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].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst weakened, the near - month spread weakened (9 - 10 at 0.75 USD/ton, 10 - 11 at 3.25 USD/ton), the basis rebounded, and the EW spread continued to rebound. Affected by the new round of US sanctions on Iran (covering Dongjiakou and Yangshan Shengang), the near - month internal and external spread of FU fluctuated greatly, and the 09 contract once returned above par. The low - sulfur cracking weakened, the spread oscillated (9 - 10 at 2 USD/ton, 10 - 11 at 2.75 USD/ton), and the LU internal and external spread strengthened slightly to 10 USD. [5][6] - Fundamentally, Singapore's land - based residue inventory continued to decline, floating storage inventory decreased significantly, and low - sulfur floating storage increased. Singapore's high - sulfur bunkering volume in July increased by 15% month - on - month and 10% year - on - year. The land - based inventory in Fujairah, Middle East decreased significantly, and floating storage decreased significantly. This week, Saudi Arabia's shipments decreased month - on - month, and UAE's shipments oscillated. 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] - The global supply - demand of high - sulfur fuel oil weakened. Due to the reshaping of logistics, the demand for high - sulfur marine fuel in Singapore provided support, the EW spread was still recovering, and the delivery volume of FU was still relatively large. Attention should be paid to subsequent delivery changes. The new round of sanctions had a large potential impact on domestic heavy crude oil, providing some support for Asian fuel oil valuation. This week, LU remained weak, the basis of external MF0.5 oscillated at a low level, and LU internal and external prices oscillated. In the short term, opportunities for the expansion of high - sulfur 380 EW could still be focused on. [6] Group 3: Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From August 19 to August 25, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased by 4.01, Rotterdam 0.5% VLS FO swap M1 increased by 6.04, Rotterdam HSFO - Brent M1 decreased by 0.41, Rotterdam 10ppm Gasoil swap M1 increased by 8.62, Rotterdam VLSFO - Gasoil M1 decreased by 2.58, LGO - Brent M1 increased by 0.11, and Rotterdam VLSFO - HSFO M1 increased by 2.03. [3] Singapore Fuel Oil Data - From August 19 to August 25, 2025, the price of Singapore 380cst M1 increased by 9.69, Singapore 180cst M1 increased by 11.54, Singapore VLSFO M1 increased by 8.51, Singapore Gasoil M1 increased by 1.10, Singapore 380cst - Brent M1 increased by 0.42, and Singapore VLSFO - Gasoil M1 increased by 0.37. [3] - For Singapore fuel oil spot, from August 19 to August 25, 2025, FOB 380cst increased by 6.57, FOB VLSFO increased by 5.85, 380 basis decreased by 0.80, high - sulfur internal and external spread increased by 3.7, and low - sulfur internal and external spread remained unchanged. [4] Domestic FU Data - From August 19 to August 25, 2025, FU 01 increased by 62, FU 05 increased by 42, FU 09 increased by 109, FU 01 - 05 increased by 20, FU 05 - 09 decreased by 67, and FU 09 - 01 increased by 47. [4] Domestic LU Data - From August 19 to August 25, 2025, LU 01 increased by 29, LU 05 increased by 65, LU 09 decreased by 65, LU 01 - 05 decreased by 36, LU 05 - 09 increased by 130, and LU 09 - 01 decreased by 94. [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - PG futures prices fluctuated and strengthened, mainly due to the bottom - up rebound of spot prices and the increase in import costs. The basis weakened, and the spreads between different contract months changed. The warehouse receipt registration volume decreased slightly. The external market prices strengthened slightly, and the internal - external price spreads fluctuated. The fundamentals showed that port supply and demand both decreased, and inventory was basically flat. Refinery production increased, but factory inventories decreased due to increased demand. The operating rates of PDH, alkylation, and MTBE changed to different extents, and the production profits of related products also showed different trends [1] 3. Summary by Relevant Catalogs Daily Data - From August 19 - 25, 2025, prices of South China LPG, East China LPG, Shandong LPG, etc. showed different degrees of change. For example, on August 25, South China LPG was 4545, with a daily increase of 55; East China LPG was 4402, with a daily increase of 4; Shandong LPG was 4540, with a daily increase of 30. The 09 - 10 month spread was - 587 (- 78), and the 10 - 11 month spread was 82 (+ 2). The cheapest deliverable on Monday was East China civil LPG at 4402. FEI, CP, and PP prices rose, and the