Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - Inventory:华东纯苯进口偏多导致库存略偏高，山东炼厂的纯苯库存整体偏低；今年上半年下游 ABS 库存去化，但 7 - 8 月社会库存又有累积，九月传统旺季来临需求将有所增长；EPS 国内销售下降，但出口增加抵消部分国内市场下滑 [3] - Price Outlook:未来纯苯价格趋势不明朗，定价除自身供需外还受原油、宏观等因素影响；8 月纯苯内外盘倒挂，预期远期去库；纯苯产能释放供应端压力渐增，供需面指引不强，整体预计略偏弱 [3] - Price Spread:近年来石油苯和加氢苯价差逐渐缩小，价差在 30 - 50 元/吨附近较为合理；部分加氢苯质量接近或超越石油苯，但企业更倾向于石油苯，加氢苯会减少催化剂使用寿命 [3] 3. Company Summaries Pure Benzene Trader A - Business:涵盖工程设计、咨询服务、国内外贸易成套工程及投资发展四大板块，主业是招投标及代理，大宗商品贸易以进口代理为主，年营收超百亿，自营品种包括煤炭、天然气、纯苯 [4] - Business Model:纯苯自营采购来自韩国进口、炼厂及贸易商货源，参与港口纸货；销售以中石化合约为主，对接华东、华南公司，月均货量 1 万吨左右；纸货业务配合长约，偶尔单边操作 [5] - Inventory:低库存运转，下游销项合约方面行业库存偏高，中石化自身库存偏高 [6] - Market View:对未来价格趋势不乐观，价格受多种因素影响方向不清晰；对苯乙烯基差无明显季节性规律感受，低库存周期基差弹性放大 [7] - Futures Participation:招投标等板块优势明显，大宗商品业务以代理为主，自营辅助，目前参与期货、期权较少 [8] Pure Benzene Producer B - Business:纯苯产能 24 万吨/年，常减压一次加工能力 300 万吨，后续配套多项深加工装置 [9] - Business Model:纯苯外销为主，30%长约匹配余量现货，现货以公路自提为主，通过企业汽油竞拍平态成交，指导价参考地区及主流资讯公司价格 [10] - Trade Flow and Operation:纯苯下游主要流向苏北、安徽；地炼装置整体降负荷，企业维持高负荷运转，原因包括经营理念和原油配额受限 [11] - Futures Application:未进行期货或纸货操作，但对厂库及参与期货积极，需企业内部统一规划；油化比例 7:3，化工占比高 [12] Pure Benzene Producer C - Business:主营业务包括炼油产品、化工基础原料等业务；工厂有两套 2000 万吨炼油长解压装置，一套重整匹配歧化，一套乙烯装置待开通实现炼化一体化 [13] - Maintenance Cycle:刚刚投产，暂时无检修计划，行业传统 3 年一大检，小检修不影响市场 [14] - Sales:纯苯日外销 800 - 1000 吨，基本为现货，量大后倾向合约；定价以中石化华东为基准，产量波动后一口价调节 [15] - Import and Export:出口占比低，苯乙烯出口几十万吨影响不大；进出口可平衡，以效益和利润为先 [16] - Downstream Demand:苯乙烯需求前景好，占比大且利润好 [17] - Futures Application:苯乙烯期货指导大于现货，纯苯影响不大；后期成立期货部筹备中，涉及品种多；纯苯稳定后可能参与交割库申请 [18] ABS Producer D - Business:三条 ABS 产能投产，设计产能 22.5 万吨，规划二期三期 22.5 万吨待投产，改性投产 5 万吨，共 15 万吨改性 [19] - Production and Sales:苯乙烯全部外采，现货按单谈合约；开工负荷受苯乙烯价格、整体成本及未来趋势等因素影响 [20] - Sales Region:全国销售，下游主要集中华东华南，华北西南也有市场，家电汽车是大头，汽车领域应用多；销售定价一单一谈 [21] - Industry Inventory:2025 年上半年 ABS 产能增长 25%，厂家库存上半年去化，七八月社库累积，九月需求缓慢增长 [22] - Third - Quarter Demand:受国补、出口政策、关税等影响，去年下半年到今年上半年国内家电产量超去年 15 - 20%；汽车产量可观但透支后续需求，今年下半年预计萎缩，大家电 7/8 月进入淡季，需求增速无法支撑上游产量增幅 [23] - Futures Application:苯乙烯期货有利有弊，带来风险但提供价格参考；企业短期无计划参与期货，因参与者水平参差不齐，无专业人才 [24] Pure Benzene Producer E - Business:拥有常减压等多套装置，生产 10 多种产品，纯苯产能 60 万吨，是山东省最大纯苯生产企业 [25] - Production and Sales:根据利润调整开工负荷比例；定价合约部分为年度长约，参考山东双环等价格，零散销售，合约占比 60%以上；销售范围以山东为主，物流车提多，自提为主 [26] - Inventory:低库存，华东进口货多库存偏高，山东炼厂整体偏低 [27] - Third - Quarter Demand:抢出口需求前置有影响，山东与华东、全国有差异，需求不佳且日韩来量多 [28] - Futures:纯苯上市增加链条品种，交割提供新路径，后期替代部分纸货量；有期货团队，套保多，参与品种多，不算原油期货规模 10 万吨/月，原油 8 万吨/月 [28] Styrene Producer E - Business:纯苯日需求量 1200 吨，用于生产苯乙烯，需求稳定；采购渠道包括自产、合约采购、招标采购和厂家直采，无进口采购 [29] - Production and Inventory:苯乙烯产能 50 万吨/年，满负荷运行，生产负荷根据利润调整；原料纯苯库存维持 5 - 6 天，最高 8 - 9 天；苯乙烯库存较低 [30] - Sales:销售区域主要是山东周边，价差大于 220 元/吨时部分产品销往华东；合约销售与现货销售各占 50%左右 [31] - Market View:价格走向不明朗，纯苯产能释放供应端压力渐增，预计略偏弱；进口对当地纯苯价格影响小；对纯苯和苯乙烯价差不过分悲观 [32] - Futures Participation:暂未开展期货业务，以纸货操作为主，关注期货价格；待成为苯乙烯交割库后开展期货业务；认为更多企业会倾向使用期货工具 [33] Phenolic Resin Producer F - Business:总部位于济南章丘，是全球最大酚醛树脂生产工厂，运营两家苯加氢工厂，构建完整供应链体系 [34] - Raw Materials:采购粗苯生产加氢苯为主，粗苯 2/3 来自国内山东、东北、西北等地，1/3 来自俄罗斯进口；山东粗苯定价参考铁雄价格，东北参考三省均价 [37] - Inventory:常规库存维持 1 周生产所需，加工利润好时增加采购，有自有储罐 [38] - Sales:纯苯产品外销，采购苯酚用于酚醛树脂生产；销售策略根据市场价格和库存灵活调整，倾向现货交易，纸货参与量低；期货上市后当地纯苯纸货成交量放大 [39] - Market