今 日 早 评 重点品种： 【短评-铁矿石】05月05日-05月11日Mysteel澳洲巴西铁矿 发运总量2422.5万吨，环比减少117.9万吨。澳洲发运量1797.2 万吨，环比增加28.0万吨，其中澳洲发往中国的量1593.8万 吨，环比增加75.4万吨。巴西发运量625.2万吨，环比减少 146.0万吨。评：本周澳巴发运环比下降，到港量同步下滑，整 体供应收紧；需求方面，铁水产量仍在高位，需求环比继续增 加；库存来看，港口库存小幅去化，钢厂库存同步走低。目前 铁矿供需结构仍然偏强，情绪回补下，预计呈现偏强运行状 态。维持长线偏空思路，短线等待反弹行情结束后的做空机 会。 【短评-黄金】美国财长贝森特淡化了与欧盟迅速达成贸易 协议的可能性，称欧盟存在"集体行动问题"，这阻碍了谈 判。贝森特对与亚洲贸易伙伴达成协议较为乐观，称美国已与 日本进行了"非常富有成效的讨论"，并称赞与印尼"非常积 极"的沟通。评：美国关税政策仍然具有较大不确定性，美联 储官员对降息依然保持较大谨慎。美元指数反弹，利空黄金。 黄金下方空间和上方空间均有限，黄金中期高位震荡略偏空思 路为宜。 投资咨询中心 2025年05月14日 研 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints No clear core viewpoints are presented in the given text. The report mainly provides a comprehensive set of data on various futures and spot commodities, including prices, trading volumes, open interests, and related spreads. 3. Summary by Commodity Categories Energy and Chemicals - **Futures Data**: For crude oil, the main contract closed at 479.5 with a 1.08% increase, and the index closed at 472.0 with a 0.94% increase. PTA main contract closed at 4750 with a 2.41% increase, and the index closed at 4754 with a 2.43% increase. PX main contract closed at 6708 with a 2.82% increase, and the index closed at 6740 with a 2.87% increase. Rubber main contract closed at 14995 with a 1.66% increase, and the index closed at 15121 with a 1.65% increase. NR main contract closed at 12855 with a 2.39% increase, and the index closed at 12815 with a 2.23% increase [5]. - **Spot Data**: Crude oil (Oman) was at 406.0, up 5.0 from yesterday. PTA (East China) was at 4930, up 120. PX (Zhenhai Refining & Chemical, Zhejiang) was at 6700, up 100. Rubber (SCRWF, Shanghai) was at 14900, down 50 [7]. - **Basis and Spread Data**: Crude oil basis was -74, up 24 from yesterday. PTA basis was 180, up 299. PX basis was -8, down 174. Rubber basis was -95, up 1545. The difference between crude oil main and far - month contracts was 9, up 7.4. PTA main - far - month was 96, up 114. PX main - far - month was 148, up 238. Rubber main - far - month was - 820, down 680. PXN remained unchanged at 216, and PTA cash - flow cost remained at 4399 [7][8]. Metals - **Futures Data**: IF main contract closed at 3851.00 with a 0.04% increase. IH main contract closed at 2688.20 with a 0.10% increase. IC main contract closed at 5654.60 with a - 0.33% decrease. IM main contract closed at 5996.60 with a - 0.43% decrease. Two - year Treasury bond main contract closed at 102.35 with a 0.03% increase. Five - year Treasury bond main contract closed at 105.96 with a - 0.01% decrease. Ten - year Treasury bond main contract closed at 108.72 with a 0.03% increase. Thirty - year Treasury bond main contract closed at 119.30 with a 0.13% increase. Shanghai gold main contract (2508) closed at 765.40 with a - 1.51% decrease. Shanghai silver main contract (2508) closed at 8219.00 with a 0.44% increase [14]. - **Basis and Spread Data**: IF basis was 45.26, up 41.84. IH basis was 19.86, up 17.19. IC basis was 127.07, up 109.71. IM basis was 154.41, up 130.72. Gold basis was - 6.90, down 10.70. Silver basis was - 90.00, up 39.00. The ratio of Shanghai gold index to Shanghai silver index was 0.09, up 0.02. The spread between 30 - year and 10 - year Treasury bonds was 10.59, up 4.83, and other Treasury bond spreads also had corresponding changes [15][16]. Agricultural Products - **Futures Data**: The main contract of live hogs closed at 13885 with no change. Corn main contract closed at 2344 with a - 0.97% decrease. Soybean meal main contract closed at 2886 with a - 0.24% decrease. Rapeseed meal main contract closed at 2487 with a - 1.89% decrease. Soybean oil main contract closed at 7792 with a 0.08% increase. Rapeseed oil main contract closed at 9374 with a 0.60% increase. Palm oil main contract closed at 7954 with a - 0.03% decrease. Egg main contract closed at 2918 with a 0.14% increase [20]. - **Basis and Spread Data**: Live hog basis was 1035, down 75. Corn basis was - 111, down 