Group 1: Information on Futures Contracts - BU main contract price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU06 price on July 25 was 3421, with a daily change of 37 and a weekly change of 37 [4] - BU09 price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU12 price on July 25 was 3484, with a daily change of 25 and a weekly change of 34 [4] - BU03 price on July 25 was 3430, with a daily change of 38 and a weekly change of 21 [4] - Futures trading volume on July 25 was 322134, with a daily change of 63915 and a weekly change of 66996 [4] - Futures open interest on July 25 was 450652, with a daily change of -3106 and a weekly change of -23396 [4] - Warehouse receipts remained at 42950 from July 17 - 25, with no daily or weekly change [4] Group 2: Spot Market Prices - Shandong market low - end price on July 25 was 3590, with a daily change of -10 and a weekly change of 20 [4] - East China market low - end price remained at 3670 from July 21 - 25, with no daily or weekly change [4] - South China market low - end price remained at 3550 from July 23 - 25, with no daily change and a weekly change of -30 [4] - North China market low - end price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] - Northeast market low - end price remained at 3900 from July 17 - 25, with no daily or weekly change [4] - Jingbo (Haiyun) spot price on July 25 was 3700, with a daily change of 10 and no weekly change [4] - 54 Hai spot price on July 25 was 3700, with a daily change of 10 and a weekly change of -10 [4] - Mu Hai (Lu Bohai) spot price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] Group 3: Basis and Spread - Shandong basis on July 25 was -25, with a daily change of -23 and a weekly change of 33 [4] - East China basis on July 25 was 55, with a daily change of -13 and a weekly change of 13 [4] - South China basis on July 25 was -57, with a daily change of -13 and a weekly change of -17 [4] - 03 - 06 spread on July 25 was 9, with a daily change of 7 and a weekly change of -16 [4] - 06 - 09 spread on July 25 was -194, with a daily change of 24 and a weekly change of 50 [4] - 09 - 12 spread on July 25 was 131, with a daily change of -12 and a weekly change of -47 [4] - 12 - 03 spread on July 25 was 54, with a daily change of -13 and a weekly change of 13 [4] - Consecutive - one to consecutive - two spread on July 25 was 24, with a daily change of -4 and a weekly change of -32 [4] Group 4: Crack Spread and Profit - Asphalt Brent crack spread on July 25 was -27, with a daily change of -49 and a weekly change of 33 [4] - Asphalt Marrow profit on July 25 was -94, with a daily change of -44 and a weekly change of 30 [4] - Ordinary refinery comprehensive profit on July 25 was 438, with a daily change of -14 and a weekly change of 20 [4] - Marrow - type refinery comprehensive profit on July 25 was 45, with a daily change of -26 and a weekly change of 24 [4] - Import profit (South Korea - East China) on July 25 was -146, with a daily change of -4 and a weekly change of 8 [4] - Import profit (Singapore - South China) on July 25 was -997, with a daily change of -5 and a weekly change of -17 [4] Group 5: Related Prices - Brent crude oil price on July 25 was 69.2, with a daily change of 0.7 and a weekly change of -0.1 [4] - Shandong gasoline market price on July 25 was 7822, with a daily change of 27 and a weekly change of 17 [4] - Shandong diesel market price on July 25 was 6693, with a daily change of 48 and a weekly change of -3 [4] - Shandong residue oil market price remained at 3650 from July 23 - 25, with no daily change and a weekly change of -50 [4]

Project Overview - Two concurrent fundraising projects, Gate Launchpad (@ikadotxyz) and Plasma (@PlasmaFDN), are being analyzed for potential profit [1] - Gate Launchpad is oversubscribed with IKA tokens, while Plasma is oversubscribed with XPL tokens [1] Fundraising Details - Gate Launchpad anticipates a profit of 2 million to 4 million from 60 million oversubscribed funds, with a lock-up period until the 29th (estimated IKA +0.5x to 1x) [1] - Plasma anticipates a profit of 20 million from 200 million oversubscribed funds, with a lock-up period also until the 29th (estimated XPL +5x) [1] Profitability Comparison - Plasma (XPL) is expected to have a significantly larger profit margin compared to Gate (IKA) [1] - The market is expected to potentially equalize the profit margins between the two projects [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not explicitly stated in the given content. 