Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a significant improvement in operating cash flow, with a net cash flow from operating activities of 2.02 billion, an increase of over 1 billion compared to the same period last year [2] - The company is actively adjusting its strategy and product offerings to attract high-quality brands, resulting in a quarter-on-quarter revenue increase in Q2 2025 [3][4] - The company is focusing on high-end appliances and home decoration, with plans to establish a comprehensive design service network [6][7] Revenue Summary - In H1 2025, the company achieved revenue of 3.337 billion, a year-on-year decline of 21.01%, while Q2 revenue was 1.722 billion, down 18.53% year-on-year but up 6.57% quarter-on-quarter [2] - The company operates 76 self-operated malls with an average occupancy rate of 84.2% and 235 managed malls with an average occupancy rate of 81.3% [3] - The company has implemented a "trade-in" policy, resulting in 743,000 orders and sales of 7.31 billion, with central subsidies amounting to 1.17 billion, accounting for approximately 16% of sales [3] Profitability Summary - In Q2 2025, the gross margin was 63.79%, an increase of 2.96 percentage points year-on-year, while the net margin was -84.13%, a decline of 38.22 percentage points year-on-year [5] - The increase in gross margin is attributed to reduced costs in the construction and decoration services, while the decline in net margin is due to a drop in revenue and fixed costs [5] Future Outlook - The company plans to leverage its partnership with Jianfa Group to expand its market presence and integrate resources from real estate companies [4] - The company aims to establish 40 high-end appliance ecological benchmarks across the country and has already set up 50 automotive business locations covering 44 cities [6][7] - Revenue forecasts for 2025-2027 are adjusted to 7.053 billion, 8.044 billion, and 8.584 billion respectively, with expected EPS of -0.11, 0.04, and 0.10 [8]

Core Insights - The home appliance ETF (159996) has seen a net inflow of 26 million units, indicating strong capital interest in home appliance assets [1] - Huatai Securities projects that the "trade-in" policy will support domestic demand in the first half of 2025, with retail sales growth peaking at 53% during the May e-commerce festival, followed by a marginal decline due to fluctuations in national subsidies and high base effects [1] - Exports are expected to face pressure due to additional tariffs imposed by the U.S. starting February 2025, alongside weakened overseas replenishment demand after a high base in 2024, leading to a search for recovery within the sector [1] - Looking ahead to 2025, domestic subsidies are expected to continue, and stable tariff expectations may lead to valuation recovery in exports, making consumption a key investment theme for the year, with the home appliance ETF (159996) being a focal point [1]

Core Viewpoint - The company reported a significant decline in revenue and increased losses in the first half of 2025, indicating challenges in its core business and the broader industry environment [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 3.337 billion yuan, a year-on-year decrease of 21.01% [1] - The net profit attributable to shareholders was -1.9 billion yuan, with a year-on-year loss increase of 51.63% [1] - The adjusted net profit was -602 million yuan, reflecting a year-on-year loss increase of 3.05% [1] - In Q2 2025, the company reported operating revenue of 1.722 billion yuan, down 18.53% year-on-year [1] - The net profit attributable to shareholders for Q2 was -1.387 billion yuan, with a year-on-year loss increase of 57.29% [1] - The adjusted net profit for Q2 was -384 million yuan, showing a year-on-year loss decrease of 17.50% [1] Group 2: Business Operations - The company operates 76 self-managed malls, 235 managed malls, 7 strategic partnership malls, and 23 franchised home improvement projects, totaling 369 home improvement stores/industrial streets [2] - In H1 2025, self-operated and rental income was 2.451 billion yuan, a year-on-year decrease of 15.6%, accounting for 73.4% of total revenue [2] - Managed business revenue was 609 million yuan, down 26.4% year-on-year, primarily due to a reduction in the number of managed malls [2] - The construction and decoration services segment generated revenue of 104 million yuan, representing 3.1% of total revenue, impacted by industry contraction [2] Group 3: Strategic Developments - Since 2023, the partnership with Jianfa has led to significant synergies in home appliances, home decoration, and automotive sectors [3] - The appointment of Jianfa's chairman in March 2025 aims to deepen resource integration and strategic collaboration [3] - In H1 2025, the company reported 743,000 orders under the "old-for-new" policy, generating sales of 7.31 billion yuan, with central subsidies of 1.17 billion yuan, accounting for approximately 16% of total sales [3] - The company plans to develop a five-year strategic plan to clarify strategic direction and foster competitive advantages [3] Group 4: Profitability and Cash Flow - The company has seen improvements in gross margin and cash flow, although net profit margin remains under pressure due to non-operating factors [4]

