1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - No relevant information provided. 3. Summaries Based on Related Catalogs Commodity Prices - The price of crude oil on August 15, 2025, was $572.50 per ton, up 0.26% from the previous value [1]. - The price of ethylene in Northeast Asia on August 15, 2025, was $826.00 per ton, with no change from the previous value [1]. - The ex - factory price of ethylene oxide in East China on August 18, 2025, was 6300 yuan per ton, with no change from the previous value [1]. - The price of methanol in East China on August 15, 2025, was 2347.50 yuan per ton, with no change from the previous value [1]. - The含税 price of lignite in Inner Mongolia on August 15, 2025, was 290 yuan per ton, with no change from the previous value [1]. - The settlement price of the main contract of CG on August 15, 2025, was 4374 yuan per ton, down 0.30% from the previous value [1]. - The settlement price of the nearby contract on August 15, 2025, was 4400 yuan per ton, with no change from the previous value [1]. - The price of ethylene glycol in the East China market on August 15, 2025, was 4460 yuan per ton, with no change from the previous value [1]. Price Differences - The price difference between the near - month and far - month contracts on August 15, 2025, was 33 yuan per ton, up from 20 yuan per ton previously [1]. - The basis difference on August 15, 2025, was 86 yuan per ton, up from 83 yuan per ton previously [1]. Operating Conditions - The operating rate of oil - based ethylene glycol on August 15, 2025, was 52.46%, and that of coal - based ethylene glycol was 9.22% [1]. - The operating rate of the PTA industry chain on August 15, 2025, was 86.88%, and that of the textile machinery industry in the Yangtze River Delta was 57.80% [1]. Financial Conditions - The after - tax gross profit of coal - based synthesis gas method on August 15, 2025, was 1512.98 yuan per ton, compared with 1536.66 yuan per ton previously [1]. Price Indexes - The price index of polyester on August 15, 2025, was 8650 yuan per ton, with no change from the previous value [1]. - The price index of polyester chips on August 15, 2025, was 7125 yuan per ton, with no change from the previous value [1]. - The price index of polyester staple fiber on August 18, 2025, was 6400 yuan per ton, up 0.8% from the previous value [1]. - The price index of bottle - grade chips on August 15, 2025, was 5900 yuan per ton, up 0.1% from the previous value [1].

Domestic Market Performance - The Shanghai Composite Index closed at 3,696.77, with a rise of 0.83% [3] - The Shenzhen Component Index closed at 11,634.67, with a rise of 1.60% [3] - The ChiNext Index closed at 2,022.77, with a decline of 0.47% [3] International Market Performance - The Dow Jones closed at 30,772.79, down by 0.67% [4] - The S&P 500 closed at 3,801.78, down by 0.45% [4] - The NASDAQ closed at 11,247.58, down by 0.15% [4] Economic Indicators - In July, the industrial added value above designated size increased by 5.7% year-on-year, while retail sales of consumer goods rose by 3.7% [8] - Fixed asset investment from January to July grew by 1.6% year-on-year [8] Industry Analysis - The software industry saw a revenue of 7.06 trillion yuan in the first half of 2025, growing by 11.9% [14] - The AI sector is experiencing significant growth, with a 422% increase in the number of projects awarded related to large models in July [14] - The semiconductor industry showed a 3.06% increase in July, with a year-to-date increase of 11.96% [24] Investment Recommendations - The report suggests focusing on sectors such as insurance, robotics, banking, and semiconductors for short-term investment opportunities [8][12][13] - In the software sector, companies like Huada Jiutian and Runze Technology are highlighted for their growth potential [14] - The report recommends monitoring the agricultural chemicals, organic silicon, and polyester filament industries due to their benefits from anti-involution policies [17][20] Sector Performance - The chemical industry index rose by 4.51% in July, outperforming the Shanghai Composite Index [17] - The media sector saw a 35.97% increase in the total market value of public fund holdings in Q2 2025 [21] - The photovoltaic industry index increased by 9.73% in July, indicating a recovery from previous lows [32]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The downstream start - up of EB has rebounded. The port inventory of pure benzene continues to decline slightly, the futures premium narrows, the import pressure does not increase further, but the downstream demand drops from its peak, and the subsequent inventory removal amplitude of pure benzene is small with a still high absolute inventory value. For styrene, the port