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].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - No relevant content Group 3: Summary of Key Information SP Main Contract Closing Price - On August 8, 2025, the SP main contract closing price was 5162.00, with a -0.46278% change from the previous day [3]. - The closing prices from August 4 - 8, 2025, were 5168.00, 5160.00, 5170.00, 5186.00, and 5162.00 respectively, with corresponding percentage changes of -0.34709%, -0.15480%, 0.19380%, 0.30948%, and -0.46278% [3]. Import Profit and Price Information - With a 13% VAT calculation, for Canadian pulp, the import profit of Golden Lion was 51.55, and that of Lion was -392.78; for Chilean Silver Star, it was -76.65 [4]. - The port dollar prices of Golden Lion, Lion, and Silver Star were 780, 730, and 720 respectively, and the Shandong region RMB prices were 6450, 5600, and 5835 respectively [4]. National and Regional Pulp Price Averages - From August 4 - 8, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively [4]. - The Shandong region average prices of these pulps also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 respectively [4]. Paper Index and Profit Margin Information - From August 5 - 8, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white card index), and living paper (living index) remained unchanged at 5725, 5670, 4350, and 828 respectively [4]. - The profit margins of double - offset, double - copper, white card, and living paper on August 8, 2025, were 6.4302%, 24.2360%, -11.9756%, and 7.9481% respectively, with the living paper profit margin changing by -0.3820 compared to previous days [4]. Pulp Price Spreads - On August 8, 2025, the softwood - hardwood, softwood - natural, softwood - chemimechanical, and softwood - wastepaper price spreads were 1700.00, 435, 2010, and 4259 respectively [4].

Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: August 11, 2025 [1] Price and Inventory Information Coal Prices - The latest price of Liulin Main Coking Coal is 1404.00, with a weekly increase of 92.00 and a monthly increase of 254.00, and an annual decrease of 14.91% [2]. - The latest price of Raw Coal Port Delivery Price is 973.00, with a daily decrease of 27.00, a weekly increase of 93.00, a monthly increase of 216.00, and an annual decrease of 21.53% [2]. - The latest price of Shaheyi Mongolian No. 5 is 1380.00, with a weekly increase of 160.00, a monthly increase of 300.00, and an annual decrease of 22.47% [2]. - The latest price of Anze Main Coking Coal is 1470.00, with a daily and weekly decrease of 30.00, a monthly increase of 270.00, and an annual decrease of 18.33% [2]. Inventory - The total inventory is 3296.08, with a weekly decrease of 13.62, a monthly decrease of 273.67, and an annual decrease of 1.43% [2]. - The coal mine inventory is 245.66, with a weekly decrease of 2.60, a monthly decrease of 131.52, and an annual decrease of 15.49% [2]. - The port inventory is 282.11, with a weekly decrease of 10.23, a monthly decrease of 22.16, and an annual decrease of 9.00% [2]. - The steel mill coking coal inventory is 803.79, with a weekly increase of 4.28, a monthly increase of 14.19, and an annual increase of 10.98% [2]. - The coking coking coal inventory is 992.73, with a weekly increase of 7.35, a monthly increase of 144.55, and an annual increase of 11.05% [2]. - The coking coke inventory is 86.30, with a weekly decrease of 0.32, a monthly decrease of 0.72, and an annual decrease of 0.98% [2]. Coking Capacity and Utilization - The coking capacity utilization rate is 74.03, with a weekly increase of 0.34, a monthly increase of 1.16, and an annual increase of 0.42% [2]. Futures Information - The latest price of Futures Contract 05 is 1255.00, with a daily decrease of 2.50, a weekly increase of 113.00, a monthly increase of 294.50, and an annual decrease of 16.05% [2]. - The latest price of Futures Contract 09 is 1066.50, with a daily decrease of 18.50, a weekly increase of 84.00, a monthly increase of 157.00, and an annual decrease of 