Report Industry Investment Rating No relevant content provided. Core Views - **Copper**: Macroeconomic factors show the US PPI rising significantly, while the supply of copper concentrates is increasing, and the demand is weak. The copper price remains in a narrow - range fluctuation, waiting for market drivers [7]. - **Lithium Carbonate**: Due to the production reduction of CATL, the supply is expected to shrink, and the demand is in a small peak season. The price of lithium carbonate is expected to fluctuate at a high level in the short term [8][9]. - **Crude Oil**: Entering the end of the seasonal travel peak, the inventory of oil products is increasing. OPEC + plans to increase production in September, and the possibility of a cease - fire between Russia and Ukraine is rising. The medium - and long - term downward pressure on crude oil prices is increasing, and the short - term volatility is large [10]. - **Asphalt**: The supply is increasing, the demand is restricted by funds and weather, and the inventory is at a low level. It is recommended to close short positions temporarily [11][12]. - **PP**: The supply is increasing, the demand is weak, and it is about to enter the peak season. It is expected to fluctuate, and a 09 - 01 reverse spread is recommended [13]. - **Plastic**: The supply is increasing, the demand is in the off - season, and the inventory pressure is large. It is expected to fluctuate, and a 09 - 01 reverse spread is recommended [14][15]. - **PVC**: The supply is increasing, the demand is not improved, and the inventory is high. It is expected to fluctuate downward, and a 09 - 01 reverse spread is recommended [16]. - **Coking Coal**: After continuous price increases, the market sentiment cools down, and the price fluctuates at a high level [18]. - **Urea**: The demand is weak, the supply is expected to decrease, and the inventory is accumulating. The short - term trend is weak consolidation [19]. Summary by Relevant Catalogs Futures Market Overview - **Price Changes**: As of August 15, most domestic futures main contracts declined. Rapeseed meal dropped by over 3%, methanol and rapeseed oil by nearly 2%, and many others by over 1%. Polysilicon rose by over 4%, lithium carbonate by over 2%, and some others by over 1%. Stock index futures generally rose, while most treasury bond futures declined [4]. - **Fund Flows**: As of 15:07 on August 15, funds flowed into contracts such as CSI 1000 2509 and CSI 500 2509, and flowed out of contracts such as Shanghai Silver 2510 and Shanghai Gold 2510 [4]. Core Commodity Analysis Copper - **Macro**: The US PPI in July rose significantly, with a month - on - month increase of 0.9% and a year - on - year increase of 3.3%, both exceeding expectations [7]. - **Supply**: The Indonesian smelter's maintenance was extended, and China's copper concentrate imports in July increased by 18.24% year - on - year and 8.94% month - on - month. The TC/RC fees continued to rise, and the production enthusiasm of smelters was fair [7]. - **Demand**: Affected by high - temperature and rainy weather, the downstream demand was weak, and the terminal power grid performed well, while the real estate sector was a drag. The inventory in the Shanghai Futures Exchange did not show a significant increase, supporting the domestic copper price [7]. Lithium Carbonate - **Price**: The average price of battery - grade lithium carbonate was 82,700 yuan/ton, up 700 yuan/ton from the previous trading day; the average price of industrial - grade lithium carbonate was 80,400 yuan/ton, up 650 yuan/ton [8]. - **Supply**: CATL's mining end in Jianxiawo stopped production on August 10, with no short - term resumption plan. The monthly output of this mine accounted for 9% - 10% of the domestic lithium carbonate output, and the supply was expected to shrink [8]. - **Demand**: The demand in the power sector recovered with the return of subsidies, and the trading enthusiasm of traders increased [8][9]. Crude Oil - **Inventory**: The EIA data showed that the inventory of crude oil and diesel increased, and the gasoline inventory decreased slightly [10]. - **Supply**: OPEC + plans to increase production by 547,000 barrels per day in September, and the possibility of a cease - fire between Russia and Ukraine is rising, increasing the medium - and long - term downward pressure on prices [10]. - **Price**: Saudi Aramco raised the official selling price of Arab Light crude oil to Asia in September [10]. Asphalt - **Supply**: The weekly asphalt production rate increased by 1.2 percentage points to 32.9%, and the expected production in August decreased by 5.1% month - on - month and increased by 17.1% year - on - year [11]. - **Demand**: The downstream production rates mostly increased, but the demand was restricted by funds and weather. The national shipment volume decreased by 11.34% week - on - week [11][12]. - **Inventory**: The inventory - to - sales ratio of asphalt refineries increased slightly but remained at a low level in the same period in recent years [12]. PP - **Supply**: The production rate of PP enterprises decreased to about 83.5%, and the production ratio of standard - grade drawstring decreased to about 28.5%. New capacity is planned to be put into production in August, and the number of maintenance devices has increased slightly [13]. - **Demand**: The downstream demand was weak, and the new orders were limited. The downstream procurement was mainly for rigid needs, but the production rate of plastic weaving increased slightly [13]. Plastic - **Supply**: The plastic production rate dropped to about 87%, and new capacity was put into operation. The production rate decreased slightly recently [14][15]. - **Demand**: The downstream production rate increased slightly, but the agricultural film was still in the off - season, and the new orders decreased. The demand was mainly for rigid needs, and the inventory pressure was large [14][15]. PVC - **Supply**: The PVC production rate increased to 80.33%, and new capacity was put into production in August, with more planned in the future [16]. - **Demand**: The downstream production rate decreased slightly, and the demand was not improved. The real estate sector was still in the adjustment stage [16]. - **Inventory**: The social inventory continued to increase, and the inventory pressure was large [16]. Coking Coal - **Price**: The price in the Shanxi market remained unchanged, while the price of Mongolian 5 coking coal decreased by 44 yuan/ton [18]. - **Supply**: The supply data increased, the production of clean coal and raw coal increased, and the inventory of mine clean coal decreased [18]. - **Demand**: The profit of independent coking enterprises turned positive, the production of downstream coke increased, and the inventory decreased. However, the iron - making water production decreased, and the profitability of steel mills weakened [18]. Urea - **Supply**: Next week, many urea enterprises will conduct inspections, and the supply is expected to decrease [19]. - **Demand**: The production rate of compound fertilizer enterprises increased slightly, but the production rate of melamine decreased significantly, dragging down the domestic demand for urea [19]. - **Inventory**: The factory inventory increased, mainly due to the weak demand after the end of agricultural demand [19].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China and the US have agreed to suspend the implementation of 24% tariffs for another 90 days starting from August 12, 2025, which may allow the risk - preference in the capital market to continue [22]. - The A - share market is currently in a slow - bull trend, and in August, during the policy window period and the concentrated disclosure period of interim reports, the market may experience local hot - spot rotation. Investors should focus on sectors with strong performance prospects [23]. - For A - shares, the main stock indexes continue the trend of oscillating upward. It is recommended to follow the trend in investment, pay attention to locking in profits during rapid rallies, and look for low - buying opportunities in IF, IM, and IC [23][25]. 3. Summary by Relevant Catalogs 3.1 Macro - news - China and the US issued a joint statement on the Stockholm economic and trade talks. Both sides will continue to suspend the implementation of 24% tariffs for 90 days starting from August 12. China will also continue to suspend relevant measures on the unreliable entity list [9]. - Three departments jointly issued a plan for fiscal interest subsidies on personal consumption loans, and nine departments including the Ministry of Finance issued a plan for fiscal interest subsidies on loans to service - industry business entities [9]. - The US CPI in July was flat year - on - year at 2.7%, lower than expected, while the core CPI rose 3.1% year - on - year, higher than expected. The market expects the Fed to cut interest rates in September with a probability of over 90% [10]. - The preliminary ruling of the Ministry of Commerce shows that there is dumping of imported rapeseed from Canada and halogenated butyl rubber from Canada and Japan. Temporary anti - dumping measures will be implemented starting from August 14, and an anti - dumping investigation will be launched on imported pea starch from Canada [10]. - The adjustment of domestic refined oil prices has been shelved this time [10]. - The Lithium Industry Branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist "involution - style" malicious competition, and eight dry - process lithium battery separator enterprises reached a consensus on anti - involution [11]. 