inventory enters the seasonal decline cycle, the downstream start - up rises rapidly, and attention should be paid to the sustainability of downstream procurement before the peak season [1][3] Summary Based on Related Catalogs 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene: The main basis of pure benzene is - 49 yuan/ton (+18), the spread between East China pure benzene spot and M2 is 10 yuan/ton (-15 yuan/ton), and the spread between BZ2603 - BZ2605 inter - period should be reverse - arbitraged when it is high [1][4] - Styrene: The main basis of styrene is 67 yuan/ton (+19 yuan/ton), and the spread between EB2509 - 2510 inter - period should be reverse - arbitraged when it is high [1][4] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee of pure benzene is 188 dollars/ton (+3 dollars/ton), the FOB South Korea processing fee is 171 dollars/ton (+1 dollar/ton), and the US - South Korea spread is 76.8 dollars/ton (+3.0 dollars/ton). The production profits of downstream products vary, with the production profit of caprolactam at - 1830 yuan/ton (+15), that of phenol - acetone at - 689 yuan/ton (+0), that of aniline at - 161 yuan/ton (-262), and that of adipic acid at - 1517 yuan/ton (+36) [1] - Styrene: The non - integrated production profit of styrene is - 328 yuan/ton (-8 yuan/ton), and the EB - BZ spread should be narrowed when it is high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 14.60 tons (-1.70 tons), and the operating rate of downstream products shows different trends, with the caprolactam operating rate at 93.72% (+5.31%), the phenol operating rate at 77.00% (+0.00%), the aniline operating rate at 71.57% (-1.89%), and the adipic acid operating rate at 61.70% (+7.30%) [1] - Styrene: The East China port inventory of styrene is 148,800 tons (-10,200 tons), the East China commercial inventory is 69,500 tons (+3,000 tons), and the operating rate is 78.2% (+0.5%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 218 yuan/ton (+40 yuan/ton), and the operating rate is 58.08% (+14.41%) [2] - PS: The production profit is - 82 yuan/ton (-10 yuan/ton), and the operating rate is 56.70% (+1.70%) [2] - ABS: The production profit is 127 yuan/ton (+42 yuan/ton), and the operating rate is 71.10% (+0.00%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1830 yuan/ton (+15), and the operating rate is 93.72% (+5.31%) [1] - Phenol - acetone: The production profit is - 689 yuan/ton (+0), and the operating rate of phenol is 77.00% (+0.00%) [1] - Aniline: The production profit is - 161 yuan/ton (-262), and the operating rate is 71.57% (-1.89%) [1] - Adipic acid: The production profit is - 1517 yuan/ton (+36), and the operating rate is 61.70% (+7.30%) [1]

1. Report Industry Investment Rating - Unilateral: Neutral. Maintain a neutral stance on domestic supplies, but keep an eye on cost changes due to low inventories and unexpected overseas operations [3] 2. Core Viewpoints - Yesterday, the closing price of the main EG contract was 4,367 yuan/ton (a decrease of 39 yuan/ton from the previous trading day), the spot price in the East China EG market was 4,488 yuan/ton (unchanged from the previous trading day, a change of +0.00%), and the spot basis in East China EG (based on the 2509 contract) was 82 yuan/ton (an increase of 6 yuan/ton month-on-month). The production profit of ethylene-based EG was -$48/ton (a decrease of $2/ton month-on-month), and the production profit of coal-based syngas EG was -59 yuan/ton (a decrease of 30 yuan/ton month-on-month). The inventory of the main ports in East China increased this week [1] - In terms of supply, the domestic load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Overseas, the restart of some units has not gone smoothly, and the increase in EG imports has been lower than expected. In terms of demand, the inventory pressure of filament has been greatly alleviated, and the polyester load is expected to remain stable in the short term. The balance sheet shows a slight inventory build-up in August, with a lack of sustainability in the increase of port inventories, and the supply-demand contradiction is not significant [2] 3. Summary by Directory Price and Basis - Yesterday, the closing price of the main EG contract was 4,367 yuan/ton (a decrease of 39 yuan/ton from the previous trading day), the spot price in the East China EG market was 4,488 yuan/ton (unchanged from the previous trading day, a change of +0.00%), and the spot basis in East China EG (based on the 2509 contract) was 82 yuan/ton (an increase of 6 yuan/ton month-on-month) [1] Production Profit and Operating Rate - The production profit of ethylene-based EG was -$48/ton (a decrease of $2/ton month-on-month), and the production profit of coal-based syngas EG was -59 yuan/ton (a decrease