23.96% [2]. - The latest price of Futures Contract 01 is 1219.50, with a daily decrease of 1.50, a weekly increase of 114.00, a monthly increase of 278.00, and an annual decrease of 17.99% [2]. - The 05 basis is -47.30, with a daily increase of 2.50, a weekly decrease of 113.00, a monthly decrease of 38.18, and an annual decrease of 311.72 [2]. - The 09 basis is 141.20, with a daily increase of 18.50, a weekly decrease of 84.00, a monthly increase of 99.32, and an annual decrease of 0.60 [2]. - The 01 basis is -11.80, with a daily increase of 1.50, a weekly decrease of 114.00, a monthly decrease of 21.68, and an annual decrease of 1.04 [2]. - The 5 - 9 spread is 188.50, with a daily increase of 16.00, a weekly increase of 29.00, a monthly increase of 137.50, and an annual increase of 1.04 [2]. - The 9 - 1 spread is -153.00, with a daily decrease of 17.00, a weekly decrease of 30.00, a monthly decrease of 121.00, and an annual increase of 0.81 [2]. - The 1 - 5 spread is -35.50, with a daily increase of 1.00, a weekly increase of 1.00, a monthly decrease of 16.50, and an annual increase of 3.44 [2].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The report mainly focuses on the European line shipping market, including the supply - demand situation, freight quotes, and relevant shipping indices. In August, the European line supply pressure is increasing, and freight quotes are showing a downward trend [24]. 3. Summary by Related Catalogs 3.1 EC Futures Contracts - EC2508 had a closing price of 0.07, a volume of 3579, and an open interest change of - 121 [24]. - EC2510 had a closing price of 1420.4, a volume of 877.5, and an open interest change of - 765 [24]. - EC2512 had a closing price of 1763.2, a volume of 534.7, and an open interest change of - 0.26% [24]. - EC2602 had a closing price of 1505.4, a volume of 792.5, and an open interest change of 28 [24]. - EC2604 had a closing price of 1346.8, a volume of 951.1, and an open interest change of - 69 [24]. - EC2606 had a closing price of - 0.77, a volume of 809.9, and an open interest change of - 11 [24]. 3.2 Shipping Indices - SCFIS (European line) on 2025/8/4 was 2297.86 points, with a week - on - week decrease of 0.81% and a two - week decrease of 3.50% [24]. - SCFI (European line) on 2025/8/1 was 2051 JT/TEU, with a week - on - week decrease of 1.87% and a week - on - two - week increase of 0.53% [24]. - CCFI on 2025/8/1 was 1803.42, with a week - on - week decrease of 0.90% and a two - week decrease of 3.53% [24]. - NCFI on 2025/8/1 was 1440.25, with a week - on - week decrease of 1.20% [24]. 3.3 European Line Supply - Demand and Quotes - In week 32 of August, the European line had good cargo collection but almost no cargo rejection. In week 33, the cargo collection of different alliances varied. MSK was better, OA was average, and PA was poor. MSK's freight dropped by $100, and OA and PA's shipping companies gradually cut prices by about $200 [24]. - Starting from late August, the supply pressure on the European line is very high. Week 34's capacity is 340,000 TEU, and week 35's capacity is revised down to 330,000 TEU due to the cancellation of EMC's independent - operation ship. The average weekly capacity in September 2025 (tentatively) is 340,000 TEU, and 320,000 TEU without considering TBN [24]. - For week 33, the European line quote dropped to $2800 - $3200, with an average of $3000 (equivalent to about 2100 points on the futures market). For week 34, the current average quote is $2900, equivalent to about 2000 points on the futures market. On Tuesday, MSK opened the week 34 booking at $2600, a week - on - week drop of $200, and then the price rose to $2640. CMA and COSCO/OOCL lowered their prices to $2920 and $3000 respectively, and HMM cut its price to $2700 [24]. 3.4 Other Information - On 8/6, the Israeli Prime Minister announced plans to implement military control over the entire Gaza Strip, which was strongly condemned by Hamas [24]. - The release of the XSI - CJ index is postponed by three working days [24].

