Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For palm oil, there is no new fundamental driver, and investors are advised to wait for a price pullback to initiate long positions [1]. - For soybean oil, the trading sentiment related to the potential soybean shortage in the fourth quarter has eased, and the price is expected to fluctuate within a high - level range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,488 yuan/ton with a - 0.23% change; (night session) 9,542 yuan/ton with a 0.57% change. Trading volume was 36,525 lots, a decrease of 12,233 lots, and open interest was 42,108 lots, a decrease of 13,283 lots [1]. - Soybean oil主力: Closing price (day session) was 8,536 yuan/ton with a 0.52% change; (night session) 8,514 yuan/ton with a - 0.26% change. Trading volume was 35,235 lots, an increase of 1,154 lots, and open interest was 52,615 lots, a decrease of 18,859 lots [1]. - Rapeseed oil主力: Closing price (day session) was 9,998 yuan/ton with a 0.03% change; (night session) 9,918 yuan/ton with a - 0.80% change. Trading volume was 14,288 lots, a decrease of 1,353 lots, and open interest was 24,389 lots, a decrease of 4,695 lots [1]. - Malaysian palm oil主力: Closing price was 4,493 ringgit/ton with a - 0.84% change; (night session) 4,482 ringgit/ton with a - 0.22% change [1]. - CBOT soybean oil主力: Closing price was 54.84 cents/pound with a - 0.87% change [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,620 yuan/ton, with a price increase of 80 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,720 yuan/ton, with a price increase of 50 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,910 yuan/ton, with a price increase of 30 yuan/ton [1]. - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, with a price increase of 15 dollars/ton [1]. - **Basis Data**: - Palm oil in Guangdong: Basis was 132 yuan/ton [1]. - Soybean oil in Guangdong: Basis was 184 yuan/ton [1]. - Rapeseed oil in Guangxi: Basis was - 88 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 309 yuan/ton, compared to 298 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread: - 1,094 yuan/ton, compared to - 1,134 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread: - 94 yuan/ton, compared to - 82 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread: 48 yuan/ton, compared to 34 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread: 107 yuan/ton, compared to 105 yuan/ton two days ago [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from August 1 - 25, 2025, were 1,141,661 tons, a 10.9% increase compared to the same period last month [2]. - Indonesia urged the EU to immediately cancel the anti - subsidy tax on imported biodiesel after the WTO supported several key claims in Indonesia's complaint. Indonesia and the EU are closer to signing a free - trade agreement after a political agreement in July [4]. - USDA's crop growth report showed that as of August 24, 2025, the good - to - excellent rate of US soybeans was 69%, higher than the market expectation of 67%, and the pod - setting rate was 89% [4]. - Secex data indicated that Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August, with an average daily export volume of 453,614.86 tons, a 24% increase compared to the average daily export volume in August last year [4]. - Canada's rapeseed exports in the week ending August 17 decreased by 64.34% to 90,800 tons. From August 1 to August 17, 2025, exports were 355,900 tons, a 46.16% decrease compared to the same period last year. As of August 17, the commercial inventory was 793,400 tons [5]. - In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a 13.13% increase from the previous month and a 3.65% decrease from the same period last year. The rapeseed oil production was 408,898 tons, a 12.15% increase from the previous month and a 5.89% decrease from the same period last year. The rapeseed meal production was 571,012 tons, a 12.62% increase from the previous month and a 1.42% decrease from the same period last year [5]. 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was also 0, indicating a neutral outlook [6].

