Group 1: Core Insights - The article highlights that Sina Finance APP is the best choice for futures trading due to its comprehensive advantages in market data, news speed, and seamless trading capabilities [1][5][10] Group 2: Market Data Comparison - Sina Finance APP provides extensive coverage of the four major domestic futures exchanges and global markets, with real-time updates and customizable alerts, making it superior in market data [1][5] - Other apps like Tonghuashun offer a simple interface but have limited futures varieties and require payment for in-depth data [3] - Dongfang Caifu focuses more on domestic markets, with slower updates for international data [4] Group 3: News Comparison - Sina Finance APP excels in delivering 24/7 global news coverage, with instant push notifications for policies, supply-demand changes, and emergencies, along with exclusive analysis from industry experts [5][9] - Jin Shi Data provides fast international news but lacks depth in domestic futures analysis [6] - Wall Street Watch has strong macro analysis but sometimes has slower push notifications [7] Group 4: Trading Experience Comparison - Sina Finance APP allows direct connections to multiple futures companies for easy online account opening and transparent commissions, with a smooth trading interface that supports advanced order types [9][10] - Futures companies' own apps may offer professional trading features but have cumbersome account opening processes and weaker news and data functionalities [10] Group 5: Conclusion - The article concludes that Sina Finance APP is the optimal choice for futures trading, offering comprehensive market data, fast news updates, and a seamless trading experience, making it suitable for both beginners and experienced traders [1][5][10]

东海期货：预计玻璃短期区间震荡 上周的基本面数据来看，供应方面，玻璃产量持稳，开工率产量环比增加，产线开工条数环比增加，供 应端整体微增；需求方面，终端地产行业形势依旧维持弱势，需求难有起色，下游深加工订8月中旬环 比增加，整体需求仍是持稳的格局；利润方面，利润略有增加；整体玻璃供应持稳，需求难有大的增 量，地产消息的提振下，预计短期区间震荡。 国信期货：短期玻璃价格震荡为主 供给端，玻璃日熔量15.96万吨，环比上周持平。生产利润方面，天然气制玻璃利润-188.41元/吨，煤制 玻璃利润109.46元/吨，石油焦制玻璃利润25.66元/吨。需求端，周度LOW-E玻璃开工率环比持平，但企 业订单情况不佳。截至2025年8月28日，全国浮法玻璃样本企业总库存6256.6万重箱，环比减少104万重 箱。玻璃基本面变化不大，短期玻璃价格震荡为主。 9月1日盘中，玻璃期货主力合约遭遇一波急速下挫，最低下探至1125.00元。截止发稿，玻璃主力合约 报1137.00元，跌幅3.07%。 玻璃期货主力跌超3%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 东海期货 预计玻璃短期区间震荡 国信期货 短期玻璃价格震 ...

Report Investment Rating - No information provided in the given content. Core Views - The market for ethylene and related products shows fluctuations, with factors such as supply, demand, and trading conditions influencing prices. For example, ethylene trading has limitations, and prices have experienced drops. The investment environment requires caution, and adjustments and considerations are needed based on various factors like market trends, supply - demand relationships, and macro - economic conditions. [2] Summary by Related Aspects Market Conditions - There are fluctuations in the prices of various products such as ethylene, polyester, and related chemicals. For instance, ethylene prices have dropped, and the polyester market has seen price changes. The market is affected by factors like supply, demand, and trading activities. [1][2] Supply and Demand - The supply of ethylene and related products is affected by factors such as production, transportation, and trading. Demand is influenced by downstream industries like fiber production. There are issues such as over - supply in some cases and limited trading in others. [2] Investment and Trading - Investment in the market requires caution. Traders need to consider factors like price trends, supply - demand balance, and macro - economic conditions. Adjustments and strategies are needed for trading activities, and there are suggestions for reference in investment decisions. [2]

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The report provides trend forecasts and investment suggestions for multiple energy - chemical futures, including PX, PTA, MEG, rubber, etc., with different futures showing various trends such as narrowing fluctuations, short - term weakness, and medium - term shocks [2]. 