Report Summary 1. Market Index Performance - The Shanghai Composite Index rose 0.62% to 3581.86 points, the Shenzhen Component Index rose 0.84%, the ChiNext Index rose 0.61%, the CSI 300 rose 0.82%, the Beijing Stock Exchange 50 rose 0.45%, the STAR 50 rose 0.83%, the Wind All - A rose 0.61%, the Wind A500 rose 0.94%, and the CSI A500 rose 0.84% [11]. - A - share trading volume reached 1.93 trillion yuan, compared with 1.73 trillion yuan the previous day [11]. 2. Index Specifics 2.1 Index Quotes | Index | Closing Price | Increase (%) | Turnover (billion yuan) | Volume (billion) | | --- | --- | --- | --- | --- | | SSE 50 | 2792.1823 | 0.72 | 1293.95 | 68.31 | | CSI 300 | 4118.9582 | 0.82 | 4508.74 | 257.60 | | CSI 1000 | 6637.1035 | 0.38 | 3959.15 | 301.66 | [4] 2.2 CFFEX Stock Index Option Trading | Index | Option Volume (10,000 contracts) - Put | Option Volume (10,000 contracts) - Call | Daily Volume | Option Open Interest (10,000 contracts) | Open Interest - Call | Open Interest - Put | Open Interest PCR | | --- | --- | --- | --- | --- | --- | --- | --- | | SSE 50 | 4.12 | 2.86 | 0.44 | 5.64 | 3.65 | 1.99 | 0.54 | | CSI 300 | 10.69 | 6.75 | 0.58 | 15.91 | 9.39 | 6.52 | 0.69 | | CSI 1000 | 18.01 | 10.44 | 0.73 | 21.78 | 11.38 | 10.40 | 0.91 | [4] 3. Volatility Analysis 3.1 SSE 50 Volatility - Historical volatility chain shows various percentile values and the current value, with analysis of 5 - day, 20 - day, 40 - day, 60 - day, and 120 - day historical volatility [11]. - Next - month at - the - money implied volatility and volatility smile curve are presented [11]. 3.2 CSI 300 Volatility - Similar to SSE 50, it includes historical volatility chain analysis and next - month at - the - money implied volatility with a volatility smile curve [11]. 3.3 CSI 1000 Volatility - Historical volatility chain analysis for different time periods and next - month at - the - money implied volatility with a volatility smile curve are provided [11].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - On July 22, the main contract of Shanghai gold futures closed up 0.64% to 784.84 yuan/gram, and the main contract of Shanghai silver futures closed up 1.56% to 9,393 yuan/kilogram [4]. - In the short - term, although market risk appetite remains high and the US signals on tariff negotiations are optimistic, with the upcoming tariff suspension period in early August and the continued pressure on Powell, gold is expected to return to the safe - haven logic, but the price increase may be slow due to the strong US economic data and the postponed Fed rate - cut expectation to September. Gold is expected to move up in a volatile manner in the short - term, and it is recommended to buy on dips. For silver, the commodity rally benefits its industrial properties, so it is bullish in the short - term, but the mid - term fundamentals need attention due to potential weakening demand [4]. - In the long - term, given the ongoing trade war, the possibility of Fed rate cuts this year, global geopolitical uncertainties, great - power competition, and the wave of de - dollarization with continued central bank gold purchases, the long - term center of gold prices is likely to continue to rise [4]. Group 3: Summary by Directory Price Tracking - **Gold and Silver Price**: On July 22, compared with July 21, London gold spot rose 0.5% to $3,384.46/ounce, London silver spot rose 1.5% to $38.86/ounce, COMEX gold rose 0.7% to $3,397.50/ounce, COMEX silver rose 1.6% to $39.20/ounce, AU2508 rose 0.4% to 782.50 yuan/gram, AG2508 rose 1.3% to 9,366 yuan/kilogram, AU (T + D) rose 0.4% to 780.55 