View:今年纯苯市场低迷，利润空间小，原因是下游终端需求不足；下半年预期悲观，关注短期行情 [40] - Futures Participation:有零星参与苯乙烯投机；因合约较远未参与纯苯期货，但有意向，可根据市场形成期货团队；认为期货与现货价格联动性强，近月期货对现货报价有参考作用；预计纯苯期货上市后加氢苯与石油苯价差缩小 [41]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - Some factories mainly source pure benzene from Japan, South Korea, and Southeast Asia due to geographical and cost advantages. With less pure benzene supply from Europe and the United States in the second half of the year and South Korea's exports to the US being affected, the import volume is expected to decline [2]. - The overall demand shows resilience. The "rush to export" and "home appliances to the countryside" policies have overdrafted some demand, and there is more speculative demand downstream. The demand in the peak season from September to October will improve month - on - month, similar to traditional peak seasons in previous years [2]. - The price difference between pure benzene and styrene has returned to the normal level of around 1,000 - 1,100 yuan/ton, and there is no need to be overly pessimistic about their future price difference [2]. Company - Specific Summaries 1. Styrene Producer A - It has a 600,000 - ton styrene plant and 400,000 tons of pure benzene, all of which are externally sourced. Pricing can be fixed - price or through warehouse receipts. Transportation methods include shipping, pipeline, and mechanical transport [4]. - The main source of pure benzene is South Korea. The import accounts for 60% of the supply, and the proportion of contracts has decreased due to industry competition [5]. - Styrene is shipped by road. It has 400,000 tons of downstream polystyrene (PS) production, with a plan to add 200,000 tons next year. There is about 20,000 tons of monthly external sales [6]. - PS is sold entirely in the spot market, with flexible production based on terminal demand and price. Its downstream products include transparent and modified PS [7]. - The demand for styrene remains resilient, but there is demand overdraft and substitution demand [8]. - Pure benzene spot contracts are not suitable for hedging currently but may be considered later [9]. 2. Styrene and Downstream Trader B - There are about 23 - 24 upstream pure benzene refineries, with an annual commodity volume of 2.2 - 2.3 million tons in the East China market [10]. - The ABS industry demand is about 6 million tons, with 230,000 - 250,000 tons per month in the East China market. Intense competition has led to low prices [11]. - Pricing for traders is weekly, and for large customers, it is negotiated on a case - by - case basis [12]. - Inventory is maintained at a normal level [13]. - The demand from September to October will improve but is similar to traditional peak seasons [14]. - Nearly 30 subordinate units are participating in the futures market [15]. 