1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No core viewpoints explicitly stated in the provided content 3. Summary by Relevant Catalogs Futures Data - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on September 11 were 3463, 3383, 3450, 3413, and 3382 respectively, with daily changes of 13, 13, 30, 14, and 8, and weekly changes of -87, -71, -85, -73, and -73 [4]. - The trading volume on September 11 was 268,488, a daily increase of 45,671 and a weekly increase of 24,191. The open interest was 443,831, a daily increase of 7,774 and a weekly decrease of 49,369. The futures inventory was 26,490, a daily decrease of 400 and a weekly decrease of 3,300 [4]. Spot Market - On September 11, the market prices in Shandong, East China, South China, North China, and Northeast China were 3540, 3640, 3500, 3650, and 3850 respectively. The daily changes were 0, 0, -20, 0, and -20, and the weekly changes were -10, -60, -30, 0, and -20 [4]. - The price differences between Shandong - East China, Shandong - Northeast, and East China - South China on September 11 were -100, -310, and 140 respectively, with daily changes of 0, 20, and 20, and weekly changes of 50, 10, and -30 [4]. Basis and Calendar Spread - The basis in Shandong, East China, and South China on September 11 were 77, 177, and 37 respectively, with daily changes of -13, -13, and -33, and weekly changes of 77, 27, and 57 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on September 11 were 2, -67, 37, and 28 respectively, with daily changes of -5, -17, 16, and 6, and weekly changes of -2, 14, -12, and 0 [4]. Crack Spread and Profit - The asphalt - Brent crack spread on September 11 was 32, a daily decrease of 57 and a weekly decrease of 31. The asphalt - Ma Rui profit was -39, a daily decrease of 52 and a weekly decrease of 28 [4]. - The comprehensive profit of ordinary refineries and Ma Rui - type refineries on September 11 were 416 and 702 respectively, with daily changes of -43 and -46, and weekly changes of -19 and -23. The import profits from South Korea - East China and Singapore - South China were -101 and -940 respectively, with daily changes of 0 and -18, and weekly changes of -49 and -21 [4]. Related Prices - The price of Brent crude oil on September 11 was 67.5, a daily increase of 1.1 and a weekly increase of 0.5. The market prices of gasoline, diesel, and residue oil in Shandong on September 11 were 7557, 6478, and 3575 respectively, with daily changes of 10, 8, and 0, and weekly changes of 4, 8, and 40 [4].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view is presented in the given content. It mainly provides data on asphalt futures and spot markets. 3. Summary by Related Catalogs Futures Contract Prices - The prices of various BU contracts (BU主力合约, BU06, BU09, etc.) showed different degrees of change from August 12th to September 10th. For example, the BU主力合约 price was 3506 on August 12th and 3450 on September 10th, with a daily change of 30 and a weekly change of -101 [4]. Trading Volume and Open Interest - The trading volume on September 10th was 222,817, with a daily increase of 41,170 and a weekly decrease of 127,075. The open interest was 436,057, with a daily decrease of 940 and a weekly decrease of 55,837 [4]. Delivery Quantity - The delivery quantity remained at 26,890 from September 8th to 10th, with no daily change and a weekly decrease of 2,900 [4]. Spot Market Prices - The spot market prices in different regions (Shandong, East China, South China, North China, Northeast) also had changes. For instance, the Shandong market price increased by 10 to 3,540 on September 10th compared to September 9th, with no weekly change [4]. Basis and Calendar Spread - The basis and calendar spread of different contracts (03 - 06, 06 - 09, etc.) showed fluctuations. For example, the 06 - 09 basis had a daily increase of 63 and a weekly increase of 36 on September 10th [4]. Crack Spread and Profit - The asphalt Brent crack spread was 89 on September 10th, with a daily decrease of 9 and a weekly increase of 67. Different types of refinery profits (ordinary refinery, Ma Rui - type refinery) also had corresponding changes [4]. Import Profit - The import profit from South Korea to East China was -101 on September 10th, with no daily change and a weekly decrease of 49. The import profit from Singapore to South China was -923, with a daily decrease of 9 and a weekly decrease of 4 [4]. Related Prices - The prices of related products such as Brent crude oil, gasoline, diesel, and residual oil in the Shandong market also had certain changes. For example, Brent crude oil was priced at 66.4 on September 10th, with a daily increase of 0.4 and a weekly decrease of 1.2 [4].