Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the cracking spread of Singapore 380cst high-sulfur fuel oil rebounded and then weakened, the near-month spread oscillated, and the EW spread oscillated. The 9-10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal and external spread slightly weakened to -$0.8. The 0.5 cracking spread in Singapore oscillated and weakened, the 9-10 spread weakened to $2.75/ton, and the LU11 internal and external spread oscillated at $9. [4][5] - This week, inventories on land in Singapore decreased, but they were still not the highest in the same period of history. Floating storage decreased significantly on a month-on-month basis. Saudi Arabia's shipments decreased significantly, and arrivals this week oscillated. Shipments from the UAE rebounded on a month-on-month basis, and net exports increased significantly. Land inventories in Fujairah in the Middle East decreased, while floating storage inventories of high-sulfur and low-sulfur fuel oil increased significantly. ARA residue inventories increased, and residue inventories in the United States decreased, resulting in a large inventory contradiction. [5] - The divergence between the East and West of high-sulfur fuel oil continued. In the heavy crude oil pattern, the cracking spread of Singapore 380cst was the weakest, and the premium of heavy crude oil was the strongest. It is expected to return in both directions in the future. This week, LU remained weak. The basis of the external MF0.5 weakened again and then oscillated. LU quotas were issued, and the internal and external spreads oscillated. In the short term, pay attention to the opportunity for the high-sulfur 380 EW spread to widen. Fundamentally, the supply of high-sulfur fuel oil is expected to increase, and the supply-demand pattern will weaken. [5] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From August 14th to August 20th, 2025, the prices of Rotterdam 10ppm Gasoil swap M1, Rotterdam 3.5% HSFO swap M1, Rotterdam 0.5% VLSFO swap M1, etc. showed certain fluctuations. For example, the price of Rotterdam 10ppm Gasoil swap M1 changed from $631.89 to $646.80, with a change of $9.12. [2] Singapore Fuel Oil Data - In the Singapore market, from August 14th to August 20th, 2025, the prices of Singapore 380cst, Singapore 180cst, Singapore VLSFO, etc. also fluctuated. For example, the price of Singapore 380cst changed from $391.90 to $389.37, with a change of -$2.93. The basis and internal and external spreads of Singapore fuel oil also changed. [2][3] Domestic Fuel Oil Data - In the domestic market, from August 14th to August 20th, 2025, the prices of FU (such as FU 01, FU 05, FU 09) and LU (such as LU 01, LU 05, LU 09) futures contracts and their spreads changed. For example, the price of FU 01 changed from 2750 to 2719, with a change of -6. [3][4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report Core Views - For PTA, with low processing fees leading to more additional maintenance, and polyester demand expected to stabilize and have upward flexibility, there is a chance to expand processing fees by buying at low prices [3]. - For MEG, the short - term inventory accumulation pressure is small, and the port inventory is expected to remain low. It is expected to fluctuate widely, and attention should be paid to the restart progress of satellite plants [15]. - For polyester staple fiber, as the downstream inventory is continuously reduced, the downstream start - up may continue to rise. Considering the low processing fees, there is an opportunity to expand processing fees by buying at low prices [15]. - For natural rubber and 20 - number rubber, the national explicit inventory remains stable with no seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15]. 3. Summary by Related Catalogs PTA - **Price and Margin Changes**: From August 14 to August 20, crude oil increased by 1, PX CFR Taiwan increased by 3, PTA inner - market spot remained unchanged, and POY 150D/48F increased by 55. The TA basis decreased by 13, and the production - sales ratio increased by 0.20 [3]. - **Device Changes**: Yisheng Hainan's 2 million - ton plant was under maintenance [3]. - **Weekly Outlook**: The short - term TA start - up rate increased, polyester load rose slightly, and inventory continued to accumulate. PX's domestic start - up rate increased slightly, and overseas start - up rate decreased slightly. In the future, the supply - demand situation is expected to improve, and attention should be paid to the opportunity to expand processing fees [3]. Styrene - **Price Changes**: From August 14 to August 20, the price of styrene (CFR China) increased