3. Summary by Related Catalogs PX, PTA, MEG - **PX**: The market is in a tight supply - demand balance. It is recommended to take a long - short position strategy. This week, the price rose first and then fell. The supply is expected to increase marginally in September. The PXN and PX - MX spreads have declined [4][9]. - **PTA**: The unilateral price is expected to be slightly stronger in a volatile manner, with limited downside space. After the Hengli Huizhou device stopped unexpectedly, it entered a de - stocking pattern. Attention should be paid to the long - PTA short - PX strategy for the November contract [10]. - **MEG**: It is in a unilateral volatile market. It is not advisable to chase long positions, and the valuation is high above 4550. It is recommended to go long on PTA and short on MEG. The supply and demand are both increasing, and the port has entered a stock - building pattern [11]. Rubber - The rubber market is expected to move sideways. The futures price has minor fluctuations, and the trading volume and open interest have increased. The inventories of full - steel tire sample enterprises are at a low level, and the export volume is higher than the historical average. The capacity utilization rate in September is expected to increase [13][16]. Synthetic Rubber - In the short term, it will follow the macro - sentiment and move within a range. The inventory of high - cis polybutadiene rubber sample enterprises has increased, and the inventory of butadiene in East China ports has decreased [18][20]. Asphalt - The asphalt market will have a narrow - range fluctuation. The trading volume and open interest of some contracts have decreased. The weekly output has decreased, and the inventories of factories and social warehouses have also decreased [22][34]. LLDPE - In the short term, it is weak, and in the medium term, it will be in a volatile market. The market price has slightly declined. The demand for PE is improving, but the commodity sentiment has declined recently. The inventory pressure is not significant [35][36]. PP - In the short term, it will move sideways, and in the medium term, there is still pressure. The domestic PP market has continued to decline slightly. The short - term demand has improved, but the cost side is still weak, and the supply pressure will increase [39][40]. Caustic Soda - The caustic soda market will move sideways. The price of liquid caustic soda in Shandong has remained stable. The near - month futures price has corrected due to the pressure of warehouse receipts and weak exports, but the domestic demand is stable [43][45]. Pulp - The pulp market is expected to move sideways. The futures price has increased slightly, and the trading volume and open interest have also increased. The supply pressure persists, and the demand during the peak season is not strong [48][52]. Glass - The price of glass raw sheets is stable. The domestic float - glass raw - sheet price has remained stable, and the regional trading performance varies. Some manufacturers plan to slightly increase the price [53][54]. Methanol - In the short term, it is weak, and in the medium term, it will be in a volatile market. The port inventory has increased significantly. In the short term, the fundamental contradiction is large, and the downward pressure is significant. In the medium term, the downside space is narrowing [57][60]. Urea - In the short term, it will move sideways. The corporate inventory has increased slightly. The fundamental pressure is large, and the domestic demand trading is weak. The policy has uncertainties, and the medium - and long - term outlook is still weak [62][64]. Styrene - In the medium term, it is bearish. The anti - involution hype has ended, the inventory in East China ports has continued to increase, and the pressure on tank capacity in September is high. The short - term is volatile, and the medium - term fundamental is weak [65][66]. Soda Ash - The spot market of soda ash has little change. The futures price has declined slightly, and the market is stable. The device operation is normal, and the downstream demand is tepid [67][69]. LPG and Propylene - **LPG**: The supply and demand remain loose, and it will have a weak - side fluctuation in the short term. The Saudi Aramco CP price in September has remained unchanged, and there are many domestic device maintenance plans [72][77]. - **Propylene**: There is still support for the spot price, but attention should be paid to the risk of decline [72]. PVC - The PVC market still has pressure. The spot market is weakly volatile, and the supply is at a high level. The demand for downstream products related to real estate is weak, and the inventory is accumulating [79]. Fuel Oil and Low - Sulfur Fuel Oil - **Fuel Oil**: It will have a narrow - range fluctuation and remains weak. - **Low - Sulfur Fuel Oil**: It is weak in the short term, and the price difference between high - and low - sulfur fuels in the overseas spot market has slightly declined [82]. Container Shipping Index (European Line) - The container shipping index (European line) is under pressure in a volatile market. The futures price has declined, and the freight rate index has also decreased [84].