3. Downstream Manufacturer C - It focuses on the production and sales of cleaning equipment, with products sold in China, the Middle East, North America, and parts of South - Western Europe [16]. - Each floor - cleaning machine uses 1.2 - 1.5 kg of ABS. The company holds a 1/3 market share in the domestic market [17]. - ABS procurement uses quarterly pricing, with speculative inventory and long - term material locking [18]. - Domestic product delivery takes 35 days without stockpiling and 15 days with stockpiling. Overseas delivery takes 1 - 2 months [19]. - Export products enjoy tax rebates, and domestic products had subsidies that ended in May - June. Subsidies overdrafted demand and reduced "618" promotions [20]. 4. EPS and PS Manufacturer D - It is a large domestic manufacturer with an annual EPS capacity of 2.2 million tons and a PS capacity of 900,000 tons. Benzene procurement is 70% contract - based and 25 - 30% spot - based [21]. - Raw material inventory is normal, with at least one - week safety stock [22]. - Product inventory is at a normal level. EPS exports have increased, especially to South Korea. Modified EPS is entirely for export [23]. - EPS downstream demand is mainly from external wall insulation, home appliances, and e - commerce cold - chain logistics. Real - estate downturn has reduced demand [24]. - EPS profit is not as good as expected, depending on the payment period. It has full - cash transactions with upstream suppliers [25]. - Trade barriers in Indonesia have little impact on EPS exports [26]. - EPS industry exports increased in the first half of the year, and the second half is expected to be similar [27]. - The company uses futures for physical delivery to avoid price fluctuations [28]. 5. Styrene Trader E - It is a pure benzene and styrene paper - delivery warehouse. It trades based on the warehouse advantage, with imports mainly from Southeast Asia and Japan/South Korea [29]. - Road transport is a profitable trading mode this year. It also engages in arbitrage and EPS exports [30]. - Styrene is sourced from various domestic suppliers. EPS procurement is order - based, with half being contract - based [31]. - Styrene is sold mainly in the Yangtze River Delta. Downstream inventory is sufficient [33]. - It does not accept hydrogenated benzene for storage. It participates in futures trading in multiple ways [34][35]. - Pure benzene futures have low liquidity in some contracts. The company expects lower imports in the second half of the year [36][37]. 6. Pure Benzene and Styrene Trader F - It has an annual pure benzene trade volume of 500,000 tons, an ABS trade volume of 170,000 - 180,000 tons, and a styrene trade volume of 200,000 - 300,000 tons [38]. - Pure benzene procurement is half - contract and half - spot. It sells hydrogenated benzene to specific factories [39]. - Pure benzene pricing refers to port prices and Sinopec's prices. Solid and liquid chemicals have different pricing methods [40]. - Pure benzene and styrene inventory is at a relatively high level this year [41]. - The second - half export outlook is not optimistic due to market volatility and downstream demand issues. Some products have increased exports but low profitability [42]. - Excluding macro factors, styrene price fluctuations will narrow. There may be short - term market opportunities [44]. - Plastic factories use futures for point - pricing. The company engages in hedging and basis trading, with limited use of options [45].

