Report Industry Investment Rating No relevant information provided. Core Viewpoints - The chemical industry is affected by policies to eliminate backward production capacity. The market sentiment is positive, and commodity prices are rising, driving up the prices of propylene and polyolefins [3]. - Propylene is expected to shift from an oversupply to a tight - balance situation after capacity reduction, but supply pressure will increase as refinery operations recover, while downstream demand is also gradually recovering [3]. - For polyolefins, policies have a certain boosting effect on the market. Although production maintenance eases some supply - demand pressure, upstream and mid - stream inventories are rising. Cost - side support is weak, and downstream demand remains sluggish, with an expected increase in supply and inventory in the future [3]. Summary by Directory 1. Propylene Basis Structure - It includes the trend of the propylene futures main contract, the basis between East China and the main contract, the basis between North China and the main contract, and the basis between Northwest China and the main contract, as well as the market prices in East China and Shandong [10][11]. 2. Propylene Production Profit and Operating Rate - Covers propylene processing fees, capacity utilization rates, production margins from different production methods (PDH, MTO, naphtha cracking), and the capacity utilization rate of methanol - to - olefins and the operating rate of crude oil refineries [15][19][26]. 3. Propylene Import and Export Profits - Involves price differences between South Korea, Japan, Southeast Asia and China, and propylene import profits [31][35]. 4. Propylene Downstream Profits and Operating Rates - Includes the production profits and operating rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [38][40][43]. 5. Propylene Inventory - Consists of propylene factory inventory and PP powder factory inventory [61]. 6. Polyolefin Basis Structure - Comprises the trends of plastic and polypropylene futures main contracts, and the basis between East China LL and the main contract, and between East China PP and the main contract [65][69]. 7. Polyolefin Production Profit and Operating Rate - Covers the production profits of LL (crude - oil - based) and PP (crude - oil - based and PDH - based), PE and PP operating rates, weekly production, and maintenance losses [74][80][82]. 8. Polyolefin Non - Standard Price Differences - Includes price differences between HD injection molding, HD blow molding, HD film, LD in East China and LL, and price differences between PP low - melt copolymer, PP homopolymer injection molding and PP drawing in East China [87][94][95]. 9. Polyolefin Import and Export Profits - Involves LL and PP import and export profits, and price differences between different regions and China [101][113]. 10. Polyolefin Downstream Operating Rates and Profits - Includes the operating rates and production profits of PE downstream (agricultural film, packaging film, winding film) and PP downstream (plastic weaving, BOPP film, injection molding) [124][125][131]. 11. Polyolefin Inventory - Consists of inventory in oil - based and coal - chemical enterprises, traders, and ports for both PE and PP [133][138][146]. Strategies - Unilateral: Bullish on propylene in the short term [4]. - Inter - period: Reverse spread for PL01 - 05 [4]. - Inter - commodity: Long PL2601 and short PP2509 [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The fundamentals of nickel have not improved, but due to the long - term decline in nickel prices and the recent shift in market macro - sentiment, a situation of weak reality and strong expectation has formed. It is expected that nickel prices will test the upper pressure in the near future [3]. - The fundamentals of stainless steel have not changed significantly. Similar to nickel, due to the long - term price decline and the shift in market macro - sentiment, it is expected that stainless steel prices will test the upper pressure in the near future [5]. Summary by Related Content Nickel Market - **Market Performance**: On July 22, 2025, the Shanghai nickel main contract 2508 opened at 123,310 yuan/ton and closed at 123,530 yuan/ton, a change of 1.51% from the previous trading day's close. The trading volume was 109,036 lots, and the open interest was 35,618 lots. The night - session opened with a gap - up and rose rapidly, then oscillated and declined after midnight. The day - session continued to oscillate and decline, and rebounded in the afternoon, closing with a long lower