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 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No clear core viewpoints are explicitly stated in the provided content 3. Summary According to Relevant Catalogs Price - For silicon iron, the latest prices of natural lump in different regions vary: Ningxia 72 is 5500, Inner Mongolia 72 is 5450, etc. The prices of qualified lump and export prices are also provided. For silicon manganese, the latest prices of different grades in various regions are presented, such as Inner Mongolia 6517 at 5800 [1]. - Multiple price - related charts show the historical price trends of silicon iron and silicon manganese in different regions from 2021 - 2025, including market prices, contract closing prices, and basis prices [2][6] Supply - For silicon iron, the production data of 136 enterprises in China, including monthly and weekly production, and the capacity utilization rates in Inner Mongolia, Ningxia, and Shaanxi are presented. For silicon manganese, the weekly production in China and the procurement volume and price of Hebei Iron and Steel Group are provided [4][6] Demand - The demand - related data includes the estimated and actual production of crude steel in China, the production of stainless - steel crude steel, the production and export of metal magnesium, and the demand for silicon manganese in China [4][7] Inventory - For silicon iron, the inventory data of 60 sample enterprises in China and different regions (Ningxia, Inner Mongolia, Shaanxi), the number of warehouse receipts, effective forecasts, and the average available days of inventory in different regions are provided. For silicon manganese, the inventory data of 63 sample enterprises in China, the number of warehouse receipts, effective forecasts, and the average available days of inventory in China are presented [5][7] Cost and Profit - For silicon iron, the cost and profit data include electricity prices in different regions, the market price and production profit of semi - coke, the market price of silica and iron oxide scale, the production cost in Ningxia and Inner Mongolia, and the profit of export and conversion to the main contract. For silicon manganese, the cost - related data includes the price of chemical coke and various manganese ores, and the profit data in different regions (Inner Mongolia, Guangxi, etc.) are provided [5][7]

Group 1: General Information - Report Date: August 13, 2025 [1] - Report Type: Coke Daily Report [1] - Team: Research Center's Black Team [1] Group 2: Coke Price Information - **Price of Different Coke Grades**: - Shanxi quasi - first wet - quenched coke price is 1426.72, with no daily or weekly change, and a monthly change of 273.06 [2] - Hebei quasi - first wet - quenched coke price is 1650.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 20.67% [2] - Shandong quasi - first dry - quenched coke price is 1605.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 24.29% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 23.84% [2] - Inner Mongolia second - grade coke price is 1130.00, with no daily or weekly change, a monthly change of 250.00, and a year - on - year change of - 24.67% [2] - **Price Trends in Different Regions Over the Years**: There are price trend charts for Linfen, Lvliang, Rizhao Port, Changzhi, and other regions from 2021 - 2025 [3][4][5][6] Group 3: Market Indicators - **Production - related Indicators**: - Blast furnace operating rate is 90.09, with a weekly change of - 0.15, a monthly change of 0.19, and a year - on - year change of 1.37% [2] - Daily average hot metal output is 240.32, with a weekly change of - 0.39, a monthly change of 0.51, and a year - on - year change of 3.72% [2] - Coking capacity utilization rate is 73.48, with a weekly change of - 0.13, a monthly change of 0.28, and a year - on - year change of 0.34% [2] - Daily average coke output is 51.78, with a weekly change of - 0.39, a monthly change of - 1.81, and a year - on - year change of - 3.47% [2] - **Inventory - related Indicators**: - Coking plant inventory is 44.63, with a weekly change of - 1.89, a monthly change of - 14.95, and a year - on - year change of 1.39% [2] - Port inventory is 218.15, with a weekly change of 3.05, a monthly change of 18.07, and a year - on - year change of 15.29% [2] - Steel mill inventory is 619.28, with a weekly change of - 7.41, a monthly change of - 18.52, and a year - on - year change of 15.49% [2] - Steel mill inventory days are 10.91, with a weekly change of - 0.26, a monthly change of - 0.73, and a year - on - year change of 2.92% [2] - **Futures - related Indicators**: - Futures contract 05 price is 1862.5, with a daily change of 44.00, a weekly change of 51.00, a monthly change of 272.00, and a year - on - year change of - 11.86% [2] - Futures contract 09 price is 1703.5, with a daily change of 43.00, a weekly change of 64.00, a monthly change of 176.50, and a year - on - year change of - 13.81% [2] - Futures contract 01 price is 1787.5, with a daily change of 53.50, a weekly change of 66.50, a monthly change of 228.00, and a year - on - year change of - 13.54% [2] - 05 basis is - 145.60, with a daily change of - 44.00, a weekly change of - 51.00, a monthly change of 26.99, and a year - on - year change of - 182.35 [2] - 09 basis is 13.40, with a daily change of - 43.00, a weekly change of - 64.00, a monthly change of 122.49, and a year - on - year change of - 159.85 [2] - 01 basis is - 70.60, with a daily change of - 53.50, a weekly change of - 66.50, a monthly change of 70.99, and a year - on - year change of - 152.85 [2] - 5 - 9 spread is - 75.00, with a daily change of 9.50, a weekly change of 15.50, a monthly change of - 44.00, and a year - on - year change of - 29.50 [2] - 9 - 1 spread is 159.00, with a daily change of 1.00, a weekly change of - 13.00, a monthly change of 95.50, and a year - on - year change of 22.50 [2] - 1 - 5 spread is - 84.00, with a daily change of - 10.50, a weekly change of - 2.50, a monthly change of - 51.50, and a year - on - year change of 7.00 [2]

