1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views of the Report - **PVC and Caustic Soda**: The caustic soda market has limited supply - demand contradictions, with high - profit incentives for high production. There is a good price upward expectation in the peak season. It is recommended to take profit on previous long positions and wait and see. The PVC market has a weak supply - demand situation, with inventory accumulation pressure. It is advisable to wait and see due to policy and information fluctuations [23]. - **Urea**: The core driver of the urea futures market is the change in demand, especially the weakening of agricultural demand. The supply - side surplus pressure and high inventory also affect the market. The new round of Indian tender provides short - term benefits, but the suspension of small - particle bulk exports suppresses market sentiment [27]. - **Polyester Industry Chain**: In July, the PX supply - demand is expected to be tight, and it is recommended to operate PX09 in the 6600 - 6900 range. The PTA supply - demand is expected to be weak, and it is recommended to operate TA in the 4600 - 4800 range. The short - term supply - demand of ethylene glycol is expected to improve, and it is recommended to sell put options EG2509 - P - 4300 at low prices. The short - fiber market has a weak supply - demand situation, and it is recommended to operate PFO9 in the 6300 - 6500 range. The bottle - chip supply - demand has an improvement expectation, and it is recommended to pay attention to the opportunity to expand the processing fee in the 350 - 600 yuan/ton range [30]. - **Methanol**: Inland methanol prices fluctuate slightly. The port basis strengthens, and there is an expectation of inventory accumulation from July to August, with weak prices [34]. - **Pure Benzene and Styrene**: The pure benzene supply - demand is generally good, but the rebound space is limited. The styrene supply - demand is expected to be weak, and it is recommended to operate EB09 in the 7100 - 7500 range [37]. - **Polyolefins**: The supply and demand of PP and PE contract synchronously, with inventory accumulation and weak demand. It is recommended to look for short - selling opportunities for PP and buy PE within a range [41]. - **Crude Oil**: Oil prices are in a stalemate between bulls and bears. Diesel shortages support prices, but factors such as sanctions, tariffs, and supply increases limit the upward space. The support ranges for WTI, Brent, and SC are [65, 66], [67, 68], and [504, 514] respectively [44]. 3. Summaries by Related Catalogs PVC and Caustic Soda - **Prices**: For PVC, the prices of various futures contracts and spot markets have small fluctuations. For caustic soda, the prices of some products are stable, and the export price and profit of some products have changed [19][20]. - **Supply**: The caustic soda industry's operating rate has increased, while the PVC total operating rate has decreased slightly. The profits of different production methods of PVC have changed [21]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC have changed, and the PVC pre - sales volume has increased slightly [22][23]. - **Inventory**: The inventory of caustic soda and PVC has changed, with some increasing and some decreasing [23]. Urea - **Prices**: The prices of urea futures contracts, spot markets, and related products have changed, and the basis and spread have also changed [27]. - **Supply**: The daily and weekly production of urea has changed slightly, and the number of maintenance losses has increased [27]. - **Demand**: The agricultural demand for urea is weak, and the industrial demand is restricted by high temperatures [27]. - **Inventory**: The factory and port inventories of urea have changed, with the factory inventory decreasing and the port inventory increasing [27]. Polyester Industry Chain - **Prices**: The prices of various products in the polyester industry chain, including crude oil, PX, PTA, and polyester products, have changed, and the spreads and processing fees have also changed [30]. - **Supply**: The operating rates of PX, PTA, MEG, and polyester products have changed [30]. - **Demand**: The demand for polyester products is weak, and the downstream industries' operating rates have changed [30]. Methanol - **Prices**: The prices of methanol futures contracts and spot markets have changed, and the basis and spread have also changed [34]. - **Inventory**: The enterprise, port, and social inventories of methanol have changed [34]. - **Operating Rates**: The operating rates of upstream and downstream enterprises of methanol have changed [34]. Pure Benzene and Styrene - **Prices**: The prices of pure benzene, styrene, and related products have changed, and the spreads and import profits have also changed [37]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports have changed [37]. - **Operating Rates**: The operating rates of the pure benzene and styrene industries and their downstream industries have changed [37]. Polyolefins - **Prices**: The prices of LLDPE and PP futures contracts and spot markets have changed, and the basis and spread have also changed [41]. - **Inventory**: The enterprise and social inventories of PE and PP have changed [41]. - **Operating Rates**: The operating rates of PE and PP production and downstream industries have changed [41]. Crude Oil - **Prices**: The prices of crude oil futures contracts and refined oil products have changed, and the spreads and crack spreads have also changed [44]. - **Market Factors**: Diesel shortages support oil prices, but sanctions, tariffs, and supply increases affect the market [44].

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].

