Group 1: Report Overview - Report Title: Supply-side disruptions continue to ferment, and the market rises rapidly by the daily limit - Weekly report on lithium carbonate by Zhongtai Futures' Non-ferrous Metals & New Materials Team (July 27, 2025) [1] - Research Team: An Ran, Wang Haicong [2] Group 2: Industry Investment Rating - Not provided in the document Group 3: Core Views - In July, the overall incremental production from restarts exceeded the reduction from maintenance, but the suspension of Zangge Lithium Industry in the salt lake segment led to a decline in overall production. The downstream demand was mainly based on on-demand procurement, showing differentiation and overall performing better than expected. The price of lithium carbonate rose rapidly, but the high price suppressed downstream demand, and there was also speculative demand. If the production suspension is implemented, it will affect the supply-demand pattern, and the surplus volume will be significantly reduced. If the production suspension expectation is not fulfilled, the fundamental surplus pattern remains unchanged, and the price of lithium carbonate will face a significant decline. In the short term, the price is boosted by news and shows emotional upward movement, and it will mainly fluctuate strongly until the expectation is verified. It is necessary to beware of the price decline risk caused by the failure of the production suspension expectation, and the short-term volatility will continue to increase. It is recommended to wait and see [12][13] Group 4: Section Summaries Part 01: Lithium Carbonate Overview - Supply: The overall incremental production from restarts in July exceeded the reduction from maintenance, but the suspension of Zangge Lithium Industry in the salt lake segment led to a 13.25% decline in salt lake production. The production at the mica end increased by 0.29%, and the production at the recycling end decreased by 0.35%. The import volume remained unchanged [12] - Demand: The weekly apparent demand decreased by 3.64%, and the available days of downstream inventory increased by 0.10%. The overall demand performance was better than expected [12] - Inventory: The lithium ore inventory at ports and warehouses decreased, while the overall inventory increased slightly. The inventory shifted from lithium salt plants to traders, and the surplus pattern continued to accumulate inventory. After the price rose rapidly, the warehouse receipts increased, but the growth rate still needed to be observed [12] - Cost and Profit: The cost of externally purchased spodumene and mica increased, and the profit of externally purchased spodumene decreased by 10.12%, while the profit of externally purchased mica increased by 1.93% [12] Part 02: Lithium Carbonate Industry Chain Prices - Lithium Carbonate Market: The report presents data on the futures and spot prices, basis, trading volume, and open interest of lithium carbonate [16] - Lithium Ore Prices: It shows the prices of spodumene concentrate and lithium mica [16] - Lithium Carbonate Prices: The prices of battery-grade and industrial-grade lithium carbonate, as well as the price difference between them, are provided. The production cost and profit of lithium carbonate are also analyzed [16] - Lithium Hydroxide Prices: The prices of battery-grade and industrial-grade lithium hydroxide and their price differences are presented [16] - Cathode Material Prices: The prices of ternary materials and lithium iron phosphate are shown [16] - Power Battery Cell Prices: The prices of square lithium iron phosphate, cobalt acid lithium, and 523 square ternary cells are provided [16] Part 03: Lithium Carbonate Upstream Supply Environment - Lithium Concentrate: The import volume of lithium concentrate, especially from Australia, is analyzed, including cumulative and monthly data and their changes [62] - Lithium Carbonate: The production capacity, monthly and weekly operating rates, production volume, production volume by raw material, import and export volume, and total supply of lithium carbonate are presented [62] Part 04: Lithium Carbonate Downstream Consumption Environment - Apparent Demand: The apparent consumption of lithium carbonate is analyzed [100] - Real Demand: The production volume, monthly operating rate, and production volume by grade of ternary materials, lithium iron phosphate, cobalt acid lithium, manganese acid lithium, and lithium hexafluorophosphate are presented [100] - Terminal Demand: The production volume, shipment volume, inventory-to-sales ratio, and installation volume of lithium batteries, power batteries, energy storage batteries, and consumer batteries are analyzed. The production and sales of new energy vehicles and their penetration rate, as well as the winning bid scale and capacity of energy storage projects, are also provided [100] Part 05: Lithium Carbonate Inventory Structure - Weekly Inventory: The warehouse receipts by region, smelter inventory, downstream cathode material factory inventory, other inventory, and total inventory of lithium carbonate are presented [194] - Monthly Inventory: The smelter inventory, downstream cathode material factory inventory, and total inventory of lithium carbonate on a monthly basis are analyzed [194] - Upstream and Downstream Inventory: The inventory of lithium ore, finished product inventory of lithium iron phosphate, and finished product inventory of ternary materials are provided [194]

市场情绪带动反弹，但需谨防回调风险 中泰期货聚丙烯产业链周报 2025年7月27日 姓名：芦瑞 从业资格号：F3013255 交易咨询从业证书号：Z0013570 联系电话： 18888368717 公司地址：济南市市中区经七路86号证券大厦15、16层 客服电话：400-618-6767 公司网址：www.ztqh.com 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 目录 1 近期市场主要矛盾 4 总结及展望 3 聚丙烯基差价差 2 聚丙烯供需情况 请务必阅读正文之后的声明部分 聚丙烯市场情况 投资咨询资格号：证监许可[2012]112 交易咨询资格证号（证监许可〔2012〕112） 1、聚丙烯综述 | | | 上周 | 本周 | 周环比 | 下周 | 下下周 | 综述 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 国产量 | 77.69 | 77.36 | -0.33 | 77.80 | 78.21 | 本周产量符合预期，新增检修装置不 多多，未来两周装置检修减少，产量 | | 产量 | | ...