Market Overview - In August 2025, the retail sales of passenger cars in China reached 1.952 million units, a year-on-year increase of 3% and a month-on-month increase of 7%. Cumulatively, retail sales for the year reached 14.698 million units, up 9% year-on-year [1][4] - Wholesale sales of passenger cars in August 2025 totaled 2.409 million units, a year-on-year increase of 12% and a month-on-month increase of 8%. Cumulative wholesale sales for the year reached 17.934 million units, also up 12% year-on-year [1][4] New Energy Vehicle Market - Retail sales of new energy vehicles in August 2025 reached 1.079 million units, a year-on-year increase of 5% and a month-on-month increase of 9%. The penetration rate of new energy vehicles in the retail market was 55.3%, with cumulative retail sales for the year at 7.535 million units, up 25% year-on-year [1][4] - Wholesale sales of new energy vehicles in August 2025 were 1.292 million units, a year-on-year increase of 23% and a month-on-month increase of 9%. The cumulative wholesale sales for the year reached 8.926 million units, up 33% year-on-year [1][4] Monthly Sales Trends - Daily average retail sales in the first week of August were 45,000 units, down 4% year-on-year but up 6% month-on-month. In the second week, daily average retail sales rose to 59,000 units, up 8% year-on-year and 10% month-on-month [3] - The third week saw daily average retail sales of 60,000 units, up 6% year-on-year but down 5% month-on-month. The fourth week recorded daily average retail sales of 95,000 units, up 2% year-on-year and up 15% month-on-month [4] Economic Context - China's economy grew by 5.3% in the first half of 2025, easing pressures on local economic growth. Recent promotional policies in various regions have stabilized the automotive market [4] - The implementation of the "old-for-new" subsidy policy has been revitalized, contributing to improved sales in August. However, the high sales base from the previous year has created pressure on growth rates [4] Industry Profitability - From January to July 2025, the automotive industry reported a profit margin of 4.6%, with total revenue reaching 5.919 trillion yuan, up 8% year-on-year. The cost of the industry was 5.205 trillion yuan, also up 8% year-on-year [7][8] - The profit for the automotive industry during this period was 273.7 billion yuan, a year-on-year increase of 0.9%, which is better than the overall decline of 2% in industrial enterprises [8] Global Market Position - In July 2025, China's share of the global automotive market reached 34%, with BYD and Geely entering the top 10 global automakers. The global automotive sales in July were 7.73 million units, a year-on-year increase of 7% [9][10] - From January to July 2025, China accounted for 68% of the global new energy vehicle market, with a significant increase in the share of domestic brands in the global market [10][12]

Core Viewpoint - The white goods industry is expected to achieve double growth in revenue and profit in the first half of 2025, driven by domestic "trade-in" policies and strong performance in emerging overseas markets [1][2]. Group 1: Industry Performance - The overall revenue and profit of the white goods industry have improved due to the synergy between domestic and overseas sales, leading to enhanced profitability [2]. - The first-tier brands like Midea and Haier have shown stable growth, while second-tier companies like Hisense and Meiling face pressure on profits due to intensified market competition and price wars among leading brands [3]. Group 2: Profitability Factors - The overall gross margin remains stable, with profit increases primarily attributed to a decrease in expense ratios, particularly in sales expenses. National subsidy policies have driven product structure upgrades, and companies have effectively reduced costs and increased efficiency [4]. Group 3: Overseas Market Trends - Emerging markets in South Asia and the Middle East have shown strong performance. However, the North American market has experienced slowed growth due to tariffs, with Midea preemptively shipping products in Q1 to mitigate tariff impacts, while Haier maintains a stable rhythm [5]. Group 4: Domestic Sales Outlook - The "trade-in" policy has limited overdraw effects, and a new round of capped national subsidies is expected to continue stimulating demand. Although growth may slow marginally in Q3 due to a high base, the medium to long-term outlook remains resilient, with optimistic expectations for H2 financial reports [6]. Group 5: External Sales Outlook - The anticipated interest rate cuts in the U.S. may boost real estate and home appliance demand, while growth momentum in emerging markets remains strong. Companies like Haier, with well-established overseas production capacities, are expected to experience good growth [7]. Group 6: Financial Performance of Overseas Listed Companies - Overall revenue growth has slowed, and profit margins are under pressure. However, some companies have managed to improve profitability through cost control and product structure optimization [8]. Group 7: Investment Recommendations - White goods companies are enhancing profitability and risk resistance through cost reduction, product structure optimization, and deepening localization. With ongoing domestic policy support and rising expectations for overseas interest rate cuts, the white goods sector still holds strong growth potential and investment value. Key recommendations include leading brands such as Haier Smart Home, Midea Group, Hisense Home Appliances, and Gree Electric [9].