联系方式：15000295386 | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 周一尿素主力合约 2509 期价下跌 17 元至 1722 元/吨，华中主流地区尿素现货价格 稳下跌 40 元至 1740 元/吨。持仓方面，多头持仓增加 8001 手至 17.61 万手，空头 持仓增加 11573 手至 19.5 万手。 【重要资讯】 1、供应方面，尿素行业日产 19.21 万吨，较上一工作日增加 0.20 万吨；较去年同 | | | | | 期增加 1.91 万吨；今日开工 82.98%，较去年同期 78.44%提升 4.54%。 | | | | 少 | 2、库存方面，中国尿素企业总库存量 88.76 万吨，较上周减少 2.97 万吨，环比减 3.24%。尿素港口样本库存量 48.3 万吨，环比减少 1 万吨。 | | | | | 3、需求方面，复合肥开工率 41.5%，环比+2.8%，三聚氰胺开工率 65.20%，环比+0.96%。 | | 能源与化 | 尿素 | 震荡偏 | 4、市场消息：发改委会议结束，中农、中化、海 ...

宁德时代8月11日在互动平台表示,公司在宜春项目采矿许可证8月9日到期后已 暂停了开采作业,正按相关规定尽快办理采矿证延续申请,待获得批复后将尽早恢 复生产、该事项对公司整体经营影响不大。 机下窝采矿规模4500万吨/年,平均品位(氧化锂含量)0.27%,满产状态下年 产碳酸锂 6 万吨,每月产量可达 5000-6000吨,占去年全国总产量的9.4%。2024年 生产碳酸锂生产现金成本8.77万,叠加锂资源税,完全成本超10万,成本明显偏高, 市场竞争力较低。 本次视下窝停产,市场已有预期,上周四、五两个交易日,碳酸锂主力合约价 对宜春其他锂矿而言,由于其余矿山采矿证到期时间均在2027年之后,短期并 综合来看,短期情绪掉下碳酸锂价格价格偏强运行,但需警惕高价不可持续 格已上涨10.54%,现消息落地后预期兑现,价格继续上涨至8.1万元/吨。一方面, 目前下游大量备库意愿较低,多以刚需为主,难以接受如此高价位原料;另一方面, 若长时间维持该价格,其余碳酸锂厂家盈利空间恢复,供给将迅速得到补充,综合 来看,目前基本面供过于求情况下,短期超涨概率较大,之后价格仍将面临回调。 无到期重新审批问题。而新《矿产资源法》 ...

Group 1: Investment Rating - No specific investment rating for the industry is provided in the report. Group 2: Core Views - In the spot market, Xinjiang jujubes have entered the expansion period with some first - crop fruits starting to turn red. Last week, the sales area's spot goods moved faster, and the spot price in Cangzhou was stable with an upward trend. The average prices of special - grade and first - grade jujubes were 10.12 yuan/kg and 9.15 yuan/kg respectively, up 0.25 yuan/kg and 0.32 yuan/kg week - on - week [1]. - In the futures market, the jujube futures price has been oscillating upwards recently and broke through the previous high on Friday. The market focus is on the supply side, and there are large differences between the long and short positions regarding the new - season jujube production. The total open interest of jujube futures reached over 230,000 lots on Friday, remaining at a record high, indicating intense long - short contradictions. The market generally expects a reduction in new - season jujube production due to adverse weather in June - July, but there are large disputes over the reduction amplitude. The disputes over production will shift to the expected game of the new - season opening price. Currently, the upstream has a strong bullish sentiment, and the steady increase in spot prices has pushed the jujube futures price upwards. Technically, the CJ601 contract shows an obvious strengthening trend [1]. - It is recommended to take a bullish view of the jujube futures price in the near term [1]. Group 3: Operation Suggestions - Pay attention to the position - limit and expiration risks of the CJ509 contract, and continue to hold long positions in the CJ601 contract. From a long - term perspective, wait for the end of the opening - price game and then choose an opportunity to short the CJ605 contract [2].