1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core View of the Report The fundamentals of LPG have improved, and the combustion demand has recovered. Both the domestic and overseas PG markets are running stably. The CP price remains stable, the demand for propane and butane in the Far East has been repaired periodically, and the high - level warehouse receipts are driving the PG reverse spread operation. In the short term, the PG futures price is affected by delivery and is expected to decline, but the overseas price is stable, and there is an expectation of subsequent repair [4]. 3. Summary by Related Catalogs 3.1 Energy and Chemical Product Price Monitoring - Different energy and chemical products have different price trends. For example, the current price of LPG is 4,411 yuan/ton, with a daily increase of 0.05%, a weekly increase of 0.55%, a monthly increase of 14.42%, and an annual decrease of 12.34% [3]. 3.2 LPG Fundamental Analysis - **Supply**: Last week, the total LPG commodity volume was about 650,000 tons (a decrease of 0.17%). The civil LPG commodity volume was 215,400 tons (a decrease of 1.03%), the industrial LPG was 206,200 tons (a decrease of 2.95%), and the ether - after C4 was 174,700 tons (a decrease of 3.03%). The LPG arrival volume last week was at a relatively low level, and the import resource supplement was limited. Some enterprises in Shandong resumed production, and the commodity volume increased month - on - month [4]. - **Demand**: The combustion demand has recovered, supporting the firm price of civil LPG. In the C4 deep - processing aspect, the domestic crude oil processing volume increased month - on - month, but the MTBE profit was inverted, and the alkylated gasoline profit turned from profit to loss. In the C3 deep - processing aspect, the PDH maintenance was concentrated and restarted, and the operating rate increased, which supported the demand, but the performance of propylene and terminal PP was average [4]. - **Inventory**: Last week, the LPG inventory in domestic factories was 171,700 tons (a decrease of 1.96%), and the port inventory was 3,075,200 tons (a decrease of 2.98%). The LPG inventory in various regions of the country showed a downward trend, and the fundamentals in various regions were gradually improving. The port arrival volume decreased significantly, but the unloading volume was more than the arrival volume, and the overall import resources showed a downward trend [4]. - **Basis and Position**: The weekly average basis in East China was 112 yuan/ton, in South China was 171 yuan/ton, and in Shandong was 132 yuan/ton. The total number of LPG warehouse receipts was 13,207 lots, an increase of 320 lots, and the lowest deliverable area was East China [4]. - **Chemical Downstream**: The operating rates of PDH, MTBE, and alkylation were 73.02%, 54.43%, and 48.29% respectively. The profits of PDH to propylene, MTBE isomerization, and alkylation in Shandong were 117 yuan/ton, - 531 yuan/ton, and - 328 yuan/ton respectively [4]. - **Valuation**: The PG - SC ratio was 2.29%, and the PG continuous first - continuous second monthly spread was 87 yuan/ton. The continuous increase in crude oil production dragged down the cost section, and the PG - SC cracking spread continued to strengthen [4]. - **Others**: OPEC+ continued to increase production, and EIA and IEA relaxed the supply - demand balance sheet, so crude oil was regarded as bearish in the long term. The newly added RMB loans of financial institutions in July showed negative growth, and the M2 - M1 scissors gap narrowed to 3.2%. The government launched consumer loan interest subsidies, and the domestic economy still faced pressure. The country phased out backward petrochemical production capacity below 2 million tons and upgraded technological facilities, and South Korea reduced the naphtha cracking capacity by 2.7 million tons [4]. 3.3 LPG Market Review - The main contract of LPG futures fluctuated higher, with a fluctuation range of 4,270 - 4,400 yuan/ton. The main contract this week was PG2510, which is a traditional peak - season contract. Although the crude oil price fell, the domestic spot market rebounded from the bottom, and the peak - season demand was expected to be strong. Coupled with the increase in import costs, the sellers pushed up the price, and the futures price followed the spot price higher. The domestic transaction price increased, but the increase was small, and the basis weakened this week. The lowest deliverable product was priced in East China. As of Thursday this week, the total number of LPG warehouse receipts on the Dalian Commodity Exchange was 13,283 lots, an increase of 335 lots compared with last Thursday [5]. 