Report Overview - The report is a steel morning report released by the Black Team of the Research Center on August 15, 2025, covering aspects such as spot prices, price and profit, production and inventory, basis and spreads [1] Spot Prices Rebar - Spot prices of rebar in different regions (Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, Wuhan) showed varying degrees of decline from August 8 to August 14, with decreases ranging from 20 to 70 yuan [1] Hot - Rolled Coils - For hot - rolled coils in Tianjin, Shanghai, and Lecong, the price changes were relatively small, with 0 yuan in Tianjin, - 20 yuan in Shanghai, and - 10 yuan in Lecong from August 8 to August 14 [1] Cold - Rolled Coils - Cold - rolled coils in Tianjin, Shanghai, and Lecong also had price fluctuations, with a decrease of 70 yuan in Tianjin, 0 yuan in Shanghai, and - 30 yuan in Lecong from August 8 to August 14 [1]

Group 1 - The diversified financial sector increased by 0.38% on August 14, with Nanhua Futures leading the gains [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] - Key stocks in the diversified financial sector showed varied performance, with Nanhua Futures rising by 6.52% to a closing price of 24.52 [1] Group 2 - Major stocks that declined included Jiuding Investment, which fell by 9.98% to a closing price of 19.48 [2] - The overall net capital flow in the diversified financial sector showed a net inflow of 49.12 million yuan from main funds, while retail investors contributed a net inflow of 15.2 million yuan [2] - The trading volume and turnover for various stocks in the sector varied significantly, with Lakala achieving a turnover of 3.774 billion yuan [1][2]

Report Summary 1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoint The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the反复 domestic macro - sentiment. The overall driving force is downward, and the valuation still has room. It is recommended to continue holding short positions in the 10 contract and maintain the logic of shorting on rallies[2][18]. 3. Summary by Relevant Content Futures Contract Information - **Futures Contract Prices and Changes**: For EC2508, the closing price was 2083.0 with a 0.05% increase; EC2510 closed at 1333.1 with a - 5.96% decrease; EC2512 at 1700.1 with a - 2.41% decrease; EC2602 at 1488.0 with a - 2.62% decrease; EC2604 at 1328.6 with a - 1.59% decrease; EC2606 at 1473.0 with a - 0.61% decrease[2][18]. - **Futures Contract Volumes and Open Interest**: The trading volume of EC2510 was 66391, and its open interest was 60740 with an increase of 4786. Other contracts also had corresponding volume and open - interest data and changes[2][18]. - **Futures Contract Month - to - Month Spreads**: For example, the spread of EC2508 - 2510 was 749.9, with a daily increase of 85.5 and a weekly increase of 97.6. The spread of EC2510 - 2512 was - 367.0, with a daily decrease of 42.6 and a weekly decrease of 24.2[2][18]. Index Information - **SCFI Index**: As of August 11, 2025, the SCFI index was 2235.48 points, a - 2.71% decrease from the previous period and a - 4.39% decrease from two periods ago[2][18]. - **CCFI Index**: On August 8, 2025, the CCFI index was 1799.05 points, a 0.53% increase from the previous period[2][18]. - **NCFI Index**: On August 8, 2025, the NCFI index was 1257.71 points, an - 8.37% decrease from the previous period[2][18]. Fundamental Information - **Receiving Situation**: In week 33 of August, the receiving situation of each alliance was different, with MSK being good, OA being average, and PA being poor. In week 34, the receiving situation significantly weakened[2][18]. - **Shipping Capacity**: EMC cancelled its independent ship in week 35, and OA added a sail - off in week 39. The shipping capacity decreased slightly but remained high. The average weekly shipping capacity in August and September (tentatively) 2025 was 32.7, 32.1, and 28.7 million TEU respectively[2][18]. Recent European Line Quotation Information - **Week 34**: Each shipping company's prices dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). The PA alliance's price was 2700 US dollars, MSK's was 2600 US dollars, and the OA alliance's was 2900 - 3000 US dollars[3][19]. - **Week 35**: The current average shipping company quotation is 2700 US dollars (1850 points)[3][19]. News - **Israeli Military**: On August 11, the Israeli military said that its operations in the Gaza Strip had entered a "new stage"[3][19]. - **Chinese Side**: On August 12, China emphasized the need to maintain the safety of the Red Sea shipping lanes and promote the political settlement of the Yemeni issue[3][19]. Message - related Information - MSK opened the cabin at 2200 US dollars. HPL reduced the price by 400 to 2435 US dollars. EMC reduced the price by 200 to 2934 US dollars[16][32].

