Report Industry Investment Ratings - Urea: Not rated - Methanol: ★☆☆ [1] - Pure Benzene: Not rated - Styrene: Not rated - Polypropylene: ☆☆☆ [1] - Plastic: ☆☆☆ [1] - PVC: Not rated - Caustic Soda: Not rated - PX: Not rated - PTA: ☆☆☆ [1] - Ethylene Glycol: Not rated - Short Fiber: ☆☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: Not rated - Bottle Chip: Not rated - Propylene: ☆☆☆ [1] Core Viewpoints - The olefin and polyolefin futures contracts showed different trends. The olefin futures declined, while the polyolefin futures oscillated weakly. The supply and demand fundamentals of polyolefins were weak, putting pressure on prices [2]. - The pure benzene and styrene markets had their own characteristics. The pure benzene market was expected to improve in the third - quarter mid - late stage but face pressure in the fourth quarter. The styrene market had cost support but limited unilateral drive [3]. - In the polyester market, PX and PTA had different price trends, and the polyester industry was expected to increase its load. Ethylene glycol was in short - term low - level oscillation, and short - fiber was recommended for long - term configuration [4]. - The methanol market was in a weak trend, and the urea market was affected by export news and market sentiment [5]. - The PVC market was weak, and the caustic soda market had short - term support but long - term supply pressure [6]. - The soda ash market was in a long - term oversupply situation, and the glass market was expected to be near the cost line [7]. Summary by Directory Olefin - Polyolefin - Olefin futures: The main contracts of olefin futures closed down. There were both start - up and shutdown plans for devices. The inventory pressure of producers was relatively controllable, and the downstream demand was general [2]. - Polyolefin futures: The main contracts of polyolefin futures oscillated weakly. The supply of polyethylene decreased slightly, and the demand improvement was limited. The supply of polypropylene was expected to increase, and the demand was weak [2]. Pure Benzene - Styrene - Pure benzene: The pure benzene market was expected to improve seasonally in the third - quarter mid - late stage but face pressure in the fourth quarter. It was recommended to operate on the monthly spread [3]. - Styrene: The styrene market had cost support, but the unilateral drive was limited. The domestic production was expected to increase [3]. Polyester - PX - PTA: The price of PX increased slightly, and the PX - PTA spread shrank. The polyester industry was expected to increase its load, and the PX supply - demand was expected to improve [4]. - Ethylene glycol: The ethylene glycol price was above 4400 yuan/ton. The port inventory increased, and it was in short - term low - level oscillation [4]. - Short fiber: The short - fiber supply - demand was stable, and it was recommended for long - term configuration and monthly spread positive arbitrage [4]. - Bottle chip: The bottle - chip processing spread oscillated at a low level, and over - capacity limited the repair space [4]. Coal Chemical Industry - Methanol: The methanol market continued to decline, and the port inventory was expected to reach a historical high in the third - quarter end [5]. - Urea: The urea market was affected by export news and market sentiment. The supply - demand was loose in the short term [5]. Chlor - Alkali - PVC: The PVC market was weak. The export competition pressure increased, the supply was high, and the demand was insufficient [6]. - Caustic soda: The caustic soda market had short - term support from replenishment demand but long - term supply pressure [6]. Soda Ash - Glass - Soda ash: The soda ash market was in a long - term oversupply situation, and the price was under pressure [7]. - Glass: The glass market was expected to be near the cost line, and the short - term real - world trading was weak [7].

Group 1: Industrial Production - China's industrial production remains stable, with daily average pig iron output and steel plate production increasing week-on-week[1] - The operating rate of oil asphalt and some chemical products has improved, while cement clinker capacity utilization has slightly adjusted[1] - Polyester weaving and automotive tire production rates have rebounded, indicating a recovery in downstream industries[1] Group 2: Real Estate - New home sales in 30 major cities decreased by 8.9% year-on-year, but the decline rate improved by 6.2 percentage points compared to the previous week[1] - Year-to-date, new home sales have dropped by 14.2%, a 5.0 percentage point improvement from the previous month[1] - The index for second-hand home listing prices fell by 0.42% week-on-week as of August 4[1] Group 3: Domestic Demand - Movie box office revenue averaged 206.74 million yuan per day, showing a year-on-year increase of 46.2%[1] - Domestic flight operations increased by 1.6% year-on-year, with the Baidu migration index rising by 17.7%[1] - Retail sales of major home appliances grew by 10.5% year-on-year as of August 1[1] Group 4: External Demand - Port cargo throughput increased by 6.8% year-on-year, while container throughput rose by 4.1%[1] - South Korea's export value decreased by 4.3% year-on-year, a decline of 10.2 percentage points from July[1] - The Chinese export container freight index fell by 0.6% week-on-week, indicating a downward adjustment in shipping rates[1] Group 5: Price Trends - The South China industrial product index rose by 0.4%, while the black raw material index remained stable[1] - Rebar futures prices dropped by 0.8%, and spot prices fell by 0.3%[1] - Coking coal futures prices increased by 0.2%, but spot prices in Shanxi decreased by 0.6%[1]

