1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The stock - bond seesaw is obvious, and treasury bond futures closed down across the board. Affected by the strong stock market, the rising risk appetite suppresses the bond market. Meanwhile, the strengthened expectation of the Fed's interest rate cut in September and the increasing global trade uncertainty add to the uncertainty of foreign capital inflows. Overall, the bond market fluctuates between the expectations of stable growth and monetary easing. Short - term attention should be paid to policy signals at the end of the month [1][3]. - For trading strategies, in the unilateral trading, the price of treasury bond futures fluctuates, and it is recommended to short at high levels for the 2509 contract. In the arbitrage trading, attention should be paid to the decline of the basis of TF2509. In the hedging trading, there is medium - term adjustment pressure, and short - position holders can use far - month contracts for appropriate hedging [4]. 3. Summary by Directory 3.1 Interest Rate Pricing Tracking Indicators - **Price Indicators**: China's CPI (monthly) has a 0.00% month - on - month change and a 0.10% year - on - year change; China's PPI (monthly) has a - 0.10% month - on - month change and a - 2.30% year - on - year change [8]. - **Monthly Economic Indicators**: The social financing scale is 408.34 trillion yuan, with a month - on - month increase of 2.74 trillion yuan (0.68%); M2 year - on - year growth is 7.30%, with a 0.20% (2.82%) month - on - month change; the manufacturing PMI is 50.10%, with a - 0.20% (- 0.40%) month - on - month change [8]. - **Daily Economic Indicators**: The US dollar index is 109.41, with a 0.47 (0.43%) day - on - day change; the offshore US dollar - RMB exchange rate is 7.324, with a - 0.019 (- 0.25%) day - on - day change; SHIBOR 7 - day is 2.01, with a - 0.03 (- 1.28%) day - on - day change; DR007 is 2.12, with a - 0.21 (- 9.18%) day - on - day change; R007 is 1.94, with a 0.12 (6.52%) day - on - day change; the yield of inter - bank certificates of deposit (AAA) for 3M is 1.89, with a 0.00 (0.09%) day - on - day change; the AA - AAA credit spread (1Y) is 0.15, with a - 0.01 (0.09%) day - on - day change [8]. 3.2 Treasury Bonds and Treasury Bond Futures Market Overview - Multiple charts are provided, including the closing price trend of the main continuous contracts of treasury bond futures, the price change rate of each variety of treasury bond futures, the precipitation fund trend of each variety of treasury bond futures, the position - holding ratio of each variety of treasury bond futures, the net position - holding ratio of the top 20 in each variety of treasury bond futures, the long - short position - holding ratio of the top 20 in each variety of treasury bond futures, the spread between policy - bank bonds and treasury bonds, and the issuance situation of treasury bonds [11][12][15]. 3.3 Money Market Fundamentals - Charts show the trend of Shibor interest rates, the maturity yield trend of inter - bank certificates of deposit (AAA), the transaction statistics of inter - bank pledged repurchase, and the issuance situation of local government bonds [24][25]. 3.4 Spread Overview - Multiple charts present the inter - term spread trend of each variety of treasury bond futures, the term spread of spot bonds and the cross - variety spread of futures (4*TS - T, 2*TS - TF, 2*TF - T, 3*T - TL), and the spread between spot bond spreads and futures spreads (2*TS - 3*TF + T) [28][35][36]. 3.5 Two - Year Treasury Bond Futures - Charts show the implied interest rate of the TS main contract and the maturity yield of treasury bonds, the IRR of the TS main contract and the fund interest rate, the basis trend of the TS main contract in the past three years, and the net basis trend of the TS main contract in the past three years [38][41][51]. 3.6 Five - Year Treasury Bond Futures - Charts show the implied interest rate of the TF main contract and the maturity yield of treasury bonds, the IRR of the TF main contract and the fund interest rate, the basis trend of the TF main contract in the past three years, and the net basis trend of the TF main contract in the past three years [47][48][53]. 3.7 Ten - Year Treasury Bond Futures - Charts show the implied interest rate of the T main contract and the maturity yield of treasury bonds, the IRR of the T main contract and the fund interest rate, the basis trend of the T main contract in the past three years, and the net basis trend of the T main contract in the past three years [56][59]. 3.8 Thirty - Year Treasury Bond Futures - Charts show the implied interest rate of the TL main contract and the maturity yield of treasury bonds, the IRR of the TL main contract and the fund interest rate, the basis trend of the TL main contract in the past three years, and the net basis trend of the TL main contract in the past three years [64][66][70].

