Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the document. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures contracts on August 29, 2025, including the strength or weakness of the shock, resistance levels, and support levels [2]. - The report also analyzes the market conditions of various futures on August 28, 2025, including the opening, closing, high, low prices, and changes, and provides an outlook for the August trend of some futures contracts [43]. Summary by Related Catalogs 1. Macro News and Trading Tips - The "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting High - quality Urban Development" was released, setting goals for 2030 and 2035 [8]. - The Chinese Ministry of Commerce carried out activities such as visiting Canada, meeting with US officials, and supporting foreign - trade enterprises [8]. - Market supervision总局 carried out comprehensive rectification of market competition order [9]. - The Central Education Work Leading Group issued a plan for the adjustment and optimization of higher - education disciplines and specialties [9]. - US economic data showed that the Q2 GDP growth rate was revised upwards, and the core PCE price index was lower than expected. The number of initial jobless claims last week was lower than expected [9]. - A lawsuit related to the independence of the Federal Reserve was filed [9]. - The euro - zone economic sentiment index declined in August, and the EU proposed legislative proposals related to tariffs [10]. 2. Commodity Futures - Related Information - On August 28, international precious - metal futures generally rose, and oil prices rebounded due to inventory decline. London base metals all rose, the RMB strengthened against the US dollar, and the US dollar index fell [11][12]. 3. Futures Market Analysis and Outlook Stock Index Futures - On August 28, the stock - index futures of IF2509, IH2509, IC2509, and IM2509 showed different trends of opening, rising, and falling, and the A - share market generally rose, while the Hong Kong stock market fell. The US and European stock markets had different trends [13][16][17]. - It is expected that on August 29, stock - index futures will be strongly volatile, and specific resistance and support levels are given [19]. Bond Futures - On August 28, the ten - year and thirty - year bond - futures main contracts showed a weak trend, and the central bank carried out reverse - repurchase operations, with a net investment of 163.1 billion yuan. The short - term Shibor rose [37]. - It is expected that on August 29, the ten - year and thirty - year bond - futures main contracts will be weakly and widely volatile, and specific resistance and support levels are given [38][41]. Precious - Metal Futures - On August 28, the gold and silver futures main contracts showed a rising trend. It is expected that in August 2025, the main continuous contracts of gold and silver futures will be widely volatile, and on August 29, they will be strongly volatile, with specific resistance and support levels given [43][50]. Base - Metal Futures - On August 28, the main contracts of copper, aluminum, nickel, industrial silicon, and poly - silicon futures showed different trends of rising, falling, and fluctuating. It is expected that in August 2025, the main continuous contracts of these futures will have different trends, and on August 29, specific trends and resistance and support levels are given [52][61][67]. Energy and Chemical Futures - On August 28, the main contracts of coke, glass, soda ash, crude oil, PTA, and PVC futures showed different trends. It is expected that in August 2025, the main continuous contracts of these futures will have different trends, and on August 29, specific trends and resistance and support levels are given [88][90][96]. Agricultural Futures - On August 28, the main contracts of soybean meal and natural rubber futures showed different trends. It is expected that on August 29, they will be weakly volatile, with specific resistance and support levels given [107][110].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The methanol 2601 contract is expected to operate weakly, with short - term, medium - term, and intraday trends being oscillatory, oscillatory, and weakly oscillatory respectively [1][5] - As the previous macro - driving force weakens, methanol returns to a market dominated by a weak supply - demand structure. With large supply pressure and off - season demand, the price center is likely to decline [5] Group 3: Summary by Related Catalogs Price and Market Trends - On Wednesday night, the domestic methanol futures 2601 contract showed a weakly oscillatory trend, with the futures price closing down 0.92% to 2361 yuan/ton. It is expected to maintain a weakly oscillatory trend on Thursday [5] Market Driving Factors - The supply pressure of methanol at home and abroad is still large, and downstream demand is in the off - season, resulting in a weak supply - demand structure [5] - The decline of domestic coal futures prices and the suppression of weak industrial factors contribute to the weak trend of methanol futures [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term and intraday view of rebar 2510 is oscillating weakly, and the medium - term view is oscillating. It is recommended to pay attention to the pressure at the MA5 line. The core logic is that industrial contradictions are accumulating and steel prices are under pressure [2]. - Due to weak market sentiment, poor supply - demand pattern, and weak demand in the off - season, steel prices are under pressure. However, the recent increase in cost limits the downward space, and it is expected that steel prices will continue the weak operation trend. Attention should be paid to the production and sales data released by Steel Union today [3]. Group 3: Summary by Relevant Catalogs Variety Viewpoint Reference - For rebar 2510, the short - term and intraday trends are oscillating weakly, the medium - term trend is oscillating. The view is to pay attention to the pressure at the MA5 line, and the core logic is the accumulation of industrial contradictions and the pressure on steel prices [2]. Market Driving Logic - Market sentiment has weakened, the supply - demand pattern of rebar is poor. Supply has shrunk but the profit per ton is okay with limited production reduction space. Demand continues the seasonal weakness, high - frequency indicators are at a low level, and the weak demand restricts steel prices. Although the cost has increased recently, the downward space is limited. Overall, steel prices are expected to continue the weak operation trend [3].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The methanol 2601 contract is expected to run strongly, showing a volatile and slightly stronger trend in the short, medium, and intraday terms [1][5] - With the weakening of previous macro - driving forces, methanol has returned to a market dominated by a weak supply - demand structure. However, due to the slight increase in domestic coal futures prices and the improvement of macro factors, the weak industrial factors are suppressed, and the domestic methanol futures 2601 contract may maintain a volatile and slightly stronger trend on Tuesday [5] Group 3: Summary by Related Content Time - cycle Viewpoints - Short - term (within one week): The methanol 2601 contract is expected to be volatile [1] - Medium - term (two weeks to one month): The methanol 2601 contract is expected to be volatile [1] - Intraday: The methanol 2601 contract is expected to be volatile and slightly stronger [1][5] Price and Market Analysis - The supply pressure of methanol at home and abroad is still large, and downstream demand is in the off - season, resulting in a weak supply - demand structure and a downward price center [5] - On the night of Monday this week, the domestic methanol futures 2601 contract maintained a narrow volatile consolidation trend, with the futures price slightly rising 0.00% to 2423 yuan/ton [5]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - For soybean meal futures, the mid - line trend is in a wide - range oscillation. Domestic high - operating rate and high crushing volume, combined with factors such as restricted feed consumption due to pig - farming losses and pre - festival stocking demand, along with international factors like high yield expectations and planting area adjustments of US soybeans, lead to this trend. If the fourth - quarter ship purchases slow down, the center of the soybean meal futures price may gradually rise [7]. - For soybean oil futures, the mid - line trend is also in a wide - range oscillation. High domestic oil - mill operating rates increase production, but weak terminal demand and the upcoming traditional consumption season in the fourth quarter, along with the expected rise in imported soybean costs, contribute to this situation. It is recommended to wait and see [30]. 3. Summary by Relevant Catalogs Soybean Meal Futures Mid - line Market Analysis - The mid - line trend of the soybean meal main contract is in a wide - range oscillation. In the 33rd week, the actual soybean crushing volume of oil mills was 2.339 million tons, with an operating rate of 65.75%, and the soybean meal inventory was 1.0147 million tons, a 1.12% increase from the previous week. Domestic high - operating rates and high crushing volume, restricted feed consumption due to pig - farming losses, pre - festival stocking demand, high yield expectations of US soybeans, and planting area adjustments all affect the price. If the fourth - quarter ship purchases slow down, the center of the soybean meal futures price may gradually rise [7]. Variety Trading Strategy - Last week, the overall trend of the soybean meal futures price was sideways, with a strong bullish bias in funds. The M2601 contract may continue the oscillating and slightly bullish trend in the short term, with an expected operating range of 3000 - 3250. This week, the overall trend of the soybean meal futures price is still sideways, with a relatively bullish bias in funds. The M2601 contract may be in an oscillating trend in the short term, with an expected operating range of 3000 - 3250 [10][11]. Variety Diagnosis - The main force is relatively bullish with a multi - empty flow of 69.7, but the funds are flowing out significantly with a fund energy of - 68.5. The multi - empty divergence is 96.4, indicating a high risk of market reversal [15]. Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department. The relevant data involves weekly production, inventory, apparent consumption, weekly inventory days, basis, and oil - meal ratio of soybean meal [19][21][24] Soybean Oil Futures Mid - line Market Analysis - The mid - line trend of the soybean oil main contract is in a wide - range oscillation. In the 33rd week, the actual production of 125 oil mills was 444,400 tons, a 30,700 - ton increase from the previous week, and the commercial inventory in key regions was 1.1427 million tons, a 5000 - ton increase from the previous week. High domestic oil - mill operating rates increase production, but weak terminal demand and the upcoming traditional consumption season in the fourth quarter, along with the expected rise in imported soybean costs, contribute to this situation. It is recommended to wait and see [30]. Variety Trading Strategy - Last week, the overall trend of the soybean oil futures price was in an upward channel, with a slightly bearish bias in funds. The Y2601 contract may continue to be bullish but should be aware of short - term oscillating corrections. This week, the overall trend of the soybean oil futures price is in an upward channel, with a relatively bullish bias in funds. The Y2601 contract may be in a high - level oscillating pattern in the short term [33]. Variety Diagnosis - The main force is relatively bullish with a multi - empty flow of 72.0, and the main funds are flowing out slightly with a fund energy of - 36.1. The multi - empty divergence is 92.3, indicating a high risk of market reversal [36]. Relevant Data - The data sources include Wind, Mysteel, and the Great Wall Futures Trading Consultation Department. The relevant data involves weekly production, inventory, basis, trading volume of soybean oil, as well as weekly arrival volume, inventory, crushing volume, operating rate of soybeans, weekly port inventory, and Brazilian premium [42][45][47]

Report Summary 1) Report Industry Investment Rating No information provided on the industry investment rating. 2) Report's Core View - The methanol 2601 contract is expected to run strongly, with short - term, medium - term, and intraday views being volatile, volatile, and volatile - bullish respectively [1][5]. - The methanol market is dominated by a weak supply - demand structure, but due to the sharp rise in domestic coal futures prices and improved macro factors, the weak industrial factors are suppressed, and the methanol futures contract 2601 may maintain a volatile - bullish trend on Monday [5]. 3) Summary by Related Content Price and Market Conditions - The domestic methanol futures 2601 contract closed slightly up 0.79% to 2429 yuan/ton on the night of last Friday [5]. Market Logic - As the previous macro - driving force weakens, the methanol market returns to being dominated by a weak supply - demand structure. Currently, the supply pressure of methanol at home and abroad is still high, and downstream demand is in the off - season, leading to a downward price trend [5]. - The sharp rise in domestic coal futures prices and improved macro factors suppress the weak industrial factors, resulting in a volatile - bullish trend of the methanol futures 2601 contract [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Report's Core View - The methanol 2601 contract is expected to run weakly, with short - term, medium - term, and intraday trends being oscillatory, oscillatory, and oscillatory - weak respectively [1][5]. - As the previous macro - driving force weakens, methanol returns to a market dominated by a weak supply - demand structure. The supply pressure of methanol at home and abroad remains high, and downstream demand is in the off - season, leading to a downward shift in the price center [5]. 3) Summary by Relevant Catalog Methanol 2601 Trends - Short - term: Oscillatory [1] - Medium - term: Oscillatory [1] - Intraday: Oscillatory - weak [1][5] Price Calculation and Movement Definition - For varieties with night trading, the starting price is the night - trading closing price; for those without, it's the previous day's closing price. The end price is the day - trading closing price to calculate the price change [2]. - A decline greater than 1% is considered a fall, 0 - 1% is oscillatory - weak, a rise of 0 - 1% is oscillatory - strong, and a rise greater than 1% is a rise. Oscillatory - strong/weak only applies to intraday views [3][4]. Price and Market Analysis of Methanol (MA) - Driven by a weak supply - demand structure, the domestic methanol futures 2601 contract closed 0.08% lower at 2417 yuan/ton on Thursday night, and is expected to maintain an oscillatory - weak trend on Friday [5].