Report Industry Investment Rating - Not provided in the given content Report's Core View - Not provided in the given content Summary by Relevant Catalogs Price - **Silicon Iron**: On August 21, 2025, the latest spot prices of Ningxia 72 and Inner Mongolia 72 silicon iron were 5330 and 5350 respectively, with daily changes of -70 and -50, and weekly changes of -170 and -100. The latest export price of Tianjin 72 silicon iron (in US dollars) was 1055, with a daily and weekly increase of 30 [1]. - **Silicon Manganese**: On August 21, 2025, the latest factory - ex prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 silicon manganese were 5750, 5600, and 5800 respectively, with daily changes of -50, -230, and -70, and weekly changes of -50, -300, and -100 [1]. Supply - **Silicon Iron**: The production data of 136 silicon iron enterprises in China from 2021 - 2025 are presented, including monthly and weekly production, and capacity utilization in Inner Mongolia, Ningxia, and Shaanxi [3]. - **Silicon Manganese**: The production data of silicon manganese in China from 2021 - 2025 are shown, including weekly production, and the procurement volume and price of Hebei Iron and Steel Group [6]. Demand - **Silicon Iron**: The demand - related data such as the estimated production of crude steel in China, the production of metal magnesium, the production of stainless - steel crude steel, and the procurement volume of Hebei Iron and Steel Group from 2021 - 2025 are provided [3]. - **Silicon Manganese**: The demand - related data such as the estimated production of crude steel in China and the demand in China (according to Steel Union's caliber) from 2021 - 2025 are presented [3][7]. Inventory - **Silicon Iron**: The inventory data of 60 sample enterprises in China, Ningxia, Inner Mongolia, and Shaanxi from 2021 - 2025, as well as the warehouse receipt data and effective forecast data, are shown [5]. - **Silicon Manganese**: The inventory data of 63 sample enterprises in China, warehouse receipt data, effective forecast data, and the average available days of inventory in China from 2021 - 2025 are presented [7]. Cost Profit - **Silicon Iron**: The cost - profit data such as electricity prices in Qinghai, Ningxia, Shaanxi, and Inner Mongolia, the market price of semi - coking coal in Shaanxi, the production cost and profit in Ningxia and Inner Mongolia from 2021 - 2025 are provided [5]. - **Silicon Manganese**: The cost - profit data such as the ex - factory price of chemical coke in Ordos, the summary price of manganese ore in Tianjin Port, and the profit in Inner Mongolia, Guangxi, the northern and southern regions from 2021 - 2025 are presented [6][7].

Report Information - Report Title: Coke Daily Report - Report Date: August 21, 2025 - Research Team: Black Team of the Research Center [1] Key Data Summary Coke Prices - **Shanxi Standard First - Wet Quenching**: The latest price is 1481.33, with a weekly increase of 54.61 and a monthly increase of 273.06, showing a year - on - year decrease of 14.82% [2] - **Hebei Standard First - Wet Quenching**: The latest price is 1725.00, with a weekly increase of 75.00 and a monthly increase of 295.00, showing a year - on - year decrease of 12.44% [2] - **Shandong Standard First - Dry Quenching**: The latest price is 1660.00, with a weekly increase of 55.00 and a monthly increase of 275.00, showing a year - on - year decrease of 17.41% [2] - **Jiangsu Standard First - Dry Quenching**: The latest price is 1700.00, with a weekly increase of 55.00 and a monthly increase of 275.00, showing a year - on - year decrease of 17.07% [2] - **Inner Mongolia Second - Grade**: The latest price is 1180.00, with a weekly increase of 50.00 and a monthly increase of 250.00, showing a year - on - year decrease of 15.71% [2] Inventory Data - **Coking Plant Inventory**: The latest inventory is 39.31, with a weekly decrease of 5.32 and a monthly decrease of 16.24, showing a year - on - year decrease of 13.98% [2] - **Port Inventory**: The latest