Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints No clear core viewpoints presented in the given content. 3) Summary by Related Catalogs Price and Profit - The report shows the price changes of various steel products from August 13 to August 19, 2025. For example, Beijing's rebar price decreased from 3310 to 3240, a change of -20; Shanghai's rebar fell from 3340 to 3270, a change of -30 [1]. Basis and Spread No relevant information provided. Production and Inventory No relevant information provided.

Group 1: SP Main Contract Information - The closing price of the SP main contract on August 19, 2025, was 5178.00, showing a -1.40899% change from the previous day [3] - The corresponding converted US dollar price was 629.40 [3] - The basis for Shandong Yinxing was 672, and for Jiangsu, Zhejiang, and Shanghai Yinxing was 707 [3] Group 2: Import Profit and Price Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US dollar price was 780, the Shandong region RMB price was 6350, and the import profit was -48.45; for Canadian Lion (CFR), the port US dollar price was 730, the Shandong region RMB price was 5580, and the import profit was -392.78; for Chilean Yinxing (CFR with 90 - day letter of credit), the port US dollar price was 720, the Shandong region RMB price was 5850, and the import profit was -61.65 [4] Group 3: Pulp and Paper Price Averages - From August 13 - 19, 2025, the national and Shandong region average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper also remained unchanged during this period [4] Group 4: Profit Margin Information - The estimated profit margins of double - offset paper, double - copper paper, white card paper, and living paper showed little change from August 14 - 19, 2025, except for the living paper which had a 0.1528 change [4] Group 5: Price Spread Information - The price spreads between softwood and hardwood, softwood and natural, softwood and chemimechanical, and softwood and waste paper showed minor changes from August 13 - 19, 2025 [4]

Group 1: Price Performance - The latest price of London Gold is 3334.45 with a change of 2.05 [1] - The latest price of London Silver is 38.07 with a change of -0.02 [1] - The latest price of London Platinum is 1337.00 with a change of 2.00 [1] - The latest price of London Palladium is 1124.00 with a change of -2.00 [1] - The latest price of WTI Crude is 62.35 with a change of -1.07 [1] - The latest price of LME Copper is 9749.50 with a change of -7.50 [1] - The latest price of the US Dollar Index is 98.28 with a change of 0.13 [1] - The latest price of EUR/USD is 1.16 with a change of -0.00 [1] - The latest price of GBP/USD is 1.35 with a change of -0.00 [1] - The latest price of USD/JPY is 147.68 with a change of -0.18 [1] Group 2: Trading Data - The latest COMEX silver inventory is 15805.28 with a change of 18.67 [1] - The latest SHFE silver inventory is 1149.45 with a change of 11.02 [1] - The latest gold ETF持仓 is 962.21 with a change of -3.16 [1] - The latest silver ETF持仓 is 15339.66 with a change of -16.95 [1] - The latest SGE silver inventory is not provided, and the SGE gold and silver deferred fee payment directions are 1 and 1 respectively, with changes of 0.00 [1]

Report Industry Investment Rating - Not provided in the given content Core Views - This week, the macro - sentiment continued to show an increase in risk appetite. Although domestic economic and financial data were poor, the stock market sentiment remained high. In the copper market, downstream orders had support around 7.8, and there were some disturbances in the scrap copper and recycled copper markets. An 8 - month supply - full pattern was expected to lead to a small inventory build - up, but the market might focus more on the tight - balance pattern after the off - season [1]. - For aluminum, supply increased slightly, and the demand in August was in the seasonal off - season, with a possible slight improvement in the middle and late stages. An inventory build - up was expected in August. Attention should be paid to demand and low - inventory situations [2]. - Zinc prices fluctuated widely this week. Supply - side issues included difficulties in the increase of domestic TC and an increase in imported TC. Demand was seasonally weak but had some resilience. Overseas, there might be a phased supply shortage. Short - term strategy was to wait and see, long - term was a short - position configuration, and there were opportunities for positive spreads in different aspects [3]. - Nickel's supply remained high, demand was weak, and inventories were stable. Opportunities for narrowing the nickel - stainless steel price ratio could be continuously monitored [6]. - Stainless steel's supply decreased due to some passive production cuts, demand was mainly for rigid needs with some increased restocking, costs were stable, and inventories decreased slightly. Attention should be paid to future policies [9]. - Lead prices fluctuated this week. Supply - side issues included weak scrap production and high recycled lead costs. Demand was not strong enough to cover the supply increase, and lead prices were expected to remain low and volatile next week [10]. - Tin prices fluctuated widely. Supply - side saw domestic smelter production cuts and uncertain overseas复产. Demand was weak in some areas and there was a risk of squeezing stocks in the LME. Short - term strategy was to short at high prices, and long - term was to hold at low prices near the cost line [12]. - Industrial silicon's production in Xinjiang was less than expected, while that in Sichuan and Yunnan increased slightly. In the short term, there was a small inventory reduction, and in the long term, it was expected to oscillate at the cycle bottom [13]. - Carbonate lithium prices were strong this week due to factors such as inventory reduction and production disturbances. The core contradiction was the long - term over - capacity and short - term resource - side disturbances. In the short term, prices had a large upward elasticity and strong downward support [15]. Summaries by Metals Copper - The spot price, premium, inventory, and import profit data of copper from August 13th to 19th were presented, showing changes in these indicators. The macro - sentiment and fundamental conditions of the copper market were analyzed, and the inventory situation was predicted [1]. Aluminum - Data on aluminum prices, inventory, and import profit from August 15th to 19th were provided. Supply, demand, and inventory trends in August were analyzed [2]. Zinc - Zinc price data from August 13th to 19th were given, including spot price, inventory, and import profit. Supply - side and demand - side situations were analyzed, and strategies for different time horizons were proposed [3]. Nickel - Nickel price data from August 13th to 19th were shown, including spot price, premium, and inventory. Supply, demand, and inventory conditions were analyzed, and investment opportunities were mentioned [6]. Stainless Steel - Price data of different types of stainless steel from August 13th to 19th were provided. Supply, demand, cost, and inventory conditions were analyzed, and policy attention was emphasized [9]. Lead - Lead price data from August 13th to 19th were presented, including spot price, inventory, and import profit. Supply - side and demand - side situations were analyzed, and price trends were predicted [10]. Tin - Tin price data from August 13th to 19th were given, including import and export profits, inventory, and position. Supply - side and demand - side situations were analyzed, and investment strategies were proposed [12]. Industrial Silicon - Industrial silicon price data from August 13th to 19th were provided, including basis and warehouse receipts. Production and inventory situations were analyzed, and short - term and long - term trends were predicted [13]. Carbonate Lithium - Carbonate lithium price data from August 13th to 19th were shown, including spot price, basis, and warehouse receipts. Market factors affecting prices were analyzed, and price trends were predicted [13][15]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, oil prices fluctuated. The inflection point of the fundamentals has emerged, and the market is focusing on the cease - fire negotiation of the Russia - Ukraine conflict and the US tariff increase measures on India. After the "Trump - Putin meeting", the risk rating of sanctions policy has decreased. The short - term absolute price of crude oil is expected to remain volatile, and it is necessary to pay attention to Russian crude oil supply. In the second half of the year, crude oil is expected to weaken under the pattern of supply - demand surplus [5]. 