Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The double - offset paper market is basically stable today. The supply is expected to increase due to the resumption of some idle production lines, but the downstream demand is limited, and the consumption of base paper is slow. The industry's production may decline, the demand is mainly for rigid needs, and the cost support is limited [5][8]. 3. Summary by Directory First Part: Data Analysis - **Double - offset Paper Prices**: The prices of double - offset paper 70g in different regions such as Hebei, Beijing, Guangdong, Shandong, and Shanghai remain unchanged both daily and weekly. For example, the price of double - offset paper 70g: Hebei: Chenming Yunbao is 4900 yuan/ton, with a daily and weekly change of 0.00% [3]. - **Coated Paper Prices**: The prices of double - copper paper 157g in various regions show no daily change, but a weekly decline. For instance, the price of double - copper paper 157g: Beijing: Taiyang Tianyang is 5100 yuan/ton, with a weekly decline of - 0.97% [3]. - **Pulp Prices**: The price of coniferous pulp: Shanghai: Yinxing is 5850 yuan/ton, with a daily increase of 0.86% and a weekly decrease of - 0.85%. Some pulp prices remain stable, like broad - leaf pulp in some regions [3]. Second Part: Market Judgment - **Market Status**: The double - offset paper market is stable. Some idle production lines in Shandong are planned to resume production, increasing the supply expectation. However, the downstream orders are limited, and the consumption of base paper is slow. The purchase price of wood chips has little change, and the supply of wood chips is affected by weather conditions [5]. - **Logic Analysis**: The production of the double - offset paper industry may decline as some停产 enterprises have not resumed production and there may be maintenance of some production lines. The demand is mainly for rigid needs as dealers are cautious in inventory preparation and downstream printing factories have average orders. The cost support is limited as the prices of coniferous and broad - leaf pulp are stable [8]. Third Part: Relevant Attachments - There are four figures, including double - offset paper production, in - plant inventory, social inventory, and production profit, showing the data from 2021 to 2025 [10][11].

Group 1: Report General Information - The report is a black metal research report from the Commodity Research Institute, dated August 26, 2025 [1][2] - The researcher is Zhou Tao, with a futures practice certificate number F03134259 and an investment consulting certificate number Z0021009 [3] Group 2: Market Information Futures - SF主力合约 closed at 5656, down 24 for the day and 22 for the week, with a trading volume of 158,229 (down 42,351) and an open interest of 224,602 (down 4,847) [4] - SM主力合约 closed at 5862, down 36 for the day and 52 for the week, with a trading volume of 165,527 (down 61,753) and an open interest of 299,744 (down 683) [4] Spot - For silicon iron, 72%FeSi in Inner Mongolia was priced at 5420, up 50 for the day and down 80 for the week; in Ningxia, it was 5450, up 70 for the day and down 50 for the week; in Qinghai, it was 5400, unchanged for the day and down 100 for the week; in Jiangsu, it was 5600, unchanged for the day and down 50 for the week; in Tianjin, it was 5880, unchanged for the day and down 50 for the week [4] - For silicon - manganese, silicon manganese 6517 in Inner Mongolia was priced at 5750, unchanged for the day and down 50 for the week; in Ningxia, it was 5620, unchanged for the day and down 210 for the week; in Guangxi, it was 5780, unchanged for the day and down 90 for the week; in Jiangsu, it was 5800, unchanged for the day and down 100 for the week; in Tianjin, it was 5700, unchanged for the day and down 100 for the week [4] Basis/Spread - For silicon iron, the Inner Mongolia - main contract basis was - 236, up 74 for the day and down 58 for the week; the Ningxia - main contract basis was - 206, up 94 for the day and down 28 for the week; the Qinghai - main contract basis was - 256, up 24 for the day and down 78 for the week; the Jiangsu - Inner Mongolia spread was 180, down 50 for the day and up 30 for the week; the SF - SM spread was - 206, up 12 for the day and up 30 for the week [4] - For silicon - manganese, the Inner Mongolia - main contract basis was - 112, up 36 for the day and up 2 for the week; the Ningxia - main contract basis was - 242, up 36 for the day