中泰期货苹果市场表现与基本面周度报告 姓名：梁作盼 期货从业资格号：F3048593 交易咨询从业证书号：Z0015589 联系电话： 17615857579 公司地址：济南市市中区经七路86号证券大厦15、16层 公司网址： www.ztqh.com 2025-07-27 本周观点 本页数据来源:卓创资讯 中泰期货整理 | 利多因素 | 1、新季苹果质量同比或将偏差；2、新季苹果价格仍有高开预期 | | --- | --- | | 利空因素 | 1、新季苹果产量同比去年基本持平；2、库存苹果价格下跌；3、消费淡季苹果表现一般 | | | 山东产区：本周山东产区出库不快，调货客商微增，但仍旧是消费淡季，不少客商着急出库，使得库内成交价格偏弱，好货价格较稳定。栖 | | 市 | 霞地区客商采购的80#一二级片红苹果的价格区间为3.8 - 4.8元/斤；果农80#一二级片红苹果的价格区间则为3.0 - 4.2元/斤，环比上周微 | | 场 | 跌（数据来源：卓创资讯）。 | | 基 | 西部产区：近期西部产区出库持续偏慢，主要原因是总库存较少，且部分冷库有水烂发生，主要以客商走自存货为主。早熟苹果秦阳上市， | ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Recent improvement in commodity sentiment, driven by news such as the elimination of outdated production capacity, has led to a rebound in methanol and olefin prices. However, methanol currently has high upstream profits and low downstream profits, lacking a basis for significant price increases. [3][84] - The fundamentals of methanol have not changed significantly. The supply pressure remains high as high profits stimulate upstream production, while downstream demand growth is weak. In the long term, methanol is expected to be weak overall. After the market sentiment fades, it is predicted to enter a weakly volatile pattern, and investors are advised to beware of callback risks. [3][84] - Unilateral strategy: Beware of callback risks. Hedge strategy: Wait and see. [4][85] Summary by Directory 1. Spot Market - Methanol spot market prices declined this week. On Friday, the basis quote was around 09 - 20 yuan/ton, and the basis quote for paper goods in late August was 09 + 25 yuan/ton. [8] 2. Basis and Spread - Methanol basis quotes fluctuated weakly this week. The basis quote for paper goods in late August was around 09 + 25 yuan/ton. [16] - Methanol's coastal basis fluctuated this week, while the inland basis also oscillated. The prices in the inland market and the northwestern region fluctuated this week. [23][33] - The price spread between East China and inland regions of methanol fluctuated weakly. [41] - It is recommended to temporarily wait and see regarding price spreads. [49] - The PP - 3MA spread rebounded oscillatingly this week. A strategy of going long on PP and short on MA can be considered for a small - scale hold. [55] 3. Industry Chain Profits - Many new methanol production units were under maintenance, causing the methanol operating rate to decline slightly. [61] - Many methanol maintenance units resumed production, leading to an increase in methanol production. [65] - The operating rate of dimethyl ether declined oscillatingly, the formaldehyde operating rate fluctuated, and the operating rate of methanol - to - olefins in the northwest region oscillated at a high level. [72] - This week, the operating rate of methanol - to - olefins units oscillated, and MTO profits rebounded significantly. [75] - This week, methanol inventories at ports and upstream slightly decreased. Attention should be paid to the subsequent inventory accumulation speed. [80] 4. Market Outlook - The improvement in commodity sentiment has driven the rebound of methanol and olefin prices. However, methanol lacks the basis for a significant price increase. In the long term, it is expected to be weak overall and enter a weakly volatile pattern after the sentiment fades. Unilateral strategy: Beware of callback risks. Hedge strategy: Wait and see. [3][84][85]

1. Report's Industry Investment Rating - Not provided in the content 2. Core Views of the Report PVC - This week, PVC production slightly decreased, and next week, due to many maintenance devices, especially Xinjiang Zhongtai's maintenance, production is expected to drop to around 443,200 tons. Domestic apparent demand growth rate in July is expected to be -2%, and the actual growth rate may be even lower. This week, there was a stockpile of 5,600 tons, and if domestic demand remains weak, there may be continued stockpiling. PVC prices rebounded significantly this week, and the comprehensive profit of chlor-alkali improved significantly. Upstream开工率 is stable, and although the profit of some devices has improved significantly, there is no action to increase the load yet. Downstream开工率 is still weak, and the overall domestic demand is not strong [6][10]. Caustic Soda - This week, the production of caustic soda increased slightly due to the resumption of many maintenance devices, and it is expected to continue to increase next week. The export volume of caustic soda in June was 291,000 tons, less than expected, and the export is estimated to be around 46,000 tons. This week, the national inventory of caustic soda slightly increased, and if the apparent demand remains the same next week, there may be continued stockpiling. The price of caustic soda weakened, and the comprehensive profit of chlor-alkali in Shandong improved significantly. The basis of caustic soda weakened significantly, and upstream manufacturers began hedging [104][107]. 