Report Investment Ratings - **Macro Finance**: Index futures - bullish on dips; Treasury bonds - hold off [1][6] - **Black Building Materials**: Rebar - range trading; Glass - weakening in a range; Coking coal and coke - range - bound [1][8][9] - **Non - ferrous Metals**: Copper - range trading or hold off; Aluminum - buy on dips after pullbacks; Nickel - hold off or short on rallies; Tin - range trading; Gold - range trading; Silver - range trading [1][12][13] - **Energy and Chemicals**: PVC - weakening in a range; Soda ash - short 09 and long 05 arbitrage; Caustic soda - range - bound; Styrene - range - bound; Rubber - strengthening in a range; Urea - range - bound; Methanol - range - bound; Polyolefins - wide - range weakening [1][19][20] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn - strengthening in a range; Apples - strengthening in a range; Red dates - strengthening in a range [1][35][36] - **Agriculture and Animal Husbandry**: Hogs - short on rallies; Eggs - short on rallies; Corn - range - bound; Soybean meal - range - bound; Oils - strengthening in a range [1][37][38] Core Views - Market conditions are influenced by various factors such as macro - policies, supply - demand fundamentals, and international events. Different futures varieties present different trends and investment opportunities due to their own characteristics and external impacts [6][9][12] Summary by Categories Macro Finance - **Index Futures**: With the T + 0 function, maintain positions, lock in positions when there is a downward trend, and earn profits during the heat - up period. Consider the impacts of international events like China - India and US - Russia - Ukraine meetings [6] - **Treasury Bonds**: Although the bond allocation value is emerging and market sentiment is recovering, it is not recommended to enter the market aggressively due to potential disturbances from the equity market and possible chain - reactions from yield adjustments [6] Black Building Materials - **Rebar**: Futures prices continue to decline. Considering factors like external trade policies, production, and inventory, it is expected to maintain a range - bound pattern. Focus on the [3100 - 3300] range for RB2510 [9] - **Glass**: Futures are in a weakening trend. With inventory pressure and potential policy impacts, the 09 contract is considered weak, and attention should be paid to the 930 - 950 support level [8][9][10] - **Coking Coal and Coke**: Coking coal is in a game between tight supply and weakening demand, and is expected to be range - bound. Coke is supported by low inventory, high demand, and supply disturbances, and is also expected to be range - bound [10][11] Non - ferrous Metals - **Copper**: Affected by macro - data and supply - demand fundamentals, it is expected to be range - bound with a slightly upward trend. The short - term operating range for Shanghai copper is 78000 - 79500 yuan/ton [12][13] - **Aluminum**: Despite short - term negative events, considering the transition from the off - season to the peak season, it is recommended to buy on dips [13][14] - **Nickel**: In the medium - to long - term, the supply is in surplus, and it is recommended to short on rallies moderately [16] - **Tin**: With improving supply and weakening demand in the off - season, it is recommended to conduct range trading, with the reference range for the SH09 contract being 257,000 - 276,000 yuan/ton [17] - **Gold and Silver**: Affected by factors such as US economic data and geopolitical events, they are expected to be range - bound. It is recommended to buy on dips [17][18] Energy and Chemicals - **PVC**: With high supply, uncertain export sustainability, and weak demand, it is expected to be in a weakening range. The 01 contract is temporarily focused on the 4900 - 5000 range [19][20][21] - **Caustic Soda**: With sufficient supply and rigid demand with a slow - down in growth, the 01 contract is expected to be range - bound in the 2550 - 2650 range [21][22] - **Styrene**: With limited fundamental positives and a warm macro - environment, the price is expected to be range - bound in the 7100 - 7400 range [23][24] - **Rubber**: With cost support and inventory reduction, it is expected to be in a strengthening range within the 15200 - 15600 range [25][27] - **Urea**: Affected by supply, demand, and export factors, the 01 contract is under pressure at 1820 - 1850 [28] - **Methanol**: With a slight decline in supply, stable demand from methanol - to - olefins, and weak traditional demand, the price is expected to be in a weakening range [30] - **Polyolefins**: With cost uncertainties and a slow recovery in downstream demand, the L2509 contract is focused on the 7200 - 7500 range, and the PP2509 contract is focused on the 6900 - 7200 range [30][31] - **Soda Ash**: Due to supply increases and potential inventory accumulation, it is recommended to hold short positions on the 09 contract [33] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With improved global supply - demand, a better macro - environment, and expectations of the peak season, the price is expected to strengthen in a range [35] - **Apples**: Based on low inventory and growth impacts, the price is expected to maintain a high - level range - bound pattern [36] - **Red Dates**: With the