1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - No explicit core viewpoints are presented in the given content 3. Summary by Related Catalogs Global Asset Market Performance - **10 - Year Treasury Yields of Major Economies**: On August 21, 2025, the 10 - year Treasury yields in the US, UK, France, etc. were 4.329, 4.729, 3.461 respectively. The latest changes, weekly changes, monthly changes, and annual changes varied across countries. For example, the US had a latest change of 0.037, a weekly change of 0.043, a monthly change of - 0.069, and an annual change of 0.485 [3] - **2 - Year Treasury Yields of Major Economies**: On August 21, 2025, the 2 - year Treasury yields in the US, UK, Germany, etc. were 3.750, 3.966, 1.969 respectively. The latest changes, weekly changes, monthly changes, and annual changes also differed. For instance, the US had a latest change of - 0.020, a weekly change of 0.030, a monthly change of 0.030, and an annual change of - 0.300 [3] - **Exchange Rates of the US Dollar against Major Emerging Economies' Currencies**: On August 21, 2025, the exchange rates against the Brazilian real, Russian ruble, South African rand, etc. were 5.476, - (not available), 17.718 respectively. The latest changes, weekly changes, monthly changes, and annual changes showed different trends. For example, against the Brazilian real, the latest change was - 0.12%, the weekly change was 1.08%, the monthly change was - 0.81%, and the annual change was 0.37% [3] - **Stock Indices of Major Economies**: On August 21, 2025, the Dow Jones, S&P 500, NASDAQ, etc. had values of 6370.170, 44785.500, 21100.310 respectively. The latest changes, weekly changes, monthly changes, and annual changes varied. For example, the Dow Jones had a latest change of - 0.40%, a weekly change of - 1.52%, a monthly change of 17.22%, and an annual change not fully shown [3] - **Credit Bond Indices**: The emerging economies' investment - grade and high - yield credit bond indices, US investment - grade and high - yield credit bond indices, and euro - zone investment - grade and high - yield credit bond indices had different latest changes, weekly changes, monthly changes, and annual changes. For example, the emerging economies' investment - grade credit bond index had a latest change of - 0.26%, a weekly change of - 0.27%, a monthly change of 1.00%, and an annual change of 3.91% [3][4] Stock Index Futures Trading Data - **Index Performance**: The A - share, CSI 300, SSE 50, ChiNext, and CSI 500 had closing prices of 3771.10, 4288.07, 2862.18, 2595.47, and 6704.17 respectively on the reporting date, with corresponding percentage changes in price [5] - **Valuation**: The PE (TTM) of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX were 13.73, 11.71, 32.02, 27.00, and 20.07 respectively, with corresponding环比 changes [5] - **Risk Premium**: The risk premium of S&P 500 and German DAX were - 0.63 and 2.23 respectively, with corresponding环比 changes [5] - **Fund Flow**: The latest values and 5 - day average values of fund flow in A - shares, main board, small and medium - sized enterprise board, ChiNext, and CSI 300 were presented. For example, the latest value of A - share fund flow was - 1351.53, and the 5 - day average was - 312.50 [5] - **Trading Volume**: The latest trading volumes and环比 changes of the Shanghai and Shenzhen stock markets, CSI 300, SSE 50, small - cap board, and ChiNext were given. For example, the latest trading volume of the Shanghai and Shenzhen stock markets was 24240.57, with a环比 change of 158.23 [5] - **Main Contract Premium or Discount**: The basis and percentage of basis for IF, IH, and IC were - 5.87 (- 0.14%), 3.22 (0.11%), and - 47.77 (- 0.71%) respectively [5] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, and TF01 were 108.000, 105.500, 107.875, and 105.450 respectively, with corresponding percentage changes in price [6] - The R001, R007, and SHIBOR - 3M had values of 1.5143%, 1.5356%, and 1.5500% respectively, with daily changes in basis points [6]

