Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Report's Core View - **Soda Ash**: Supply is expected to remain ample, demand will continue to decline, and prices will face downward pressure. It is recommended to short the soda ash main contract on rallies, paying attention to operational risks [2]. - **Glass**: The probability of a correction increases. Although the glass fundamentals have improved, the terminal demand has not improved. It is recommended to short the glass on rallies, paying attention to operational risks [2]. 3. Summary by Relevant Catalog Futures Market - **Prices**: Soda ash main - contract closing price is 1311 yuan/ton, down 7 yuan; glass main - contract closing price is 1191 yuan/ton, up 3 yuan. The soda ash - glass price difference is 120 yuan/ton, down 10 yuan [2]. - **Positions**: Soda ash main - contract open interest is 864,033 hands, up 20,432 hands; glass main - contract open interest is 959,127 hands, up 76,146 hands. Soda ash top 20 net position is - 330,368, up 19,330; glass top 20 net position is - 196,422, up 24,416 [2]. - **Warehouse Receipts**: Soda ash exchange warehouse receipts are 1,355 tons, up 400 tons; glass exchange warehouse receipts are 0 tons, unchanged [2]. - **Spread**: Soda ash September - January contract spread is - 89 yuan/ton, down 18 yuan; glass September - January contract spread is - 125 yuan/ton, down 48 yuan. Soda ash basis is - 18 yuan/ton, down 122 yuan; glass basis is 4 yuan/ton, up 23 yuan [2]. Spot Market - **Soda Ash**: North China heavy - soda ash is 1,300 yuan/ton, down 120 yuan; Central China heavy - soda ash is 1,375 yuan/ton, unchanged. East China light - soda ash is 1,325 yuan/ton, down 15 yuan; Central China light - soda ash is 1,275 yuan/ton, down 2.5 yuan [2]. - **Glass**: Shahe glass large plates are 1,192 yuan/ton, down 12 yuan; Central China glass large plates are 1,230 yuan/ton, unchanged [2]. Industry Situation - **Operating Rates**: Soda ash plant operating rate is 83.02%, down 1.08 percentage points; float glass enterprise operating rate is 75%, down 0.34 percentage points [2]. - **Capacities and Lines**: Glass in - production capacity is 15.89 million tons/year, up 0.11 million tons; glass in - production production lines are 223, unchanged [2]. - **Inventories**: Soda ash enterprise inventory is 1.7836 million tons, down 81,000 tons; glass enterprise inventory is 61.896 million weight boxes, down 3.043 million weight boxes [2]. Downstream Situation - **Real Estate**: Real estate new - construction area cumulative value is 303.6432 million square meters, up 71.8071 million square meters; real estate completion area cumulative value is 225.6661 million square meters, up 41.8147 million square meters [2]. Industry News - **Sino - US Trade**: China and the US will continue to promote the extension of the 24% part of the US reciprocal tariffs that have been suspended and China's counter - measures as scheduled. The two sides' economic and trade teams will maintain close communication [2]. - **Oil Price**: The new round of oil price adjustment is stranded, and the oil price remains unchanged this round [2]. - **Macroeconomy**: From January to June, the total operating income of state - owned enterprises was 40.75 trillion yuan, a year - on - year decrease of 0.2%. The National Development and Reform Commission will promote the rectification of involution - style competition and expand industrial chain and supply - chain cooperation [2]. - **Photovoltaic Industry**: Some self - media reports about the anti - involution in the photovoltaic industry are seriously inconsistent with the actual situation [2].

Group 1 - The meeting focused on "the coordinated development of local economic and trade parks in Shanghai Cooperation Organization (SCO) countries," aiming to address cross-border cooperation barriers and deepen industrial connections [1] - Representatives from 17 parks across 6 countries, along with 42 government institutions, business associations, enterprises, and higher education representatives participated in the event [1] - A keynote report was presented on the role of overseas economic and trade cooperation zones in promoting SCO member participation in Global Value Chains (GVC), highlighting challenges in local economic cooperation [1] Group 2 - The "Initiative for Coordinated Development of Industrial Parks" was released, emphasizing the need for building communication platforms and partnership networks to enhance resource integration and supply chain cooperation [2] - The SCO Industrial Chain Supply Chain Forum led to the establishment of the China-SCO Industrial Park Alliance, promoting practical cooperation in information sharing and industrial connections [2] - Over the past two years, the SCO demonstration area has facilitated over 600 cooperation demands across various sectors, enhancing the flow of people, goods, information, and capital [2] Group 3 - The SCO demonstration area aims to establish a coordination mechanism for the alliance, expanding communication and collaboration to address pain points in cooperation [3] - There is a focus on existing collaborations in key industries such as smart home appliances, machinery manufacturing, and green food, while exploring new industries like digital economy and new energy vehicles [3] - The alliance members are encouraged to strengthen exchanges on industrial policies, trade norms, and inspection and quarantine, aiming to align with high-standard economic and trade rules [3]