Report on the Cotton Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Short - term domestic cotton prices may fluctuate in a moderately strong range, while they will face pressure after the new cotton is listed in the long - term [1]. 3. Summary by Category Futures Market - Cotton 2509 price is 14,270 yuan/ton, up 0.14%; Cotton 2601 is 13,965 yuan/ton, up 0.04%; ICE US cotton main contract is 68.76 cents/pound, down 0.12% [1]. - Cotton 9 - 1 spread is 305 yuan/ton, up 5.17%; Main contract open interest is 580,773, down 1.16%; Warehouse receipts are 9,532, down 0.55%; Valid forecasts remain unchanged at 223 [1]. Spot Market - Xinjiang arrival price of 3128B cotton is 15,424 yuan/ton, up 0.71%; CC Index: 3128B is 15,508 yuan/ton, up 1.00%; FC Index: M: 1% is 13,815 yuan/ton, up 0.25% [1]. - 3128B - 01 contract spread is 1,154 yuan/ton, up 8.26%; 3128B - 05 contract spread is 1,459 yuan/ton, up 7.60%; CC Index: 3128B - FC Index: M: 1% spread is 1,693 yuan/ton, up 7.56% [1]. Industry Situation - Northern inventory is 282.98 tons, down 9.5%; Industrial inventory is 90.30 tons, down 2.9%; Import volume is 3.00 tons, down 25.0%; Bonded area inventory is 33.60 tons, down 8.9% [1]. - Textile industry inventory year - on - year is 1.90, down 48.6%; Yarn inventory days are 27.23 days, up 14.1%; Grey cloth inventory days are 36.61 days, up 3.2%; Cotton outbound shipping volume is 53.46 tons, up 22.6% [1]. - Spinning enterprise C32s immediate processing profit is - 2,318.80 yuan/ton, down 5.9%; Retail sales of clothing, footwear, hats and knitted textiles are 127.54 billion yuan, up 4.1% [1]. - Exports of textile yarns, fabrics and products are 12.048 billion US dollars, down 4.6%; Exports of clothing and clothing accessories are 15.267 billion US dollars, up 12.4% [1]. Report on the Sugar Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the bottom of the raw sugar price may appear, but considering the production increase pattern, it should be treated with a bearish view. The domestic sugar market is expected to be bearish after a rebound [5]. 3. Summary by Category Futures Market - Sugar 2601 price is 5,656 yuan/ton, up 0.02%; Sugar 2509 is 5,826 yuan/ton, down 0.03%; ICE raw sugar main contract is 16.79 cents/pound, up 0.24% [4]. - Sugar 1 - 9 spread is - 170 yuan/ton, up 1.73%; Main contract open interest is 329,588, up 2.43%; Warehouse receipts are 21,477, down 1.74%; Valid forecasts are 0 [4]. Spot Market - Nanning price is 6,050 yuan/ton, unchanged; Kunming price is 5,905 yuan/ton, up 0.43% [4]. - Nanning county spread is 224 yuan/ton, up 0.90%; Kunming spread is 79 yuan/ton, up 51.92% [4]. - Imported Brazilian sugar (in - quota) is 4,476 yuan/ton, up 0.02%; Imported Brazilian sugar (out - quota) is 5,687 yuan/ton, up 0.04% [4]. Industry Situation - National cumulative sugar production is 11.1621 million tons, up 12.03%; National cumulative sugar sales are 8.1138 million tons, up 23.07% [4]. - Guangxi cumulative sugar production is 6.465 million tons, up 4.59%; Guangxi monthly sugar sales are 510,000 tons, down 3.26% [4]. - National cumulative sugar sales ratio is 72.59%, up 9.70%; Guangxi cumulative sugar sales ratio is 71.85%, up 8.11% [4]. - National industrial sugar inventory is 3.0483 million tons, down 9.56%; Guangxi industrial sugar inventory is 1.8197 million tons, down 12.23% [4]. Report on the Egg Industry 1. Investment Rating No investment rating provided in the report. 2. Core View This week, egg prices are expected to rise slightly and then stabilize, as demand is the dominant factor, but sufficient supply and high - temperature weather may suppress the price increase [8]. 3. Summary by Category Futures Market - Egg 09 contract price is 3,595 yuan/500KG, unchanged; Egg 08 contract is 3,520 yuan/500KG, up 1.68% [7]. - Basis is - 594 yuan/500KG, up 19.47%; 9 - 8 spread is 75 yuan/500KG, down 43.61% [7]. Spot Market - Egg producing area price is 3.00 yuan/jin, up 5.03% [7]. Industry Situation - Egg chick price is 3.88 yuan/feather, down 0.51%; Culled chicken price is 4.60 yuan/jin, up 4.35% [7]. - Egg - feed ratio is 2.11, down 3.65%; Breeding profit is - 41.50 yuan/feather, down 13.05% [7]. Report on the Oil Industry 1. Investment Rating No investment rating provided in the report. 2. Core View Palm oil is expected to continue to rise in a volatile manner. Short - term, soybean oil still has some room to rise, and the forward basis quote is supported [11]. 3. Summary by Category Futures Market - Soybean oil: Y2509 price is 8,160 yuan/ton, up 1.09%; Basis is 190 yuan/ton, down 12.84%; Warehouse receipts are 22,118, down 0.06% [11]. - Palm oil: P2509 price is 8,964 yuan/ton, up 1.91%; Basis is 6 yuan/ton, up 123.08%; Warehouse receipts are 854, unchanged [11]. - Rapeseed oil: O1509 price is 9,440 yuan/ton, up 1.55%; Basis is 74 yuan/ton, down 38.33%; Warehouse receipts are 3,487, down 2 [11]. Spread - Soybean oil inter - period spread (09 - 01) is 42 yuan/ton, unchanged; Palm oil inter - period spread (09 - 01) is 32 yuan/ton, up 60.00%; Rapeseed oil inter - period spread (09 - 01) is 77 yuan/ton, up 16.67% [11]. - Soybean - palm oil spread (spot) is - 620 yuan/ton, down 29.17%; Soybean - palm oil spread (2509) is - 804 yuan/ton, down 11.05% [11]. - Rapeseed - soybean oil spread (spot) is 1,310 yuan/ton, up 3.15%; Rapeseed - soybean oil spread (2509) is 1,426 yuan/ton, up 4.24% [11]. Report on the Meal Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term may have further upward space, and cautious and bullish operations are recommended [13]. 