1. Report Industry Investment Rating No relevant information provided. 2. Core Views Polyolefin Industry - The current core contradiction in the polyolefin market is not prominent. In the PE market, the current maintenance remains high, and the short - term supply pressure is relatively limited. In the PP market, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases. However, after the new device is put into production in early September, the pressure in East China increases, driving the basis to weaken rapidly, and market transactions are dull [23]. Pure Benzene and Styrene Industry - The supply of pure benzene in September is expected to be more relaxed than expected due to the maintenance of a reforming device in East China, and the weakening demand support will limit the price drive. For styrene, the overall start - up of downstream 3S has rebounded this week, and the port inventory has fallen from a high level. There is an expectation of improvement in supply and demand in the future, but the rebound space is limited due to high port inventory [26]. Chlor - Alkali Industry - The caustic soda market has stabilized slightly in the past two days, and the supply is expected to decline next week. The demand is expected to weaken in the future, but the inventory pressure of caustic soda enterprises is not large, and the spot price may remain firm in the short term. The PVC market has stopped falling and stabilized recently, but the overall pattern of oversupply is difficult to reverse, and there is no obvious sign of improvement in demand [30]. Polyester Industry - PX supply is gradually increasing to a relatively high level, and the supply - demand expectation in September is relatively loose, but the medium - term supply - demand is still expected to be tight. PTA supply - demand is expected to be tight in September, but the basis and processing fees have limited repair drivers. Ethylene glycol supply is strong in the short term and weak in the long term. Short - fiber supply - demand is still weak in the short term. Bottle - chip supply - demand may be balanced in September, and inventory may increase slightly [33]. Crude Oil Industry - Overnight oil prices fell due to concerns about supply surplus overwhelming the premium brought by geopolitical risks. In the short term, oil prices are likely to run weakly, and it is recommended to take a short - side approach [38]. Urea Industry - The urea futures price is running weakly due to the dual pressure of increased supply and weak demand. The domestic urea daily output has rebounded, while agricultural demand is in the off - season, and industrial demand is limited [42]. Methanol Industry - The methanol supply is expected to increase in September as domestic maintenance devices return and foreign start - up reaches a seasonal high. The demand from traditional downstream industries remains weak, and the port inventory has increased significantly, with weak basis performance and prominent pressure [44]. 3. Summaries by Related Catalogs Polyolefin Industry - **Price Change**: From September 10th to 11th, the closing prices of L2601, L2509, PP2601, and PP2509 all decreased, with decreases of 0.24%, 0.43%, 0.13%, and 0.71% respectively. The spreads of L2509 - 2601 and PP2509 - 2601 increased by 28.00% and 42.55% respectively [23]. - **Inventory and Supply - Demand**: PE and PP inventories showed different trends last week, with PE de - stocking and PP stocking. The current maintenance of PE remains high, and short - term supply pressure is limited. For PP, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases, but new devices will increase pressure after being put into production in September [23]. Pure Benzene and Styrene Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, CFR China pure benzene, and styrene in East China all changed to varying degrees. For example, the price of Brent crude oil (November) decreased by 1.7%, and the price of styrene in East China increased by 0.3% [26]. - **Inventory and Supply - Demand**: The inventory of pure benzene in Jiangsu ports decreased by 3.4%, and the inventory of styrene in Jiangsu ports decreased by 10.2%. The supply of pure benzene in September is expected to decrease, and the demand support is weakening. For styrene, there is an expectation of improvement in supply and demand in the future [26]. Chlor - Alkali Industry - **Price Change**: From September 10th to 11th, the price of Shandong 32% liquid caustic soda converted to 100% remained unchanged, the price of East China calcium carbide - based PVC increased by 0.2%, and the price of East China ethylene - based PVC remained unchanged [31]. - **Inventory and Supply - Demand**: The inventory of liquid caustic soda in East China factories decreased by 7.8%, and the total social inventory of PVC increased by 2.1%. The supply of caustic soda is expected to decline next week, and the demand for PVC remains weak [31]. Polyester Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, and various polyester products changed. For example, the