Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The high - nickel resource supply cost is increased due to the Indonesian government's PNBP policy, and the domestic nickel ore port inventory is decreasing with tight raw materials. The overall refined nickel production increased slightly as some smelters' output rose and new capacity is planned. Stainless steel mills cut production due to profit compression, while new - energy vehicle production and sales climbed but the demand for ternary batteries is limited. Recently, nickel prices dropped, downstream buyers made low - price purchases, domestic social inventory decreased, and overseas LME inventory increased. The market is expected to have short - term volatile adjustments, and it is recommended to wait and see [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main futures contract of Shanghai nickel was 121,070 yuan/ton, up 160 yuan; the price difference between the 08 - 09 contracts of Shanghai nickel was - 280 yuan/ton, down 170 yuan; the LME 3 - month nickel price was 15,055 dollars/ton, down 50 dollars; the main contract position of Shanghai nickel was 86,052 lots, down 4,491 lots; the net long position of the top 20 futures holders of Shanghai nickel was - 22,809 lots, down 1,023 lots; LME nickel inventory was 211,254 tons, up 2,172 tons; the Shanghai Futures Exchange nickel inventory was 25,750 tons, up 299 tons; the warrant quantity of Shanghai nickel was 20,789 tons, down 134 tons [2]. 2. Spot Market - The SMM1 nickel spot price was 122,100 yuan/ton, up 200 yuan; the average spot price of 1 nickel plate in Yangtze River was 122,000 yuan/ton, unchanged; the CIF (bill of lading) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel was 85 dollars/ton, unchanged; the average price of battery - grade nickel sulfate was 27,900 yuan/ton, unchanged; the basis of the NI main contract was 1,030 yuan/ton, up 40 yuan; the LME nickel (spot/three - month) premium was - 205.64 dollars/ton, down 4.9 dollars [2]. 3. Upstream Situation - The monthly import volume of nickel ore was 4.3466 million tons, up 419,400 tons; the total port inventory of nickel ore was 9.9436 million tons, up 64,900 tons; the average monthly import unit price of nickel ore was 65.84 dollars/ton, down 7.57 dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni was 41.71 dollars/wet ton, unchanged [2]. 4. Industry Situation - The monthly electrolytic nickel production was 29,430 tons, up 1,120 tons; the total monthly nickel - iron production was 22,600 metal tons, down 1,300 tons; the monthly import volume of refined nickel and alloys was 17,215.27 tons, down 472.3 tons; the monthly import volume of nickel - iron was 1.0414 million tons, up 193,200 tons [2]. 5. Downstream Situation - The monthly production of 300 - series stainless steel was 1.744 million tons, down 40,700 tons; the total weekly inventory of 300 - series stainless steel was 608,000 tons, up 2,300 tons [2]. 6. Industry News - Trump will decide on new Fed governors this week, may choose the chairman through the vacancy, and will announce drug and chip tariffs and significantly increase Indian tariffs within a week. The US ISM non - manufacturing index in July was 50.1, lower than the expected 51.5 and the previous value of 50.8. The US 7 - month ISM services PMI was only 50.1, with the employment index shrinking and the price index reaching a new high since October 2022. Goldman Sachs and Citi said that if the non - agricultural situation does not worsen, the Fed may cut interest rates by 50 basis points in September, with the interest - rate end - point at 3% or lower. The central bank and six other departments will support new - type industrialization with finance and strengthen medium - and long - term loan support for digital infrastructure construction [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On August 6, the JM2601 contract of coking coal closed at 1221.0, up 6.45%. With the rising expectation of the Fed's interest - rate cut in September, market sentiment