3. Summary by Category Futures Market - Soybean meal: M2509 price is 3,056 yuan/ton, up 0.89%; Basis is - 166 yuan/ton, up 1.78%; Warehouse receipts are 41,839, down 0.0% [13]. - Rapeseed meal: RM2509 price is 2,722 yuan/ton, up 0.11%; Basis is - 101 yuan/ton, up 7.34%; Warehouse receipts are 434, down 33.02% [13]. - Soybean: Bean 1 main contract price is 4,189 yuan/ton, down 0.26%; Basis is - 229 yuan/ton, up 4.58%; Warehouse receipts are 15,274, down 0.09% [13]. - Bean 2 main contract price is 3,726 yuan/ton, up 1.11%; Basis is - 66 yuan/ton, down 164.00% [13]. Spread - Soybean meal inter - period spread (09 - 01) is - 22 yuan/ton, up 12.00%; Rapeseed meal inter - period spread (09 - 01) is 328 yuan/ton, down 1.20% [13]. - Oil - meal ratio (spot) is 2.89, down 0.32%; Oil - meal ratio (main contract) is 2.67, up 0.20% [13]. - Soybean - rapeseed meal spread (spot) is 269 yuan/ton, up 7.60%; Soybean - rapeseed meal spread (2509) is 334 yuan/ton, up 7.74% [13]. Report on the Corn Industry 1. Investment Rating No investment rating provided in the report. 2. Core View In the short - term, the market's weak sentiment is released, and the futures price is slightly stronger but with limited space. Attention should be paid to policy auctions [15][16]. 3. Summary by Category Futures Market - Corn 2509 price is 2,314 yuan/ton, up 0.78%; Basis is 36 yuan/ton, down 18.18%; 9 - 1 spread is 70 yuan/ton, up 25.00% [15]. - Long - term position is 1,747,516, up 1.71%; Warehouse receipts are 178,283, down 3.62% [15]. Spot Market - Jinzhou Port FAS price is 2,350 yuan/ton, up 0.43%; Shekou bulk grain price is 2,430 yuan/ton, unchanged [15]. - North - south trade profit is - 1 yuan/ton, down 111.11%; Import profit is 440 yuan/ton, down 16.68% [15]. Industry Situation - Shandong deep - processing early - morning remaining vehicles are 288, up 80.00% [15]. Corn Starch - Corn starch 2509 price is 2,658 yuan/ton, up 0.45%; Basis is 22 yuan/ton, down 35.29%; 9 - 1 spread is 41 yuan/ton, up 13.89% [15]. - Starch - corn futures spread is 344 yuan/ton, down 1.71%; Shandong starch profit is - 141 yuan/ton, down 2.17% [15]. - Long - term position is 344,422, down 1.60%; Warehouse receipts are 12,334, down 5.80% [15]. Report on the Pig Industry 1. Investment Rating No investment rating provided in the report. 2. Core View The short - term sentiment is still strong, but the pressure above the 09 futures contract is continuously accumulating. Attention should be paid to the pressure above 14,500 [19]. 3. Summary by Category Futures Market - Main contract basis is 265, down 32.05%; Pig 2511 price is 13,635 yuan/ton, up 0.74%; Pig 2509 is 14,135 yuan/ton, up 0.53% [18]. - 9 - 11 spread is 500 yuan/ton, down 4.76%; Main contract open interest is 63,659, down 1.78%; Warehouse receipts are 284 [18]. Spot Market - Henan price is 14,400 yuan/ton, down 50.0; Shandong price is 14,500 yuan/ton, down 100.0; Sichuan price is 13,600 yuan/ton, down 100.0 [18]. - Liaoning price is 14,150 yuan/ton, down 100.0; Guangdong price is 15,540 yuan/ton, down 300.0; Hunan price is 13,960 yuan/ton, down 100.0; Hebei price is 14,400 yuan/ton, down 100.0 [18]. Industry Situation - Sample slaughter volume per day is 131,632 heads, down 0.73%; Weekly white - strip price is 20.84 yuan/kg, unchanged [18]. - Weekly piglet price is 26.00 yuan/kg, unchanged; Weekly sow price is 32.52 yuan/kg, unchanged [18]. - Weekly slaughter weight is 128.83 kg, down 0.16%; Weekly self - breeding profit is 91 yuan/head, down 32.11%; Weekly purchased - piglet breeding profit is - 19 yuan/head, down 159.05% [18]. - Monthly fertile sow inventory is 4,042 million heads, up 0.10% [18].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report presents a daily tracking of the positions of stock index futures, including IF, IH, IC, and IM. It shows that on July 18, 2025, the total positions of IF, IH, IC, and IM all decreased, with different changes in their main contracts and significant position - changing situations among the top 20 seats [1][4][10][16][22] 3. Summary by Related Catalogs IF - **Total Position and Main Contract Position Changes**: On July 18, the total position of the IF variety decreased by 9,992 hands, while the position of the main contract 2509 increased by 3,905 hands [4] - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IF variety, Guotai Junan Futures ranked first with a total position of 45,912 hands. Guotou Futures had the largest increase in long positions, adding 1,079 hands, and CITIC Futures had the largest decrease, reducing 1,785 hands [5] - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IF variety, CITIC Futures ranked first with a total position of 48,649 hands. Guotou Futures had the largest increase in short positions, adding 955 hands, and Guotai Junan Futures had the largest decrease, reducing 1,084 hands [7] IH - **Total Position and Main Contract Position Changes**: On July 18, the total position of the IH variety decreased by 1,084 hands, while the position of the main contract 2509 increased by 4,237 hands [10] - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IH variety, Guotai Junan Futures ranked first with a total position of 11,808 hands. Haitong Futures had the largest increase in long positions, adding 2,096 hands, and Everbright Futures had the largest decrease, reducing 437 hands [11] - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IH variety, CITIC Futures ranked first with a total position of 18,189 hands. Dongzheng Futures had the largest increase in short positions, adding 665 hands, and Guotai Junan Futures had the largest decrease, reducing 822 hands [12] IC - **Total Position and Main Contract Position Changes**: On July 18, the total position of the IC variety decreased by 8,166 hands. With the 07 contract expiring