price of POY150/48 increased by 0.5%, and the price of FDY150/96 decreased by 0.5% [34]. - **Inventory and Supply - Demand**: The supply of PX is gradually increasing, and the supply - demand in September is expected to be relatively loose. The supply - demand of PTA in September is expected to be tight, but the basis and processing fees have limited repair drivers. Ethylene glycol is expected to be in a short - term supply - demand balance but may face oversupply in the fourth quarter [34]. Crude Oil Industry - **Price Change**: On September 12th compared with September 11th, the prices of Brent, WTI, and various refined oil products decreased. For example, the price of Brent decreased by 1.66%, and the price of NYM RBOB decreased by 0.51% [38]. - **Supply - Demand**: The supply of crude oil is expected to be in a record - high surplus next year, and the increase in Saudi Arabia's export quota to China confirms the supply pressure. The increase in the number of initial jobless claims in the United States has raised concerns about economic and demand slowdown [38]. Urea Industry - **Price Change**: From September 10th to 11th, the closing price of the methanol main contract decreased by 0.83%, and the prices of various urea futures contracts and spreads also changed [42]. - **Inventory and Supply - Demand**: The domestic urea daily output has rebounded to 18.44 tons, and the start - up rate has increased month - on - month. Agricultural demand is in the off - season, and industrial rigid - demand procurement is limited. Although export containerization provides some support, the decline in Indian consumption weakens the positive effect [42]. Methanol Industry - **Price Change**: From September 10th to 11th, the closing prices of MA2601 and MA2509 decreased by 0.83% and 2.30% respectively, and the MA91 spread decreased by 22.54% [44]. - **Inventory and Supply - Demand**: The methanol enterprise inventory increased by 0.43%, and the port inventory increased by 8.59%. The domestic maintenance devices are expected to return in early September, and the foreign start - up has reached a seasonal high, while the traditional downstream demand remains weak [44].

Core Viewpoint - The article discusses the economic indicators for August, highlighting a year-on-year Consumer Price Index (CPI) decrease of 0.4% and a Producer Price Index (PPI) decrease of 2.9%, which aligns closely with the company's predictions. The article emphasizes the impact of base effects on these indices and suggests a slight improvement in the economic outlook for September and beyond [1][5][19]. Summary by Sections CPI and PPI Analysis - August CPI decreased by 0.4%, lower than the predicted -0.13%, while PPI decreased by 2.9%, closely matching the forecast of -2.96%. The simulated deflation index based on CPI and PPI is approximately -1.40%, similar to the previous value of -1.44% [1][5]. - The article notes that August experienced significant base pressure for CPI and PPI, indicating a collision of the highest CPI base pressure and the largest PPI base advantage of the year [1][6]. Monthly Trends - Both CPI and PPI remained flat month-on-month in August, showing slight improvement compared to previous periods. Notably, PPI components marked the first month of positive growth in 2023, and core CPI (excluding food and energy) rose to a new high of 0.9% year-on-year [1][8][19]. - The non-food CPI segment showed weaker month-on-month performance compared to July, primarily due to the price rhythm of durable goods. Despite this, household appliances still saw a month-on-month increase of 1.1% and a year-on-year increase of 4.6% [13][14]. PPI Component Insights - The article highlights a clear stabilization in upstream prices, with mining and raw materials showing significant month-on-month positive changes. Key industries such as coal mining and black metal smelting transitioned from negative to positive growth [16][17]. - The automotive manufacturing sector continued to experience a decline of 0.3% month-on-month, primarily attributed to traditional fuel vehicles, while prices for photovoltaic equipment and new energy vehicles showed reduced year-on-year declines [16][17]. Policy Implications - The article suggests that the rising price indicators in the PMI over three consecutive months indicate initial effectiveness of the "anti-involution" policies. The PPI data for August supports this conclusion, with a clear policy direction aimed at consolidating competitive restructuring in key industries [3][19]. - Looking ahead, the company forecasts that September's CPI and PPI will benefit from favorable base effects, projecting a year-on-year CPI increase of 0.15% and a PPI decrease of 2.55%, indicating potential improvements in deflationary pressures [19][20]. Market Dynamics - The article discusses the transition from liquidity-driven asset pricing to profit-driven phases, contingent on actual and nominal growth recovery. The construction industry and PPI are identified as critical indicators for this transition [4][20].