Report Industry Investment Ratings No relevant information provided. Core Views Copper - In the short - term, copper prices may fluctuate within a range, mainly between 78,000 - 79,500. The macro situation has uncertainties in the interest - rate cut path, and the fundamentals show a stage of weak supply and demand during the off - season, but "tight mine supply + resilient demand" provides price support [1]. Aluminum - For alumina, it is expected to fluctuate widely between 3,000 - 3,400 this week, and it is recommended to short at high levels in the medium - term. For aluminum, the short - term price is expected to remain under pressure at high levels, with the main contract price in August referring to 20,000 - 21,000 [4]. Aluminum Alloy - The aluminum alloy price is expected to fluctuate widely, with the main contract running between 19,200 - 20,200, and it is necessary to focus on the supply and import changes of upstream scrap aluminum [6]. Zinc - Zinc prices may oscillate, with the main contract referring to 22,000 - 23,000. The supply is loose while the demand is weak, and the low inventory provides price support [7]. Tin - If the supply of Burmese tin ore recovers smoothly, a short - selling strategy is recommended; if the supply recovery is less than expected, the tin price may remain high [12]. Nickel - In the short - term, the nickel price is expected to adjust within a range, mainly between 118,000 - 126,000, and it is necessary to pay attention to macro - expectation changes [14]. Stainless Steel - The stainless - steel price is expected to oscillate strongly in the short - term, with the main contract running between 13,000 - 13,500, and it is necessary to focus on policy trends and supply - demand rhythms [16]. Lithium Carbonate - The lithium - carbonate price is expected to remain strong in the short - term, and the main contract may first test the range of 85,000 - 90,000. It is necessary to focus on the evolution of market sentiment and actual supply adjustments [19]. Summary by Relevant Catalogs Price and Basis Copper - SMM 1 electrolytic copper price was 79,150 yuan/ton, up 0.79% from the previous day. The SMM 1 electrolytic copper premium was 150 yuan/ton, up 30 yuan/ton from the previous day [1]. Aluminum - SMM A00 aluminum price was 20,630 yuan/ton, down 0.10% from the previous day. The SMM A00 aluminum premium was - 50 yuan/ton, unchanged from the previous day [4]. Aluminum Alloy - SMM aluminum alloy ADC12 price was 20,250 yuan/ton, unchanged from the previous day [6]. Zinc - SMM 0 zinc ingot price was 22,530 yuan/ton, up 0.27% from the previous day. The SMM 0 zinc ingot premium was - 45 yuan/ton, down 5 yuan/ton from the previous day [7]. Tin - SMM 1 tin price was 268,000 yuan/ton, unchanged from the previous day. The SMM 1 tin premium was 0 yuan/ton, unchanged from the previous day [12]. Nickel - SMM 1 electrolytic nickel price was 122,850 yuan/ton, up 0.74% from the previous day. The 1 Jinchuan nickel premium was 2,200 yuan/ton, down 2.22% from the previous day [14]. Stainless Steel - The price of 304/2B (Wuxi Hongwang 2.0 coil) was 13,200 yuan/ton, up 0.38% from the previous day. The spot - futures price difference was 145 yuan/ton, down 56.72% from the previous day [16]. Lithium Carbonate - SMM battery - grade lithium carbonate average price was 74,500 yuan/ton, up 3.62% from the previous day. The SMM industrial - grade lithium carbonate average price was 72,300 yuan/ton, up 3.58% from the previous day [19]. Fundamental Data Copper - In July, electrolytic copper production was 117.43 million tons, up 3.47% month - on - month; imports were 30.05 million tons, up 18.74% month - on - month [1]. Aluminum - In July, alumina production was 765.02 million tons, up 5.40% month - on - month; electrolytic aluminum production was 372.14 million tons, up 3.11% month - on - month [4]. Aluminum Alloy - In July, the production of recycled aluminum alloy ingots was 62.50 million tons, up 1.63% month - on - month; the production of primary aluminum alloy ingots was 25.50 million tons, down 2.30% month - on - month [6]. Zinc - In July, refined zinc production was 60.28 million tons, up 3.03% month - on - month; in June, imports were 3.61 million tons, up 34.97% month - on - month [7]. Tin - In June, tin ore imports were 11,911 tons, down 11.44% month - on - month; SMM refined tin production was 13,810 tons, down 6.94% month - on - month [12]. Nickel - China's refined nickel production was 31,800 tons, down 10.04% month - on - month; imports were 19,157 tons, up 116.90% month - on - month [14]. Stainless Steel - The production of 300 - series stainless - steel crude steel in China (43 companies) was 175.98 million tons, up 2.71% month - on - month; imports were 10.95 million tons, down 12.48% month - on - month; exports were 39.00 million tons, down 10.63% month - on - month [16]. Lithium Carbonate - In July, lithium carbonate production was 81,530 tons, up 4.41% month - on - month; battery - grade lithium carbonate production was 61,320 tons, up 6.40% month - on - month [19].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The steel market is in a state of slight inventory accumulation during the off - season, but steel prices still have upward drivers. The overall inventory accumulation pressure of steel is not large. Considering the expected production cuts in Beijing - Tianjin - Hebei and surrounding provinces before the September military parade and the potential for terminal demand to form restocking support during the off - peak to peak season transition, steel prices are expected to have limited short - term decline space and medium - term upward drivers [3]. - The iron ore market has limited short - term supply pressure, and the inventory has no obvious accumulation pressure. It follows the changes in macro - policy expectations and market sentiment. With the transition from the off - season to the peak season, terminal demand remains resilient, and there are still