1. Report Industry Investment Ratings - All three major commodities (cotton, sugar, and pulp) are rated as neutral [3][6][9] 2. Core Views - The global cotton supply - demand pattern has shifted from loose to tight according to USDA, but the lack of abnormal weather in major producing areas makes the market skeptical. In China, short - term supply tightness supports cotton prices, but weak downstream demand creates pressure. Mid - term, good new cotton growth may suppress prices [2] - For sugar, Brazilian data shows a trade - off between sugar production and other factors. In China, slow domestic sales, high import profits, and large imports are increasing domestic spot pressure. A possible new - season delay may lead to a price increase in the fourth quarter [5][6] - Regarding pulp, supply pressure remains high due to increased imports and domestic capacity. Weak demand both in Europe, the US, and China, along with low terminal demand and high inventory, means the market is likely to remain weak in the short - term [7][8][9] 3. Summary by Relevant Catalogs Cotton Market News and Key Data - Cotton 2601 futures closed at 14,030 yuan/ton, down 25 yuan/ton (-0.18%) from the previous day. The Xinjiang arrival price of 3128B cotton was 15,038 yuan/ton, down 42 yuan/ton. The national average price was 15,210 yuan/ton, down 30 yuan/ton [1] - As of August 15, India's new - season cotton planting area was 10.8 million hectares, a 2.7% decrease from the previous year. In Mato Grosso, the picking progress was 40%, 17 percentage points behind the same period last year [1] Market Analysis - Internationally, USDA's reduction in global cotton production and ending stocks led to a short - term increase in US cotton prices, but the market is skeptical. Domestically, tight supply in the short - term supports prices, but weak downstream demand creates pressure. Mid - term, new cotton listing may suppress prices [2] Strategy - A neutral stance is recommended. Low inventory and the approaching textile peak season support prices, but policy regulation and long - term industry factors limit the upside [3] Sugar Market News and Key Data - Sugar 2601 futures closed at 5688 yuan/ton, up 12 yuan/ton (+0.21%) from the previous day. The spot price in Nanning, Guangxi was 5970 yuan/ton, unchanged. In Kunming, Yunnan, it was 5855 yuan/ton, also unchanged [4] - In July 2025, China's sugar - related imports totaled 7.43 tons, and the domestic refined sugar production in July was 41 tons, a 64.7% year - on - year increase [4] Market Analysis - Internationally, Brazilian sugar data shows a complex situation. In China, slow domestic sales, high import profits, and large imports are increasing domestic spot pressure [5][6] Strategy - A neutral stance is recommended. Short - term price is likely to fluctuate within a range due to supply pressure, but a possible new - season delay may lead to a price increase in the fourth quarter [6] Pulp Market News and Key Data - Pulp 2511 futures closed at 5130 yuan/ton, down 6 yuan/ton (-0.12%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5800 yuan/ton, down 10 yuan/ton [6] Market Analysis - Supply pressure remains high due to increased imports and domestic capacity. Weak demand both in Europe, the US, and China, along with low terminal demand and high inventory, means the market is likely to remain weak [7][8] Strategy - A neutral stance is recommended. With no significant improvement in the market fundamentals, short - term prices are likely to remain in a low - level oscillation [9]

1. Report Industry Investment Rating - Copper: Neutral [7] - Arbitrage: Suspended [7] - Options: short put@77000 yuan/ton, short call@80000 yuan/ton [7] 2. Core View of the Report - The processing fee has rebounded, but the relative shortage of mine resources is difficult to change temporarily. Consumption is also hard to show excellent performance, but with relatively stable power grid orders, it won't collapse significantly. So, the overall price is expected to be in a volatile pattern. The future development of the Putin-Biden meeting needs attention. If the situation continues to improve, the LME may accept Russian copper again, which may put pressure on the LME copper price. Also, the relatively strong performance of the domestic equity market may siphon off commodity funds [7]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On August 21, 2025, the main contract of Shanghai copper opened at 78,560 yuan/ton and closed at 78,540 yuan/ton, a -0.13% decrease from the previous trading day's closing. The night session opened at 78,580 yuan/ton and closed at 78,710 yuan/ton, a 0.25% increase from the afternoon closing [1]. Spot Situation - SMM 1 electrolytic copper spot quoted a premium of 100 - 220 yuan/ton to the current 2509 contract, with an average of 160 yuan/ton, a 30 yuan/ton decrease from the previous day. The spot price range was 78,710 - 78,890 yuan/ton. The market's procurement and sales sentiment slightly recovered. Due to the concentrated arrival