fluctuates. Fundamentally, mine - end inventories generally decline, clean coal inventories transfer 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 - line is above the 20 - day and 60 - day moving averages. It should be treated as a fluctuating and bullish trend [2]. - On August 6, the J2509 contract of coke closed at 1644.5, up 1.95%. The fifth round of price increase has been implemented. Affected by high temperatures, the national power grid's power consumption load hit a new high for the third time on August 4. Fundamentally, raw - material inventories rise. The current hot - metal output is 242.23 tons, down 1.52 tons. The coal - mine end inventory has no pressure, and the inventory transfers downstream. The total coking - coal inventory has increased for 4 consecutive weeks. In terms of profit, the average loss per ton of coke for 30 independent coking plants is 45 yuan/ton. Technically, the daily K - line is above the 20 - day and 60 - day moving averages. It should be treated as a fluctuating and strong trend [2]. 3. Summary According to Relevant Catalogs Futures Market - **Coking Coal**: The closing price of the JM main contract is 1221.00 yuan/ton, up 39.00; the trading volume is 862415.00 hands, up 57495.00; the net position of the top 20 contracts is - 94717.00 hands, up 12500.00; the spread between the JM1 - 9 contracts is 147.00 yuan/ton, unchanged; the number of coking - coal warehouse receipts is 0.00, unchanged; the basis of the JM main contract is 179.00 yuan/ton, down 39.00 [2]. - **Coke**: The closing price of the J main contract is 1644.50 yuan/ton, up 10.00; the trading volume is 52939.00 hands, up 201.00; the net position of the top 20 contracts is - 7460.00 hands, down 258.00; the spread between the J1 - 9 contracts is 88.00 yuan/ton, up 14.50; the number of coke warehouse receipts is 800.00, up 40.00; the basis of the J main contract is 20.50 yuan/ton, down 10.00 [2]. Spot Market - **Coking Coal**: The price of Ganqimao Meng 5 raw coal is 930.00 yuan/ton, down 7.00; the price of Russian prime coking coal forward spot (CFR) is 143.50 US dollars/wet ton, unchanged; the price of Australian prime coking coal imported at Jingtang Port is 1430.00 yuan/ton, unchanged; the price of Shanxi - produced prime coking coal at Jingtang Port is 1680.00 yuan/ton, unchanged; the price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi is 1400.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia is 1100.00 yuan/ton, unchanged [2]. - **Coke**: The price of Tangshan first - grade metallurgical coke is 1665.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Rizhao Port is 1470.00 yuan/ton, unchanged; the price of first - grade metallurgical coke at Tianjin Port is 1570.00 yuan/ton, unchanged; the price of quasi - first - grade metallurgical coke at Tianjin Port is 1470.00 yuan/ton, unchanged [2]. Upstream Situation - **Coking Coal**: The raw - coal inventory of 110 coal - washing plants is 277.10 million tons, down 15.43; the clean - coal inventory is 166.39 million tons, down 9.23; the operating rate of 110 coal - washing plants is 61.51%, down 0.80; the raw - coal output is 42107.40 million tons, up 1779.00; the import volume of coal and lignite is 3304.00 million tons, down 300.00; the daily average output of raw coal from 523 coking coal mines is 193.60 million tons, down 1.20; the inventory of imported coking coal at 16 ports is 493.94 million tons, down 18.10; the total inventory of coking coal in the full - sample of independent coking enterprises is 992.73 million tons, up 7.35; the inventory of coking coal in 247 steel mills across the country is 803.79 million tons, up 4.28; the available days of coking coal in the full - sample of independent coking enterprises is 12.87 days, up 0.12; the import volume of coking coal is 910.84 million tons, up 172.10; the output of coking coal is 4064.38 million tons, down 5.89 [2]. - **Coke**: The inventory of coke at 18 ports is 270.90 million tons, up 20.57; the inventory of coke in the full - sample of