Group 1: Report Investment Ratings - The investment strategy for both the soybean meal and corn sectors is cautiously bearish [3][5] Group 2: Core Views - The adjustment of the supply - demand report is small and in line with market expectations. The good - to - excellent rate of US soybeans is at a relatively high historical level, and the weather in the main production areas is favorable, with no significant impact expected in the near term. In China, there is still pressure on the spot market, and attention should be paid to the growth of new - season US soybeans and policy changes [2] - In the domestic corn market, supply capacity is increasing due to more auctions and high - temperature storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions continue, but the transaction premium and volume are decreasing [4] Group 3: Summary by Section (Market News and Important Data) Soybean Meal and Rapeseed Meal - Futures: On the previous trading day, the soybean meal 2509 contract closed at 3029 yuan/ton, up 52 yuan/ton (+1.75%); the rapeseed meal 2509 contract closed at 2719 yuan/ton, up 66 yuan/ton (+2.49%) [1] - Spot: In Tianjin, Jiangsu, and Guangdong, soybean meal spot prices increased by 30, 50, and 40 yuan/ton respectively. In Fujian, rapeseed meal spot price increased by 60 yuan/ton [1] - Market News: Brazil's expected 2025 soybean export volume is 1.1 billion tons, an increase of about 130 million tons year - on - year. Argentina's 2024/25 soybean production forecast is raised to 49.5 million tons [1] Corn and Corn Starch - Futures: The corn 2509 contract closed at 2296 yuan/ton, up 3 yuan/ton (+0.13%); the corn starch 2509 contract closed at 2646 yuan/ton, up 7 yuan/ton (+0.27%) [3] - Spot: In Liaoning, the corn spot price remained unchanged, and in Jilin, the corn starch spot price also remained unchanged [3] - Market News: As of July 12, 2025, the first - season corn harvest progress in Brazil is 98.3%. Brazil's corn exports from July 1 - 11 are slower than last year [3] Group 4: Summary by Section (Market Analysis) Soybean Meal - The supply - demand report adjustment is small. US soybean good - to - excellent rate is high, and the weather is favorable. In China, there is spot pressure, with rising soybean meal inventory and high physical inventory of feed enterprises [2] Corn - In China, corn supply is increasing due to more auctions and storage issues. Demand is weak as feed enterprises have sufficient inventory and are in the off - season. Imported corn auctions show a change in market sentiment [4]

Group 1: Report Industry Investment Ratings - PVC: Cautious short-selling hedging [4] - Caustic soda: Neutral [4] Group 2: Core Views of the Report - The macro atmosphere for PVC has faded, and the market is mainly trading based on fundamentals. The supply is increasing due to restarted devices and new capacity, while demand is weak both domestically and externally, leading to continued inventory accumulation and potential compression of chlor-alkali comprehensive profits [3]. - For caustic soda, the price of liquid chlorine in Shandong has stabilized and rebounded, and the overall supply is expected to remain high. Demand lacks continuous support, and the inventory in factories is increasing. The chlor-alkali comprehensive profit still has room for compression, and the upward movement of the futures price is limited [3]. Group 3: Summary by Related Catalogs PVC Market News and Important Data - Futures price and basis: The closing price of the PVC main contract was 4,955 yuan/ton (+21), with an East China basis of -105 yuan/ton (-21) and a South China basis of -115 yuan/ton (-21) [1]. - Spot price: The East China calcium carbide method was quoted at 4,850 yuan/ton (+0), and the South China calcium carbide method was quoted at 4,840 yuan/ton (+0) [1]. - Upstream production profit: The semi-coke price was 535 yuan/ton (+0), the calcium carbide price was 2,825 yuan/ton (+0), the calcium carbide profit was 107 yuan/ton (+0), the gross profit of PVC calcium carbide method production was -445 yuan/ton (+107), the gross profit of PVC ethylene method production was -621 yuan/ton (+74), and the PVC export profit was -5.7 US dollars/ton (+6.2) [1]. - Inventory and operation: PVC factory inventory was 38.2 tons (-0.5), PVC social inventory was 39.3 tons (+2.0), the PVC calcium carbide method operation rate was 77.52% (+0.59%), the PVC ethylene method operation rate was 68.31% (-1.92%), and the PVC operation