Report Title - Commodity Strategy Weekly Report: August 18, 2025 - Oscillating and Waiting for the Wind [1] Investment Rating - Not provided in the content Core Viewpoints - In the past week, as anti - involution varieties cooled down and volatility decreased, the market was fully digested, and the willpower of the remaining funds became more resolute, which is beneficial for the next round of market. The release of short - selling sentiment in non - anti - involution varieties also cleared some obstacles for the anti - involution varieties [3][5] - In the short term, it is bearish, and in the long term, it is bullish. The short - term bearish mainly shows as oscillating consolidation, and the anti - involution theme market is a long - term layout [4][5] - The short - selling power mainly comes from energy - related varieties due to the overall weakness of crude oil, but the overall valuation of these varieties is not high, and the space for further price decline is limited, so the short - selling power may soon turn from attack to defense [4] - In specific sector varieties, the outlook for oils and fats and black metals is bullish [3] Summary by Directory Market Situation - The anti - involution theme, affected by measures such as position limits and fee increases, has cooled down on the surface, and the hotspots have shifted to the hidden. Only after the short - selling power in the market is fully released will there be a smooth upward trend. Currently, the trading volume of leading varieties has decreased, along with the activity and capacity of funds. Polysilicon and coking coal were in a narrow - range oscillating consolidation stage this week [4] Sector and Variety Data Plate Fund Flow - The total capital is 9.883 billion. Among them, precious metals had an outflow of 2.292 billion (- 40.4%), non - ferrous metals had an inflow of 2.159 billion (36.5%), black metals had an inflow of 968 million (21.6%), energy had an outflow of 428 million (- 28.7%), chemicals had an inflow of 141 million (4.4%), feed and breeding had an outflow of 782 million (- 37.5%), oils and fats had an inflow of 823 million (18.3%), and soft commodities had an inflow of 76 million (4.6%) [9] Black and Non - ferrous Metals Weekly Data - Data such as price percentile, inventory percentile, valuation percentile, position percentile, position difference percentile, and annualized basis are provided for various black and non - ferrous metal varieties, including iron ore, rebar, hot - rolled coil, etc. For example, the price percentile of iron ore is 19.1%, and the inventory percentile is 60.5% [9] Energy and Chemical Weekly Data - Similar data is provided for energy and chemical varieties such as fuel oil, low - sulfur oil, asphalt, etc. For example, the price percentile of fuel oil is 2.8%, and the inventory percentile is 48.7% [11] Agricultural Products Weekly Data - Data for agricultural products such as soybean meal, rapeseed meal, soybean oil, etc. are presented. For example, the price percentile of soybean meal is 5.8%, and the inventory percentile is 29.2% [12]