independent coking enterprises is 73.62 million tons, down 6.50; the inventory of coke in 247 steel - mill samples across the country is 626.69 million tons, down 13.29; the available days of coke in 247 steel - mill samples is 11.17 days, down 0.28; the export volume of coke and semi - coke is 51.00 million tons, down 17.00; the output of coke is 4170.30 million tons, down 67.30 [2]. Industry Situation - The operating rate of independent coking enterprises is 73.69%, up 0.24; the profit per ton of coke in independent coking plants is - 45.00 yuan/ton, up 9.00 [2]. Downstream Situation - The blast - furnace operating rate of 247 steel mills across the country is 83.48%, unchanged; the blast - furnace iron - making capacity utilization rate of 247 steel mills is 90.22%, down 0.56; the crude - steel output is 8318.40 million tons, down 336.10 [2]. Industry News - On July 30, the 11th council (expanded) meeting of the sixth session of the China Iron and Steel Industry Association was held in Beijing, focusing on "controlling production capacity, combating involution, strengthening collaboration, and promoting transformation" [2]. - The General Office of the State Council issued the "Opinions on Gradually Implementing Free Preschool Education", exempting the tuition fees of children in public kindergartens for the first year of preschool education from the fall semester of 2025 [2]. - The latest meeting minutes of the Bank of Japan show that if economic growth and inflation continue as expected, the bank will further raise interest rates [2]. - Goldman Sachs and Citigroup suggest that if the non - farm payrolls worsen, the Fed may cut interest rates by 50 basis points in September, with the terminal interest rate at 3% or lower [2]. - The Fed indicates that the proportion of seriously overdue consumer loans in the US in Q2 has reached the highest level since the pandemic [2].

购以刚需为主，汽车玻璃厂备货量增加难以抵消地产相关需求疲软，光伏玻璃需求也面临库存压力。整体 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 回调概率加大，纯碱玻璃基差维持正常范围，今日玻璃收到焦煤带动继续小幅向上，但是短期需求变化不 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 明显，故上升幅度较小，操作建议，逢低布局多单，注意操作风险 。 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 纯碱玻璃产业日报 2025-08-06 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 纯碱主力合约收盘价(日,元/吨) 纯碱与玻璃价差(日,元/吨) | 1370 287 | 99 玻璃主力合约收盘价(日,元/吨) 93 纯碱主力合约持仓量(日 ...

Report Industry Investment Rating - Not provided Core Viewpoints - The overall methanol production has increased slightly as the output of the restored production capacity is more than the loss of the overhaul and production - reduction capacity. The inventory of inland enterprises has decreased due to lower logistics costs and increased trader pick - up enthusiasm. The port inventory has increased significantly as the ship entry and unloading speed has accelerated after the lifting of restrictions. The olefin industry's operating rate has slightly increased, and the MA2509 contract is expected to fluctuate in the range of 2380 - 2450 yuan/ton [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main methanol contract is 2396 yuan/ton, down 1 yuan/ton; the 9 - 1 spread is - 107 yuan/ton, down 7 yuan/ton. The main contract's open interest is 454,519 lots, down 29,728 lots; the net long position of the top 20 futures holders is - 91,385 lots, up 9,649 lots. The number of warehouse receipts is 8,748, up 202 [2]. Spot Market - The price in Jiangsu Taicang is 2385 yuan/ton, up 25 yuan/ton; in Inner Mongolia, it is 2105 yuan/ton, up 20 yuan/ton. The East - Northwest price spread is 280 yuan/ton, up 5 yuan/ton; the basis of the main Zhengzhou methanol contract is - 11 yuan/ton, up 26 yuan/ton. CFR China Main Port is 268 US dollars/ton, up 1 US dollar/ton; CFR Southeast Asia is 333 US dollars/ton, unchanged. FOB Rotterdam is 246 euros/ton, up 1 euro/ton; the China Main Port - Southeast Asia price spread is - 65 US dollars/ton, up 1 US dollar/ton [2]. Upstream Situation - The price of NYMEX natural gas is 3.01 US dollars/million British thermal units, up 0.06 US dollars [2]. Industry Situation - The inventory in East China ports is 57.2 tons, up 2.5 tons; in South China ports, it is 23.64 tons, up 5.76 tons. The import profit is 43.8 yuan/ton, down 3.51 yuan/ton; the monthly import volume is 122.02 tons, down 7.21 tons. The inventory of inland enterprises is 324,500 tons, down 15,300 tons; the operating rate of methanol enterprises is 85.36%, up 1.38% [2]. Downstream Situation - The operating rate of formaldehyde is 43.29%, up 5.55%; dimethyl ether is 5.33%, up 0.14%; acetic acid is 91.4%, down 1.29%; MTBE is 67.79%, down 1.22%; olefins is 85.27%, up 0.32%. The methanol - to - olefins disk profit is - 910 yuan/ton, down 14 yuan/ton [2]. Option Market - The 20 - day historical volatility of methanol is 25.85%, unchanged; the 40 - day historical volatility is 27.5%, unchanged. The implied volatility of at - the - money call options is 15.51%, down 0.42%; the implied volatility of at - the - money put options is 15.52%, down 0.42% [2]. Industry News - As of August 6, the total methanol port inventory in China is 92.55 tons, an increase of 11.71 tons. East China and South China ports have both seen inventory increases. As of August 6, the inventory of Chinese methanol sample production enterprises is 29.37 tons, a decrease of 3.08 tons, a 9.50% decline; the pending orders of sample enterprises are 24.08 tons, an increase of 1.01 tons, a 4.37% increase. As of July 31, the capacity utilization rate of domestic methanol - to - olefins plants is 86.39%, a 0.32% increase [2].

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report suggests that due to increased zinc ore imports, rising processing fees, and higher sulfuric acid prices, smelters' profits have improved, leading to increased production. However, the market is in a demand - off season, with weak downstream demand. The domestic social inventory is increasing, and the spot premium is falling. Technically, the position is decreasing, and the price is adjusting. It is recommended to wait and see for now [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the Shanghai Zinc main contract is 22,380 yuan/ton, with a 0 change. The 08 - 09 month contract spread is - 25 yuan/ton, down 5 yuan/ton. - The LME three - month zinc quote is 2,750 dollars/ton, down 4 dollars/ton. - The total position of Shanghai Zinc is 202,046 lots, a decrease of 3,569 lots. The net position of the top 20 in Shanghai Zinc is 3,416 lots, an increase of 118 lots. - Shanghai Zinc warehouse receipts are 0 tons, a decrease of 14,807 tons. The SHFE inventory is 61,724 tons, an increase of 2,305 tons, and the LME inventory is 92,275 tons, a decrease of 4,725 tons [3]. 3.2现货市场 - The spot price of 0 zinc on the Shanghai Non - Ferrous Metals Network is 22,330 yuan/ton, an increase of 30 yuan/ton. The spot price of 1 zinc in the Yangtze River Non - Ferrous Metals Market is 22,420 yuan/ton, an increase of 30 yuan/ton. - The basis of the ZN main contract is - 50 yuan/ton, an increase of 30 yuan/ton. The LME zinc premium (0 - 3) is - 13.16 dollars/ton, a decrease of 2.29 dollars/ton. - The factory price of 50% zinc concentrate in Kunming is 17,000 yuan/ton, an increase of 50 yuan/ton. The price of 85% - 86% crushed zinc in Shanghai is 15,850 yuan/ton, with no change [3]. 3.3 Upstream Situation - WBMS shows a monthly zinc supply - demand balance of - 124,700 tons, a decrease of 104,100 tons. ILZSG shows a monthly zinc supply - demand balance of - 69,100 tons, an increase of 10,400 tons. - ILZSG's global zinc ore production in the current month is 1.0075 million tons, a decrease of 4,300 tons. Domestic refined zinc production is 628,000 tons, an increase of 45,000 tons. - Zinc ore imports are 455,900 tons, an increase of 124,900 tons [3]. 3.4 Industry Situation - Refined zinc imports are 35,156.02 tons, a decrease of 22,615.39 tons. Refined zinc exports are 483.88 tons, an increase of 266.83 tons. - The social inventory of zinc is 87,300 tons, an increase of 3,000 tons [3]. 