rate was 74.97% (-0.10%) [1]. - Downstream orders: The pre-sales volume of production enterprises was 69.0 tons (+3.2) [1]. Market Analysis - Supply: Some devices have restarted, and the intensity of maintenance has weakened, with high production volume. The new production capacity of Bohua and Wanhua Fujian, totaling 900,000 tons, is expected to be put into production, increasing supply pressure [3]. - Demand: It is the off-season for domestic downstream demand, and the operation rate of downstream products is at a low level compared to the same period. Domestic demand remains weak, and export orders have declined month-on-month. The Indian BIS policy has been extended for 6 months, and the anti-dumping policy has not been implemented. If implemented, it may affect PVC exports [3]. - Inventory: PVC social inventory continues to accumulate [3]. Caustic Soda Market News and Important Data - Futures price and basis: The closing price of the SH main contract was 2,484 yuan/ton (+18), and the basis of 32% liquid caustic soda in Shandong was 141 yuan/ton (-18) [1]. - Spot price: The price of 32% liquid caustic soda in Shandong was 840 yuan/ton (+0), and the price of 50% liquid caustic soda was 1,370 yuan/ton (+0) [2]. - Upstream production profit: The single-product profit of caustic soda in Shandong was 1,634 yuan/ton (+0), the comprehensive profit of chlor-alkali in Shandong (0.8 tons of liquid chlorine) was 690.8 yuan/ton (+0.0), the comprehensive profit of chlor-alkali in Shandong (1 ton of PVC) was 425.78 yuan/ton (-10.00), and the comprehensive profit of chlor-alkali in the Northwest (1 ton of PVC) was 1,368.33 yuan/ton (+0.00) [2]. - Inventory and operation: Liquid caustic soda factory inventory was 38.39 tons (+0.96), flake caustic soda factory inventory was 2.40 tons (+0.04), and the caustic soda operation rate was 82.60% (+2.20%) [2]. - Downstream operation: The alumina operation rate was 83.28% (+1.72%), the printing and dyeing operation rate in East China was 58.89% (+0.00%), and the viscose staple fiber operation rate was 84.55% (+6.75%) [2]. Market Analysis - Supply: The price of liquid chlorine in Shandong has stabilized and rebounded, and upstream enterprises that previously reduced production due to high liquid chlorine subsidies have gradually increased their loads. The supply is expected to remain high, and there is still supply pressure with the expected new capacity in July - August [3]. - Demand: The price of alumina has increased, and the profit has been repaired, with an increase in operation rate but still lower than the same period. New production capacity is coming to an end, and non-aluminum demand remains weak, mainly for rigid consumption. Demand lacks continuous support, and the inventory in liquid caustic soda factories is increasing [3].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The short - term lithium carbonate futures market is greatly affected by news and warehouse receipt games. It is necessary to track whether lithium ore approval issues are universal and observe the production scheduling of Australian mines. If there is no impact on the mine - end operation later, short - selling hedging can be carried out in the far - month contracts after choosing the right opportunity. Meanwhile, short - term unilateral trading should be mainly in a wait - and - see state [2][4]. 3. Summary by Relevant Content Market Analysis - On July 17, 2025, the opening price of the lithium carbonate main contract 2509 was 66,800 yuan/ton, and the closing price was 67,960 yuan/ton, a 1.15% increase from the previous settlement price. The trading volume was 826,939 lots, and the open interest was 363,676 lots, an increase of 23,058 lots from the previous trading day. The total open interest of all contracts was 637,419 lots, an increase of 17,801 lots from the previous trading day. The total trading volume of contracts increased by 469,317 lots from the previous trading day, and the overall speculation degree was 1.63. The number of lithium carbonate warehouse receipts was 10,239 lots, a decrease of 416 lots from the previous day [1]. - According to SMM data, on July 17, 2025, the price of battery - grade lithium carbonate was 63,900 - 66,000 yuan/ton, unchanged from the previous day, and the price of industrial - grade lithium carbonate was 62,850 - 63,850 yuan/ton, also unchanged from the previous day [1]. - The spot inventory was 142,600 tons, including 58,000 tons in smelters, 