Report Summary 1) Report Industry Investment Rating - Investment Rating: ★★ [5] 2) Core Viewpoints - Last week, the price of the rebar 2510 contract rose by 0.03%. The production of rebar increased for the second consecutive week, factory inventory and apparent demand turned from decline to increase, and social inventory decreased for the 16th consecutive week. Recently, the macro - sentiment has improved, while the supply and demand of steel have both weakened. The production has rebounded in the past two weeks. Currently, the fundamental contradictions are not prominent, and the steel price is expected to fluctuate in the medium term. It is recommended to wait and see [4][5][35][36] 3) Summary by Relevant Catalogs Price Analysis - **Futures Price**: The daily K - line chart of the rebar futures main contract is presented, with data from Wind Information and Hualong Futures Investment Consulting Department [8][9] - **Spot Price**: The market price of rebar is mentioned, with data from Wind Information and Hualong Futures Investment Consulting Department [10][12] - **Basis and Spread**: Data is from Wind Information and Hualong Futures Investment Consulting Department [16] Important Market Information - Li Qiang chaired an executive meeting of the State Council to hear a report on implementing the spirit of the National Science and Technology Conference and accelerating the construction of a science - and technology power. The second - quarter regular meeting of the Monetary Policy Committee of the People's Bank of China in 2025 proposed to increase the revitalization of existing commercial housing and land and consolidate the stability of the real estate market. On June 25, the People's Bank of China carried out 300 billion yuan of Medium - term Lending Facility (MLF) operations with a one - year term [17] Supply - side Situation - The data of Tangshan blast furnace operating rate is involved, but specific data is not provided in the given content [18] Demand - side Situation - As of May 2025, the current value of the non - manufacturing PMI in the construction industry was 51, a month - on - month decrease of 0.9%; the current value of the purchasing manager index in the steel circulation industry of Lange Steel was 47.5, a month - on - month decrease of 1.3%. Information on construction new starts, construction and completion floor area, commercial housing sales, and Shanghai terminal wire and rod procurement volume is also mentioned [25][31] Fundamental Analysis - According to Mysteel data, on the 27th, safety inspections in Guxian, Linfen, Shanxi Province became stricter. A local coal mine was shut down for rectification due to safety hazards, involving a production capacity of 900,000 tons, mainly producing low - sulfur primary coking coal, with a shutdown period of 10 - 15 days. Last week, the weekly production of rebar was 2.1784 million tons, a week - on - week increase of 56,600 tons; the factory inventory was 1.856 million tons, a week - on - week increase of 32,800 tons; the social inventory was 3.634 million tons, a week - on - week decrease of 53,500 tons. The weekly production of the five major steel products was 8.8099 million tons, a week - on - week increase of 124,800 tons; the total inventory was 13.4003 million tons, a week - on - week increase of 11,400 tons; the apparent demand was 8.7985 million tons, a week - on - week decrease of 43,300 tons. The blast furnace operating rate of 247 steel mills was 83.82%, unchanged week - on - week and a year - on - year increase of 0.71%; the blast furnace iron - making capacity utilization rate was 90.83%, a week - on - week increase of 0.04% and a year - on - year increase of 1.70%; the steel mill profitability rate was 59.31%, unchanged week - on - week and a year - on - year increase of 16.45%; the daily average pig iron output was 2.4229 million tons, a week - on - week increase of 110,000 tons and a year - on - year increase of 285,000 tons. Jiangsu Yonggang plans to overhaul a 1080³ blast furnace for two months starting in early July, which is expected to affect about 200,000 tons of pig iron [34] 后市展望 - Last week, the production of rebar increased for the second consecutive week, factory inventory and apparent demand turned from decline to increase, and social inventory decreased for the 16th consecutive week. Recently, the macro - sentiment has improved, while the supply and demand of steel have both weakened. The production has rebounded in the past two weeks. Currently, the fundamental contradictions are not prominent, and the steel price is expected to fluctuate in the medium term [35] Operation Strategy - It is recommended to wait and see [36]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The A - share market ended its weak oscillation last week, with major indices rebounding across the board and the market center significantly shifting upwards. However, trading volume shrank in the second half of the week, indicating increased capital divergence. The index rebound was due to the Fed's more moderate stance on short - term interest rate cuts, the inflow of funds into the stablecoin sector due to regulatory policies, and the limited impact of the end of the Middle East (Israel - Iran) geopolitical conflict on the A - share market. It is expected that the stock index will likely oscillate in the future, with limited upside due to insufficient financing demand and a weak inflation environment, but a low probability of a significant decline due to the support of allocation - type funds. In a stable volatility environment, the calendar spread strategy can be used for stock index options to earn Theta returns [28][29]. 