current growth situation and market conditions, the price is expected to strengthen in a range [36] Agriculture and Animal Husbandry - **Hogs**: With supply pressure and different expectations for different contracts, it is recommended to lock in profits on short positions at low levels, add short positions at pressure levels, and pay attention to the long 05 and short 03 arbitrage [37][38] - **Eggs**: With sufficient short - term supply and uncertain long - term supply, it is recommended to short on rallies for the 10 contract and consider long positions on dips for the 12 and 01 contracts if the elimination process accelerates [38][39][40] - **Corn**: With sufficient supply and suitable growing conditions, the 11 contract is expected to be range - bound. It is recommended to short on rallies or hold the 11 - 1 reverse arbitrage [40] - **Soybean Meal**: With a tightening supply - demand situation for US soybeans and different supply - demand patterns in different periods in China, it is recommended to hold long positions on a rolling basis and reduce positions on rallies [42] - **Oils**: With short - term high - level callback risks and long - term positive factors, it is recommended to buy on dips, take profits on existing long positions, and pay attention to the rapeseed oil 11 - 01 reverse arbitrage [43][44][50]

1. Report Industry Investment Rating - The investment strategy for the glass industry is to expect a weak and oscillating market [2][4]. 2. Core Viewpoints of the Report - The glass market is currently facing high inventory levels among manufacturers. The recovery of glass production and sales has fallen short of expectations, and the middle - stream is under significant pressure to reduce inventory. The 09 contract of glass is expected to remain weak, with support levels at 990 - 1000 [2][3]. - The real - estate market data shows a year - on - year decline, while the automotive market has seen year - on - year growth in production and sales. The supply of soda ash is increasing, and its futures price is expected to remain weak [2][46][54]. 3. Summary by Relevant Catalogs 3.1 Investment Strategy - The investment strategy is a weak and oscillating market. The main reasons include the impact of the Qinghai Salt Lake incident on the supply side, subsequent inventory accumulation in glass, a decline in market speculation, high inventory in the middle - stream, and weakening demand from the real - estate market [2]. 3.2 Market Review 3.2.1 Spot Price - As of August 15, the market price of 5mm float glass was 1,150 yuan/ton in North China (-30), 1,110 yuan/ton in Central China (-80), and 1,220 yuan/ton in East China (-50). The futures price of the glass 01 contract closed at 1,211 yuan/ton last Friday, up 15 for the week [12]. 3.2.2 Basis and Spread - As of August 15, the price difference between soda ash and glass was 184 yuan/ton (-85). The basis of the glass 01 contract was -171 yuan/ton (-75), and the 09 - 01 spread was -165 yuan/ton (-32) [13]. 3.3 Profit - For the natural - gas production process, the cost was 1,588 yuan/ton (-4), and the gross profit was -368 yuan/ton (-46). For the coal - gas production process, the cost was 1,175 yuan/ton (-5), and the gross profit was -25 yuan/ton (-25). For the petroleum - coke production process, the cost was 1,102 yuan/ton (-4), and the gross profit was 8 yuan/ton (-76) [17][21]. 3.4 Supply - Last Friday, the daily melting volume of glass was 158,355 tons/day (unchanged). There were 223 production lines in operation, and there was no change in production lines last week [23]. 3.5 Inventory - As of August 15, the national inventory of 80 glass sample manufacturers was 6,342.6 million weight boxes (+157.9). Inventory increased in all regions, with significant increases in North China, Central China, and East China [27][33]. 3.6 Deep - processing - The order days of glass deep - processing increased slightly, showing a situation where the off - season was not as slack as usual. The comprehensive production - sales ratio of float glass on August 14 was 91% (+4%), the operating rate of LOW - E glass on August 15 was 47.59% (+0.49%), and the order days of glass deep - processing in mid - August were 9.65 days (+0.1) [37]. 3.7 Demand 3.7.1 Automotive - In July, China's automobile production was 2.591 million units, a month - on - month decrease of 203,000 units and a year - on - year increase of 305,000 units. Sales were 2.593 million units, a month - on - month decrease of 311,000 units and a year - on - year increase of 331,000 units. The retail volume of new - energy passenger cars in July was 987,000 units, with a penetration rate of 54% [46]. 3.7.2 Real - estate - In July, China's real - estate completion area was 24.6739 million square meters, a year - on - year decrease of 29%. The new construction area was 48.4168 million square meters (-15%), the construction area was 54.0957 million square meters (-16%), and the commercial housing sales area was 57.0945 million square meters (-8%). From August 3 to August 10, the total commercial housing transaction area in 30 large - and medium - sized cities was 1.48 million square meters, a month - on - month decrease of 18% and a year - on - year decrease of 7%. The real - estate development investment in July was 692.24 billion yuan, a year - on - year decrease of 17% [54]. 