Global Asset Market Performance - The 10-year government bond yields of major economies on August 26, 2025, showed various values and changes. For example, the US was 4.262 with a latest change of -0.014, a one - week change of -0.045, a one - month change of -0.059, and a one - year change of 0.378 [2]. - The 2 - year government bond yields also had different figures. The US 2 - year yield on August 26, 2025, was 3.680 with a latest change of -0.110, a one - week change of -0.070, a one - month change of -0.080, and a one - year change of -0.260 [2]. - The exchange rates of the US dollar against major emerging economies' currencies on August 26, 2025, had different changes. For the Brazilian real, the latest change was 0.37% and the one - week change was -1.34% [2]. - Major economies' stock indices had different performances on August 26, 2025. The S&P 500 closed at 6465.940 with a latest change of 0.41%, a one - week change of 0.85%, a one - month change of 1.49%, and a one - year change of 16.41% [2]. - Credit bond indices showed different changes. The US investment - grade credit bond index had a latest change of 0.04%, a one - week change of 0.25%, a one - month change of 0.86%, and a one - year change of 4.11% [2][3]. Stock Index Futures Trading Data - Index performances: A - shares closed at 3868.38 with a decline of 0.39%. The PE (TTM) of the S&P 500 was 27.49 with a环比 change of 0.11 [4]. - Fund flows: The latest value of A - share fund flow was -952.90, and the near 5 - day mean was -305.08 [4]. - Transaction amounts: The latest value of the Shanghai and Shenzhen stock exchanges' transaction amount was 26790.20 with a环比 change of -4621.17 [4]. - Main contract basis and spreads: The basis of IF was -3.59 with a spread of -0.08% [4]. Treasury Bond Futures Trading Data - Treasury bond futures: T00 closed at 108.185 with a rise of 0.21%, and TF00 closed at 105.620 with a rise of 0.11% [5]. - Fund rates: R001 was 1.3596% with a daily change of -20.00 BP [5].

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 702.0 0.0 0.0 51.0 -138.0 25省终端可用天数 19.2 -0.3 -0.7 -1.7 1.6 秦皇岛5000 626.0 -3.0 -7.0 40.0 -109.0 25省终端供煤 615.3 1.4 6.8 -24.7 -7.5 广州港5500 765.0 0.0 0.0 35.0 -135.0 北方港库存 2037.0 19.0 -17.0 -290.0 -188.0 鄂尔多斯5500 475.0 0.0 -15.0 50.0 -135.0 北方锚地船舶 78.0 8.0 -1.0 -28.0 -10.0 大同5500 530.0 0.0 -30.0 30.0 -160.0 北方港调入量 153.0 -3.6 -4.1 10.0 -26.6 榆林6000 602.0 0.0 -20.0 30.0 -176.0 北方港吞吐量 143.8 -9.7 -11.4 -3.3 -34.6 榆林6200 630.0 0.0 -20.0 30.0 -174.0 CBCFI海运指数 771.0 -19.9 ...

Group 1: Price Data and Changes - The price data of LPG in different regions and related indicators from August 20 to August 26, 2025 are presented, including prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. [1] - On August 26, compared with the previous day, the daily changes are as follows: South China LPG +25, East China LPG 0, Shandong LPG 0, propane CFR South China 0, propane CIF Japan -10, MB propane spot -1, CP forecast contract price 0, Shandong ether - post - carbon four +40, Shandong alkylation oil 0, paper import profit +25, and the main basis +12 [1] Group 2: Market Conditions and Trends - The PG futures market fluctuated and strengthened. The spot price bottomed out and rebounded, and the import cost increased. The cheapest deliverable was East China civil gas. The basis weakened, and the month - spreads changed. The warehouse receipt registration volume decreased slightly [1] - The external market prices strengthened slightly. The internal - external price difference fluctuated. The FEI - CP spread widened, and the FEI offshore and CP to - shore discounts strengthened. The shipping freight rates from the US Gulf to Japan and the Middle East to the Far East decreased [1] - The naphtha crack spread strengthened slightly. The profit of PDH to produce propylene increased, the spot profit of PDH to produce PP decreased, and the paper profit fluctuated. The production profit of alkylation oil increased slightly, and the MTBE profit changed little [1] Group 3: Fundamental Analysis - From a fundamental perspective, port supply and demand both decreased, and inventory was basically flat. The refinery commercial volume increased by 1.94%, but due to the recovery of demand in many places, the refinery inventory decreased [1] - The PDH operating rate was 75.66% (-0.67pct), and it is expected that multiple units will increase their loads next week. The alkylation operating rate was 51.42% (-0.67pct) and is expected to increase. The MTBE operating rate was 63.54% (+0.15pct) [1] - As the temperature begins to drop, the off - season for combustion is gradually ending. In East China, the supply from refineries is expected to be limited, and the arrival of ships is expected to decrease. Although the demand is still affected by high temperature, there are expectations of improvement, and the overall situation is expected to be stable [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - No clear core viewpoints are presented in the given content 3. Summary by Related Catalogs Glass Price and Contract Information - From August 19 to August 26, 2025, the price of 5mm glass in various regions showed different trends. For example, the price of 5mm glass at Shahe Anquan decreased from 1164.0 to 1130.0, a weekly change of -34.0 and a daily change of -13.0 [2]. - The FG09 contract price dropped from 1020.0 to 984.0, with a weekly change of -36.0 and a daily change of -15.0; the FG01 contract price decreased from 1196.0 to 1173.0, with a weekly change of -23.0 and a daily change of -18.0 [2]. Production and Sales - The production and sales of glass in different regions varied. Shahe had a production - sales ratio of 108, Hubei 125, East China 112, and South China 98 [2]. Profit - The profit of glass production also changed. For example, the profit of North China's coal - fired glass decreased from 228.8 to 214.4, a weekly change of -14.4 and a daily change of 7.1; the profit of North China's natural - gas glass decreased from -223.5 to -240.1, a weekly change of -16.6 and a daily change of 4.2 [2]. Soda Ash Price and Contract Information - From August 19 to August 26, 2025, the price of heavy soda ash in different regions changed. The price of heavy soda ash in Shahe decreased from 1240.0 to 1210.0, a weekly change of -30.0 and a daily change of -20.0; the price of heavy soda ash in Central China decreased from 1240.0 to 1200.0, a weekly change of -40.0 and a daily change of -20.0 [2]. - The SA05 contract price dropped from 1413.0 to 1377.0, with a weekly change of -36.0 and a daily change of -16.0; the SA01 contract price decreased from 1358.0 to 1311.0, with a weekly change of -47.0 and a daily change of -26.0; the SA09 contract price decreased from 1245.0 to 1200.0, with a weekly change of -45.0 and a daily change of -26.0 [2]. Industry Situation - The soda ash industry showed a slight reduction in factory inventory [2].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Views - Brazil's soybean exports in August are expected to be 8.9 million tons, down from the previous week's estimate of 8.94 million tons, and its soybean meal exports are expected to be 2.13 million tons, down from the previous week's estimate of 2.33 million tons [1]. - From August 1 - 25, 2025, Malaysia's palm oil production decreased by 1.21% month - on - month, with a 3.26% drop in fresh fruit bunch yield and a 0.40% increase in oil extraction rate [1]. 3) Summary by Related Catalogs Overnight Market Information - Brazil's soybean export estimate for August is 8.9 million tons [1]. - Brazil's soybean meal export estimate for August is 2.13 million tons [1]. - Malaysia's palm oil production from August 1 - 25, 2025 decreased by 1.21% month - on - month [1]. Spot Prices - The spot prices of various products (including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from August 20 - 26, 2025 are presented in a table [3].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the given content. 2. Report's Core View The report presents the latest prices, daily and weekly changes, and other relevant data for various types of iron ore, including Australian mainstream and non - mainstream ores, Brazilian mainstream ores, and domestic ores, as well as iron ore futures contracts [1]. 3. Summary by Category Spot Market - **Australian Ores**: Newman powder is priced at 767, with a daily change of - 9 and a weekly change of 2; PB powder is at 770, - 10 daily and 2 weekly; Macarthur powder is 758, - 8 daily and 3 weekly; etc [1]. - **Brazilian Ores**: Ba Hun is priced at 807, with a daily change of - 5 and a weekly change of - 2; Ba Coarse IOC6 is 778, - 10 daily and 18 weekly; Ba Coarse SSFG is 783, - 10 daily and 18 weekly [1]. - **Other Ores**: Ukrainian concentrate is 883, - 7 daily and 10 weekly; 61% Indian powder is 731, - 10 daily and 1 weekly; Tangshan iron concentrate is 989, 0 daily and 12 weekly [1]. Futures Market - **DCE Contracts**: i2601 is priced at 776.5, with a daily change of - 10.5 and a weekly change of 5.5; i2605 is 754.0, - 9.0 daily and 4.5 weekly; i2509 is 797.0, - 9.5 daily and 8.0 weekly [1]. - **SGX Contracts**: FE01 is 102.55, with a daily change of 2.71 and a weekly change of 2.01; FE05 is 100.23, 2.68 daily and 2.12 weekly; FE09 is 103.26, 2.67 daily and 1.83 weekly [1].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View No clear core view presented in the given content. 3. Summary According to Related Catalog - The report shows the scrap steel prices in different regions (East China, North China, Central China, South China, Northeast China, and Southwest China) from August 20th to August 26th, 2025 [2][9]. - On August 26th, compared with the previous day, the price in East China increased by 2, in North China by 4, in Central China by 6, in South China decreased by 4, in Northeast China increased by 6, and in Southwest China increased by 1 [9].

