Report Summary 1. Report Industry Investment Rating - Unspecified in the provided content. 2. Core Views - The spot premium and discount of zinc are difficult to improve. The zinc price is under significant pressure due to the supply - demand imbalance, with a cautious bearish view on unilateral trading and a neutral view on arbitrage [1][5][6]. 3. Summary by Related Catalogs Important Data - **Spot**: The LME zinc spot premium is -$13.16 per ton. The SMM Shanghai zinc spot price is 22,330 yuan per ton, with a premium and discount of -20 yuan per ton; the SMM Guangdong zinc spot price is 22,290 yuan per ton, with a premium and discount of -60 yuan per ton; the Tianjin zinc spot price is 22,310 yuan per ton, with a premium and discount of -40 yuan per ton [2]. - **Futures**: On August 6, 2025, the SHFE zinc main contract opened at 22,360 yuan per ton and closed at 22,380 yuan per ton, up 65 yuan per ton from the previous trading day. The trading volume was 89,569 lots, and the open interest was 94,254 lots. The highest price during the day was 22,415 yuan per ton, and the lowest was 22,250 yuan per ton [3]. - **Inventory**: As of August 6, 2025, the total inventory of SMM seven - region zinc ingots was 107,300 tons, a change of 4,100 tons from the previous period. The LME zinc inventory was 89,225 tons, a change of -3,050 tons from the previous trading day [4]. Market Analysis - **Spot Market**: Downstream enterprises have sufficient raw material reserves and weak purchasing willingness. The market trading is sluggish, and the overall premium and discount shows a stable - to - weak trend [5]. - **Supply**: In July 2025, China's zinc ingot production was 602,800 tons, a year - on - year increase of 23%. The expected production in August is 620,000 tons, with a year - on - year growth rate of 25%. The supply pressure continues to increase [5]. - **Cost**: There is no interference in overseas mines, the domestic mine TC has increased by 100 yuan per ton, the smelting profit has increased, and the smelting enthusiasm remains high [5]. - **Consumption**: The downstream operating rate shows relative resilience, and the overall consumption is not bad. However, it cannot offset the high growth on the supply side. The social inventory is in an accumulation trend, which is expected to continue in the second half of the year. Currently, it is the consumption off - season, and combined with supply pressure, the zinc price is under great pressure [5]. Strategy - **Unilateral**: Cautiously bearish [6]. - **Arbitrage**: Neutral [6].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Steel - The steel market shows signs of stabilizing. The recent decline in steel prices was mainly affected by the drop in coking coal prices. In the off - season, the supply and demand of steel are basically balanced, with a small increase in inventory. Steel prices rose in July, and inventory shifted from steel mills to traders. Steel mills have over - sold recently, and forward orders have been received for 20 - 30 days later. In the short term, steel inventory pressure is low, and as demand transitions from the off - season to the peak season, steel prices are expected to be supported. The main risk is the interference from the expected supply of coking coal. It is recommended to take a long - biased approach on price pullbacks and lightly test long positions at the current level [1]. Iron Ore - The iron ore 09 contract showed a volatile upward trend. Globally, the iron ore shipping volume decreased month - on - month, while the arrival volume at 45 ports increased. Based on recent shipping data, the average future arrival volume is expected to decline. On the demand side, steel mills' profit margins are at a relatively high level, with a slight increase in maintenance volume and a slight decline in molten iron production, which remains at around 240,000 tons per day. Currently, steel exports remain strong, and the short - term resilience of molten iron is maintained. Terminal demand shows a strong performance during the off - season but weakens month - on - month. In terms of inventory, port inventory decreased slightly, the shipping volume decreased month - on - month, and steel mills' equity ore inventory increased month - on - month. In the future, molten iron production in August will remain high, with an average expected to be around 236,000 tons per day. The improvement in steel mills' profits will support raw materials, and there is a seesaw effect between coking coal and iron ore. The Ministry of Industry and Information Technology plans to introduce a stable growth plan for ten key industries, and there are expectations of production restrictions for Hebei steel mills before the September 3rd parade, which may lead to an increase in steel prices and iron ore prices will follow. It is recommended to go long on dips for single - side trading and long iron ore and short steel for arbitrage [4]. Coke - The coking coal futures rebounded after hitting the bottom, with significant price fluctuations recently. The fifth round of coke price increase was officially implemented, and port trade quotes remained stable. On the supply side, coal mine复产 is below expectations, and although coking production restrictions have been lifted, production is difficult to increase due to some enterprises' losses. On the demand side, blast furnace molten iron production decreased slightly from a high level, and downstream demand provides support. It is expected that molten iron production will continue to decline slightly in August. In terms of inventory, coking plants' inventory continued to decrease, port inventory increased slightly, and steel mills' inventory decreased. The overall inventory is at a medium level. As steel mills increase inventory replenishment at low prices, it is beneficial for future coke price increases. There is room for hedging due to the premium of coke futures over the spot. In August, there are positive drivers from production restrictions in Shanxi and Hebei for coking and steel industries. There are expectations of a sixth - round price increase in the short term. It is recommended to go long on coke 2601 for speculation and conduct a 9 - 1 reverse spread for arbitrage, while being cautious of increased market volatility [5]. Coking Coal - The coking coal futures rebounded after hitting the bottom, with significant price fluctuations. The spot auction prices were stable with a slight upward trend, Mongolian coal quotes stabilized, and large - mine long - term contract prices increased. On the supply side, coal mine operations decreased month - on - month. Due to good sales, coal mines mainly held firm on prices, and the market remained in