inventory is 215.11, with a weekly decrease of 3.04 and a monthly increase of 16.00, showing a year - on - year increase of 14.29% [2] - **Steel Mill Inventory**: The latest inventory is 609.80, with a weekly decrease of 9.48 and a monthly decrease of 29.19, showing a year - on - year increase of 14.24% [2] - **Steel Mill Inventory Days**: The latest inventory days are 10.83, with a weekly decrease of 0.08 and a monthly decrease of 0.63, showing a year - on - year increase of 1.50% [2] Production - Related Data - **Blast Furnace Operating Rate**: The latest operating rate is 90.22, with a weekly increase of 0.13 and a monthly decrease of 0.67, showing a year - on - year increase of 3.68% [2] - **Daily Average Hot Metal Output**: The latest output is 240.66, with a weekly increase of 0.34 and a monthly decrease of 1.78, showing a year - on - year increase of 5.20% [2] - **Coking Capacity Utilization Rate**: The latest utilization rate is 73.75, with a weekly increase of 0.27 and a monthly increase of 1.03, showing a year - on - year increase of 1.12% [2] - **Daily Coke Output**: The latest output is 51.67, with a weekly decrease of 0.11 and a monthly decrease of 1.53, showing a year - on - year decrease of 3.78% [2] Futures Market Data - **Futures Contract 05**: The latest price is 1768, with a daily decrease of 40.00, a weekly decrease of 45.00, and a monthly increase of 22.00, showing a year - on - year decrease of 8.06% [2] - **Futures Contract 09**: The latest price is 1619, with a daily decrease of 26.50, a weekly decrease of 31.00, and a monthly decrease of 25.50, showing a year - on - year decrease of 10.97% [2] - **Futures Contract 01**: The latest price is 1680, with a daily decrease of 38.00, a weekly decrease of 41.00, and a monthly decrease of 19.00, showing a year - on - year decrease of 10.71% [2] - **05 Basis**: The latest basis is 13.00, with a daily increase of 40.00, a weekly increase of 45.00, and a monthly increase of 271.62, showing a year - on - year decrease of 106.01 [2] - **09 Basis**: The latest basis is 162.00, with a daily increase of 26.50, a weekly increase of 31.00, and a monthly increase of 319.12, showing a year - on - year decrease of 61.51 [2] - **01 Basis**: The latest basis is 101.00, with a daily increase of 38.00, a weekly increase of 41.00, and a monthly increase of 312.62, showing a year - on - year decrease of 59.51 [2] - **5 - 9 Spread**: The latest spread is - 88.00, with a daily increase of 2.00, a weekly increase of 4.00, and a monthly decrease of 41.00, showing a year - on - year decrease of 46.50 [2] - **9 - 1 Spread**: The latest spread is 149.00, with a daily decrease of 13.50, a weekly decrease of 14.00, and a monthly increase of 47.50, showing a year - on - year increase of 44.50 [2] - **1 - 5 Spread**: The latest spread is - 61.00, with a daily increase of 11.50, a weekly increase of 10.00, and a monthly decrease of 6.50, showing a year - on - year increase of 2.00 [2] Historical Price Charts - The report also includes historical price charts of coke in different regions such as Linfen, Lvliang, Rizhao Port, Changzhi, Qingdao Port, and Tianjin Port from 2021 to 2025, as well as charts related to coking capacity utilization, coke production, inventory, blast furnace capacity utilization, hot metal output, and coking profit [3][4][5]

Core Insights - The training session titled "Yujian Options" was held in Ningbo to enhance the professional capabilities of personnel in the options market and to support the development of the propylene options market [1] - Nearly 120 participants from futures and securities institutions attended the training, focusing on the development of the options market and the demand for professional talent [1] Group 1: Training Objectives and Context - The training aims to implement the guidelines from the China Securities Regulatory Commission to promote high-quality development in the futures market [1] - The session provided a platform for in-depth learning and exchange among