Group 1: Report Summary - The report focuses on the market conditions of various agricultural products including corn, starch, sugar, cotton, eggs, apples, and pigs on August 27, 2025 [1] Group 2: Corn and Starch Market Data - Corn prices in Changchun, Jinzhou, and Shekou remained stable from August 20 - 26, while prices in Weifang decreased by 34. Starch prices in Heilongjiang remained stable, and those in Weifang decreased by 50. Corn trade profit decreased, and starch processing profit increased slightly [2] Core View - Short - term: Corn prices are expected to maintain a weak and volatile pattern. Starch prices will fluctuate with raw material prices, and high inventory will continue to pressure the price [3] - Long - term: Corn prices are expected to decline under pressure until domestic consumption improves or there is a reluctance to sell in the production areas. Starch prices are expected to remain bearish due to high inventory and lower expected raw material costs [3] Group 3: Sugar Market Data - The spot prices of sugar in Liuzhou and Nanning remained stable, and the price in Kunming increased slightly. The base difference increased, and the import profit decreased slightly. The number of warehouse receipts decreased [5] Core View - Internationally, the peak sugar - pressing season in Brazil is putting pressure on sugar prices. Domestically, Zhengzhou sugar prices follow the trend of raw sugar, and the arrival of imported sugar is putting pressure on the upper limit of the futures price [5] Group 4: Cotton Market Data - The price of 3128 cotton decreased by 20, the price of imported M - grade US cotton decreased by 1, and the import profit and the number of warehouse receipts + forecasts decreased [8] Core View - Cotton prices are in a shock phase, waiting for demand verification. If there are no major macro - risk events, the low point in April can be seen as the long - term bottom of cotton prices, and the downside space is limited [8] Group 5: Eggs Market Data - Egg prices in some production areas increased slightly, the base difference increased by 28, the price of white - feather broilers increased by 0.05, and the price of live pigs decreased by 0.10 [11] Core View - Egg prices rebounded rapidly from the low level due to supply and demand in July, but decreased in early August due to insufficient demand. If the price rebound in late August is less than expected, more old chickens may be culled [11] Group 6: Apples Market Data - The spot price of Shandong 80 first - and second - grade apples remained stable, the national inventory increased by 10, and the base differences for January, May, and October contracts changed to varying degrees [15][16] Core View - The new - season apple production is expected to be similar to last year. The current - season apple consumption is in the off - season, the inventory is the lowest in the past five years, and the spot price is stable. Attention should be paid to the final production determination [16] Group 7: Pigs Market Data - Pig prices in some production areas decreased slightly, and the base difference remained unchanged [16] Core View - There are policy - related expectations for a production capacity inflection point in the long - term, but the mid - term supply pressure still exists. There may be a short - term improvement in consumption, and attention should be paid to factors such as the slaughter rhythm, weather, and policies [16]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 27, 2025 [1] Price Information - **Coal Prices**: The latest price of Liulin Main Coking Coal is 1505.00, with a weekly increase of 52.00 and a monthly increase of 94.00, a yearly increase of 7.50%. The price of Raw Coal at the Port Delivery is 985.00, with a daily increase of 37.00, a weekly increase of 31.00, a monthly increase of 15.00, and a yearly decrease of 15.81%. The price of Shaheyi Meng 5 is 1380.00, with no daily or weekly change, a monthly increase of 160.00, and a yearly decrease of 17.37%. The price of Anze Main Coking Coal is 1470.00, with no daily or weekly change, a monthly increase of 20.00, and a yearly decrease of 13.53% [2]. - **International Coal Prices**: The latest price of Peak Downs is 201.00, with a daily decrease of 2.00, a weekly decrease of 4.50, a monthly increase of 11.00, and a yearly decrease of 13.50%. The price of Goonyella is 203.00, with a daily decrease of 2.00, a weekly decrease of 5.80, a monthly increase of 10.00, and a yearly decrease of 11.50% [2]. - **Futures Prices**: The latest price of Futures Contract 05 is 1241.50, with