short supply. In terms of imported coal, Mongolian coal prices stabilized this week after following the futures decline last week, and downstream users continued to replenish inventory. On the demand side, coking operations remained stable, and downstream blast furnace molten iron production decreased slightly from a high level, with continuous downstream inventory replenishment demand. In August, molten iron production is expected to remain at around 236,000 tons per day. In terms of inventory, coal mines continued to rapidly reduce inventory, ports and borders also saw inventory reduction, and downstream actively replenished inventory, with the overall inventory at a medium level. Although the spot fundamentals are under pressure due to the futures market, there are still expectations of coal mine production restrictions in August. It is recommended to go long on coking coal 2601 for speculation and conduct a 9 - 1 reverse spread for arbitrage, while being cautious of increased market volatility [5]. 3. Summaries Based on Relevant Catalogs Steel Prices and Spreads - For rebar, spot prices in East China, North China decreased by 20 yuan/ton, while the price in South China remained unchanged. Futures contract prices generally increased slightly. For hot - rolled coils, spot prices in East China increased by 20 yuan/ton, North China decreased by 20 yuan/ton, and South China remained unchanged. Futures contract prices also increased [1]. Cost and Profit - The billet price increased by 20 yuan/ton, and the slab price remained unchanged. The cost of Jiangsu electric - arc furnace rebar remained unchanged, while the cost of Jiangsu converter rebar decreased by 10 yuan/ton. The profits of rebar and hot - rolled coils in different regions decreased to varying degrees [1]. Production - The daily average molten iron production increased by 2.6 to 242.6 tons, a 1.1% increase. The production of five major steel products increased slightly by 0.5 to 867.4 tons, a 0.1% increase. Rebar production decreased by 0.9 to 211.1 tons, a 0.4% decrease, with electric - arc furnace production increasing by 2.6 to 26.6 tons (a 10.9% increase) and converter production decreasing by 3.5 to 184.5 tons (a 1.9% decrease). Hot - rolled coil production increased by 5.3 to 322.8 tons, a 1.7% increase [1]. Inventory - The inventory of five major steel products increased by 15.4 to 1351.9 tons, a 1.2% increase. Rebar inventory increased by 7.6 to 546.3 tons, a 1.4% increase. Hot - rolled coil inventory increased by 2.8 to 348.0 tons, an 0.8% increase [1]. Transaction and Demand - The building materials trading volume increased by 2.3 to 11.0 tons, a 27.0% increase. The apparent demand for five major steel products decreased by 16.1 to 852.0 tons, a 1.9% decrease. The apparent demand for rebar decreased by 13.2 to 203.4 tons, a 6.1% decrease. The apparent demand for hot - rolled coils increased by 4.8 to 320.0 tons, a 1.5% increase [1]. Iron Ore Prices and Spreads - The warehouse receipt costs of various iron ore powders increased, with the 09 - contract basis of some powders decreasing. The 5 - 9 spread increased by 1.5 to - 48.0, a 3.0% increase, the 9 - 1 spread decreased by 1.5 to 24.5, a 5.8% decrease, and the 1 - 5 spread remained unchanged [4]. Spot Prices and Price Indices - Spot prices at Rizhao Port for various iron ore powders increased slightly, and the prices of the Singapore Exchange 62% Fe swap and the Platts 62% Fe also increased slightly [4]. Supply - The 45 - port weekly arrival volume increased by 267.3 to 2507.8 tons, an 11.9% increase. The global weekly shipping volume decreased by 139.1 to 3061.8 tons, a 4.3% decrease. The national monthly import volume increased by 782.0 to 10594.8 tons, an 8.0% increase [4]. Demand - The weekly average daily molten iron production of 247 steel mills decreased by 1.5 to 240.7 tons, a 0.6% decrease. The weekly average daily shipping volume at 45 ports decreased by 12.4 to 302.7 tons, a 3.9% decrease. The national monthly pig iron production decreased by 220.9 to 7190.5 tons, a 3.0% decrease, and the national monthly crude steel production decreased by 336.1 to 8318.4 tons, a 3.9% decrease [4]. Inventory - The 45 - port inventory decreased by 28.3 to 13657.9 tons, a 0.2% decrease. The imported ore inventory of 247 steel mills increased by 126.9 to 9012.1 tons, a 1.4% increase. The inventory available days of 64 steel mills remained unchanged at 21.0 days [4]. Coke Prices and Spreads - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke increased. Coke futures contract prices also increased, and the basis decreased. The coking profit decreased [5]. Supply - The daily average production of all - sample coking plants increased by 0.2 to 64.8 tons, a 0.3% increase, while the daily average production of 247 steel mills decreased by 0.2 to 47.0 tons, a 0.4% decrease [5]. Demand - The weekly molten iron production of 247 steel mills decreased by 1.5 to 240.7 tons, a 0.64% decrease [5]. Inventory - The total coke inventory decreased by 2.8 to 915.4 tons, a 0.3% decrease. The coke inventory of all - sample coking plants decreased by 6.5 to 73.6 tons, an 8.14% decrease, and the coke inventory of 247 steel mills decreased by 13.3 to 626.7 tons, a 2.14% decrease. The port inventory increased by 17.0 to 215.1 tons, an 8.6% increase [5]. Supply - Demand Gap - The coke supply - demand gap increased by 0.8 to - 4.8 tons, a 15.84% increase [5]. Coking Coal Prices and Spreads - The prices of Shanxi and Mongolian coking coal warehouse receipts remained unchanged. Coking coal futures contract prices increased, and the basis changed. The coal mine profit increased [5]. Coal Prices - The Australian Peak Downs FOB price remained unchanged, the Jingtang Port Australian main coking coal ex - warehouse price remained unchanged, and the Guangzhou Port Australian thermal coal ex - warehouse price decreased by 6.0 to 721 yuan/ton, a 0.8% decrease [5]. Supply - The weekly raw coal production of Fenwei sample coal mines increased by 6.4 to 868.7 tons, a 0.7% increase, and the clean coal production increased by 3.1 to 444.1 tons, a 0.7% increase [5]. Demand - The weekly coking production of all - sample coking plants increased by 0.2 to 64.8 tons, a 0.3% increase, and the weekly coking production of 247 steel mills decreased by 0.2 to 47.0 tons, a 0.4% decrease [5]. Inventory - The Fenwei coal mine clean coal inventory decreased by 13.9 to 118.8 tons, a 10.5% decrease. The coking coal inventory of all - sample coking plants increased by 7.4 to 992.7 tons, a 0.74% increase. The coking coal inventory of 247 steel mills increased by 4.3 to 803.8 tons, a 0.5% increase. The port inventory decreased by 10.2 to 282.1 tons, a 3.5% decrease [5].