of 30 yuan/ton month-on-month) [1] International Price Difference - No specific data or analysis provided in the given text Downstream Production, Sales, and Operating Rate - In July, there was a concentrated restocking at the terminal, and the inventory pressure of filament was greatly alleviated. It is expected that the polyester load will remain stable in the short term. Attention should be paid to the order connection in August [2] Inventory Data - According to CCF data released every Monday, the inventory of MEG in the main ports of East China was 553,000 tons (an increase of 37,000 tons month-on-month); according to Longzhong data released every Thursday, the inventory was 535,000 tons (an increase of 49,000 tons month-on-month). As of August 14, the total inventory of MEG in the ports of East China was 534,500 tons, an increase of 57,100 tons from Monday and 48,800 tons from Thursday of last week [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - For PTA, due to sustained low processing margins, recent changes in PTA plants have increased. However, in terms of price, the cost side lacks support and downstream polyester demand is average during the off - season. It is expected that the PTA spot price will fluctuate in the short term, and the spot basis will stabilize. Attention should be paid to subsequent PTA plant and downstream polyester load changes [5]. - For MEG, the port inventory will be adjusted widely within the month, and the increase lacks sustainability. The arrival volume of foreign ships will decrease around the middle of the month. The supply - demand structure of ethylene glycol will be basically balanced from August to September, and demand support will gradually strengthen over time. The fundamental structure of ethylene glycol is moderately positive, and it is expected that the short - term low - level support for ethylene glycol will be strong. Follow - up attention should be paid to plant changes [7]. - Short - term commodity markets are greatly affected by the macro - level. Attention should be paid to the cost side, and for the upward rebound of the market, attention should be paid to the upper resistance level [10]. 3. Summary by Relevant Catalogs 3.1. Previous Day's Review - No relevant content provided 3.2. Daily Tips - PTA: The PTA futures followed the cost side down yesterday. The spot market negotiation atmosphere was average, with polyester factories as the main buyers. The spot basis was differentiated. The mainstream spot basis today is 09 - 14. The spot price is 4646, and the 09 - contract basis is 6, with the futures price at a discount. PTA factory inventory is 3.7 days, a decrease of 0.12 days compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are increasing [5]. - MEG: On Thursday, the price of ethylene glycol adjusted at a low level, and the market trading was active. The night - session ethylene glycol market adjusted narrowly. In the morning, affected by the Shenghong Refining and Chemical plant, the market briefly rebounded, and buying interest was active. Then the market declined and adjusted, and polyester factories actively participated in price - fixing in the afternoon. The spot basis strengthened synchronously, and by the end of the session, the spot negotiation price was at a premium of 85 - 88 yuan/ton to the 09 - contract. In terms of US dollars, the external market price of ethylene glycol adjusted at a low level, and the recent mainstream trading price of ship cargoes was around 522 - 526 US dollars/ton, with transactions around 522 - 524 US dollars/ton, and some traders participated in purchases. The spot price is 4465, and the 09 - contract basis is 98, with the futures price at a discount. The total inventory in the East China region is 47.22 tons, an increase of 4.48 tons compared to the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The main position is net short, and short positions are decreasing [7][8]. 3.3. Today's Focus - No relevant content provided 3.4. Fundamental Data - PTA Supply - Demand Balance Sheet: It shows the supply - demand data of PTA from January 2024 to December 2025, including PTA production capacity, load, output, import, total supply, polyester production, PTA consumption, and ending inventory [11]. - Ethylene Glycol Supply - Demand Balance Sheet: It presents the supply - demand data of ethylene glycol from January 2024 to December 2025, including ethylene glycol total operating rate, output, import, total supply, polyester production, ethylene glycol consumption, and port inventory [12]. 3.5. Price - The report provides data on bottle - chip spot prices, production margins, capacity utilization, and inventory from 2020 to 2025. It also shows the price spreads of PTA (TA1 - 5, TA5 - 9, TA9 - 1), PTA basis, MEG month - to - month spreads (EG1 - 5, EG5 - 9, EG9 - 1), MEG basis, spot spreads (TA - EG, p - xylene processing spread) [14][17][21][22][24][27][30][34][37]. 