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - On June 27, the three major A - share indices showed mixed performance. The Shanghai Composite Index fell 0.70% to close at 3424.23 points, the Shenzhen Component Index rose 0.34% to 10378.55 points, and the ChiNext Index rose 0.47% to 2124.34 points. Most industry sectors rose, with non - ferrous metals, diversified finance, professional services, small metals, electronic components, power supply equipment, and communication services leading the gains, while banks, insurance, the mining industry, and tourism hotels led the losses. Last week, stock index futures closed up collectively, with small - and medium - cap varieties rising significantly more than large - cap blue - chips. The four major stock index futures' main contracts saw both long and short positions increase significantly, with short - position increases greater than long - position increases, especially in the IM contract [5]. - Last week, 30 - year and 10 - year treasury bond futures fell, while 5 - year and 2 - year treasury bonds rose slightly. The 30 - year treasury bond futures fell 0.37% to close at 120.89 yuan, the 10 - year fell 0.11% to 109.045 yuan, the 5 - year rose 0.01% to 106.265 yuan, and the 2 - year rose 0.03% to 102.542 yuan [6]. - Last week, the central bank's open - market net injection was 126.72 billion yuan, resulting in abundant short - term liquidity [7][9]. 3.2 Fundamental Analysis - From January to May, the total operating revenue of state - owned and state - holding enterprises nationwide decreased by 0.1% year - on - year, and the total profit decreased by 2.8% year - on - year [8]. - The central bank's Monetary Policy Committee's 2025 Q2 meeting noted that macro - control has been strengthened this year, with moderately loose monetary policy, enhanced counter - cyclical adjustment, and the use of multiple monetary policy tools to serve high - quality economic development. The efficiency of the loan market quotation rate reform has continued to be released, the deposit rate market - based adjustment mechanism has played an effective role, the transmission efficiency of monetary policy has increased, and social financing costs are at a historically low level. The foreign exchange market supply and demand are basically balanced, the current account surplus is stable, foreign exchange reserves are sufficient, and the RMB exchange rate is floating bidirectionally and remains basically stable at a reasonable and balanced level. The financial market is generally operating stably. The current external environment is more complex and severe, with weakening global economic growth momentum, increasing trade barriers, and differentiated economic performances among major economies, as well as uncertainties in inflation trends and monetary policy adjustments [8]. - The US dollar's "bull - to - bear" trend has advanced further. The RMB exchange rate's appreciation has been relatively "restrained." Since June, more emerging - market investment funds have shifted their RMB positions from short to long, expecting the RMB's equilibrium exchange rate to rise to between 7.13 and 7.18 due to the easing of tariff frictions and the increasing expectation of an early Fed rate cut. They are also watching China's economic fundamentals and geopolitical risks to determine if the RMB will have a catch - up rally [9]. - The Shanghai and Shenzhen Stock Exchanges are seeking public opinions on adjusting the price limit ratio of risk - warning stocks on the main board from 5% to 10%, to be consistent with other main - board stocks [9]. - Next week, 202.75 billion yuan of reverse repurchases will mature in the central bank's open - market operations, with 22.05 billion, 40.65 billion, 36.53 billion, 50.93 billion, and 52.59 billion yuan maturing from Monday to Friday respectively [10][11]. 3.3 Valuation Analysis - As of June 28, the PE of the CSI 300 Index was 13.02 times, with a percentile of 64.31%, and the PB was 1.36 times; the PE of the SSE 50 Index was 11.19 times, with a percentile of 80.39%, and the PB was 1.22 times; the PE of the CSI 1000 Index was 38.47 times, with a percentile of 52.16%, and the PB was 2.13 times [13]. - The report also introduced the concept and calculation formulas of the stock - bond yield spread, including using the reciprocal of the price - earnings ratio and the dividend yield [22][23].

