Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The primary lead ore's apparent inventory accumulation rate is weaker than in previous years, and the TC of lead concentrate has declined again. Raw material shortages are suppressing primary smelting operations. On the secondary lead side, the price of scrap materials has dropped, the profit of secondary smelting has recovered, and operations have slightly improved. The downstream battery enterprises' operations are higher than in previous years. After the pressure on battery inventory has decreased, downstream purchases have slightly increased. Both the domestic lead ingot factory inventory and social inventory have declined. After a long period of horizontal movement, the monthly spread of Shanghai lead has fluctuated upwards. It is expected that Shanghai lead will operate strongly in the short term. Subsequently, attention should be paid to the holiday arrangements of downstream battery enterprises during the National Day [11]. Group 3: Summaries by Relevant Catalogs 1. Weekly Assessment - **Price Review**: On Friday, the Shanghai Lead Index closed up 0.08% at 17,172 yuan/ton, with a total unilateral trading position of 96,400 lots. As of 15:00 on Friday afternoon, LME Lead 3S rose 1 to $2,011/ton compared to the same period of the previous day, with a total position of 164,400 lots. The average price of SMM 1 lead ingots was 17,000 yuan/ton, the average price of secondary refined lead was 16,925 yuan/ton, the refined - scrap price difference was 75 yuan/ton, and the average price of waste electric vehicle batteries was 9,975 yuan/ton [11]. - **Domestic Structure**: According to Steel Union data, the domestic social inventory of lead ingots decreased to 59,600 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 47,300 tons, the domestic primary basis was - 140 yuan/ton, and the spread between the continuous contract and the first - continuous contract was - 30 yuan/ton. **Overseas Structure**: The LME lead ingot inventory was 222,700 tons, and the LME lead ingot cancelled warrants were 24,200 tons. The overseas cash - 3S contract basis was - $44.05/ton, and the 3 - 15 spread was - $74.9/ton. **Cross - Market Structure**: After excluding exchange rates, the disk Shanghai - London ratio was 1.204, and the import profit and loss of lead ingots was - 182.14 yuan/ton [11]. - **Industrial Data**: On the primary side, the port inventory of lead concentrate was 24,000 tons, and the factory inventory was 446,000 tons, equivalent to 26.1 days. The import TC of lead concentrate was - $100/dry ton, and the domestic TC of lead concentrate was 350 yuan/metal ton. The primary smelting operation rate was 65.98%, and the primary ingot factory inventory was 3,000 tons. On the secondary side, the scrap lead inventory was 87,000 tons, the weekly production of secondary lead ingots was 29,000 tons, and the secondary ingot factory inventory was 13,000 tons. On the demand side, the operation rate of lead - acid battery enterprises was 71.06% [11]. 2. Primary Supply - **Supply Data**: In July 2025, the net import of lead concentrate was 122,300 physical tons, a year - on - year change of 26.8% and a month - on - month change of 3.7%. From January to July, the cumulative net import of lead concentrate was 790,000 physical tons, a cumulative year - on - year change of 35.5%. In July 2025, the net import of silver concentrate was 154,200 physical tons, a year - on - year change of 14.0% and a month - on - month change of 22.3%. From January to July, the cumulative net import of silver concentrate was 1,003,000 physical tons, a cumulative year - on - year change of 4.4%. In August 2025, China's lead concentrate production was 156,100 metal tons, a year - on - year change of 13.9% and a month - on - month change of 1.0%. From January to August, the total production of lead concentrate was 1,097,700 metal tons, a cumulative year - on - year change of 11.8%. In July 2025, the net import of lead - containing ore was 135,000 metal tons, a year - on - year change of 20.6% and a month - on - month change of 11.5%. From January to July, the cumulative net import of lead - containing ore was 875,200 metal tons, a cumulative year - on - year change of 19.2%. In July 2025, the total supply of lead concentrate in China was 289,600 metal tons, a year - on - year change of 10.9% and a month - on - month change of 5.6%. From January to July, the cumulative supply of lead concentrate was 1,816,800 metal tons, a cumulative year - on - year change of 15.0%. In June 2025, the global lead ore production was 395,900 tons, a year - on - year change of 1.4% and a month - on - month change of 4.1%. From January to June, the total production of lead ore was 2,256,500 tons, a cumulative year - on - year change of 4.6% [15][17][19]. - **Inventory and TC**: The port inventory of lead concentrate was 24,000 tons, and the factory inventory was 446,000 tons, equivalent to 26.1 days. The import TC of lead concentrate was - $100/dry ton, and the domestic TC of lead concentrate was 350 yuan/metal ton [21][23]. - **Smelting Operation and Output**: The primary smelting operation rate was 65.98%, and the primary ingot factory inventory was 3,000 tons. In August 2025, China's primary lead production was 324,700 tons, a year - on - year change of 2.9% and a month - on - month change of 0.3%. From January to August, the total production of primary lead ingots was 2,533,100 tons, a cumulative year - on - year change of 7.8% [26]. 3. Secondary Supply - **Raw Material and Weekly Production**: The scrap lead inventory was 87,000 tons. The weekly production of secondary lead ingots was 29,000 tons, and the secondary ingot factory inventory was 13,000 tons. In August 2025, China's secondary lead production was 320,200 tons, a year - on - year change of 7.7% and a month - on - month change of 0.7%. From January to August, the total production of secondary lead ingots was 2,571,800 tons, a cumulative year - on - year change of 1.2% [31][33]. - **Import and Total Supply**: In July 2025, the net export of lead ingots was - 12,600 tons, a year - on - year change of - 58.1% and a month - on - month change of 75.7%. From January to July, the cumulative net export of lead ingots was - 56,500 tons, a cumulative year - on - year change of 48.5%. In July 2025, the total domestic supply of lead ingots was 654,200 tons, a year - on - year change of 1.4% and a month - on - month change of 5.1%. From January to July, the cumulative domestic supply of lead ingots was 4,516,500 tons, a cumulative year - on - year change of 4.7% [35]. 