焦炭方面，设立山西亚鑫新能科技有限公司为焦炭指定厂库。焦煤方面，设立海明联合能源集团有限公 司为焦煤指定厂库。苯乙烯方面，同意远大能源化工有限公司放弃苯乙烯指定交割仓库资格，设立远大 石油化学有限公司为苯乙烯指定交割仓库。线型低密度聚乙烯和聚丙烯方面，同意天津全程物流配送有 限公司放弃线型低密度聚乙烯指定仓库资格，设立中国物资储运广州有限公司为线型低密度聚乙烯、聚 丙烯品种集团交割库中储发展股份有限公司的分库，原中国物资储运广州有限公司线型低密度聚乙烯、 聚丙烯指定仓库资格及相关业务并入中储发展股份有限公司集团交割库中。聚氯乙烯方面，中国物资储 运广州有限公司聚氯乙烯品种存货地点调整为广州市黄埔区花果山大街243号。上述事项自即日起生 效。(齐宣) 本报讯9月5日，大商所发布多则公告，调整部分品种指定交割仓库。 ...

中化新网讯 近日，在印度巴拉特石油公司(BPCL)的年度股东大会上，董事长兼总经理桑杰·坎纳宣布， 公司计划评估在印度安得拉邦拉马亚帕特南港附近新建一座炼石化综合体的可行性。坎纳表示该项目已 启动前期工作："这项投资不仅将增强BPCL的石化业务组合，还与印度成为全球炼油和石化中心的愿景 高度契合。" 但他未透露该综合体的具体产能及投资估算。 当前印度炼油行业正经历转型发展阶段，与石化产业的融合日益成为增长驱动力。BPCL通过其在比纳 和科钦的两个重大石化项目在该领域取得显著进展。公司表示这些项目正按预定计划顺利推进，工程进 度和资金筹措均处于受控状态。其中比纳基地将建设年产120万吨乙烯的蒸汽裂解装置，下游产品包括 线型低密度聚乙烯或高密度聚乙烯、聚丙烯装置和苯单元，同时计划将该炼油厂原油加工能力从780万 吨/年提升至1100万吨/年。 ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the reports. 2. Core View - The reports present a comprehensive overview of price data for various commodities, including metals, agricultural products, energy, and chemical products, along with their corresponding futures prices, basis, basis rates, and historical quantiles. 3. Summary by Commodity Categories Metals - **Ferrous Metals**: - **Silicon Manganese (SM601)**: The spot price is 2898 (converted price: 6517), and the futures price is 6020 with a basis of 172 and a basis rate of 68.10% [1]. - **Rebar (RB2510)**: The spot price of HRB400 20mm in Shanghai is 3138, and the futures price has a change of 5.48% [1]. - **Hot - Rolled Coil (HC2510)**: The spot price is 3389, and the futures price has a change of 7.49% [1]. - **Iron Ore (I2601)**: The converted price of 62.5% Brazilian mixed powder at Rizhao Port is 846, and the futures price has a change of - 6.44% [1]. - **Coke (J2601)**: The converted price of quasi - first - grade metallurgical coke at Rizhao Port has a change of 8.35%, and the futures price has a change of - 5.80% [1]. - **Coking Coal (JM2601)**: The converted price of S1.3 G75 main coking coal (Meng 5) at Shaheyi is 1145, and the futures price has a change of - 71 [1]. - **Non - Ferrous Metals**: - **Copper (CU2510)**: The SMM spot price is 79690 with a change of - 0.37%, and the futures price is 79395. The basis is 295 and the basis rate is 19.37% [1]. - **Aluminum (AL2510)**: The SMM A00 aluminum average price is 20770, and the futures price is 20780 with a basis of 10 and a basis rate of 0.05% [1]. - **Alumina (AO2601)**: The SMM weighted average price is 3242, and the futures price is 3184 with a change of - 0.69% [1]. - **Zinc (ZN2510)**: The SMM 1 zinc ingot average price is 22395, and the futures price is 22240 with a basis of - 155 and a basis rate of 17.29% [1]. - **Tin (SN2509)**: The SMM 1 tin average price is 269700, and the futures price is 269570 with a basis of 130 and a basis rate of 52.08% [1]. - **Nickel (NI2510)**: The SMM 1 imported nickel average price is 120350, and the futures price is 120310 with a basis of 40 [1]. - **Stainless Steel (SS2510)**: The price of 304/2B:2*1240*C at Wuxi Hongwang is 13270, and the futures price is 12880 with a change of 3.03% [1]. - **Lithium Carbonate (LC2511)**: The SMM battery - grade lithium carbonate average price is 82500, and the futures price is 79380 with a change of 3.93% [1]. - **Industrial Silicon (SI2511)**: The SMM future oxygen - passing Si5530 average price is 9350, and the futures price is 8675 with a basis of 675 and a basis rate of 7.78% [1]. - **Silicon Iron (SF511)**: The spot price is 5648 (converted price: 5680), and the futures price has a basis of - 32 and a basis rate of - 0.56% [4]. Agricultural Products - **Soybean Meal (M2601)**: The ex - factory price of common protein soybean meal in Zhangjiagang, Jiangsu is 3117, and the futures price is 3010 with a change of 18.90% [1]. - **Soybean Oil (V2601)**: The ex - factory price of grade 4 soybean oil in Zhangjiagang, Jiangsu is 8610, and the futures price is 8488 with a change of 1.44% [1]. - **Palm Oil (P2601)**: The delivery price of palm oil at Huangpu Port is 9582, and the futures price has a change of 0.08% [1]. - **Rapeseed Meal (RM601)**: The ex - factory price of common rapeseed meal in Zhanjiang, Guangdong is 2547, and the futures price is 2570 with a change of 0.90% [1]. - **Rapeseed Oil (OI601)**: The ex - factory price of grade 4 rapeseed oil in Nantong, Jiangsu is 9891, and the futures price is 10010 with a change of 1.20% [1]. - **Corn (C2511)**: The flat - hatch price of corn at Xizhou Port is 2260, and the futures price is 2154 with a change of 8.83% [1]. - **Corn Starch (CS2511)**: The ex - factory price of corn starch in Changchun, Jilin is 2700, and the