Report Title - Sugar Data Daily Report [2] Core View - The rebound of the international raw sugar from the bottom has driven the rebound of the domestic market, but the upside space remains limited. Internationally, the supply side continues to recover this season. Brazil's new season is progressing smoothly, but the increase in Brazil's production may be lower than expected. Benefiting from favorable monsoon weather, the production in India and Thailand is expected to rebound. Domestically, the new season is expected to see a significant increase in production to a historical high, and the domestic market may continue to be under pressure, but the downside space is also limited [3] Industry Investment Rating - Not provided Market Data Summary Spot Prices - Guangxi Nanning Warehouse: 6140 yuan/ton, no change [3] - Yunnan Kunming: 5905 yuan/ton, no change [3] - Yunnan Dali: 5800 yuan/ton, no change [3] - Shandong Rizhao: 6135 yuan/ton, no change [3] Futures Prices - SR09: 5817, up 7 [3] - SR01: 5639, up 10 [3] Exchange Rates - RMB to USD: 7.1865, down 0.0080 [3] - Brazilian Real to RMB: 1.2818, up 0.0212 [3] - Indian Rupee to RMB: 0.084, down 0.0004 [3] International Futures Prices - ICE Raw Sugar Main Contract: 16.56, no change [3] - London White Sugar Main Contract: 573, up 3 [3] - Brent Crude Oil Main Contract: 70.63, no change [3] Spreads - SR09 - SR01: 178, down 3 [3]

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - In the short - term, methanol prices will fluctuate within a range; in the medium - to long - term, the methanol spot market may shift from strong to weak and fluctuate [1]. 3. Summary by Relevant Catalogs a. Spot Price - On July 14, 2025, methanol prices in many domestic regions were slightly adjusted. The inventory of enterprises in the northwest main production area was at a low level, and the willingness of downstream and traders to replenish at low prices increased, leading to higher enterprise auction transaction prices. The positive sentiment in the futures market drove smooth transactions of new domestic orders in the afternoon, and some enterprises stopped selling to support prices, pushing up the general increase of spot prices. However, downstream buyers were mainly on the sidelines, and procurement became more rational after the previous low - price replenishment. The market trend depends on the downstream procurement transactions on Tuesday. For example, the price in Taicang increased from 2355.00 to 2370.00, an increase of 15.00; the price in Shandong increased from 2220.00 to 2230.00, an increase of 10.00; while the price in Inner Mongolia decreased from 1980.00 to 1970.00, a decrease of 10.00 [1]. b. Supply - Domestic methanol production increased from 266175.00 to 271225.00, an increase of 5050.00, and the domestic start - up rate increased from 82.68 to 84.25, an increase of 1.57. The international start - up rate remained unchanged at 71.13 [1]. c. Import - The arrival weight of imports remained unchanged at 25.46 [1]. d. Inventory - Both enterprise inventory and port inventory remained unchanged at 352280.00 and 673660.00 respectively [1]. e. Demand - The order backlog remained unchanged at 233250.00 [1]. f. Operating Rates of Related Products - The operating rates of MTOH, dimethyl ether, formaldehyde, acetic acid, chloride, MTBE, etc. remained mostly unchanged, with only the formaldehyde operating rate remaining unchanged at 46.40 [1]. g. Associated Product Prices - The price of dimethyl ether decreased from 3350.00 to 3300.00, a decrease of 50.00; the price of methane chloride increased from 2140.00 to 2160.00, an increase of 20.00; the price of MTBE increased from 4950.00 to 4960.00, an increase of 10.00 [1].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The fundamentals of the lithium carbonate market show an increase in supply and stable demand, which may pose a constraint on the price increase. In the short term, driven by market sentiment, the futures price of lithium carbonate may fluctuate upward, but the downstream inventory is relatively large, and the subsequent replenishment space may be limited, weakening the price support [2] Group 3: Summary by Related Catalogs Lithium Compound Prices - The average price of SMM battery - grade lithium carbonate is 64,650 yuan/ton, with a daily increase of 900 yuan; the average price of SMM industrial - grade lithium carbonate is 63,050 yuan/ton, with a daily increase of 900 yuan [1] Lithium Futures Contracts - The closing price of lithium carbonate 2507 is 66,200 yuan/ton, with a daily increase of 