1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Currently, downstream customers are booking shipping space for the end of August to early September (week 35 - 36). Week 35's final average price is $2550 (equivalent to 1800 points), and week 36's current average quoted price is $2300 (equivalent to 1600 points). Among them, PA Alliance quotes $2200 - 2300, MSK quotes $2100 (later increased to $2200), and OA Alliance quotes $2300 - 2400. From a fundamental perspective, MSK has relatively less pressure to receive goods due to its large price cut, but most shipping companies have pressure to receive goods at the end of the month [1]. - In September 2025, the overall shipping capacity is adjusted downwards because OA Alliance's FAL8 adds a suspension of service in week 37. The average weekly shipping capacity in September and October 2025 is 300,000 and 320,000 TEU respectively. After considering all TBN as suspensions, it is 290,000 TEU for both months. Overall, the situation in September is loose, and the subsequent driving force continues to be weak. However, the valuation in October is gradually approaching the annual low (1250 - 1300), and the downward space may be limited. Subsequently, attention can be paid to the long - allocation opportunity of the December contract [1]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Information - EC2508 closed at 2127.7 yesterday, up 0.13%, with a basis of 52.5, a trading volume of 120, an open interest of 1968, and a change in open interest of - 92 [1]. - EC2510 closed at 1309.0 yesterday, down 1.21%, with a basis of 871.2, a trading volume of 25350, an open interest of 54255, and a change in open interest of - 38 [1]. - EC2512 closed at 1661.2 yesterday, down 3.50%, with a basis of 519.0, a trading volume of 8311, an open interest of 13295, and a change in open interest of 1086 [1]. - EC2602 closed at 1465.0 yesterday, down 3.17%, with a basis of 715.2, a trading volume of 1372, an open interest of 4455, and a change in open interest of 52 [1]. - EC2604 closed at 1264.5 yesterday, down 1.94%, with a basis of 915.7, a trading volume of 1364, an open interest of 5836, and a change in open interest of 120 [1]. - EC2606 closed at 1430.0 yesterday, down 2.73%, with a basis of 750.2, a trading volume of 203, an open interest of 879, and a change in open interest of 20 [1]. 3.2 Month - spread Information - The month - spread of EC2508 - 2510 was 818.7 the previous day, with a day - on - day increase of 18.7 and a week - on - week increase of 103.6 [1]. - The month - spread of EC2510 - 2512 was - 352.2 the previous day, with a day - on - day increase of 44.2 and a week - on - week increase of 64.4 [1]. - The month - spread of EC2512 - 2602 was 196.2 the previous day, with a day - on - day decrease of 12.2 and a week - on - week increase of 556 [1]. 3.3 Spot Index Information - The SCHIS index on August 18, 2025, was 2180.17 points, down 2.47% from the previous period and down 2.71% from the period before the previous one [1]. - The SCFI (European line) index was $1668/TEU, down 8.35% from the previous period and down 7.9% from the period before the previous one [1]. - The CCFI (European line) index on August 22, 2025, was 1757.74 points, down 1.83% from the previous period and down 0.48% from the period before the previous one [1]. - The NCFI (European line) index on August 22, 2025, was 1083.74 points, down 8.83% from the previous period and down 5.49% from the period before the previous one [1]. 3.4 Other Information - As of August 24, a Hamas senior official said that Israeli Prime Minister Netanyahu was deliberately undermining negotiations and insisting on continuing the offensive [3]. - On August 21, the US and the EU reached an agreement on the "Framework Agreement on Reciprocal, Fair, and Balanced Trade". The US will impose a 15% tariff on most EU goods such as automobiles, pharmaceuticals, semiconductors, and timber. The EU promised to cancel tariffs on US industrial products, provide preferential market access for US seafood and agricultural products, plan to purchase $750 billion of US liquefied natural gas, oil, and nuclear products by 2028, another $40 billion of US artificial intelligence chips, and significantly increase the purchase of US military and defense equipment. EU companies will also invest an additional $600 billion in US strategic industries [4]. - The XSI - C index is delayed by three working days for publication [5].