by 5, while the prices of other related products such as ethylene (CFR Northeast Asia) remained unchanged or decreased slightly. The domestic profits of EPS, PS decreased by 40 [9]. MEG - **Price and Margin Changes**: From August 14 to August 20, the MEG outer - market price increased by 3, the inner - market price increased by 49, and the coal - based profit increased by 49. The total load and other loads remained unchanged [15]. - **Device Changes**: Xinjiang Tianying's 150,000 - ton plant restarted [15]. - **Weekly Outlook**: The domestic start - up rate remained stable, and overseas there were some unexpected maintenance. The port inventory is expected to accumulate in the short - term, and the market is expected to fluctuate widely [15]. Polyester Staple Fiber - **Price and Operation Changes**: From August 14 to August 20, the price of some products such as 1.4D cotton - type staple fiber remained stable, and the start - up rate increased slightly to 91.1%. The inventory remained stable, and the downstream start - up rate increased, and the raw material inventory increased while the finished - product inventory decreased [15]. - **Weekly Outlook**: The downstream start - up may continue to rise, and there is an opportunity to expand processing fees by buying at low prices [15]. Natural Rubber & 20 - Number Rubber - **Price Changes**: From August 14 to August 20, the prices of some products such as US - dollar - denominated Thai standard rubber increased, and the RU main contract and NR main contract prices changed. The weekly changes of some price differences and indicators were also significant [15]. - **Daily View**: The main contradiction is that the national explicit inventory remains stable without seasonal decline, and the Thai cup - rubber price rebounds due to rainfall affecting tapping. The strategy is to wait and see [15].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report The LPG market is expected to continue its weak and volatile consolidation. The supply has increased while the demand is weak, causing the spot price to decline. However, the PG futures market has rebounded due to the improvement in the international spot market and the relatively low valuation of the futures, which has improved market sentiment. The fundamentals show a decrease in port inventory and a slight increase in chemical demand, but the combustion demand remains weak, although it is gradually coming to an end [1]. 3) Summary According to Relevant Catalogs a) Daily Changes - On Wednesday, the cheapest deliverable was East China civil gas at 4390. FEI increased while CP decreased. PP increased, and the production profit of PP made from FEI and CP slightly strengthened, with CP having a lower production cost than FEI. The PG futures market strengthened, and the 09 - 10 spread was -464 (-15). The US - Far East arbitrage window was closed [1]. - The supply increased and demand was weak, causing the spot price to decline. The cheapest deliverable was East China civil gas at 4410. The PG futures market rebounded due to the improvement in the international spot market and the relatively low valuation of the futures, which improved market sentiment. The basis strengthened to 539 (+67). The 9 - 10 spread was -471 (+9). The number of registered warehouse receipts was 12,888 lots (+2,709) [1]. b) Weekly Outlook - The international market was volatile, and freight rates were generally volatile at a high level. The waiting time for VLGCs at the Panama Canal decreased. The discounts of FEI and CP strengthened significantly, and the spread between PG - CP reached 8.9 (+12); PG - FEI reached 20.7 (+12). The change in FEI - MOPJ was small, at 39.6 (-1.6), and the naphtha crack spread slightly strengthened [1]. - The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production margins of alkylated oil and MTBE decreased. Fundamentally, the port unloading volume decreased, chemical demand slightly increased, and port inventory decreased by 2.06%. The refinery product volume decreased by 1.68% mainly because some refineries increased self - use and Xintai's gas fractionation unit was under maintenance. However, due to weak combustion demand, refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49 pct), and the combustion demand was still weak but gradually coming to an end [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The recent significant correction in the Treasury bond futures market, along with the upcoming issuance of multiple new Treasury bonds from late August to September, and the impact of the VAT recovery policy, may affect the pricing of CTD bonds in Treasury bond futures and change