Report Title - "Iron Alloy Morning Report" [1] Report Date - August 22, 2025 [2] Key Information on Silicon Iron Price - For natural silicon iron blocks: in Ningxia 72, the spot price is 5330 with no daily change and a weekly decrease of 170; in Inner Mongolia 72, it's 5300, down 50 daily and 150 weekly; in Qinghai 72, 5300, down 50 daily and 200 weekly; in Shaanxi 72, 5300, no daily change and a 150 weekly decrease; in Shaanxi 75, 5900, no daily change and a 100 weekly increase [2]. - For qualified silicon iron blocks in Jiangsu 72, the spot price is 5600, with no daily change and a 50 weekly decrease [2]. - For silicon iron export prices in Tianjin 72, it's 1055, no daily change and a 30 weekly increase; in Tianjin 75, it's 1110, up 10 daily and 35 weekly [2]. Futures - The main contract price of silicon iron is 5638, up 16 daily and down 106 weekly; the 01 contract is 5614, up 14 daily and down 290 weekly; the 05 contract is 5734, up 6 daily and down 304 weekly; the 09 contract is 5454, up 8 daily and down 290 weekly [2]. Spreads - The main - month basis is - 8, down 16 daily and 64 weekly; the 1 - 5 month spread is - 120, up 8 daily and 14 weekly; the 5 - 9 month spread is 280, down 2 daily and 14 weekly; the 9 - 1 month spread is - 160, down 6 daily and no weekly change; the double - silicon main spread is - 200, up 14 daily and 106 weekly [2]. Key Information on Silicon Manganese Price - For silicon manganese production areas: in Inner Mongolia 6517, the ex - factory price is 5750, no daily change and a 50 weekly decrease; in Ningxia 6517, it's 5570, down 30 daily and 300 weekly; in Guangxi 6517, 5780, down 20 daily and 120 weekly; in Guizhou 6517, 5730, down 20 daily and 140 weekly; in Yunnan 6517, 5730, down 20 daily and 140 weekly; in Guangxi 6014, 5250, down 50 daily and 50 weekly [2]. Futures - The main contract price of silicon manganese is 5838, up 2 daily and down 212 weekly; the 01 contract is 5838, up 2 daily and down 306 weekly; the 05 contract is 5888, up 2 daily and down 290 weekly; the 09 contract is 5746, down 10 daily and 304 weekly [2]. Spreads - The main - month basis is 132, down 32 daily and up 82 weekly; the 1 - 5 month spread is - 50, no daily change and a 16 weekly decrease; the 5 - 9 month spread is 142, up 12 daily and 14 weekly; the 9 - 1 month spread is - 92, down 12 daily and up 2 weekly [2]

Group 1: Report General Information - The report is a Coke Daily Report by the Black Team of the Research Center, dated August 22, 2025 [1] Group 2: Price and Production Data - The latest price of Shanxi quasi - first wet - quenched coke is 1481.33, with a weekly increase of 54.61 and a monthly increase of 218.45, and a year - on - year decrease of 14.82% [2] - The latest price of Hebei quasi - first wet - quenched coke is 1725.00, with a weekly increase of 75.00, a monthly increase of 240.00, and a year - on - year decrease of 12.44% [2] - The latest price of Shandong quasi - first dry - quenched coke is 1660.00, with a weekly increase of 55.00, a monthly increase of 220.00, and a year - on - year decrease of 17.41% [2] - The latest price of Jiangsu quasi - first dry - quenched coke is 1700.00, with a weekly increase of 55.00, a monthly increase of 220.00, and a year - on - year decrease of 17.07% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with a weekly increase of 50.00, a monthly increase of 200.00, and a year - on - year decrease of 15.71% [2] - The blast furnace开工率 (blast furnace operating rate) is 90.22, with a weekly increase of 0.13, a monthly decrease of 0.67, and a year - on - year increase of 3.68% [2] - The daily average iron water output is 240.75, with a weekly increase of 0.09, a monthly decrease of 1.48, and a year - on - year increase of 7.26% [2] - The price of the 05 contract on the futures disk is 1772, with a daily increase of 4.00, a weekly decrease of 45.50, a monthly decrease of 1.50, and a year - on - year decrease of 8.19% [2] - The price of the 09 contract on the futures disk is 1624, with a daily increase of 5.00, a weekly decrease of 25.50, a monthly decrease of 77.50, and a year - on - year decrease of 12.52% [2] - The price of the 