41,300 tons in downstream enterprises, and 43,300 tons in other sectors. The weekly inventory increased by 1,827 tons to 142,600 tons, mainly due to a large increase in other sectors. The weekly output also slightly increased by 302 tons to 19,100 tons, with a relatively large increase in the output produced from spodumene [1]. Strategy - Recently, the prices of lithium salts and lithium ores have both risen. The latest transaction price of lithium concentrate is 750 US dollars/ton, the average price of lithium carbonate is 64,950 yuan/ton, and the average price of industrial - grade lithium carbonate is 63,350 yuan/ton. The sharp rise in the futures market today is mainly due to a notice from a subsidiary of a salt - lake enterprise to stop lithium resource development activities. The company plans to produce and sell 11,000 tons of lithium carbonate in 2025, with an expected production of 5,350 tons and sales of 4,470 tons in the first half of the year [2]. - The impact of a single enterprise is relatively limited. Combined with previous lithium ore problems in Jiangxi, it is necessary to track whether lithium ore approval issues are universal and observe whether it will lead to the suspension of mining operations of other enterprises or an increase in production costs. In addition, attention should be paid to the production scheduling announcements of Australian mines. Short - term futures prices are greatly affected by news and warehouse receipt games, so risk management should be done well. If there is no impact on the mine - end operation later, short - selling hedging can be carried out in the far - month contracts after choosing the right opportunity [2]. Trading Recommendations - Unilateral trading: Mainly wait and see in the short term [4]. - Inter - delivery spread trading: No recommendation [4]. - Cross - variety trading: No recommendation [4]. - Spot - futures trading: No recommendation [4]. - Options trading: No recommendation [4].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The cost of steel continues to rise, leading to another increase in the black market. The fundamentals of steel have minor contradictions and are slightly better than the seasonal performance, with effective raw material support [1]. - The iron ore price is oscillating upward due to the recovery of hot metal production. In the short term, the price rebounds, while in the long term, the supply - demand is expected to be relatively loose [3]. - The first round of price increases for coking coal and coke has fully landed, and the prices are oscillating strongly. The production enthusiasm of coke enterprises will increase, and attention should be paid to the demand in the off - season and the supply changes of coking coal [5][6]. - The supply of thermal coal at the pithead is continuously shrinking, and the port coal price is oscillating strongly. In the short term, the price is strong due to rising demand, while in the medium - long term, the supply pattern remains loose [8]. Summaries by Related Catalogs Steel Market Analysis - Yesterday, steel futures and spot prices showed a strong trend, with the hot - rolled coil futures main contract reaching a new high. The spot trading volume was 9.48 tons, and the basis continued to shrink [1]. Supply - Demand and Logic - This week, the output of rebar decreased, demand weakened in the off - season, and inventory slightly increased. The output of hot - rolled coil decreased, inventory decreased, and apparent demand slightly increased. The fundamentals are slightly better than the seasonal performance, and raw material support is still effective [1]. Strategy - Unilateral: Oscillation; Others: None [2] Iron Ore Market Analysis - Yesterday, the iron ore futures price oscillated upward, and the prices of mainstream imported iron ore varieties continued to rise. The trading volume of national main port iron ore was 114.4 tons, a 14.40% increase, and the trading volume of forward - looking spot was 189.7 tons, a 24.80% increase. The daily average hot metal production of 247 steel mills was 242.44 tons, an increase of 2.63 tons, and the profitability rate of steel mills was 60.17%, an increase of 0.43% [3]. Supply - Demand and Logic - This week, hot metal production recovered, and iron ore consumption showed good resilience. Port inventory slightly increased, and large - scale inventory slightly decreased. In the short term, the price rebounds, while in the long term, the supply - demand is expected to be relatively loose [3]. Strategy - Unilateral: Oscillation; Others: None [4] Coking Coal and Coke Market Analysis - Yesterday, the futures prices of coking coal and coke oscillated within a range. The first round of price increases for coke fully landed, the port clearance of imported coal slowly recovered, and inventory continued to decline [5]. Supply - Demand and Logic - For coke, production remained stable, inventory slightly decreased, and demand increased. Some coke enterprises are still in a loss state, but production enthusiasm will increase after the price increase. For coking coal, domestic coal mine复产 is slow, and the supply is relatively insufficient. Steel mills still have rigid demand [5][6]. Strategy - Coking coal: Oscillation; Coke: Oscillation; Others: None [7] Thermal Coal Market Analysis - In the production area, some coal mines stopped production due to waterlogging and safety inspections, and the price of some coal types increased by 5 - 10 yuan. At the port, the shipping cost increased, there was a structural shortage, and the market coal price increased steadily. The high - calorie Australian coal price was inverted, while the low - calorie Indonesian coal had a cost - performance advantage [8]. Supply - Demand and Logic - In July, with the increase in temperature, the downstream daily consumption increased, and the demand strengthened. In the short term, the price is oscillating strongly, while in the medium - long term, the supply pattern remains loose [8]. Strategy No strategy information provided.

Report Industry Investment Rating - Oil prices are expected to trade in a range, with a medium - term short - position allocation [3] Core View of the Report - An oil field in the Kurdish region of northern Iraq was attacked by unknown armed drones, affecting a production capacity of about 150,000 barrels per day, which is currently shut down. Since Kurdish oil exports have not resumed and are mainly digested by local small refineries, the impact on the international market is limited. The possibility of resuming exports is increasing as the Iraqi federal government and the Kurdish regional government have reached an agreement, and the progress of this event deserves continuous attention [2] Summary by Related Catalogs Market News and Important Data - The price of light crude oil futures for August delivery on the New York Mercantile Exchange rose by $1.16, closing at $67.54 per barrel, a gain of 1.75%; the price of Brent crude oil futures for September delivery rose by $1.00, closing at $69.52 per barrel, a gain of 1.46%. The main SC crude oil contract closed up 2.04%, at 524 yuan per barrel [1] - As of July 16, Indonesia's biodiesel consumption this year has reached 7.42 million kiloliters. The world's largest palm oil producer has raised the mandatory biodiesel blending ratio from 35% to 40% to reduce dependence on imported diesel [1] - According to a US assessment of the damage caused by military operations, one of the three Iranian nuclear enrichment facilities attacked by the US last month was basically destroyed, significantly impeding related work. The other two were not severely damaged, and nuclear enrichment activities may resume within a few months if Iran intends. Trump vetoed the plan as it contradicts his foreign - policy intuition and may cause heavy casualties [1] - Russia's Energy Ministry said that the domestic market has sufficient supplies of all major types of automotive fuels. The reserve levels of gasoline and diesel are close to historical highs, ensuring uninterrupted domestic supply. The observed price dynamics are due to seasonal factors, including increased demand [1] - India's Oil Minister Hardeep Singh Puri said that if Russia's oil supplies are hit by secondary sanctions, India is confident of finding other sources to meet its oil needs. Trump warned that countries buying Russian exports may face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days [1] - The foreign ministers of France, the UK, and Germany (E3) and the EU's high - representative had a call with Iran's foreign minister. They told Iran that it must immediately return to diplomatic channels to reach a verifiable and lasting nuclear agreement and emphasized that if no substantial progress is made by late summer, UN sanctions on Iran will be re - imposed [1]

