Group 1: Natural Rubber Industry Report Industry Investment Rating No information provided. Core Viewpoint Supply -产区雨水偏多至月底,原料价格上涨,短时成本端支撑胶价,中长线供应放量预期仍在;需求 - 半钢胎企业排产稳定,全钢胎企业出货平稳但部分库存攀升;隔夜美联储对12月降息前景偏鹰,胶价短期承压,后续关注主产区旺产期原料产出及宏观变化,若原料上量顺利胶价有下行空间,若不畅预计胶价在15000 - 15500附近运行 [1] Summary by Directory - **Spot Price and Basis**: 云南国富手机胶等部分现货价格有涨跌,如云南国富手机胶涨0.34%,泰标混合胶跌1.32% [1] - **Inter - monthly Spread**: 9 - 1价差等有变动,如9 - 1价差涨3.45%,1 - 5价差跌12.50% [1] - **Fundamental Data**: 8月部分国家产量有变化,如泰国产量降0.43%,印度产量涨11.11%;轮胎开工率、产量、出口量及橡胶进口量等有不同表现,如8月国内轮胎产量涨9.10%,9月轮胎出口量降10.65% [1] - **Inventory Change**: 保税区库存等有增减,如保税区库存降1.20%,上期所厂库期货库存涨6.28% [1] Group 2: Log Industry Report Industry Investment Rating No information provided. Core Viewpoint 本周供应端到港量大增,但下游订单不足,周边港口价格下行,市场承压;盘面价格处相对低位,内外盘价格倒挂形成进口成本支撑,限制下方空间,供需双弱格局下,原木期货盘面预计仍将维持偏弱震荡运行 [3] Summary by Directory - **Futures and Spot Prices**: 原木期货部分合约价格下跌,如主力LG2601跌1元/立方米;部分现货价格下降,如江苏4米中A辐射松价格降10元/方 [3] - **Cost**: 人民币兑美元汇率及进口理论成本变化小,分别涨0%和0% [3] - **Supply**: 港口发运量和离港船数增加,如新西兰→中日韩港口发运量涨6.00%,离港船数涨4.55% [3] - **Inventory**: 全国针叶原木总库存减少,日均出库量增加,如库存降2.74%,出库量增2% [3] Group 3: Glass and Soda Ash Industry Report Industry Investment Rating No information provided. Core Viewpoint - **Soda Ash**: 宏观因素使商品盘面利空,前期反弹停止;周产高位,刚需过剩,厂家库存转移至中下游;中期下游产能无大幅增量,需求延续刚需格局,供需承压;阶段性利空基本出尽,建议前期空单止盈离场,短期观望,等待反弹空机会 [4] - **Glass**: 宏观因素使商品盘面利空,前期反弹停止;前几日玻璃现货产销转暖带动盘面反弹,中下游补库,期现商采购积极;深加工订单季节性好转但仍弱,地产周期底部竣工缩量,行业需产能出清;前期盘面下跌利空基本兑现,建议前期空单离场,关注现货捕捉短多机会 [4] Summary by Directory - **Glass - related Prices and Spreads**: 玻璃部分合约价格下跌,如玻璃2505跌2.81%,玻璃2509跌2.21% [4] - **Soda Ash - related Prices and Spreads**: 纯碱部分合约价格下跌,如纯碱2505跌1.71%,纯碱2509跌1.34% [4] - **Supply**: 纯碱开工率和周产量下降,光伏日熔量下降,如纯碱开工率降1.72%,周产量降1.71%,光伏日熔量降0.84% [4] - **Inventory**: 玻璃厂库和纯碱厂库库存增加,纯碱交割库库存减少,如玻璃厂库增4.72%,纯碱厂库增2.54%,纯碱交割库降3.18% [4] - **Real Estate Data**: 新开工面积等有变化,如新开工面积涨幅0.09%,施工面积降2.43% [4] Group 4: Industrial Silicone Industry Report Industry Investment Rating No information provided. Core Viewpoint 工业硅现货价格上涨,期货价格先涨后回落;周度供应端产量增加,需求端产量下降或致累库施压价格;华东套利窗口打开或带来套保机会;焦煤价格上涨或带动期价;工业硅供应增加使价格承压,但有成本支撑,预计低位震荡,价格波动区间8500 - 9500元/吨 [5] Summary by Directory - **Spot Price and Main Contract Basis**: 华东通氧SI5530等现货价格上涨,如华东通氧SI5530涨1.07%,华东SI4210涨0.52% [5] - **Inter - monthly Spread**: 部分合约价差有变动,如2512 - 2601价差涨200.00%,2601 - 2602价差跌66.67% [5] - **Fundamental Data**: 全国和部分地区工业硅产量、开工率有变化,如全国工业硅产量涨9.10%,新疆开工率涨22.09%;有机硅DMC等产量有增减,如有机硅DMC产量降5.78%,再生铝合金产量涨7.48% [5] - **Inventory Change**: 新疆厂库等库存有增减,如新疆厂库库存降0.28%,云南厂库库存涨1.47% [5] Group 5: Polysilicon Industry Report Industry Investment Rating No information provided. Core Viewpoint 多晶硅现货价格小幅下跌,期货价格震荡下跌;供应端11月产量有望下降,周度产量和硅片产量均有3 - 4%降幅;需求端硅片排产增加但下游采购减少,库存增加;多晶硅高位震荡,关注平台公司成立、产量控制及需求端订单情况;期货升水现货均价,继续大幅上涨需关注上游套保套利空间 [7] Summary by Directory - **Spot Price and Basis**: N型复投料平均价等有涨跌,如N型复投料平均价跌0.10%,N型颗粒硅平均价持平 [7] - **Futures Price and Inter - monthly Spread**: 主力合约等价格和价差有变动,如主力合约跌0.07%,景月 - 连一价差跌16.06% [7] - **Fundamental Data**: 周度和月度多晶硅、硅片产量等有变化,如周度多晶硅产量降4.41%,月度硅片产量涨5.37% [7] - **Inventory Change**: 多晶硅和硅片库存增加,如多晶硅库存涨1.16%,硅片库存涨2.49% [7]

Group 1: Steel Industry Investment Rating No investment rating for the steel industry is provided in the report. Core Viewpoint The current week saw a good recovery in the apparent demand for the five major steel products, approaching last year's levels, but the off - balance sheet demand for steel is lower year - on - year. The inventory of plates is high, and there are expectations of blast furnace production cuts in Tangshan. If the production cuts can relieve the inventory pressure of plates, steel prices are expected to stabilize. The carbon element cost at the cost end is supportive, and iron ore is expected to have a slight inventory build - up, which may lead to an expansion of the ratio of steel to ore. Steel prices have fallen significantly previously, and steel mill profits have declined. Before the plate inventory is relieved, steel mill profits will continue to decline, suppressing production release. The January contracts for rebar and hot - rolled coils are expected to stabilize around 3,000 and 3,200 yuan respectively and then enter a sideways consolidation trend. It is recommended to wait and see for unilateral positions, continue to hold the arbitrage of going