1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - In June, the maintenance of liquid caustic soda enterprises in Shandong will increase, leading to a decline in supply. The output of alumina enterprises in Shandong is steadily recovering, and the liquid caustic soda receipts of large - scale alumina factories in Shandong continue to grow, with continuous inventory accumulation. It is expected that these enterprises can reserve a certain amount of liquid caustic soda safety stock during the maintenance of Shandong chlor - alkali enterprises for normal alumina production. Before the holiday, due to the low futures price, no effective warehouse receipts were formed. The near - month SH06 contract rose significantly, but the main SH2509 contract lacked follow - up momentum. The market is in an environment of strong reality and weak expectation. Against the backdrop of the overall weakness of bulk commodity futures, this is understandable. Although there are investors concerned about the chlor - alkali cost, and the cost is likely to decline considering the significant drop in coal and grid electricity prices, for caustic soda futures, the far - month contracts can factor in cost issues, while the near - month contracts should focus more on supply - demand factors rather than cost disturbances. Relevant contract arbitrage opportunities can be seized [8]. 3. Summary by Directory 3.1 Chlor - Alkali Overview - **Supply**: Last week, the average capacity utilization rate of Chinese caustic soda sample enterprises with an annual output of 200,000 tons or more was 84.1%, a 1.6% week - on - week increase. The restart or reduction in the Northwest, North, and East China slightly increased the load, while the new maintenance and production - reduction devices in Central and South China decreased the load. The capacity utilization rate in Shandong increased by 1.8% to 89.7%. This week, it is expected that the capacity utilization rate of caustic soda will be around 84.7%, with a weekly output of about 819,600 tons [8]. - **Demand**: - **Alumina**: In Shandong, the purchase price of 32% ion - exchange membrane caustic soda by major alumina manufacturers has been increasing since April 13, reaching 840 yuan/ton, with a converted 100% price of 2,625 yuan/ton. Currently, alumina enterprises are in the inventory replenishment cycle, and the short - term consumption of liquid caustic soda is expected to remain strong [8]. - **Viscose staple fiber**: The operating rate of the viscose staple fiber industry remains around 80.17%, with a slight week - on - week decrease in output. The demand side has not improved, as the downstream human cotton yarn market has a general trading atmosphere, with prices remaining stagnant. Downstream manufacturers have a certain risk - aversion sentiment and weak inventory - building willingness, mostly purchasing on a just - in - time basis [8]. - **Printing and dyeing**: The comprehensive operating rate in the Jiangsu and Zhejiang regions is 62.68%, a 0.55% week - on - week decrease. Some printing and dyeing factories in Shaoxing have holiday plans around the Dragon Boat Festival, adjusting their schedules according to order volumes. The core issue is the decline in upstream weaving orders, which has led to insufficient white fabric storage in dyeing factories and a passive reduction in the operating rate of dye vats [8]. - **Export**: In April, the export volume of liquid caustic soda was 335,800 tons, and the export volume of flake caustic soda was 55,200 tons [8]. - **Inventory**: Last week, the factory inventory of fixed - liquid caustic soda sample enterprises with an annual output of 200,000 tons or more in China was 392,600 wet tons, a 2.08% week - on - week decrease and a 10.22% year - on - year increase. The storage capacity ratio of liquid caustic soda sample enterprises in China was 23.28%, a 1.01% week - on - week decrease. The storage capacity ratios in Northeast and South China increased week - on - week, while those in Northwest, North, Central, and East China decreased, and that in Southwest China remained stable. Overall, the inventory showed a certain decline [8]. - **Profit**: Last Friday, the price of liquid caustic soda, liquid chlorine, and raw salt in Shandong remained stable, and the chlor - alkali profit increased to 601 yuan/ton, reaching a high level in the same period of history [8]. - **Valuation**: - **9 - 1 spread**: The strong spot price has attracted many investors to participate in the 9 - 1 positive spread, causing the SH2509 contract to generally weaken [8]. - **Basis**: The current caustic soda futures ignore the strong spot reality and focus on the expectation of weak future demand. The futures are at a discount to the spot, and it is not recommended to carry out selling hedging operations at the current basis [8]. 3.2 Chlor - Alkali Prices - **Shandong Chlor - Alkali Spot Prices**: Data on the minimum ex - factory converted 100% prices of 32% and 50% caustic soda in Shandong from 2022 to 2025, the price difference between 50% and 32% caustic soda, and the price of liquid chlorine in Shandong from 2022 to 2025 are presented [13]. - **Flake Caustic Soda Prices and Export Caustic Soda Prices**: Data on the prices of flake caustic soda in Shandong and Inner Mongolia from 2021 to 2025, and the FOB prices of 50% liquid caustic soda and 99% flake caustic soda in North China from 2021 to 2025 are provided [16]. - **Liquid Caustic Soda Futures Prices, Spreads, and Basis**: Data on the basis of the main contracts of 32% and 50% caustic soda in Shandong from 2023 to 2025, the price of the main caustic soda contract from 2023 to 2025, and the spread between the SH09 and SH01 contracts in 2024 and 2025 are shown [19]. - **Raw Salt and Coal Prices**: Data on the price of Shandong sea salt from 2021 to 2025, the CIF price of Indian sea salt first - grade industrial salt from 2021 to 2025, and the ex - warehouse price of Qinhuangdao thermal coal with a calorific value of 5000K from 2021 to 2025 are given [22][23]. 3.3 Caustic Soda Supply - **Caustic Soda Supply, Inventory, and Profit**: Data on the caustic soda output from 2021 to 2025, the liquid caustic soda inventory from 2021 to 2025, and the profit of Shandong chlor - alkali enterprises from 2022 to 2025 are presented [28]. - **Caustic Soda Maintenance**: Information on the maintenance status of caustic soda production facilities last week, including the regions, enterprise names, caustic soda production capacities, and maintenance details, as well as the planned future maintenance of caustic soda production facilities, is provided [30]. 3.4 Chlor - Alkali Demand - **Caustic Soda Downstream - Alumina**: Data on the price of alumina in Shandong from 2021 to 2025, the profit of alumina in Shandong from 2022 to 2025, and the alumina output in China in 2024 and 2025 are shown [34]. - **Caustic Soda Downstream - Viscose Staple Fiber and Printing and Dyeing**: Data on the weekly output of viscose staple fiber from 2021 to 2025, the factory inventory of viscose staple fiber from 2021 to 2025, the operating rate of printing and dyeing in East China from 2021 to 2025, and the price of viscose staple fiber (1.2D*38mm) in East China from 2021 to 2025 are presented [37]. - **Caustic Soda Downstream - Pulp and Paper**: Data on the paper product output from 2022 to 2025 and the available inventory days of paper products in upstream factories from 2022 to 2025 are provided [40]. - **Caustic Soda Consumption - Export**: Data on the monthly export volume of liquid caustic soda, flake caustic soda, and total caustic soda in China from 2021 to 2025, as well as the cumulative export volume and year - on - year growth rate of caustic soda in China from 2021 to 2025, are shown [43]. - **Liquid Chlorine Downstream - Propylene Oxide**: Data on the price of propylene oxide in Shandong from 2021 to 2025, the profit of propylene oxide in Shandong from 2021 to 2025, the output of propylene oxide from 2022 to 2025, and the operating rate of propylene oxide from 2022 to 2025 are presented [46].

