Report Industry Investment Rating - No relevant content provided Core Viewpoint - The report believes that methanol is in a low - level oscillation state. It is recommended to wait for long - making opportunities. Although the upstream coal - based profit is still high, the coastal profit has rebounded to a high level, and the valuation of East China methanol price relative to downstream is low, with limited further downward space. In the short term, the upward driving force is limited due to high port inventory and insufficient restocking motivation of MTO enterprises. However, considering the low East China spot price and the approaching traditional downstream peak season, there may be opportunities to go long later [1] Summary According to Related Catalogs 1. Futures and Spot Prices and Basis - **Methanol Futures Prices (Closing Prices)**: MA01 increased from 2372.00 yuan/ton to 2382.00 yuan/ton, a change of 10.00 yuan/ton or 0.42%; MA05 increased from 2372.00 yuan/ton to 2379.00 yuan/ton, a change of 7.00 yuan/ton or 0.30%; MA09 increased from 2212.00 yuan/ton to 2226.00 yuan/ton, a change of 14.00 yuan/ton or 0.63% [1] - **Methanol Spot Prices (Daily Average)**: Prices in regions such as Taicang, Shandong, Guangdong, Shaanxi, and Inner Mongolia increased, while those in Sichuan - Chongqing and Hubei remained unchanged. For example, Taicang increased from 2235.00 yuan/ton to 2252.50 yuan/ton, a change of 17.50 yuan/ton or 0.78% [1] - **Basis**: The basis of Taicang spot - MA increased from - 137.00 yuan/ton to - 129.50 yuan/ton, a change of 7.50 yuan/ton [1] 2. Raw Material Prices - **Coal Spot Prices**: The prices of Datong Q5500 and Yulin Q6000 remained unchanged at 547.50 yuan/ton [1] - **Industrial Natural Gas Prices**: The prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1] 3. Profit Situation - **Methanol Production Profits**: Coal - based methanol profit increased from 398.90 yuan/ton to 405.20 yuan/ton, a change of 6.30 yuan/ton or 1.58%; natural - gas - based methanol profit remained unchanged at - 442.00 yuan/ton [1] - **MTO Profits**: Northwest MTO profit decreased from 303.00 yuan/ton to 44.60 yuan/ton, a decline of 258.40 yuan/ton or 85.28%; East China MTO profit decreased from - 371.07 yuan/ton to - 388.07 yuan/ton, a decline of 17.00 yuan/ton or 4.58% [1] - **Methanol Downstream Profits**: The profit of acetic acid increased from 348.47 yuan/ton to 376.53 yuan/ton, a change of 28.06 yuan/ton or 8.05%, while the profits of MTBE, formaldehyde, etc. remained unchanged [1] 4. Important Information - **Domestic Futures**: The main methanol contract MA2601 fluctuated at a high level, opening at 2373 yuan/ton, closing at 2382 yuan/ton, up 4 yuan/ton. The trading volume was 500463 lots, and the open interest was 795320, with increased volume and decreased open interest [1] - **Foreign Information**: The reference negotiation price of non - Iranian methanol shipments arriving in the far - future is 258 - 266 US dollars/ton, and there is insufficient active offering. The reference negotiation price of methanol shipments from other regions in the Middle East arriving in the far - future is + 0 - 0.6%, and sellers are reluctant to sell at low prices [1] 5. Trading Strategy - Wait for long - making opportunities. Methanol is in a low - level oscillation state. Although the upward driving force is limited in the short term, considering the low spot price and the approaching peak season of traditional downstream industries, there may be opportunities to go long later [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The steel price of rebar is expected to continue the trend of oscillating to find the bottom. It is recommended to pay attention to the pressure at the MA5 line and the production and sales data released by Steel Union today [1][2] Group 3: Summary by Related Catalogs Variety View Reference - For rebar 2601, the short - term view is oscillating and weakening, the medium - term view is oscillating, and the intraday view is also oscillating and weakening. The reference view is to pay attention to the pressure at the MA5 line, with the core logic being the accumulation of industrial contradictions and the weakening of steel prices under pressure [1] Market Driving Logic - The fundamentals of rebar are weak. The rebar production has increased month - on - month and reached the annual high, increasing the supply pressure. Although the demand has improved, high - frequency indicators are still at the low level in the same period in recent years, and the improvement space of peak - season demand is questionable. With supply rising and demand remaining low, industrial contradictions are accumulating, the low - inventory pattern has changed, and the steel price is under pressure. The relatively positive factors are cost increase and peak - season expectations [2]

| 玻璃纯碱期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年9月3日 | | | | 蒋诗语 | Z0017002 | | 玻璃相关价格及价差 | | | | | | | 品种 | 肌值 | 前值 | 张跃 | 张跌幅 | 单位 | | 华北报价 | 1140 | 1140 | 0 | 0.00% | | | 华东报价 | 1200 | 1200 | 0 | 0.00% | | | 华中报价 | 1090 | 1090 | 0 | 0.00% | | | 华南报价 | 1240 | 1240 | 0 | 0.00% | 元/吨 | | 玻璃2505 | 1238 | 1274 | -36 | -2.83% | | | 玻璃2509 | 943 | વેવે | -53 | -5.32% | | | 05基差 | -d8 | -134 | 36 | 26.87% | | | 纯碱相关价格及价差 | | | | | | | 品种 | 肌值 | 前值 | 张庆 | 张跌幅 | 单位 | ...