long on coking coal and short on hot - rolled coils, and gradually exit the short position on the spread between hot - rolled coils and rebar. Steel mill profits will continue to converge before the steel production and inventory are cleared [2]. Summary by Directory - **Price and Spread**: Rebar and hot - rolled coil spot and futures prices mostly declined. The basis and spreads of different contracts also showed certain changes. For example, the spot price of rebar in East China decreased by 20 yuan/ton, and the 01 contract price decreased by 25 yuan/ton [2]. - **Cost and Profit**: The billet price decreased by 20 yuan/ton, and the slab price remained unchanged. The profits of steel products in different regions and processes showed different trends. For example, the profit of East China hot - rolled coils increased by 28 yuan/ton [2]. - **Production**: The daily average pig iron output decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The output of the five major steel products increased by 8.4 to 865.3 tons, an increase of 1.0%. The rebar output increased by 5.9 to 207.1 tons, an increase of 2.9% [2]. - **Inventory**: The inventory of the five major steel products decreased by 27.4 to 1554.9 tons, a decrease of 1.7%. The rebar inventory decreased by 18.9 to 622.1 tons, a decrease of 3.0%, and the hot - rolled coil inventory decreased by 4.3 to 414.9 tons, a decrease of 1.0% [2]. - **Transaction and Demand**: The building materials trading volume decreased by 1.4 to 9.1 tons, a decrease of 13.5%. The apparent demand for the five major steel products increased by 17.3 to 892.7 tons, an increase of 2.0%. The apparent demand for rebar increased by 6.3 to 226.0 tons, an increase of 2.8%, and the apparent demand for hot - rolled coils increased by 11.2 to 326.7 tons, an increase of 3.5% [2]. Group 2: Iron Ore Industry Investment Rating No investment rating for the iron ore industry is provided in the report. Core Viewpoint Last week, iron ore futures bottomed out and stabilized. On the supply side, the global iron ore shipment volume increased month - on - month, while the arrival volume at 45 ports decreased significantly. The subsequent average arrival volume is expected to first decrease and then increase. On the demand side, the steel mill profit margin declined slightly, pig iron production decreased from a high level, and the steel mills' demand for restocking weakened. The steel production decreased slightly, the apparent demand increased, the inventory decreased, and the post - holiday demand gradually recovered but was lower than expected. The port inventory increased, the port handling volume decreased month - on - month, and the steel mills' equity ore inventory increased, increasing the inventory pressure. Looking forward, due to the weak operation of steel prices, the weak demand side will force iron ore to operate weakly. The iron ore market is changing from balanced and tight to loose, and the weak performance of finished products will drag down raw materials. It is recommended to wait and see for unilateral positions, with the reference range of 750 - 800, and the arbitrage of going long on coking coal and short on iron ore is recommended [5]. Summary by Directory - **Price and Spread**: The cost of iron ore warehouse receipts and spot prices mostly declined. The spreads between different contracts also changed. For example, the cost of PB powder warehouse receipts decreased by 5.5 to 824.9 yuan/ton, and the 5 - 9 spread decreased by 0.5 to 20.5 [5]. - **Supply**: The weekly arrival volume at 45 ports decreased by 526.4 to 2519.4 tons, a decrease of 17.3%. The global weekly shipment volume increased by 126.0 to 3333.5 tons, an increase of 3.9%. The national monthly import volume increased by 1111.6 to 11632.6 tons, an increase of 10.6% [5]. - **Demand**: The weekly average daily pig iron output of 247 steel mills decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The weekly average daily port handling volume of 45 ports decreased by 23.8 to 312.7 tons, a decrease of 7.1%. The national monthly pig iron output decreased by 374.7 to 6604.6 tons, a decrease of 5.4%, and the national monthly crude steel output decreased by 387.8 to 7349.0 tons, a decrease of 5.0% [5]. - **Inventory**: The weekly port inventory increased by 54.7 to 14423.59 tons, an increase of 0.4%. The weekly imported ore inventory of 247 steel mills increased by 96.5 to 9079.2 tons, an increase of 1.1%. The weekly inventory available days of 64 steel mills decreased by 1.0 to 20.0 days, a decrease of 4.8% [5]. Group 3: Coke and Coking Coal Industry Investment Rating No investment rating for the coke and coking coal industry is provided in the report. Core Viewpoint Last week, coke futures fluctuated and rose, and the spot market's rhythm was inconsistent with the futures market. The mainstream coke enterprises' second - round price increase was implemented, and there is still a possibility of further price increases. The coking coal price rebounded from the bottom, providing cost support, but the coking enterprises' losses led to a decline in production. The steel mill's pig iron output decreased from a high level, steel prices were weak, and downstream demand was not strong during the peak season. The coking plant and steel mill inventories decreased, while the port inventory increased, and the overall inventory decreased slightly. Recently, the production reduction in the Mongolian coal pithead and the increase in Shanxi's auction prices have led to concerns about supply, causing coal and coke to rebound from the bottom. It is recommended to go long on coke 2601 at low prices, with the reference range of 1650 - 1850, and conduct the arbitrage of going long on coking coal and short on coke, paying attention to market fluctuations [8]. Last week, coking coal futures rose strongly, and the spot auction prices in Shanxi were strong. The Mongolian coal quotation continued to rise. After a slight decline in the domestic coking coal market after the holiday, it began to rebound, and downstream procurement and restocking increased. On the supply side, some coal mines in Shanxi and Inner Mongolia reduced production. The imported Mongolian coal's customs clearance volume decreased, and the Mongolian coal quotation was strong. The pig iron output continued to decline, the coking plant's operation rate continued to decline, and there was a restocking demand after significant inventory reduction after the holiday. The coal mine, coal washery, and steel mill inventories decreased, while the coking plant, port, and port - side inventories increased, and the overall inventory increased slightly. It is recommended to go long on coking coal 2601 at low prices in the short - term, with the reference range of 1150 - 1350, and conduct the arbitrage of going long on coking coal and short on coke, paying attention to market fluctuations [8]. Summary by Directory - **Price and Spread**: Coke and coking coal futures prices mostly declined, and the basis and spreads between different contracts changed. For example, the price of the coke 01 contract decreased by 11 to 1758 yuan/ton, and the price of the coking coal 01 contract decreased by 10 to 1249 yuan/ton [8]. - **Supply**: The weekly average daily coke output of all - sample coking plants decreased by 0.7 to 64.6 tons, a decrease of 1.0%. The weekly raw coal output of Fenwei sample coal mines decreased by 6.9 to 848.0 tons, a decrease of 0.8%, and the weekly clean coal output decreased by 4.7 to 433.5 tons, a decrease of 1.1% [8]. - **Demand**: The weekly pig iron output of 247 steel mills decreased by 1.0 to 239.9 tons, a decrease of 0.4%. The weekly average daily coke output of all - sample coking plants decreased by 0.7 to 64.6 tons, a decrease of 1.0% [8]. - **Inventory**: The total coke inventory remained unchanged at 891.9 tons. The coke inventory of all - sample coking plants increased by 1.4 to 58.6 tons, an increase of 2.4%, the steel mill's coke inventory decreased by 6.3 to 633.2 tons, a decrease of 1.0%, and the port inventory increased by 4.9 to 200.1 tons, an increase of 2.5% [8]. The Fenwei coal mine's clean coal inventory decreased by 9.9 to 90.3 tons, a decrease of 9.9%. The all - sample coking plant's coking coal inventory increased by 32.3 to 1029.7 tons, an increase of 3.2%, the 247 steel mills' coking coal inventory decreased by 5.4 to 783.0 tons, a decrease of 0.7%, and the port inventory increased by 2.9 to 275.7 tons, an increase of 1.1% [8].