1. Report Industry Investment Ratings - There is no specific industry investment rating provided in the report. 2. Core Views of the Report - **Stock Index Futures**: Consider buying on dips and focus on the repair of the discount. Despite short - term disturbances, the outlook for the stock index is optimistic, and the market is expected to resume its upward trend [8][9]. - **Treasury Bond Futures**: The bond market may show a fluctuating upward rhythm in the future. The steepening of the yield curve requires a continuous and significant decline in the funding situation [10]. - **Container Shipping (European Line)**: In the short term, the 08 contract consolidates following the spot rate. In the long - term, factors such as trans - route capacity rebalancing and the tight supply and demand situation in the peak season in July need to be considered, and there are uncertainties in both long and short positions [11]. - **Cotton**: During the Sino - US tariff observation period, the cotton price is under pressure to rebound due to insufficient production motivation and inventory digestion. The future trend depends on macro and supply - demand changes [11][12]. - **Sugar**: Due to the expected increase in supply, the international sugar price is under pressure. The domestic sugar price is affected by seasonal factors, and the future trend depends on import supply and profit changes [14][15]. - **Eggs**: In June, the supply and demand of eggs are expected to be relatively loose, and the egg price is under pressure. It is recommended to short the 07 - 10 contracts on rebounds [17]. - **Apples**: It is recommended to mainly conduct light - position positive spreads [18]. - **Jujubes**: Appropriate reduction of short positions, and pay attention to downstream demand and abnormal changes in the production area [19]. - **Pigs**: Short the near - month contracts on rallies and pay attention to the 7 - 9/3 - 5 reverse spreads. Focus on the continuity of second - fattening and the changes in the sales volume of leading enterprises [20]. - **Crude Oil**: The supply increase in July and the potential for further production increases are negative for long - term oil prices. The market focuses on the Russia - Ukraine negotiation results, and the rebound space is expected to be limited [21]. - **Fuel Oil**: The price will follow the oil price, with the low - sulfur fuel oil supported by refined oil cracking profits, but the weak shipping demand continues to affect the overall demand [23]. - **Plastics**: The current price is weak, but the downward space is limited. Consider a rebound or a long position in the 9 - 1 inter - month spread [23]. - **Rubber**: The supply pressure and the weakening demand expectation in the far - month continue, showing a weak and fluctuating trend [24]. - **Methanol**: Do not chase short in the short term. After a rebound, it is recommended to short [25]. - **Caustic Soda**: The near - month contract is affected by the warehouse receipt issue. The market may form a structure of strong reality and weak expectation, and pay attention to the high profit of the spot market [25]. - **Soda Ash and Glass**: The supply of soda ash increases, and the price is under pressure; the glass demand is weak, and the price is likely to continue to decline [25]. - **Asphalt**: It is expected to rebound following the oil price, with the upper pressure in the 3450 - 3480 area [26]. - **Polyester Industry Chain**: PX and PTA are expected to rebound in the short term, but attention should be paid to the potential decline in polyester plant operations due to squeezed profits [26]. - **Urea**: Potential export benefits provide support for the spot price, but the futures market is weak [26]. - **Aluminum and Alumina**: Aluminum is expected to fluctuate, and short - term interval operations are recommended; alumina is expected to show a wide - range fluctuation [26][27]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to be weak before the actual supply reduction in the wet season; polysilicon is under pressure due to the expected increase in production in June [27]. - **Steel and Iron Ore**: The black market is expected to remain weak. The downstream demand is weakening, and the supply is at a high level [28][29]. - **Coking Coal and Coke**: The double - coking market is expected to continue its weak and fluctuating trend, with the coking coal supply being relatively loose and the coke following the trend [29]. - **Ferroalloys**: The silicon iron 07 contract is in an oversold state, and it is recommended to hold short positions in manganese silicon [29]. 3. Summary by Related Catalogs 3.1 Market Trend Judgments Based on Fundamental Analysis - **Trend Short**: Industrial silicon, soda ash, polysilicon, rubber, glass, eggs, pigs, jujubes, coking coal, coke, crude oil, manganese silicon [3]. - **Oscillating and Bearish**: Alumina, cotton yarn, cotton, aluminum, sugar, caustic soda, asphalt, rebar, apples, iron ore, hot - rolled coil, methanol, plastic [3]. - **Oscillating**: Para - xylene, short - fiber, PTA, fuel oil, CSI 500 stock index futures, SSE 50 stock index futures, CSI 1000 index futures, ten - year bonds, two - year bonds, five - year bonds, thirty - year bonds, silicon iron [3]. 3.2 Market Trend Judgments Based on Quantitative Indicators - **Bearish**: Manganese silicon, eggs, silver, corn, PTA, lead, rebar [6]. - **Oscillating**: Gold, corn starch, glass, rubber, palm oil, tin, methanol, PVC, rapeseed meal, polypropylene, iron ore, hot - rolled coil, Zhengzhou cotton, aluminum, asphalt, plastic, zinc, copper, soybean meal [6]. - **Bullish**: Soybeans, coke, soybean oil, rapeseed oil, soybean meal, coking coal, sugar [6]. 3.3 Macro - economic News - The US President Trump hopes to win the court battle on tariffs, increase tax cuts, and cancel or extend the debt ceiling. The US Federal Circuit Court of Appeals has temporarily suspended the relevant ruling [8]. - The 2025 Lujiazui Forum will be held from June 18th to 19th, and central financial regulatory authorities will announce major financial policies [8]. - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points; the composite PMI was 50.4%, up 0.2 percentage points [8]. - In May, new home prices in first - and second - tier cities rose month - on - month, with Shanghai leading the way. New home prices in third - and fourth - tier cities fell month - on - month [8]. - The US has extended the exemption period for the 301 investigation on China until August 31st [8]. - Trump's government officials defend tariffs, and Trump will increase the import steel tariff from 25% to 50% starting from June 4th, which may trigger EU counter - measures [8]. - OPEC+ agreed to increase oil production by 411,000 barrels per day in July [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report 2.1纯碱市场 - 纯碱检修计划衔接力度略不及预期及新产能投放取得进展，产量见底回升；前期基差力度不足导致未能形成持续正反馈，当前期现优势出货，厂家间压力分化 [8][9]。 - 供应重回上行，带动库存压力回升；终端备货较充足，终端利润状况较差，驱动偏弱。但阶段性盘面贴水较大，期现大幅出货后持货减少，结合头部厂家产量负荷波动，短期可转观望 [9]。 - 策略建议：前期空头思路可阶段逢低获利，重新等待入场机会 [9]。 2.2玻璃市场 - 需求氛围弱势及部分区域受低价期现货源压制，低价区厂家降价以促出货。部分厂家据自身情况点火复产 [169]。 - 估值角度进入理想布局区间，但须等待市场情绪好转启动。后续跟踪产线变动情况，观察低价期现货源消化进度及主产区现货量价情绪变化 [169]。 - 策略建议：市场暂缺上行驱动，远月合约待情绪缓和逢低做多思路 [169]。 3. Summary According to the Directory 3.1纯碱市场 3.1.1市场综述 - 当期总产量68.51万吨，环比增加2.13万吨；重质产量36.98万吨，环比增加0.98万吨；轻质产量31.53万吨，环比增加1.15万吨 [8]。 - 进口0.1万吨，环比持平；出口4万吨，环比持平 [8]。 - 浮法玻璃日熔量157,275吨，环比减少250吨；光伏玻璃日熔量98,780吨，环比持平 [8]。 - 重碱消费量34.46万吨，环比减少0.04万吨；轻碱表需30.38万吨，环比增加3.01万吨；纯碱表需73.76万吨，环比增加3.86万吨 [8]。 - 碱厂库存162.43万吨，环比减少5.25万吨；社会库存36.80万吨，环比持平 [8]。 - 氨碱法成本1317元，环比持平；氨碱法利润83元，环比增加55元；联碱法成本1123元，环比减少33元；联碱法利润177元，环比增加33元 [8]。 3.1.2月度供需 - 当期纯碱进口0.46万吨，环比增加0.14万吨；出口17.06万吨，环比减少2.37万吨 [16]。 - 纯碱进口依赖度0.11，环比增加0.01 [16]。 3.1.3基差价差 - 展示了沙河地区重质纯碱市场价、纯碱期货价格指数、沙河玻璃5mm大板含税价、玻璃期货价格指数等期现货价格对照 [24][25][26][27]。 - 展示了沙河重质纯碱01、09、05合约基差，纯碱09 - 01、01 - 05、05 - 09价差，玻璃 - 纯碱合约/现货价差等 [29][30][31][33][34][35][37][39][40][41]。 3.1.4市场价格 - 沙河区域重质纯碱市场价当期值1243元，环比上周下降45元，环比去年下降907元 [45]。 - 展示了轻重碱区域价格表，包括沙河、华北、华东等地区重质纯碱和轻质纯碱价格及环比情况 [49]。 3.1.5供应 - 目前检修/降负荷的厂家有山东海化、安徽德邦等多家企业；计划检修的厂家有丰城盐化、发投碱业等 [83]。 - 国内纯碱开工率当期值78.57%，环比上周下降0.06%；周产量68.51万吨，环比增加2.13万吨 [84]。 - 展示了氨碱工艺、联碱工艺开工率及各区域纯碱开工率 [85][88][90]。 - 展示了国内重质、轻质纯碱周产量及国内纯碱周产量 [92][93]。 - 展示了氨碱法、联碱法成本利润及相关品价格，如合成氨价格指数、河南液氨市场价等 [95][97][99][101][108][110]。 3.1.6需求 - 展示了光伏玻璃在产日熔量、浮法玻璃在产日熔量、重质纯碱日耗量、重质纯碱周度需求等数据 [131][133][134][135]。 - 展示了轻质、重质纯碱周度消费量、产销率及光伏玻璃价格 [137][140]。 3.1.7库存 - 纯碱企业库存当期值162.43万吨，环比上周减少5.25万吨；轻质纯碱企业库存81.83万吨，环比减少1.45万吨；重质纯碱企业库存80.6万吨，环比减少3.80万吨 [145]。 - 展示了各区域纯碱库存情况 [154][155][157][158][159][161]。 3.2玻璃市场 3.2.1市场综述 - 浮法玻璃日熔量当期值157,275吨，环比减少250吨；周产量110.09万吨，环比减少0.17万吨 [167]。 - 表观消费量110.94万吨，环比减少0.33万吨 [167]。 - 厂库库存338.31万吨，环比减少0.53万吨 [167]。 - 天然气线成本1448元，环比持平；天然气线利润 - 148元，环比减少10元；煤制气线成本953元，环比减少9元；煤制气线利润177元，环比减少1元；石油焦线成本1081元，环比持平；石油焦线利润19元，环比减少10元 [167]。 3.2.2月度供需 - 展示了平板玻璃当月产量、浮法玻璃当月进口量、出口量及平板玻璃当月产量同比数据 [174][176][178][180]。 3.2.3基差价差 - 展示了沙河地区重质纯碱市场价、纯碱期货价格指数、沙河玻璃5mm大板含税价、玻璃期货价格指数等期现货价格对照 [184][185][186][187]。 - 展示了沙河玻璃5mm大板01、09、05合约基差，玻璃09 - 01、05 - 09、01 - 05价差，玻璃 - 纯碱合约/现货价差等 [189][190][192][194][195][196][199][201][202][203]。 3.2.4市场价格 - 展示了浮法玻璃5mm区域价格表，包括沙河、华北、华东等地区5mm小板和大板价格及环比情况 [207]。 - 展示了沙河、华东、华北等地区浮法玻璃(5mm)市场价及沙河玻璃5mm大板含税价、京津唐5mm玻璃大板含税价等 [209][210][211][220]。

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Report Industry Investment Rating There is no information about the report industry investment rating in the given content. Core Views of the Report - For stock index futures, consider phased profit - taking or defensive operations, and consider shorting small - and medium - cap indexes on rallies [11]. - For treasury bond futures, adopt a volatile mindset and mainly wait and see [12]. - For the European container shipping route, the market has released its previous trading momentum, and now focuses on the implementation of freight rate increases. The 08 contract may be more volatile in the short - term and needs to pay attention to multiple factors in the long - term [13]. - For cotton, the cotton price is under pressure to fluctuate due to insufficient production motivation and inventory digestion [15]. - For sugar, domestic sugar prices decline slowly following international sugar prices, with uncertainties in supply and demand [18]. - For eggs, it is recommended to short the 07 contract on rallies, as egg prices are expected to face pressure in June [21]. - For apples, it is recommended to conduct light - position positive spreads [22]. - For red dates, reduce short positions appropriately and pay attention to downstream demand and abnormal changes in production areas [23]. - For live pigs, it is recommended to short near - month contracts on rallies and pay attention to the 09 - 01/11 - 01 reverse spread strategy [24]. - For crude oil, it is expected to maintain a weak and volatile operation [26]. - For fuel oil, its price will follow the oil price and is stronger than crude oil [27]. - For plastics, consider short - selling after a rebound and long - position the 9 - 1 inter - month spread [27]. - For rubber, consider selling out - of - the - money call options and take profit when the price drops [29]. - For methanol, do not chase short positions in the short - term, and short after a rebound [30]. - For caustic soda, maintain a long - biased mindset while respecting the futures technical chart [31]. - For soda ash and glass, prices are expected to remain weak [32]. - For asphalt, the futures price is expected to follow the oil price and approach 3400 [33]. - For the polyester industry chain, it is recommended to short on rallies [33]. - For pulp, pay attention to macro - sentiment, and sell call options on rallies [33]. - For logs, pay attention to capital and macro - sentiment, and consider selling covered calls [33]. - For urea, the futures price is expected to be weak in the short - term [34]. - For aluminum and alumina, aluminum prices are expected to fluctuate, and alumina is expected to maintain a wide - range volatile trend [34]. - For industrial silicon and polysilicon, maintain a short - biased view [34]. - For steel and iron ore, the short - term is expected to be in a volatile consolidation, and the medium - term is expected to remain weak [35]. - For coking coal and coke, they are expected to continue to fluctuate weakly in the short - term [35]. - For ferroalloys, go long on ferrosilicon at low prices, hold short positions in silicomanganese, and long ferrosilicon while shorting silicomanganese [35]. Summary by Relevant Catalogs Macro Information - The May Fed meeting minutes show that policymakers believe the economy faces higher uncertainty and should be cautious about interest rate cuts [9]. - Chinese Vice - Premier He Lifeng welcomes more US financial institutions to cooperate with China [9]. - US President