Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current oil price has been relatively undervalued, and its static fundamentals and dynamic forecasts remain favorable. It's a good opportunity for left - hand side layout, and if the geopolitical premium re - emerges, the oil price will have more upside potential [2] Summary by Categories Crude Oil - **Market Quotes**: WTI main crude oil futures rose $0.46, or 0.72%, to $64.32; Brent main crude oil futures rose $0.47, or 0.69%, to $68.27; INE main crude oil futures rose 0.60 yuan, or 0.13%, to 473 yuan [1] - **Data**: Singapore ESG weekly oil product data showed that gasoline inventory decreased by 1.67 million barrels to 13.49 million barrels, a 11.01% decline; diesel inventory decreased by 0.37 million barrels to 9.33 million barrels, a 3.77% decline; fuel oil inventory increased by 1.69 million barrels to 24.72 million barrels, a 7.33% increase; total refined oil inventory decreased by 0.35 million barrels to 47.54 million barrels, a 0.72% decline [1] Methanol - **Market Quotes**: On August 28, the 01 contract rose 1 yuan/ton to 2373 yuan/ton, and the spot price fell 18 yuan/ton, with a basis of - 141 [4] - **Supply**: Domestic production has further recovered, with enterprise profits remaining at a medium - high level. There is still room for production to increase, and supply is gradually rising. Imports have increased, and port inventory has accumulated to a high level [4] - **Demand**: Port MTO profits have continued to improve, but demand is weak. Traditional demand has not improved significantly, and overall downstream performance is average [4] - **Strategy**: It is recommended to wait and see for now [4] Urea - **Market Quotes**: On August 28, the 01 contract rose 16 yuan/ton to 1753 yuan/ton, and the spot price rose 10 yuan/ton, with a basis of - 53 [6] - **Supply**: More plants are under maintenance, domestic production has declined, and daily output has fallen below 18.5 tons. Short - term supply pressure has eased, and enterprise profits are at a medium - low level [6] - **Demand**: Compound fertilizer production has peaked and declined, and domestic agricultural demand has entered the off - season. Exports have increased, and port inventory has risen rapidly. Current demand is mainly concentrated in exports [6] - **Inventory**: Although domestic supply has decreased, demand is weak, and enterprise inventory has increased and remains at a high level year - on - year [6] - **Strategy**: It is recommended to focus on going long on dips as the downside space is limited [6] Rubber - **Market Quotes**: NR and RU fluctuated and consolidated [9] - **Bullish Factors**: Southeast Asian weather and rubber forest conditions may limit supply; rubber usually rises in the second half of the year; China's demand is expected to improve [10] - **Bearish Factors**: Macroeconomic expectations are uncertain; demand is in the seasonal off - season; the positive impact on supply may be less than expected [10] - **Industry Situation**: As of August 28, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 62.78%, down 1.76 percentage points from last week but up 3.95 percentage points from the same period last year. All - steel tire exports are good. The operating rate of semi - steel tires in domestic tire enterprises was 74.57%, up 0.19 percentage points from last week but down 4.06 percentage points from the same period last year. The downstream inventory of semi - steel tire factories is slow to consume [11] - **Inventory**: As of August 18, 2024, China's natural rubber social inventory was 1.217 million tons, an increase of 0.4 million tons or 0.34% from the previous period. As of August 24, 2025, the inventory of natural rubber in Qingdao was 477,000 (- 84,000) tons [11] - **Spot Prices**: Thai standard mixed rubber was 14,800 (+ 100) yuan; STR20 was reported at 1,825 (+ 15) dollars; STR20 mixed was 1,825 (+ 20) dollars; Jiangsu and Zhejiang butadiene was 9,350 (+ 50) yuan; North China butadiene rubber was 11,700 (0) yuan [12] - **Strategy**: Adopt a long - term bullish view. In the short term, expect the rubber price to fluctuate, and use a neutral - to - bullish approach, going long on dips and exiting quickly. Partially close the position of going long on RU2601 and shorting on RU2509 [13] PVC - **Market Quotes**: The PVC01 contract fell 3 yuan to 4,946 yuan. The spot price of Changzhou SG - 5 was 4,700 (- 10) yuan/ton, with a basis of - 246 (- 7) yuan/ton, and the 9 - 1 spread was - 151 (- 4) yuan/ton [13] - **Cost**: The price of calcium carbide in Wuhai was 2,350 (0) yuan/ton, the price of medium - grade semi - coke was 660 (0) yuan/ton, and the price of ethylene was 840 (0) dollars/ton. The cost remained stable, and the spot price of caustic soda was 870 (0) yuan/ton [13] - **Supply and Demand**: The overall operating rate of PVC was 77.6%, a 2.7% decline. The downstream operating rate was 42.7%, a 0.1% decline. Factory inventory was 306,000 tons (- 21,000), and social inventory was 853,000 tons (+ 41,000) [13] - **Strategy**: In the current situation of strong supply, weak demand, and high valuation, pay attention to short - selling opportunities [13] Styrene - **Market Quotes**: Both spot and futures prices fell, and the basis weakened [15] - **Analysis**: The BZN spread is at a relatively low level compared to the same period, with significant upward adjustment potential. The supply of pure benzene is still abundant, and the operating rate of styrene has been rising. Port inventory has been increasing significantly [15] - **Fundamentals**: The price of pure benzene in East China was 5,965 yuan/ton, a decrease of 30 yuan/ton; the spot price of styrene was 7,200 yuan/ton, a decrease of 50 yuan/ton; the closing price of the active contract of styrene was 7,164 yuan/ton, a