Core Insights - The Southern Peninsula Palm Oil Millers Association (SPPOMA) reported an increase in Malaysia's palm oil yield for the period from October 1 to October 10, 2025, with a month-on-month rise of 6.02% in yield per hectare [1] - The extraction rate also saw a slight increase of 0.11% compared to the same period last month [1] - Overall production increased by 6.59% month-on-month during the same timeframe [1]

Group 1: Rubber Industry Investment Rating No investment rating information provided. Core View Short - term fundamental contradictions of natural rubber are not prominent, and it is expected that the rubber price will continue to fluctuate. The reference range for the 01 contract is 15,000 - 16,500. Future attention should be paid to the raw material output in the peak production season of the main producing areas and the possible impact of La Nina on supply [1]. Summary by Catalog - **Spot Price and Basis**: From September 29th to September 30th, the price of Yunnan state - owned whole latex (SCRWF) in Shanghai decreased by 250 yuan/ton (-1.72%), the Thai standard mixed rubber quotation decreased by 50 yuan/ton (-0.34%), and the non - standard price difference increased by 205 (56.19%) [1]. - **Inter - month Spread**: The 9 - 1 spread increased by 75 (214.29%), the 1 - 5 spread decreased by 45 (-100.00%), and the 5 - 9 spread decreased by 30 (-300.00%) [1]. - **Fundamental Data**: In August, Thailand's natural rubber production decreased by 2.00 (-0.43%), Indonesia's decreased by 8.50 (-4.30%), India's increased by 5.00 (11.11%), and China's increased by 12.20. The weekly operating rate of semi - steel tires was 73.58 (-0.08), and that of all - steel tires was 65.72 (0.06). The domestic tire production in August increased by 859.00 (9.10%), the tire export quantity decreased by 364.00 (-5.46%), and the total import quantity of natural rubber increased by 4.60 (9.68%) [1]. - **Inventory Change**: From September 29th to September 30th, the bonded area inventory decreased by 4,663 (-1.01%), and the factory - warehouse futures inventory of natural rubber on the SHFE decreased by 908 (-2.11%) [1]. Group 2: Glass and Soda Ash Industry Investment Rating No investment rating information provided. Core View For soda ash, the overall supply - demand pattern is bearish, and a short - selling strategy on rebounds is recommended. For glass, the industry does not have a continuous negative feedback drive for the time being, and over - bearish views are not recommended. In the fourth quarter, the actual implementation of policies in each region and the inventory preparation of downstream industries should be tracked [4]. Summary by Catalog - **Glass - related Price and Spread**: From September 29th to September 30th, glass 2505 decreased by 20 (-1.49%), glass 2509 decreased by 20 (-1.41%), and the 05 basis increased by 20 (15.87%) [4]. - **Soda Ash - related Price and Spread**: From September 29th to September 30th, soda ash 2505 decreased by 17.0 (-1.24%), soda ash 2509 decreased by 17.0 (-1.24%), and the 05 basis increased by 17.0 (25.76%) [4]. - **Supply Volume**: From September 19th to September 26th, the soda ash operating rate decreased by 2.02%, the weekly soda ash production decreased by 1.5 (-2.02%), the float glass daily melting volume decreased by 0.1 (-0.47%), and the photovoltaic daily melting volume remained unchanged [4]. - **Inventory**: From September 19th to September 26th, the glass factory inventory decreased by 67.5 (-1.10%), the soda ash factory warehouse inventory decreased by 4.2 (-2.33%), and the soda ash delivery warehouse inventory increased by 5.9 (10.69%) [4]. Group 3: Industrial Silicon Industry Investment Rating No investment rating information provided. Core View In the short term, the upward driving force of industrial silicon is insufficient, and the silicon price may turn to oscillation again, with the main price fluctuation range between 8,000 - 9,500 yuan/ton. Attention should be paid to the production reduction rhythm of silicon material enterprises and industrial silicon enterprises in Sichuan and Yunnan in the fourth quarter [5]. Summary by Catalog - **Spot Price and Main Contract Basis**: From September 29th to September 30th, the price of East China oxygen - containing SI5530 industrial silicon remained unchanged, the basis of SI4210 decreased by 30 (-3.57%), and the basis of Xinjiang 99 silicon decreased by 30 (-2.63%) [5]. - **Inter - month Spread**: The 2510 - 2511 spread increased by 40 (400.00%), the 2511 - 2512 spread increased by 10 (2.50%), and the 2512 - 2601 spread increased by 5 (9.09%) [5]. - **Fundamental Data (Monthly)**: The national industrial silicon production increased by 3.51 (9.10%), the Xinjiang industrial silicon production increased by 3.36 (19.78%), the Yunnan industrial silicon production increased by 0.14 (2.41%), and the Sichuan industrial silicon production decreased by 0.08 (-1.49%). The national operating rate increased by 6.07 (10.86%), the Xinjiang operating rate increased by 8.02 (15.25%), the Yunnan operating rate increased by 14.50 (44.09%), and the Sichuan operating rate increased by 7.33 (19.83%) [5]. - **Inventory Change**: From September 29th to September 30th, the Xinjiang factory warehouse inventory decreased by 1.40 (-11.63%), the Yunnan factory warehouse inventory increased by 0.09 (2.91%), and the Sichuan factory warehouse inventory increased by 0.07 (3.06%) [5]. Group 4: Polysilicon Industry Investment Rating No investment rating information provided. Core View After the National Day holiday, the polysilicon price is expected to mainly fluctuate within a range. Given the support of the spot price, the fluctuation range may be between 50,000 - 53,000 yuan/ton. Future attention should be paid to the specific schedule and implementation details of the industry's state - reserve policy, the actual operating rate and production reduction implementation of polysilicon enterprises in October, as well as the inventory digestion progress and new order demand of downstream photovoltaic module factories [6]. Summary by Catalog - **Spot Price and Basis**: From September 29th to September 30th, the average price of N - type re - fed material remained unchanged, the average price of N - type granular silicon remained unchanged, and the N - type material basis decreased by 80.00 (-6.30%) [6]. - **Futures Price and Inter - month Spread**: The main contract increased by 80 (0.16%), the spread between the current month and the first - continuous decreased by 205 (-91.11%), and the spread between the first - continuous and the second - continuous decreased by 60 (-2.40%) [6]. - **Fundamental Data (Weekly)**: The silicon wafer production decreased by 0.14 (-1.01%), and the polysilicon production increased by 0.01 (0.32%) [6]. - **Fundamental Data (Monthly)**: The polysilicon production decreased by 0.17 (-1.29%), the polysilicon import volume increased by 0.01 (5.11%), and the polysilicon export volume decreased by 0.01 (-3.92%) [6]. - **Inventory Change**: The polysilicon inventory increased by 2.20 (10.78%), the silicon wafer inventory decreased by 0.64 (-3.79%), and the polysilicon contract increased by 140.00 (1.76%) [6].

