1. Report Industry Investment Rating - No relevant information provided. 2. Core Views of the Report - The USDA August supply - demand report shows adjustments in 2025/26 soybean data for the US, Brazil, Argentina, and globally, with changes in areas, yields, production, exports, and inventories [1]. - Brazilian soybean and soybean meal export volume forecasts for August have increased, and Malaysian palm oil exports from August 1 - 10 have significantly increased compared to the same period last month [1]. - Kedia Advisory predicts a 3% growth in Indonesia's 2025/26 palm oil production, but the 2024/25 export volume may decline [1]. - China's Ministry of Commerce has made a preliminary anti - dumping ruling on Canadian imported rapeseed, and import operators need to pay a 75.8% margin starting from August 14, 2025 [1]. 3. Summaries Based on Related Catalogs 3.1 2025/26 US Soybean Information - The sown area is estimated at 80.9 million acres (July estimate: 83.4 million acres), the harvested area at 80.1 million acres (July estimate: 82.5 million acres) [1]. - The yield per acre is estimated at 53.6 bushels (July estimate: 52.5 bushels), and the production at 4.292 billion bushels (July estimate: 4.335 billion bushels) [1]. - Exports are estimated at 1.705 billion bushels (July estimate: 1.745 billion bushels), and the ending stocks at 290 million bushels (July estimate: 310 million bushels) [1]. 3.2 2025/26 Global Soybean Information - Brazil's production is estimated at 175 million tons, and exports at 112 million tons, unchanged from July estimates [1]. - Argentina's production is estimated at 48.5 million tons (unchanged from July), and exports at 5.8 million tons (July estimate: 5 million tons) [1]. - China's imports are estimated at 112 million tons, unchanged from July [1]. - Global production is estimated at 426.39 million tons (July estimate: 427.68 million tons), and ending stocks at 124.9 million tons (July estimate: 126.07 million tons) [1]. 3.3 August Export Forecasts for Brazil - The soybean export volume is expected to reach 8.8 million tons (previous week's estimate: 8.15 million tons), and the soybean meal export volume is expected to reach 2.27 million tons (previous week's estimate: 1.74 million tons) [1]. 3.4 Malaysian Palm Oil Export Data - From August 1 - 10, 2025, the export volume of palm oil products was 339,143 tons, a 65.25% increase compared to the same period last month (205,225 tons) [1]. 3.5 Indonesia's Palm Oil Situation - Affected by reduced demand from major importing countries and the B40 biodiesel blending policy, the 2024/25 export volume may drop to 22.8 million tons [1]. - Kedia Advisory predicts that the 2025/26 production will increase by 3% to 47 million tons due to favorable weather and sufficient fertilizer use [1]. 3.6 Anti - Dumping Ruling on Canadian Rapeseed - China's Ministry of Commerce has initially determined that Canadian imported rapeseed is being dumped, causing material damage to the domestic rapeseed industry [1]. - Starting from August 14, 2025, import operators need to pay a 75.8% margin to Chinese customs [1]. 3.7 Other Information - There are data on oil imports' profit, spot prices, protein meal basis, oil basis, and oil - oilseed futures price spreads, but specific numerical summaries are not provided here due to the large amount of data [1].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Related Catalogs Price Data - Prices of scrap steel in different regions (East China, Central, South China, Northeast, Southwest) from August 6 - 12, 2025 are listed, with环比 increases of 7, 5, 6, 10, and 11 respectively [2] - Historical price trends of Shagang Heavy Three (tax - included) and Zhenjiang Hongtai Shearing Material (tax - excluded) from 2022 - 2025 are shown [2][3][5] Consumption and Inventory Data - Long - process daily consumption, short - process daily consumption, 147 steel mills' scrap steel arrival, steel mills' scrap steel inventory, Zhangjiagang scrap steel arrival, and scrap steel social inventory from 2022 - 2025 are presented [6][8][9][10] Profit and Spread Data - East China screw - scrap price difference and Jiangsu electric furnace rebar profit from 2022 - 2025 are provided [11]