3.5 Downstream Situation - The monthly production of galvanized sheets is 2.32 million tons, a decrease of 130,000 tons, and the sales volume is 2.34 million tons, a decrease of 120,000 tons. - The monthly new housing construction area is 303.6432 million square meters, an increase of 71.8071 million square meters, and the completed housing area is 225.6661 million square meters, an increase of 41.8147 million square meters. - The monthly automobile production is 2.8086 million vehicles, an increase of 166,600 vehicles, and the air - conditioner production is 19.6788 million units, an increase of 3.4764 million units [3]. 3.6 Option Market - The implied volatility of at - the - money call options for zinc is 13.56%, a decrease of 0.43%. The implied volatility of at - the - money put options for zinc is 13.56%, a decrease of 0.43%. - The 20 - day historical volatility of at - the - money zinc options is 9.22%, a decrease of 0.19%. The 60 - day historical volatility of at - the - money zinc options is 13.61%, a decrease of 0.47% [3]. 3.7 Industry News - Trump will decide on new Fed governors this week, may choose the Fed chair through vacant governor positions, and will announce tariffs on drugs and chips within a week, and significantly increase tariffs on India. - The US ISM non - manufacturing index in July was 50.1, lower than the expected 51.5 and the previous value of 50.8. - Seven departments including the central bank will support new - style industrialization with finance and strengthen medium - and long - term loan support for digital infrastructure construction [3].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints - Short - term prices are dominated by the slaughter rhythm, with repeated fluctuations. The current slaughter volume has recovered from a low level, and increased supply is pressuring the near - month prices to fluctuate slightly weaker. It is recommended to gradually take profits on short positions in the 2509 contract and wait and see [2] Group 3: Summary by Relevant Catalogs Futures Disk - The closing price of the futures main contract for live pigs is 14,010 yuan/ton, up 125 yuan; the main contract position is 58,972 lots, up 23,262 lots; the number of warehouse receipts is 380 lots, up 80 lots; the net long position of the top 20 futures holders is - 18,191 lots, up 2,462 lots [2] Spot Price - The live pig price in Henan Zhumadian is 14,000 yuan/ton, down 100 yuan; in Jilin Siping is 13,400 yuan/ton, unchanged; in Guangdong Yunfu is 15,500 yuan/ton, unchanged; the main live pig basis is - 10 yuan/ton, down 225 yuan [2] Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, up 40,000 heads [2] Industry Situation - The year - on - year CPI is 0.1%, up 0.2 percentage points; the spot price of soybean meal in Zhangjiagang is 2,920 yuan/ton, down 20 yuan; the spot price of corn is 2,395.1 yuan/ton, down 2.94 yuan; the Dalian Commodity Exchange pig feed cost index is 928.21, up 4.13; the monthly output of feed is 27,621,000 tons, up 981,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged; the breeding profit of purchased piglets is - 116.78 yuan/head, down 45.39 yuan; the breeding profit of self - bred and self - raised live pigs is 43.85 yuan/head, down 18.31 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of white - striped chickens in the main production areas is 13.7 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 32,160,000 heads, up 1,390,000 heads; the monthly retail sales of social consumer goods in the catering industry is 470.76 billion yuan, up 12.94 billion yuan [2] Industry News - On August 6, 2025, the daily national slaughter volume of key breeding enterprises was 255,760 heads, up 1.11% from the previous day; on Wednesday, the 2611 contract of live pigs closed up 0.68%. The supply side shows that the slaughter rhythm of the breeding side has accelerated, and the supply has increased. The demand side shows that the supply of live pigs is sufficient, the demand in some areas has recovered, the operating rate of slaughterhouses has rebounded slightly, but high temperatures