Group 1 - The domestic thermal coal and Australian prices continued to rise month-on-month, while South African and European offshore prices fell [1][2] - As of August 22, the Qinhuangdao thermal coal price was 702.00 CNY/ton, an increase of 63 CNY/ton, or 9.86% from the previous month [1][2] - The Newcastle port thermal coal price in Australia was 110.80 USD/ton, up 1.60 USD/ton, or 1.47% month-on-month [1][2] - South African Richards Bay thermal coal price was 89.70 USD/ton, down 4.20 USD/ton, or 4.47% month-on-month [1][2] - European three-port thermal coal price was 98.70 USD/ton, down 3.70 USD/ton, or 3.61% month-on-month [1][2] Group 2 - In July, the monthly output of raw coal decreased both month-on-month and year-on-year; the output from key state-owned coal mines in Shaanxi, Shanxi, and Inner Mongolia also saw a decline [3] - The total raw coal output in July was 38,098.70 million tons, a decrease of 4,008.7 million tons, or 9.52% month-on-month [3] - The coal inventory at the three major ports continued to decline month-on-month, while the average daily coal consumption of the six major power generation groups increased [3] - As of August 22, the total coal inventory at Qinhuangdao, Huanghua, and Caofeidian ports was 1,234.40 million tons, down 98.80 million tons, or 7.41% month-on-month [3] - The average daily coal consumption of the six major power generation groups was 94.04 thousand tons, an increase of 5.82 thousand tons, or 6.60% month-on-month [3] Group 3 - Domestic and international shipping costs continued to rise month-on-month [4] - As of August 22, the shipping cost from Qinhuangdao to Shanghai for 40-50 thousand DWT was 31.30 CNY/ton, a month-on-month increase of 10.21% [4] - The shipping cost from Newcastle, Australia to China was 15.60 USD/ton, up 1.50 USD/ton, or 10.64% month-on-month [4] Group 4 - The conclusion indicates that domestic thermal coal and Australian prices continued to rise month-on-month, while the output of raw coal and key state-owned coal mines in Shaanxi, Shanxi, and Inner Mongolia decreased [5] - The coal inventory at the three major ports continued to decline month-on-month, and the average daily coal consumption of the six major power generation groups increased [5] - Domestic and international shipping costs also saw a month-on-month increase [5]

Group 1 - The EIA weekly data report indicates a decrease in commercial crude oil inventories by 2.392 million barrels to 418 million barrels, the lowest level since June 20, 2025, compared to market expectations of a decrease of 1.863 million barrels and a previous decrease of 6.014 million barrels [1] - The U.S. Strategic Petroleum Reserve (SPR) inventory increased by 776,000 barrels to 40.42 million barrels, marking the largest increase since May 23, 2025 [1] - EIA refined oil inventories decreased by 1.786 million barrels, the largest decline since June 20, 2025, against market expectations of a decrease of 885,000 barrels and a previous decrease of 2.343 million barrels [1] Group 2 - As of August 22, 2025, U.S. domestic crude oil production increased by 57,000 barrels to 1,343.9 million barrels per day, the highest level since April 25, 2025 [1] - The four-week average supply of U.S. crude oil products was 21.15 million barrels per day, an increase of 2.53% compared to the same period last year [1] Group 3 - U.S. commercial crude oil imports, excluding the Strategic Reserve, were 6.234 million barrels per day, a decrease of 263,000 barrels per day from the previous week [1] - U.S. crude oil exports decreased by 562,000 barrels per day to 3.81 million barrels per day [1] Group 4 - As of August 28, 2025, WTI crude oil is reported at $63.74 per barrel, down 0.19%, while Brent crude oil is at $67.06 per barrel, down 0.21% [3]

Group 1: Steel Industry Report Industry Investment Rating - Not provided Core View - The black market continues to be weak with a double - top pattern in technical form. Steel production remains high, and demand seasonally declines in August, leading to inventory increases. There is an expectation of production restrictions in mid - to - late August, which is beneficial for alleviating the pressure on the peak season. Prices are expected to remain in a high - level oscillation, waiting for clear peak - season demand. Pay attention to the support levels of around 3400 yuan for hot - rolled coils and 3200 yuan for rebar [1]. Summary by Directory - **Steel Prices and Spreads**: Rebar and hot - rolled coil spot and futures prices mostly declined. For example, the spot price of rebar in East China dropped from 3360 yuan/ton to 3320 yuan/ton, and the 05 - contract price dropped from 3331 yuan/ton to 3302 yuan/ton. The spot price of hot - rolled coils in East China decreased from 3470 yuan/ton to 3450 yuan/ton, and the 05 - contract price dropped from 3461 yuan/ton to 3433 yuan/ton [1]. - **Cost and Profit**: Steel billet prices decreased by 20 yuan/ton to 3060 yuan/ton, and plate billet prices remained unchanged at 3730 yuan/ton. Profits from hot - rolled coils in different regions decreased, with East China's profit dropping by 44 yuan to 226 yuan/ton [1]. - **Production**: The daily average pig iron output increased slightly by 0.2 to 240.7, a 0.1% increase. The output of five major steel products increased by 2.4 to 871.6, a 0.3% increase. Rebar production decreased slightly by 0.7 to 220.5, a 0.3% decrease, and hot - rolled coil production increased by 0.7 to 315.6, a 0.2% increase [1]. - **Inventory**: The inventory of five major steel products increased