decrease of 6 yuan/ton; the basis was 36 yuan/ton, a weakening of 44 yuan/ton; the BZN spread was 152.62 yuan/ton, an increase of 2.62 yuan/ton [16] - **Strategy**: In the long term, the BZN spread may be adjusted. When the inventory starts to decline, the styrene price may rebound [16] Polyolefins Polyethylene - **Market Quotes**: Futures prices fell [18] - **Analysis**: The market expects favorable policies from the Chinese Ministry of Finance in the third quarter, and cost support remains. The spot price of polyethylene is stable, and the downward valuation space is limited. Overall inventory is decreasing from a high level, and the seasonal peak season may be approaching, with demand for agricultural film raw materials starting to build up inventory [18] - **Fundamentals**: The closing price of the main contract was 7,364 yuan/ton, a decrease of 38 yuan/ton; the spot price was 7,325 yuan/ton, unchanged; the basis was - 39 yuan/ton, a strengthening of 38 yuan/ton. The upstream operating rate was 80.24%, a 0.25% increase. Production enterprise inventory was 427,000 tons, a decrease of 74,900 tons; trader inventory was 59,800 tons, a decrease of 2,600 tons [18] - **Strategy**: In the long term, the downward trend dominated by cost factors may shift, and the polyethylene price may fluctuate upward [18] Polypropylene - **Market Quotes**: Futures prices fell [19] - **Analysis**: The integrated plant of CNOOC Daxie Petrochemical has been put into operation, and propylene supply has gradually recovered. The downstream operating rate is fluctuating at a low level. In August, there are only 450,000 tons of planned production capacity to be put into operation. Although the seasonal peak season may be approaching, the overall inventory pressure is high, and there are no prominent short - term contradictions [19] - **Fundamentals**: The closing price of the main contract was 7,021 yuan/ton, a decrease of 25 yuan/ton; the spot price was 7,045 yuan/ton, a decrease of 5 yuan/ton; the basis was 24 yuan/ton, a strengthening of 20 yuan/ton. The upstream operating rate was 81.11%, a 0.2% increase. Production enterprise inventory was 538,500 tons, a decrease of 33,800 tons; trader inventory was 168,200 tons, a decrease of 3,100 tons; port inventory was 60,300 tons, an increase of 1,600 tons [19] - **Strategy**: It is recommended to go long on the LL - PP2601 contract on dips [19] Polyester PX - **Market Quotes**: The PX11 contract fell 54 yuan to 6,886 yuan, and PX CFR fell 5 dollars to 849 dollars. The basis was 68 yuan (+ 9), and the 11 - 1 spread was 58 yuan (- 22) [21] - **Supply and Demand**: China's PX operating rate was 84.6%, a 0.3% increase; Asia's operating rate was 76.3%, a 2.2% increase. Some overseas plants have restarted. The PTA operating rate was 70.4%, a 2.5% decrease [21] - **Inventory**: In mid - and early August, South Korea's PX exports to China were 294,000 tons, an increase of 55,000 tons year - on - year. At the end of June, inventory was 4.138 million tons, a decrease of 210,000 tons month - on - month [21] - **Valuation and Cost**: PXN was 264 dollars (0), and the naphtha crack spread was 98 dollars (- 13) [21] - **Strategy**: Pay attention to long - buying opportunities following the rise of crude oil during the peak season [22] PTA - **Market Quotes**: The PTA01 contract fell 32 yuan to 4,792 yuan, and the East China spot price fell 60 yuan/ton to 4,775 yuan. The basis was - 24 yuan (- 6), and the 9 - 1 spread was - 56 yuan (- 16) [23] - **Supply and Demand**: The PTA operating rate was 70.4%, a 2.5% decrease. Some plants have undergone maintenance or unexpected shutdowns, and some new plants have been put into operation. The downstream operating rate was 89.9%, a 0.1% decrease [23] - **Inventory**: On August 22, the social inventory (excluding credit warehouse receipts) was 2.2 million tons, a decrease of 50,000 tons [23] - **Valuation and Cost**: The spot processing fee of PTA fell 30 yuan to 213 yuan, and the futures processing fee fell 11 yuan to 313 yuan [23] - **Strategy**: Pay attention to long - buying opportunities following the rise of PX during the peak season [23] Ethylene Glycol - **Market Quotes**: The EG01 contract fell 16 yuan to 4,465 yuan, and the East China spot price fell 26 yuan to 4,527 yuan. The basis was 66 yuan (+ 5), and the 9 - 1 spread was - 41 yuan (+ 5) [24] - **Supply and Demand**: The ethylene glycol operating rate was 75.1%, a 2.7% increase. Some plants at home and abroad have restarted or adjusted their loads. The downstream operating rate was 89.9%, a 0.1% decrease [24] - **Inventory**: The port inventory was 500,000 tons, a decrease of 47,000 tons. The import forecast was 54,000 tons, and the East China departure volume on August 27 was 10,000 tons [24] - **Valuation and Cost**: The naphtha - based production profit was - 356 yuan, the domestic ethylene - based production profit was - 581 yuan, and the coal - based production profit was 1,104 yuan. The cost of ethylene increased to 842 dollars, and the price of Yulin pit - mouth bituminous coal fines decreased to 520 yuan [24] - **Strategy**: In the medium term, port inventory may enter an accumulation cycle, and there is downward pressure on valuation [24]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The previous trading day saw the Shanghai zinc futures fluctuate, closing with a doji candlestick, accompanied by shrinking trading volume. Both long and short positions reduced, with short positions decreasing more significantly. Overall, it was a contracting-volume fluctuation. As prices fluctuated, long positions exited for observation, while short positions exited even more actively. Therefore, the market may fluctuate and consolidate in the short term. Technically, the price closed above the 60-day moving average, but the support