Group 1: General Information - Report Date: August 13, 2025 [1] - Report Type: Coke Daily Report [1] - Team: Research Center's Black Team [1] Group 2: Coke Price Information - **Price of Different Coke Grades**: - Shanxi quasi - first wet - quenched coke price is 1426.72, with no daily or weekly change, and a monthly change of 273.06 [2] - Hebei quasi - first wet - quenched coke price is 1650.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 20.67% [2] - Shandong quasi - first dry - quenched coke price is 1605.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 24.29% [2] - Jiangsu quasi - first dry - quenched coke price is 1645.00, with no daily or weekly change, a monthly change of 275.00, and a year - on - year change of - 23.84% [2] - Inner Mongolia second - grade coke price is 1130.00, with no daily or weekly change, a monthly change of 250.00, and a year - on - year change of - 24.67% [2] - **Price Trends in Different Regions Over the Years**: There are price trend charts for Linfen, Lvliang, Rizhao Port, Changzhi, and other regions from 2021 - 2025 [3][4][5][6] Group 3: Market Indicators - **Production - related Indicators**: - Blast furnace operating rate is 90.09, with a weekly change of - 0.15, a monthly change of 0.19, and a year - on - year change of 1.37% [2] - Daily average hot metal output is 240.32, with a weekly change of - 0.39, a monthly change of 0.51, and a year - on - year change of 3.72% [2] - Coking capacity utilization rate is 73.48, with a weekly change of - 0.13, a monthly change of 0.28, and a year - on - year change of 0.34% [2] - Daily average coke output is 51.78, with a weekly change of - 0.39, a monthly change of - 1.81, and a year - on - year change of - 3.47% [2] - **Inventory - related Indicators**: - Coking plant inventory is 44.63, with a weekly change of - 1.89, a monthly change of - 14.95, and a year - on - year change of 1.39% [2] - Port inventory is 218.15, with a weekly change of 3.05, a monthly change of 18.07, and a year - on - year change of 15.29% [2] - Steel mill inventory is 619.28, with a weekly change of - 7.41, a monthly change of - 18.52, and a year - on - year change of 15.49% [2] - Steel mill inventory days are 10.91, with a weekly change of - 0.26, a monthly change of - 0.73, and a year - on - year change of 2.92% [2] - **Futures - related Indicators**: - Futures contract 05 price is 1862.5, with a daily change of 44.00, a weekly change of 51.00, a monthly change of 272.00, and a year - on - year change of - 11.86% [2] - Futures contract 09 price is 1703.5, with a daily change of 43.00, a weekly change of 64.00, a monthly change of 176.50, and a year - on - year change of - 13.81% [2] - Futures contract 01 price is 1787.5, with a daily change of 53.50, a weekly change of 66.50, a monthly change of 228.00, and a year - on - year change of - 13.54% [2] - 05 basis is - 145.60, with a daily change of - 44.00, a weekly change of - 51.00, a monthly change of 26.99, and a year - on - year change of - 182.35 [2] - 09 basis is 13.40, with a daily change of - 43.00, a weekly change of - 64.00, a monthly change of 122.49, and a year - on - year change of - 159.85 [2] - 01 basis is - 70.60, with a daily change of - 53.50, a weekly change of - 66.50, a monthly change of 70.99, and a year - on - year change of - 152.85 [2] - 5 - 9 spread is - 75.00, with a daily change of 9.50, a weekly change of 15.50, a monthly change of - 44.00, and a year - on - year change of - 29.50 [2] - 9 - 1 spread is 159.00, with a daily change of 1.00, a weekly change of - 13.00, a monthly change of 95.50, and a year - on - year change of 22.50 [2] - 1 - 5 spread is - 84.00, with a daily change of - 10.50, a weekly change of - 2.50, a monthly change of - 51.50, and a year - on - year change of 7.00 [2]

根据合并数据显示，多头前三席位为中信期货，总持仓37146、东证期货，总持仓22052、国泰君安，总持仓15736；空头前三席位 为中信期货，总持仓34313、华泰期货，总持仓16453、国泰君安，总持仓15642； 来源：新浪期货 新浪期货 根据交易所数据，截至8月12日收盘主力合约5年期国债期货2509,涨跌+0.00%,成交量4.85万手，持仓数据显示前20席位 呈现净空，差额头寸为5642手。 5年期国债期货期货全合约总计成交6.66万手，比上一日减少7351手。全合约前20席位多头持仓15.51万手，比上一日增加1318手。 全合约前20席位空头持仓16.22万手，比上一日增加677手。 文章来源:新浪期货 | | | | | 2025年8月12日5年期国债期货全合约持仓数据- | | | | 一览 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | T | 中信期货 | 29,653 | 6,7 ...