Report Information - Report Title: Asphalt Thick Report [2] - Research Team: Research Center's Energy and Chemicals Team - Report Date: August 26, 2025 [3] Key Data Futures Contract Prices - BU主力合约: 3512 on August 25, up 29 from the previous day and 51 from the previous week [4] - BU06: 3372 on August 25, up 12 from the previous day and 54 from the previous week [4] - BU09: 3545 on August 25, up 29 from the previous day and 48 from the previous week [4] - BU12: 3432 on August 25, up 32 from the previous day and 62 from the previous week [4] - BU03: 3394 on August 25, up 32 from the previous day and 72 from the previous week [4] Trading Volume and Open Interest - Trading volume: 257,555 on August 25, up 46,827 from the previous day and 43,392 from the previous week [4] - Open interest: 411,487 on August 25, down 9,629 from the previous day and 24,832 from the previous week [4] Market Prices - Shandong market price: 3520 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China market price: 3720 on August 25, unchanged from the previous day and down 10 from the previous week [4] - South China market price: 3480 on August 25, unchanged from the previous day and down 40 from the previous week [4] - North China market price: 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] - Northeast market price: 3880 on August 25, unchanged from the previous day and the previous week [4] Spot Prices - Jingbo (Haiyun): 3680 on August 25, down 10 from the previous day and up 10 from the previous week [4] - Bihai (Xin Bohai): 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] Basis and Spread - Shandong - East China basis: -200 on August 25, up 20 from the previous day and down 90 from the previous week [4] - Shandong - Northeast basis: -360 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China - South China basis: 240 on August 25, unchanged from the previous day and up 30 from the previous week [4] - Shandong basis: 8 on August 25, down 9 from the previous day and down 151 from the previous week [4] - East China basis: 208 on August 25, down 29 from the previous day and down 61 from the previous week [4] - South China basis: -32 on August 25, down 29 from the previous day and down 91 from the previous week [4] - 03 - 06 spread: 22 on August 25, up 20 from the previous day and 18 from the previous week [4] - 06 - 09 spread: -173 on August 25, down 13 from the previous day and up 6 from the previous week [4] - 09 - 12 spread: 113 on August 25, down 7 from the previous day and 14 from the previous week [4] - 12 - 03 spread: 38 on August 25, unchanged from the previous day and down 10 from the previous week [4] - Consecutive first - consecutive second spread: 29 on August 25, down 6 from the previous day and 7 from the previous week [4] Crack Spread and Profit - Asphalt Brent crack spread: Data unavailable after August 15 [4] - Asphalt Mares profit: Data unavailable after August 15 [4] - Ordinary refinery comprehensive profit: 511 on August 15 [4] - Mares - type refinery comprehensive profit: 754 on August 15 [4] - Import profit (South Korea - East China): -126 on August 25, up 3 from the previous day and down 1 from the previous week [4] - Import profit (Singapore - South China): -1061 on August 25, up 4 from the previous day and down 26 from the previous week [4] Related Prices - Brent crude oil: 67.7 on August 25, up 0.1 from the previous day and 1.1 from the previous week [4] - Shandong gasoline market price: 7618 on August 25, down 51 from the previous day and 121 from the previous week [4] - Shandong diesel market price: 6476 on August 25, down 57 from the previous day and 126 from the previous week [4] - Shandong residual oil market price: 3635 on August 25, down 25 from the previous day and 5 from the previous week [4]

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads and cross - variety ratios on August 25, 2025 [1] Summary by Relevant Catalog - **IF Spreads**: The current - to - next - month spread is - 13.00, down 0.60 from the previous day; the far - month to current - month spread is 5.20, up 0.20 [1] - **IH Spreads**: The current - to - next - month spread is 2.20, down 6.20 from the previous day; the far - month to current - month spread is 34.80, down 242.60 [1] - **IC Spreads**: The current - to - next - month spread is - 46.80, down 1.00 from the previous day; the far - month to current - month spread is - 312.60, up 19.50 [1] - **IM Spreads**: The current - to - next - month spread is - 109.20, up 1.60 from the previous day; the far - month to current - month