Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Commodities remain in a bearish trend, with the market under pressure and fluctuating at low levels. It is not recommended to increase positions, and stop - loss should be set [1]. - Considering geopolitical conflicts and tariff uncertainties, it is advisable to participate with light positions or stay on the sidelines. The main contract is weak, while the far - month contracts are stronger. For risk - takers, it is recommended to lightly test long positions around 1300 for the 2510 contract and increase long positions around 1600 for the 2512 contract. Pay attention to the subsequent market trend and do not hold losing positions. Set stop - loss [4]. - In the context of international instability, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with light positions for arbitrage strategies. For long - term strategies, it is recommended to set medium - to - high profit - taking levels, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. Summaries by Related Catalogs Shipping Freight Index - On August 25, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1990.20 points, down 8.7% from the previous period; the SCFIS for the US West route was 1041.38 points, down 5.9% from the previous period. The Ningbo Export Container Freight Index (NCFI) for the European route was 1083.74 points, down 8.83% from the previous period; the NCFI for the US West route was 963.54 points, down 1.79% from the previous period. The NCFI (composite index) was 1035.79 points, down 1.59% from the previous period [2]. - On August 22, the Shanghai Export Container Freight Index (SCFI) was 1415.36 points, down 44.83 points from the previous period. The SCFI price for the European line was 1668 USD/TEU, down 8.35% from the previous period; the SCFI for the US West route was 1759 USD/FEU, down 6.54% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1174.87 points, down 1.5% from the previous period; the CCFI for the European route was 1757.74 points, down 1.8% from the previous period; the CCFI for the US West route was 799.19 points, down 2.9% from the previous period [2]. Manufacturing and Service PMIs - The eurozone's August manufacturing PMI preliminary value was 50.5 (estimated 49.5, previous value 49.8), the service PMI preliminary value was 50.7 (estimated 50.8, previous value 51), and the composite PMI rose to 51.1, higher than July's 50.9, reaching the highest since May 2024. The eurozone's August Sentix investor confidence index was - 3.7 (expected 8, previous value 4.5) [2]. - The US August S&P Global manufacturing PMI preliminary value was 53.3, reaching a 39 - month high (estimated 49.5, previous value 49.8); the service PMI preliminary value was 55.4 (estimated 54.2, previous value 55.7). The US August Markit manufacturing PMI preliminary value was 53.3, the highest since May 2022 (expected 49.7, previous value 49.8) [3]. Trade - related Information - The extension of Sino - US tariffs continues, and there has been no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation problem between the US and other countries, and the spot price has slightly declined [4]. - On August 26, the US Department of Commerce announced an anti - dumping preliminary ruling on polypropylene corrugated boxes imported from China, with a preliminary determined unified national tax rate of 83.64% (the margin after offsetting subsidies was adjusted to 73.10%). The anti - dumping final ruling is expected to be combined with the counter - subsidy final ruling on November 12, 2025 [5]. Futures Contract Information - On August 28, the main contract 2510 closed at 1285.0, down 3.31%, with a trading volume of 25,300 lots and an open interest of 54,200 lots, an increase of 523 lots from the previous day [4]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin for contracts 2508 - 2606 was adjusted to 28%, and the intraday opening limit for all contracts 2508 - 2606 was set at 100 lots [4]. Geopolitical Event - On August 27, the Houthi armed forces announced that their missile forces carried out a military strike on targets in Israel, using a "Palestine - 2" hypersonic ballistic missile to strike Ben - Gurion International Airport south of Tel Aviv, causing the airport to suspend operations [5].