3. Summary by Relevant Catalogs Daily News - Analysts believe that the expectation of Russia - Ukraine peace weakens the risk of sanctions, and the current oil price trend is consistent with the seasonal trend. The US effort to promote a peace agreement between Russia and Ukraine reduces the possibility of additional sanctions on Russia or relevant secondary tariffs on its oil buyers. Seasonally, crude oil prices usually decline before mid - October [3]. - The US Treasury Secretary plans to raise tariffs on India for purchasing Russian oil [3]. - A refinery in Russia was attacked by drones and suspended oil processing. The Volgograd refinery operated by Russia's Lukoil was attacked by drones on August 13 - 14 and has suspended oil processing [3]. - India's imports of Russian crude oil decreased in July. Partly because Reliance Industries, the world's largest refinery operator, reduced its purchases in July compared with the previous high. Indian state - owned refineries will seek other oil sources from the Middle East or the US in August and September to replace Russian oil [3]. - The US API crude oil inventory for the week ending August 15 was - 241.7 million barrels, with an expected - 158.7 million barrels and a previous value of 151.9 million barrels [3]. Regional Fundamentals - US EIA reports show that in the week of August 8, US crude oil exports increased by 259,000 barrels per day to 3.577 million barrels per day; domestic crude oil production increased by 43,000 barrels to 13.327 million barrels per day; commercial crude oil inventories excluding strategic reserves increased by 3.036 million barrels to 427 million barrels, an increase of 0.72%; the four - week average supply of US crude oil products was 21.159 million barrels per day, a 2.89% increase compared with the same period last year; the US Strategic Petroleum Reserve (SPR) inventory increased by 226,000 barrels to 403.2 million barrels, an increase of 0.06%; and the import of commercial crude oil excluding strategic reserves was 6.92 million barrels per day, an increase of 958,000 barrels per day compared with the previous week [4]. - From August 8 - 14, the operating rate of major refineries and Shandong local refineries in China increased slightly. The production of gasoline and diesel in Chinese refineries increased, while the inventory decreased. The comprehensive profit of major refineries declined, and the comprehensive profit of local refineries increased month - on - month [5]. Weekly View - This week, oil prices fluctuated. The inflection point of the fundamentals has emerged. After the "Trump - Putin meeting", the risk rating of sanctions policy has decreased. It is necessary to pay attention to whether India resumes the purchase of Russian oil in the spot market next week. Fundamentally, global oil inventories are accumulating, and the US commercial crude oil inventory has increased by 3.03 million barrels. The crude oil export volumes of Brazil and Guyana have reached record highs. The peak season of gasoline and jet fuel demand has passed. This year's CDU autumn maintenance time is later, and the planned maintenance volume is lower than in previous years, which supports the demand for crude oil feedstock. The short - term absolute price of crude oil is expected to remain volatile, and it is necessary to pay attention to Russian crude oil supply. In the second half of the year, crude oil is expected to weaken under the pattern of supply - demand surplus [5].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary of Spot Market - Various iron ore varieties such as Newman powder, PB powder, and Mac powder have different latest prices, daily and weekly changes, and import profits. For example, Newman powder has a latest price of 765, a daily change of -2, and a weekly change of -18, with an import profit of -25.78 [1] - Domestic iron ore (Tangshan iron concentrate powder) has a latest price of 977, a daily change of 0, and a weekly change of -6 [1] Group 4: Summary of Exchange Contracts - Exchange contracts like i2601, i2605, and i2509 have different latest prices, daily and weekly changes, and monthly spreads. For example, i2601 has a latest price of 771.0, a daily change of -1.0, and a weekly change of -30.0, with a monthly spread of 18.0 [1] - Contracts such as FE01, FE05, and FE09 also have corresponding price changes and spreads [1]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread