Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - Affected by the improvement of the USDA August supply - demand report and the rising weather risk premium, the market sentiment is high. The CBOT soybean futures have risen continuously, supporting the domestic soybean meal market price. The increase in the cost of imported soybeans also provides strong support. However, the current abundant supply of imported soybeans, high operating rate of oil mills, and high inventory pressure of soybean meal may limit the increase in the soybean meal market price. It is expected that the price of the soybean meal m2601 contract will maintain a relatively strong oscillatory trend, mainly with interval adjustments [12]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Market**: On August 14, 2025, the price of the soybean meal m2601 contract first rose and then fell, closing at 3157 yuan/ton, up 12 yuan/ton or 0.38% from the previous day. The trading volume for the day was 1,347,343 lots, and the open interest was 1,990,701 lots [2]. - **Variety Price**: The soybean meal futures contracts generally rose slightly throughout the day. The total open interest of the variety contracts was 4,655,321 lots, a decrease of 25,411 lots from the previous trading day [4]. 3.2 Spot Market - **Spot Quotation**: On August 14, 2025, the spot quotations of soybean meal in some domestic regions declined slightly. For example, the price in Zhangjiagang was 2990 yuan, down 10 yuan; in Tianjin it was 3090 yuan, unchanged; in Rizhao it was 3010 yuan, down 10 yuan; and in Dongguan it was 2980 yuan, down 10 yuan [7][8]. - **Registered Warehouse Receipts**: The total number of soybean meal warehouse receipts increased by 2,000 lots to 10,925 lots, with the increase mainly from Dongguan Fuyuan with 2,000 new lots [9]. 3.3 Influencing Factors - **Industry News**: Last week (August 3 - August 9), Brazil exported 2.2402 million tons of soybeans and 284,000 tons of soybean meal. This week (August 10 - August 16), it plans to export 2.34 million tons of soybeans and 63,900 tons of soybean meal. The import cost of soybeans continued to rise, with US soybeans up 41 yuan/ton, reaching a 3 - month high; Brazilian soybeans up 19 yuan/ton, breaking a more than 1 - year high; and Argentine soybeans up 17 yuan/ton, hitting a 7 - month high [9]. - **Basis Data**: A basis trend chart is provided, but no specific data analysis is given in the text [10].

Report Overview - Report Date: August 12, 2025 - Report Cycle: Daily - Research Variety: Beans - Researcher: Qi Jianhua [1] 1. Futures Market 1.1 Contract Quotes - On August 12, 2025, the main continuous contract of DCE Bean No.1 futures fluctuated weakly. The opening price was 4,067 yuan/ton, the highest price was 4,073 yuan/ton, the lowest price was 4,015 yuan/ton, and the closing price was 4,034 yuan/ton, down 29 yuan/ton or 0.71% from the previous day. The trading volume was 141,159 lots, and the open interest was 185,359 lots, with a daily increase of 30,232 lots [2]. 1.2 Variety Prices | Contract Name | Closing Price (yuan/ton) | Change (yuan/ton) | Change Rate | Trading Volume (lots) | Open Interest (lots) | Daily Increase in Open Interest (lots) | Amplitude | | --- | --- | --- | --- | --- | --- | --- | --- | | A2509 | 4,087 | -11 | -0.27% | 62,101 | 47,467 | -24,040 | 0.81% | | A2511 | 4,034 | -29 | -0.71% | 141,159 | 185,359 | 30,232 | 1.43% | | A2601 | 4,031 | -24 | -0.59% | 38,907 | 63,644 | 10,304 | 1.09% | | A2603 | 4,031 | -1 | -0.47% | 5,184 | 25,892 | 377 | 0.94% | [3] 2. Spot Market - Today's basis of Bean No.1 was -14 yuan/ton, and the basis continued to strengthen. The total registered warehouse receipts of Bean No.1 today were 12,865 lots, a decrease of 258 lots from the previous trading day [5]. 3. Influencing Factors 3.1 Important Events - According to Wind data, today's average quotation of domestic soybeans was 4,054 yuan/ton, a month-on-month increase of 0.17%. In recent days, the spot price of soybeans has continued to rise steadily. Today, the soybean inventory in major ports was 6.8283 million tons, a month-on-month decrease of 0.19%. Currently, the inventory accumulation of port soybeans has slowed down [8][9]. 3.2 Industry News - In terms of imported soybeans, according to Wind data, today's near - month landed duty - paid prices of imported soybeans showed an overall upward trend. The near - month landed duty - paid price of US Gulf soybeans was reported at 4,839.38 yuan/ton, that of Brazilian soybeans was reported at 4,024.47 yuan/ton, and that of Argentine soybeans was reported at 3,867.78 yuan/ton. Recently, the overall crushing profit of enterprises has maintained a steady - to - rising trend [10].