3.8 Soda Ash 3.8.1 Spot and Futures Prices - As of last weekend, the mainstream market price of heavy soda ash was 1,350 yuan/ton in North China (-50), 1,275 yuan/ton in East China (-75), 1,325 yuan/ton in Central China (unchanged), and 1,500 yuan/ton in South China (unchanged). The soda ash 2509 contract closed at 1,395 yuan/ton last Friday (+63) [56][61]. 3.8.2 Cost and Profit - The cost of the ammonia - soda process for soda ash enterprises was 1,296 yuan/ton (-9), and the gross profit was 34 yuan/ton (-22). The cost of the joint - production process was 1,730 yuan/ton (-60), and the gross profit was 9 yuan/ton (-60) [62][64]. 3.8.3 Production, Inventory, and Consumption - Last week, the domestic soda ash production was 761,300 tons (a month - on - month increase of 16,700 tons), including 429,700 tons of heavy soda ash (a month - on - month increase of 6,300 tons) and 331,600 tons of light soda ash (a month - on - month increase of 10,400 tons). The loss was 110,400 tons (a month - on - month decrease of 16,800 tons). As of August 15, the national in - factory inventory of soda ash was 1.8938 million tons (a month - on - month increase of 28,700 tons), including 1.1338 million tons of heavy soda ash (a month - on - month decrease of 13,700 tons) and 760,000 tons of light soda ash (a month - on - month increase of 42,400 tons). The weekly apparent demand for heavy soda ash last week was 443,400 tons, a week - on - week increase of 64,700 tons; the apparent demand for light soda ash was 289,200 tons, a week - on - week decrease of 7,400 tons. The production - sales ratio of soda ash last week was 96.23% [72][78][86].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply - demand contradiction in the steel and ore industry is not prominent, and the short - term trend is expected to be volatile. The I2601 contract is recommended to focus on the 750 - 800 yuan/ton range, and consider going long lightly around 750 yuan/ton with a stop - loss. For the Spiral Coil 2510 contract, short - term long positions can be taken when it retraces to the key support level, while controlling the position and setting a stop - loss. The RB2510 contract has a resistance level of 3384 and a support level of 3150, and the hot - rolled coil has a support level of 3300 and a resistance level of 3550 [5]. 3. Summary by Related Catalogs Steel and Ore Market Conditions - This week, the steel and ore market first rose and then fell. The iron ore trend was stronger than that of finished products, and its high point was close to the previous high. The iron ore has completed the main contract roll - over [6]. - This week, the supply of steel increased. The supply of five major steel products was 871.63 tons, a week - on - week increase of 2.42 tons or 0.3%. The total inventory was 1415.97 tons, a week - on - week increase of 40.61 tons or 2.95%. The weekly consumption was 831.02 tons, a decrease of 1.7% [15]. Demand Side - In the terminal market, the year - on - year decline rates of real estate investment and new construction have both widened, and the demand for steel in the real estate sector has continued to have a negative feedback. The manufacturing growth rate is 6.2% and the infrastructure investment growth rate is 3.2%, both lower than last month, indicating that the demand side remains weak. Overall, the downstream industries have not recovered [5]. Supply Side - Before the military parade activity's production restrictions, steel mills were highly motivated to start production. The daily hot - metal output this week was 2.4066 million tons, a week - on - week increase of 0.3 million tons. The inventory and daily consumption of imported sintered powder both increased, and there is still a profit in off - peak electricity for short - process steelmaking. Starting from August 16, steel mills will start production restrictions, and it is expected that steel production will decline until early September [5][17]. - The iron ore shipping volume has decreased week - on - week, especially the shipping volume from Australia. The supply of iron ore is expected to shrink. The continuous decline in iron ore shipping volume for two weeks means that the short - term pressure on iron ore arrival at ports is not significant. The port iron ore inventory has slightly increased, but the inventory contradiction is not prominent [5][24]. Important News - On August 13, some steel mills in Hebei and Tianjin regions raised the coke purchase price for the sixth time. The price of tamping wet - quenched coke increased by 50 yuan/ton, and the price of tamping dry - quenched coke increased by 55 yuan/ton. The price of top - charged wet - quenched coke increased by 70 yuan/ton, and the price of top - charged dry - quenched coke increased by 75 yuan/ton, with mainstream steel mills tendering on the 14th [12]. - From August 16 to early September, some steel enterprises in Tangshan will implement production restrictions, but the actual implementation effect remains to be observed [14]. - Nearly 30 cities have introduced 34 property market relaxation policies, including Guangzhou's plan to fully cancel the "four restrictions" and Beijing's cancellation of purchase restrictions outside the Fifth Ring Road [14].