on Friday, the position of the main contract increased by 2,135 hands [16] - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IC variety, CITIC Futures ranked first with a total position of 33,141 hands. Guotou Futures had the largest increase in long positions, adding 982 hands, and CITIC Futures had the largest decrease, reducing 1,457 hands [17] - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IC variety, CITIC Futures ranked first with a total position of 40,414 hands. Guoxin Futures had the largest increase in short positions, adding 375 hands, and CITIC Futures had the largest decrease, reducing 1,104 hands [18] IM - **Total Position and Main Contract Position Changes**: On July 18, the total position of the IM variety decreased by 18,902 hands, and the position of the main contract 2509 decreased by 2,201 hands [22] - **Top 20 Long - Position Seats**: Among the top 20 long - position seats of the IM variety, Guotai Junan Futures ranked first with a total position of 40,247 hands. Yide Futures had the largest increase in long positions, adding 867 hands, and CITIC Futures had the largest decrease, reducing 4,876 hands [22] - **Top 20 Short - Position Seats**: Among the top 20 short - position seats of the IM variety, CITIC Futures ranked first with a total position of 60,162 hands. Guotou Futures had the largest increase in short positions, adding 988 hands, and CITIC Futures had the largest decrease, reducing 3,663 hands [23]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views Methanol - The inland market's maintenance has reached its peak, and there is an expectation of increased production in late July. The port market faces dual pressures: an expected arrival of 1.25 million tons in July and planned maintenance of coastal MTO units, which will weaken demand. The port will continue to accumulate inventory from July to August, but the current absolute inventory is relatively low year - on - year, with limited upside and downside space, suggesting range - bound operations [4]. Crude Oil - Overnight oil prices fluctuated weakly. The main logic is the weakening downstream market and the approaching end of the consumption peak season, with a possible supply surplus in the second half of the year. The EIA weekly report shows that Cushing inventory reached its highest level since June, and US distillate demand slightly declined, although crude oil inventory decreased by 3.86 million barrels. In the short term, after the oil price decline, there is a high probability of a stalemate between bulls and bears. It is recommended to adopt a short - term band strategy [27]. Polyester Industry Chain - **PX**: Short - term downward pressure exists due to factors such as the postponement of some domestic device maintenance plans and the recovery of overseas supply. However, considering the expected commissioning of new PTA devices, the supply - demand situation is expected to remain tight, and there is support at low levels [31]. - **PTA**: The supply - demand situation is expected to be weak, with a weakening basis. The absolute price is under pressure. Strategies include range - bound operations, short - selling above 4800, and other operations [31]. - **Ethylene Glycol**: The price is expected to fluctuate and consolidate in the short term. It is recommended to wait and see for the EGO9 contract and pay attention to the pressure around 4400 [31]. - **Short Fiber**: The supply - demand situation is weak on both sides, with limited driving forces. The absolute price fluctuates with raw materials [31]. - **Bottle Chips**: There is an expectation of improved supply - demand, but the absolute price still follows the cost side. Attention should be paid to further production cuts and downstream follow - up [31]. Polyolefins - From a supply - demand perspective, PP maintenance is gradually peaking, and PE maintenance in the second half of the month is still relatively high. It is the seasonal off - season for demand, with static supply and demand both declining, inventory accumulating, and apparent demand weakening. Dynamically, PE import offers are still scarce, and demand is expected to improve seasonally in late July. For unilateral strategies, both PP and PE lack strong driving forces, and range - bound operations are recommended. For arbitrage, take profit when LP is around 250 [35]. Urea - The futures price has recently declined. The short - term driving forces for the futures price mainly come from the seasonal weakening of demand and the increasing supply pressure, with export expectations providing partial support for large - granular urea. Agricultural demand has ended, leading to a decline in the spot trading atmosphere, which in turn drags down the futures sentiment. The supply side has a high daily output, and although maintenance has increased, the total supply is abundant, and the weak new order transactions amplify the pessimistic atmosphere. Exports only support large - granular urea locally and have limited impact on small - granular urea. It is expected that the futures price may still face pressure in the short term [42]. Pure Benzene and Styrene - **Pure Benzene**: The supply - demand situation is expected to improve in July, but due to high import expectations and relatively high port inventory, its own driving force is limited. Affected by weak oil prices and the styrene price, it may fluctuate weakly in the short term. It is recommended to wait and see for the main contract BZ2603 and adopt a reverse spread strategy for the monthly spread [46]. - **Styrene**: The supply - demand situation is expected to be weak, with increasing port inventory and short - term pressure on the basis. It is under short - term pressure. Strategies include short - selling the EB08 contract, selling call options with an exercise price above 7500, and narrowing the EB - BZ spread [46]. 