华龙期货投资咨询部 投资咨询业务资格： 证监许可【2012】1087 号 农产品板块研究员：姚战旗 期货从业资格证号：F0205601 投资咨询资格证号：Z0000286 电话：13609351809 邮箱：445012260@qq.com 研究报告 油脂周报 利好刺激，油脂大幅上涨 的免责声明。 摘要： 【行情复盘】： 本周油脂期价大幅上涨，全周豆油 Y2509 合约上涨 4.75%， 以 8156 元/吨报收，棕榈油 P2509 合约上涨 4.86%以 8536 元/吨 报收，菜油 OI2509 合约上涨 4.47%，以 9726 元/吨报收。 【重要资讯】： 榈油方面：据马来西亚独立检验机构 AmSpec，马来西亚 6 月 1-20 日棕榈油出口量为 798813 吨，较上月同期出口的 720422 吨 增加 10.88%。马棕榈油上涨 4.79%。 报告日期：2025 年 06 月 23 星期一 豆油方面：6 月 13 日，美国环保署（EPA）公布最新的掺混 标准提案，该提案大幅提高了 2026 年和 2027 年生物质基柴油义 务量目标，将2026 年生物燃料混合总量设定为240.2 亿加仑，202 ...

研究报告 纯碱周报 供需矛盾突出 纯碱价格弱势调整 华龙期货投资咨询部 投资咨询资格证号：Z0019257 电话：15117218912 邮箱：houfan@qq.com 考，请投资者务必阅读正文之后 的免责声明。 摘要： 证监许可【2012】1087 号 期货从业资格证号：F3076451 【行情复盘】 投资咨询业务资格： 上周纯碱主力合约 SA2509 价格在 1151-1193 元/吨之间运 行，价格保持低位震荡。 研究员：侯帆 截至 2025 年 6 月 20 日下午收盘，当周纯碱期货主力合约 SA2509 上涨 17 元/吨，周度涨幅 1.47%，报收 1173 元/吨。 【基本面分析】 上周全国纯碱现货市场价格普遍下跌。 供给方面产量、产能利用率双增，上周纯碱产量、产能利用 率双增，截止 2025 年 6 月 19 日，国内纯碱产量 75.47 万吨，环 比增加 1.46 万吨，涨幅 1.97%。纯碱综合产能利用率 86.57%， 前一周 84.90%，环比增加 1.68%。 报告日期：2025 年 6 月 23 日星期一 库存情况纯碱整体出现累库现象，截止到 2025 年 6 月 19 日， 国 ...

Report Industry Investment Rating No relevant information provided. Core View of the Report Last week, influenced by the ongoing tension between Israel and Iran, methanol futures continued to rise, with the methanol weighted closing at 2,525 yuan/ton on Friday afternoon, a 5.34% increase from the previous week. The fundamentals of methanol have not improved substantially. In the future, the focus will still be on the development of the conflict between Iran and Israel. If the conflict eases, methanol may fall significantly; if it continues, methanol will remain strong [6][7][10]. Summary by Relevant Catalogs 1. Methanol Trend Review - **Futures Market**: From Monday to Thursday last week, methanol futures rose continuously due to the tense conflict between Israel and Iran. On Friday, there was profit - taking, and the futures fluctuated and consolidated. By Friday afternoon, the methanol weighted closed at 2,525 yuan/ton, up 5.34% from the previous week [14]. - **Spot Market**: Iran's methanol production unexpectedly dropped significantly, leading to a decline in exports. It is expected that the arrival volume in China in July will decrease. In the short term, alternative sources like Saudi Arabia and Russia cannot quickly make up for the shortage. This has stimulated the stocking demand of domestic traders, resulting in a continuous decrease in the inventory of northwest factories. The arbitrage window between the inland and ports has opened, but the overall supply is limited. The port is stronger than the inland due to weak downstream demand [14]. 2. Methanol Fundamental Analysis - **Supply**: Last week, China's methanol production was 1,997,846 tons, an increase of 15,190 tons from the previous week. The device capacity utilization rate was 88.65%, a 0.76% increase. The number of resumed production devices was more than that of maintenance devices [16]. - **Demand**: As of June 19, the average weekly start - up of the olefin industry decreased. The average weekly capacity utilization rate of MTO devices in the Jiangsu and Zhejiang regions was 83.53%, a 0.73 - percentage - point decrease from the previous week. The overall demand for traditional downstream products was weak [18]. - **Inventory**: As of June 18, the inventory of Chinese methanol sample production enterprises was 367,400 tons, a 3.10% decrease from the previous period; the order backlog of sample enterprises was 273,800 tons, a 9.37% decrease. The port sample inventory was 586,400 tons, a 10.09% decrease [21][27]. - **Profit**: Last week, the average weekly profit of domestic methanol samples increased significantly. The profit margins of coal - based and coke - oven gas - based production increased, and the loss of gas - based production narrowed [31]. 3. Methanol Trend Outlook - **Supply**: This week, the number of resumed production devices is more than that of maintenance devices. It is expected that China's methanol production will be about 2.0763 million tons, and the capacity utilization rate will be about 92.14%, an increase from last week [35]. - **Demand**: The start - up of the olefin industry will continue to decrease. The capacity utilization rates of dimethyl ether, glacial acetic acid, and chlorides are expected to increase, while those of formaldehyde are expected to decrease [36]. - **Inventory**: The inventory of Chinese methanol sample production enterprises is expected to be 347,600 tons, a continued slight decrease. The port inventory is expected to increase [38].