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass futures market is expected to maintain a volatile pattern in the short - term, with a tug - of - war between weak reality and policy expectations. Mid - term directional breakthroughs depend on the actual implementation of capacity - clearing policies and the substantial recovery of demand during the traditional peak seasons of "Golden September and Silver October". The market's kinetic energy conversion depends on inventory reduction rates and the pace of macro - level positive news realization [14] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On August 13, 2025, the FG2601 glass futures contract oscillated around the moving average during the night and early sessions. In the afternoon, short - sellers gained the upper hand, pushing the price down to the daily low and closing with a negative line. The price dropped by 19 yuan/ton, a 1.54% decline, and closed at 1214 yuan/ton. The trading volume was 2.2177 million lots, and the open interest was 1.0237 million lots [2] 3.1.2 Variety Prices - All 12 glass futures contracts closed lower. The total open interest of the variety was 1.8795 million lots, a decrease of 59,402 lots from the previous trading day. The open interest of the active contract FG2601 increased by 88,800 lots [5] 3.1.3 Related Quotes - On the day, put options on glass outperformed call options [8] 3.2 Spot Market - The spot price of glass continued to be weak. Prices in Northeast China remained stable, while prices in other regions were under pressure and declined [10] 3.3 Influencing Factors 3.3.1 Supply - Demand Factors - Supply side: The daily melting volume of float glass in production reached 159,600 tons, a 0.38% increase month - on - month. The operating rate was 75.34%, and the capacity utilization rate was 79.78%. The weekly output increased by 0.16% to 1.117 million tons. In August, there were 2 cold - repaired and 2 restarted production lines, with capacity remaining basically unchanged. Demand side: The demand for real - estate completion did not improve. Deep - processing enterprises faced difficulties in collecting funds, and new orders decreased year - on - year. They mainly focused on consuming raw - sheet inventories [11] 3.3.2 Inventory Analysis - The overall inventory of glass enterprises increased from a downward trend. It rose by 2.348 million weight boxes, a 3.95% increase, reaching a total of 61.847 million weight boxes. Inventories of glass enterprises in all regions increased [13]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints of the Report - This week, industrial silicon rose by 1.09% and polysilicon by 3.84%. The industrial silicon futures market fluctuated sharply with a rise - then - fall trend, and the polysilicon futures market went up first, then down, and rebounded later [4]. - In the future, for industrial silicon, supply in Southwest China is expected to increase, while demand from downstream industries remains flat. For polysilicon, supply may increase due to potential restarts and new capacity, but short - term demand is weak. It is expected that the polysilicon market will continue to adjust, and the industrial silicon market will remain volatile [4]. - Operationally, it is recommended that the main contract of industrial silicon oscillate in the range of 8000 - 9000, with a stop - loss range of 7500 - 9500. The main contract of polysilicon should oscillate in the short - term, with an oscillation range of 46000 - 53000 and a stop - loss range of 44000 - 55000 [4]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Performance**: Industrial silicon rose 1.09% and polysilicon rose 3.84%. The industrial silicon futures market was up then down, and the polysilicon futures market had a more complex up - down - up pattern [4]. - **Market Outlook**: In the industrial silicon market, supply in Southwest China is expected to increase, while demand from downstream industries (organic silicon, polysilicon, and aluminum alloy) remains flat. In the polysilicon market, supply may increase, but short - term demand is weak, and it is expected to face adjustment [4]. 3.2 Futures and Spot Markets - **Industrial Silicon**: The price oscillated, the spot price rose, and the basis strengthened. As of August 14, 2025, the spot price was 9400 yuan/ton, up 150 yuan/ton from last week, and the basis was 725 yuan/ton. The weekly production was about 7.98 tons, and the capacity utilization rate was 54.95% [10][12][20]. - **Polysilicon**: The price oscillated, the basis weakened, and the spot price was flat. As of August 14, 2025, the spot price was 47 yuan/kg, unchanged from last week, and the basis was - 3430 yuan/gram [14][16]. 3.3 Industry Situation - **Raw Materials and Cost**: The raw materials of industrial silicon remained stable, and the electricity price was flat during the flood season. The electricity price in Baoshan was 0.29 yuan/kWh, other regions were at 0.3 yuan/kWh, and Xinjiang was at 0.35 yuan/kWh [22][26]. - **Warehouse Receipts**: The industrial silicon warehouse receipts increased. As of August 14, 2025, the number of warehouse receipts was 50693 lots, a week - on - week increase of 113 lots [28][30]. - **Downstream Products of Industrial Silicon** - **Organic Silicon**: The production and operating rate increased. As of August 7, 2025, the weekly production was 5.12 tons, up 7.11%, and the operating rate was 77.4%, up 6.46%. However, the cost decreased, the spot price dropped, and the profit slightly declined [32][34][42]. - **Aluminum Alloy**: The spot price rose, and the inventory increased significantly. As of August 14, 2025, the price was 20300 yuan/ton, up 100 yuan/ton from last week, and the inventory was 4.94 tons, up 0.1 tons from last week. The demand for industrial silicon is expected to remain weak [44][49]. - **Polysilicon - Related Products** - **Silicon Wafer and Battery Cell**: The prices were flat, and the demand for polysilicon remained unchanged, which is expected to drag down the polysilicon market [51][53]. - **Polysilicon Industry**: The cost decreased, the profit and production increased, and the industry is gradually improving. As of August 14, 2025, the profit was 6990 yuan/ton, and the average cost was 40010 yuan/ton [58][61].