1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Polyester Industry Chain**: PX supply is expected to increase in August due to new device production and restart of some PX maintenance devices. The supply - demand situation is expected to weaken, and PX is expected to fluctuate weakly in the short term. PTA supply - demand is expected to improve, but the medium - term outlook is weak. Ethylene glycol supply is turning loose, with a small inventory build - up expected. Short - fiber, bottle - chip, and other products also face different supply - demand situations and price trends [2]. - **Pure Benzene - Styrene Industry**: The supply - demand of pure benzene is expected to improve in the third quarter, but the overall supply is sufficient, and it is expected to fluctuate weakly in the short term. The supply - demand of styrene is expected to be weak, with high port inventory, and it is expected to fluctuate weakly [7]. - **Urea Industry**: The main driving force for the rebound of the urea market is the surge in overseas export demand and the expected increase in domestic industrial demand. The secondary driving force is the possible marginal tightening of supply due to local maintenance. The short - term market is still in the shock range, and attention should be paid to multiple factors such as port collection volume and overseas prices [12]. - **Methanol Industry**: The domestic methanol production is at a high level, the port inventory is slightly increasing, the basis is weakening, and the downstream demand is weak. It is recommended to buy at low prices for the 01 contract [17]. - **Chlor - Alkali Industry**: The caustic soda market is in the off - season, with an expected increase in supply, and the overall outlook is neutral to weak. The PVC market is under pressure, with increasing inventory and weak demand, and the price is expected to continue to decline [27]. - **Crude Oil Industry**: The overnight oil price declined due to OPEC+ production increase, which is expected to increase global supply and suppress oil prices in the medium - long term. If there is no greater geopolitical shock, the supply - demand logic will continue to dominate the oil price trend [56]. - **Polyolefin Industry**: In August, the inventory pressure of PP and PE increases, and the demand is at a low level. However, there are potential restocking conditions in the seasonal peak season, and the overall valuation is moderately high with few fundamental contradictions [53]. 3. Summary by Directory Polyester Industry Chain - **Price and Spread**: On August 5, most polyester product prices and spreads declined. For example, POY150/48 price dropped by 20 yuan/ton, and its cash flow decreased by 74.7% [2]. - **Supply - Demand Analysis**: PX supply is expected to increase, and the supply - demand is expected to weaken. PTA supply - demand is expected to improve in August, but the medium - term outlook is weak. Ethylene glycol supply is turning loose [2]. - **Strategy**: For PX, close short positions for PX09 and pay attention to the support around 6650. For PTA, close short positions for TA and conduct TA9 - 1 rolling reverse arbitrage [2]. Pure Benzene - Styrene Industry - **Price and Spread**: On August 5, most prices and spreads of pure benzene and styrene declined. For example, the pure benzene - styrene spot price dropped by 30 yuan/ton, and the EB cash flow decreased significantly [7]. - **Supply - Demand Analysis**: The supply - demand of pure benzene is expected to improve in the third quarter, but the overall supply is sufficient. The supply - demand of styrene is expected to be weak, with high port inventory [7]. - **Strategy**: For styrene, close short positions for EB09 [7]. Urea Industry - **Price and Spread**: On August 5, the urea futures price and related spreads showed certain changes, and the spot price also had different degrees of increase or decrease in different regions [12]. - **Supply - Demand Analysis**: The main driving force for the rebound is the increase in demand, and the secondary driving force is the possible marginal tightening of supply. The short - term market is still in the shock range [12]. - **Strategy**: Pay attention to multiple factors such as port collection volume and overseas prices [12]. Methanol Industry - **Price and Spread**: On August 5, the methanol futures price and related spreads changed, and the spot price also had different trends in different regions [17]. - **Supply - Demand Analysis**: The domestic production is at a high level, the port inventory is slightly increasing, and the downstream demand is weak [17]. - **Strategy**: Buy at low prices for the 01 contract [17]. Chlor - Alkali Industry - **Price and Spread**: On August 5, the prices of caustic soda and PVC products changed. For example, the price of Shandong 50% liquid caustic soda decreased by 60 yuan/ton, and the price of East China calcium carbide - based PVC increased by 30 yuan/ton [22]. - **Supply - Demand Analysis**: The caustic soda market is in the off - season, with an expected increase in supply. The PVC market is under pressure, with increasing inventory and weak demand [27]. - **Strategy**: For caustic soda, hold short positions at high levels. For PVC, expect the price to continue to decline [27]. Crude Oil Industry - **Price and Spread**: On August 6, the prices of Brent, WTI, and SC crude oil changed, and the spreads between different varieties and contracts also changed [56]. - **Supply - Demand Analysis**: OPEC+ production increase is expected to increase global supply and suppress oil prices in the medium - long term [56]. - **Strategy**: Adopt a band - trading strategy, with support levels for WTI at [63, 64], Brent at [66, 67], and SC at [495, 505]. Capture volatility contraction opportunities in the options market [56]. Polyolefin Industry - **Price and Spread**: On August 5, the prices of polyolefin futures and spot products increased to varying degrees, and the spreads between different contracts also changed [53]. - **Supply - Demand Analysis**: In August, the inventory pressure of PP and PE increases, and the demand is at a low level, but there are potential restocking conditions in the seasonal peak season [53]. - **Strategy**: Close short positions at 7200 - 7300 for the previous single - side short positions, and continue to hold the LP01 position [53].