opportunities for medium - term low - buying [4]. - The coking coal and coke market is firm. Coking coal mines in some areas have production cuts, and Mongolian coal customs clearance is at a high level. After the fifth round of coke price increases, the profitability has improved, and the sixth round of price increases has been initiated. With high iron - water production supporting raw materials, there is still upward space [5]. Summary According to the Table of Contents 1. Market Review - The coking coal and coke market is firm, and steel prices are oscillating. Last week, there were many disturbances in coking coal supply news. Supported by high iron - water production, the coking coal and coke market was strong, forming cost support. The industrial structure continued to have slight inventory accumulation during the off - season, exports remained resilient, and the market sentiment was optimistic, with prices showing slight oscillating adjustments [9]. 2. Steel Supply and Demand Analysis - **Production**: National weekly production of rebar was 221.18 million tons (up 4.79% week - on - week and 31.23% year - on - year), and that of hot - rolled coils was 314.89 million tons (down 2.45% week - on - week and up 3.73% year - on - year). Both blast - furnace and electric - furnace rebar production increased [13][16][18]. - **Operating Rate**: The national blast - furnace operating rate was 83.75% (up 0.35% week - on - week and 3.04% year - on - year), and the electric - furnace operating rate was 74.9% (up 0.93% week - on - week and 36.98% year - on - year) [24][28]. - **Profit**: Rebar profit was + 177 yuan/ton (up 22.03% week - on - week and 289 yuan/ton year - on - year), and hot - rolled coil profit was + 188 yuan/ton (down 10.05% week - on - week and up 303 yuan/ton year - on - year) [29][32]. - **Demand**: Rebar apparent consumption was 210.79 million tons (up 3.63% week - on - week and 7.57% year - on - year), and hot - rolled coil apparent consumption was 306.21 million tons (down 4.31% week - on - week and up 2.58% year - on - year) [33][37]. - **Inventory**: Rebar total inventory was 556.68 million tons (up 1.90% week - on - week and down 22.70% year - on - year), and hot - rolled coil total inventory was 356.63 million tons (up 2.49% week - on - week and down 18.46% year - on - year) [38][41][46]. - **Downstream**: In the real - estate market, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 15.22% week - on - week and decreased by 15.43% year - on - year. The transaction area of land in 100 large - and medium - sized cities increased by 19.91% week - on - week and 13.12% year - on - year. In June 2025, automobile production and sales were 2.794 million and 2.904 million respectively, with month - on - month growth of 5.5% and 8.1% and year - on - year growth of 11.4% and 13.8% [47][50][53]. 3. Iron Ore Supply and Demand Analysis - **Supply**: The shipment volume from 19 ports in Australia and Brazil was 24.639 million tons (down 7.99% week - on - week and 2.84% year - on - year), and the arrival volume at 45 iron - ore ports was 25.078 million tons (up 11.93% week - on - week and down 3.94% year - on - year) [56][61]. - **Demand**: Daily iron - water production was 2.4032 million tons (down 0.39 million tons week - on - week and up 0.862 million tons year - on - year), and the ore - handling volume at 45 iron - ore ports was 3.2185 million tons (up 6.32% week - on - week and 1.58% year - on - year) [62][66]. - **Inventory**: The inventory at 45 iron - ore ports was 137.1227 million tons (up 0.40% week - on - week and down 8.80% year - on - year), and the imported iron - ore inventory of 247 steel enterprises was 90.1334 million tons (up 0.01% week - on - week and down 0.36% year - on - year) [67][72]. 4. Coking Coal and Coke Supply and Demand Analysis - **Supply**: The operating rate of coking coal mines was 83.89% (down 2.80% week - on - week and 6.58% year - on - year), the capacity utilization rate of coal - washing plants was 36.22% (up 3.40% week - on - week and down 17.36% year - on - year), and the daily Mongolian coal customs clearance volume was 142,300 tons (up 23.56% week - on - week and 1.05% year - on - year) [74][78]. - **Coking Enterprises**: The profit per ton of coke in independent coking plants was - 16 yuan/ton (up 29 yuan/ton week - on - week and down 18 yuan/ton year - on - year), and the capacity utilization rate was 74.03% (up 0.46% week - on - week and 0.42% year - on - year) [82][86]. - **Coking Coal Inventory**: The coking coal inventory of independent coking plants was 8.3304 million tons (down 1.31% week - on - week and up 18.21% year - on - year), that of steel mills was 8.0848 million tons (up 0.61% week - on - week and 11.59% year - on - year), and the coking coal port inventory was 2.7734 million tons (down 1.69% week - on - week and 11.24% year - on - year) [87][92]. - **Coke Inventory**: The coke inventory of independent coking plants was 446,300 tons (down 4.06% week - on - week and up 1.39% year - on - year), that of steel mills was 6.1928 million tons (down 1.18% week - on - week and up 15.49% year - on - year), and the coke port inventory was 2.1815 million tons (up 1.42% week - on - week and 15.29% year - on - year) [93][98]. - **Spot Price**: The price of low - sulfur coking coal in Shanxi was 1,500 yuan/ton (unchanged week - on - week and down 300 yuan/ton year - on - year), and the ex - factory price of quasi - first - grade metallurgical coke in Lvliang was 1,230 yuan/ton (up 50 yuan/ton week - on - week and down 520 yuan/ton year - on - year) [99][104]. 5. Spread Analysis - The rebar basis is shrinking, and the spread between the rebar 10 - 1 contracts is narrowing. The iron ore 9 - 1 spread is narrowing, and the spread between hot - rolled coils and rebar first widened and then narrowed [106][112].