3.2 Morning Meeting Views on Main Varieties 3.2.1 Agricultural Products - Peanut market prices are basically stable, with a pattern of weak supply and demand. It is expected to be strongly oscillating in the short term but still in a downward trend [14]. - The sugar market has a situation of mixed long and short factors. It is recommended to wait and see. If it effectively breaks through the 5630 pressure level, a light - position long position can be tried [14]. - The corn market also has mixed long and short factors. It is recommended to wait and see in the short term, focusing on the competition at the 2260 key level [14]. - The national average price of live pigs is falling steadily. The futures price is expected to maintain an interval oscillation [14]. - The spot price of eggs is stabilizing. The futures market has a large selling pressure, and it is recommended to avoid long positions [14][15]. - The cotton price is oscillating upward, but it still lacks a core driving force in the short term. Attention should be paid to the USDA report and subsequent news [15]. 3.2.2 Energy and Chemicals - The domestic urea market price continues to be weak. The supply pressure is expected to increase, and the futures price may continue to oscillate and consolidate [17]. - The caustic soda market in Shandong is stable, and it is recommended to pay attention to the 9 - 11 reverse spread [17]. 3.2.3 Industrial Metals - The coking coal and coke prices are expected to remain strong in the short term due to the news of coking enterprise production restrictions [18]. - The copper price continues to oscillate and consolidate, and the aluminum price is expected to continue high - level adjustment due to factors such as increased supply and weak demand [18]. - The alumina market is in an oversupply pattern and is expected to continue interval consolidation [18]. - The steel price is expected to maintain an oscillating and upward trend due to cost increases and production - reduction expectations [18]. - The ferrosilicon and ferromanganese futures prices are oscillating, and the market is mainly affected by macro and coal industry policies, showing an interval oscillation with a rising center of gravity [21]. - The lithium carbonate futures price has risen, with strong expectations but weak reality in the fundamentals. It is recommended to operate within the range, and pay attention to the progress of mining license renewals and terminal restocking [21]. 3.2.4 Options and Finance - On August 12, the three major A - share indexes rose collectively. The futures and options markets of various indexes showed different trends. Trend investors should pay attention to the strength - based arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [21][22].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views - For nickel, on August 11, the main nickel contract on the Shanghai Futures Exchange rose in volume, with the trading volume at 112,549 lots (+37,685) and the open interest at 77,193 lots (-1,762). The LME nickel rose 1.12%. The spot market trading was weak, and the basis premium narrowed. The nickel ore price remained flat, the nickel ore arrivals at ports increased last week, and port inventories accumulated. The loss of nickel - iron plants narrowed, domestic production in August decreased while Indonesian production increased, and nickel - iron inventories accumulated. Domestic electrolytic nickel production in August increased, and export profits shrank. On the demand side, ternary production increased, stainless - steel plant production increased, and alloy and electroplating demand was stable. In terms of inventory, SHFE inventory increased, LME inventory decreased, social inventory increased, and bonded - area inventory decreased. Overall, the pure nickel fundamentals are loose, but the expectation of Fed rate cuts has strengthened, so the nickel price is expected to fluctuate within a range. It is recommended to wait and see [2]. - For stainless steel, on August 11, the main stainless - steel contract fluctuated upward, with the trading volume at 202,613 lots (+115,942) and the open interest at 135,260 lots (+64,070). The spot market trading was fair, and the basis premium narrowed. The SHFE inventory increased, and the social inventory of 300 - series stainless steel last week was 629,100 tons (-15,500). On the supply side, stainless - steel production increased in August. On the demand side, terminal demand was weak. At the cost end, the price of high - nickel pig iron rose, and the price of high - carbon ferrochrome remained flat. Currently, the impact of macro sentiment is relatively large. Although the fundamentals are loose, it will take time for the price to return to the fundamentals, so the price is expected to follow macro fluctuations. It is recommended to wait and see [2]. 