4. Demand Analysis - **Battery Operation and Apparent Demand**: The operation rate of lead - acid battery enterprises was 71.06%. In July 2025, the domestic apparent demand for lead ingots was 651,800 tons, a year - on - year change of - 1.7% and a month - on - month change of 4.3%. From January to July, the cumulative domestic apparent demand for lead ingots was 4,478,400 tons, a cumulative year - on - year change of 2.7% [40]. - **Battery Export**: In July 2025, the net export quantity of batteries was 20.8925 million, and the net export weight was 106,600 tons. It was estimated that the net export of lead in batteries was 66,600 tons, a year - on - year change of - 4.8% and a month - on - month change of 7.4%. From January to July, the total net export of lead in batteries was 432,900 tons, and the cumulative net export of lead in batteries changed by - 3.3% year - on - year [43]. - **Inventory Days**: In August 2025, the finished product inventory days of lead - acid batteries in factories decreased from 21.8 days to 20.5 days, and the inventory days of lead - acid batteries in dealers decreased from 44.6 days to 42 days [45]. - **Terminal Demand**: In the two - wheeled vehicle sector, although the decline in electric bicycle production directly dragged down the new installation demand, the continuous growth of delivery scenarios such as express delivery and takeaway has driven the improvement of the new installation consumption of electric two - and three - wheeled vehicles. In the automotive sector, the contribution of lead demand is expected to maintain stable growth. Although new energy vehicles use lithium iron phosphate starting batteries, the high stock of existing vehicles and the high replacement demand support the relatively high operation rate of starting batteries. In the base station sector, the increasing number of communication base stations and 5G base stations has driven the steady increase in the demand for lead - acid batteries [49][51][54]. 5. Supply - Demand and Inventory - **Domestic Supply - Demand Balance**: In July 2025, the domestic supply - demand difference of lead ingots was a surplus of 2,400 tons. From January to July, the cumulative domestic supply - demand difference of lead ingots was a surplus of 38,100 tons [63]. - **Overseas Supply - Demand Balance**: In June 2025, the overseas refined lead supply - demand difference was a surplus of 2,000 tons. From January to June, the cumulative overseas refined lead supply - demand difference was a shortage of - 35,900 tons [66]. 6. Price Outlook - **Domestic Structure**: The domestic social inventory decreased to 59,600 tons. The futures inventory of lead ingots on the Shanghai Futures Exchange was 47,300 tons, the domestic primary basis was - 140 yuan/ton, and the spread between the continuous contract and the first - continuous contract was - 30 yuan/ton [71]. - **Overseas Structure**: The LME lead ingot inventory was 222,700 tons, and the LME lead ingot cancelled warrants were 24,200 tons. The overseas cash - 3S contract basis was - $44.05/ton, and the 3 - 15 spread was - $74.9/ton [74]. - **Cross - Market Structure**: After excluding exchange rates, the disk Shanghai - London ratio was 1.204, and the import profit and loss of lead ingots was - 182.14 yuan/ton [77]. - **Position Analysis**: The net short position of the top 20 in Shanghai lead decreased marginally. The investment funds in LME lead turned slightly net long, and the net short position of commercial enterprises increased. The position perspective indicates a bullish trend [80].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The iron ore price is expected to oscillate with a slight upward trend. In the short - term, the hot metal production remains strong, and the ore price is supported before steel mills reduce production. The positive market sentiment after the China - US leaders' call also has a positive impact on the ore price. Further observation of downstream demand recovery and inventory reduction speed is needed [11][14]. 3. Summary by Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - Supply: The global iron ore shipment volume was 35.731 million tons, a week - on - week increase of 8.169 million tons. Australia and Brazil's total iron ore shipment was 29.778 million tons, an increase of 6.482 million tons. Australia's shipment was 20.846 million tons, an increase of 2.622 million tons, with 18.362 million tons shipped to China, an increase of 3.049 million tons. Brazil's shipment was 8.932 million tons, an increase of 3.86 million tons. The arrival volume at 47 ports in China was 23.923 million tons, a decrease of 1.806 million tons; at 45 ports, it was 23.623 million tons, a decrease of 0.857 million tons [11][13]. - Demand: The daily average hot metal production was 2.4102 million tons, an increase of 0.047 million tons from last week. The blast furnace iron - making capacity utilization rate was 90.35%, an increase of 0.17 percentage points. The steel mill profitability rate was 58.87%, a decrease of 1.30 percentage points [11][13]. - Inventory: The total inventory of imported iron ore at 47 ports nationwide was 143.8168 million tons, a decrease of 0.7444 million tons. The daily average port clearance volume was 3.5103 million tons, an increase of 0.0664 million tons [11][13]. 3.2. Spot and Futures Market - Price Difference: The PB - Super Special powder price difference was 73 yuan/ton, a week - on - week change of - 18.0 yuan/ton. The Carajás fines - PB powder price difference was 129 yuan/ton, a change of + 3.0 yuan/ton. The Carajás fines - Jinbuba powder price difference was 173 yuan/ton, a change of + 2.0 yuan/ton. The ((Carajás fines + Super Special powder)/2 - PB powder) price difference was 28.0 yuan/ton, a change of + 10.5 yuan/ton [19][22]. - Feeding Ratio and Scrap Steel: The pellet feeding ratio was 15.05%, a change of - 0.25 percentage points. The lump ore feeding ratio was 12.28%, a change of + 0.4 percentage points. The sinter feeding ratio was 72.67%, a change of - 0.16 percentage points. The price of scrap steel in Tangshan was 2285 yuan/ton, with no change; in Zhangjiagang, it was 2130 yuan/ton, a change of + 50 yuan/ton [25]. - Profit: The steel mill profitability rate was 58.87%, a change of - 1.3 percentage points from last week. The PB powder import profit was - 14.01 yuan/wet ton [28]. - Freight: No specific data analysis on freight is provided in the summary part, only relevant charts are shown. 3.3. Inventory - Port Inventory: The inventory of imported iron ore at 45 ports was 138.0108 million tons, a change of - 0.4839 million tons. The pellet inventory was 291,240 tons, a change of + 3840 tons. The iron concentrate powder inventory was 1.02666 million tons, a change of - 0.05196 million tons. The lump ore inventory was 1.67176 million tons, a change of + 0.04523 million tons. The Australian ore port inventory was 5.77557 million tons, a change of - 0.03094 million tons. The Brazilian ore port inventory was 5.26652 million tons, a change of + 0.0383 million tons [35][38][41]. - Steel Mill Inventory: The steel mill's imported iron ore inventory was 9.30943 million tons, an increase of 0.31638 million tons from last week [46]. 