47. Soybean meal basis was 194, up 2. Rapeseed meal basis was - 67, up 17. Soybean oil basis was 528, up 72. Rapeseed oil basis was 106, up 104. Palm oil basis was 716, up 140. Egg basis was 482, up 109. The pig - grain ratio was 5.9236, up 0.05. The spread between soybean oil and palm oil was - 162, up 48, and other spreads also changed accordingly [21][22]. Industrial Metals - **Futures Data**: Shanghai copper main contract closed at 78090 with a 0.08% increase. Shanghai aluminum main contract closed at 20005 with a 1.27% increase. Shanghai zinc main contract closed at 22325 with no change. Shanghai lead main contract closed at 16970 with a 0.27% increase. Shanghai nickel main contract closed at 123860 with a - 1.52% decrease. Shanghai tin main contract closed at 262070 with a 0.37% increase. Alumina main contract closed at 2840 with a 0.89% increase. Industrial silicon main contract closed at 8230 with a - 0.60% decrease. Lithium carbonate main contract closed at 63220 with a - 0.69% decrease [26]. - **Basis and Spread Data**: Shanghai copper basis was 65, up 50. Shanghai aluminum basis was 5, up 105. Shanghai zinc basis was 325, up 95. Shanghai nickel basis was 1090, down 5. Shanghai tin basis was 30, up 430. Alumina basis remained at 1. Industrial silicon basis was 1220, up 90. The ratios between different metals, such as nickel - tin ratio, copper - aluminum ratio, etc., also had corresponding changes [27][28]. Others - **Futures Data**: Self - ground closed at 5853 with a - 0.26% decrease. Zhengzhou cotton closed at 13330 with a 1.41% increase. Cotton yarn closed at 19685 with a 1.26% increase. Apple closed at 7744 with a - 1.22% decrease. Red dates closed at 9040 with a - 0.06% decrease. Corn starch closed at 2704 with a - 1.13% decrease. European Line Container Shipping closed at 1465 with a 5.79% increase [30].

【短评-黄金】美联储理事库格勒表示，特朗普政府的关税 政策可能会推高通胀，拖累经济增长，即使在降低关税后。贸 易局势变化令美联储难以预测未来的经济增长和通胀走势。她 认为美国的就业状况"基本稳定"，并表示通胀回落进展自去 年夏天以来已经放缓。评：美国官员对未来降息依然保持很谨 慎的态度，降息或比市场预期的更加推迟。中美经贸谈判取得 一定进展，但是落实或仍需要时日。美元指数反弹，利空黄 金。黄金下方空间和上方空间均有限，黄金中期高位震荡略偏 空思路为宜。 投资咨询中心 2025年05月13日 今 日 早 评 重点品种： 【短评-螺纹钢】5月12日，国内钢材市场多数上涨，唐山 迁安普方坯出厂含税累计上调60报2970元/吨。国内2家钢厂上 调建筑钢材出厂价20-40元/吨，2家钢厂下调20-40元/吨。全国 31个主要城市20mm三级抗震螺纹钢均价3317元/吨，较上个交易 日上涨15元/吨。评：受中美关税利好消息提振，资本市场风险 偏好提升，黑色期货走强，钢市投机性需求有所回暖，短期钢 价或趋强运行，注意冲高回落风险。 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F02 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The current profit of float glass enterprises is relatively stable, but the weekly output is expected to decline. The terminal demand for float glass remains weak, with weak orders from downstream deep - processing enterprises, and the inventory of float glass enterprises is rising. The glass price is expected to fluctuate weakly in the near term, with the upper pressure on the 09 contract at the 1080 level. It is recommended to short on rallies in the short term and pay attention to stop - losses [2][23] Group 3: Summary by Relevant Catalogs Chapter 1: Market Review - The spot price of domestic float glass showed a downward trend. Affected by the May Day holiday, the overall shipment of enterprises was blocked, and although it improved after the holiday, it was still average. Near the weekend, some enterprises raised prices to test the market. In the North China market, prices were mostly lowered during the holiday, and shipments improved with downstream replenishment at the end of the holiday. The East China market was generally stable with minor fluctuations [8] Chapter 2: Analysis of Price Influencing Factors 2.1 Supply - demand Analysis - **Supply - side**: As of May 8, the weekly output of float glass was 1091900 tons, a week - on - week decrease of 0.78% and a year - on - year decrease of 10.54%. The average operating rate was 75.24%, a week - on - week decrease of 0.22 percentage points, and the average capacity utilization rate was 78.02%, a week - on - week decrease of 0.41 percentage