3. Summary by Relevant Catalogs Nickel Market Price and Volume - Shanghai nickel futures: On August 11, the closing price of the near - month contract was 121,900 yuan/ton (+950), the trading volume was 112,549 lots (+37,685), and the open interest of the active contract was 77,193 lots (-1,762). The inventory was 20,723 tons (+102) [2]. - LME nickel: On August 11, the official spot price was 15,250 US dollars/ton (+175), the electronic - disk closing price was 15,325 US dollars/ton (+210), and the trading volume was 6,315 lots (+1,371). The total inventory was 211,296 tons (-936) [2]. Spread - In Shanghai nickel, the spread between the near - month and the first - continuous contract was 0 yuan/ton (-140), and the basis between the SMM 1 electrolytic nickel average price and the active contract closing price was 720 yuan/ton (-50) [2]. - In LME nickel, the LME nickel 0 - 3 months spread was - 7.83 US dollars/ton (-199.29), and the basis between the official price and the electronic - disk closing price was - 75 US dollars/ton (-40) [2]. Raw Materials - The average price of Philippine laterite nickel ore 0.9% (CIF) was 29 US dollars/wet ton, 1.5% (CIF) was 57 US dollars/wet ton, and 1.8% (CIF) was 78.5 US dollars/wet ton. The average freight from the Philippines to Lianyungang was 11.5 US dollars/ton, and to Tianjin Port was 12 US dollars/ton [2]. Inventory - SMM China port nickel ore total inventory was 761 million wet tons (+9 million). SMM Shanghai bonded - area nickel inventory decreased by 500 tons, with nickel plate inventory at 4,100 tons (-500) and the total at 4,700 tons (-500). SMM pure nickel social inventory was 40,572 tons (+1,086) [2]. Stainless Steel Market Price and Volume - Shanghai stainless - steel futures: On August 11, the trading volume of the active contract was 202,613 lots (+115,942), and the open interest was 135,260 lots (+64,070). The inventory was 102,983 tons (+58) [2]. Spread - The spread between the near - month and the first - continuous contract of Shanghai stainless steel was 0 yuan/ton (+5), and the basis between the 304/2B coil - trimmed (Wuxi) average price and the active contract was 425 yuan/ton (-190) [2]. Inventory - Stainless - steel spot inventory: In the 200 - series, it was 209,000 tons; in the 300 - series, it was 629,100 tons (-15,500); in the 400 - series, it was 112,400 tons (-2,500); and the total inventory was 947,000 tons (+3,100) [2]. Industry News - In July, China's power battery loading volume was 55.9 GWh, a month - on - month decrease of 4.0% and a year - on - year increase of 34.9%. Among them, the loading volume of ternary batteries was 10.9 GWh, accounting for 19.6% of the total loading volume, a month - on - month increase of 1.9% and a year - on - year decrease of 3.8%; the loading volume of lithium iron phosphate batteries was 4.9 GWh, accounting for 80.4% of the total loading volume, a month - on - month decrease of 5.3% and a year - on - year increase of 49.0% [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The A-share market's upward trend is stable driven by liquidity, and with the continuous implementation of policy combinations, the supply-demand pattern will optimize, potentially leading to stable improvement in the earnings and ROE of the entire A-share market. The market style is shifting from traditional cyclical sectors to technology sectors, and high-quality technology assets may have significant excess returns in the third quarter [7]. - The prices of various commodities in the market show different trends. Some are expected to be volatile, some are expected to decline, and some are expected to rebound [4][11][12][13][14][15][16]. - The bullish trend of the stock index continues, but there may be short - term adjustments. It is advisable to focus on the low - buying opportunities of IF, IM, and IC [19][20][21]. Summary by Relevant Catalogs 1. Chemical Industry - **Price Changes**: On August 11, 2025, in the chemical industry, the prices of natural rubber, 20 - number rubber, plastic, etc. rose, while the prices of coke, styrene, and soda ash fell [4]. 