Core Viewpoint - The corn starch market is experiencing low prices due to a combination of high inventory levels and reduced demand, with expectations of short-term price fluctuations followed by a long-term decline as raw material prices weaken [2][3][5]. Supply and Demand Analysis - Corn prices are at a five-year low, with the national standard second-grade corn price at 2300 RMB/ton, down 70 RMB/ton year-on-year, a decrease of approximately 2.95% [2]. - Corn starch prices are also at a five-year low, with the Shandong national standard first-grade corn starch price at 2890 RMB/ton, down 50 RMB/ton year-on-year, a decrease of about 1.70% [2]. - Domestic corn starch inventory increased by 8.47 million tons in the first seven months of the year, while production decreased by 830,400 tons, leading to a net supply increase of 7.68 million tons [3]. - Major corn starch enterprises have seen a decrease in delivery volume by 809,400 tons year-on-year, indicating lower consumption compared to previous years [3]. Consumption Trends - The summer season typically sees high consumption of starch sugar, with a year-on-year increase in corn starch consumption for starch sugar of 39,000 tons, totaling 1.95 million tons in the first seven months [4]. - The paper industry has maintained a higher operating rate, with corrugated paper and boxboard paper operating rates at 59.83% and 63.55%, respectively, both showing year-on-year increases [4]. - The price advantage of cassava starch is impacting corn starch consumption, as the price gap has narrowed to the lowest level in five years [4]. Future Outlook - As the peak stocking season approaches, there is an expectation of marginal improvement in demand, which may lead to a stronger price performance within a certain range [5]. - However, the long-term outlook remains bearish due to anticipated abundant corn production, which is expected to weaken prices [5].

Group 1: CPI Analysis - The core CPI, excluding food and energy prices, increased by 0.8% year-on-year, marking the highest growth since March 2024, with a 0.1 percentage point increase from the previous month [2] - In July, the CPI rose by 0.4% month-on-month, reversing a 0.1% decline from the previous month, primarily driven by increases in service and industrial consumer goods prices [4] - The decrease in food prices, particularly fresh vegetables and fruits, significantly impacted the CPI, with fresh vegetable prices down 7.6% year-on-year and fruit prices up 2.8% [1][4] Group 2: PPI Analysis - The PPI fell by 0.2% month-on-month in July, but the decline was less than the previous month, marking the first narrowing of the month-on-month decline since March [6] - Seasonal factors and uncertainties in the international trade environment contributed to price decreases in several industries, including non-metallic mineral products and coal mining [6][7] - The competitive market environment in industries such as coal, steel, and photovoltaic manufacturing has led to a reduction in price declines compared to the previous month [7] Group 3: Future Price Trends - The National Bureau of Statistics anticipates a moderate recovery in prices in the second half of the year, supported by stable economic performance, effective demand expansion policies, and reduced low-price competition among enterprises [7]

1. Report Information - Report Title: PTA Daily Report [1] - Date: August 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - **Futures Market Quotes**: On the 6th, the closing price of the PTA main futures contract TA2509 was 4,724 yuan/ton, up 46 yuan/ton (0.98%), with a settlement price of 4,702 yuan/ton and a daily reduction of 47,883 lots. The closing price of TA2601 was 4,754 yuan/ton, up 40 yuan/ton, with a trading volume of 275,150 lots, an increase of 47,001 lots [6]. - **Market Outlook**: Although the spot supply of PTA is sufficient, the crude oil market rebounded during the session, and there may be unplanned PTA plant maintenance under low processing fees. It is expected that the PTA market will rise slightly [6]. 3. Industry News - **Crude Oil**: The market focused on the production - cut plan of OPEC and its allies and downplayed the threat of US sanctions on oil buyers from a certain European country. European and American crude oil futures fell for four consecutive trading days. On August 5th, the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $65.16 per barrel, down $1.13 (1.70%); the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $67.64 per barrel, down $1.12 (1.63%) [7]. - **PX Market**: The price of the PX market in China was estimated at $843 - 845 per ton, up $5 per ton from the previous trading day; the price in the South Korean market was estimated at $823 - 825 per ton, also up $5 per ton. The cost - side oil price continued to run strongly. The domestic PX supply level was low, the demand side was performing well, and the buying enthusiasm in the market recovered. Two transactions were heard during the day, with any September cargoes traded at $848 and $849 per ton respectively [7]. - **PTA Market in East China**: The price of PTA in the East China market was 4,682 yuan/ton, up 18 yuan/ton. The average daily negotiation basis was at a discount of 20 yuan/ton to the futures contract 2509, down 6 yuan/ton [7]. 4. Data Overview - The report includes multiple data charts, such as international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis between futures and spot prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [11][13][17]