Summary of the Conference Call for Tianji Co., Ltd. Industry Overview - The lithium hexafluorophosphate market is experiencing strong demand, primarily driven by growth in the energy storage sector, with an optimistic demand growth rate of 25%-30% expected through 2026 [2][3] - The market is becoming increasingly concentrated, with the top three companies holding over 70% of the market share, which has recently approached 80% [4] - The supply-demand situation is currently tight, with rising lithium carbonate prices increasing raw material costs, leading to price hikes for small batch orders [16] Company Performance - Tianji Co., Ltd. has significantly increased its lithium hexafluorophosphate production, expecting to produce approximately 24,000 tons in the second half of the year, a rise of 9,000 tons compared to the first half [2][7] - The nominal annual production capacity is 37,000 tons, with actual capacity potentially reaching 45,000 tons [8] - The company plans to invest nearly 400 million yuan in a new 15,000-ton production line, with equipment costs estimated at 25-26 million yuan per ton [2][28] Sales and Market Share - In 2025, Tianji's total sales are projected to be close to 40,000 tons, with C customers accounting for approximately 40% of sales [11] - The market share among C customers is estimated to be around 30%-35%, with expectations of over 25% growth in sales to these customers in 2026 [12][13] Pricing and Cost Structure - Tianji is currently operating at a break-even point with a sales price of around 55,000 yuan per ton, with production costs for new capacity slightly above 50,000 yuan per ton [5][17] - The cost difference between old and new production lines is approximately 10,000 to 15,000 yuan per ton [18] Future Outlook - The company anticipates limited new capacity additions in the first half of 2026, which may lead to a supply-demand imbalance and potential price increases [20] - If the growth rate reaches 30% in 2026, a supply shortage is likely, further solidifying the market position of leading companies [21] - The overall effective capacity in the industry is expected to be below 300,000 tons, with the top companies collectively holding about 200,000 tons of capacity [24] Competitive Landscape - The competitive landscape is challenging for smaller companies, many of which are operating at reduced capacity or have ceased production due to cost pressures [25][27] - The top three companies maintain communication and collaboration to navigate market changes and avoid destructive competition [30] Financial Performance - Tianji has reported consecutive losses in 2024 and 2025, highlighting the cyclical nature of the industry and the need for periodic market adjustments [31] - The company has effectively managed inventory write-downs, with no significant impacts on the third quarter's performance [37] Raw Material Prices - Key raw materials, including anhydrous hydrofluoric acid and phosphorus pentachloride, have shown stable pricing trends, with the latter experiencing a decline due to oversupply [32] Customer Relationships - Pricing negotiations with major customers like BYD and CATL are structured around long-term contracts, with adjustments based on market conditions [33][34] International Operations - Tianji currently supplies a small volume of products overseas but has no immediate plans for overseas manufacturing due to high costs [39]

Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The copper price broke through and rose this week. With supply disturbances and expected decline in electrolytic copper production in September, there is obvious support at the bottom, and potential squeezing risks should be noted [1]. - For aluminum, supply slightly increased, and demand is expected to improve seasonally in September with inventory depletion. Attention should be paid to reverse spreads between distant months and inside - outside in the low - inventory pattern [1]. - The zinc price fluctuated narrowly this week. In the short term, it is expected to rebound and is recommended for observation; in the medium - to - long - term, it is suitable for short - side allocation. Inside - outside positive spreads can be held, and opportunities for positive spreads between months can be noted [5][6]. - The nickel market has high - level pure nickel production, weak overall demand, and stable premiums. With the situation in Indonesia to be continuously monitored, the short - term fundamental situation is average [7]. - The stainless - steel market has weak fundamentals with partial passive production cuts by steel mills, mainly rigid demand, and stable inventory in Xifu areas. Attention should be paid to the development of the situation in Indonesia [10]. - The lead price oscillated this week. Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. - The tin price oscillated upward this week. The domestic market is in a situation of weak supply and demand in the short term. It is recommended to observe in the short term and hold at low prices near the cost line in the medium - to - long - term [15]. - For industrial silicon, the short - term supply - demand balance depends on the resumption rhythm of Hesheng. In the medium - to - long - term, it is expected to oscillate at the cycle bottom due to over - capacity [18]. - The lithium carbonate price declined this week. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21]. Summary by Metal Copper - **Price and Market Data**: From August 28 to September 3, the spot premium of Shanghai copper decreased by 25, the waste - refined copper price difference increased by 39, and the LME inventory decreased by 200 [1]. - **Fundamentals**: Market orders remained resilient, and the copper rod operating rate showed no obvious distinction between peak and off - peak seasons. The rumor of tax rebate cancellation in some areas led to a tight waste - refined price difference, and the production of anode copper may be affected in September and October. The planned production of electrolytic copper in September decreased unexpectedly [1]. Aluminum - **Price and Market Data**: From August 28 to September 3, the prices of Shanghai, Yangtze River, and Guangdong aluminum ingots all increased by 20, and the domestic alumina price decreased by 12. The LME inventory remained unchanged [1]. - **Fundamentals**: Supply slightly increased, and demand was in the seasonal off - peak season in August with a slight improvement in the middle and late stages. The inventory is expected to deplete in September [1]. Zinc - **Price and Market Data**: From August 28 to September 3, the Shanghai zinc ingot price increased by 90, the domestic social inventory remained unchanged, and the LME inventory decreased by 375 [5]. - **Fundamentals**: The domestic TC of zinc ore has limited upward movement, and the import TC increased. The smelting increment in August was further realized. Domestic demand is seasonally weak but has certain resilience, and overseas demand has some resistance in production due to processing fees [5]. Nickel - **Price and Market Data**: From August 28 to September 3, the Shanghai nickel spot price decreased by 1550, and the LME inventory increased by 3996 [6][7]. - **Fundamentals**: Pure nickel production remained at a high level, demand was weak, and premiums were stable. The situation in Indonesia needs continuous monitoring [7]. Stainless Steel - **Price and Market Data**: From August 28 to September 3, the 304 cold - rolled coil price increased by 50, and the 430 cold - rolled coil price increased by 100 [10]. - **Fundamentals**: Steel mills had partial passive production cuts, demand was mainly rigid, and inventory in Xifu areas remained stable [10]. Lead - **Price and Market Data**: From August 28 to September 3, the spot premium increased by 5, and the LME inventory decreased by 3475 [12]. - **Fundamentals**: Supply is expected to be tight, demand has a slight improvement, but inventory is at a high level. It is expected that the lead price will maintain a low - level oscillation next week [12]. Tin - **Price and Market Data**: From August 28 to September 3, the spot import profit increased by 874.40, and the LME inventory increased by 20 [15]. - **Fundamentals**: The domestic market is in a situation of weak supply and demand in the short term. Supply is affected by smelter maintenance and overseas production resumption difficulties, and demand has a peak - season expectation but also a decline in photovoltaic growth [15]. Industrial Silicon - **Price and Market Data**: From August 28 to September 3, the 421 Yunnan basis decreased by 20, and the 553 East China basis decreased by 20 [18]. - **Fundamentals**: The resumption of production in Xinjiang is progressing steadily, and the production in Sichuan and Yunnan is stable. The short - term supply - demand balance depends on the resumption rhythm of Hesheng, and there is over - capacity in the medium - to - long - term [18]. Lithium Carbonate - **Price and Market Data**: From August 28 to September 3, the SMM electric - grade lithium carbonate price decreased by 1600, and the number of warehouse receipts increased by 2111 [20]. - **Fundamentals**: The price declined this week due to multiple factors. The core contradiction is the excess supply in the medium - to - long - term and the short - term compliance disturbances at the resource end. With the arrival of the peak season, the price has strong downward support [20][21].

Group 1 - The best time to buy gold typically occurs during periods of price lows, low market risk sentiment, and strong dollar and real interest rates putting pressure on gold prices [1][3] - When international gold prices adjust due to short-term economic data or policy expectations, but long-term demand logic remains intact, it is often the best time for rational investment [1][3] - If precise short-term fluctuations cannot be predicted, strategies such as dollar-cost averaging or phased buying can help smooth costs and reduce the risk of one-time purchases [1][3] Group 2 - Key factors influencing the timing of gold purchases include price trends, market environment, and macroeconomic conditions [3] - Price factors are fundamental for choosing when to buy gold, as significant price fluctuations require understanding price ranges [4][5] - When international gold prices decline more than 5%-10% from recent highs and stabilize at key support levels, it often indicates undervaluation, suggesting phased buying [5][6] Group 3 - The long-term trend of gold is closely related to the global economic environment [6][7] - A strong dollar index or a Federal Reserve rate hike cycle tends to put pressure on gold prices, making it a potentially lower-cost buying opportunity [7][8] - When inflation rises, financial markets become unstable, or geopolitical risks emerge, demand for gold significantly increases, leading to potential price rises, thus making early positioning advisable [8][9] Group 4 - Market sentiment often amplifies price volatility, and during overly optimistic periods, it is unwise to chase high prices [9][10] - When trading in the gold market is quiet, and mainstream analysis is cautious or pessimistic, it often indicates that prices are nearing undervaluation, presenting a more stable buying opportunity [10]