3. Summary According to Relevant Catalogs PVC 1. Spot Market - This week, PVC production was 451,500 tons, a decrease of 4,700 tons from last week. The import volume remained at 15,000 tons per week, and the export volume was 57,500 tons per week. The apparent demand was 403,500 tons, less than the expected value of 429,200 tons. The total inventory was 784,100 tons, a stockpile of 5,600 tons [6]. 2. Basis and Spread - The basis of PVC weakened significantly this week. For example, the basis of East China calcium carbide method on July 25 was -193 yuan/ton, a decrease of 106 yuan/ton from last week. The 9 - 1 spread fluctuated and strengthened [9][19]. 3. Industrial Chain Profit - The comprehensive profit of chlor-alkali improved significantly this week. The production profit of calcium carbide in Shaanxi decreased from -432 yuan/ton last week to -482 yuan/ton this week, a decrease of 50 yuan/ton. The profit of Northwest integrated PVC increased from -454 yuan/ton last week to -234 yuan/ton this week, an increase of 220 yuan/ton [9]. 4. Market Expectation - Next week, PVC production is expected to drop to around 443,200 tons, and the apparent demand is expected to be 413,000 tons. If domestic demand remains weak, there may be continued stockpiling [6]. Caustic Soda 1. Spot Market - This week, the production of caustic soda was 823,500 tons, an increase of 13,800 tons from last week. The import volume remained at 200 tons per week, and the export volume was 46,000 tons per week. The apparent demand was around 766,400 tons, and next week, it is estimated to be around 775,000 tons. The total inventory (in terms of 100% purity) was 227,300 tons, an increase of 11,400 tons [104]. 2. Basis and Spread - The basis of caustic soda weakened significantly this week. For example, the basis of 32% caustic soda for the 01 contract on July 25 was -139 yuan/ton, a decrease of 219 yuan/ton from last week. The 1 - 5 spread was -65 yuan/ton, a decrease of 3 yuan/ton from last week [107]. 3. Industrial Chain Profit - The comprehensive profit of chlor-alkali in Shandong improved significantly this week. The profit of Shandong chlor-alkali increased from -231 yuan/ton last week to 113 yuan/ton this week, an increase of 344 yuan/ton. The export profit of caustic soda increased [107]. 4. Market Expectation - Next week, the production of caustic soda is expected to continue to increase, and if the apparent demand remains the same, there may be continued stockpiling [104].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The A - share market has a positive trend, with the Shanghai Composite Index closing above 3600 points for the first time since January 2022. However, attention should be paid to the movement of profit - taking funds. The macro - financial market is affected by policies and inflation expectations, and different varieties have different investment strategies [12][13]. - In the black market, due to anti - involution and stable - growth policies, the inflation expectation through the supply - side is increasing. Steel and ore prices may fluctuate and adjust in the short term, while coal and coke prices are affected by supply and demand and policy factors [16][17][18]. - The non - ferrous and new materials market is influenced by "anti - involution" policies. Different products such as aluminum, alumina, lithium carbonate, industrial silicon, and polysilicon have different trends and investment suggestions [23][24][25]. - In the agricultural product market, different products like cotton, sugar, eggs, apples, corn, dates, and pigs have different supply - demand situations and price trends, and corresponding investment strategies are proposed [27][29][32]. - The energy and chemical market is affected by factors such as supply - demand relationships, policies, and international trade. Crude oil, fuel oil, plastics, methanol, and other products have different price trends and investment suggestions [40][42][43]. Summary by Relevant Catalogs Macro Information - China - EU relations: President Xi Jinping put forward three proposals for the future development of China - EU relations, and Premier Li Qiang hopes that the EU will provide a fair business environment for Chinese enterprises investing in Europe [8]. - Domestic policies: The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the revised draft of the Price Law, and the central bank will conduct 400 billion yuan of MLF operations on July 25, with a net investment of 100 billion yuan this month [8][9]. - International news: Trump hopes that the Fed will cut interest rates; the European Central Bank maintains three major interest rates unchanged; the EU votes to impose counter - tariff measures on US products; the US and euro - zone PMI data show different trends [9][10]. Macro Finance Stock Index Futures - Strategy: Pay attention to the support of the 5 - day moving average. If it is not broken, the trend will continue. The A - share market logic continues, and the style continues to spread [12]. Treasury Bond Futures - Strategy: Consider short - selling at high