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The significantly higher-than-expected US PPI in July dampened the market's expectation of substantial future interest rate cuts by the Federal Reserve, leading to a correction in risk assets that were previously priced too optimistically for rate cuts. The domestic A-share market experienced a single-day correction after reaching a new high without a clear market leader. The correction is normal, given the weak fundamentals and capital-driven nature of the A-share market, and there is no need for excessive concern. The report maintains a long-term bullish outlook, suggesting a short-term focus on individual stocks rather than the index, and emphasizes rotation opportunities within the technology growth sector. In terms of stock indices, it recommends going long on the Shanghai 50 and CSI 1000 [2][9]. Summary by Directory 1. Market Views 1.1 Overseas Overnight - The US PPI annual rate in July was 3.3%, significantly higher than the expected 2.5% and the previous value of 2.4%. The monthly rate was 0.9%, higher than the expected 0.2% and the previous value of 0. This indicates the impact of tariffs on the US production side. The unexpectedly high PPI has dampened the expectation of substantial future interest rate cuts by the Federal Reserve. According to the FedWatch tool, the probability of a 25-basis-point rate cut in September has slightly decreased to 92.1%, and the probability of a 50-basis-point cut has dropped from 64.4% to 55.2%. Overnight, US stocks and bonds declined, the US dollar index rose, and gold fell as the market adjusted its overly optimistic pricing of future Fed rate cuts. The Jackson Hole Symposium next week will be crucial to watch for the Fed's stance on future monetary policy [1][4]. 1.2 Domestic Market Review - On Thursday, the broader market opened higher but oscillated downward, with the Shanghai Composite Index down 0.46%, the Shenzhen Component Index down 0.87%, and the ChiNext Index down 1.08%. The market showed an adjustment trend. In the morning, while the index rebounded, individual stocks declined. The rally of core blue-chip stocks suppressed the risk appetite of other stocks, increasing capital divergence. With no clear market leader and approaching the mid-to-late performance reporting period, the market is concerned about whether individual stocks can support the index's gains. Among the primary sectors, only the non-bank financial sector rose, while military, communication, steel, and textile and apparel sectors led the decline. There were 734 rising stocks and 4,644 falling stocks in the entire market [2][5]. 1.3 Important News - US Treasury Secretary Janet Yellen stated that the US will retain gold as a store of value and is unlikely to reevaluate its gold reserves. Bitcoin reserves are valued at approximately $15 - 20 billion, and the US will stop selling its Bitcoin holdings. Yellen also clarified that she did not call for a 150-basis-point rate cut by the Fed but noted that models suggest a lower neutral interest rate [6]. - Fed officials refuted the expectation of a significant rate cut in September. Mary Daly said that a large rate cut next month seems inappropriate, and Rafael Bostic stated that a 50-basis-point cut does not align with the current economic situation or data [6]. - US President Donald Trump said that if his meeting with Russian President Vladimir Putin goes well, he will call Ukrainian President Volodymyr Zelensky; otherwise, he will not call anyone. The meeting with Putin lays the foundation for a second meeting, and if issues cannot be resolved, sanctions will be imposed. Market sources suggest that Western leaders are considering the possibility of hosting a tripartite summit among Russia, the US, and Ukraine in a European city [6]. - Russian President Vladimir Putin said that the US is seeking an agreement acceptable to all parties, and it is possible to reach a new arms control agreement with the US. The Kremlin stated that there are no plans to sign a document on the results of the Russia-US summit [7]. - The central bank will conduct a 500 billion yuan outright reverse repurchase operation with a term of six months [8]. - The Regulations on the Administration of the Entry and Exit of Aliens have been amended to add a new K visa to the ordinary visa category, which will be issued to foreign young scientific and technological talents entering China [8]. - CK Hutchison Holdings stated that it does not expect to complete the port transaction this year and will invite mainland investors to participate in the much-anticipated port transaction [8]. - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority issued a joint statement on the market volatility related to stablecoins. The HKMA reiterated that it will adopt a prudent approach when considering applications for stablecoin issuer licenses and set high thresholds [8]. 