of imported and domestic copper sources, holders actively sold, leading to a general decline in premiums. It is expected that domestic copper will continue to arrive at the warehouse, and low - priced imported sources will suppress premiums, but downstream procurement may provide support near the weekend, so the downward space for spot premiums is limited [2]. Important Information Summary - **Macroeconomic Data**: The preliminary value of the US S&P Global Manufacturing PMI in August reached 53.3, the highest since May 2022, far exceeding the expected 49.5; the Services PMI slightly declined to 55.4, but the significant increase in manufacturing pushed the Composite PMI to a 9 - month high of 55.4 [3]. - **Employment Market**: The number of initial jobless claims in the US last week increased by 11,000 to 235,000, the highest since June, higher than the market expectation of 225,000; the number of continued jobless claims in the previous week rose to 1.97 million, the highest since November 2021 [3]. - **Monetary Policy**: Cleveland Fed President Harmaque said she would not support a rate cut at the September meeting if Fed officials were to make a policy decision tomorrow. The CME Fedwatch tool shows that the market bets a 75% probability of a 25BP rate cut in September and a 25% probability of keeping it unchanged [3]. Mine End - Blue Moon Metals obtained at least $140 million in financing to support the early construction of its Nussir copper project in Norway. The project is expected to cost $330 million to build, with a mine life of 25 years, an average annual output of 25,000 tons of copper concentrate, and associated silver and gold. The cash cost is only $1.38 per pound of copper, ranking in the low - cost quartile of the industry, and it aims to start production in September 2027 [4]. - Codelco will lower its 2025 production guidance after an accident at its flagship mine El Teniente reduced production by 33,000 tons. The expected output of El Teniente this year is 316,000 tons, and the production decline will cause a loss of $340 million [4]. Smelting and Import - The LME Hong Kong delivery warehouse was inaugurated on the 19th. Hong Kong's participation in the LME's delivery network is an important step in building a commodity trading ecosystem. China's refined copper (electrolytic copper) output in July 2025 was 1.27 million tons, a 14% year - on - year increase. In August, the number of smelters reducing production due to copper concentrate and cold material supply shortages increased compared to July [5]. Consumption - In July, China's copper industry monthly prosperity index was 41.8, up 0.9 points from June, continuing to operate in the "normal" range; the leading index was 79.7, up 0.1 points from June; the coincident index was 73.8, down 0.9 points from June. In July 2025, China's copper foil export volume was 4,483.51 tons, a 13.32% year - on - year increase and a 3.23% month - on - month increase [6]. Inventory and Warehouse Receipts - LME warehouse receipts changed by 1,200.00 tons to 156,350 tons. SHFE warehouse receipts changed by - 66 tons to 25,157 tons. On August 18, the domestic spot inventory of electrolytic copper was 131,700 tons, a - 2,000 - ton change from the previous week [6].

Report Industry Investment Rating - Not provided Core Viewpoints - The second - phase 900,000 - ton/year PP new device of Daxie Petrochemical, with a postponed initial plan, is now scheduled to be put into production around August 23 - 24. In the long - term, there is significant pressure from new PP capacity. Downstream factory start - up rates are rising slowly, inventory transfer is sluggish, and upstream inventory is accumulating. Cost - side support is weak, and the demand side is in the transition period between peak and off - peak seasons [2] Summary by Relevant Catalogs 1. Polyolefin Basis Structure - Figures include the trend of the plastic futures main contract, LL East China - main contract basis, the trend of the polypropylene futures main contract, and PP East China - main contract basis [8][11] 2. Production Profit and Start - up Rate - Figures cover LL production profit (crude oil - based), PE start - up rate, PP production profit (crude oil - based), PP production profit (PDH - based), PP start - up rate, PE weekly output, PE maintenance loss, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization rate [20][21][29] 3. Polyolefin Non - Standard Price Difference - Figures involve HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection molding - drawn wire East China [28][35][36] 4. Polyolefin Import and Export Profit - Figures include LL import profit, LL US Gulf FOB - China CFR, LL Southeast Asia CFR - China CFR, LL Europe FD - China CFR, PP import profit, PP export profit (to Southeast Asia), PP homopolymer injection molding US Gulf FOB - China CFR, PP homopolymer injection molding Southeast Asia CFR - China CFR, PP homopolymer injection molding Northwest Europe FOB - China CFR, and LL export profit [42][47][54] 5. Polyolefin Downstream Start - up and Downstream Profit - Figures show PE downstream agricultural film start - up rate, PE downstream packaging film start - up rate, PE downstream stretch film - LL - 2300, PP downstream woven bag start - up rate, PP downstream BOPP start - up rate, PP downstream injection molding start - up rate, PP downstream woven bag production gross profit, and PP downstream BOPP production gross profit [63][64][74] 6. Polyolefin Inventory - Figures display PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, and PP port inventory [73][79][84]