Core Insights - The 15th China-Northeast Asia Expo will be held from August 27 to 31 in Changchun, Jilin Province, focusing on enhancing regional economic and trade cooperation in Northeast Asia [1][2] - The expo aims to create new platforms for industrial chain cooperation, expand trade and investment, and promote cultural exchanges among Northeast Asian countries [2][5] Trade Cooperation - In 2024, trade volume between China and the five Northeast Asian countries is projected to reach $901.6 billion, a year-on-year increase of 1.6%, accounting for nearly 15% of China's total foreign trade [1] - China remains the largest trading partner for the five Northeast Asian countries, with South Korea and Japan being the second and third largest partners, respectively [1] Investment Cooperation - The bilateral investment between China and the five Northeast Asian countries is expected to exceed $7 billion in 2024, with investment areas expanding into digital economy, green development, advanced manufacturing, and modern services [1] Expo Highlights - The expo will feature 42 countries and regions, with over 8,000 merchants confirmed to participate and 2,796 exhibition booths established, completing 80% of the overall exhibition work [2] - The exhibition design emphasizes a "4+2" framework, including four main theme pavilions and two special experience zones [2] Event Design - The event will include a main activity and 14 thematic activities, focusing on regional cooperation, economic exchanges, and cultural interactions [3] Industry Focus - A new "Modern Industry Pavilion" will showcase the world's top 500 companies and highlight traditional industries' transformation through smart and green upgrades [4] - The expo will host the "Northeast Asia Industrial Park Dialogue" to discuss diverse park cooperation and establish a regional industrial park cooperation mechanism [4] Support for Enterprises - The China Council for the Promotion of International Trade (CCPIT) has supported over 22,000 enterprises to participate in international exhibitions, enhancing their integration into global industrial chains [5]

Core Viewpoint - The 15th China-Northeast Asia Expo will be held from August 27 to 31, 2025, in Changchun, Jilin Province, focusing on enhancing economic cooperation in the Northeast Asia region [1][2]. Group 1: Event Overview - The expo will emphasize internationality, timeliness, and multi-dimensional experiences, aiming to create new platforms for industrial cooperation and trade investment [1]. - This year marks the 20th anniversary of the China-Northeast Asia Expo, which has played a significant role in promoting friendly exchanges and practical cooperation among Northeast Asian countries [2]. Group 2: Participation and Activities - Over 8,000 business representatives from 42 countries and regions have confirmed their participation, with 2,796 exhibition booths already secured, completing 80% of the overall exhibition work [4]. - The event will feature a main activity matrix of "1+14," including a major opening ceremony and 14 thematic activities focused on regional cooperation and economic exchanges [4]. Group 3: Venue and Facilities - The expo will be held at the Changchun Northeast Asia International Expo Center, a modern facility equipped with advanced technology and a comprehensive transportation network [3]. Group 4: Future Cooperation Initiatives - The China Council for the Promotion of International Trade (CCPIT) has established bilateral business cooperation mechanisms with Northeast Asian countries to enhance practical cooperation [6]. - CCPIT aims to facilitate regular meetings and dialogues among businesses, focusing on emerging industries such as digital technology and green development [6][7].

Core Points - The Shandong-Central Asia Economic and Trade Cooperation Exchange Conference was held on July 19, with participation from approximately 70 representatives from Central Asian countries and over 230 representatives from Shandong [1][3] - Shandong's import and export trade with the five Central Asian countries is projected to reach 21.136 billion yuan in 2024, with new signed contracts for foreign engineering projects amounting to 905 million USD [3] - The conference aimed to deepen cooperation in key areas such as modern agriculture, equipment manufacturing, green minerals, and connectivity [3][10] Group 1 - The conference featured a special promotion session where the "Shanghai Cooperation Organization International Capital Port" financial service platform was introduced to support cross-border project financing [8] - Representatives from Shandong companies showcased cooperation opportunities in trade logistics and high-end manufacturing [8] - The energy development plan of Chimkent City in Kazakhstan was presented, including a new 500 MW gas power plant and renewable energy projects, inviting Chinese enterprises to invest [8] Group 2 - The conference is a significant initiative to implement the outcomes of the second China-Central Asia Summit and to enhance local economic cooperation under the Shanghai Cooperation Organization [10] - The successful hosting of the conference further facilitates the economic cooperation channels between Shandong and Central Asian countries, aiming to deepen collaboration in industrial and supply chain integration [10] - Shandong will continue to leverage the advantages of the Shanghai Cooperation Organization demonstration zone to promote substantial cooperation with Central Asian countries, contributing to the high-quality development of the Belt and Road Initiative [10]

Group 1 - The third China International Supply Chain Promotion Expo was held in Beijing from July 16 to 20, featuring 651 enterprises and institutions from 75 countries and regions, with 35% of exhibitors being international [1] - Notable participants included established companies like Apple and new entrants such as NVIDIA and Schneider, indicating a strong international presence [1] - The expo introduced an innovation zone to showcase the transformation of innovative achievements into industrial applications, along with a new product launch event highlighting numerous first-time showcases [1] Group 2 - The expo emphasized "chain logic," with many exhibitors bringing their upstream and downstream partners, resulting in over 1,200 actual participating entities [1] - The event focused on utilizing technology and specialized activities to help companies find partners, application scenarios, and solutions, promoting collaboration within the supply chain [1] - The high attendance reflects China's appeal in the supply chain sector and the global business community's desire for enhanced cooperation in industrial supply chains [2]