3.4 LPG Futures Price, Monthly Spread, and Cross - Month Spread Overview - **Futures Price**: The prices of different LPG futures contracts showed different trends. For example, the current price of PG01 was 4,202 yuan/ton, with a month - on - month decrease of 1.89% [10]. - **Monthly Spread**: The monthly spreads of different contracts also showed different trends. For example, the current PG01 - PG02 monthly spread was 60 yuan/ton, with a month - on - month decrease of 34.07% [10]. - **Cross - Month Spread**: The cross - month spreads of different contracts also had different changes. For example, the current PG01 - PG03 cross - month spread was 147 yuan/ton, with a month - on - month decrease of 14.53% [10]. 3.5 Refinery and Device Maintenance Plan - **Main Refineries**: Many main refineries in China had maintenance plans in 2025, including Sinopec, PetroChina, and CNOOC refineries. For example, Beihai Refining and Chemical had a full - plant maintenance from March 25 to June 6, 2025, with a processing capacity of 6.4 million tons [12]. - **Local Refineries**: Some local refineries also had maintenance plans, mainly in Shandong, Northeast, Central China, and North China. For example, Zhonghaiwai Energy in Rizhao had a normal - pressure distillation unit maintenance starting from May 25, 2025 [12]. - **LPG Factories**: Many LPG factories in China had device maintenance in 2025. For example, Shengli Heavy Oil Plant in Shandong had a full - plant maintenance from June 16 to mid - August 2025, with a normal production volume of 400 tons/day [14]. - **PDH Devices**: Some PDH devices in China had maintenance or shutdown situations. For example, Wanhua Chemical (Penglai) in Shandong planned to have a two - week maintenance starting from August 22, 2025 [15]. 3.6 Market Price and Spread Charts - The report also provided a series of market price and spread charts, including domestic and overseas LPG prices, basis, monthly spreads, cross - month spreads, and cross - variety spreads, to show the historical trends and changes of these indicators [19][21][27]

. | . | | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | 豆粕 | 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 | | | 短线整理 | 月预计，偏利多。美豆地区降雨低于正常水平。前日豆粕止跌整理，技术上有企稳 | | ★ | | 反弹的趋向。但美豆收获在即，或限制反弹空间。 | | 菜粕 | | 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 | | | 短线止跌整理 | 后，尚未有新的进展出现。菜粕前日反弹，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 望偏多，逢低看多思路为主。印尼对美国棕榈油出口关税有望降至零，利空棕榈油 | | ★ | 短线调整 | 价格近日调整。但 8 月马棕榈油出口数据良好，棕榈油继续追空需谨慎。 | | 豆油 | | 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 | | ★ | 短 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Silicon Manganese**: Supply and demand are becoming more balanced, with weekly production increasing and the operating rate in Yunnan reaching a five - year high. Demand has some resilience. Manganese ore prices are weak and stable, while coal and coke are strong, providing some cost support. In the short term, it may have a weak rebound following market sentiment, and short - selling or waiting is advisable. Seasonally, there is a high probability of decline in September and October, and mid - term short - selling opportunities during the correction can be considered. The reference range for the main contract is [5500, 6150] [3][4]. - **Silicon Iron**: The current fundamentals are becoming looser, and the rising raw material prices at the cost end temporarily support the silicon iron price. The inventory pressure has been released this month, and the warehouse receipts have stopped increasing and started to decline, but the absolute level is still high, suppressing the upward space of the spot price in the short term. Seasonally, there is a high probability of decline in September and October, and mid - term short - selling opportunities during the correction can be considered. The reference range for the main contract is [5400, 6000] [46][47]. 