2. Macro News - **Corporate Performance**: Industrial Fulin's semi - annual report in 2025 shows that its revenue and net profit attributable to the parent company have increased significantly year - on - year, with the second - quarter single - season revenue exceeding 200 billion yuan for the first time [7]. - **Stock Market Performance**: Last week, the three major A - share indexes all rose on a weekly basis. The Shanghai Composite Index hit a new high this year, and the Shenzhen Component Index and the ChiNext Index also had certain increases [7]. - **Regional Economy**: The GDP growth rates of Wenzhou, Dalian, and Xuzhou in the first half of the year exceeded 6%, and there is a possibility of entering the "trillion - yuan club" by the end of the year [8]. - **US Policies and Market**: The US government will stop providing tax credits for electric vehicles from September 30, 2025. The sales of electric vehicles in July reached a record high, but it is expected that the sales will "plummet" in the fourth quarter [8]. - **Commodity Prices**: The gold futures price on the New York Mercantile Exchange hit a new high last Friday. The "interest - rate cut trading" and "Trump 2.0" will continue to catalyze in 2025, and central bank reserves will support the gold price [9]. 3. Morning Meeting Views on Major Varieties 3.1 Agricultural Products - **Peanuts**: The peanut market is in a pattern of weak supply and demand, with prices fluctuating narrowly. In the short term, it is expected to be strongly volatile but still in a downward trend [11]. - **Oils and Fats**: The total trading volume of oils and fats decreased by 57% compared to the previous trading day. The market lacks driving forces and is expected to be weakly volatile [11]. - **Sugar**: The domestic sugar market has a different rhythm from the overseas market. If the raw sugar can stop falling and rebound, the 01 contract price may rise to repair the discount [11]. - **Pigs**: The spot price of pigs decreased last week. The supply is sufficient but the demand is weak. The futures market shows a pattern of near - term weakness and long - term strength, with a clear reverse spread trend [11]. - **Eggs**: The spot price of eggs has fallen and stabilized. The futures market has a large premium over the spot, and it is recommended to short on rebounds [12]. - **Cotton**: The cotton market is weakly volatile. The new cotton harvest is expected to be good, and the demand is under pressure. In the short term, there may be a small technical rebound [12]. 3.2 Energy and Chemicals - **Urea**: The domestic urea market price is weakly operating. Supply pressure is expected to increase, and the price may continue to be weakly volatile with support at the bottom [12]. - **Caustic Soda**: The caustic soda contract is under pressure for adjustment, and it is recommended to pay attention to the reverse spread [12][13][14]. - **Coking Coal**: The supply of coking coal is disturbed, and the downstream acceptance of high prices is decreasing. It is expected to be in a high - level volatile state [13]. 3.3 Industrial Metals - **Copper and Aluminum**: The copper price is adjusting due to policy uncertainties, and the aluminum price is expected to continue high - level adjustment due to factors such as increased supply and weak demand [13][14]. - **Alumina**: The alumina market is in an oversupply pattern. The futures price is under pressure, and the spot price is relatively stable, expected to be range - bound [14]. - **Steel Products**: The steel market is in the off - season with slight inventory accumulation. The steel price is expected to be volatile with limited downward space and potential upward driving forces [13][14][16]. - **Ferroalloys**: The ferroalloy market is in a wide - range volatile pattern. Supply is increasing, demand is weak, and it is recommended to take a range - bound trading approach in the short term [16]. - **Lithium Carbonate**: The price of lithium carbonate is expected to fluctuate more due to the uncertainty of the production status of a lithium mine. If the mine shuts down, the price center may rise [16]. 3.4 Options and Finance - **Options**: Index options show different performance in terms of volume, open interest, and implied volatility. Trend investors can focus on arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [18]. - **Stock Index**: The bullish trend of the stock index continues. The Shanghai Composite Index may consolidate around 3600 points. It is recommended to focus on low - buying opportunities of IF, IM, and IC [19][20][21].