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - No explicit core viewpoints are presented in the provided content. 3. Summary by Relevant Catalogs Futures Contract Prices and Trading Volume - The prices of BU main contract, BU06, BU09, BU12, and BU03 have shown different degrees of change from August 6th to September 4th. For example, the BU main contract price decreased from 3529 on August 6th to 3468 on September 4th, a daily change of -82 and an interval change of -3 [4]. - Trading volume increased from 219,521 on August 6th to 396,842 on September 4th, with a daily change of 152,545 and an interval change of 96,736. The open interest decreased from 455,367 on August 6th to 464,569 on September 4th, with a daily change of -28,631 and an interval change of 84,140 [4]. Spot Market Prices - The spot market prices of asphalt in different regions also changed. For example, the Shandong market price decreased from 3750 on August 6th to 3540 on September 4th, with a daily change of -10 and an interval change of 20. The East China market price remained stable at 3700 from August 27th to September 4th [4]. Basis and Spread - The basis and spread of asphalt contracts also showed different trends. For example, the Shandong basis increased from 221 on August 6th to 72 on September 4th, with a daily change of 72 and an interval change of 23. The BU06 - BU09 spread decreased from -142 on August 27th to -125 on September 4th, with a daily change of -44 and an interval change of 17 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from -67 on August 27th to 21 on September 4th, with a daily change of 70 and an interval change of 88. The asphalt Ma Rui profit increased from -128 on August 27th to -49 on September 4th, with a daily change of 64 and an interval change of 79 [4]. Related Prices - The price of Brent crude oil decreased from 68.6 on August 27th to 67.6 on September 4th, with a daily change of -1.5 and an interval change of -1.0. The Shandong market price of gasoline decreased from 7599 on August 27th to 7531 on September 4th, with a daily change of -22 and an interval change of -68 [4].

Group 1: Report Information - Report Title: Asphalt Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: September 3, 2025 [3] Group 2: Futures Contract Data - **Prices**: On September 2, BU主力合约 was at 3551, up 11 from the previous day and 39 from the previous week; BU06 was at 3457, up 27 daily and 85 weekly; BU09 was at 3543, down 4 daily and 2 weekly; BU12 was at 3492, up 26 daily and 60 weekly; BU03 was at 3468, up 38 daily and 74 weekly [4] - **Volume and Open Interest**: On September 2, the trading volume was 349,892, up 12,718 from the previous day and 92,337 from the previous week; the open interest was 491,894, up 35,556 daily and 80,407 weekly [4] - **Combined Positions**: On September 2, the combined positions were 29,790, unchanged from the previous day and down 1,150 from the previous week [4] Group 3: Spot Market Data - **Market Prices**: On September 2, the Shandong market price was 3,540, up 30 from the previous day and 20 from the previous week; the East China market price was 3,700, up 10 daily and 50 weekly; the South China market price was 3,530, up 10 daily and 50 weekly; the North China market price was 3,650, up 10 daily and unchanged weekly; the Northeast market price was 3,870, unchanged daily and down 10 weekly [4] - **Enterprise Prices**: On September 2, Jingbo (Haiyun) was at 3,670, up 10 from the previous day and down 10 from the previous week; Xinhai (Xin Bohai) was at 3,650, up 10 daily and unchanged weekly [4] - **Regional Price Differences**: On September 2, Shandong - East China was -160, up 30 from the previous day and 40 from the previous week; Shandong - Northeast was -330, up 30 daily and 30 weekly; East China - South China was 170, down 10 daily and 70 weekly [4] Group 4: Basis and Calendar Spread Data - **Basis**: On September 2, the Shandong basis was -11, up 19 from the previous day and down 19 from the previous week; the East China basis was 149, down 11 daily and 20 weekly; the South China basis was -21, down 1 daily and up 11 weekly [4] - **Calendar Spreads**: On September 2, 03 - 06 was 11, up 11 from the previous day and down 11 from the previous week; 06 - 09 was -86, up 31 daily and 87 weekly; 09 - 12 was 51, down 30 daily and 62 weekly; 12 - 03 was 24, down 12 daily and 14 weekly; the first - second contract spread was 8, down 10 daily and 21 weekly [4] Group 5: Crack Spread and Profit Data - **Crack Spreads**: On September 2, the asphalt - Brent crack spread was -8, up 28 from the previous day and down 11 from the previous week [4] - **Profits**: On September 2, the asphalt - Ma Rui profit