3. Summary by Directory Silicon Manganese - **Market Review**: In August, the futures price fluctuated weakly, with the price center continuously moving down. As of August 25, 2025, the closing price of the manganese - silicon main contract was 5898 yuan/ton, a cumulative decline of 2.28% from the beginning of the month; the spot price in Jiangsu was 5800 yuan/ton, and the basis was - 98 yuan/ton [6]. - **Spot Market**: As of August 25, the market price of 6517 in Inner Mongolia was 5750 yuan/ton (up 30 yuan from the beginning of the month), 5780 yuan/ton in Guangxi (down 20 yuan from the beginning of the month), and 5800 yuan/ton in Jiangsu (down 150 yuan from the beginning of the month) [9]. - **Supply**: The silicon - manganese output in July totaled 81.96 million tons, and the total output in August is expected to be 91 - 92 million tons [10]. - **Demand**: The weekly output of molten iron in August remained above 2.4 million tons, but the output of rebar did not increase significantly and remained at a low level compared to the same period. The procurement price of silicon - manganese alloy by a landmark steel mill in August was 6200 yuan/ton, and the procurement volume was 16,100 tons, higher than the same period last year [3]. - **Inventory**: The total enterprise inventory was 156,000 tons, a decrease of 8000 tons from the beginning of the month; as of August 25, the total number of warehouse receipts was 68,900, a decrease of 8900 from the beginning of the month; the delivery inventory (including forecasts) decreased to 353,900 tons, a decrease of 38,100 tons from the beginning of the month [3]. - **Cost and Profit**: The production cost in the north is about 5850 yuan/ton, and 6300 yuan/ton in the south. Currently, most production areas are in a loss state. Other costs: Coke has started the eighth round of price increases, and the price will remain strong in the short term. The electricity prices in the north and south production areas have changed little [4]. - **Manganese Ore Price**: The port manganese ore price fluctuated weakly. As of August 25, the price of Gabon lumps at Tianjin Port was 39.5 yuan/ton - degree (down 1 yuan from the beginning of the month), CML Australian lumps were 41.5 yuan/ton - degree (down 0.5 yuan from the beginning of the month), and South32 South African semi - carbonate was 34.2 yuan/ton - degree (down 1.3 yuan from the beginning of the month) [23]. - **Manganese Ore Import**: In July 2025, China's total manganese ore import volume was 2.744 million tons, a month - on - month increase of 2.2% and a year - on - year increase of 20.0%. Among them, the import volume of South African manganese ore was 1.365 million tons, a month - on - month decrease of 13.8% and a year - on - year decrease of 3.8%; the import volume of Australian ore was 407,000 tons, a month - on - month increase of 81.4% and a year - on - year increase of 382.2%; the import volume of Gabonese manganese ore was 486,000 tons, a month - on - month increase of 154.8% and a year - on - year increase of 44.0% [28]. Silicon Iron - **Market Review**: In August, the futures price fluctuated weakly, with the price center continuously moving down. As of August 25, 2025, the closing price of the silicon - iron main contract was 5680 yuan/ton, a cumulative decline of 2.64% from the beginning of the month; the spot price in Jiangsu was 5600 yuan/ton, and the basis was - 80 yuan/ton [50]. - **Spot Market**: The spot prices in the main production areas decreased by 150 - 250 yuan/ton this month [51]. - **Supply**: The silicon - iron output in July totaled 446,700 tons, and the total output in August is expected to be 490,000 - 500,000 tons [53]. - **Demand - Steelmaking**: As of August 22, the weekly demand for silicon iron was 20,313.9 tons, a week - on - week decrease of 38 tons. In July 2025, China's crude steel output was 79.66 million tons, a year - on - year decrease of 4.0%; from January to July, the cumulative crude steel output was 594.47 million tons, a year - on - year decrease of 3.1% [56]. - **Demand - Non - steel**: In July, the output of magnesium ingots totaled 73,374 tons, a month - on - month increase of 1664 tons and a year - on - year increase of 0.46%; in July 2025, China's silicon - iron export volume totaled 35,946 tons, a month - on - month increase of 1224 tons; from January to July, the cumulative silicon - iron export volume was 235,994 tons, a decrease of 12,239 tons (a decline of 4.9%) compared to the same period last year [62]. - **Inventory**: The total enterprise inventory was 62,100 tons, a decrease of 3500 tons from the beginning of the month; as of August 25, the total number of warehouse receipts was 20,200, a decrease of 1800 from the beginning of the month; the delivery inventory (including forecasts) totaled 109,700 tons, a decrease of 5500 tons from the beginning of the month [46]. - **Cost and Profit**: The production cost in the production areas has increased slightly, and most of the industry is in a loss state. Currently, the production cost in Ningxia is 5388 yuan/ton (the lowest), and the spot profit is - 88 yuan/ton; the production cost in Gansu is 5609 yuan/ton (the highest), and the spot profit is about - 259 yuan/ton [47].