Price Performance - London Gold's latest price is 3356.40 with no change [3] - London Silver's latest price is 37.76 with no change [3] - London Platinum's latest price is 1328.00 with no change [3] - London Palladium's latest price is 1145.00, up 5.00 [3] - WTI Crude's latest price is 63.96 with no change [3] - LME Copper's latest price is 9768.00, up 9.00 [3] - The latest Dollar Index is 98.50 with no change [3] - The latest Euro to US Dollar exchange rate is 1.16 with no change [3] - The latest Pound to US Dollar exchange rate is 1.34 with no change [3] - The latest US Dollar to Japanese Yen exchange rate is 148.15 with no change [3] - The latest US 10 - year TIPS is 1.87 with no change [3] Trading Data - COMEX Silver's latest inventory is 15752.10 with no change [4] - SHFE Silver's latest inventory is 1151.21, down 0.75 [4] - Gold ETF's latest holding is 964.22 with no change [4] - Silver ETF's latest holding is 15058.60 with no change [4] - SGE Silver's latest inventory is 1368.44 with no change [4] - SGE Silver's latest deferred fee payment direction has a change of 1.00 [4] - SGE Gold's latest deferred fee payment direction has a change of - 1.00 [4]

不 灰安期货 永安合成橡胶早报 研究中心能化团队 2025/8/13 | | | | | | | | WIZUTI URUTURIW | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 7/11 | 8/5 | 8/8 | 8/11 | 8/12 | 目度变化 | 間度变化 | | | | 主力合约收盘价 | 11615 | 11515 | 11515 | 11785 | 11825 | 40 | 310 | | | | 主力合约持仓量 | 26294 | 30432 | 25625 | 28088 | 26687 | -1401 | -3745 | | | 電車 | 主力合约成交量 | 82299 | 53945 | 41370 | 138315 | 60045 | -78270 | 6100 | | | | 仓单数量 | 8600 | 10540 | 10310 | 10470 | 0 | -10470 | -10540 | | | | 虚实比 | 15.29 | 14.44 | 12.43 | 13 ...