from the moving average was weak. The short-term KDJ indicator rose and operated in the weak zone. The trend indicator declined, with the strength of long positions decreasing and that of short positions increasing, and the power of long and short positions began to stalemate. It is recommended that the Shanghai zinc ZN2510 contract fluctuate and consolidate [21]. Summary by Relevant Catalogs Zinc Futures Market Conditions on August 27 - **Futures Exchange Zinc Futures Quotes**: The trading details of zinc futures contracts with different delivery months on August 27, including opening price, high price, low price, closing price, settlement reference price, price changes, trading volume, trading amount, and open interest and its changes, are presented. For example, the 2510 contract had an opening price of 22310, a high of 22425, a low of 22290, and a closing price of 22310, with a trading volume of 114,993 lots and an open interest of 107,827 lots, showing a decrease of 891 lots compared to the previous day [3]. - **Domestic Main Spot Market Quotes**: The prices and price changes of various zinc products in domestic main spot markets on August 27 are provided. For instance, the price of zinc concentrate in Linzhou was 16,970 yuan/ton, down 30 yuan/ton; the price of zinc ingots in Aoshang was 22,290 yuan/ton, down 40 yuan/ton [4]. - **National Main Market Zinc Ingot Inventory Statistics**: From August 14 to August 25, the zinc ingot inventory in major domestic markets showed an overall increasing trend. The total inventory on August 25 was 12.48 million tons, an increase of 0.97 million tons compared to August 18 and 0.74 million tons compared to August 21 [5]. - **Futures Exchange Zinc Warehouse Receipt Report**: The warehouse receipt situation of zinc in different regions and warehouses on August 27 is detailed. The total zinc warehouse receipt was 36,213 tons, a decrease of 153 tons compared to the previous day, mainly due to the decrease of 153 tons in the warehouse receipt of Tianjin's Shanggang Yuncang Tianjin [6]. - **LME Zinc Inventory Distribution and Statistics**: The inventory situation of LME zinc in Singapore Port on August 27 is shown. The current inventory was 60,025 tons, a decrease of 5500 tons compared to the previous day, with a registered warehouse receipt of 41,775 tons and a cancelled warehouse receipt of 18,250 tons, and the cancellation ratio was 30.40% [8]. - **National Main City Zinc Concentrate Price Summary**: The price information of zinc concentrate in major domestic cities on August 27 is provided, but the specific price data is not detailed in the given text [10]. - **National Market Zinc Ingot Smelter Price Quotes**: The prices and price changes of zinc ingots of different brands and manufacturers on August 27 are presented. For example, the price of 0 zinc ingots from Hunan Weichuan Smelting was 22,540 yuan/ton, down 10 yuan/ton [14]. - **Domestic Refined Zinc Production in June 2025**: In June 2025, the planned production value of refined zinc was 45.97 million tons, and the actual production was 47.18 million tons, with a month-on-month increase of 11.67%, a year-on-year decrease of 2.36%, and an increase of 2.63% compared to the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 47.03 million tons [16]. - **Zinc Concentrate Processing Fee Quotes on August 27**: The processing fees of zinc concentrate in different regions and their price ranges are provided. For example, in the area of Pailie, the processing fee for 50% grade zinc concentrate was 3700 - 3900 yuan/metal ton, with an average of 3800 yuan/metal ton; the import processing fee for 48% grade zinc concentrate was 75 - 95 US dollars/thousand tons, with an average of 85 US dollars/thousand tons [18]. - **Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table**: The trading volume, long position, and short position rankings of zinc futures of different futures company members on August 27 are presented. For example, in terms of trading volume, CITIC Futures ranked first with a trading volume of 36,331 lots, an increase of 10,965 lots compared to the previous day; in terms of long positions, CITIC Futures also ranked first with 12,844 lots, a decrease of 1,534 lots compared to the previous day; in terms of short positions, CITIC Futures still ranked first with 13,025 lots, an increase of 801 lots compared to the previous day [20]. Zinc Fundamental Analysis - **Supply and Demand Fundamentals**: In April 2025, the global zinc plate production was 1.153 million tons, and the consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, the global zinc plate production was 4.4514 million tons, and the consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. From January to April, the global zinc ore production was 4.0406 million tons, which was considered bullish [2]. - **Basis**: The spot price was 22,290, and the basis was -20, indicating a neutral situation [2]. - **Inventory**: On August 27, the LME zinc inventory decreased by 5500 tons to 60,025 tons compared to the previous day, and the Shanghai Futures Exchange zinc warehouse receipt decreased by 153 tons to 36,213 tons compared to the previous day, which was considered bullish [2]. - **Market Trend**: On the previous trading day, the Shanghai zinc futures showed a fluctuating downward trend, closing below the 20-day moving average, and the 20-day moving average was downward, which was considered bearish [2]. - **Main Position**: The main position was net short, and the short positions decreased, which was considered bearish [2]. - **Market Expectation**: The LME inventory and warehouse receipt continued to decrease, while the Shanghai Futures Exchange warehouse receipt remained at a high level. It is expected that the Shanghai zinc ZN2510 contract will fluctuate and consolidate [2].