研究报告 铜周报 美联储降息预期升温，沪铜或震荡运行 华龙期货投资咨询部 投资咨询业务资格： 证监许可【2012】1087 号 有色板块研究员：刘江 期货从业资格证号：F0305841 投资咨询资格证号：Z0016251 电话：0931-8582647 邮箱：451591573@qq.com 报告日期：2025 年 6 月 23 日星期一 摘要： 【基本面分析】 美国联邦储备委员会结束为期两天的货币政策会议，宣布将 联邦基金利率目标区间维持在 4.25%—4.50%之间不变。这一决定 符合市场预期，也是美联储连续第 4 次决定维持利率不变。尽管 美联储本次会议决定维持利率不变，但市场对未来降息的预期却 有所升温。铜冶炼加工费仍处于历史低位，精炼铜产量继续保持 快速增长。铜材产量同比增长，汽车产量持续保持同比增长，铜 消费仍然强劲。沪铜库存小幅下降，库存水平处于近年来较低位。 LME 铜库存继续下降，注销仓单占比大幅下降。 【后市展望】 铜价或以震荡趋势为主。 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 【风险提示】 美联储政策变化超预期，经济数据变化超预期，铜供需变化 超预期。 *特别 ...

Group 1: Market Performance - On June 20, the three major A-share indices closed down. The Shanghai Composite Index fell 0.07% to 3359.90 points, the Shenzhen Component Index dropped 0.47% to 10005.03 points, and the ChiNext Index declined 0.84% to 2009.89 points. There were more falling sectors than rising ones [2]. - Last week, stock index futures closed down. The decline of small and medium - cap varieties was significantly greater than that of large - cap blue - chips. The CSI 300 futures (IF2506) fell 0.19%, the SSE 50 futures (IH2506) rose 0.38%, the CSI 500 futures (IC2506) dropped 1.42%, and the CSI 1000 futures (IM2506) declined 1.14% [2][3]. - Last week, treasury bond futures closed up across the board. The 30 - year treasury bond futures rose 0.71%, the 10 - year rose 0.21%, the 5 - year rose 0.12%, and the 2 - year rose 0.09% [4]. Group 2: Fundamental Analysis - From January to May, the national general public budget revenue was 9662.3 billion yuan, a year - on - year decrease of 0.3%. Tax revenue was 7915.6 billion yuan, down 1.6% year - on - year, and non - tax revenue was 1746.7 billion yuan, up 6.2% year - on - year. Central revenue decreased by 3%, while local revenue increased by 1.9%. The national general public budget expenditure was 11295.3 billion yuan, a year - on - year increase of 4.2% [10]. - The inter - connection of the fast payment systems between the Chinese mainland and Hong Kong was launched, and cross - border payment services were launched in Shenzhen on June 22. The initial participating institutions included major banks in the mainland and Hong Kong [10]. - Last week, the central bank conducted 960.3 billion yuan of reverse repurchase operations. This week, there are 858.2 billion yuan of reverse repurchase and 182 billion yuan of MLF maturing, resulting in a net withdrawal of 79.9 billion yuan. This week, 960.3 billion yuan of reverse repurchase and 100 billion yuan of treasury cash fixed - deposit will mature [11]. - On June 21, US President Trump claimed that the US had attacked three Iranian nuclear facilities. US B - 2 bombers were reported to be involved, and Iran had no response [15]. - On June 20, the 1 - year LPR was 3.0% and the 5 - year - plus LPR was 3.5%, remaining stable compared to the previous period [15]. - In the first five months of this year, the balance of household time deposits increased monthly, reaching 119.34 trillion yuan in May. The proportion of household time deposits reached a record high in May [15]. Group 3: Valuation Analysis - As of June 20, the PE of the CSI 300 Index was 12.83 times with a quantile of 60%, and the PB was 1.34 times; the PE of the SSE 50 Index was 11.08 times with a quantile of 78.04%, and the PB was 1.21 times; the PE of the CSI 1000 Index was 36.87 times with a quantile of 42.35%, and the PB was 2.04 times [16][17]. Group 4: Other Data - The equity - bond yield spread is the difference between the stock market yield and the treasury bond yield. There are two formulas for calculating it: one is based on the reciprocal of the price - earnings ratio, and the other is based on the dividend yield [23][24]. Group 5: Comprehensive Analysis - Last week, the A - share market continued its weak and volatile pattern. External pressure increased due to the Fed's hawkish stance and the escalation of the Middle East geopolitical conflict, while internal momentum was insufficient due to the policy vacuum and doubts about economic recovery [27]. - In the short term, the A - share index futures are difficult to break the oscillation pattern. The strategy should be "box threshold operation + strict stop - loss", and maintain a neutral position to wait for policy or geopolitical signals [27].