futures price is 2481 [1]. - **Live Pigs (LH2511)**: The ex - factory price of live pigs (external ternary) in Henan is 13910, and the futures price is 13750 with a change of - 1.15% [1]. - **Eggs (JD2510)**: The average price of eggs in Shijiazhuang, Hebei is 3160, and the futures price is 3021 with a change of 4.60% [1]. - **Cotton (CF601)**: The arrival price of cotton (3128B) in Xinjiang is 15100, and the futures price is 14120 with a change of 6.94% [1]. - **Sugar (SR601)**: The spot price of sugar at Liuzhou Station is 6030, and the futures price is 5688 [1]. - **Apples (AP510)**: The delivery theoretical price of apples is 8600, and the futures price is 8141 with a change of 5.64% [1]. - **Red Dates (CJ601)**: The wholesale price of first - grade grey dates in Hebei is 8300, and the futures price is 11410 with a change of - 27.26% [1]. Energy and Chemicals - **P - Xylene (PX511)**: The spot price at China's main ports (CFR, converted to RMB) is 7037.3, and the futures price is 6970 with a basis of 67.3 and a basis rate of 0.97% [1]. - **PTA (TA601)**: The market price (intermediate price) in East China is 4860, and the futures price is 4862 [1]. - **Ethylene Glycol (EG2601)**: The market price (intermediate price) in East China is 4555, and the futures price is 4509 with a change of 1.02% [1]. - **Polyester Staple Fiber (PF510)**: The market price (mainstream price) in the East China market is 6596, and the futures price is 6585 with a change of - 0.17% [1]. - **Styrene (EB2510)**: The market price (spot benchmark price) in East China, China is 7330, and the futures price is 7355 with a change of 0.34% [1]. - **Methanol (MA601)**: The market price (spot benchmark price) in Jiangsu, China is 2297.5, and the futures price is 2424 with a change of - 5.22% [1]. - **Urea (UR601)**: The market price (mainstream price) in Shandong is 1745, and the futures price is 1700 with a change of 1.80% [1]. - **LLDPE (L2601)**: The tax - included self - pick - up price (intermediate price) in Shandong is 7290, and the futures price is 7423 with a change of - 1.79% [1]. - **PP (PP2601)**: The tax - included self - pick - up price (intermediate price) in Zhejiang is 7010, and the futures price is 7074 with a change of - 0.90% [1]. - **PVC (V2601)**: The market price (mainstream price) in Changzhou, China is 4770, and the futures price is 5047 with a change of - 5.49% [1]. - **Caustic Soda (SH601)**: The market price (mainstream price) in Shandong is 2732, and the futures price is 2687.5 with a change of 1.82% [1]. - **LPG (PG2510)**: The market price in Guangzhou is 4528, and the futures price is 4447 [1]. - **Asphalt (BU2510)**: The market price (heavy - traffic asphalt) in Shandong is 3520, and the futures price is 3512 with a change of 0.23% [1]. - **Butadiene Rubber (BR2510)**: The distribution price of cis - butadiene rubber (Daqing, BR9000) in East China is 11900, and the futures price is 12010 with a change of - 0.92% [1]. - **Glass (FG601)**: The market price of 5mm large - plate glass in Shahe is 1191, and the futures price is 1044 with a change of - 14.08% [1]. - **Soda Ash (SA601)**: The market price of heavy - grade soda ash in Shahe is 1226, and the futures price is 1337 with a change of 5.46% [1]. - **Natural Rubber (RU2601)**: The market price of natural rubber (Yunnan state - owned whole latex) in Shanghai is 15905, and the futures price is 14850 with a change of - 7.10% [1]. Financial Futures - **Stock Index Futures**: - **IF2509.CFE**: The spot price is 4469.2, and the futures price is 4474.6 with a basis of 5.4 and a basis rate of 0.12% [1]. - **IH2509.CFE**: The spot price is 2992, and the futures price is 2989.9 with a basis of 2.1 and a basis rate of 0.07% [1]. - **IC2509.CFE**: The spot price is 6951.9, and the futures price is 6909.6 with a basis of - 42.3 and a basis rate of - 0.61% [1]. - **IM2509.CFE**: The spot price is 7477.7, and the futures price is 7412.2 with a basis of - 65.5 and a basis rate of - 0.88% [1]. - **Treasury Bond Futures**: - **2 - Year Treasury Bond (TS2512)**: The spot price is 102.39, and the futures price is 102.36 with a basis of - 0.03 and a basis rate of - 0.03% [1]. - **5 - Year Treasury Bond (TF2512)**: The spot price is 105.52, and the futures price is 105.1 with a basis of 0.42 [1]. - **10 - Year Treasury Bond (T2512)**: The spot price is 107.93, and the futures price is 105.73 with a basis of 0.39% [1]. - **30 - Year Treasury Bond (TL2512)**: The spot price is 132.45, and the futures price is 116.72 with a basis of 0.77% [1].