spread is - 265.80, up 2.20 [1] - **Cross - Variety Ratios**: The ratio of CSI 500 to SSE 50 is 2.3297, down 0.0126 from the previous day; the ratio of CSI 1000 to SSE 300 is 1.6818, down 0.0097 [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest values, changes from the previous trading day, and historical quantiles of various treasury bond futures spreads and cross - variety spreads on August 25, 2025 [2] Summary by Relevant Catalog - **TS Spreads**: The basis is 1.1805, up 0.0273 from the previous day; the current - to - next - season spread is - 0.0040, up 0.0180 [2] - **TF Spreads**: The basis is 1.2096, up 0.1018 from the previous day; the current - to - next - season spread is 0.1050, up 0.0550 [2] - **T Spreads**: The basis is 0.8328, up 0.5664 from the previous day; the current - to - next - season spread is 0.2550, up 0.1300 [2] - **TL Spreads**: The basis is 0.5625, up 1.0072 from the previous day; the current - to - next - season spread is 0.5100, up 0.0500 [2] - **Cross - Variety Spreads**: The spread between TS and TF is - 3.0520, up 0.0720 from the previous day; the spread between TF and T is - 2.2900, up 0.2600 [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on August 25, 2025 [10] Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2510 contract closed at 773.40 yuan/gram, down 0.22% from the previous day; the AG2510 contract closed at 9192 yuan/kilogram, up 0.33% [10] - **Foreign Futures Closing Prices**: The COMEX gold main contract closed at 3417.20 US dollars/ounce, up 1.00%; the COMEX silver main contract closed at 38.88, up 2.05% [10] - **Spot Prices**: London gold was at 3371.24 US dollars/ounce, up 0.97%; London silver was at 38.89, up 2.01% [10] - **Basis**: The basis of gold TD - Shanghai gold main contract is - 1.77, up 1.69 from the previous day; the basis of silver TD - Shanghai silver main contract is - 10, up 8 [10] - **Ratios**: The ratio of COMEX gold to silver is 87.89, down 1.03% from the previous day; the ratio of SHFE gold to silver is 84.14, down 0.55% [10] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.26%, down 1.6%; the US dollar index is 97.72, down 0.94% [10] - **Inventory and Positions**: The SHFE gold inventory is 37455 kilograms, up 2.22%; the SHFE silver inventory is 1109123, down 0.53% [10] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Shows spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on August 25, 2025 [11] Summary by Relevant Catalog - **Spot Quotes**: The Shanghai - Europe 6 - week future freight rate of MAERSK is 2273 US dollars/FEU, down 3.28% from the previous day; that of CMA CGM is 2464, down 0.61% [11] - **Container Shipping Indices**: The SCFIS (European route) settlement price index is 2180.17, down 2.47% from August 11; the SCFIS (US West route) is 1106.29, up 2.23% [11] - **Futures Prices and Basis**: The EC2602 futures price is 1465.0, down 3.17% from the previous day; the basis of the main contract is 750.2, down 1.99% [11] - **Fundamental Data**: The global container shipping capacity supply is 3293.04 FTEU, unchanged; the port on - time rate in Shanghai is 32.58%, down 5.76% [11] Report 5: Trading Calendar Core View - Lists overseas and domestic data and information release schedules on August 25, 2025 [12] Summary by Relevant Catalog - **Overseas Data/Information**: The US will release USDA export inspection and crop growth data; HAD will release Brazilian secex reports [12] - **Domestic Data/Information**: For manganese silicon, data on global manganese ore shipments, arrivals, and port inventories will be released; for crude oil, Shandong local refinery crude oil arrivals will be released at 14:00 [12]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2) Core View - The domestic liquid caustic soda market had fair transactions today, with prices stable in most regions, rising slightly in Shandong, Hubei, and Guangxi for 32% liquid caustic soda, and rising in Shandong for 50% liquid caustic soda. The game between bulls and bears is intense, and it is recommended to continue to stay on the sidelines [1] 3) Summary by Relevant Catalogs Market Price - **Raw Salt**: The prices in Shandong, Jiangsu, and Northwest regions remained stable at 200, 250, and 200 respectively [1] - **Calcium Carbide**: The price in Inner Mongolia increased by 50 to 2260, while that in Shandong remained at 2755 [1] - **Liquid Chlorine**: The prices in Shandong, Jiangsu, and Northwest regions remained stable at -200, -200, and -600 respectively [1] - **32% Liquid Caustic Soda**: The price in Shandong