1. Report Industry Investment Ratings - Crude oil: Not clearly indicated by stars, but the analysis implies a short - term neutral with a potential short - selling opportunity later [2] - Fuel oil: ☆☆☆, representing a more distinct bullish trend with a relatively appropriate investment opportunity [1] - Low - sulfur fuel oil: ☆☆, indicating a clear bullish trend and the market is in the process of development [1] - Asphalt: ☆☆☆, suggesting a more distinct bullish trend and a relatively appropriate investment opportunity [1] - Liquefied petroleum gas (LPG): ☆☆☆, showing a more distinct bullish trend and a relatively appropriate investment opportunity [1] 2. Core Viewpoints - The overall energy market shows different trends. Crude oil may turn to a volatile trend before the geopolitical risk further intensifies. Fuel oil and low - sulfur fuel oil have a relatively positive fundamental situation. Asphalt has strong resistance to decline and potential demand. LPG has a short - term repair market but faces long - term overseas production increase pressure [2][3][4][5] 3. Summary by Related Catalogs Crude Oil - Overnight international oil prices rose, with the SC10 contract rising 0.42% during the day. Last week, US EIA crude oil inventories decreased by 2.392 million barrels more than expected, and gasoline and refined oil inventories also decreased, indicating demand resilience at the end of the summer peak. Brent near $70/barrel has priced in the bullish impact of supply risks related to the deadlock in Russia - Ukraine peace talks. Before the geopolitical risk further intensifies, crude oil may turn to a volatile trend. Pay attention to the opportunity to short - sell crude oil again after the support of peak - season factors fades [2] Fuel Oil & Low - Sulfur Fuel Oil - Oil prices continued to correct, and fuel - related futures also declined under pressure. As of the end of July, Singapore's marine fuel sales decreased by 1.7% year - on - year, and China's bonded marine fuel bunkering demand decreased by 1% year - on - year. At the same time, the enthusiasm of domestic refineries to produce marine fuel was also low, with supply decreasing by 19% year - on - year as of July. The on - land fuel oil inventories in Singapore and Fujairah decreased month - on - month, and the inventory pressure was relieved. The overall fundamentals are more positive than before. Due to the geopolitical conflicts in Russia and Iran, high - sulfur resources are supported by geopolitical premiums, and the decline is relatively restrained, and the FU crack spread is still supported [3] Asphalt - Today, crude oil led the decline in oil product futures, but asphalt futures prices rose inversely, and the crack spread once exceeded 350. After experiencing the unexpectedly high production in September and the sharp decline in oil prices, asphalt's resistance to decline in oil products continued. In August, the shipment volume of sample refineries increased by 88,000 year - on - year, breaking the growth bottleneck from June to July. Leading indicators such as the issuance volume of special bonds for new toll roads and the cumulative domestic sales volume of road rollers increased significantly year - on - year, indicating that there is still potential demand for asphalt. The latest data shows that both factory inventories and social inventories have decreased significantly. The low inventory supports the spot and futures prices of asphalt. The BU2510 contract has reached over 3,500 yuan/ton, and the crack spread has rebounded significantly [4] LPG - The international market rebounded under the support of import demand. Currently, the domestic arrival volume continues to rise, and due to the large proportion of low - price goods in the early stage, the sales pressure is limited. Pay attention to the pressure on the domestic chemical industry after the increase in import costs. With the stabilization of crude oil, the naphtha - propane price difference remains at an advantageous level, and the high chemical demand can be maintained in the short term. The short - term bearish pressure on the spot has been released, and the market maintains a repair trend without further pressure from crude oil. In the long term, there is still pressure from overseas production increase, which relatively suppresses the far - month contracts, and the market shows a pattern of strong near - term and weak far - term [5]