3.41%; the closing price of lithium carbonate 2508 is 66,720 yuan/ton, with a daily increase of 3.63%; the closing price of lithium carbonate 2509 is 66,480 yuan/ton, with a daily increase of 3.71%; the closing price of lithium carbonate 2510 is 66,260 yuan/ton, with a daily increase of 3.66%; the closing price of lithium carbonate 2511 is 66,000 yuan/ton, with a daily increase of 3.48% [1] Lithium Ore Prices - The price of lithium spodumene concentrate (CIF China) is 682 yuan, with a daily increase of 8 yuan; the price of lithium mica (Li20: 1.5% - 2.0%) is 890 yuan, with a daily increase of 60 yuan; the price of lithium mica (Li20: 2.0% - 2.5%) is 1450 yuan, with a daily increase of 45 yuan; the price of amblygonite (Li20: 6% - 7%) is 4650 yuan; the price of amblygonite (Li20: 7% - 8%) is 5500 yuan, with a daily increase of 100 yuan [1][2] Cathode Material Prices - The average price of lithium iron phosphate (power - type) is 31,275 yuan, with a daily increase of 220 yuan; the average price of ternary material 811 (polycrystalline/power - type) is 142,880 yuan; the average price of ternary material 523 (single - crystal/power - type) is 115,255 yuan, with a daily increase of 100 yuan; the average price of ternary material 613 (single - crystal/power - type) is 120,305 yuan [2] Price Spreads - The price spread between battery - grade and industrial - grade lithium carbonate is 1600 yuan/ton; the price spread between battery - grade lithium carbonate and the main contract is - 1830 yuan, with a change of - 1300 yuan; the price spread between the near - month and the first - continuous contract is 240 yuan, with no change; the price spread between the near - month and the second - continuous contract is 460 yuan, with no change [2] Inventory - The total weekly inventory is 140,793 tons, with an increase of 2446 tons; the weekly inventory of smelters is 58,598 tons, with a decrease of 292 tons; the weekly inventory of downstream is 40,765 tons, with an increase of 268 tons; the weekly inventory of others is 41,430 tons, with an increase of 2470 tons; the daily registered warehouse receipts are 11,204 tons, with a decrease of 399 tons [2] Industry News - Premier African Minerals completed the upgrade of the flotation plant of its Zulu lithium - tantalum ore project in Zimbabwe and restarted operations on July 6. The project covers about 3.5 square kilometers and is 100% owned by Premier through its local subsidiary [2] - Hunan Province has discovered 4.9 billion tons of lithium ore in Linwu County, Chenzhou City, with 131000 tons of lithium oxide resources, and the deposit is accompanied by multiple strategic minerals [2] - A document from the Yichun Bureau of Land and Resources requires 8 mining enterprises to supplement relevant materials for the mineral resource reserve verification report, but it does not affect the current production plans of the mines and the stability of lithium carbonate supply [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The USDA July report was bearish, raising the U.S. soybean inventory digestion rate to 7.1% and the global soybean inventory digestion rate to 20.57%. Despite this, the short - term weather in the U.S. soybean - growing areas is normal for growth. With the pressure of concentrated arrivals of Brazilian soybeans, domestic soybean crushing in July and August is expected to exceed 10 million tons, and the pressure of soybean meal inventory accumulation is expected to last until September. The buying of soybeans from October to January is slow. On the demand side, the short - term high inventory of pig and poultry farming supports feed demand, and the high cost - performance of soybean meal increases its proportion in feed, with high - level提货. However, wheat substitution for corn in some areas reduces protein consumption. Recently, the trading volume of soybean meal has increased at low prices. Overall, the soybean meal inventory continues to rise, but the accumulation speed has slowed down slightly. The short - term inventory pressure is expected to keep the spot basis oscillating at a low level. The M01 contract is recommended to be bought on dips as the import cost is expected to support it [7][8]. 