| | | | 钢材早报 | | 研究中心黑色团队 2025/08/25 | | | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2025/08/18 | 3260 | 3300 | 3350 | 3250 | 3340 | 3350 | | 2025/08/19 | 3240 | 3270 | 3330 | 3250 | 3320 | 3320 | | 2025/08/20 | 3240 | 3270 | 3330 | 3250 | 3290 | 3310 | | 2025/08/21 | 3240 | 3320 | 3330 | 3250 | 3290 | 3310 | | 2025/08/22 | 3220 | 3270 | 3330 | 3250 | 3290 | 3310 | | 变化 | -20 | -50 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | 乐从热卷 | 天津冷卷 | ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Report's Core View No clear core view can be extracted from the provided data, which mainly consists of price, supply, demand, inventory, and cost - profit data of ferrous alloys. 3. Summary by Relevant Catalogs Price - For silicon - iron, on August 25, 2025, the latest price of Ningxia 72 silicon - iron natural block was 5300, with a daily change of - 30 and a weekly change of - 150; the export price of Tianjin 72 silicon - iron was 1055 (USD), with a daily change of 0 and a weekly change of 30 [2]. - For silicon - manganese, on the same day, the latest price of Inner Mongolia 6517 silicon - manganese at the production area was 5750, with a daily change of 0 and a weekly change of - 50; the trading price of Ningxia 6517 silicon - manganese was 5550, with a daily change of - 20 and a weekly change of - 250 [2]. Supply - The data shows the production and capacity utilization of 136 silicon - iron production enterprises in China from 2021 to 2025, including monthly production, weekly production, and monthly capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [4]. - It also presents the production of silicon - manganese in China from 2021 to 2025, including weekly production and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - The demand - related data includes the estimated corrected monthly production of crude steel in China from 2021 to 2025, the monthly production of stainless - steel crude steel in China, and the demand for silicon - manganese in China (in ten thousand tons) [4][6][7]. Inventory - For silicon - iron, it shows the weekly inventory of 60 sample enterprises in China from 2021 to 2025, including the inventory in Ningxia, Inner Mongolia, and Shaanxi, as well as the daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective forecasts [5]. - For silicon - manganese, it presents the daily warehouse receipt quantity, effective forecast, and the sum of warehouse receipts and effective inventory in China from 2021 to 2025, as well as the weekly inventory of 63 sample enterprises in China [7]. Cost and Profit - For silicon - iron, it shows the electricity prices in Inner Mongolia, Qinghai, Ningxia, and Shaanxi from 2021 to 2025, the market price of small - sized semi - coke in Shaanxi, and the production cost, disk - based profit, and spot profit of silicon - iron in Ningxia and Inner Mongolia [5]. - For silicon - manganese, it shows the profit of silicon - manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 to 2025, as well as the disk - based profit of silicon - manganese in Ningxia and Guangxi [7].

Report Overview - The report is the "Large - scale Asset Morning Report" released by the macro team of the research center on August 25, 2025 [2] Global Asset Market Performance 10 - year Treasury Yields of Major Economies - On August 22, 2025, the 10 - year Treasury yields of the US, UK, France, etc. were 4.255, 4.691, 3.420 respectively. There were different changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the US was - 0.074, and the yearly change was 0.418 [3] 2 - year Treasury Yields of Major Economies - On August 22, 2025, the 2 - year Treasury yields of the US, UK, Germany, etc. were 3.740, 3.938, 1.945 respectively. There were also different changes in different time periods. For example, the latest change in the US was - 0.010, and the yearly change was - 0.270 [3] Dollar Exchange Rates against Major Emerging Economies' Currencies - On August 22, 2025, the dollar exchange rates against the Brazilian real, South African rand, etc. were 5.426, 17.449 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the Brazilian real was - 0.91%, and the yearly change was - 0.87% [3] Major Economies' Stock Indexes - On August 22, 2025, the closing prices of the S&P 500, Dow Jones Industrial Average, etc. were 6466.910, 