yuan/gram, and AG (T + D) rose 1.4% to 9,357 yuan/kilogram [3]. - **Price Difference and Ratio**: From July 21 to July 22, the gold TD - SHFE active price difference changed from - 2.02 yuan/gram to - 1.95 yuan/gram with a - 3.5% change; the silver TD - SHFE active price difference changed from - 14 yuan/kilogram to - 9 yuan/kilogram with a - 35.7% change; other price differences and ratios also had corresponding changes [3]. Position Data - As of July 21 (compared with July 18), gold ETF - SPDR increased 0.36% to 947.06 tons, silver ETF - SLV increased 2.37% to 15,005.78624 tons. COMEX gold non - commercial long positions increased 3.26% to 270,227, non - commercial short positions decreased 2.73% to 57,112, and non - commercial net long positions increased 5.00% to 213,115. COMEX silver non - commercial long positions increased 5.25% to 85,022, non - commercial short positions increased 14.90% to 25,574, and non - commercial net long positions increased 1.58% to 59,448 [3]. Inventory Data - On July 22, SHFE gold inventory remained unchanged at 28,857 kilograms compared with July 21, and SHFE silver inventory decreased 0.45% to 1,199,046 kilograms. COMEX gold inventory remained unchanged at 37,192,143 ounces from July 18 to July 21, and COMEX silver inventory increased 0.08% to 497,645,563 ounces from July 18 to July 21 [3]. Related Market Data - From July 21 to July 22, the US dollar index decreased 0.09%, the 2 - year US Treasury yield decreased 0.64%, the 10 - year US Treasury yield decreased 0.77%, VIX decreased 1.35%, the S&P 500 increased 0.14%, NYMEX crude oil decreased 0.38%, and the US dollar/yuan central parity rate remained unchanged [4]. Important News - A US Republican congresswoman has sent a letter to the US Department of Justice to charge Fed Chairman Powell [4]. - Russian President Putin will visit China in September [4]. - The next round of US - China talks may discuss China's purchase of Russian and Iranian oil [4].

1. Report Industry Investment Rating - No information provided on the industry investment rating in the report. 2. Core Views of the Report - For steel, the cost story of coal adds fuel to the market. After the gap of the black - series on Tomb - Sweeping Festival is filled, the volatility may increase. The market is mainly driven by futures market funds and sentiment. The base - spread still has opportunities, and the spot - futures positive arbitrage can be rolled. The iron - water output increase strengthens the expectation of improved supply - demand of furnace materials, resulting in a pattern of stronger furnace materials and weaker finished products, compressing the disk profit [2]. - For coking coal and coke, the second round of coke price increase has been implemented, and the market intends to expand the range of the third - round increase. The coking coal auction is still hot. The futures market is affected by the news of the National Energy Administration's coal - mine production verification. The subsequent trend has high uncertainty, and it is recommended to wait and see for now [2]. - For ferrosilicon and silicomanganese, the market is trading the supply reduction under the anti - involution logic. The verification of coal over - production by the National Energy Administration may support the cost of ferrosilicon and silicomanganese, and they will continue to be strong, but the upward space needs to be further observed [2]. - For iron ore, although the market sentiment is boosted by the coal - mine production verification news, the iron ore faces increasing upward pressure. It is not recommended to chase the high. It is not advisable to short on the left - hand side. The steel - mill profit remains high, and the daily average iron - water output in July is expected to remain at a high level. Shorting can be considered when the demand fails to keep up during the peak - season demand verification [2]. 