still suppress people's willingness to buy pork, resulting in a limited rebound [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint On Wednesday, the HC2510 contract fluctuated with a slight upward trend. The central bank and six other departments jointly issued the "Guiding Opinions on Financial Support for New - type Industrialization". The weekly output of hot - rolled coils stopped falling and rebounded, with a capacity utilization rate of 82.46%, at a relatively high level; apparent demand recovered, and inventory increased slightly. Overall, the terminal demand for hot - rolled coils is resilient, combined with the high prices of coal and coke, providing cost - side support. Technically, the 1 - hour MACD indicator of the HC2510 contract shows that DIFF and DEA are rebounding upwards. Operationally, short - term long positions can be considered on pullbacks, paying attention to rhythm and risk control [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - HC main contract closing price was 3,451 yuan/ton, a decrease of 6 yuan; the main contract position was 1,460,175 lots, a decrease of 1,559 lots [3]. - The net position of the top 20 in the HC contract was - 79,258 lots, a decrease of 16,464 lots; the HC10 - 1 contract spread was - 4 yuan/ton, an increase of 1 yuan [3]. - The HC Shanghai Futures Exchange warehouse receipt was 70,915 tons, an increase of 14,917 tons; the HC2510 - RB2510 contract spread was 217 yuan/ton, a decrease of 7 yuan [3]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,510 yuan/ton, an increase of 40 yuan; in Guangzhou was 3,470 yuan/ton, an increase of 40 yuan; in Wuhan was 3,500 yuan/ton, an increase of 30 yuan; in Tianjin was 3,410 yuan/ton, an increase of 40 yuan [3]. - The HC main contract basis was 59 yuan/ton, an increase of 46 yuan; the Hangzhou hot - rolled coil - rebar spread was 120 yuan/ton, an increase of 20 yuan [3]. 3.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 774 yuan/wet ton, a decrease of 4 yuan; the price of Hebei quasi - first - class metallurgical coke was 1,535 yuan/ton, unchanged [3]. - The price of 6 - 8mm scrap steel in Tangshan was 2,250 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,090 yuan/ton, an increase of 10 yuan [3]. - The 45 - port iron ore inventory was 136.579 million tons, a decrease of 1.3248 million tons; the sample coking plant coke inventory was 462,800 tons, a decrease of 35,200 tons [3]. - The sample steel mill coke inventory was 6.2678 million tons, a decrease of 132,200 tons; the Hebei billet inventory was 1.1102 million tons, an increase of 41,000 tons [3]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 83.48%, unchanged; the blast furnace capacity utilization rate was 90.22%, a decrease of 0.56 percentage points [3]. - The sample steel mill hot - rolled coil output was 3.2279 million tons, an increase of 53,000 tons; the sample steel mill hot - rolled coil capacity utilization rate was 82.46%, an increase of 1.35 percentage points [3]. - The sample steel mill hot - rolled coil inventory was 793,000 tons, an increase of 13,000 tons; the 33 - city hot - rolled coil social inventory was 2.6865 million tons, an increase of 14,900 tons [3]. - The domestic crude steel output was 83.18 million tons, a decrease of 3.36 million tons; the net steel export volume was 9.21 million tons, a decrease of 890,000 tons [3]. 3.5 Downstream Situation - The monthly automobile production was 2.7941 million vehicles, an increase of 145,600 vehicles; the monthly automobile sales were 2.9045 million vehicles, an increase of 218,100 vehicles [3]. - The monthly air - conditioner production was 28.3831 million units, a decrease of 1.0969 million units; the monthly household refrigerator production was 9.0474 million units, an increase of 537,400 units [3]. - The monthly household washing machine production was 9.5079 million units, an increase of 95,900 units [3]. 