contract prices. This report explores the switching boundaries of CTD bonds from a quantitative perspective and calculates their impact on futures prices [2]. Summary by Related Catalogs Two Ways to Judge CTD Bonds - Based on the rule of thumb, for deliverable bonds with a yield above 3%, the deliverable bond with the longest duration is the CTD bond; for those with a yield below 3%, the one with the shortest duration is the CTD bond [2]. - The deliverable bond with the smallest basis (net basis) or the largest IRR is the CTD bond. IRR is the annualized return of buying the spot and short - selling the futures until contract delivery. The higher the IRR, the more likely the bond is the CTD bond, and the basis/net basis is inversely correlated with IRR [3]. Quantitative Calculation Methods for CTD Bond Switching Method One - Calculate the increase in the primary issuance rate required for CTD bond switching by estimating the price difference. This method is simple but does not consider the conversion factor [4]. Method Two - Calculate the basis of different deliverable bonds considering the conversion factor. The conversion factor is calculated according to the formula provided by the CFFEX, and it remains unchanged during the contract's life. The basis formula is: basis = deliverable bond net price - futures price × conversion factor [5][6][8]. - Consider the coupon compensation after VAT collection. Assuming a 3% VAT rate for government bond issuance, the coupon compensation formula is given. After considering coupon compensation, the conversion factors of new bonds in each Treasury bond futures contract increase [7]. Results of CTD Bond Switching Calculation - If the coupon compensation is calculated at a 3% VAT rate, the T2512 and T2603 contracts face a high probability of CTD bond switching, with price impacts of approximately 1.03 yuan and 1.11 yuan respectively. - If the coupon compensation is calculated at a 6% VAT rate, the TS2512 and TF2512 contracts have a certain probability of CTD bond switching, with price impacts of 0.05 yuan and 0.06 yuan respectively, while the T2512 and T2603 contracts have a higher probability of switching, with price impacts of 1.34 yuan and 1.42 yuan respectively [8][10].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Report's Core View No clear core view is presented in the given content. The report mainly offers data on iron ore futures, spot prices, spreads, and import profits. 3. Summary by Relevant Catalog Futures Prices - DCE01 decreased from 771.0 to 769.0, a drop of 2.0; DCE05 fell from 749.5 to 747.0, a decline of 2.5; DCE09 declined from 789.0 to 786.0, a decrease of 3.0 [2] - I01 - I05 increased from 21.5 to 22.0, a rise of 0.5; I05 - I09 increased from -39.5 to -39.0, a rise of 0.5; I09 - I01 decreased from 18.0 to 17.0, a drop of 1.0 [2] Spot Prices - PB powder decreased from 770 to 768, a drop of 2; Newman powder decreased from 764 to 763, a decline of 1; Mac powder decreased from 761 to 756, a decrease of 5 [2] - The optimal deliverable is PB powder with a price of 809 after deducting the 8 yuan/ton warehouse - out fee [2] Spot Price Spreads - The spread of Carajás fines - PB powder increased from 105 to 109, a rise of 4; Newman powder - Jinbuba powder decreased from 21 to 20, a decline of 1; Carajás fines - Jinbuba powder increased from 132 to 134, a rise of 2 [2] Import Profits - Carajás fines' import profit increased from -26 to -23, a rise of 3; Newman powder's import profit remained at 0; PB powder's import profit decreased from -5 to -6, a drop of 1 [2] Index Prices - The Platts Iron Ore 62% price decreased from 101.1 to 100.8, a drop of 0.3; the Platts Iron Ore 65% price decreased from 118.6 to 118.3, a decline of 0.3; the Platts Iron Ore 58% price decreased from 89.2 to 88.8, a decrease of 0.4 [2][4] 内外盘美金价差 - SGX主力 - DCE01 decreased from 7.7 to 7.5, a drop of 0.2; SGX主力 - DCE05 decreased from 10.4 to 10.2, a decline of 0.3; SGX主力 - DCE09 decreased from 5.4 to 5.2, a decrease of 0.2 [2][4]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Pure benzene port inventory continues to decline slightly, and its basis has stabilized and strengthened recently. From August to September, there are maintenance plans for aromatics in South Korea, and the import pressure has not increased further. The overall downstream operating rate remains high, and the demand is at a seasonal high, which drives the de - stocking of pure benzene, but the de - stocking range is expected to be limited. - For styrene, the port inventory did not continue to decline at the beginning of the week, and the port pickup volume did not continue to increase. Among the downstream products, the operating rates of EPS and PS have rebounded, and their inventory pressures have been relieved, while ABS still maintains a state of high inventory and low operating rate [3]. 