Report Summary 1) Report Industry Investment Rating - Unilateral: Neutral; - Inter - period: 09 - 01 reverse spread; - Inter - variety: None [3] 2) Core Viewpoints - Downstream agricultural demand is in the off - season, while downstream industrial demand is gradually increasing. The compound fertilizer industry has entered the autumn fertilizer production season with increased production rates but maintains just - in - time procurement. Urea production remains at a high level, and upstream inventory is still relatively high year - on - year. With new production capacity coming on stream, future urea supply will continue to rise. The profit of coal - based urea is acceptable, but cost - side support is weak. August is the export window period, and urea exports continue. Port inventory fluctuates slightly, and the export volume is expected to change little. Attention should be paid to the impact of export - related information on market sentiment [2] 3) Summary by Directory I. Urea Basis Structure - On August 11, 2025, the closing price of the urea main contract was 1,722 yuan/ton (-6). The ex - factory price of small - sized urea in Henan was 1,740 yuan/ton (0); in Shandong, it was 1,730 yuan/ton (-30); in Jiangsu, it was 1,740 yuan/ton (-40). The basis in Shandong was 8 yuan/ton (-24); in Henan, it was 18 yuan/ton (-34); in Jiangsu, it was 18 yuan/ton (-34) [1] II. Urea Production - As of August 11, 2025, the capacity utilization rate of enterprises was 81.98% (0.08%). Urea production remains at a high level, and with new production capacity coming on stream, future supply will continue to rise [1][2] III. Urea Production Profit and Capacity Utilization - The urea production profit was 200 yuan/ton (-30). The coal - based urea profit is acceptable, but cost - side support is weak. As of August 11, 2025, the national capacity utilization rate was 81.98% (0.08%), the coal - based capacity utilization rate and gas - based capacity utilization rate are also mentioned in the report [1] IV. Urea FOB Price and Export Profit - The export profit was 1,323 yuan/ton (+359). August is the export window period, and urea exports continue. Port inventory fluctuates slightly, and the export volume is expected to change little [1][2] V. Urea Downstream Capacity Utilization and Orders - As of August 11, 2025, the capacity utilization rate of compound fertilizers was 41.50% (+2.82%); that of melamine was 61.10% (-2.40%); the number of advance order days for urea enterprises was 6.53 days (+0.41). The compound fertilizer industry has entered the autumn fertilizer production season with increased production rates but maintains just - in - time procurement [1][2] VI. Urea Inventory and Warehouse Receipts - As of August 11, 2025, the total inventory of sample enterprises was 88.76 million tons (-2.97), and the port sample inventory was 48.30 million tons (-1.00). Upstream inventory is still relatively high year - on - year, and port inventory fluctuates slightly [1][2]

Group 1: Report Industry Investment Rating - High-sulfur fuel oil: Sideways with a downward bias [3] - Low-sulfur fuel oil: Sideways with a downward bias [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] Group 2: Core Viewpoints of the Report - The main contract of SHFE fuel oil futures closed down 1.39% at 2,760 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed down 0.92% at 3,463 yuan/ton [1] - After the correction, crude oil prices have shown a weak oscillatory trend recently. The FU and LU futures prices have declined following the cost side, and the expectation of a looser medium-term balance sheet in the oil market potentially suppresses the energy sector [1] - In the high-sulfur fuel oil market, after continuous adjustments to the market structure, short-term contradictions are relatively limited. Currently, spot supply remains abundant, while demand lacks