Trump warns Israel not to attack Iran and hopes to reach a new nuclear agreement with Iran [9]. - Tesla CEO Musk questions Trump's tax and spending bill [9]. - NATO plans to increase the number of combat brigades and defense spending targets [9]. - Japan's 40 - year treasury bond auction is cold, and market concerns spread [10]. - In April, China's local governments issued new and refinancing bonds [10]. - OPEC + agrees to maintain the current oil production quota plan and will discuss a July production increase [10]. Stock Index Futures - The year - on - year growth of industrial enterprise profits from January to April was 1.4%, basically in line with expectations. Small - and medium - cap indexes are highly crowded, and the market may take a short - term rest [11]. Treasury Bond Futures - The capital market is balanced and loose, but the bond market is still weak due to banks' balance - sheet contraction and bond selling [12]. European Container Shipping Route - The previous trading momentum has been released, and the focus is on the implementation of freight rate increases. The 08 contract may be more volatile in the short - term, and multiple factors need attention in the long - term [13]. Cotton - During the Sino - US tariff observation period, the cotton price is under pressure due to insufficient production motivation and inventory digestion. The US cotton output is expected to decline, while Brazil's output is expected to increase [15][16]. Sugar - Domestic sugar prices decline slowly following international sugar prices. Globally, sugar supply is expected to increase, while domestic supply is currently abundant but inventory is low [18][19]. Eggs - Before the Dragon Boat Festival, egg prices are weak, and there is still great pressure in June. It is recommended to short the 07 contract on rallies [21]. Apples - Adopt a light - position positive spread strategy. The market is waiting for more clarity on the apple's fruit - setting situation after bagging [22]. Red Dates - Reduce short positions appropriately. After the Dragon Boat Festival stocking, the market enters the off - season, and the supply - demand pattern is supply - strong and demand - weak [23]. Live Pigs - Short near - month contracts on rallies and pay attention to the 09 - 01/11 - 01 reverse spread strategy. The supply is under double pressure, and the demand may weaken seasonally [24][25]. Crude Oil - OPEC + plans to increase production in July. The long - term supply is expected to increase, and the demand may weaken. The oil price is expected to be weak and volatile [26]. Fuel Oil - The fuel oil price follows the oil price, and the low - sulfur fuel oil is supported by refined oil cracking profits [27]. Plastics - L and PP are currently weak, but the downward space is limited. Consider short - selling after a rebound and long - position the 9 - 1 inter - month spread [27]. Rubber - The overall trend is weakly volatile. Consider selling out - of - the - money call options. NR is relatively stronger than RU in the short - term [29]. Methanol - Do not chase short positions in the short - term, and short after a rebound. The supply pressure is large, and the demand growth is weak [30]. Caustic Soda - The futures market shows a signal of turning from short to long. The spot price is stable, and it is recommended to maintain a long - biased mindset [31]. Soda Ash and Glass - Soda ash supply increases, and downstream demand is stable. Glass demand is pessimistic, and the price is expected to be weak [32]. Asphalt - The asphalt futures price is expected to follow the oil price and approach 3400. The northern asphalt is relatively strong, and the production is lower than expected [33]. Polyester Industry Chain - Operate by short - selling on rallies. The supply of PX and PTA is expected to increase, and the terminal textile market recovers weakly [33]. Pulp - The demand is rigid, and the inventory is high. The market is weakly volatile in the short - term. Consider selling call options on rallies [33]. Logs - The market is expected to fluctuate in the short - term. Pay attention to downstream construction and port inventory. Consider selling covered calls [33]. Urea - The urea futures price is expected to be weak in the short - term. The inventory has increased, and the market is affected by multiple factors [34]. Aluminum and Alumina - Aluminum prices are expected to fluctuate, and alumina is expected to maintain a wide - range volatile trend. The supply of alumina is expected to be balanced in June [34]. Industrial Silicon and Polysilicon - For industrial silicon, maintain a short - biased view before the effective supply reduction in the wet season. For polysilicon, the supply is expected to increase in June, and the price is under pressure [34]. Steel and Iron Ore - The demand for steel is seasonally weak, and the supply is at a relatively high level. The short - term is expected to be in a volatile consolidation, and the medium - term is expected to remain weak [35]. Coking Coal and Coke - The fundamentals of coking coal and coke have not changed substantially, and they are expected to continue to fluctuate weakly in the short - term [35]. Ferroalloys - Ferrosilicon has a supply gap, and it is recommended to go long at low prices. Silicomanganese supply is expected to increase, and it is recommended to hold short positions [35].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For stock index futures, consider phased profit - taking or defensive operations, and consider short - selling on rallies for small and medium - cap indexes [10]. - For treasury bond futures, adopt a volatile mindset and mainly stay on the sidelines [11]. - For the European container shipping line, the previous market trading momentum has been released, and now focus on the implementation of the price increase announcement for European line freight rates. The 08 contract may be more elastic in the peak - season contracts but will consolidate in the short - term following the spot trend [12]. - For cotton, the short - term downstream demand expectation is enhanced, which is beneficial for the raw material procurement and boosts the cotton price to rebound, but the expected pressure still exists [14]. - For sugar, the supply is temporarily abundant, and there is uncertainty in making up the production - demand gap, so the sugar price fluctuates [16]. - For