根据合并数据显示，多头前三席位为国泰君安，总持仓98834、中信期货，总持仓90514、东证期货，总持仓71393；空头前三席位 为永安期货，总持仓175870、国泰君安，总持仓170257、中信期货，总持仓160020； 主力合约前20席位中，多头增仓前三名分别是：中信期货、持仓48795、增仓9182，海通期货、持仓24461、增仓7052，招商期 货、持仓19542、增仓6732；多头减仓前三名分别是：中泰期货、持仓18129、减仓-3199，中信建投、持仓26576、减仓-2998，国 泰君安、持仓54278、减仓-2057； 主力合约前20席位中，空头增仓前三名分别是：浙商期货、持仓48807、增仓16779，方正中期、持仓40385、增仓6868，东证期 货、持仓83592、增仓5869；空头减仓前三名分别是：中信期货、持仓80732、减仓-16479，瑞达期货、持仓14359、减仓-6815， 中泰期货、持仓21191、减仓-3842。 文章来源:新浪期货 新浪期货 根据交易所数据，截至8月12日收盘主力合约纯碱2601,涨跌+5.31%,成交量323.56万手，持仓数据显示前20席位呈现净 空 ...

Price Performance - London Gold latest price is 3356.40, down 37.75 [1] - London Silver latest price is 37.76, down 0.53 [1] - London Platinum latest price is 1328.00, unchanged [1] - London Palladium latest price is 1140.00, down 14.00 [1] - LME Copper latest price is 9759.00, up 50.50 [1] - Dollar Index latest is 98.50, up 0.23 [1] - Euro to US Dollar latest is 1.16, unchanged [1] - Pound to US Dollar latest is 1.34, unchanged [1] - US Dollar to Japanese Yen latest is 148.15, up 0.42 [1] Trading Data - SHFE Silver inventory is 1151.96, down 6.43 [1] - Gold ETF holdings are 964.22, up 4.58 [1] - Silver ETF holdings are 15058.60, up 67.80 [1] - SGE Silver inventory is 1368.44, unchanged [1] - SGE Gold deferred fee payment direction change is 0.00 [1] - SGE Silver deferred fee payment direction change is 1.00 [1]

Report Summary 1. Report Information - Report Title: Pulp Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: August 12, 2025 [2] 2. SP Main Contract Closing Price - On August 11, 2025, the SP main contract closing price was 5246.00. The price showed fluctuations in the previous days, with a 1.62728% increase from the previous day. The exchange - rate - converted US dollar price was 637.80. The Shandong Yinxing basis was 604, and the Jiangsu - Zhejiang - Shanghai Yinxing basis was 654 [3] 3. Import Profit Calculation - Based on a 13% VAT calculation, for products from Canada, the import profit of Jinshi was 51.55, while that of Xiongshi was - 392.78. For products from Chile, the import profit of Yinxing was - 61.65. The exchange rate on the previous day was 7.18 [4] 4. Price and Profit Margin of Pulp and Paper Products - Pulp prices remained stable from August 5 to August 11, 2025, with no changes in the national average and Shandong regional average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp. Paper prices were also stable during this period, including cultural paper, packaging paper, and tissue paper. However, the profit margins of various papers showed some declines. For example, the double - offset profit margin decreased by 0.0482, the double - copper profit margin decreased by 0.0421, the white card profit margin decreased by 0.0366, and the tissue profit margin decreased by 0.2292 [4] 5. Price Spreads - The price spreads between different types of pulp showed certain changes. For example, the softwood - hardwood price spread remained at 1700 from August 5 to August 11, 2025, while the softwood - natural price spread, softwood - chemimechanical price spread, and softwood - waste paper price spread had some fluctuations [4]