Group 1: Report Industry Investment Rating - Investment rating: ★★ [6] Group 2: Core View of the Report - Last week, the output of rebar increased after a decline, the factory inventory decreased for the fourth consecutive week, the social inventory decreased for the fifteenth consecutive week, and the apparent demand decreased for the third consecutive week. Currently, both supply and demand of steel products are weakening, and steel prices are expected to fluctuate in the medium term [5][33] - The trading strategy is to suggest waiting and seeing [6][34] Group 3: Summary by Relevant Catalogs Price Analysis - As of June 20, 2025, the spot price of rebar in Shanghai was 3,070 yuan/ton, unchanged from the previous trading day, and the spot price in Tianjin was 3,220 yuan/ton, also unchanged from the previous trading day [10] Important Market Information - From January to May, the national general public budget revenue was 9.6623 trillion yuan, a year-on-year decrease of 0.3%. Among them, the national tax revenue was 7.9156 trillion yuan, a year-on-year decrease of 1.6%; the non-tax revenue was 1.7467 trillion yuan, a year-on-year increase of 6.2%. The national general public budget expenditure was 11.2953 trillion yuan, a year-on-year increase of 4.2% [15] Supply - Side Situation - As of June 20, 2025, 247 steel mills had a blast furnace operating rate of 83.82%, a month - on - month increase of 0.41% and a year - on - year increase of 1.01%; the blast furnace ironmaking capacity utilization rate was 90.79%, a month - on - month increase of 0.21% and a year - on - year increase of 1.03%; the steel mill profitability rate was 59.31%, a month - on - month increase of 0.87% and a year - on - year increase of 7.36%; the daily average pig iron output was 2.4218 million tons, a month - on - month increase of 0.57 million tons and a year - on - year increase of 2.24 million tons [5][32] - On June 20, Tangshan steel mills received a notice that from June 21 - 30, they would implement emission reduction measures, including a 30% reduction in sintering machine production, adjusted converter production rhythms, and blast furnaces adjusting production loads according to the converter rhythm [31][32] Demand - Side Situation - As of May 2025, the current value of the non - manufacturing PMI for the construction industry was 51, a month - on - month decrease of 0.9%; the current value of the Lang Steel: Steel Distribution Industry Purchasing Managers' Index was 47.5, a month - on - month decrease of 1.3% [21] Inventory - Side Situation - Last week, the rebar factory inventory decreased for the fourth consecutive week, and the social inventory decreased for the fifteenth consecutive week [5][33] Fundamental Analysis - The average national profit per ton of coke for 30 independent coking plants was - 23 yuan/ton; the average profit of Shanxi quasi - first - grade coke was - 3 yuan/ton, Shandong quasi - first - grade coke was 31 yuan/ton, Inner Mongolia second - grade coke was - 68 yuan/ton, and Hebei quasi - first - grade coke was 49 yuan/ton [32] 后市展望 - Currently, both supply and demand of steel products are weakening, and steel prices are expected to fluctuate in the medium term [5][33] Operation Strategy - The trading strategy is to suggest waiting and seeing [6][34]