1. Investment Ratings - No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats Industry - Palm oil: Affected by the significant decline in export data on the 25th, the Malaysian BMD crude palm oil futures retreated from their high levels. In the short - term, it is expected to seek support around 4,200 ringgit. Domestically, there may be an opportunity for a new round of upward - trending fluctuations. Overall, the view of near - term strength and long - term weakness is maintained, and attention should be paid to whether it can effectively stop falling in the range of 8,800 - 8,900 yuan. - Soybean oil: US soybeans are in a critical growth period. With good weather, a bumper harvest is still expected, and weak export data has dragged down the CBOT soybean and soybean oil prices. Domestically, due to a large arrival of soybeans, the inventory will remain high in the short - term. As it is the traditional off - season for demand, the factory's soybean oil inventory is still increasing. With the approaching of August and the expected increase in demand, the market has a certain price - supporting mentality, and the spot basis spread may fluctuate narrowly in the short - term and rise in the long - term [1]. Corn and Corn Starch Industry - In the short - term, the supply and demand of corn are both weak, with no strong unilateral driving force, and the futures market will remain volatile. Attention should be paid to subsequent policy auctions. In the medium - to - long - term, the supply of corn may be tight in the third quarter, supporting prices, while in the fourth quarter, the new - season output may be stable or slightly increase, and the supply - demand situation may be loose [2]. Sugar Industry - Internationally, there is no new driving force for the sugar market. The output in India and Thailand may increase due to strong monsoon rains, and it is speculated that India's bumper harvest may lead to another round of exports. It is expected that the bottom of the raw sugar price may appear in the short - term, but considering the increasing production pattern, a bearish view is maintained, and attention should be paid to the pressure at 17 - 17.5 cents per pound. Domestically, the import data in June continued to increase, but it is still at a relatively low level compared to the same period. The domestic market demand is weak, and the low inventory supports the spot price in Guangxi. However, the entry of processed sugar into the market has put pressure on prices. Considering the expected increase in imports, the domestic supply - demand situation will gradually ease, and a bearish view is maintained after a rebound. In the short - term, the sugar price is expected to remain in a narrow high - level range [7]. Cotton Industry - The pressure on the supply side is increasing marginally due to the new supply of relatively low - priced 2023/24 old cotton and the short - term stable and slightly decreasing spot basis. The weakening of the demand side is slowing down marginally as the operation rate of inland textile enterprises has dropped to a relatively low level, and the operation rate of Xinjiang textile enterprises remains strong. The finished product inventory has not significantly increased, but the downstream is still weak, and the operation rate of inland textile enterprises may still decline slightly in the future. In the short - term, the domestic cotton price may fluctuate within a range, and it will face pressure after the new - season cotton is listed [10]. Egg Industry - The inventory of laying hens remains high, and the supply of eggs is sufficient. Affected by high - temperature weather, the feed intake of laying hens has decreased, resulting in a decline in egg weight and laying rate. The supply of medium and small - sized eggs is sufficient, but the supply of large - sized eggs, especially high - quality large - sized eggs, is tight. The egg price has risen continuously recently, but the terminal market has not kept up, and the wholesale market's sales speed has slowed down. However, as it is the traditional peak season for egg demand, the demand may first decrease and then increase this week. It is expected that the egg price in some areas may decline by 0.10 - 0.20 yuan per catty next week. After a slight decline, traders may replenish their stocks at low prices, and the demand may recover. The spot price may still have some room for an upward movement, but the upward space for futures is limited due to production capacity [15]. Meal Industry - US