Inflation Data Summary - In July 2025, the CPI year-on-year changed from a 0.1% increase to flat, outperforming the Wind consensus expectation of -0.12%[2] - The food price index saw a year-on-year decline of 1.6%, while non-food prices increased by 0.3%[2] - Month-on-month, the CPI rose by 0.4%, slightly above the ten-year average increase of 0.34%[2] Food Price Dynamics - The year-on-year decline in fresh vegetable prices expanded to 7.6%, significantly impacting the CPI[2] - Pork prices saw a year-on-year decline of 9.5%, while beef prices increased by 3.6%[2] - The average wholesale price of 28 monitored vegetables continued to decline year-on-year in early August 2025[2] Non-Food Price Trends - Non-food prices increased by 0.3% year-on-year, with durable goods prices rising due to the end of promotional activities[3] - Transportation fuel prices decreased by 9% year-on-year, influenced by international oil price fluctuations[3] - Service prices rose by 0.5% year-on-year, remaining stable compared to the previous month[3] PPI Insights - The PPI year-on-year decline remained at -3.6%, with production materials down 4.3% and living materials down 1.6%[4] - The PPI month-on-month decreased by 0.2%, with production materials showing a smaller decline than living materials[4] - The price of oil and gas extraction increased by 3.0%, while electronic equipment manufacturing prices fell by 0.4%[4] Future Outlook - CPI is expected to remain stable in August 2025, with food CPI likely to continue its downward trend due to high base effects from the previous year[5] - PPI may show a narrowing year-on-year decline in August, driven by improved supply-demand dynamics in certain industries[5] - Risks include potential delays in policy implementation and unexpected fluctuations in international commodity prices[5]

Core Insights - The tin market is experiencing fluctuations with a slight upward trend in futures prices, while the physical market shows varying premiums for different brands of tin [1][2]. Market Prices - As of August 8, the market prices for 1 tin ingots (Sn99.90) are reported as follows: - Shanghai: 268050 CNY/ton - Guangdong Province: 268250 CNY/ton - Guangdong Nanchu: 268000 CNY/ton - The Shanghai Futures Exchange's main tin contract closed at 267780 CNY/ton, with a slight increase of 0.09% [2]. Inventory and Supply - The London Metal Exchange (LME) reported a total tin inventory of 1710 tons, with a decrease of 60 tons, and registered warrants at 1390 tons, down by 70 tons [3]. - The Shanghai Futures Exchange reported a decrease in tin warehouse receipts to 7332 tons, down by 26 tons from the previous trading day [4]. Supply and Demand Analysis - According to Donghai Futures, the supply side shows a significant recovery in the operating rates of Yunnan and Jiangxi, reaching 59.23%, which is the highest level since March 21, with a 12.39% increase from previous lows. However, refined tin production cuts are less than expected, and mining licenses are being issued, indicating a potential easing in supply [5]. - On the demand side, there is a noted weakness, particularly in the photovoltaic sector, with a 38% year-on-year decrease in new installations in June. The overall downstream orders are declining, leading to an increase in inventory by 367 tons to 10325 tons, indicating a faster decline in demand compared to supply [5].