3.4. Supply Side - Overseas Shipment: The latest 19 - port data shows that Australia's shipment to China was 17.367 million tons, a week - on - week increase of 2.445 million tons. Brazil's shipment was 8.693 million tons, an increase of 3.818 million tons. Rio Tinto's shipment to China was 6.372 million tons, a week - on - week increase of 1.388 million tons. BHP's shipment to China was 4.798 million tons, an increase of 0.272 million tons. Vale's shipment was 6.112 million tons, an increase of 2.591 million tons. FMG's shipment to China was 3.981 million tons, an increase of 0.715 million tons [51][54][57]. - Arrival and Import: The latest 45 - port arrival volume was 23.623 million tons, a week - on - week decrease of 0.857 million tons. In July, China's non - Australia and Brazil iron ore imports were 17.5216 million tons, a month - on - month increase of 2.1066 million tons [60]. - Domestic Mines: The domestic mine capacity utilization rate was 61.65%, a change of + 0.42 percentage points. The daily average iron concentrate powder output of domestic mines was 48,140 tons, a change of + 330 tons [66]. 3.5. Demand Side - Hot Metal Production and Capacity Utilization: The domestic daily average hot metal production was 2.4102 million tons, an increase of 0.047 million tons from last week. The blast furnace capacity utilization rate was 90.35%, an increase of 0.17 percentage points [71]. - Ore Clearance and Consumption: The 45 - port iron ore daily average clearance volume was 3.3917 million tons, a change of + 0.0789 million tons. The steel mill's imported iron ore daily consumption was 2.9745 million tons, a week - on - week increase of 0.008 million tons [74]. 3.6. Basis As of September 19, the calculated iron ore BRBF basis was 50.16 yuan/ton, and the basis rate was 5.85% [79].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The recent 25 - basis - point interest rate cut by the Federal Reserve and the expectation of loose monetary policy will drive the subsequent prices of platinum - group metals to perform strongly. The price of platinum, with more obvious financial attributes, is stronger than that of palladium, with more obvious industrial attributes. It is recommended to buy platinum at low prices and then focus on the opportunity to buy palladium after the rise of platinum prices is established [9][10]. - The NYMEX platinum main - contract price is expected to rise further as it has achieved 7 consecutive weekly positive lines under the drive of loose expectations. The NYMEX palladium main - contract price has stabilized around $1,100 per ounce and will be suppressed when it rebounds to $1,255 per ounce. Attention should be paid to its rebound opportunity when it touches the lower trend line [12][15]. 3. Summaries According to Relevant Catalogs 3.1. Weekly Assessment and Market Outlook - **Platinum Key Data**: The closing price of the NYMEX platinum active contract rose 1.16% to $1,419 per ounce, the five - day average trading volume rose 5.80% to 31,371.4 hands, the main - contract open interest decreased 27.85% to 47,061 hands, the inventory increased 12.40% to 18,363.77 kilograms, the CFTC managed - fund net long position increased by 1,395 hands to 14,647 hands, the CFTC commercial net short position increased by 1,130 hands to 25,106 hands, and the platinum ETF holdings increased 0.27% to 74,556.02 kilograms [10]. - **Palladium Key Data**: The closing price of the NYMEX palladium active contract fell 4.40% to $1,173.5 per ounce, the five - day average trading volume decreased 3.11% to 5,894 hands, the main - contract open interest rose 1.05% to 19,028 hands, the inventory increased 2.74% to 4,681.07 kilograms, the CFTC managed - fund net short position decreased by 775 hands to 5,191 hands, the CFTC commercial net short position increased by 373 hands to 2,077 hands, and the palladium ETF holdings increased 1.70% to 14,131.04 kilograms [10]. 3.2. Market Review - **Price and Open Interest**: The NYMEX platinum main - contract price rose 1.16% to $1,419 per ounce, and the open interest as of the latest reporting period rose to 100,289 hands. The NYMEX palladium main - contract price fell 4.4% to $1,173.5 per ounce, and the open interest as of the latest reporting period rose to 19,900 hands [21][24]. - **Domestic Platinum Price**: As of September 19, the spot price of platinum on the Shanghai Gold Exchange was 326.69 yuan per gram [27]. - **Lease Rate**: As of September 19, the one - month implied lease rate of platinum fell from the high of the range to 10.21%, while that of palladium rebounded to 10.21% [31]. - **CFTC Net Positions**: As of the latest reporting period on September 16, the NYMEX platinum managed - fund net long position increased by 1,395 hands to 14,647 hands, and the NYMEX palladium managed - fund net short position was 19,402 hands [34][37]. 3.3. Inventory and ETF Holdings Changes - **Platinum**: As of September 19, the total platinum ETF holdings were 74.55 tons. The CME platinum inventory increased by 1,874.87 kilograms to 18.36 tons this week [48][55]. - **Palladium**: As of September 19, the total palladium ETF holdings were 14.13 tons. The CME palladium inventory as of September 19 was 4,681.07 kilograms, an increase of 334.89 kilograms this week [51][60]. 3.4. Supply and Demand - **Platinum Supply**: The platinum production of the top 15 mines in 2025 is expected to be 127.47 tons, a 1.9% decrease from 129.95 tons in 2024. The platinum production in the fourth quarter of 2025 is expected to reach 33.18 tons [66]. - **Palladium Supply**: The total palladium production of the top 15 mines in 2025 will slightly contract, with a 0.86% decrease to 165.78 tons. The production in the fourth quarter will be 41.36 tons [69]. - **Chinese Imports**: China's platinum imports in August were 8.21 tons, showing a rebound from July, while palladium imports in August were 2.06 tons, showing a decline from July [72][75]. - **Automobile Production**: No specific conclusions are drawn from the automobile production data, but data on Chinese, Japanese, German, and American automobile production are presented [77][80][83]. - **Supply - Demand Balance**: The global platinum supply - demand balance shows a supply shortfall in 2025, and the global palladium supply - demand balance shows a supply surplus in 2025 [86][87]. 3.5. Monthly Spread and Cross - Market Spread - **NYMEX Platinum Monthly Spread**: Relevant data and charts on NYMEX platinum 1 - 4, 4 - 7, 7 - 10, and 10 - 1 spreads are presented [91][92][96]. - **NYMEX Palladium Monthly Spread**: Relevant data and charts on NYMEX palladium 3 - 6, 6 - 9, 9 - 12, and 12 - 3 spreads are presented [104][100][101]. - **London - NYMEX Spread**: Charts of the spread between the London spot platinum price and the NYMEX platinum price, and the spread between the London spot palladium price and the NYMEX palladium price are presented [106].