1.4 Today's Strategy - The significantly higher-than-expected US PPI in July dampened the market's expectation of substantial future interest rate cuts by the Federal Reserve, leading to a correction in risk assets that were previously priced too optimistically for rate cuts. The domestic A-share market experienced a single-day correction after reaching a new high without a clear market leader. The correction is normal, given the weak fundamentals and capital-driven nature of the A-share market, and there is no need for excessive concern. The report maintains a long-term bullish outlook, suggesting a short-term focus on individual stocks rather than the index, and emphasizes rotation opportunities within the technology growth sector. In terms of stock indices, it recommends going long on the Shanghai 50 and CSI 1000 [9]. 2. Futures Market Tracking - **Futures Market Performance**: The report provides detailed data on the closing prices, settlement prices, price changes, price change percentages, basis, premium/discount rates, annualized premium/discount rates, contract delivery dates, and remaining times for various futures contracts, including those for the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices [11]. - **Futures Trading Volume and Open Interest**: Data on trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, weekly position increases, net positions, and changes in net positions, short positions, and long positions for each futures contract are presented. The total trading volume, trading value, open interest, and other aggregated data are also provided [12]. 3. Spot Market Tracking - **Spot Market Performance**: The report presents the current points, daily, weekly, monthly, and annual percentage changes, trading volumes, trading values, and other indicators for major stock indices such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, Shanghai 50, CSI 300, CSI 500, and CSI 1000, as well as various industry sectors [35]. - **Influence of Market Styles on Index Fluctuations**: Analyzes the impact of different market styles (cyclical, consumer, growth, financial, and stable) on the fluctuations of the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indices, including the number of stocks, weights, daily, weekly, monthly, and annual contributions of each style [36][37]. - **Valuation of Important Indices and Sectors**: Presents the current valuations and historical percentile rankings of important stock indices and Shenwan industry sectors [39][43]. - **Other Market Indicators**: Includes charts showing the Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks in the two markets, changes in index trading value, stock - bond relative returns, Hong Kong Stock Connect data, margin trading balance, and net margin trading purchases and their proportion in A - share trading value [45][47][48]. 4. Liquidity Tracking - **Central Bank's Open Market Operations**: The report provides a chart showing the central bank's open market operations, including currency injection, currency withdrawal, and net currency injection [52][53]. - **Shibor Interest Rate Levels**: A chart showing the levels of Shibor interest rates for different tenors is presented [52][54].

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - On August 14, the JM2601 contract of coking coal closed at 1214.0, down 6.25%. The market sentiment was affected by the position limit adjustment. Fundamentally, the mine - end inventory changed from decreasing to increasing, and the clean coal inventory transferred from upstream mines and coal washing plants to downstream coal - using enterprises. The cumulative import growth rate has been declining for 3 consecutive months, and the total inventory has increased for 4 consecutive weeks. Technically, the daily K is above the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. - On August 14, the J2601 contract of coke closed at 1707.0, down 4.32%. The fifth price increase was implemented in the spot market. Fundamentally, the raw material inventory rebounded, and the hot metal production was 242.23 tons, a decrease of 0.39 tons. The mine - end inventory has no pressure, and the inventory has transferred downstream. The total coking coal inventory has increased for 4 consecutive weeks. In terms of profit, the average loss per ton of coke of 30 independent coking plants nationwide was 16 yuan/ton. Technically, the daily K is between the 20 - day and 60 - day moving averages. It should be treated as a volatile operation [2]. 3. Summary by Related Catalogs Futures Market - The closing price of the JM main contract was 1214.00 yuan/ton, down 31.00 yuan; the closing price of the J main contract was 1707.00 yuan/ton, down 30.00 yuan [2]. - The JM futures contract position was 886207.00 lots, down 34771.00 lots; the J futures contract position was 52042.00 lots, down 2152.00 lots [2]. - The net position of the top 20 coking coal contracts was - 115590.00 lots, down 32614.00 lots; the net position of the top 20 coke contracts was - 6516.00 lots, down 12.00 lots [2]. - The spread between the JM1 - 9 contracts was 148.00 yuan/ton, up 3.50 yuan; the spread between the J1 - 9 contracts was 71.00 yuan/ton, down 6.50 yuan [2]. - The coking coal warehouse receipts were 800.00, unchanged; the coke warehouse receipts were 820.00, up 20.00 [2]. - The basis of the JM main contract was 106.00 yuan/ton, up 31.00 yuan; the basis of the J main contract was - 42.00 yuan/ton, up 30.00 