production profits of FEI and CP for PP production fluctuated [1] Weekly View - PG futures prices fluctuated and strengthened. The cheapest deliverable was East China civil LPG at 4398. The basis weakened to 520 (- 19), the 9 - 10 month spread was - 509 (- 38), and the 10 - 11 month spread was 80 (+ 0). The warehouse receipt registration volume was 12887 (- 1). External market prices strengthened slightly, and internal - external price spreads fluctuated. The freight rates from the US Gulf to Japan and the Middle East to the Far East decreased. The naphtha crack spread strengthened slightly. The production profits of related products such as PDH - made propylene, alkylation oil, etc. changed to different extents. Fundamentally, port supply and demand both decreased, inventory was basically flat, refinery production increased by 1.94%, and factory inventories decreased. The PDH operating rate was 75.66% (- 0.67pct), and the alkylation operating rate was 51.42% (- 0.67pct) [1]

1. Report Industry Investment Rating No information provided in the reports regarding industry investment ratings. 2. Core Views There is no explicit core view presented in the reports. The reports mainly offer data on various futures, including price differences, price changes, and other related indicators. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences and Changes**: Details are provided on the price differences and changes of different stock index futures contracts, such as F, IC, IM, IF, and IH. For example, the F period - spot price difference is 21.87, with a historical 1 - year percentile of 96.70% [1]. - **Cross - Period Price Differences**: Information on cross - period price differences for different contracts, like the difference between the next - month and current - month contracts, is presented. For instance, the next - month - current - month difference for IC is - 46.80, with a historical 1 - year percentile of 85.00% [1]. - **Cross - Variety Ratios**: Ratios between different stock index futures varieties are given, such as the ratio of CSI 500 to SSE 300, which is 1.5584, with a historical 1 - year percentile of 97.50% [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Basis**: The basis values and their changes for different treasury bond futures, including TS, TF, T, and TL, are reported. For example, the TS basis is 1.1805, with a change of 0.0273 compared to the previous trading day, and a percentile of 9.30% since listing [2]. - **Cross - Period Price Differences**: Cross - period price differences for different treasury bond futures contracts are provided. For instance, the current - quarter - next - quarter difference for TF is 0.1050, with a change of 0.0550 and a percentile of 40.50% [2]. - **Cross - Variety Price Differences**: Cross - variety price differences between different treasury bond futures are presented, such as the difference between TS and TF, which is - 3.0520, with a change of 0.0720 and a percentile of 13.90% [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Futures Closing Prices**: Closing prices and their changes for domestic and foreign precious metals futures are reported. For example, the AU2510 contract closed at 773.40 yuan/gram on August 22, down 1.72 yuan or 0.22% from the previous day [10]. - **Spot Prices**: Spot prices and their changes for precious metals are given. For instance, the London gold price was 3371.24 US dollars/ounce on August 22, up 32.30 US dollars or 0.97% from the previous day [10]. - **Basis and Ratios**: Basis values, ratios, and their changes for precious metals are provided. For example, the basis of gold TD - Shanghai gold main contract is - 1.77, with a change of 1.69 compared to the previous value, and a historical 1 - year percentile of 64.20% [10]. - **Interest Rates, Exchange Rates, Inventories, and Positions**: Information on interest rates, exchange rates, inventories, and positions of precious metals is presented. For example, the 10 - year US Treasury yield is 4.26%, down 0.07 percentage points or 1.6% from the previous day [10]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Spot quotes and their changes for container shipping routes from Shanghai to Europe are reported. For example, the MAERSK shipping price from Shanghai to Europe in the next 6 weeks is 2273 US dollars/FEU on August 25, down 77 US dollars or 3.28% from the previous day [11]. - **Container Shipping Indexes**: Changes in container shipping indexes, such as SCFIS (European route) and SCFI comprehensive index, are presented. For instance, the SCFIS (European route) settlement price index was 2180.17 on August 18, down 55.3 points or 2.47% from August 11 [11]. - **Futures Prices and Basis**: Futures prices and basis values for container shipping futures are provided. For example, the EC2602 futures price is 1465.0 on August 22, down 48.0 or 3.17% from the previous day, and the basis of the main contract is 750.2, down 15.2 or 1.99% [11]. - **Fundamental Data**: Fundamental data on container shipping, including capacity supply, port on - time rates, and overseas economic indicators, are reported. For example, the global container capacity supply is 3293.04 FTEU on August 22, with no change compared to August 24 [11]. 