1. Report Industry Investment Rating - There is no clear industry investment rating provided in the report. 2. Core Views of the Report - For pure benzene, port inventory is declining slightly from a high level, but the absolute level remains high. The port basis is expected to strengthen further. Korean aromatics plants are under maintenance, and the monthly import pressure is not increasing. However, attention should be paid to the large inventory pressure in the CPL - PA6 - nylon产业链 and the MDI inventory pressure in the aniline downstream. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. - For styrene, the port basis rebounded slightly due to some traders covering short positions at the end of the month. However, port inventory is continuously accumulating due to high current operating rates. There will be more maintenance in September, and the rate of destocking in September should be monitored. This will also drag down the demand for pure benzene, so there is limited support for the single - side price. In the downstream of EB, the operating rates of EPS and PS continue to rise, but their inventories do not show further destocking, indicating slow downstream follow - up. ABS maintains a state of high inventory and low operating rate. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis is - 104 yuan/ton (- 3), and the spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton). There are also data on the spread between the first - and third - month contracts [1]. - Styrene: The main basis is 70 yuan/ton (+ 2 yuan/ton), and there are data on the spread between the first - and third - month contracts [1]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 150 dollars/ton (- 9 dollars/ton), the FOB Korea processing fee is 135 dollars/ton (- 8 dollars/ton), and the US - Korea spread is 45.6 dollars/ton (- 15.1 dollars/ton). There are also data on import profits [1]. - Styrene: The non - integrated production profit is - 326 yuan/ton (- 48 yuan/ton), and there are data on import profits [1]. 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate is not specifically mentioned in the text, but the downstream comprehensive operating rate is relatively high [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.5% (+ 0.4%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 282 yuan/ton (+ 84 yuan/ton), and the operating rate is 60.98% (+ 2.90%) [2]. - PS: The production profit is - 68 yuan/ton (+ 34 yuan/ton), and the operating rate is 57.50% (+ 1.10%) [2]. - ABS: The production profit is - 132 yuan/ton (+ 88 yuan/ton), and the operating rate is 71.10% (+ 0.00%) [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1760 yuan/ton (+ 45), and the operating rate is 91.86% (- 1.86%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 113), and the operating rate is 78.00% (+ 1.00%) [1]. - Aniline: The production profit is - 204 yuan/ton (- 43), and the operating rate is 70.10% (- 1.47%) [1]. - Adipic acid: The production profit is - 1209 yuan/ton (+ 41), and the operating rate is 65.50% (+ 3.80%) [1]. 3.6 Strategies - Single - side: Hold a wait - and - see attitude towards pure benzene and styrene. - Basis and inter - period: Hold a wait - and - see attitude. - Cross - variety: Expand the EB - BZ spread on dips in the short term [4].

Report Information - Report Date: August 28, 2025 [2] - Report Team: Research Center Energy and Chemicals Team [2] Industry Investment Rating - Not provided Core Views - This week, the high-sulfur cracking of Singapore 380cst weakened, and the near-month spread weakened. The low-sulfur cracking weakened, and the spread fluctuated. The high-sulfur global supply and demand weakened, but the EW spread was still being repaired. The new round of sanctions had a large potential impact on domestic heavy crude oil and provided some support for Asian fuel oil valuations. The LU remained weak this week, and short-term opportunities for the expansion of high-sulfur 380 EW could still be monitored. [6] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 21 to August 27, 2025, prices of various fuel oil products in Rotterdam, such as 3.5% HSF O swap M1, 0.5% VLS FO swap M1, etc., showed different degrees of change. For example, the 3.5% HSF O swap M1 increased by 1.71, and the 0.5% VLS FO swap M1 increased by 5.01. [3] Singapore Fuel Oil Swap Data - During the same period, prices of Singapore fuel oil products, including 380cst M1, 180cst M1, etc., also changed. For instance, the 380cst M1 increased slightly, and the Singapore VLSFO M1 increased to 490.00 on August 27 from 479.93 on August 21. [3] Singapore Fuel Oil Spot Data - From August 21 to August 27, 2025, prices of Singapore fuel oil spot products, like FOB 380cst and FOB VLSFO, changed. The FOB 380cst decreased by 0.91, and the FOB VLSFO decreased by 3.94. The 380 basis increased by 3.50. [4] Domestic FU Data - Domestic FU contract prices (FU 01, FU 05, FU 09) changed, with the FU 01 decreasing by 52, the FU 05 decreasing by 51, and the FU 09 decreasing by 64 from August 21 to August 27, 2025. [4] Domestic LU Data - Domestic LU contract prices (LU 01, LU 05, LU 09) also changed. The LU 01 decreased by 44, the LU 05 decreased by 43, and the LU 09 decreased by 42 during the same period. [5] Inventory and Supply Information - Singapore's land-based residue inventory continued to decline, floating storage inventory decreased significantly, and low-sulfur floating storage increased. In July, Singapore's high-sulfur bunker fueling volume increased by 15% month-on-month and 10% year-on-year. Middle East's Fujairah land-based inventory decreased significantly, and floating storage decreased significantly. Saudi Arabia's shipments decreased week-on-week, and UAE's shipments fluctuated. US residue inventory increased slightly but was at the lowest level in the same period in history. ARA ports decreased slightly, and floating storage increased slightly. [6]

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].