3. Summary by Related Catalogs Futures Market - On July 22, the closing prices of far - month contracts RB2601, HC2601, I2601, J2601, and JM2601 were 3367.00 yuan/ton, 3492.00 yuan/ton, 793.50 yuan/ton, 1752.00 yuan/ton, and 1137.00 yuan/ton respectively, with corresponding increases of 107.00 yuan, 96.00 yuan, 22.00 yuan, 129.00 yuan, and 112.50 yuan. The closing prices of the main contracts RB2510, HC2510, I2509, J2509, and JM2509 were 3307.00 yuan/ton, 3477.00 yuan/ton, 823.00 yuan/ton, 1697.50 yuan/ton, and 1048.50 yuan/ton respectively, with increases of 100.00 yuan, 96.00 yuan, 20.00 yuan, 125.50 yuan, and 77.50 yuan, and the corresponding increases were 3.12%, 2.84%, 2.49%, 7.98%, and 7.98% [1]. - The cross - month spreads such as RB2510 - 2601, HC2510 - 2601, I2509 - 2601, J2509 - 2601, and JM2509 - 2601 were - 60.00 yuan/ton, - 15.00 yuan/ton, 29.50 yuan/ton, - 88.50 yuan/ton, and - 88.50 yuan/ton respectively on July 22 [1]. Spot Market - On July 22, the spot prices of Shanghai thread steel, Tianjin thread steel, Guangzhou thread steel, and Tangshan billet were 3480.00 yuan/ton, 3510.00 yuan/ton, 3510.00 yuan/ton, and 250.00 yuan/ton respectively, with increases of 50.00 yuan, 50.00 yuan, 60.00 yuan, and 50.00 yuan. The spot prices of Shanghai hot - rolled coil, Hangzhou hot - rolled coil, and Guangzhou hot - rolled coil were 3480.00 yuan/ton, 3510.00 yuan/ton, and 3510.00 yuan/ton respectively, with increases of 50.00 yuan, 50.00 yuan, and 60.00 yuan [1]. - The base - spreads of HC main contract, RB main contract, I main contract, J main contract, and JM main contract were 3.00 yuan/ton, 73.00 yuan/ton, 7.00 yuan/ton, - 286.16 yuan/ton, and - 78.50 yuan/ton respectively on July 22 [1]. Industry Situation - In the steel industry, the iron - water output growth rate has expanded. Among the weekly five - material apparent demands, the building materials are weaker, while the plates can still achieve inventory reduction and month - on - month increase in apparent demand. The disk shows that the hot - rolled coil is slightly stronger than the thread steel, especially in the 10 - contract, which is related to the rapid increase in the thread - steel futures warehouse receipts [2]. - In the coking coal and coke industry, the second - round coke price increase has been implemented, and the market intends to expand the third - round increase. The coking coal auction is hot, and the coal price has risen rapidly. The coke basis is negative, and the port trade quasi - first - grade coke is quoted at 1380 yuan/ton (+40), and the Chen coking coal price index is 1070.8 (+21.1) [2]. - In the ferrosilicon and silicomanganese industry, the market is trading the supply reduction under the anti - involution logic. The verification of coal over - production by the National Energy Administration may support the cost of ferrosilicon and silicomanganese, and they will continue to be strong, but the upward space needs to be further observed [2]. - In the iron - ore industry, although the market sentiment is boosted by the coal - mine production verification news, the iron ore faces increasing upward pressure. It is not recommended to chase the high. The steel - mill profit remains high, and the daily average iron - water output in July is expected to remain at a high level [2].