News Summary Core Viewpoint - The pricing and demand for silicon manganese have shown an upward trend, with significant increases in both price and volume compared to the previous month [1][2]. Group 1: Pricing and Volume - Hebei Steel Group set the silicon manganese price at 6200 CNY/ton for August, up from 5850 CNY/ton in July, marking an increase of 350 CNY/ton [1]. - The procurement volume for silicon manganese in August reached 16100 tons, an increase of 1500 tons from July's 14600 tons [1]. Group 2: Supply and Inventory - The manganese ore shipment from Gabon fell to 154800 tons in the first week of August, while port manganese ore inventory slightly increased to 4.49 million tons, up by 10000 tons [1]. - The port manganese ore prices have stabilized at low levels, providing short-term support for alloy prices [2]. Group 3: Market Sentiment and Outlook - Market sentiment remains mixed, with a cautious outlook on coal and coke performance, while the demand is expected to stabilize [2]. - The metallurgical coke prices are strong, but the support from manganese ore is considered weak, leading to a wait-and-see approach regarding production recovery [2].

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "oscillation" [7]. 2. Core Viewpoints of the Report - Yesterday's rebar apparent demand data fell short of expectations, and combined with coking coal position limits, the black sector continued its weakening trend. Although some coal mines are resuming production, supply may still contract due to ongoing inspections. There is a strong expectation of production restrictions before major events, which provides strong support for prices. Steel downstream inventory pressure is emerging, and the performance in the next few weeks needs attention. If there are macro - level positives before the inventory contradiction intensifies, there is a chance of resonance. In the near term, prices are expected to oscillate within the current range with limited downside [2]. 3. Summaries by Relevant Catalogs 3.1 Iron Element - Supply: Overseas mine shipments decreased slightly month - on - month, and the arrival volume at 45 ports dropped to last year's level. Supply is relatively stable with no obvious increase [2]. - Demand: The profitability rate of steel enterprises decreased slightly but is still at a high level year - on - year. Pig iron production increased slightly, and it is less likely for steel enterprises to cut production in the short term due to profit reasons. Attention should be paid to the production restriction policy in the second half of the month [2]. - Inventory: Iron ore ports are accumulating inventory, the number of stranded ships is decreasing, steel enterprises are slightly replenishing inventory, and the total inventory is slightly increasing. The fundamental bearish driving force is limited, and the future price is expected to oscillate [2]. 3.2 Carbon Element - Supply: In the main production areas, some coal mines have reduced production due to factors such as changing working faces and over - production inspections. Although some previously shut - down coal mines are gradually resuming production, short - term supply disruptions will continue. On the import side, the adjustment of the error threshold for the actual weight and declared weight of customs - cleared vehicles at the Ganqimaodu Port has led to a decline in the number of customs - cleared vehicles to around a thousand, and the decline in the mining capacity of the TT mining area has restricted coking coal transportation. Short - term Mongolian coal imports may be restricted [3]. - Demand: Coke production is temporarily stable, and the rigid demand for coking coal is strong. Coal mines had many pre - sold orders before and have no obvious inventory pressure. After the exchange's position limit, market sentiment has declined, but the short - term futures market still has support under a healthy fundamental situation [3]. 3.3 Alloys - Manganese Alloy: The ex - works price of manganese ore has increased, the start - up rate of manganese - silicon manufacturers has rebounded, and there is support on the demand side for manganese ore. With the current acceptable port inventory pressure, the quotation center of manganese ore is gradually rising. In an environment of industry profit recovery, the resumption of production by manufacturers is continuing, and the supply - demand relationship of manganese - silicon may gradually become looser. Attention should be paid to the anti - involution policy related to specific production restriction requirements [3]. - Ferrosilicon: The current market inventory pressure is not large, and the short - term price is expected to oscillate. However, in the future, the market supply - demand gap will tend to be filled, and there are still hidden concerns in the medium - to - long - term fundamentals. The upside price space is not optimistic. Attention should be paid to the dynamics of the coal market and the adjustment of electricity costs [3]. 