3. Summary by Relevant Catalog Futures Contracts - The closing prices of BU主力合约, BU09 were 3602 on 7/24, with a daily change of 8 and a weekly change of -21; BU06 was 3384, with a daily change of -7 and a weekly change of -4; BU12 was 3459, with a daily change of -1 and a weekly change of 9; BU03 was 3392, with a daily change of -14 and a weekly change of -13 [4]. - The trading volume on 7/24 was 258,219, a daily decrease of 42,267 and a weekly increase of 107,200; the open interest was 453,758, a daily decrease of 5,653 and a weekly decrease of 14,650 [4]. - The futures inventory remained at 42,950 from 7/22 - 7/24, with no daily or weekly change [4]. Spot Market - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on 7/24 were 3600, 3670, 3550, 3710, and 3900 respectively. The daily changes were -20, 0, 0, -10, 0, and the weekly changes were 40, 0, -30, -40, 0 [4]. - The prices of Jingbo (Haiyun), るの, and Luohai (Xin Bohai) on 7/24 were 3690, 3690, and 3710 respectively, with daily changes of -20, -20, -10 and weekly changes of -20, -20, -40 [4]. Basis and Calendar Spreads - The basis of Shandong, East China, and South China on 7/24 were -2, 68, -52 respectively, with daily changes of -28, -8, -8 and weekly changes of 61, 21, -9 [4]. - The spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03 on 7/24 were 8, -218, 143, 67 respectively, with daily changes of -7, -15, 9, 13 and weekly changes of -9, 17, -30, 22 [4]. - The first - second nearby spread on 7/24 was 28, with a daily change of -8 and a weekly change of -25 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on 7/24 was 19, with a daily change of -11 [4]. - The asphalt Marrow profit on 7/24 was -52, with a daily change of -10 and a weekly change of 89 [4]. - The comprehensive profit of ordinary refineries on 7/24 was 450, with a daily change of 3 and a weekly change of 40; the comprehensive profit of Marrow - type refineries was 69, with a daily change of -3 and a weekly change of 60 [4]. - The import profit from South Korea to East China on 7/24 was -145, with a daily change of 4 and a weekly change of 6; the import profit from Singapore to South China was -dde (data may be incomplete), with a daily change of 5 and a weekly change of -19 [4]. Related Prices - The price of Brent crude oil on 7/24 was 68.5, with a daily change of -0.1 and a weekly change of -1.0 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on 7/24 were 7795, 6645, 3650 respectively, with daily changes of -4, -10, 0 and weekly changes of -15, -47, -50 [4].

Report Information - Report Title: Asphalt Morning Report [2][19] - Research Team: Research Center Energy and Chemicals Team [3][20] - Report Date: July 23, 2025 [3][20] Key Data Summary Futures Contracts - BU主力合约 price on July 22 was 3609, with a daily change of -48 and a weekly change of -37 [4][21] - Trading volume on July 22 was 345,260, with a daily increase of 135,231 and a weekly increase of 137,952 [4][21] - Open interest on July 22 was 460,563, with a daily decrease of 19,090 and a weekly decrease of 15,053 [4][21] Spot Prices - Shandong market low - end price on July 22 was 3620, with a daily change of -20 and a weekly change of 70 [4][21] - East China market low - end price on July 22 was 3670, with no daily change and no weekly change [4][21] - South China market low - end price on July 22 was 3550, with a daily change of -10 and a weekly change of -50 [4][21] - North China market low - end price on July 22 was 3730, with a daily change of -10 and a weekly change of -20 [4][21] - Northeast market low - end price on July 22 was 3900, with no daily change and a weekly change of 50 [4][21] Basis and Month - to - Month Spreads - Shandong basis on July 22 was 11, with a daily change of 28 and a weekly change of 107 [4][21] - East China basis on July 22 was 61, with a daily change of 48 and a weekly change of 37 [4][21] - South China basis on July 22 was -59, with a daily change of 38 and a weekly change of -13 [4][21] - 03 - 06 spread on July 22 was 5, with a daily change of -17 and a weekly change of -21 [4][21] - 06 - 09 spread on July 22 was -224, with a daily change of 27 and a weekly change of 40 [4][21] - 09 - 12 