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For corn, maintain a bearish outlook. This week, corn futures rebounded from lows. The US corn production forecast is high but lower than the USDA's August prediction. Domestically, new - crop corn is approaching the listing period, supply is expected to be ample, and demand is weak. However, the futures price rebounded slightly due to short - covering [9][10]. - For corn starch, also maintain a bearish outlook. The industry's operating rate has increased, supply pressure has risen, and demand is in the off - season. Although the inventory has decreased slightly, it is still significantly higher year - on - year. The futures price was boosted by the corn rebound [13][14]. 3. Summary by Directory 3.1. Weekly Key Points Summary - **Corn** - **Strategy**: Maintain a bearish view [9]. - **Market Review**: The closing price of the main 2511 contract was 2191 yuan/ton, up 16 yuan/ton from the previous week [10]. - **Outlook**: US production forecast is high but lower than USDA's prediction. Domestic new - crop corn is coming, supply is expected to be abundant, demand is weak, and the futures price rebounded due to short - covering [10]. - **Corn Starch** - **Strategy**: Maintain a bearish view [13]. - **Market Review**: The closing price of the main 2511 contract was 2501 yuan/ton, up 3 yuan/ton from the previous week [14]. - **Outlook**: The operating rate has increased, supply pressure has risen, demand is in the off - season, and the futures price was boosted by the corn rebound. As of August 27, the inventory was 131.8 tons, down 2.10 tons from last week, with a weekly decline of 1.57%, a monthly increase of 0.53%, and a year - on - year increase of 31.41% [14]. 3.2. Futures and Spot Market - **Futures Price and Position Changes** - Corn futures 11 - month contract oscillated and closed higher, with a total position of 983,279 lots, an increase of 28,014 lots from last week [20]. - Corn starch futures 11 - month contract oscillated slightly higher, with a total position of 208,887 lots, an increase of 6,098 lots from last week [20]. - **Top 20 Net Position Changes** - Corn futures' top 20 net position was - 85,810, compared with - 97,205 last week, and the net short position decreased [26]. - Starch futures' top 20 net position was - 35,033, compared with - 20,670 last week, and the net short position increased [26]. - **Futures Warehouse Receipts** - Yellow corn registered warehouse receipts were 69,426 [32]. - Corn starch registered warehouse receipts were 7,450 [32]. - **Spot Price and Basis** - As of August 28, 2025, the average spot price of corn was 2365.29 yuan/ton, and the basis between the active 11 - month contract and the spot average price was + 174 yuan/ton [37]. - Corn starch in Jilin was reported at 2850 yuan/ton, and in Shandong at 2950 yuan/ton. The spot price was stable this week. The basis between the 11 - month contract and the Jilin Changchun spot was 349 yuan/ton [42]. - **Futures Inter - monthly Spread** - The corn 11 - 1 spread was 11 yuan/ton, at a medium level in the same period [48]. - The starch 11 - 1 spread was - 33 yuan/ton, at a medium level in the same period [48]. - **Futures Spread between Starch and Corn** - The 11 - month contract spread between starch and corn was 310 yuan/ton. In the 35th week of 2025, the spread between Shandong corn and corn starch was 370 yuan/ton, up 34 yuan/ton from last week [57]. - **Substitute Spread** - As of August 28, 2025, the average spot price of wheat was 2429.83 yuan/ton, and that of corn was 2365.29 yuan/ton. The wheat - corn spread was 64.54 yuan/ton [62]. - In the 35th week of 2025, the average spread between cassava starch and corn starch was 184 yuan/ton, widening by 27 yuan/ton from last week [62]. 