Production Side - As of the fourth week of July, the blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[19] - The rebar operating rate increased to 43.95%, up 2.38 percentage points from the previous period, exceeding last year's average[19] - The cement mill operating rate recorded 36.95%, a slight decrease compared to the previous period[19] - The asphalt inventory saw a significant decline, indicating an acceleration in physical work volume in the infrastructure sector[7] Demand Side - In July, the real estate market remained weak, with the transaction area of commercial housing in 30 cities down by 27.43% month-on-month and 11.26% year-on-year[7] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decrease of 21.88%[8] - The total box office revenue for movies was 84,200.00 million yuan, showing a month-on-month increase of 99.53% but a year-on-year decline of 14.85%[8] Trade and Prices - The CCFI (China Containerized Freight Index) rose to 1,305.40, with a month-on-month growth of 2.19%[9] - The SCFI (Shanghai Containerized Freight Index) decreased to 1,684.07, reflecting a month-on-month decline of 16.42%[9] - The CPI showed a mild increase in consumer prices, while industrial product prices fluctuated, with PPI pressures from weak energy prices[9]

Production Insights - As of the fourth week of July, the national blast furnace operating rate was 83.48%, stable compared to the previous period and above last year's average[11] - The rebar operating rate increased to 43.95%, up by 2.38 percentage points from the previous period, also above last year's average[11] - The cement mill operating rate recorded 36.95%, showing a slight decline compared to the previous period[3] Inventory and Capacity Utilization - As of the fourth week of July, rebar inventory decreased by 4.29% compared to the previous period, indicating a reduction in stock levels[27] - The capacity utilization rate for electric furnaces was 53.48%, up by 2.51 percentage points from the previous month, slightly above last year's average[46] - Cement clinker capacity utilization was 58.10%, down by 0.45 percentage points from the previous month, below last year's average[46] Demand Trends - In July, the sales area of commercial housing in 30 cities decreased by 27.43% month-on-month and 11.26% year-on-year[4] - The average daily sales of passenger cars were 53,006.50 units, reflecting a month-on-month decline of 21.88%[4] - The volume of postal express collection was 3.704 billion pieces, down by 5.29% month-on-month but up by 15.14% year-on-year[4] Price Movements - The average price of cement was 338.17 yuan/ton, down by 0.33% month-on-month, below last year's average[67] - The price of rebar increased by 4.14% month-on-month to 3,310.40 yuan/ton, still below last year's average[68] - The price of asphalt rose by 0.40% month-on-month to 3,823.00 yuan/ton, above last year's average[69]

Group 1: Company Expansion and Performance - Heytea has opened a new store in Cupertino, California, marking its entry into the headquarters of Apple and becoming the first new tea brand to do so [1] - The number of Heytea stores in the U.S. has grown from 2 to over 30 within a year, with total overseas stores exceeding 100, representing a growth of over 6 times [1][2] - In the U.S. market, Heytea's first LAB store in Times Square sold over 3,500 cups on its opening day, maintaining an average of over 2,000 cups daily [1] Group 2: Product Popularity and Digital Initiatives - Heytea's popular products include "Coconut Mango," which has sold nearly 2.5 million cups overseas, and other products like "Multi-Fruit Grape" and "Mango Delight," each exceeding 1 million cups in global sales [2] - In January 2025, Heytea plans to launch its self-operated delivery service in the U.S., becoming the first new tea brand in the market to offer a comprehensive delivery system [2] Group 3: Industry Challenges and Regulations - The Vietnamese coffee industry, which exports over 90% of its production, faces challenges due to the EU's new regulations aimed at preventing deforestation, with the EU being the largest market for Vietnamese coffee [4][5] - The EU's "Zero Deforestation Regulation" (EUDR) will require traceability of coffee products to specific plots of land, posing significant challenges for over 600,000 coffee farming households in Vietnam [4][5] Group 4: Financial Activities - Mixue Ice Cream and Tea has invested 300 million RMB in a structured deposit product with Shanghai Pudong Development Bank, with a guaranteed minimum return of 0.70% [6] - The company has previously invested in multiple structured deposit products with the bank, indicating a strategy to manage financial resources effectively [6] Group 5: Production Capacity and Market Demand - Hengxin Life reported a paper food container capacity utilization rate of 92.19% in the first half of 2024, reflecting increased demand due to the competitive food delivery market [7] - The company aims to utilize raised funds for capacity expansion, production line upgrades, and product development to achieve sustainable growth [7]