3. Summary According to the Directory I. Pure Benzene and EB's Basis Structure, Inter - Period Spread - Pure benzene's main basis is - 87 yuan/ton (+4), and the spot - M2 spread is 5 yuan/ton (+0). Styrene's main basis is 54 yuan/ton (+14) [1]. II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Pure benzene's CFR China processing fee is 176 dollars/ton (+0), and FOB South Korea processing fee is 161 dollars/ton (+0). The profit of styrene's non - integrated production is - 327 yuan/ton (+10), and it is expected to gradually compress [1]. III. Pure Benzene and Styrene Inventory, Operating Rate - Pure benzene port inventory is 14.40 tons (- 0.20), and styrene's East China port inventory is 161,500 tons (+12,700), in the inventory rebuilding stage. The operating rate of pure benzene downstream such as caprolactam is 93.72% (+5.31), and styrene's operating rate is 78.2% (+0.5) [1]. IV. Styrene Downstream Operating Rate and Production Profit - Among styrene's downstream products, EPS production profit is 93 yuan/ton (- 160), PS production profit is - 107 yuan/ton (- 60), and ABS production profit is - 66 yuan/ton (+2). EPS operating rate is 58.08% (+14.41), PS operating rate is 56.70% (+1.70), and ABS operating rate is 71.10% (+0) [2]. V. Pure Benzene Downstream Operating Rate and Production Profit - For pure benzene's downstream products, caprolactam production profit is - 1795 yuan/ton (+0), phenol - acetone production profit is - 751 yuan/ton (- 62), aniline production profit is - 161 yuan/ton (- 262), and adipic acid production profit is - 1386 yuan/ton (+0) [1]. 4. Strategy - **Single - side**: Hold a wait - and - see attitude towards pure benzene and styrene. - **Basis and Inter - period**: Carry out positive arbitrage, buy near - month BZ paper goods and sell BZ2603 futures. - **Cross - variety**: Expand the BZN processing fee when it is low in the peak season. Hold a wait - and - see attitude towards the EB - BZ spread [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PX cost support is weak, but terminal demand improves, and the month - spread remains strong. PX is expected to be stronger than oil prices, but the overall upside space may be limited, and the 9 - 1 month - spread will continue to strengthen [1][7]. - PTA is in a situation of weak reality and strong expectation, with a 9 - 1 month - spread reverse arbitrage. The unilateral price is in a volatile market with limited downside space for now [1][8]. - MEG has a low arrival volume this week, and the basis strengthens. The unilateral price is mainly in a volatile market, and the 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage [1][8]. 3. Summary According to Related Catalogs Market Dynamics - PX: The price of naphtha at the end of the session remained strong, and the PX price increased. However, the low start - up of downstream PTA and the weak crude oil market restricted the rise of the PX market. Some October cargoes were traded at 836.5 - 837 dollars/ton [4]. - PTA: The spot price rose to 4,690 yuan/ton. The sentiment in the Asian PTA market remained sluggish due to concerns about over - capacity. A 760,000 - ton/year PTA plant in Taichung was shut down for planned maintenance [5]. - MEG: From August 18th to August 24th, the total planned arrival volume at major ports was about 54,000 tons [6]. - Polyester: The sales of polyester yarn in Jiangsu and Zhejiang were still weak, with an average sales rate of slightly less than 50% by 3:30 pm. The sales of direct - spun polyester staple fiber were average, with an average sales rate of 57% by 3:00 pm [6]. Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 0, indicating a neutral trend [7]. Views and Suggestions - PX: Cost support is weak, but the PX fundamentals are tight. The 8 - month polyester start - up reached the bottom, and the 9 - month supply - demand is still tight. Pay attention to the restart progress of Fuhua Group [7]. - PTA: The unilateral price is in a volatile market. The supply is marginally tightened, and the demand improves month - on - month. The 9 - 1 month - spread reverse arbitrage should be maintained. Pay attention to the impact of the peak season on the industrial chain [8]. - MEG: The import arrival volume decreases, and the supply and demand both increase. The 9 - 1 month - spread should be operated in the range of - 50 to 0, with a 1 - 5 reverse arbitrage. Pay attention to the position reduction speed of the 09 contract [8].