45631.740 respectively. There were percentage changes in the latest, weekly, monthly, and yearly periods. For example, the latest change in the S&P 500 was 1.52%, and the yearly change was 18.55% [3] Credit Bond Indexes - There were different changes in the latest, weekly, monthly, and yearly periods for the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. For example, the latest change in the US investment - grade credit bond index was 0.53%, and the yearly change was 4.10% [3][4] Stock Index Futures Trading Data Index Performance - The closing prices of A - shares, CSI 300, etc. were 3825.76, 4378.00 respectively, with corresponding percentage changes. For example, the A - share index rose 1.45% [5] Valuation - The PE (TTM) of the CSI 300, SSE 50, etc. were 13.97, 11.94 respectively, with corresponding环比 changes. For example, the环比 change of the CSI 300's PE (TTM) was 0.24 [5] Risk Premium - The risk premiums of the S&P 500 and German DAX were - 0.61, 2.25 respectively, with环比 changes of 0.02 for both [5] Fund Flows - The latest values of fund flows in A - shares, the main board, etc. were 1045.08, 480.26 respectively, and there were corresponding 5 - day average values [5] Trading Volume - The latest trading volumes of the Shanghai and Shenzhen stock markets, CSI 300, etc. were 25467.10, 6759.35 respectively, with环比 changes. For example, the环比 change of the Shanghai and Shenzhen stock markets' trading volume was 1226.53 [5] Main Contract Basis - The basis of IF, IH, IC were 16.00, 13.39, - 12.45 respectively, with corresponding basis ratios of 0.37%, 0.46%, - 0.18% [5] Treasury Futures Trading Data - The closing prices of T00, TF00, T01, TF01 were 107.915, 105.475, 107.660, 105.370 respectively, with corresponding percentage changes. The R001, R007, SHIBOR - 3M were 1.4466%, 1.4839%, 1.5500% respectively, with daily changes in basis points [6]

Price Performance - London Gold latest price is 3334.25, change is -4.05 [1][2] - London Silver latest price is 38.01, change is 0.44 [1][2] - London Platinum latest price is 1331.00, change is -7.00 [1][2] - London Palladium latest price is 1110.00, change is -17.00 [1][2] - WTI Crude latest price is 63.66, change is 0.14 [1][2] - LME Copper latest price is 9714.50, change is 15.50 [1][2] - US Dollar Index latest price is 97.72, change is -0.93 [2] - Euro to US Dollar latest price is 1.17, change is 0.01 [2] - British Pound to US Dollar latest price is 1.35, change is 0.01 [2] - US Dollar to Japanese Yen latest price is 146.94, change is -1.44 [2] - US 10 - year TIPS latest price is 1.85, change is -0.09 [2] Trading Data - SHFE Silver inventory is 1109.12, change is -5.94 [3] - Gold ETF holdings is 956.77, change is 0.00 [3] - Silver ETF holdings is 15288.82, change is 11.30 [3] - SGE Gold deferred fee payment direction is 1, change is -1.00 [3] - SGE Silver deferred fee payment direction is 1, change is 0.00 [3]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report Core Views - For methanol, port inventory has significantly accumulated, with high imports and actual inventory. The expected return of inland supply is on the horizon, and traditional demand will enter the peak season later. Attention should be paid to whether demand can support after the return of inland supply. If inventory deteriorates significantly, methanol's valuation may decline [1]. - For polyethylene, the inventory of the two major oil companies is neutral year - on - year. Upstream, the two major oil companies are accumulating inventory, while coal - chemical enterprises are reducing inventory. Downstream, raw material and finished - product inventories are neutral. Overall inventory is neutral. The 09 basis is around - 150 in North China and - 100 in East China. Import profit is around - 100 with no further increase for now. In August, maintenance decreased month - on - month, and domestic linear production increased. Attention should be paid to LL - HD conversion and US quotes, as well as the commissioning of new plants in 2025 [4]. - For polypropylene, upstream, the two major oil companies are accumulating inventory, while the middle - stream is reducing inventory. In terms of valuation, the basis is - 60, non - standard price difference is neutral, and import profit is around - 800. Exports have been good this year. Non - standard