yuan [2]. Spot Market - The price of Ganqimao Mongolian No. 5 raw coal was 1040.00 yuan/ton, up 29.00 yuan; the price of Tangshan Grade - 1 metallurgical coke was 1665.00 yuan/ton, unchanged [2]. - The price of Russian prime coking coal forward spot (CFR) was 147.00 US dollars/wet ton, unchanged; the price of Rizhao Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of Australian prime coking coal imported at Jingtang Port was 1540.00 yuan/ton, down 70.00 yuan; the price of Tianjin Port Grade - 1 metallurgical coke was 1570.00 yuan/ton, unchanged [2]. - The price of Shanxi - produced prime coking coal at Jingtang Port was 1610.00 yuan/ton, unchanged; the price of Tianjin Port quasi - Grade - 1 metallurgical coke was 1470.00 yuan/ton, unchanged [2]. - The price of medium - sulfur prime coking coal in Lingshi, Jinzhong, Shanxi was 1320.00 yuan/ton, unchanged; the ex - factory price of coking coal produced in Wuhai, Inner Mongolia was 1100.00 yuan/ton, unchanged [2]. Upstream Situation - The daily output of clean coal from 314 independent coal washing plants was 26.40 million tons, up 0.40 million tons; the weekly inventory of clean coal from 314 independent coal washing plants was 297.00 million tons, up 8.90 million tons [2]. - The weekly capacity utilization rate of 314 independent coal washing plants was 0.37%, unchanged; the monthly raw coal output was 42107.40 million tons, up 1779.00 million tons [2]. - The monthly import volume of coal and lignite was 3560.90 million tons, up 256.90 million tons; the daily average output of raw coal from 523 coking coal mines was 187.90 million tons, down 0.40 million tons [2]. - The weekly inventory of imported coking coal at 16 ports was 463.05 million tons, down 30.89 million tons; the weekly inventory of coking coal of all - sample independent coking enterprises was 987.92 million tons, down 4.81 million tons [2]. - The weekly inventory of coking coal of 247 steel mills nationwide was 808.66 million tons, up 4.87 million tons; the weekly inventory of coke of 247 sample steel mills was 619.28 million tons, down 7.41 million tons [2]. - The weekly available days of coking coal for all - sample independent coking enterprises was 12.99 days, up 0.12 days; the weekly available days of coke for 247 sample steel mills was 10.91 days, down 0.26 days [2]. Industry Situation - The monthly import volume of coking coal was 910.84 million tons, up 172.10 million tons; the monthly export volume of coke and semi - coke was 51.00 million tons, down 17.00 million tons [2]. - The monthly output of coking coal was 4064.38 million tons, down 5.89 million tons; the weekly capacity utilization rate of independent coking enterprises was 74.03%, up 0.34% [2]. - The weekly profit per ton of coke for independent coking plants was - 16.00 yuan/ton, up 29.00 yuan [2]. - The monthly output of coke was 4170.30 million tons, down 67.30 million tons [2]. Downstream Situation - The weekly blast furnace operating rate of 247 steel mills nationwide was 83.77%, up 0.29%; the weekly blast furnace iron - making capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The monthly crude steel output was 8318.40 million tons, down 336.10 million tons [2]. Industry News - Dalian Commodity Exchange adjusted the trading limit and handling fee standard for the coking coal futures JM2601 contract. From the trading time on August 15, 2025, non - futures company members or clients are not allowed to open more than 1000 lots in a single day on the coking coal futures JM2601 contract; from the trading time on August 18, the handling fee rate for intraday speculative trading will be raised to two ten - thousandths of the transaction amount [2]. - This week, Mysteel statistics showed that the capacity utilization rate of 523 coking coal mine samples was 83.7%, down 0.2% month - on - month. The daily average output of raw coal was 187.9 million tons, down 0.4 million tons month - on - month, the raw coal inventory was 470.2 million tons, down 6.4 million tons month - on - month, the daily average output of clean coal was 76.4 million tons, up 0.9 million tons month - on - month, and the clean coal inventory was 257.7 million tons, up 12.0 million tons month - on - month [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the purchase price of coke for the sixth time. The price of tamping wet - quenched coke was raised by 50 yuan/ton, the price of tamping dry - quenched coke was raised by 55 yuan/ton, the price of top - charging wet - quenched coke was raised by 70 yuan/ton, and the price of top - charging dry - quenched coke was raised by 75 yuan/ton. The mainstream steel mills tendered on the 14th [2].