01 contract on the futures disk is 1679, with a daily decrease of 1.00, a weekly decrease of 50.00, a monthly decrease of 64.00, and a year - on - year decrease of 11.09% [2] - The coking plant inventory is 39.47, with a weekly increase of 0.16, a monthly decrease of 10.65, and a year - on - year decrease of 15.82% [2] - The port inventory is 214.62, with a weekly decrease of 0.49, a monthly increase of 16.49, and a year - on - year increase of 12.24% [2] - The steel mill inventory is 609.59, with a weekly decrease of 0.21, a monthly decrease of 30.39, and a year - on - year increase of 13.52% [2] - The steel mill inventory days are 10.76, with a weekly decrease of 0.07, a monthly decrease of 0.69, and a year - on - year decrease of 0.46% [2] - The coking capacity utilization rate is 74.13, with a weekly increase of 0.38, a monthly increase of 1.23, and a year - on - year increase of 2.33% [2] - The daily average coke output is 51.63, with a weekly decrease of 0.04, a monthly decrease of 1.47, and a year - on - year decrease of 5.20% [2] - The 05 basis is 9.00, with a daily decrease of 4.00, a weekly increase of 45.50, a monthly increase of 236.39, and a year - on - year decrease of 69.65% [2] - The 09 basis is 157.00, with a daily decrease of 5.00, a weekly increase of 25.50, a monthly increase of 312.39, and a year - on - year increase of 4.85% [2] - The 01 basis is 102.00, with a daily increase of 1.00, a weekly increase of 50.00, a monthly increase of 298.89, and a year - on - year decrease of 18.15% [2] - The 5 - 9 spread is - 93.00, with a daily decrease of 5.00, a weekly decrease of 4.50, a monthly decrease of 62.50, and a year - on - year decrease of 51.50% [2] - The 9 - 1 spread is 148.00, with a daily decrease of 1.00, a weekly decrease of 20.00, a monthly increase of 76.00, and a year - on - year increase of 74.50% [2] - The 1 - 5 spread is - 55.00, with a daily increase of 6.00, a weekly increase of 24.50, a monthly decrease of 13.50, and a year - on - year decrease of 23.00% [2] Group 3: Historical Price Charts - There are historical price charts for Linfen ex - factory price, Lvliang ex - factory price, Rizhao Port quasi - first flat - closing price, Changzhi ex - factory price, Qingdao Port quasi - first flat - closing price, Tianjin Port quasi - first flat - closing price from 2021 to 2025 [3][4][5][6][9] - There are also historical charts for 247 - blast furnace capacity utilization rate, iron water output, 110 - steel mill coke inventory, Mongolian port pick - up price, Liulin main coking coal, coke main basis rate, 230 - coking capacity utilization rate, 230 - coke output, port total inventory, coke total inventory (weighted), coking profit, and full - sample coking coke inventory from 2021 to 2025 [7]

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - Corn prices will continue to fluctuate with an upper limit and lower support in the short - term, and are expected to decline under pressure in the long - term [2] - Starch prices are expected to continue to fluctuate weakly in the short - term and remain bearish in the long - term [3] - International sugar prices are under pressure, and domestic sugar prices face upward pressure on the futures market [5] - Cotton prices have limited downward space and are in a wait - and - see state for demand verification [8] - Egg prices may trigger more old - hen culling if the rebound in late August is less than expected [13] - Apple production in the new season may not differ much from last year, and consumption is in a off - season [16] - Pig prices have short - term weak fluctuations, and the medium - term supply is still under pressure, while the long - term has policy - related support [16] Group 3: Corn/Starch Price Data - From August 15 - 21, 2025, the price in Jinzhou remained at 2210, in Weifang it decreased by 8 to 2446, and in Shekou it remained at 2380. The basis increased by 4 to 44, and the trade profit changed by - 5 and import profit changed by 2 [2] Market Analysis - In the short - term, corn prices will continue to fluctuate. In the long - term, prices