industry professionals to improve risk management solutions for enterprises [1] Group 2: Content of the Training - Key topics included the fundamentals of options, their classification, pricing factors, and the differences between options and futures in hedging [2] - Various strategies for options trading were discussed, including vertical spreads and volatility trading strategies, along with their investment logic [2] - The importance of core elements of options and their application in enterprise risk management was highlighted, including case studies on the impact of options on trade risk management [2] Group 3: Market Development and Future Plans - The training reinforced the foundation for the development of the options market in the region, contributing to the quality of services provided to the local economy [3] - Future plans include expanding cooperation with more market participants and creating additional platforms for financial knowledge exchange to enhance professional service capabilities [3]

Core Viewpoint - The stock of Yong'an Futures (600927) has experienced a decline, with significant net outflow of funds from major investors, indicating potential challenges in market sentiment and performance [1][2]. Group 1: Stock Performance - As of August 20, 2025, Yong'an Futures closed at 15.95 yuan, down 1.24% with a turnover rate of 0.93% and a trading volume of 134,700 shares, resulting in a transaction value of 214 million yuan [1]. - The net outflow of major funds on August 20 was 31.6864 million yuan, accounting for 14.82% of the total transaction value, while retail investors saw a net inflow of 29.6017 million yuan, representing 13.84% of the total [1][2]. Group 2: Recent Fund Flow Overview - Over the past five days, the stock has shown fluctuating fund flows, with notable net inflows and outflows from different investor categories [2]. - On August 19, the stock saw a slight increase of 0.31% with a net inflow of major funds amounting to 4.8439 million yuan, while retail investors experienced a net outflow of 6.778 million yuan [2]. Group 3: Company Financial Metrics - Yong'an Futures has a total market capitalization of 23.216 billion yuan, which is below the industry average of 24.033 billion yuan, ranking 8th out of 21 in its sector [3]. - The company reported a net profit of 9.2946 million yuan for Q1 2025, reflecting a significant year-on-year decline of 88.08%, with a debt ratio of 79.36% [3]. - The company's main business includes futures brokerage, fund sales, asset management, risk management, and overseas financial services [3].

Core Viewpoint - The "Insurance + Futures" project for peanuts in Lankao County, Henan Province, has been successfully implemented for four consecutive years, effectively mitigating production and operational risks for farmers [1][2]. Group 1: Project Overview - The Zhengzhou Commodity Exchange has launched the 2025 "Insurance + Futures" project for peanuts in Lankao County, with a focus on market risk management for farmers [1]. - The project aims to support nine peanut "Insurance + Futures" initiatives, with Lankao's project being a flagship example due to its advantages in preparation, funding, product design, and business innovation [1]. Group 2: Financial Impact - As of the end of last year, the "Insurance + Futures" projects have reached over 600 initiatives, benefiting more than 600,000 farmers across over 100 counties, covering key agricultural products [2]. - Zhongyuan Agricultural Insurance has provided risk coverage of 515.2 billion yuan and paid out 229 million yuan in claims for Lankao County since 2016 [3]. Group 3: Implementation Strategy - The project emphasizes digital transformation to enhance service delivery, ensuring that insurance and futures are seamlessly integrated to meet the needs of the agricultural sector [3]. - Training sessions on "Insurance + Futures" knowledge and agricultural insurance processes were conducted to educate local representatives about the project [3].