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In the short - term, the nickel price may decline to find a valuation bottom if the refined nickel inventory continues to increase, but in the long - term, the nickel price is supported by the US easing expectations, domestic anti - involution policies, and the new RKAB approval, so it is recommended to go long on dips. The short - term price range of the SHFE nickel main contract is 115,000 - 128,000 yuan/ton, and that of the LME nickel 3M contract is 14,500 - 16,500 US dollars/ton [11]. Grouping by Directory 1. Weekly Assessment and Strategy Recommendation - **Resource end**: Nickel ore prices were stable this week. In the Philippines, the weather improved, but due to the rising nickel - iron price, the subsequent mine quotes may increase. In Indonesia, the overall supply - demand was loose, the wet - process ore price declined slightly, but the downward space was limited as smelters accelerated stockpiling due to concerns about RKAB quotas [12]. - **Nickel - iron**: The nickel - iron price was stable. The supply side had stable ore prices, and although the smelter's profit loss was repaired, it was still low, so smelters held back supply. The demand side was supported by the expected increase in steel mills' production in September, but steel mills were cautious in raw material procurement. The nickel - iron price is expected to remain stable with a slight upward trend in the short term [12]. - **Intermediate products**: The supply of market - available goods was tight, increasing the sellers' bargaining power. The demand side entered the peak season, and downstream enterprises' acceptance of high - priced MHP increased, leading to a higher MHP coefficient price [12]. - **Refined nickel**: The nickel price fluctuated weakly. The Fed cut interest rates by 25BP, but Powell's speech was hawkish, and some funds cashed in previous expectations, pressuring the non - ferrous sector. The spot market trading was average, and the spot premium of refined nickel was stable [12]. 2. Futures and Spot Market - **Refined nickel prices**: The prices of Jinchuan nickel, Russian nickel, LME closing price, and SHFE closing price all decreased, with declines of - 0.06%, - 0.22%, - 0.79%, and - 0.39% respectively. The import loss improved from - 6.20% to - 4.10% [16]. - **Inventory**: The LME inventory, SHFE inventory, and nickel - plate spot inventory increased by 1.49%, 8.49%, and 5.72% respectively, while the nickel - bean spot inventory decreased by - 0.12%. The bonded - area inventory remained unchanged [16]. - **Spot premium**: The Russian nickel spot premium to the near - month contract was 300 yuan/ton, unchanged from last week, and the Jinchuan nickel spot premium averaged 2300 - 2400 yuan/ton, up 100 yuan/ton from last week [22]. - **Secondary nickel prices**: The domestic high - nickel pig iron price was 949 - 960 yuan/nickel point, up 1 yuan/nickel point from last week, and the domestic nickel sulfate price was 28,020 - 28,220 yuan/ton, up 160 yuan/ton from last week [25]. 3. Cost Side - **Nickel ore**: The domestic port nickel - ore inventory increased by 1.0% to 1400.1 million tons as of September 19. The nickel - ore prices were stable, with the 1.6% grade Indonesian domestic laterite nickel ore at 52.2 US dollars/wet ton and the 1.2% grade at 23 US dollars/wet ton, and the 1.5% grade Philippine nickel ore at 57 US dollars/wet ton, all unchanged from last week [32][35]. - **Nickel - iron**: No specific new cost - related information was provided other than the production profit situation in previous periods [39]. - **Intermediate products**: In August, Indonesia's MHP production was 43,000 nickel tons, up 3000 tons month - on - month, and high - grade nickel matte production was 29,000 nickel tons, up 4000 tons month - on - month. As of September 19, the Indonesian MHP FOB price was 13,152 US dollars/metal ton, with an MHP coefficient of 0.875 (up 0.005 from last week), and the high - grade nickel matte was 13,415 US dollars/metal ton, with a coefficient of 0.9 (unchanged) [42][47]. 4. Refined Nickel - **Supply**: In August 2025, the national refined nickel production reached 37,000 tons, remaining at a historically high level [52]. - **Demand**: No new significant demand - related information was provided other than the historical data of stainless - steel production, social inventory, and terminal demand [54][56]. - **Import and export**: No new import - export data or trends were provided other than historical import - export volume and import profit - loss trends [58]. - **Inventory**: The global visible nickel inventory increased by 2.1% to 269,000 tons this week [62]. - **Cost**: No new cost - related information was provided other than the historical production cost and profit - margin data of different processes [64]. 5. Nickel Sulfate - **Supply**: No new supply - related information was provided other than the historical production and net - import volume data [68]. - **Demand**: No new demand - related information was provided other than the historical data of ternary power - battery loading volume and ternary precursor production [71]. - **Cost and price**: No new cost - price information was provided other than the historical production cost and profit - margin data of different processes [73]. 6. Supply - Demand Balance - The global nickel supply and demand situation from 2023Q1 to 2025Q4 was presented. The total supply exceeded the total demand in most quarters, with a cumulative supply - demand surplus of 166,400 nickel tons in 2025 [79].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The overall atmosphere in the commodity market is favorable, and the prices of finished steel products continue to show a volatile and upward - trending pattern [11][12] - Overseas, after the Fed's interest - rate meeting, the monetary policy stance is cautious, falling short of market expectations. A preventive interest - rate cut has begun, and market expectations are gradually being met. Short - term market sentiment has cooled slightly, while long - term global liquidity easing is expected to drive the recovery of the manufacturing industry, indirectly boosting steel demand. The marginal impact of interest - rate cuts on total steel demand remains [11][12] - Domestically, the economic data in August slowed down and were lower than expected, increasing the possibility of introducing more stimulus policies. The real - estate sales performance is weak, and it will take time for the real - estate market to stabilize. Export volume decreased slightly last week and is generally in a weak and volatile state [11][12] - In terms of fundamentals, the output of rebar decreased, apparent demand increased slightly, and inventory pressure was marginally relieved; the output of hot - rolled coils increased, apparent demand was neutral, and inventory increased slightly. Currently, the demand for both rebar and hot - rolled coils is weak, and the peak - season demand is not strong. Overall, although it has entered the traditional peak season, the demand for rebar remains weak, and while hot - rolled coils have some resilience, they are still generally weak. Steel mill profits are gradually narrowing, and if demand cannot be effectively restored, steel prices may still decline. The raw - material end is relatively strong, and attention should be paid to the policy trends of the upcoming Fourth Plenary Session [11][12] 3. Summary According to the Directory 3.1 Cost End - The profit of hot - rolled coil blast furnaces is 67 yuan/ton, a slight increase compared to last week. The spot price is about 26 yuan/ton higher than the futures price, and the valuation is neutral [7] 3.2 Supply End - This week, the output of hot - rolled coils was 3.26 million tons, a week - on - week increase of 14,000 tons, about an 8.0% year - on - year increase compared to the same week last year, and a cumulative year - on - year increase of about 1.2%. The daily average output of hot metal was 2.4055 million tons, and hot - metal output has remained above 2.4 million tons. Currently, the output of hot - rolled coils is relatively high, and it is necessary to monitor whether demand can absorb the output [8] 3.3 Demand End - This week, the consumption of hot - rolled coils was 3.22 million tons, a week - on - week decrease of 43,000 tons, about a 1.9% year - on - year increase compared to the same week last year, and a cumulative year - on - year increase of about 1.6%. Overall demand is neutral, and exports currently have some resilience [9][116] 3.4 Inventory - This week, the inventory of hot - rolled coils was 3.7799 million tons, and the inventory was marginally reduced [10] 3.5 Trading Strategy - The recommended trading strategy is to wait and see [13]