Report Industry Investment Ratings - **Bullish**: Silver, Copper, Industrial Silicon, Polysilicon, Carbonate Lithium, Manganese Silicon, Ferrosilicon, Glass, PVC, Caustic Soda, Short Fiber, Styrene [1][2] - **Bearish**: None - **Sideways**: Treasury Bonds, Aluminum, Stainless Steel, Tin, Rebar, Hot Rolled Coil, Iron Ore, Paper Pulp, Logs, Crude Oil, Fuel Oil, Asphalt, Natural Rubber, PTA, Ethylene Glycol, PE, PP, LPG, Shipping [1][2] Core Views - The recent stock index has shown obvious dullness to negative news, with strong market trading volume and sentiment. In the short term, the stock index is expected to run strongly. - The "asset shortage" situation and the "national team" support have increased the market's willingness to allocate equity assets. The "anti - involution" and real - estate policy expectations have boosted market sentiment. - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term reminder of interest - rate risks suppresses the upward space. - Market uncertainties still exist, and the gold price is expected to fluctuate strongly in the short term. - The domestic "anti - involution" theme has fermented, and the macro - sentiment has improved, which has a positive impact on various commodities. Summary by Industry Macro - finance - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term central - bank warnings limit the upside [1]. - **Gold**: Market uncertainties lead to short - term strong - side fluctuations [1]. Non - ferrous Metals - **Silver**: Shows short - term resilience, but caution is needed in the medium term [1]. - **Copper**: Domestic "anti - involution" theme drives a strong trend [1]. - **Aluminum**: The "anti - involution" theme and high prices create a volatile situation [1]. - **Alumina**: The "anti - involution" theme and high electrolytic - aluminum profits drive price increases [1]. - **Zinc**: The "anti - involution" and other factors lead to a continuous upward trend [1]. - **Nickel**: Short - term macro - factors dominate, with a strong - side fluctuation, but long - term oversupply pressure exists [1]. - **Stainless Steel**: Macro - sentiment boosts prices, and attention should be paid to raw - material changes and steel - mill production [1]. - **Tin**: Macro - sentiment and inventory reduction support price increases [1]. - **Industrial Silicon**: Positive factors such as sporadic resumption of production and market sentiment [1]. - **Polysilicon**: Expectations of photovoltaic supply - side reform and high market sentiment [1]. - **Carbonate Lithium**: Resource disturbances, short - term large replenishment, and high market sentiment [1]. Ferrous Metals - **Rebar and Hot Rolled Coil**: Strong furnace materials provide valuation support [1]. - **Iron Ore**: Positive commodity sentiment, but the fundamentals are marginally weakening [1]. - **Manganese Silicon and Ferrosilicon**: Short - term market sentiment drives prices up [1]. Building Materials - **Glass**: Sentiment dominates, and supply - disturbance expectations support prices [1]. - **Soda Ash**: Short - term supply - disturbance trading, weak fundamentals, but improved sentiment [1]. Agricultural Products - **Palm Oil**: International demand growth expectations, but there are risks from increased production and weak exports [1]. - **Soybean Meal**: In the inventory - accumulation cycle, limited upside for M09 and a wait - for - callback - to - buy strategy for M01 [1]. - **Corn**: Old - crop supply - demand tightness supports CO9, but new - crop C01 is recommended to be shorted at high prices [1]. - **Cotton**: Near - month squeeze logic dominates, with limited upside for the 01 contract [1]. - **Sugar**: Strong operation, but limited upside, with attention to the 5600 - 6000 range [1]. - **Paper Pulp**: Rebound due to positive commodity sentiment, but not recommended to chase the rise [1]. - **Logs**: The trading logic may shift to the 09 contract, and not recommended to chase after a large increase [1]. - **Pigs**: Stable futures due to continuous inventory repair and limited short - term spot decline [1]. Energy and Chemicals - **Crude Oil and Fuel Oil**: Return to supply - demand logic after geopolitical cooling, with OPEC+ over - expected production increase and short - term consumption support [1]. - **Asphalt**: Cost - end drag and demand - supply balance lead to fluctuations [1]. - **Natural Rubber**: Rain disturbances in production areas, slow inventory reduction, and positive sentiment [1]. - **PTA**: Supply contraction, high polyester downstream load, and limited port de - stocking [1]. - **Ethylene Glycol**: Coal - price increase, supply contraction, and positive market expectations [1]. - **Short Fiber**: Low warehouse - receipt registration and increased factory