3.3. Industrial Chain Situation - **Corn** - **Supply** - As of August 22, 2025, the domestic trade corn inventory in Guangdong Port was 770,000 tons, an increase of 101,000 tons from last week; the foreign trade inventory was 0 tons, a decrease of 200 tons from last week. The corn inventory in the four northern ports was 1.272 million tons, a decrease of 239,000 tons week - on - week; the shipping volume from the four northern ports was 271,000 tons, a decrease of 58,000 tons week - on - week [52]. - In July 2025, the total import of ordinary corn was 60,000 tons, a decrease of 1.03 million tons compared with the same period last year, a decrease of 94.50%, and a decrease of 100,000 tons compared with the same period last month [70]. - As of August 28, the average inventory of national feed enterprises was 28.13 days, a decrease of 0.72 days from last week, a month - on - month decrease of 2.50%, and a year - on - year decrease of 3.13% [74]. - **Demand** - As of the end of the second quarter of 2025, the pig inventory was 424.47 million, a year - on - year increase of 2.2%. The inventory of breeding sows was 40.43 million, an increase of 10,000 from the previous month, accounting for 103.7% of the normal reserve of 39 million [78]. - As of August 22, 2025, the self - breeding and self - raising pig farming profit was 33.95 yuan/head, and the profit from purchasing piglets was - 151.8 yuan/head [82]. - As of August 28, 2025, the corn starch processing profit in Jilin was - 65 yuan/ton [87]. - As of August 29, 2025, the corn alcohol processing profit in Henan was - 456 yuan/ton, in Jilin - 630 yuan/ton, and in Heilongjiang - 207 yuan/ton [87]. - **Corn Starch** - **Supply** - As of August 27, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 2.942 million tons, a decrease of 6.51% [91]. - From August 21 to 27, 2025, the national corn processing volume was 539,300 tons, a decrease of 9700 tons from last week; the national corn starch output was 263,900 tons, a decrease of 6700 tons from last week; the weekly operating rate was 51.01%, a decrease of 1.3% from last week. As of August 27, the total starch inventory of national corn starch enterprises was 1.318 million tons, a decrease of 21,000 tons from last week, a weekly decrease of 1.57%, a monthly increase of 0.53%, and a year - on - year increase of 31.41% [95]. 3.4. Option Market Analysis - As of August 29, the implied volatility of the corn main 2511 contract was 10.7%, up 0.97% from 9.73% last week. The implied volatility oscillated and rebounded this week, at a relatively high level compared with the 20 - day, 40 - day, and 60 - day historical volatility [98].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the main contract of Zhengzhou cotton (2601) closed higher with a weekly increase of about 1.5%, and the cotton yarn futures contract (2511) rose 0.4% [6][18]. - Internationally, the price of ICE cotton futures fluctuates repeatedly due to the influence of the US dollar. Domestically, cotton is in a de - stocking state, supply is tight before the new cotton is listed, and the spot price is firm. China's total quota for the sliding - duty tariff processing trade of cotton imports in 2025 is 200,000 tons [6]. - There are certain expectations for the upcoming "Golden September and Silver October" peak demand season. In 2025, China's overall cotton planting area has increased, and attention should be paid to the impact of weather on the growth of new crops [6]. - Before the new cotton is listed, the supply of old cotton is tight, and with the expectation of improved demand, the center of the main cotton contract has moved up slightly, but the medium - term space may be restricted by the increase in new cotton production. It is recommended to hold long positions cautiously and set stop - losses [6]. 3. Summary by Directory 3.1 Week - to - Week Key Points Summary - **Market Analysis**: Zhengzhou cotton's main 2601 contract rose 1.5% this week, and cotton yarn futures 2511 contract rose 0.4% [6]. - **Market Outlook**: Internationally, ICE cotton futures prices fluctuate due to the US dollar. Domestically, cotton is de - stocking, supply is tight before new cotton is listed, and spot prices are firm. There are expectations for the "Golden September and Silver October" season. China's 2025 cotton planting area has increased, and weather impact on new crops should be watched. The main cotton contract may rise slightly but be restricted by new cotton production [6]. - **Operation Suggestion**: Hold long positions cautiously and set stop - losses [6]. - **Future Trading Tips**: Pay attention to changes in foreign cotton prices, macro factors, trade policies, and weather factors [7]. 