Group 1: Report Summary - The July supply and demand report of the Malaysian Palm Oil Board (MPOB) is bullish, leading to a rise in palm oil prices [1][9] - The report shows that palm oil exports were 1,309,059 tons, a month - on - month increase of 3.82%; production was 1,812,417 tons, a month - on - month increase of 7.09%; imports were 61,039 tons, a month - on - month decrease of 12.82%; and inventory was 2,113,278 tons, a month - on - month increase of 4.02% [9] - The production volume and increase were lower than the forecasts of Bloomberg and Reuters, while the export increase was higher than their forecasts, causing the domestic Dalian palm oil 2601 contract to rise rapidly after the opening, with a gain of over 1.88% at the time of reporting [9] Group 2: Forecast and Actual Data Comparison - Reuters expected production to be 183 (an 8% increase), imports to be 6 (a 14.3% decrease), exports to be 130 (a 3.2% increase), and the ending inventory to be 225 (a 10.8% increase) [2] - Bloomberg expected production to be 183 (an 8% increase), imports to be 5 (a 28.6% decrease), exports to be 130 (a 3.2% increase), and the ending inventory to be 223 (a 9.9% increase) [2] - The actual data in July 2025 showed production of 181 (a 7.09% increase), imports of 6.1 (a 12.82% decrease), exports of 131 (a 3.82% increase), and ending inventory of 211 (a 4.02% increase) [2] Group 3: Palm Oil 2601 Contract Data - The latest price of the palm oil 2601 contract was 9208, with a gain of 2.02% [7] - The total volume was 230,717, and the open interest was 287,073 [7] - The target volume was 27,615, and the settlement price was 0 [7] - The ratio of the outer market was 51.6%, and the inner market was 111,656 [7] - The FFA ratio was 48.4%, the daily limit up was 9656, and the daily limit down was 8396 [7]

Group 1: Report Core View - The July supply - demand report of the Malaysian Palm Oil Board (MPOB) is overall bullish. The actual production and inventory volume and their growth rates are lower than the forecasts of Bloomberg and Reuters, while the export growth rate is higher than their forecasts. After the opening, the domestic Dalian - traded palm oil 2601 contract quickly rose, with a gain of over 1.88% at the time of reporting [1][9] Group 2: Report Data Summary Production - Reuters expected production to be 183 (an increase of 8%), Bloomberg expected 183 (an increase of 8%), and the actual data in July 2025 was 181 (an increase of 7.09%) compared to the previous month [2] Import - Reuters expected imports to be 6 (a decrease of 14.3%), Bloomberg expected 5 (a decrease of 28.6%), and the actual data in July 2025 was 6.1 (a decrease of 12.82%) compared to the previous month [2] Export - Reuters and Bloomberg both expected exports to be 130 (an increase of 3.2%), and the actual data in July 2025 was 131 (an increase of 3.82%) compared to the previous month [2] Inventory - Reuters expected the ending inventory to be 225 (an increase of 10.8%), Bloomberg expected 223 (an increase of 9.9%), and the actual data in July 2025 was 211 (an increase of 4.02%) compared to the previous month [2] Palm Oil 2601 Contract Details - The latest price is 9208, with a change of 182/2.02%. The total volume is 230717, the open interest is 287073. The target volume is 27615. The outer - market volume is 119061, and the inner - market volume is 111656. The ratio of outer - market to total volume is 51.6%, and the ratio of inner - market to total volume is 48.4%. The opening price is 9000, the settlement price is 0, the previous day's price is 9026, the daily limit is 9656, and the lower limit is 8396 [7]

Report's Industry Investment Rating - No specific industry investment rating is provided in the report. Report's Core View - The short - term sentiment drives the lithium carbonate price to run strongly, but it is necessary to be vigilant that the high price is unsustainable. After a short - term over - increase, the price will face a callback, and it is necessary to be cautious about chasing long positions [3][4] Summary by Related Catalog News of Lithium Carbonate Production Suspension - Ningde Times' Shixiawo mining area in Yichun suspended production on August 10th with no short - term restart plan. The lithium carbonate futures contract price reached the daily limit of 81,000 yuan/ton at the opening on August 11th [3] - Ningde Times stated on the interactive platform on August 11th that the mining operation of its Yichun project was suspended after the mining license expired on August 9th, and it is applying for the renewal of the mining license as soon as possible [3] Production Capacity and Cost of Shixiawo Mining Area - The annual mining scale of Shixiawo is 45 million tons, with an average grade (lithium oxide content) of 0.27%. Under full - production status, the annual output of lithium carbonate is 60,000 tons, and the monthly output is 5,000 - 6,000 tons, accounting for 9.4% of the national total output last year [3] - The cash cost of lithium carbonate production in 2024 was 87,700 yuan, and the full cost exceeded 100,000 yuan after adding the lithium resource tax, with relatively low market competitiveness [3] Market Reaction and Price Trend - The market had anticipated the suspension of Shixiawo. The price of the lithium carbonate main contract