maintenance [1]. - **Styrene**: Falling pure - benzene price, rising device load, and weakening basis [1]. - **Urea**: Supply - contraction expectations and domestic demand off - season [1]. - **PE**: Return to fundamentals after macro - sentiment fades, with more maintenance and weak demand [1]. - **PP**: "Anti - involution" theme and market sentiment drive prices up [1]. - **PVC**: Rising prices despite increased supply pressure in the off - season [2]. - **Caustic Soda**: End of maintenance, low - price spot, and positive sentiment [2]. - **LPG**: Weak operation due to insufficient crude - oil support, high inventory, and seasonal factors [2]. - **Shipping**: A pattern of stable reality and weak expectations, with an expected peak in mid - July and a subsequent decline [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall shipping derivatives market is showing a downward trend. The 08 contract on Friday saw a significant increase due to Maersk's and ONE's price hikes announcements for August, but the 10 contract declined on July 21st due to ONE's unchanged August price and CMA's price cut. The market dropped in the afternoon today as NSK's August first - week freight rate was lower than the current price, indicating a possible peak in freight rates [6]. - In the near future, the European line is characterized by stable reality and weak expectations. There may still be a rush to ship in July, and the spot price is expected to reach a rounded peak from late July to early August. After the deep - discount repair in the futures market, investors should avoid chasing high prices [7]. 3. Summary by Related Contents Shipping Derivatives Data - **Container Freight Index**: The China Export Container Freight Index and Shanghai Container Freight Index show different trends. For example, SCFI - West America decreased by 4.98%, SCFI - East America decreased by 0.78%, while SCFI - Northwest Europe increased by 2.76%. The SCFIS - Northwest Europe decreased by 0.87% and SCFI - Mediterranean decreased by 5.21% [3]. - **EC Contracts**: Different EC contracts (EC2506, EC2508, etc.) also have different price changes. For instance, the EC2506 contract increased by 1.11%, while the EC2510 contract decreased by 1.84%. There are also changes in positions and monthly spreads [3][4]. Trade News - The US has reached a trade agreement with Indonesia, imposing a 19% tariff on Indonesian - imported goods and exempting US goods from tariffs in the Indonesian market. The US plans to impose a 30% tariff on the EU next month, and the EU is negotiating and preparing counter - measures. India is in trade negotiations with the US, and the trade relationship between China and Europe is expected to enter a period of intense conflict [5]. Strategy - The recommended strategy is to short the 10 contract on rallies and hold the 12 - 4 calendar spread [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - With the tax - period impact mostly over, the inter - bank market funds are in an abundant state. The A - share market has strong liquidity and market sentiment, and the stock index is expected to run strongly. It is recommended to adjust and go long as the main strategy [4][6] 3. Summary by Related Catalogs Market Data of Macro - Finance - DR001 closed at 1.31 with a change of - 4.66bp; DR007 at 1.47 with - 1.61bp; GC001 at 1.36 with 4.00bp; GC007 at 1.47 with - 1.00bp; SHBOR 3M at 1.55 with - 0.20bp; LPR 5 - year at 3.50 with 0.00bp; 1 - year treasury at 1.35 with 0.25bp; 5 - year treasury at 1.53 with 1.25bp; 10 - year treasury at 1.69 with 1.20bp; 10 - year US treasury at 4.44 with - 3.00bp [3] - The central bank conducted 214.8 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. There were 342.5 billion yuan of reverse repurchases and 120 billion yuan of treasury cash fixed - deposits due on the same day [3] - This week, there will be 1.7268 trillion yuan of reverse repurchases due in the central bank's open market. From Monday to Friday, 226.2 billion yuan, 342.5 billion yuan, 520.1 billion yuan, 450.5 billion yuan, and 187.5 billion yuan will mature respectively. Additionally, 200 billion yuan of MLF will mature on July 25, and 120 billion yuan of treasury cash fixed - deposits matured on July 22 [4] Stock Index Futures and Stock Market Conditions - The CSI 300 rose 0.82% to 4119; the SSE 50 rose 0.72% to 2792; the CSI 500 rose 0.85% to 6213; the CSI 1000 rose 0.38% to 6637. The trading volume of the Shanghai and Shenzhen stock markets reached 1.893 trillion yuan, an increase of 193.1 billion yuan from the previous day [5] - Industry sectors mostly rose. The engineering machinery, coal, cement building materials, steel, engineering consulting services, engineering construction, energy metals, and precious metals sectors led the gains, while the packaging materials, gaming, and banking sectors led the losses [5] - The trading volume and open interest of IF, IH, IC, and IM contracts changed. For example, IF trading volume increased by 31.4% to 117,403, and its open interest increased by 6.5% to 267,547 [5] Stock Index Futures Basis Conditions - IF basis for the current - month contract is 0.06%, next - month 0.00%, current - quarter 0.01%, and next - quarter 2.62%; IH basis is - 1.43%, - 1.02%, - 0.56%, - 0.36% respectively; IC basis is 7.39%, 8.36%, 8.31%, 7.93% respectively; IM basis is 10.79%, 11.34%, 11.22%, 10.59% respectively [7]