大全能源(688303)最新披露的投资者关系活动记录表谈及对"反内卷"的看法，公司表示，当前光伏行业 正处于深度调整与优化转型的关键阶段，国家部委、行业协会及产业企业围绕供给侧改革开展的系列工 作，是破解行业瓶颈，重塑发展逻辑的积极信号。 大全能源认为，在"反内卷"共识持续深化的背景下，针对整治无序竞争、推动落后产能有序退出等方向 的路径探索，既是光伏行业突破当前困境的必然选择，也为产业摆脱内卷、健康发展指明了方向，对行 业高质量发展具有深远意义。同时，作为光伏行业的重要参与者，公司将全力响应和配合政策引导与产 业协同。 针对公司多晶硅报价及成交价格情况，大全能源回应说，公司多晶硅产品报价及成交均严格遵循相关部 门的价格指导要求，在合规框架内开展经营活动。上周第三方机构发布的数据显示，多晶硅N型复投料 成交均价为4.71万元/吨，N型致密料成交均价为4.39万元/吨。 至于是否会提高开工率，大全能源表示，公司会结合多晶硅价格走势和市场供需变化，动态评估成本与 收益的平衡，制定最优生产方案。 另外，大全能源透露，新疆和内蒙古两地的电价和硅粉价格接近，且目前两地在产产能的工艺技术、设 备水平都已调试至最优状态，因 ...

Report Overview - The report is a daily report on the synthetic rubber industry dated August 4, 2025 [1] 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core View - Recently, the support from the cost and supply side has weakened. Both the synthetic rubber futures and the mainstream supply prices have shown a rapid rise and then a fall. Arbitrageurs have actively entered the market, but the downstream terminal procurement has been negative. The overall inventory of production enterprises has decreased, while the inventory of trading enterprises has slightly increased. There are short - term shutdown and maintenance expectations for the butadiene rubber plants of Qixiang Tengda and Maoming Petrochemical this week, and the Shandong Yihua butadiene rubber plant is expected to restart. The supply is expected to decrease slightly, but the inventory of production enterprises may still increase under the weak demand expectation. The overall capacity utilization rate of the tire industry is expected to be slightly adjusted, and the overall improvement space is limited. The short - term of the br2509 contract is expected to fluctuate in the range of 11,000 - 11,700 yuan/ton [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,395 yuan/ton, down 60 yuan; the position of the main contract is 31,806 lots, down 2,133 lots. The 9 - 10 spread of synthetic rubber is 5 yuan/ton, down 5 yuan. The total warehouse receipt quantity of butadiene rubber is 2,490 tons, up 200 tons [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,600 yuan/ton, down 100 yuan; that from Daqing Petrochemical in Shandong is 11,550 yuan/ton, down 50 yuan; that from Maoming Petrochemical in Guangdong is 11,550 yuan/ton, down 50 yuan; that from Daqing Petrochemical in Shanghai is 11,600 yuan/ton, unchanged. The basis of synthetic rubber is 205 yuan/ton, up 10 yuan. The price of Brent crude oil is 69.67 dollars/barrel, down 2.86 dollars; the price of WTI crude oil is 67.33 dollars/barrel, down 1.93 dollars. The price of Northeast Asian ethylene is 820 dollars/ton, down 7.12 dollars; the price of naphtha CFR Japan is 603.88 dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,080 dollars/ton, unchanged; the mainstream price of butadiene in the Shandong market is 9,200 yuan/ton, up 50 yuan [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 14.78 million tons/week, up 0.01 million tons; the capacity utilization rate is 69.97%, down 0.03 percentage points. The port inventory of butadiene is 10,400 tons, down 5,300 tons. The operating rate of Shandong local refinery atmospheric and vacuum distillation unit is 48.2%, up 0.04 percentage points. The monthly output of cis - butadiene rubber is 122,500 tons, down 16,900 tons; the weekly capacity utilization rate is 72.46%, up 4.83 percentage points. The weekly production profit of cis - butadiene rubber is - 375 yuan/ton, up 65 yuan. The social inventory of cis - butadiene rubber is 31,300 tons, down 1,000 tons; the manufacturer's inventory is 23,800 tons, down 1,050 tons; the trader's inventory is 7,520 tons, up 50 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 74.45%, down 1.42 percentage points; the operating rate of domestic all - steel tires is 61.08%, down 3.94 percentage points. The monthly output of all - steel tires is 12.62 million pieces, up 800,000 pieces; the monthly output of semi - steel tires is 55.23 million pieces, up 1.08 million pieces. The inventory days of all - steel tires in Shandong are 39.45 days, down 1.5 days; the inventory days of semi - steel tires in Shandong are 45.64 days, down 0.91 days [2] 3.5 Industry News - As of July 30, the inventory of high - cis butadiene rubber sample enterprises in China is 31,300 tons, a decrease of 1,000 tons from the previous period, a month - on - month decrease of 3.09%. As of July 31, the capacity utilization rate of semi - steel tire sample enterprises is 69.98%, a month - on - month decrease of 0.08 percentage points and a year - on - year decrease of 10.19 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 59.26%, a month - on - month decrease of 2.97 percentage points and a year - on - year decrease of 0.20 percentage points. In June 2025, China's butadiene rubber export volume was 29,748.90 tons, a month - on - month increase of 5.99%; from January to June 2025, the total export volume was 152,812.3 tons, an increase of 35,992.05 tons compared with the same period last year, a year - on - year increase of 30.81%. In June 2025, China's butadiene rubber import volume was 19,183.53 tons, a month - on - month decrease of 20.38%; from January to June 2025, the total import volume was 138,619.08 tons, an increase of 2,537.53 tons compared with the same period last year, a year - on - year increase of 1.86% [2]