3.4 Glass - Supply: There is still one production line waiting to produce glass, and the overall daily melting volume is expected to remain stable. The upstream inventory is slightly increasing, and the internal contradiction is not prominent, but there are many market sentiment disturbances [4]. - Demand: After the decline in the glass futures market, the sentiment in the spot market has declined, the mid - stream has increased shipments, and the upstream production and sales have declined significantly. Recently, the increase in coal prices has strengthened cost support, but the fundamentals are still weak. It is expected that the short - term futures and spot prices will oscillate widely [4]. 3.5 Soda Ash - Supply: The over - supply pattern has not changed, production is at a high level, and supply pressure still exists. Although there is no short - term production disturbance, production is expected to continue to increase [17]. - Demand: Heavy soda ash is expected to maintain rigid demand procurement. The daily melting volume of float glass is expected to be stable, and the daily melting volume of photovoltaic glass is expected to bottom out. The demand for heavy soda ash is flat. The downstream procurement of light soda ash is flat, but the overall downstream inventory replenishment sentiment is weak, and there is resistance to high prices. The sentiment affects the futures market, and the large month - to - month spread alleviates some delivery pressure, but the downstream's willingness to receive goods is weak. In the long term, the price center will decline to promote capacity reduction [17]. 3.6 Specific Product Analyses 3.6.1 Steel - Core Logic: Speculative sentiment is poor, some futures - spot traders are selling, and terminal buyers are more cautious. Steel mill production is a mix of resumption and maintenance, and the output of rebar and hot - rolled coils has not changed much. Rebar inventory has increased significantly, and demand has continued to decline. Hot - rolled coil export orders have improved, and domestic demand has resilience, with inventory accumulation slowing down. The inventories of medium - thick plates and cold - rolled coils have increased, and the apparent demand of the five major steel products has declined, continuing the off - season characteristics [9]. - Outlook: The sentiment in the coking coal market has cooled, and the futures market has declined from its high. Currently, the steel fundamentals continue to weaken, but there may be disturbances in supply - demand and cost before the military parade. It is expected that the short - term futures market will oscillate widely. Attention should be paid to steel mill production restriction and terminal demand [9]. 3.6.2 Iron Ore - Core Logic: Port trading volume was 130.2 (+46) million tons. The price of the swap main contract was 102.64 (-0.87) US dollars per ton. Spot market prices fell by 7 - 15 yuan per ton, and port trading volume increased significantly. Supply is relatively stable, and demand is strong. Pig iron production increased, and inventory increased slightly [9]. - Outlook: Iron ore demand is at a high level, supply and inventory are stable, and the fundamental bearish driving force is limited. Future prices are expected to oscillate [10]. 3.6.3 Scrap Steel - Core Logic: The supply of scrap steel increased slightly week - on - week. The demand from electric furnaces increased to a new high this year, and the demand from blast furnaces also increased slightly. The factory inventory decreased slightly, and the available inventory days dropped to a relatively low level [11]. - Outlook: The supply and demand of scrap steel are both increasing, and the profit of electric furnaces is acceptable. The price is expected to oscillate [11]. 3.6.4 Coke - Core Logic: The futures market sentiment has cooled, and the spot price has declined. After the sixth round of price increases was fully implemented, coke enterprise profits turned positive, and production increased slightly. Downstream steel mills are profitable and actively producing, and the demand for coke is strong. Although there is a large amount of inventory in the mid - stream, the supply - demand structure is still tight [13]. - Outlook: As the military parade approaches, there are continuous rumors of coke production restrictions. The supply - demand of coke will remain tight in the short term, and the futures market still has support. Attention should be paid to the possible impact of production restriction policies on coking and steel mills [13]. 