国内库存反复，外强内弱 铝周报 2025/09/20 0755-23375135 wukjl@wkqh.cn 从业资格号：F3036210 交易咨询号：Z0015924 吴坤金（有色金属组） CONTENTS 目录 01 周度评估及策略推荐 05 供给端 02 期现市场 06 需求端 03 利润库存 07 进出口 04 成本端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 供应端：根据SMM调研数据，截止8月底，国内电解铝运行产能约4400万吨，部分电解铝置换项目投产使得运行产能小幅提升，产量373.3万 吨，同比增长1.22%。进入9月，电解铝运行产能预计延续小幅提升。 ◆ 库存&现货：国内铝锭社会库存录得63.6万吨，较上周增加1.8万吨，库存反复；保税区库存录得9.1万吨，较上周下降0.2吨；铝棒库存录得 14.4万吨，周环比上升0.3万吨。LME铝库存录得51.4万吨，环比上升，处于往年同期低位。国内华东铝锭现货贴水于期货20元/吨，LME市场 Cash/3M升水5.4美元/吨。 ◆ 进出口：2025年8月国内未锻轧铝及铝材出口53.4万吨，环比-1%，维持年内偏高水平。本周铝锭现货进口亏损环比扩 ...

Report Title - Urea Weekly Report: Nissan Rises, Supply Pressure Increases [1] Report Industry Investment Rating - No relevant information provided. Core Viewpoint of the Report - The market is currently weak, with rising enterprise inventories and falling spot prices. Although the valuation is at a low level, there is limited downside space, but there is no driving force for an upward trend. It is recommended to wait and see or pay attention to long - position opportunities on dips [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Review**: The futures market continued to fluctuate weakly, closing slightly lower for the week, with prices approaching the lower edge of the range. Enterprises faced pressure to receive orders before the holiday, and the spot market remained weak. The basis and inter - month spreads fluctuated weakly at low levels [12]. - **Supply**: The domestic urea plant operating rate was 81.22%, a 1.88% increase from the previous week, and it is expected to continue rising. The latest daily production was 196,000 tons, and supply pressure has increased again. The enterprise's advance orders were 6.18 days, a decrease of 0.7 days from the previous week, and market sentiment remained cautious [12]. - **Demand**: The compound fertilizer operating rate was 38.63%, a slight increase from the previous week, and it is currently mainly producing wheat fertilizer. It is the off - season for agricultural demand, and there has been no concentrated release of agricultural demand. Coal - based production profits have further declined, and attention should be paid to cost support [12]. - **Fundamentals**: The inter - month spreads and basis were generally weak, both at low levels compared to the same period last year. The export profit was high, and the domestic market was relatively undervalued. Urea was undervalued [12]. - **Inventory**: Enterprise inventories were 1.1653 million tons, a 32,600 - ton increase from the previous week, and at a high level compared to the same period last year, indicating weak domestic demand. Port inventories were 516,000 tons, a 33,400 - ton decrease from the previous week [12]. - **Strategy**: Wait and see or pay attention to long - position opportunities on dips [12]. 2. Futures and Spot Market - **Futures Contracts**: The prices of the 09, 01, and 05 contracts were 1,744, 1,661, and 1,722 respectively. The 09 contract increased by 174, the 01 contract decreased by 2, and the 05 contract increased by 4 compared to the previous week. The 9 - 1 spread increased by 176, the 1 - 5 spread decreased by 6, and the 5 - 9 spread decreased by 170 [13]. - **Spot Market**: The latest prices in Shandong, Henan, and Hebei were 1,640, 1,650, and 1,680 respectively. The Shandong price remained unchanged, while the Henan and Hebei prices increased by 10. The Shandong, Henan, and Hebei basis were - 21, - 11, and 19 respectively, with increases of 2, 12, and 12 compared to the previous week [13]. - **Downstream Prices**: The prices of compound fertilizers (45%S) in Shandong and Hubei were 2,930 and 2,950 respectively. The Shandong price decreased by 20, while the Hubei price remained unchanged. The prices of melamine decreased by 17. The export profit of urea increased by 85 [13]. 3. Profit and Inventory - **Production Profit**: The profit of fixed - bed production decreased again [28]. - **Inventory**: Enterprise inventories were 1.1653 million tons, a 32,600 - ton increase from the previous week. Port inventories were 516,000 tons, a 33,400 - ton decrease from the previous week [12]. 4. Supply Side - **Urea Capacity**: There were planned production - increasing devices in some enterprises, such as Anhui Quansheng Chemical, Henan Jinkai Yanhua, etc. [42]. - **Urea Operating Rate**: The supply has recovered, and the domestic urea plant operating rate was 81.22%, a 1.88% increase from the previous week [12]. - **Enterprise Maintenance**: Many enterprises carried out maintenance, including Hebei Zhengyuan Hydrogen Energy Technology Co., Ltd., Jiangxi Xinlianxin Chemical Industry Co., Ltd., etc. Some enterprises also have planned maintenance in the future, such as Shanxi Tianze Coal Chemical Group Co., Ltd. [47][48]. 5. Demand Side - **Consumption Forecast**: There are seasonal characteristics in domestic and international fertilizer demand. The peak season in China is from March to July, while in India it is from June to October, and in the United States it is about one month earlier than in China [111][112]. - **Compound Fertilizer**: The compound fertilizer operating rate was 38.63%, a slight increase from the previous week, and it is currently mainly producing wheat fertilizer [12]. - **Nitrogen Source Price Ratio**: Attention should be paid to the price ratios of urea to synthetic ammonia, ammonium sulfate, ammonium chloride, and monoammonium phosphate [59]. - **Melamine**: The operating rate and profit of melamine have changed, and the export volume also shows certain trends [62][64]. - **Terminal Demand**: The terminal demand is affected by factors such as the real estate market and export volume [70][73]. - **Export**: The export profit is good, and the export volume shows certain changes [80][81]. 6. Option - related - **Urea Options**: The trading volume and open interest of urea options, as well as the PCR of open interest and trading volume, show certain trends. The volatility of urea options also has a certain relationship with the futures price [92][94][101]. 7. Industrial Structure Diagram - **Urea Industry Chain**: It shows the characteristics and structure of the urea industry chain, as well as the research framework analysis [104][106][108].