was -75, up 25 from the previous day and down 11 from the previous week; the ordinary refinery's comprehensive profit was 361, up 21 daily and down 55 weekly; the Ma Rui - type refinery's comprehensive profit was 656, up 25 daily and down 34 weekly; the import profit (South Korea - East China) was -52, up 75 daily and 74 weekly; the import profit (Singapore - South China) was -919, up 86 daily and 141 weekly [4] Group 6: Related Price Data - **Crude Oil**: On September 2, Brent crude oil was at 68.2, unchanged from the previous day and up 0.9 from the previous week [4] - **Refined Products**: On September 2, the Shandong market price of gasoline was 7,525, up 8 from the previous day and down 93 from the previous week; the Shandong market price of diesel was 6,441, up 52 daily and down 35 weekly; the Shandong market price of residual oil was 3,252, down 25 daily and 110 weekly [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View No relevant content provided. 3. Summary by Relevant Catalog Futures Contract Prices and Changes - On August 29, the BU main - contract price was 3507, with a daily change of - 10 and a weekly change of 42 [4]. - The price of BU06 was 3399, with a daily change of 26 and a weekly change of 57 [4]. - The price of BU09 was 3219, with a daily change of - 10 and a weekly change of 23 [4]. - The price of BU12 was 3433, with a daily change of 6 and a weekly change of 60 [4]. - The price of BU03 was 3408, with a daily change of 14 and a weekly change of 68 [4]. Trading Volume and Open Interest - On August 29, the trading volume was 300820, with a daily increase of 11812 and a weekly increase of 105903 [4]. - The open interest was 428349, with a daily increase of 21525 and a weekly increase of 4336 [4]. Spot Market Prices - The Shandong market price on August 29 was 3510, with no daily change and no weekly change [4]. - The East - China market price was 3700, with no daily change and a weekly decrease of 20 [4]. - The South - China market price was 3500, with no daily change and a weekly increase of 10 [4]. - The North - China market price was 3650, with a daily decrease of 20 and a weekly decrease of 10 [4]. - The Northeast market price was 3870, with no daily change and a weekly decrease of 10 [4]. Basis and Calendar Spread - The Shandong basis on August 29 was 3, with a daily increase of 10 and a weekly decrease of 42 [4]. - The East - China basis was 193, with a daily increase of 10 and a weekly decrease of 62 [4]. - The South - China basis was - 7, with a daily increase of 10 and a weekly decrease of 32 [4]. - The 03 - 06 spread was 9, with a daily decrease of 12 and a weekly increase of 11 [4]. - The 06 - 09 spread was - 120, with a daily increase of 36 and a weekly increase of 34 [4]. - The 09 - 12 spread was 86, with a daily decrease of 16 and a weekly decrease of 37 [4]. - The 12 - 03 spread was 25, with a daily decrease of 8 and a weekly decrease of 8 [4]. - The continuous first - continuous second spread was 18, with a daily decrease of 16 and a weekly decrease of 24 [4]. Crack Spread and Profit - The asphalt Brent crack spread on August 27 was 7 [4]. - The asphalt MRE profit on August 27 was - 62 [4]. - The ordinary refinery comprehensive profit on August 28 was 380 [4]. - The MRE - type refinery comprehensive profit on August 27 was 690 [4]. - The import profit (South Korea - East China) on August 29 was - 127, with no daily change and a weekly increase of 4 [4]. - The import profit (Singapore - South China) on August 29 was - 1023, with no daily change and a weekly increase of 35 [4]. Related Prices - The Brent crude oil price on August 28 was 68.1 [4]. - The Shandong market price of gasoline on August 29 was 7592, with a daily decrease of 1 and a weekly decrease of 63 [4]. - The Shandong market price of diesel on August 29 was 6466, with no daily change and a weekly decrease of 50 [4]. - The Shandong market price of residue on August 29 was 3620, with no daily change and a weekly decrease of 40 [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary According to Relevant Catalogs Futures Contracts - The prices of BU主力合约, BU06, BU09, BU12, and BU03 on August 27 were 3471, 3353, 3495, 3399, and 3372 respectively, with daily changes of -52, -42, -53, -50, and -32, and weekly changes of 18, 39, 5, 42, and 51 [4]. - The trading volume on August 27 was 300106, with a daily increase of 31801 and a weekly increase of 82759. The open interest was 380429, with a daily decrease of 14421 and a weekly decrease of 47930 [4]. - The contract quantity on August 27 was 29790, unchanged from the previous day and a decrease of 1350 compared to the previous week [4]. Spot Market - The market prices of asphalt in