by 23.5 to 1375.4, a 1.7% increase. Rebar inventory increased by 10.4 to 556.7, a 1.9% increase, and hot - rolled coil inventory increased by 8.7 to 356.6, a 2.5% increase [1]. - **Transaction and Demand**: The daily average building materials trading volume decreased by 0.8 to 8.4, an 8.2% decrease. The apparent demand for five major steel products decreased by 14.7 to 831.0, a 1.7% decrease. The apparent demand for rebar decreased by 20.9 to 189.9, a 9.9% decrease, while the apparent demand for hot - rolled coils increased by 8.5 to 314.8, a 2.8% increase [1]. Group 2: Iron Ore Industry Report Industry Investment Rating - Not provided Core View - The 2601 - contract of iron ore showed a volatile downward trend. Global iron ore shipments and 45 - port arrivals decreased. On the demand side, steel mill profit margins are at a relatively high level, and pig iron output has slightly decreased from its high level. Port inventories have slightly increased, and the shipping volume has decreased. In the future, pig iron output in August will remain high, and steel mill profits will support raw materials. It is recommended to take profits on long positions and wait and see for single - side trading, and to go long on coking coal and short on iron ore for arbitrage [4]. Summary by Directory - **Iron Ore - Related Prices and Spreads**: The warehouse - receipt costs of various iron ore types decreased, such as the cost of Carajás fines dropping from 808.8 yuan/ton to 797.8 yuan/ton. The 5 - 9 spread decreased by 6.5 to - 38.0, a 20.6% decrease, and the 9 - 1 spread increased by 5.5 to 16.0, a 52.4% increase [4]. - **Spot Prices and Price Indexes**: Spot prices at Rizhao Port for various iron ore types decreased. For example, the price of Carajás fines dropped from 888.0 yuan/ton to 878.0 yuan/ton, and the price of PB fines decreased from 784.0 yuan/ton to 771.0 yuan/ton [4]. - **Supply**: The 45 - port arrivals decreased by 125.9 to 2381.9, a 5.0% decrease, and the global shipments decreased by 15.1 to 3046.7, a 0.5% decrease. The national monthly import volume increased by 782.0 to 10594.8, an 8.0% increase [4]. - **Demand**: The daily average pig iron output of 247 steel mills increased by 0.3 to 240.7, a 0.1% increase. The 45 - port daily average shipping volume increased by 19.1 to 321, a 6.3% increase. The national monthly pig iron output decreased by 220.9 to 7190.5, a 3.0% decrease, and the national monthly crude steel output decreased by 336.1 to 8318.4, a 3.9% decrease [4]. - **Inventory Changes**: The 45 - port inventory increased by 93.8 to 13806.08, a 0.7% increase. The imported ore inventory of 247 steel mills increased by 1.3 to 9013.3, a 0.0% increase, and the inventory available days of 64 steel mills increased by 1.0 to 21.0, a 5.0% increase [4]. Group 3: Coke and Coking Coal Industry Report Industry Investment Rating - Not provided Core View - Coke futures showed a peak - and - decline trend, and there was a sixth - round price increase in the spot market, with a possibility of further increases. Coking plant profits have improved, and production has slightly increased. Pig iron output is expected to slightly decline in August. There is an expectation of a seventh - round price increase, but previous positive expectations may be over - priced. For coking coal, the futures price has declined after reaching a peak, and the spot market is generally stable. Supply has decreased, and demand has slowed down. It is recommended to take profits on long positions and wait and see for speculation, and to go long on coking coal and short on iron ore for arbitrage [5]. Summary by Directory - **Coke - Related Prices and Spreads**: The price of first - grade wet - quenched coke in Shanxi increased by 52 to 1347, a 3.9% increase, while the price of quasi - first - grade wet - quenched coke at Rizhao Port decreased by 20 to 1460, a 1.4% decrease. The 09 - contract price of coke decreased by 24 to 1660, a 1.4% decrease [5]. - **Coking Coal - Related Prices and Spreads**: The price of coking coal (Shanxi warehouse - receipt) remained unchanged at 1260, while the price of coking coal (Mongolian coal warehouse - receipt) increased by 26 to 1191, a 2.2% increase. The 09 - contract price of coking coal decreased by 35 to 1066, a 3.14% decrease [5]. - **Supply**: The daily average output of all - sample coking plants increased by 0.3 to 65.4, a 0.4% increase, and the daily average output of 247 steel mills decreased by 0.1 to 46.7, a 0.1% decrease. The raw coal output of Fenwei sample coal mines decreased by 2.3 to 856.6, a 0.3% decrease, and the clean coal output increased by 0.4 to 439.4, a 0.1% increase [5]. - **Demand**: The pig iron output of 247 steel mills decreased by 0.4 to 240.7, a 0.2% decrease. The daily average output of all - sample coking plants increased by 0.3 to 65.4, a 0.4% increase, and the daily average output of 247 steel mills decreased by 0.1 to 46.7, a 0.1% decrease [5]. - **Inventory Changes**: The total coke inventory decreased by 19.7 to 887.4, a 2.24% decrease. The coke inventory of all - sample coking plants decreased by 7.2 to 62.5, a 10.4% decrease, and the coke inventory of 247 steel mills decreased by 9.5 to 609.8, a 1.5% decrease. The coking coal inventory of Fenwei coal mines decreased by 0.2 to 111.9, a 0.1% decrease, and the coking coal inventory of all - sample coking plants decreased by 11.0 to 976.9, a 1.1% decrease [5]. - **Supply - Demand Gap Changes**: The calculated coke supply - demand gap decreased by 4.7 to - 4.3, a 9.4% decrease [5].

Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Sugar**: Short - term, it's difficult for raw sugar prices to fall below previous lows, but the overall trend is bearish. Zhengzhou sugar may rebound but will remain bearish due to increased imports and weak demand [3]. - **Corn**: In the short - term, the corn market has average trading, with a weak sentiment and the futures price will oscillate at a low level. In the long - term, the futures price may decline due to lower costs and increased supply [5]. - **Meal**: Hold long positions in the 01 contract of rapeseed meal. Domestic soybean and meal inventories are rising, and short - term supply is high, which suppresses the spot price [10]. - **Pig**: Spot pig prices are weakly oscillating, and short - term prices are not optimistic. The far - month 01 contract has support but also faces hedging pressure [13]. - **Cotton**: Short - term, domestic cotton prices may oscillate within a range. After new cotton is on the market, prices will face pressure [17]. - **Egg**: Egg futures are still bearish, but low - price demand may support prices, while high supply may limit the increase [21]. 3. Summary by Industry 3.1 Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu increased by 0.70% to 8670 on August 12. The basis of Y2601 increased by 18.18% [1]. - **Palm Oil**: The spot price in Guangdong increased by 3.12% to 9260. The basis of P2509 increased by 57.14%. The import profit decreased by 254.50% [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 1.24% to 9760. The basis of OI601 decreased by 180.77% [1]. 3.2 Sugar Industry - **Futures Market**: The prices of SR2601 and SR2509 increased by 0.63% and 0.49% respectively. The open interest of the main contract decreased by 0.19%, and the number of warehouse receipts decreased by 2.12% [3]. - **Spot Market**: The price in Nanning remained unchanged. The basis decreased. The import price of Brazilian sugar increased [3]. - **Industry Situation**: National sugar production and sales increased by 12.03% and 23.07% respectively year - on - year. Industrial inventory decreased [3]. 3.3 Corn Industry - **Corn**: The price in Jinzhou Port decreased slightly. The 9 - 1 spread decreased by 9.46%. The number of vehicles at Shandong deep - processing plants increased by 25.25% [5]. - **Corn Starch**: The price of CS2509 increased by 0.11%. The basis decreased by 4.41%. The profit of Shandong starch increased by 9.71% [5]. 3.4 Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 0.34%. The basis of M2601 decreased by 23.77%. The import profit of Brazilian soybeans decreased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 2.99%. The basis of RM2601 decreased by 100%. The import profit of Canadian rapeseed increased [10]. - **Soybean**: The price of domestic and imported soybeans remained stable. The basis of the main contracts changed [10]. 3.5 Pig Industry - **Futures**: The prices of LH2511 and LH2601 increased by 0.64% and 0.42% respectively. The open interest of the main contract decreased by 2.28% [13]. - **Spot**: Prices in different regions had small fluctuations. The daily slaughter volume remained unchanged [13]. 3.6 Cotton Industry - **Futures Market**: The prices of CF2509 and CF2601 increased by 0.40% and 0.72% respectively. The open interest of the main contract increased by 67.73%, and the number of warehouse receipts decreased by 1.04% [17]. - **Spot Market**: The prices of Xinjiang cotton and related indexes increased slightly. The basis decreased [17]. - **Industry Situation**: Commercial inventory decreased by 13.9%, and industrial inventory increased by 1.8%. Import volume decreased by 25% [17]. 3.7 Egg Industry - **Futures**: The prices of JD09 and JD10 increased by 1.22% and 0.41% respectively. The 9 - 10 spread increased by 31.03% [20]. - **Spot**: The egg price in the production area remained unchanged. The basis decreased by 25.52% [20]. - **Industry Situation**: The price of egg - laying chicks remained stable, the price of culled hens decreased, and the breeding profit decreased significantly [20][21].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - PX fundamentals maintain a weak balance, with obvious resilience in terminal demand. In the short - term, PX prices follow the cost of crude oil. In the future, during the peak seasons of "Golden September and Silver October", there is significant potential for demand and production to increase [139]. - For PTA, with large - scale device maintenance plans in August and new device production, the monthly output is expected to change little. Downstream demand provides resilient support. If oil prices are further pressured, TA prices will follow suit. Attention should be paid to demand recovery, tariff implementation progress, and significant oil price fluctuations [139]. - Regarding MEG, the supply is recovering well, and there is still room for domestic production to increase. The downstream demand provides resilient support. The inventory inflection point may arrive, and supply - demand will shift to inventory accumulation. Short - term prices are expected to be weakly adjusted, and subsequent attention should be paid to changes in coal and oil prices [139]. 