Report Industry Investment Rating No relevant content provided. Core View of the Report The industrial silicon price has declined, while the polysilicon price has remained high and stable. The supply of industrial silicon is expected to increase significantly in August due to the increase in furnace openings by silicon enterprises. The polysilicon production is also expected to rise, but the demand for silicon wafers may decline. The organic silicon industry has a certain price increase and strong price - holding intention, while the aluminum - silicon alloy industry has weak demand and declining prices. [3] Summary by Directory 1. Industrial Silicon - **Cost and Profit**: In the southwest production area, the power cost has decreased during the wet season, while the prices of silicon coal, petroleum coke, and electrodes have rebounded. Overall, the cost side has weak support for the silicon price. The average profit of industrial silicon 553 and 421 in June was - 2,361 yuan/ton and - 2,049 yuan/ton respectively, showing a month - on - month recovery [3][37]. - **Supply**: The number of furnace openings of silicon enterprises has increased. In Xinjiang, the previously reduced - production enterprises have recovered; in Yunnan and Sichuan, the operation has increased steadily. It is expected that more silicon enterprises will increase furnace openings in August, with a significant overall increase in supply [3]. - **Demand**: The incremental demand mainly comes from the polysilicon sector. In July, the output of polysilicon is expected to increase to around 110,000 tons, and there will still be some growth in August. The organic silicon industry has a weak purchase of industrial silicon due to an accident in an individual enterprise, and the demand for silicon - aluminum alloy is weak [3]. - **Inventory**: The futures price has remained high, and the warehouse receipts have stopped decreasing and started to increase. As the price rises, part of the factory inventory has transferred to the intermediate link and futures - cash traders, and the social inventory has decreased [3]. - **Market Outlook**: Recently, with the weakening of macro - sentiment and the increase in enterprise operation, the silicon price support has weakened, and it is expected to maintain a weak consolidation in the short term, with the operating range referring to 8,000 - 10,000 yuan/ton [3]. 2. Polysilicon - **Supply**: In July, some enterprises increased production, mainly in the southwest and Qinghai regions, and some enterprises carried out maintenance. After offsetting the increase and decrease, the monthly output is expected to increase to about 110,000 tons. In August, the wet season and high prices will further stimulate the start - up of polysilicon bases, and the monthly output is expected to increase to about 130,000 tons [3]. - **Demand**: The price of downstream silicon wafers has continued to rise, but the silicon wafer quotation cannot cover the full cost. It is expected that the production schedule in July will drop to about 52GW. The battery orders are short - term positive, and the component end has shown a situation of rising first and then falling [3]. - **Inventory**: As of July 31, the total polysilicon inventory was 229,000 tons, and the silicon wafer inventory was 18.15GW. As of August 1, the total polysilicon futures warehouse receipts were 3,200 lots [3]. - **Market Outlook**: Last week, with the weakening of macro - sentiment, the polysilicon price has declined after reaching a high. Fundamentally, the supply side of silicon materials has a strong expectation of incremental supply, and the demand side has no major changes. It is expected that the price will maintain a high - level consolidation in the short term, with the operating range referring to 40,000 - 55,000 yuan/ton [3]. 3. Organic Silicon - **Supply**: In July, the DMC start - up rate was 67.73%, a month - on - month decrease of 3.22 percentage points, and the output was 199,800 tons, showing a month - on - month decline [92]. - **Price**: The organic silicon price has rebounded. As of August 1, the average price of DMC was 12,400 yuan/ton, a month - on - month decrease of 0.40%; the average price of 107 glue was 12,750 yuan/ton, remaining flat month - on - month; the average price of silicone oil was 14,400 yuan/ton, remaining flat month - on - month [97]. - **Market Situation**: The monomer factories have received orders smoothly, and due to the low factory inventory pressure, they have a strong intention to hold prices. However, because the downstream inventory is sufficient, the purchase intention has declined after restocking [97]. 4. Silicon - Aluminum Alloy - **Supply**: On the week of July 31, the start - up rate of primary aluminum - silicon alloy was 54.6%, a month - on - month increase of 0.6 percentage points; the start - up rate of recycled aluminum - silicon alloy was 53.1%, remaining flat month - on - month [106]. - **Price**: The aluminum - silicon alloy price has declined. As of August 1, the average price of ADC12 was 20,000 yuan/ton, a month - on - month decrease of 0.99%; the average price of A356 was 20,950 yuan/ton, a month - on - month decrease of 1.18% [109].

Research View Copper - Overnight, LME copper rose 0.78% to $9,708.5/ton, and SHFE copper rose 0.19% to CNY 78,370/ton; domestic spot imports remained at a loss [1]. - In June, US factory orders decreased 4.8% month-on-month, slightly better than the expected -5% but significantly lower than the previous value of 8.2%; durable goods orders decreased 9.4% month-on-month, lower than both the expected and previous value of -9.3% [1]. - LME copper inventory decreased by 2,175 tons to 139,575 tons, indicating an end to the phased inventory accumulation; Comex copper inventory increased by 1,360 tons to 236,941 tons; SHFE copper warehouse receipts decreased by 1 ton to 20,348 tons; BC copper warehouse receipts remained at 1,553 tons [1]. - During the off - season, terminal orders slowed down, and the procurement rhythm of the processing end maintained at the level of rigid demand. In early August, the market focused on Trump's deadline for Russia, the results of China - US negotiations, etc., and the macro - performance might be weak. There were also concerns about the market's view on US copper in the future under the 0 - tariff policy for US refined copper, the risk of price inversion and inventory relocation, and the contradictions accumulated in the fundamentals during the off - season. However, the expectation of the peak season in September would limit the decline [1]. Aluminum - Alumina fluctuated strongly. Overnight, AO2509 closed at CNY 3,194/ton, up 0.13%, with an increase of 9,804 lots in positions to 139,000 lots. Shanghai aluminum fluctuated weakly. Overnight, AL2509 closed at CNY 20,440/ton, down 0.07%, with a decrease of 2,632 lots in positions to 224,000 lots. Aluminum alloy also fluctuated weakly. Overnight, the main contract AD2511 closed at CNY 19,865/ton, down 0.08%, with a decrease of 5 lots in positions to 8,241 lots [1]. - The SMM alumina price rebounded to CNY 