Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Sugar**: Short - term, it's difficult for raw sugar prices to fall below previous lows, but the overall trend is bearish. Zhengzhou sugar may rebound but will remain bearish due to increased imports and weak demand [3]. - **Corn**: In the short - term, the corn market has average trading, with a weak sentiment and the futures price will oscillate at a low level. In the long - term, the futures price may decline due to lower costs and increased supply [5]. - **Meal**: Hold long positions in the 01 contract of rapeseed meal. Domestic soybean and meal inventories are rising, and short - term supply is high, which suppresses the spot price [10]. - **Pig**: Spot pig prices are weakly oscillating, and short - term prices are not optimistic. The far - month 01 contract has support but also faces hedging pressure [13]. - **Cotton**: Short - term, domestic cotton prices may oscillate within a range. After new cotton is on the market, prices will face pressure [17]. - **Egg**: Egg futures are still bearish, but low - price demand may support prices, while high supply may limit the increase [21]. 3. Summary by Industry 3.1 Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu increased by 0.70% to 8670 on August 12. The basis of Y2601 increased by 18.18% [1]. - **Palm Oil**: The spot price in Guangdong increased by 3.12% to 9260. The basis of P2509 increased by 57.14%. The import profit decreased by 254.50% [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 1.24% to 9760. The basis of OI601 decreased by 180.77% [1]. 3.2 Sugar Industry - **Futures Market**: The prices of SR2601 and SR2509 increased by 0.63% and 0.49% respectively. The open interest of the main contract decreased by 0.19%, and the number of warehouse receipts decreased by 2.12% [3]. - **Spot Market**: The price in Nanning remained unchanged. The basis decreased. The import price of Brazilian sugar increased [3]. - **Industry Situation**: National sugar production and sales increased by 12.03% and 23.07% respectively year - on - year. Industrial inventory decreased [3]. 3.3 Corn Industry - **Corn**: The price in Jinzhou Port decreased slightly. The 9 - 1 spread decreased by 9.46%. The number of vehicles at Shandong deep - processing plants increased by 25.25% [5]. - **Corn Starch**: The price of CS2509 increased by 0.11%. The basis decreased by 4.41%. The profit of Shandong starch increased by 9.71% [5]. 3.4 Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 0.34%. The basis of M2601 decreased by 23.77%. The import profit of Brazilian soybeans decreased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 2.99%. The basis of RM2601 decreased by 100%. The import profit of Canadian rapeseed increased [10]. - **Soybean**: The price of domestic and imported soybeans remained stable. The basis of the main contracts changed [10]. 3.5 Pig Industry - **Futures**: The prices of LH2511 and LH2601 increased by 0.64% and 0.42% respectively. The open interest of the main contract decreased by 2.28% [13]. - **Spot**: Prices in different regions had small fluctuations. The daily slaughter volume remained unchanged [13]. 3.6 Cotton Industry - **Futures Market**: The prices of CF2509 and CF2601 increased by 0.40% and 0.72% respectively. The open interest of the main contract increased by 67.73%, and the number of warehouse receipts decreased by 1.04% [17]. - **Spot Market**: The prices of Xinjiang cotton and related indexes increased slightly. The basis decreased [17]. - **Industry Situation**: Commercial inventory decreased by 13.9%, and industrial inventory increased by 1.8%. Import volume decreased by 25% [17]. 3.7 Egg Industry - **Futures**: The prices of JD09 and JD10 increased by 1.22% and 0.41% respectively. The 9 - 10 spread increased by 31.03% [20]. - **Spot**: The egg price in the production area remained unchanged. The basis decreased by 25.52% [20]. - **Industry Situation**: The price of egg - laying chicks remained stable, the price of culled hens decreased, and the breeding profit decreased significantly [20][21].