growth momentum. Although power generation demand is boosted by the peak season, it lacks drivers beyond seasonality [1] - In the long term, given the trends of lighter crude oil and refinery upgrades, structural support remains. If the crack spread adjusts sufficiently to attract a significant rebound in refinery demand, the market structure may strengthen again. However, in the short term, the previously accumulated inventory still needs to be digested [1] - Attention should be paid to the progress of the meeting between Russian and US leaders this week. If the negotiation is successful and the US relaxes sanctions on Russia, there is room for an increase in fuel oil supply, and the fundamentals may further loosen [1] - In the low-sulfur fuel oil market, pressure is limited, but there is no overall shortage expectation. Currently, domestic production remains low, and bonded area supply is relatively tight. However, after the tension in overseas diesel eases, the supply of blending components is expected to recover [2] - From a medium-term perspective, as the remaining production capacity of low-sulfur fuel oil is relatively abundant, supply will be released once crack spreads are appropriate. Moreover, the carbon neutrality trend in the shipping industry will gradually replace the market share of low-sulfur fuel oil, and there is still significant resistance above the market [2] Group 3: Graphical Information - The report includes multiple graphs showing various fuel oil prices, spreads, and trading volumes, such as Singapore high-sulfur 380 fuel oil spot price, Singapore low-sulfur fuel oil spot price, and fuel oil futures prices and trading volumes [4]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report presents the market liquidity situation on August 11, 2025, including the trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day for different sectors such as stock index, treasury bond, basic metal, precious metal, energy - chemical, agricultural product, and black building materials [1][2]. 3. Summary by Directory I. Plate Liquidity - The report shows the trading - holding ratio, trading volume change rate, holding volume, holding amount, trading volume, and trading amount of each plate [1][2][5]. II. Stock Index Plate - On August 11, 2025, the trading volume was 5777.64 billion yuan, a +36.56% change from the previous trading day; the holding amount was 11757.37 billion yuan, a +7.54% change; the trading - holding ratio was 48.75% [1]. III. Treasury Bond Plate - The trading volume was 4505.89 billion yuan, a +35.18% change from the previous trading day; the holding amount was 8448.06 billion yuan, a - 0.45% change; the trading - holding ratio was 54.16% [1]. IV. Basic Metal and Precious Metal (Metal Plate) - The basic metal trading volume was 3605.01 billion yuan, a +2.68% change from the previous trading day; the holding amount was 5027.07 billion yuan, a +2.37% change; the trading - holding ratio was 82.37%. - The precious metal trading volume was 3621.62 billion yuan, a +5.03% change from the previous trading day; the holding amount was 4466.57 billion yuan, a - 2.35% change; the trading - holding ratio was 78.86% [1]. V. Energy - Chemical Plate - The trading volume was 4672.77 billion yuan, a +22.75% change from the previous trading day; the holding amount was 4298.26 billion yuan, a +1.20% change; the trading - holding ratio was 86.15% [1]. VI. Agricultural Product Plate - The trading volume was 4205.19 billion yuan, a +32.16% change from the previous trading day; the holding amount was 5983.14 billion yuan, a +0.46% change; the trading - holding ratio was 66.09% [1]. VII. Black Building Materials Plate - The trading volume was 4317.20 billion yuan, a +19.05% change from the previous trading day; the holding amount was 4060.97 billion yuan, a +2.07% change; the trading - holding ratio was 93.75% [2].