levels or using treasury bond futures to reduce duration. Inflation and the money market are the core concerns of the bond market, and external factors such as the trends of stock indices and commodities should also be observed [13]. Black Spiral Steel and Iron Ore - Market view: Affected by policies, the inflation expectation through the supply - side is increasing. The market shows the characteristics of "off - season not weak". Supply is expected to remain strong, and demand may weaken marginally. Steel and ore prices may fluctuate and adjust in the short term [16][17][18]. Coking Coal and Coke - View: In the short term, due to the positive impact of macro and industrial policies, coking coal and coke prices have risen significantly. Attention should be paid to the production progress in the origin and the production situation of steel mills [18][19]. Ferroalloys - View: The fundamentals of ferrosilicon and manganese silicon are weakening. It is recommended to short at high levels during the day and pay attention to position management [19]. Soda Ash and Glass - Soda Ash: The supply has decreased due to maintenance, and the inventory has declined. The spot market is mainly in a wait - and - see state. It is recommended to avoid risks and wait and see [21]. - Glass: The market sentiment has been boosted, and the inventory has decreased. Low - position long - term holders can consider taking profits at high levels [21]. Non - ferrous and New Materials Aluminum and Alumina - Aluminum: The demand is poor, and the inventory is expected to rise. It is recommended to wait and see in the short term [23]. - Alumina: Affected by policy emotions, it is in a high - volatility stage. It is recommended to wait and see. If the overall sentiment of surplus industrial products weakens, short - selling can be considered [23]. Lithium Carbonate - The price is expected to fluctuate strongly in the short term. Attention should be paid to whether the production suspension expectation is realized [24]. Industrial Silicon and Polysilicon - Industrial Silicon: The supply of leading manufacturers is uncertain, and the supply - demand situation has improved marginally. It is expected to fluctuate strongly [25]. - Polysilicon: There is a contradiction between strong expectation and weak reality. Attention should be paid to the follow - up policies and the progress of warehouse receipt generation [26]. Agricultural Products Cotton - Logic and view: Cotton prices are still oscillating and rebounding. Short - term oscillating thinking and long - term short - selling at high levels are recommended [27]. Sugar - Logic and view: The domestic sugar inventory is low, but the increase in processed sugar and the decrease in import costs put downward pressure on sugar prices. The short - term trend is oscillating [29]. Eggs - View: Eggs are in a seasonal rising stage, but the supply pressure during the Mid - Autumn Festival is large. It is recommended to short on rebounds and pay attention to the 09 - 01 reverse spread combination [32]. Apples - View: Light - position positive spread trading is recommended [33]. Corn - View: Corn prices are in a range - bound oscillation. Short - term trading is recommended. Attention should be paid to the impact of policies and market supply - demand changes [34][35]. Dates - View: Light - position short - selling is recommended. Attention should be paid to the fruit - setting situation in the production area and weather changes [36]. Pigs - View: Short - selling the near - month contracts and paying attention to the 11 - 1/3 - 5 reverse spread strategy [37][38]. Energy and Chemicals Crude Oil - The supply is expected to exceed demand in the long term. It is recommended to short at high levels [40]. Fuel Oil - The price is weaker than that of crude oil, and the fundamentals are gradually becoming looser. Attention should be paid to the OPEC+ meeting and trade negotiations [42]. Plastics - In the short term, the market sentiment may lead to a slightly stronger performance, but the supply - demand situation is weak. It is recommended to beware of callback risks [42][43]. Methanol - Driven by the macro atmosphere, the price may be strong in the short term, but it is recommended to beware of callback risks and consider holding put options [44]. Caustic Soda - The futures price is affected by the overall commodity market. The spot market price has fluctuations, and the inventory of liquid caustic soda in Shandong is rising [44][45]. Asphalt - The price follows the trend of crude oil. The fundamentals are in the off - season, and the production and inventory are expected to decline in August [46]. Polyester Industry Chain - The overall market atmosphere is strong, and it is recommended to lightly position long - term or continue to long the PX - PTA spread [47]. Liquefied Petroleum Gas - The supply is abundant, and the demand is weak in the medium - long term. The futures price is prone to fall and difficult to rise [48].