3. Summary by Relevant Catalogs Methanol - **Prices and Spreads**: On July 16, MA2601 closed at 2434, MA2509 at 2367, with a MA91 spread of - 67 and a Taicang basis of 11. Compared with July 15, most prices and spreads showed certain changes [2]. - **Inventory**: As of Wednesday, methanol enterprise inventory was 35.234% (a decrease of 1.28% from the previous value), port inventory was 790,000 tons (an increase of 9.92%), and social inventory was 114.3% (an increase of 6.20%) [3]. - **Upstream and Downstream Operating Rates**: As of Thursday, the domestic upstream enterprise operating rate was 72.5% (a decrease of 4.11% from the previous value), the overseas upstream enterprise operating rate was 71.1% (an increase of 11.12%), and the operating rates of various downstream devices also showed different changes [4]. Crude Oil - **EIA Weekly Data (as of July 11, 2025)**: US crude oil production was 13.375 million barrels per day, refinery operating rate was 93.9%, crude oil inventory decreased by 3.86 million barrels, and other data also showed corresponding changes [7]. - **Prices and Spreads**: On July 17, Brent was at $68.77 per barrel, WTI at $66.68 per barrel, and various price spreads also changed compared with July 16 [27]. Polyester Industry Chain - **Prices and Spreads**: Various product prices in the polyester industry chain, such as PX, PTA, and MEG, showed different changes on July 16 compared with July 15, and price spreads also changed accordingly [31]. - **Operating Rates**: The operating rates of various devices in the polyester industry chain, including PX, PTA, and MEG, showed different degrees of change on a weekly basis [31]. Polyolefins - **Prices and Spreads**: On July 16, the closing prices of L2601, L2509, PP2601, and PP2509, as well as various price spreads and basis values, showed certain changes compared with July 15 [35]. - **Inventory and Operating Rates**: PE and PP inventories showed different trends, and the operating rates of their devices and downstream industries also changed [35]. Urea - **Prices and Spreads**: On July 16, the prices of various urea products and related price spreads and basis values showed certain changes compared with July 15 [42]. - **Supply and Demand**: The daily and weekly production, inventory, and order days of urea showed different trends, with the factory - level inventory decreasing by 7.46% on a weekly basis [42]. Pure Benzene and Styrene - **Prices and Spreads**: On July 16, the prices of pure benzene, styrene, and related products, as well as price spreads and basis values, showed certain changes compared with July 15 [46]. - **Inventory and Operating Rates**: The inventories of pure benzene and styrene in the East China port showed different trends, and the operating rates of related industries also changed [46].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping industry futures, as well as relevant spot prices, spreads, ratios, and other market - related information [1][2][4][6] 3. Summaries by Relevant Catalogs Stock Index Futures - **Price Spreads**: On July 18, 2025, the F period - spot spread was 19.60% with a change of - 22.69 compared to the previous day. The IC period - spot spread was - 104.46, a change of - 93.87. Different cross - period and cross - variety spreads also had specific values and changes [1] Treasury Bond Futures - **Price Spreads**: On July 18, 2025, the TS basis was 1.6630 with a change of - 0.0146. Different cross - period and cross - variety spreads of treasury bond futures also had corresponding values and changes [2] Precious Metal Futures - **Prices and Spreads**: On July 17, 2025, the AU2510 contract closed at 776.28 yuan/gram, a decrease of 0.38 compared to the previous day. The COMEX gold主力合约 closed at 3345.40 dollars/ounce, a decrease of 8.80. Different basis and price ratios also had specific values and changes [4] Container Shipping Industry Futures - **Spot Quotes**: On July 18, 2025, the Shanghai - Europe future 6 - week freight rate reference for MAERSK was 3066 dollars/FEU with no change. The SCFIS (European route) settlement price index on July 14 was 2421.94, an increase of 163.9 compared to July 7 [6] - **Fundamentals**: The global container shipping capacity supply on July 18 was 3271.40 million TEU with no change. The export punctuality rate (short - term) decreased by 18.66% [6] Data/Information Calendar - **Overseas**: On July 18, 2025, at 16:00, the euro - zone May seasonally adjusted current account (in billions of euros) was to be released; at 22:00, the US July one - year inflation rate expectation initial value and the US July University of Michigan consumer confidence index initial value were to be released [8] - **Domestic**: Various economic indicators of different industries such as agriculture, black and non - ferrous metals, energy and chemicals, and special commodities were to be released at different times [8]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints Urea - The main logic for the stabilization of the urea futures market is the improved demand - side expectations, but the high - supply pressure still limits the rebound height. Future demand improvement expectations, along with partial device overhauls, support the futures price [5]. Polyolefin - For PP and PE, there is a lack of strong driving forces. The static situation shows a double - decline in supply and demand, inventory accumulation, and weak apparent demand. However, there