points. The weekly average profit of float glass with different fuels showed different trends. Overall, the weekly output is expected to decline [12] - **Demand - side**: As of April 30, 2025, the average order days of national deep - processing sample enterprises was 10.3 days, a week - on - week decrease of 11.2% and a year - on - year decrease of 6.80%. The overall order level of deep - processing enterprises is still lower than the same period in previous years, but it increased in April compared with March. The terminal demand for float glass remains weak, with a decline in real - estate completion area in March 2025, and changes in the automobile dealer inventory warning index, heavy - truck sales, and manufacturing PMI [14][15] - **Inventory**: As of May 8, the total inventory of national float glass sample enterprises was 6756000 heavy boxes, a week - on - week increase of 2571000 heavy boxes, a week - on - week increase of 3.96% and a year - on - year increase of 9.29%. The inventory days were 30.8 days, an increase of 1.4 days compared with the previous period. The inventory in North China and East China increased [17] 2.2 Position Analysis - As of May 9, the total long positions of the top 20 members in the glass futures market increased by 25203 to 804340, and the total short positions increased by 47759 to 993996. The net position of the top 20 members was bearish [20] Chapter 3: Market Outlook and Investment Strategy - The profit of float glass enterprises is relatively stable, but the output is expected to decline. The demand is weak, and the inventory is rising. The glass price is expected to fluctuate weakly in the near term, and it is recommended to short on rallies in the short term and pay attention to stop - losses [23]

中美经贸高层会谈 5 月 10 日至 11 日在瑞士日内瓦举行。中美 经贸中方牵头人、国务院副总理何立峰当地时间 11 日晚在出席中 方代表团举行的新闻发布会时表示，此次中美经贸高层会谈坦诚、 深入、具有建设性，达成重要共识，并取得实质性进展。避险情绪 减弱，欧美股市上涨，贵金属转为高位震荡略偏空的走势。 5 月议息会议之后，市场对美联储降息的预期再度走弱，鲍威 尔在讲话中明确提出通胀上行风险和经济下行风险，在 5 月议息会 议和鲍威尔讲话之后，市场对美联储降息的预期再度推迟，近期美 联储官员讲话，依然对降息偏谨慎，纽约联储主席威廉姆斯表示， 美国贸易政策正在增加经济下行风险，高不确定性下维持通胀预期 稳定至为关键。美联储巴尔金指出，并非所有企业都能通过涨价消 化关税成本。美联储博斯蒂克称，在不确定性增加之际调整利率并 非审慎之举，降息预期减弱，短期利空贵金属。 美国一季度 GDP 年化季环比初值录得-0.3%，低于市场预期的 0.3%，较上季度的 2.4%大幅回落，为 2022 年一季度以来首次转负。 美国 4 月份就业增长强劲，失业率保持稳定，这表明特朗普贸易政 策的不确定性尚未对招聘计划产生重大影响。美 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The palm oil price is expected to fluctuate within a range in the short - term. The price is under pressure due to favorable weather in palm oil producing areas, which is expected to bring sufficient rainfall until June - August along with the palm oil production season. Although the产地 has lowered export quotes to boost exports as Indian purchases have not increased significantly, and China's palm oil import profit has recovered rapidly, stimulating recent ship purchases, the domestic palm oil price remains under short - term pressure. It is recommended to conduct range trading and pay attention to the production data reports from major producing areas [2][14]. 3. Summary by Directory 1. Palm Oil Price Market Review The report mentions the palm oil average price trend but does not provide specific details [4]. 2. Supply Situation Analysis The report includes China's palm oil import data but does not elaborate on it [6]. 3. Demand Situation Analysis The report presents statistics on palm oil transaction average price and trading volume but lacks specific analysis [8][10]. 4. Cost - Profit Analysis The report shows palm oil import cost and profit data but no in - depth analysis [11][13]. 5. Market Outlook The palm oil price is under pressure due to weather and the production season. The产地 has cut export prices to increase exports as Indian purchases are weak. China's import profit has recovered, leading to more recent ship purchases. However, the domestic price remains under short - term pressure, and range trading is recommended while monitoring major producing area production data [2][14].