| Million > 國技期货 | | 能源日报 | | --- | --- | --- | | | 操作评级 | 2025年08月28日 | | 原油 | 女女女 | 高明宇 首席分析师 | | 燃料油 | ☆☆☆ | F0302201 Z0012038 | | 低硫燃料油 | | 李祖智 中级分析师 | | 沥青 | な☆☆ | F3063857 Z0016599 | | 液化石油气 ☆☆☆ | | | | | | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 【原油】 隔夜国际油价上行,SC10合约日内涨0.42%。上周美国EIA原油库存超预期下降239.2万桶，汽油及精炼油库存也录 得下降，体现夏季用油高峰尾声需求仍有韧性。布伦特临近70美元/桶已基本定价俄乌和谈僵局相关供应风险的利 多影响，在地缘风险进一步发酵前原油或转为震荡走势,关注旺季因素支撑过后原油的再次做空机会。 【燃料油&低硫燃料油】 油价继续回调,燃油系期货亦承压回落。截至7月底,新加坡船燃销量同比下滑1. ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Due to geopolitical conflicts and tariff uncertainties, the game is difficult, so it is recommended to participate with a light position or wait and see [5] - The spot freight rate maintains a downward trend, the futures market is weakly volatile with large recent fluctuations, and it is not recommended to increase positions. Set stop - losses [2] - Pay attention to tariff policies, the Middle East situation, and spot freight rates [5] 3. Summary by Related Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) composite index was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; the NCFI for the US - West route was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) was 1460.19 points, down 29.49 points from the previous period; the SCFI for the European route was 1820 USD/TEU, down 7.2% from the previous period; the SCFI for the US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) composite index was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; the CCFI for the US - West route was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5; the service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6 [3] - The eurozone's SENTIX investor confidence index in July reached 4.5, significantly higher than 0.2 in June and the market - expected 1.1, hitting the highest level since April 2022 [3] - China's manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, and the manufacturing prosperity level declined [4] - The initial value of the US S&P Global manufacturing PMI in July was 49.5 (expected 52.7, previous value 52.9); the initial value of the service PMI was 55.2 (expected 53, previous value 52.9); the initial value of the Markit composite PMI was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Situation - As of August 20, the Israeli side has not responded to the new cease - fire agreement proposed by Hamas, and the Israeli military has approved an offensive plan for Gaza City [7] - Sino - US tariffs continue to be extended, and there is no substantial progress in the negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5] - On August 20, the closing price of the main contract 2510 was 1355.0, a decline of 1.33%, with a trading volume of 27,500 lots and an open interest of 51,700 lots, a decrease of 1072 lots from the previous day [5] Investment Strategies - Short - term strategy: The main contract is weak, and the far - month contract is strong. Risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [6] - Arbitrage strategy: In the context of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [6] - Long - term strategy: It is recommended to take profits when the contracts rise, wait for the callback to stabilize, and then judge the subsequent direction [6] Contract Adjustments - The daily price limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

【黄金期货行情表现】 8月20日，沪金主力暂报772.90元/克，跌幅达0.32%，今日沪金主力开盘价774.72元/克，截至目前最高 775.54元/克，最低770.38元/克。 【宏观消息】 2025年8月18日，中共中央政治局委员、外交部长王毅在新德里同印度外交部长苏杰生举行会谈。双方 就共同关心的双边、地区和国际问题进行了积极、建设性、前瞻性讨论，达成以下共识和成果。 据消息，美国总统特朗普19日说，美方将帮助乌克兰进行防卫，但不会向乌克兰派出地面部队，"这一 点我可以保证"。一名白宫官员当天证实，特朗普"强调"不会向乌克兰派兵，但美国有其他方式确保乌 克兰受到保护。报道提到，不让美军部队卷入海外冲突是特朗普去年竞选总统时的承诺之一。 特朗普同时重申，乌克兰不会获准加入北约。但按照他的说法，一些欧洲国家已经同意为乌克兰提供类 似北约所能够提供的保护措施，包括安全保障。上述白宫官员说，美国及其欧洲盟友和乌克兰将继续讨 论如何为乌克兰提供安全保障。 当地时间8月19日，欧洲理事会举行视频会议讨论乌克兰问题华盛顿会晤。欧盟外交与安全政策高级代 表卡拉斯在会后表示，欧盟领导人都致力于实现持久和平，以保护乌克兰 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Short - term**: On August 19, the main contract of Shanghai gold futures closed down 0.13% to 775.06 yuan/gram, and the main contract of Shanghai silver futures closed down 0.25% to 9187 yuan/kilogram. The potential for a three - way meeting between the US, Russia, and Ukraine may ease geopolitical conflicts, and high market risk preference along with a cooling of the Fed's rate - cut expectations due to tariff policies are suppressing precious metal prices. However, factors like the decline in US consumer confidence in August and ongoing tariff impacts will support gold prices. Short - term gold prices are expected to fluctuate within a range. Silver is expected to be volatile in the short - term. [4] - **Long - term**: With the US debt exceeding $7 trillion and a certain probability of Fed rate cuts this year, gold has long - term support. In the long run, factors such as the Fed's potential rate cuts, global geopolitical uncertainties, great - power competition, and the trend of de - dollarization with continued central bank gold purchases will likely push up the long - term center of gold prices. For silver, in the medium - term, it is more likely to follow fundamental logic, and caution is needed regarding its upside potential. [4] 3. Section - by - Section Summaries Price Tracking - **Precious Metal Prices**: On August 19, compared to August 18, London gold spot dropped 0.4% to $3336.05/ounce, London silver spot fell 0.5% to $37.90/ounce, COMEX gold decreased 0.4% to $3380.20/ounce, and COMEX silver declined 0.6% to $37.93/ounce. In the domestic market, AU2510 dropped 0.3% to 775.06 yuan/gram, and AG2510 fell 0.8% to 9187 