Report Industry Investment Rating - The investment strategy for both soybeans and peanuts is neutral [3] Core Viewpoints - The domestic soybean supply remains loose, with expected increased production and existing old - bean inventory pressure, while the demand side is weak. The uncertainty of import costs near the August 1 tariff node and the impact of international export agreements on market sentiment are the main influencing factors. Future changes in weather, policy effects, and international linkages in the production areas are worth noting [2] - The peanut futures main contract was oscillating and stable. The terminal inquiry atmosphere in the peanut spot market has warmed up, and the willingness of holders to hold prices has increased. The supply - side speculation due to uncertain weather in the production areas is heating up. However, the overall supply - demand pattern is still loose, and the inventory structure problem is prominent. The future market evolution will focus on weather, policies, and the new - season peanut listing rhythm [4] Summary by Commodity Soybeans Market Analysis - Futures: The closing price of the soybeans 2509 contract yesterday was 4200.00 yuan/ton, up 21.00 yuan/ton or +0.50% from the previous day [1] - Spot: The edible soybean spot basis was A09 + 100, down 21 from the previous day, a change of 32.14% [1] - Market Information: Soybean prices in the Northeast market remained stable yesterday. For example, the quoted price of standard first - class 39% protein medium - grain tower - loaded soybeans in Harbin, Heilongjiang was 2.15 yuan/jin, unchanged from the previous day [1] Strategy - Neutral [3] Peanuts Market Analysis - Futures: The closing price of the peanut 2510 contract yesterday was 8250.00 yuan/ton, up 18.00 yuan/ton or +0.22% from the previous day [3] - Spot: The average peanut spot price was 8700.00 yuan/ton, down 20.00 yuan/ton or - 0.23% month - on - month. The spot basis was PK10 - 150.00, up 118.00 or +368.75% month - on - month [3] - Market Information: The domestic peanut market was oscillating and stable yesterday. Traders were cautious in purchasing, mainly consuming inventory or buying as they sold. The overall sales volume was slow. For example, the quoted price of Baisha common peanuts in Zhengyang, Henan was 4.35 - 4.45 yuan/jin [3] Strategy - Neutral [3]

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report. Group 2: Core Views of the Report - The short - term market drivers are limited, and the market shows narrow - range fluctuations. The main contract of SHFE fuel oil futures closed down 0.28% at 2,863 yuan/ton, and the main contract of INE low - sulfur fuel oil futures closed down 1.89% at 3,580 yuan/ton [1]. - Since the OPEC meeting, crude oil prices have shown a volatile and upward trend. The unilateral prices of FU and LU are supported by the cost side, but there is an expectation of a looser balance sheet in the medium - term crude oil market, which may limit the upside space of prices. The recent decline in oil prices also indicates that resistance has emerged after continuous rebounds, driving the market down [1]. - The current market structure of high - sulfur fuel oil is weak, with spot discounts, monthly spreads, and crack spreads continuously declining. Although there are still structural support factors, the crack spreads need to be further adjusted to attract the recovery of refinery demand. After sufficient adjustment, the market will regain support [1]. - The market structure of low - sulfur fuel oil has been stable recently. The strong performance of overseas diesel provides some support, and the domestic production in the first half of the year decreased significantly year - on - year, resulting in limited overall supply pressure. However, the remaining production capacity is abundant, and the carbon - neutral trend in the shipping industry in the long - term will gradually replace the market share of low - sulfur fuel oil, suppressing the market outlook [1]. - Currently, the market structure of low - sulfur fuel oil is slightly stronger than that of high - sulfur fuel oil. The price spread between high - and low - sulfur fuel oil has been widening recently, but the structural contradiction has not been completely reversed, and there is no room for a significant increase in the spread [2]. Group 3: Strategies - High - sulfur fuel oil: The market is expected to be volatile [3]. - Low - sulfur fuel oil: The market is expected to be volatile [3]. - Cross - variety: Short the FU crack spread (FU - Brent or FU - SC) on rallies [3]. - Cross - period: Gradually take profit on the previous FU reverse spread positions [3]. - Spot - futures: No strategy [3]. - Options: No strategy [3].