shadow yang line. The trading volume decreased slightly compared with the previous trading day, and the open interest increased [1][2]. - **Macro News**: Germany plans to invest 631 billion euros by 2028 to boost the economy. Brazil and the US may start a "tariff war". The EU is preparing to counter - attack. China's Ministry of Industry and Information Technology will implement a new round of stability - growth work plans for ten key industries including non - ferrous metals [2]. - **Spot Market**: Jinchuan nickel's morning quotation increased by about 700 yuan/ton compared with the previous trading day. The prices of mainstream brands in the market also increased accordingly. The spot premium mostly remained stable, while the premiums of Huayou and Sumitomo resources decreased slightly. Downstream enterprises mainly purchased on demand. Jinchuan nickel's premium was 0 - 2000 yuan/ton, imported nickel's premium was 0 - 350 yuan/ton, and nickel beans' premium was - 450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 22,093 (- 18.0) tons, and LME nickel inventory was 208,092 ( + 216) tons [2]. - **Strategy**: For nickel, the strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Stainless Steel Market - **Market Performance**: On July 22, 2025, the stainless steel main contract 2509 opened at 12,870 yuan/ton and closed at 12,930 yuan/ton. The trading volume was 192,092 lots, and the open interest was 124,058 lots. The night - session opened with a rapid rise and then oscillated horizontally. The day - session oscillated and declined, and recovered the morning's decline in the afternoon, closing with a long lower shadow yang line. The trading volume decreased compared with the previous trading day, and the open interest increased [3]. - **Supply and Demand News**: The 1.2 - trillion - yuan investment in Yajiang Hydropower is expected to drive stainless steel demand. In the Philippines, nickel ore resources will be sold in August, with a 1.3% FOB31 quotation, showing a month - on - month decline. In Indonesia, the tight supply of nickel ore has been alleviated due to the production cuts of local smelters. The domestic trade benchmark price in July (Phase II) decreased by 0.03 - 0.05 US dollars, with a basically flat month - on - month change. There was an obvious spread in the domestic trade premium, with transactions ranging from + 23 to + 28, but + 24 was still the mainstream premium. Some Indonesian nickel - iron production lines were converted to produce ferronickel, and some small smelters cut production. Some domestic smelters also shut down [3][4]. - **Spot Market**: The spot market's afternoon trading was significantly better than the morning's, and the spot price increased slightly. The stainless steel price in Wuxi and Foshan markets was 12,900 yuan/ton, and the 304/2B premium was 120 - 320 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 1.50 yuan/nickel point to 903.0 yuan/nickel point [4]. - **Strategy**: For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, inter - variety, spot - futures, and options [5].

Group 1: Market News and Key Data PVC - Futures price and basis: The closing price of the main PVC contract was 5,260 yuan/ton (+142), the East China basis was -200 yuan/ton (-82), and the South China basis was -160 yuan/ton (-42) [1] - Spot price: The East China calcium carbide method was quoted at 5,060 yuan/ton (+60), and the South China calcium carbide method was quoted at 5,100 yuan/ton (+100) [1] - Upstream production profit: The semi - coke price was 535 yuan/ton (+0), the calcium carbide price was 2,830 yuan/ton (+0), the calcium carbide profit was 112 yuan/ton (+0), the gross profit of PVC calcium carbide method production was -315 yuan/ton (+130), the gross profit of PVC ethylene method production was -595 yuan/ton (+26), and the PVC export profit was -13.8 US dollars/ton (-9.0) [1] - PVC inventory and operation: The in - factory PVC inventory was 36.8 tons (-1.4), the social PVC inventory was 41.1 tons (+1.8), the operating rate of the PVC calcium carbide method was 77.52% (+0.59%), the operating rate of the PVC ethylene method was 68.31% (-1.92%), and the overall PVC operating rate was 74.97% (-0.10%) [1] - Downstream order situation: The pre - sales volume of production enterprises was 69.6 tons (+0.6) [1] Caustic Soda - Futures price and basis: The closing price of the SH main contract was 2,658 yuan/ton (+89), and the basis of 32% liquid caustic soda in Shandong was -64 yuan/ton (-89) [1] - Spot price: The price of 32% liquid caustic soda in Shandong was 830 yuan/ton (+0), and the price of 50% liquid caustic soda in Shandong was 1,340 yuan/ton (-30) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong was 1,603 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) was 459.5 yuan/ton (-120.