and down 158 for the week; the Guangxi - main contract basis was - 82, up 36 for the day and down 38 for the week; the Guangxi - Inner Mongolia spread was 30, unchanged for the day and down 40 for the week [4] Raw Materials - For manganese ore in Tianjin, Australian lump was priced at 40.5, unchanged for the day and the week; South African semi - carbonate was 34, unchanged for the day and down 0.7 for the week; Gabon lump was 39.5, unchanged for the day and down 0.5 for the week [4] - For blue charcoal small pieces, in Shaanxi, it was 650, unchanged for the day and up 20 for the week; in Ningxia, it was 685, unchanged for the day and the week; in Inner Mongolia, it was 630, unchanged for the day and the week [4] Group 3: Market Judgment Trading Strategy - On August 26, ferroalloy futures prices declined slightly. The silicon iron main contract closed at 5656, down 0.42%, with an open interest decrease of 4847 lots; the manganese silicon main contract closed at 5862, down 0.61%, with an open interest decrease of 683 lots [8] - For silicon iron, on the 26th, spot prices were stable with a slight upward trend, rising 50 - 70 yuan/ton in some regions. On the supply side, last week's output growth slowed down. On the demand side, sample steel output remained high, supporting raw material demand. The sharp decline in coking coal futures dragged down the overall black metal, but silicon iron had adjusted earlier. Now the futures price is close to the cost in some production areas, and the high - premium risk has been largely released, so it will mainly fluctuate at the bottom recently [8] - For manganese silicon, on the 26th, both manganese ore and manganese silicon spot prices were stable. On the supply side, the output growth of alloy plants also slowed down last week. On the demand side, the sample apparent demand for rebar increased slightly, not showing a downward trend yet. On the cost side, manganese ore port spot prices were stable, supporting manganese silicon. The sharp decline in coking coal futures on the 26th dragged down the overall black metal, but the high - premium risk of manganese silicon at the current price has been largely released, so it is expected to fluctuate at the bottom [8] - Unilateral: Futures prices are close to the cost in some production areas, and the high - premium risk has been largely released. It will mainly fluctuate at the bottom recently [9] - Arbitrage: Gradually take profit on cash - and - carry arbitrage [9] - Options: Sell straddle option combinations on rallies [9] Important Information - On the 26th, the price of semi - carbonate Mn36.5% at Tianjin Port was 34.5 yuan/ton degree, Gabon lump Mn46% was 39.8 yuan/ton degree, and Australian lump Mn46% was 42 yuan/ton degree [10] - Rwood Resources FZE announced the CIF offer price of Ivorian manganese ore for shipments to China before September 20, 2025, with a typical Mn content of 34 - 35% at 4.3 US dollars/ton degree [10] Group 4: Related Attachments Cost and Profit - For silicon iron, in Qinghai, the production cost was 5457 yuan/ton, with a profit of - 157 yuan/ton; in Gansu, the production cost was 5609 yuan/ton, with a profit of - 309 yuan/ton [20] - For silicon manganese, in Inner Mongolia, the production cost was 5831 yuan/ton, with a profit of - 81 yuan/ton; in Ningxia, the production cost was 5939 yuan/ton, with a profit of - 339 yuan/ton; in Guangxi, the production cost was 6424 yuan/ton, with a profit of - 624 yuan/ton; in Guizhou, the production cost was 6168 yuan/ton, with a profit of - 418 yuan/ton [25] Electricity Price - Ferroalloy electricity prices in different regions: in Gansu, it was 0.4 yuan/kWh today; in Guangxi, 0.515 yuan/kWh; in Guizhou, 0.475 yuan/kWh; in Hunan, 0.5 yuan/kWh; in Inner Mongolia, 0.42 yuan/kWh; in Ningxia, 0.38 yuan/kWh; in Qinghai, 0.375 yuan/kWh; in Shanxi, 0.51 yuan/kWh; in Shaanxi, 0.425 yuan/kWh; in Sichuan, 0.435 yuan/kWh; in Yunnan, 0.37 yuan/kWh [19]

大宗商品研究所 能化研发报告 玻璃期货日报 2025 年 8 月 26 日 玻璃期货日报 第一部分 基础数据 | 现货市场（元/吨） | 2025/8/26 | 2025/8/25 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | | 沙河长城 | 1113 | 1117 | 1151 | - 4 | -39 | | 沙河安全 | 1156 | 1156 | 1173 | 0 | -17 | | 沙河德金 | 1130 | 1130 | 1138 | 0 | - 9 | | 沙河大板 | 1138 | 1138 | 1160 | 0 | -21 | | 湖北大板 | 1070 | 1060 | 1090 | 1 0 | -20 | | 浙江大板 | 1200 | 1200 | 1180 | 0 | 2 0 | | 华南大板 | 1230 | 1230 | 1230 | 0 | 0 | | 东北大板 | 1080 | 1080 | 1090 | 0 | -10 | | 西北大板 | 1170 | 1170 | 1180 | 0 | -10 | | ...