weakened slightly to -$0.8 [4]. - The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9 [4]. - This week, Singapore's on - land inventory decreased, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, this week's arrivals oscillated, the UAE's shipments rebounded month - on - month, and net exports increased significantly [5]. - The on - land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with significant inventory contradictions [5]. - The east - west divergence of high - sulfur continued. In the heavy - quality pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - quality crude oil was the strongest. It is expected to return in both directions later [5]. - This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the supply of high - sulfur is expected to increase, and the supply - demand pattern will weaken [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil - From August 13th to 19th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by $3.30, Rotterdam 0.5% VLS FO swap M1 decreased by $2.86, Rotterdam HSFO - Brent M1 decreased by $0.31, Rotterdam 10ppm Gasoil swap M1 increased by $13.13, Rotterdam VLSFO - Gasoil M1 decreased by $15.99, LGO - Brent M1 increased by $2.45, and Rotterdam VLSFO - HSFO M1 increased by $0.44 [2]. Singapore Fuel Oil - **Swap Prices**: From August 13th to 19th, 2025, the price of Singapore 380cst M1 decreased by $4.28, Singapore 180cst M1 decreased by $2.45, Singapore VLSFO M1 decreased by $3.20, Singapore Gasoil M1 increased by $1.56, Singapore 380cst - Brent M1 decreased by $0.75, and Singapore VLSFO - Gasoil M1 decreased by $14.74 [2][10]. - **Spot Prices**: From August 13th to 19th, 2025, the FOB 380cst price decreased by $4.45, the FOB VLSFO price decreased by $1.56, the 380 basis decreased by $0.35, the high - sulfur internal - external spread decreased by $3.4, and the low - sulfur internal - external spread remained unchanged [3]. Domestic FU - From August 13th to 19th, 2025, FU 01 decreased by 26, FU 05 decreased by 22, FU 09 decreased by 27, FU 01 - 05 decreased by 4, FU 05 - 09 increased by 5, and FU 09 - 01 decreased by 1 [3]. Domestic LU - From August 13th to 19th, 2025, LU 01 decreased by 9, LU 05 decreased by 1, LU 09 decreased by 25, LU 01 - 05 decreased by 8, LU 05 - 09 increased by 24, and LU 09 - 01 decreased by 16 [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. The supply has increased while the demand is weak, causing the spot price center to shift downward. However, the PG futures market has rebounded due to the improvement in the international spot market and the relatively low valuation of the futures, which has improved market sentiment. [1] Group 3: Summary by Relevant Catalogs Price Data - From August 13 - 19, 2025, the prices of South China LPG, Shandong LPG, and MB propane spot showed an upward trend, while the prices of East China LPG and propane CFR South China fluctuated. The daily changes on August 19 were 40, -20, 40, 2, 0, 1, -2 respectively. The paper import profit increased by 26, and the main basis increased by 39. [1] Market Conditions - On Tuesday, the cheapest deliverable was East China civil LPG at 4390. FEI and CP declined, and the production profit of PP made from FEI and CP weakened slightly. The cost of production using CP was lower than that using FEI. The PG futures market fluctuated, and the 09 - 10 spread was -449 (+19). The US - Far East arbitrage window was closed. [1] - The spot prices moved downward due to increased supply and weak demand, but the PG futures rebounded because of the improvement in the international spot market and low valuation. The basis strengthened to 539 (+67), and the 9 - 10 spread was -471 (+9). The number of registered warrants increased by 2709 to 12888 lots. [1] International Market - The international market fluctuated, with freight rates remaining high and volatile. The waiting time for VLGCs at the Panama Canal decreased. The discounts of FEI and CP widened significantly. The PG - CP spread reached 8.9 (+12), and the PG - FEI spread reached 20.7 (+12). The FEI - MOPJ changed slightly, and the naphtha crack spread strengthened slightly. [1] Fundamental Data - The unloading volume decreased, chemical demand increased slightly, and port inventories decreased by 2.06%. Refinery product volumes decreased by 1.68% due to increased self - use in some refineries and the maintenance of Xintai's gas fractionation unit. However, due to weak combustion demand, refinery inventories increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct), and combustion demand was still weak but approaching the end. [1]