3. Summary by Related Catalogs a. Basis Data - For the soybean meal main - contract basis (Zhangjiagang), the Dalian value was - 52 with a change of - 36 on July 14. The 43% soybean meal spot basis (against the main contract) in Zhangjiagang was - 162 with a change of - 16. The rapeseed meal spot basis in Guangdong was - 119 with a change of - 6 [6]. b. Spread Data - The M9 - M1 spread, M9 - RM9 spread, RM9 - 1 spread, and the spot and盘面 spreads between soybean meal and rapeseed meal in Guangdong are presented, with specific values such as M9 - 1 being - 29, M9 - RM9 being 10, RM9 - 1 being 355, the spot spread (Guangdong) of soybean meal - rapeseed meal being 333, and the盘面 spread (main) being 260 [7]. c. International Data - The Brazilian soybean CNF premium, the U.S. dollar - RMB exchange rate, and the盘面 profit of imported soybeans are shown. For example, the Brazilian soybean CNF premium is 74.00 (in cents per bushel), the exchange rate is 7.1693, and the盘面 profit of imported soybeans is 268 yuan/ton [7]. d. Inventory Data - Data on Chinese port soybean inventory, major oil - mill soybean inventory, feed - enterprise soybean meal inventory days, and major oil - mill soybean meal inventory are provided, showing trends from 2020 - 2025. Currently, domestic soybean inventory has reached a high level, and soybean meal is in an inventory - accumulation cycle, with the feed - enterprise soybean meal inventory days increasing [7][8]. e.开机 and压榨情况 - Data on the major oil - mill soybean crushing volume and开机 rate from 2020 - 2025 are presented, indicating the开机 and crushing situation in the industry [7]. f. Supply and Demand Analysis - Supply: The USDA July report was bearish, but short - term weather in U.S. soybean - growing areas is favorable. Brazilian soybean arrivals will lead to high - volume domestic crushing in July and August, with inventory - accumulation pressure until September and slow buying from October to January. - Demand: High inventory of pig and poultry farming supports feed demand, high cost - performance of soybean meal increases its proportion in feed, but wheat substitution for corn in some areas reduces protein consumption. Recent low - price trading volume of soybean meal has increased [7][8].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On July 14, the main contract of Shanghai gold futures closed up 1.06% to 781.4 yuan/gram, and the main contract of Shanghai silver futures closed up 2.11% to 9207 yuan/kg [5]. - Trump's "Reciprocal Tariffs 2.0" boosts the demand for precious metals and stimulates their prices. The silver price has risen strongly due to factors such as the technical breakthrough and the expected recovery of overseas manufacturing, with the COMEX silver breaking through $39 per ounce and the Shanghai silver main contract breaking through 9200 yuan/kg [5]. - In the short - term, tariff risks may support the precious metals prices to remain strong, especially silver. In the long - term, considering the background of trade war, the probability of the Fed's interest rate cut, global geopolitical uncertainties, and central bank gold purchases, the long - term upward trend of gold remains unchanged, and the strategy of buying on dips is recommended [5]. Group 3: Summary by Relevant Catalogs Price Data - **Spot and Futures Prices**: On July 14, 2025, London gold spot was $3367.33 per ounce, London silver spot was $38.90 per ounce, COMEX gold was $3380.10 per ounce, and COMEX silver was $39.31 per ounce. Compared with July 11, gold prices rose by about 1.1% and silver prices rose by 3.5% - 4.3%. The AU2508 contract was 778.98 yuan/gram, and the AG2508 contract was 9179 yuan/kg, with increases of 1.0% - 1.8% [5]. - **Price Spreads and Ratios**: The gold TD - SHFE active price spread on July 14 was - 2.18 yuan/gram, with a 18.5% change compared to July 11. The silver TD - SHFE active price spread was - 3 yuan/kg, with a - 40.0% change. The gold and silver price ratios also had corresponding changes [5]. Position Data - **ETF and COMEX Positions**: As of July 11, 2025, the gold ETF - SPDR held 947.64 tons, with a - 0.12% change compared to July 10. The silver ETF - SLV held 14758.51984 tons, with a - 0.88% change. COMEX non - commercial long and short positions of gold and silver also had different degrees of changes [5]. Inventory Data - **SHFE and COMEX Inventories**: On July 14, 2025, SHFE gold inventory was 28857 kg, a 17.38% increase compared to July 11. SHFE silver inventory was 1223982 kg, a - 6.11% decrease. COMEX gold and silver inventories also had slight decreases [5]. Interest Rate, Exchange Rate and Stock Market Data - **Exchange Rates and Indexes**: On July 14, 2025, the dollar/yuan central parity rate was 7.15, with a 0.02% change compared to July 11. The dollar index was 97.87, with a 0.29% increase. The yields of 2 - year and 10 - year US Treasuries also increased, and the VIX increased by 3.93% [5].