Report Summary 1. Investment Rating - There is no information about the industry investment rating in the report. 2. Core View - The report suggests short - term callback for long positions in pig prices and focuses on long - term bullish opportunities. Next week, the supply of the pig market may increase slightly while the demand may decrease slightly, so the price is likely to remain weakly stable [2][24]. 3. Summary by Section 2. Supply Situation Analysis - Next week, the farming side will have normal slaughter. Large - scale enterprises' slaughter progress is acceptable. Second - fattening and large - weight pigs from individual farmers are being sold gradually with average transactions. The supply side may increase slightly [2][24]. 3. Demand Situation Analysis - Slaughtering enterprises purchase as needed, and there is a small amount of second - fattening entry. After the May Day holiday, demand has decreased, especially for large pigs. The demand side may decrease slightly [2][24]. 4. Cost Profit Analysis - There is no specific analysis content in the provided text. 5. Market Outlook - The supply side may see a slight increase in slaughter (from individual farmers), and the demand side will experience a slight reduction. On one hand, second - fattening has decreased, and on the other hand, demand has declined after the May Day holiday, especially for large pigs. The price is likely to remain weakly stable [2][24].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - This week, steel prices fluctuated weakly, with the average national rebar price decreasing by 40 yuan/ton week-on-week. After the holiday, boosted by macro - policies, the market's sentiment to push up prices turned stronger, but the terminal demand followed up insufficiently, and merchants faced greater pressure to sell goods. Subsequently, market prices across the country declined. Next week, as billet orders weakened, steel mills' willingness to switch production to rebar increased, while demand was not sustainable, inventory destocking slowed down, and fundamental pressure gradually emerged. In the later stage, the spot price of finished products will face pressure, and short - term steel prices are expected to show a weak and fluctuating trend [2][4]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review - Steel prices fluctuated weakly this week, with the average national rebar price decreasing by 40 yuan/ton week - on - week. After the holiday, the market's sentiment to push up prices was strong due to macro - policies, but the terminal demand was insufficient, and prices dropped. Next week, billet orders are weak, steel mills are more willing to produce rebar, demand is poor, inventory destocking slows, and fundamental pressure appears [2][4]. 3.2 Macro and Industry News - Three departments issued a package of financial policies to stabilize the market and expectations, including the central bank's measures such as reducing the deposit reserve ratio by 0.5 percentage points and the policy interest rate by 0.1 percentage points; the financial regulatory authority's eight incremental policies; and the CSRC's support for Central Huijin and reform policies for the Sci - tech Innovation Board and ChiNext [6]. - In April, the year - on - year CPI decreased by 0.1%, and the PPI decreased by 2.7%. From January to April, China's total import and export value of goods trade was 14.14 trillion yuan, a year - on - year increase of 2.4%, with exports increasing by 7.5% and imports decreasing by 4.2% [7]. - In late April 2025, key steel enterprises' average daily production of crude steel decreased by 1.2% month - on - month, pig iron decreased by 0.3% month - on - month, and steel increased by 7.6% month - on - month. Estimated national daily production of crude steel decreased by 1.2% month - on - month, pig iron decreased by 0.3% month - on - month, and steel increased by 1.2% month - on - month [7]. 3.3 Fundamental Analysis - According to Mysteel's survey of 237 mainstream traders, the average daily building materials trading volume from Tuesday to Friday this week was 10.27 tons, lower than last week's 11.23 tons. The spot market price was poor, and due to more rain in East China and the South, the overall trading performance was sluggish [9]. 