Core Viewpoint - The article discusses the recent developments in international trade, particularly focusing on the potential meeting between the US and Russia, as well as the performance of key commodities like crude oil, methanol, and lithium carbonate [1][2][4]. Trade and Economic Indicators - In July, China's total goods trade value reached 3.91 trillion yuan, a year-on-year increase of 6.7%, marking the highest growth rate of the year [1]. - Exports amounted to 2.31 trillion yuan, growing by 8%, while imports were 1.6 trillion yuan, up by 4.8% [1]. Crude Oil - Crude oil prices continued to decline, with reports indicating that Russia and the US are preparing for a high-level bilateral meeting [2]. - The US has imposed an additional 25% tariff on Indian imports, which could impact India's status as a major buyer of Russian oil [2]. Methanol - Methanol prices fell by 0.38%, with domestic coal-to-methanol production facilities operating at an average load of 81.05%, a decrease of 0.24 percentage points [3]. - As of July 31, methanol production facilities had an overall operating load of 71.54%, up by 1.17 percentage points from the previous month [3]. Lithium Carbonate - Lithium carbonate prices have seen significant fluctuations due to mining qualification issues in Jiangxi, with recent price declines [4]. - Chile's lithium salt exports are projected to increase by 40% month-on-month and 22% year-on-year by July 2025 [4]. Foreign Exchange and Gold Reserves - As of the end of July, China's foreign exchange reserves stood at $329.22 billion, a decrease of $25.2 billion from the end of June [7]. - China's gold reserves increased to 73.96 million ounces, marking the ninth consecutive month of gold accumulation [7]. Industry News - The Ministry of Industry and Information Technology, along with six other departments, issued guidelines to promote the innovation and development of brain-computer interface technology, setting development goals for 2027 and 2030 [8].

Financial Performance - Q2 2025 sales increased by 26% to $386.9 million compared to $307.2 million in Q1 2025[34] - Adjusted EBITDA improved significantly from $(26.8) million in Q1 2025 to $21.6 million in Q2 2025[34] - Adjusted EBITDA margin increased from (9)% in Q1 2025 to 6% in Q2 2025[34] - Adjusted diluted EPS improved from $(0.20) in Q1 2025 to $(0.08) in Q2 2025[34] - The company generated positive operating cash flow of $15.6 million in Q2 2025 compared to $19.4 million in Q1 2025[44] Market and Operations - The company withdrew guidance due to uncertainty and limited visibility in the market[12, 50] - Silicon metal revenue increased 24% to $130 million in Q2 2025[38] - Silicon-based alloys revenue increased 23% to $112 million in Q2 2025[41] - Manganese-based alloys revenue increased 43% to $106 million in Q2 2025[43] Strategic Outlook - The company expects EU safeguards and the U S silicon metal trade cases to improve 2026 results[12]

》查看更多金属库存信息 | 金屋 | 阵 | 増減 变动 | | --- | --- | --- | | 铜 | 156125 | T +2,275 1 +1.48% | | 品 | 467925 | 1 +1,900 1 +0.41% | | 锌 | 89225 | - -3.050 J -3.31% | | 寝 | 211452 | 1 +198 ↑ +0.09% | | 铝 | 268600 | ب -4,375 J -1.60% | | 锡 | 1755 | - -120 ↓ -6.40% | | 铝合金 | 1500 | 0 - 0.00% | | LME库存 | | --- | | 我屋 | 阵 | 注册仓单 | 变动 | 注销仓单 | | 变动 | | 注销占比 上日占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铜 | 156125 | 145200 | T +2.36% | 10925 | | -8.96% | 7.00% | 7.80% | | 铝 | 467925 | 453700 | 1 +0.17% | 1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Overseas, the market is pricing in the risk of a cooling US economy and an escalation of tariff threats. The US ISM Services PMI in July dropped to 50.1, indicating rising stagflation risks, while the Markit Services PMI rose to 55.7. Trump announced potential tariff hikes, and the appointment of a new Fed Chair is anticipated. In the domestic market, the Chinese Services PMI in July reached a 14 - month high. A - shares showed a bullish trend, and the bond market was volatile. In August, with limited domestic policy and event expectations and increasing overseas uncertainties, the equity market may oscillate, and opportunities in the bond market should be monitored [2][3]. - For precious metals, supported by interest - rate cut expectations, gold and silver continued to rebound. The market expects the Fed to start cutting rates in September, and Trump's tariff announcements may further boost risk - aversion sentiment [4][5]. - In the copper market, the US service industry is at risk of stagnation, but the expectation of a September rate cut has increased. With overseas concentrate shortages and mine restart issues, and inventory rebounds, copper prices are expected to find support and then stabilize [6][7]. - Aluminum prices are under pressure. Although the decline in the US Services PMI has increased speculation of a Fed rate cut, global economic uncertainties and trade policies have affected demand. With rising