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed cut interest rates as expected but made a hawkish statement. The short - term sentiment is under pressure, but if the rate - cut process advances, market sentiment is not expected to be significantly suppressed. The supply of copper raw materials remains tight. Although the peak - season demand is mediocre currently, as the long holiday approaches, the downstream stocking demand is expected to increase, providing strong support for copper prices. The short - term price may rise in a volatile manner. This week, the operating range of the main SHFE copper contract is expected to be between 79,000 - 81,000 yuan/ton, and the LME copper 3M is expected to operate between 9,850 - 10,150 US dollars/ton[12]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Supply**: The spot processing fee for copper concentrates rebounded slightly, the processing fee for blister copper remained flat, and the supply of scrap copper remained tight. Ivanhoe Mines started the second phase of the dewatering plan for the Kakula copper mine and postponed the release of its copper production guidance for the next two years[11]. - **Inventory**: The combined inventory of the three major exchanges increased by 11,000 tons week - on - week. The SHFE inventory increased by 12,000 tons to 106,000 tons, the LME inventory decreased by 6,000 tons to 148,000 tons, and the COMEX inventory increased by 6,000 tons to 287,000 tons. The inventory in the Shanghai Free Trade Zone decreased slightly. The spot premium in Shanghai on Friday was 70 yuan/ton over the futures, and the LME market Cash/3M was at a discount of 64.9 US dollars/ton[11]. - **Imports and Exports**: The spot import loss of domestic electrolytic copper first widened and then narrowed, and the Yangshan copper premium increased. In August 2025, China's refined copper imports were 307,000 tons, with a net import of 270,000 tons, a month - on - month increase of 54,000 tons and a year - on - year increase of 10.0%. From January to August, the cumulative imports were 2.53 million tons, and the net imports were 2.071 million tons, a year - on - year decrease of 1.3%[11]. - **Demand**: The operating rate of domestic downstream refined copper rod enterprises rebounded, and the trading atmosphere in the spot market was relatively mediocre. The domestic refined - scrap copper price spread narrowed, the substitution advantage of scrap copper decreased, and the operating rate of recycled copper rod enterprises rebounded slightly[11]. 3.2 Futures and Spot Market - **Futures Prices**: Copper prices rose and then fell. The main SHFE copper contract fell 1.42% for the week (as of Friday's close), and LME copper fell 0.68% to 9,996 US dollars/ton[20]. - **Spot Prices**: The prices of electrolytic copper and copper products showed certain fluctuations. For example, the Yangtze River non - ferrous price of electrolytic copper was 80,050 yuan on September 19, 2025[23]. - **Premiums and Discounts**: Domestic copper prices rose and then fell, and spot transactions were relatively average. On Friday, the spot in East China had a premium of 70 yuan/ton over the futures. The LME inventory decreased, the proportion of cancelled warrants declined, and the Cash/3M remained at a discount, reporting a discount of 64.9 US dollars/ton on Friday. Last week, the spot import loss of domestic electrolytic copper first widened and then narrowed, and the Yangshan copper premium (bill of lading) fluctuated upwards[26]. 3.3 Profit and Inventory - **Smelting Profits**: The spot rough - smelting fee TC for imported copper concentrates rebounded slightly to - 40.8 US dollars/ton. The price of sulfuric acid in East China declined, but still had a positive impact on copper smelting revenue[34]. - **Import - Export Ratios and Profits and Losses**: The import - export ratio data was presented in relevant charts. The spot import loss of copper first widened and then narrowed[39]. - **Inventory**: The combined inventory of the three major exchanges was 541,000 tons, a week - on - week increase of 11,000 tons. The SHFE inventory increased by 12,000 tons to 106,000 tons, the LME inventory decreased by 6,000 tons to 148,000 tons, and the COMEX inventory increased by 6,000 tons to 287,000 tons. The inventory in the Shanghai Free Trade Zone was 77,000 tons, a week - on - week slight decrease. The increase in SHFE inventory came from Shanghai and Jiangsu, while the inventory in Guangdong decreased. The number of copper warrants increased by 6,278 to 31,838 tons. The LME inventory decrease came from Asian and European warehouses, while the inventory in North American warehouses increased slightly, and the proportion of cancelled warrants declined[42][45][48]. 3.4 Supply Side - **Electrolytic Copper Monthly Output**: According to SMM research data, China's refined copper output in August 2025 declined slightly month - on - month, and the decline in September is expected to widen to 40,000 - 50,000 tons. According to NBS data, the domestic refined copper output in August 2025 was 1.301 million tons, a year - on - year increase of 14.8%. From January to August, the cumulative output was 9.891 million tons, a year - on - year increase of 10.1%[53]. - **Import and Export Situation**: In August 2025, China's copper ore imports were 2.76 million tons, a month - on - month increase and a year - on - year increase of 7.3%. From January to August, the cumulative imports were 20.054 million tons, a year - on - year increase of 7.9%. The imports of unforged copper and copper products were 425,000 tons, a month - on - month decrease of 55,000 tons and a year - on - year increase of 1.2%. From January to August, the cumulative imports were 3.536 million tons, a year - on - year decrease of 2.6%. The imports of anode copper in August were 62,000 tons, a month - on - month decrease of 22,000 tons and a year - on - year decrease of 18.2%. From January to August, the cumulative imports were 528,000 tons, a year - on - year decrease of 13.1%. The exports of refined copper in August were 37,000 tons, a month - on - month decrease of 81,000 tons. The profit from domestic spot copper processing trade exports rebounded. The imports of recycled copper in August were 179,000 tons, a month - on - month decrease of 11,000 tons, a year - on - year increase of 5.9%. From January to August, the cumulative imports were 1.515 million tons, a year - on - year slight decrease[56][59][62][68][71]. 