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On August 14, the silicon - iron 2511 contract reported 5918, down 2.18%. The market should be treated as fluctuating, and investors are advised to control risks. The macro - economic situation shows that single - month loan readings are not sufficient to accurately reflect economic activity. Supply and demand have seen a rapid increase in production and inventory in recent weeks after profit improvement. The cost of Ningxia semi - coke has risen, and the overall demand for steel is still weak. The spot profit in Inner Mongolia is - 50 yuan/ton, and in Ningxia it is 150 yuan/ton. The August steel mill procurement tender price increased by 100 yuan/ton month - on - month [2]. - On August 14, the manganese - silicon 2601 contract reported 6144, down 1.06%. The market should be treated as fluctuating, and investors are advised to control risks. Since August 15, 2025, trading sentiment has been affected by position limits. Fundamentally, production has been on an upward trend since mid - May, and inventory has decreased for 5 consecutive weeks to a neutral level after the recent price increase. The port inventory of imported manganese ore has increased by 10.4 tons, and the downstream hot - metal production is at a high level. The spot profit in Inner Mongolia is - 100 yuan/ton, and in Ningxia it is - 40 yuan/ton. The August steel mill procurement tender price increased by 150 yuan/ton month - on - month [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 6,050.00 yuan/ton, down 24.00 yuan; SF主力合约收盘价 was 5,744.00 yuan/ton, down 50.00 yuan [2]. - SM期货合约持仓量 was 605,369.00 hands, down 18,227.00 hands; SF期货合约持仓量 was 442,759.00 hands, down 13,384.00 hands [2]. - The net position of the top 20 in manganese - silicon was - 104,374.00 hands, down 1,083.00 hands; the net position of the top 20 in silicon - iron was - 34,653.00 hands, up 1,088.00 hands [2]. - The SM1 - 9 month contract spread was 94.00 yuan/ton, up 6.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, down 10.00 yuan [2]. - The SM warehouse receipt was 75,359.00 sheets, down 87.00 sheets; the SF warehouse receipt was 20,976.00 sheets, up 373.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, unchanged; the price of Guizhou manganese - silicon FeMn68Si18 was 5,950.00 yuan/ton, unchanged; the price of Yunnan manganese - silicon FeMn68Si18 was 5,920.00 yuan/ton, up 20.00 yuan [2]. - The price of Inner Mongolia silicon - iron FeSi75 - B was 5,700.00 yuan/ton, up 50.00 yuan; the price of Qinghai silicon - iron FeSi75 - B was 5,540.00 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5,630.00 yuan/ton, unchanged [2]. - The manganese - silicon index average was 5,833.00 yuan/ton, down 4.00 yuan; the SF main - contract basis was - 114.00 yuan/ton, up 50.00 yuan; the SM main - contract basis was - 150.00 yuan/ton, up 24.00 yuan [2]. 3.3 Upstream Situation - The price of South African manganese ore (Mn38 block, Tianjin Port) was 34.00 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,100.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 448.90 million tons, up 10.40 million tons [2]. 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 43.43%, up 1.25%; the silicon - iron enterprise operating rate was 34.32%, up 0.56% [2]. - The manganese - silicon supply was 195,825.00 tons, up 5,005.00 tons; the silicon - iron supply was 109,100.00 tons, up 4,700.00 tons [2]. - The manganese - silicon manufacturer inventory was 161,500.00 tons, down 2,500.00 tons; the silicon - iron manufacturer inventory was 7.17 million tons, up 0.62 million tons [2]. - The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of silicon - iron was 14.25 days, down 1.13 days [2]. 3.5 Downstream Situation - The demand for manganese - silicon from five major steel types was 125,200.00 tons, up 1,485.00 tons; the demand for silicon - iron from five major steel types was 20,266.30 tons, up 344.30 tons [2]. - The blast - furnace operating rate of 247 steel mills was 83.77%, up 0.29%; the blast - furnace capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The crude - steel output was 8,318.40 million tons, down 336.10 million tons [2]. 3.6 Industry News - Bitcoin's dominance has fallen below 60% for the first time since February 1, and the cryptocurrency market has soared to over $4 trillion [2]. - The verified capacity utilization rate of 523 coking coal mines was 83.7%, down 0.2% week - on - week; the daily output of raw coal was 1.879 million tons, down 0.4 million tons; the raw - coal inventory was 4.702 million tons, down 0.064 million tons; the daily output of clean coal was 0.764 million tons, up 0.009 million tons; the clean - coal inventory was 2.577 million tons, up 0.12 million tons [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the coke procurement price for the sixth time [2]. - US Treasury Secretary Besent said that sanctions or secondary tariffs might increase if the meeting between Trump and Putin did not go well [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For rapeseed meal, domestically, high oil - mill operating rates and soybean meal inventory accumulation suppress prices, but uncertain fourth - quarter purchases support the forward market. Near - month rapeseed arrivals are low, and the peak aquaculture season boosts demand. The anti - dumping measures on Canadian rapeseed weaken forward supply, while the substitution advantage of soybean meal weakens demand expectations. The market remains bullish despite price drops and increased volatility [2]. - For rapeseed oil, internationally, good weather in Canada boosts production prospects, and anti - dumping measures on Canadian imports may pressure prices. The MPOB report and Indonesia's bio - diesel policy affect palm oil prices. Domestically, the off - season of fat consumption and sufficient supply restrict prices, but low oil - mill operating rates, fewer third - quarter rapeseed purchases, and anti - dumping measures on Canadian rapeseed reduce supply pressure. The market should be participated in with a bullish view despite price drops and increased volatility [3]. 