交易咨询资格号： 证监许可[2012]112 晨会纪要 2025 年 7 月 24 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | 2025/7/24 | | 基于基本面研判 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農药 | 農荡偏多 | 趋势多头 | | | 原油 | 橡胶 | 工业硅 | 尿素 | | | 液化石油气 | 氧化铝 | 王米 | | | | 铝 | 燃油 | 玻璃 | | | | 十债 | 沥青 | 焦炭 | | | | 五债 | 橡胶 | 焦煤 | | | | 二债 | 上证50股指期货 | | | | | 三十债 | 沪深300股指期货 | | | | | 塑料 | 白糖 | | | | | 锌 | 中证500股指期货 | | | | | 甲醇 | 中证1000指数期货 | | | | | 锰硅 | 棉花 ...

晨会纪要 交易咨询资格号： 证监许可[2012]112 2025 年 7 月 23 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | 2025/7/23 | | 基于基本面研判 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農物 | 農荡偏多 | 趋势多头 | | | 液化石油气 | 炊油 | 橡胶 | | | | 锌 | 铝 | 橡胶 | | | | 原油 | 沥青 | 工业硅 | | | | 二债 | 氧化铝 | 多晶硅 | | | | 五债 | 烧碱 | 中证1000指数期货 | | | | 十债 | 棉花 | 沪深300股指期货 | | | | 三十债 | 棉纱 | 中证500股指期货 | | | | 红枣 | 白糖 | 上证50股指期货 | | | | 锰硅 | 玉米 | 焦炭 | | | | 硅铁 | 热轧卷板 | 焦煤 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In the short - term, the arrival of logs at ports will remain at a low level, and the supply side has certain support. The demand is in the off - season, and the port outbound is still weak. The subsequent demand will continue to be weak due to weather reasons. Although the terminal real - estate start - up rate has decreased month - on - month, the short - term demand decline space is limited. The short - term reduction in arrivals may lead to continuous inventory reduction, but the overall inventory reduction amplitude may be limited due to weak downstream demand. The prices of logs and wood squares are relatively stable, but the profit of logs and wood squares is expected to show a weak trend [7][9][11][16]. 3. Summary According to the Directory Part 1: Log Overview Supply End - In the week of July 18, 2025, the number of arriving ships was 5, a decrease of 5 compared with the previous week; the arrival volume was 17.7 million cubic meters, a decrease of 16.65 million cubic meters. The import volume of coniferous logs was 217.68, a decrease of 1.39 compared with the previous month, and a year - on - year decrease of 7%. The import volume of radiata pine was 160.68, a decrease of 8.32 compared with the previous month, and a year - on - year decrease of 6%. From the seasonal perspective of New Zealand's shipments, June and July are the off - seasons of the year, and the increase in foreign quotes restrains the import willingness of domestic traders to a certain extent, and the arrivals are expected to decrease gradually [7]. Demand and Inventory End - The weekly national shipment volume was 43.68, a month - on - month increase of 2.5. The apparent demand was 8.95, a month - on - month decrease of 26.7. The total inventory was 385, a month - on - month increase of 8.8. The off - season continues, the port outbound is still weak, and the subsequent demand will continue to be weak due to weather reasons. The short - term reduction in arrivals may lead to continuous inventory reduction, but the overall inventory reduction amplitude may be limited due to weak downstream demand [9]. Price and Spread - The foreign quotes of radiata pine and spruce remained unchanged. The spot prices of radiata pine and spruce were stable, and the wood square prices were also stable. The apparent data shows that the demand is okay, the spot valuation is low, and the expectation of the peak season in September drives the increase of the futures price. After the increase, the futures price is at a premium to the spot price, providing a certain hedging space [11][13]. Cost and Profit - The import cost of radiata pine and spruce increased slightly, and the import profit decreased. The profit of radiata pine and spruce wood squares was stable but at a loss. Affected by the weak demand of downstream and terminals, the profit of logs and wood squares is