3.6 Industry News - In late July 2025, key steel enterprises produced 21.8 million tons of crude steel, with an average daily output of 1.982 million tons, a 7.4% decrease in daily output month - on - month; 20.41 million tons of pig iron, with an average daily output of 1.856 million tons, a 4.5% decrease in daily output month - on - month; 23 million tons of steel, with an average daily output of 2.091 million tons, a 0.5% increase in daily output month - on - month [3]. - The Passenger Car Association raised its full - year sales forecast for 2025, expecting 24.35 million passenger car retail sales in 2025, a 6% year - on - year increase, and the forecast volume was 300,000 units more than the June forecast [3]. 3.7 Key Points of Attention The weekly output, in - plant inventory, and social inventory of hot - rolled coils on Thursday [3].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - Different varieties of apple spot prices show a divergent trend, with the purchase prices of some early - maturing varieties declining, while the opening - scale price of Gala apples is acceptable. The low inventory of old crops still provides some support, but the trading atmosphere is average, and the price is expected to fluctuate within a range. Technically, the Apple 2510 contract is running above the support line formed by the previous two lows, showing a bullish bias. It is recommended to conduct light - position trial long trades while controlling risks [2]. 3) Summary by Relevant Catalogs Futures Market - The closing price of the October apple contract is 7915 yuan/ton, the position of the main contract is 74614 lots, the number of warehouse receipts is 0, and the net long position of the top 20 futures holders is 354 lots, with a decrease of 2763 and an increase of 771 respectively compared to the previous period [2]. Spot Market - The spot prices in Shandong Yantai Qixia, Gansu Jingning, Shandong Yiyuan, and Shaanxi Luochuan have no change compared to the previous period, with prices of 4 yuan/jin, 4 yuan/jin, 2.4 yuan/jin, and 4 yuan/jin respectively [2]. Upstream Situation - The national apple output is 5128.51 million tons, an increase of 168.34 million tons [2]. Industry Situation - The weekly wholesale price of apples is 9.75 yuan/kg, and the average wholesale price of Fuji apples is 9.67 yuan/kg, a decrease of 0.06. The Shaanxi apple storage capacity ratio is 0.1, a decrease of 0.01; the national total apple cold - storage inventory is 61.61 million tons, a decrease of 8.84 million tons; the Shandong apple storage capacity ratio is 0.03, a decrease of 0.01. The monthly export volume of apples is 40000 tons, a decrease of 10000 tons; the monthly export value is 4330.8 million US dollars, and the monthly import value of fresh and dried fruits and nuts is 1955488 - 245562.17 million US dollars. The weekly profit of first - and second - grade paper - bag apple 80 storage merchants is 0.6 yuan/jin, a decrease of 0.1 yuan/jin [2]. Downstream Situation - The weekly average wholesale price of tangerines is 10.64 yuan/kg, a decrease of 0.05; the weekly wholesale price of bananas is 3.73 yuan/kg, an increase of 0.6; the weekly wholesale price of watermelons is 5.92 yuan/kg, a decrease of 0.08. The early - morning average daily arrival of trucks at the Guangdong Jiangmen, Guangdong Xiaqiao, and Guangdong Chalong wholesale markets is 10, 15.6, and 1.2 vehicles respectively, with an increase of 1 vehicle at the Guangdong Xiaqiao market [2]. Option Market - The implied volatility of at - the - money call options for apples is 20.9%, a decrease of 0.64; the implied volatility of at - the - money put options for apples is 20.84%, a decrease of 0.7 [2]. Industry News - On August 6, 2025, the early - maturing paper - bag Gala apples in the western production areas started trading, with buyers making exploratory purchases. The price of 70 and above with more than 50% redness in the Heyang production area is between 4.60 - 5.00 yuan/jin. The inventory trading in the Shandong production area is a bit chaotic, with farmers' fruits priced according to quality and transactions made through bargaining, and