纯碱期货日报 第一部分 基础数据 | 现货市场 | （元/吨） | 2025/8/26 | 2025/8/25 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | --- | | 华中重质 | （送到） | 1250 | 1250 | 1250 | 0 | 0 | | 华东重质 | （送到） | 1250 | 1250 | 1250 | 0 | 0 | | 沙河重质 | （送到） | 1200 | 1220 | 1260 | -20 | -60 | | 西北重质 | （出厂） | 950 | 950 | 1000 | 0 | -50 | | 华中轻质 | （出厂） | 1130 | 1130 | 1140 | 0 | -10 | | 华东轻质 | （出厂） | 1120 | 1130 | 1130 | -10 | -10 | | 华北轻质 | （出厂） | 1200 | 1200 | 1200 | 0 | 0 | | 西北轻质 | （出厂） | 950 | 950 | 1000 | 0 | -50 | | 轻重价差 | （平均） | 5 7 | 5 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The spot price of logs remained stable. In the short term, there is a weak balance between cost support and demand differentiation. In the medium to long term, it is necessary to pay attention to the expected supply contraction in New Zealand, the intensity of real - estate policies, and the implementation rhythm of infrastructure projects. The log futures market showed a volatile pattern this week, and it is recommended to wait and see in trading strategies [5][10] Summary by Directory Part 1: Data Analysis - Log and wood - square spot prices: The prices of various types of logs and wood - squares in different ports were stable, with most showing 0.00% daily and weekly changes. Only the white pine wood - square in Rizhao had a 2.86% daily and weekly increase [3] - Futures data: For log futures contracts, prices, trading volumes, and open interests showed different changes. For example, the closing price of LG2509 decreased by 2.0, the trading volume decreased by 4070, and the open interest decreased by 2361 [3] Part 2: Market Judgment - Spot price: Log spot prices remained stable. From August 18th - 24th, the average daily outbound volume of coniferous logs in 7 provinces and 13 ports in China increased by 1.90% compared to the previous week. From August 25th - 31st, 13 New Zealand log ships were expected to arrive at 12 ports in China, a 63% increase compared to the previous week. The ocean freight for imported coniferous log bulk carriers from New Zealand to China decreased by 16.67% year - on - year [5][8] - Futures price: The November contract fluctuated upwards, with a closing price of 823 yuan/cubic meter, an increase of 3 yuan/cubic meter from the previous day [9] - Logic analysis: In the short term, there is a weak balance between cost support and demand differentiation. In the medium to long term, it is necessary to pay attention to the expected supply contraction in New Zealand, the intensity of real - estate policies, and the implementation rhythm of infrastructure projects [10] - Strategies: For unilateral trading, arbitrage, and options trading, it is recommended to wait and see [10][11][12] Part 3: Related Attachments - The report provides multiple figures related to log prices, including the prices of different types of logs and wood - squares in different ports, import log CFR prices, New Zealand log shipments to China, port log inventory structures, and other data [15][16][20]

Group 1: Market Information - **In the futures market of rebar**: RB05 was at 3223 yuan/ton, down 38 yuan; RB10 was at 3113 yuan/ton, down 25 yuan; RB01 was at 3182 yuan/ton, down 39 yuan. The spreads between different contracts also changed, such as RB01 - RB05 being -38 yuan, down 1 yuan [3]. - **In the futures market of hot - rolled coil**: HC05 was at 3361 yuan/ton, down 27 yuan; HC10 was at 3367 yuan/ton, down 22 yuan; HC01 was at 3357 yuan/ton, down 20 yuan. The spreads between different contracts also had fluctuations, like HC01 - HC05 being -4 yuan, up 7 yuan [3]. - **In the spot market of rebar**: The prices of rebar in different regions had slight changes. For example, Shanghai Zhongtian was at 3270 yuan/ton, down 10 yuan. The spot profits in different regions generally decreased, such as the East China rebar profit dropping from -157 yuan to -163 yuan [3]. - **In the spot market of hot - rolled coil**: The prices of hot - rolled coil in different regions also changed. For example, Tianjin Hegang hot - rolled coil was at 3370 yuan/ton, down 10 yuan. The spot profits of hot - rolled coil in some regions decreased, such as the Tianjin hot - rolled coil profit dropping from -192 yuan to -195 yuan [3]. Group 2: Market Judgment - **Related prices**: The net price of Shanghai Zhongtian rebar was 3280 yuan (+30), Beijing Jingye was 3250 yuan (+10), Shanghai Angang hot - rolled coil was 3430 yuan (+30), and Tianjin Hegang hot - rolled coil was 3380 yuan (+20) [7]. - **Trading