1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report mainly focuses on the European line shipping market, including the supply - demand situation, freight quotes, and relevant shipping indices. In August, the European line supply pressure is increasing, and freight quotes are showing a downward trend [24]. 3. Summary by Related Catalogs 3.1 EC Futures Contracts - EC2508 had a closing price of 0.07, a volume of 3579, and an open interest change of - 121 [24]. - EC2510 had a closing price of 1420.4, a volume of 877.5, and an open interest change of - 765 [24]. - EC2512 had a closing price of 1763.2, a volume of 534.7, and an open interest change of - 0.26% [24]. - EC2602 had a closing price of 1505.4, a volume of 792.5, and an open interest change of 28 [24]. - EC2604 had a closing price of 1346.8, a volume of 951.1, and an open interest change of - 69 [24]. - EC2606 had a closing price of - 0.77, a volume of 809.9, and an open interest change of - 11 [24]. 3.2 Shipping Indices - SCFIS (European line) on 2025/8/4 was 2297.86 points, with a week - on - week decrease of 0.81% and a two - week decrease of 3.50% [24]. - SCFI (European line) on 2025/8/1 was 2051 JT/TEU, with a week - on - week decrease of 1.87% and a week - on - two - week increase of 0.53% [24]. - CCFI on 2025/8/1 was 1803.42, with a week - on - week decrease of 0.90% and a two - week decrease of 3.53% [24]. - NCFI on 2025/8/1 was 1440.25, with a week - on - week decrease of 1.20% [24]. 3.3 European Line Supply - Demand and Quotes - In week 32 of August, the European line had good cargo collection but almost no cargo rejection. In week 33, the cargo collection of different alliances varied. MSK was better, OA was average, and PA was poor. MSK's freight dropped by $100, and OA and PA's shipping companies gradually cut prices by about $200 [24]. - Starting from late August, the supply pressure on the European line is very high. Week 34's capacity is 340,000 TEU, and week 35's capacity is revised down to 330,000 TEU due to the cancellation of EMC's independent - operation ship. The average weekly capacity in September 2025 (tentatively) is 340,000 TEU, and 320,000 TEU without considering TBN [24]. - For week 33, the European line quote dropped to $2800 - $3200, with an average of $3000 (equivalent to about 2100 points on the futures market). For week 34, the current average quote is $2900, equivalent to about 2000 points on the futures market. On Tuesday, MSK opened the week 34 booking at $2600, a week - on - week drop of $200, and then the price rose to $2640. CMA and COSCO/OOCL lowered their prices to $2920 and $3000 respectively, and HMM cut its price to $2700 [24]. 3.4 Other Information - On 8/6, the Israeli Prime Minister announced plans to implement military control over the entire Gaza Strip, which was strongly condemned by Hamas [24]. - The release of the XSI - CJ index is postponed by three working days [24].