| | 甲醇日评20250903:等待做多机会 | | | | | | --- | --- | --- | --- | --- | --- | | 指标 | 单位 2025/9/2 2025/9/1 | | | 变化值 | 变化值 | | | | | | (绝对值) | (相对值) | | | MA01 元/吨 | 2372.00 | 2385.00 | -13.00 | -0.55% | | | MA05 元/吨 甲醇期货价格 | 2372.00 | 2390.00 | -18.00 | -0.75% | | | (收盘价) MA09 元/吨 | 2212.00 | 2226.00 | -14.00 | -0.63% | | | 太仓 元/吨 | 2235.00 | 2225.00 | 10.00 | 0.45% | | | 山东 元/吨 | 2295.00 | 2290.00 | 5.00 | 0.22% | | 期现价格 | 广东 元/吨 | 2242.50 | 2240.00 | 2.50 | 0.11% | | 及基差 | 甲醇规货价格 陕西 元/吨 | 2080.00 | 2085.00 | -5 ...

| 尿素早评20250903:关注逢低做多机会 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 日度 | | 单位 9月2日 9月1日 | | | | 变化值 | 変化值 | | | | (绝对值) | | | | | (相对值) | | UR01 山东 | 民素期货价格 (收盘价) | | 元/吨 元/吨 | 1746.00 1710.00 | 1743.00 1700.00 | 3.00 10.00 | 0.17% 0.59% | | UR05 | | | 元/吨 | 1787.00 | 1784.00 | 3.00 | 0.17% | | UR09 | | | 元/吨 | 1677.00 | 1670.00 | 7.00 | 0.42% | | 期现价格 山西 | | | 元/吨 | 1610.00 | 1610.00 | 0.00 | 0.00% | | 河南 | 国内现货价格 | | 元/吨 | 1720.00 | 1720.00 | 0.00 | 0.00% | | 河北 | (小顆粒) | | 元/吨 | 1 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The sentiment in the industrial silicon market is experiencing increased fluctuations, and attention should be paid to the registration of warehouse receipts. The short - term fluctuations in the polysilicon market have significantly amplified [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: The closing price of Si2511 was 8,470 yuan/ton, with a decrease of 25 yuan compared to T - 1, 45 yuan compared to T - 5, and 30 yuan compared to T - 22. Its trading volume was 345,613 lots, a decrease of 14,243 lots compared to T - 1, 104,677 lots compared to T - 5, and an increase of 120,436 lots compared to T - 22. The open interest was 281,480 lots, a decrease of 3,969 lots compared to T - 1, 359 lots compared to T - 5, and an increase of 87,140 lots compared to T - 22. For PS2511, the closing price was 51,875 yuan/ton, a decrease of 410 yuan compared to T - 1 and an increase of 890 yuan compared to T - 5. The trading volume was 530,778 lots, a decrease of 5,320 lots compared to T - 1 and an increase of 264,958 lots compared to T - 5. The open interest was 145,855 lots, a decrease of 4,554 lots compared to T - 1 and an increase of 8,377 lots compared to T - 5 [1] - **Basis Data**: The spot premium or discount of industrial silicon (against East China Si5530) was +605 yuan/ton, 0 yuan/ton compared to T - 1, - 280 yuan/ton compared to T - 5, and - 595 yuan/ton compared to T - 22. The spot premium or discount of polysilicon (against N - type recycled material) was - 875 yuan/ton, 2,410 yuan/ton compared to T - 1, 1,110 yuan/ton compared to T - 5, and 2,455 yuan/ton compared to T - 22 [1] - **Price Data**: The price of Xinjiang 99 - silicon was 8500 yuan/ton, an increase of 50 yuan compared to T - 1, a decrease of 50 yuan compared to T - 5, and a decrease