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Not provided in the given content 3. Summary by Categories Ferrous Metals - Silicon Iron (SF511): Futures price is 5648, up 6 (0.11%) from the previous day, with a historical quantile of 59.40%. The spot price is 5832, with a basis of 188 and a basis rate of 3.22% [1] - Silicon Manganese (SM601): Futures price is 6020, with a spot price of 6517, a basis of 497, and a basis rate of 8.25% [1] - Corn Starch (CS2511): Futures price is 2730, up 232 (9.29%), with a historical quantile of 93.50%. The spot price is 2498 [1] - Rebar (RB2510): Futures price is 3280, up 161 (5.16%), with a historical quantile of 66.20%. The spot price is 3119 [1] - Hot Rolled Coil (HC2510): Futures price is 3400, up 39 (1.16%), with a historical quantile of 34.60%. The spot price is 3361 [1] - Iron Ore (I2601): Futures price is 832, up 62 (8.05%), with a historical quantile of 50.10%. The spot price is 770 [1] - Coke (J2601): Futures price is 1624, down 54 (3.24%), with a historical quantile of 32.01%. The spot price is 1679 [1] - Coking Coal (JM2601): Futures price is 1145, down 17 (1.46%), with a historical quantile of 22.20%. The spot price is 1162 [1] Non - Ferrous Metals - Copper (CU2509): Futures price is 78830, up 140 (0.18%), with a historical quantile of 59.79%. The spot price is 78690 [1] - Aluminum (AL2510): Futures price is 20710, up 80 (0.39%), with a historical quantile of 72.50%. The spot price is 20630 [1] - Alumina (AO2601): Futures price is 3245, up 107 (3.41%), with a historical quantile of 61.23%. The spot price is 3138 [1] - Zinc (ZN2510): Futures price is 22130, down 145 (0.65%), with a historical quantile of 19.16%. The spot price is 22275 [1] - Tin (SN2509): Futures price is 266000, up 70 (0.03%), with a historical quantile of 49.79%. The spot price is 265930 [1] - Nickel (NISE10): Futures price is 119650, up 40 (0.03%), with a historical quantile of 57.29%. The spot price is 119610 [1] - Stainless Steel (SS2510): Information about price changes and historical quantiles is not clearly presented in a standard format, but the spot price is 13170 and the futures price is 12750 [1] - Lithium Carbonate (LC2511): Futures price is 83900, up 4940 (6.26%), with a historical quantile of 90.52%. The spot price is 78960 [1] Precious Metals - Gold (AU2510): Futures price is 771.6, down 1.8 (0.23%), with a historical quantile of 47.30%. The spot price is 773.4 [1] - Silver (AG2510): Futures price is 9182.0, down 10.0 (0.11%), with a historical quantile of 64.90%. The spot price is 9192.0 [1] Agricultural Products - Corn (C2511): Futures price is 2240, up 65 (2.99%), with a historical quantile of 77.10%. The spot price is 2175 [1] - Sugar (SR601): Futures price is 6030, up 360 (6.35%), with a historical quantile of 66.00%. The spot price is 5670 [1] - Soybean Meal (M2601): Futures price is 2980, down 108 (3.50%), with a historical quantile of 18.80%. The spot price is 3088 [1] - Soybean Oil (Y2601): Futures price is 8540, up 82 (0.97%), with a historical quantile of 9.40%. The spot price is 8458 [1] - Palm Oil (P2601): Futures price is 9490, down 102 (1.06%), with a historical quantile of 4.60%. The spot price is 9592 [1] - Rapeseed Meal (RM601): Futures price is 2540, down 3 (0.12%), with a historical quantile of 46.20%. The spot price is 2543 [1] - Rapeseed Oil (Ol601): Futures price is 10010, up 120 (1.21%), with a historical quantile of 48.30%. The spot price is 9890 [1] - Eggs (JD2510): Futures price is 3220, up 187 (6.17%), with a historical quantile of 46.20%. The spot price is 3033 [1] - Apples (AP510): Futures price is 8600, up 506 (6.25%), with a historical quantile of 40.70%. The spot price is 8094 [1] - Cotton (CF601): Futures price is 14030, up 1075 (7.66%), with a historical quantile of 69.50%. The spot price is 12955 [1] Energy and Chemicals - PX (PX511): Futures price is 6966, up 78.9 (1.13%), with a historical quantile of 47.40%. The spot price is 7044.9 [1] - Polyester Staple Fiber (PF510): Futures price is 6614, down 14 (0.21%), with a historical quantile of 40.10%. The spot price is 6600 [1] - Styrene (EB2510): Futures price is 7378, down 3 (0.04%), with a historical quantile of 25.60%. The spot price is 7375 [1] - Urea (UR601): Futures price is 1739, up 1 (0.06%), with a historical quantile of 12.40%. The spot price is 1740 [1] - PP (PP2601): Futures price is 7038, up 12 (0.17%), with a historical quantile of 26.10%. The spot price is 7050 [1] - PVC (V2601): Futures price is 4740, down 279 (5.56%), with a historical quantile of 10.00%. The spot price is 5019 [1] - LPG (PG2510): Futures price is 4478, up 91 (2.07%), with a historical quantile of 36.50%. The spot price is 4387 [1] - Asphalt (BU2510): Futures price is 3483, up 47 (1.35%), with a historical quantile of 61.50%. The spot price is 3530 [1] - Butadiene Rubber (BR2510): Futures price is 11660, up 240 (2.06%), with a historical quantile of 55.20%. The spot price is 11900 [1] - Glass (FG601): Futures price is 1173, down 113 (9.66%), with a historical quantile of 25.00%. The spot price is 1060 [1] - Soda Ash (SA601): Futures price is 1326, down 100 (8.16%), with a historical quantile of 5.88%. The spot price is 1226 [1] - PTA (TA601): Futures price is 4868, down 3 (0.06%), with a historical quantile of 51.30%. The spot price is 4865 [1] - Ethylene Glycol (EG2601): Futures price is 4474, up 36 (0.80%), with a historical quantile of 71.90%. The spot price is 4510 [1] - Methanol (MA601): Futures price is 2405, down 110 (4.57%), with a historical quantile of 10.20%. The spot price is 2295 [1] - LLDPE (L2601): Futures price is 7380, down 90 (1.22%), with a historical quantile of 4.20%. The spot price is 7290 [1] - Natural Rubber (RU2601): Futures price is 15625, down 975 (6.66%), with a historical quantile of 32.29%. The spot price is 14650 [1] Others - Industrial Silicon (SI2511): Futures price is 9250, up 505 (5.77%), with a historical quantile of 34.75%. The spot price is 8745 [1] - Stock Index Futures and Bond Futures - IC2509.CFE: Futures price is 6822.8, down 12.4 (0.18%), with a historical quantile of 64.70% [1] - IH2509.CFE: Futures price is 2942.0, up 13.4 (0.46%), with a historical quantile of 98.30% [1] - IM2509.CFE: Futures price is 7348.6, down 14.3 (0.20%), with a historical quantile of 95.30% [1] - 10 - Year Bond (T2509): Futures price is 107.66, up 0.57 (0.53%), with a historical quantile of 75.80% [1] - 2 - Year Bond (TS2509): Futures price is 100.26, up 0.03 (0.03%), with a historical quantile of 35.30% [1] - 30 - Year Bond (TL2512): Futures price is 131.64, up 1.01 (0.87%), with a historical quantile of 98.50% [1] - 5 - Year Bond (TF2512): Futures price is 99.20, up 0.10 (0.10%), with a historical quantile of 41.90% [1]

Core Insights - The report highlights a structural price recovery in the context of anti-involution, with significant price variations across different sectors, indicating a phase of "structural recovery + inter-industry differentiation" [1][2][3] Price Tracking of Key Production Materials - As of early August 2025, among 49 major products, 19 saw price increases, 28 experienced declines, and 2 remained stable. The price increases were primarily in upstream coal (e.g., anthracite, coke), midstream agriculture (e.g., soybean meal, natural rubber), and downstream chemicals (e.g., sulfuric acid, methanol) [1] - Year-on-year data shows that industrial products are still in a downward trend, but the rate of decline is stabilizing. Steel and some chemical products have begun to recover, while coal, coke, traditional building materials, and certain petrochemical products remain at low levels [1][2] Price Changes Across Industry Chains - Recent data indicates that upstream industries are generally weak, with coal prices declining by 6% to 7%. Oil prices (WTI, Brent) have seen double-digit declines, while natural gas prices, despite being high year-on-year (28%), have significantly narrowed in growth [2] - Midstream industries show signs of recovery, with the bulk commodity index and shipping index rebounding, while downstream industries remain weak, particularly in real estate and traditional Chinese medicine [2][3] Industry Price Sentiment Data - The report analyzes price changes across the supply chain, revealing that upstream resource prices are generally weak but differentiated, with copper, aluminum, and precious metals benefiting, while the oil and coal sectors remain under pressure [3] - The midstream bulk commodity index has rebounded, and the price decline of rebar has narrowed to near stability. However, the building materials sector continues to face significant negative pressure [3]

魏斯旺对于全球化工行业前景持谨慎态度，认为当前化工行业正处于异常漫长的低谷期，且可能持续更 久。 壳牌2024年年报显示，其欧洲乙烯年产能171万吨，美国产能382万吨。今年3月，公司首次提出可能关 闭欧洲工厂，并考虑剥离宾夕法尼亚州莫纳卡烯烃及聚烯烃综合体等美国石化资产，魏斯旺当时称"并 非该资产的天然持有者"。他同时透露，已收到多个关于莫纳卡项目的合作意向。魏斯旺表示，美国资 产调整将聚焦莫纳卡项目的战略合作机会，同时考虑整体资产组合优化。位于宾夕法尼亚州的莫纳卡综 合体包括160万吨/年乙烷裂解装置、两套55万吨/年高密度聚乙烯装置和50万吨/年线型低密度聚乙烯装 置，享有宾州税收优惠和资源优势。 关闭更多欧洲工厂并剥离美国资产 中化新网讯 近日，壳牌集团首席执行官魏斯旺在财报电话会议上表示，公司正在强化对全球亏损化工 资产的评估，以止住亏损势头。目前重点考虑的方案包括选择性关闭更多欧洲工厂，以及为其美国资产 寻找合作伙伴。稍早公布的财报显示，按现价成本计算，壳牌第二季度调整后亏损1.92亿美元，上半年 调整后亏损达3.29亿美元。壳牌集团化工业务过去三年持续亏损。 ...