3.5 Trading Calendar - **Overseas Data/Information**: Information on overseas economic indicators and events for different sectors, such as agricultural products in the US and HAD, is provided. For example, the US has USDA export inspection and crop growth data [12]. - **Domestic Data/Information**: Information on domestic economic indicators and events for different sectors, such as black and non - ferrous metals, energy and chemicals, and special commodities, is presented. For example, the global manganese ore shipment volume, manganese ore arrival volume, and port manganese ore inventory data are available for manganese silicon [12].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - The market sentiment of rebar and hot-rolled coil is volatile, with wide fluctuations [2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Data - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,138 yuan/ton and 3,389 yuan/ton respectively, with daily increases of 31 yuan/ton, and daily increase rates of 0.71% and 0.92% respectively. The trading volumes were 1,200,313 lots (RB2510) and 508,110 lots (HC2510), and the open interests were 1,347,830 lots (RB2510) and 938,245 lots (HC2510), with changes of -63,773 lots and -59,902 lots respectively [3]. - **Spot Price Data**: The spot prices of rebar and hot-rolled coil in various regions increased to varying degrees, with the largest increase of 30 yuan/ton. The price of Tangshan billet was 3,050 yuan/ton, up 30 yuan/ton [3]. - **Basis and Spread Data**: The basis of RB2510 and HC2510 increased by 11 yuan/ton and 2 yuan/ton respectively. The spreads of RB2510 - RB2601 and HC2601 - RB2601 decreased by 10 yuan/ton and 4 yuan/ton respectively, while the spreads of HC2510 - HC2601, HC2510 - RB2510 increased by 3 yuan/ton and 9 yuan/ton respectively. The spot coil - rebar spread decreased by 1 yuan/ton [3]. 3.2 Macro and Industry News - **Steel Union Weekly Data (August 21)**: Rebar production decreased by 5.8 tons, hot-rolled coil production increased by 9.65 tons, and the total production of five major steel products increased by 6.43 tons. Rebar inventory increased by 19.85 tons, hot-rolled coil inventory increased by 3.97 tons, and the total inventory of five major steel products increased by 25.07 tons. Rebar apparent demand increased by 4.86 tons, hot-rolled coil apparent demand increased by 6.52 tons, and the total apparent demand of five major steel products increased by 21.97 tons [4]. - **Mid - August 2025 Data of Key Steel Enterprises**: The average daily production of crude steel, pig iron, and steel products increased by 2.0%, 0.5%, and 2.2% respectively compared with the previous period. The steel inventory of key enterprises increased by 4.0% compared with the previous ten - day period, by 26.7% compared with the beginning of the year, by 0.1% compared with the same ten - day period of last month, decreased by 4.7% compared with the same ten - day period of last year, and decreased by 5.8% compared with the same ten - day period of the year before last [4][5]. - **Other Data**: The Manufacturing Supply Index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13,583.9 billion yuan, a year - on - year increase of 0.1% [5]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For palm oil, there is no new fundamental driver, and investors are advised to wait for a price pullback to initiate long positions [1]. - For soybean oil, the trading sentiment related to the potential soybean shortage in the fourth quarter has eased, and the price is expected to fluctuate within a high - level range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,488 yuan/ton with a - 0.23% change; (night session) 9,542 yuan/ton with a 0.57% change. Trading volume was 36,525 lots, a decrease of 12,233 lots, and open interest was 42,108 lots, a decrease of 13,283 lots [1]. - Soybean oil主力: Closing price (day session) was 8,536 yuan/ton with a 0.52% change; (night session) 8,514 yuan/ton with a - 0.26% change. Trading volume was 35,235 lots, an increase of 1,154 lots, and open interest was 52,615 lots, a decrease of 18,859 lots [1]. - Rapeseed oil主力: Closing price (day session) was 9,998 yuan/ton with a 0.03% change; (night session) 9,918 yuan/ton