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) was 557.53 yuan/ton (+50.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) was 1,448.33 yuan/ton (+30.00) [2] - Caustic soda inventory and operation: The inventory of liquid caustic soda factories was 38.39 tons (+0.96), the inventory of flake caustic soda factories was 2.40 tons (+0.04), and the operating rate of caustic soda was 82.60% (+2.20%) [2] - Downstream operation of caustic soda: The operating rate of alumina was 83.61% (+0.33%), the operating rate of printing and dyeing in East China was 58.89% (+0.00%), and the operating rate of viscose staple fiber was 84.55% (+6.75%) [2] Group 2: Market Analysis PVC - Policy impact: The upcoming release of the steady - growth work plan for ten key industries such as steel, non - ferrous metals, petrochemicals, and building materials has boosted the PVC market sentiment. The proportion of PVC production devices with a production time of more than 20 years is about 12%, which has led to market expectations of eliminating old - fashioned production capacity [3] - Fundamental analysis: The upstream operation has slightly declined but remains at a high level. There are expectations of new production capacity coming on stream from July to August, so the supply - side pressure is high. The domestic demand of downstream industries remains weak, the operating rate of downstream products has continued to decline month - on - month and is lower than the same period last year; the short - term export situation is neutral. The social inventory continues to accumulate, and the absolute inventory value is high. The supply - demand fundamentals of PVC are still weak, and the inventory is expected to continue to accumulate [3] Caustic Soda - Policy impact: The evaluation of old - fashioned devices in the petrochemical and chemical industries has led to expectations that caustic soda devices that have reached the designed service life or have been in operation for more than 20 years may gradually withdraw from the market, which has significantly boosted market sentiment. Coupled with the further weakening of the liquid chlorine price, the caustic soda futures price has risen significantly [3] - Fundamental analysis: On the supply side, there are few new overhauls upstream, and some chlor - alkali devices that previously reduced production due to poor liquid chlorine sales have gradually increased their loads. The overall operating rate has increased month - on - month, and there are still expectations of new production coming on stream from July to August. On the demand side, the profit of the main downstream alumina industry has expanded, the operation has continued to pick up, and the amount of liquid caustic soda supplied to the main downstream has increased. There is still short - term rigid demand support; non - aluminum demand continues to be weak in the off - season. The factory inventory of caustic soda has increased month - on - month, and the inventory is higher than the same period. With the increase in the load of chlor - alkali production reduction enterprises, the inventory pressure is expected to increase [3] Group 3: Strategies PVC - Single - side strategy: Cautiously go long for hedging; due to the boost of macro - sentiment, the futures price is expected to continue to rise in the short term [4] - Inter - delivery strategy: Do reverse spreads when the V09 - 01 spread is high [4] Caustic Soda - Single - side strategy: Cautiously go long for hedging; with the further weakening of liquid chlorine, the cost support for caustic soda has strengthened. In the short term, the futures price is driven by the expectation of eliminating old - fashioned production capacity, and the macro - sentiment is boosted. The caustic soda futures price is expected to continue to be strong [5]

原油日报 | 2025-07-23 重新定义石化老旧装置或带来炼油产能优化 市场要闻与重要数据 1、纽约商品交易所8月交货的轻质原油期货价格下跌99美分，收于每桶66.21美元，跌幅为1.47%；9月交货的伦敦 布伦特原油期货价格下跌62美分，收于每桶68.59美元，跌幅为0.90%。SC原油主力合约收跌0.55%，报504元/桶。 2、 伊朗外交部发言人伊斯梅尔·巴加埃在例行记者会上表示，伊朗将与中国和俄罗斯就伊朗核计划问题举行三方 会谈。巴加埃表示，在过去一年中，伊朗与中国和俄罗斯就"快速恢复制裁"机制，进行了富有成效的磋商，以跟 进核协议的执行情况。同时巴加埃批评欧洲国家将该机制用作威胁伊朗的工具。 (来源：Bloomberg） 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 3、\t美国财政部长贝森特表示，下一轮美中会谈可能讨论中国购买俄罗斯和伊朗石油的问题。对于上述消息，在7 月22日举行的中国外交部例行记者会上，外交部发言人郭嘉昆在回应外媒记者"中方对此有何评论"的提问时表示， 在关税问题上，中方立场是一贯和明确的，希望美方同中方一道落实两国元首通话达成的重要共识，发挥中美 ...