are expected to decline under pressure until consumption improves or there is a reluctance to sell in the production areas [2] - Starch prices will continue to fluctuate weakly in the short - term and remain bearish in the long - term due to high inventory and expected lower raw material costs [3] Group 4: Sugar Price Data - From August 15 - 21, 2025, the spot prices in Liuzhou, Nanning, and Kunming remained unchanged. The basis decreased by 12 to 342, the import profit increased by 61, and the number of warehouse receipts decreased by 493 to 15752 [5] Market Analysis - International sugar prices are under pressure due to Brazil's peak crushing season. Domestic sugar prices are affected by large - scale point - pricing of processing sugar mills and upcoming large - scale imports [5] Group 5: Cotton/Cotton Yarn Price Data - From August 15 - 21, 2025, the price of 3128 cotton decreased by 5 to 15025, the import profit had no available data for change, and the sum of warehouse receipts and forecasts decreased by 181 to 7523. The import profit of Vietnamese yarn increased by 23 to 466, and the 32S spinning profit increased by 5 to - 876 [8] Market Analysis - Cotton prices have limited downward space, and attention should be paid to demand - side changes [8] Group 6: Eggs Price Data - From August 15 - 21, 2025, the price in Hebei remained at 3.31, in Henan decreased by 0.05 to 3.05, and in Hubei decreased by 0.11 to 3.11. The basis decreased by 40 to 320 [12] Market Analysis - Egg prices rebounded from a low level in July but declined in early August due to insufficient demand. Attention should be paid to the rhythm of chicken culling and cold - storage egg release [13] Group 7: Apples Price Data - From August 15 - 21, 2025, the price of Shandong 80 first - and second - grade apples remained at 7300. The basis for January decreased by 24 to - 704, for May decreased by 14 to - 692, and for October decreased by 85 to - 803 [15][16] Market Analysis - Apple production in the new season may not differ much from last year. Consumption is in an off - season, and the market share is occupied by seasonal fruits [16] Group 8: Pigs Price Data - From August 15 - 21, 2025, the price in Henan Kaifeng decreased by 0.10 to 13.73, in Hubei Xiangyang increased by 0.10 to 14.05, in Shandong Linyi decreased by 0.10 to 13.87, in Anhui Hefei decreased by 0.05 to 14.10, and in Jiangsu Nantong decreased by 0.20 to 14.05. The basis decreased by 90 to - 35 [16] Market Analysis - Pig prices have short - term weak fluctuations, with medium - term supply pressure and long - term policy - related support. Attention should be paid to the slaughter rhythm, weather, and policies [16]

Report Industry Investment Rating - Not provided Core Viewpoints - The report presents overnight market information on oilseeds and oils, including US soybean export sales, Indian rapeseed oil imports, Malaysian palm oil production, and Indonesian palm oil inventory and exports [1] - It also shows the spot prices of related products from August 15 - 21, 2025 [2] Summary by Related Catalogs Overnight Market Information - From August 1 - 20, 2025, Malaysian palm oil production increased 0.30% month - on - month, with a 2.12% drop in fresh fruit bunch yield and a 0.46% increase in oil extraction rate [1] - As of August 14, US current market - year soybean export sales net decreased 0.57 million tons, down 98% from the previous week and 105% from the four - week average; next market - year sales net increased 114.26 million tons; export shipments were 51.79 million tons, down 3% from the previous week and up 9% from the four - week average [1] - Due to a price increase to a three - and - a - half - year high, India imported 6,000 tons of rapeseed oil from the UAE in August, the first import in five years, and soybean oil imports are also rising [1] - In June, Indonesia's palm oil inventory decreased 13% month - on - month to 2.53 million tons, exports increased 35.4% month - on - month to 3.61 million tons, and production increased 15.8% month - on - month to 4.82 million tons [1] Spot Prices - Spot prices of products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 15 - 21, 2025 are provided [2]