Industry Investment Rating - Not provided Core Viewpoints - PTA: Commodity sentiment has improved, domestic PTA production capacity supply has contracted, port inventories have declined, and a large number of warehouse receipts are being cancelled. The spread between PX and naphtha has expanded to around $250, but the profitability of alkyl transfer and TDP is not optimistic. The spread between PX and MX remains at around $90. Bottle chips and staple fibers are about to enter the maintenance cycle in July. Market port inventories are being depleted, and polyester replenishment has improved as the basis weakens. The basis of PTA has rebounded from 0 to 30. The maintenance of major PTA factories has significantly boosted the market [2]. - Ethylene glycol: Coal prices have rebounded, leading to an increase in ethylene glycol prices. The macro - sentiment has clearly improved, and the chemical industry has followed the upward trend of the commodity market. Overseas ethylene glycol plants, especially those in Saudi Arabia, have had continuous maintenance delays, which may have a significant impact on the market outlook and boost ethylene glycol prices. The future arrival volume of ethylene glycol will decrease. Polyester sales have weakened, and the polyester industry has entered the maintenance cycle. The rapid increase in polyester prices has squeezed the profits of downstream weaving, and the terminal load has significantly declined, which has a certain negative impact on the market [2]. Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil price dropped from 512.3 yuan/barrel on July 21, 2025, to 504.3 yuan/barrel on July 22, 2025, a decrease of 8 yuan/barrel. The PTA - SC spread increased from 1057.1 to 1129.2, an increase of 72.14. The PTA/SC ratio increased from 1.2839 to 1.3081, an increase of 0.0242 [2]. - **PX**: CFR China PX price increased from 842 to 843, and the PX - naphtha spread increased from 266 to 270, an increase of 5 [2]. - **PTA**: The PTA main contract futures price increased from 4780 yuan/ton to 4794 yuan/ton, an increase of 14 yuan/ton. The PTA spot price decreased from 4785 yuan/ton to 4775 yuan/ton, a decrease of 10 yuan/ton. The spot processing fee decreased from 233.6 yuan/ton to 212.1 yuan/ton, a decrease of 21.5 yuan/ton. The on - disk processing fee increased from 233.6 yuan/ton to 246.1 yuan/ton, an increase of 12.5 yuan/ton. The main contract basis decreased from 6 to 2, a decrease of 4. The number of PTA warehouse receipts decreased from 30752 to 30746, a decrease of 6 [2]. - **MEG**: The MEG main contract futures price increased from 4410 yuan/ton to 4447 yuan/ton, an increase of 37 yuan/ton. The MEG - naphtha spread increased from (92.03) to (86.22), an increase of 5.8. The MEG domestic price increased from 4470 to 4490, an increase of 20. The main contract basis decreased from 62 to 58, a decrease of 4 [2]. - **Industrial Chain Operating Rates**: PX operating rate remained at 77.74%, PTA operating rate remained at 80.59%, MEG operating rate remained at 57.35%, and polyester load increased from 86.80% to 87.01%, an increase of 0.21% [2]. - **Polyester Products**: - **Polyester Filament**: POY150D/48F price increased by 5 yuan/ton, POY cash flow increased by 7. FDY150D/96F price decreased by 10 yuan/ton, FDY cash flow decreased by 8. DTY150D/48F price remained unchanged, DTY cash flow increased by 2. The sales rate of polyester filament increased from 50% to 105%, an increase of 55% [2]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price decreased by 10 yuan/ton, the cash flow of polyester staple fiber decreased by 8. The sales rate of polyester staple fiber increased from 40% to 48%, an increase of 8% [2]. - **Polyester Chips**: The price of semi - bright chips increased by 10 yuan/ton, the cash flow of chips increased by 12. The sales rate of chips increased from 71% to 82%, an increase of 11% [2]. Device Maintenance - A 1.5 - million - ton PTA device in East China has restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has recently shut down for maintenance, with an expected maintenance period of around 10 days [2].