3.4 Market Outlook and Investment Strategies - After the May Day holiday, there was a demand replenishment window, and the spot market was relatively resistant to decline. However, as demand enters the seasonal off - season and hot metal production may peak and decline, the later stage may face a situation of "weak reality and weak expectation", and the spot price of finished products will be under pressure. Short - term steel prices are expected to fluctuate weakly. - From the disk perspective, black series varieties declined, and rebar and hot - rolled coils returned to last year's low levels. The rebar main contract closed at 3022, down 50 points on the day and 74 points on the week. The latest position was 2344000 lots, an increase of 432000 lots compared to the pre - holiday closing. The short - selling momentum was strong. The weekly price fell below the lower edge of the one - month shock range, and the price is approaching the 3000 mark. The reference operating range next week is 2950 - 3100. - Investment strategies: For single - side trading, combine shorting at high prices with range operations; for inter - period arbitrage, mainly wait and see; for the spread between hot - rolled coils and rebar, mainly wait and see; for steel profits, mainly wait and see; for option strategies, use a wide - straddle consolidation strategy [30].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report believes that there is still rigid demand support, but downstream procurement is cautious, market sentiment continues to cool, and prices lack effective support. With continuous disturbances from crude steel production restrictions and medium - to long - term overcapacity pressure, the short - term futures market performance is expected to be weak with oscillations [2][32]. 3. Summary by Directory 3.1 This Week's Market Review - The price of coking coal mostly dropped by 20 - 30 yuan/ton this week. On the 9th, the domestic coking coal market fluctuated weakly. The price of coking coal in the Linfen Anze market dropped by 10 yuan/ton, and the ex - factory price of low - sulfur main coking clean coal was 1,270 yuan/ton [5]. - The domestic coke price remained stable this week. The hope for the second round of coke price increase has basically failed, and there are rumors that steel mills will propose a coke price cut next week [5]. 3.2 Macro and Industry News - Three departments issued a package of financial policies to stabilize the market and expectations. The central bank announced measures such as reducing the deposit reserve ratio by 0.5 percentage points, lowering the personal housing provident fund loan interest rate by 0.25 percentage points, and reducing the policy interest rate by 0.1 percentage points. The Financial Regulatory Administration will introduce eight incremental policies, and the CSRC will support Central Huijin [7]. - In April, the year - on - year CPI decreased by 0.1%, and the PPI decreased by 2.7%. From January to April, the total value of China's goods trade imports and exports was 14.14 trillion yuan, a year - on - year increase of 2.4%. Exports were 8.39 trillion yuan, up 7.5%, and imports were 5.75 trillion yuan, down 4.2% [8]. - In late April 2025, key steel enterprises produced 22.02 million tons of crude steel, with an average daily output of 2.202 million tons (a 1.2% decrease month - on - month), 19.6 million tons of pig iron, with an average daily output of 1.96 million tons (a 0.3% decrease month - on - month), and 22.74 million tons of steel, with an average daily output of 2.274 million tons (a 7.6% increase month - on - month) [8]. 3.3 Fundamental Analysis - Downstream steel mills are operating well, and the high - level operation of pig iron output provides rigid support for coke demand. However, due to the weakening of billet prices, market expectations are cautious [2]. - Coking coal production remains high, and inventory is at a high level. Under the situation of strong supply and demand, the fundamental contradiction of coking coal is not prominent, and the market price fluctuates steadily [2]. - Affected by the off - season of steel consumption, steel mills have obvious expectations of maintenance and production reduction, and downstream procurement of raw materials is passive. But currently, steel mills are profitable, and the current high pig iron output provides good support for raw material prices in the short term, so a sharp decline in coking coal is unlikely [2]. 3.4 Market Outlook and Investment Strategy - The short - term futures market is expected to be weak with oscillations. The investment strategies are: for single - side trading, combine shorting at high prices with range trading; for inter - period arbitrage, mainly wait and see; for coking profit, mainly wait and see [32][33].