had risen 10.54% in the two trading days last Thursday and Friday, and continued to rise to 81,000 yuan/ton after the news was confirmed [3] - Currently, downstream demanders have a low willingness to stock up in large quantities and mainly focus on rigid demand, and it is difficult to accept such high - priced raw materials. If the high price persists, the supply will quickly increase as other manufacturers' profit margins recover [3] Impact of New Mineral Resources Law - Other lithium mines in Yichun do not have the problem of immediate mining license expiration. The Yichun Natural Resources Bureau has required relevant mines to supplement resource reserve reports by the end of September, and will comprehensively consider whether to re - approve mining licenses according to the new mineral law [3] - The new mineral law increases the resource tax rate for low - grade lithium mines and has higher environmental protection requirements, which raises the production cost of mica - extracted lithium and provides some support for the lithium carbonate price [3]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report - The prices of related futures products in the photovoltaic industry chain are currently strong, but the fundamentals are relatively weak. The inventory in the polysilicon industry is decreasing, and it may continue to operate in the short term. Consider taking long positions at low prices when the price corrects [7]. 3) Summary Based on Related Content Industrial Silicon Price Trends - On August 11, industrial silicon opened with a significant jump. As of 11:00, it was reported at 8,970 yuan/ton, with a morning high of 9,025 yuan/ton, a 3.61% increase from Friday's closing price of 8,710 yuan/ton [5]. - Due to the market's expectation of a significant reduction in the export tax - rebate rate for photovoltaic modules in September, the polysilicon production increased slightly last week. Under the current domestic anti - involution policy, the market sentiment is positive, driving up the prices of products in the industry chain. Although the anti - involution policy is currently piloted in polysilicon and not yet in industrial silicon, the strong implementation of the policy leads to good market expectations for the current price of industrial silicon. The industry inventory is decreasing, and the increase in energy prices raises the production cost of industrial silicon, supporting the price to run above 8,900 yuan/ton [6]. Polysilicon Price Trends - The recent export tax - rebate event for photovoltaic modules continuously supports the polysilicon price to run above 50,000 yuan/ton. Although the price is already high and the tax - rebate event has limited upward momentum for the price, the decreasing inventory continues to support the price above 50,000 yuan/ton [7].

Report Summary 1) Report Industry Investment Rating The report advises to view the jujube futures price from a bullish perspective in the near term, suggesting to continue holding long positions in the CJ601 contract and be cautious about the position limit and expiration risks of the CJ509 contract. For the long - term, it recommends waiting for the end of the opening - price game and then shorting the CJ605 contract opportunistically [1][2]. 2) Core Viewpoints The current jujube market is in a state of production game. The spot price in the sales area is rising steadily, and the futures price is oscillating upwards. The market's focus is on the supply side, with significant differences in the expected production of new - season jujubes between the long and short sides. The upstream is bullish, and combined with the steady increase in the spot price, it has pushed the futures price to break through and rise. The CJ601 contract shows an obvious strengthening trend [1]. 3) Summary by Content Spot Market - Xinjiang jujubes have entered the swelling period, and some first - crop fruits are starting to turn red. Last week, the spot sales in the sales area accelerated. The spot price in Cangzhou was stable with an upward trend, and the prices of high - quality goods were gradually strengthening. The average prices of super - grade and first - grade jujubes were 10.12 yuan/kg and 9.15 yuan/kg respectively, with a week - on - week increase of 0.25 yuan/kg and 0.32 yuan/kg [1]. Futures Market - Recently, the jujube futures price has been oscillating upwards, breaking through the previous high pressure level last Friday. The market's trading focus is still on the supply side, and there are large differences in the expected production of new - season jujubes between the long and short sides. The total open interest of jujube futures increased to more than 230,000 lots on Friday, remaining at a historical high, indicating intense long - short contradictions. The market recognizes the expected reduction in new - season jujube production due to adverse weather in June - July, but there are large disputes over the reduction range. The disputes over production will ultimately shift to the expected game of the new - season opening price. The upstream is bullish, and combined with the recent steady increase in the spot price, it has pushed the jujube futures price to break through and rise. Technically, the CJ601 contract shows an obvious strengthening trend [1].