3,250/ton. The spot discount of aluminum ingots widened to CNY 30/ton. The price of Foshan A00 dropped to CNY 20,490/ton, and the price of Wuxi A00 was at a discount of CNY 20/ton. The processing fees of aluminum rods in Baotou and Henan remained stable, while those in Xinjiang, Nanchang, Linyi, Guangdong, and Wuxi increased by CNY 10 - 50/ton; the processing fees of 1A60 - series aluminum rods remained stable, and the processing fees of 6/8 - series aluminum rods remained stable, while the processing fees of low - carbon aluminum rods decreased by CNY 31/ton [1]. - The relaxation of Guinea's aluminum ore export policy and the return of mining rights of Shunda and Alufa led to an expected increase in supply. With the new production of alumina in Hebei and Guangxi and the impact of imports from Indonesia, the surplus pressure of alumina increased. The production of cast ingots from the replacement capacity of electrolytic aluminum in Yunnan continued to rise, and inventory accumulation might continue, putting downward pressure on the aluminum price center. The aluminum alloy in the off - season might follow the logic of Shanghai aluminum, and there was an expectation of spread repair in the peak season of 2511. In August, the supply - demand pattern of the aluminum industry was expected to shift from the upstream to the downstream [1][2]. Nickel - Overnight, LME nickel rose 0.57% to $15,105/ton, and SHFE nickel rose 0.61% to CNY 120,640/ton. Yesterday, LME inventory remained at 209,082 tons, and domestic SHFE warehouse receipts decreased by 204 tons to 21,170 tons [2]. - In terms of nickel ore, the domestic trade price of nickel ore slightly decreased, and the premium of Indonesian nickel ore slightly decreased. For stainless steel, the raw material prices were differentiated. The transaction price center of nickel iron moved up to CNY 920/nickel point. Due to the previous slowdown in production and the strengthening of prices, the inventory decreased slightly month - on - month, and the stainless - steel crude steel output in August was expected to increase month - on - month [2]. - For primary nickel, the domestic inventory decreased slightly on a weekly basis, and the output in August was expected to increase 2% month - on - month to 33,000 tons. In general, in the short term, nickel and stainless - steel prices were affected by market sentiment and weakened. The fundamentals changed little overall, with support from the prices of nickel iron and intermediate products below and demand suppression above, and the prices continued to fluctuate [2]. Daily Data Monitoring Copper - Market prices: The price of flat - water copper on August 4, 2025, was CNY 78,395/ton, up CNY 90 from August 1; the flat - water copper premium was CNY 155, up CNY 5 from August 1. The price of 1 bright scrap copper in Guangdong remained at CNY 73,000/ton, and the refined - scrap price difference in Guangdong increased by CNY 10 to CNY 60 [3]. - Inventory: LME registered + cancelled inventory decreased by 2,175 tons to 139,575 tons; SHFE warehouse receipts decreased by 1 ton to 20,348 tons; total inventory decreased by 880 tons to 72,543 tons. Comex inventory increased by 1,602 tons to 235,579 tons. The domestic + bonded area social inventory decreased by 0.2 million tons to 20.0 million tons [3]. - Other data: The LME0 - 3 premium decreased by $9.3 to - $49.8/ton; the CIF bill of lading price remained at $59.0/ton; the active contract import loss increased by CNY 50 to CNY - 53.6/ton [3]. Lead - Market prices: The average price of 1 lead in the Yangtze River was CNY 16,750/ton, up CNY 150 from August 1; the premium of 1 lead ingots in East China remained at - CNY 150; the price difference between the first and second consecutive contracts of SHFE lead remained at - CNY 10. The price of tax - included recycled refined lead (≥pb99.97) and recycled lead (≥pb98.5) increased by CNY 125 to CNY 16,725/ton, and the price of tax - included reduced lead in Shandong decreased by CNY 50 to CNY 14,350/ton [3]. - Inventory: LME registered + cancelled inventory decreased by 1,100 tons to 274,225 tons; SHFE warehouse receipts decreased by 941 tons to 59,007 tons; weekly inventory increased by 29 tons to 63,283 tons [3]. - Premium: The 3 - cash premium was - $7.2, the CIF bill of lading price was $105.00, and the active contract import loss decreased by CNY 120 to CNY - 302/ton [3]. Aluminum - Market prices: The Wuxi quotation was CNY 20,470/ton, down CNY 60 from August 1; the Nanhai quotation was CNY 20,490/ton, down CNY 30 from August 1; the Nanhai - Wuxi price difference increased by CNY 30 to CNY 20; the spot premium was - CNY 30, down CNY 10 from August 1. The price of low - grade bauxite in Shanxi remained at CNY 600/ton, and the price of high - grade bauxite in Shanxi remained at CNY 640/ton. The FOB price of alumina remained at $377/ton, and the price of Shandong alumina remained at CNY 3,220/ton; the domestic - foreign price difference of alumina remained at CNY 202; the price of pre - baked anodes remained at CNY 6,332/ton [4]. - Inventory: LME registered + cancelled inventory increased by 925 tons to 463,725 tons; SHFE warehouse receipts decreased by 2,009 tons to 46,649 tons; total inventory increased by 1,737 tons to 117,527 tons. The electrolytic aluminum social inventory remained at 0.0 million tons, and the alumina social inventory decreased by 1.2 million tons to 4.6 million tons [4]. - Premium: The 3 - cash premium was - $49.65, the CIF bill of lading price was $107.50, and the active contract import loss increased by CNY 20 to CNY - 1171/ton [4]. Nickel - Market prices: The price of Jinchuan nickel plates was CNY 122,500/ton, up CNY 650 from August 1; the Jinchuan nickel - Wuxi price difference increased by CNY 300 to CNY 2,550; the 1 imported nickel - Wuxi price difference increased by CNY 250 to CNY 750. The price of low - nickel iron (1.5 - 1.8%) remained at CNY 3,200/ton, and the price of Indonesian nickel iron (10 - 15%) remained at $0. The price of 1.4% - 1.6% nickel ore at Rizhao Port remained at CNY 465/ton, and the price of 1.8% nickel ore from the Philippines at Lianyungang decreased by CNY 2 to CNY 659/ton. The price of 304 No1 in Foshan and Wuxi increased by CNY 25 to CNY 12,425/ton; the price of 304/2B coils (both rough - edged and trimmed) in Wuxi and Foshan remained unchanged. The price of domestic nickel sulfate (≥22%) decreased by CNY 300 to CNY 32,300/ton, and the prices of domestic 523 and 622 ordinary products decreased by CNY 2,000 to CNY 213,000/ton and CNY 227,000/ton respectively [4]. - Inventory: LME registered + cancelled inventory remained at 209,082 tons; SHFE nickel warehouse receipts decreased by 204 tons to 21,170 tons; weekly nickel inventory increased by 299 tons to 25,750 tons; stainless - steel warehouse receipts decreased by 253 tons to 45,451 tons. The nickel social inventory (SHFE + Nanchu + hidden) decreased by 795 tons to 39,486 tons, and the stainless - steel social inventory data was invalid [4]. - Premium: The 3 - cash premium was - $228, the CIF bill of lading price was $85.00, and the active