Group 1: Report General Information - Report title: Aromatics and Rubber Morning Report [1] - Report date: August 20, 2025 [1] - Report team: Research Center's Energy and Chemicals Team [1] Group 2: Styrene Price and Profit Data - On August 19, 2025, ethylene (CFR Northeast Asia) was at 825, pure benzene (CFR China) at 747, and styrene (CFR China) at 890. Styrene in Jiangsu was 7280, in South China 7440, and EPS (East China common material) was 8100. PS (East China transparent benzene) was 7700, and ABS (0215A) was 9600 [4]. - Day - on - day changes on August 19: ethylene and pure benzene (CFR) unchanged, styrene (CFR) unchanged, styrene in Jiangsu +10, in South China +10, EPS - 150, PS - 50, ABS unchanged [4]. - Asian spread of pure benzene - naphtha was 161, styrene domestic profit - 292, EPS domestic profit 115, PS domestic profit - 162, ABS domestic profit - 926, all with no day - on - day change except EPS profit - 150 and PS profit - 50 [4]. Group 3: PTA Price and Data - On August 19, 2025, crude oil was 65.8, naphtha 575, PX CFR Taiwan 835, PTA domestic spot 4690, POY 150D/4 6750. Naphtha cracking spread was 92.26, PX processing margin 260.0, PTA processing margin 128, polyester gross profit 97 [12]. - Day - on - day changes: crude oil - 0.8, naphtha +4, PX +2, PTA +20, POY - 20, naphtha cracking spread +9.69, PX processing margin - 2.0, PTA processing margin +11, polyester gross profit - 42 [12]. - PTA spot transaction: average daily transaction basis was 2509(-9). Yisheng Hainan's 2 million - ton plant was under maintenance [12]. Outlook - Near - term TA start - up increased, polyester load rose slightly, inventory continued to accumulate, basis was weak, and spot processing fee was still low. PX domestic start - up rose slightly, overseas had both maintenance and restart, start - up declined slightly, PXN strengthened, disproportionation and isomerization benefits remained stable, and the US - Asia aromatics spread rebounded slightly. In the future, additional maintenance of TA increased due to low processing fees. Filament sales were weak but there was no further reduction in production in the short term. Bottle - grade PTA inventory decreased continuously at low start - up. Overall, polyester start - up was expected to stabilize and have upward flexibility, supply - demand was expected to improve, and opportunities to widen processing fees on dips could be considered [12]. Group 4: MEG Price and Data - On August 19, 2025, Northeast Asia ethylene was 825, MEG outer - market price 523, MEG inner - market price 4458, MEG in East China 4498, MEG far - month price 4455, MEG coal - based profit 372, MEG inner - market cash flow (ethylene) - 622, MEG total load 67.0, coal - based MEG load 80.5, MEG port inventory 54.7, non - coal - based load 60 [12]. - Day - on - day changes: Northeast Asia ethylene unchanged, MEG outer - market price +2, MEG inner - market price +17, MEG in East China +20, MEG far - month price +16, MEG coal - based profit +17, MEG inner - market cash flow (ethylene) unchanged, other loads and inventory unchanged [12]. - MEG spot transaction: basis was around 09(+87). Xinjiang Tianying's 150,000 - ton plant restarted [12]. Outlook - Near - term domestic plant restarts were postponed, start - up was stable, there was some unexpected overseas maintenance. Port inventory was expected to accumulate as arrivals increased and shipments were stable. Downstream inventory levels increased, basis was stable, and oil - based benefits improved. In the future, EG supply had postponed restarts and overseas unexpected maintenance, port inventory was expected to remain low with little short - term accumulation pressure. The situation was good and benefits were not low. In the far - month, inventory accumulation was expected due to the return of maintenance and new plant commissioning, but valuation was greatly affected by the subsequent evolution of the cost side, and it was expected to fluctuate widely. Attention should be paid to the restart progress of satellite plants [12]. Group 5: Polyester Staple Fiber Price and Data - On August 19, 2025, 1.4D cotton - type was 6555, low - melting point staple fiber 7330, virgin hollow 7060, imitation large - denier fiber 5700, pure polyester yarn 12100, polyester - cotton yarn 16300, virgin staple fiber load 91, recycled cotton - type load 50, polyester yarn operation 63, staple fiber profit 53, pure polyester yarn profit - 155, cotton - polyester staple difference 8520, viscose - polyester staple difference 6345 [12]. - Day - on - day changes: 1.4D cotton - type +5, other prices unchanged, loads and operation unchanged, staple fiber profit unchanged, pure polyester yarn profit - 5, cotton - polyester staple