Core Insights - In the first half of 2025, companies on the ChiNext board achieved a total revenue of 2.05 trillion yuan and a net profit exceeding 150 billion yuan, with year-on-year growth rates of over 9% and 11% respectively, leading the A-share market [1][2] Revenue and Profit Growth - ChiNext companies reported a total revenue of 2.05 trillion yuan, with an average revenue of 1.48 billion yuan, marking a year-on-year increase of 9.03% [2] - The total net profit reached 1505.42 billion yuan, with an average net profit of 1.09 billion yuan, reflecting a year-on-year growth of 11.18% [2] - Over 70% of ChiNext companies were profitable, with more than half reporting a year-on-year increase in net profit, an increase of 4.86 percentage points compared to the previous year [2] - In Q2 2025, ChiNext companies achieved a total revenue of 1.10 trillion yuan, with a quarter-on-quarter growth of 14.95% [2] Key Growth Areas - The ChiNext board actively engaged in economic development, focusing on advanced manufacturing, digital economy, and green low-carbon sectors, with over 800 listed companies in these areas [3] - Companies in these three key sectors generated a total revenue of 1.34 trillion yuan, with a year-on-year growth of 9.87% and a net profit of 1139.19 billion yuan, growing 15.90% year-on-year [3] - The green low-carbon sector showed strong performance, with over 190 companies achieving a total revenue of 507.35 billion yuan, a year-on-year increase of 10.85% [3] Digital Economy and Advanced Manufacturing - The digital economy sector, comprising over 300 companies, reported a total revenue of 3709.48 billion yuan, growing 8.66% year-on-year, and a net profit of 292.15 billion yuan, increasing 40.03% [4] - The advanced manufacturing sector, with 327 companies, achieved a total revenue of 4611.34 billion yuan, reflecting a year-on-year growth of 9.79% [4] Highlights of Performance - The top 100 companies on the ChiNext board generated a total revenue of 937.23 billion yuan, with a year-on-year growth of 14.59% and a net profit of 1024.54 billion yuan, growing 21.56% [6] - Overseas revenue for ChiNext companies increased significantly by 21.26%, with notable growth in the electronics and communication sectors [6] - The consumer electronics, automotive, and small home appliance sectors saw net profit growth of 16.80%, 9.57%, and 21.94% respectively, driven by supportive policies [7] Investment and R&D Trends - ChiNext companies increased their R&D expenditures to a total of 949.89 billion yuan, a year-on-year growth of 5.35% [7] - Long-term asset investments by ChiNext companies totaled 182.23 billion yuan, reflecting a year-on-year increase of 9.43%, indicating a strong recovery in investment expansion intentions [7]

Market Overview - The domestic massage and health product market has low penetration and concentration, with significant growth potential driven by increasing health demands and an aging population [2] - The "old-for-new" subsidy policy has supported a recovery in the domestic massage chair market in the first half of the year [2] Product Development - The company launched the flagship massage chair OG-9598 in April, featuring the world's first "5D" mechanism, which has seen continuous sales growth [3] - New products are being introduced to diversify the price range of massage chairs, including a collaboration with "LINE FRIENDS" for small massage appliances [3] Marketing Strategy - The company focuses on promoting flagship products through advertising in major urban areas and airports, and has engaged Chinese Olympic champions as product ambassadors [3] - Online sales are boosted by the "old-for-new" subsidy policy, while offline efforts target growth in key channels like Sam's Club and JD [3] Financial Insights - Sales from the U.S. accounted for less than 22% of total revenue, indicating a dominant non-U.S. business [4] - The company has a production capacity of 5.4 million units annually at its Vietnam factory, which is gradually being put into operation [4] Cost Management - High sales expenses are attributed to significant investments in brand recognition and market share across various regions [5] - The company aims to enhance profitability by optimizing product quality and cost through innovative design and material application [5] R&D Investment - R&D investment has consistently exceeded 4% of total revenue, focusing on advanced technologies in health and wellness [6] - The company is the only one in the industry with seven national-level innovation platforms, emphasizing its commitment to R&D [6] Technological Advancements - The company is advancing its AI and IoT capabilities to enhance product innovation, particularly in the massage chair sector [7] - A new massage chair prototype with innovative movement capabilities was introduced at the Canton Fair, showcasing the company's commitment to breaking traditional product boundaries [7]