Shandong, East China, South China, North China, and Northeast China on August 27 were 3520, 3700, 3500, 3670, and 3880 respectively, with daily changes of -20, -20, 10, -10, and 0, and weekly changes of -30, -20, -10, -10, and 0 [4]. - The prices of Jingbo (Haiyun) and Luohai (Xin Bohai) on August 27 were both 3680 and 3670 respectively, with daily changes of 0 and -10, and weekly changes of 10 and -10 [4]. Basis and Calendar Spread - The basis of Shandong, East China, and South China on August 27 were 49, 229, and 29 respectively, with daily changes of 32, 32, and 62, and weekly changes of -48, -38, and -28 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, and 12 - 03 on August 27 were 19, -142, 113, and 27 respectively, with daily changes of 10, 11, -3, and -18, and weekly changes of 12, 34, -37, and -9 [4]. - The spread between consecutive contracts (连一 - 连二) on August 27 was 28, with a daily increase of 2 and a weekly decrease of 16 [4]. Crack Spread and Profit - The asphalt Brent crack spread on July 29 was -90, and on August 19 it was 16, with subsequent data unavailable [4]. - The asphalt Marrow profit on July 29 was -150, and on August 19 it was -23, with subsequent data unavailable [4]. - The comprehensive profit of ordinary refineries on July 29 was 393, and on August 19 it was 462, with subsequent data unavailable [4]. - The comprehensive profit of Marrow - type refineries on July 29 was 647, and on August 19 it was 721, with subsequent data unavailable [4]. - The import profit of South Korea - East China on August 27 was -138, with a daily decrease of 16 and a weekly decrease of 4. The import profit of Singapore - South China on August 27 was -1036, with a daily increase of 11 and a weekly increase of 7 [4]. Related Prices - The price of Brent crude oil on August 27 was 67.2, with a daily decrease of 1.6 and a weekly increase of 0.4 [4]. - The market prices of gasoline, diesel, and residual oil in Shandong on August 27 were 7599, 6474, and 3620 respectively, with daily changes of -28, -27, and -15, and weekly changes of -80, -57, and -40 [4].

Core Viewpoint - Xinhua Wenhxuan (00811.HK) reported a decline in revenue for the six months ending June 30, 2025, primarily due to a downturn in its core educational business segments [1] Financial Performance - The company achieved operating revenue of RMB 5.527 billion, a decrease of 4.50% compared to RMB 5.788 billion in the same period last year [1] - Main business revenue was RMB 5.439 billion, down 4.72% year-on-year, attributed to declines in textbook, educational information technology, and educational equipment sectors [1] - The overall gross margin improved to 39.05%, up from 38.46% in the previous year, reflecting a 0.59 percentage point increase [1] - The gross margin for the main business was 38.34%, an increase of 0.61 percentage points from 37.73% year-on-year, driven by changes in sales structure [1] - Total profit reached RMB 907 million, representing a year-on-year growth of 6.98% [1] - Net profit was RMB 900 million, showing a significant increase of 19.63% compared to the previous year [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint No information provided. 3. Summary by Relevant Catalogs Futures Contracts - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on August 26 were 3523, 3392, 3548, 3449, and 3404 respectively, with daily changes of 11, 23, 3, 17, and 10, and weekly changes of 50, 70, 49, 72, and 62 [4]. - The trading volume on August 26 was 268305, with a daily increase of 10750 and a weekly increase of 7679; the open - interest was 394850, with a daily decrease of 16637 and a weekly decrease of 37043; the inventory was 29790, with a daily decrease of 1150 and a weekly decrease of 1350 [4]. Market Prices - The market prices in Shandong, East China, South China, North China, and Northeast China on August 26 were 3540, 3720, 3490, 3680, and 3880 respectively. The daily changes were 20, 0, 10, 30, and 0, and the weekly changes were - 40, - 10, - 30, 0, and 0 [4]. - The spot prices of Jingbo (Haiyun) and Luhai (Xinbohai) on August 26 were 3680 and 3680 respectively, with daily changes of 0 and 30, and weekly changes of 10 and 0 [4]. Basis and Calendar Spreads - The basis in Shandong, East China, and South China on August 26 were 17, 197, and - 33 respectively, with daily changes of 9, - 11, and - 1, and weekly changes of - 90, - 60, and - 80 [4]. - The calendar spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03, and consecutive first - consecutive second on August 26 were 9, - 153, 113, 45, and 26 respectively, with daily changes of - 13, 20, - 14, 7, and - 3, and weekly changes of - 8, 21, - 23, 10, and - 18 