yuan/kilogram. [3] - **Price Spreads and Ratios**: From August 18 to August 19, the spread of gold TD - SHFE active price increased 5.8% to - 3.47 yuan/gram, and the spread of silver TD - SHFE active price decreased 19.4% to - 25 yuan/kilogram. [3] Position Data - **ETF Holdings**: As of August 18, compared to August 15, the gold ETF - SPDR remained unchanged at 965.36 tons, and the silver ETF - SLV increased 1.89% to 15356.60489 tons. [3] - **Non - commercial Positions in COMEX**: For COMEX gold, from August 15 to August 18, non - commercial long positions decreased 1.40% to 288115 contracts, non - commercial short positions increased 6.32% to 58630 contracts, and net long positions decreased 3.19% to 229485 contracts. For COMEX silver, non - commercial long positions decreased 6.99% to 66252 contracts, non - commercial short positions increased 6.84% to 21984 contracts, and net long positions decreased 12.61% to 44268 contracts. [3] Inventory Data - **SHFE Inventories**: On August 19, compared to August 18, SHFE gold inventories decreased 0.03% to 36333 kilograms, and SHFE silver inventories increased 0.97% to 1149446 kilograms. [3] - **COMEX Inventories**: From August 15 to August 18, COMEX gold inventories increased 0.03% to 38646556 ounce, and COMEX silver inventories remained unchanged at 507551254 ounce. [3] Interest Rates, Exchange Rates, and Stock Markets - **Interest Rates**: From August 18 to August 19, the 2 - year US Treasury yield increased 0.05%. [4] - **Exchange Rates and Stock Markets**: The dollar index increased 0.31%, the VIX decreased 0.66%, the S&P 500 decreased 0.01%, the dollar/yuan central parity rate increased 0.53%, and NYMEX crude oil decreased 0.89%. [4] Key News - Trump plans a three - way meeting between the US, Russia, and Ukraine after meeting with Zelensky, and Zelensky said that Ukraine no longer insists on a cease - fire as a prerequisite for negotiation, and territorial issues can only be discussed with Putin. [4] Operation Strategy - For gold, in the short - term, it is expected to fluctuate within a range. Pay attention to the speech of the Fed Chairman at the global central bank annual meeting this week. In the long - term, it is recommended to cautiously go long at low prices. For silver, in the short - term, it is expected to be volatile, and in the medium - term, caution is needed regarding its upside potential. [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with light positions or wait and see. The short - term strategy suggests that risk - takers can try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. The long - term strategy is to take profits when the contracts rise and wait for a pullback to determine the subsequent direction. The arbitrage strategy advises waiting and seeing or light - position attempts due to large fluctuations [5][6] - The cease - fire news has limited impact on the market, and the market is volatile. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][5] Summary According to Directory Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; the SCFIS for the US - West route was 1106.29 points, up 2.2% from the previous period. On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI (European route) was 1188.7 points, down 5.5% from the previous period; the NCFI (US - West route) was 1042.91 points, down 5.9% from the previous period. The China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI (European route) was 1790.47 points, down 0.5% from the previous period; the CCFI (US - West route) was 981.1 points, down 5.9% from the previous period [3] Economic Data - In the eurozone, the July manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The July services PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The July composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The July SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In the US, the July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the July S&P Global services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9. The July Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] - The July manufacturing purchasing managers' index (PMI) in China was 49.3%, 0.4 percentage points lower than the previous month, and the manufacturing prosperity level declined [4] Market Conditions - On August 19, the main contract 2510 closed at 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] Geopolitical Situation - On August 18, Hamas announced its agreement to the latest cease - fire proposal from Egypt and Qatar, but Israel's Prime Minister Netanyahu seemed uninterested, and Israel was advancing its so - called "takeover" of Gaza City [7] Trading Strategies - Short - term strategy: For risk - takers, try to go long lightly near 1300 for the 2510 contract and near 1750 for the 2512 contract. Pay attention to the subsequent market trend and set stop - losses [6] - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see or try with light positions [6] - Long - term strategy: Take profits when the contracts rise and wait for a pullback to determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts 2508 - 2606 is adjusted to 18% [6] - The company's margin for contracts 2508 - 2606 is adjusted to 28% [6] - The daily opening limit for all contracts 2508 - 2606 is 100 lots [6]