price difference is neutral. PDH profit is around - 200, propylene is fluctuating, and powder production is stable. In June, supply is expected to increase slightly month - on - month. Downstream orders are average currently, and raw material and finished - product inventories are neutral. Under the background of over - capacity, the 09 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH plant maintenance, the supply pressure can be alleviated to a neutral level [4]. - For PVC, the basis remains at 01 - 270, and the factory - pickup basis is - 480. Downstream operation is seasonally weak, but the willingness to hold goods at low prices is strong. Mid - and upstream inventories are continuously accumulating. In summer, northwest plants have seasonal maintenance, and the load center is between the spring maintenance and the high - production period in Q1. In Q4, attention should be paid to the commissioning of new plants and export sustainability. Near - term export orders have slightly declined. Coal sentiment is positive, and the cost of semi - coke is stable. Calcium carbide's profit is under pressure due to PVC maintenance. The export counter - offer for caustic soda is FOB380. Currently, the contradiction in static inventory is accumulating slowly, cost is stable, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and operation [4]. 3. Summary by Product Methanol - **Price Data**: From August 18 - 22, 2025, the daily change of动力煤期货 is 0, the change of江苏现货 is - 13,华南现货 is - 15,鲁南折盘面 is - 5,西南折盘面 is 0,河北折盘面 is 0,西北折盘面 is 8, CFR中国 is - 4, CFR东南亚 is 0,进口利润 is 15,主力基差 is 0, and盘面MTO利润 is 0 [1]. Polyethylene - **Price Data**: From August 18 - 22, 2025, the daily change of东北亚乙烯 is 0,华北LL is 0,华东LL is 40,华东LD is 25,华东HD is - 20, LL美金 is 0, LL美湾 is 0,进口利润 is 0,主力期货 is - 6,基差 is 0,两油库存 is - 2, and仓单 is 0 [4]. Polypropylene - **Price Data**: From August 18 - 22, 2025, the daily change of山东丙烯 is 50,东北亚丙烯 is 0,华东PP is 5,华北PP is 5,山东粉料 is 0,华东共聚 is 0, PP美金 is 0, PP美湾 is 0,出口利润 is 0,主力期货 is - 10,基差 is 0,两油库存 is - 2, and仓单 is 115 [4]. PVC - **Price Data**: From August 18 - 22, 2025, the daily change of西北电石 is 0,山东烧碱 is 10,电石法 - 华东 is - 10,乙烯法 - 华东 is 0,电石法 - 华南 is 0,电石法 - 西北 is 0,进口美金价（CFR中国） is 0,出口利润 is 0,西北综合利润 is 0,华北综合利润 is 0, and基差(高端交割品) is 0 [4].

Report Summary 1. Report Industry Investment Rating - The provided content does not mention the industry investment rating. 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 - external spread of FU fluctuated greatly, and the 09 contract once returned above par. [5][6] - The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the internal - external spread of LU strengthened slightly to 10 USD. [6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. The high - sulfur bunker volume in Singapore in July increased by 15% month - on - month and 10% year - on - year. [6] - 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. [6] - US residue inventory increased slightly but remained at the lowest level in the same period of 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, and the EW spread was still recovering. There was still a large amount of FU delivery cargo, and attention should be paid to subsequent delivery changes. [6] - The new round of sanctions had a large potential impact on domestic heavy crude oil, providing a certain support for the valuation of Asian fuel oil. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and the internal - external spread of LU oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be concerned. [6] 3. Summary According to Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 7.74, Rotterdam 0.5% VLS FO swap M1 changed by 8.57, Rotterdam HSFO - Brent M1 changed by 0.41, Rotterdam 10ppm Gasoil swap M1 changed by 11.52, Rotterdam VLSFO - G M1 changed by - 2.95, LGO - Brent M1 changed by 0.07, and Rotterdam VLSFO - HSFO M1 changed by 0.83. [3] Singapore Fuel Oil Swap Data - From August 18th to 22nd, 2025, the price of Singapore 380cst M1 changed by 2.60, Singapore 180cst M1 changed by 2.04, Singapore VLSFO M1 changed by 2.59, Singapore GO M1 changed by 0.94, Singapore 380cst - Brent M1 changed by 0.04, and Singapore VLSFO - GO M1 changed by - 4.37. [3] Singapore Fuel Oil Spot Data - From August 18th to 22nd, 2025, the FOB 380cst price changed by 2.46, FOB VLSFO price changed by 4.18, 380 basis changed by - 0.60, high - sulfur internal - external spread changed by 4.3, and low - sulfur internal - external spread changed by 3.7. [4] Domestic FU Data - From August 18th to 22nd, 2025, FU 01 changed by 33, FU 05 changed by 17, FU 09 changed by 38, FU 01 - 05 changed by 16, FU 05 - 09 changed by - 21, and FU 09 - 01 changed by 5. [4] Domestic LU Data - From August 18th to 22nd, 2025, LU 01 changed by 19, LU 05 changed by - 29, LU 09 changed by 12, LU 01 - 05 changed by 48, LU 05 - 09 changed by - 41, and LU 09 - 01 changed by - 7. [5]