inventory, aluminum prices are expected to remain under pressure [8][9]. - Alumina prices are expected to be under pressure and oscillate. With an increase in warehouse receipts and a relaxation of market supply, and stable consumption, the market shows a mixed situation [10]. - Zinc prices are expected to be under pressure below the moving average. With a weakening economy, weak consumption, and increasing supply, the expectation of an oversupply is strong, but the short - term decline may be limited [11][12]. - Lead prices are expected to remain weak. With limited consumption improvement, supply increases, and potential cost support weakening, lead prices lack upward momentum [13][14]. - Tin prices may have limited upward momentum. Although supply has marginally recovered, consumption is weak, and the market is in a destocking phase. The price rebound driven by capital reduction may face pressure [15]. - Industrial silicon prices may stop falling. With the increase in production during the southwest's wet season and the rebound of warehouse receipts, and the recovery of anti - involution sentiment, the prices are expected to stabilize [16][17]. - Lithium carbonate prices are weak. Affected by the cooling of anti - involution governance, prices are returning to fundamentals. Technically, there is still room for decline, but policy risks remain high [18][19]. - Nickel prices are expected to oscillate. With weakening terminal demand and an expected supply surplus, but a solid cost base, and fluctuating macro - expectations, nickel prices will remain volatile [20]. - Crude oil prices are weak. With the potential reduction of US sanctions on Russia and OPEC+'s production increase plan, along with rising stagflation concerns, oil prices are expected to be weak, but Middle - East geopolitical risks should be watched [21]. - Steel prices are expected to be slightly bullish. With stable spot trading, the output of major steel products is stable, and demand is mixed. With the expected supply reduction due to the northern parade limit, prices may oscillate upwards [22][23]. - Iron ore prices are expected to oscillate. With a slight increase in port inventory, stable supply, and high steel - mill iron - water production, prices will remain range - bound, and the impact of northern parade - related production limits should be monitored [24]. - Soybean and rapeseed meal prices may oscillate. With normal precipitation in US soybean - growing areas, slow export sales of new - crop soybeans, and the upcoming arrival of Argentine soybean meal, prices will show wide - range oscillations [25]. - Palm oil prices may oscillate and adjust. With concerns about a potential US stagflation, falling oil prices, and expectations of an inventory increase in Malaysian palm oil, but support from Indonesia's B40 policy, and the entry of long - position funds, palm oil prices are in an oscillatory phase [26][27]. 3. Summary by Related Catalogs 3.1 Metal Main Varieties' Trading Data - Presents the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc., along with their price units [28]. 3.2 Industrial Data Perspective - For copper, it shows the price changes of SHFE copper and LME copper, as well as data on inventory, spot quotes, and other indicators from August 4th to 5th [29]. - For nickel, it provides price changes of SHFE nickel and LME nickel, and data on inventory, spot quotes, and other aspects from August 4th to 5th [29][32]. - For zinc, it presents price changes of SHFE zinc and LME zinc, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For lead, it shows price changes of SHFE lead and LME lead, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For aluminum, it provides price changes of SHFE aluminum and LME aluminum, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For alumina, it shows the price changes of SHFE alumina and the national average spot price, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For tin, it presents price changes of SHFE tin and LME tin, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For precious metals, it shows price changes of SHFE and COMEX gold and silver, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For steel products, it provides price changes of SHFE rebar and hot - rolled coil, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For iron ore, it shows price changes of DCE iron ore, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For coking coal and coke, it presents price changes of DCE coking coal and coke, and data on inventory, spot quotes, and other indicators from August 4th to 5th [30][32]. - For industrial silicon, it shows price changes of GFEX industrial silicon, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32]. - For soybean and rapeseed meal, it provides price changes of CBOT soybeans, DCE soybean meal, and CZCE rapeseed meal, and data on inventory, spot quotes, and other aspects from August 4th to 5th [30][32].