Group 1: Report Industry Investment Rating - The investment rating for the lead industry is neutral [3] Group 2: Core Viewpoints of the Report - The lead market shows a pattern of weak supply and demand, with the peak - season demand not significantly reflected in batteries. Due to the relatively strong performance of the non - ferrous metals sector under macro factors, the lead price is expected to fluctuate between 16,350 and 17,050 yuan [3] Group 3: Summary Based on Related Catalogs 1. Market News and Important Data Spot Market - On August 21, 2025, the LME lead spot premium was -$39.48 per ton. The SMM1 lead ingot spot price increased by 75 yuan per ton to 16,675 yuan per ton compared to the previous trading day. The SMM Shanghai lead spot premium remained unchanged at -25 yuan per ton, the SMM Guangdong lead spot price increased by 50 yuan per ton to 16,725 yuan per ton, the SMM Henan lead spot price increased by 100 yuan per ton to 16,675 yuan per ton, and the SMM Tianjin lead spot premium increased by 25 yuan per ton to 16,675 yuan per ton. The lead refined - scrap price difference remained unchanged at 0 yuan per ton, and the prices of waste electric vehicle batteries, waste white shells, and waste black shells also remained unchanged at 10,125 yuan per ton, 10,125 yuan per ton, and 10,450 yuan per ton respectively [1] Futures Market - On August 21, 2025, the main contract of Shanghai lead opened at 16,770 yuan per ton, closed at 16,745 yuan per ton, up 20 yuan per ton from the previous trading day. The trading volume was 28,843 lots, a decrease of 9,828 lots from the previous trading day, and the position was 44,230 lots, a decrease of 2,546 lots. The intraday price fluctuated between 16,720 and 16,810 yuan per ton. In the night session, the main contract opened at 16,755 yuan per ton and closed at 16,790 yuan per ton, up 30 yuan per ton from the afternoon close [1] Regional Quotations and Market Transactions - In the Henan region, suppliers quoted at a discount of 25 - 0 yuan per ton to the SMM1 lead average price or a discount of 130 - 100 yuan per ton to the SHFE lead 2509 contract. In the Hunan region, smelters quoted at a discount of 30 - 10 yuan per ton to the SMM1 lead, and suppliers quoted at a discount of 50 - 20 yuan per ton to the SMM1 lead or a discount of 160 - 150 yuan per ton to the SHFE lead 2509 contract. In the Guangdong region, suppliers quoted at a premium of 50 - 100 yuan per ton to the SMM1 lead. Downstream enterprises maintained rigid - demand procurement, and the fear of price drops and cautious purchasing sentiment eased slightly, with trading in some regional spot markets improving slightly [2] Inventory - On August 21, 2025, the total SMM lead ingot inventory was 70,000 tons, a decrease of 110 tons from the previous week. As of August 21, the LME lead inventory was 279,600 tons, a decrease of 1,500 tons from the previous trading day [2] 2. Strategy - The recommended option strategy is to sell a wide - straddle [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - South Korean petrochemical companies may cut 2.7 - 3.7 million tons of naphtha cracking capacity, which boosts the downstream prices of domestic olefin derivatives. South Korea's cracked pure benzene accounts for 3.5% of the total overseas pure benzene capacity, and its styrene accounts for 16% of overseas styrene capacity, potentially supporting overseas styrene prices. However, both products face significant inventory pressure, and the spread may have a greater impact on EB supply than BZ [3]. - The high - level inventory of pure benzene at ports has slightly declined. The basis of pure benzene has recently stabilized and strengthened slightly. With South Korean aromatics undergoing maintenance from August to September, the import pressure has not increased further. The overall downstream开工 rate remains relatively high, driving the de - stocking of pure benzene, but the de - stocking amplitude is expected to be limited [3]. - The port inventory of styrene has accumulated again. The downstream EPS and PS开工 rates continue to rise, but the inventory of EPS and PS has not continued to decline further, and ABS still maintains a state of high inventory and low开工 rate. The actual inventory pressure of EB still exists [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spread - The pure benzene main contract basis is - 110 yuan/ton (+0), and the styrene main contract basis is 26 yuan/ton (+31 yuan/ton). The spread between East China pure benzene spot and M2 is 0 yuan/ton (-10 yuan/ton) [1]. 