Group 1: Report Summary - The report focuses on the European line shipping market, including futures data, supply - demand situation, and price trends [2][3][4] Group 2: Futures Data - Futures contract data shows that on August 8, 2025, the closing price of EC2508 was 2072.7 with a 0.07% increase, and there were different prices, price changes, and trading volumes for other contracts like EC2510, EC2512, etc [2] - The month - to - month spreads of different futures contracts also had various changes, such as EC2508 - 2510 with a 1.1 increase in the day - on - day comparison [2] Group 3: Index Data - SCHIE was updated weekly and on August 4, 2025, it was 2297.86 points, a 0.81% decrease from the previous period [2] - SCFI (European line) was updated on August 1, 2025, at 2051 dollars/TEU, a 1.87% decrease from the previous period [2] - CCFI was at 1789.5 points on August 1, 2025, a 0.13% increase from the previous period [2] - NCFI was 1372.7 points on August 1, 2025, a 3.53% decrease from the previous period [2] Group 4: Supply - Demand and Price Trends - In the first week of August (week 32), the European line had good cargo collection with few skipped containers. In week 33, the cargo collection situation varied among different alliances, with MSK performing better, OA average, and PA poor. MSK's price dropped by 100 dollars, and OA and PA's shipping companies dropped prices by about 200 dollars [2] - Starting from late August, the European line will face great supply pressure. Week 34's capacity is 340,000 TEU, and week 35's is revised down to 330,000 TEU [3] - The average weekly capacity in September 2025 (tentatively) is 340,000 TEU, and 320,000 TEU without considering TBN [3] - Currently, downstream is booking space for week 33 - 34 in August. The average quote for week 33 dropped to 3000 dollars (equivalent to about 2100 points on the disk), and the average quote for week 34 is currently 2900 dollars (equivalent to about 2000 points on the disk) [4] - On Tuesday, MSK opened the week 34 space at 2600 dollars, a 200 - dollar decrease from the previous week, and then the price rose to 2640 dollars. On Wednesday, CMA and COSCO/OOCL lowered their prices by 200 dollars to 2920 and 3000 dollars respectively. On Thursday, HMM lowered its price by 200 dollars to 2700 dollars [14]

甲醇聚烯烃早报 研究中心能化团队 2025/08/08 甲 醇 日期 动力煤期 货 江苏现货 华南现货 鲁南折盘 面 西南折盘面 河北折盘 面 西北折盘 面 CFR中国 CFR东南 亚 进口利润 主力基差 盘面MTO 利润 2025/08/0 1 801 2397 2385 2520 2530 2495 2665 271 333 40 -20 -1237 2025/08/0 4 801 2370 2375 2538 2530 2495 2685 271 333 38 -20 -1237 2025/08/0 5 801 2378 2373 2538 2535 2510 2695 271 333 44 -15 -1237 2025/08/0 6 801 2395 2390 2558 2535 2535 2710 272 333 44 -12 -1237 2025/08/0 7 801 2387 2385 2555 2535 2535 2710 272 333 44 -10 -1237 日度变化 0 -8 -5 -3 0 0 0 0 0 0 2 0 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 ...

仓单 最新 日变化 周变化 出厂价折盘面 日变化 周变化 宁夏#72 5500 0 -100 5800 主力合约 5834 -74 138 内蒙#72 5500 0 -100 5850 01合约 6012 -56 170 青海#72 5500 50 -100 5830 05合约 6090 -44 190 陕西#72 5450 0 -100 5750 09合约 5834 -74 138 陕西#75 5850 0 -100 主力月基差 -34 74 -238 江苏#72 5600 0 -200 1-5月差 -78 -12 -20 天津#72 6000 -50 0 5-9月差 256 30 52 铁合金早报 现货 盘面 最新 硅铁自然块 产区汇总价 硅铁合格块 贸易商价 品种 项目 硅锰产区出厂价 硅锰贸易商价 供应 需求 800 1300 1800 2300 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 硅铁：72%FeSi：出口价格：天津港 （美元/吨） 2021 2022 2023 2024 2025 800 1 ...

农产品早报 研究中心农产品团队 2025/08/08 | 玉米/淀粉 | | | 玉米 | | | | | 淀粉 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 日期 长春 | 潍坊 | 锦州 | 蛇口 | 基差 | 贸易利润 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/08/01 2230 | 2458 | 2290 | 2420 | -7 | 0 337 | 2900 | 2980 | 187 | -71 | | 2025/08/04 2230 | 2458 | 2290 | 2410 | 6 | -10 376 | 2900 | 2980 | 191 | -71 | | 2025/08/05 2230 | 2468 | 2270 | 2400 | 21 | 0 375 | 2900 | 2980 | 201 | -73 | | 2025/08/06 - | 2468 | 2270 | 2390 | 11 | -10 380 | 2900 | 2980 | 193 | -71 | | 20 ...