Group 1 - Report Industry Investment Rating - No information provided Group 2 - Core Viewpoints - Commodity sentiment has warmed up, domestic PTA production capacity supply has shrunk, PTA port inventory has declined, and a large number of warehouse receipts are being cancelled. The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains around $90. In July, bottle chips and staple fibers are about to enter the maintenance cycle. The port inventory in the market has been reduced, and polyester replenishment has improved when the basis weakens. The basis of PTA has recovered from 0 to 30. The maintenance of the northeast PX plant and the Zhejiang reforming unit has been postponed. The early maintenance of mainstream PTA factories has significantly boosted the market [2] Group 3 - Summary of Related Indicators Price and Basis - PTA spot price decreased from 4785 to 4775, a change of -10.00 [2] - MEG domestic price increased from 4470 to 4490, a change of 20.00 [2] - PTA closing price increased from 4780 to 4794, a change of 14.00 [2] - MEG closing price increased from 4410 to 4447, a change of 37.00 [2] - 1.4D direct-spun polyester staple fiber price decreased from 6650 to 6640, a change of -10.00 [2] - Short fiber basis decreased from 178 to 168, a change of -10.00 [2] - 8 - 9 spread decreased from 16 to 8, a change of -8.00 [2] Cash Flow and Processing Fee - Polyester staple fiber cash flow increased from 240 to 246, a change of 6.00 [2] - Bottle chip spot processing fee increased from 367 to 385, a change of 17.85 [2] - T32S pure polyester yarn processing fee increased from 3800 to 3810, a change of 10.00 [2] - Polyester - cotton yarn profit increased from 1074 to 1088, a change of 14.19 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 271 to 258, a change of -13.15 [2] Load and Production and Sales - Direct - spun staple fiber load (weekly) decreased from 92.30% to 93.00%, a change of -0.01 [3] - Polyester staple fiber production and sales increased from 53.00% to 55.00%, a change of 2.00% [3] - Polyester yarn startup rate (weekly) decreased from 66.00% to 65.00%, a change of -0.01 [3] - Regenerated cotton - type load index (weekly) decreased from 51.50% to 46.00%, a change of -0.06 [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Pulp futures are expected to rise under the influence of macro - positive factors and low valuation [4] Group 3: Summary by Related Catalogs Pulp Price Data - **Futures Prices**: On July 22, 2025, SP2601 was 5502, up 0.40% day - on - day and 1.63% week - on - week; SP2605 was 5440, down 0.40% day - on - day and 1.80% week - on - week; SP2509 was 5368, up 0.64% day - on - day and 2.01% week - on - week [1] - **Spot Prices**: Coniferous pulp Silver Star was 5920, unchanged day - on - day and week - on - week; Russian Needle was 5300, unchanged; Broadleaf pulp Goldfish was 4100, unchanged day - on - day and up 1.23% week - on - week [1] - **Outer - disk Quotes**: Chilean Silver Star's outer - disk quote was 740 dollars, down 2.70% month - on - month; Chilean Star was 560 dollars, down 10.71% month - on - month; Chilean Venus was 620 dollars, unchanged [1] - **Import Costs**: Chilean Silver Star's import cost was 5884, down 2.68% month - on - month; Chilean Star was 4101, down 10.60% month - on - month; Chilean Venus was 5073, unchanged [1] Pulp Fundamental Data - **Supply**: In June 2025, coniferous pulp imports were 67.8 tons, down 6.09% month - on - month compared to May. The shipment volume of pulp to China in May was 140 tons, up 3.30% month - on - month compared to April. Domestic production of broadleaf pulp and