soybeans continue to oscillate at the bottom. The current uncertainty mainly lies in the progress of trade relations, and the expectation of a bumper new - season harvest continues to suppress the upside space. Brazilian soybeans are relatively firm. Currently, the inventory of soybeans and soybean meal in China is continuously rising, and oil mills are urging提货 due to full storage. The basis is oscillating at a low level. The short - term supply is maintained by a high arrival volume of soybeans and high operation rates, but the continuity of soybean arrivals after October is uncertain, so the basis has limited room for decline. The Ministry of Agriculture's meeting proposed to optimize the pig production capacity and continue to promote the reduction of soybean meal substitution. Coupled with the import of Argentine soybean meal, the market sentiment is restricted, and the soybean meal price has declined. After the previous rise, the soybean meal price has returned to a low - level adjustment, and it is recommended to wait and see [19]. Pig Industry - The spot price of pigs is running weakly. The enthusiasm of secondary fattening has declined, the slaughter volume has increased slightly, and the group - farm slaughter has continued to recover. Coupled with weak market demand and a decrease in slaughter orders, the price is running weakly. Currently, the supply and demand are both weak. There may be a short - term boost at the end of the month and the beginning of the next month, but the group - farm slaughter is expected to continue to recover, and the large - sized pigs previously held by散户 also need to be slaughtered. In the short - term, the pig price is still not optimistic. It is expected that the spot price will maintain a bottom - oscillating pattern, and the near - term 09 contract is strongly suppressed. The far - term contract is greatly affected by policies, and blind short - selling is not recommended. However, when the futures market has offered good hedging profits, attention should also be paid to the impact of hedging funds [22]. 3. Summary by Industry Oils and Fats Industry - **Prices and Changes on July 28th compared to July 25th** - Soybean oil: The spot price in Jiangsu was 8,350 yuan, down 30 yuan (- 0.36%); the futures price of Y2509 was 8,120 yuan, down 24 yuan (- 0.29%); the basis was 230 yuan, down 6 yuan (- 2.54%). - Palm oil: The spot price of 24 - degree palm oil in Guangdong was 8,970 yuan, down 30 yuan (- 0.33%); the futures price of P2509 was 8,946 yuan, up 10 yuan (0.11%); the basis was 24 yuan, down 40 yuan (- 62.50%); the盘面 import cost at Guangzhou Port in September was 9,256.1 yuan, up 38.6 yuan (0.42%); the盘面 import profit was - 310 yuan, down 29 yuan (- 10.15%). - Rapeseed oil: The spot price of fourth - grade rapeseed oil in Jiangsu was 9,540 yuan, down 30 yuan (- 0.31%); the futures price of 01509 was 9,406 yuan, down 21 yuan (- 0.54%); the basis was 134 yuan, up 21 yuan (18.58%) [1]. Corn and Corn Starch Industry - **Prices and Changes on July 29th compared to the previous value** - Corn: The 2509 contract price at Jinzhou Port's flat - hatch price was 2,319 yuan, up 8 yuan (0.35%); the basis was 31 yuan, down 18 yuan (- 36.73%); the 9 - 1 spread was 93 yuan, up 13 yuan (16.25%); the south - north trade profit was - 1 yuan, up 20 yuan (95.24%); the import profit was 437 yuan, up 6 yuan (1.46%). - Corn starch: The 2509 contract price was 2,683 yuan, up 18 yuan (0.68%); the basis was - 3 yuan, down 18 yuan (- 120.00%); the 9 - 1 spread was 76 yuan, up 18 yuan (31.03%); the starch - corn盘面 spread was 364 yuan, up 10 yuan (2.82%) [2]. Sugar Industry - **Futures Market** - The price of sugar 2601 was 5,702 yuan per ton, down 4 yuan (- 0.07%); the price of sugar 2509 was 5,845 yuan per ton, down 31 yuan (- 0.53%); the ICE raw sugar main contract was 16.43 cents per pound, up 0.15 cents (0.92%); the 1 - 9 spread was - 143 yuan per ton, up 27 yuan (15.88%). - **Spot Market** - The spot price in Nanning was 6,050 yuan, unchanged; the spot price in Kunming was 5,915 yuan, up 35 yuan (0.60%); the Nanning basis was 205 yuan, up 31 yuan (17.82%); the Kunming basis was 70 yuan, up 66 yuan (1650.00%). - **Industry Situation** - The cumulative national sugar production was 1,116.21 million tons, up 119.89 million tons (12.03%); the cumulative national sugar sales were 811.38 million tons, up 152.10 million tons (23.07%); the national industrial inventory was 304.83 million tons, down 32.21 million tons (- 9.56%) [7]. Cotton Industry - **Futures Market** - The price of cotton 2509 was 14,075 yuan per ton, down 95 yuan (- 0.67%); the price of cotton 2601 was 14,065 yuan per ton, down 20 yuan (- 0.35%); the ICE US cotton main contract was 68.30 cents per pound, up 0.07 cents (0.10%); the 9 - 1 spread was 10 yuan per ton, down 45 yuan (- 81.82%). - **Spot Market** - The arrival price of Xinjiang 3128B was 15,473 yuan, up 54 yuan (0.35%); the CC Index 3128B was 15,609 yuan, up 60 yuan (0.39%); the FC Index M 1% was 13,721 yuan, down 82 yuan (- 