3. Summary According to the Table of Contents 3.1 PX&PTA&MEG Price: Following Crude Oil Price Fluctuations - **Futures Prices**: From July 4 to August 1, 2025, PTA's closing price increased from 4710 yuan/ton to 4744 yuan/ton (a 0.7% increase), MEG's increased from 4277 yuan/ton to 4405 yuan/ton (a 3.0% increase), and PX's increased from 6672 yuan/ton to 6812 yuan/ton (a 2.1% increase) [6]. - **Basis and Spread**: PTA's basis decreased from 97 yuan/ton to - 12 yuan/ton (a - 112.4% change), MEG's basis decreased from 77 yuan/ton to 74 yuan/ton (a - 3.9% change), and PX's basis decreased from 263 yuan/ton to 219 yuan/ton (a - 16.6% change). The TA - EG spread decreased from 433 yuan/ton to 339 yuan/ton (a - 21.7% change), and the TA - PX*0.656 spread decreased from 333 yuan/ton to 275 yuan/ton (a - 17.4% change) [16][19][23]. - **Domestic and Foreign Spreads**: For ethylene glycol, the CFR China price increased by 3.1%, the FOB US Gulf price increased by 6.6%, the FD Northwest Europe price decreased by 7.5%, and the ethylene glycol spread (Europe - China) decreased by 54.6% from July 4 to July 31, 2025 [26]. 3.2 PX&PTA&MEG Supply Situation: Focus on Device Recovery - **PX**: As of August 1, the Asian PX operating load was 73.4% (a 0.4 - percentage - point increase month - on - month), and China's was 81.1% (a 4.5 - percentage - point decrease month - on - month). Some devices had unexpected outages or restarts [34]. - **PTA**: As of August 1, the PTA operating load was 72.6% (a 5.1 - percentage - point decrease month - on - month). New devices were put into production, and some existing devices were under maintenance [38]. - **MEG**: As of August 1, the overall operating load of ethylene glycol in mainland China was 68.64% (a 0.97 - percentage - point decrease month - on - month), and the operating load of synthetic - gas - based ethylene glycol was 74.04% (a 5.79 - percentage - point increase month - on - month). Some overseas devices were scheduled for maintenance [52][56]. 3.3 PX&PTA&MEG Import and Export Situation: High Global Trade Concerns - **PX**: In June 2025, China imported 76.54 million tons of PX, a 0.94% decrease from the previous month. The cumulative import volume from January to June was 450.03 million tons, a 2.38% increase year - on - year [60]. - **PTA**: In June 2025, China exported 25.52 million tons of PTA, a 3.78% decrease from the previous month. The cumulative export volume from January to June was 185.68 million tons, a 16.90% decrease year - on - year [61]. - **MEG**: In June 2025, China's monthly import volume of ethylene glycol was 61.78 million tons, a 2.34% increase month - on - month and a 1.30% decrease year - on - year. The cumulative import volume increased by 19.91% year - on - year [62]. - **Polyester**: In June 2025, the total export volume of polyester products was 124.9 million tons. The cumulative export volume from January to June was 719.2 million tons, a 17% year - on - year increase [66]. 3.4 PX&PTA&MEG Inventory Situation: Increase in Downstream Finished - Product Inventory - **PTA**: Polyester factories' PTA raw material inventory increased, and the number of warehouse receipts decreased [77]. - **MEG**: As of July 28, the port inventory in the main eastern China ports was about 52.1 million tons, and the inventory accumulation was postponed [80]. 3.5 Polyester Demand Situation: Terminal Demand Underperforms Expectations - **Domestic Polyester Data**: As of August 1, 2025, the polyester operating load was 88.1%, a 2.3% decrease from July 4. The inventory days and cash - flow of some products also changed [83]. - **Textile and Apparel Exports**: In June 2025, textile and apparel exports were 273.1 billion US dollars, a 0.1% year - on - year decrease. From January to June, the cumulative export was 1439.8 billion US dollars, an 0.8% increase [98]. 3.6 PX&PTA&MEG Positioning Situation - **Futures Positions**: On August 1, 2025, compared with July 4, PTA's total position decreased by 202,221 hands, MEG's decreased by 4207 hands, and PX's increased by 23,384 hands [113].

Group 1 - The core viewpoint is that the decisions made by OPEC+ are based on a comprehensive analysis of market data regarding production, inventory, and future expectations [1]