Group 1: Price Performance - The latest price of London Platinum is 1339.00 with a change of 8.00; London Palladium is 1124.00 with a change of 14.00; WTI Crude is 64.80 with a change of 1.14; LME Copper is 9809.00 with a change of 94.50 [3] - The latest value of the US Dollar Index is 98.43 with a change of 0.70; Euro to US Dollar is 1.16 with a change of -0.01; British Pound to US Dollar is 1.35 with a change of -0.01; US Dollar to Japanese Yen is 147.73 with a change of 0.79 [3] Group 2: Trading Data - The latest COMEX silver inventory is 15824.93 with a change of 9.22; SHFE silver inventory is 1113.64 with a change of 4.52; Gold ETF holdings are 958.49 with a change of 1.72; Silver ETF holdings are 15288.82 with no change [4] - The deferred fee payment direction of SGE silver and SGE gold is 1 with no change [4]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. Singapore's high - sulfur bunkering volume in July increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. US residue inventory increased slightly but was at the lowest level in the same period in history, ARA ports decreased slightly, and floating storage increased slightly. [6] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons, meeting market expectations, and the cumulative export inspection volume this crop year is higher than the same period last year [1]. - As of August 24, 2025, the U.S. soybean good-to-excellent rate rose to 69%, stronger than market expectations, and the pod-setting rate and leaf - falling rate are also reported [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with the daily average export volume increasing by 24% compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, showed an increase compared to the same period last month according to two different institutions' data [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume for the week ending August 21, 2025, was 382,806 tons (expected 200,000 - 500,000 tons, previous week revised to 502,794 tons), and the cumulative export inspection volume this crop year is 49,279,891 tons, higher than 44,214,289 tons in the same period last year. The export inspection volume to China was 0 tons [1]. - As of August 24, 2025, the U.S. soybean good - to - excellent rate was 69% (expected 67%, previous week 68%, same period last year 67%), the pod - setting rate was 89% (previous week 82%, same period last year 88%, five - year average 89%), and the leaf - falling rate was 4% (same period last year 6%, five - year average 4%) [1]. - Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August 2025, with a daily average export volume of 453,614.86 tons, a 24% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 25, 2025, increased by 10.9% (ITS data) and 16.4% (AmSpec data) compared to the same period last month [1]. Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 19 - 25, 2025, are provided in a table [2]. Protein Meal Basis No detailed information provided [3]. Oil Basis No detailed information provided [6]. Oil and Oilseed Futures Price Spreads No detailed information provided [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Downstream is currently booking shipping space for late August to early September (week 35 - 36). Week 35 has a potential average of $2550 (1800 points), and week 36's current average quote is $2300 (1600 points). MSK has relatively less pressure to receive goods due to significant price cuts, but most shipping companies face pressure to receive goods at the end of the month. September's overall shipping capacity is generally reduced, but on August 26, two sailings on the FE3/FE4 routes of the PA alliance in week 37/38 of September were refilled, increasing the average weekly shipping capacity in September to 310,000 TEU. The overall situation in September is loose, and the subsequent driving force remains weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), with limited downside potential. Attention can be paid to the long - allocation opportunity of the 12 - contract [1] 3. Summary by Related Catalogs 3.1 Futures Contract Information - EC2508 closed at 2136.0 with a 0.39% increase, EC2510 at 1358.0 with a 3.74% increase, EC2512 at 1696.7 with a 2.14% increase, EC2602 at 1496.9 with a 2.18% increase, EC2604 at 1284.0 with a 1.54% increase, and EC2606 at 1445.7 with a 1.10% increase. The positions of EC2508 decreased by 91, EC2510 increased by 102, EC2512 increased by 220, EC2602 remained unchanged, EC2604 decreased by 33, and EC2606 decreased by 22 [1] - The month - to - month spreads: EC2508 - 2510 was 778.0, with a daily decrease of 40.7 and a weekly increase of 21.0; EC2510 - 2512 was - 338.7, with a daily increase of 13.5 and a weekly increase of 66.0; EC2512 - 2602 was 199.8, with