are expectations of demand improvement for PE in late July. Suggested strategies include range - bound operations for both PP and PE, and taking profit when the LP spread reaches around 250 [10]. Polyester Industry Chain - Different products in the polyester industry chain have different outlooks. PX may be boosted in the short - term, PTA is expected to be supported in the short - term, MEG is expected to fluctuate and consolidate, short - fiber has limited driving forces, and bottle - chip has expectations of supply - demand improvement [48]. Crude Oil - Overnight oil prices rose due to expectations of marginal supply contraction and supply uncertainties caused by geopolitical risks. It is recommended to adopt a short - term band - trading strategy [52]. Methanol - The inland methanol market is expected to see an increase in production in late July. The port market faces pressure from expected arrivals and planned MTO overhauls, resulting in continuous inventory accumulation from July to August. It is recommended to conduct range - bound operations [73]. Chlor - Alkali Industry - For caustic soda, there is limited supply - demand contradiction in the fundamentals, but high profits stimulate high production. It is recommended that previous long - position holders temporarily exit and wait and see. For PVC, the current supply - demand pattern is in the off - season of increasing supply and decreasing demand, and it is recommended to wait and see [81]. Pure Benzene and Styrene - The supply - demand of pure benzene is expected to improve in July, but its own driving force is limited. For styrene, the supply - demand is marginally repaired, but the supply - demand expectation is still weak. Short - term price support may come from the overall positive sentiment in the domestic commodity market [86]. Summary by Relevant Catalogs Urea - **Futures Prices**: On July 17, the 01 contract closed at 1718 yuan/ton (up 0.47% from July 16), the 05 contract at 1730 yuan/ton (up 0.17%), the 09 contract at 1743 yuan/ton (up 0.58%), and the methanol - main contract at 2373 yuan/ton (up 0.25%) [1]. - **Futures Contract Spreads**: The spread between the 01 and 05 contracts was - 12 yuan/ton on July 17 (up 29.41% from July 16), the spread between the 05 and 09 contracts was - 13 yuan/ton (down 116.67%), and the spread between the 09 and 01 contracts was 25 yuan/ton (up 8.70%) [2]. - **Main Positions**: On July 17, the long - position of the top 20 was 110750 (down 1.28% from July 16), the short - position of the top 20 was 123632 (up 1.78%), and the long - to - short ratio was 0.90 (down 3.00%) [3]. - **Upstream Raw Materials**: Most upstream raw material prices remained stable, with only slight changes in a few items such as动力煤港口(秦皇岛) (up 0.32%) and合成氨(山东) (down 0.33%) [4]. - **Spot Market Prices**: Spot prices in different regions showed minor fluctuations, with some prices decreasing slightly [4]. - **Supply - Demand Overview**: Domestic urea daily production decreased slightly on July 18 compared to July 17. Weekly data showed a decrease in domestic urea production, an increase in device overhaul losses, a decrease in factory inventory, and an increase in port inventory [5]. Polyolefin - **Futures and Spot Prices**: On July 17, L2601 closed at 7235 yuan/ton (up 0.14% from July 16), L2509 at 7215 yuan/ton (up 0.01%), PP2601 at 7016 yuan/ton (up 0.11%), and PP2509 at 7020 yuan/ton (up 0.10%). Some spot prices remained unchanged [10]. - **Inventory and Operating Rates**: PE and PP inventories increased, and the operating rates of some devices and downstream industries decreased [10]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream prices such as Brent crude oil and WTI crude oil increased slightly. Downstream polyester product prices and cash - flows showed various changes, with some prices rising and some cash - flows changing significantly [48]. - **Operating Rates**: The operating rates of different segments in the polyester industry chain showed different trends, with some increasing and some decreasing [48]. Crude Oil - **Prices and Spreads**: On July 18, Brent crude oil was at 69.52 US dollars/barrel (up 1.46% from July 17), WTI at 67.55 US dollars/barrel (up 0.01%), and there were also changes in various price spreads [52]. - **Supply - Demand and Market Logic**: Supply decreased due to factors such as a decline in US crude oil inventories and production cuts in the Iraqi Kurdish region. Market focus has shifted to supply - side risks [52]. Methanol - **Prices and Spreads**: On July 17, MA2601 closed at 2438 yuan/ton (up 0.16% from July 16), MA2509 at 2373 yuan/ton (up 0.25%), and there were changes in various regional price spreads [73]. - **Inventory and Operating Rates**: Methanol enterprise inventory decreased slightly, while port and social inventories increased. The operating rates of upstream and downstream industries also changed [73]. Chlor - Alkali Industry - **Prices and Spreads**: For PVC and caustic soda, futures and spot prices showed minor changes, and there were also changes in price spreads [76]. - **Supply - Demand and Inventory**: The operating rates of the chlor - alkali industry and its downstream industries changed, and inventory levels also showed different trends [79][80][81]. Pure Benzene and Styrene - **Prices and Spreads**: On July 17, the price of pure benzene and styrene and their related price spreads changed. For example, the price of benzene - ethylene in the East China spot market decreased [85]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories and operating rates showed different trends, with some operating rates decreasing [85][86].