1. Report core view - This report presents the latest data on the thermal coal market as of August 8, 2025, including prices at different ports and regions, consumption, inventory, and shipping index data, and their changes over different time periods [1] 2. Summary according to relevant catalogs Coal price - The price of Qinhuangdao 5500 is 677.0, with a daily change of 4.0, a weekly change of 24.0, a monthly change of 52.0, and an annual change of -173.0 [1] - The price of Qinhuangdao 5000 is 615.0, with a daily change of 4.0, a weekly change of 27.0, a monthly change of 56.0, and an annual change of -140.0 [1] - The price of Guangzhou Port 5500 is 755.0, with a daily change of 5.0, a weekly change of 15.0, a monthly change of 45.0, and an annual change of -160.0 [1] - The price of Ordos 5500 is 465.0, with a daily change of 5.0, a weekly change of 20.0, a monthly change of 55.0, and an annual change of -165.0 [1] - The price of Datong 5500 is 545.0, with a daily change of 5.0, a weekly change of 25.0, a monthly change of 75.0, and an annual change of -145.0 [1] - The price of Yulin 6000 is 592.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -224.0 [1] - The price of Yulin 6200 is 620.0, with a daily change of 0.0, a weekly change of 5.0, a monthly change of 25.0, and an annual change of -223.0 [1] Consumption and inventory - The daily consumption of 25 provinces' terminals is 666.4, with a daily change of 6.8, a weekly change of 23.2, a monthly change of 20.4, and an annual change of 12.0 [1] - The inventory of 25 provinces' terminals is 12017.8, with a daily change of -7.7, a weekly change of -802.7, a monthly change of -1486.7, and an annual change of 500.3 [1] - The available days of 25 provinces' terminals is 18.0, with a daily change of -0.2, a weekly change of -1.9, a monthly change of -2.9, and an annual change of 0.4 [1] - The coal supply of 25 provinces' terminals is 599.2, with a daily change of 17.4, a weekly change of -9.3, a monthly change of -40.8, and an annual change of -23.6 [1] Port data - The inventory of northern ports is 2484.0, with a daily change of -2.0, a weekly change of -5.0, a monthly change of -238.0, and an annual change of -1.5 [1] - The number of ships at anchor in northern ports is 54.0, with a daily change of -1.0, a weekly change of -42.0, a monthly change of -31.0, and an annual change of -1.0 [1] - The inbound volume of northern ports is 129.6, with a daily change of -22.1, a weekly change of -4.7, a monthly change of -26.9, and an annual change of -19.7 [1] - The throughput of northern ports is 132.5, with a daily change of 11.1, a weekly change of -36.0, a monthly change of -14.0, and an annual change of -16.8 [1] Shipping index - The CBCFI shipping index is 760.2, with a daily change of 3.1, a weekly change of 35.8, a monthly change of 35.4, and an annual change of 188.1 [1] - The shipping price from Qinhuangdao to Shanghai (4 - 5DWT) is 29.9, with a daily change of 0.0, a weekly change of 0.4, a monthly change of 1.1, and an annual change of 8.5 [1] - The shipping price from Qinhuangdao to Guangzhou (5 - 6DWT) is 43.9, with a daily change of 0.6, a weekly change of 1.2, a monthly change of 2.0, and an annual change of 9.5 [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No clear core viewpoints are presented in the given content. 3. Summary by Related Catalogs SP Main Contract Information - On August 7, 2025, the SP main contract closed at 5186.00, with a daily increase of 0.30948%. The converted US dollar price was 630.76. The basis of Shandong Yinxing was 624, and that of Jiangsu, Zhejiang and Shanghai Yinxing was 714 [3]. Import Pulp Information - With a 13% VAT calculation, the import profit of Canadian Golden Lion pulp was 51.55, while that of Canadian Lion pulp was -392.78, and that of Chilean Silver Star pulp was -101.65. The exchange rate on the previous day was 7.18 [4]. Pulp Price Averages - From August 1 to August 7, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively. The average prices in Shandong region also remained unchanged [4]. Paper Product Index and Profit Margin - From August 4 to August 7, 2025, the indices of cultural paper (double - offset and double - copper), packaging paper (white card), and living paper remained unchanged. The profit margins of double - offset paper, double - copper paper, white card paper, and living paper also remained unchanged on August 7 compared to previous days [4]. Pulp Price Differences - On August 7, 2025, the price differences between softwood and hardwood pulp, softwood and natural pulp, softwood and chemimechanical pulp, and softwood and waste paper pulp were 1700.00, 410, 1985, and 4234 respectively [4].

焦炭日报 研究中心黑色团队 2025/8/8 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2021 2022 2023 2024 2025 230家焦化产能利用率 230家焦炭产量 全样本焦化焦炭库存 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观、公正，研究方法专业审慎，分 析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提供的全部分析及建议内容仅供参考，不构成对您的任何投资 70.00 75.00 80.00 85.00 90.00 95.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 247家高炉产能利用率 2021 2022 2023 2024 2025 190.00 200.00 210.00 220.00 230.00 240.00 250.00 260.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 铁水产量 2021 2022 2 ...

| 日期 | COMEX白银 | 上期所白银 | 黄金ETF持仓 | 白银ETF持仓 | 上金所白银 | 上金所黄金 | 上金所白银 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 库存 | 库存 | | | 库存 | 递延费支付方向 | 递延费支付方向 | | 最新 | 15748.06 | 1161.84 | 955.94 | 15044.48 | 1312.02 | 2 | 1 | | 变化 | 0.00 | 4.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 贵 金 属 比 价 研究中心宏观团队 2025/08/07 | 价 格 表 现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 品种 | 伦敦金 | 伦敦银 | 伦敦铂 | 伦敦钯 | WTI原油 | LME铜 | | 最新 | 3375.30 | 37.35 | 1319.00 | 1181.00 | 65.16 | 9665.00 | | 变化 | 0.00 | 0.00 | ...