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None [3] Core Viewpoints - The closing price of the main EG contract was 4,372 yuan/ton, up 21 yuan/ton or 0.48% from the previous trading day, and the spot price in the East China market was 4,433 yuan/ton, up 48 yuan/ton or 1.09%. The spot basis in East China was 62 yuan/ton, down 8 yuan/ton month - on - month [1]. - Due to unexpected production cuts at Zhejiang Petrochemical, shutdowns in Saudi Arabia due to power issues, and the likely postponement of the restart of Satellite Petrochemical's 900,000 - ton/year ethylene glycol plant, the supply increase at home and abroad fell short of expectations, leading to a rebound in EG prices [1]. - The production profit of ethylene - based EG was - 54 US dollars/ton, up 2 US dollars/ton month - on - month, and that of coal - based syngas EG was 41 yuan/ton, up 3 yuan/ton month - on - month [1]. - According to CCF data, the inventory at the main ports in East China was 553,000 tons, down 27,000 tons month - on - month; according to Longzhong data, it was 494,000 tons, up 13,000 tons month - on - month. The actual arrivals at the main ports last week were 96,000 tons, with a slight reduction in port inventory. This week, the planned arrivals at the main ports in East China are 45,000 tons, and the planned arrivals at the secondary ports are concentrated at 65,000 tons. Overall, the inventory has slightly increased [1]. - On the supply side, the peak maintenance period in China has passed, and domestic ethylene glycol production is on the rise. Overseas, the supply is expected to be loose as overseas plants gradually restart, but the actual supply recovery at home and abroad in July fell short of expectations. On the demand side, it is in the off - season, with high terminal inventory and low restocking willingness, and the demand is expected to be weak. The short - term supply - demand structure in July is still good, but the inventory accumulation pressure increases in late July [2] Summary by Directory Price and Basis - The report presents the closing price of the main EG contract, the spot price in the East China market, and the spot basis in East China, along with their changes from the previous trading day [1]. - Figures related to the ethylene glycol spot price in East China and the spot basis in East China are provided [5][7] Production Profit and Operating Rate - The production profits of ethylene - based EG and coal - based syngas EG and their month - on - month changes are given [1]. - Figures about the gross profit of ethylene - based EG, coal - based syngas EG, naphtha - integrated EG, and methanol - based EG, as well as the total load and syngas - based load of ethylene glycol are presented [5][10][12] International Spread - The international spread of ethylene glycol (US FOB - China CFR) is mentioned, and relevant figures are provided [5][21] Downstream Production, Sales, and Operating Rate - Figures related to the production and sales of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips are presented [5][22][24] Inventory Data - Inventory data from CCF and Longzhong, including the inventory at the main ports in East China, actual arrivals, planned arrivals, and changes in inventory are provided [1]. - Figures about the inventory at ethylene glycol ports in East China, Zhangjiagang, Ningbo, Jiangyin + Changzhou, Shanghai + Changshu, the raw material inventory days of MEG in Chinese polyester factories, and the daily outbound volume at ethylene glycol ports in East China are presented [5][33][36]

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Neutral [3] - Investment rating for the egg industry: Cautiously bearish [5] Group 2: Core Views of the Report - For the pig market, with the expectation of increased future supply, the spot price is likely to continue to decline. Entering the seasonal consumption off - season, the demand side lacks obvious short - term stimulus. Secondary fattening demand may enter the market when the price drops to around 14 yuan/kg. Policy - related purchases, sales, and storage, as well as the "anti - involution" policy, need to be monitored. Recent price increases were due to expected improvements after last month's weight reduction, and later supply - side slaughter changes and policy situations