1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, the coking coal prices in the domestic market fluctuated. The seventh round of coke price increase was fully implemented, strengthening cost support. However, due to policy regulation and insufficient downstream demand, the futures prices were under pressure. The current market pricing logic is gradually returning to fundamental factors. The supply is slightly recovering, but still affected by disruptions. The demand is supported by the rigid needs and low inventories of coking enterprises. The supply - demand contradiction is not prominent for the time being. It is recommended to mainly conduct range - bound operations for single - side trading, and to mainly stay on the sidelines for inter - period arbitrage and coking profit trading [2][4][30] 3. Summary by Relevant Catalogs 3.1 This Week's Market Review - The coking coal prices in the domestic market fluctuated this week. The seventh round of coke price increase was fully implemented, enhancing cost support. But due to policy regulation and insufficient downstream demand follow - up, the futures prices were under pressure [2][4] 3.2 Macroeconomic and Industrial News - On August 22, Premier Li Qiang chaired an executive meeting of the State Council, emphasizing further strengthening of fiscal, tax, and financial policy support for large - scale equipment renewal and consumer goods trade - in policies [6] - The August Loan Prime Rate (LPR) remained unchanged for the third consecutive month, with the 1 - year LPR at 3.0% and the over - 5 - year LPR at 3.5% [6] - The US Department of Commerce included 407 product categories in the steel and aluminum tariff list, with a 50% applicable tax rate [6] - In July, the national passenger car manufacturers' wholesale volume reached 2.22 million, a year - on - year increase of 13% and a month - on - month decrease of 11%. From January to July, the cumulative wholesale volume was 15.5 million, a year - on - year increase of 12.4% [7] - From August 11 - 17, 2025, the total iron ore inventory at seven major ports in Australia and Brazil was 13.037 million tons, a decrease of 178,000 tons compared to the previous period [7] - In July 2025, the iron ore exports from Port Hedland in Australia decreased to 4.59693 million tons, lithium spodumene concentrate exports decreased to 11,965 tons, and manganese ore exports increased to 18,160 tons [7] 3.3 Fundamental Analysis - On the production side, some coal mines had production stoppages or reductions due to their own underground reasons, while most maintained normal production. Due to weakened downstream demand and a slower procurement pace, coal washing plants and traders became more cautious in procurement, and market trading activity declined [2] - On the demand side, after the seventh round of coke price increase, steel mills had high production enthusiasm due to profit support. The steel mill segment showed a structure of "high production, weak inventory reduction, and strong expectations". Coke prices were supported by demand resilience, but the pressure of steel inventory accumulation and potential production restriction policies would limit their upward space [2] 3.4 Market Outlook and Investment Strategies - On the supply side, some coal mines that had stopped or reduced production resumed operations, but there were still new production stoppages and reductions in some areas. The average daily customs clearance at the Ganqimaodu Port increased by 239 vehicles to 1,263 vehicles [30] - On the demand side, coke production increased slightly, but coking enterprises maintained a demand - based procurement strategy, and upstream coal mines began to accumulate a small amount of inventory [30] - Overall, the supply recovery was limited due to continuous disruptions, and the demand was supported by the rigid needs and low inventories of coking enterprises. The supply - demand contradiction was not prominent. It was recommended to mainly conduct range - bound operations for single - side trading, and to mainly stay on the sidelines for inter - period arbitrage and coking profit