Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Copper prices may experience short - term range - bound fluctuations due to a mix of factors such as tight concentrate supply, high smelting output growth, and varying downstream demand [2]. - Zinc prices may have short - term wide - range and weak - side fluctuations as short - term supply - demand may tilt towards surplus [2]. 3. Summary by Related Catalog Copper - Market situation: Night - session copper prices closed lower. Concentrate supply remains tight, squeezing smelting profits, but smelting output continues to grow rapidly. The power industry has positive growth, PV rush - installations increased year - on - year but future growth may slow. Automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - Strategy: Copper prices may fluctuate within a range. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2]. Zinc - Market situation: Night - session zinc prices closed lower. Zinc concentrate processing fees have generally increased, turning smelting profits positive, and smelting output is expected to continue rising. Galvanized sheet inventory increased weekly. Infrastructure investment has a small positive cumulative growth rate, automobile production and sales are growing, home appliance output growth is slowing, and the real estate sector is weak [2]. - Strategy: Short - term supply - demand differences may tilt towards surplus, and zinc prices may have weak - side fluctuations within a range. Attention should be paid to changes in the US dollar, smelting output, and downstream demand [2]. Market Data | Variety | Domestic Previous - Day Futures Closing Price (yuan/ton) | Domestic Basis (yuan/ton) | Previous - Day LME 3 - Month Futures Closing Price (US dollars/ton) | LME Spot Premium/Discount (US dollars/ton) | LME Inventory (tons) | LME Inventory Daily Change (tons) | | --- | --- | --- | --- | --- | --- | --- | | Copper | 79,180 | 140 | 9,756 | - 88.68 | 155,000 | - 975 | | Aluminum | 20,825 | - 40 | 2,604 | 5.15 | 478,075 | - 650 | | Zinc | 22,305 | - 75 | 2,764 | - 6.85 | 65,525 | - 2,550 | | Nickel | 121,550 | - 2,050 | 15,131 | - 184.70 | 209,148 | - 600 | | Lead | 16,865 | - 155 | 1,985 | - 41.11 | 271,550 | - 1,500 | | Tin | 271,320 | - 3,370 | 34,510 | 167.00 | 1,780 | - 5 | [2]

Group 1: Report Summary - The report is a daily report on polyolefins (plastic PP) dated August 27, 2024, prepared by the Commodity Research Institute's Energy and Chemicals Research Department [2] - The report includes relevant data, market analysis, trading strategies, and relevant charts [3][5][11] Group 2: Relevant Data Plastic and PP Futures and Spot Prices - Plastic futures prices (L2605, L2509, L2601) decreased by -0.62%, -0.50%, -0.51% respectively; PP futures prices (PP2605, PP2509, PP2601) decreased by -0.44%, -0.37%, -0.35% respectively [4] - Spot prices of North China linear and East China linear decreased by -0.41% and -0.27% respectively; North China drawstring and East China drawstring decreased by -0.15% and -0.43% respectively [4] Basis and Spread - Plastic 09, 01, 05 basis increased by 7, 8, 16 respectively; PP 09, 01, 05 basis decreased by -4, -5, 1 respectively [4] - Plastic 9 - 1 spread increased by 1, 1 - 5 spread increased by 8; PP 9 - 1 spread decreased by -1, 1 - 5 spread increased by 6 [4] Upstream Prices - Brent crude oil main contract price increased by 0.01%; naphtha price increased by 1.27%; Northeast Asian ethylene price increased by 1.20%; Shandong propylene price remained unchanged [4] Profits - Plastic import profit decreased by 5.82%, oil - made PE profit increased by -627.48%; PP import profit decreased by 2.76%, oil - made PP profit increased by -28.44% [4] Production Ratios - Linear production ratio remained unchanged at 36.1%, PE maintenance ratio remained unchanged at 14.1%; PP drawstring production ratio and maintenance ratio data were unavailable [4] Group 3: Market Analysis Market Review - In the plastic spot market, prices in North China, East China, and South China showed partial declines or fluctuations; in the PP spot market, prices in North China, East China, and South China decreased [6] Relevant Information - Main producers' inventory was 70.5 tons, a decrease of 2.5 tons from the previous working day, a decline of 3.42%; inventory in the same period last year was 72 tons [7] Logical Analysis - New plastic production capacity will slow down in the second half of the year, while PP will face the launch of a 900,000 - ton new device in Ningbo Daxie Phase II, with greater production pressure than PE [9] - Inventory maintenance is expected to decline significantly in the fourth quarter; there is still an expectation of peak - season demand in "Golden September and Silver October", downstream start - up has rebounded, but the current pace is slow, and orders are weaker year - on - year [9] - Plastic is expected to be slightly stronger in the short - term, while PP will be range - bound [9] Group 4: Trading Strategies - Single - side: Plastic is expected to be slightly stronger in the short - term, while PP will be range - bound [10] - Arbitrage: Temporarily on the sidelines [11] - Options: Temporarily on the sidelines [11] Group 5: Relevant Charts - The report includes 18 charts showing the price trends, basis, spreads, upstream prices, profits, production ratios, and inventory of plastic and PP contracts [12][15][17][20][24][27][31][34][38]