Group 1 - Mona Lisa announced on September 2 that the downstream demand structure shows that the real estate-related (engineering channel) accounts for approximately 17% (including a small amount of government projects), which is a slight decrease compared to last year [2] - The distribution channel mainly consists of new home decoration and second-hand home renovation, with the second-hand home renovation including both stock home decoration and secondary decoration of finely decorated homes [2] - The distribution channel accounts for about 83%, primarily composed of new and old home decoration, with national policies such as "old-for-new" subsidies significantly promoting the demand for improved decoration [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Report Core Views Macro and Financial Futures - Domestic supportive policies are gradually taking effect. In September, policies to promote service consumption will be the focus, which will support the growth of total retail sales of consumer goods to some extent, but the actual effect remains to be seen. Policies in the real - estate sector are advancing, but their impact on the overall market may be limited. The profitability of industrial enterprises has not been fundamentally improved. Overseas, the US economy and employment have shown resilience, and key economic data next week should be closely monitored [2]. - The core issue of the RMB exchange rate is the timing and pace of appreciation. In the short - term, the RMB is likely to appreciate, and the market may reach a "triple - price integration" pattern around 7.10. In the medium - term, the RMB needs a clear downward trend of the US dollar index and substantial positive changes in the domestic economy to achieve a trend - strengthening [4][5]. - As the 9.3 parade approaches, the stock index is expected to have increased volatility. The stock market is expected to be volatile and bullish in the short - term, while the bond market may expand its rebound space if the stock market experiences a high - level adjustment after September 3 [7][8]. Commodities Metals - Gold and silver are expected to be bullish in the medium - to - long - term and strong in the short - term. The focus should be on US economic data this week, and the strategy is to buy on dips [12][15]. - Copper is expected to oscillate before the Fed's next interest - rate decision on September 19, with a mid - term strategy of low - level procurement [16][17]. - Aluminum is expected to be volatile and bullish in the short - term, with a price range of 20,500 - 21,000. Alumina is expected to be weakly volatile, and cast aluminum alloy is expected to be volatile and bullish [20][21]. - Zinc is expected to be strongly oscillating at the bottom in the short - term [23][24]. - Nickel and stainless steel prices rose under the influence of the Indonesian riot and strike. The short - term trend remains to be seen, depending on the development of the situation in Indonesia [24][25]. - Tin is expected to be slightly bullish in the short - term due to tight supply [26]. - The lithium carbonate market is in an adjustment phase. If downstream demand is released, prices may be supported; otherwise, it may remain weakly volatile [26][28]. - Industrial silicon and polysilicon are expected to rise in an oscillatory manner. The rise of polysilicon is mainly affected by macro - sentiment and the expectation of a possible storage platform in September [29]. - Lead is expected to oscillate within a narrow range, with limited upside and downside [30]. Black Metals - Steel products continue to accumulate inventory beyond the seasonal norm. If demand does not improve, the downward space of the steel futures market depends on the tolerance of steel mills for profit shrinkage. Short - sellers can consider reducing positions to take profits [32][33]. - Iron ore prices have released risks. After the short - term risk release, short - sellers are advised to take phased profits [34][35]. - Coking coal may maintain a high - level wide - range oscillatory pattern in the short - term. Coke may face a price cut cycle after the parade. Unilateral speculation on short - selling coking coal is not recommended for now [37]. - Silicon iron and silicon manganese are expected to oscillate at the bottom. It is advisable to go long on the spread between the two when the spread reaches - 400 [38][40]. Energy and Chemicals - Crude oil is currently oscillating weakly. In September, the demand decline is a definite negative factor, and the market needs to wait for key events to clarify the direction. The overall outlook is bearish [42][43]. - Propylene's spot market is strong, and the futures market is oscillating. The northern market is tighter than the southern market [44][45]. - PX - TA's market is mainly characterized by structural contradictions. The overall pattern is "tight