increased by 10 to 850, while that in Jiangsu remained at 900 [1] - **50% Liquid Caustic Soda**: The price in Shandong increased by 10 to 1350, while that in Jiangsu remained at 1400 [1] - **Caustic Soda Flakes**: The prices in Shandong, Inner Mongolia, Guangdong, and Southwest regions remained stable at 3300, 3150, 3725, and 3750 respectively [1] - **PVC**: The prices in Shandong and Inner Mongolia remained stable at 4750 and 4525 respectively [1] Futures and Basis - **Futures Main Contract**: The closing price increased by 54 to 2741 [1] - **Basis**: The basis in Shandong decreased by 23 to -85, and that in Jiangsu decreased by 54 to 72 [1] Price Spreads - **50% Caustic Soda - 32% Caustic Soda Spread**: The spread in Shandong decreased by 11 to 44 [1] - **Caustic Soda Flakes - 50% Caustic Soda Spread**: The spread in Guangdong remained stable at 585 [1] - **50% Caustic Soda Regional Spread**: The spread between the East and Shandong decreased by 10 to 220 [1] - **Caustic Soda Flakes Regional Spread**: The spreads between Southwest and Inner Mongolia, and between Southwest and Shandong remained stable at 600 and 450 respectively [1] Profits and Electricity Prices - **Chlor - Alkali Profits**: The profit in Shandong increased by 35 to -90, while that in the Northwest decreased by 68 to 781 [1] - **Electricity Prices**: The electricity prices in Shandong and Inner Mongolia remained stable at 0.75 and 0.5 respectively [1] Operation Strategy - The game between bulls and bears is intense, and it is recommended to continue to stay on the sidelines [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on August 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][20][26][37][49] 3. Summary by Directory 3.1 Power Coal - The basis and inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 18 to August 22, 2025, are presented. The basis values are - 100.4, - 99.4, - 97.4, - 97.4, - 97.4 respectively, and the inter - period spreads are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis, ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from August 18 to August 22, 2025, are provided. For example, the basis of INE crude oil on August 22 is 138.38 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 18 to August 22, 2025, are given. For example, the basis of rubber on August 22 is - 975 [8] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month inter - period spread of rubber is 90 [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 18 to August 22, 2025, are provided. For example, the LLDPE - PVC spread on August 22 is 2381 [10] 3.3 Black Metals - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month inter - period spread of rebar is 37.0 [19] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 18 to August 22, 2025, are provided. For example, the rebar/iron ore ratio on August 22 is 4.05 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 18 to August 22, 2025, are given. For example, the basis of rebar on August 22 is 151.0 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 18 to August 22, 2025, are presented. For example, the domestic basis of copper on August 22 is 120 [29] 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on August 22, 2025, are provided. For example, the LME spread of copper is (78.38) [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 18 to August 22, 2025, are given. For example, the basis of soybeans No.1 on August 22 is 55 [38] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - 1 month inter - period spread of soybeans No.1 is 49 [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 18 to August 22, 2025, are provided. For example, the soybeans No.1/corn ratio on August 22 is 1.85 [38] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 18 to August 22, 2025, are given. For example, the basis of CSI 300 on August 22 is - 16.00 [50] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month vs. current - month and next - quarter vs. current - quarter, are presented. For example, the next - month vs. current - month spread of CSI 300 is - 19.0 [52]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The short - term view is that the Shanghai zinc futures (ZN2510) are expected to fluctuate and consolidate. The previous trading day saw a rebound in Shanghai zinc with increased trading volume. Both long and short positions reduced, with the reduction of short positions being slightly more. Technically, the price is above the 60 - day moving average with weak support, short - term indicator KDJ is rising and operating in the weak area, the trend indicator is declining, long - position strength is rising, short - position strength is falling, and the long - short forces are starting to be in a stalemate [20]. 