Report Summary 1. Industry Investment Ratings There is no information about industry investment ratings in the provided content. 2. Core Viewpoints - The overall market shows a complex situation with different trends in various sectors. The commodity market has mixed price movements, and the stock market experiences a significant decline on August 27. The economic situation is influenced by multiple factors, including global events, policy changes, and supply - demand dynamics in different industries [4][18]. - In the commodity market, some products like natural rubber and asphalt have price increases, while others such as glass and styrene have price drops. In the stock market, A - share indexes fall sharply, with most industry sectors in the red [4][18]. - For different commodities, specific supply - demand factors affect their prices. For example, in the agricultural products sector, the supply pressure of sugar is increasing, while the demand for some products like eggs is expected to drive a slight price increase [12]. - In the stock market, although the short - term adjustment of the Shanghai Composite Index may slow down the rising pace, it is considered beneficial in the long - term. The market may need a significant shock to digest floating profit chips, and investors are advised to take advantage of low - buying opportunities [20][21]. 3. Summary by Catalog 3.1 Chemical Industry - **Price Changes**: On August 28, 2025, compared with August 27, natural rubber rose by 0.508% to 15,840.00, 20 - number rubber rose by 0.396% to 12,665.00, and asphalt rose by 0.605% to 3,492.00. While plastics, polypropylene PP, PTA, etc., had price drops, with PVC having the largest decline of 0.606% to 4,919.00 [4]. 3.2 Macro - economic News - **International Events**: The 2025 Shanghai Cooperation Organization Summit will be held in Tianjin from August 31 to September 1; the 2025 China International Fair for Trade in Services will be held in Beijing from September 10 to 14 [7]. - **Economic Data**: In July, the profit of industrial enterprises above designated size decreased by 1.5% year - on - year, with the decline narrowing for two consecutive months; the new kinetic energy index of China's economic development in 2024 increased by 14.2% year - on - year [7]. - **Policy Announcements**: Jilin Province will implement the tax - refund policy for overseas tourists' shopping from September 1, 2025; the Ministry of Commerce will introduce policies to expand service consumption next month [7][8]. - **Industry Data**: From August 1 - 24, the retail sales of new - energy passenger vehicles in China reached 72.7 million units, a 6% year - on - year increase and a 7% month - on - month increase; the global economic and trade friction index in June was 92, showing a缓和 trend [8]. - **Market Forecast**: Goldman Sachs expects the oil surplus to intensify, with an average daily surplus of 1.8 million barrels from Q4 2025 to Q4 2026, and the global oil inventory to increase by nearly 800 million barrels by the end of 2026 [9]. 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: The sugar price shows a downward trend. The supply pressure is high, and the operation suggestion is to sell short on rallies, paying attention to the support level of 5600 yuan [12]. - **Corn**: The corn price is in a weak oscillation. The supply pressure is increasing, and the strategy is to maintain a bearish view, focusing on the support level of 2150 yuan [12]. - **Pig**: The national pig price is weakly falling. The supply - demand game continues, and the futures market is bearish [12]. - **Egg**: The egg price is expected to rise slightly, mainly driven by demand. The futures market suggests short - selling on rebounds and reverse spreads between months [12]. - **Cotton**: The ICE US cotton futures are falling. The fundamentals have no major changes. The operation suggestion is to buy on dips in the short - term [14]. 3.3.2 Energy Chemicals - **Urea**: The domestic urea market price is stable. The supply is affected by enterprise maintenance, and the demand is weak. The price is in a weak oscillation, and attention should be paid to the support level of 1720 - 1730 yuan/ton and the Indian tender on September 2 [13]. - **Caustic Soda**: As the peak consumption season approaches, the caustic soda 2601 contract is expected to run strongly, and a bullish approach on dips is recommended [13]. - **Coking Coal and Coke**: The downstream inquiry is not significantly improved, and the supply is affected by safety inspections. The price is expected to fluctuate in the short - term [13]. 3.3.3 Industrial Metals - **Copper and Aluminum**: For copper, due to market uncertainties, a bullish approach is recommended if the price breaks through the oscillation range. For aluminum, the price is expected to remain high as domestic consumption improves and inventory is at a low level [16]. - **Alumina**: The alumina market shows a north - south differentiation. The 2601 contract is expected to run weakly, and attention should be paid to factors such as bauxite [16]. - **Rebar and Hot - rolled Coil**: The steel market has a wait - and - see atmosphere. The short - term fundamentals change little, and the steel price decline space is limited. Attention should be paid to actual production cuts and macro - sentiment changes [16]. - **Ferroalloys**: The ferroalloy market is under pressure. The short - term is in a wide - range oscillation, and industrial hedging and speculation should be cautious [16]. - **Lithium Carbonate**: The lithium carbonate price breaks through the support level. It is recommended to wait for the price to stabilize and then try to go long lightly, paying attention to the support level of 78000 yuan [18]. 3.3.4 Option Finance - **Stock Index Options**: On August 27, A - share indexes fall sharply. The trading volume and open interest of stock index futures and options change, and the implied volatility decreases for some options. Trend investors can focus on arbitrage opportunities, and volatility investors can trade according to the index trend [18]. - **Stock Index**: The Shanghai Composite Index adjusts, and other indexes are likely to follow. The market may need a shock to digest floating profit chips. Investors are advised to take advantage of low - buying opportunities [20][21].