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 173 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 157 dollars/ton (-1 dollar/ton), and the US - South Korea spread is 51.6 dollars/ton (-3.0 dollars/ton). Downstream production profits: caprolactam is - 1845 yuan/ton (-25), phenol - acetone is - 701 yuan/ton (+50), aniline is - 204 yuan/ton (-43), and adipic acid is - 1331 yuan/ton (+5) [1]. - Styrene: Non - integrated production profit is - 298 yuan/ton (+45 yuan/ton), and it is expected to gradually compress [1]. 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 14.40 million tons (-0.20 million tons), and the开工 rate of downstream products varies. Caprolactam开工 rate is 91.86% (-1.86%), phenol开工 rate is 78.00% (+1.00%), aniline开工 rate is 70.10% (-1.47%), and adipic acid开工 rate is 65.50% (+3.80%) [1]. - Styrene: East China port inventory is 161,500 tons (+12,700 tons), East China commercial inventory is 76,500 tons (+7,000 tons), and the开工 rate is 78.5% (+0.4%) [1]. 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 58 yuan/ton (-35 yuan/ton), PS production profit is - 122 yuan/ton (-15 yuan/ton), ABS production profit is - 88 yuan/ton (-39 yuan/ton). EPS开工 rate is 60.98% (+2.90%), PS开工 rate is 57.50% (+1.10%), and ABS开工 rate is 71.10% (+0.00%) [2]. 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1845 yuan/ton (-25), phenol - acetone production profit is - 701 yuan/ton (+50), aniline production profit is - 204 yuan/ton (-43), and adipic acid production profit is - 1331 yuan/ton (+5) [1]. Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4]. - Basis and Inter - Period: Hold a wait - and - see attitude [4]. - Cross - Variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4].

Report Investment Rating - Unilateral: Neutral; Inter - period: After the export window period, go short on the 01 - 05 spread when it is high; Inter - variety: None [3] Core View - Recent export expectations have boosted the urea futures market, making it fluctuate on the strong side, and the spot price has followed suit. However, the new order transaction is average. There is still a large export space in July, and the subsequent implementation needs attention. The downstream agricultural demand is in the off - season, and the industrial demand is weak. Although some enterprises are under maintenance, with new capacity coming on - stream, the future urea supply - demand remains loose if the export does not exceed the 2023 level. The coal - based urea profit is okay, and the cost support is average. The Indian tender will affect the international market, and the export dynamics should be continuously monitored [2] Summary by Directory 1. Urea Basis Structure - As of August 22, 2025, the urea main contract closed at 1764 yuan/ton (-12). The small - particle ex - factory prices in Henan, Shandong, and Jiangsu were 1760 yuan/ton (0), 1760 yuan/ton (-10), and 1760 yuan/ton (-20) respectively. The Shandong basis was - 4 yuan/ton (+2), the Henan basis was - 4 yuan/ton (-8), and the Jiangsu basis was - 4 yuan/ton (-8) [1] 2. Urea Output - As of August 22, 2025, the enterprise capacity utilization rate was 83.98% (0.08%). Although Jiujiang Xinlianxin (520,000 - ton capacity) and Xinjiang Yihua (600,000 - ton capacity) started maintenance on August 20 for over 20 days, new capacity is being released [1][2] 3. Urea Production Profit and Operating Rate - As of August 22, 2025, the urea production profit was 230 yuan/ton (-10), and the enterprise capacity utilization rate was 83.98% (0.08%) [1] 4. Urea FOB Price and Export Profit - As of August 22, 2025, the export profit was 1249 yuan/ton (-42). In July, 570,000 tons of urea were exported, and there is still large export space. The Indian NFL issued a urea import tender, which will affect the international market [1][2] 5. Urea Downstream Operating Rate and Orders - As of August 22, 2025, the compound fertilizer capacity utilization rate was 40.84% (-2.64%); the melamine capacity utilization rate was 46.60% (-3.22%); the urea enterprise advance order days were 6.06 days (-0.23). The downstream industrial demand is weak due to the military parade [1][2] 6. Urea Inventory and Warehouse Receipts - As of August 22, 2025, the sample enterprise total inventory was 1.0239 million tons (+66,500), and the port sample inventory was 501,000 tons (+37,000). The upstream inventory is still relatively high year - on - year [1][2]

氯碱日报 | 2025-08-22 旺季临近，烧碱继续去库 期货价格及基差：PVC主力收盘价5004元/吨（-4）；华东基差-264元/吨（+24）;华南基差-164元/吨（+44）。 现货价格：华东电石法报价4740元/吨（+20）；华南电石法报价4840元/吨（+40）。 上游生产利润：兰炭价格630元/吨（+0）；电石价格2755元/吨（+0）；电石利润-39元/吨（+0）；PVC电石法生产毛 利-231元/吨（+21）；PVC乙烯法生产毛利-540元/吨（-51）；PVC出口利润15.5美元/吨（-3.0）。 PVC库存与开工：PVC厂内库存32.7万吨（-1.0）；PVC社会库存49.3万吨（+1.2）；PVC电石法开工率76.07%（-3.14%）； PVC乙烯法开工率72.44%（-5.48%）；PVC开工率75.02%（-3.82%）。 下游订单情况：生产企业预售量79.1万吨（-4.1）。 烧碱： 期货价格及基差：SH主力收盘价2687元/吨（+32）；山东32%液碱基差-62元/吨（-32）。 现货价格：山东32%液碱报价840元/吨（+0）；山东50%液碱报价1340元/吨（+0）。 市 ...