Group 1 - The core viewpoint of the articles indicates a significant recovery in the fatty acid market, particularly for stearic acid and lauric acid, driven by the strong rise in palm oil prices since August [1][2] - As of August 31, the average price of stearic acid was 10,044 yuan per ton, an increase of 571.22 yuan (6.03%) from August 1, while lauric acid averaged 18,600 yuan, up 1,703.05 yuan (10.08%) [1][2] - The domestic market is experiencing tight supply and cost support, leading stearic acid producers to flexibly adjust prices based on their inventory, with expectations of price increases in the short term [1][2] Group 2 - The strong performance of palm oil, primarily imported from Malaysia and Indonesia, is influencing domestic prices, with palm oil prices rising to an average of 9,393.57 yuan, up 470.64 yuan (5.27%) since August 1 [2] - Malaysia's palm oil inventory was reported at 2.113 million tons, lower than expected, while exports increased by 3.82%, alleviating concerns of oversupply and supporting price increases [2] - Indonesia's biodiesel policies are expected to sustain demand for palm oil, further supporting international prices as exports decrease [2] Group 3 - The fatty acid market is facing supply constraints due to raw material shortages, low operating rates, and low inventory levels among companies, which are limiting the availability of stearic acid [3] - Despite weak terminal demand and reduced production capacity, the overall supply-demand balance remains tight, keeping stearic acid prices elevated [3] - The import volume of stearic acid in July was 15,700 tons, a decrease of 32.9% year-on-year, with rising import costs further suppressing import intentions [3] Group 4 - Demand for fatty acids is currently weak, with downstream industries primarily consuming previously low-priced orders and showing resistance to high-priced raw materials [4] - The tire and real estate sectors have not yet activated demand, leading to a supply surplus in the stearic acid market, where some manufacturers are forced to lower prices to stimulate sales [4] - The PVC production chain, which relies on stearic acid, is facing low demand due to limited new construction projects in real estate, resulting in only essential purchases from downstream enterprises [4] Group 5 - Lauric acid demand is also affected by seasonal changes, with a decline in demand from the daily chemical and food industries as they enter autumn and winter [5] - However, there is some minor replenishment of inventory due to the rising prices of palm kernel oil, despite overall market transactions being limited [5]

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Report's Core View - The copper price broke upward this week. The market order transactions remained resilient, and the difference between refined and scrap copper prices was tight. There are concerns about anode copper production in September and October, and potential squeeze - out risks should be noted [1]. - For aluminum, supply increased slightly, with imports providing an increment from January to July. August was a seasonal off - peak for demand, but there was a slight improvement in the second half of the month. In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage [1]. - The zinc price fluctuated narrowly this week. Supply increased in August, and demand was seasonally weak domestically but had some resistance overseas. Short - term rebound is expected, and it is recommended to wait and see in the short - term and take a short - position in the long - term. Internal - external positive arbitrage can be held, and positive spreads between months can be noted [4]. - For nickel, the production of pure nickel remained at a high level, demand was weak overall, and domestic inventory decreased slightly while overseas inventory remained stable. The situation in Indonesia needs continuous attention [6]. - The stainless - steel market had some passive production cuts by steel mills. Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. - The lead price fluctuated this week. Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. - The tin price oscillated upward this week. The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. - For industrial silicon, the production in Xinjiang is expected to accelerate, and the southwest production is stable. The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. - The lithium carbonate price decreased this week. The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20]. Group 3: Summary by Metal Copper - **Price and Market Data**: From August 25 - 29, the Shanghai copper spot price increased by 55, the spread increased by 133, and the LME inventory increased by 950. The copper price broke upward this week [1]. - **Fundamentals**: Market orders were resilient, and the difference between refined and scrap copper prices was tight. Some regions' scrap copper rod production decreased, and there are concerns about anode copper production in September and October [1]. Aluminum - **Price and Market Data**: From August 25 - 29, the Shanghai aluminum ingot price remained unchanged, and the LME