Group 1: Price Performance - The latest prices of London Gold, London Silver, London Platinum, London Palladium, WTI Crude Oil, and LME Copper are 3344.65, 37.08, 1347.00, 1127.00, 62.71, and 9699.00 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 0.00, and -11.00 [2] - The latest values of the US Dollar Index, Euro to US Dollar, British Pound to US Dollar, US Dollar to Japanese Yen, and US 10 - year TIPS are 98.24, 1.17, 1.35, 147.31, and 1.94 respectively, with changes of 0.00, 0.00, 0.00, 0.00, 0.00 [2] Group 2: Trading Data - The latest COMEX silver inventory is 15816.09 with no change, the latest SHFE silver inventory is 1115.06 with a change of -25.14, the latest gold ETF holding is 958.21 with no change, the latest silver ETF holding is 15305.76 with no change, the latest SGE silver inventory is 1368.95 with no change, the SGE silver deferred - fee payment direction is 1, and the SGE gold deferred - fee payment direction is 2 [3]

玻璃产销：沙河73，湖北134，华东100，华南97 | | | | | | 纯 碱 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025/8/14 | 2025/8/20 | 2025/8/21 | | 周度变化 日度变化 | | 2025/8/14 | 2025/8/20 | 2025/8/21 | | 周度变化 日度变化 | | 沙河重碱 | 1280.0 | 1210.0 | 1210.0 | -70.0 | 0.0 | SA05合 约 | 1452.0 | 1364.0 | 1362.0 | -90.0 | -2.0 | | 华中重碱 | 1240.0 | 1220.0 | 1220.0 | -20.0 | 0.0 | SA01合约 | 1400.0 | 1309.0 | 1306.0 | -94.0 | -3.0 | | 华南重碱 | 1450.0 | 1450.0 | 1450.0 | 0.0 | 0.0 | SA09合约 | 1294.0 | 1209.0 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for various non - ferrous metals on August 22, 2025, including copper, zinc, aluminum, nickel, lead, and tin, to help investors find potential arbitrage opportunities [1][3][4]. 3. Summary by Relevant Catalogs Cross - Market Arbitrage Tracking - **Copper**: Spot price is 78,780 (domestic) and 9,618 (LME) with a ratio of 8.19; March price ratio is 8.11. Spot import equilibrium ratio is 8.17 with a profit of 5.76, and spot export profit is - 338.37 [1]. - **Zinc**: Spot price is 22,230 (domestic) and 2,768 (LME) with a ratio of 8.03; March price ratio is 6.04. Spot import equilibrium ratio is 8.66 with a profit of - 1,755.13 [1]. - **Aluminum**: Spot price is 20,680 (domestic) and 2,575 (LME) with a ratio of 8.03; March price ratio is 8.01. Spot import equilibrium ratio is 8.47 with a profit of - 1,135.10 [1]. - **Nickel**: Spot price is 118,850 (domestic) and 14,798 (LME) with a ratio of 8.03. Spot import equilibrium ratio is 8.25 with a profit of - 1,991.00 [1]. - **Lead**: Spot price is 16,625 (domestic) and 1,933 (LME) with a ratio of 8.63; March price ratio is 11.30. Spot import equilibrium ratio is 8.86 with a profit of - 458.35 [3]. Cross - Period Arbitrage Tracking - **Copper**: The spreads between different months and the spot month are - 130, - 150, - 160, - 190, while the theoretical spreads are 495, 888, 1,291, 1,693 respectively [4]. - **Zinc**: The spreads are - 45, - 60, - 60, - 65, and the theoretical spreads are 214, 335, 455, 576 respectively [4]. - **Aluminum**: The spreads are 20, - 20, - 55, - 85, and the theoretical spreads are 214, 329, 444, 558 respectively [4]. - **Lead**: The spreads are 20, 35, 55, 80, and the theoretical spreads are 209, 313, 418, 523 respectively [4]. - **Nickel**: The spreads are - 100, 100, 360, 630 [4]. - **Tin**: The 5 - 1 spread is 1,690, and the theoretical spread is 5,536 [4]. Cross - Variety Arbitrage Tracking - The ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) are 3.53, 3.82, 4.68, 0.92, 1.23, 0.75 respectively; for London (three - continuous) are 3.52, 3.76, 4.94, 0.93, 1.31, 0.71 respectively [5]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads of the current - month and next - month contracts minus the spot are - 120 and - 250, and the theoretical spreads are 395 and 812 respectively [4]. - **Zinc**: The spreads are 55 and 10, and the theoretical spreads are 153 and 281 respectively [5]. - **Lead**: The spreads are 100 and 120, and the theoretical spreads are 176 and 287 respectively [5].