of 600 yuan compared to T - 22. The price of Yunnan Si4210 was 9650 yuan/ton, unchanged compared to T - 1, a decrease of 100 yuan compared to T - 5, and a decrease of 650 yuan compared to T - 22. The price of polysilicon - N - type recycled material was 51500 yuan/ton, an increase of 2500 yuan compared to T - 1, 2500 yuan compared to T - 5, and 4500 yuan compared to T - 22 [1] - **Profit Data**: The profit of silicon plants (Xinjiang new - standard 553) was - 2831 yuan/ton, a decrease of 25 yuan compared to T - 1, 410 yuan compared to T - 5, and 540 yuan compared to T - 22. The profit of polysilicon enterprises was - 14.4 yuan/kg, an increase of 1.6 yuan compared to T - 1, 1.7 yuan compared to T - 5, and 2.9 yuan compared to T - 22 [1] - **Inventory Data**: The social inventory of industrial silicon (including warehouse receipt inventory) was 54.1 million tons, a decrease of 0.2 million tons compared to T - 5 and an increase of 0.1 million tons compared to T - 22. The enterprise inventory of industrial silicon (sample enterprises) was 17.4 million tons, a decrease of 0.16 million tons compared to T - 5 and a decrease of 0.4 million tons compared to T - 22. The polysilicon factory inventory was 21.3 million tons, a decrease of 3.6 million tons compared to T - 5 and a decrease of 1.6 million tons compared to T - 22 [1] - **Raw Material Cost Data**: The price of silicon ore in Xinjiang was 340 yuan/ton, unchanged compared to T - 5 and T - 22. The price of washed coking coal in Xinjiang was 1300 yuan/ton, an increase of 50 yuan compared to T - 5 and T - 22 [1] 3.2 Macroeconomic and Industry News - The photovoltaic module procurement project of the 2GW composite photovoltaic base project of China Aneng First Bureau's Guoneng Ling - Shao DC - supporting Lingwu has changed. The tender scale has been reduced from 2GW to 200MW, and the tender model has been changed. The original tender had a tax - included tender control price of 132 million yuan, with a tax rate of 13%, equivalent to 0.66 yuan per watt, while the revised tender has no tender control price [1][3] 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, and the trend intensity of polysilicon is 0. The range of trend intensity values is in the interval [- 2,2], with - 2 indicating the most bearish and 2 indicating the most bullish [3]

. | . | | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | 周末 ProFarmer 公布最终美豆单产调研结果，预计单产为 53 蒲式耳，小于美农 8 | | 豆粕 | 短线止跌整理 | 月预计，偏利多。美豆地区降雨低于正常水平。前日豆粕小幅收跌，技术上有止跌 | | ★ | | 整理反弹的意图。但美豆收获逐步临近，看多暂以短线投机性反弹对待。 | | | | 高库存，高仓单现实，中澳贸易改善令近日市场炒作情绪有所降温。上周中加会晤 | | 菜粕 | 短线止跌整理 | 后，尚未有新的进展出现。菜粕前日小幅收跌，关注中澳后续进展以及加方对于中 | | ★ | | 国反倾销结果是否存在意图改善行为。 | | 棕榈油 | | 印尼及马来生柴政策利多棕榈油市场消费预期，并且中印存在采买需求。基本面展 | | ★ | 短线调整 | 望偏多，逢低看多思路为主。前日反弹，关注技术企稳看多机会。关注 8 月马棕榈 | | | | 油库存最终预估情况。 | | | | 现货端，进入 9 月现货价格逐步抬升，虽供应压力依旧存在，但需求好转的预期下 | | 豆油 | 短线调 ...

