Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment [1] - In terms of fundamentals, in the second week of August (week33), MSK performed well, OA was average, and PA was poor; cargo volume in week34 significantly declined. EMC cancelled its independent ship in week35 this week, and OA added a sailing suspension in week39. The capacity reduction situation was not ideal, with a slight decline but still at a high level. The average weekly capacities in August, September (tentative), and October (tentative) 2025 are 327,000, 321,000, and 319,000 TEU respectively, and after including all TRN as sailing suspensions, they are 327,000, 300,000, and 287,000 TEU [1] - From the perspective of the futures market, the current October contract 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 is a peak - season contract with certain flexibility, and continuous position - shifting and contract - changing support it. However, the overall future trend is downward, and there is still some room for valuation adjustment. It is recommended to continue holding short positions in the October contract and maintain the logic of shorting on rallies [1] Group 3: Summary by Related Catalogs Futures Contract Information - For EC2508, the closing price is 2083.0, with a change of 0.05%, a basis of 152.5, a trading volume of 329, an open interest of 2629, and a change in open interest of - 227 [1] - For EC2510, the closing price is 1333.1, with a change of - 5.96%, a basis of 902.4, a trading volume of 66391, an open interest of 60740, and a change in open interest of 4786 [1] - For EC2512, the closing price is 1700.1, with a change of - 2.41%, a basis of 535.4, a trading volume of 8332, an open interest of 11515, and a change in open interest of 103 [1] - For EC2602, the closing price is 1488.0, with a change of - 2.62%, a basis of 747.5, a trading volume of 1870, an open interest of 4459, and a change in open interest of 270 [1] - For EC2604, the closing price is 1328.6, with a change of - 1.59%, a basis of 906.9, a trading volume of 1257, an open interest of 5551, and a change in open interest of 125 [1] - For EC2606, the closing price is 1473.0, with a change of - 0.61%, a basis of 762.5, a trading volume of 126, an open interest of 828, and a change in open interest of 61 [1] Month - to - Month Spread Information - The spread of EC2508 - 2510 is 749.9, with a day - on - day change of 85.5 and a week - on - week change of 97.6 [1] - The spread of EC2510 - 2512 is - 367.0, with a day - on - day change of - 42.6 and a week - on - week change of - 24.2 [1] - The spread of EC2512 - 2602 is 212.1, with a day - on - day change of - 1.9 and a week - on - week change of - 4.5 [1] Shipping Index Information - The SCFI (European Line) index on August 11, 2025, is 2235.48 points, with a month - on - month change of - 2.71% and a year - on - year change of - 4.39% [1] - The European Line freight rate on August 8, 2025, is 1961 US dollars/TEU, with a month - on - month change of - 1.87% [1] - The CCFI index on August 8, 2025, is 1799.05 points, with a month - on - month change of 0.53% and a year - on - year change of 0.13% [1] - The NCFI index on August 8, 2025, is 1257.71 points, with a month - on - month change of - 8.37% and a year - on - year change of - 3.3% [1] Recent European Line Quotation Information - In week34, shipping companies' prices decreased by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). Among them, the PA Alliance is 2700 US dollars, MSK is 2600 US dollars, and the OA Alliance is 2900 - 3000 US dollars [2] - In week35, the average shipping company's quotation is 2700 US dollars (1850 points). On Monday, MSK opened bookings at 2200 US dollars; HPL reduced the price by 400 to 2435 US dollars; on Wednesday, EMC reduced the price by 200 to 2934 US dollars [2] Related News - On August 12, the Israeli military stated that its operation in Gaza had entered a "new stage" [3] - On August 13, China emphasized maintaining the safety of the Red Sea shipping route and promoting the political settlement of the Yemen issue [3]