Report Industry Investment Rating - Not provided Core Viewpoints - For PTA, with low processing fees, additional maintenance has increased. Although filament sales are weak, there is limited scope for further production cuts in the short - term. Bottle - chip inventories are continuously decreasing at low operation rates. Overall, polyester operation is expected to stabilize and has upward potential, and the supply - demand situation is expected to improve periodically. Attention can be paid to the opportunity of expanding processing fees at low prices [3] - For MEG, domestic unit restarts are partially delayed, and overseas unexpected maintenance exists. Port inventories are expected to remain low with limited short - term inventory accumulation pressure. The situation is good, but the valuation is greatly affected by the subsequent evolution of the cost side, showing a wide - range oscillation. Attention should be paid to the satellite restart progress [8] - For polyester staple fiber, as the finished - product inventory of polyester yarn is continuously decreasing, downstream operation may continue to rise. Although the supply of staple fiber may also increase, the overall space is limited. Considering that the disk processing fee is still in a low range, attention can be paid to the opportunity of expanding processing fees at low prices [8] - For natural rubber and 20 - number rubber, the national explicit inventory remains stable at a non - high absolute level but does not show seasonal depletion. The price of Thai cup rubber has rebounded due to rainfall affecting tapping. The strategy is to wait and see [8] Summary by Related Catalogs PTA - **Market Data**: From August 15 to August 21, the price of naphtha in Japan increased from 65.9 to 67.7, PX CFR Taiwan from 573 to 585, PTA internal - market spot from 828 to 852, etc. The PTA spot average daily transaction basis for 2509 increased by 6. There were maintenance of Yisheng Hainan's 2 million - ton and Hengli Huizhou's 5 million - ton PTA devices [2] - **Market Situation**: Near - end TA operation rate increased month - on - month, polyester load slightly increased, inventory continued to accumulate, basis remained weak, and spot processing fees were still low. PX domestic operation rate increased slightly, overseas operation rate decreased slightly, PXN strengthened month - on - month, and the US - Asia aromatic hydrocarbon price difference increased slightly [3] MEG - **Market Data**: From August 15 to August 21, the price of Northeast Asian ethylene remained at 830 on August 21, MEG external - market price increased from 523 to 530, etc. The MEG spot basis for 09 increased by 91. Xinjiang Tianying's 150,000 - ton unit restarted [8] - **Market Situation**: Near - end domestic units had partial delayed restarts, and overseas had some unexpected maintenance. Port inventories were expected to accumulate with stable shipments. Downstream inventory levels increased month - on - month, the basis remained stable, and oil - based benefits improved significantly [8] Polyester Staple Fiber - **Market Data**: From August 15 to August 21, the price of 1.4D cotton - type staple fiber increased from 6555 to 6610. The spot price was around 6598, and the market basis for 10 was around - 120. The operation rate slightly increased to 91.1% [8] - **Market Situation**: The Ningbo Dafa technical - transformation unit resumed operation, and production and sales remained stable. Inventory remained the same month - on - month. On the demand side, the operation rate of polyester yarn increased, raw - material inventory increased, and finished - product inventory continued to decrease [8] Natural Rubber & 20 - Number Rubber - **Market Data**: From August 15 to August 21, the price of US - dollar Thai standard spot increased from 1800 to 1800 (with fluctuations in between), and the price of Shanghai full - latex decreased from 14645 to 14520. The daily change and weekly change of various prices are also provided [8] - **Market Situation**: The national explicit inventory remained stable at a non - high absolute level but did not show seasonal depletion. The price of Thai cup rubber rebounded due to rainfall affecting tapping [8] Styrene - **Market Data**: From August 15 to August 21, the price of ethylene (CFR Northeast Asia) remained at 830 on August 21, pure benzene (CFR China) remained at 748, etc. The daily changes of various prices are also provided [11] - **Market Situation**: Not provided

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market shows a pattern of increasing supply and weakening demand, with the spot price center shifting downward. The PG futures market rebounds due to the improvement in the international spot market and the low valuation of the futures. It is expected to continue the weak and volatile consolidation trend [1]. 3) Summary by Related Catalogs Market Data - **Spot Prices**: From August 15 to August 21, 2025, the prices of South China LPG remained at 4520, East China LPG increased from 4410 to 4398, and Shandong LPG rose from 4420 to 4500. The CFR South price of propane increased from 563 to 573, and the CIF Japan price of propane rose from 527 to 540 [1]. - **Daily Changes**: On August 21, compared with the previous day, the prices of South China LPG remained unchanged, East China LPG increased by 8, Shandong LPG increased by 20, the CFR South price of propane increased by 8, and the CIF Japan price of propane increased by 4 [1]. - **Futures Market**: The PG futures market shows a small rebound. The basis strengthened to 105 (-31), and the 09 - 10 spread was -493 (-29). The cheapest deliverable was East China civil gas at 4398 on Thursday [1]. Weekly View - **Market Conditions**: The international market is volatile, with freight rates generally in a high - level volatile state. The waiting time at the Panama Canal for VLGCs has decreased. The FEI and CP have increased, and the production profit of PP made from FEI and CP has weakened [1]. - **Fundamentals**: The unloading volume has decreased, chemical demand has slightly increased, and port inventories have decreased by 2.06%. Refinery commodity volume has decreased by 1.68%. Factory inventories have increased by 0.07%. The PDH operating rate is 76.33% (+2.49pct), and the combustion demand is still weak but gradually coming to an end [1].