Report Information - Report Title: Asphalt Morning Report [2][10][18] - Research Team: Energy and Chemicals Team of the Research Center [3][11][19] - Report Date: August 20, 2025 [3][11][19] - Data Sources: Mysteel, Wind [6][14][22] Key Points Futures Contracts - The price of the BU main contract on August 19 was 3453, with a daily change of -20 and a weekly change of -28 [4][12][20] - The prices of BU06, BU09, BU12, and BU03 on August 19 were 3314, 3490, 3357, and 3321 respectively, with corresponding daily changes of -11, -9, -20, and -21, and weekly changes of 3, -22, -28, and -5 [4][12][20] Trading Volume and Open Interest - The trading volume on August 19 was 217347, with a daily change of -43279 and a weekly change of -22030 [4][12][20] - The open interest on August 19 was 428359, with a daily change of -3534 and a weekly change of -21568 [4][12][20] Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on August 19 were 3550, 3720, 3510, 3680, and 3880 respectively, with corresponding daily changes of -30, -10, -10, 0, and 0, and weekly changes of -130, -10, -70, 20, and -20 [4][12][20] - The prices of Jingbo (Haiyun) and Luohai (Xin Bohai) on August 19 were both 3670 and 3680 respectively, with corresponding daily changes of 0 and 0, and weekly changes of -10 and 20 [4][12][20] Basis and Calendar Spread - The Shandong basis on August 19 was 97, with a daily change of -10 and a weekly change of -102 [4][12][20] - The East China basis on August 19 was 267, with a daily change of 10 and a weekly change of 18 [4][12][20] - The South China basis on August 19 was 57, with a daily change of 10 and a weekly change of -42 [4][12][20] - The 03 - 06, 06 - 09, 09 - 12, and 12 - 03 calendar spreads on August 19 were 7, -176, 133, and 36 respectively, with corresponding daily changes of -10, -2, 11, and -23, and weekly changes of -8, 22, 6, and -23 [4][12][20] Crack Spread and Profit - The asphalt Brent crack spread on August 18 was 70, and the asphalt Ma Rui profit was -4 [4][12][20] - The comprehensive profit of ordinary refineries on August 18 was 504, and the comprehensive profit of Ma Rui - type refineries was 765 [4][12][20] - The import profits from South Korea to East China and from Singapore to South China on August 19 were -134 and -1044 respectively, with corresponding daily changes of -12 and -12, and weekly changes of -6 and -59 [4][12][20] Related Contracts - The price of Brent crude oil on August 18 was 65.9 [4][12][20] - The market price of gasoline in Shandong on August 19 was 7679, with a daily change of -2 and a weekly change of -61 [4][12][20] - The market prices of diesel and residue oil in Shandong on August 19 were 6531 and 3660 respectively [4][12][20]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - No relevant content found 3. Summary by Related Catalogs 3.1 SP Main Contract Closing Price - On August 18, 2025, the SP main contract closing price was 5252.00, with a -1.01772% change from the previous day. The corresponding dollar price was 638.77. The Shandong Yinxing basis was 598, and the Jiangsu, Zhejiang, and Shanghai Yinxing basis was 633 [3]. 3.2 Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, while that of Lion was -392.78. For Chilean Silver Star pulp, the import profit was -61.65 [4]. 3.3 Pulp and Paper Price Trends - From August 12 - 18, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged. The same was true for the Shandong regional average prices. The prices of cultural paper, packaging paper, and tissue paper also showed no change during this period [4]. 3.4 Pulp and Paper Profit Margins - From August 13 - 18, 2025, the estimated profit margins of offset paper, copper - coated paper, and white cardboard had no change, while the estimated profit margin of tissue paper increased by 0.0382 [4]. 3.5 Pulp Price Spreads - From August 12 - 18, 2025, the spreads between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp showed little change [4].