Group 1: Report Overview - The report is a pulp morning report released on August 13, 2025, by the energy and chemical team of the research center [2] Group 2: SP Main Contract Information - The closing price of the SP main contract on August 12, 2025, was 5264.00 [3] - The closing prices on previous days were 5246.00 (August 11), 5162.00 (August 8), 5186.00 (August 7), and 5170.00 (August 6) [3] - The corresponding US dollar - converted prices were 639.19, 637.80, 627.38, 630.76, and 627.72 respectively [3] - The daily price changes were 0.34312% (August 12), 1.62728% (August 11), - 0.46278% (August 8), 0.30948% (August 7), and 0.19380% (August 6) [3] - The basis of Shandong Yinxing was 586 (August 12), 604 (August 11), 673 (August 8), 624 (August 7), and 640 (August 6) [3] - The basis of Jiangsu, Zhejiang, and Shanghai Yinxing was 636 (August 12), 654 (August 11), 738 (August 8), 714 (August 7), and 730 (August 6) [3] Group 3: Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp: the CFR price of Golden Lion was 780 US dollars, the RMB price in Shandong was 6450, and the import profit was 42.73; the CFR price of Lion was 730 US dollars, the RMB price in Shandong was 5600, and the import profit was - 401.03 [4] - For Chilean pulp, the CFR price of Silver Star with a 90 - day letter of credit was 720 US dollars, the RMB price in Shandong was 5850, and the import profit was - 69.78 [4] Group 4: Pulp and Paper Price and Margin Information - From August 6 to August 12, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the average prices in Shandong also remained unchanged [4] - The indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged from August 7 to August 12, 2025 [4] - The estimated profit margins of double - offset paper decreased from 6.4302% on August 7 to 5.3503% on August 12; double - copper paper decreased from 24.2360% to 22.6786%; white card paper remained at - 12.0732%; and living paper decreased from 8.3301% to 7.4897% [4] Group 5: Pulp Price Difference Information - The price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp from August 6 to August 12, 2025, showed some changes. For example, the softwood - hardwood price difference was 1685.00 on August 12 [4]

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core View of the Report The current main contradiction in the EC market lies in the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the fluctuation of domestic macro - sentiment. Fundamentally, in the second week of August (week33), the cargo collection situations of different alliances varied, with MSK performing well, OA being average, and PA being poor. In week34, cargo collection significantly weakened. This week, EMC cancelled its independent operation ship in week35, and OA added a sailing suspension in week39, resulting in a slight decrease in shipping capacity but still remaining at a high level. In August, September (tentatively), and October (tentatively) 2025, the average weekly shipping capacities are 327,000, 321,000, and 319,000 TEU respectively, and after considering all TBN as sailing suspensions, they are 327,000, 300,000, and 287,000 TEU. From the perspective of the futures market, the current contract for October has a large discount to the spot price. The decline of shipping companies in the past two weeks basically met market expectations and did not drive the futures price further down. The December contract has the attribute of a peak - season contract, and continuous position - shifting and contract - rolling support it. However, the overall driving force is downward, and there is still some room for valuation adjustment. It is recommended to continue holding short positions for the October contract and maintain the logic of shorting on rallies [2]. 3. Summary by Related Catalogs Futures Contract Information - **Contract Prices and Changes**: The closing prices, price changes (%), basis, trading volumes, open interests, and open interest changes of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 contracts are provided. For example, the closing price of EC2508 is 2082.0 with a 0.10% increase, and its basis is 153.5 [2]. - **Month - to - Month Spreads**: The month - to - month spreads of EC2508 - 2510, EC2510 - 2512, EC2512 - 2602 are presented, along with their changes compared to the previous day and the previous week. For instance, the spread of EC2508 - 2510 is 664.4, with a day - on - day decrease of 6.8 and a week - on - week increase of 13.2 [2]. Spot Index Information - **Spot Indexes and Changes**: The SCHIE, SCFI, CCFI, and NCFI spot indexes are updated at different frequencies. The current values, previous values, and percentage changes are provided. For example, the SCHIE index on August 11, 2025, is 2235.48, with a 2.71% decrease from the previous period [2]. Recent European Line Quotation