Group 1: Report Core View - The sentiment in the commodity market has turned positive, and polyester prices have followed suit. Despite the expectation of reduced downstream polyester loads, the actual production has reached a new high. Both bottle chips and staple fibers are entering the maintenance cycle in July. The PTA spot market is becoming more relaxed, and the market's spot arrivals have increased. Due to compressed profits, the willingness of polyester manufacturers to restock is low. [2] Group 2: Industry Data Summary Price Changes - PTA spot price increased from 4710 to 4735, a change of 25 [2] - MEG inner - market price increased from 4384 to 4398, a change of 14 [2] - PTA closing price increased from 4700 to 4740, a change of 40 [2] - MEG closing price increased from 4305 to 4357, a change of 52 [2] - 1.4D direct - spun polyester staple fiber price decreased from 6700 to 6685, a change of - 15 [2] - Short - fiber basis decreased from 142 to 132, a change of - 10 [2] - 8 - 9 spread increased from 120 to 146, a change of 26 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D direct - spun and imitation large - chemical fiber price difference decreased from 900 to 885, a change of - 15 [2] - East China water bottle chip price decreased from 5935 to 5930, a change of - 5 [2] - Hot - filled polyester bottle chip price decreased from 5935 to 5930, a change of - 5 [2] - Carbonated - grade polyester bottle chip price decreased from 6035 to 6030, a change of - 5 [2] - Outer - market water bottle chip price increased from 786 to 787, a change of 1 [2] - Bottle chip spot processing fee decreased from 439 to 408, a change of - 31.07 [2] - T32S pure polyester yarn price remained unchanged at 10550 [2] - T32S pure polyester yarn processing fee increased from 3850 to 3865, a change of 15 [2] - Polyester - cotton yarn 65/35 45S price decreased from 16300 to 16280, a change of - 20 [2] - Cotton 328 price increased from 15090 to 15095, a change of 5 [2] - Polyester - cotton yarn profit decreased from 1154 to 1142, a change of - 11.95 [2] - Primary three - dimensional hollow (with silicon) price decreased from 7175 to 7140, a change of - 35 [2] - Hollow staple fiber 6 - 15D cash flow decreased from 479 to 418, a change of - 61.07 [2] - Primary low - melting - point staple fiber price remained unchanged at 7430 [2] Market Conditions - Short fiber: The price of polyester staple fiber increased by 36 to 6436. The prices of polyester staple fiber manufacturers were stable, while those of traders were slightly warmer. Downstream buyers made purchases as needed, and the market trading volume was average. [2] - Bottle chips: Positive macro - news has emerged, and the raw material side has been oscillating strongly. Most polyester bottle chip factories have maintained stable prices, while a few have lowered prices by 20 - 50. The market has remained in a stalemate. The trading price of July supply was 5880 - 6000, and low - price supplies disappeared in the afternoon. Downstream follow - up was weak. The trading price of August supply was around 5870. Market sentiment was cautious, and trading was light. [2] Load and Production - related Data - Direct - spun staple fiber load (weekly) decreased from 93.80% to 93.00%, a change of - 0.01 [3] - Polyester staple fiber sales - to - production ratio increased from 27.00% to 41.00%, a change of 68.00% [3] - Polyester yarn开机率 (weekly) decreased from 66.80% to 66.00%, a change of - 0.01 [3] - Regenerated cotton - type load index (weekly) increased from 51.50% to 52.00%, a change of 0.01 [3]