Core Insights - The cotton futures market showed a slight increase with the main contract 2601 rising by 0.47% as of August 11, with a trading volume of 138,900 contracts and a net short position of 12,121 contracts among the top 20 positions [1][3] Trading Volume and Positions - Total trading volume for all cotton futures contracts reached 300,600 contracts, an increase of 12,020 contracts from the previous day [1][4] - Among the top 20 positions, long positions totaled 552,900 contracts, increasing by 285 contracts, while short positions totaled 581,600 contracts, increasing by 8,247 contracts [1][4] Major Players - The top three long positions were held by: - CITIC Futures with a total position of 87,528 contracts, an increase of 1,877 contracts - Guotai Junan with a total position of 57,612 contracts, an increase of 1,462 contracts - COFCO Futures with a total position of 45,667 contracts, an increase of 943 contracts [1][3] - The top three short positions were held by: - COFCO Futures with a total position of 75,558 contracts, an increase of 495 contracts - CITIC Futures with a total position of 65,642 contracts, an increase of 3,300 contracts - Guotai Junan with a total position of 60,449 contracts, a decrease of 2,635 contracts [1][4] Position Changes - Among the top 20 positions, the largest increases in long positions were from: - CITIC Futures with an increase of 1,877 contracts - Guotai Junan with an increase of 1,462 contracts - COFCO Futures with an increase of 943 contracts [1][3] - The largest increases in short positions were from: - Galaxy Futures with an increase of 3,670 contracts - CITIC Futures with an increase of 3,300 contracts - Guotai Junan with an increase of 1,810 contracts [1][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current main contradictions in the EC market are the decline slope during the off - season, uncertainties in geopolitics and tariffs, and the repeated domestic macro - sentiment. It is recommended to continue holding short positions on the 10 - contract and maintain the logic of shorting at high levels [2][30]. 3. Summary According to Related Catalogs 3.1 EC Futures Contracts - **Contract Prices and Changes**: EC2508 had a yesterday's charge price of 2071.0 with a - 0.08% change; EC2510 was at 1436.0 with a 1.10% change; EC2512 was 1760.0 with a - 0.18% change; EC2602 was 1530.4 with a 1.66% change; EC2604 was 1353.0 with a 0.46% change; EC2606 was 1490.5 with a 0.17% change [2][30]. - **Volume and Open Interest**: For example, EC2510 had a yesterday's volume of 56447 and an open interest of 56602 with an increase of 3006 [2][30]. - **Month - to - Month Spreads**: EC2508 - 2510 spread was - 17.3 compared to the previous day and - 65.5 week - on - week; EC2510 - 2512 spread was 18.8 compared to the previous day and - 68.6 week - on - week; EC2512 - 2602 spread was - 28.2 compared to the previous day and 22.6 week - on - week [2][30]. 3.2 Spot Freight Rate Indexes (European Line) - **SCFI**: Updated every Friday, on 2025/8/8, it was 1961 dollars/TEU, down 4.39% from the previous period and - 1.87% for the next - period change [2][30]. - **CCFI**: On 2025/8/8, it was 1799.05, up 0.53% from the previous period and 0.13% for the next - period change [2][30]. - **NCFI**: Updated weekly, on 2025/8/8, it was 1257.71, down 8.37% from the previous period and - 3.53% for the next - period change [2][30]. 3.3 Recent European Line Quotes - Week33 had an average quote of about 3150 US dollars (equivalent to around 2200 points on the disk). In Week34, quotes from various shipping companies dropped by 200 - 300 US dollars, with an average of 2850 US dollars (2000 points). The PA Alliance was at 2700 US dollars, MSK at 2600 US dollars, and the OA Alliance at 2900 - 3000 US dollars [3][31]. 3.4 Fundamental Situation - In the second week of August (Week33), the cargo - receiving situations of different alliances varied, with MSK performing well, OA being average, and PA being poor. In Week34, cargo - receiving significantly declined. EMC cancelled its independent ship in Week35, and OA added a suspension in Week39. The weekly average capacities in August, September (tentative), and October (tentative) 2025 were 327,000, 321,000, and 319,000 TEU respectively, and 327,000, 300,000, and 287,000 TEU after considering all TBN as suspensions [2][30]. 3.5 Related News - On 8/8, the Israeli security cabinet approved the IDF's plan to take over Gaza City and agreed to the "five major principles" for a cease - fire. On 8/9, sources said that Qatar and the US were formulating a comprehensive cease - fire agreement plan for the Gaza Strip [4][32].