1. Report Industry Investment Rating - Investment strategy for soybeans: Neutral [3] - Investment strategy for peanuts: Neutral [4] 2. Core View of the Report - The soybeans market is currently in a stalemate with reduced supply and weak demand due to factors such as delayed new - crop listings and hindered demand from soy product factories. However, there may be positive changes in some soybean transactions because of rigid procurement needs [2] - The peanut market is in a period of transition between old and new crops. The old - crop inventory is gradually being digested, and the new - crop listing is delayed by bad weather. The demand side is relatively flat, and traders are cautious in purchasing [3] 3. Summary by Related Catalogs Soybeans Market Analysis - Futures: The closing price of the soybeans 2509 contract yesterday was 4067.00 yuan/ton, a change of - 42.00 yuan/ton from the previous day, a decrease of 1.02% [1] - Spot: The spot basis of edible soybeans was A09 + 233, a change of + 42 from the previous day, an increase of 32.14%. The soybean prices in the Northeast market remained stable yesterday [1] Market Information - The continuous precipitation in the Huanghuai and Jianghuai regions has reduced the short - term listing volume of new soybeans. The operation of soybean product factories is blocked, and the recovery of procurement demand has slowed down [2] Peanuts Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 8074.00 yuan/ton, a change of - 24.00 yuan/ton from the previous day, a decrease of 0.30% [3] - Spot: The average spot price of peanuts was 8460.00 yuan/ton, a change of - 40.00 yuan/ton compared to the previous period, a decrease of 0.47%. The spot basis was PK10 + 126.00, a change of + 24.00 compared to the previous period, an increase of 23.53% [3] Market Information - The domestic peanut market was in a state of range - bound consolidation. The old - crop inventory is almost digested, and the new - crop listing is affected by bad weather. The demand side is flat, and traders are purchasing cautiously [3]

Report Summary 1. Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core Viewpoints - The closing price of the main EG contract was 4,414 yuan/ton (up 30 yuan/ton or 0.68% from the previous trading day), the spot price in the East China market was 4,488 yuan/ton (up 32 yuan/ton or 0.72% from the previous trading day), and the spot basis in East China (based on the 2509 contract) was 78 yuan/ton (up 3 yuan/ton month - on - month) [1] - The production profit of ethylene - based EG was - 48 US dollars/ton (down 1 US dollar/ton month - on - month), and that of coal - based syngas EG was - 50 yuan/ton (down 28 yuan/ton month - on - month) [1] - According to CCF data, the inventory at the main ports in East China was 55.3 tons (up 3.7 tons month - on - month); according to Longzhong data, it was 48.6 tons (up 5.9 tons month - on - month). The actual arrival at the main ports last week was 9.6 tons, with a small increase in port inventory. The planned arrival at the East China main ports this week is 14.1 tons, and a small increase in inventory is expected [1] - On the supply side, the domestic synthetic gas - based EG production load has returned to a high level and can be further increased. Some EO - EG co - production plants are switching from EO to EG. Overseas, the Saudi sharq3 has shut down again, and a 750,000 - ton/year plant in Malaysia has restarted unsuccessfully, with the increase in EG imports lower than expected. On the demand side, there was concentrated restocking at the end - user level in July, and the inventory pressure of filament has been greatly relieved. The polyester load is expected to remain stable in the short term, and attention should be paid to the order connection in August. The balance sheet shows a small inventory build - up in August, with concentrated arrivals at the beginning of the month, but the increase in port inventory lacks sustainability [2] 3. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,414 yuan/ton (up 30 yuan/ton or 0.68% from the previous trading day), the spot price in the East China market was 4,488 yuan/ton (up 32 yuan/ton or 0.72% from the previous trading day), and the spot basis in East China (based on the 2509 contract) was 78 yuan/ton (up 3 yuan/ton month - on - month) [1] Production Profit and Operating Rate - The production profit of ethylene - based EG was - 48 US dollars/ton (down 1 US dollar/ton month - on - month), and that of coal - based syngas EG was - 50 yuan/ton (down 28 yuan/ton month - on - month) [1] - The domestic synthetic gas - based EG production load has returned to a high level and can be further increased [2] International Spread - No specific data or analysis provided in the given text Downstream Sales, Production and Operating Rate - There was concentrated restocking at the end - user level in July, and the inventory pressure of filament has been greatly relieved. The polyester load is expected to remain stable in the short term, and attention should be paid to the order connection in August [2] Inventory Data - According to CCF data, the inventory at the main ports in East China was 55.3 tons (up 3.7 tons month - on - month); according to Longzhong data, it was 48.6 tons (up 5.9 tons month - on - month). The actual arrival at the main ports last week was 9.6 tons, with a small increase in port inventory. The planned arrival at the East China main ports this week is 14.1 tons, and a small increase in inventory is expected [1] - The balance sheet shows a small inventory build - up in August, with concentrated arrivals at the beginning of the month, but the increase in port inventory lacks sustainability [2]