Report Summary 1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoint The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the反复 domestic macro - sentiment. The overall driving force is downward, and the valuation still has room. It is recommended to continue holding short positions in the 10 contract and maintain the logic of shorting on rallies[2][18]. 3. Summary by Relevant Content Futures Contract Information - **Futures Contract Prices and Changes**: For EC2508, the closing price was 2083.0 with a 0.05% increase; EC2510 closed at 1333.1 with a - 5.96% decrease; EC2512 at 1700.1 with a - 2.41% decrease; EC2602 at 1488.0 with a - 2.62% decrease; EC2604 at 1328.6 with a - 1.59% decrease; EC2606 at 1473.0 with a - 0.61% decrease[2][18]. - **Futures Contract Volumes and Open Interest**: The trading volume of EC2510 was 66391, and its open interest was 60740 with an increase of 4786. Other contracts also had corresponding volume and open - interest data and changes[2][18]. - **Futures Contract Month - to - Month Spreads**: For example, the spread of EC2508 - 2510 was 749.9, with a daily increase of 85.5 and a weekly increase of 97.6. The spread of EC2510 - 2512 was - 367.0, with a daily decrease of 42.6 and a weekly decrease of 24.2[2][18]. Index Information - **SCFI Index**: As of August 11, 2025, the SCFI index was 2235.48 points, a - 2.71% decrease from the previous period and a - 4.39% decrease from two periods ago[2][18]. - **CCFI Index**: On August 8, 2025, the CCFI index was 1799.05 points, a 0.53% increase from the previous period[2][18]. - **NCFI Index**: On August 8, 2025, the NCFI index was 1257.71 points, an - 8.37% decrease from the previous period[2][18]. Fundamental Information - **Receiving Situation**: In week 33 of August, the receiving situation of each alliance was different, with MSK being good, OA being average, and PA being poor. In week 34, the receiving situation significantly weakened[2][18]. - **Shipping Capacity**: EMC cancelled its independent ship in week 35, and OA added a sail - off in week 39. The shipping capacity decreased slightly but remained high. The average weekly shipping capacity in August and September (tentatively) 2025 was 32.7, 32.1, and 28.7 million TEU respectively[2][18]. Recent European Line Quotation Information - **Week 34**: Each shipping company's prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). The PA alliance's price was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars[3][19]. - **Week 35**: The current average shipping company quotation is 2700 US dollars (1850 points)[3][19]. News - **Israeli Military**: On August 11, the Israeli military said that its operations in the Gaza Strip had entered a "new stage"[3][19]. - **Chinese Side**: On August 12, China emphasized the need to maintain the safety of the Red Sea shipping lanes and promote the political settlement of the Yemeni issue[3][19]. Message - related Information - MSK opened the cabin at 2200 US dollars. HPL reduced the price by 400 to 2435 US dollars. EMC reduced the price by 200 to 2934 US dollars[16][32].

波动率数据日报 永安期货期权总部 更新时间: 2025/8/14 、隐含波动率指数、历史波动率及其价差走势图 1、金融期权隐含波动率指数反映截止上一交易日的30日隐波走势,商品期权隐含波动 率指数通过主力月平值期权上下两档隐波加权所得,反映主力合约的隐波变化趋势。2 隐波指数与历史波动率的差值,差值越大反映隐波相对历史波动率越高,差值越小代 表隐波相对历史波动率越低。 70 -- 300股指HV -300股指IV IV-HV美 IV HV美 - 50ETF IV - 50ETF HV 20 - 1000股指 IV -- 1000股指 HV 500ETF HV -HV美 500ETF IV 白银 IV 日报 HV 2 #B IV-HV HA HV -豆粕 IV 空期 HV IV-HV美 -王米IV 玉米 HV IV-HV差 50 10 20 10 40 0 40 200 n. c 30 ol 40 80 TO 70 30 白糖 IV IV-HV美 日糖 HV -- 棉花 IV 棉花 HV IIV-HV套 20 45 80 un 50 10 35 40 D ·5 30 · 10 20 30 15 40 70 40 ...

有色早报 研究中心有色团队 2025/08/14 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/08/07 105 156 72543 20145 -79.96 359.16 46.0 57.0 -65.63 156000 11125 2025/08/08 115 216 81933 21272 -15.62 225.75 46.0 57.0 -69.55 155850 11075 2025/08/11 150 495 81933 23275 -117.15 335.57 45.0 55.0 -83.25 155700 11975 2025/08/12 205 515 81933 26296 84.82 412.33 47.0 54.0 -87.14 155000 11600 2025/08/13 205 651 81933 22800 -39.06 120.83 47.0 54.0 -79.20 155875 11550 变化 0 136 0 -3 ...