Report Industry Investment Rating - Industrial silicon: Cautiously bullish [3] - Polysilicon: Cautiously bullish, but need to be aware of correction risks [8] Core Viewpoints - For industrial silicon, with positive macro - factors, improved supply - demand fundamentals, and price increases in downstream products, the industrial silicon price has room for further growth if it is benchmarked against the full cost [3]. - For polysilicon, after the continuous increase in spot prices, they have stabilized. The futures price is above the full cost of most enterprises, and there may be room for growth if considering the recovery of storage, merger, and acquisition funds. In the medium - to - long - term, it is suitable to buy on dips [8]. Market Analysis Industrial Silicon - **Futures Market**: On July 22, 2025, the industrial silicon futures price hit the daily limit. The main contract 2509 opened at 9345 yuan/ton and closed at 9655 yuan/ton, a change of 5.98% from the previous settlement price. The position of the main contract 2509 was 380961 lots, and the number of warehouse receipts was 50053 lots, a decrease of 88 lots from the previous day [1]. - **Supply Side**: The spot price of industrial silicon rose. For example, the price of East China oxygen - passing 553 silicon was 9600 - 9800 yuan/ton (up 200 yuan/ton), and the price of 421 silicon was 9800 - 10100 yuan/ton (up 200 yuan/ton) [1]. - **Consumption Side**: Affected by the strong drive of industrial silicon on the cost side and the supply concerns caused by an incident at a Shandong organic silicon factory, the prices of organic silicon products increased across the board. For example, the market price of DMC rose to 11600 - 12500 yuan/ton, an increase of about 1200 yuan/ton [2]. Polysilicon - **Futures Market**: On July 22, 2025, the main contract 2509 of polysilicon futures hit the daily limit, opening at 45880 yuan/ton and closing at 49105 yuan/ton, with a closing price change of 8.99% from the previous trading day. The position of the main contract reached 192179 lots, and the trading volume on that day was 757482 lots [4]. - **Spot Market**: The spot price of polysilicon remained stable. The inventory of polysilicon manufacturers and silicon wafers decreased. The latest statistics showed that the polysilicon inventory was 24.90 (a month - on - month change of - 9.78%), and the silicon wafer inventory was 16.02GW (a month - on - month change of - 5.70%) [6]. Strategy Industrial Silicon - **Unilateral**: Cautiously bullish - **Other Strategies**: No suggestions for inter - period, cross - variety, spot - futures, and options trading [3] Polysilicon - **Unilateral**: Cautiously bullish, but need to be aware of correction risks - **Other Strategies**: No suggestions for inter - period, cross - variety, spot - futures, and options trading [8][9] Influencing Factors Industrial Silicon - The resumption of production and new capacity in the Northwest and Southwest regions [5] - Changes in the start - up of polysilicon enterprises [5] - Policy disturbances [5] - Macro and capital sentiment [5] - The start - up situation of organic silicon enterprises [5] Polysilicon - The impact of industry self - regulation on the start - up of upstream and downstream enterprises [9] - The driving effect of futures listing on the spot market [9] - The impact of capital sentiment [9] - Policy disturbances [9]

供应端：截至2025-07-22，企业产能利用率85.08%（0.08%）。样本企业总库存量为89.55 万吨（-7.22），港口样本 库存量为54.10 万吨（+5.20）。 需求端：截至2025-07-22，复合肥产能利用率32.55%（+2.72%）；三聚氰胺产能利用率为64.24%（+1.68%）；尿素 企业预收订单天数6.06日（+0.12）。 宏观情绪持续向好，化工板块整体上涨，尿素盘面走强。尿素开工高位运行，供应端压力持续，中盈装置计划近 期检修，部分装置下旬仍有检修计划，预计将缓解部分供应压力。下游农业需求推进放缓，复合肥工业开工率提 升缓慢，其他工业需求维持弱势，下游刚需采购为主。出口将有序推进，集港意愿提升，港口库存持续提升，尿 素上游工厂库存走低。 策略 尿素日报 | 2025-07-23 情绪氛围影响，尿素持续上涨 市场分析 价格与基差：2025-07-22，尿素主力收盘1817元/吨（+5）；河南小颗粒出厂价报价：1850 元/吨（0）；山东地区小 颗粒报价：1840元/吨（+10）；江苏地区小颗粒报价：1840元/吨（+0）；小块无烟煤750元/吨（+0），山东基差：23 元/吨（ ...