inventory decreased by 100. Supply increased slightly, and demand was in a seasonal off - peak in August [1]. - **Inventory and Outlook**: In September, inventory is expected to decline. Pay attention to far - month spreads and internal - external reverse arbitrage in the low - inventory situation [1]. Zinc - **Price and Market Data**: From August 25 - 29, the Shanghai zinc ingot price decreased by 120, and the LME inventory decreased by 1500. The zinc price fluctuated narrowly this week [4]. - **Supply and Demand**: Supply increased in August, domestic demand was seasonally weak, and overseas demand had some resistance. Short - term rebound is expected, and long - term short - position is recommended [4]. Nickel - **Price and Market Data**: From August 25 - 29, the Shanghai nickel spot price increased by 500, and the LME inventory decreased by 132. The production of pure nickel remained at a high level, and demand was weak [6]. - **Situation in Indonesia**: The parade in Indonesia turned into a riot, and the situation needs continuous attention [6]. Stainless Steel - **Price and Market Data**: From August 25 - 29, the price of 430 cold - rolled coil increased by 50, and the price of scrap stainless steel decreased by 30. Some steel mills had passive production cuts [9]. - **Supply and Demand**: Demand was mainly for rigid needs, costs were relatively stable, and inventory remained unchanged. Follow the situation of the Indonesian parade [9]. Lead - **Price and Market Data**: From August 25 - 29, the lead price oscillated, the LME registered warehouse receipts decreased by 10,000, and the exchange inventory reached a historical high of 70,000 tons [11]. - **Supply and Demand**: Supply was expected to be tight, demand improved slightly, but inventory was at a high level. The price is expected to remain in a low - level oscillation next week [11]. Tin - **Price and Market Data**: From August 25 - 29, the tin price oscillated upward, the LME inventory increased by 115, and the position increased by 15,147 [14]. - **Supply and Demand**: The domestic market was in a state of weak supply and demand. It is recommended to wait and see in the short - term and hold positions at low prices close to the cost line in the long - term [14]. Industrial Silicon - **Price and Market Data**: From August 25 - 29, the basis of 421 in Yunnan and Sichuan changed, and the warehouse receipt quantity decreased. The production in Xinjiang is expected to accelerate [17]. - **Supply and Demand**: The short - term supply - demand balance depends on the resumption of production of Hesheng. In the long - term, it will oscillate at the bottom of the cycle [17]. Lithium Carbonate - **Price and Market Data**: From August 25 - 29, the SMM electric and industrial carbon prices decreased by 350, and the warehouse receipt quantity increased by 930. The price decreased this week [19]. - **Supply and Demand**: The core contradiction is the long - term over - capacity and short - term supply disruptions. The price has strong downward support [19][20].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core View of the Report - The pure benzene market shows short - term resilience but faces increasing supply - demand contradictions and price decline risks after September [3]. - The styrene market has a short - term strong and medium - term pressured pattern, with limited upward price movement and a long - term supply - surplus situation [4]. 3) Summary by Relevant Catalogs I. Daily Market Summary - **Fundamentals** - **Price**: On August 25, the styrene main contract closed down 0.65% at 7,330 yuan/ton with a basis of 25 (+28 yuan/ton); the pure benzene main contract closed down 0.03% at 6,206 yuan/ton [2]. - **Cost**: On August 25, Brent crude closed at 63.7 (+0.1 dollars/barrel), WTI crude at 67.7 dollars/barrel, and East China pure benzene spot was 6,072.5 yuan/ton (-17.5 yuan/ton) [2]. - **Inventory**: Styrene sample factory inventory was 20.3 tons (-0.3 tons), a 1.1% de - stocking; Jiangsu port inventory was 16.2 tons (+1.3 tons), an 8.5% stocking. Pure benzene port inventory was 14.4 tons (-0.2 tons), a 1.1% de - stocking [2]. - **Supply**: Styrene may have reduced supply due to plant maintenance at the end of August. Currently, the weekly styrene output is 37.1 tons (+0.2 tons) with a plant capacity utilization of 78.5% (+0.3%) [2]. - **Demand**: The downstream 3S开工率 varies. EPS capacity utilization is 61.0% (+2.9%), ABS 71.1% (+0%), and PS 57.5% (+1.1%), showing a continuous increase [2]. - **Views** - **Pure Benzene**: In the short - term, it maintains resilience due to plant fluctuations and low inventory, but after September, supply - demand contradictions may intensify, and prices may decline [3]. - **Styrene**: It has a short - term strong and medium - term pressured pattern. Short - term price increase is limited, and the medium - term is in an oversupply situation [4]. II. Industrial Chain Data Monitoring - **Price**: The report provides price data for styrene and pure benzene from August 22 to August 25, including futures, spot, and various price differences [6]. - **Output and Inventory**: From August 15 to August 22, styrene output increased by 0.45% to 37.1 tons, and pure benzene output increased by 1.26% to 45.1 tons. Styrene port inventory in Jiangsu increased by 8.53% to 16.2 tons, and pure benzene port inventory decreased by 1.37% to 14.4 tons [7]. - **Capacity Utilization**: From August 15 to August 22, the capacity utilization