3. Summary by Relevant Catalogs Futures Market - Futures closing prices: Rapeseed oil was 9840 yuan/ton (down 224 yuan), rapeseed meal was 2686 yuan/ton (down 37 yuan), ICE rapeseed was 660.3 CAD/ton (up 9.6 CAD), and domestic rapeseed was 5044 yuan/ton (down 92 yuan) [2]. - Month - to - month spreads: Rapeseed oil (1 - 5) was 184 yuan/ton (down 44 yuan), and rapeseed meal (1 - 5) was 83 yuan/ton (down 29 yuan) [2]. - Main contract positions: Rapeseed oil had 301,480 lots (up 18,815 lots), and rapeseed meal had 115,197 lots (down 63,472 lots) [2]. - Top 20 net long positions: Rapeseed oil had 15,064 lots (up 850 lots), and rapeseed meal had 14,580 lots (down 2,813 lots) [2]. - Warehouse receipts: Rapeseed oil had 3,487 sheets, and rapeseed meal had 9,821 sheets [2]. Spot Market - Spot prices: Rapeseed oil in Jiangsu was 10,260 yuan/ton (up 500 yuan), rapeseed meal in Nantong was 2,600 yuan/ton (down 60 yuan), rapeseed in Yancheng, Jiangsu was 5,700 yuan/ton (down 300 yuan), and the oil - meal ratio was 3.79 (up 0.06) [2]. - Average prices: Rapeseed oil was 10,325 yuan/ton (up 500 yuan), and the import cost of rapeseed was 8,216.19 yuan/ton (up 3,559.36 yuan) [2]. - Basis: Rapeseed oil main contract basis was 196 yuan/ton (up 238 yuan), and rapeseed meal main contract basis was - 86 yuan/ton (down 23 yuan) [2]. - Substitute prices: Fourth - grade soybean oil in Nanjing was 8,840 yuan/ton, palm oil (24 - degree) in Guangdong was 9,380 yuan/ton, and soybean meal in Zhangjiagang was 3,090 yuan/ton. The rapeseed - soybean oil spread was 1,420 yuan/ton (up 330 yuan), the rapeseed - palm oil spread was 880 yuan/ton (up 380 yuan), and the soybean - rapeseed meal spread was 490 yuan/ton (up 60 yuan) [2]. Upstream Situation - Global production: Rapeseed production was forecasted at 89.77 million tons (up 0.21 million tons), and the annual forecast for rapeseed was 12,378 thousand tons [2]. - Imports: Rapeseed imports were 18.45 tons (down 15.1 tons), rapeseed oil and mustard oil imports were 15 tons (up 4 tons), and rapeseed meal imports were 27.03 tons (up 7.56 tons) [2]. - Inventory and operating rates: Rapeseed inventory in oil mills was 15 tons (up 5 tons), and the weekly operating rate of imported rapeseed was 16.84% (up 0.32%) [2]. Industry Situation - Inventory: Coastal rapeseed oil inventory was 11 tons (up 0.35 tons), coastal rapeseed meal inventory was 3.2 tons (up 0.5 tons), East China rapeseed oil inventory was 54.92 tons (down 0.58 tons), East China rapeseed meal inventory was 33.25 tons (up 0.68 tons), Guangxi rapeseed oil inventory was 5.5 tons (down 0.2 tons), and South China rapeseed meal inventory was 21 tons (down 1.5 tons) [2]. -提货量: Rapeseed oil weekly提货量 was 3.47 tons (up 1.77 tons), and rapeseed meal weekly提货量 was 2.72 tons (down 0.15 tons) [2]. Downstream Situation - Production: Feed production was 2,937.7 tons (up 175.6 tons), and edible vegetable oil production was 476.9 tons (up 41.8 tons) [2]. - Consumption: The monthly catering revenue was 470.76 billion yuan (up 1.294 billion yuan) [2]. Option Market - Implied volatilities: Rapeseed meal call was 13.22% (down 14.17%), put was 27.39% (down 1.71%), rapeseed oil call was 5.11% (down 14.04%), and put was 19.15% (up 2.5%) [2]. - Historical volatilities: Rapeseed meal 20 - day was 24.96% (up 1.77%), 60 - day was 18.9% (up 0.71%), rapeseed oil 20 - day was 16.4% (up 2.5%), and 60 - day was 13.95% (up 1.06%) [2]. Industry News - ICE rapeseed futures rebounded as US soybean and soybean oil futures rose. The November contract closed 9.50 CAD higher at 659.80 CAD/ton, and the January contract rose 9.70 CAD to 672.80 CAD/ton [2]. - The USDA August report showed that US 2025/26 soybean harvest area was estimated at 80.1 million acres (down from 82.5 million acres in July), yield was 53.6 bushels/acre (higher than expected), production was 4.292 billion bushels (down from July), and ending stocks were 290 million bushels (down 20 million bushels) [2]. Key Points to Watch - Monday's rapeseed operating rate and regional rapeseed oil and meal inventories from Myagric, as well as China - Canada and Canada - US trade disputes [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - L2509 fluctuated weakly, closing at 7,287 yuan/ton. Supply: PE output increased by 0.14% week - on - week to 661,100 tons. Demand: The average operating rate of PE downstream products increased by 0.4% week - on - week, with the agricultural film operating rate up 0.4%. Inventory: Producer inventory rose 19.09% to 515,400 tons, social inventory fell 1.22% to 568,700 tons, and total inventory pressure is not significant. Domestic PE's next round of intensive maintenance is expected to start in mid - August. Due to the leap June, domestic greenhouse film demand is delayed, extending the downstream off - season. Food and daily chemical packaging film orders are accumulating sporadically, mainly for rigid demand. Cost: OPEC+ production increase impact continues, IEA predicts intensified oil supply - demand imbalance, and the upcoming meeting between US and Russian leaders makes international oil prices fluctuate weakly. For L2509, pay attention to the support around 7,200 yuan/ton; for L2601, focus on the support around 