at the top and loose at the bottom," and the processing fee of PTA01 is recommended to be compressed when it is above 350 [46][49]. - Ethylene glycol is expected to oscillate between 4330 - 4550, and it is advisable to go long on dips [53]. - PP's supply is increasing, and the demand situation is unclear. Its future trend depends on whether downstream demand can maintain high - speed growth [54][55]. - PE is in a pattern of decreasing supply and increasing demand, but the demand recovery is not strong enough to drive the price up significantly. It is expected to oscillate for now [56][57]. - PVC's price has returned to the industrial fundamentals. With high inventory and weak demand, it is advisable to short - allocate it [58][59]. - Pure benzene is expected to be weakly oscillating, and for benzene - styrene, short - selling on the short - term single - side is not recommended. Wait for the end of the decline and then consider low - buying [60][61]. - Fuel oil has a weak rebound driven by cost, but the downward pressure remains. Low - sulfur fuel oil follows cost fluctuations, and it is recommended to wait for long - allocation opportunities [63][64]. - Asphalt is expected to oscillate and strengthen, mainly following cost fluctuations. The short - term peak season has no super - expected performance [65][66]. - Urea is in a stalemate. It is advisable to pay attention to the 1 - 5 reverse spread [67]. Group 3: Summaries by Relevant Catalogs Macro and Financial Futures Market Information - China's September 3 parade will last about 70 minutes. The Shanghai Cooperation Organization's Tianjin Summit has achieved eight results. There are various tariff - related news, including Trump's remarks on India's tariffs and possible US housing policies. There are also speculations about Fed officials' appointments [1]. RMB Exchange Rate - The previous trading day, the on - shore RMB against the US dollar closed at 7.1332, down 2 basis points, and the night - session was at 7.1375. The central parity rate was 7.1072, down 42 basis points. The eurozone's manufacturing PMI in August showed expansion [3]. Stock Index - The stock index rose with reduced volume yesterday. The Shanghai and Shenzhen 300 Index closed up 0.60%. The trading volume of the two markets decreased by 483.37 billion yuan. The futures of stock index also rose with reduced volume. The 9.3 parade is approaching, and key economic data have been released [7]. Bond - Bond futures opened low and closed high on Monday. The yields of medium - and long - term bonds declined. The funding situation was loose, and DR001 dropped to 1.31%. Relevant policies and the end of the summer travel season have been reported [8]. Container Shipping - The futures prices of the container shipping index (European line) opened high and then oscillated. Spot prices of some shipping companies have changed. The Houthi armed forces' remarks have affected the market sentiment. The current market is in the off - season, and the SCFIS European line index has continued to decline [10][11]. Commodities Metals Gold and Silver - On Monday, the precious metals market continued to be strong. COMEX gold closed up 0.84% at 3545.8 dollars per ounce, and silver closed up 2.46% at 41.725 dollars per ounce. The Fed's interest - rate cut expectations and fund positions are stable. Key US economic data and events this week should be monitored [12][15]. Copper - The Shanghai copper index was slightly bullish on Monday. Chile's copper production in July increased slightly. The collapse of a copper mine in July and the reduction of production guidance in August have affected the market. The key factors affecting copper prices are complex, with both bullish and bearish factors in the short - to - medium - term [16][17]. Aluminum and Related Products - The prices of aluminum, alumina, and cast aluminum alloy have changed. The macro - environment is favorable for aluminum prices. The fundamentals of alumina are weak, and the supply of cast aluminum alloy may be affected by tax policies [19][22]. Zinc - The zinc price opened high and closed low. The supply is in an oversupply state, and the demand is stable. The LME inventory is decreasing, and the trading strategy of selling the outer market and buying the inner market can be considered [23][24]. Nickel and Stainless Steel - The price of nickel rose, and stainless steel fell slightly. The spot prices of nickel - related products have changed. The market was affected by the Indonesian riot and strike, and the supply uncertainty has increased [24][25]. Tin - The Shanghai tin index slightly declined on Monday. Yunnan Tin's equipment maintenance and the decrease in refined tin production in August have affected the market. The short - term price may rise slightly due to tight supply [26]. Lithium Carbonate - The futures price of lithium carbonate fell on Monday. The prices of lithium - related products in the spot market have declined. The supply has no new news, and the demand has marginal improvement expectations, but the increase in warehouse receipts may suppress the short - term price [26]. Industrial Silicon and Polysilicon - The prices of industrial silicon and polysilicon rose on Monday. The prices of related products in the spot market are stable. The rise of polysilicon is affected by macro - sentiment and the expectation of a storage platform [26][29]. Lead - The lead price oscillated narrowly. The supply side is weak, and the demand is in a "peak - season not prosperous" situation. The domestic inventory is oscillating, and the LME inventory is high [30]. Black Metals Steel - The prices of rebar and hot - rolled coil decreased. The production of Tangshan's blast furnaces has been affected by inspections, and most are expected to resume production on September 4. The steel market is in a state of over - seasonal inventory accumulation, and the demand has not shown significant seasonal strength [32][33]. Iron Ore - The price of iron ore fell and then rebounded. The global iron ore shipment volume in late August increased. The market is worried about the insufficient demand in the peak season, and short - sellers are advised to take phased profits [34][35]. Coking Coal and Coke - The prices of coking coal and coke declined. The prices of coking coal in some regions have decreased. The downstream's replenishment of raw materials has slowed down, and the supply of coking coal and coke is relatively loose. Coke may face a price cut cycle after the parade [36][37]. Silicon Iron and Silicon Manganese - The production and demand of silicon iron and silicon manganese have changed. The market was affected by the pre - parade steel mill restrictions and the decline of the "anti - involution" hype. The prices have fallen back, and the bottom support exists, but the upside is also under pressure [38][40]. Energy and Chemicals Crude Oil - The prices of US and Brent crude oil rose. There are news about the suspension of oil sales to an Indian refinery, the change in Shandong refineries' crude oil arrivals, and the expectation of OPEC+ to maintain production. The oil market is currently oscillating weakly, and the September demand decline is a negative factor [41][43]. Propylene - The futures prices of propylene rose slightly. The spot prices in different regions have changed. The supply and demand of propylene and its downstream products have changed. The spot market is tight, and the price is affected by multiple factors [44][45]. PTA - PX - The load of PX and PTA plants has changed. The supply of PX in September is expected to increase, and the PTA supply has decreased. The polyester demand has a marginal improvement, but the peak - season performance is not super - expected [46][48]. MEG - Bottle Chip - The inventory of ethylene glycol in East China ports decreased. The supply and demand of ethylene glycol and related products have changed. The market is currently in a state of limited drive, and the price is expected to oscillate [50][53]. PP - The futures price of polypropylene decreased. The supply has increased, and the demand has shown a recovery trend. The inventory has decreased. The market is affected by new device production and the uncertainty of demand [54][55]. PE - The futures price of polyethylene decreased. The supply has decreased slightly, and the demand has increased. The inventory has decreased. The current demand recovery is not strong enough to drive the price up significantly [56][57]. PVC - The production of PVC in August and September is estimated. The demand is weak, and the export has changed. The inventory is accumulating, and the price has returned to the industrial fundamentals [58][59]. Pure Benzene and Styrene - The prices of pure benzene and styrene futures decreased. The inventory of pure benzene and styrene in ports has increased. The supply and demand of both have changed, and the prices are expected to be volatile [60][61]. Fuel Oil - The price of fuel oil rebounded weakly. The supply and demand of fuel oil have changed. The export in August decreased, and the demand is mixed. The market is still under pressure [62][63]. Low - Sulfur Fuel Oil - The price of low - sulfur fuel oil is mainly following cost fluctuations. The supply and demand and inventory of low - sulfur fuel oil have changed. The valuation is low, and it is advisable to wait for long - allocation opportunities [64]. Asphalt - The price of asphalt rose. The supply and demand and inventory of asphalt have changed. The short - term peak season has no super - expected performance, and it mainly follows cost fluctuations [65][66]. Urea - The futures price of urea is in a stalemate. The spot price is stable, and the demand is weak. The inventory has increased. It is advisable to pay attention to the 1 - 5 reverse spread [67].