3.2 Futures and Spot Market - **US Cotton Market**: The price of the US cotton December contract fluctuated this week with a weekly increase of about 0.01%. As of August 19, 2025, the non - commercial long positions of ICE No. 2 cotton decreased by 0.24% month - on - month, non - commercial short positions decreased by 3.28% month - on - month, and the net position increased by 8.67% month - on - month [10]. - **Foreign Cotton Spot Market**: As of the week ending August 21, 2025, the net increase in US cotton export sales for the current market year was 179,300 bales, including a net increase of 4,400 tons in exports to the Chinese mainland. As of August 27, 2025, the Cotlook:A index was 78.2 cents per pound, down 0.89% month - on - month [13]. - **Futures Market**: Zhengzhou cotton's main 2601 contract rose 1.5% this week, and cotton yarn futures 2511 contract rose 0.4%. As of this week, the net position of the top 20 in cotton futures was - 69,475, and in cotton yarn futures was - 869. The number of cotton futures warehouse receipts was 6,514, and cotton yarn futures warehouse receipts were 62 [18][23][30]. - **Spot Market**: As of August 29, 2025, the spot price index of cotton 3128B was 15,328 yuan per ton, and the Chinese cotton yarn C32S spot index price was 20,760 yuan per ton. As of August 28, 2025, the CY index: OEC10s (air - jet yarn) was 14,820 yuan per ton [38][50]. - **Imported Cotton (Yarn) Cost**: As of August 27, 2025, the import cotton price index (FC Index):M:1% quota port pick - up price was 13,385 yuan per ton, down 0.79% month - on - month; the sliding - duty tariff port pick - up price was 14,220 yuan per ton, down 0.43% month - on - month. The import cotton yarn price index (FCY Index) for different varieties had no month - on - month change [55]. - **Imported Cotton Price Cost - Profit**: As of August 27, 2025, the cost - profit of imported cotton at the sliding - duty tariff port pick - up price (M) was 1,122 yuan per ton, and at the 1% quota port pick - up price was 1,957 yuan per ton [56]. 3.3 Industry Chain Situation - **Supply Side - Commercial Cotton Inventory**: As of July 31, 2025, the national commercial cotton inventory was 2.1898 million tons, down 22.62% month - on - month, and the industrial cotton inventory was 898,400 tons, up 1.85% month - on - month [61]. - **Supply Side - Imported Cotton Volume**: In July 2025, China's cotton import volume was 50,000 tons, a year - on - year decrease of 73.2%. From January to July 2025, the cumulative cotton import volume was 520,000 tons, a year - on - year decrease of 74.2%. In July 2025, China's cotton yarn import volume was 110,000 tons, and from January to June 2025, the cumulative cotton yarn import volume was 780,000 tons [65]. - **Mid - end Industry - Demand Side**: As of July 31, 2025, the yarn inventory days were 27.67 days, down 2.43% month - on - month, and the grey fabric inventory days were 36.14 days, down 2.95% month - on - month [69]. - **Terminal Consumption - Demand Side - Textile and Garment Export**: As of July 31, 2025, the monthly export value of textile yarns, fabrics and products was 1.1604009 billion US dollars, down 3.69% month - on - month; the monthly export value of clothing and clothing accessories was 1.5161759 billion US dollars, down 0.69% month - on - month [73]. - **Downstream Terminal Consumption - Demand Side - Domestic Clothing Retail**: As of July 31, 2025, the monthly retail value of clothing was 66.85 billion yuan, down 25.57% month - on - month; the year - on - year monthly retail value of clothing was 0.2%, down 88.24% month - on - month [75]. 3.4 Option and Stock Market - Related Market - **Option Market**: This week, the implied volatility of at - the - money options for cotton was analyzed, but specific data was not provided in the summary part [77]. - **Stock Market - Xinjiang Xinnong Development Co., Ltd.**: The price - earnings ratio trend of Xinjiang Xinnong Development Co., Ltd. was analyzed, but specific data was not provided in the summary part [80].

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