Group 1: Report Industry Investment Ratings - No specific industry investment ratings are provided in the report [2] Group 2: Core Views of the Report - The index has broken through the upper edge of the short - term shock range and the central position continues to move up during the new round of US trade policy negotiation window, but caution is needed when testing key positions. For the stock index, unilateral strategy suggests range operation and appropriate multi - allocation on dips [2] - The central bank's increase in open - market investment has improved the bond market sentiment, and the future situation of the tax - period capital and government bond supply needs to be observed. Curve strategy can appropriately bet on steepening [2] - There is more long - short game in the short - term gold market with support at the 60 - day moving average. Buying on dips is recommended for gold and silver, and there may be a phased pulse - type rise in silver [2] - The container shipping index is expected to oscillate strongly. For the EC2508 contract, unilateral operation is recommended to wait and see, and multi - material and short - raw material arbitrage can be considered [2] - Industrial material demand and inventory are deteriorating, and the decline in apparent demand should be noted. For steel, iron ore, coking coal, and coke, buying on dips is recommended [2] - For copper, attention should be paid to the Sino - US tariff negotiation rhythm. The aluminum market has a strong expectation of off - season inventory accumulation. For non - ferrous metals, different trading strategies are given according to different varieties [2] - The short - term oil price has rebounded due to geopolitical risks. For different energy and chemical products, various trading strategies such as waiting and seeing, range operation, and buying on dips are recommended according to their fundamentals [2] - For agricultural products, different trading strategies such as short - term long, short - term wait - and - see, and short - selling on rebounds are recommended according to different varieties [2] - For special commodities and new energy products, trading strategies such as waiting and seeing, buying on dips, and short - selling on rallies are recommended according to different varieties [2] Group 3: Summaries by Related Categories Financial Sector - **Stock Index**: The index has broken through the short - term shock range, but caution is needed at key positions. Unilateral strategy suggests range operation and appropriate multi - allocation on dips [2] - **Treasury Bond**: The central bank's open - market operation has improved sentiment, and future capital and supply situations need to be observed. Curve strategy can bet on steepening [2] - **Precious Metals**: Gold has support at the 60 - day moving average, and buying on dips is recommended. Silver may have a phased pulse - type rise [2] Shipping and Industrial Materials Sector - **Container Shipping Index**: Expected to oscillate strongly. Unilateral operation on the EC2508 contract should wait and see, and arbitrage opportunities can be considered [2] - **Steel**: Industrial material demand and inventory are poor. Attention should be paid to the decline in apparent demand, and buying on dips is recommended [2] - **Iron Ore, Coking Coal, Coke**: Black market sentiment has improved, and buying on dips is recommended [2] Non - Ferrous Metals Sector - **Copper**: Attention should be paid to the Sino - US tariff negotiation rhythm. The mid - term surplus pattern remains unchanged [2] - **Aluminum**: There is a strong expectation of off - season inventory accumulation, and different price ranges are given for different varieties [2] Energy and Chemical Sector - **Crude Oil**: The short - term oil price has rebounded due to geopolitical risks. Different trading strategies are given for different energy and chemical products according to their fundamentals [2] Agricultural Products Sector - Different trading strategies such as short - term long, short - term wait - and - see, and short - selling on rebounds are recommended for different agricultural products [2] Special Commodities and New Energy Sector - Different trading strategies such as waiting and seeing, buying on dips, and short - selling on rallies are recommended for special commodities and new energy products [2]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views There are no explicit core views presented in the reports. The reports mainly offer data on various futures and spot markets, including price changes, spreads, and inventory levels. 3. Summary by Relevant Catalogs **Stock Index Futures Spread Daily Report** - **Price Spreads**: Presents current values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles for various stock index futures spreads such as IF, IH, IC, and IM. For example, the IF term - current spread is 19.60% with a change of - 22.69, and the 1 - year percentile is 13.51% [1]. - **Cross - Period Spreads**: Details include the differences between different contract months like next month - current month, far month - current month, etc. For instance, the next month - current month spread of IF is - 7.80 with a change of 5.60 and a 1 - year percentile of 34.40% [1]. - **Cross - Variety Ratios**: Provides ratios such as the CSI 500/CSI 300, IC/IF, etc., along with their changes and percentiles. For example, the IC/IF ratio is 1.4901 with a change of - 0.0225 and a 1 - year percentile of 63.10% [1]. **Treasury Bond Futures Spread Daily Report** - **Basis and IRR**: Lists the basis and implied repo rate (IRR) for different treasury bond futures like TS, TF, T, and TL. For example, the TS basis is 1.6630 with a change of - 0.0146 and an IRR percentile of 27.60% [2]. - **Cross - Period Spreads**: Gives the spreads between different contract quarters. For instance, the current quarter - next quarter spread of TS is - 0.0620 with a change of 0.0160 and a percentile of 13.50% [2]. - **Cross - Variety Spreads**: Presents spreads between different treasury bond futures varieties such as TS - TF, TS - T, etc. For example, the TS - TF