Report Industry Investment Rating - Apple: Neutral [4] - Red dates: Neutral to bullish [9] Core Views - Apple's fundamentals have no prominent contradictions, and its short - term price is expected to remain stable. The new - season Gala apple's supply delay and low inventory support the price of inventory apples, but the overall market is in a light state. The quality of early - ripe apples is poor, and the arrival of red Gala apples may impact inventory fruits [3][4]. - Red dates' market is trading on the new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the price of high - quality goods is strong. However, if the production reduction expectation is not fulfilled, the high inventory may put pressure on prices [8][9]. Market News and Important Data Apple - Futures: The closing price of the apple 2510 contract yesterday was 8127 yuan/ton, up 50 yuan/ton or 0.62% from the previous day [1]. - Spot: The price of Shandong Qixia 80 first - and second - grade late Fuji was 3.80 yuan/jin, unchanged from the previous day; the price of Shaanxi Luochuan 70 and above semi - commodity late Fuji was 4.50 yuan/jin, unchanged from the previous day [1]. Red dates - Futures: The closing price of the red dates 2601 contract yesterday was 11685 yuan/ton, up 145 yuan/ton or 1.26% from the previous day [5]. - Spot: The price of Hebei first - grade gray dates was 9.50 yuan/kg, up 0.20 yuan/kg from the previous day [5]. Market Analysis Apple - The apple futures price rose yesterday. The new - season Gala's supply delay and low inventory supported the price. The overall apple spot market was light, with low inventory supporting the price of inventory apples. The poor quality of early - ripe apples led to slow sales. The arrival of early - ripe fruits may impact inventory apples [3]. Red dates - The red dates futures price rose yesterday. The market is trading on new - season production reduction expectations. The temperature in the production area is high, and the quality of new - season dates needs verification. The trading atmosphere in the sales area has improved, and the inventory of sample points has decreased [8]. Strategy Apple - Maintain a neutral stance. The apple price is expected to remain stable in the short term [4]. Red dates - Adopt a neutral - to - bullish strategy. The short - term trend of the red dates market may be volatile and bullish, but high inventory may put pressure on prices if the production reduction expectation is not fulfilled [9].

农产品日报 | 2025-08-12 供应仍显宽松，猪价震荡调整 生猪观点 市场要闻与重要数据 市场分析 综合来看，预计未来生猪的供应会继续增加，现货价格预计将会继续承压。消费端的改善存在不确定性，受到现 货供应增加影响导致近期价格快速下跌，市场解读生猪库存去化明显，对远期合约的预期有所改善。但从能繁的 去化程度来看现阶段生猪产能整体的去化并不明显，未来仍需持续关注。 策略 中性 风险 无 鸡蛋观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14140元/吨，较前交易日变动-40.00元/吨，幅度-0.28%。现货方面，河南地区 外三元生猪价格13.66元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+-480，较前交易日变动+70；江苏地 区外三元生猪价格 13.87元/公斤，较前交易日变动-0.12元/公斤，现货基差LH09+-270，较前交易日变动-10；四川 地区外三元生猪价格13.34元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-800，较前交易日变动+140。 据农业农村部监测，8月11日"农产品批发价格200指数"为114.15，比上周五上升0.21个 ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The fundamentals in July remained resilient. The Politburo meeting on July 30 set the tone for the second - half economic work, emphasizing continuous and timely efforts in macro - policies, with a more proactive fiscal policy and a moderately loose monetary policy [2]. - The July economic data globally showed resilience. China's official manufacturing PMI in July dropped to 49.3, and the new order index fell to 49.4, while the non - manufacturing sector remained in expansion. China's exports in July increased by 7.2% year - on - year in US dollars, better than expected. The CPI was flat year - on - year, and the decline in PPI narrowed [2]. - In the US, the July non - farm payroll data was below expectations, but the service PMI improved significantly. The "Great Beauty" Act may support subsequent consumption. Attention should be paid to the impact of the "reciprocal tariff" and the subsequent demand situation [2]. - For commodities, domestic supply - side is most sensitive in the black and new - energy metal sectors. Energy and non - ferrous sectors benefit from overseas inflation expectations. The black sector is still dragged by downstream demand expectations, and the supply constraint in the non - ferrous sector persists. The energy supply is expected to be relatively loose in the medium - term [3]. - The strategy for commodities and stock index futures is to go long on industrial products at low prices [4]. 3) Summary by Related Catalogs Market Analysis - Global economic data in July was resilient. China's manufacturing PMI declined, but exports were strong. The US had mixed economic data. The "reciprocal tariff" policy may affect external - demand - sensitive commodities. After the July interest - rate meeting, there was uncertainty about the Fed's September interest - rate decision [2]. Commodity Analysis - Different commodity sectors have different situations. The black and new - energy metal sectors are sensitive to domestic supply - side. The energy and non - ferrous sectors benefit from overseas inflation. The energy supply is expected to be loose with OPEC+ increasing production. The "anti - involution" space in some chemical products is worthy of attention. Agricultural products have limited short - term fluctuations [3]. Strategy - The strategy for commodities and stock index futures is to buy industrial products at low prices [4]. Market Performance - On August 11, the A - share market rose, with most stocks up and a trading volume of about 1.85 trillion. Some commodities like industrial silicon and红枣 rose, while others like eggs and container shipping to Europe declined. Bond yields increased, and spot gold dropped by over 1.4% [5]. Important News - Fed Governor Bowman supports three interest - rate cuts this year and will host a community bank meeting on October 9. US President Trump will meet with Russian President Putin on August 15 to discuss the Ukraine crisis, and the White House is considering inviting Ukrainian President Zelensky [5].