3.6. Inventory Analysis - The report analyzes the inventory of PTA, MEG, PET slices, and various types of polyester fibers from 2021 to 2025, including factory - level inventory and port inventory [40][41][43]. 3.7. Polyester Upstream and Downstream开工 - It shows the operating rates of PTA, p - xylene, ethylene glycol, polyester factories, and PTA - related industries from 2020 to 2025 [51][55]. 3.8. Processing Fees and Profits - The report provides data on PTA processing fees, MEG production profits from different production methods (methanol - based, coal - based syngas, naphtha - integrated, ethylene - based), and production margins of polyester fibers (short - fiber, DTY, POY, FDY) from 2022 to 2025 [59][62][65].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - EB2509 fell 0.84% to close at 7,238 yuan/ton. On the supply side, a new Shandong plant increased output this week, and some plants adjusted their loads. Styrene production increased 2.76% to 369,100 tons, and capacity utilization rose 0.45% to 78.18%. On the demand side, the operating rates of styrene downstream industries varied last week, and the consumption of EPS, PS, and ABS decreased 3.17% to 238,100 tons. In terms of inventory, styrene factory inventory decreased 1.29% to 208,700 tons, East China port inventory decreased 6.42% to 148,800 tons, and South China port inventory increased 16.13% to 18,000 tons. New capacity additions intensify industry competition. Integrated plant profitability is average, and non - integrated plant losses are expected to deepen. Recently, EPS plants on centralized maintenance are about to restart, and some PS and ABS plants plan to increase production, so short - term demand is expected to rise. However, poor downstream demand and expected finished - product inventory accumulation may restrain styrene demand growth [2]. - Styrene spot supply is ample, and total inventory is at a high level compared to the same period. With the decline in crude oil costs, styrene prices are under pressure. Technically, EB2509 should focus on the support around 7,200 [3]. 3. Summary by Directory 3.1 Futures Market - The futures closing price of the active styrene contract was 7,238 yuan/ton, down 59 yuan; trading volume was 193,870, up 46,999; the long position of the top 20 holders was 312,236 hands, down 2,632; the 10 - month contract closing price was 7,259 yuan/ton, down 61 yuan; the futures open interest of the active contract was 195,195 hands, down 6,330; the net long position of the top 20 holders was - 19,983 hands, down 2,756; the short position of the top 20 holders was 332,219 hands, up 124; and the total warehouse receipt quantity was 737 hands, up 188 [2]. 3.2 Spot Market - The spot price of styrene was 7,622 yuan/ton, up 12 yuan; the FOB South Korea middle price was 894 dollars/ton, down 2 dollars; the CFR China middle price was 904 dollars/ton, down 2 dollars; the mainstream price in Northeast China was 7,400 yuan/ton, up 50 yuan; the mainstream price in South China was 7,500 yuan/ton, up 35 yuan; the mainstream price in North China was 7,365 yuan/ton, up 25 yuan; and the mainstream price in East China was 7,345 yuan/ton, down 5 yuan [2]. 3.3 Upstream Situation - The CFR Northeast Asia middle price of ethylene was 826 dollars/ton, unchanged; the CFR Southeast Asia middle price was 831 dollars/ton, unchanged; the CIF Northwest Europe middle price was 859.5 dollars/ton, down 14.5 dollars; the FD US Gulf price was 457 dollars/ton, down 6 dollars; the FOB US Gulf spot price of pure benzene was 269 cents/gallon, down 1 cent; the CIF Taiwan spot price of pure benzene was 744.81 dollars/ton, unchanged; the FOB Rotterdam spot price of pure benzene was 720 dollars/ton, unchanged; the South China market price of pure benzene was 6,150 yuan/ton, unchanged; the East China market price was 6,170 yuan/ton, unchanged; and the North China market price was 6,200 yuan/ton, up 40 yuan [2]. 3.4 Industry Situation - The overall styrene operating rate was 77.73%, down 1.19 percentage points; national styrene inventory was 211,455 tons, down 5,884 tons; the total inventory at East China main ports was 148,800 tons, down 10,200 tons; and the trade inventory at East China main ports was 69,500 tons, up 3,000 tons [2]. 3.5 Downstream Situation - The operating rate of EPS was 43.67%, down 10.58 percentage points; the operating rate of ABS was 71.1%, up 5.2 percentage points; the operating rate of PS was 55%, up 1.7 percentage points; the operating rate of UPR was 30%, up 1 percentage point; and the operating rate of styrene - butadiene rubber was 73.35%, down 0.07 percentage points [2]. 