3. Summary According to Relevant Catalogs 3.1 Fundamentals - In April 2025, global zinc plate production was 1153000 tons, consumption was 1130200 tons, with a supply surplus of 22700 tons. From January to April, production was 4451400 tons, consumption was 4507900 tons, with a supply shortage of 56500 tons. From January to April, global zinc ore production was 4040600 tons, which is a bullish factor [2]. 3.2 Basis - The spot price is 22240, and the basis is - 35, indicating a neutral situation [2]. 3.3 Inventory - On August 22, LME zinc inventory decreased by 1300 tons to 68075 tons compared to the previous day, and the SHFE zinc inventory warrants increased by 503 tons to 32791 tons compared to the previous day, showing a neutral situation. The LME inventory warrants continue to decrease, and the SHFE warrants remain at a high level [2][6][7]. 3.4 Market Trends - The previous trading day, Shanghai zinc showed a fluctuating rebound trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, which is a bearish factor [2]. 3.5 Main Positions - The main net position is long, changing from short to long, which is a bullish factor [2]. 3.6 Futures Market Quotes on August 22 - For different delivery months of zinc futures, there were price changes. For example, for the 2510 contract, the previous settlement was 22285, the opening price was 22215, the highest price was 22290, the lowest price was 22200, the settlement reference price was 22245, down 10 from the previous settlement and down 40 from another reference. The trading volume was 88662 lots, and the open interest was 107792 lots, a decrease of 2634 lots [3]. 3.7 Domestic Spot Market Quotes on August 22 - The prices of various zinc - related products such as zinc concentrate, zinc ingot, galvanized sheet, etc. showed different degrees of decline. For example, the price of zinc concentrate in Linzhou was 16930 yuan/ton, down 20 yuan/ton; the price of zinc ingot in Aoshang was 22240 yuan/ton, down 20 yuan/ton [4]. 3.8 National Main Market Zinc Ingot Inventory Statistics (August 11 - 21, 2025) - The total inventory of zinc ingots in major Chinese markets increased from 99000 tons on August 11 to 117400 tons on August 21. Compared with August 14, it increased by 7200 tons; compared with August 18, it increased by 2300 tons [5]. 3.9 Futures Exchange Zinc Warehouse Receipt Report on August 22 - The total zinc warehouse receipts in the futures exchange were 32791 tons, an increase of 503 tons. In different regions, the warehouse receipts in Guangdong decreased by 475 tons, and those in Tianjin increased by 978 tons [6]. 3.10 LME Zinc Inventory Distribution and Statistics on August 22 - The LME zinc inventory was 68075 tons, a decrease of 1300 tons compared to the previous day, with a registered warrant of 41825 tons and a cancelled warrant of 26250 tons, and the cancellation ratio was 38.56% [7]. 3.11 National Main City Zinc Concentrate Price Summary on August 22 - The prices of zinc concentrate in different regions such as Jiyuan, Kunming, etc. mostly decreased by 20 yuan/ton, with the price in most regions being 16930 yuan/ton [9]. 3.12 National Market Zinc Ingot Smelter Price Quotes on August 22 - The prices of zinc ingots from different smelters such as Chengshan Yunda, Liaoning Huludao Zinc Industry, etc. all decreased by 30 yuan/ton [13]. 3.13 June 2025 Domestic Refined Zinc Production - The planned production value in June was 459700 tons, the actual production was 471800 tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and 2.63% higher than the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470300 tons [15]. 3.14 Shanghai Futures Exchange Member Zinc Trading and Position Ranking on August 22 - For the zn2510 contract, in terms of trading volume, the top three were CITIC Futures (23380 lots, a decrease of 512 lots), Dongzheng Futures (21436 lots, a decrease of 359 lots), and Guotai Junan (16197 lots, a decrease of 2421 lots). In terms of long positions, the top three were CITIC Futures (15360 lots, a decrease of 633 lots), Guotai Junan (5620 lots, an increase of 70 lots), and Dongzheng Futures (5377 lots, a decrease of 66 lots). In terms of short positions, the top three were CITIC Futures (11446 lots, an increase of 93 lots), Dongzheng Futures (8542 lots, a decrease of 790 lots), and Guotai Junan (7752 lots, an increase of 73 lots) [18].