Group 1: Report Information - Report title: Pulp Morning Report [2] - Research team: Energy and Chemicals Team of the Research Center [2] - Report date: August 25, 2025 [2] Group 2: SP Main Contract Closing Price - Closing price on August 22, 2025: 5108.00 [3] - Closing prices from August 18 - 22, 2025: 5252.00, 5178.00, 5136.00, 5130.00, 5108.00 respectively [3] - Dollar - converted prices from August 18 - 22, 2025: 638.77, 629.40, 624.46, 623.85, 620.90 respectively [3] - Daily price changes from August 18 - 22, 2025: - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682%, - 0.42885% respectively [3] - Shandong Yinxing basis from August 18 - 22, 2025: 598, 672, 674, 670, 652 respectively [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis from August 18 - 22, 2025: 633, 707, 704, 685, 692 respectively [3] Group 3: Import Information - Import profit calculation based on 13% VAT: Canada's Golden Lion (CFR, port price 780 dollars, Shandong RMB price 6350, profit - 48.45); Canada's Lion (CFR, port price 730 dollars, Shandong RMB price 5500, profit - 492.78); Chile's Yinxing (CFR letter of credit 90 days, port price 720 dollars, Shandong RMB price 5760, profit - 151.65) [4] - Exchange rate on the previous day: 7.18 [4] Group 4: Pulp and Paper Price Averages - National and Shandong regional pulp price averages from August 18 - 22, 2025 (including softwood, hardwood, natural color pulp, and chemimechanical pulp) showed no change [4] - Paper price indices (cultural paper, packaging paper, and tissue paper) from August 19 - 22, 2025 showed no change [4] Group 5: Paper Profit Margins - Profit margins of different types of paper from August 19 - 22, 2025: double - offset paper (4.8673%, 4.9980%, 5.0306%, 5.0306%), double - copper paper (22.6786%, 22.7929%, 22.8214%, 22.8214%), white cardboard (- 13.4568%, - 13.3580%, - 13.3333%, - 13.3333%), tissue paper (6.9550%, 7.1459%, 7.4515%, 7.7571%) [4] - Tissue paper profit margin change: 0.3056 [4] Group 6: Pulp Price Spreads - Price spreads between different types of pulp on August 22, 2025: softwood - hardwood 1600.00, softwood - natural color 360, softwood - chemimechanical 1935, softwood - waste paper 4184 [4]

Report Information - Report Name: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 25, 2025 [1] Price Information - **Coal Prices**: The latest price of Liulin Main Coking Coal is 1453.00, with a weekly increase of 49.00 and an annual decrease of 3.13%. The price of Raw Coal at the Port Delivery is 962.00, with a daily increase of 6.00, a weekly decrease of 34.00, and an annual decrease of 18.47%. The price of Shaheyi Meng 5 is 1380.00, with a monthly increase of 160.00 and an annual decrease of 17.37%. The price of Anze Main Coking Coal is 1470.00, with a monthly increase of 20.00 and an annual decrease of 13.53% [2]. - **International Coal Prices**: The price of Peak Downs is 205.00, with a weekly decrease of 2.50 and an annual decrease of 11.10%. The price of Goonyella is 208.30, with a weekly decrease of 3.20 and an annual decrease of 7.80% [2]. - **Futures Prices**: The price of Futures 05 is 1185.50, with a daily decrease of 24.00, a weekly decrease of 79.00, and an annual decrease of 11.60%. The price of Futures 09 is 1029.50, with a daily decrease of 15.00, a weekly decrease of 32.50, and an annual decrease of 22.94%. The price of Futures 01 is 1141.50, with a daily decrease of 22.50, a weekly decrease of 76.00, and an annual decrease of 15.69% [2]. Inventory Information - **Total Inventory**: The total coking coal inventory is 3473.61, with a weekly increase of 50.04, a monthly decrease of 43.06, and an annual decrease of 2.68% [2]. - **Sub - inventories**: Coal mine inventory is 275.64, with a weekly increase of 17.97, a monthly