of styrene increased by 0.35% to 78.5%, and that of some downstream products changed to varying degrees [8]. III. Industry News - On the 22nd, the Russia - Ukraine peace talks faced difficulties, causing international oil prices to rise [9]. - Global diesel shortages support refinery profits, affecting the crude oil and chemical industry chain [9]. - India plans to expand petrochemical production to counter China's dominance in the global petrochemical market [9]. IV. Industrial Chain Data Charts The report includes charts on pure benzene and styrene prices, production, inventory, and capacity utilization from 2020 - 2025 [15][18][21]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The international soybean market's supply - demand situation has improved, but there are still some regional pressures. The domestic soybean market has a high inventory accumulation pressure. For sugar, the international market is expected to be in a state of inventory accumulation, and the domestic sugar price will follow the international trend. The palm oil in Malaysia is expected to continue to increase production and inventory, while the domestic vegetable oil has a relatively stable fundamental situation. The US corn may have a rebound space, and the domestic corn price is expected to decline. The pig price is expected to decline slightly, and the peanut market is expected to be stable with new - season supply increasing. The egg market has obvious supply - side pressure, and the apple market is expected to have a wide - range shock. The cotton market is expected to be slightly stronger in the short term [4][6][10][18][24][30][34][44][52][61]. 3. Summary According to Relevant Catalogs Soybean/Meal - **Market Conditions**: CBOT soybean index fell 0.47% to 1062.75 cents/bu, and CBOT soybean meal index fell 0.41% to 293.4 dollars/short ton [2]. - **Relevant Information**: As of August 24, US soybean crop good - excellent rate was 69%. As of August 21, the US soybean export inspection volume was 382,806 tons. The expected current - year soybean import volume increased by 120 tons to 1.5 million tons. As of August 22, the actual soybean crushing volume of oil mills was 2.27 million tons, with an operating rate of 63.81%. Soybean inventory increased by 0.31% to 6.8253 million tons, and soybean meal inventory increased by 3.8% to 1.0533 million tons [2][3]. - **Logic Analysis**: The international soybean market's supply - demand situation has improved, but Brazilian and Argentine soybeans have price or export pressure. The domestic soybean market has a high inventory accumulation pressure [4][6]. - **Strategy Suggestion**: For single - side trading, buy soybean and rapeseed meal at low prices for far - month contracts; for arbitrage, expand the MRM05 spread; for options, buy call options [7]. Sugar - **Market Conditions**: ICE US raw sugar price fluctuated, with the main contract down 0.05 (- 0.3%) to 16.39 cents/lb. London white sugar price rose in the previous trading day, with the main contract up 3.4 (0.7%) to 486.3 dollars/ton [8]. - **Relevant Information**: As of August 20, the number of ships waiting to load sugar in Brazilian ports decreased, and the waiting sugar volume was 2.9169 million tons. Southern China's sugar quotes were stable with average transactions [9]. - **Logic Analysis**: Internationally, Brazil is in the supply peak, but the actual sugar production is lower than expected, and the price is expected to fluctuate. Domestically, the domestic sugar price is affected by the international price and is expected to follow the international trend [10]. - **Position Suggestion**: For single - side trading, the Zhengzhou sugar price is expected to fluctuate in a narrow range; for arbitrage, wait and see; for options, consider selling out - of - the - money strangles [11][12][13]. Oilseeds - **Market Conditions**: CBOT US soybean oil main price fell 0.94% to 54.84 cents/lb, and BMD Malaysian palm oil main price fell 0.24% to 4482 ringgit/ton [15]. - **Relevant Information**: Malaysia's palm oil exports from August 1 - 25 increased by 10.9%. In July, Canada's rapeseed crushing volume increased by 13.13%. As of August 22, the domestic palm oil inventory decreased by 5.70%, and the soybean oil inventory increased by 3.79% [16][17]. - **Logic Analysis**: Malaysian palm oil is expected to continue to increase production and inventory, but the Indonesian price provides support. The domestic soybean oil pressure is released, and the vegetable oil inventory is decreasing [18]. - **Trading Strategy**: For single - side trading, buy on dips; for arbitrage, expand the P15 spread after a correction; for options, wait and see [19][20]. Corn/Corn Starch - **Market Conditions**: CBOT corn futures fell, with the December main contract down 0.5% to 412.5 cents/bu [21]. - **Relevant Information**: As of August 23, Brazil's second - crop corn harvest rate was 94.8%. The US corn export inspection volume increased. The domestic corn price was weak [22][23]. - **Logic Analysis**: The US corn may rebound, and the domestic corn price is expected to decline [24]. - **Trading Strategy**: For single - side trading, buy the December corn on dips and go long on the 01 corn at the bottom; for arbitrage, wait and see; for options, wait and see [25][27]. Pig - **Relevant Information**: The pig price fluctuated, with some regions falling. Piglet and sow prices changed, and the pork wholesale price was stable [29]. - **Logic Analysis**: The