1. Report Industry Investment Rating - The investment strategy is cautious and bearish for both the pig and egg markets [3][6] 2. Core Viewpoints - For the pig market, future supply - side pressure will persist, and if the consumption side recovers, the supply - side slaughter volume will increase synchronously. Supply is expected to remain high until March next year. The fourth - quarter consumption and secondary fattening can support prices, and if frozen products increase significantly, prices may drop to near the cost price [2] - For the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although there are factors such as difficult egg storage and cautious purchasing by traders, overall demand is increasing. Spot prices are expected to fluctuate upwards, but attention should be paid to the impact of cold - storage egg outflows on the spot market [5] 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,765 yuan/ton, a change of - 10.00 yuan/ton (- 0.07%) from the previous trading day [1] - Spot: In Henan, the price of outer three - yuan live pigs was 13.60 yuan/kg, a change of - 0.09 yuan/kg; in Jiangsu, it was 13.87 yuan/kg, a change of - 0.02 yuan/kg; in Sichuan, it was 13.55 yuan/kg, a change of + 0.00 yuan/kg. The national average wholesale price of pork in agricultural product markets was 20.03 yuan/kg, unchanged from yesterday. Beef rose 0.4%, mutton rose 0.1%, eggs rose 1.4%, and white - striped chickens fell 0.6% [1] Market Analysis - Supply pressure will continue. Based on the breeding sow data, the supply is expected to remain high until March next year. Fourth - quarter consumption and secondary fattening can support prices, and a significant increase in frozen products may lead to price drops to near the cost price [2] Strategy - Cautious and bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2509 contract yesterday was 3010 yuan/500 kilograms, a change of - 62.00 yuan (- 2.02%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin; in Shandong, it was 3.25 yuan/jin; in Hebei, it was 2.64 yuan/jin. On August 21, the national production - link inventory was 0.77 days, and the circulation - link inventory was 1.1 days, both unchanged from yesterday [3][4] Market Analysis - It has entered the pre - Mid - Autumn Festival stocking period. Although there are factors such as difficult egg storage and cautious purchasing by traders, overall demand is increasing. Spot prices are expected to fluctuate upwards, but attention should be paid to the impact of cold - storage egg outflows on the spot market [5] Strategy - Cautious and bearish [6]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core Views of the Report - The unplanned shutdown of large - scale PTA plants has led to a significant increase in prices. The shutdown of two 2.5 - million - ton plants of Hengli will affect 5 million tons of PTA production capacity, accounting for 5.5% of the total PTA production capacity and 30% of Hengli's total PTA production capacity. This may cause a monthly loss of up to 400,000 tons, and the supply - demand situation in September will change from balance to significant de - stocking[1]. - In terms of cost, the meeting between the US and Russian presidents ended with a good negotiation atmosphere but no agreement. The geopolitical situation continues to impact crude oil prices, which are in a short - term range - bound pattern. The PX balance sheet has shifted from de - stocking to inventory accumulation, but the overall PX inventory remains low, and there is support below the PXN[2]. - The most pessimistic period for PTA demand has passed. With the increase in PTA maintenance, the supply - demand situation has improved, and the de - stocking amplitude from August to September has significantly increased. However, the supply of old goods is abundant due to the concentrated cancellation of warehouse receipts[2]. - The polyester operating rate is 89.4% (a month - on - month increase of 0.6%). The most pessimistic period of the off - season for demand has passed, and there are signs of improvement in local orders. The polyester load is expected to remain stable and continue to rise in the short term[3]. - For PF, the demand has improved slightly but is limited. The near - month 09 contract is suppressed by the logic of forced cancellation of warehouse receipts. For PR, several major manufacturers have extended their maintenance plans, and the spot processing fee for bottle chips is expected to recover and then return to range - bound fluctuations[3][4]. 