3.6.5 Coking Coal - Core Logic: The futures market sentiment has declined after the exchange's position limit. Some coal mines have reduced production due to various reasons, and short - term supply disturbances will continue. Mongolian coal imports may be restricted. The demand for coking coal is strong, and coal mines have no obvious inventory pressure [14]. - Outlook: Due to the impact of over - production inspections, coking coal supply is expected to recover slowly. Although the sentiment has declined after the position limit, the short - term futures market still has support under a healthy fundamental situation [14]. 3.6.6 Manganese - Silicon - Core Logic: The manganese - silicon futures price followed the sector down after the significant decline in the coal - coke futures price. The spot price remained firm. The cost of manganese ore is rising, and the supply - demand relationship may gradually become looser as manufacturers resume production. Attention should be paid to the anti - involution policy [17]. - Outlook: The current market inventory pressure is limited, and the short - term price is expected to oscillate. However, the medium - to - long - term upside price space is limited [18]. 3.6.7 Ferrosilicon - Core Logic: After the market sentiment cooled and the coal - coke futures price dropped significantly, the ferrosilicon futures market weakened. The spot market is short of supply, and prices are firm. The supply is expected to increase as manufacturers resume production, and the demand is relatively stable. Attention should be paid to the anti - involution policy [19]. - Outlook: The current market inventory pressure is not large, and the short - term price is expected to oscillate. However, the medium - to - long - term fundamentals have hidden concerns, and the upside price space is not optimistic. Attention should be paid to the coal market and electricity costs [19].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints of the Report - PX has a weak unilateral trend, with the main contract shifting positions and a reverse spread in the monthly spread. The short - term PXN has support, and it is necessary to pay attention to the repair of terminal orders starting from late August [8]. - PTA has a weak unilateral trend. Hold the mid - term strategy of going long on MEG and short on PTA. Under low processing fees, pay attention to unplanned production cuts and conduct a positive spread in the 9 - 1 monthly spread. PTA has reduced supply and increased demand, but the high inventory of grey fabrics makes it difficult to form an effective positive feedback [8]. - MEG has a weakly oscillating unilateral trend. Hold the mid - term strategy of going long on MEG and short on PTA. Maintain the 9 - 1 positive spread operation in the range of - 50 to 0 and pay attention to the 1 - 5 reverse spread [9]. Summary by Related Catalogs Market Dynamics - **PX**: On the 13th, the PX price fell. An Asian spot in September was traded at $831. The PX price lost support due to the decline in crude oil futures. The supply recovery and weak downstream demand depressed the market sentiment, but some participants thought the market was relatively tight [5]. - **PTA**: The spot price dropped to 4,695 yuan/ton, with a mainstream basis of 09 - 13 [6]. - **MEG**: A 400,000 - ton/year synthetic gas - based ethylene glycol plant in Shaanxi reduced its load to replace the catalyst, and a 800,000 - ton/year plant in Zhejiang restarted [6]. - **Polyester**: On the 13th, the sales of direct - spun polyester staple fiber were average, with an average sales - to - production ratio of 48%. The sales of polyester yarn in Jiangsu and Zhejiang were weak, with an average sales - to - production ratio of just over 40% [7]. Trend Intensity - The trend intensity of PX, PTA, and MEG is - 1, indicating a weak trend [8]. Viewpoints and Suggestions - **PX**: Weak unilateral trend, main contract position shift, monthly spread reverse spread. PXN has short - term support, and pay attention to terminal orders from late August [8]. - **PTA**: Weak unilateral trend, hold the mid - term strategy of long MEG and short PTA. Pay attention to unplanned production cuts and 9 - 1 monthly spread positive spread. PTA has reduced supply and increased demand, but the high grey fabric inventory affects the positive feedback [8]. - **MEG**: Weakly oscillating unilateral trend, hold the mid - term strategy of long MEG and short PTA. Maintain the 9 - 1 positive spread operation in the - 50 to 0 range and pay attention to the 1 - 5 reverse spread. This week, the supply and demand of ethylene glycol both increased, but the terminal demand is weak [9].