Information - **Week34 Quotations**: In week34, shipping companies' prices decreased by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). PA Alliance's price was 2700 US dollars, MSK's was 2600 US dollars, and OA Alliance's was 2900 - 3000 US dollars [3]. - **Week35 Quotations**: MSK opened bookings at 2200 US dollars in week35. On Tuesday, HPL reduced its price by 400 to 2435 US dollars [3]. Related News On August 12, the Israeli military stated that the operation in Gaza had entered a "new stage." The Chief of the General Staff of the Israel Defense Forces, Eyal Zamir, said on the 11th that the operation in the Gaza Strip had entered a new phase, and the Israeli military would formulate the best plan to achieve its goals and protect the lives of the hostages [4].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [3][4] - This week, Singapore's on - land inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, UAE's shipments rebounded significantly month - on - month, and net exports increased significantly. [4] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. It is expected to return in both directions later. [4] - This week, the weakening of LU was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Pay attention to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [4] 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $411.10 to $394.34, a decrease of $6.98; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $464.89 to $451.49, a decrease of $3.11. [1] Singapore Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Singapore 380cst M1 decreased from $413.20 to $395.15, a decrease of $2.51; the price of Singapore VLSFO M1 decreased from $494.45 to $478.30, a decrease of $3.32. [1][6] Singapore Fuel Oil Spot Data - From August 6th to 12th, 2025, the FOB price of 380cst increased from $406.83 to $396.64, an increase of $4.91; the FOB price of VLSFO increased from $495.11 to $483.55, an increase of $1.88. [2] Domestic FU Data - From August 6th to 12th, 2025, the price of FU 01 increased from 2859 to 2800, an increase of 19; the price of FU 05 increased from 2818 to 2770, an increase of 23. [2] Domestic LU Data - From August 6th to 12th, 2025, the price of LU 01 increased from 3496 to 3457, an increase of 39; the price of LU 05 increased from 3437 to 3417, an increase of 25. [3]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on August 13, 2025, which helps investors understand the current price relationships and potential arbitrage opportunities in the non - ferrous metals market [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On August 13, 2025, the domestic spot price was 79,160, the LME price was 9,681, and the spot import equilibrium ratio was 8.17 with a profit of 84.82. The March price had a ratio of 8.09 [1]. - **Zinc**: The domestic spot price was 22,510, the LME price was 2,823, and the spot import equilibrium ratio was 8.66 with a profit of - 1927.11. The March price ratio was 5.99 [1]. - **Aluminum**: The domestic spot price was 20,640, the LME price was 2,600, and the spot import equilibrium ratio was 8.49 with a profit of - 1445.13. The March price ratio was 7.94 [1]. - **Nickel**: The domestic spot price was 121,600, the LME price was 15,079, and the spot import equilibrium ratio was 8.25 with a profit of - 2046.03 [1]. - **Lead**: The domestic spot price was 16,775, the LME price was 1,966, and the spot import equilibrium ratio was 8.86 with a profit of - 633.39. The March price ratio was 11.25 [3]. Cross - Period Arbitrage Tracking - **Copper**: On August 13, 2025, the spreads between the next month, March, April, and May and the spot month were 0, 60, 20, and 10 respectively, while the theoretical spreads were 497, 892, 1296, and 1700 [4]. - **Zinc**: The spreads were 35, 55, 55, and 35 respectively, and the theoretical spreads were 216, 338, 460, and 582 [4]. - **Aluminum**: The spreads were 15, - 15, - 60, and - 80 respectively, and the theoretical spreads were 215, 330, 446, and 561 [4]. - **Lead**: The spreads were 80, 90, 105, and 135 respectively, and the theoretical spreads were 209, 314, 420, and 525 [4]. - **Nickel**: The spreads were 540, 670, 840, and 1120 respectively [4]. - **Tin**: The 5 - 1 spread was 1330, and the theoretical spread was 5601 [4]. Cross - Variety Arbitrage Tracking On August 13, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous) were 3.49, 3.82, 4.67, 0.91, 1.22, and 0.75 respectively, and in London (three - continuous) were 3.46, 3.76, 4.88, 0.92, 1.30, and 0.71 respectively [5].