3. Summary by Relevant Catalogs I. Price and Basis - The report includes figures on the TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread; PTA East China spot basis; and short - fiber 1.56D*38mm semi - glossy natural white basis[8][9][11]. II. Upstream Profits and Spreads - Figures cover PX processing fee PXN (PX CFR China - Naphtha CFR Japan), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit[17][20]. III. International Spreads and Import - Export Profits - It includes figures on the toluene US - Asia spread (FOB US Gulf - FOB South Korea), toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit[25][27]. IV. Upstream PX and PTA Start - up - Figures show the operating rates of PTA in China, South Korea, and Taiwan, as well as the operating rates of PX in China and Asia[28][31][33]. V. Social Inventory and Warehouse Receipts - The report presents figures on PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory[37][40][41]. VI. Downstream Polyester Load - It includes figures on filament sales, short - fiber sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle chip load, filament factory inventory days, Jiangsu and Zhejiang loom operating rates, Jiangsu and Zhejiang texturing machine operating rates, Jiangsu and Zhejiang dyeing operating rates, and filament profits[48][50][52]. VII. Detailed PF Data - Figures cover polyester staple fiber load, polyester staple fiber factory equity inventory days, 1.4D physical inventory, 1.4D equity inventory, recycled cotton - type staple fiber load, original - recycled spread, pure polyester yarn operating rate, pure polyester yarn production profit, polyester - cotton yarn operating rate, and polyester - cotton yarn processing fee[71][78][82]. VIII. Detailed PR Fundamental Data - It includes figures on polyester bottle chip load, bottle chip factory bottle chip inventory days, bottle chip spot processing fee, bottle chip export processing fee, bottle chip export profit, East China water bottle chips - recycled 3A - grade white bottle chips spread, bottle chip next - month spread, and bottle chip next - next - month spread[87][94][96].

Group 1: Report Industry Investment Ratings - The investment rating for both the apple and red date industries is neutral [3][8] Group 2: Core Views of the Report - For apples, the current inventory is low, and the expected new - season output has little change compared to last year. The short - term price is expected to remain stable, and attention should be paid to the trading situation of new - season early - maturing apples [3] - For red dates, there is a large divergence in the market's expectations for the new - season output. The market is sensitive to weather changes in the production area. Under the condition that the reduction in production cannot be disproven, the futures price may rise in the short - term due to capital sentiment. However, considering the high inventory of old dates, if the reduction in production is less than expected, the price may turn weak [7][8] Group 3: Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 8103 yuan/ton, a change of +39 yuan/ton (+0.48%) from the previous day [1] - Spot: The price of 80 first and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of semi - commercial late Fuji above 70 in Shaanxi Luochuan was 4.50 yuan/jin, unchanged from the previous day [1] Market Analysis - The apple futures price rose yesterday. The increasing volume of early - maturing Gala apples impacted the sales of stored apples. The inventory of stored apples is low, which supports the price. The quality of early - maturing apples is poor, and the sales of both early - maturing and stored apples were average last week. The profit of merchants has declined. This week, the supply of early - maturing varieties may squeeze the sales of stored apples, and the price of Gala apples in some areas may decline [2] Strategy - Maintain a neutral view. The short - term price is expected to remain stable, and attention should be paid to the trading situation of new - season early - maturing apples [3] Red Date Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 11470 yuan/ton, a change of - 60 yuan/ton (-0.52%) from the previous day [4] - Spot: The price of first - grade grey dates in Hebei was 9.60 yuan/kg, unchanged from the previous day [4] Market Analysis - The red date futures price fell yesterday. The main production areas are in the fruit - expanding period. The first - crop fruit setting was average, while the second and third - crop were better. The futures price is sensitive to weather changes in the production area. There is a large divergence in the market's expectations for the new - season output. The spot price is strong, and the trading atmosphere has improved [7] Strategy - Maintain a neutral view. The futures price may rise in the short - term due to capital sentiment when the reduction in production cannot be disproven. However, considering the high inventory of old dates, if the reduction in production is less than expected, the price may turn weak [8]