1. Report core view - This report presents the latest data on the thermal coal market as of August 8, 2025, including prices at different ports and regions, consumption, inventory, and shipping index data, and their changes over different time periods [1] 2. Summary according to relevant catalogs Coal price - The price of Qinhuangdao 5500 is 677.0, with a daily change of 4.0, a weekly change of 24.0, a monthly change of 52.0, and an annual change of -173.0 [1] - The price of Qinhuangdao 5000 is 615.0, with a daily change of 4.0, a weekly change of 27.0, a monthly change of 56.0, and an annual change of -140.0 [1] - The price of Guangzhou Port 5500 is 755.0, with a daily change of 5.0, a weekly change of 15.0, a monthly change of 45.0, and an annual change of -160.0 [1] - The price of Ordos 5500 is 465.0, with a daily change of 5.0, a weekly change of 20.0, a monthly change of 55.0, and an annual change of -165.0 [1] - The price of Datong 5500 is 545.0, with a daily change of 5.0, a weekly change of 25.0, a monthly change of 75.0, and an annual change of -145.0 [1] - The price of Yulin 6000 is 592.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -224.0 [1] - The price of Yulin 6200 is 620.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -223.0 [1] Consumption and inventory - The daily consumption of 25 provinces' terminals is 666.4, with a daily change of 6.8, a weekly change of 23.2, a monthly change of 20.4, and an annual change of 12.0 [1] - The inventory of 25 provinces' terminals is 12017.8, with a daily change of -7.7, a weekly change of -802.7, a monthly change of -1486.7, and an annual change of 500.3 [1] - The available days of 25 provinces' terminals is 18.0, with a daily change of -0.2, a weekly change of -1.9, a monthly change of -2.9, and an annual change of 0.4 [1] - The coal supply of 25 provinces' terminals is 599.2, with a daily change of 17.4, a weekly change of -9.3, a monthly change of -40.8, and an annual change of -23.6 [1] Port data - The inventory of northern ports is 2484.0, with a daily change of -2.0, a weekly change of -5.0, a monthly change of -238.0, and an annual change of -1.5 [1] - The number of ships at anchor in northern ports is 54.0, with a daily change of -1.0, a weekly change of -42.0, a monthly change of -31.0, and an annual change of -1.0 [1] - The inbound volume of northern ports is 129.6, with a daily change of -22.1, a weekly change of -4.7, a monthly change of -26.9, and an annual change of -19.7 [1] - The throughput of northern ports is 132.5, with a daily change of 11.1, a weekly change of -36.0, a monthly change of -14.0, and an annual change of -16.8 [1] Shipping index - The CBCFI shipping index is 760.2, with a daily change of 3.1, a weekly change of 35.8, a monthly change of 35.4, and an annual change of 188.1 [1] - The shipping price from Qinhuangdao to Shanghai (4 - 5DWT) is 29.9, with a daily change of 0.0, a weekly change of 0.4, a monthly change of 1.1, and an annual change of 8.5 [1] - The shipping price from Qinhuangdao to Guangzhou (5 - 6DWT) is 43.9, with a daily change of 0.6, a weekly change of 1.2, a monthly change of 2.0, and an annual change of 9.5 [1]

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, oil prices rose and then fell, with the monthly spreads of the three major crude oil markets increasing. Trump's warning of secondary tariffs on Russia and the actual decline in Russian crude oil exports have intensified concerns about supply shortages, but even in the case of extreme sanctions, it will not change the oversupply pattern. The market favors a stronger near - term monthly spread and a wait - and - see attitude towards medium - term absolute prices. After OPEC decided to increase production in September, oil prices quickly declined. The absolute price of oil is expected to continue to fall after the statement of OPEC +, with some support in reality. It is expected to fall to $55 - 60 per barrel in the fourth quarter, and attention should be paid to the impact of US tariff policies on the global economy and the non - OPEC production schedule [5]. 3. Section Summaries 3.1 Daily News - Kpler reported that the discount on Russian crude oil export prices has widened due to the pressure from the US and the EU on Russian oil buyers, which has hit demand. Indian state - owned refineries are considering suspending imports of Russian oil, and private enterprises are also slowing down their purchases. The price of Urals crude oil is now more than $5 per barrel cheaper than the North Sea crude oil price index, compared with almost zero spread two weeks ago [3]. - Putin said that the UAE is one of the suitable places to meet with Trump, and he doesn't mind meeting Zelensky. After a refinery was attacked by drones, Russia plans to increase its oil exports to the West to nearly 2 million barrels per day in August [4]. 