Report Summary 1. Report Industry Investment Rating - The report suggests a strategy of shorting on rallies for PVC [1]. 2. Core View of the Report - The PVC market is expected to decline with oscillations due to high supply, weak demand, high inventory, and a lack of substantial policy support. The current fundamentals of the PVC industry face significant pressure, and the主力 contract has switched to the 01 contract with a low basis [1]. 3. Summary by Related Catalogs **期现行情** - The PVC2601 contract opened lower, increased positions, and oscillated. It reached a low of 4,869 yuan/ton, a high of 4,918 yuan/ton, and closed at 4,888 yuan/ton, below the 20 - day moving average, with a 0.14% increase. The open interest increased by 6,574 lots to 1,206,310 lots [2]. **基差方面** - On September 2, the mainstream price of calcium carbide - based PVC in East China dropped to 4,680 yuan/ton. The futures closing price of the V2601 contract was 4,888 yuan/ton, with a basis of - 198 yuan/ton, strengthening by 3 yuan/ton. The basis is at a low level [3]. **基本面跟踪** - **Supply**: The operating rates of some plants such as Zhongtai Huatai and Ningbo Zhenyang decreased. The PVC operating rate decreased by 1.59 percentage points to 76.02% week - on - week, still at a relatively high level in recent years. New production capacities include Wanhua Chemical's 500,000 - ton/year production in August, Tianjin Bohua's expected stable production in September after trial production in August, and Gansu Yaowang's 300,000 - ton/year and Qingdao Gulf's 200,000 - ton/year planned trial runs in September [1][4]. - **Demand**: The real estate market is still in the adjustment phase. From January to July 2025, national real estate development investment was 535.8 billion yuan, a year - on - year decrease of 12.0%. The sales area, new construction area, and completion area all had significant year - on - year declines. As of the week ending August 31, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 11.64% week - on - week but was still near the lowest level in recent years [1][5]. - **Inventory**: As of the week ending August 28, PVC social inventory increased by 5.10% week - on - week to 896,300 tons, 0.66% less than the same period last year. Social inventory continued to rise and remained at a high level [1][6].

Report 1: Industrial Silicon 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In the short - term, industrial silicon prices were weakly volatile. With rising raw material costs and potential capacity clearance, the supply pressure may ease in the long - run. It is recommended to try long positions at low prices, with the main price fluctuation range expected to be between 8000 - 9500 yuan/ton, and specifically, try long positions when the price is in the 8000 - 8500 range [1]. 3. Summary by Directory - **Spot Prices and Basis**: On August 29, the prices of various industrial silicon products mostly declined compared to August 28. For example, the price of East China oxygen - permeable S15530 industrial silicon decreased by 2.16% [1]. - **Monthly Spread**: The monthly spreads of some contracts changed significantly. For example, the spread of 2509 - 2510 increased by 42.86% [1]. - **Fundamental Data (Monthly)**: National industrial silicon production increased by 3.23%, with significant changes in different regions. Yunnan's production increased by 153.86%, while Xinjiang's decreased by 15.21%. The national operating rate increased by 2.47% [1]. - **Inventory Changes**: Most inventory indicators decreased slightly, with the national social inventory decreasing by 0.37% [1]. Report 2: Natural Rubber 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints New rubber listing is slow, overseas ship arrivals are scarce, inventory may continue to decline, and the fundamentals remain strong. It is expected that there is still upward space, with the 01 contract range expected to be between 15000 - 16500 yuan/ton. Pay attention to the raw material output in the peak - production season of the main producing areas, and consider short positions at high prices if the raw material supply increases smoothly [2]. 