Report Summary Investment Ratings - No industry investment ratings are provided in the report. Core Views - Palm oil: The fundamental situation has no new driving forces, and it is waiting for a pullback [1]. - Soybean oil: The trading of soybean shortages in the fourth quarter has暂缓, and it is in a range - bound consolidation [1]. Summary by Sections 1. Fundamental Data Tracking - **Futures Prices**: Palm oil's day - trading closing price was 9,424 yuan/ton with a - 0.67% change, and night - trading was 9,488 yuan/ton with a 0.68% change; soybean oil's day - trading was 8,536 yuan/ton (0.00% change) and night - trading was 8,402 yuan/ton (- 1.57% change); rapeseed oil's day - trading was 9,941 yuan/ton (- 0.57% change) and night - trading was 9,810 yuan/ton (- 1.32% change); Malaysian palm oil's day - trading was 4,470 ringgit/ton (- 0.51% change) and night - trading was 4,451 ringgit/ton (- 0.43% change); CBOT soybean oil was 53.46 cents/pound (- 2.57% change) [2]. - **Trading Volume and Open Interest**: Palm oil's trading volume was 29,423 lots (- 7,102 change) and open interest was 31,104 lots (- 11,004 change); soybean oil's trading volume was 25,058 lots (- 10,177 change) and open interest was 37,839 lots (- 14,776 change); rapeseed oil's trading volume was 12,749 lots (- 1,539 change) and open interest was 18,022 lots (- 6,367 change) [2]. - **Spot Prices**: 24 - degree palm oil in Guangdong was 9,470 yuan/ton (- 150 change); first - grade soybean oil in Guangdong was 8,850 yuan/ton (+ 130 change); fourth - grade imported rapeseed oil in Guangxi was 9,950 yuan/ton (+ 40 change); Malaysian palm oil FOB was 1,110 dollars/ton (- 5 change) [2]. - **Basis**: Palm oil in Guangdong was 46 yuan/ton; soybean oil in Guangdong was 314 yuan/ton; rapeseed oil in Guangxi was 9 yuan/ton [2]. - **Spreads**: Rapeseed - palm oil futures spread was 321 yuan/ton; soybean - palm oil futures spread was - 1,044 yuan/ton; palm oil 9 - 1 spread was - 76 yuan/ton; soybean oil 9 - 1 spread was 80 yuan/ton; rapeseed oil 9 - 1 spread was 120 yuan/ton [2]. 2. Macro and Industry News - **Malaysian Palm Oil Production**: From August 1 - 25, 2025, Malaysian palm oil yield decreased by 3.26% month - on - month, oil extraction rate increased by 0.4% month - on - month, and production decreased by 1.21% month - on - month [3]. - **Tax Exemption in Malaysia**: Malaysia's Ministry of Plantation Industries and Commodities is seeking to exempt crude and refined palm kernel oil from the sales and service tax (SST). Currently, these two products face a 5% special tax [5]. - **Indonesian Palm Oil Tariff**: The US has agreed in principle to exclude Indonesian palm oil, cocoa, and rubber from the 19% tariff, but the final agreement has no set schedule [5]. - **Indian Vegetable Oil Tax**: The Indian Vegetable Oil Producers' Association (IVPA) urges the government to cancel the tax credit refund restrictions implemented since July 2022 [6]. - **Pakistani Soybean Purchase**: Pakistan is expected to sign a purchase agreement to import about 1.1 million tons of soybeans from US exporters, with a total value of about 500 million dollars [6]. - **Brazilian Soybean Regulations**: A Brazilian federal judge has temporarily suspended a decision by the country's antitrust regulator regarding the "Amazon soybean ban" [7]. - **Brazilian Soybean Exports**: Brazil's soybean exports in August are expected to be 8.9 million tons, and soybean meal exports are expected to be 2.13 million tons [7]. - **Soybean Crushing Profit in Brazil**: In Mato Grosso from August 18 - 22, the soybean crushing profit was 387.05 reais/ton [7]. - **EU Oil Imports**: As of August 24, the EU's 2025/26 palm oil imports were 350,000 tons, soybeans were 1.96 million tons, and rapeseed was 390,000 tons, all lower than last year [8]. - **Russian Sunflower Oil Tax**: Russia will resume export tariffs on sunflower oil and its by - products from September [8]. 3. Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, indicating a neutral stance [9].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoint The report is a daily arbitrage data report for futures varieties from Baocheng Futures on August 27, 2025, presenting detailed data on basis, inter - period spreads, and inter - commodity spreads for various futures products. 3. Summary by Relevant Catalogs 3.1 Power Coal - **Basis**: On August 26, 2025, the basis was - 105.4 yuan/ton, compared to - 97.4 yuan/ton on August 25 and previous trading days [2]. - **Inter - period spreads**: The spreads of 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month were all 0.0 yuan/ton from August 20 to 26, 2025 [2]. 3.2 Energy and Chemicals 3.2.1 Energy Commodities - **Basis**: For fuel oil, INE crude oil, and the ratio of crude oil to asphalt, the basis data from August 20 to 26, 2025, are presented, such as the basis of INE crude oil being 11.95 yuan/ton on August 26 [6]. 3.2.2 Chemical Commodities - **Basis**: From August 20 to 26, 2025, the basis of rubber, methanol, PTA, LLDPE, PVC, and PP are provided. For example, the basis of rubber was - 935 yuan/ton on August 26 [8]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given. For instance, the 5 - month to 1 - month spread of rubber is 105 yuan/ton [10]. - **Inter - commodity spreads**: The spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3 * methanol from August 20 to 26, 2025, are presented. For example, the LLDPE - PVC spread was 2401 yuan/ton on August 26 [10]. 3.3 Black Metals - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month (10) to 1 - month, and 9 - month (10) to 5 - month spreads of rebar, iron ore, coke, and coking coal are shown. For example, the 5 - month to 1 - month spread of rebar is 36.0 yuan/ton [19]. - **Inter - commodity spreads**: The ratios of rebar to iron ore, rebar to coke, coke to coking coal, and the spread of rebar - hot rolled coil from August 20 to 26, 2025, are provided. For example, the rebar/iron ore ratio was 4.01 on August 26 [19]. - **Basis**: The basis of rebar, iron ore, coke, and coking coal from August 20 to 26, 2025, are presented. For example, the basis of rebar was 177.0 yuan/ton on August 26 [20]. 