证券研究报告|行业研究报告 [Table_Title] B2Gold 2025Q2 黄金总产量环比增加 19.0%至 7.14 吨，2025Q2 净利润环比增长 157.3%至 1.61 亿美 元 [Table_Date] 2025 年 8 月 9 日 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 产量：2025Q2 黄金总产量为 229,454 盎司(7.14 吨)，环比增加 19.0%，同比增加 12.3%。2025Q2 黄金总产量包括鹅矿 （Goose Mine）的商业化前产量在内，费科拉（Fekola）、马 斯巴特（Masbate）和奥奇科托（Otjikoto）矿在第二季度的产 量均超出预期，公司仍有望实现其综合年产量指导范围。从 2025 年第三季度开始，这三个矿场的黄金产量均将继续达到或 超过预期。 销量：2025Q2 黄金总销量为 210,384 盎司(6.54 吨)，环比增加 14.3%，同比增加 0.1%。 实现金价：2025Q2 黄金实现价格为 3290 美元/盎司（761.59 元 /克），环比上涨 13.8%，同比上 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The HC2510 contract fluctuated on Monday. The overall hot - rolled coil production remains high, terminal demand is resilient, but the cost support weakens as coal and coke prices decline in the late trading. Technically, the 1 - hour MACD indicator of the HC2510 contract shows DIFF and DEA adjusting downwards with shrinking red bars. It is recommended to conduct intraday short - term trading, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract is 3,123 yuan/ton, up 2 yuan; the position volume is 1,525,709 lots, up 999 lots; the net position of the top 20 in the HC contract is 78,901 lots, down 7,318 lots; the HC10 - 1 contract spread is - 5 yuan/ton, up 1 yuan; the HC daily warehouse receipt at the SHFE is 67,543 tons, down 1,192 tons; the HC2510 - RB2510 contract spread is 126 yuan/ton, unchanged [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,230 yuan/ton, up 10 yuan; in Guangzhou is 3,190 yuan/ton, up 20 yuan; in Wuhan is 3,230 yuan/ton, up 10 yuan; in Tianjin is 3,110 yuan/ton, up 10 yuan. The HC main contract basis is 107 yuan/ton, up 8 yuan; the Hangzhou hot - rolled coil - rebar spread is 80 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 713 yuan/wet ton, unchanged; the price of Hebei quasi - first - grade metallurgical coke is 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,220 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,910 yuan/ton, up 10 yuan. The domestic iron ore port inventory is 13,930.23 million tons, up 36.07 million tons; the sample coking plant coke inventory is 73.81 million tons, down 7.31 million tons; the sample steel mill coke inventory is 627.51 million tons, down 6.50 million tons; the Hebei billet inventory is 77.26 million tons, up 8.00 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills is 83.84%, unchanged; the blast furnace capacity utilization rate is 90.85%, up 0.04%. The sample steel mill hot - rolled coil output is 327.24 million tons, up 1.79 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 83.59%, up 0.45%. The sample steel mill hot - rolled coil factory inventory is 78.22 million tons, up 1.70 million tons; the 33 - city hot - rolled coil social inventory is 262.94 million tons, down 0.71 million tons. The domestic crude steel production is 8,655 million tons, up 53 million tons; the steel net export volume is 1,010 million tons, up 16 million tons [2]. Downstream Situation - The monthly automobile production is 2.6485 million vehicles, up 0.0298 million vehicles; the monthly automobile sales is 2.6863 million vehicles, up 0.0967 million vehicles. The monthly air - conditioner output is 29.48 million units, down 1.353 million units; the monthly household refrigerator output is 8.51 million units, up 0.331 million units; the monthly household washing machine output is 9.412 million units, down 0.239 million units. Last week, the number of steel mill maintenance and复产 production lines increased compared with the previous week. 9 provinces had steel mills with production line maintenance, with 9 maintenance lines (2 more than the previous week) and 8复产 lines (3 more than the previous week). The production affected by production line maintenance is estimated to be 18.03 million tons this week [2]. Industry News - China firmly opposes any party reaching a deal at the expense of China's interests in exchange for so - called tariff reductions. Canada will impose a 50% tariff on steel products imported from countries without a free - trade agreement with Ottawa that exceed the quota [2].

