下游需求稳中偏好，烧碱或偏强运行

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Last week, the strong downstream demand for caustic soda drove the continuous rise of caustic soda futures. By the Friday afternoon close, the weighted price of caustic soda futures reached 2,756 yuan/ton, a 4.51% increase from the previous week. The favorable fundamentals also led to an increase in both futures and spot prices of caustic soda [6][7][11]. - The caustic soda futures are expected to remain strong. After a pullback, long - position operations should still be considered [9]. 3. Summary by Relevant Catalogs 3.1 Caustic Soda Trend Review - Last week, the caustic soda futures continued to rise due to strong downstream demand. The weighted price of caustic soda futures closed at 2,756 yuan/ton on Friday afternoon, up 4.51% from the previous week. In the spot market, the weekly average price of 32% caustic soda in Shandong was 836 yuan/ton, a 3.98% increase from the previous week [6][11]. 3.2 Caustic Soda Fundamental Analysis - Capacity Utilization: Last week, the average capacity utilization rate of China's caustic soda enterprises with a capacity of 200,000 tons and above was 83.2%, a 0.9% decrease from the previous week. There were different trends in different regions, such as a 3.9% decrease in the Northwest to 87.1% and a 0.1% increase in Shandong to 88.4% [15]. - Downstream Demand: The operation of the main downstream industries of caustic soda was generally stable. The alumina production remained stable, and the capacity utilization rate of viscose staple fiber increased by 0.18% to 86.22% [18]. - Liquid Caustic Soda Inventory: As of August 21, 2025, the inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 396,400 tons (wet tons), a 9.46% decrease from the previous week. Inventory trends varied by region, with most regions experiencing inventory declines, while the inventory in the Northwest increased slightly [21]. - Profit of Chlor - Alkali Enterprises in Shandong: Last week, the theoretical production cost of caustic soda remained stable, the price of caustic soda increased, and the average weekly price of liquid chlorine decreased. The average weekly gross profit of chlor - alkali enterprises in Shandong was 349 yuan/ton, a 21.18% increase from the previous week [24]. 3.3 Caustic Soda Trend Outlook - Liquid Caustic Soda: In East China, major enterprises are expected to undergo maintenance this week, and non - aluminum stocking demand is increasing. The inventory pressure on enterprises is not significant, and the price of liquid caustic soda is expected to rise steadily. The price of liquid caustic soda in eastern Shandong may still increase [28]. - Flake Caustic Soda: The market in other domestic regions is mainly consolidating. In Inner Mongolia, the maintenance devices are gradually resuming production, and the new order quotes of manufacturers are expected to remain stable [9].