Group 1 - The domestic futures market for energy and chemicals shows a downward trend, with fuel oil futures experiencing a decline of approximately 1.91% [1] - The main contract for fuel oil opened at 2745.00 yuan/ton, with a trading range between 2714.00 yuan and 2749.00 yuan [1] - Analysts from various institutions suggest that the fuel oil market is facing weak performance due to stable downstream demand and high inventory levels [1] Group 2 - According to Fangzheng Zhongqi Futures, the decline in costs is slowing, and while supply in Singapore is ample, the overall supply-demand dynamics for high and low sulfur fuel oil are limited [1] - Shanghai Zhongqi Futures indicates that with increased fuel supply and weak demand, the futures prices are expected to remain weak [1] - Dayue Futures notes that the market is currently lacking clear bullish or bearish signals, with expectations for continued low-level fluctuations in fuel oil prices [1]

Group 1: Core Business Performance - The company reported production, sales, and revenue figures for its main products in Q2 2025, with acetic acid and its derivatives leading in production at 437,116.41 tons and revenue of 982.76 million yuan [1] - The sales volume for acetic acid and its derivatives was 378,101.68 tons, while methanol had a significantly lower sales volume of 35,279.89 tons, indicating a large gap between production and sales due to some intermediate products being used internally [1] Group 2: Price Changes of Main Products - The price of acetic acid ranged from 1,948 to 2,460 yuan per ton, showing a year-on-year decline due to market supply and demand factors [3] - Methanol prices increased, ranging from 1,947 to 2,636 yuan per ton, influenced by similar market conditions [3] - Other products like ion membrane alkali and sulfuric acid saw price increases, while dichlorobenzene prices decreased [3] Group 3: Raw Material Price Changes - The price of coal decreased, ranging from 554 to 657 yuan per ton, while ethanol prices increased, ranging from 4,770 to 5,212 yuan per ton [4] - Industrial salt prices remained unchanged at 283.19 yuan per ton, whereas sulfur prices increased, ranging from 1,381 to 2,025 yuan per ton [4] Group 4: Additional Information - All operational data provided is unaudited and serves as a reference for investors regarding the company's current operational status [1]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report Affected by the rise in the grain market and the decline in the good - quality rate of US cotton, US cotton rose slightly. Waiting for the USDA monthly supply - demand report. The joint statement of the China - US Stockholm economic and trade talks indicates that both sides have suspended the implementation of mutual 24% tariffs for another 90 days. Domestically, cotton is in a de - stocking state, and the supply is tight before the new cotton is on the market, with a firm basis. On the demand side, the off - season consumption characteristics of the textile industry are evident. Mainland textile enterprises have no profit, and the overall operating rate continues to decline. Enterprises' procurement of raw materials is mainly for rigid demand. In terms of new crops, China's total cotton planting area increased in 2025. High temperatures in Xinjiang in the next few days require attention to the impact of weather on new crop growth. Overall, although the current tight supply supports cotton prices, weak downstream demand and market expectations for quotas limit the upside space. It is expected to fluctuate in the short term. It is recommended to wait and see for now [2]. 3. Summary by Related Catalogs 3.1. Futures Market - Zhengzhou cotton's main contract closing price was 13,980 yuan/ton, up 300 yuan; cotton yarn's main contract closing price was 20,015 yuan/ton, up 225 yuan. - The net position of the top 20 in cotton futures was - 30,886 hands, a decrease of 6,095 hands; the net position of the top 20 in cotton yarn futures was - 175 hands, a decrease of 272 hands. - The main contract position of cotton was 412,957 hands, an increase of 166,751 hands; the main contract position of cotton yarn was 18,627 hands, an increase of 745 hands. - The cotton warehouse receipt quantity was 8,087 sheets, a decrease of 85 sheets; the cotton yarn warehouse receipt quantity was 74 sheets, a decrease of 1 sheet [2]. 