with a - 0.80% change. Trading volume was 14,288 lots, a decrease of 1,353 lots, and open interest was 24,389 lots, a decrease of 4,695 lots [1]. - Malaysian palm oil主力: Closing price was 4,493 ringgit/ton with a - 0.84% change; (night session) 4,482 ringgit/ton with a - 0.22% change [1]. - CBOT soybean oil主力: Closing price was 54.84 cents/pound with a - 0.87% change [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,620 yuan/ton, with a price increase of 80 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,720 yuan/ton, with a price increase of 50 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,910 yuan/ton, with a price increase of 30 yuan/ton [1]. - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, with a price increase of 15 dollars/ton [1]. - **Basis Data**: - Palm oil in Guangdong: Basis was 132 yuan/ton [1]. - Soybean oil in Guangdong: Basis was 184 yuan/ton [1]. - Rapeseed oil in Guangxi: Basis was - 88 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 309 yuan/ton, compared to 298 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread: - 1,094 yuan/ton, compared to - 1,134 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread: - 94 yuan/ton, compared to - 82 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread: 48 yuan/ton, compared to 34 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread: 107 yuan/ton, compared to 105 yuan/ton two days ago [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from August 1 - 25, 2025, were 1,141,661 tons, a 10.9% increase compared to the same period last month [2]. - Indonesia urged the EU to immediately cancel the anti - subsidy tax on imported biodiesel after the WTO supported several key claims in Indonesia's complaint. Indonesia and the EU are closer to signing a free - trade agreement after a political agreement in July [4]. - USDA's crop growth report showed that as of August 24, 2025, the good - to - excellent rate of US soybeans was 69%, higher than the market expectation of 67%, and the pod - setting rate was 89% [4]. - Secex data indicated that Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August, with an average daily export volume of 453,614.86 tons, a 24% increase compared to the average daily export volume in August last year [4]. - Canada's rapeseed exports in the week ending August 17 decreased by 64.34% to 90,800 tons. From August 1 to August 17, 2025, exports were 355,900 tons, a 46.16% decrease compared to the same period last year. As of August 17, the commercial inventory was 793,400 tons [5]. - In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a 13.13% increase from the previous month and a 3.65% decrease from the same period last year. The rapeseed oil production was 408,898 tons, a 12.15% increase from the previous month and a 5.89% decrease from the same period last year. The rapeseed meal production was 571,012 tons, a 12.62% increase from the previous month and a 1.42% decrease from the same period last year [5]. 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was also 0, indicating a neutral outlook [6].

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]

Report 1: Stock Index Futures Spread Daily Report Core View - Presents the latest values, changes from the previous day, and historical quantiles of various stock index futures spreads and cross - variety ratios on August 25, 2025 [1] Summary by Relevant Catalog - **IF Spreads**: The current - to - next - month spread is - 13.00, down 0.60 from the previous day; the far - month to current - month spread is 5.20, up 0.20 [1] - **IH Spreads**: The current - to - next - month spread is 2.20, down 6.20 from the previous day; the far - month to current - month spread is 34.80, down 242.60 [1] - **IC Spreads**: The current - to - next - month spread is - 46.80, down 1.00 from the previous day; the far - month to current - month spread is - 312.60, up 19.50 [1] - **IM Spreads**: The current - to - next - month spread is - 109.20, up 1.60 from the previous day; the far - month to current - month spread is - 265.80, up 2.20 [1] - **Cross - Variety Ratios**: The ratio of CSI 500 to SSE 50 is 2.3297, down 0.0126 from the previous day; the ratio of CSI 1000 to SSE 300 is 1.6818, down 0.0097 [1] Report 2: Treasury Bond Futures Spread Daily Report Core View - Displays the latest values, changes from the previous trading day, and historical quantiles of various treasury bond futures spreads and cross - variety spreads on August 25, 2025 [2] Summary by Relevant Catalog - **TS Spreads**: The basis is 1.1805, up 0.0273 from the previous day; the current - to - next - season spread is - 0.0040, up 0.0180 [2] - **TF Spreads**: The basis is 1.2096, up 0.1018 from the previous day; the current - to - next - season spread is 0.1050, up 0.0550 [2] - **T Spreads**: The basis is 0.8328, up 0.5664 from the previous day; the current - to - next - season spread is 0.2550, up 0.1300 [2] - **TL Spreads**: The basis is 0.5625, up 1.0072 from the previous day; the current - to - next - season spread is 0.5100, up 0.0500 [2] - **Cross - Variety Spreads**: The spread between TS and TF is - 3.0520, up 0.0720 from the previous day; the spread between TF and T is - 2.2900, up 0.2600 [2] Report 3: Precious Metals Spot - Futures Daily Report Core View - Provides domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals on August 25, 2025 [10] Summary by Relevant Catalog - **Domestic Futures Closing Prices**: The AU2510 contract closed at 773.40 yuan/gram, down 0.22% from the previous day; the AG2510 contract closed at 9192 yuan/kilogram, up 0.33% [10] - **Foreign Futures Closing Prices**: The COMEX gold main contract closed at 3417.20 US dollars/ounce, up 1.00%; the COMEX silver main contract closed at 38.88, up 2.05% [10] - **Spot Prices**: London gold was at 3371.24 US dollars/ounce, up 0.97%; London silver was at 38.89, up 2.01% [10] - **Basis**: The basis of gold TD - Shanghai gold main contract is - 1.77, up 1.69 from the previous day; the basis of silver TD - Shanghai silver main contract is - 10, up 8 [10] - **Ratios**: The ratio of COMEX gold to silver is 87.89, down 1.03% from the previous day; the ratio of SHFE gold to silver is 84.14, down 0.55% [10] - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.26%, down 1.6%; the US dollar index is 97.72, down 0.94% [10] - **Inventory and Positions**: The SHFE gold inventory is 37455 kilograms, up 2.22%; the SHFE silver inventory is 1109123, down 0.53% [10] Report 4: Container Shipping Industry Spot - Futures Daily Report Core View - Shows spot quotes, container shipping indices, futures prices, basis, and fundamental data of the container shipping industry on August 25, 2025 [11] Summary by Relevant Catalog - **Spot Quotes**: The Shanghai - Europe 6 - week future freight rate of MAERSK is 2273 US dollars/FEU, down 3.28% from the previous day; that of CMA CGM is 2464, down 0.61% [11] - **Container Shipping Indices**: The SCFIS (European route) settlement price index is 2180.17, down 2.47% from August 11; the SCFIS (US West route) is 1106.29, up 2.23% [11] - **Futures Prices and Basis**: The EC2602 futures price is 1465.0, down 3.17% from the previous day; the basis of the main contract is 750.2, down 1.99% [11] - **Fundamental Data**: The global container shipping capacity supply is 3293.04 FTEU, unchanged; the port on - time rate in Shanghai is 32.58%, down 5.76% [11] Report 5: Trading Calendar Core View - Lists overseas and domestic data and information release schedules on August 25, 2025 [12] Summary by Relevant Catalog - **Overseas Data/Information**: The US will release USDA export inspection and crop growth data; HAD will release Brazilian secex reports [12] - **Domestic Data/Information**: For manganese silicon, data on global manganese ore shipments, arrivals, and port inventories will be released; for crude oil, Shandong local refinery crude oil arrivals will be released at 14:00 [12]

Report Summary 1) Report Industry Investment Rating - No industry investment rating is provided in the report [1] 2) Core View - The domestic liquid caustic soda market had fair transactions today, with prices stable in most regions, rising slightly in Shandong, Hubei, and Guangxi for 32% liquid caustic soda, and rising in Shandong for 50% liquid caustic soda. The game between bulls and bears is intense, and it is recommended to continue to stay on the sidelines [1] 3) Summary by Relevant Catalogs Market Price - **Raw Salt**: The prices in Shandong, Jiangsu, and Northwest regions remained stable at 200, 250, and 200 respectively [1] - **Calcium Carbide**: The price in Inner Mongolia increased by 50 to 2260, while that in Shandong remained at 2755 [1] - **Liquid Chlorine**: The prices in Shandong, Jiangsu, and Northwest regions remained stable at -200, -200, and -600 respectively [1] - **32% Liquid Caustic Soda**: The price in Shandong increased by 10 to 850, while that in Jiangsu remained at 900 [1] - **50% Liquid Caustic Soda**: The price in Shandong increased by 10 to 1350, while that in Jiangsu remained at 1400 [1] - **Caustic Soda Flakes**: The prices in Shandong, Inner Mongolia, Guangdong, and Southwest regions remained stable at 3300, 3150, 3725, and 3750 respectively [1] - **PVC**: The prices in Shandong and Inner Mongolia remained stable at 4750 and 4525 respectively [1] Futures and Basis - **Futures Main Contract**: The closing price increased by 54 to 2741 [1] - **Basis**: The basis in Shandong decreased by 23 to -85, and that in Jiangsu decreased by 54 to 72 [1] Price Spreads - **50% Caustic Soda - 32% Caustic Soda Spread**: The spread in Shandong decreased by 11 to 44 [1] - **Caustic Soda Flakes - 50% Caustic Soda Spread**: The spread in Guangdong remained stable at 585 [1] - **50% Caustic Soda Regional Spread**: The spread between the East and Shandong decreased by 10 to 220 [1] - **Caustic Soda Flakes Regional Spread**: The spreads between Southwest and Inner Mongolia, and between Southwest and Shandong remained stable at 600 and 450 respectively [1] Profits and Electricity Prices - **Chlor - Alkali Profits**: The profit in Shandong increased by 35 to -90, while that in the Northwest decreased by 68 to 781 [1] - **Electricity Prices**: The electricity prices in Shandong and Inner Mongolia remained stable at 0.75 and 0.5 respectively [1] Operation Strategy - The game between bulls and bears is intense, and it is recommended to continue to stay on the sidelines [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report presents the daily arbitrage data of various futures varieties on August 25, 2025, including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures, covering aspects such as basis, inter - period spreads, and inter - variety spreads [1][4][20][26][37][49] 3. Summary by Directory 3.1 Power Coal - The basis and inter - period spreads (5 - 1 month, 9 - 1 month, 9 - 5 month) of power coal from August 18 to August 22, 2025, are presented. The basis values are - 100.4, - 99.4, - 97.4, - 97.4, - 97.4 respectively, and the inter - period spreads are all 0 [1][2] 3.2 Energy Chemicals 3.2.1 Energy Commodities - The basis, ratio, and other data of fuel oil, crude oil, asphalt, and INE crude oil from August 18 to August 22, 2025, are provided. For example, the basis of INE crude oil on August 22 is 138.38 [6] 3.2.2 Chemical Commodities - **Basis**: The basis data of rubber, methanol, PTA, LLDPE, V, and PP from August 18 to August 22, 2025, are given. For example, the basis of rubber on August 22 is - 975 [8] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are presented. For example, the 5 - 1 month inter - period spread of rubber is 90 [10] - **Inter - variety Spreads**: The inter - variety spreads of LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 18 to August 22, 2025, are provided. For example, the LLDPE - PVC spread on August 22 is 2381 [10] 3.3 Black Metals - **Inter - period Spreads**: The 5 - 1 month, 9(10) - 1 month, and 9(10) - 5 month inter - period spreads of rebar, iron ore, coke, and coking coal are presented. For example, the 5 - 1 month inter - period spread of rebar is 37.0 [19] - **Inter - variety Spreads**: The inter - variety spreads of rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 18 to August 22, 2025, are provided. For example, the rebar/iron ore ratio on August 22 is 4.05 [19] - **Basis**: The basis data of rebar, iron ore, coke, and coking coal from August 18 to August 22, 2025, are given. For example, the basis of rebar on August 22 is 151.0 [20] 3.4 Non - ferrous Metals 3.4.1 Domestic Market - The domestic basis data of copper, aluminum, zinc, lead, nickel, and tin from August 18 to August 22, 2025, are presented. For example, the domestic basis of copper on August 22 is 120 [29] 3.4.2 London Market - The LME spreads, Shanghai - London ratios, CIF prices, domestic spot prices, and import profit and loss data of copper, aluminum, zinc, lead, nickel, and tin on August 22, 2025, are provided. For example, the LME spread of copper is (78.38) [33] 3.5 Agricultural Products - **Basis**: The basis data of soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc. from August 18 to August 22, 2025, are given. For example, the basis of soybeans No.1 on August 22 is 55 [38] - **Inter - period Spreads**: The 5 - 1 month, 9 - 1 month, and 9 - 5 month inter - period spreads of soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc. are presented. For example, the 5 - 1 month inter - period spread of soybeans No.1 is 49 [38] - **Inter - variety Spreads**: The inter - variety spreads of soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc. from August 18 to August 22, 2025, are provided. For example, the soybeans No.1/corn ratio on August 22 is 1.85 [38] 3.6 Stock Index Futures - **Basis**: The basis data of CSI 300, SSE 50, CSI 500, and CSI 1000 from August 18 to August 22, 2025, are given. For example, the basis of CSI 300 on August 22 is - 16.00 [50] - **Inter - period Spreads**: The inter - period spreads of CSI 300, SSE 50, CSI 500, and CSI 1000, including next - month vs. current - month and next - quarter vs. current - quarter, are presented. For example, the next - month vs. current - month spread of CSI 300 is - 19.0 [52]