Core Viewpoint - The tragic passing of Su Bing, a prominent figure in the futures trading industry, at the age of 40 due to a heart attack, has shocked the trading community and raised concerns about the pressures faced by traders [1][11]. Group 1: Background and Career - Su Bing, born in 1985 in Shandong, served as the chairman and investment director of Shandong Hongye Mingyang Investment [3]. - He transitioned from a stable job in finance to full-time trading in 2014, initially growing his capital from 200,000 to 600,000 yuan [3]. - In May 2015, he entered the futures market, achieving a profit of 200,000 yuan in his first month, but faced significant losses shortly after, reducing his account from 800,000 to 80,000 yuan [5]. Group 2: Professional Growth and Achievements - After experiencing losses, Su Bing worked at a futures company to gain knowledge and mentorship, leading to a successful return to trading in 2017, where he doubled his capital and achieved a 40% profit within six months [7]. - By 2019, he became a professional trader, developing a mature trading system that resulted in annual profits exceeding 10 million yuan from 2019 to 2022, and over 30 million yuan in 2023 [9]. Group 3: Circumstances of Death - Su Bing's death was speculated to be linked to trading losses, but it was clarified that his account was stable and the cause was attributed to excessive fatigue rather than financial distress [11]. - His dedication to trading led to a neglect of his health, with reports indicating he was monitoring markets late into the night and ignored chest pain on the day of his heart attack [13]. - The incident highlights the need for traders to balance their pursuit of wealth with health considerations [15].

Group 1: Price Data and Changes - The price data of LPG in different regions and related indicators from August 20 to August 26, 2025 are presented, including prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. [1] - On August 26, compared with the previous day, the daily changes are as follows: South China LPG +25, East China LPG 0, Shandong LPG 0, propane CFR South China 0, propane CIF Japan -10, MB propane spot -1, CP forecast contract price 0, Shandong ether - post - carbon four +40, Shandong alkylation oil 0, paper import profit +25, and the main basis +12 [1] Group 2: Market Conditions and Trends - The PG futures market fluctuated and strengthened. The spot price bottomed out and rebounded, and the import cost increased. The cheapest deliverable was East China civil gas. The basis weakened, and the month - spreads changed. The warehouse receipt registration volume decreased slightly [1] - The external market prices strengthened slightly. The internal - external price difference fluctuated. The FEI - CP spread widened, and the FEI offshore and CP to - shore discounts strengthened. The shipping freight rates from the US Gulf to Japan and the Middle East to the Far East decreased [1] - The naphtha crack spread strengthened slightly. The profit of PDH to produce propylene increased, the spot profit of PDH to produce PP decreased, and the paper profit fluctuated. The production profit of alkylation oil increased slightly, and the MTBE profit changed little [1] Group 3: Fundamental Analysis - From a fundamental perspective, port supply and demand both decreased, and inventory was basically flat. The refinery commercial volume increased by 1.94%, but due to the recovery of demand in many places, the refinery inventory decreased [1] - The PDH operating rate was 75.66% (-0.67pct), and it is expected that multiple units will increase their loads next week. The alkylation operating rate was 51.42% (-0.67pct) and is expected to increase. The MTBE operating rate was 63.54% (+0.15pct) [1] - As the temperature begins to drop, the off - season for combustion is gradually ending. In East China, the supply from refineries is expected to be limited, and the arrival of ships is expected to decrease. Although the demand is still affected by high temperature, there are expectations of improvement, and the overall situation is expected to be stable [1]

回撤是市场的常态，交易者应该理性面对，既不能一有回撤就吓得离场，成为"惊弓之鸟"，也不能"咬 定青山不放松"。"对盈利单要像对亏损单一样警惕"是隐藏在每一次按规则执行里的生存智慧。正视回 撤，学会取舍之道，交易者才能在市场的浪潮里，走得更稳，走得更远，成为投资界之"陶朱公"，而不 是那只一无所获的"小猴子"。 ...