a daily decrease of 2.50, a weekly increase of 42.50, a monthly increase of 60.00, and a yearly decrease of 6.05%. The price of Futures Contract 09 is 1058.00, with a daily decrease of 5.00, a weekly increase of 25.00, a monthly decrease of 29.50, and a yearly decrease of 16.92%. The price of Futures Contract 01 is 1200.50, with a daily increase of 2.00, a weekly increase of 36.00, a monthly increase of 36.50, and a yearly decrease of 9.57% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3465.61, with a weekly increase of 45.31, a monthly decrease of 69.02, and a yearly decrease of 9.00% [2]. - **Detailed Inventory**: Coal mine inventory is 275.64, with a weekly increase of 17.97, a monthly decrease of 2.80, and a yearly decrease of 14.55%. Port inventory is 255.49, with a weekly decrease of 21.85, a monthly decrease of 66.01, and a yearly decrease of 25.59%. Steel mill coking coal inventory is 805.80, with a weekly decrease of 2.86, a monthly increase of 14.70, and a yearly increase of 14.08%. Coking plant coking coal inventory is 976.88, with a weekly decrease of 11.04, a monthly increase of 47.77, and a yearly increase of 20.44% [2]. Other Information - **Coking Capacity Utilization**: The coking capacity utilization rate is 74.42, with a weekly increase of 0.08, a monthly increase of 0.97, and a yearly increase of 3.16% [2]. - **Coking Coke Inventory**: The coking coke inventory is 86.17, with no daily change, a monthly decrease of 0.80, and a yearly decrease of 0.75% [2]. - **Basis and Spread**: The 05 basis is 11.03, with a daily increase of 2.50, a weekly decrease of 42.50, a monthly decrease of 15.17, and a yearly decrease of 265.98. The 09 basis is 194.53, with a daily increase of 5.00, a weekly decrease of 25.00, a monthly increase of 74.33, and a yearly decrease of 0.40. The 01 basis is 52.03, with a daily decrease of 2.00, a weekly decrease of 36.00, a monthly increase of 8.33, and a yearly decrease of 0.81. The 5 - 9 spread is 183.50, with a daily increase of 2.50, a weekly increase of 17.50, a monthly increase of 89.50, and a yearly increase of 2.82. The 9 - 1 spread is -142.50, with a daily decrease of 7.00, a weekly decrease of 11.00, a monthly decrease of 66.00, and a yearly increase of 1.64. The 1 - 5 spread is -41.00, with a daily increase of 4.50, a weekly decrease of 6.50, a monthly decrease of 23.50, and a yearly decrease of 7.83% [2].

Report Information - Report Title: Coke Daily Report - Report Date: August 27, 2025 - Report Team: Black Team of the Research Center [1] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - No clear core viewpoints are presented in the report. It mainly provides data on the coke industry, including prices, production, inventory, and related indicators. Summary by Category Coke Prices - The prices of different types of coke in various regions have shown week - on - week and month - on - month changes. For example, the price of Shanxi quasi - first wet - quenched coke is 1535.94 yuan, with a week - on - week increase of 54.61 yuan and a month - on - month increase of 218.45 yuan, but a year - on - year decrease of 8.91%. Other regions like Hebei, Shandong, Jiangsu, and Inner Mongolia also have similar price trends [2]. Production and Capacity Utilization - The blast furnace operating rate is 90.25%, with a week - on - week increase of 0.03 and a year - on - year increase of 5.04%. The daily average iron - water output is 240.75, with a week - on - week increase of 0.09 and a year - on - year increase of 7.26%. The coking capacity utilization rate is 74.13%, with a week - on - week increase of 0.38 and a year - on - year increase of 2.33%. The daily average coke output is 51.63, with a week - on - week decrease of 0.04 and a year - on - year decrease of 5.20% [2]. Inventory - Coking plant inventory is 39.47, with a week - on - week increase of 0.16 and a year - on - year decrease of 15.82%. Port inventory is 214.62, with a week - on - week decrease of 0.49 and a year - on - year increase of 12.24%. Steel mill inventory is 609.59, with a week - on - week decrease of 0.21 and a year - on - year increase of 13.52%. The steel mill inventory days are 10.76, with a week - on - week decrease of 0.07 and a year - on - year decrease of 0.46% [2]. Futures Market - The prices of different coke futures contracts (05, 09, 01) have changed. For example, the price of the 05 contract is 1806.5, with a daily decrease of 13.00. The basis of different contracts (05, 09, 01) and the spreads between different contracts (5 - 9, 9 - 1, 1 - 5) also show various changes [2].