Price and Basis - Futures prices have declined while the basis has strengthened, with steel billet prices down by 10 to 3080 yuan. The actual transaction price for rebar in East China is 3170 yuan per ton, with the October futures contract at a discount of 51 yuan to the spot price. Hot-rolled coil is priced at 3400 yuan per ton, with the main contract at a discount of 39 yuan to the spot price [1]. Cost and Profit - On the cost side, coking coal production has seen fluctuations, with overall operating rates and output not recovering significantly. After a decline in inventory, there are signs of a potential accumulation again. Iron ore inventories at ports have slightly increased, while steel production remains high, and seasonal demand for steel is declining. Expectations for a contraction in coking coal supply persist, and while iron ore demand remains high, a slight accumulation is expected, leading to a weaker cost support on a month-on-month basis. As prices weaken, steel profits are declining, with profits ranked from high to low as follows: steel billet > hot-rolled coil > rebar > cold-rolled coil [1]. Supply - From January to July, iron element production increased by 18 million tons, a growth rate of 3.1%. Month-on-month, August production rebounded compared to July, mainly due to a significant increase in daily scrap steel consumption. Current molten iron production is stable at 2.41 million tons, with daily scrap steel consumption at 55800 tons, up by 0.6% month-on-month. The total production of the five major materials increased by 64000 tons to 8.78 million tons. By product type, rebar production decreased by 58000 tons to 2.15 million tons, while hot-rolled coil production increased by 96000 tons to 3.25 million tons. Since July, production of the five major materials has exceeded demand, leading to inventory pressure due to last year's low production base in August [1][2]. Demand - From January to July, the apparent demand for the five major materials remained flat year-on-year (-0.2%), while the production decline was greater than the apparent demand (-1.3%). The increase in iron element production (+3%) is primarily directed towards non-five major materials and steel billets. Domestic demand has decreased year-on-year, while external demand has increased significantly, with direct and indirect steel exports rising. Overall steel demand has increased year-on-year, with average daily production rising and apparent demand remaining flat, while inventory has decreased year-on-year. Month-on-month, the seasonal decline was not significant, and the impact of tariffs on demand was offset by the increase in direct exports. Apparent demand for rebar has decreased, dragging down overall apparent demand. The apparent demand for the five major materials decreased by 22000 tons to 8.53 million tons, with rebar demand down by 5000 tons to 1.95 million tons, while hot-rolled coil demand increased by 6500 tons to 3.21 million tons [2]. Inventory - This week saw a significant accumulation of inventory, primarily among traders, with little increase in steel mill inventories. The inventory of the five major materials increased by 25000 tons to 14.41 million tons, with rebar inventory up by 20000 tons to 6.07 million tons and hot-rolled coil inventory up by 4000 tons to 3.6144 million tons. By product type, rebar supply has increased while demand has decreased, leading to significant inventory accumulation; for sheet materials, both supply and demand are weak, resulting in minimal inventory accumulation [2]. Outlook - Molten iron production remains stable, with weekly data indicating a slight increase in the production of the five major materials and a slowdown in inventory accumulation, alongside a rebound in apparent demand. Data shows signs of a bottoming out, but levels remain within the off-peak season. August demand saw a significant month-on-month decline, primarily due to poor rebar demand, affecting the spread between rebar and hot-rolled coil, which has widened to around 290. The market remains weak, with steel prices declining. There is an expectation for a rebound in demand during the peak season from September to October, and considering the situation of steel demand and coking coal supply, steel prices are expected to maintain a high-level oscillation pattern. A long position is suggested for trading, with October hot-rolled coil and rebar prices referenced at 3350 yuan and 3150 yuan, respectively [3][4].