difference - 10, viscose - polyester staple difference - 5 [12]. - Spot information: spot price was around 6500, market basis was around 10 - 100 [12]. Outlook - Near - term Ningbo Dafa's technical transformation plant resumed, start - up increased slightly to 91.1%, sales were stable, and inventory remained the same. On the demand side, polyester yarn start - up increased, raw material inventory rose, finished product inventory continued to decline, and benefits were maintained. In the future, as polyester yarn finished product inventory continued to decline, downstream start - up might continue to rise. Although staple fiber supply might also increase, the overall space was limited. Considering that the futures processing fee was still in a low range, opportunities to widen processing fees on dips could be considered [12]. Group 6: Natural Rubber & 20 - grade Rubber Price and Data - On August 19, 2025, US - dollar Thai standard spot was 1805, US - dollar Thai mixed spot 1805, RMB mixed rubber 14630, Shanghai whole milk 14680, Shanghai 3L 14850, Thai latex 54.7, Thai cup lump 49.8, Yunnan latex 14300, Hainan latex 15700, butadiene rubber 11800, RU main contract 15875, NR main contract 12690 [12]. - Day - on - day changes: US - dollar Thai standard +5, US - dollar Thai mixed +5, RMB mixed rubber +50, Shanghai whole milk +95, Shanghai 3L +70, Thai latex +1, other prices unchanged or with small changes [12]. - Mixed - RU main contract basis was - 1245, US - dollar Thai standard - NR main contract 274, RU09 - RU01 - 750, RU main contract - NR main contract 3185, latex - cup lump 4.9, whole milk - mixed 50, 3L - mixed 220, mixed - butadiene rubber 2830, Thai standard processing profit 15, mixed internal - external price difference - 140, SHFE RU warehouse receipts 179570 [12]. - Day - on - day changes: mixed - RU main contract - 5, US - dollar Thai standard - NR main contract - 9, other spreads and profits with small changes or unchanged [12]. Outlook - Main contradictions: national visible inventory was stable at a low absolute level but did not decline seasonally; Thai cup lump price rebounded due to rain affecting tapping. Strategy: wait - and - see [12]

1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided reports. 2. Core Views - The reports mainly present the daily data of different futures, including price differences, closing prices, spot prices, and related economic indicators, aiming to help investors understand the market trends and price fluctuations of various futures [1][2][3][4][5]. 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Differences**: The report provides the latest values, changes from the previous day, historical 1 - year percentiles, and all - time percentiles of stock index futures' term - to - spot spreads and inter - term spreads for different varieties such as IF, IH, IC, and IM [1]. - **Calculation Methods**: It explains the calculation methods of term - to - spot spreads, inter - term spreads, and cross - variety ratios [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Price Differences**: Presents the latest values, changes from the previous trading day, and percentiles since listing of the basis, inter - term spreads, and cross - variety spreads of different treasury bond futures varieties (TS, TF, T, TL) [2]. - **Calculation Notes**: Provides notes on the calculation of basis, percentiles, and spreads [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Prices**: Shows the closing prices of domestic and foreign futures, spot prices, basis, ratios, interest rates, exchange rates, inventory, and positions of precious metals (gold and silver) on different dates, along with their price changes and percentage changes [3]. 3.4 Container Shipping Industry Spot - Futures Daily Report - **Spot Quotes**: Lists the spot quotes of shipping companies on the Shanghai - Europe route and their price changes and percentage changes [4]. - **Indices**: Provides the settlement price indices of shipping routes and Shanghai export container freight rates, along with their price changes and percentage changes [4]. - **Futures and Basis**: Presents the futures prices, price changes, and basis of container shipping futures contracts [4]. - **Fundamentals**: Includes data on shipping capacity supply, port - related indicators, export amounts, and overseas economic indicators, along with their changes and percentage changes [4]. 3.5 Trading Calendar - **Data Sources**: Specifies the time, data sources, and economic indicators or financial events of overseas and domestic data and information [5]. 3.6 Fund Flow and Key Seats' Position Changes Daily Report - The content of this report is incomplete and cannot be effectively summarized.