Report Industry Investment Rating - Not provided Core Viewpoints - Commodity sentiment has warmed up. PTA has strengthened in the context of supply - side contraction. Although the polyester downstream load remains at 90% despite the expectation of reduced load, the actual polyester production has reached a new high. In July, bottle chips and staple fibers are about to enter the maintenance cycle. PTA spot is becoming looser, and the market spot arrival volume has increased. Due to profit compression, the polyester replenishment willingness is not high. The maintenance of the Northeast PX plant and the Zhejiang reforming unit has been postponed [2]. - For ethylene glycol, coal prices have rebounded slightly, and commodity sentiment has clearly warmed up. However, the later arrival volume is large. Polyester production and sales have weakened, and polyester has entered the maintenance cycle. The rapid rise in polyester prices has compressed downstream weaving profits, 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 rose from 513.9 yuan/barrel on July 11, 2025, to 527.5 yuan/barrel on July 14, 2025, an increase of 13.60 yuan/barrel [2]. - **PTA - SC**: The PTA - SC price difference decreased from 965.4 yuan/ton to 906.6 yuan/ton, a decrease of 58.83 yuan/ton; the PTA/SC ratio decreased from 1.2585 to 1.2365, a decrease of 0.0220 [2]. - **PX**: CFR China PX price rose from 837 to 852, an increase of 15; the PX - naphtha price difference rose from 253 to 268, an increase of 15 [2]. - **PTA**: The PTA主力期价 rose from 4700 yuan/ton to 4740 yuan/ton, an increase of 40 yuan/ton; the PTA spot price rose from 4710 to 4735, an increase of 25 yuan/ton; the spot processing fee decreased from 193.5 yuan/ton to 136.6 yuan/ton, a decrease of 57.0 yuan/ton; the disk processing fee decreased from 183.5 yuan/ton to 141.6 yuan/ton, a decrease of 42.0 yuan/ton; the main basis increased from 0 to 8, an increase of 8; the PTA warehouse receipt quantity decreased from 43274 to 43190, a decrease of 84 [2]. - **MEG**: The MEG主力期价 rose from 4305 yuan/ton to 4357 yuan/ton, an increase of 52.0 yuan/ton; the MEG - naphtha price difference increased from (111.24) yuan/ton to (105.43) yuan/ton, an increase of 5.8 yuan/ton; the MEG domestic price rose from 4384 to 4398, an increase of 14.0 yuan/ton; the main basis decreased from 72 to 70, a decrease of 2.0 [2]. - **Industrial Chain开工情况**: The PX, PTA, and MEG开工 rates remained unchanged at 78.98%, 80.59%, and 54.86% respectively, while the polyester load increased from 86.87% to 87.15%, an increase of 0.28% [2]. - **Polyester Products**: POY150D/48F price decreased from 6645 to 6590, a decrease of 55.0; POY cash flow decreased from (101) to (182), a decrease of 81.0; FDY150D/96F price decreased from 6925 to 6935, a decrease of 90.0; FDY cash flow decreased from (321) to (437), a decrease of 116.0; DTY150D/48F price decreased from 7895 to 7890, a decrease of 5.0; DTY cash flow decreased from (51) to (82), a decrease of 31.0; the long - filament production and sales rate increased from 35% to 37%, an increase of 2%; 1.4D direct - spinning polyester staple fiber price decreased from 6700 to 6685, a decrease of 15; polyester staple fiber cash flow decreased from 304 to 263, a decrease of 41.0; the staple fiber production and sales rate increased from 41% to 73%, an increase of 32%; semi - bright chip price increased from 5795 to 5800, an increase of 5.0; chip cash flow decreased from (51) to (72), a decrease of 21.0; the chip production and sales rate increased from 62% to 144%, an increase of 82% [2]. Device Maintenance - A 1.5 - million - ton PTA device in East China has been restarted after being shut down for maintenance around May 6. A 3 - million - ton PTA device in East China has recently been shut down for maintenance, with an expected maintenance period of about 10 days [2].