Domestic News - In the first half of 2025, the national general public budget expenditure reached 14.1271 trillion yuan, a year-on-year increase of 3.4%. Key areas such as social security and employment saw a 9.2% increase in expenditure, while science and technology and education expenditures grew by 9.1% and 5.9%, respectively [1] - The Ministry of Finance has pre-allocated 162 billion yuan in long-term special government bonds in two batches earlier this year, with an additional 67 billion yuan allocated recently, and the remaining funds to be distributed in October [1] - The China Securities Regulatory Commission (CSRC) emphasized the need to manage risks in key areas of the capital market, particularly focusing on resolving real estate company bond defaults and supporting a new model for real estate development [2] - The Guangzhou Futures Exchange is advancing the development of photovoltaic module futures, with a proposed trading unit of 720 modules per contract, equivalent to approximately 453.6 kW [2] - The insurance industry association announced that the current predetermined interest rate for ordinary life insurance products is 1.99%, with the maximum rate for new insurance products set at 2.0% [3] - The total transaction volume in China's foreign exchange market reached 25.55 trillion yuan (approximately 3.56 trillion USD) in June 2025, with the interbank market accounting for 21.88 trillion yuan [3] - The Ministry of Transport reported that inter-regional passenger flow reached 33.76 billion trips in the first half of 2025, a year-on-year increase of 4.2% [3] International News - Japanese investors net purchased 571.9 billion yen (approximately 3.88 billion USD) worth of Japanese stocks in the week ending July 19, marking the 15th week of net buying in 16 weeks [4] - In the UK, retail sales increased by 0.9% month-on-month in June, partially offsetting a 2.8% decline in May, driven by warm weather boosting sales of beverages [4] - Turkey's manufacturing confidence index slightly decreased to 100.2 in July 2025, the lowest level since January, while the export expectations index rose slightly to 112.7 [5]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the registration of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange [1] - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, expected to launch this year [1] Group 2: Market Trends - The number of ETFs with over 10 billion yuan in assets has surpassed 90, with the total ETF scale exceeding 4.6 trillion yuan, driven by thematic products in technology, dividends, and innovative pharmaceuticals [1] - Bond funds are facing significant redemption pressure, with over 200 billion yuan in bond sales in the first four days of the week, including nearly 100 billion yuan in a single day [2] Group 3: Insurance Sector - The preset interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, while the guaranteed interest rate cap for participating insurance has been reduced to 1.75% [3] Group 4: Company Performance - IMAX China reported a record 25 million moviegoers in the first half of 2025, generating approximately 416 million yuan in revenue, doubling the box office compared to the same period last year [4] - LVMH's net profit for the first half of 2025 fell by 22% to 5.7 billion euros, with a significant decline in sales in Japan due to currency appreciation [4] - Vanke has successfully sold the Shanghai Jinqiao Wanchuang Center project, with market speculation suggesting a transaction price of around 1.4 billion yuan [5] - China Communications Construction Company signed new contracts worth 991.05 billion yuan in the first half of the year, a year-on-year increase of 3.14% [5] - Fudan Fuhua terminated the transfer of a 28% stake in a subsidiary due to a lack of interested buyers [6] - Feima International received 437 million yuan in performance compensation from its controlling shareholder [7] - Shanghai Construction Group reported a net profit of 710 million yuan in the first half of the year, a decrease of 14.04% [8] - Funi Co., Ltd. achieved a net profit of 1.337 billion yuan in the first half of the year, an increase of 12.48% [10] - Western Mining reported a net profit of 1.869 billion yuan in the first half of the year, a growth of 15% [11] - Bomaike's net profit dropped by 80.42% to 12.39 million yuan in the first half of the year [12]