eggs, before the Dragon Boat Festival, the spot price has limited upward momentum, and the egg price is expected to face significant pressure in June. It is recommended to short the egg 07 contract on rallies [19]. - For apples, it is recommended to mainly conduct light - position positive spreads [20]. - For red dates, appropriately reduce short positions and pay attention to downstream demand and abnormal changes in the production areas [20]. - For live pigs, the spot price is running weakly. The policy restricting second - fattening over the weekend further exacerbates the negative impact on short - term prices. It is recommended to short near - month contracts [21]. - For crude oil, in the long - term, the supply side is expected to increase production, and the demand side may be affected by the weakening global economy. The price is expected to maintain a weak and volatile trend [22]. - For fuel oil, the unilateral price will follow the oil price, and it is stronger than crude oil [23]. - For plastics, L and PP are currently weak. Consider a rebound after the price further drops, and in the long - term, they are still recommended for short - position allocation. Consider a long - position allocation for the 9 - 1 inter - month spread [24]. - For rubber, the macro improvement may boost the short - term demand for dark - colored rubber, but the supply pressure and weakening far - month demand may gradually emerge. It is recommended to sell out - of - the - money call options [26]. - For methanol, do not chase short positions in the short - term. After a rebound, it is still recommended for short - position allocation [27]. - For caustic soda, the futures market has a pessimistic expectation for future demand, while the spot is short - term strong, but the continuous upward momentum may be limited [28]. - For soda ash and glass, the supply pressure of soda ash increases, and the price is still weak. The glass may fluctuate in the short - term, and if the supply does not substantially decrease, the price is still prone to fall [29]. - For asphalt, the futures basis converges, and the price is expected to follow the oil price and approach 3400 [31]. - For the polyester industry chain, it is recommended to try shorting on rallies [33]. - For pulp, pay attention to the impact of macro sentiment. The fundamentals are short - term volatile. Sell call options at high prices to reduce holding costs or increase sales profits [34]. - For logs, pay attention to the impact of funds and macro sentiment. The short - term is expected to maintain a volatile market [35]. - For urea, the futures are expected to run weakly in the short - term until there is a new positive factor on the export side [36]. - For synthetic rubber, the cis - butadiene rubber is under obvious pressure and is expected to be weakly volatile in the short - term [37]. - For aluminum and alumina, aluminum is expected to fluctuate, and it is recommended for short - term range trading. Alumina is expected to maintain a wide - range fluctuation, and it is recommended to stay on the sidelines [38]. - For industrial silicon, maintain a short - position mindset before there is an effective supply reduction in the wet season. For polysilicon, the near - month contract has a basis - repair motivation, but the upward space is limited [39]. - For coal and coke, it is expected to continue to run weakly and volatile in the short - term [43]. - For ferroalloys, it is recommended to go long on ferrosilicon at low prices and hold short positions in ferromanganese [45]. Summaries by Related Catalogs Macro Information - In April, the profits of industrial enterprises above designated size in China increased by 3% year - on - year, 0.4 percentage points faster than in March. The profits of new - kinetic - energy industries such as equipment manufacturing and high - tech manufacturing grew rapidly [8]. - As of the end of April, China's public - offering fund assets under management totaled 33.12 trillion yuan, a record high [8]. - The 2025 Lujiazui Forum will be held in Shanghai from June 18th to 19th [8]. - The US durable goods orders in April declined more than expected, with the core capital goods orders falling by 1.3% month - on - month [9]. - The yield of Japan's ultra - long - term government bonds dropped significantly on Tuesday, and the Japanese Ministry of Finance may adjust the bond issuance plan [9]. Futures Strategies Stock Index Futures - Strategy: Consider phased profit - taking or defensive operations, and consider short - selling on rallies for small and medium - cap indexes [10]. - Reason: The profit growth of industrial enterprises from January to April was basically in line with expectations. The market may consolidate in the short - term, waiting for new drivers [10]. Treasury Bond Futures - Strategy: Adopt a volatile mindset and mainly stay on the sidelines [11]. - Reason: The capital market is balanced and loose, but the bond market is weak due to factors such as the increase in CD rates and market concerns about sales pressure and fund redemptions [11]. Commodity Futures European Container Shipping Line - Future expectation: The previous trading momentum has been released, and now focus on the implementation of the price increase. The 08 contract may consolidate in the short - term [12]. - Fluctuation reason: The near - month contract follows the spot price towards the delivery logic, and the peak - season contract's price height needs to be verified [13]. Cotton - Logic and view: The short - term downstream demand expectation is enhanced, but the expected pressure still exists [14]. - Future view: Pay attention to the macro and supply - demand situation. The cotton price is under technical pressure and rebounds under pressure [15]. Sugar - Logic and view: The supply is temporarily abundant, and the sugar price fluctuates [16]. - Future view: The expected supply increase will suppress the sugar price. The domestic sugar price is resistant to decline before the import supplement is realized [17]. Eggs - View: Before the Dragon Boat Festival, the spot price has limited upward momentum. It is recommended to short the egg 07 contract on rallies [19]. - Future view: The egg price is expected to face significant pressure in June due to factors such as large supply and poor quality [19]. Apples - View: Mainly conduct light - position