strategy**: The black sector declined today, maintaining a weak oscillation. Spot trading was weak, mainly at low prices. Steel production continued to resume last week, with rebar production decreasing and hot - rolled coil production increasing. The overall inventory of the five major steel products increased, but the inventory accumulation speed slowed down. Steel exports remained strong, and the apparent demand for hot - rolled products was still high. The steel price was supported due to the recovery of steel demand, high hot - metal production, and strong steel exports. As the military parade approaches, hot - metal production is expected to decrease next week, alleviating the supply pressure. However, after August, the coal daily consumption will decline, blast furnaces may resume production quickly, and the steel fundamentals may deteriorate. If the expectation of coal mine production reduction fails, the steel price will still face pressure after the parade. It is expected that the steel price will maintain a bottom - oscillating trend in the short term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies [8]. - **Option strategy**: It is recommended to wait and see [9]. - **Unilateral and arbitrage strategies**: The steel price is expected to maintain a bottom - oscillating trend. It is recommended to wait and see for arbitrage [10]. Group 3: Related Attachments - The report provides multiple figures related to rebar and hot - rolled coil, including price trends, basis, spreads, and profit trends over different time periods and contract types, with data sources from Galaxy Futures, Mysteel, and Wind [16][20][28]

Group 1: Report Overview - The report is a black metal research report by the Commodity Research Institute, dated August 26, 2025 [3][6] - The researchers are Zhou Tao, Ding Zuchao, and Qi Chunyi [3] Group 2: Steel Related Information - The central government plans to strengthen the national carbon market by 2027 and form a carbon pricing mechanism by 2030 [3] - As of July, the national power generation capacity was 36.7 billion kilowatts, with solar and wind power growing rapidly [3] - On August 25, the average cost of 76 independent EAF construction steel mills was 3347 yuan/ton, with an average loss of 99 yuan/ton and a valley electricity profit of 1 yuan/ton [3] - Spot prices in Shanghai and Beijing increased, with Shanghai rebar at 3310 yuan (+320), Beijing rebar at 3250 (+10), Shanghai hot-rolled coil at 3430 yuan (+30), and Tianjin hot-rolled coil at 3380 yuan (+20) [4] Logical Analysis - The black - plate oscillated weakly on the night of August 23. Construction steel sales on the 25th were 11110 tons [5] - Steel production resumed last week, with rebar production decreasing and hot - rolled coil increasing. The five major steel products accumulated inventory, but the speed slowed down [5] - Steel exports remained strong, and hot - rolled apparent demand was high. Building material demand rebounded from the bottom [5] - Steel demand improved, iron - water production remained high, and exports were strong, supporting steel prices [5] - As the parade approaches, iron - water production is expected to decrease next week, relieving supply pressure [5] - A coal mine accident in Fujian increased the expectation of coal mine production cuts, supporting pre - parade steel prices [5] - After August, coal consumption will decline, and if the coal mine production cut expectation fails, post - parade steel prices may face pressure [7] Trading Strategies - Unilateral: Steel prices will maintain a bottom - oscillating trend [7] - Arbitrage: Close profitable long - short positions [8] - Options: Wait and see [9] Group 3: Coking Coal and Coke Related Information - Henan coke enterprises will limit production by 20 - 35% from August 25 to September 3, and some have already implemented a 30 - 35% limit [10] - The coke price in Xingtai is planned to increase, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton [10][17] Logical Analysis - Coking coal prices fluctuated, and downstream procurement enthusiasm weakened. Coke supply and demand were in a tight balance, and mainstream coke enterprises planned an eighth price increase [12] - National coal mine safety work is expected to be stricter, which will affect coal supply and gradually increase the coking coal price center [12] Trading Strategies - Unilateral: Oscillate strongly. Buy on dips [13] - Arbitrage: Wait and see [13] - Options: Wait and