3.4 Non - ferrous Metals 3.4.1 Domestic Market - **Basis**: The basis of copper, aluminum, zinc, lead, nickel, and tin from August 20 to 26, 2025, are provided. For example, the basis of copper was 310 yuan/ton on August 26 [27]. 3.4.2 London Market - **LME Premium/Discount**: On August 26, 2025, the LME premium/discount of copper was (84.82), aluminum was 3.25, etc. [35]. - **Shanghai - London Ratio**: The Shanghai - London ratios of copper, aluminum, zinc, lead, nickel, and tin were 8.07, 7.92, 7.94, 8.45, 7.99, and 7.96 respectively on August 26, 2025 [35]. - **CIF and Domestic Spot Prices**: The CIF and domestic spot prices of these non - ferrous metals are given, along with the import profit and loss data on August 26, 2025 [35]. 3.5 Agricultural Products - **Basis**: The basis of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 20 to 26, 2025, are presented. For example, the basis of soybeans No.1 was 86 on August 26 [39]. - **Inter - period spreads**: The 5 - month to 1 - month, 9 - month to 1 - month, and 9 - month to 5 - month spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are provided [39]. - **Inter - commodity spreads**: The ratios of soybeans No.1 to corn, soybeans No.2 to corn, soybean oil to soybean meal, and spreads of soybean meal - rapeseed meal, soybean oil - palm oil, etc. from August 20 to 26, 2025, are given [39]. 3.6 Stock Index Futures - **Basis**: The basis of CSI 300, SSE 50, CSI 500, and CSI 1000 on August 20 to 26, 2025, are presented. For example, the basis of CSI 300 was 3.59 on August 26 [51]. - **Inter - period spreads**: The spreads of next - month to current - month and next - quarter to current - quarter for CSI 300, SSE 50, CSI 500, and CSI 1000 are provided [53].

Report Summary 1) Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2) Core Views - Brazil's soybean exports in August are expected to be 8.9 million tons, down from the previous week's estimate of 8.94 million tons, and its soybean meal exports are expected to be 2.13 million tons, down from the previous week's estimate of 2.33 million tons [1]. - From August 1 - 25, 2025, Malaysia's palm oil production decreased by 1.21% month - on - month, with a 3.26% drop in fresh fruit bunch yield and a 0.40% increase in oil extraction rate [1]. 3) Summary by Related Catalogs Overnight Market Information - Brazil's soybean export estimate for August is 8.9 million tons [1]. - Brazil's soybean meal export estimate for August is 2.13 million tons [1]. - Malaysia's palm oil production from August 1 - 25, 2025 decreased by 1.21% month - on - month [1]. Spot Prices - The spot prices of various products (including soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu) from August 20 - 26, 2025 are presented in a table [3].

Report Industry Investment Rating No relevant information provided. Core View of the Report The report provides a comprehensive analysis of the agricultural product market, including soybean/meal, oils and fats, sugar, cotton, eggs, and pigs. It assesses the current market situation, important information, and provides corresponding trading strategies for each category [2][4][6]. Summary by Related Catalogs Soybean/Meal - **Important Information**: On Tuesday, US soybeans rose slightly. Domestic soybean meal was relatively weak due to high inventory and sufficient supply expectations. On Monday, the domestic soybean meal spot price dropped by 20 yuan/ton, and the East China basis remained unchanged at 01 - 110. The downstream inventory days increased slightly by 0.16 days to 8.51 days. Last week, domestic soybean crushing was 2.27 million tons, and this week it is expected to be 2.5283 million tons. The domestic soybean inventory decreased slightly last week, while the soybean meal inventory increased slightly, and the overall equivalent soybean meal inventory remained at a high level. The US soybean production area is expected to have less rainfall in the next week, and it has been dry in August overall, with rainfall forecast to recover in early September. The USDA significantly reduced the planting area, and the US soybean production decreased by 1.08 million tons month - on - month [2]. - **Trading Strategy**: The soybean import cost has been weakly stable recently. The domestic soybean meal market has both strong supply and demand, and the提货 volume has been at a high level. It is expected that the spot market may start to reduce inventory in September, which will support the oil mill's profit. It is recommended to buy on dips at the lower end of the soybean meal cost range and pay attention to the profit and supply pressure at the upper end [4]. Oils and Fats - **Important Information**: From August 1 - 10, 2025, Malaysia's palm oil exports increased by 23.67%, and the exports from August 1 - 25 are expected to increase by 10.9% - 16.4%. From August 1 - 15, Malaysia's palm oil production increased by 0.88% month - on - month, and it is expected to increase by 0.3% from August 1 - 20. In August, China's imported soybean arrivals and oil mill crushing volume are still high, and the commercial soybean oil inventory at the end of August is expected to increase by 8 - 100,000 tons. Due to China's temporary anti - dumping measures on Canadian rapeseed, the domestic rapeseed imports have decreased recently, and some areas have cancelled orders. It is expected that the rapeseed oil inventory at the end of August will decrease month - on - month. A Brazilian federal judge approved a ban on Monday, temporarily suspending a decision that required grain traders in the world's largest soybean exporter to stop the so - called "Amazon soybean ban" plan [6]. - **Trading Strategy**: The US biodiesel