黑色金属周报-钢材 价格调整 基差走强 研究所 白净 从业资格号：F03097282； 投资咨询从业证书号：Z0018999 2025.08.04 目录 第一部分 结论及平衡表 截至7月31日，五大品种钢材整体产量增0.45万吨，五大品种库存厂库环比增0.1吨，社库增 15.29吨。表观需852.03万吨，环比降16.1万吨。截至8月1日，长流程现货端，华东螺纹长流程现 金含税成本3077元，点对点利润253元左右，热卷长流程现金含税利润233元左右。电炉端，华东 （富宝口径）平电电炉成本在3360元左右，谷电成本在3232左右，华东螺纹平电利润-110元左右， 谷电利润18元。 废钢端，截止7月31日，张家港废钢价格2150元/吨，环比上涨10元/吨。数据显示，89家独立 电弧炉企业产能利用率30.6%，环比回升1.2个百分点；255家样本钢厂日耗54.8万吨，环比增2.98 万吨；其中，132家长流程钢厂日耗27.4万吨/天，环比回升1.08万吨；短流程日耗16.7吨，环比 增1.47万吨。供应方面，255家样本钢厂日均到货54.1万吨，环比增7.56万吨，增幅16.3%。库存 方面，255家钢企废钢库存 ...

Core Insights - The main contract price for soda ash (SA2509) fluctuated between 1158 and 1457 CNY/ton in July, closing at 1247 CNY/ton with a weekly increase of 5.59% [1] - Soda ash production reached 3.1639 million tons in July, a month-on-month increase of 30,800 tons, representing a growth rate of 0.98% [1] - The capacity utilization rate for soda ash companies was 81.95% in July, down by 1.91% from the previous month [1] - Total inventory of soda ash manufacturers at the end of July was 1.7958 million tons, an increase of 27,000 tons, or 1.53% month-on-month [1] Market Trends - In August, the domestic soda ash market is expected to stabilize initially before weakening, with new price transactions slowing down and a forecast of stable to declining prices [1] - Supply of soda ash is expected to increase post-maintenance, leading to ample availability, while downstream demand remains weak with a focus on essential needs, resulting in decreased high-price transactions and weakened purchasing intentions [1] - The sentiment in the market has shifted from a strong rebound in July to a return to fundamentals, with traders advised to monitor inventory changes and downstream demand [1]