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the medium to long term, speculative demand has significantly declined due to market sentiment. Although some steel mills have received oral production - restriction notices, the supply of rebar is expected to be less affected. Rebar demand will be significantly suppressed, and short - term prices are under pressure. Iron ore demand has some resilience, but supply is growing faster than demand, so there is a risk of correction. The supply - demand fundamentals of float glass and soda ash are weakening [64][68]. - In the short term, the main contracts of the black series are oscillating weakly. It is recommended to conduct band trading. The main contracts of glass and soda ash lack upward drivers in the short term and are waiting for the start of the demand side [65][69]. 3. Summary by Relevant Catalogs Black Series Weekly Market Review - Rebar (RB2510): The closing price of the futures main contract decreased from 3188 on August 15th to 3119 on August 22nd, a decrease of 69 or 2.16%. The spot price was 3280, and the basis was 161 [3]. - Hot - rolled coil (HC2510): The closing price of the futures main contract decreased from 3439 to 3361, a decrease of 78 or 2.27%. The spot price was 3400, and the basis was 39 [3]. - Iron ore (I2601): The closing price of the futures main contract decreased from 776 to 770, a decrease of 6 or 0.77%. The spot price was 778, and the basis was 8 [3]. - Coke (J2601): The closing price of the futures main contract decreased from 1730 to 1679, a decrease of 51 or 2.95%. The spot price was 1620, and the basis was - 59 [3]. - Coking coal (JM2601): The closing price of the futures main contract decreased from 1230 to 1162, a decrease of 68 or 5.53%. The spot price was 1350, and the basis was 188 [3]. - Glass (FG601): The closing price of the futures main contract decreased from 1211 to 1173, a decrease of 38 or 3.14%. The spot price was 1230, and the basis was 57 [3]. - Soda ash (SA601): The closing price of the futures main contract decreased from 1395 to 1326, a decrease of 69 or 4.95%. The spot price was 1315, and the basis was - 11 [3]. Rebar - **Profit**: On August 21st, the blast - furnace profit of rebar was 74 yuan/ton, a decrease of 57 yuan/ton compared to August 14th [7]. - **Supply**: As of August 22nd, the blast - furnace operating rate was 83.36%, a decrease of 0.23 percentage points; the daily average hot - metal output was 240.75 tons, an increase of 0.09 tons; the rebar output was 214.65 tons, a decrease of 5.8 tons [12]. - **Demand**: In the week of August 22nd, the apparent consumption of rebar was 194.8 tons, a week - on - week increase of 4.86 tons. As of August 21st, the trading volume of construction steel by mainstream traders was 93523 tons [16]. - **Inventory**: In the week of August 22nd, the social inventory of rebar was 432.51 tons, a week - on - week increase of 17.58 tons; the in - plant inventory was 174.53 tons, a week - on - week increase of 2.27 tons [21]. Iron Ore - **Supply**: In the week of August 15th, the global iron - ore shipment volume was 3406.6 tons, a week - on - week increase of 359.9 tons; the arrival volume at 47 ports in China was 2703.1 tons, a week - on - week increase of 131.5 tons [26]. - **Inventory**: In the week of August 22nd, the inventory of imported iron ore at 47 ports in China was 14444.2 tons, a week - on - week increase of 62.63 tons; the inventory of imported iron ore at 247 steel enterprises was 9065.47 tons, a week - on - week decrease of 70.93 tons [29]. - **Demand**: In the week of August 22nd, the daily average port - clearing volume of imported iron ore at 47 ports in China was 341.04 tons, a week - on - week decrease of 5.76 tons. As of August 21st, the trading volume at major Chinese ports was 91.7 tons [34]. Float Glass - **Supply**: In the week of August 22nd, the number of operating float - glass production lines was 223, the same as last week; the weekly output was 1117025 tons, the same as last week. As of August 21st, the capacity utilization rate was 79.78%, and the operating rate was 75.34%, both the same as last week [39]. - **Inventory**: In the week of August 22nd, the in - plant inventory of float glass was 6360.6 million weight - boxes, an increase of 18 million weight - boxes compared to August 15th; the available days of in - plant inventory were 27.2 days, a week - on - week increase of 0.1 days [43]. - **Demand**: As of July 31st, the order days of glass - deep - processing downstream manufacturers were 9.55 days, an increase of 0.25 days compared to July 15th [47]. Soda Ash - **Supply**: In the week of August 22nd, the capacity utilization rate of soda ash was 88.48%, an increase of 1.16 percentage points compared to last week; the output was 77.14 tons, an increase of 1.01 tons compared to last week [52]. - **Inventory**: As of August 22nd, the in - plant inventory of soda ash was 191.08 tons, an increase of 1.7 tons compared to August 15th [57]. - **Sales - to - production Ratio**: As of August 22nd, the sales - to - production ratio of soda ash was 97.8%, an increase of 1.57 percentage points compared to August 15th [61].