policy draft is expected to suppress soybean oil exports. The palm oil production potential in Southeast Asia is insufficient. The low inventories of vegetable oils in India and Southeast Asian producing areas and the expected B50 policy in Indonesia support the price center of oils and fats. If the demand countries maintain normal imports and the palm oil production remains at a neutral level, the producing areas may maintain stable inventory, and there may be an upward expectation in the fourth quarter due to the Indonesian B50 policy. Before the inventories in the sales areas and producing areas are fully accumulated and there is no negative feedback from the demand in the sales areas, the oils and fats are expected to be volatile and bullish [9]. Sugar - **Important Information**: On Tuesday, the Zhengzhou sugar futures price fell. The closing price of the January contract was 5,632 yuan/ton, a decrease of 56 yuan/ton or 0.98% from the previous trading day. The spot price of Guangxi sugar - making groups was 5,950 - 6,000 yuan/ton, unchanged from the previous trading day; the spot price of Yunnan sugar - making groups was 5,770 - 5,820 yuan/ton, a decrease of 0 - 10 yuan/ton from the previous trading day; the mainstream quotation range of processing sugar mills was 6,050 - 6,140 yuan/ton, unchanged from the previous trading day. As of the week of August 20, the number of ships waiting to load sugar at Brazilian ports was 70, down from 76 in the previous week. The amount of sugar waiting to be loaded at ports was 2.9169 million tons, down from 3.3179 million tons in the previous week [11]. - **Trading Strategy**: From an international perspective, the sugar production in the central - southern region of Brazil has increased significantly month - on - month since July, and there is an expected increase in production in the new season in major northern hemisphere producing countries such as India. The possibility of a significant rebound in the raw sugar price in the future is low. Domestically, the import supply will gradually increase in the next two months, and the out - of - quota spot import profit has been at the highest level in the past five years. The Zhengzhou sugar price is more likely to continue to fall [12]. Cotton - **Important Information**: On Tuesday, the Zhengzhou cotton futures price continued to fluctuate. The closing price of the January contract was 14,100 yuan/ton, a decrease of 20 yuan/ton or 0.14% from the previous trading day. The spot price of 3128B Xinjiang machine - picked cotton was 15,100 yuan/ton, an increase of 150 yuan/ton from the previous trading day. The 2025 cotton import sliding - scale tariff processing trade quota is 200,000 tons. As of August 24, 2025, the good - quality rate of US cotton was 54%, down 1 percentage point from the previous week, but still significantly higher than the same period last year and at a relatively high level in the same period [14]. - **Trading Strategy**: From a macro perspective, the "dovish" statement of the Fed Chairman on Friday is beneficial for the commodity market to rise. Fundamentally, although the current downstream market consumption is still average, considering the upcoming "Golden September and Silver October" consumption season and the current low domestic cotton inventory, the fundamentals show signs of marginal improvement. The Zhengzhou cotton price may have upward momentum in the short term [15]. Eggs - **Important Information**: The national egg price was stable with some increases. The average price in the main producing areas rose 0.06 yuan to 3.11 yuan/jin. The supply is stabilizing, the downstream digestion speed is normal, most traders have normal confidence in the future market, the overall inventory has slightly decreased, and the downstream picking - up enthusiasm is normal. The egg price may rise in some areas and remain stable in others today [17][18]. - **Trading Strategy**: Fundamentally, the negative cycle of oversupply in the egg market has not been broken. On one hand, the number of newly - laid hens is still increasing, and the proportion of small and medium - sized eggs continues to rise. On the other hand, the consumption postponement caused by supply pressure intensifies the cautious mentality. Only low prices or the start of consumption can break the negative cycle. Before the actual reduction of overall production capacity, the egg price should not be overly optimistic. From a capital game perspective, the current high position in the futures market and the high premium of the near - month contract have been partially corrected. Under the background of reduced selling pressure, it is not advisable to short aggressively. In the future, the strategy should be to reduce short positions or short after a rebound [19]. Pigs - **Important Information**: Yesterday, the domestic pig price generally fell. The average price in Henan dropped 0.15 yuan to 13.56 yuan/kg, and the average price in Sichuan dropped 0.05 yuan to 13.57 yuan/kg. The enthusiasm of farmers for slaughter increased, but there was some reluctance to sell at low prices. The pig price may be stable or fall today [21]. - **Trading Strategy**: The current logic is to release pressure by reducing the weight under oversupply. The near - month contract is weakly affected by the spot market. On one hand, policies such as state purchases to support the market are increasing, which may continuously suppress the bearish sentiment. On the other hand, it is still uncertain whether the potential pressure on inventory in the third - quarter end after the increase in the fat - to - standard price difference can offset the increasing supply trend. The market should be viewed with a range - bound idea, and for unilateral trading, more attention should be paid to the trading opportunities after extreme sentiment provides trading space. The far - month reverse spread strategy continues [22].