3.2 Regional Fundamentals - EIA reports showed that in the week ending August 1st, US crude oil exports increased by 620,000 barrels per day to 3.318 million barrels per day; domestic crude oil production decreased by 30,000 barrels to 13.284 million barrels per day; commercial crude oil inventories excluding strategic reserves decreased by 3.029 million barrels to 424 million barrels, a decrease of 0.71%; the four - week average supply of US crude oil products was 20.616 million barrels per day, a 1.61% increase compared to the same period last year; the Strategic Petroleum Reserve (SPR) inventory increased by 235,000 barrels to 403 million barrels, an increase of 0.06%; and the import of commercial crude oil excluding strategic reserves was 5.962 million barrels per day, a decrease of 174,000 barrels per day compared to the previous week [4]. - From July 25th - 31st, the operating rate of major refineries in China increased slightly, while that of Shandong local refineries remained basically unchanged. The output of Chinese refineries showed a decline in gasoline and an increase in diesel, and the inventory also showed a decline in gasoline and an increase in diesel. The comprehensive profit of major refineries rebounded month - on - month, while that of local refineries declined [4]. 3.3 Weekly Viewpoints - This week, oil prices first rose and then fell, and the monthly spreads of the three major crude oil markets increased. Trump's warning of secondary tariffs on Russia and the actual decline in Russian crude oil exports have intensified concerns about supply shortages, but extreme sanctions will not change the oversupply pattern. OPEC's decision to increase production in September led to a quick decline in oil prices, with Brent crude falling below the $70 per barrel mark [5]. - Macroscopically, Trump postponed the implementation of tariffs on goods from 67 trading partners by one week, and the poor July non - farm payrolls data led the market to bet on a September interest rate cut. Fundamentally, global oil inventories decreased slightly this week, higher than the same period last year by about 2%. US commercial inventories increased significantly, the number of oil rigs decreased again, gasoline inventories decreased while diesel inventories increased, ARA diesel inventories decreased, and Singapore diesel inventories increased slightly but were at a low level compared to the same period last year. Global refinery profits declined this week, and the refinery operating season is coming to an end. The main uncertainties lie in the intensity of US secondary sanctions on Russia. After the statement of OPEC +, the absolute price of oil is expected to continue to fall, with some support in reality, and is expected to fall to $55 - 60 per barrel in the fourth quarter [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - For PTA, although it remains in a state of inventory accumulation, the absolute inventory level is not high. With the current low processing fees for spot goods persisting for some time, and considering the limited inventory pressure of filament and the continuous inventory reduction of bottle - grade chips at low operation rates, the polyester operation rate is expected to gradually stabilize and has upward potential. It is advisable to look for opportunities to expand processing fees by buying at low prices [2]. - For MEG, the short - term inventory accumulation pressure is not significant, and the port inventory is expected to remain at a low level. The situation is favorable and the profit margin is decent. However, in the far - term, there is an expectation of inventory accumulation due to the restart of overseas plants and the further increase of coal - based operation rates. The valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range fluctuation. Attention should be paid to the restart progress of satellite plants [2]. - For polyester staple fiber, as the finished - product inventory of the polyester yarn end is reduced, the downstream operation rate may increase. Although the supply of staple fiber itself may also increase, considering that the processing fees on the futures market are still in a relatively low range, opportunities to expand processing fees by buying at low prices can be considered [2]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable at a relatively low level but does not show seasonal