Group 1: Report Overview - Report Name: Yongan Synthetic Rubber Morning Report [2] - Research Team: Research Center Energy and Chemicals Team [3] - Report Date: August 13, 2025 [3] Group 2: BR (Butadiene Rubber) Data 1. Futures Contract Data - Main contract closing price on August 12 was 11,825, with a daily change of 40 and a weekly change of 310 [4] - Main contract open interest on August 12 was 26,687, with a daily change of -1,401 and a weekly change of -3,745 [4] - Main contract trading volume on August 12 was 60,045, with a daily change of -78,270 and a weekly change of 6,100 [4] 2. Warehouse Receipt and Ratio Data - Warehouse receipt quantity on August 12 was 0, with a daily change of -10,470 and a weekly change of -10,540 [4] - The virtual - real ratio on August 12 had a DIV/0! error [4] 3. Basis and Spread Data - Butadiene basis on August 12 was -75, with a daily change of 10 and a weekly change of -160 [4] - Butadiene basis (Two - oil) on August 12 was -125, with a daily change of -40 and a weekly change of -110 [4] - Styrene - butadiene basis on August 12 was 425, with a daily change of 60 and a weekly change of -60 [4] - 8 - 9 month spread on August 12 was -5, with a daily change of -15 and a weekly change of -5 [4] - 9 - 10 month spread on August 12 was 5, with a daily change of 5 and a weekly change of 10 [4] 4. Price and Profit Data - Shandong market price on August 12 was 11,750, with a daily change of 50 and a weekly change of 150 [4] - Chuanhua market price on August 12 was 11,700, with a daily change of 0 and a weekly change of 200 [4] - Qilu ex - factory price on August 12 was 11,700, with a daily change of 0 and a weekly change of 200 [4] - CFR Northeast Asia on August 12 was 1,450, with a daily change of 0 and a weekly change of 0 [4] - CFR Southeast Asia on August 12 was 1,735, with a daily change of -15 and a weekly change of -15 [4] - Spot processing profit on August 12 was -79, with a daily change of 111 and a weekly change of -18 [4] - Futures processing profit on August 12 was -4, with a daily change of 101 and a weekly change of 142 [4] - Import profit on August 12 was -83,803, with a daily change of 45 and a weekly change of -1,536 [4] - Export profit on August 12 was -452, with a daily change of -43 and a weekly change of -124 [4] Group 3: BD (Butadiene) Data 1. Price Data - Shandong market price on August 12 was 9,440, with a daily change of -60 and a weekly change of 140 [4] - Jiangsu market price on August 12 was 9,350, with a daily change of -50 and a weekly change of 100 [4] - Yangzi ex - factory price on August 12 was 9,400, with a daily change of 0 and a weekly change of 200 [4] - CFR China on August 12 was 1,070, with a daily change of 0 and a weekly change of -10 [4] 2. Profit Data - Carbon four extraction profit data for August 12 was N/A [4] - Butene oxidative dehydrogenation profit on August 12 was 256, with a daily change of -50 and a weekly change of 30 [4] - Import profit on August 12 was 508, with a daily change of -20 and a weekly change of 175 [4] - Export profit on August 12 was -1,096, with a daily change of 44 and a weekly change of 61 [4] 3. Downstream Profit Data - Butadiene rubber production profit on August 12 was -4, with a daily change of 101 and a weekly change of 142 [4] - Styrene - butadiene rubber production profit on August 12 was 750, with a daily change of 0 and a weekly change of 25 [4] - ABS production profit data for August 12 was N/A [4] - SBS (791 - H) production profit on August 12 was 1,160, with a daily change of 200 and a weekly change of 30 [4] Group 4: Spread Data 1. Inter - variety Spread - The difference between Thai mixed rubber and butadiene rubber on August 12 was 2,870, with a daily change of -10 and a weekly change of 150 [4] - The difference between 3L rubber and styrene - butadiene rubber on August 12 was 2,600, with a daily change of -100 and a weekly change of -50 [4] - The difference between RU and BR on August 12 was -10,827, with a daily change of 1,200 and a weekly change of 5,060 [4] - The difference between NR and BR on August 12 was -14,022, with a daily change of 1,446 and a weekly change of 4,110 [4] 2. Intra - variety Spread - The difference between standard and non - standard butadiene rubber on August 12 was 200, with a daily change of 50 and a weekly change of -50 [4] - The difference between styrene - butadiene 1502 and 1712 on August 12 was 1,000, with a daily change of 50 and a weekly change of -150 [4]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - No clear core viewpoints are presented in the given content Summary by Related Catalogs Glass - **Price Changes**: From August 1 to August 8, 2025, prices of various 5mm glass products decreased, e.g., the price of the 5mm large - plate of Shahe Anquan dropped from 1207.0 to 1173.0, a decrease of 34.0; the price of the 5mm large - plate of Wuhan Changli decreased from 1240.0 to 1200.0, a decrease of 40.0 [1] - **Profit Changes**: Profits of different glass production methods and contracts also changed. For example, the profit of North China coal - fired glass decreased from 304.6 to 249.2, a decrease of 55.4; the profit of 09FG contract natural gas decreased from - 267.0 to - 304.5, a decrease of 37.5 [1] - **Spot Market**: Shahe factory's glass sales were average, with Shahe traders' low - price products around 1150 and poor sales; Hubei's factory price was around 1020, and the Hubei 09 futures - spot price difference was - 30 to 40, with poor transactions [1] - **Production and Sales**: The production - sales ratios of glass in different regions were as follows: Shahe 82, Hubei 56, East China 87, and South China 99 [2] Soda Ash - **Price Changes**: From August 1 to August 8, 2025, prices of different types of soda ash changed. For example, the price of Shahe heavy soda decreased from 1250.0 to 1240.0, a decrease of 10.0; the price of Central China heavy soda decreased from 1200.0 to 1140.0, a decrease of 60.0 [1] - **Profit Changes**: Profits of different soda ash production methods also changed. For example, the profit of North China ammonia - soda method decreased from - 99.7 to - 132.8, a decrease of 33.1; the profit of North China combined - soda method decreased from - 192.9 to - 220.6, a decrease of 27.7 [1] - **Spot Market**: The spot price of heavy soda at the Hebei delivery warehouse was around 1240, and the price delivered to Shahe was around 1280. Downstream customers were reluctant to accept high prices, with an intended price of 1220 - 1250 for delivery. Futures - spot transactions were average [1] - **Industry Situation**: Factory inventories continued to accumulate, and there were rumors of potential environmental protection actions in Qinghai, but the industry could not confirm them [1]

s 加安期货 沥青厚报 研究中心能化团队 2025/8/13 | | 指标 | 7/14 | 8/4 | 8/8 | 8/11 | 8/12 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3646 | 3573 | 3478 | 3481 | 3506 | ટર | -67 | | | BU06 | 3382 | 3388 | 3322 | 3311 | 3340 | 29 | -48 | | | BU09 | 3646 | 3573 | 3511 | 3512 | 3539 | 27 | -34 | | | BU12 | 3465 | 3466 | 3391 | 3382 | 3406 | 21 | -60 | | 居间 | BU03 | 3408 | 3395 | 3332 | 3326 | 3353 | 27 | -42 | | | 成交量 | 207308 | 380432 | 241736 | 239377 | 168649 | -70728 | -211783 | | | 持 ...