0.59%). - **Industry Situation** - The industrial inventory was 88.21 million tons, down 2.09 million tons (- 2.3%); the import volume was 3.00 million tons, down 1.00 million tons (- 25.0%); the textile industry's yarn inventory days were 28.36 days, up 1.13 days (4.1%); the fabric inventory days were 37.24 days, up 0.63 days (1.7%) [10]. Egg Industry - **Futures Market** - The price of the egg 09 contract was 3,576 yuan per 500 kg, down 52 yuan (- 1.43%); the price of the egg 08 contract was 3,360 yuan per 500 kg, down 162 yuan (- 4.60%); the 9 - 8 spread was 216 yuan, up 110 yuan (103.77%). - **Spot Market** - The egg production area price was 3.20 yuan per catty, down 0.13 yuan (- 4.01%); the basis was - 372 yuan per 500 kg, down 82 yuan (- 28.20%). - **Industry Situation** - The price of egg - laying chicks was 3.88 yuan per chick, unchanged; the price of culled hens was 5.64 yuan per catty, up 0.84 yuan (17.50%); the egg - feed ratio was 2.25, up 0.14 (6.64%); the breeding profit was - 32.98 yuan per chick, up 8.52 yuan (20.53%) [14]. Meal Industry - **Soybean Meal** - The spot price in Jiangsu was 2,850 yuan, down 10 yuan (- 0.35%); the futures price of M2509 was 2,990 yuan, down 31 yuan (- 1.03%); the basis was - 140 yuan, up 21 yuan (13.04%); the Brazilian 9 - month shipment schedule's盘面 import profit was 92 yuan, down 12 yuan (- 11.5%). - **Rapeseed Meal** - The spot price in Jiangsu was 2,560 yuan, down 20 yuan (- 0.78%); the futures price of RM2509 was 2,660 yuan, down 15 yuan (- 0.56%); the basis was - 100 yuan, down 5 yuan (- 5.26%); the Canadian 11 - month shipment schedule's盘面 import profit was 185 yuan, down 47 yuan (- 20.26%). - **Soybeans** - The spot price of Harbin soybeans was 3,960 yuan, unchanged; the futures price of the soybean No. 1 main contract was 4,153 yuan, down 71 yuan (- 1.68%); the basis was - 264 yuan, up 71 yuan (26.89%) [19]. Pig Industry - **Futures Market** - The price of the main contract of live pigs 2511 was 14,385 yuan, up 175 yuan (1.23%); the 9 - 11 spread was 0 yuan, down 155 yuan (- 100.00. - **Spot Market** - The spot price in Henan was 14,160 yuan per ton, down 40 yuan; the spot price in Shandong was 14,440 yuan per ton, up 40 yuan; the sample - point slaughterhouse daily volume was 137,328 head, up 538 head (0.39%); the self - breeding profit per week was 62 yuan per head, down 28.7 yuan (- 31.61%); the purchased - pig breeding profit per week was - 71 yuan per head, down 52.7 yuan (- 282.58%) [22].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of Each Report 2.1. Fats and Oils - Palm oil: Affected by production growth and export decline, the crude palm oil futures may face downward pressure after oscillating around the annual line, testing the support at 4,100 ringgit. Domestically, there is a risk of weakness for domestic palm oil futures, with attention on the support around 8,800 yuan [1]. - Soybean oil: In August, weather impacts on soybean crops increase. Although the latest US soybean good - rate is high, CBOT soybeans may fluctuate narrowly. Domestically, short - term basis quotes may be under pressure, but long - term support exists [1]. 2.2. Sugar - Brazilian sugar production in the second half of June was lower than expected. If the sugar - to - ethanol ratio is adjusted, production may not meet expectations. The short - term bottom of raw sugar prices may appear, but a bearish view is maintained considering the overall production increase. The domestic sugar market is expected to be marginally looser, with a bearish view after rebounds [3][4]. 2.3. Cotton - The demand side of the cotton industry is still weak, but the rising cotton price has led to a follow - up increase in yarn prices. The supply side faces some pressure from the sale of old cotton stocks, but the tight inventory situation is difficult to resolve before new cotton is listed. Short - term domestic cotton prices may oscillate at a high level, and face pressure after new cotton is listed [7]. 2.4. Eggs - The supply of eggs is sufficient, but high - temperature weather has reduced egg weight and laying rates, causing a shortage of large - sized eggs. With the start of the peak demand season, egg prices are expected to rise slightly this week and then stabilize [9]. 2.5. Corn - The corn auction on July 22 had a 27%成交 rate, and the market has digested the news. Supply is tightening due to factors like reduced willingness to sell and bad weather. Demand has some resilience. In the medium - term, supply is tight and demand is increasing, supporting prices. In the short - term, the market is stable, and the futures may oscillate strongly but with limited space [12][13]. 2.6. Meal - US soybeans are bottom - oscillating, and the expected August drought in the main production areas provides support. Brazilian soybeans are firm, but Chinese purchases of US soybeans may suppress Brazilian premiums. Currently, domestic soybean and soybean meal inventories are rising, and the basis is low. After October, the continuity of soybean arrivals is uncertain, and a cautious bullish operation is recommended [16]. 