market supply pressure increased, and the price is expected to decline slightly [30]. - **Strategy Suggestion**: For single - side trading, buy far - month contracts at low prices; for arbitrage, conduct LH91 reverse arbitrage; for options, wait and see [31]. Peanut - **Relevant Information**: The peanut price was weakly falling, the oil mill's demand was low, and the peanut oil price was strong. The peanut and peanut oil inventories decreased [33]. - **Logic Analysis**: The peanut market is stable, but the new - season supply is expected to increase [34]. - **Trading Strategy**: For single - side trading, short 11 and 01 peanuts on rallies, wait and see currently, and go long on 05 peanuts lightly; for arbitrage, wait and see; for options, sell pk601 - C - 8200 options [35][37][38]. Egg - **Relevant Information**: The egg price was stable, the in - production laying hen inventory increased, the egg sales volume decreased, and the inventory increased [40][42][43]. - **Trading Logic**: The supply - side pressure is obvious, and the price is expected to decline. Consider shorting on rallies [44]. - **Trading Strategy**: No specific strategies provided in the given text. Apple - **Relevant Information**: The apple cold - storage inventory decreased, the import and export volumes changed, the early - maturing apple price was polarized, and the storage profit decreased [47][51][52]. - **Trading Logic**: The current inventory is low, the demand is in the off - season, and the price is expected to have a wide - range shock [52]. - **Trading Strategy**: For single - side trading, short on rallies; for arbitrage, short near - month contracts and long far - month contracts; for options, sell out - of - the - money call options [49]. Cotton - Cotton Yarn - **Market Conditions**: ICE US cotton fell, with the main contract down 0.62 (0.91%) to 67.38 cents/lb [57]. - **Relevant Information**: As of August 24, the US cotton good - excellent rate was 54%. The 2025 cotton import tariff - rate quota for processing trade was 200,000 tons. As of mid - August, the domestic cotton commercial inventory was at a low level [58]. - **Trading Logic**: The short - term tariff impact is weakened, the supply is tight, and the demand is expected to improve. The price is expected to be slightly stronger [59][61]. - **Trading Strategy**: For single - side trading, the US cotton and Zhengzhou cotton are expected to be slightly stronger; for arbitrage, wait and see; for options, wait and see [62].

Report Information - Report Title: Export Throughput Maintains Resilience, Price Trends Diverge [1] - Report Date: August 25, 2025 - Analysts: Zhang Jiqiang, Wu Jing, Wu Yuhang - Contact: Li Zihao Core Viewpoints - In the third week of August, external demand showed high throughput year-on-year, but freight rates were weak with a widening decline. The real estate market had mixed performance in transactions, with new and second-hand housing sales continuing to decline year-on-year, and housing prices yet to stabilize. On the production side, the industrial freight volume was good, coal prices rose, and production maintained a differentiated resilience. In the construction industry, cement supply and demand improved marginally, while black metal supply and demand were weak. In the consumption sector, travel remained resilient, and automobile consumption increased slightly. Prices of crude oil were significantly affected by external factors, and the fundamentals restricted black metal prices, while Powell's dovish signals supported copper prices [2]. Summary by Category Consumption - Travel maintained a high level, with increases in subway ridership, congestion delay index, and flight operation rates similar to the previous year. Automobile consumption increased slightly, textile consumption recovered, and express delivery pick-up volume remained high [3]. Real Estate - Real estate transactions were differentiated. New housing transactions were basically flat, with second-tier cities leading. Second-hand housing transactions recovered, especially in Beijing, Shanghai, Shenzhen, and Chengdu. The listing price and quantity of second-hand housing both decreased, and the land premium rate increased while land transactions decreased [4][6]. Production - Freight volume remained high, and the data of operating rates were differentiated. In the power sector, coal consumption increased, hydropower decreased, and coal prices rose. In the construction industry, the funds in place increased year-on-year, cement supply and demand improved, black metal supply and demand declined, and asphalt operating rates decreased [5][13][14]. External Demand - Port throughput remained high, but freight rates declined. The cumulative cargo throughput and container throughput of ports were at a high level. The RJ/CRB index increased year-on-year, the Baltic Dry Index (BDI) decreased, and international route freight rates weakened. South Korea's exports in the first 20 days of August increased by 7.62% year-on-year, and Vietnam's exports in the first half of August increased by 15.56% year-on-year [5]. Prices - The prices of agricultural products, crude oil, and cement increased, while the prices of black metals were differentiated, and the prices of non-ferrous metals and glass decreased. The increase in crude oil prices was due to geopolitical risks and increased demand, while the differentiation of black metal prices was affected by supply and demand and policies [20][21].