trading [30]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On August 21, the SM2601 contract was reported at 5838, down 0.10%. The spot price of Inner Mongolia silicon - manganese was reported at 5750, down 20 yuan/ton. The market should be treated as oscillating, and investors should pay attention to risk control [2]. - On August 21, the SF2511 contract was reported at 5638, up 0.21%. The spot price of Ningxia ferrosilicon was reported at 5510. The market should be treated as oscillating, and investors should pay attention to risk control [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5,838.00 yuan/ton, up 2.00 yuan; SF主力合约收盘价 was 5,638.00 yuan/ton, up 16.00 yuan [2]. - SM期货合约持仓量 was 589,774.00 hands, down 7005.00 hands; SF期货合约持仓量 was 453,095.00 hands, up 716.00 hands [2]. - The net position of the top 20 in SM was - 80,936.00 hands, up 676.00 hands; the net position of the top 20 in SF was - 35,845.00 hands, up 746.00 hands [2]. - The SM1 - 9 month contract spread was 92.00 yuan/ton, up 12.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, up 6.00 yuan [2]. - SM仓单 was 71,820.00 sheets, down 1228.00 sheets; SF仓单 was 20,202.00 sheets, down 395.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,750.00 yuan/ton, down 20.00 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,590.00 yuan/ton, unchanged [2]. - The price of Guizhou manganese - silicon FeMn68Si18 was 5850.00 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,420.00 yuan/ton, unchanged [2]. - The price of Yunnan manganese - silicon FeMn68Si18 was 5,850.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,510.00 yuan/ton, unchanged [2]. - The SM index average was 5870.00 yuan/ton, up 37.00 yuan; the SF主力合约基差 was - 128.00 yuan/ton, down 16.00 yuan [2]. - The SM主力合约基差 was - 88.00 yuan/ton, down 22.00 yuan [2]. 3.3 Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 34.00 yuan/ton - degree, unchanged; the price of silica (98% Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1150.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 446.60 million tons, down 2.30 million tons [2]. 3.4 Industry Situation - The SM enterprise operating rate was 45.75%, up 2.32%; the SF enterprise operating rate was 36.18%, up 1.86% [2]. - The SM supply was 207,060.00 tons, up 11235.00 tons; the SF supply was 112,900.00 tons, up 3800.00 tons [2]. - The SM manufacturer inventory was 158,800.00 tons, down 2700.00 tons; the SF manufacturer inventory was 65,180.00 tons, down 6590.00 tons [2]. - The SM national steel mill inventory was 14.24 days, down 1.25 days; the SF national steel mill inventory was 14.25 days, down 1.13 days [2]. - The demand for SM in five major steel types was 125382.00 tons, up 182.00 tons; the demand for SF in five major steel types was 20313.96 tons, up 47.66 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills was 90.24%, up 0.17% [2]. - The crude steel output was 7965.82 million tons, down 352.58 million tons [2]. 3.6 Industry News - On August 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5% [2]. - The US Treasury Secretary said the US and China had a "very good dialogue" on economic and trade issues and expected another meeting before November [2]. - The July Fed meeting minutes showed that almost all policymakers supported not cutting interest rates, with only two opposing. Most thought the risk of rising inflation was higher than the risk of falling employment [2]. - This week, the capacity utilization rate of 314 independent coal washing plants was 36.1%, down 0.46% month - on - month; the daily output of clean coal was 25.7 million tons, down 0.7 million tons; the clean coal inventory was 294.8 million tons, down 2.2 million tons [2]. 3.7 Profit Situation - For SM, the Inner Mongolia spot profit was - 80 yuan/ton, and the Ningxia spot profit was - 340 yuan/ton [2]. - For SF, the Inner Mongolia spot profit was - 185 yuan/ton, and the Ningxia spot profit was - 60 yuan/ton [2]. 3.8 Market Situation - In August, the steel mill procurement tender price for SM increased by 150 yuan/ton month - on - month; for SF, it increased by 100 yuan/ton month - on - month [2].