7,300 yuan/ton and the resistance around 7,500 yuan/ton. The main contract is about to switch to L2601 [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the main polyethylene futures contract was 7,343 yuan/ton, down 38 yuan; the trading volume was 187,511 lots, and the open interest was 303,896 lots, an increase of 91,334 lots. The 9 - 1 spread was - 56. The buy orders of the top 20 futures positions were 322,688 lots, a decrease of 3,077 lots; the sell orders were 339,408 lots, and the net buy orders were - 16,720 lots, a decrease of 1,438 lots [2] 3.2 Spot Market - The average price of LLDPE (7042) in North China was 7,313.04 yuan/ton, and in East China was 7,398.33 yuan/ton, an increase of 15.24 yuan [2] 3.3 Basis - The basis was 26.87, with a change of 0.04 [2] 3.4 Upstream Situation - FOB middle price of naphtha in Singapore was 60.31 US dollars/barrel, a decrease of 0.77; CFR middle price of naphtha in Japan was 563.5 US dollars/ton, a decrease of 6.5. The middle price of ethylene CFR in Southeast Asia was 831 US dollars/ton, and in Northeast Asia was 826 US dollars/ton, unchanged [2] 3.5 Industry Situation - The operating rate of PE in petrochemical plants nationwide was 84.08% [2] 3.6 Downstream Situation - The operating rate of polyethylene (PE) packaging film was 49.3%, that of pipes was 29%, and that of agricultural film was 13.07% [2] 3.7 Option Market - The 20 - day historical volatility of polyethylene was 11.89%, and the 40 - day historical volatility was 11.63%, a decrease of 0.09%. The implied volatility of at - the - money put options and call options was 14.8%, an increase of 0.19% [2] 3.8 Industry News - From August 8th to 14th, China's polyethylene output was 661,100 tons, an increase of 0.14% from the previous period. From August 1st to 7th, the average operating rate of China's polyethylene downstream products increased by 0.4% from the previous period. As of August 6th, the inventory of Chinese polyethylene producers was 515,400 tons, an increase of 19.09% from the previous period; as of August 8th, the social inventory of polyethylene was 568,700 tons, a decrease of 1.22% from the previous period [2]

Group 1: Report Investment Ratings - There is no information about the report's industry investment rating provided in the documents. Group 2: Core Views - Short - term nickel prices will mainly show a volatile trend, being more affected by macro - emotions. However, the pattern of oversupply remains unchanged, and the contradiction between the release of Indonesian production capacity and weak stainless steel demand is still unresolved, so nickel prices are under pressure in the medium term [3]. - Under the dual pressure of abundant nickel ore supply from Indonesia and South Korea's anti - dumping policy, stainless steel is under medium - term pressure. It is recommended to pay attention to the implementation of domestic steel mill production cuts in September and the marginal improvement signals of new energy vehicle demand [6]. Group 3: Nickel Variety Market Analysis Futures - On August 13, 2025, the main contract 2509 of Shanghai nickel opened at 122,520 yuan/ton and closed at 122,340 yuan/ton, a change of - 0.24% from the previous trading day's close. The night - session volume was 96,355 lots, and the day - session volume was 89,510 lots. The position decreased from 73,889 lots at night to 70,930 lots during the day, indicating continuous capital outflow [2]. Nickel Ore - The nickel ore market remained calm with stable prices. Philippine mines had a strong attitude of holding up prices, and downstream iron plants' loss narrowed, so their pressure on raw material procurement prices eased. In Indonesia, the August (Phase I) domestic trade benchmark price increased by 0.2 - 0.3 dollars, and the August (Phase I) premium was mainly +24, unchanged from the previous period [3]. Spot - Jinchuan Group's sales price in the Shanghai market was 124,900 yuan/ton, up 100 yuan/ton from the previous trading day, and the upward momentum continued to slow down. Downstream enterprises still had strong waiting - and - seeing sentiment, and the overall spot trading of refined nickel was average [3]. Group 4: Nickel Variety Strategy - Unilateral: mainly conduct range operations; Cross - period: no operation; Cross - variety: no operation; Spot - futures: no operation; Options: no operation [3] Group 5: Stainless Steel Variety Market Analysis Futures - On August 13, 2025, the main contract 2509 of stainless steel opened at 13,215 yuan/ton and closed at 13,130 yuan/ton. The night - session volume was 130,400 lots, and the day - session volume was 160,300 lots. The position increased from 143,700 lots at night to 144,200 lots during the day, indicating that short - sellers dominated [4][5]. Spot - In the morning, due to weak trading and falling futures prices, many sellers lowered their quotes to promote transactions. The overall inquiry atmosphere decreased compared with before, but as the traditional peak season approached, most downstream enterprises were still bullish on the future. The stainless steel prices in Wuxi and Foshan markets were both 13,300 yuan/ton [5]. Group 6: Stainless Steel Variety Strategy - Unilateral: neutral; Cross - period: no operation; Cross - variety: no operation; Spot - futures: no operation; Options: no operation [6]