should be continuously monitored [2] - For the egg market, the current demand remains in the off - season normal state. Cold storage warehousing in northern sales areas has slowed down, and traders are cautious in purchasing. Although the plum rain season in southern sales areas is about to end, the post - poned Mid - Autumn Festival has limited impact on demand. The short - term market pattern of oversupply is difficult to change, and farmers will continue to incur losses [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2509 contract yesterday was 14,060 yuan/ton, up 50 yuan/ton (+0.36%) from the previous trading day. - Spot: The ex - ternary live hog price in Henan was 14.30 yuan/kg, down 0.22 yuan/kg from the previous trading day; in Jiangsu, it was 14.68 yuan/kg, down 0.22 yuan/kg; in Sichuan, it was 13.63 yuan/kg, down 0.10 yuan/kg. The "Agricultural Product Wholesale Price 200 Index" on July 17 was 112.86, up 0.11 points from the previous day. The national average wholesale price of pork was 20.63 yuan/kg, up 0.1%; beef was 63.76 yuan/kg, down 0.1%; mutton was 59.53 yuan/kg, down 0.5%; eggs were 7.06 yuan/kg, up 0.6%; and white - striped chickens were 17.29 yuan/kg, up 0.9% [1] Market Analysis - With the expected increase in future supply, the spot price is likely to decline. In the seasonal consumption off - season, demand lacks short - term stimulus. Secondary fattening may enter the market when the price drops to around 14 yuan/kg. Policy - related purchases, sales, and storage and the "anti - involution" policy need attention. Recent price increases were due to expected improvements after weight reduction, and later supply - side slaughter changes and policy situations should be monitored [2] Strategy - Adopt a neutral strategy [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2508 contract yesterday was 3,595 yuan/500 kilograms, up 4 yuan (+0.11%) from the previous trading day. - Spot: The egg spot price in Liaoning was 2.69 yuan/jin, up 0.11 yuan; in Shandong, it was 3.00 yuan/jin, up 0.15 yuan; in Hebei, it was 2.82 yuan/jin, up 0.11 yuan. On July 17, the national production - link inventory was 0.53 days, down 0.16 days from the previous trading day, and the circulation - link inventory was 0.74 days, down 0.18 days [3] Market Analysis - The current demand remains in the off - season normal state. Cold storage warehousing in northern sales areas has slowed down, and traders are cautious in purchasing. Although the plum rain season in southern sales areas is about to end, the post - poned Mid - Autumn Festival has limited impact on demand. The short - term market pattern of oversupply is difficult to change, and farmers will continue to incur losses [4] Strategy - Adopt a cautiously bearish strategy [5]

Group 1: Report Investment Rating - The investment rating for the LPG industry is a unilateral strategy of weak oscillation [2] Group 2: Core View - The LPG market atmosphere is dull, with spot prices slightly falling locally and the futures market maintaining a weak oscillation. The overall supply - demand pattern of LPG is loose, with abundant overseas supply and high port inventories in China. Due to the off - season of domestic combustion demand and profit - constrained chemical demand, the market lacks upward drivers [1] Group 3: Market Analysis Summary - On July 17, regional prices were as follows: Shandong market, 4570 - 4640 yuan/ton; Northeast market, 4190 - 4380 yuan/ton; North China market, 4425 - 4650 yuan/ton; East China market, 4380 - 4650 yuan/ton; Yangtze River market, 4520 - 4610 yuan/ton; Northwest market, 3900 - 4250 yuan/ton; South China market, 4498 - 4650 yuan/ton [1] - In the second half of August 2025, the CIF price of frozen propane in East China was 564 dollars/ton, down 5 dollars/ton, and butane was 545 dollars/ton, down 5 dollars/ton. In South China, propane was 561 dollars/ton, down 5 dollars/ton, and butane was 542 dollars/ton, down 5 dollars/ton. The RMB - converted prices also decreased [1] - Overseas supply is abundant, with both US and Middle - East supply increasing. After the expansion of US export terminals, export growth space has opened up, suppressing prices in regions like FEI. In July, the arrival volume in China increased again, and port inventories in East China are high [1] Group 4: Strategy Summary - Unilateral strategy: weak oscillation; Cross - period, cross - variety, spot - futures, and option strategies are not recommended [2]