Core Viewpoint - Nissan plans to reduce its production capacity in the Chinese market from approximately 1.5 million units to 1 million units, indicating a potential closure or transfer of more factories and a reduction of about one-third of its capacity [4]. Group 1: Nissan's Production Capacity and Financial Performance - Nissan's production capacity in China will be reduced, leading to the closure or transfer of more factories, which reflects a significant strategic shift in response to declining sales [4]. - The cumulative sales of Dongfeng Nissan from 2021 to 2024 show a downward trend, with sales figures of 1.0671 million, 917,300, 723,100, and 631,200 units, representing year-on-year declines of 11.04%, 14.04%, 21.53%, and 12.7% respectively [4]. - As of 2024, Dongfeng Nissan's production capacity utilization rate is only 42.65%, significantly below the industry standard of around 80% [5]. Group 2: Lantu Automotive's Expansion - Lantu Automotive plans to acquire a land parcel from its parent company Dongfeng Group for approximately 723 million yuan, which will be used for its Wuhan Yunfeng factory, previously utilized by Dongfeng Nissan [2]. - The Yunfeng factory has an annual production capacity of 150,000 units, expandable to 300,000 units, and has been producing Lantu's models since last year [2]. - Lantu's Golden Factory, also located in Wuhan, is set to be fully operational in 2024 with a designed annual capacity of 150,000 units, currently achieving a stable daily output of over 600 units [4][3]. Group 3: Market Dynamics and Strategic Adjustments - Nissan's global retail sales for the first quarter of the 2025 fiscal year were 707,000 units, a year-on-year decrease of 10.1%, with a net sales revenue of 2.7 trillion yen, down 9.7% [5]. - The company reported an operating loss of 79.1 billion yen and a net loss of 670.9 billion yen for the 2024 fiscal year, prompting a global capacity reduction plan of 20% by the 2026 fiscal year [5]. - Nissan's CEO announced plans to reduce the number of production bases from 17 to 10 and to lay off 20,000 employees as part of a broader transformation strategy [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Mid - to long - term: After continuous increases due to policy speculation, black - series commodities mainly showed a volatile correction this week. Market sentiment cooled, and the market logic gradually returned to fundamentals. For steel mills, the profitability rate continued to increase, daily hot metal output continued to decline, and overseas ore shipments rebounded. For glass, the start - up rate was flat with last week, and in - plant inventory continued to decline, but the fundamental changes were limited. For soda ash, production decreased month - on - month, but the oversupply situation continued, and the supply - demand fundamentals were poor, with recent fluctuations mainly following the chemical sector. Attention should be paid to the release and implementation of relevant policies [51][55]. - Short - term: The main contracts of black - series commodities had sharp price fluctuations recently, and it was recommended to operate with caution and light positions. The main contracts of glass and soda ash closed significantly lower this week, and short - term cautious observation was recommended [52][56]. 3. Summary by Relevant Catalogs 3.1 Black - Series Weekly Market Review | Variety | Futures Closing Price Change | Futures Price Change Rate | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | | Rebar (RB2510) | - 89 (from 3294 to 3205) | - 2.70% | 3370 | 165 | | Hot - Rolled Coil (HC2510) | - 66 (from 3456 to 3390) | - 1.91% | 3410 | 20 | | Iron Ore (I2509) | - 32 (from 811 to 779) | - 3.95% | 779 | 0 | | Coke (J2509) | - 134 (from 1735 to 1601) | - 7.72% | 1520 | - 81 | | Coking Coal (JM2509) | - 153 (from 1199 to 1046) | - 12.77% | 1250 | 205 | | Glass (FG509) | - 190 (from 1307 to 1117) | - 14.54% | 1320 | 203 | | Soda Ash (SA509) | - 161 (from 1408 to 1247) | - 11.43% | 1359 | 112 | [3] 3.2 Rebar - Profit: On July 31, the blast - furnace profit of rebar was 227 yuan/ton, a decrease of 29 yuan/ton compared to July 24 [7]. - Supply: As of August 1, the blast - furnace start - up rate was 83.46% (unchanged), the electric - furnace start - up rate was 62.82% (+0.64), daily hot metal output was 240.71 tons (- 1.52), and rebar production was 2.1106 million tons (- 0.9) [12]. - Demand: In the week of August 1, the apparent consumption of rebar was 2.0341 million tons, a month - on - month decrease of 131,700 tons; the trading volume of construction steel by mainstream traders was 78,119 tons [16]. - Inventory: In the week of August 1, the social inventory of rebar was 3.8414 million tons, a month - on - month increase of 111,700 tons; the in - plant inventory was 1.6215 million tons, a month - on - month decrease of 35,200 tons [20]. 3.3 Float Glass - Supply: As of August 1, the number of float - glass production lines in operation was 222 (unchanged from last week), weekly output was 1,115,225 tons (a month - on - month increase of 7050 tons). As of July 31, the capacity utilization rate was 79.78% (a month - on - month increase of 0.3 percentage points), and the start - up rate was 75% (unchanged from last week) [25]. - Inventory: On August 1, the in - plant inventory of float glass was 59.499 million weight boxes, a decrease of 2.397 million weight boxes compared to July 25; the available days of in - plant inventory were 25.5 days, a month - on - month decrease of 1.1 days [30]. - Demand: As of July 31, the order days of glass deep - processing downstream manufacturers were 9.55 days, an increase of 0.25 days compared to July 15 [34]. 3.4 Soda Ash - Supply: In the week of August 1, the capacity utilization rate of soda ash was 80.27%, a decrease of 2.75 percentage points compared to last week; production was 699,800 tons, a decrease of 24,000 tons compared to last week [39]. - Inventory: As of August 1, the in - plant inventory of soda ash was 1.7958 million tons, a decrease of 68,800 tons compared to July 25 [44]. - Production and Sales Rate: As of August 1, the production - sales rate of soda ash was 109.83%, an increase of 4.17 percentage points compared to July 25 [48].

Group 1 - The company, Anjuke Food (603345.SH), is one of the largest frozen food enterprises in China, with a designed production capacity of 1.1371 million tons for the year 2024 [2] - The current capacity utilization rate of the company is 97.15%, maintaining a stable utilization rate above 90% over the past three years [2] - The company actively adjusts its production capacity release pace based on macroeconomic changes and market demand [2]