3.5 Demand Side - **Consumption Structure**: The consumption structures of global and Chinese electrolytic copper were presented in relevant charts[75]. - **PMI**: China's official manufacturing PMI and Caixin manufacturing PMI both rebounded in August, with the Caixin manufacturing PMI rising above the boom - bust line, indicating an improvement in manufacturing sentiment. The manufacturing sentiment of major overseas economies improved marginally, with the manufacturing PMIs of the US, the Eurozone, Japan, and India all rising[78]. - **Output Data of Downstream Industries**: In August, the year - on - year output of some copper downstream industries such as automobiles, air conditioners, refrigerators, and power generation equipment increased, while that of color TVs, washing machines, AC motors, and freezers decreased. From January to August, the cumulative year - on - year output of power generation equipment, air conditioners, washing machines, refrigerators, and AC motors increased, while that of color TVs and freezers decreased[81]. - **Real Estate Data**: From January to August, domestic real estate data continued to be weak, with new construction, construction, sales, and completion all showing year - on - year declines, and the declines all widened. The national real estate climate index continued to decline in August[84]. - **Operating Rates of Downstream Enterprises**: The operating rates of downstream copper enterprises showed different trends. For example, the operating rate of refined copper rod enterprises in August rebounded and is expected to continue to rise in September; the operating rate of scrap copper rod enterprises declined in August and is expected to continue to decline in September[87]. - **Refined - Scrap Price Spread**: The domestic refined - scrap copper price spread narrowed, reporting 1,752 yuan/ton on Friday[99]. 3.6 Capital Side - **SHFE Copper Positions**: The total SHFE copper positions decreased by 86,984 to 958,062 lots (bilateral), among which the positions of the near - month 2510 contract were 233,104 lots (bilateral)[104]. - **Foreign Fund Positions**: As of September 16, CFTC fund positions remained net long, with the net long ratio rising to 12.6%. The proportion of long positions of LME investment funds rebounded (as of September 12)[107].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The Fed's interest - rate meeting ended with a 25 - bp rate cut, which met market expectations. The BZN spread increased, and the profit of non - integrated EB plants decreased. The overall valuation is moderately low. - The supply side of styrene faces significant pressure, while the demand side may enter a peak season. The downstream three - S开工率 has a seasonal rebound. Against the backdrop of weak supply and demand, there is a game between strong macro - expectations and weak reality, and the futures price may consolidate at a low level. - This week's forecast: the reference oscillation range for pure benzene (BZ2603) is (5900 - 6200); for styrene (EB2510), it is (6900 - 7200). It is recommended to wait and see [11]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Assessment and Strategy Recommendation - Policy: The Fed's interest - rate meeting ended with a 25 - bp rate cut, meeting market expectations [11]. - Valuation: Styrene's weekly increase (futures > cost > spot), the basis weakened, the BZN spread rose, and the profit of non - integrated EB plants decreased [11]. - Cost: Last week, the price of pure benzene in East China increased by 0.68%, and the pure benzene operating rate oscillated at a high level [11]. - Supply: The capacity utilization rate of EB was 75%, a week - on - week decrease of 5.90%, a year - on - year increase of 9.17%, and a decrease of 3.85% compared with the five - year average. According to the production plan, there are few production plans in the third quarter, and the greatest production pressure for the whole year is in the fourth quarter. Under the background of high operating rates, the supply side may face pressure [11]. - Import and export: In July, the domestic pure benzene import volume was 5.0788 million tons, a month - on - month increase of 43.24% and a year - on - year increase of 45.27%, mainly from the Middle East. The EB import volume in July was 221,000 tons, a month - on - month increase of 0.26% and a year - on - year increase of 18.45%. This week, the pure benzene port inventory and the EB inventory in Jiangsu ports oscillated at a high level [11]. - Demand: The weighted operating rate of downstream three - S was 45.44%, a week - on - week increase of 1.03%. The PS operating rate was 62.50%, a week - on - week increase of 0.97% and a year - on - year increase of 12.71%. The EPS operating rate was 61.50%, a week - on - week increase of 0.79% and a year - on - year increase of 11.52%. The ABS operating rate was 71.00%, a week - on - week increase of 1.43% and a year - on - year increase of 8.50%. The seasonal peak season may be approaching, and downstream demand has slightly improved [11]. - Inventory: The in - plant EB inventory was 215,600 tons, a week - on - week decrease of 2.12% and a year - on - year increase of 30.68%. The EB inventory in Jiangsu ports was 159,000 tons, a week - on - week decrease of 9.92% and a year - on - year increase of 386.24%. The port inventory continued to accumulate at a high level [11]. - Summary: The Fed's interest - rate meeting ended with a 25 - bp rate cut, meeting market expectations. The BZN spread increased, and the profit of non - integrated EB plants decreased. The overall valuation is moderately low. The supply side of styrene faces significant pressure, while the demand side may enter a peak season. Against the backdrop of weak supply and demand, there is a game between strong macro - expectations and weak reality, and the futures price may consolidate at a low level [11]. - Forecast for this week: Pure benzene (BZ2603): reference oscillation range (5900 - 6200); Styrene (EB2510): reference oscillation range (6900 - 7200). - Recommended strategy: It is recommended to wait and see [11]. 3.2 Futures and Spot Market - Multiple charts are provided, including those showing styrene spot prices, futures contract prices, basis, trading volume, open interest, and various price spreads from 2021 to 2025, but no specific analysis conclusions are given [14][17][19] 3.3 Profit and Inventory - Inventory: Charts show the inventory of styrene in East China ports, factories, and pure benzene ports from 2021 to 2025 [34][35][37] - Profit: The profit of styrene has slightly rebounded. Charts show the profit of ethylbenzene dehydrogenation and POSM processes, the production process proportion, and the capacity proportion of the top ten styrene producers [41][43][46] 3.4 Cost Side - Pure benzene production and supply: In 2025, pure benzene will continue to reduce inventory, especially in the third quarter when the supply gap will increase significantly. There are many new production plans for pure benzene and its downstream products in 2025, with a total planned new pure benzene production capacity of 2.28 million tons [56][57] - Price spread: The US - South Korea pure benzene price spread fluctuates upward with the US gasoline cracking spread. The BZN spread and pure benzene import profit are also affected by relevant factors [63][65][67] - Downstream inventory: The inventory of caprolactam in factories is oscillating at a high level. The downstream demand for pure benzene is mainly from styrene, caprolactam, phenol, etc. [92][95][96] 3.5 Supply Side - Production shortage: Starting from the third quarter of 2025, there will be a shortage of styrene, and the gap may gradually narrow. The total planned new styrene production capacity in 2025 is 242,000 tons, while the downstream demand is large [103][106][108] - Maintenance and production: In September, there are many planned maintenance activities, and the styrene production has declined from the same - period high [115] 3.6 Demand Side - Downstream production capacity: Forecasts of the production capacity of styrene's downstream 3S products (PS, EPS, ABS) are provided, including historical production capacity, output, and growth rates [126][127] - Operating rate: The operating rates of EPS and PS have improved seasonally, and the operating rate of ABS has rebounded from a low level [131][139] - End - product consumption: The production of household appliances such as refrigerators, washing machines, and air conditioners is also presented, which is related to the demand for styrene downstream products [152][160][165]