Group 1: Report General Information - Report title: Aromatics and Rubber Morning Report [1] - Report date: August 20, 2025 [1] - Report team: Research Center's Energy and Chemicals Team [1] Group 2: Styrene Price and Profit Data - On August 19, 2025, ethylene (CFR Northeast Asia) was at 825, pure benzene (CFR China) at 747, and styrene (CFR China) at 890. Styrene in Jiangsu was 7280, in South China 7440, and EPS (East China common material) was 8100. PS (East China transparent benzene) was 7700, and ABS (0215A) was 9600 [4]. - Day - on - day changes on August 19: ethylene and pure benzene (CFR) unchanged, styrene (CFR) unchanged, styrene in Jiangsu +10, in South China +10, EPS - 150, PS - 50, ABS unchanged [4]. - Asian spread of pure benzene - naphtha was 161, styrene domestic profit - 292, EPS domestic profit 115, PS domestic profit - 162, ABS domestic profit - 926, all with no day - on - day change except EPS profit - 150 and PS profit - 50 [4]. Group 3: PTA Price and Data - On August 19, 2025, crude oil was 65.8, naphtha 575, PX CFR Taiwan 835, PTA domestic spot 4690, POY 150D/4 6750. Naphtha cracking spread was 92.26, PX processing margin 260.0, PTA processing margin 128, polyester gross profit 97 [12]. - Day - on - day changes: crude oil - 0.8, naphtha +4, PX +2, PTA +20, POY - 20, naphtha cracking spread +9.69, PX processing margin - 2.0, PTA processing margin +11, polyester gross profit - 42 [12]. - PTA spot transaction: average daily transaction basis was 2509(-9). Yisheng Hainan's 2 million - ton plant was under maintenance [12]. Outlook - Near - term TA start - up increased, polyester load rose slightly, inventory continued to accumulate, basis was weak, and spot processing fee was still low. PX domestic start - up rose slightly, overseas had both maintenance and restart, start - up declined slightly, PXN strengthened, disproportionation and isomerization benefits remained stable, and the US - Asia aromatics spread rebounded slightly. In the future, additional maintenance of TA increased due to low processing fees. Filament sales were weak but there was no further reduction in production in the short term. Bottle - grade PTA inventory decreased continuously at low start - up. Overall, polyester start - up was expected to stabilize and have upward flexibility, supply - demand was expected to improve, and opportunities to widen processing fees on dips could be considered [12]. Group 4: MEG Price and Data - On August 19, 2025, Northeast Asia ethylene was 825, MEG outer - market price 523, MEG inner - market price 4458, MEG in East China 4498, MEG far - month price 4455, MEG coal - based profit 372, MEG inner - market cash flow (ethylene) - 622, MEG total load 67.0, coal - based MEG load 80.5, MEG port inventory 54.7, non - coal - based load 60 [12]. - Day - on - day changes: Northeast Asia ethylene unchanged, MEG outer - market price +2, MEG inner - market price +17, MEG in East China +20, MEG far - month price +16, MEG coal - based profit +17, MEG inner - market cash flow (ethylene) unchanged, other loads and inventory unchanged [12]. - MEG spot transaction: basis was around 09(+87). Xinjiang Tianying's 150,000 - ton plant restarted [12]. Outlook - Near - term domestic plant restarts were postponed, start - up was stable, there was some unexpected overseas maintenance. Port inventory was expected to accumulate as arrivals increased and shipments were stable. Downstream inventory levels increased, basis was stable, and oil - based benefits improved. In the future, EG supply had postponed restarts and overseas unexpected maintenance, port inventory was expected to remain low with little short - term accumulation pressure. The situation was good and benefits were not low. In the far - month, inventory accumulation was expected due to the return of maintenance and new plant commissioning, but valuation was greatly affected by the subsequent evolution of the cost side, and it was expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [12]. Group 5: Polyester Staple Fiber Price and Data - On August 19, 2025, 1.4D cotton - type was 6555, low - melting point