Report Summary Core Information - The report is a daily spread report for all varieties dated July 24, 2025, with data from Wind, Mysteel, and GF Futures Research Institute [2][3][4] Commodity Analysis Ferrous Metals - Silicon iron (SF509) has a futures price of 5878, a basis rate of 1.38%, and a historical quantile of 63.70% [1] - Silicon manganese (SM509) has a futures price of 6020, a basis rate of 82, and a historical quantile of 40.50% [1] - HRB400 20mm rebar (RB2510) futures price is 3380, with a basis rate of 0.35% and a historical quantile of 22.40% [1] - Hot - rolled coil (HC2510) futures price is 3438 [1] - Iron ore (I2509) futures price is 843, with a basis rate of - 12.15% and a historical quantile of 27.50% [1] - Coke (J2509) futures price is 1500, with a basis rate of 3.47% [1] - Coking coal (JM2509) futures price is 1053, with a basis rate of - 83 and a historical quantile of 2.40% [1] Non - ferrous Metals - Copper (CU2509) has a futures price of 79790, a basis rate of 0.25%, and a historical quantile of 64.16% [1] - Aluminum (AL2509) futures price is 20850, with a basis rate of 0.29% and a historical quantile of 65.83% [1] - Alumina (AO2509) futures price is 3239, with a basis rate of - 3.45% and a historical quantile of 14.75% [1] - Zinc (ZN2509) futures price is 22750, with a basis rate of - 0.98% and a historical quantile of 8.75% [1] - Tin (SN2508) futures price is 268900, with a basis rate of 0.13% and a historical quantile of 58.12% [1] - Nickel (NI5509) futures price is 123450, with a basis rate of 0.06% and a historical quantile of 59.16% [1] - Stainless steel (SS2509) futures price is 13070, with a basis rate of 1.32% and a historical quantile of 37.98% [1] Precious Metals - Gold (AU2510) has a futures price of 792.9, a basis rate of - 0.59%, and a historical quantile of 6.20% [1] - Silver (AG2510) futures price is 9475.0, with a basis rate of - 0.18% and a historical quantile of 49.60% [1] Agricultural Products - Soybean meal (M2509) has a futures price of 2920, a basis rate of - 5.65%, and a historical quantile of 5.20% [1] - Soybean oil (Y2509) futures price is 8150, with a basis rate of 0.94% and a historical quantile of 6.80% [1] - Palm oil (P2509) futures price is 9040, with a basis rate of 0.51% and a historical quantile of 21.90% [1] - Rapeseed meal (RM509) futures price is 2758.0, with a basis rate of - 4.64% and a historical quantile of 13.10% [1] - Rapeseed oil (O1509) futures price is 9580, with a basis rate of 1.31% and a historical quantile of 48.00% [1] - Corn (C2509) futures price is 2360, with a basis rate of 1.68% and a historical quantile of 66.20% [1] - Corn starch (CS2509) futures price is 2675.0, with a basis rate of 2.43% and a historical quantile of 28.70% [1] - Live pigs (LH2509) futures price is 14590.0, with a basis rate of - 1.90% and a historical quantile of 36.40% [1] - Eggs (JD2509) futures price is 3220, with a basis rate of - 11.47% and a historical quantile of 8.60% [1] - Cotton (CF509) futures price is 15411, with a basis rate of 8.68% and a historical quantile of 84.80% [1] - Sugar (SR509) futures price is 6120, with a basis rate of 4.90% and a historical quantile of 55.00% [1] - Apples (AP510) futures price is 7956.0, with a basis rate of 51.30% [1] - Red dates (C1601) futures price is 8300, with a basis rate of - 2166% and a historical quantile of 7.90% [1] Energy and Chemicals - Para - xylene (PX509) has a futures price of 6860.0, a basis rate of 1.03%, and a historical quantile of 48.90% [1] - PTA (TA509) futures price is 4784.0, with a basis rate of - 0.08% and a historical quantile of 49.60% [1] - Ethylene glycol (EG2509) futures price is 4436.0, with a basis rate of 1.44% and a historical quantile of 83.10% [1] - Polyester fiber (PF509) futures price is 6432.0, with a basis rate of 2.61% and a historical quantile of 79.60% [1] - Styrene (EB2509) futures price is 7397.0, with a basis rate of 0.72% and a historical quantile of 37.70% [1] - Methanol (MA509) futures price is 2411.0, with a basis rate of 0.17% and a historical quantile of 42.00% [1] - Urea (UR509) futures price is 1773.0, with a basis rate of 3.21% and a historical quantile of 29.80% [1] - LLDPE (L2509) futures price is 7288.0, with a basis rate of - 0.11% and a historical quantile of 17.90% [1] - PP (PP2509) futures price is 7096.0, with a basis rate of 0.55% and a historical quantile of 32.50% [1] - PVC (V2509) futures price is 5070.0, with a basis rate of - 1.5% and a historical quantile of 59.80% [1] - Caustic soda (SH209) futures price is 2593.8, with a basis rate of - 1.90% and a historical quantile of 41.80% [1] - LPG (PG2509) futures price is 4548.0, with a basis rate of 14.65% and a historical quantile of 74.40% [1] - Asphalt (BU2509) futures price is 3845.0, with a basis rate of 6.98% and a historical quantile of 86.30% [1] - Butadiene rubber (BR2509) futures price is 11875.0, with a basis rate of 1.05% and a historical quantile of 41.50% [1] - Glass (FG509) futures price is 1168.0, with a basis rate of - 3.68% and a historical quantile of 51.05% [1] - Soda ash (SA509) futures price is 1338.0, with a basis rate of - 0.75% and a historical quantile of 26.68% [1] - Natural rubber (RU2509) futures price is 14950.0, with a basis rate of - 