甲醇聚烯烃早报 研究中心能化团队 2025/08/14 观点 本周跟随煤炭波动，甲醇自身基本面变化不大，仍在累库途中，进口多，估值目前正常，短期偏向震荡。 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客观、公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会 发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担 期货交易后果，凡据此入市者，我司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突。未经我司授权，不得随意转 载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力 造成的全部或部分信息中断、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。 塑 料 日期 东北亚乙 烯 华北LL 华东LL 华东LD 华东HD LL美金 LL美湾 ...

Price Performance - London Gold's latest price is 3364.40, with a change of 21.10 [1][2] - London Silver's latest price is 38.61, with a change of 0.92 [1][2] - London Platinum's latest price is 1336.00, with a change of 14.00 [1][2] - London Palladium's latest price is 1142.00, with a change of -3.00 [1][2] - WTI Crude's latest price is 62.65, with a change of -0.52 [1][2] - LME Copper's latest price is 9842.00, with a change of 74.00 [1][2] - The latest dollar index is 97.79, with a change of -0.28 [2] - The latest euro - to - dollar exchange rate is 1.17, with a change of 0.00 [2] - The latest pound - to - dollar exchange rate is 1.36, with a change of 0.01 [2] - The latest dollar - to - yen exchange rate is 147.37, with a change of -0.49 [2] Trading Data - The latest inventory of SHFE silver is 1135.10, with a change of -16.11 [3] - The latest gold ETF holding is 964.22, with no change [3] - The latest silver ETF holding is 15099.56, with no change [3] - The latest deferred fee payment direction of SGE gold is 1, with a change of -1.00 [3] - The latest deferred fee payment direction of SGE silver is 1, with no change [3]

纸浆早报 研究中心能化团队 2025/08/14 | | 文化用纸 | | 包装纸 | | 生活用纸 | | --- | --- | --- | --- | --- | --- | | | 双胶指数 | 双铜指数 | 白卡指数 | | 生活指数 | | 2025/08/08 | 5725 | 5670 | 4350 | | 828 | | 2025/08/11 | 5725 | 5670 | 4350 | | 828 | | 2025/08/12 | 5725 | 5670 | 4350 | | 828 | | 2025/08/13 | 5725 | 5670 | 4350 | | 828 | | 变化 | 0 | 0 | 0 | | 0 | | | 双胶利润率估算 双铜利润率估算 | | 白卡利润率估算 | | 生活利润率估算 | | 2025/08/08 | 6.3497% | 24.1659% | -12.0366% | | 7.9481% | | 2025/08/11 | 6.3015% | 24.1238% | -12.0732% | | 7.7189% | | 2025/08/12 | 5.350 ...

原油成品油早报 研究中心能化团队 2025/08/14 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/08/07 | 63.88 | 66.43 | 69.13 | - | 0.53 | -2.55 | 0.55 | 207.75 | 20.83 | 226.68 | 28.78 | | 2025/08/08 | 63.88 | 66.59 | 69.22 | 0.30 | 0.67 | -2.71 | 0.37 | 208.61 | 21.03 | 227.93 | 29.14 | | 2025/08/11 ...

| | | | 大类资产早报 | | --- | 研究中心宏观团队 2025/08/14 | | | --- | 注：沪深300、上证50、中证500的10年利率用10年期AAA企业债利率，标普500用美国10年期国债利率，德国DAX用德国10年期国债利率 | 全 球 资 产 市 场 表 现 | 主要经济体10年期国债收益率 | 美国 | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/08/13 | 4.235 | 4.588 | 3.3 ...

| | | | 钢材早报 | | 研究中心黑色团队 2025/08/14 | | | --- | --- | --- | --- | --- | --- | --- | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2025/08/07 | 3290 | 3350 | 3420 | 3320 | 3380 | 3420 | | 2025/08/08 | 3290 | 3330 | 3420 | 3320 | 3380 | 3390 | | 2025/08/11 | 3340 | 3380 | 3420 | 3330 | 3360 | 3430 | | 2025/08/12 | 3340 | 3390 | 3430 | 3340 | 3420 | 3440 | | 2025/08/13 | 3310 | 3340 | 3430 | 3280 | 3420 | 3400 | | 变化 | -30 | -50 | 0 | -60 | 0 | -40 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津 ...