中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 690.0 5.0 22.0 59.0 -160.0 25省终端可用天数 20.3 -0.1 0.3 -0.6 2.7 秦皇岛5000 627.0 4.0 22.0 60.0 -123.0 25省终端供煤 621.7 -3.9 13.1 -18.4 -1.2 广州港5500 760.0 0.0 10.0 40.0 -155.0 北方港库存 2376.0 -17.0 -115.0 -303.0 -106.1 鄂尔多斯5500 475.0 5.0 20.0 60.0 -155.0 北方锚地船舶 75.0 0.0 21.0 -19.0 13.0 大同5500 555.0 5.0 25.0 75.0 -135.0 北方港调入量 144.8 -11.6 15.2 12.0 -4.8 榆林6000 602.0 0.0 10.0 35.0 -210.0 北方港吞吐量 138.8 -17.4 6.3 -23.2 2.8 ...

Report Industry Investment Rating - Not provided Core Viewpoints - For corn, in the short term, with continuous reserve auctions and upcoming new - season corn, the market is in a state of slight decline but with limited downside space. In the long - term, potential import increases and new - season supply increments may impact prices [3]. - For starch, it is expected to continue its weak and volatile trend in the short term and remains bearish in the long term due to high inventory and expected lower raw material costs [3]. - For sugar, the international market has potential for a rebound, while the domestic market faces pressure from upcoming large - scale imports [6]. - For cotton, it has entered a volatile phase, and its downside space is limited if there are no major macro - risks, with focus on demand changes [7]. - For eggs, prices may rise again with upcoming festival demands, but high inventory may limit the upside [7]. - For apples, the new - season production is expected to be similar to last year, and the current consumption is in a slow season [10]. - For pigs, the short - term spot market is weakly volatile, with mid - term supply pressure and long - term policy expectations [10]. Summary by Commodity Corn and Starch - **Price Data**: From 2025/08/06 - 2025/08/12, corn prices in some regions showed minor changes, with a 6 - yuan decrease in the price in潍坊. Starch prices remained stable in some regions, and the base difference decreased by 3 [2]. - **Market Analysis**: In the short term, reserve auctions and upcoming new - season corn led to a slight weakening of corn prices, but the downside is limited. Starch prices are affected by raw materials, with high inventory and expected to be weakly volatile. In the long term, potential import increases and lower new - season costs may impact prices [3]. Sugar - **Price Data**: From 2025/08/06 - 2025/08/12, sugar prices in some regions decreased, and the base difference decreased by 35. The import profit from Thailand decreased by 125, and the number of warehouse receipts decreased by 387 [6]. - **Market Analysis**: The international sugar market may rebound due to uncertain Brazilian production. The domestic market faces pressure from upcoming imports with a price range of 5750 - 5900 yuan/ton [6]. Cotton and Cotton Yarn - **Price Data**: From 2025/08/06 - 2025/08/12, the price of 3128 cotton increased by 50, and the number of warehouse receipts + forecasts decreased by 85. The import profit of Vietnamese yarn increased by 6, and the 32S spinning profit decreased by 52 [7]. - **Market Analysis**: Cotton has entered a volatile phase, and its downside space is limited if there are no major macro - risks. Attention should be paid to demand changes [7]. Eggs - **Price Data**: From 2025/08/06 - 2025/08/12, egg prices in some regions remained stable, and the base difference decreased by 2 [7]. - **Market Analysis**: Egg prices rebounded due to supply - demand resonance in July, then回调. With upcoming festival demands, prices may rise again, but high inventory may limit the upside [7]. Apples - **Price Data**: From 2025/08/06 - 2025/08/12, the price of Shandong 80 first - and second - grade apples remained at 7800 yuan [9]. - **Market Analysis**: The new - season apple production is expected to be similar to last year, and the current consumption is in a slow season with low inventory and slow de - stocking [10]. Pigs - **Price Data**: From 2025/08/06 - 2025/08/12, pig prices in some regions showed minor changes, and the base difference decreased by 90 [10]. - **Market Analysis**: The short - term spot market is weakly volatile, with mid - term supply pressure and long - term policy expectations [10].