0.37% and a historical quantile of 91.66% [1] Financial Futures - IF2509.CFE has a futures price of 4119.8, a basis rate of - 0.26%, and a historical quantile of 35.20% [1] - IH2509.CFE futures price is 2802.8, with a basis rate of 0.06% and a historical quantile of 67.10% [1] - IC2509.CFE futures price is 6196.8, with a basis rate of - 1.25% and a historical quantile of 6.20% [1] - IM2509.CFE futures price is 6607.2, with a basis rate of - 1.6% and a historical quantile of 11.80% [1] - 2 - year bond (TS2509) futures price is 102.38, with a basis rate of - 0.01% and a historical quantile of 23.40% [1] - 5 - year bond (TF2509) futures price is 100.75, with a basis rate of 0.00% and a historical quantile of 27.30% [1] - 10 - year bond (T2509) futures price is 100.89, with a basis rate of 0.02% and a historical quantile of 17.80% [1] - 30 - year bond (TL2509) futures price is 119.35, with a basis rate of 0.22% and a historical quantile of 34.60% [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View No information provided. 3. Summary by Categories Ferrous Metals - **Silicon Iron (SF509)**: Spot price is 5508, futures price is 5628, with a basis of 96 and a basis rate of 1.65%, and a historical quantile of 5900 [1]. - **Silicon Manganese (SM509)**: Spot price information not fully clear, futures price not shown, basis rate is 43.00% [1]. - **Rebar (RB2510)**: Spot price is 3250, futures price is 3147, with a basis of 103 and a basis rate of 50.30%, and a historical quantile of 3340 [1]. - **Hot - Rolled Coil (HC2510)**: Spot price is 3340, futures price is 3310, with a basis of 30 [1]. - **Iron Ore (I2509)**: Spot price is 829, futures price is 785, with a basis of 36.80% and a historical quantile of 1392 [1]. - **Coke (J2509)**: Spot price is 1518, with a basis rate of 23.97% [1]. - **Coking Coal (JM2509)**: Spot price is 940, futures price is 926, with a basis of 14 and a basis rate of 18.90% [1]. Non - Ferrous Metals - **Copper (CU2508)**: Spot price is 78660, futures price is 78410, with a basis of 250 and a basis rate of 0.32%, and a historical quantile of 68.12% [1]. - **Aluminum (AL2509)**: Spot price is 20700, futures price is 20510, with a basis of 190 and a basis rate of 88.95% [1]. - **Alumina (AO2509)**: Spot price is 3185, futures price is 3133, with a basis rate of 1.66% and a historical quantile of 46.69% [1]. - **Zinc (ZN2509)**: Spot price is 22295, futures price is 22250, with a basis of - 45 and a basis rate of - 0.20%, and a historical quantile of 39.37% [1]. - **Tin (SN2508)**: Spot price is 265500, futures price is 264540, with a basis of 860 and a basis rate of 0.36%, and a historical quantile of 73.12% [1]. - **Nickel (MISE08)**: Spot price is 120800, futures price is 120500, with a basis of 300 and a basis rate of 0.25%, and a historical quantile of 68.75% [1]. - **Stainless Steel (22509)**: Spot price is 12970, futures price is 12725, with a basis of 245 and a basis rate of 1.93%, and a historical quantile of 54.50% [1]. - **Lithium Carbonate (LC2509)**: Spot price is 69960, futures price is 66650, with a basis of - 3310 and a basis rate of - 4.73%, and a historical quantile of 12.55% [1]. - **Industrial Silicon (SI2509)**: Spot price is 9350, futures price is 8602, with a basis rate of 7.53% and a historical quantile of 44.20% [1]. Precious Metals - **Gold (AU2510)**: Spot price is 777.0, futures price is 773.4, with a basis of - 3.6 and a basis rate of - 0.47%, and a historical quantile of 14.00% [1]. - **Silver (AG2510)**: Spot price is 9273.0, futures price is 9211.0, with a basis of - 62.0 and a basis rate of - 0.67%, and a historical quantile of 1.40% [1]. Agricultural Products - **Soybean Meal (M2509)**: Spot price is 3056.0, futures price is 2890, with a basis of - 166.0 and a basis rate of - 5.43%, and a historical quantile of 7.90% [1]. - **Soybean Oil (Y2509)**: Spot price is 8220, futures price is 8160.0, with a basis of 60.0 and a basis rate of 0.74%, and a historical quantile of 4.20% [1]. - **Palm Oil (P2509)**: Spot price is 8964.0, futures price is 8960, with a basis of - 4.0 and a basis rate of - 0.04%, and a historical quantile of 15.50% [1]. - **Rapeseed Meal (RM509)**: Spot price is 2722.0, futures price is 2600, with a basis of - 122.0 and a basis rate of - 4.48%, and a historical quantile of 14.90% [1]. - **Rapeseed Oil (O1509)**: Spot price is 9670, futures price is 9586.0, with a basis of 84.0 and a basis rate of 0.88%, and a historical quantile of 36.20% [1]. - **Corn (C2509)**: Spot price is 2350, futures price is 2314.0, with a basis of 36.0 and a basis rate of 1.56%, and a historical quantile of 64.20% [1]. - **Corn Starch (CS2509)**: Spot price is 2740, futures price is 2658.0, with a basis of 82.0 and a basis rate of 3.09%, and a historical quantile of 37.00% [1]. - **Live Hogs (H2509)**: Spot price is 14400, futures price is 14135.0, with a basis of 265.0 and a basis rate of 1.87%, and a historical quantile of 46.40% [1]. - **Eggs (JD2509)**: Spot price is 3595.0, futures price is 2870, with a basis of - 725.0 and a basis rate of - 20.17%, and a historical quantile of 3.80% [1]. - **Cotton (CF509)**: Spot price is 15424, futures price is 14270.0, with a basis of 1154.0 and a basis rate of 8.09%, and a historical quantile of 79.10% [1]. - **Sugar (SR509)**: Spot price is 6120, futures price is 5826.0, with a basis of 294.0 and a basis rate of 5.05%, and a historical quantile of 56.40% [1]. - **Apples (AP510)**: Spot price is 8600, futures price is 717.0, with a basis rate of 9.10%, and a historical quantile of 56.70% [1]. - **Red Dates (CJ601)**: Spot price is 10350.0, futures price is 8300, with a basis of - 2050.0 and a basis rate of - 19.81%, and a historical quantile of 12.00% [1]. Energy and Chemicals - **Para - Xylene (PX509)**: Spot price is 6914.0, futures price is 6810.0, with a basis of 104.0 and a basis rate of 1.53%, and a historical quantile of 56.90% [1]. - **PTA (TA509)**: Spot price is 4760.0, futures price is 4744.0, with a basis of 16.0 and a basis rate of 0.34%, and a historical quantile of 56.80% [1]. - **Ethylene Glycol (EG2509)**: Spot price is 4435.0, futures price is 4376.0, with a basis of 59.0 and a basis rate of 1.35%, and a historical quantile of 81.90% [1]. - **Styrene (EB2508)**: Spot price is 7440.0, futures price is 7347.0, with a basis of 93.0 and a basis rate of 1.27%, and a historical quantile of 46.00% [1]. - **Methanol (MA509)**: Spot price is 2385.0, futures price is 2365.0, with a basis of 20.0 and a basis rate of 0.85%, and a historical quantile of 51.50% [1]. - **Urea (UR509)**: Spot price is 1810.0, futures price is 1745.0, with a basis of 65.0 and a basis rate of 3.72%, and a historical quantile of 33.00% [1]. - **LLDPE (L2509)**: Spot price is 7216.0, futures price is 7200.0, with a basis of - 16.0 and a basis rate of - 0.22%, and a historical quantile of 15.90% [1]. - **PP (PP2509)**: Spot price is 7077.0, futures price is 7013.0, with a basis of 64.0 and a basis rate of 0.91%, and a historical quantile of 39.40% [1]. - **PVC (V2509)**: Spot price is 4937.0, futures price is 4840.0, with a basis of 97.0 and a basis rate of 6.32%, and a historical quantile of 55.30% [1]. - **Caustic Soda (SH209)**: Spot price is 2625.0, futures price is 2469.0, with a basis of 156.0 and a basis rate of 71.80% [1]. - **LPG (PG2508)**: Spot price is 4498.0, futures price is 4053.0, with a basis of 445.0 and a basis rate of 10.98%, and a historical quantile of 62.30% [1]. - **Asphalt (BU2509)**: Spot price is 3820.0, futures price is 3655.0, with a basis of 165.0 and a basis rate of 4.51%, and a historical quantile of 79.30% [1]. - **Butadiene Rubber (BR2508)**: Spot price is 11720.0, futures price is 11700.0, with a basis of - 20.0 and a basis rate of - 0.17%, and a historical quantile of 27.10% [1]. - **Glass (FG509)**: Spot price is 1084.0, futures price is 1081.0, with a basis of 3.0 and a basis rate of 0.28%, and a historical quantile of 64.49% [1]. - **Soda Ash (SA509)**: Spot price is 1216.0, futures price is 1206.0, with a basis of - 10.0 and a basis rate of - 0.83%, and a historical quantile of 26.68% [1]. - **Natural Rubber (RU2509)**: Spot price is 14810.0, futures price is 14800.0, with a basis of - 10.0 and a basis rate of - 0.07%, and a historical quantile of 94.37% [1]. Financial Futures - **IF2509.CFE**: Spot price is 4041.8, futures price is 4058.5, with a basis of - 16.7 and a basis rate of - 0.41%, and a historical quantile of 25.90% [1]. - **IH2509.CFE**: Spot price is 2767.0, futures price is 2764.5, with a basis of 2.5 and a basis rate of 0.09%, and a historical quantile of 72.20% [1]. - **IC2509.CFE**: Spot price is 6099.6, futures price is 6000.8, with a basis of - 98.8 and a basis rate of - 1.65%, and a historical quantile of 2.80% [1]. - **IM2509.CFE**: Spot price is 6552.1, futures price is 6413.6, with a basis of - 138.5 and a basis rate of - 2.16%, and a historical quantile of 8.20% [1]. - **2 - Year Treasury Bonds (TS2509)**: Spot price is 102.43, futures price is 100.35, with a basis of 0.00 and a basis rate of 0.00%, and a historical quantile of 26.70% [1]. - **5 - Year Treasury Bonds (TF2509)**: Spot price is 106.01, futures price is 100.95, with a basis of 0.07 and a basis rate of 0.07%, and a historical quantile of 28.40% [1]. - **10 - Year Treasury Bonds (T2509)**: Spot price is 108.81, futures price is 101.20, with a basis of 0.19 and a basis rate of 0.19%, and a historical quantile of 24.10% [1]. - **30 - Year Treasury Bonds (TL2509)**: Spot price is 136.17, futures price is 120.53, with a basis of 0.22 and a basis rate of 0.22%, and a historical quantile of 31.10% [1].