Report Investment Rating - No information provided on the industry investment rating Core Viewpoints - The ceasefire news has limited impact on the market, with recent large fluctuations. It is not recommended to increase positions further, and stop - loss orders should be set [2] - Amid geopolitical conflicts and tariff uncertainties, the game is difficult. It is advisable to participate with light positions or stay on the sidelines [5] - Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [5] Summary by Content Freight Index - On August 18, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2180.17 points, down 2.5% from the previous period; for the US - West route, it was 1106.29 points, up 2.2% from the previous period [3] - On August 15, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1052.5 points, down 0.1% from the previous period; the NCFI for the European route was 1188.7 points, down 5.5% from the previous period; for the US - West route, it was 1042.91 points, down 5.9% from the previous period [3] - On August 15, the Shanghai Export Container Freight Index (SCFI) announced a price of 1460.19 points, down 29.49 points from the previous period; the SCFI European route price was 1820 USD/TEU, down 7.2% from the previous period; the SCFI US - West route was 1759 USD/FEU, down 3.5% from the previous period [3] - On August 15, the China Export Container Freight Index (CCFI) (composite index) was 1193.34 points, down 0.6% from the previous period; the CCFI for the European route was 1790.47 points, down 0.5% from the previous period; for the US - West route, it was 981.1 points, down 5.9% from the previous period [3] Economic Data - In July, the eurozone's manufacturing PMI was 49.8, higher than the expected 49.7 and the previous value of 49.5. The service PMI was 51.2, exceeding the expected 50.7 and the previous value of 50.5. The composite PMI was 51, higher than the expected 50.8 and the previous value of 50.6. The SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [3] - In July, China's manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [4] - In July, the US S&P Global manufacturing PMI preliminary value was 49.5 (expected 52.7, previous value 52.9); the service PMI preliminary value was 55.2 (expected 53, previous value 52.9); the Markit composite PMI preliminary value was 54.6, the highest since December 2024, better than the expected 52.8 and the previous value of 52.9 [4] Market Conditions - The Sino - US tariff extension continues, with no substantial progress in negotiations. The tariff war has evolved into a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [5] - On August 19, the closing price of the main contract 2510 was 1370.3, a decline of 0.80%, with a trading volume of 27,300 lots and an open interest of 52,800 lots, a decrease of 383 lots from the previous day [5] - Hamas released a ceasefire expectation, but Israel denied the information. Coupled with some liner companies continuously lowering freight rates, the market fluctuated widely [5] Strategy Recommendations Short - term Strategy - The main contract remains weak, while the far - month contracts are stronger. Risk - takers can try to lightly go long on the 2510 contract around 1300 and the 2512 contract around 1750. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - loss orders [6] Arbitrage Strategy - Against the backdrop of international situation turmoil, each contract still follows the seasonal logic with large fluctuations. It is recommended to stay on the sidelines temporarily or try with light positions [6] Long - term Strategy - It is recommended to take profits when each contract rises, wait for the price to stabilize after a pull - back, and then determine the subsequent direction [6] Contract Adjustments - The daily limit for contracts from 2508 to 2606 is adjusted to 18% [6] - The company's margin for contracts from 2508 to 2606 is adjusted to 28% [6] - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report -地缘冲突 persists, with Trump's meetings with leaders of Ukraine and major European countries yielding no clear results. South American oil supply increases and the production of sanctioned countries remains strong, pressuring oil prices to decline gradually. [2] - Two 800,000 - ton PX plants in South China will restart soon, restoring PX supply. PX inventory is at a historical low, providing strong support at the bottom. Whether PX profitability can continue to rise depends on unexpected factors. [2] - Recently, there are more PTA plant overhauls, and the low processing fee continues to be favorable. The PTA market has a small increase, and the spot offer basis strengthens. However, with new plant commissioning expected on the supply - side and weak demand in the off - season, it's difficult to boost prices. [2] - The polyester bottle - chip market in Jiangsu and Zhejiang regions is trading between 5880 - 5970 yuan/ton, up 15 yuan/ton from the previous trading day. The supply - side quotes mostly increase, and downstream demand is for rigid needs, with a general trading atmosphere. [2] - Without unexpected good news, it is expected that PX, PTA, and PR will run in a volatile manner. [2] 3. Summary by Related Content 3.1 Price Information - **Upstream**: On August 19, 2025, WTI crude oil futures settlement price was $62.35/barrel, down 1.69% from the previous value; Brent crude oil was $65.79/barrel, down 1.22%; naphtha spot price in CFR Japan was $574.50/ton, up 0.66%; isomeric xylene FOB Korea was $676.00/ton, down 0.66% [1] - **PTA Price**: CZCE TA main contract closing price was 4734 yuan/ton on August 19, 2025, down 0.25%; settlement price was 4746 yuan/ton, up 0.42%. Domestic PTA spot price was 4666 yuan/ton, up 0.15%. [1] - **PX Price**: CZCE PX main contract closing price was 6774 yuan/ton on August 19, 2025, up 0.21%; settlement price was 6792 yuan/ton, up 1.34%. Domestic p - xylene spot price on August 18 was 6609 yuan/ton, up 0.43%. [1] - **PR Price**: CZCE PR main contract closing price was 5906 yuan/ton on August 19, 2025, down 0.37%; settlement price was 5916 yuan/ton, up 0.34%. The market price of polyester bottle - chips in East China and South China remained unchanged at 5920 yuan/ton and 5940 yuan/ton respectively. [1] - **Downstream Price**: CCFEI price indices of most downstream products such as polyester filament and bottle - grade chips remained unchanged on August 19, 2025, while the price indices of polyester staple fiber and polyester chips increased slightly, up 0.31% and 0.34% respectively. [2] 3.2 Spread Information - On August 19, 2025, the PXN spread was $260.50/ton, down 0.79%; the PX - MX spread was $159.00/ton, up 4.04%. [1] - The PTA near - far month spread was - 50 yuan/ton, and the basis was - 44 yuan/ton, up 37 yuan/ton from the previous value. The PX basis was - 165 yuan/ton, up 14 yuan/ton from the previous value. The PR basis in East China and South China markets increased by 22 yuan/ton. [1] 3.3 Production and Sales Information - On August 19, 2025, the PX operating rate was 80.38%, unchanged; the PTA plant load rate was 75.09%, down 2.58 percentage points; the polyester plant load rate remained at 87.30%. [1] - The sales rates of polyester filament, polyester staple fiber, and polyester chips increased by 5.30%, 12.63%, and 11.05% respectively on August 19, 2025. [1] 3.4 Device Information - Ningbo Taihua's 1.5 million - ton PTA plant started maintenance on August 7, expected to last for 2 months; Yisheng Dalian's 2.25 million - ton PTA plant started maintenance on August 8, expected to last for 1 month; Yisheng Hainan's 2 million - ton PTA plant is planned for technical renovation from August 15 for 3 months. [2] 3.5 Transaction Strategy - After the price correction, it maintains a volatile trend. The TA2601 contract closed at 4734 yuan/ton (up 0.17%), with a daily trading volume of 549,300 lots; the PX2601 contract closed at 6774 yuan/ton (up 1.07%), with a daily trading volume of 222,000 lots; the PR2511 contract closed at 5906 yuan/ton (up 0.17%), with a daily trading volume of 42,600 lots. [2]

Group 1 - The core viewpoint of the news highlights the mixed performance of U.S. stock indices, with the Dow Jones reaching a historical closing high despite pressures from rising bond yields and disappointing earnings from Home Depot [1] - Home Depot reported Q2 revenue and earnings per share for fiscal year 2025 below expectations but maintained its full-year guidance, resulting in a stock price increase of over 3% [1] - The Dow Jones increased by 0.02%, while the S&P 500 and Nasdaq fell by 0.59% and 1.46%, respectively, indicating a divergence in market performance [1] Group 2 - European stock indices collectively rose, driven by optimistic investor sentiment regarding a potential peace agreement between Russia and Ukraine, with significant gains in retail, non-essential consumer goods, beverages, and automotive sectors [2] - The FTSE 100 index in the UK reached a historical closing high, reflecting strong performance in the European market [2] Group 3 - International oil prices declined as investors anticipated a de-escalation of the Eastern European geopolitical conflict, leading to expectations of increased supply from Russia [3] - The price of light crude oil futures for September delivery closed at $62.35 per barrel, down 1.69%, while Brent crude oil futures for October delivery closed at $65.79 per barrel, down 1.22% [3] Group 4 - International gold prices fell to a two-week low as investors awaited comments from Federal Reserve Chairman Jerome Powell, with expectations of a cautious stance on interest rate cuts [4] - The price of December gold futures closed at $3358.7 per ounce, reflecting a decline of 0.57% [4]