positive spreads [20]. - Future view: The apple price and sales volume are expected to be stable before the Dragon Boat Festival. Pay attention to the fruit - setting situation in the production areas [20]. Red Dates - View: Appropriately reduce short positions and pay attention to downstream demand and abnormal changes in the production areas [20]. - Future view: The market is in a pattern of strong supply and weak demand, and the futures price may fluctuate in the bottom range [20]. Live Pigs - View: The spot price is running weakly. Short near - month contracts [21]. - Future view: The supply is under double - negative pressure, and the demand may weaken seasonally. The spot price is expected to adjust weakly [21]. Crude Oil - Fluctuation reason: OPEC+ plans to increase production in July, the result of the US - Iran negotiation is uncertain, and trade conflicts are frequent [22]. - Future view: The price is expected to maintain a weak and volatile trend in the long - term [22]. Fuel Oil - Fluctuation factor: The Brent oil price falls, and the fuel oil price follows the oil price. The supply from Iran is a risk factor [23]. - Future view: The fuel oil price will follow the oil price and is stronger than crude oil [23]. Plastics - View: L and PP are currently weak. Consider a rebound after the price further drops, and in the long - term, they are still recommended for short - position allocation [24]. - Future view: The short - term market sentiment improves, and the downstream export demand may increase briefly. Pay attention to the downstream replenishment after the price drop [24]. Rubber - View: The macro improvement may boost the short - term demand for dark - colored rubber, but the supply pressure and weakening far - month demand may gradually emerge. Sell out - of - the - money call options [26]. - Future view: The domestic raw material supply increases, and the spot - futures spread may shrink. Pay attention to international macro factors and downstream demand [26]. Methanol - View: Do not chase short positions in the short - term. After a rebound, it is still recommended for short - position allocation [27]. - Future view: The supply pressure is large, and the demand growth is weak. The price is likely to weaken, but the probability of a sharp decline is small [27]. Caustic Soda - Market situation: The futures market is pessimistic about future demand, while the spot is short - term strong, but the continuous upward momentum may be limited [28]. - Future view: The futures price is in a discount state. The spot price may loosen after the alumina enterprise replenishment and Shandong chlor - alkali enterprise maintenance [28]. Soda Ash and Glass - View: The supply pressure of soda ash increases, and the price is still weak. The glass may fluctuate in the short - term, and if the supply does not substantially decrease, the price is still prone to fall [29]. - Future view: The soda ash supply is high in the long - term, and the glass demand is not improved. Pay attention to the cold - repair news of glass production lines [31]. Asphalt - Fluctuation factor: The Brent oil price falls, and the asphalt price follows the oil price. The refinery output is lower than expected [32]. - Future view: The futures basis converges, and the price is expected to follow the oil price and approach 3400 [31]. Polyester Industry Chain - View: It is recommended to try shorting on rallies [33]. - Future view: The supply of PX and PTA is expected to increase slowly, and the downstream demand is average, putting pressure on the price [33]. Pulp - Logic and suggestion: Pay attention to the impact of macro sentiment. The fundamentals are short - term volatile. Sell call options at high prices to reduce holding costs or increase sales profits [34]. - Future view: The supply - demand situation is stable in the short - term. The future arrival volume is expected to recover in May and decrease slightly in June [34]. Logs - Logic and suggestion: Pay attention to the impact of funds and macro sentiment. The short - term is expected to maintain a volatile market. Sell covered call options for short - term spot wheeling [35]. - Future view: The supply - demand situation is balanced in the short - term, and the inventory slightly increases. Pay attention to the entry of emotional funds near the delivery [36]. Urea - Market situation: The futures are expected to run weakly in the short - term until there is a new positive factor on the export side [36]. - Future view: The supply and demand are expected to strengthen, but there may be an oversupply situation under the current export policy [36]. Synthetic Rubber - View: The cis - butadiene rubber is under obvious pressure and is expected to be weakly volatile in the short - term. Do not chase short positions at low points and consider shorting on rallies after the basis is repaired [37]. - Future view: Pay attention to device changes, inventory, and downstream procurement sentiment [37]. Aluminum and Alumina - Aluminum: Logic and view: It is expected to fluctuate, and it is recommended for short - term range trading [38]. Future view: The tariff impact still exists, but the demand is strong. It is recommended to go long on dips [38]. - Alumina: Logic and view: The capacity is gradually recovering, and it is expected to be balanced in June. It is recommended to stay on the sidelines [38]. Future view: The cost bottom is clear, but there is still an oversupply pressure. Be cautious about chasing long positions [38]. Industrial Silicon and Polysilicon - Industrial silicon: Maintain a short - position mindset before there is an effective supply reduction in the wet season [39]. - Polysilicon: The near - month contract has a basis - repair motivation, but the upward space is limited. The supply is expected to increase in June [39]. Coal and Coke - View: The fundamentals have not substantially changed, and they are expected to continue to run weakly and volatile in the short - term [43]. - Future view: The iron - water output may decline, and the coke supply and demand are basically balanced [43]. Ferroalloys - View: Go long on ferrosilicon at low prices and hold short positions in ferromanganese [45]. - Fluctuation reason: The ferrosilicon price decreased due to possible technical trading or sentiment suppression, and the ferromanganese price had a narrow - range fluctuation [46].