a daily increase of 3.6 and a weekly decrease of 39.8 [1] 3.2 Spot Market Information - The spot price of Telanat (European line) on August 25, 2025, was 1990.2 points, a decrease of 8.71% from the previous period and 2.47% from the period before the previous one. SCFI was $1668/TEU on August 22, 2025, a decrease of 7.9% from the previous period. CCFI was 1757.74 points on August 22, 2025, a decrease of 1.83% from the previous period. NCFI was 1083.74 points on August 22, 2025, a decrease of 8.83% from the previous period [1] 3.3 Recent European Line Quotation - In week 35, the potential average is $2575 (1770 points), with the PA alliance at $2500, MSK opening at $2300 (later rising to $2490), and the OA alliance at $2700 - $2800. In week 36, the latest quotes from shipping companies range from $2120 - $2420, with an average of $2250 (1550 points). The PA alliance is at $2200 - $2300, MSK at $2100 (later rising to $2200), and the OA alliance at $2300 - $2400 [2] 3.4 Related News - On August 23, US President Trump announced a major tariff investigation on imported furniture into the US, which will be completed within the next 50 days. The tariff rate is to be determined. On August 26, Trump said dealing with Netanyahu was quite difficult and expected a clear and good outcome in the next 2 - 3 weeks [3]

Report Title - The report is titled "Iron Alloy Morning Report" [1] Report Date - The report date is August 26, 2025 [2] Price Summary Silicon Ferrosilicon - Spot prices vary by region and grade. For example, the latest price of 72 silicon ferrosilicon in Ningxia and Inner Mongolia is 5300 yuan/ton, with daily changes of 0 and weekly changes of -180 and -150 respectively. The export price of 72 silicon ferrosilicon in Tianjin is 1055 US dollars, with a daily change of 0 and a weekly change of 30 [2] - Futures prices also show different trends. The latest price of the main contract is 5680 yuan/ton, with a daily change of 38 and a weekly change of -200 [2] Silicon Manganese - Spot prices of silicon manganese also vary by region. The latest price of 6517 silicon manganese in Inner Mongolia is 5750 yuan/ton, with a daily change of 0 and a weekly change of -70. The main contract price is 5898 yuan/ton, with a daily change of 66 and a weekly change of -128 [2] Supply Summary Silicon Ferrosilicon - The production data of 136 silicon ferrosilicon enterprises in China shows the monthly and weekly production trends from 2021 to 2025. The production capacity utilization rate of 136 silicon ferrosilicon production enterprises in Inner Mongolia also shows different trends over the years [5] Silicon Manganese - The weekly production data of silicon manganese in China from 2021 to 2025 is presented, as well as the annual trends of the procurement price and quantity of 6517 silicon manganese by Hebei Iron and Steel Group [7] Demand Summary Silicon Ferrosilicon - The demand - related data includes the production of crude steel in China, the production of metal magnesium, the production of stainless - steel crude steel, and the procurement volume of FeSi75 - B by Hebei Iron and Steel Group, which reflect the demand for silicon ferrosilicon in different industries [5] Silicon Manganese - The demand for silicon manganese in China is measured by the steel - linked caliber, and the data shows the demand trends from 2021 to 2025. The production of crude steel also affects the demand for silicon manganese [5][8] Inventory Summary Silicon Ferrosilicon - The inventory data of 60 sample enterprises in China shows the weekly inventory trends from 2021 to 2025. The inventory data also includes the inventory in different regions such as Ningxia, Inner Mongolia, and Shaanxi. The warehouse receipt and effective forecast data are also presented [6] Silicon Manganese - The inventory - related data includes the total number of warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory of silicon manganese on the CZCE. The inventory of 63 sample enterprises in China and the average available days of inventory in China are also shown [8] Cost and Profit Summary Silicon Ferrosilicon - The cost - related data includes electricity prices in different regions such as Qinghai, Ningxia, Shaanxi, and Inner Mongolia. The production cost, profit from converting to the main contract, and spot profit of silicon ferrosilicon in Ningxia and Inner Mongolia are also presented [6] Silicon Manganese - The profit data of silicon manganese in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are presented, measured by the steel - linked caliber. The profit from converting Guangxi silicon manganese to the main contract and the profit from converting Ningxia silicon manganese to the contract are also shown [8]

| | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/8/18 | | 2025/8/22 | 2025/8/25 | | 周度变化 日度变化 | | 2025/8/18 | 2025/8/22 | 2025/8/25 | | 周度变化 日度变化 | | 沙河重碱 | 1260.0 | 1220.0 | 1230.0 | -30.0 | 10.0 | SA05合 约 | 1442.0 | 1379.0 | 1393.0 | -49.0 | 14.0 | | 华中重碱 | 1220.0 | 1220.0 | 1220.0 | 0.0 | 0.0 | SA01合约 | 1386.0 | 1326.0 | 1337.0 | -49.0 | 11.0 | | 华南重碱 | 1450.0 | 1450.0 | 1450.0 | 0.0 | 0.0 | SA09合约 | 1272.0 | 1226.0 | 1226.0 | -46.0 | 0.0 | | ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - For PTA, with an increase in unexpected maintenance, continuous recovery of polyester开工 and relatively healthy inventory, there is still room for load - up. The supply of raw material PX is gradually returning, and the near - term supply - demand pattern of TA is expected to continue to improve. Attention should be paid to the opportunity of expanding processing fees at low prices and the restart progress of Hengli Huizhou [2][3][7] - For MEG, the near - term domestic oil - based restart and a slight decline in coal - based开工 lead to an overall increase in load. With a decline in arrivals and stable shipments during the week, port inventory is decreasing. The downstream stocking level is stable, the basis is strongly maintained, and the profit - to - price ratio is basically stable month - on - month. In the future, although the EG开工 has risen to a relatively high level, port inventory is expected to remain low in the short term due to fewer arrivals. The pattern is good and the profit is not low. In the far - month, there is an expectation of inventory accumulation with the return of maintenance and the commissioning of new devices, but the valuation is greatly affected by the subsequent evolution of the cost side, and it should be regarded as a wide - range shock. Attention should be paid to the restart progress of Satellite and Xinrun [7] - For polyester staple fiber, the开工 of near - end Chuzhou Xingbang and Ningbo Zhuocheng has increased slightly to 91.9%, the production and sales are basically stable, and the inventory has decreased month - on - month. On the demand side, the开工 of polyester yarn has increased, raw material stocking has increased, and finished product inventory has continued to decrease, but the profit is weak. In the future, as the inventory reduction speed of polyester yarn finished products has accelerated, the stocking demand has emerged. The开工 of staple fiber remains high but has not increased significantly. With the continuation of inventory reduction, attention should be paid to the opportunity of expanding processing fees at low prices [7] - For natural rubber and 20 - number rubber, the main contradiction is that the national explicit inventory is stable, the absolute level is not high, but there is no seasonal inventory reduction, and the price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping. The strategy is to wait and see [7] Summary by Related Catalogs PTA - **Price and Index Changes**: From August 19 to August 25, 2025, crude oil rose from 65.8 to 68.8, PTA internal spot goods rose from 4690 to 4850, and PTA processing difference rose from 128 to 175. The daily average transaction basis of PTA spot is 2509(+22). The new 1.6 - million - ton line of Sanfangxiang's new device has been put into production [2] - **Market Situation**: With an increase in unexpected near - end TA maintenance, the开工 has decreased significantly. The polyester load has continued to increase, the inventory has decreased month - on - month, the basis has strengthened slightly, and the spot processing fee has improved. The domestic PX开工 has increased slightly [2] MEG - **Price and Index Changes**: From August 19 to August 25, 2025, the price of MEG external disk rose from 523 to 534, the price of MEG internal disk rose from 4458 to 4542, and the coal - based MEG profit rose from 372 to 463. The basis of MEG spot is around 09(+95) [7] - **Device Changes**: Xinjiang Tianying's 150,000 - ton device has restarted, and Shaanxi Weihua's 300,000 - ton device has been under maintenance [7] Polyester Staple Fiber - **Price and Index Changes**: From August 19 to August 25, 2025, the price of 1.4D cotton - type staple fiber rose from 6555 to 6675, and the short - fiber profit rose from 35 to - 14. The spot price is around 6600, and the market basis is around 10 - 130 [7] - **Market Situation**: The开工 of near - end Chuzhou Xingbang and Ningbo Zhuocheng has increased slightly to 91.9%, the production and sales are basically stable, and the inventory has decreased month - on - month. The downstream polyester yarn end has seen an increase in开工, an increase in raw material stocking, and a continuous decrease in finished product inventory, but the profit is weak [7] Natural Rubber & 20 - number Rubber - **Price and Index Changes**: From August 19 to August 25, 2025, the price of US - dollar Thai standard spot remained at 1790, and the price of Shanghai full - latex decreased from 14680 to 14470. The weekly change of RU main contract was 85, and the weekly change of NR main contract was 135 [7] - **Market Situation**: The national explicit inventory is stable, the absolute level is not high, but there is no seasonal inventory reduction. The price of Thai cup rubber has rebounded due to rainfall affecting rubber tapping [7] Styrene - **Price and Index Changes**: From August 19 to August 25, 2025, the price of ethylene (CFR Northeast Asia) remained at 830, the price of pure benzene (CFR China) rose from 747 to 751, and the price of styrene (CFR China) rose from 890 to 905. The daily change of EPS (East China ordinary material) was 150, and the daily change of styrene domestic profit was 0 [9]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - PG futures prices fluctuated and strengthened, mainly due to the bottom - up rebound of spot prices and the increase in import costs. The basis weakened, and the spreads between different contract months changed. The warehouse receipt registration volume decreased slightly. The external market prices strengthened slightly, and the internal - external price spreads fluctuated. The fundamentals showed that port supply and demand both decreased, and inventory was basically flat. Refinery production increased, but factory inventories decreased due to increased demand. The operating rates of PDH, alkylation, and MTBE changed to different extents, and the production profits of related products also showed different trends [1] 3. Summary by Relevant Catalogs Daily Data - From August 19 - 25, 2025, prices of South China LPG, East China LPG, Shandong LPG, etc. showed different degrees of change. For example, on August 25, South China LPG was 4545, with a daily increase of 55; East China LPG was 4402, with a daily increase of 4; Shandong LPG was 4540, with a daily increase of 30. The 09 - 10 month spread was - 587 (- 78), and the 10 - 11 month spread was 82 (+ 2). The cheapest deliverable on Monday was East China civil LPG at 4402. FEI, CP, and PP prices rose, and the production profits of FEI and CP for PP production fluctuated [1] Weekly View - PG futures prices fluctuated and strengthened. The cheapest deliverable was East China civil LPG at 4398. The basis weakened to 520 (- 19), the 9 - 10 month spread was - 509 (- 38), and the 10 - 11 month spread was 80 (+ 0). The warehouse receipt registration volume was 12887 (- 1). External market prices strengthened slightly, and internal - external price spreads fluctuated. The freight rates from the US Gulf to Japan and the Middle East to the Far East decreased. The naphtha crack spread strengthened slightly. The production profits of related products such as PDH - made propylene, alkylation oil, etc. changed to different extents. Fundamentally, port supply and demand both decreased, inventory was basically flat, refinery production increased by 1.94%, and factory inventories decreased. The PDH operating rate was 75.66% (- 0.67pct), and the alkylation operating rate was 51.42% (- 0.67pct) [1]

Report Summary 1. Report Industry Investment Rating - No information provided in the content. 2. Core View of the Report - No clear core view is presented in the given content. It mainly provides data on various iron ore products including spot prices, price changes, import profits, and exchange - contract prices. 3. Summary by Relevant Catalogs Spot Market Data - **Australian Iron Ore**: Newman powder price is 776, with a daily change of 11 and a weekly change of 9; PB powder price is 780, with a daily change of 13 and a weekly change of 10; Mac powder price is 766, with a daily change of 13 and a weekly change of 3; etc. [1] - **Brazilian Iron Ore**: Ba - Hun price is 812, with a daily change of 2 and a weekly change of 3; Ba - Cu IOC6 price is 788, with a daily change of 13 and a weekly change of 26; etc. [1] - **Other Regions' Iron Ore**: Ukrainian fine powder price is 890, with a daily change of 12 and a weekly change of 16; 61% Indian powder price is 741, with a daily change of 12 and a weekly change of 10; etc. [1] - **Domestic Iron Ore**: Tangshan iron concentrate powder price is 989, with a daily change of 12 and a weekly change of 12. [1] Exchange - Contract Data - **DCE Contracts**: i2601 price is 787.0, with a daily change of 17.0 and a weekly change of 15.0; i2605 price is 763.0, with a daily change of 15.5 and a weekly change of 13.0; i2509 price is 806.5, with a daily change of 17.5 and a weekly change of 16.5. [1] - **FE Contracts**: FE01 price is 99.84, with a daily change of - 0.68 and a weekly change of - 1.36; FE05 price is 97.55, with a daily change of - 0.66 and a weekly change of - 1.18; FE09 price is 100.59, with a daily change of - 0.58 and a weekly change of - 1.31. [1]