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report Through macro - fundamental and technical analysis, the report predicts the trends of various futures on August 20, 2025, including that stock index futures will oscillate and consolidate, while some commodity futures like coking coal, glass, and soda ash futures will oscillate weakly, and industrial silicon, polysilicon, and lithium carbonate futures will have a weakly wide - range oscillation [1][2]. Summary by Relevant Catalogs 1. Futures Market Outlook - **Stock Index Futures**: Expected to oscillate and consolidate on August 20. Specific support and resistance levels are provided for IF2509, IH2509, IC2509, and IM2509 [2][19]. - **Treasury Bond Futures**: The ten - year and thirty - year treasury bond futures主力 contracts T2509 and TL2509 are likely to oscillate strongly and attack resistance levels [2]. - **Precious Metal Futures**: Gold and silver futures主力 contracts AU2510 and AG2510 are likely to oscillate weakly [2][3]. - **Base Metal Futures**: Copper, aluminum, alumina, etc. futures主力 contracts are likely to oscillate weakly [3]. - **Industrial and Energy Futures**: Industrial silicon, polysilicon, lithium carbonate, etc. futures主力 contracts are likely to have a weakly wide - range oscillation; coking coal, glass, and soda ash futures主力 contracts are likely to oscillate weakly [1][3]. - **Agricultural Futures**: Soybean meal, soybean oil, palm oil, etc. futures主力 contracts are likely to oscillate weakly [7]. 2. Macro Information and Trading Tips - **Domestic Information**: In July, China's general public budget revenue increased year - on - year; relevant meetings emphasized promoting consumer policies; the central bank increased re - loan quotas; unemployment rates of different age groups were announced; new regulations on personal pension were introduced; and the LME Hong Kong delivery warehouse was inaugurated [8][11]. - **International Information**: The US expanded steel and aluminum tariff lists, which is negative for related commodity futures; the US and Japan planned investment consultations; the US new home starts increased; the US credit rating was confirmed; and a Japanese politician called for interest rate hikes [9][10][11]. 3. Futures Market Analysis and Outlook - **Stock Index Futures**: On August 19, the stock index futures主力 contracts generally had weak trends, with short - term upward momentum weakening and downward pressure increasing. The A - share market was weak, but the two - margin balance continued to rise, and foreign institutions were optimistic about the Chinese stock market [13][14][15][16][17]. - **Treasury Bond Futures**: On August 19, the ten - year and thirty - year treasury bond futures主力 contracts had small rebounds, and the central bank conducted large - scale reverse repurchase operations [37][41]. - **Commodity Futures**: Different commodity futures主力 contracts had different trends on August 19, and their trends on August 20 were predicted based on technical and fundamental analysis [44][51][70][71][74][79][83][87][91][94][100][104][106][108][110][112][114][117].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report - The methanol 2601 contract is expected to run weakly, with a short - term and medium - term outlook of oscillation, and an intraday view of oscillation on the weaker side [1][5]. - As the previous macro - driving force weakens, the methanol market is dominated by a weak supply - demand structure. The supply pressure at home and abroad remains high, and downstream demand is in the off - season, leading to a downward shift in the price center [5]. 3) Summary by Related Content Time - cycle and View - For the methanol 2601 contract, the short - term view is oscillation, the medium - term view is oscillation, and the intraday view is oscillation on the weaker side, with an overall view of weak operation [1]. Price and Market Performance - Last Friday night, the price of the domestic methanol futures 2601 contract slightly decreased by 0.86% to 2409 yuan/ton, and it is expected to maintain an oscillation - on - the - weaker - side trend on Monday [5]. Core Logic - The methanol market has returned to a situation dominated by a weak supply - demand structure. High supply pressure at home and abroad and off - season downstream demand lead to a weak supply - demand structure and a downward - moving price center [5].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report The methanol market is expected to run weakly, with a short - term, medium - term, and intraday view of being volatile, volatile, and volatile and weak respectively. The price of the methanol 2601 futures contract is likely to maintain a volatile and weak trend on Friday [1][5]. 3) Summary by Related Catalogs Price and Market Trends - The domestic methanol futures 2601 contract closed slightly 0.69% lower at 2442 yuan/ton on Thursday night [5]. Core Logic - With the weakening of the previous macro - driving force, the methanol market has returned to a situation dominated by a weak supply - demand structure. The supply pressure of methanol at home and abroad remains high, and downstream demand is in the off - season, leading to a downward shift in the price center [5]. - The domestic coal futures price is in a volatile and weak trend, which also affects the methanol market [5].