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The EC market shows an oscillating upward trend. The recent strength is mainly affected by the tariff extension and Maersk's better - than - expected cabin opening. The cargo shipment from the Far East to the United States will continue for some time, which is beneficial for August. The decline amplitude from the high point in August is expected to slow down, thus the discount is repaired. Today, long - position holders shifted their positions. With the new round of peace talks in Gaza on the verge of collapse and the increasing possibility of a summit between Chinese and US leaders, as the freight rate of the 08 contract is gradually determined and the range becomes clearer, it follows the delivery logic, and the 10 - contract gradually replaces the 08 - contract as the main contract and takes over the main role of the expected logic [8]. - In late July, the spot market basically followed the situation in the first half of the month. The average values of different alliances were around 3200 - 3500. Maersk's quotations were higher than the market's expectation of a decline starting from the third week, so the main contract performed strongly. The market on the disk oscillated upward this week due to Maersk's flat or higher - than - expected prices in the third and fourth weeks of July. The main contract repaired from a deep - discount state, but the upward trend is expected to be limited. Shipping companies may have the habit of announcing price increases in August, but the actual implementation will face great supply - side pressure [9]. - Hold the 12 - 4 calendar spread [10]. Group 3: Summary According to Related Catalogs Shipping Derivatives Data - **Freight Rate Index**: The current values of Shanghai Export Container Freight Index (SCFI), China Export Container Freight Index (CCFI), and other sub - indexes are 1733, 1314, etc. The changes from the previous values are - 1.71%, - 2.18%, etc. For example, SCFI - US West increased by 5.03%, while SCFIS - US West decreased by 18.69%, and SCFIS - Northwest Europe increased by 7.22% [4]. - **Contract**: The current values of contracts such as EC2506, EC2508 are 1382.2, 2027.2, etc. The changes from the previous values are 3.78%, - 0.17%, etc. For example, EC2510 increased by 4.25%, and EC2512 increased by 2.57% [4]. - **Position**: The current positions of EC2606, EC2508 are 567, 27891, etc. The changes from the previous values are 60, - 1009, etc. For example, the position of EC2410 increased by 3971 [4]. - **Monthly Spread**: The current values of spreads such as 10 - 12, 12 - 2 are 586.5, - 139.8, etc. The changes from the previous values are - 62.1, 19.1, etc. For example, the 12 - 4 spread increased by 13.1 [4]. International News - Israel has protests demanding a hostage agreement. Israel accepted a 60 - day cease - fire and hostage - release draft proposed by Qatar, but Hamas rejected it. The core of the deadlock lies in the map parameters of the Israeli army's withdrawal from Gaza. Israel will propose a new map plan next Monday [5]. - The Israeli Defense Minister said that if Iran threatens Israel, Israel will strike Iran again [6]. - Russian President Putin is privately urging Iran to accept a "zero enrichment" nuclear agreement in exchange for the possibility of a new nuclear agreement with the US [6]. - The US imposed a 30% tariff on the EU and Mexico, escalating trade tensions [6]. - The Philippine government ordered shipping agencies to avoid the Mandeb Strait in the Red Sea due to attacks on commercial ships. The Philippines supplies about 35% of the world's seafarers and takes measures to protect its nationals [7]. - US Secretary of State Rubio said that the possibility of a summit between US President Trump and China is high after meeting with Chinese Foreign Minister Wang Yi [7].