spread is - 3.6050 with a change of - 0.0290 and a percentile of 6.60% [2]. **Precious Metals Spot - Futures Daily Report** - **Futures and Spot Prices**: Shows domestic and foreign futures closing prices, spot prices, and their changes and percentage changes for gold and silver. For example, the AU2510 contract closed at 776.28 yuan/gram on July 17, down 0.05% from the previous day [4]. - **Basis**: Provides the basis between different gold and silver contracts, including their current values, changes, and historical percentiles. For example, the gold TD - Shanghai gold main contract basis is - 5.36 with a change of - 0.90 and a 1 - year percentile of 1.60% [4]. - **Inventory and Positions**: Details inventory levels and changes in inventory for domestic and foreign exchanges, as well as ETF positions. For example, the SHFE gold inventory is 28872 kg, unchanged from the previous day [4]. **Container Shipping Industry Spot - Futures Daily Report** - **Spot Quotes**: Displays spot quotes for container shipping from Shanghai to Europe by different shipping companies. For example, the MAERSK quote is 3066 dollars/FEU, unchanged from the previous day [6]. - **Container Shipping Indexes**: Presents settlement price indexes for different routes such as the SCFIS (European route) and SCFIS (US West route), along with their changes and percentage changes. For example, the SCFIS (European route) settled at 2421.94, up 7.26% from July 7 [6]. - **Futures Prices and Basis**: Provides futures prices and basis for container shipping contracts. For example, the EC2602 contract closed at 1485.7, up 1.52% from the previous day, and the basis of the main contract is 989.8, up 18.34% [6]. - **Fundamental Data**: Includes information on container shipping capacity supply, foreign trade - related indicators, and overseas economic data. For example, the global container shipping capacity supply is 3271.40 million TEU, unchanged from the previous day [6]. **Overseas and Domestic Data/Information Report** - **Overseas Data**: Lists economic indicators and financial events in the eurozone and the US, such as the eurozone May seasonally - adjusted current account and the US July one - year inflation rate expectation [8]. - **Domestic Data**: Covers various domestic economic indicators for different industries including agriculture, black and non - ferrous metals, energy and chemicals, and special commodities. For example, for the polyester industry, Asian/China PX operating rate and downstream polyester product inventory are reported [8].

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports 2. Core Views - **Glass and Soda Ash**: Glass futures are driven by sentiment, with the spot market turning strong but the long - term outlook depending on cold - repair. Soda ash is in an oversupply situation, with inventory building up after maintenance. It is recommended to wait for short - selling opportunities in soda ash and to observe the glass market [1] - **Log**: The log futures rose sharply, but the high - temperature season leads to low demand. The short - term upward trend's sustainability is questionable, and it is advisable to wait and see [2] - **Rubber**: Due to continuous rainfall in Southeast Asia and potential typhoons in Hainan, supply is disrupted, while demand is stable. Short - term rubber prices are rising, and a short - selling approach on rebounds is recommended [4] - **Industrial Silicon**: The spot price of industrial silicon is stable, and the futures price has increased. The impact of rising polysilicon prices is weakening. Attention should be paid to inventory changes and large - enterprise restart plans, with a focus on price decline risks [6] - **Polysilicon**: Polysilicon futures prices have reached a new high. The short - term bullish sentiment is strong, but attention should be paid to supply - demand regulation and risk management [8] 3. Summaries by Related Catalogs Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash spot prices in most regions are stable, while futures prices have increased. Some spreads have changed significantly [1] - **Supply and Demand**: Soda ash production and inventory are increasing, while float and photovoltaic melting volumes are decreasing [1] - **Real Estate Data**: Real estate indicators such as new construction area and construction area show negative growth, but the decline in some indicators has narrowed [1] Log - **Futures and Spot Prices**: Log futures prices have generally increased, while spot prices in ports are stable. The outer - market quotation has risen [2] - **Supply**: Port shipments have increased, the number of departing ships from New Zealand has decreased, and inventory has decreased [2] - **Demand**: Log demand has decreased, and the daily outbound volume has declined [2] Rubber - **Spot Prices and Basis**: Rubber spot prices have mostly increased, and the basis of some varieties has changed [4] - **Fundamental Data**: Rubber production in some countries has increased, tire production has increased slightly, and imports have decreased [4] - **Inventory Changes**: Rubber inventory in bonded areas and warehouses has changed, and the entry and exit rates of dry rubber in Qingdao have adjusted [4] Industrial Silicon - **Spot Prices and Basis**: Industrial silicon spot prices are stable, and the basis of some varieties has decreased [6] - **Monthly Data**: National and regional industrial silicon production and start - up rates have changed, and downstream product production has increased [6] - **Inventory Changes**: Factory and social inventories of industrial silicon have changed slightly, and the number of warehouse receipts has increased [6] Polysilicon - **Spot and Futures Prices**: Polysilicon spot and futures prices have increased, and the basis and spreads of some varieties have changed [8] - **Fundamental Data**: Polysilicon and silicon wafer production and import/export volumes have changed, and demand for silicon wafers has decreased [8] - **Inventory Changes**: Polysilicon and silicon wafer inventories have decreased, and the number of warehouse receipts remains unchanged [8]