Group 1: Spot Market Data - Newman powder price is 767, with 0 daily change and -8 weekly change, and its import profit is -25.08 [1] - PB powder price is 770, with -2 daily change and -8 weekly change, and its import profit is -7.22 [1] - Macfarlane powder price is 763, with 0 daily change and -4 weekly change, and its import profit is 4.55 [1] - Jinbuba powder price is 742, with -2 daily change and -10 weekly change, and its import profit is 0.03 [1] - Mainstream mixed powder price is 702, with 2 daily change and -6 weekly change, and its import profit is -1.79 [1] - Super special powder price is 647, with 2 daily change and -6 weekly change, and its import profit is -9.92 [1] - Carajás powder price is 875, with -4 daily change and -4 weekly change, and its import profit is -37.26 [1] - Brazilian mixed powder price is 809, with -1 daily change and -3 weekly change, and its import profit is 1.33 [1] - Ukrainian concentrate price is 874, with -2 daily change and -4 weekly change [1] - 61% Indian powder price is 731, with -2 daily change and -10 weekly change [1] - Karara concentrate price is 874, with -2 daily change and -6 weekly change [1] - Roy Hill powder price is 740, with -2 daily change and -8 weekly change, and its import profit is -1.20 [1] - KUMBA powder price is 829, with -2 daily change and -9 weekly change [1] - 57% Indian powder price is 592, with 2 daily change and -6 weekly change [1] - Atlas powder price is 697, with 2 daily change and -6 weekly change [1] - Tangshan iron concentrate price is 977, with 0 daily change and 6 weekly change [1] Group 2: Futures Market Data - i2601 contract price is 772.0, with -4.0 daily change and -17.0 weekly change, and its monthly spread is 42.6, with 1.8 daily change and 8.6 weekly change [1] - i2605 contract price is 750.0, with -5.5 daily change and -18.0 weekly change, and its monthly spread is 64.6, with 3.3 daily change and 9.6 weekly change [1] - i2509 contract price is 790.0, with -2.0 daily change and -6.5 weekly change, and its monthly spread is 24.6, with -0.2 daily change and -1.9 weekly change [1] - FE01 contract price is 101.20, with -0.04 daily change and -0.56 weekly change, and its monthly spread is -45.3, with 0.9 daily change and 7.3 weekly change [1] - FE05 contract price is 98.73, with -0.07 daily change and -0.86 weekly change, and its monthly spread is -45.8, with 2.6 daily change and 9.7 weekly change [1] - FE09 contract price is 101.90, with -0.19 daily change and -0.20 weekly change, and its monthly spread is -35.0, with 2.1 daily change and 3.8 weekly change [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The overall strategy maintains the logic of shorting on rallies. The subsequent drivers continue to be weak. The current discount of the October contract to the spot is around 450 points, and there is still expected to be room for decline. The valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly influenced by macro and capital behaviors [2][16] Group 3: Summary According to Related Catalogs Futures Contracts - **Contract Prices and Changes**: EC2508 closed at 2083.8 with 0.00% change, EC2510 at 1373.6 with 1.04% change, EC2512 at 1763.0 with 2.30% change, EC2602 at 1530.1 with 0.57% change, EC2604 at 1332.0 with - 0.22% change, and EC2606 at 1487.5 with - 0.50% change [2][16] - **Trading Volumes and Open Interests**: Trading volumes for EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 82, 31099, 6018, 1011, 1068, and 93 respectively. Open interests were 2506, 54859, 11324, 4438, 5549, and 822 respectively, with changes of - 50, - 1839, 193, 14, 90, and - 13 [2][16] - **Month - to - Month Spreads**: EC2508 - 2510 spread was 710.2 with a daily change of - 14.2 and a weekly change of 39.0; EC2510 - 2512 spread was - 389.4 with a daily change of - 25.6 and a weekly change of - 48.2; EC2512 - 2602 spread was 232.9 with a daily change of 31.0 and a weekly change of 0.0 [2][16] Indexes - **Totenit**: Updated on 2025/8/11, the current value is 2235.48 points, with a monthly change of - 2.71% and a quarterly change of - 0.31% [2][16] - **SCF (European Line)**: Updated on 2025/8/15, the current value is 1820 dollars/TEU, with a monthly change of - 7.19% and a quarterly change of - 4.39% [2][16] - **CCFI**: Updated weekly on 2025/8/15, the current value is 1790.47 points, with a monthly change of - 0.48% and a quarterly change of 0.53% [2][16] - **NCFI**: Updated every Friday on 2025/8/15, the current value is 1188.69 points, with a monthly change of - 5.49% [2][16] Recent European Line Quotes - Downstream is currently booking space for the second half of August (week 34 - 35). The average price for week 34 is 2850 US dollars (2000 points), and the current average quote for week 35 is 2625 US dollars (1840 points). Among them, the PA alliance quotes 2500 US dollars, MSK quotes 2300 US dollars, and the OA alliance quotes 2700 - 2800 US dollars [3][17] Related News - On 8/13, the leader of the German Left Party called for a complete halt to arms supplies to Israel. On 8/17, Israel began transporting supplies to Gaza in preparation for military operations, and the Israeli Prime Minister's Office stated that the unconditional release of all detainees is a prerequisite for a cease - fire. On 8/16, Trump said he would temporarily not impose tariffs on China for buying Russian oil [4][18]

Report Information - Report Name: Coke Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: August 18, 2025 [1] Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Not mentioned in the provided content Data Summary Coke Price - The latest price of Shanxi quasi - first wet quenching coke is 1481.33, with no daily change, a weekly increase of 54.61, a monthly increase of 273.06, and a year - on - year decrease of 17.31% [2] - The latest price of Hebei quasi - first wet quenching coke is 1725.00, with no daily change, a weekly increase of 75.00, a monthly increase of 295.00, and a year - on - year decrease of 14.81% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, a weekly increase of 55.00, a monthly increase of 275.00, and a year - on - year decrease of 19.61% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, a weekly increase of 55.00, a monthly increase of 275.00, and a year - on - year decrease of 19.24% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, a weekly increase of 50.00, a monthly increase of 250.00, and a year - on - year decrease of 18.62% [2] Production and Inventory - The 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 240.66, with a weekly increase of 0.34, a monthly decrease of 1.78, and a year - on - year increase of 5.20% [2] - The coking plant inventory is 39.31, with a weekly decrease of 5.32, a monthly decrease of 16.24, and a year - on - year decrease of 13.98% [2] - The port inventory is 215.11, with a weekly decrease of 3.04, a monthly increase of 16.00, and a year - on - year increase of 14.29% [2] - The steel mill inventory is 609.80, with a weekly decrease of 9.48, a monthly decrease of 29.19, and a year - on - year increase of 14.24% [2] - The steel mill inventory days are 10.83, with a weekly decrease of 0.08, a monthly decrease of 0.63, and a year - on - year increase of 1.50% [2] - The coking capacity utilization rate is 73.75, with a weekly increase of 0.27, a monthly increase of 1.03, and a year - on - year increase of 1.12% [2] - The daily average coke output is 51.67, with a weekly decrease of 0.11, a monthly decrease of 1.53, and a year - on - year decrease of 3.78% [2] Futures Market - The latest price of the 05 contract on the futures market is 1817.5, with a daily increase of 4.50, a weekly decrease of 1.00, a monthly increase of 233.00, and a year - on - year decrease of 7.32% [2] - The latest price of the 09 contract on the futures market is 1649.5, with a daily decrease of 0.50, a weekly decrease of 11.00, a monthly increase of 150.00, and a year - on - year decrease of 11.17% [2] - The latest price of the 01 contract on the futures market is 1729, with a daily increase of 8.00, a weekly decrease of 5.00, a monthly increase of 186.50, and a year - on - year decrease of 9.00% [2] - The 05 basis is - 36.50, with a daily decrease of 4.50, a weekly increase of 65.10, a monthly increase of 71.37, and a year - on - year decrease of 173.80 [2] - The 09 basis is 131.50, with a daily increase of 0.50, a weekly increase of 75.10, a monthly increase of 154.37, and a year - on - year decrease of 109.80 [2] - The 01 basis is 52.00, with a daily decrease of 8.00, a weekly increase of 69.10, a monthly increase of 117.87, and a year - on - year decrease of 146.30 [2] - The 5 - 9 spread is - 88.50, with a daily increase of 3.50, a weekly decrease of 4.00, a monthly decrease of 46.50, and a year - on - year decrease of 27.50 [2] - The 9 - 1 spread is 168.00, with a daily increase of 5.00, a weekly increase of 10.00, a monthly increase of 83.00, and a year - on - year increase of 64.00 [2] - The 1 - 5 spread is - 79.50, with a daily decrease of 8.50, a weekly decrease of 6.00, a monthly decrease of 36.50, and a year - on - year decrease of 36.50 [2]