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The basis is strong, the futures valuation is low, and there is no fundamental driving force. The overall market is expected to fluctuate mainly [1] Group 3: Summary Based on Relevant Catalogs 1. Price and Data Changes - From August 6 - 12, 2025, the prices of South China LPG, East China LPG, and Shandong LPG showed a downward trend, with the Shandong LPG price dropping by 60 yuan on August 12 compared to the previous day; the propane CFR South China price increased by 5 dollars, and the propane CIF Japan price decreased by 4 dollars. The CP forecast contract price increased by 1 dollar, and the paper import profit decreased by 35 yuan, while the main basis decreased by 27 yuan [1] - On Tuesday, the cheapest deliverable was South China civil LPG at 4360 yuan. FEI and CP increased, PP fluctuated, the production profit of PP made from FEI and CP deteriorated, but the CP production cost was lower than that of FEI. The PG futures strengthened, and the monthly spread decreased, with the latest 09 - 10 spread at - 481 (-7). The US - to - Far - East arbitrage window was closed [1] - The spot price center moved down, with the cheapest deliverable being South China civil LPG at 4380 yuan. The PG futures weakened. The basis strengthened to 606 (+161). The inter - month reverse spread continued to strengthen, with the 9 - 10 monthly spread at 478 (-39). The warrant registration volume was 10179 lots (+420), with Qingdao Yunda decreasing by 35 lots and Wuzhong Dahua increasing by 455 lots [1] - Internationally, the market fundamentals were loose, FEI and CP fluctuated, and MB weakened. The oil - gas price ratio in North Asia and the Middle East decreased, while that in North America increased slightly. The internal - external price difference decreased significantly, with PG - CP at 9.3 (-21) and PG - FEI at - 2.5 (-16). The US - Asia arbitrage window opened. The freight from the US Gulf to Japan was 148 (+16), and that from the Middle East to the Far East was 85 (+11) [1] 2. Weekly Outlook - The waiting time for VLGCs at the Panama Canal increased, possibly due to the peak of container ship arrivals from the previous China - US tariff rush, but it is expected to decrease as the container ship shipments have passed the peak. The FEI - MOPJ spread narrowed significantly to - 38 (+15) [1] - The naphtha crack spread strengthened. The PDH spot profit weakened, while the paper profit continued to improve. The production gross profit of alkylated oil decreased. The MTBE gas - separation etherification gross profit increased slightly, and the isomerization etherification gross profit decreased slightly [1] - Fundamentally, the unloading volume increased, port inventories rose, factory inventories decreased by 0.51%, and the commodity volume increased by 0.57%. The PDH operating rate was 73.84% (+1.21 pct), with Tianjin Bohua resuming operation and Jiangsu Ruiheng restarting, but Binhuausing a fault to stop production for an expected 20 days. Wanda Tianhong is expected to restart next week [1]

1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 4000.00 4500.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 柳林主焦 2021 2022 2023 2024 2025 500.00 1000.00 1500.00 2000.00 2500.00 3000.00 3500.00 200.00 300.00 400.00 500.00 600.00 700.00 800.00 600.00 1100.00 1600.00 2100.00 2600.00 3100.00 3600.00 4100.00 4600.00 蒙煤仓单 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 蒙古口岸原煤库提价 A10.5，V28，S<0.6%，G83 2021 2022 2023 2024 2025 100.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 普氏峰景 2021 2022 2023 2024 2025 900.00 1400.00 1900 ...