Group 1: Report Overview - The report is from the Agricultural Products Team of the Research Center, dated August 26, 2025 [3] Group 2: Corn/Starch Price Data - From August 19 - 25, 2025, in corn, prices in Changchun remained 2230, while in other regions like Weifang and Jinzhou, there were fluctuations. The basis changed by 41, trade profit decreased by 20, and import profit decreased by 4. In starch, prices in Heilongjiang remained 2850, while in Weifang it decreased by 50. The basis increased by 17, and processing profit increased by 22 [4] Market Analysis - Short - term: New - season corn is about to be listed, market sentiment is cautious, and port spot prices are weakening, causing the futures price to decline. But due to limited supply increase, there is no expectation of a sharp drop. Starch prices follow raw material price fluctuations, with high production, low downstream demand, and rising inventory, pressuring prices. - Long - term: Corn prices are expected to decline due to increased production and lower costs. Starch prices are bearish due to high inventory and expected lower raw material costs [5] Group 3: Sugar Price Data - From August 19 - 25, 2025, the spot prices in Liuzhou, Nanning, and Kunming had little change, the basis decreased by 18, and the import profit increased by 33. The number of warehouse receipts decreased by 170 [6][24] Market Analysis - Internationally, Brazil is in the peak crushing season, putting pressure on international sugar prices. The uncertainty of Brazil's later - stage production increases. Domestically, Zhengzhou sugar follows raw sugar. Imported sugar is arriving at ports, and the processing sugar price cut is putting pressure on the futures [7][24] Group 4: Cotton/Cotton Yarn Price Data - From August 19 - 25, 2025, the price of 3128 cotton increased by 80, the price of imported M - grade US cotton increased by 1, the import profit and other data also changed. For cotton yarn, the price of Vietnamese yarn remained stable, the spot price increased by 20, the import profit of Vietnamese yarn increased by 59, and the 32S spinning profit decreased by 64 [10] Market Analysis - Cotton has entered a consolidation phase, waiting for demand verification. If there are no major macro - risk events, the April low can be seen as the long - term bottom, and the downside space is limited. Attention should be paid to demand changes [10] Group 5: Eggs Price Data - From August 19 - 25, 2025, egg prices in Hebei, Liaoning, and other regions decreased, the basis increased by 10, the price of white - feather broilers remained stable, the price of yellow - feather broilers increased by 0.20, and the price of live pigs increased by 0.01 [14] Market Analysis - In July, high temperatures reduced egg - laying rates, and post - plum - rain replenishment drove up egg prices. But due to sufficient stocks in food factories and reduced procurement, the Mid - Autumn Festival demand was weakened. In August, supply was high and demand was low, causing prices to fall. Attention should be paid to the culling of old hens and cold - storage egg release [14] Group 6: Apples Price Data - From August 19 - 25, 2025, the spot price of Shandong 80 first - and second - grade apples remained 7300.00, the national inventory decreased by 36.00, Shandong inventory decreased by 24.00, and Shaanxi inventory decreased by 47.00. The basis for different contracts also changed [21][22] Market Analysis - The new - season apples are in the growth stage. The yield in the western region may increase, while Shandong may have a 20% reduction. The current - season apple consumption is in the off - season, with the lowest apparent inventory in five years and slightly slower de - stocking. The price is stable for now. Attention should be paid to the final yield determination [22] Group 7: Live Pigs Price Data - From August 19 - 25, 2025, the prices in Henan Kaifeng, Hubei Xiangyang, and other regions had minor changes, and the basis decreased by 70 [22] Market Analysis - There are policy expectations for a production - capacity turning point in the long - term, but medium - term supply pressure remains. Seasonally, there are factors supporting demand. The spot price rebounded at the weekend. There is an expectation of reduced supply at the end of the month, and consumption may improve with school - opening replenishment. The restart of state reserves is boosting market sentiment. Attention should be paid to factors such as slaughter rhythm, weather, and policies [22]