Group 1: Report Industry Investment Rating - High - sulfur fuel oil: Oscillating [2] - Low - sulfur fuel oil: Oscillating [2] Group 2: Core Viewpoints - The spot price of Shanghai Futures Exchange's fuel oil futures main contract closed up 0.1% at 2,924 yuan/ton, and INE low - sulfur fuel oil futures main contract closed up 0.19% at 3,602 yuan/ton. Crude oil prices maintain an oscillating trend. The unilateral prices of FU and LU are supported by the cost side, but the expectation of a looser medium - term balance sheet limits the upside space of prices [1] - The fundamentals of high - sulfur fuel oil currently lack highlights. The market structure has been continuously adjusted recently, especially the crack spread has significantly declined from its high level. The spot supply is relatively abundant, and the inventory level is high. However, the peak demand season of downstream power generation terminals provides some support to the market. Egypt's purchasing power is relatively strong, with an expected import volume of 990,000 tons in July, a month - on - month increase of 990,000 tons and a year - on - year increase of 490,000 tons. But with the increase in Egypt's LNG imports, the subsequent demand growth space for fuel oil in power plants may be limited. The structural positive factors of high - sulfur fuel oil have not completely subsided. If the crack spread is fully adjusted to attract a significant recovery in refinery demand, opportunities for the market structure to strengthen again can be observed [1] - The fundamentals of low - sulfur fuel oil have recently loosened marginally. The arrival of Brazilian tanker cargoes has increased, and Kuwait's exports have also begun to resume. The spot supply in the Asia - Pacific region is relatively abundant. In the medium term, the remaining production capacity of low - sulfur fuel oil is relatively abundant, and the carbon - neutral trend in the shipping industry will gradually replace the market share of low - sulfur fuel oil, suppressing the market outlook [1] Group 3: Strategies - For high - sulfur fuel oil: Oscillating [2] - For low - sulfur fuel oil: Oscillating [2] - Cross - variety: Positions of shorting FU crack spread (FU - Brent or FU - SC) in the early stage can be appropriately stopped for profit [2] - Cross - period: FU reverse spread positions in the early stage can be gradually stopped for profit [2] - Spot - futures: None [2] - Options: None [2]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The recent theme in the chemical sector is the rectification expectation of installations in operation for over 20 years. The capacity of such installations in pure benzene and styrene accounts for 18% and 8%, respectively. The futures of pure benzene (BZ) and ethylbenzene (EB) follow the overall upward trend in the chemical industry, but the spot prices struggle to keep up, leading to a further decline in the EB basis. The BZ futures maintain a premium, and there is still pressure on pure benzene port inventory. The short - term demand for BZ downstream is okay, but the high - operating CPL and styrene operations are starting to decline. For styrene, the port inventory is rising rapidly, with domestic EB operation slightly decreasing but still at a relatively high level. The EPS operation is increasing, but the inventory pressure of the three major hard plastics may drag down future operations [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spread - Pure benzene: The main basis is - 258 yuan/ton (- 27), and the spot - M2 spread is - 55 yuan/ton (+ 10 yuan/ton). The near - month BZ paper cargo - far - end BZ2603 futures are advised to do reverse arbitrage when the price is high [1][4] - Styrene: The main basis is 4 yuan/ton (- 64 yuan/ton), and the EB2509 - 2510 inter - period reverse arbitrage is recommended [1][4] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 174 dollars/ton (+ 10 dollars/ton), and the FOB Korea processing fee is 158 dollars/ton (+ 11 dollars/ton). The US - Korea spread is 125.0 dollars/ton (- 13.0 dollars/ton). The processing fee continues to be in a weak consolidation [1][3] - Styrene: The non - integrated production profit is - 46 yuan/ton (- 80 yuan/ton), and it is expected to gradually compress. The EB - BZ spread is recommended to be narrowed when the price is high [1][4] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 17.10 million tons (+ 0.70 million tons), and the operating rate of downstream products shows a mixed trend. The domestic operation is still at a relatively high level, and the pressure of Korean exports to China remains [1][3] - Styrene: The East China port inventory is 150,700 tons (+ 12,200 tons), and the East China commercial inventory is 56,200 tons (+ 11,200 tons). The operating rate is 78.3% (- 0.9%). The domestic EB operation slightly decreases but is still at a relatively high level [1][3] 4. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 140 yuan/ton (+ 74 yuan/ton), and the operating rate is 53.18% (+ 2.12%) [2] - PS: The production profit is - 110 yuan/ton (+ 124 yuan/ton), and the operating rate is 50.60% (- 0.50%) [2] - ABS: The production profit is 294 yuan/ton (+ 39 yuan/ton), and the operating rate is 65.90% (+ 0.90%). The inventory pressure of the three major hard plastics continues, which may drag down future operations [2][3] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1920 yuan/ton (- 10), and the operating rate is 91.72% (- 4.00%) [1] - Phenol - acetone: The production profit is - 693 yuan/ton (- 25), and the operating rate is 81.00% (+ 3.00%) [1] - Aniline: The production profit is - 97 yuan/ton (+ 74), and the operating rate is 75.86% (+ 4.96%) [1] - Adipic acid: The production profit is - 1543 yuan/ton (+ 16), and the operating rate is 64.80% (- 0.90%) [1]

策略 新能源及有色金属日报 | 2025-07-23 宏观及供应端扰动较多，碳酸锂盘面仍偏强 市场分析 2025-07-22，碳酸锂主力合约2509开于71900元/吨，收于72880元/吨，当日收盘价较昨日结算价变化2.71%。当日成 交量为1118226手，持仓量为411638手，前一交易日持仓量381185手，根据SMM现货报价，目前基差为-2180元/吨 （电碳均价-期货）。当日碳酸锂仓单10089手，较上个交易日变化120手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价68100-70100元/吨，较前一交易日变化1100元/吨，工业级碳酸锂 报价66950-67950元/吨，较前一交易日变化1100元/吨。6%锂精矿价格768美元/吨，较前一日变化10美元/吨。据SMM 数据，受碳酸锂供应端减量信息扰动影响，期货价格持续大幅上涨。下游正极材料厂对此价位接受意愿较低，但 在持续上涨的市场趋势下，叠加库存持续消化，采购意愿已出现边际改善。 当前宏观情绪偏强，供应端扰动消息较多，锂矿审批问题及盐厂减产消息不断，导致碳酸锂盘面偏强，短期观望 为主。 风险 2025年期货市场研究报告 第1页 请仔细阅读本 ...

Group 1: Report Core Information - The report is a liquidity daily report dated July 23, 2025, with analysis researchers including Gao Tianyue, Li Yizi, and Li Guangting [61][62] Group 2: Market Liquidity Overview - On July 22, 2025, the stock index sector had a trading volume of 554.65 billion yuan, a +14.04% change from the previous trading day, a position value of 1111.703 billion yuan, a +3.71% change, and a trading - position ratio of 50.06% [1] - The treasury bond sector had a trading volume of 385.433 billion yuan, a -6.65% change, a position value of 908.429 billion yuan, a -0.53% change, and a trading - position ratio of 43.09% [1] - The basic metal sector had a trading volume of 635.758 billion yuan, a +0.25% change, a position value of 529.731 billion yuan, a +3.28% change, and a trading - position ratio of 163.24% [1] - The precious metal sector had a trading volume of 402.302 billion yuan, a +15.44% change, a position value of 478.56 billion yuan, a +2.51% change, and a trading - position ratio of 107.01% [1] - The energy and chemical sector had a trading volume of 729.15 billion yuan, a +3.07% change, a position value of 433.246 billion yuan, a -1.30% change, and a trading - position ratio of 149.30% [1] - The agricultural product sector had a trading volume of 338.285 billion yuan, a -0.40% change, a position value of 589.417 billion yuan, a -0.61% change, and a trading - position ratio of 51.56% [1] - The black building materials sector had a trading volume of 564.717 billion yuan, a +15.70% change, a position value of 391.751 billion yuan, a -0.14% change, and a trading - position ratio of 147.96% [2] Group 3: Directory - related Figures 1. Plate Liquidity - Figures include those showing each plate's trading - position ratio, turnover change rate, position volume, position value, trading volume, and turnover [4][5][6][8] 2. Stock Index Sector - Figures cover each variety's increase - decrease rate, trading - position ratio, precipitation fund change, precipitation fund trend, turnover change, and the top 20 net position ratio trend [5][6][10][11][12][15][17][18] 3. Treasury Bond Sector - Figures display each variety's increase - decrease rate, trading - position ratio, precipitation fund change, precipitation fund trend, turnover change, and the top 20 net position ratio trend [5][6][19][22][24][25] 4. Basic Metal and Precious Metal (Metal Sector) - Figures show each variety's increase - decrease rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, turnover change rate, and the top 20 net position ratio trend [5][6][26][27][33][32] 5. Energy and Chemical Sector - Figures present each main variety's increase - decrease rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, turnover change rate, and the top 20 net position ratio trend [5][6][35][36][37][38][40] 6. Agricultural Product Sector - Figures include each main variety's increase - decrease rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, turnover change rate, and the top 20 net position ratio trend [5][6][43][44][46][47][49] 7. Black Building Materials Sector - Figures show each variety's increase - decrease rate, trading - position ratio, precipitation fund change amount, precipitation fund trend, turnover change rate, and the top 20 net position ratio trend [5][6][50][52][54][56][59]