1. Report Industry Investment Rating - Short - term bearish, medium - term range - bound [1] 2. Core Viewpoints of the Report - The current domestic supply pressure is significant, with ship purchases covering until December, and soybean inventory at a record high. The cost side lacks clear positive factors, which may trigger a short - term decline. In the medium term, the global soybean supply surplus sets the general direction of selling on rallies. However, due to the relatively low valuation of US soybeans and uncertainties in South American planting and weather, the soybean meal market will mainly move in a range [9][10][11] 3. Summaries According to the Table of Contents 3.1 Week - on - Week Assessment and Strategy Recommendation - **International Soybeans**: US soybeans fluctuated this week, and the global soybean supply pressure has not significantly eased. Brazil is continuously expanding its planting area, and there is no strong growth engine on the demand side. The Brazilian soybean premium was slightly lowered this week. The market expected that the China - US negotiations this week might involve US soybean imports, but the announcement of the leaders' call on Friday night did not mention it. US soybeans fell more than 2% in after - hours trading. Looking ahead, the valuation of US soybeans is relatively low. If China - US soybean trade returns to normal, the Brazilian soybean price may still have a slight downward space compared to previous years. The rebound of US soybeans and the decline of the Brazilian premium may offset each other. Coupled with the expected decline in US soybean yield and trading related to the Brazilian planting season, the space for further decline in China's soybean import cost is limited, but the upside is also restricted by the lack of a significant decline in supply [9] - **Domestic Double - Meal**: Domestic soybean meal spot was weak this week, with stable basis, and the futures market declined following the cost. Domestic trading was average, and pick - up was at a relatively high level. The inventory days of feed enterprises were 9.42 days, slightly higher than the same period last year. As of September 16, institutional statistics showed that the ship purchases were 13.79 million tons in March, 10.29 million tons in April, 11.81 million tons in May, 12.72 million tons in June, 10.69 million tons in July, 9.20 million tons in August, 8.76 million tons in September, and 8.26 million tons in October. The current ship - purchase progress indicates that China's soybean inventory may decline around the end of September. Coupled with the current large - scale pick - up of domestic soybean meal, the market may have stocked up in advance for the Double Festival. The domestic soybean - based basis has certain support under the strong pick - up. It is expected that domestic soybean meal will first see a decline in crushing profit due to the expectation of US soybean imports, then the soybean import cost will stabilize after the trading of Brazilian price cuts and US soybean rebounds ends, and then it will rebound from the bottom during the South American planting season, and the subsequent market will depend on the development of the South American planting season [9] - **Trading Strategy**: For unilateral trading, the market is expected to be range - bound. The current domestic supply pressure is large, and the cost side has no clear positive factors, which may lead to a short - term decline. In the medium term, the global soybean supply surplus sets the direction of selling on rallies, but due to the low valuation of US soybeans and uncertainties in South American planting and weather, the soybean meal market will mainly move in a range [11] 3.2 Spot and Futures Market - The report presents multiple charts, including those showing the spot prices of soybean meal in Dongguan, Guangdong, and rapeseed meal in Huangpu, Guangdong; the basis of the main contracts of soybean meal and rapeseed meal; the price spreads between different contracts of soybean meal; and the fund positions of US soybeans and soybean meal, all sourced from WIND and the research center of WK Futures [17][20][25] 3.3 Supply Side - **US Soybean Planting Progress**: The report shows charts of US soybean planting progress, emergence rate, flowering rate, and good - to - excellent rate from 2021 to 2025, sourced from NASS and the research center of WK Futures [30] - **Weather Conditions**: There is a possibility of La Nina occurring from October 2025 to January. The report also presents charts related to precipitation in US soybean - producing areas and Canadian rapeseed - producing areas, as well as the impact of La Nina on precipitation in North America and the climate in South America, sourced from NOAA and the research center of WK Futures [33][35] - **US Soybean Export Progress**: The report shows charts of the total amount of signed US soybean export contracts to China in the current market year, the sales completion rate of US soybeans in the current year, the total amount of signed US soybean export contracts in the current market year, and the cumulative value of US soybean exports to China in the current market year, sourced from WIND and the research center of WK Futures [49] - **China's Oilseed Imports**: The report shows charts of the monthly imports and forecasts of soybeans and rapeseeds in China, sourced from customs, MYSTEEL, and the research center of WK Futures [52] - **China's Oil Mill Crushing**: The report shows charts of the soybean and rapeseed crushing volumes of major oil mills in China, sourced from MYSTEEL and the research center of WK Futures [54] 3.4 Profit and Inventory - **Oilseed Inventory**: The report shows charts of soybean port inventory and the rapeseed inventory of major oil mills, sourced from MYSTEEL and the research center of WK Futures [58] - **Protein Meal Inventory**: The report shows charts of the soybean meal inventory and forecast of major coastal oil mills and the rapeseed meal inventory of major coastal oil mills, sourced from WIND and the research center of WK Futures [61] - **Protein Meal Crushing Profit**: The report shows charts of the crushing profit of imported soybeans in Guangdong and the crushing profit of imported rapeseeds along the coast, sourced from WIND and the research center of WK Futures [63] 3.5 Demand Side - The report shows charts of the cumulative transaction volume of soybean meal in major oil mills during the crop year and the apparent consumption of soybean meal, as well as the breeding profits of self - breeding and self - raising pigs and white - feather broilers, sourced from MYSTEEL, WIND, and the research center of WK Futures [65]