3.2. Spot Market - The China Cotton Price Index (CCIndex:3128B) was 15,177 yuan/ton, up 16 yuan; the China Yarn Price Index for pure - cotton carded yarn 32 - count was 20,620 yuan/ton, unchanged. - The China Imported Cotton Price Index (FCIndexM:1% tariff) was 13,402 yuan/ton, up 17 yuan; the China Imported Cotton Price Index (FCIndexM:sliding - scale duty) was 14,226 yuan/ton, up 6 yuan. - The arrival price of the imported cotton yarn price index for pure - cotton carded yarn 32 - count was 22,149 yuan/ton, up 19 yuan; the arrival price of the imported cotton yarn price index for pure - cotton combed yarn 32 - count was 24,030 yuan/ton, up 21 yuan [2]. 3.3. Upstream Situation - The national cotton sown area was 2,838.3 thousand hectares, an increase of 48.3 thousand hectares; the national cotton output was 6.16 million tons, an increase of 0.54 million tons [2]. 3.4. Industry Situation - The cotton - yarn price difference was 5,443 yuan/ton, a decrease of 16 yuan. - The industrial inventory of cotton nationwide was 850,000 tons, an increase of 24,000 tons. - The monthly import volume of cotton was 30,000 tons, a decrease of 10,000 tons; the monthly import volume of cotton yarn was 110,000 tons, an increase of 10,000 tons. - The profit of imported cotton was 941 yuan/ton, a decrease of 41 yuan. - The commercial inventory of cotton nationwide was 2.8298 million tons, a decrease of 0.6289 million tons [2]. 3.5. Downstream Situation - The yarn inventory days were 23.86 days, an increase of 1.52 days; the inventory days of grey cloth were 35.46 days, an increase of 2.57 days. - The monthly cloth output was 2.779 billion meters, an increase of 0.109 billion meters; the monthly yarn output was 2.065 million tons, an increase of 0.114 million tons. - The monthly export value of clothing and clothing accessories was 1.5266714 billion US dollars, an increase of 0.1688977 billion US dollars; the monthly export value of textile yarns, fabrics and products was 1.2048207 billion US dollars, a decrease of 0.0583566 billion US dollars [2]. 3.6. Option Market - The implied volatility of cotton at - the - money call options was 13.48%, an increase of 4.81 percentage points; the implied volatility of cotton at - the - money put options was 13.48%, an increase of 4.81 percentage points. - The 20 - day historical volatility of cotton was 11.24%, an increase of 0.08 percentage points; the 60 - day historical volatility of cotton was 7.79%, an increase of 0.01 percentage points [2]. 3.7. Industry News - The joint statement of the China - US Stockholm economic and trade talks indicates that both sides have suspended the implementation of mutual 24% tariffs for another 90 days. - As of the week ending August 10, 2025, the good - quality rate of US cotton was 53%, down from 55% the previous week and up from 46% in the same period last year. - On Monday, the ICE cotton December contract rose 0.3%. On Tuesday, the cotton 2601 contract rose 0.79%, and the cotton yarn 2511 contract rose 1.52% [2].

Core Viewpoint - The main futures contract for rapeseed meal experienced a sharp decline, reaching a low of 2617.00 yuan, with a current price of 2682.00 yuan, reflecting a drop of 1.94% [1] Group 1: Market Analysis - Chaos Tiancheng Futures suggests that short-term drivers are limited, and rapeseed meal may maintain a range-bound operation due to a relatively sufficient supply and a balanced demand-supply situation [2] - Ningzheng Futures anticipates that rapeseed meal prices will continue to experience a bearish trend in the short term, with stable import rhythms of raw materials and no significant positive news to support prices [3] - Zhonghui Futures notes that multiple factors are at play, with global rapeseed production recovering year-on-year, but there are risks of yield reductions for new crops. The domestic market shows a mixed inventory situation, with high levels of commercial stocks compared to last year [4] Group 2: Supply and Demand Dynamics - The demand from aquaculture provides some support for rapeseed meal prices, while limited arrivals of rapeseed at ports contribute to a tightening supply expectation [2] - The import of rapeseed from August to October is expected to be significantly lower year-on-year, compounded by a 100% import tariff on rapeseed meal, which supports prices despite the pressure from improved import profits [4] - The current market shows a significant substitution of soybean meal for rapeseed meal, indicating competitive dynamics in the feed market [4] Group 3: Future Considerations - Market participants should pay attention to changes in trade policies between China and Canada, as well as weather conditions affecting rapeseed planting, which could impact future prices [3][4] - The focus should also be on the adjustments in rapeseed data from the upcoming USDA report, which may influence market sentiment [4]