研究报告 橡胶周报 地缘提振供需宽松，盘面或将区间震荡 投资咨询业务资格： 证监许可【2012】1087 号 期货从业资格证号：F0305828 投资咨询资格证号：Z0011566 电话：0931-8894545 邮箱：2367823725@qq.com 本报告中所有观点仅供参 考，请投资者务必阅读正文之后 的免责声明。 摘要： 【行情复盘】 研究员：张正卯 上周天然橡胶主力合约 RU2509 价格在 13705-14100 元/吨 之间运行，上周期货价格窄幅震荡，总体微幅上涨。 截至 2025 年 6 月 20 日上周五下午收盘，天然橡胶主力合 约 RU2509 报收 13900 元/吨，当周上涨 25 点，涨幅 0.18%。 【操作策略】 预计天然橡胶期货主力合约本周或将维持区间震荡。 操作上，建议保持观望，激进投资者可考虑区间操作。 *特别声明：本报告基于公开信息编制而成，报告对这些信息的准确性及完整性不作任何保证。本文中 的操作建议为研究人员利用相关公开信息的分析得出，仅供投资者参考，据此入市风险自负。 3 9 研究报告 【后市展望】 上周国内天然橡胶期货主力合约价格窄幅震荡，总体微幅 上涨。 报告日 ...

Report Industry Investment Rating - Not provided in the content Core View of the Report - Methanol is likely to run strongly due to geopolitical tensions, and long - position operations should be considered [10][40] Summary by Related Catalogs Methanol Trend Review - From last Monday to Thursday, methanol futures fluctuated slightly higher. On Friday, due to the sudden attack by Israel on Iranian nuclear and military facilities, the geopolitical situation became extremely tense, and methanol futures rose sharply. By the Friday afternoon close, the methanol 2509 contract closed at 2,389 yuan/ton, up 5.43% from the previous week. In the spot market, the port methanol market price continued to be strong, and the inland market rose slightly [14] Methanol Fundamental Analysis - **Production**: Last week, China's methanol production continued to rise slightly. The output was 1,982,656 tons, an increase of 572 tons from the previous week, and the device capacity utilization rate was 87.98%, a month - on - month increase of 0.03%. The number of resumed production was more than that of maintenance [16] - **Downstream Demand**: As of June 12, 2025, the olefin industry maintained a high - level operation, with the weekly average capacity utilization rate of MTO devices in the Jiangsu and Zhejiang regions at 84.26%, a decrease of 0.89 percentage points from the previous week. The capacity utilization rates of dimethyl ether, glacial acetic acid, chlorides, and formaldehyde had different changes [19][20] - **Inventory**: As of June 11, 2025, the inventory of Chinese methanol sample production enterprises was 379,100 tons, an increase of 8,600 tons from the previous period, a month - on - month increase of 2.33%. The order backlog of sample enterprises was 302,100 tons, an increase of 39,900 tons from the previous period, a month - on - month increase of 15.22%. The port sample inventory was 652,200 tons, an increase of 71,000 tons from the previous period, a month - on - month increase of 12.22% [22][27] - **Profit**: As of June 12, the profits of most methanol production enterprises improved, with the profit of Hebei coke - oven gas to methanol averaging 122 yuan/ton, a month - on - month increase of 37.46%; the average profit of Inner Mongolia coal - to - methanol full - cost was 32.08 yuan/ton, a month - on - month increase of 147.72%. However, the average profit of southwest natural gas to methanol was - 254 yuan/ton, a month - on - month decrease of 30.26% [29] Methanol Trend Outlook - **Supply**: This week, the number of methanol device restarts is more than that of maintenance. It is expected that China's methanol output will be about 2.0117 million tons, and the capacity utilization rate will be about 89.27%, an increase from last week [35] - **Downstream Demand**: This week, the olefin industry may see a decline in the start - up rate; the capacity utilization rate of dimethyl ether is expected to remain flat; the capacity utilization rate of acetic acid is expected to increase; the capacity utilization rate of formaldehyde may decline; the capacity utilization rate of chlorides is expected to change little [36][37][38] - **Inventory**: It is expected that the inventory of Chinese methanol sample production enterprises will be 351,600 tons, a slight decrease from last week. Port methanol inventory may decline due to a significant reduction in the unloading of visible foreign vessels [38][39]