leading to downstream purchases, higher spot premiums, and a decline in domestic social inventory while LME inventory increased. Technically, with falling positions and rising prices, there is a divergence between bulls and bears, and the price stands above M60, expected to fluctuate widely in the short - term [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply situation of industrial silicon this week is complex. The resumption of production in the southwest production area is accelerating, and new production capacity is expected to be released next week. The reduction in Xinjiang is less than expected, and the superimposed supply effect of the northwest and southwest will gradually appear. There is a large potential for production capacity release, and a significant price rebound may trigger more idle capacity restart, increasing supply pressure [2] - On the demand side, the downstream of industrial silicon is mainly concentrated in organic silicon, polysilicon, and aluminum alloy. The spot price of organic silicon is rising, the production profit is slightly declining, and the start - up rate is rising, which supports industrial silicon. In the polysilicon segment, mainstream enterprises are reducing production, the industry is operating at a reduced load, and downstream demand has declined significantly. Although production increased slightly last week, the increase is limited, and subsequent capacity mergers and reorganizations are expected to intensify. Potential production capacity will be gradually released in August, with a slight increase in demand for industrial silicon. In the aluminum alloy field, enterprises replenish inventory as needed, inventory continues to grow, prices decline, and they are in a passive de - stocking state, with little demand for industrial silicon. Overall, the total demand for industrial silicon from the three downstream industries is still slowing down [2] - The main contract of industrial silicon has switched to 2511. It is recommended to wait and see in the short term and maintain a short - selling strategy in the medium and long term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract is 8,655 yuan/ton, a decrease of 45 yuan; the position of the main contract is 224,390 lots, an increase of 1,5654 lots; the net position of the top 20 is - 67,415 lots, a decrease of 1,089 lots; the warehouse receipts of the Guangzhou Futures Exchange are 50,580 lots; the price difference between industrial silicon in September and October is - 15, an increase of 10 [2] 3.2 Spot Market - The average price of oxygen - passing 553 silicon is 9,250 yuan/ton, unchanged; the average price of 421 silicon is 9,700 yuan/ton, unchanged; the basis of the Si main contract is 595 yuan/ton, an increase of 45 yuan; the spot price of DMC is 12,300 yuan/ton, unchanged [2] 3.3 Upstream Situation - The average price of silica is 410 yuan/ton, the average price of petroleum coke is 1,750 yuan/ton, the average price of clean coal is 1,850 yuan/ton, the average price of wood chips is 490 yuan/ton, and the ex - factory price of graphite electrodes (400mm) is 12,250 yuan/ton, all unchanged [2] 3.4 Industry Situation - Industrial silicon production is 305,200 tons per month, an increase of 5,500 tons; social inventory is 552,000 tons per week, an increase of 10,000 tons; imports are 2,211.36 tons per month, an increase of 71.51 tons; exports are 52,919.65 tons per month, a decrease of 12,197.89 tons [2] 3.5 Downstream Situation - The weekly output of organic silicon DMC is 44,900 tons, an increase of 700 tons; the overseas market price of photovoltaic - grade polysilicon is 15.75 US dollars per kilogram, unchanged; the average price of aluminum alloy ADC12 in the Yangtze River spot is 20,200 yuan/ton, unchanged; the weekly average spot price of photovoltaic - grade polysilicon is 4.94 US dollars per kilogram, unchanged; the monthly export volume of unforged aluminum alloy is 25,770.18 tons, an increase of 1,590.89 tons; the weekly start - up rate of organic silicon DMC is 70.08%, an increase of 4.97 percentage points; the monthly output of aluminum alloy is 1.669 million tons, an increase of 24,000 tons; the monthly export volume of aluminum alloy is 20,187.85 tons, a decrease of 337.93 tons [2] 3.6 Industry News - The Ministry of Industry and Information Technology will conduct special energy - saving inspections on 41 polysilicon enterprises, and requires localities to report inspection results by September 30 [2] - The resumption of production in the southwest industrial silicon production area is accelerating, and new production capacity is expected to be released next week. The reduction in Xinjiang is less than expected, and the superimposed supply effect of the northwest and southwest will gradually appear [2]

焦煤焦炭产业日报 2025/8/7 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | JM主力合约收盘价（日，元/吨） | 1229.50 | +8.50↑ | J主力合约收盘价（日，元/吨） | 1667.50 | +23.00↑ | | 期货市场 | JM期货合约持仓量（日，手） | 915031.00 | +52616.00↑ | J期货合约持仓量（日，手） | 53400.00 | +461.00↑ | | | 焦煤前20名合约净持仓（日，手） | -97157.00 | -2440.00↓ | 焦炭前20名合约净持仓（日，手） | -7122.00 | +338.00↑ | | | JM1-9月合约价差（日，元/吨） | 142.50 | -4.50↓ | J1-9月合约价差（日，元/吨） | 76.50 | -11.50↓ | | | 焦煤仓单（日，张） | 0.00 | 0.00 | 焦炭仓单（日，张） | 800.00 | 0.00 | | | 干其毛都蒙5原煤（ ...

红枣产业日报 2025-08-07 | 项目类别 | 数据指标 | 最新 | 环比 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:红枣(日,元/吨) | 11115 | | 135 主力合约持仓量:红枣(日,手) | 139332 | 5699 -6 | | | 期货前20名持仓:净买单量:红枣(日,手) | -19058 | 2603 仓单数量:红枣(日,张) | | 9220 | | | | 有效仓单预报:红枣:小计(日,张) | 1632 | 600 | | | | | 现货市场 | 喀什红枣统货价格(日,元/公斤) | 6 | | 0 河北一级灰枣批发价格(日,元/斤) | 4.6 | 0 | | | 阿拉尔红枣统货价格(日,元/公斤) | 5.2 | | 0 河南一级灰枣批发价格(日,元/斤) | 4.5 | 0 | | | 阿克苏红枣统货价格(日,单位:元/公斤) | 4.8 | | 0 河南红枣特级价格(元/公斤) | 10 | 0 | | | 河北红枣特级价格(元/公斤) | ...