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on July 28 was - 1, and on August 18 was 69; the asphalt Marrow profit on July 28 was - 70, and on August 18 was - 5; the ordinary refinery comprehensive profit on July 28 was 448, and on August 18 was 503; the Marrow - type refinery comprehensive profit on July 28 was 711, and on August 18 was 764 [4]. - The import profit from South Korea to East China on August 26 was - 119, with a daily increase of 7 and a weekly increase of 7; the import profit from Singapore to South China on August 26 was - 1044, with a daily increase of 17 and a weekly decrease of 7 [4]. Related Prices - The price of Brent crude oil on August 26 was 68.8, with a daily increase of 1.1 and a weekly increase of 3.0; the gasoline market price in Shandong on August 26 was 7627, with a daily increase of 9 and a weekly decrease of 54; the diesel market price in Shandong on August 26 was 6501, with a daily increase of 25 and a weekly decrease of 17; the residue oil market price in Shandong on August 26 was 3635, with a daily change of 0 and a weekly decrease of 5 [4].

Report Information - Report Title: Asphalt Thick Report [2] - Research Team: Research Center's Energy and Chemicals Team - Report Date: August 26, 2025 [3] Key Data Futures Contract Prices - BU主力合约: 3512 on August 25, up 29 from the previous day and 51 from the previous week [4] - BU06: 3372 on August 25, up 12 from the previous day and 54 from the previous week [4] - BU09: 3545 on August 25, up 29 from the previous day and 48 from the previous week [4] - BU12: 3432 on August 25, up 32 from the previous day and 62 from the previous week [4] - BU03: 3394 on August 25, up 32 from the previous day and 72 from the previous week [4] Trading Volume and Open Interest - Trading volume: 257,555 on August 25, up 46,827 from the previous day and 43,392 from the previous week [4] - Open interest: 411,487 on August 25, down 9,629 from the previous day and 24,832 from the previous week [4] Market Prices - Shandong market price: 3520 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China market price: 3720 on August 25, unchanged from the previous day and down 10 from the previous week [4] - South China market price: 3480 on August 25, unchanged from the previous day and down 40 from the previous week [4] - North China market price: 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] - Northeast market price: 3880 on August 25, unchanged from the previous day and the previous week [4] Spot Prices - Jingbo (Haiyun): 3680 on August 25, down 10 from the previous day and up 10 from the previous week [4] - Bihai (Xin Bohai): 3650 on August 25, unchanged from the previous day and down 30 from the previous week [4] Basis and Spread - Shandong - East China basis: -200 on August 25, up 20 from the previous day and down 90 from the previous week [4] - Shandong - Northeast basis: -360 on August 25, up 20 from the previous day and down 100 from the previous week [4] - East China - South China basis: 240 on August 25, unchanged from the previous day and up 30 from the previous week [4] - Shandong basis: 8 on August 25, down 9 from the previous day and down 151 from the previous week [4] - East China basis: 208 on August 25, down 29 from the previous day and down 61 from the previous week [4] - South China basis: -32 on August 25, down 29 from the previous day and down 91 from the previous week [4] - 03 - 06 spread: 22 on August 25, up 20 from the previous day and 18 from the previous week [4] - 06 - 09 spread: -173 on August 25, down 13 from the previous day and up 6 from the previous week [4] - 09 - 12 spread: 113 on August 25, down 7 from the previous day and 14 from the previous week [4] - 12 - 03 spread: 38 on August 25, unchanged from the previous day and down 10 from the previous week [4] - Consecutive first - consecutive second spread: 29 on August 25, down 6 from the previous day and 7 from the previous week [4] Crack Spread and Profit - Asphalt Brent crack spread: Data unavailable after August 15 [4] - Asphalt Mares profit: Data unavailable after August 15 [4] - Ordinary refinery comprehensive profit: 511 on August 15 [4] - Mares - type refinery comprehensive profit: 754 on August 15 [4] - Import profit (South Korea - East China): -126 on August 25, up 3 from the previous day and down 1 from the previous week [4] - Import profit (Singapore - South China): -1061 on August 25, up 4 from the previous day and down 26 from the previous week [4] Related Prices - Brent crude oil: 67.7 on August 25, up 0.1 from the previous day and 1.1 from the previous week [4] - Shandong gasoline market price: 7618 on August 25, down 51 from the previous day and 121 from the previous week [4] - Shandong diesel market price: 6476 on August 25, down 57 from the previous day and 126 from the previous week [4] - Shandong residual oil market price: 3635 on August 25, down 25 from the previous day and 5 from the previous week [4]