Report Investment Ratings No investment ratings for the industry are provided in the report. Core Views - For stock index futures, consider taking phased profit - taking or defensive operations, and consider short - selling small and medium - cap indices on rallies. - For treasury bond futures, focus on the stock - bond seesaw logic and the steepening of the yield curve. - For container shipping on the European route, the previous trading momentum has been released, and now the focus is on the implementation of the freight rate increase. - For various commodities, different views and strategies are provided according to their respective fundamentals, such as trading strategies for eggs, apples, etc. [10][11][12] Summary by Category Macro News - The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Improving the Modern Enterprise System with Chinese Characteristics", aiming to improve the enterprise income distribution system. - Moody's maintained China's sovereign credit rating at "A1" with a negative outlook. The Chinese Ministry of Finance believes it reflects the positive prospects of the Chinese economy. - Central Huijin emphasized fulfilling its responsibilities in state - owned financial capital management. - Goldman Sachs is overweight on Chinese stocks, expecting moderate improvement in corporate earnings and increased foreign capital inflows. - Trump commented on US manufacturing and threatened to withdraw $3 billion in funding from Harvard. - The Minneapolis Fed President said the Fed may wait for clearer situations due to multiple uncertainties. - Nomura warned that multiple factors may trigger the "Bond Vigilantes" action. - OPEC+ advanced its July production meeting to May 31 and may plan a third consecutive monthly increase of 411,000 barrels per day. [7][8][9] Futures Strategies Stock Index Futures - Strategy: Consider phased profit - taking or defensive operations. Short - sell small and medium - cap indices on rallies. The market may enter a short - term consolidation phase. [10] Treasury Bond Futures - Strategy: Focus on the stock - bond seesaw logic and the steepening of the yield curve. Bond supply pressure has a significant impact on the capital market, and the previous policies showed limited support for the domestic economic downturn. [11] Commodity Markets Container Shipping on the European Route - The previous trading momentum has been released, and now the focus is on the implementation of the freight rate increase. The 08 contract may consolidate in the short - term and face uncertainties in the long - term. [12] Cotton - The Sino - US tariff friction has eased, which is beneficial for cotton prices in the short - term, but there are still pressures. Technically, the price is under the 60 - day moving average. Pay attention to the Sino - US trade situation and the downstream demand. [13][14][15] Sugar - The sugar market has sufficient short - term supply, but there are uncertainties in making up the production - demand gap. The international market expects an oversupply, while the domestic market may show a resistant and range - bound trend. [15][16][18] Eggs - Before the Dragon Boat Festival, consumption may improve, and the spot price may stop falling and rebound. However, the egg price may face greater pressure in June. It is recommended to short the 07 contract on rallies. [19] Apples - Adopt a light - position positive spread strategy. The market is in a volatile state due to inconsistent views on the apple production situation in different regions. [19][20] Red Dates - Hold short positions and pay attention to downstream demand and abnormal changes in the production areas. The market may be range - bound at the bottom due to the supply - demand pattern. [20][22] Pigs - The spot price is weak. With the increase in supply and the seasonal weakening of demand, it is recommended to short the near - month contracts. [23] Crude Oil - OPEC+ plans to increase production, and the global economic outlook is weak. The oil price is expected to be in a weak and volatile state in the long - term, with a possibility of a short - term rebound. [24] Fuel Oil - The fuel oil price will follow the crude oil price. The market has no main contradiction, and the demand is affected by multiple factors. [25] Plastics - Consider a long - position allocation for L and PP after the price decline, and also consider a long - position for the 9 - 1 month spread. [26][27] Methanol - Do not chase short positions in the short - term. Short the methanol after a rebound as the supply pressure is high. [27] Caustic Soda - The futures price may be strong in the context of strong spot prices. Pay attention to the resumption of production of alumina enterprises. [28] Soda Ash and Glass - Soda ash supply pressure increases, and the price is weak. Glass may be volatile in the short - term, and the price is likely to fall without significant improvement in demand. [29][30][31] Asphalt - The asphalt price is expected to follow the oil price and move towards 3400 after the basis convergence. [31] Polyester Industry Chain - It is recommended to short on rallies as the supply of PX and PTA is expected to increase. [30] Pulp - Pay attention to macro - sentiment. The market may be range - bound in the short - term, with a possibility of a rebound. Consider options strategies. [31] Logs - The market is expected to be range - bound in the short - term. Pay attention to downstream construction and port inventory. [31] Urea - The urea production is at a historical high. The market may be weak in the short - term and may turn strong if there are export - related positive factors. [30][31] Aluminum and Alumina - Aluminum is expected to be range - bound, and short - term range trading can be considered. Alumina is expected to reach a balance in June, and it is recommended to wait and see. [32] Industrial Silicon and Polysilicon - Maintain a short - position view on industrial silicon before the effective supply reduction in the wet season. For polysilicon, there is a risk of price decline due to increased supply and weak demand. [32] Steel and Iron Ore - The steel market has strong supply and weak demand. It is expected to be range - bound in the short - term and weak in the long - term. [33] Ferroalloys - For ferrosilicon, go long on dips; for ferromanganese, hold short positions. Consider a long - ferrosilicon and short - ferromanganese arbitrage. [33][34]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In the short - term, there are no significant contradictions between supply and demand in the pulp market. The fundamentals continue to show a pattern of rigid demand but high inventory. Overall, the market will maintain a volatile trend when there is no obvious improvement or positive factors in demand. The arrival of pulp is expected to recover in May, decrease slightly in June, and the reduction of the Star brand is expected to affect the arrival in July. Attention should be paid to the impact of macro - sentiment, and focus on the inventory rhythm of raw materials and finished products in the future [17] 3. Summary According to the Directory 3.1 Pulp Overview 3.1.1 Supply - side - Domestic supply: This week, domestic pulp production showed a slight decline. The production of domestic broad - leaf pulp was 200,000 tons, a decrease of 0.70 tons compared with last week, a decrease of 0.26%. The production of chemical mechanical pulp was 200,000 tons, a decrease of 0.10 tons compared with last week. The overall domestic supply was relatively stable [7][8] - Import supply: In April 2025, China's pulp import volume was 2.893 million tons, a month - on - month decrease of 11.0% and a year - on - year decrease of 10.3%. The cumulative import volume for the year was 12.531 billion tons, a cumulative year - on - year increase of 1.0%. Affected by overseas shipments and domestic import seasonality, the arrival is expected to recover in May, decrease slightly in June, and the reduction of the Star brand is expected to affect the arrival in July [8] 3.1.2 Demand and Inventory - side - Downstream demand: This week, downstream pulp production was stable. The output of living paper was 300,000 tons, a decrease of 0.1 tons compared with last week; the output of offset paper was 210,800 tons, a slight increase compared with last week; the output of coated paper was 76,000 tons, a decrease of 0.1 tons compared with last