2.7. Pigs - The spot price of pigs is oscillating. Secondary fattening enthusiasm has declined, and market demand is weak, so prices are weak. There is no basis for a sharp decline, but the upside is limited. The futures are affected by macro funds, and caution is needed when chasing up prices in the far - month contracts [19]. 3. Summary According to Relevant Catalogs 3.1. Fats and Oils - **Price Changes**: - Soybean oil: The spot price in Jiangsu decreased by 0.24% to 8,350 yuan/ton, and the futures price (Y2509) decreased by 0.20% to 8,092 yuan/ton [1]. - Palm oil: The spot price in Guangdong increased by 0.33% to 9,000 yuan/ton, and the futures price (P2509) increased by 0.18% to 8,926 yuan/ton [1]. - Rapeseed oil: The spot price in Jiangsu decreased by 0.52% to 9,650 yuan/ton, and the futures price (01509) decreased by 0.90% to 9,477 yuan/ton [1]. 3.2. Sugar - **Price Changes**: - Futures: The price of sugar 2601 decreased by 0.30% to 5,653 yuan/ton, and the price of sugar 2509 decreased by 0.27% to 5,823 yuan/ton [3]. - Spot: The price in Nanning decreased by 0.17% to 6,050 yuan/ton, and the price in Kunming increased by 0.68% to 5,920 yuan/ton [3]. - **Industry Data**: - National sugar production increased by 12.03% to 1,116.21 million tons, and sales increased by 23.07% to 811.38 million tons [3]. 3.3. Cotton - **Price Changes**: - Futures: The price of cotton 2509 increased by 0.28% to 14,225 yuan/ton, and the price of cotton 2601 increased by 0.29% to 14,030 yuan/ton [7]. - Spot: The Xinjiang arrival price of 3128B decreased by 0.41% to 15,416 yuan/ton [7]. - **Industry Data**: - Northern inventory decreased by 10.2% to 254.24 million tons, and industrial inventory decreased by 2.3% to 88.21 million tons [7]. 3.4. Eggs - **Price Changes**: - The price of the egg 09 contract decreased by 0.41% to 3,621 yuan/500KG, and the price of the egg 08 contract decreased by 0.53% to 3,574 yuan/500KG [9]. - The egg - producing area price increased by 1.59% to 3.23 yuan/jin [9]. 3.5. Corn - **Price Changes**: - The price of corn 2509 increased by 0.09% to 2,322 yuan/ton, and the price of corn starch 2509 increased by 0.15% to 2,668 yuan/ton [12]. - **Industry Data**: - The early - morning remaining vehicles at Shandong deep - processing plants decreased by 35.29% to 132 [12]. 3.6. Meal - **Price Changes**: - The spot price of soybean meal in Jiangsu increased by 0.35% to 2,900 yuan/ton, and the futures price (M2509) increased by 0.43% to 3,069 yuan/ton [16]. - The spot price of rapeseed meal in Jiangsu increased by 0.34% to 2,630 yuan/ton, and the futures price (RM2509) increased by 0.18% to 2,727 yuan/ton [16]. 3.7. Pigs - **Price Changes**: - The price of the pig 2511 contract increased by 0.65% to 13,960 yuan/ton, and the price of the pig 2509 contract increased by 0.10% to 14,380 yuan/ton [19]. - **Industry Data**: - The daily slaughter volume of sample points decreased by 1.09% to 133,605 heads, and the monthly fertile sow inventory increased by 0.10% to 4,042 million heads [19].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Recently, under the influence of a bullish market sentiment and a slight relief in supply - demand pressure, both the futures and spot markets have strengthened in resonance. The short - term market should be treated as a volatile rebound [3] Group 3: Summary by Related Content Market Performance - Yesterday, the prices of coal and coke futures fluctuated and trended stronger. On the spot side, the first - round price increase of coke was 70 - 95 yuan/ton, and the mainstream steel mills have accepted a price increase of 50 - 55 yuan/ton, with a still existing price - increase expectation in the market. The price of coking coal also maintained a rebound trend [2] Fundamental Analysis - This week, coal mines in the main production areas of Shanxi continued the resumption of production, but the overall process was still slow. Downstream procurement enthusiasm was high, and the demand for replenishment and speculation was concentratedly released. Coal resources were in short supply, and most pre - sale orders were signed for more than half a month. The pressure of high supply and high inventory in coal mines was significantly reduced, and coal prices were likely to rise and difficult to fall in the short term. This week, the daily output of raw coal from 523 coking coal sample mines was 1.929 million tons, a week - on - week increase of 11,000 tons; the raw coal inventory was 6.153 million tons, a week - on - week decrease of 276,000 tons; the clean coal inventory was 3.391 million tons, a week - on - week decrease of 381,000 tons [2] Demand - side Situation - Recently, coking plants and steel mills have accelerated their raw material replenishment. The available days of coking coal inventory in factories have rebounded from a low level. The average daily hot metal output of steel mill blast furnaces has rebounded to 2.4244 million tons, a week - on - week increase of 26,300 tons [2]