contract import loss increased by CNY 70 to CNY - 1085/ton [4]. Zinc - Market prices: The main contract settlement price on August 4, 2025, was CNY 22,205/ton, down 0.6% from August 1; the LmeS3 price was $2,505.5/ton, unchanged from August 1; the Shanghai - London ratio was 8.86, down from 8.92 on August 1; the near - far month price difference increased by CNY 15 to CNY 5. The SMM 0 and 1 spot prices decreased by CNY 130 to CNY 22,170/ton and CNY 22,100/ton respectively; the domestic spot premium average increased by CNY 30 to CNY 20; the imported zinc premium average increased by CNY 30 to - CNY 10. The LME0 - 3 premium decreased by $1.75 to $2.5. The prices of zinc alloys Zamak3 and Zamak5 decreased by CNY 130 to CNY 22,795/ton and CNY 23,345/ton respectively, and the price of zinc oxide (ZnO≥99.7%) decreased by CNY 100 to CNY 21,200/ton [5]. - Inventory: SHFE weekly inventory increased by 793 tons to 6,268 tons; LME inventory decreased by 3,825 tons to 97,000 tons; the social inventory increased by 0.28 million tons to 8.72 million tons. SHFE registered warehouse receipts decreased by 75 tons to 14,907 tons, and LME registered warehouse receipts decreased by 5,725 tons to 51,350 tons [5]. - Import profit and loss: The active contract import profit was CNY 0, up from - CNY 1,558 on August 1; the CIF bill of lading price was $135 [5]. Tin - Market prices: The main contract settlement price on August 4, 2025, was CNY 266,150/ton, up 0.7% from August 1; the LmeS3 price was $27,540/ton, down 2.1% from August 1; the Shanghai - London ratio was 9.66, up from 9.39 on August 1; the near - far month price difference increased by CNY 140 to - CNY 240. The SMM spot price increased by CNY 1,200 to CNY 265,800/ton. The prices of 60% and 40% tin concentrates decreased by CNY 2,600 to CNY 257,500/ton and CNY 253,500/ton respectively. The domestic spot premium average remained at CNY 700, and the LME0 - 3 premium increased by $15.5 to - $0.5 [5]. - Inventory: SHFE weekly inventory increased by 254 tons to 7,671 tons; LME inventory decreased by 50 tons to 1,900 tons. SHFE registered warehouse receipts increased by 7 tons to 7,293 tons, and LME registered warehouse receipts decreased by 25 tons to 1,390 tons [5]. - Import profit and loss: The active contract import profit was CNY 0, up from - CNY 25,128 on August 1; the tariff was 3% [5]. Chart Analysis The report provides multiple charts, including those related to spot premiums, SHFE near - far month price differences, LME inventory, SHFE inventory, social inventory, and smelting profits of various non - ferrous metals such as copper, aluminum, nickel, zinc, lead, and tin, spanning from 2019 to 2025 [6 - 48]. Team Introduction - Zhan Dapeng, a master of science, is the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher of precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial futures analyst of Futures Daily & Securities Times. With more than a decade of commodity research experience, he has served many leading spot enterprises, published dozens of professional articles in public newspapers and magazines, and has been interviewed by many media. His team has won the awards of the 16th and 15th Best Metal Industry Futures Research Teams of Futures Daily & Securities Times and the title of Excellent Non - Ferrous Metal Industry Team of the Shanghai Futures Exchange in 2016 [50]. - Wang Heng, a master of finance from the University of Adelaide, Australia, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on aluminum and silicon. He has in - depth research on the domestic non - ferrous industry, tracks the dynamics of the new energy industry chain, provides timely hot - spot and policy interpretations for customers, and has written many in - depth reports [50]. - Zhu Xi, a master of science from the University of Warwick, UK, is a non - ferrous researcher at Everbright Futures Research Institute, mainly focusing on lithium and nickel. She focuses on the integration of non - ferrous metals and new energy, tracks the dynamics of the new energy industry chain, and provides timely hot - spot and policy interpretations for customers [51].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report Core Views - For PTA, it maintains a state of inventory accumulation but the absolute inventory level is not high. With low spot processing fees persisting and considering the limited inventory pressure of filament and the continuous inventory reduction of bottle - grade chips, polyester operation is expected to stabilize and has upward potential. Opportunities to expand processing fees on dips can be considered [2]. - For MEG, short - term inventory accumulation pressure is low, and port inventory is expected to remain at a low level. The situation is good and the profit is not low. However, there is an inventory accumulation expectation in the far - term due to overseas plant restarts and further increase in coal - based operation load. It should be viewed with wide - range fluctuations, and attention should be paid to the restart progress of satellite plants [5]. - For polyester staple fiber, as the finished - product inventory of polyester yarn is reduced, downstream operation may increase. Although the supply of staple fiber itself may also increase, considering the low - level processing fees on the futures market, opportunities to expand processing fees on dips can be considered [5]. - For natural rubber and 20 - grade rubber, the national explicit inventory remains stable at a non - high level but shows no seasonal reduction. The price of Thai cup rubber rebounds due to rainfall affecting tapping. The strategy is to wait and see [5]. Group 3: Summary by Related Catalogs PTA - **Device Changes**: Yisheng New Materials increased the load of its 7.2 - million - ton plant, and Taihua restarted its 1.5 - million - ton plant [2]. - **Data Changes**: From July 29 to August 4, crude oil decreased by 0.9, TA basis decreased by 8, and PTA processing fee decreased by 9, etc. [2]. MEG - **Device Changes**: The 300,000 - ton plant in Tongliao, Inner Mongolia restarted [5]. - **Data Changes**: From July 29 to August 4, MEG outer - market price decreased by 1, MEG inner - market price decreased by 25, and MEG coal - based profit decreased by 25, etc. [5]. Polyester Staple Fiber - **Device Changes**: The small - line of Xianglu stopped for maintenance, and the operation rate decreased slightly to 90.3% [5]. - **Data Changes**: From July 29 to August 4, the price of 1.4D cotton - type staple fiber decreased by 25, short - fiber profit increased by 35, etc. [5]. Natural Rubber & 20 - grade Rubber - **Data Changes**: From July 29 to August 4, the price of US - dollar Thai standard rubber decreased by 65 in weekly change, the price of Shanghai full - latex decreased by 700 in weekly change, etc. [5]. Styrene - **Data Changes**: From July 29 to August 4, the price of pure benzene (CFR China) decreased by 35 in daily change, the price of PS (East China transparent benzene) decreased by 30 in daily change, etc. [8]