see [13] - Spot - futures: Wait and see [13] Group 4: Iron Ore Related Information - Shanghai optimized real - estate policies, including relaxed purchase restrictions and tax exemptions [14] - The National Development and Reform Commission held a symposium on expanding domestic demand and stabilizing employment [14] - From August 18 - 24, global iron ore shipments were 3315800 tons, a decrease of 90800 tons. Australia and Brazil shipments increased by 4400 tons [14] - Qingdao Port PB powder spot was 780 yuan (+13), and the 01 iron ore main contract basis was 36 [14] Logical Analysis - Iron ore prices fell slightly at night, and market sentiment was volatile [15] - In the past month, mainstream mine shipments increased year - on - year, with Australia flat and Brazil growing rapidly. Non - mainstream mine shipments were high in August [15] - In July, manufacturing and infrastructure investment growth slowed down. Manufacturing steel demand growth weakened, suppressing terminal steel demand [15] Trading Strategies - The report does not provide specific trading strategies for iron ore, only indicating that the above views are for reference only [16] Group 5: Ferroalloys Related Information - The coke price in Xingtai is planned to increase, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton [17] - Shanghai optimized real - estate policies, including relaxed purchase restrictions [17] Logical Analysis - On the 25th, ferrosilicon spot prices were weak, with some areas up 50 yuan/ton. Last week's production growth slowed down, and futures prices were close to production costs after a sharp decline [18][20] - On the 25th, manganese ore spot prices were weak, and manganese - silicon spot prices were strong, with some areas up 70 yuan/ton. Production growth slowed down, and demand showed no downward trend [20] Trading Strategies - Unilateral: Futures prices are close to production costs, and high - premium risks have been released. Expect bottom - oscillating [21] - Arbitrage: Gradually take profits on spot - futures long positions [21] - Options: Sell straddle option combinations at high prices [21]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Container shipping market: Spot rates are in a downward trend, but the EC market has rebounded slightly due to strong macro - sentiment. In the second half of the year, tariff pressure may intensify competition among shipping companies, and the support for off - season freight rates will weaken [5]. - Dry bulk shipping market: The large - ship market is expected to have weak price fluctuations in the short term, while the medium - ship market is expected to be slightly stronger [17]. - Oil tanker shipping market: The crude oil market shows an upward trend with a tight supply - demand pattern, while the refined oil market is relatively calm with weak demand and sufficient supply of some ship types [21]. 3. Summary by Relevant Catalogs Container Shipping - Container Shipping Index (European Line) Market Analysis and Strategy Recommendation - Market performance: On August 25, EC2510 closed at 1358 points, up 3.74% from the previous day. The SCFI European Line reported on August 22 was 1668 USD/TEU, down 8.35% month - on - month. The latest SCFIS European Line reported after the market closed was 1990.2 points, down 8.7% month - on - month, and the final delivery settlement price of EC2508 was 2135.28 points [5]. - Tariff impact: The US plans to complete an investigation on imposing tariffs on furniture imports within 50 days. In 2024, furniture and home lighting products accounted for 13% of the total US container imports, which may bring cost pressure to major exporters such as China and Vietnam [5]. - Trading strategies: Unilateral trading is expected to be weakly volatile, and the valuation center of the October contract is expected to be revised downwards. For arbitrage, consider a 10 - 12 reverse spread operation at low prices [8]. Logical Analysis - Spot freight rates: The container shipping market has entered the off - season. In September, spot freight rates are in a rapid decline. The freight rates of major shipping companies have generally decreased [6]. - Supply and demand: On the demand side, the peak - season cargo volume has declined, and the loading rates of mainstream shipping companies have decreased. On the supply side, the average weekly capacity in August, September, and October 2025 is 29.78/29.54/27.04 million TEU, slightly lower than the previous week's