Macro News - The Loan Prime Rate (LPR) remains unchanged for August, with the 1-year LPR at 3.00% and the 5-year LPR at 3.50%, consistent with the previous month [1] Taxation and Compliance - The State Taxation Administration announced that relevant platform enterprises have submitted basic information as required by the "Internet Platform Enterprises Tax Information Reporting Regulations" [2] - For those platform enterprises that have not yet submitted their basic information, the taxation department will conduct promotional guidance and reminders [2] Shanghai Pudong Development - Shanghai Pudong aims to cultivate 400 overseas pioneer enterprises and 100 overseas enterprise headquarters by the end of the 14th Five-Year Plan [3][5] - A comprehensive service center for enterprises "going out" has been established, integrating 11 council units and 72 strategic partners to support high-quality development of domestic enterprises abroad [5] - The construction of the Eastern Hub International Business Cooperation Zone is progressing, with management measures completed and functional supporting facilities being accelerated [5]

Core Viewpoint - The People's Bank of China (PBOC) is actively managing monetary policy tools, including the Loan Prime Rate (LPR), to influence economic conditions and support growth [1]. Group 1: Monetary Policy - The PBOC is focused on adjusting the LPR as a key monetary policy tool to guide lending rates and stimulate economic activity [1]. - The central bank aims to maintain a stable financial environment while addressing inflation and supporting economic recovery [1]. Group 2: Financial Stability - The PBOC emphasizes the importance of financial stability in its policy framework, ensuring that monetary measures do not lead to excessive risk-taking in the financial system [1]. - The central bank is monitoring macroeconomic indicators closely to make informed decisions regarding interest rates and other monetary policies [1].

Core Viewpoint - The Loan Prime Rate (LPR) in China remains unchanged as of August 20, 2025, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [1]. Summary by Relevant Sections - **Monetary Policy**: The People's Bank of China has announced that the LPR rates have not changed from the previous month, indicating a stable monetary policy environment [1][2]. - **Financial Market**: The announcement of the unchanged LPR is significant for the financial market as it reflects the central bank's stance on interest rates and economic conditions [1][2].

本报记者 刘琪 （编辑 上官梦露） 8月20日，中国人民银行授权全国银行间同业拆借中心公布，2025年8月20日贷款市场报价利率（LPR）为：1年期LPR为 3.0%，5年期以上LPR为3.5%。两个期限品种LPR较上月均维持不变。 图片来源：中国人民银行网站 ...

Group 1 - The Loan Prime Rate (LPR) for 1-year remains at 3% and for 5-year and above at 3.5%, unchanged for three consecutive months [1] - In May, the 5-year LPR was reduced by 10 basis points to 3.50% [4] - Current mortgage rates in Xi'an are 3.15% for new loans and 3.2% for existing loans, with public fund first loan rate at 2.6% and second loan rate at 3.075% [4] Group 2 - There are expectations for a potential interest rate cut in September, influenced by a likely rate cut from the Federal Reserve [4] - If the LPR decreases, Xi'an may experience a new wave of interest rate cuts in September [4]

Core Viewpoint - The Loan Prime Rate (LPR) in China remains unchanged for three consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [1][5]. Group 1 - The stability of the LPR quotes in August reflects the unchanged policy interest rates, indicating no significant changes in the pricing basis for LPR [5]. - Market interest rates have recently increased due to various factors, but banks lack the incentive to lower LPR quotes given the historical low net interest margins [5]. - The continuous stability of the LPR is primarily attributed to a relatively strong macroeconomic performance in the first half of the year, reducing the necessity for downward adjustments in the short term [5].

Core Viewpoint - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year remains at 3.0% and for five years or more at 3.5%, unchanged from the previous month [1] Group 1 - The one-year LPR is set at 3.0% as of August 20, 2025 [1] - The five-year LPR is set at 3.5% as of August 20, 2025 [1] - Both LPR rates have not changed compared to the previous month [1]

Core Viewpoint - The People's Bank of China announced the Loan Prime Rate (LPR) for August 20, 2025, with a 1-year LPR set at 3.0% and a 5-year LPR at 3.5% [1][2]. Summary by Relevant Sections - **LPR Announcement** - The 1-year LPR is established at 3.0% [1] - The 5-year LPR is set at 3.5% [1][2]