expected to show a weak trend [16]. Strategy Recommendation - For the industrial chain, the spot is stable, the finished products are adjusted downwards, the macro - economic meeting is held, and the commodity sentiment has improved. But the fundamental feeling is still weak, and there is a long - short game in the futures market. For the futures market, it is recommended to be cautious about chasing high prices and pay attention to the change of basis. Enterprises with spot goods that meet the delivery standards can consider selling hedging when the spot trading is weak, or choose delivery after cost accounting. For option strategies, selling out - of - the - money call options or buying out - of - the - money put options can be considered for risk hedging or return enhancement, and strict risk management is required [18]. Part 2: Log Balance Sheet - The log balance sheet shows the changes in supply, demand, and inventory from January 3, 2025, to July 18, 2025. The supply includes the number and weight of arriving logs, and the demand includes the average daily shipment volume and apparent demand. The inventory is divided by region and tree species, and the supply - demand difference is also calculated [20]. Part 3: Log Supply and Demand Analysis Supply End - It includes the shipment volume of New Zealand logs, log imports, and imports by tree species, but the specific data and analysis are not fully presented in the given content [26][28][31]. Demand End - It includes the average daily shipment volume of logs and the real - estate situation, but the specific data and analysis are not fully presented in the given content [35][38]. Downstream Analysis - It includes the price and profit analysis of wood squares and the analysis of downstream substitutes (aluminum alloy), but the specific data and analysis are not fully presented in the given content [43][49][55]. Inventory End - It includes the summary of inventory, inventory by tree species, and inventory by region, but the specific data and analysis are not fully presented in the given content [59][61][67]. Part 4: Cost and Profit - It focuses on the import cost and profit of logs, but the specific data and analysis are not fully presented in the given content [73]. Part 5: Log Price and Spread Analysis Log Foreign Quotes - The foreign quotes of radiata pine and spruce are involved, but the specific data and analysis are not fully presented in the given content [79]. Seasonality of Radiata Pine and Spruce Prices - The price seasonality graphs of radiata pine and spruce are provided, showing the price changes in 2024 and 2025 [82]. Seasonality of Radiata Pine and Spruce Spreads - The spread seasonality of radiata pine and spruce is involved, but the specific data and analysis are not fully presented in the given content [85]. Basis between Radiata Pine and LG - The basis between radiata pine and LG is analyzed, but the specific data and analysis are not fully presented in the given content [91]. Seasonal Chart and Inter - month Spread of LG Main Contracts - The seasonal chart of LG main contracts shows the price changes in 2024 and 2025, and the inter - month spread is also involved, but the specific data and analysis are not fully presented in the given content [97][98].

晨会纪要 交易咨询资格号： 证监许可[2012]112 2025 年 7 月 22 日 联系人：王竣冬 期货从业资格：F3024685 交易咨询从业证书号：Z0013759 研究咨询电话： 0531-81678626 客服电话： 400-618-6767 公司网址： www.ztqh.com [Table_QuotePic] 中泰微投研小程序 | 2025/7/22 | | 基于基本面研判 | | | | --- | --- | --- | --- | --- | | 趋势空头 | 農荡偏空 | 農药 | 震荡偏多 | 趋势多头 | | | 锌 | 燃油 | 橡胶 | | | | 红枣 | PTA | 中证500股指期货 | | | | 锰硅 | 瓶片 | 沪深300股指期货 | | | | 硅铁 | 乙二醇 | 玉米 | | | | | 沥青 | 尿素 | | | | | 对二甲苯 | 烧碱 | | | | | 知红 | 碳酸锂 | | | | | 白糖 | 玻璃 | | | | | 上证50股指期货 | 塑料 | | | | | 中证1000指数期货 | 多晶硅 | | | | | 二债 | 工业硅 | ...