schedule [6]. Dry Bulk Shipping Market Analysis and Outlook - Freight rate index: The Baltic Dry Index rose 2.69% to 1944 points on August 22. The Capesize ship index rose about 3.33% to 2793 points, the Panamax ship index rose 2.97% to 1770 points, and the Supramax ship index rose 1.35% to 1424 points [12]. - Spot freight rates: On August 22, the freight rate of the Capesize ship's iron ore route from Tubarao, Brazil to Qingdao was 23.44 USD/ton, up 0.73% month - on - month, and from Western Australia to Qingdao was 9.40 USD/ton, up 7.37% month - on - month [13]. - Shipment data: From August 18 - 24, 2025, the global iron ore shipment volume was 3315.86 million tons, a decrease of 90.8 million tons month - on - month. In August 2025, Brazil's soybean, corn, and other grain exports showed different trends compared with the previous year [16]. Logical Analysis - Market performance: The international dry bulk shipping market declined slightly last week, mainly affected by the large - ship market. The Capesize ship market had insufficient demand and increased available capacity, while the Panamax ship market was supported by South American grain cargoes [17]. Oil Tanker Shipping Market Analysis and Outlook - Freight rates: On August 22, the Baltic Dirty Tanker Index (BDTI) was 1042, up 1.26% month - on - month and 16.16% year - on - year. The Baltic Clean Tanker Index (BCTI) was 618, up 0.65% month - on - month and down 1.28% year - on - year [21]. - Market trends: The crude oil market is in an upward trend with a tight supply - demand pattern, while the refined oil market is relatively calm with weak demand and sufficient supply of some ship types. Short - term attention should be paid to the impact of concentrated bookings on the Middle East route in September, and long - term attention should be paid to factors such as environmental protection and supply - demand reshaping [21]. Industry News - Container shipping: News includes Canada's adjustment of tariffs on US goods, the US's suspension of tax - free treatment for imported packages, the development of zero - emission fuels in the shipping industry, and the situation in the Red Sea [8][9]. - Dry bulk shipping: There are reports of a drone attack on Russia's Ust - Luga Port, and global and regional steel production and port export data [18]. - Oil tanker shipping: Global crude oil price differentials have changed, and there are gasoline shortages in some regions of Russia [22][23].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The supply pressure of the soybean meal and rapeseed meal market still exists, but the domestic soybean meal market has shown a certain rebound, and the rapeseed meal market has started to stabilize. The price center of the soybean system is expected to move downward, and the soybean meal and rapeseed meal spreads are expected to oscillate at a low level [4][5][8] - In the medium - term market, the positives for rapeseed meal will be relatively obvious. The soybean meal monthly spread still has downward pressure, while the rapeseed meal monthly spread may be strong, especially for the far - month spreads [8] 3. Summary by Related Catalogs 3.1 Market Quotes - US soybean futures oscillated. The domestic soybean meal futures rebounded, and the rapeseed meal futures began to stabilize. The soybean meal monthly spread continued to decline, and the rapeseed meal monthly spread oscillated [4] - For soybean meal futures, the closing prices of contracts 01, 05, and 09 in different regions had different changes; for rapeseed meal futures, the closing prices of contracts 01, 05, and 09 in different regions also had corresponding changes. The spot basis, monthly spreads, cross - variety spreads, and spot spreads of soybean meal and rapeseed meal all showed different trends [4] 3.2 Fundamental Analysis - US old - crop soybean balance sheet is bullish, with exports basically completed and crush adjusted upward, resulting in a decrease in ending stocks. New - crop soybean supply is tightened due to a large reduction in planting area despite an increase in yield per unit. New - crop cumulative exports are slow, and the bullishness of the new - crop stock - to - use ratio is limited [5] - South American old - crop soybeans are in a supply - demand loosening situation. The production and crush of major exporting countries are expected to increase, and the ending stocks or exports may rise. Brazilian farmers' selling progress is slow, but they are