[赞]惋惜！ 85后期货高手、山东鸿烨铭阳投资董事长苏冰，因突发心梗不幸离世，年仅40岁。 苏冰可是业内公认的"草根交易高手"，从8万元本金起步，在波诡云谲的期货市场里摸爬滚打十几年，最终做到3000万元盈利，活成了很多 投资者羡慕的"财富神话"。 可这份神话刚到巅峰就戛然而止，更让人揪心的是，他的女儿才刚满1岁，还没来得及看清父亲的模样、感受完整的父爱，就永远失去了 他。 草根逆袭 苏冰没有显赫的背景，也没有捷径可走，他能够拥有如今的成绩全是自己拼出来的。 23岁大学毕业时，苏冰和很多普通年轻人一样，进入一家金融机构做着朝九晚五的工作，为了多挣一些钱，苏冰悄悄开启了副业，他—边 上班一边炒股。 可这份顺利也让他变得急躁，开始重仓押注股指期货多单，所谓"重仓"，就是把大部分资金都投进单一交易，一旦市场方向反了，亏损会 被瞬间放大。 果然，现实给了他狠狠一巴掌，接下来的三个月里，他的账户从80万一路亏到只剩8万，几乎亏光了之前的所有收益。 这次惨败没有打垮苏冰，却让他彻底冷静下来，他知道自己缺的不是运气，是系统的知识和经验。 于是苏冰找了一家期货公司上班，一边工作一边恶补专业知识，还利用职务之便拜访了多位期货圈 ...

对二甲苯（PX ）、PTA主力合约周二强势上行，从10:00开始，对二甲苯（PX ）价格持续拉升，盘中最大涨幅超2%，短线拉升近150点，随后有所回落，今 日对二甲苯（PX ）主力合约收涨0.17%，报6966元/吨。 对二甲苯（PX ）、PTA本轮涨势是何时启动的？ 对二甲苯（PX ）、PTA本轮涨势主要是在8月15日开始启动，回顾上周至今的行情，可以发现（以PX为例）： 8月15日，对二甲苯（PX ）主力合约开盘价6618元/吨，收盘价6688元/吨，日内上涨1.12%。 8月18日，对二甲苯（PX ） 主力合约开盘价6690元/吨，收盘价6760元/吨，涨1.08%。 市场分析认为，盘面走强可能受市场传闻某石化企业PX10月检修的消息影响，叠加库存持续去库、下游装置检修结束，市场情绪环比修复。 尽管今日盘中对二甲苯（PX ）价格明显拉涨，但市场仍然认为上方反弹空间有限，受油价与基本面预期约束，预计盘面依旧以宽幅震荡为主。 8月19日，对二甲苯（PX ） 主力合约开盘价6770元/吨，收盘价6774元/吨，涨0.21%。 8月20日，对二甲苯（PX ） 主力合约开盘价6774元/吨，收盘价6844元/吨， ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - Polyolefin futures rebounded slightly, with PE stronger than PP. The spot market of polyolefin is still mainly driven by supply and demand. Summer maintenance is in balance, and inventory is being slowly digested. Terminal备货 demand may gradually pick up in mid - to late August. The recent rebound in crude oil costs may lead to a short - term rebound in the valuation of chemical products. Future focus should be on the rhythm of autumn stocking after supply - demand digestion and possible changes on the supply side [2] Group 3: Summary by Related Catalogs Futures Market LL - The previous day's closing prices for January, May, and September contracts were 7423, 7426, and 7365 respectively, with price increases of 43, 34, and 44, and price increase rates of 0.58%, 0.46%, and 0.60% respectively. The trading volumes were 261365, 8732, and 29530, and the open interests were 393878, 25214, and 56447, with changes of - 364, 2184, and - 13069 respectively. The current spreads of January - May, May - September, and September - January were - 3, 61, and - 58 respectively [2] PP - The previous day's closing prices for January, May, and September contracts were 7074, 7089, and 7011 respectively, with price increases of 36, 30, and 18, and price increase rates of 0.51%, 0.42%, and 0.26% respectively. The trading volumes were 209222, 10807, and 24775, and the open interests were 468785, 35110, and 35262, with changes of 3197, 1860, and - 11348 respectively. The current spreads of January - May, May - September, and September - January were - 15, 78, and - 63 respectively [2] Raw Materials and Spot Market Raw Materials - The current prices of methanol futures, Shandong propylene, South China propane, PP recycled materials, North China powder materials, and mulch film were 2427 yuan/ton, 6470 yuan/ton, 573 dollars/ton, 5600 yuan/ton, 6900 yuan/ton, and 8800 yuan/ton respectively [2] Spot Market - For LL, the current price ranges in the East China, North China, and South China markets were 7250 - 7700, 7200 - 7450, and 7400 - 7750 respectively. For PP, the current price ranges in the East China, North China, and South China markets were 6900 - 7000, 6900 - 7000, and 6850 - 7100 respectively [2] Information - On Monday (August 25, 2025), the settlement price of West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [2]