Report Summary 1. Report Title - "Breeding Industry Chain Data Report - Soybean Meal, Oils and Fats" [1] 2. Report Date - August 5, 2025 [2] 3. Key Points of Soybean Meal - The current price of 43% protein soybean meal is 2,976 yuan/ton, a 1.99% increase from the previous value [2] - The current spot - futures price difference of soybean meal is - 48 yuan/ton, a 33.33% decrease from the previous value [2] - The output of 111 sample enterprises of soybean meal in pressing plants is 1.5476 million tons, a 0.19% increase from the previous value [2] - The daily trading volume of soybean meal in pressing plants is 182,900 tons, an 82.72% increase from the previous value [2] - The apparent consumption of 111 sample enterprises of soybean meal is 1.5484 million tons, a 3.43% increase from the previous value [2] - The inventory of 111 sample enterprises of soybean meal in pressing plants is 0.9163 million tons, a 0.09% decrease from the previous value [2] - The current basis of the main contract of soybean meal spot is - 32.29 yuan/ton, a 44.19% decrease from the previous value [2] 4. Key Points of Oils and Fats - The current inventory of palm oil in China is 582,200 tons, a 5.41% decrease from the previous value [7] - The current inventory of rapeseed oil in China is 661,500 tons, a 0.50% increase from the previous value [7] - The current inventory of soybean oil in pressing plants in China is 1.1174 million tons, a 2.69% increase from the previous value [7] - The current spot - futures price difference of palm oil in China is 22 yuan/ton, a 53.19% decrease from the previous value [7] - The current spot - futures price difference of rapeseed oil in China is 120 yuan/ton, unchanged from the previous value [7] - The current spot - futures price difference of soybean oil and palm oil in China is - 420 yuan/ton, a 42.31% decrease from the previous value [7] - The current basis of the main contract of palm oil spot is 58.33 yuan/ton, a 43.91% decrease from the previous value [7] - The current basis of the main contract of rapeseed oil spot is 141 yuan/ton, an 18.97% decrease from the previous value [7] - The current basis of the main contract of soybean oil spot is 103.37 yuan/ton, a 42.74% decrease from the previous value [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply - demand situation of industrial silicon and polysilicon is complex. For industrial silicon, there is an issue of supply exceeding demand, with the supply side having increased production last week, while demand has been continuously sluggish. For polysilicon, the supply side is also relatively strong, and the demand recovery is at a low level [6][8][9]. - The cost support of industrial silicon is expected to increase, and it is predicted to fluctuate in the range of 8165 - 8555 for the 2509 contract. Polysilicon is expected to fluctuate in the range of 47310 - 50130 for the 2511 contract [6][10]. - The main logic for the current market situation is the mismatch of production capacity, leading to a situation where supply exceeds demand, and the downward trend is difficult to change [15]. 3. Summary According to the Directory 3.1 Daily View - Industrial Silicon - **Supply - side**: Last week, the supply of industrial silicon was 81,000 tons, a 3.85% increase compared to the previous week. The expected production schedule on the supply side is decreasing and remains at a low level [6]. - **Demand - side**: Last week, the demand for industrial silicon was 70,000 tons, a 1.40% decrease compared to the previous week. The demand recovery is at a low level [6]. - **Inventory**: The silicon inventory is 229,000 tons, at a high level. The social inventory is 540,000 tons, a 0.93% increase compared to the previous week. The sample enterprise inventory is 171,450 tons, a 3.40% decrease compared to the previous week. The main port inventory is 119,000 tons, a 0.83% decrease compared to the previous week [6]. - **Cost**: In the Xinjiang region, the production loss of the sample oxygen - passing 553 is 2,354 yuan/ton, and the cost support during the wet season has weakened [6]. - **Others**: The 09 contract basis is 940 yuan/ton, with the spot at a premium to the futures. The MA20 is upward, and the 09 contract price closes below the MA20. The net short position of the main contract is increasing [6]. 3.2 Daily View - Polysilicon - **Supply - side**: Last week, the production of polysilicon was 26,500 tons, a 3.92% increase compared to the previous week. The predicted production schedule for August is 130,500 tons, a 22.76% increase compared to the previous month [8]. - **Demand - side**: Last week, the silicon wafer production was 11 GW, a 1.78% decrease compared to the previous week. The inventory is 181,500 tons, a 1.56% increase compared to the previous week. Currently, silicon wafer production is in a loss state. The production of battery cells and components also shows different trends in production and inventory [9]. - **Inventory**: The weekly inventory is 229,000 tons, a 5.76% decrease compared to the previous week, at a high level compared to the same period in history [12]. - **Cost**: The average cost of the polysilicon N - type material industry is 36,500 yuan/ton, and the production profit is 9,500 yuan/ton [9]. - **Others**: The 11 contract basis is - 1980 yuan/ton, with the spot at a discount to the futures. The MA20 is upward, and the 11 contract price closes above the MA20. The net long position of the main contract is decreasing [12]. 3.3 Market Overview - **Industrial Silicon**: The prices of various contracts and spot prices have decreased to varying degrees. The weekly social inventory has increased, while the sample enterprise inventory has decreased, and the main port inventory has decreased [18]. - **Polysilicon**: The prices of various products such as silicon wafers, battery cells, and components have remained relatively stable, with some changes in production, inventory, and export volume [20]. 3.4 Other Aspects - **Price - Basis and Delivery Product Spread Trends**: The report presents the trends of the SI main contract basis and the 421 - 553 spread [22]. - **Inventory**: It shows the trends of industrial silicon inventory in different regions and types, including delivery warehouses, ports, and sample enterprises [26]. - **Production and Capacity Utilization**: The report shows the trends of industrial silicon production and capacity utilization in different regions and time periods [28]. - **Cost Composition**: It presents the trends of main production area electricity prices, silicon stone prices, graphite electrode prices, and some reducing agent prices [33]. - **Cost - Sample Region Trends**: It shows the cost - profit trends of 421 in Sichuan and Yunnan and the oxygen - passing 553 in Xinjiang [35]. - **Supply - Demand Balance**: The report provides the weekly and monthly supply - demand balance tables of industrial silicon and the monthly supply - demand balance table of polysilicon [37][40][64]. - **Downstream Industry Trends**: It details the price, production, inventory, import - export, and other trends of downstream industries such as organic silicon, aluminum alloy, and polysilicon [43][51][61].