optimistic about future exports [5] - The global soybean meal supply pressure is obvious, with an expected increase in soybean crush in major producing areas and a slight increase in imports in major importing countries [5] - The domestic soybean and rapeseed meal spot market is loose. The oil mill operating rate is high, the supply is sufficient, and the inventory is at a high level. The market trading volume has increased, mainly in basis trading [7] - As of August 22, the actual soybean crush of oil mills was 2.27 million tons, the operating rate was 63.81%, the soybean inventory was 6.8253 million tons, an increase of 0.31% from last week and a decrease of 5.46% year - on - year. The soybean meal inventory was 1.0533 million tons, an increase of 3.8% from last week and a decrease of 29.71% year - on - year [7] - The domestic rapeseed meal demand has weakened, the oil mill operating rate has decreased, the rapeseed supply is relatively low, and the supply pressure still exists. As of August 22, the rapeseed crush of coastal oil mills was 48,000 tons, the operating rate was 12.79%, the rapeseed inventory was 153,000 tons, an increase from last week, and the rapeseed meal inventory was 21,000 tons, a decrease from last week [7] 3.3 Macroeconomic Analysis - The Sino - US negotiation in London has ended without clear information. The market is still worried about supply uncertainty, but macro - level disturbances are decreasing as the market stabilizes. In the short term, the price of Chinese soybeans is not likely to drop significantly due to high demand for US soybeans [8] 3.4 Trading Strategies - Unilateral: It is recommended to buy on dips for the soybean meal 05 contract [9] - Arbitrage: Expand the MRM05 spread [9] - Options: Buy call options (for reference only) [9] 3.5 Soybean Pressing Profit - The report provides the soybean pressing profit data for Brazilian soybeans of different shipment periods, including CNF, CBOT contracts, exchange rates, soybean meal prices, soybean oil prices, and changes in pressing profits [9]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The overall price of live pigs in the spot market showed a volatile trend today, with the average price rising from 13.53 yuan/kg yesterday to 13.63 yuan/kg today. The futures market also showed a volatile trend. Although the short - term supply pressure has improved, it still exists due to the high inventory level. However, considering the decline in the inventory of ordinary farmers, the overall supply change is relatively limited, and the deep - decline space of prices is also limited. The short - term stabilization of the futures market may be restricted, and the far - month contracts are expected to move in a low - level volatile manner [3][6]. 3. Summary by Relevant Catalogs 3.1 Spot Price - The spot prices of live pigs in different regions showed different trends. For example, the price in Sichuan increased by 0.10 yuan/kg to 13.62 yuan/kg, while the price in Guangdong decreased by 0.16 yuan/kg to 15.23 yuan/kg. The overall average price increased by 0.1 yuan/kg to 13.63 yuan/kg [3]. 3.2 Futures Price - The futures prices of different contracts also showed a volatile trend. For example, the price of LH01 increased by 95 yuan to 14240 yuan, and the price of LH11 increased by 70 yuan to 13910 yuan [3]. 3.3 Sow/Piglet Price - The prices of piglets and sows remained unchanged this week compared with last week, at 363 yuan and 1612 yuan respectively [3]. 3.4 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising increased by 5.10 yuan to 33.95 yuan/head, and the profit of purchasing piglets increased by 5.25 yuan to - 151.80 yuan/head [3]. 3.5 Slaughter End - The slaughter volume decreased by 1191 heads to 140803 heads [3]. 3.6 Size Pig Price Difference - The price difference between large and standard pigs increased by 0.02 yuan to 0.32 yuan, and other price differences remained unchanged [3]. 3.7 Market Supply and Demand - The supply of scale enterprises increased, while the supply of ordinary farmers decreased. The entry of secondary fattening increased slightly, but the overall number was still limited. The short - term supply pressure improved, but still existed due to the high inventory level. The decline space of prices was limited due to the relatively low absolute price [3][6]. 3.8 Trading Strategy - Unilateral: Buy on dips for far - month contracts. - Arbitrage: LH91 reverse arbitrage. - Options: Sell far - month put options [7].