Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - No relevant information provided Summary by Directory Price and Profit - The report presents the spot prices of various steel products from August 15 to August 21, 2025 including Beijing, Shanghai, Chengdu, Xi'an, Guangzhou, and Wuhan's rebar, as well as Tianjin, Shanghai, and Lecong's hot - rolled and cold - rolled coils. For rebar, Shanghai's price increased by 50, while others remained unchanged. For hot - rolled coils, Tianjin and Lecong's prices decreased by 10, and Shanghai's remained the same. Cold - rolled coil prices were mostly unchanged [1] Production and Inventory - No relevant information provided Basis and Spread - No relevant information provided

Group 1: Report Information - Report title: Pulp Morning Report [2] - Report date: August 22, 2025 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: SP Main Contract Information - Closing price on August 21, 2025: 5130.00 [3] - Closing price trends from August 15 - 21, 2025: Decreased from 5306.00 to 5130.00 [3] - Dollar - converted price trends from August 15 - 21, 2025: Decreased from 645.15 to 623.85 [3] - Daily price change rates from August 15 - 21, 2025: - 0.22565%, - 1.01772%, - 1.40899%, - 0.81112%, - 0.11682% [3] - Shandong Yinxing basis trends from August 15 - 21, 2025: Increased from 544 to 670 [3] - Jiangsu, Zhejiang and Shanghai Yinxing basis trends from August 15 - 21, 2025: Increased from 579 to 685 [3] Group 3: Pulp Price and Profit Information - Canadian Lion brands (Golden Lion, Lion) and Chilean Silver Star price, import profit: Golden Lion (CFR, port price 780 dollars, Shandong price 6350 yuan, profit - 48.45 yuan); Lion (CFR, port price 730 dollars, Shandong price 5500 yuan, profit - 442.78 yuan); Silver Star (CFR 90 - day letter of credit, port price 720 dollars, Shandong price 5800 yuan, profit - 111.65 yuan) [4] Group 4: Pulp and Paper Product Price and Margin Information - National and Shandong regional pulp average prices from August 15 - 21, 2025: No change in all types of pulp (coniferous, broad - leaf, natural color, chemimechanical) [4] - Paper product index (cultural, packaging, living paper) from August 18 - 21, 2025: No change [4] - Paper product profit margin trends from August 18 - 21, 2025: Double - offset paper margin increased from 4.8673% to 5.0306%; Double - copper paper margin increased from 22.6786% to 22.8214%; White - card paper margin increased from - 13.4568% to - 13.3333%; Living paper margin increased from 6.8022% to 7.4515% [4] Group 5: Pulp Price Difference Information - Coniferous - broadleaf, coniferous - natural color, coniferous - chemimechanical, coniferous - waste paper price differences from August 15 - 21, 2025: Coniferous - broadleaf price difference decreased from 1650 to 1620; Coniferous - natural color price difference decreased from 450 to 400; Coniferous - chemimechanical price difference decreased from 2025 to 1975; Coniferous - waste paper price difference decreased from 4274 to 4224 [4]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoint There is no explicit core viewpoint presented in the given report. The report mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, and various spreads and profit margins. 3. Summary by Relevant Catalogs Futures Market - **Contract Prices**: The BU main contract price decreased from 3609 on 7/22 to 3454 on 8/20, a weekly change of -52. Other contracts like BU06, BU09, BU12, and BU03 also showed different degrees of decline [20]. - **Trading Volume and Position**: The trading volume increased by 53,888 week - on - week to 222,537 on 8/20, and the position decreased by 16,607 to 429,967 [20]. Spot Market - **Market Prices**: The Shandong market price dropped from 3845 on 7/22 to 3530 on 8/20, a weekly decline of -120. The East China market price decreased by -10, the South China market price by -20, and the Northeast market price by -20 [20]. - **Price Spreads**: The Shandong - East China spread widened to -190 on 8/20 from -80 on 8/12, a change of -110. The Shandong - Northeast spread widened to -350 from -250, a change of -100 [20]. Basis and Monthly Spreads - **Basis**: The Shandong basis decreased from 236 on 7/22 to 76 on 8/20, a weekly change of -68. The East China basis increased by 42, and the South China basis increased by 32 [20]. - **Monthly Spreads**: The 06 - 09 spread changed from -224 on 7/22 to -178 on 8/20, a change of 21. The 09 - 12 spread increased by 6 [20]. Spreads and Profits - **Spreads**: The asphalt Brent spread was -6 on 7/22 and 71 on 8/20, with a weekly change of -5. - **Profits**: The asphalt MRE profit increased by 38 week - on - week to -4 on 8/20. The ordinary refinery comprehensive profit decreased by 37, and the MRE - type refinery comprehensive profit decreased by 23 [20]. Related Prices - **Crude Oil and Other Products**: The Brent crude oil price decreased by 0.8 on 8/20 compared to 8/19, with a weekly change of 0.2. The Shandong gasoline market price decreased by 90 week - on - week to 7648 on 8/20 [20].

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].