decrease of 2.80, and an annual decrease of 14.55%. Port inventory is 255.49, with a weekly decrease of 21.85, a monthly decrease of 66.01, and an annual 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 an annual 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 an annual 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 an annual increase of 3.16% [2]. - **Coking Coke Inventory**: The coking coke inventory is 86.17, with a monthly decrease of 0.80 and an annual decrease of 0.75% [2]. - **Spreads and Basis**: The 5 - 9 spread is 156.00, with a daily decrease of 9.00, a weekly decrease of 46.50, and an annual increase of 30.20. The 9 - 1 spread is - 112.00, with a daily increase of 7.50, a weekly increase of 43.50, and an annual increase of 5.22. The 1 - 5 spread is - 44.00, with a daily increase of 1.50, a weekly increase of 3.00, and an annual decrease of 4.38. The 05 basis is 67.03, with a daily increase of 24.00, a weekly increase of 79.00, and an annual decrease of 190.48. The 09 basis is 223.03, with a daily increase of 15.00, a weekly increase of 32.50, and an annual decrease of 0.15. The 01 basis is 111.03, with a daily increase of 22.50, a weekly increase of 76.00, and an annual decrease of 0.55 [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - For PTA, with increased unexpected TA maintenance, rising polyester开工, and improving supply - demand, there are opportunities to expand processing fees by buying at low prices. Attention should be paid to the restart progress of Hengli Huizhou [3]. - For MEG, the current situation is good with low inventory, but the far - month is expected to accumulate inventory. It is expected to fluctuate widely, and the restart progress of Satellite and Xinrun should be monitored [9]. - For polyester staple fiber, as the destocking continues, there are opportunities to expand processing fees by buying at low prices [9]. - For natural rubber and 20 - number rubber, the main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Group 3: Summaries by Commodity PTA - **Price Changes**: From August 18 - 22, 2025, crude oil remained stable, while other prices such as naphtha, PX CFR Taiwan, etc., changed to different extents [2]. - **Market Situation**: Spot daily average trading basis is 2509(+25). Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton plants are under maintenance. Near - term TA unexpected maintenance increases, polyester load rises, inventory decreases, basis strengthens slightly, and spot processing fees improve. PX domestic operation rate increases slightly, overseas plants restart, PXN strengthens, disproportionation efficiency weakens, and isomerization efficiency reaches a high level [3]. MEG - **Price Changes**: From August 18 - 22, 2025, prices of Northeast Asian ethylene, MEG outer - market, etc., had certain changes [9]. - **Market Situation**: Spot basis is around 09(+92). Xinjiang Tianying's 150,000 - ton plant restarts, and Shaanxi Weihua's 300,000 - ton plant is under maintenance. Near - term domestic oil - based plants restart, coal - based operation rate drops slightly, overall load rises, port inventory decreases, basis remains strong, and efficiency ratio is basically stable [9]. Polyester Staple Fiber - **Price Changes**: From August 18 - 22, 2025, prices of 1.4D cotton - type, low - melting - point staple fiber, etc., changed to different degrees [9]. - **Market Situation**: Spot price is around 6610, and market basis is around 10 - 170. Near - term Chuzhou Xingbang and Ningbo Zhuocheng increase production, operation rate rises slightly to 91.9%, production and sales are basically stable, and inventory decreases [9]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 18 - 22, 2025, prices of US - dollar Thai standard, US - dollar Thai mixed, etc., had daily and weekly changes [9]. - **Market Situation**: The main contradictions are stable national explicit inventory without seasonal destocking and the rebound of Thai cup - rubber prices due to rainfall. The strategy is to wait and see [9]. Styrene - **Price Changes**: From August 18 - 22, 2025, prices of ethylene (CFR Northeast Asia), pure benzene (CFR China), etc., changed to different degrees [12]. - **Market Situation**: There are changes in prices of PS, ABS, and domestic profits of styrene - related products [12].