Core Insights - The third Chain Expo is being held in Beijing from July 16 to 20, attracting a significant number of foreign enterprises, with 35% of exhibitors being from overseas [1][3] Group 1: Opportunities for Foreign Enterprises - The Chain Expo provides a platform for foreign companies to create collaboration opportunities, as highlighted by executives from various firms [3][4] - Honeywell's executive emphasized the importance of showcasing innovative technologies and solutions in automation and digital transformation at the expo [3] - Rio Tinto and China Baowu Steel Group established a creative joint exhibition to demonstrate supply chain synergy [3] Group 2: Importance of Collaboration - Executives from multiple foreign companies noted that the Chain Expo plays a crucial role in deepening cooperation amid a complex global economic environment [4] - Siemens' CEO stated that the expo is becoming an important platform for the deep integration of various segments of the industrial chain [4] - Panasonic's executive highlighted the significance of collaborating with Chinese suppliers and innovative companies [3] Group 3: Technological and Sustainable Development - Siemens aims to leverage its global resources and digitalization to assist Chinese enterprises in enhancing their advanced manufacturing capabilities [5] - NVIDIA's CEO emphasized the theme of collaboration during the expo, reflecting China's support for innovation [5]

Core Viewpoint - The "Sha'anxi Province Automotive Industry Chain Supply and Demand Matching Conference" was held to facilitate practical and efficient communication and cooperation among upstream and downstream enterprises in the commercial vehicle and passenger vehicle (new energy) industry chains in Sha'anxi Province [1][6]. Group 1: Event Overview - The conference was co-hosted by the Sha'anxi Provincial Council for the Promotion of International Trade, the Provincial Department of Industry and Information Technology, and the Provincial Department of Commerce [5]. - Attendees included representatives from over 70 well-known companies in the automotive industry chain, as well as officials from various provincial and municipal trade promotion agencies [5]. Group 2: Industry Promotion - The Provincial Department of Industry and Information Technology promoted the rapid rise and vigorous development of the Sha'anxi automotive industry [5]. - Various economic development zones and trade promotion agencies in Sha'anxi introduced the automotive industry infrastructure, key cooperation areas, and projects [5]. Group 3: Collaboration and Future Actions - The conference aimed to promote mutually beneficial cooperation in the supply chain and contribute to the stability and smooth operation of the global supply chain [6]. - Sha'anxi Province plans to leverage this opportunity to continue supporting enterprises in developing new productive forces and enhancing supply chain collaboration for high-quality development in the automotive industry [6].

Core Insights - The Chain Expo is witnessing significant growth, with over 800 participants, including global Fortune 500 companies and newly established firms, indicating a diverse and expanding network [1] - High-level attendance has increased, with top executives participating, reflecting the event's importance in enhancing global supply chain cooperation, particularly with China [3] Group 1: Participation and Expectations - The event has attracted a mix of first-time and returning participants, all eager to explore partnerships and opportunities across various supply chains [1][15] - Notable attendees include executives from various sectors, highlighting the event's broad appeal and the potential for cross-industry collaboration [1][9] Group 2: Industry Perspectives - HP's CEO emphasized the company's extensive collaboration in China, having produced over 450 million products, showcasing the need for strong partnerships [5] - The UNCTAD's trade facilitation head expressed concerns over declining global logistics cooperation and hopes for improved collaboration with China [7] Group 3: Educational and Consulting Contributions - Educational institutions, such as the University of New South Wales, are contributing to the industry by training Chinese students who are now leaders in major photovoltaic companies, promoting Sino-Australian cooperation [13] - Consulting firms are also present, offering strategic advice rather than products, indicating a shift towards service-oriented contributions in the supply chain [11]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) is held in Beijing from July 16 to 20, with a new summer schedule and the introduction of "Nanjing Day" on July 17 to showcase Nanjing's strengths [1][2] - The "Nanjing Day" event aims to create a dialogue platform between Nanjing and global business communities, highlighting the city's advantages in key industrial supply chains and promoting international cooperation [1][2] - The event will feature over 100 attendees, including leaders from international business associations, Fortune 500 companies, and supply chain industry leaders, to foster partnerships and innovation in supply chains [1][2] Group 2 - The Chain Expo will promote Nanjing's investment environment, key industries, and projects, aiming to attract investment and talent through the event [2] - Five projects will be signed on-site during the event, covering fields such as artificial intelligence, biomedicine, digital trade, and precision manufacturing [2] - The expo includes six major supply chain categories and service exhibition areas, showcasing the latest achievements and experiences in global supply chain cooperation, with participation from 651 companies and institutions from 75 countries [2][3]