staple fiber 7330, virgin hollow 7060, imitation large - denier fiber 5700, pure polyester yarn 12100, polyester - cotton yarn 16300, virgin staple fiber load 91, recycled cotton - type load 50, polyester yarn operation 63, staple fiber profit 53, pure polyester yarn profit - 155, cotton - polyester staple difference 8520, viscose - polyester staple difference 6345 [12]. - Day - on - day changes: 1.4D cotton - type +5, other prices unchanged, loads and operation unchanged, staple fiber profit unchanged, pure polyester yarn profit - 5, cotton - polyester staple difference - 10, viscose - polyester staple difference - 5 [12]. - Spot information: spot price was around 6500, market basis was around 10 - 100 [12]. Outlook - Near - term Ningbo Dafa's technical transformation plant resumed, start - up increased slightly to 91.1%, sales were stable, and inventory remained the same. On the demand side, polyester yarn start - up increased, raw material inventory rose, finished product inventory continued to decline, and benefits were maintained. In the future, as polyester yarn finished product inventory continued to decline, downstream start - up might continue to rise. Although staple fiber supply might also increase, the overall space was limited. Considering that the futures processing fee was still in a low range, opportunities to widen processing fees on dips could be considered [12]. Group 6: Natural Rubber & 20 - grade Rubber Price and Data - On August 19, 2025, US - dollar Thai standard spot was 1805, US - dollar Thai mixed spot 1805, RMB mixed rubber 14630, Shanghai whole milk 14680, Shanghai 3L 14850, Thai latex 54.7, Thai cup lump 49.8, Yunnan latex 14300, Hainan latex 15700, butadiene rubber 11800, RU main contract 15875, NR main contract 12690 [12]. - Day - on - day changes: US - dollar Thai standard +5, US - dollar Thai mixed +5, RMB mixed rubber +50, Shanghai whole milk +95, Shanghai 3L +70, Thai latex +1, other prices unchanged or with small changes [12]. - Mixed - RU main contract basis was - 1245, US - dollar Thai standard - NR main contract 274, RU09 - RU01 - 750, RU main contract - NR main contract 3185, latex - cup lump 4.9, whole milk - mixed 50, 3L - mixed 220, mixed - butadiene rubber 2830, Thai standard processing profit 15, mixed internal - external price difference - 140, SHFE RU warehouse receipts 179570 [12]. - Day - on - day changes: mixed - RU main contract - 5, US - dollar Thai standard - NR main contract - 9, other spreads and profits with small changes or unchanged [12]. Outlook - Main contradictions: national visible inventory was stable at a low absolute level but did not decline seasonally; Thai cup lump price rebounded due to rain affecting tapping. Strategy: wait - and - see [12]

Report Summary 1. Industry Investment Rating - Not provided in the given content 2. Core View - The report presents overnight market information on the supply and demand of various oilseeds and oils, including soybean exports, Australian rapeseed exports, EU imports, and the expected increase in Brazil's soybean planting area in the 2025/26 season [1]. 3. Summary by Relevant Catalogs Overnight Market Information - US private exporters reported selling 228,606 tons of soybeans to Mexico for the 2025/2026 market year [1]. - Australia's rapeseed exports in June 2025 dropped to 102,064 tons from 659,182 tons in May due to low crop inventories. The 2025/26 production is estimated at 5.97 million tons, down from 6.24 million tons in 2024/25 [1]. - From July to August 17, 2025/26, EU palm oil imports were 290,000 tons (vs. 500,000 tons last year), rapeseed imports 330,000 tons (vs. 570,000 tons), soybean imports 1.74 million tons (vs. 1.86 million tons), and soybean meal imports 2.44 million tons (vs. 2.61 million tons) [1]. - Brazilian farmers will start planting 2025/26 soybeans in about a month. The planting area is expected to increase by 2%, with a predicted yield of 173 million tons. Different institutions have varying forecasts for the area increase, ranging from 1.2% to 2.9% [1]. Spot Prices - Spot prices of various oilseeds and oils in different regions from August 13 - 19, 2025 are provided, including prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu [2]. Oil and Oilseed Price Spreads - The report mentions the topic of oil and oilseed price spreads, but no specific content is provided [3]