3.6 Industry News - From August 8th to 14th, China's total styrene factory output was 369,100 tons, up 2.76% from the previous period; the factory capacity utilization rate was 78.18%, up 0.45% month - on - month [2]. - From August 1st to 7th, the consumption of China's main styrene downstream industries (EPS, PS, ABS) was 238,100 tons, down 3.17% from the previous week [2]. - As of August 14th, the sample inventory of Chinese styrene factories was 208,700 tons, down 1.29% month - on - month [2].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - Market expected a possible reduction in Shandong pure benzene production before the military parade, but no significant reduction has occurred yet. Pure benzene port inventory continues to decline slightly, with a narrowing futures premium. The import pressure is not increasing due to a slower arrival rhythm in China and planned maintenance of Korean aromatics in August - September. However, the overall downstream production has declined, leading to a smaller future de - stocking amplitude for pure benzene and a still relatively high absolute inventory level. For styrene, port inventory has entered a seasonal decline cycle. The pre - peak - season stocking before the "Golden September and Silver October" and a slower arrival rhythm have led to this round of de - stocking. But the cumulative year - on - year growth rate of white - goods production has declined, and the boost to styrene downstream production is limited. The styrene basis has been stable recently, indicating no further large - scale downstream procurement [3] 3. Summary by Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spreads - Related figures include the pure benzene main contract basis and futures price, pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract trend and basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [8][12][16] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated plant production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [19][22][31][37] 3.3 Pure Benzene and Styrene Inventory, Operating Rates - Figures show pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [39][41][44] 3.4 Styrene Downstream Operating Rates and Production Profits - Figures include EPS operating rate and production profit, PS operating rate and production profit, ABS operating rate and production profit [51][53][54] 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Figures cover caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [60][64][71][73][85]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: PL01 - 02 inter - period reverse spread; Cross - variety: None [3] Core Viewpoints - Supply - side overall开工率环比回升，PDH装置开工率回升，天弘PDH装置存重启预期，山东主力PDH装置存检修计划，但烟台区域亦有装置供应临时放量，丙烯价格偏弱整理 [2] - Downstream开工涨跌分化，酚酮开工回升较快，下游采购积极性回落，择低刚需入市为主，需求阶段性小幅支撑，但韧性仍显不足，丙烯走势承压，后期关注金九银十主力下游的采购节奏 [2] - Cost - end原油走弱，且沙特CP下跌带动丙烷价格下行，丙烯成本支撑下移 [2] Summaries by Directory 1. Propylene Basis Structure - Figures include propylene main contract closing price, propylene East China basis, propylene North China basis, propylene 01 - 05 contract, propylene market price in East China, and propylene market price in Shandong [7][10][12] 2. Propylene Production Profit and Operating Rate - Figures cover propylene China CFR - Japanese naphtha CFR, propylene capacity utilization rate, propylene PDH production gross profit, propylene PDH capacity utilization rate, propylene MTO production gross profit, methanol - to - olefins capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [16][18][24] 3. Propylene Import and Export Profit - Figures involve South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [30][34] 4. Propylene Downstream Profit and Operating Rate - Figures include PP powder production profit, PP powder operating rate, propylene oxide production profit, propylene oxide operating rate, n - butanol production profit, n - butanol capacity utilization rate, octanol production profit, octanol capacity utilization rate, acrylic acid production profit, acrylic acid capacity utilization rate, acrylonitrile production profit, acrylonitrile capacity utilization rate, phenol - acetone production profit, and phenol - acetone capacity utilization rate [37][39][42] 5. Propylene Inventory - Figures are about propylene in - plant inventory and PP powder in - plant inventory [64]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints of the Report - The overall economic and financial situation shows positive trends with the growth of social financing scale and M2, but single - month credit data fluctuations should not be over - emphasized. The markets of various commodities present different trends, and investment strategies should be adjusted according to the