Report Investment Rating No relevant information provided. Core Viewpoints - Copper price rebounds due to overseas equity market recovery, mine - end production cut concerns, but upward height is limited in the off - season [1]. - Aluminum price fluctuates, with a short - term trend of weakening oscillation due to inventory accumulation and uncertain trade situation [3]. - Lead price is expected to oscillate weakly as supply remains loose [4]. - Zinc price has an increased risk of decline due to weak industry data and the weakening of previous supporting factors [5]. - Tin price is expected to oscillate weakly in the short term due to the strengthening of the resumption of production in Myanmar and the weak supply - demand situation [6][7]. - Nickel price may decline as the macro - atmosphere cools, demand is weak, and the price of nickel ore is expected to fall [8]. - Lithium carbonate price may be supported at the bottom due to the expected improvement in the supply - demand relationship, but the supply reduction sustainability needs to be observed [10]. - Alumina price may face an over - capacity situation, and it is recommended to short at high prices [12]. - Stainless steel price is expected to be strongly oscillating in the short term [14]. - Cast aluminum alloy price has limited rebound space due to weak supply - demand in the off - season [16]. Summary by Metal Copper - Price: LME copper rose 0.78% to $9708/ton, Shanghai copper main contract reached 78370 yuan/ton [1]. - Inventory: LME inventory decreased by 2175 tons to 139575 tons, domestic electrolytic copper social inventory increased by 16000 tons [1]. - Price Outlook: In the current off - season, the upward space of copper price is limited, with the Shanghai copper main contract running between 77600 - 79000 yuan/ton and LME copper 3M between 9600 - 9800 dollars/ton [1]. Aluminum - Price: LME aluminum fell 0.06% to $2570/ton, Shanghai aluminum main contract reached 20440 yuan/ton [3]. - Inventory: Domestic aluminum ingot social inventory accumulated, LME aluminum inventory increased by 925 tons to 463725 tons [3][18]. - Price Outlook: Aluminum price may oscillate weakly in the short term, with the Shanghai aluminum main contract running between 20350 - 20600 yuan/ton and LME aluminum 3M between 2540 - 2600 dollars/ton [3]. Lead - Price: Shanghai lead index rose 0.09% to 16751 yuan/ton, LME lead 3S rose to $1974.5/ton [4]. - Inventory: Domestic social inventory decreased to 6.63 tons, LME lead inventory was 27.53 tons [4]. - Price Outlook: Lead price is expected to oscillate weakly as supply remains loose [4]. Zinc - Price: Shanghai zinc index fell 0.32% to 22249 yuan/ton, LME zinc 3S fell to $2734.5/ton [5]. - Inventory: Domestic social inventory continued to accumulate to 10.73 tons, LME zinc inventory was 97000 tons [5][18]. - Production: In July 2025, the domestic refined zinc production was 60.28 tons, and it is expected to reach 62.15 tons in August [5]. - Price Outlook: The risk of zinc price decline increases due to weak industry data and the weakening of previous supporting factors [5]. Tin - Price: On August 4, 2025, the Shanghai tin main contract closed at 266590 yuan/ton, up 0.56% [6]. - Supply - Demand: Supply is expected to increase in the third and fourth quarters, but short - term smelting faces raw material pressure; domestic demand is weak, while overseas demand is strong due to AI [6][7]. - Price Outlook: Tin price is expected to oscillate weakly, with the domestic tin price between 250000 - 270000 yuan/ton and LME tin price between 31000 - 33000 dollars/ton [7]. Nickel - Price: Nickel price rebounded slightly, nickel iron price was stable after rising, and refined nickel price rebounded slightly with flat trading [8]. - Market Situation: Macro - atmosphere cools, stainless steel price falls, and nickel ore price is expected to decline [8]. - Price Outlook: Nickel price is expected to decline, with the Shanghai nickel main contract between 115000 - 128000 yuan/ton and LME nickel 3M between 14500 - 16500 dollars/ton [8]. Lithium Carbonate - Price: The MMLC index was 68832 yuan, unchanged from the previous day, and the LC2509 contract closed at 68920 yuan, also unchanged [10]. - Market Situation: The fundamental improvement depends on the actual reduction of the mine end, and the supply - demand relationship is expected to improve before the peak season [10]. - Price Outlook: Lithium carbonate price may be supported at the bottom, but the supply reduction sustainability needs to be observed, with the Guangzhou Futures Exchange LC2509 contract between 66800 - 70900 yuan/ton [10]. Alumina - Price: The alumina index rose 2.25% to 3224 yuan/ton, overseas FOB price fell to $376/ton, and the import window was closed [12]. - Inventory: The futures warehouse receipt was 0.66 tons, remaining at a historical low [12]. - Strategy: It is recommended to short at high prices, with the domestic main contract AO2509 between 3000 - 3400 yuan/ton [12]. Stainless Steel - Price: The stainless steel main contract closed at 12925 yuan/ton, up 0.66%, and spot prices in some regions increased [14]. - Inventory: Social inventory decreased by 0.66%, but 300 - series inventory increased by 1.00%, and the supply of 316L was tight [14]. - Price Outlook: Stainless steel price is expected to be strongly oscillating in the short term [14]. Cast Aluminum Alloy - Price: The AD2511 contract rose 0.05% to 19930 yuan/ton, and the spot price was flat [16]. - Inventory: The inventory of recycled aluminum alloy ingots in three regions decreased [16]. - Price Outlook: Cast aluminum alloy price has limited rebound space due to weak supply - demand in the off - season [16].

Production Side - As of the fourth week of July, the blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[19] - The rebar operating rate increased to 43.95%, up 2.38 percentage points from the previous period, exceeding last year's average[19] - The cement mill operating rate recorded 36.95%, a slight decrease compared to the previous period[19] - The asphalt inventory saw a significant decline, indicating an acceleration in physical work volume in the infrastructure sector[7] Demand Side - In July, the real estate market remained weak, with the transaction area of commercial housing in 30 cities down by 27.43% month-on-month and 11.26% year-on-year[7] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decrease of 21.88%[8] - The total box office revenue for movies was 84,200.00 million yuan, showing a month-on-month increase of 99.53% but a year-on-year decline of 14.85%[8] Trade and Prices - The CCFI (China Containerized Freight Index) rose to 1,305.40, with a month-on-month growth of 2.19%[9] - The SCFI (Shanghai Containerized Freight Index) decreased to 1,684.07, reflecting a month-on-month decline of 16.42%[9] - The CPI showed a mild increase in consumer prices, while industrial product prices fluctuated, with PPI pressures from weak energy prices[9]