reduction. The price of Thai cup - lump rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [2]. Summary by Related Catalogs PTA - **Price and Margin Changes**: From August 1 to August 7, crude oil prices dropped from $69.7 to $66.4, PTA internal - market spot prices decreased from 4750 to 4690, and PTA processing fees decreased from 121 to 101. The PXN spread weakened significantly, and the disproportionation and isomerization benefits declined [2]. - **Device Changes**: Taihua's 1.5 - million - ton plant was under maintenance, and its 1.2 - million - ton plant restarted; Ineos' 2.35 - million - ton plant reduced production by 20%; Jiaxing Petrochemical's 2.2 - million - ton plant was under maintenance [2]. MEG - **Price and Margin Changes**: From August 1 to August 7, the MEG external - market price decreased from 523 to 525, and the MEG coal - based profit decreased from 506 to 512. The MEG internal - market cash flow (ethylene) decreased from - 568 to - 554 [2]. - **Device Changes**: Inner Mongolia Tongliao's 300,000 - ton plant restarted, and Shanxi Wonen's 300,000 - ton plant was under maintenance [2]. Polyester Staple Fiber - **Price and Margin Changes**: From August 1 to August 7, the price of 1.4D cotton - type staple fiber decreased from 6600 to 6550, and the short - fiber profit increased from 21 to 21 (with fluctuations in between). The cotton - polyester staple fiber spread increased from 8185 to 8340 [2]. - **Device Changes**: Xianglu's small - line plant was under maintenance, and the operation rate decreased slightly to 90.3% [2]. Natural Rubber & 20 - Grade Rubber - **Price Changes**: From August 1 to August 7, the price of US - dollar - denominated Thai standard spot increased from 1720 to 1760, and the price of Shanghai full - latex decreased from 13910 to 14150. The RU main - contract price increased from 14310 to 15525 [2]. - **Spread Changes**: The spread between the mixed rubber and the RU main - contract decreased from - 260 to - 1215, and the spread between the US - dollar - denominated Thai standard and the NR main - contract increased from 197 to 289 [2]. Styrene - **Price and Margin Changes**: From August 1 to August 7, the price of pure benzene (East China) increased from 6070 to 6135, and the domestic styrene profit remained at - 198 (with fluctuations in between). The EPS domestic profit decreased from 320 to 200 [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Related Catalogs SP Main Contract Information - On August 7, 2025, the SP main contract closed at 5186.00, with a daily increase of 0.30948%. The converted US dollar price was 630.76. The basis of Shandong Yinxing was 624, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 714 [3]. Import Pulp Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 51.55, while that of Canadian Lion pulp was -392.78, and that of Chilean Silver Star pulp was -101.65. The exchange rate on the previous day was 7.18 [4]. Pulp Price Averages - From August 1 to August 7, 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 region also remained unchanged [4]. Paper Product Index and Profit Margin - From August 4 to August 7, 2025, the indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged. The profit margins of double - offset paper, double - copper paper, white card paper, and living paper also remained unchanged on August 7 compared to previous days [4]. Pulp Price Differences - On August 7, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp were 1700.00, 410, 1985, and 4234 respectively [4].

Price Performance - London Gold's latest price is 3383.75 with a change of 11.75 [1] - London Silver's latest price is 38.38 with a change of 0.60 [1] - London Platinum's latest price is 1322.00 with a change of 9.00 [1] - London Palladium's latest price is 1153.00 with a change of -28.00 [1] - WTI Crude's latest price is 63.88 with a change of -0.47 [1] - LME Copper's latest price is 9700.50 with a change of 35.50 [1] - The latest Dollar Index is 98.09 with a change of -0.14 [1] - The latest EUR/USD is 1.17 with a change of 0.00 [1] - The latest GBP/USD is 1.34 with a change of 0.01 [1] - The latest USD/JPY is 147.15 with a change of -0.21 [1] Trading Data - COMEX silver inventory's latest value is 15742.15 with a change of 4.28 [1] - SHFE silver inventory's latest value is 1150.34 with a change of -11.50 [1] - Gold ETF holdings' latest value is 959.09 with a change of 6.30 [1] - Silver ETF holdings' latest value is 15112.28 with no change [1] - The latest SGE gold deferred fee payment direction is 1 with a change of -1.00 [1] - The latest SGE silver deferred fee payment direction is 0.00 with no change [1]