3. Summary by Directory - **Spot Prices and Basis**: On August 29, the prices of most natural rubber products were stable or changed slightly. The price of Thai standard mixed rubber decreased by 0.34% [2]. - **Monthly Spread**: The monthly spreads of some contracts changed. For example, the 9 - 1 spread increased by 1.02% [2]. - **Fundamental Data**: Thailand's production in June increased by 44.23%. The operating rates of semi - steel and all - steel tires decreased slightly, while tire exports in July increased by 10.51% [2]. - **Inventory Changes**: The bonded area inventory decreased by 0.50%, while the factory - warehouse futures inventory of natural rubber on the SHFE increased by 1.79% [2]. Report 3: Glass and Soda Ash 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints - **Soda Ash**: The overall demand has no growth expectation, and the supply - demand pattern is bearish. It is recommended to hold short positions entered at high prices [3]. - **Glass**: The market is in a negative feedback cycle, with weak demand at the rigid - demand end. In the short - term, consider short positions on rebounds, and in the medium - term, pay attention to the actual demand in the peak season [3]. 3. Summary by Directory - **Glass - related Prices and Spreads**: The prices of glass in different regions were mostly stable, with the price of the glass 2509 contract increasing by 2.68% [3]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in different regions were stable, and the prices of the soda ash 2505 and 2509 contracts decreased by 0.51% [3]. - **Supply**: Soda ash operating rate and weekly output decreased by 6.79%, while the float glass daily melting volume and photovoltaic daily melting volume remained unchanged [3]. - **Inventory**: Glass factory - warehouse inventory decreased by 1.64%, soda ash factory - warehouse inventory decreased by 2.26%, and soda ash delivery - warehouse inventory increased by 0.89% [3]. - **Real Estate Data**: New construction area, construction area, completion area, and sales area all showed different degrees of decline [3]. Report 4: Polysilicon 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In August, polysilicon supply and demand both increased, but the supply growth rate was large, and there was still inventory accumulation pressure. The price is expected to fluctuate at a high level, with the lower limit of the price fluctuation range rising to 47,000 yuan/ton and the upper limit between 58,000 - 60,000 yuan/ton. It is recommended to try long positions at low prices and consider short positions with put options at high prices [4]. 3. Summary by Directory - **Spot Prices and Basis**: The average prices of N - type polysilicon products were mostly stable, with the N - type material basis (average price) changing by 16.54% [4]. - **Futures Prices and Monthly Spreads**: The main contract price decreased by 0.22%, and some monthly spreads changed significantly [4]. - **Fundamental Data**: Weekly polysilicon production increased by 6.53%, and monthly polysilicon production increased by 5.10%. Polysilicon imports increased by 47.48%, while exports decreased by 3.92% [4]. - **Inventory Changes**: Polysilicon inventory decreased by 14.46%, and silicon wafer inventory increased by 3.68% [4]. Report 5: Logs 1. Report Industry Investment Rating Not provided. 2. Core Viewpoints In August, the outer - market quotation continued to rise, the spot price increased moderately, and the arrival volume remained low. The inventory was at a low level and continued to decline. The market was in a weak - balance oscillation stage. It is recommended to pay attention to the opportunity of trying long positions on the 2601 contract at low prices [5]. 3. Summary by Directory - **Futures and Spot Prices**: Log futures prices mostly declined. The 2511 contract price decreased by 1.5 yuan/cubic meter. The spot prices of the main standard delivery products were stable [5]. - **Cost**: The import theoretical cost decreased slightly, and the RMB - US dollar exchange rate decreased by 0.68% [5]. - **Supply**: The port shipping volume decreased by 1.51%, and the number of ships decreased by 11.32%. The total inventory of national coniferous logs decreased by 0.33% [5]. - **Demand**: The demand increased slightly, with the daily average log delivery volume reaching 6.45 million cubic meters [5].

2025 年 9 月 2 日 研 究 棕榈油：基本面暂无新驱动，回调布多 豆油：四季度缺豆交易暂缓，回调整理 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,330 | 0.11% | 9,482 | 1.63% | | | 豆油主力 | 元/吨 | 8,390 | -0.10% | 8,396 | 0.07% | | | 菜油主力 | 元/吨 | 9,930 | -0.43% | 9,841 | -0.90% | | 期 货 | 马棕主力 | 林吉特/吨 | / | / | / | / | | | CBOT豆油主力 | 美分/磅 | / | / | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 255 | -13983 | 2,140 | -146 | | | 豆油主力 | 手 | 1,039 | -13,807 | 3, ...