Price and Basis - Futures prices have declined while the basis has strengthened, with steel billet prices down by 10 to 3080 yuan. The actual transaction price for rebar in East China is 3170 yuan per ton, with the October futures contract at a discount of 51 yuan to the spot price. Hot-rolled coil is priced at 3400 yuan per ton, with the main contract at a discount of 39 yuan to the spot price [1]. Cost and Profit - On the cost side, coking coal production has seen fluctuations, with overall operating rates and output not recovering significantly. After a decline in inventory, there are signs of a potential accumulation again. Iron ore inventories at ports have slightly increased, while steel production remains high, and seasonal demand for steel is declining. Expectations for a contraction in coking coal supply persist, and while iron ore demand remains high, a slight accumulation is expected, leading to a weaker cost support on a month-on-month basis. As prices weaken, steel profits are declining, with profits ranked from high to low as follows: steel billet > hot-rolled coil > rebar > cold-rolled coil [1]. Supply - From January to July, iron element production increased by 18 million tons, a growth rate of 3.1%. Month-on-month, August production rebounded compared to July, mainly due to a significant increase in daily scrap steel consumption. Current molten iron production is stable at 2.41 million tons, with daily scrap steel consumption at 55800 tons, up by 0.6% month-on-month. The total production of the five major materials increased by 64000 tons to 8.78 million tons. By product type, rebar production decreased by 58000 tons to 2.15 million tons, while hot-rolled coil production increased by 96000 tons to 3.25 million tons. Since July, production of the five major materials has exceeded demand, leading to inventory pressure due to last year's low production base in August [1][2]. Demand - From January to July, the apparent demand for the five major materials remained flat year-on-year (-0.2%), while the production decline was greater than the apparent demand (-1.3%). The increase in iron element production (+3%) is primarily directed towards non-five major materials and steel billets. Domestic demand has decreased year-on-year, while external demand has increased significantly, with direct and indirect steel exports rising. Overall steel demand has increased year-on-year, with average daily production rising and apparent demand remaining flat, while inventory has decreased year-on-year. Month-on-month, the seasonal decline was not significant, and the impact of tariffs on demand was offset by the increase in direct exports. Apparent demand for rebar has decreased, dragging down overall apparent demand. The apparent demand for the five major materials decreased by 22000 tons to 8.53 million tons, with rebar demand down by 5000 tons to 1.95 million tons, while hot-rolled coil demand increased by 6500 tons to 3.21 million tons [2]. Inventory - This week saw a significant accumulation of inventory, primarily among traders, with little increase in steel mill inventories. The inventory of the five major materials increased by 25000 tons to 14.41 million tons, with rebar inventory up by 20000 tons to 6.07 million tons and hot-rolled coil inventory up by 4000 tons to 3.6144 million tons. By product type, rebar supply has increased while demand has decreased, leading to significant inventory accumulation; for sheet materials, both supply and demand are weak, resulting in minimal inventory accumulation [2]. Outlook - Molten iron production remains stable, with weekly data indicating a slight increase in the production of the five major materials and a slowdown in inventory accumulation, alongside a rebound in apparent demand. Data shows signs of a bottoming out, but levels remain within the off-peak season. August demand saw a significant month-on-month decline, primarily due to poor rebar demand, affecting the spread between rebar and hot-rolled coil, which has widened to around 290. The market remains weak, with steel prices declining. There is an expectation for a rebound in demand during the peak season from September to October, and considering the situation of steel demand and coking coal supply, steel prices are expected to maintain a high-level oscillation pattern. A long position is suggested for trading, with October hot-rolled coil and rebar prices referenced at 3350 yuan and 3150 yuan, respectively [3][4].