Production Summary - In May, the total production of power and other batteries in China reached 123.5 GWh, representing a month-on-month increase of 4.4% and a year-on-year increase of 47.9% [1] - From January to May, the cumulative production of power and other batteries was 568.1 GWh, with a year-on-year growth of 62.6% [1] Sales Summary - In May, the total sales of power and other batteries amounted to 123.6 GWh, showing a month-on-month increase of 4.7% and a year-on-year increase of 58.1% [2] - The sales of power batteries in May were 87.5 GWh, accounting for 70.8% of total sales, with a month-on-month increase of 1.0% and a year-on-year increase of 54.1% [2] - Cumulatively, from January to May, the total sales reached 527.5 GWh, with a year-on-year growth of 69.8% [2] Export Summary - In May, the total export of power and other batteries was 19.0 GWh, reflecting a month-on-month decrease of 14.6% but a year-on-year increase of 23.0% [2] - Cumulatively, from January to May, the total export reached 102.9 GWh, with a year-on-year growth of 68.0% [2] Installation Summary - In May, the installation volume of power batteries was 57.1 GWh, marking a month-on-month increase of 5.5% and a year-on-year increase of 43.1% [3] - Cumulatively, from January to May, the total installation volume was 241.4 GWh, with a year-on-year growth of 50.4% [3]

Investment Rating - Industry rating: Recommended [4] Core Insights - The company's total gold production in Q1 2025 was 720,000 ounces (22.39 tons), a decrease of 4.0% quarter-on-quarter but an increase of 21.8% year-on-year [1][2] - Total gold sales for Q1 2025 were 737,000 ounces (22.92 tons), reflecting a quarter-on-quarter increase of 1.7% and a year-on-year increase of 17.9% [1][2] - The average gold price achieved in Q1 2025 was $2,874 per ounce (674.53 yuan per gram), up 8.3% quarter-on-quarter and 39.3% year-on-year [1][2] Production and Operational Performance - The unit total cash cost for Q1 2025 was $1,223 per ounce (287.04 yuan per gram), an increase of 6.9% quarter-on-quarter and 3.6% year-on-year [2] - The all-in sustaining cost (AISC) for Q1 2025 was $1,640 per ounce (384.91 yuan per gram), a decrease of 0.4% quarter-on-quarter and an increase of 1.2% year-on-year [2] - The company reaffirmed its 2025 production guidance, expecting total gold production to be between 2.9 million ounces and 3.225 million ounces [6] Financial Performance - Revenue for Q1 2025 was $1.927 billion, a quarter-on-quarter increase of 12.3% and a year-on-year increase of 69.3% [3][5] - Gross profit for Q1 2025 was $839 million, reflecting a quarter-on-quarter increase of 18.7% and a year-on-year increase of 177.8% [3][5] - Net profit attributable to shareholders for Q1 2025 was $443 million, a decrease of 5.7% quarter-on-quarter but an increase of 663.8% year-on-year [3][5] - Adjusted EBITDA for Q1 2025 was $1.120 billion, a quarter-on-quarter increase of 26.7% and a year-on-year increase of 158.1% [5]

Core Insights - In April, China's total production of power and other batteries reached 118.2 GWh, a slight decrease of 0.03% month-on-month but a significant increase of 49.0% year-on-year [1] - Cumulatively, from January to April, the total production of power and other batteries was 444.6 GWh, reflecting a year-on-year growth of 67.1% [1] Sales Performance - In April, the total sales of power and other batteries were 118.1 GWh, marking a month-on-month increase of 2.3% and a year-on-year increase of 73.5% [2] - Power battery sales accounted for 86.6 GWh, representing 73.4% of total sales, with a month-on-month decrease of 1.0% and a year-on-year increase of 72.8% [2] - Cumulatively, from January to April, total sales reached 403.9 GWh, with a year-on-year growth of 73.7% [2] Export Data - In April, total exports of power and other batteries were 22.3 GWh, a month-on-month decrease of 2.9% but a year-on-year increase of 64.2% [2] - Cumulatively, from January to April, total exports reached 83.9 GWh, reflecting a year-on-year growth of 83.2% [3] Installation Volume - In April, the installation volume of power batteries was 54.1 GWh, showing a month-on-month decrease of 4.3% but a year-on-year increase of 52.8% [4] - Cumulatively, from January to April, the total installation volume was 184.3 GWh, with a year-on-year growth of 52.8% [4]