merchants' fruits continuing to be shipped out on their own, with an average shipping speed. The Apple 2510 contract rose 0.93% on Wednesday. According to Mysteel's statistics, the preliminary estimate of the national apple output based on the bagging volume survey data is 3736.64 million tons, an increase of 85.93 million tons or 2.35% compared to the 2024 - 2025 production season. As of July 30, 2025, the inventory of apple cold - storage in the national main production areas is 61.61 million tons, a decrease of 8.84 million tons compared to last week, with a slightly slower shipping speed compared to last week and basically the same as last year [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The price of high - quality dates has increased, and the new - season production is expected to decrease. These factors support the firm operation of date futures prices. It is recommended to conduct short - term long - position trading with a light position when the price is low, while paying attention to controlling risks. Continuously monitor weather changes [2][3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for dates is 10,980 yuan/ton. The net long position of the top 20 futures holders is - 21,661 lots. The number of warehouse receipts is 9,226, and the effective warehouse receipt forecast is 1,032. The open interest of the 110 main contract is 133,633 lots, with a change of - 28 [2] 3.2现货市场 - The prices of dates in different regions are as follows: the unified price of dates in Kashi is 6 yuan/kg, in Alar is 5.2 yuan/kg, and in Aksu is 4.8 yuan/kg. The wholesale prices of first - grade grey dates in Hebei and Henan are 4.6 yuan/jin and 4.5 yuan/jin respectively. The prices of special - grade dates in Henan, Hebei, and Guangdong are 10 yuan/kg, 10.16 yuan/kg, and 11.2 yuan/kg respectively, and the price of first - grade dates in Guangdong is 10 yuan/kg [2] 3.3 Upstream Market - The annual date production is 6.069 million tons, and the planting area is 1.993 million hectares, with a decrease of 41,000 hectares compared to the previous period [2] 3.4 Industry Situation - The national date inventory is 10,039 tons, a decrease of 51 tons compared to the previous week, a month - on - month decrease of 0.51% and a year - on - year increase of 81.11%. The monthly export volume of dates is 1,765,107 kg, a decrease of 464,120 kg. The cumulative monthly export volume is 17,115,674 kg [2] 3.5 Downstream Situation - The wholesale price of dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 20 yuan/kg, a decrease of 8. The cumulative quarterly sales volume of dates of Hao Xiang Ni is 36,480.43 tons, a decrease of 2,981.06 tons. The cumulative year - on - year production of dates of Hao Xiang Ni is 1.47%, a decrease of 34.59 percentage points [2] 3.6 Industry News - On August 6, the temperature in Aksu was between 15 - 27°C, and date farmers were actively engaged in field management. The mainstream per - mu yield was 700 - 800 kg. Attention should be paid to the supplementary growth of the third and fourth batches of flowers and the physiological fruit drop. On Wednesday, the date 2601 contract rose 1.71%. As of July 31, the physical inventory of 36 sample points was 10,039 tons, a decrease of 51 tons from the previous week, a month - on - month decrease of 0.51% and a year - on - year increase of 81.11%. The inventory of sample points decreased, the arrival of goods in the sales area increased, and the downstream demand in the southern market increased [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 主力合约收盘价（日，元/吨） | 69,620.00 | +1780.00↑ 前20名净持仓（日，手） | -173,088.00 | -2344.00↓ | | 期货市场 | 主力合约持仓量（日，手） | 257,770.00 | +25708.00↑ 近远月合约价差（日，元/吨） | -760.00 | -220.00↓ | | | 广期所仓单（日，手/吨） | 14,443.00 | +1840.00↑ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 70,950.00 | -250.00↓ 工业级碳酸锂平均价（日，万元/吨） | 68,850.00 | -250.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 1,330.00 | -2030.00↓ | | | | 上游情况 | 锂辉石精矿(6%CIF中国)平均价（日，美元/吨） | 780.00 | 0.00 磷锂铝石平均价（日，元/吨） | 6,2 ...