短暂休整期间，苏冰入职期货公司积累行业经验，并在一年内密集拜访多位期货大佬请教学习。2017年重返期货市场后，其交易风格逐渐成熟，数月内实 现资金翻倍，随后通过轻仓策略半年斩获40%收益，资金规模滚增至500万元。 2019年转型职业交易员后，苏冰形成了自己的交易系统并严格执行，2019-2022年连续四年盈利超千万元，2023年更是创下年度盈利超3000万元的佳绩。 【超新星财经/原创】 据业内消息，山东鸿烨铭阳投资有限公司董事长、知名期货交易员苏冰近期因突发心梗不幸离世。 这位被业界称为"草根交易高手"的85后投资人，以从8万元起步最终实现年度盈利超3000万元的传奇经历，在期货市场留下深刻印记，其猝然离世令业内 同仁扼腕叹息。 针对网络上流传的"苏冰去世与期货爆仓有关"的传言，有媒体报道称此类说法均为不实信息。据知情人士透露，苏冰的离世十分突然，生前交易状态稳 定，近期并无重大风险事件发生。 苏冰的投资生涯始于股票市场。23岁大学毕业后，他在金融机构任职期间兼顾股票投资。2014年，因投资收益远超薪资收入，他毅然辞职专职投身资本市 场，凭借20万元本金在股市快速积累至60万元。 2015年5月，为守住股 ...

Report Title - Weekly Report on Polyolefins: Peak Seasons Are Gradually Starting, Try to Go Long on Dips [1] Report Date - August 24, 2025 [2] Report Core View - The fundamentals of polyolefins have improved recently, with demand for agricultural films entering the peak season and inventory pressure not significant. It is recommended to go long on dips [4][6][8][9] Key Points by Section 1. L2601 Contract Review and Outlook - **Market Performance**: This week, the L2601 contract fluctuated widely between 7243 and 7413, with a 2 - week consecutive positive weekly line. It closed at 7380, up 29 points or 0.4% from last week [3] - **Position and Basis**: As of Friday, the position was 390,000 lots (weekly increase of 75,000), and the North China basis was - 140 yuan/ton (weekly decrease of 69) [15][18] - **Supply**: This week's PE production was 620,000 tons (weekly decrease of 43,000 tons), and next week's production is expected to increase by 23,000 tons [27] - **Import**: From January to July 2025, the cumulative PE import was 8.03 million tons (cumulative year - on - year increase of 2.5%) [30] - **Demand**: The downstream capacity utilization rate was 40%, with a continuous 4 - week improvement. The agricultural film operating rate was 14.5% (weekly increase of 0.7pct), with a continuous 5 - week improvement [33][36] - **Inventory**: The enterprise inventory was 500,000 tons (weekly increase of 60,000), and the social inventory was 560,000 tons (weekly decrease of 12,000), with continuous 6 - week destocking [41] - **Strategy**: Unilateral: Go long on dips, focusing on the range of [7350 - 7550]; Arbitrage: Hold the long LP01 arbitrage; Hedging: Industrial customers can choose the opportunity to sell - hedge [6] 2. PP2601 Contract Review and Outlook - **Market Performance**: This week, the PP2601 contract fluctuated widely between 6970 and 7081, with a 4 - week consecutive negative weekly line. It closed at 7038, down 46 points or 0.6% from last week [7] - **Position and Basis**: As of Friday, the position was 470,000 lots (weekly increase of 100,000), and the East China basis was - 33 yuan/ton (weekly decrease of 32) [53][56] - **Supply**: This week's PP production was 780,000 tons (weekly increase of 3,000 tons), and next week's production is expected to rise to 795,000 tons [61] - **Import**: From January to July 2025, the cumulative PP import was 1.92 million tons (year - on - year decrease of 8%), and the export was 1.83 million tons (year - on - year increase of 29%) [63] - **Demand**: The PP downstream operating rate was 50%, with a continuous 4 - week marginal improvement. From January to June 2025, the cumulative apparent consumption was 19.49 million tons (cumulative year - on - year increase of 13.6%) [69] - **Inventory**: This week's total commercial inventory was 800,000 tons (weekly decrease of 25,000), with continuous 2 - week destocking [72] - **Strategy**: Unilateral: Go long on dips, focusing on the range of [7000 - 7200]; Arbitrage: Wait and see mainly [9] 3. Propylene Market Review - **Market Performance**: This week, the PL2601 contract fluctuated widely between 6360 and 6529 and closed at 6470 [79] - **Price**: As of Friday, the Shandong propylene market price was 6300 yuan/ton (weekly increase of 95) [83] - **Supply**: This week's propylene production was 1.18 million tons (weekly increase of 14,000), and the in - plant inventory increased continuously [86] - **Demand**: The downstream comprehensive operating rate improved marginally [89]