specific fundamentals of each commodity. The stock market has positive factors supporting it, but short - term fluctuations may increase after the index breakthrough [8][19] Summaries by Relevant Catalogs Macro - economic News - From January to July this year, the cumulative increase in social financing scale was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year; RMB loans increased by 12.87 trillion yuan. In late July, M2 increased by 8.8% year - on - year, M1 increased by 5.6%, and the stock of social financing scale increased by 9%. Do not over - focus on single - month credit data [8] - Market regulators and the Ministry of Industry and Information Technology plan to strengthen the management of intelligent connected new energy vehicles, emphasizing safety prompts and usage instructions for driving assistance systems and requiring filing for OTA upgrades [8] - Four departments including the central bank explained two discount interest policies, which are an innovative exploration to support consumption. Policy effectiveness will be evaluated after expiration [8] - In 2025, 188 billion yuan of investment subsidies for equipment renewal supported by ultra - long - term special treasury bonds have been allocated, driving total investment of over 1 trillion yuan [9] - The US Treasury Secretary called for the Fed to start a new round of interest rate cuts, with a high possibility of a 50 - basis - point cut in September [10] Morning Meeting Views on Major Commodities Agricultural Products - Peanut market prices are basically stable, with a pattern of weak supply and demand. The market is expected to be strongly volatile in the short term but will not change the downward trend [12] - On August 13, the sugar futures main contract rose 1.22%. Fundamentals show that Brazilian supply pressure is partially offset by domestic consumption season. It is recommended to go long at low prices with support at 5630 yuan [12] - On August 13, the corn futures main contract rose 0.89%. With new supplies and policy support, the market is in a consolidation phase. It is recommended to trade within the 2250 - 2300 yuan range [12] - The national pig price is falling steadily. Supply pressure and weak consumption lead to a bearish market sentiment, and the market is expected to fluctuate within a range [12] - The national egg spot price is stable. Supply is temporarily in excess, but prices are expected to rise steadily. It is recommended to avoid going long [13] - ICE US cotton futures rose significantly. Zhengzhou cotton was driven by the external market. The market may be strongly volatile in the short term, with support at around 14080 yuan [13] Energy and Chemicals - The domestic urea market price has a slight increase. With slow demand and increasing inventory, the futures price may continue to be weakly volatile in the short term, with the UR2601 contract in the 1730 - 1800 yuan/ton range [13] - The caustic soda market is stable. With the approaching peak demand season, the 2509 contract has stabilized. It is recommended to pay attention to the 9 - 11 reverse spread [13] - Coking coal and coke prices are under pressure. The downstream coke price increase is partially implemented, and the short - term price may be under pressure but the callback space is limited [13] Industrial Metals - Copper prices continue to oscillate. Aluminum prices are expected to continue high - level adjustments with increasing inventory [14] - Alumina supply is increasing, and the spot price is rising weakly. It is expected to continue range - bound trading, paying attention to bauxite supply disruptions [14] - The prices of rebar and hot - rolled coil are falling. With weakening market sentiment, the prices are expected to fall slightly in a volatile manner, but there is still upward momentum [14] - The double - silicon market is in a range - bound and upward - trending pattern. Supply has increased, demand is weak in the off - season, and it is mainly driven by macro and coal policies [14][17] - The supply and demand of lithium carbonate have a structural contradiction. It is recommended to trade in the 84000 - 88000 yuan range, following the trend if it breaks through 88000 yuan [17] Options and Finance - On August 13, A - share indexes rose collectively, with heavy trading volume. Index futures and options showed different trends. Trend investors can focus on arbitrage opportunities, and volatility investors can buy straddles [17][19] - The A - share market has positive factors, but short - term fluctuations may increase after the index breakthrough. It is not advisable to chase high prices. It is recommended to enter the market on dips, focusing on IF, IM, and IC [19]

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