chemimechanical pulp also had certain changes [1] - **Inventory**: As of July 17, 2025, the sample inventory of China's mainstream pulp ports was 218.1 tons, up 0.2 tons from the previous period, a 0.1% increase, showing a slight inventory accumulation trend [4] - **Demand**: This week, the output of major finished paper increased slightly, but the prices of finished paper remained low, providing weak support for pulp [3] Pulp Valuation Data - **Basis**: On July 22, 2025, the Russian Needle basis was - 68, with a quantile level of 0.47; the Silver Star basis was 552, with a quantile level of 0.867 [3] - **Import Profit**: The import profit of coniferous pulp Silver Star was 50, with a quantile level of 0.685; the quantile level of broadleaf pulp Goldfish was 0.627 [3]

Report Industry Investment Rating - No relevant information provided Core View of the Report - The price increase is mainly due to supply - side disturbances, which boost market sentiment but have limited impact on the fundamentals. In the short term, strong market sentiment and frequent rumors support futures prices, but the pricing weight of the spot market may increase, and industry players can consider hedging at high prices. Also, the basis of the current spot for the 08 contract has been repaired, which will stimulate the production of warehouse receipts [3] Summary by Related Catalogs Lithium Compounds - SMM battery - grade lithium carbonate average price is 69,100 yuan/ton, up 1,100 yuan; SMM industrial - grade lithium carbonate average price is 67,450 yuan/ton, up 1,100 yuan [1] - The closing prices and price increases of lithium carbonate futures contracts (2508 - 2512) range from 71,780 - 72,880 yuan/ton, with price increases from 2.68% - 2.93% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) price is 742 yuan, up 12 yuan; lithium mica (Li20: 1.5% - 2.0%) price is 1030 yuan, up 40 yuan; lithium mica (Li20: 2.0% - 2.5%) price is 1590 yuan, up 45 yuan; phosphorus lithium aluminum stone (Li20: 6% - 7%) price is 5400 yuan, up 225 yuan; phosphorus lithium aluminum stone (Li20: 7% - 8%) price is 6325 yuan, up 250 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,340 yuan, up 265 yuan; the average price of ternary material 811 (polycrystalline/power type) is 142,850 yuan, up 200 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,495 yuan, up 300 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,375 yuan, up 200 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1650 yuan/ton, with no change; the price spread between battery - grade lithium carbonate and the main contract is - 3780 yuan, down 500 yuan; the price spread between the near - month and the first - continuous contract is - 80 yuan, down 60 yuan; the price spread between the near - month and the second - continuous contract is 680 yuan, down 60 yuan [2] Inventory - The total inventory (weekly, tons) is 142,620 tons, up 1827 tons; the inventory of smelters (weekly, tons) is 58,039 tons, down 559 tons; the inventory of downstream (weekly, tons) is 41,271 tons, up 506 tons; the inventory of others (weekly, tons) is 43,310 tons, up 1880 tons; the registered warehouse receipts (daily, tons) is 10,089 tons, up 120 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 67,331 yuan, and the profit is 833 yuan; the cash cost of purchasing lithium mica concentrate externally is not clearly stated, and the profit is - 5969 yuan [3] Company Announcement - Yichun Yinli, a subsidiary of Jiangte Motor, is expected to conduct equipment maintenance on its production line on July 25, 2025, with an estimated maintenance time of about 26 days [3]