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report is a daily report on futures variety arbitrage data from Baocheng Futures on August 19, 2025, presenting the basis, inter - period, and inter - variety data of multiple futures varieties including power coal, energy chemicals, black metals, non - ferrous metals, agricultural products, and stock index futures [1][5][21][27][40][51]. 3. Summary by Relevant Catalogs Power Coal - The basis data from August 12 to August 18, 2025, shows that the basis on August 18 was - 100.4 yuan/ton, compared to - 113.4 yuan/ton on August 12. The 5 - 1, 9 - 1, and 9 - 5 inter - period spreads were all 0.0 during this period [2]. Energy Chemicals - **Energy Commodities**: Basis data for fuel oil, INE crude oil, and the ratio of crude oil to asphalt from August 12 to August 18, 2025, are presented. For example, the basis of INE crude oil on August 18 was 163.63 yuan/ton [7]. - **Chemical Commodities**: - Basis data for rubber, methanol, PTA, LLDPE, V, and PP are provided from August 12 to August 18, 2025. For instance, the basis of rubber on August 18 was - 920 yuan/ton [9]. - Inter - period data for rubber, methanol, PTA, LLDPE, PVC, PP, and ethylene glycol are given, such as the 5 - 1 inter - period spread of rubber being 85 yuan/ton. Inter - variety data for LLDPE - PVC, LLDPE - PP, PP - PVC, and PP - 3*methanol from August 12 to August 18, 2025, are also presented. For example, the LLDPE - PVC value on August 18 was 2269 yuan/ton [11]. Black Metals - Inter - period data for rebar, iron ore, coke, and coking coal are shown. For example, the 5 - 1 inter - period spread of rebar was 46.0 yuan/ton. Inter - variety data for rebar/iron ore, rebar/coke, coke/coking coal, and rebar - hot rolled coil from August 12 to August 18, 2025, are presented. For example, the rebar/iron ore ratio on August 18 was 4.09 [20]. - Basis data for rebar, iron ore, coke, and coking coal from August 12 to August 18, 2025, are provided. For example, the basis of rebar on August 18 was 145.0 yuan/ton [21]. Non - Ferrous Metals - **Domestic Market**: Basis data for copper, aluminum, zinc, lead, nickel, and tin from August 12 to August 18, 2025, are given. For example, the basis of copper on August 18 was 220 yuan/ton [28]. - **London Market**: LME premium/discount, Shanghai - London ratio, CIF, domestic spot price, and import profit/loss data for copper, aluminum, zinc, lead, nickel, and tin on August 18, 2025, are presented. For example, the LME premium/discount of copper was (96.75) [35]. Agricultural Products - Basis data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, corn, etc., from August 12 to August 18, 2025, are provided. For example, the basis of soybeans No.1 on August 18 was - 4 yuan/ton [41]. - Inter - period data for soybeans No.1, soybeans No.2, soybean meal, soybean oil, rapeseed meal, etc., are given. For example, the 5 - 1 inter - period spread of soybeans No.1 was 41 yuan/ton. Inter - variety data for soybeans No.1/corn, soybeans No.2/corn, soybean oil/soybean meal, etc., from August 12 to August 18, 2025, are also presented. For example, the soybeans No.1/corn ratio on August 18 was 1.86 [41]. Stock Index Futures - Basis data for CSI 300, SSE 50, CSI 500, and CSI 1000 from August 12 to August 18, 2025, are provided. For example, the basis of CSI 300 on August 18 was 1.61 [52]. - Inter - period data for CSI 300, SSE 50, CSI 500, and CSI 1000, including the spread between the next - month and current - month contracts and the next - quarter and current - quarter contracts, are presented. For example, the next - month minus current - month spread of CSI 300 was - 39.8 [54].