week; the output of white cardboard was 297,900 tons, an increase of 0.4 tons compared with last week. Gradually entering the off - season, the downstream start - up rate was basically stable, but new production capacity was being put into operation, while terminal demand was limited, resulting in stable production but a continuous decline in the start - up rate and approaching inventory accumulation [10] - Inventory situation: This week, port inventory decreased. The total port inventory was 2.162 million tons, an increase of 0.4 tons compared with last week. The decrease in prices stimulated the replenishment willingness of some paper mills, and spot transactions improved. The warehouse receipt inventory also decreased. The total warehouse receipt inventory was 248,273 tons, a decrease of 4,359 tons compared with last week. The price decline led some paper mills to be interested in purchasing cheap Russian needles, and some warehouse receipts were cancelled and flowed to downstream factories [10] 3.1.3 Cost and Profit - Cost: The domestic cost of broad - leaf pulp was 3,775 yuan/ton, a decrease of 7 yuan/ton compared with last week; the import cost of Silver Star was 5,952 yuan/ton, a decrease of 259 yuan/ton compared with last week. The cost of imported pulp generally showed a downward trend [13] - Profit: The apparent profit of domestic pulp was acceptable, but the actual transaction price continued to decline. The import pulp spot price decreased, which affected the downstream purchasing willingness to some extent. The profit of domestic pulp is expected to decline, while the spot price of imported pulp decreased with the market, and the immediate import profit is expected to recover. The profit of paper products improved in the short - term due to the decline in raw material prices, but as it approached the off - season, the price of finished products decreased, and the profit also showed a weakening trend [13] 3.1.4 Price and Spread - Price: The foreign market quotation decreased significantly. For example, the quotation of Silver Star decreased from 770 US dollars/ton to 740 US dollars/ton. The spot price of needles was relatively strong, and the basis remained at a high level. The broad - leaf pulp was close to the domestic cost line, and the downward space was relatively limited, showing a certain degree of stability. The futures price fluctuated in a pattern of weak demand and high inventory [15] - Spread: The spread between needles and broad - leaves remained at a high level. The spread between Silver Star and Goldfish continued to be high, breaking through 2,000 and approaching the historical extreme value. Affected by macro - sentiment, the futures market entered a positive arbitrage logic, and the demand for far - month contracts was relatively pessimistic. The basis was relatively stable this week [15] 3.1.5 Strategy Recommendation - The reason for market fluctuations: The spot market was relatively stable, and cultural paper companies successively issued price increase letters with an increase of 200 yuan/ton. The downstream start - up rates of different paper types showed different trends [17] - Future outlook: In the short - term, there are no significant contradictions between supply and demand, and the market will maintain a volatile trend. The arrival of pulp is expected to recover in May, decrease slightly in June, and the reduction of the Star brand is expected to affect the arrival in July [17] - Trading logic and suggestions: Pay attention to the impact of macro - sentiment. The fundamentals are short - term volatile, and focus on the inventory rhythm of raw materials and finished products [17] 3.2 Pulp Balance Sheet - The balance sheet shows the supply, demand, and inventory situation of pulp from January 2024 to June 2025. It includes data such as domestic production, import volume, downstream production, pulp consumption, and inventory. For example, in April 2025, the domestic production was 317,900 tons, the import volume was 2.893 million tons, and the total supply was 5.4492 million tons [20] 3.3 Pulp Supply - Demand Analysis 3.3.1 Global Pulp Supply - Demand Analysis - Global pulp shipping volume: No specific data analysis was provided in the content - European apparent demand and inventory: No specific data analysis was provided in the content 3.3.2 Domestic Pulp Supply - Demand Analysis - Supply - side - Pulp import: The import volume showed certain fluctuations. In April 2025, the total pulp import volume decreased compared with the previous month [8] - Bleached softwood pulp import: The import volume of bleached softwood pulp from different countries showed different seasonal and cumulative trends. For example, the import volume of Russian bleached softwood pulp and its cumulative import volume and year - on - year changes were presented [49][70] - Other pulp imports: The import of chemical mechanical pulp, unbleached pulp, needle chips, and broad - leaf chips also showed different trends [79][86] - Demand - side - Pulp apparent demand: No specific data analysis was provided in the content - Downstream finished paper analysis - Production capacity and production plan: There are a large number of planned and under - construction projects for domestic pulp - related products in the future. For example, there are many new production capacity plans for living paper, cultural paper, and white cardboard in different regions. However, due to factors such as the slow growth of downstream demand, the supply - demand contradiction in the white cardboard industry has increased, affecting the production progress of some production capacity [106] - Import and export of finished paper: The import and export volume of different types of finished paper showed different trends. For example, the import volume of living paper was relatively small, and the export volume of some paper types showed certain fluctuations [109][125] - Inventory - side - Total pulp inventory, warehouse receipts, and port inventory: The total pulp inventory, warehouse receipt inventory, and port inventory showed different trends over time. For example, the total pulp inventory showed a certain degree of volatility, and the warehouse receipt inventory decreased this week [10][152] - Inventory by port: The inventory of different ports such as Qingdao Port, Tianjin Port, and Changshu Port also showed different trends [156][157][159] 3.4 Cost and Profit - Pulp import cost and profit: The import cost of pulp decreased, and the immediate import profit is expected to recover [13] - Domestic pulp production cost and profit: The apparent profit of domestic pulp was acceptable, but the actual profit was affected by the decline in transaction prices and the decrease in import pulp prices, showing a downward trend [13] 3.5 Pulp Price and Spread Analysis - Foreign market quotation: The foreign market quotation of pulp decreased significantly [15] - Seasonal price and spread: The prices of different pulp brands such as Silver Star, Russian needle, and Goldfish showed different seasonal trends, and the spreads between them also showed different characteristics [179][184] - Basis: The basis between different pulp brands and futures contracts showed different trends over time. For example, the basis between Silver Star and futures contracts 07 and 09 showed certain fluctuations [186][187]

基本面无利好驱动，纯碱玻璃继续走弱 纯碱玻璃周报 2025年5月26日 数据来源：同花顺，中泰期货整理 纯碱短期供给压力缓解，但不改价格下行趋势 请务必阅读正文之后的声明部分 价格变化 期货交易咨询：证监许可[2012]112 国内CPI、PPI、PMI走势及房地产数据 姓名：刘田莉 从业资格号：F03091763 交易咨询从业证书号：Z0019907 联系电话： 17862979520 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 -2 -1 0 1 2 3 4 5 6 2019-08 2019-12 2020-04 2020-08 2020-12 2021-04 2021-08 2021-12 2022-04 2022-08 2022-12 2023-04 2023-08 2023-12 2024-04 2024-08 2024-12 2025-04 中国CPI（%） CPI:当月同比 CPI:环比 -2 -1 -1 0 1 1 2 2 3 3 -10 -5 0 5 10 15 2019-08 2019-12 2020-04 2020-08 2020-12 2 ...

中泰期货尿素周报 2025年5月26日 ——内需疲软，现货价格承压下行 协会积极推进保供稳价，国内市场保供效果良好 姓名： 郭庆 从业资格号： F3049926 交易咨询证书号：Z0016007 联系电话： 15628875631 公司地址：济南市经七路86号证券大厦 客服电话：0531-86113507 公司网址：www.ztqh.com 交易咨询资格号：证监许可[2012]112 主要内容 3 2 尿素及相关产品价格 尿素供应 1 综述 5 4 尿素需求 尿素库存 请务必阅读正文之后的声明部分 综述 | 产业链 | | 2025年5月15日-5月21日 | 2025年5月22日-5月28日 | 2025年5月29日-6月4日 | 2025年6月5日-6月11日 | 备注 | | --- | --- | --- | --- | --- | --- | --- | | 供应 | 周度日均产量：万吨 | 20.36 | 20.43 | 20.29 | 20.14 | 上周新增1家企业停车，停车企业恢复1家，本周预计1家企业计 | | | | | | | | 划检修，1家停车企业恢复生产(预估数据来自隆众资讯） ...