Report Industry Investment Rating - The investment rating for the PTA industry is short - term bullish [2] Core Viewpoints - The PXN spread repair has driven the recovery of the load rate of Asian PX plants. The current phased low point of PX plant load has emerged, and it is less likely to return to the previous low - load operation state this year. The short - term rebound is due to the concentrated maintenance of PX and PTA, which is a valuation repair. In the long term, attention should be paid to terminal orders and Sino - US trade negotiations, and whether the demand can achieve substantial repair remains to be verified. Short - term participation is recommended [2][15] Summary by Directory Chapter 1: Market Review - The PTA09 contract was recommended for low - position long positions. The weekly opening price of the 09 contract was 4390, the highest was 4590, the lowest was 4328, and the closing price was 4582, with a weekly increase of 148 or 3.34% [3] Chapter 2: Analysis of Price Influencing Factors 2.1 Maintenance Supports a Small Rebound in PXN - In terms of PX capacity, the commissioning of new domestic PX capacity in 2024 is gradually coming to an end. Only Yulongdao has a plan to put into operation a new 3 million - ton capacity in 2024, and there is no expectation of new project launch in 2025. From January to April 2025, the domestic PX output was 12.28 million tons, a year - on - year decrease of 0.1%; from January to March 2025, the domestic PX imports were 2.248 million tons, a year - on - year decrease of 4.8%. The current PXCFR is reported at $777/ton, and PX - N is $223/ton; the PTA in East China is reported at 4720 yuan/ton, and the PTA cash - flow cost is 4354 yuan/ton. The load of the Chinese PX industry increased by 5.6% to 78.6%, and some plants increased their loads due to improved production efficiency. Overseas, South Korea's Daesan Hanwha Total slightly reduced its load in May, and Japan's Idemitsu's 210,000 - ton line of an 880,000 - ton plant unexpectedly shut down for about a month at the end of April [4][6] 2.2 Maintenance Promotes PTA De - stocking - From January to April 2025, the domestic PTA output was 23.69 million tons, a year - on - year increase of 2.5%. In April, the average monthly load of PTA was around 77.5%, a slight decrease of 0.1% compared with January. The PTA load increased to 79.3%, which is at a neutral level in the same period over the years. In May, due to the still - poor PTA profitability, the maintenance efforts of suppliers were still large. It is estimated that the average monthly load of PTA in May is expected to decline month - on - month. Affected by the planned maintenance of some plants, the PTA industry load decreased by 7.4% to 70.3%, reaching a low level in the same period over the years. The domestic PTA weekly output this cycle was 1.2925 million tons, a decrease of 43,800 tons from last week. The current PTA social inventory is about 4.1226 million tons, a decrease of 183,700 tons month - on - month. Whether the terminal demand can achieve a trend - based repair remains to be verified by post - holiday orders, and there is medium - term pressure on the demand side [9][10] 2.3 Polyester Load May Decline - From January to March 2025, the domestic polyester output was 25.32 million tons, a year - on - year increase of 6.8%. After the holiday, the polyester load continued to rise to 94.2% (+0.8%). Next week, the weekly output of the Chinese polyester industry is expected to be over 1.57 million tons, a slight increase from this period. As of May 9, the weekly average operating rate of Jiangsu and Zhejiang looms was 60.1%, unchanged week - on - week. As of May 9, the grey fabric inventory of East China weaving enterprises was 34.0 days, unchanged week - on - week. Terminal orders are differentiated, the polyester load has increased beyond expectations and may remain high in May. The filament trading volume has declined, and the weighted inventory has started to accumulate. The supply contraction effect caused by the concentrated maintenance of plants continues, and there is a support basis for the short - term polyester industry chain prices, but whether the demand can achieve substantial repair remains to be verified [12][13] Chapter 3: Market Outlook and Investment Strategy - The PXN spread repair has driven the recovery of the load rate of Asian PX plants. The current phased low point of PX plant load has emerged, and it is less likely to return to the previous low - load operation state this year. The short - term rebound is due to the concentrated maintenance of PX and PTA, which is a valuation repair. In the long term, attention should be paid to terminal orders and Sino - US trade negotiations, and whether the demand can achieve substantial repair remains to be verified. Short - term participation is recommended [15]