1. Report Industry Investment Rating - Unilateral: Neutral; Inter - period: PL01 - 02 inter - period reverse spread; Cross - variety: None [3] 2. Core View - Supply - side overall start - up increased month - on - month, PDH device start - up rate rebounded, some major manufacturers had maintenance plans, and the expected reduction in the market supply supported propylene prices. Downstream start - up showed a mixed trend, with the start - up of phenol - acetone increasing rapidly, and the demand had a small - scale phased support. The cost of propylene decreased as crude oil weakened and propane prices declined. Attention should be paid to the geopolitical situation's impact on the crude oil end [2] 3. Summary by Directory 3.1 Market News and Important Data - Propylene: The closing price of the main propylene contract was 6,491 yuan/ton (+40), the spot price in East China was 6,400 yuan/ton (+75), and in North China was 6,540 yuan/ton (+240). The basis in East China was - 91 yuan/ton (+35), and in North China was 49 yuan/ton (+200). The propylene start - up rate was 74% (+1%), the difference between propylene CFR in China and naphtha CFR in Japan was 200 US dollars/ton (+1), the difference between propylene CFR and 1.2 propane CFR was 96 US dollars/ton (-6), the import profit was - 286 yuan/ton (+0), and the in - plant inventory was 34,420 tons (+830) [1] - Propylene downstream: PP powder start - up rate was 38% (+1.48%), production profit was - 160 yuan/ton (-150); propylene oxide start - up rate was 74% (+1%), production profit was - 271 yuan/ton (-162); n - butanol start - up rate was 89% (-7%), production profit was - 267 yuan/ton (-99); octanol start - up rate was 77% (-1%), production profit was 448 yuan/ton (-172); acrylic acid start - up rate was 79% (-1%), production profit was 406 yuan/ton (-53); acrylonitrile start - up rate was 74% (-2%), production profit was - 625 yuan/ton (-210); phenol - acetone start - up rate was 77% (+4%), production profit was - 672 yuan/ton (+0) [1] 3.2 Market Analysis - Supply side: The overall start - up increased month - on - month, PDH device start - up rate rebounded, some major manufacturers had maintenance plans, and the market supply was expected to tighten [2] - Demand side: Downstream start - up showed a mixed trend, the start - up of phenol - acetone increased rapidly, and the demand had a small - scale phased support [2] - Cost side: Crude oil weakened, and the decline in Saudi CP drove down propane prices, leading to a downward shift in propylene cost support [2] 3.3 Strategy - Unilateral: Neutral; Inter - period: PL01 - 02 inter - period reverse spread; Cross - variety: None [3] 3.4 Directory Details - **Propylene basis structure**: Includes figures such as the closing price of the main propylene contract, East China and North China basis, etc. [7][10][12] - **Propylene production profit and start - up rate**: Involves figures like the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization rate, etc. [17][24][29] - **Propylene import and export profit**: Covers figures such as the difference between South Korea FOB and China CFR, Japan CFR and China CFR, etc. [32][34] - **Propylene downstream profit and start - up rate**: Contains figures like PP powder production profit and start - up rate, propylene oxide production profit and start - up rate, etc. [40][45][50] - **Propylene inventory**: Includes figures of propylene in - plant inventory and PP powder in - plant inventory [67]