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The market has shown a significant dulling in its reaction to negative news, with trading volume and sentiment remaining strong. The "asset shortage" and "national team" support have increased the willingness to allocate to equity assets, while "anti - involution" and real estate policy expectations have boosted market sentiment. However, due to the lack of substantial positive factors at home and abroad and the reduced discount advantage of stock index futures, it is advisable to be cautious about chasing the rise in the short term [7]. 3. Summary by Related Catalogs 3.1 Macro - Financial Data - **Interest Rates**: DR001 closed at 1.42%, up 8.13bp; DR007 at 1.54%, up 6.42bp; GC001 at 1.49%, up 14.00bp; GC007 at 1.56%, up 5.50bp; SHBOR 3M at 1.56%, up 0.40bp; LPR 5 - year at 3.50%, unchanged; 1 - year treasury at 1.37%, unchanged; 5 - year treasury at 1.52%, up 0.25bp; 10 - year treasury at 1.67%, unchanged; 10 - year US treasury at 4.43%, up 8.00bp [3]. - **Central Bank Operations**: The central bank conducted 2262 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. With 1065 billion yuan of reverse repurchases maturing, the net daily injection was 1197 billion yuan. This week, 4257 billion yuan of reverse repurchases will mature, and 1000 billion yuan of MLF will mature on July 15 [3][4]. 3.2 Stock Index Futures and Spot Market - **Stock Index Futures**: IF volume was 80048, down 51.0; IF open interest was 263468, down 6.8; IH volume was 41336, down 54.4; IH open interest was down 13.2; IC volume was 66406, down 46.3; IC open interest was 227301, down 6.1; IM volume was 132782, down 50.4; IM open interest was 326601, down 8.0. The premium and discount rates of IF, IH, IC, and IM contracts in different periods are also provided [5][8]. - **Stock Index Spot**: The CSI 300 rose 0.07% to 4017.7; the SSE 50 rose 0.04% to 2757.8; the CSI 500 fell 0.1% to 6020.9; the CSI 1000 rose 0.02% to 6462.3. The trading volume of the two markets was 14588 billion yuan, a decrease of 2534 billion yuan from last Friday. Industry sectors were mostly up, with precious metals, energy metals, etc. leading the gains, and diversified finance, gaming, etc. leading the losses [6]. 3.3 Export Data - China's exports in June increased by 5.8% year - on - year in US dollars, up from 4.8% in the previous period. During the Sino - US "reciprocal tariff" suspension period in June, Sino - US foreign trade recovered significantly, with exports to the US improving by 32.44% month - on - month to 381.7 billion US dollars, and the proportion in total exports rising from 9.12% in May to 11.74%. Exports to Africa also had a good performance. However, with the implementation of reciprocal tariff measures in August, Sino - US trade may face challenges [6].

责任自负。本报告仅向特定客户推送,未经国贸期货授权许可,任何引用、转载以 传播的行为均构成对国贸期货的侵权,我可将视情况适究法律 险,入市需谨慎。 瓶片短纤数据日报 | | | | 国贸期货研究院 能源化工研究中心 陈胜 | 投资咨询号: Z0017251 2025/7/14 从业资格号: | | --- | --- | --- | --- | --- | | | | | | F3066728 | | 指标 | 2025/7/10 | 2025/7/11 | 变动值 | | | PTA现货价格 | 4735 | 4710 | (25.00) | | | MEG内盘价格 | 4374 | 4384 | 10. 00 | 现货资讯: | | PTA收盘价 | 4742 | 4700 | (42.00) | 短纤:涤纶短纤跌46至6388。现货市场:涤纶 短纤生产企业价格僵持,贸易商价格下滑,下游 | | MEG收盘价 | 4325 | 4305 | (20.00) | 采购意愿低,市场成交谨慎。1.56dtex*38mm半 | | | | | | 光本白(1.4D)涤纶短纤华东市场价格在6500- | | 1.4 ...