Report Summary 1. Index Trends - On August 21st, the Shanghai Composite Index rose 0.13% to 3771.1 points with a trading volume of 997.42 billion yuan; the Shenzhen Component Index fell 0.06% to 11919.76 points with a trading volume of 1426.32 billion yuan [1]. - The CSI 1000 Index fell 0.71% with a trading volume of 516.51 billion yuan; the CSI 500 Index fell 0.36% with a trading volume of 404.12 billion yuan; the SSE 50 Index rose 0.53% with a trading volume of 136.49 billion yuan; the CSI 300 Index rose 0.39% with a trading volume of 558.52 billion yuan [1]. 2. Impact of Sector Movements on Indexes - The CSI 1000 dropped 52.12 points compared to the previous close, with sectors like power equipment, machinery, and electronics pulling the index down [2]. - The CSI 500 dropped 23.9 points, with the media sector pulling it up and non - bank finance, power equipment, and electronics pulling it down [2]. - The CSI 300 rose 16.67 points, driven up by sectors such as banks, pharmaceuticals, and communications [2]. - The SSE 50 rose 15.19 points, boosted by banks, communications, and petroleum and petrochemicals [2]. 3. Stock Index Futures Basis and Annualized Opening Costs - For IM contracts, IM00 had an average daily basis of - 60.53, IM01 of - 107.71, IM02 of - 212.17, and IM03 of - 364.91 [13]. - For IC contracts, IC00 had an average daily basis of - 60.14, IC01 of - 98.23, IC02 of - 184.34, and IC03 of - 310.15 [13]. - For IF contracts, IF00 had an average daily basis of - 9.13, IF01 of - 16.06, IF02 of - 28.63, and IF03 of - 49.68 [13]. - For IH contracts, IH00 had an average daily basis of 0.85, IH01 of 0.7, IH02 of 2.49, and IH03 of 5.13 [13]. 4. Stock Index Futures Roll - over Point Differences and Annualized Costs - For IM contracts, data on roll - over point differences and their annualized costs at different time points from 09:45 to 15:00 are provided, e.g., at 09:45, IM00 - 01 was - 73.02267 [24]. - For IC contracts, similar data are given, such as at 09:45, IC00 - 01 was - 68.64222 [21]. - For IF contracts, at 09:45, IF00 - 01 was - 12.31678 [22]. - For IH contracts, at 09:45, IH00 - 01 was 0.707 [23].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which boosts the downstream prices of domestic olefin derivatives. South Korea's cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and its styrene accounts for 16% of overseas styrene capacity, potentially supporting overseas styrene prices. However, both products face significant inventory pressure, and the spread may have a greater impact on EB supply than BZ [3]. - The high - level inventory of pure benzene at ports has slightly declined. The basis of pure benzene has recently stabilized and strengthened slightly. With South Korean aromatics undergoing maintenance from August to September, the import pressure has not increased further. The overall downstream开工 rate remains relatively high, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited [3]. - The port inventory of styrene has accumulated again. The downstream EPS and PS开工 rates continue to rise, but the inventory of EPS and PS has not continued to decline further, and ABS still maintains a state of high inventory and low开工 rate. The actual inventory pressure of EB still exists [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 110 yuan/ton (+0), and the styrene main contract basis is 26 yuan/ton (+31 yuan/ton). The spread between East China pure benzene spot and M2 is 0 yuan/ton (-10 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 173 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 157 dollars/ton (-1 dollar/ton), and the US - South Korea spread is 51.6 dollars/ton (-3.0 dollars/ton). Downstream production profits: caprolactam is - 1845 yuan/ton (-25), phenol - acetone is - 701 yuan/ton (+50), aniline is - 204 yuan/ton (-43), and adipic acid is - 1331 yuan/ton (+5) [1]. - Styrene: Non - integrated production profit is - 298 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.40 million tons (-0.20 million tons), and the开工 rate of downstream products varies. Caprolactam开工 rate is 91.86% (-1.86%), phenol开工 rate is 78.00% (+1.00%), aniline开工 rate is 70.10% (-1.47%), and adipic acid开工 rate is 65.50% (+3.80%) [1]. - Styrene: East China port inventory is 161,500 tons (+12,700 tons), East China commercial inventory is 76,500 tons (+7,000 tons), and the开工 rate is 78.5% (+0.4%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 58 yuan/ton (-35 yuan/ton), PS production profit is - 122 yuan/ton (-15 yuan/ton), ABS production profit is - 88 yuan/ton (-39 yuan/ton). EPS开工 rate is 60.98% (+2.90%), PS开工 rate is 57.50% (+1.10%), and ABS开工 rate is 71.10% (+0.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1845 yuan/ton (-25), phenol - acetone production profit is - 701 yuan/ton (+50), aniline production profit is - 204 yuan/ton (-43), and adipic acid production profit is - 1331 yuan/ton (+5) [1]. Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4]. - Basis and Inter - Period: Hold a wait - and - see attitude [4]. - Cross - Variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4].