spread on July 22 was 156, with a daily change of -16 and a weekly change of -25 [4][21] - 12 - 03 spread on July 22 was 63, with a daily change of 6 and a weekly change of 6 [4][21] Crack Spreads and Profits - Asphalt Brent crack spread on July 22 was -6, with a daily change of -16 and a weekly change of 40 [4][21] - Asphalt Ma Rui profit on July 22 was -74, with a daily change of -14 and a weekly change of 35 [4][21] - Ordinary refinery comprehensive profit on July 22 was 415, with a daily change of -14 and a weekly change of -66 [4][21] - Import profit (South Korea - East China) on July 22 was -153, with no daily change and a weekly change of -4 [4][21] - Import profit (Singapore - South China) on July 22 was -1005, with a daily change of -9 and a weekly change of -49 [4][21] Related Prices - Brent crude price on July 22 was 69.2, with a daily change of -0.1 and a weekly change of 0.5 [4][21] - Shandong gasoline market price on July 22 was 7830, with a daily change of -8 and a weekly change of -14 [4][21] - Shandong diesel market price on July 22 was 6673, with a daily change of -15 and a weekly change of -76 [4][21] - Shandong residue market price on July 22 was 3650, with no daily change and no weekly change [4][21]

Report Overview - Report Title: "Asphalt Morning Report" [2] - Research Team: Research Center Energy and Chemicals Team - Report Date: July 23, 2025 [3] Core Data Summary Futures Contract Prices - BU主力合约 price on July 22 was 3609, down 48 from the previous day and 37 from the previous week [4] - Different contract prices (BU06, BU09, BU12, BU03) also showed various degrees of decline or change [4] Trading Volume and Open Interest - Trading volume on July 22 was 345,260, an increase of 135,231 from the previous day and 137,952 from the previous week [4] - Open interest on July 22 was 460,563, a decrease of 19,090 from the previous day and 15,053 from the previous week [4] Spot Market Prices - Shandong market low - end price on July 22 was 3620, down 20 from the previous day but up 70 from the previous week [4] - Different regional market low - end prices (East China, South China, North China, Northeast) had different trends [4] Basis and Spread - Shandong basis on July 22 was 11, an increase of 28 from the previous day and 107 from the previous week [4] - Different basis and spread values (03 - 06, 06 - 09, 09 - 12, 12 - 03) showed different changes [4] Crack Spread and Profit - Asphalt Brent crack spread on July 22 was - 6, down 16 from the previous day but up 40 from the previous week [4] - Different profit indicators (asphalt Marrow profit, ordinary refinery comprehensive profit, etc.) also had different changes [4] Related Prices - Brent crude oil price on July 22 was 69.2, down 0.1 from the previous day but up 0.5 from the previous week [4] - Gasoline, diesel, and residue oil prices in Shandong market also showed different trends [4]

Core Viewpoint - Hangzhou Bank reported a strong performance in the first half of 2025, with a revenue of 20.09 billion and a net profit of 11.66 billion, indicating a year-on-year growth of 3.9% and 16.7% respectively [2][3]. Group 1: Financial Performance - Revenue growth rate improved by 1.7 percentage points compared to Q1, while net profit growth remained stable at a high level [3]. - In Q2, the revenue and net profit growth rates were 5.6% and 16% respectively, showing a positive trend compared to Q1 [3]. - The annualized return on equity was 19%, reflecting a slight decrease of 0.48 percentage points year-on-year [2]. Group 2: Asset and Loan Growth - As of the end of Q2 2025, total assets, loans, and non-credit assets grew by 12.6%, 12%, and 13.2% year-on-year respectively, although there was a decline in growth rates compared to the previous quarter [4]. - The loan-to-asset ratio slightly increased to 45.2%, indicating a stable loan growth strategy [4][5]. - The bank's loan growth is expected to slightly exceed that of 2024, supported by its strong credit issuance capabilities [5]. Group 3: Deposit and Liability Management - Total liabilities and deposits grew by 11.8% and 16.2% year-on-year, but there was a slight decrease in deposit balances compared to Q1 [6]. - The loan-to-deposit ratio improved to 75.4%, reflecting effective management of funding costs [6]. - The bank is actively managing interest margin pressures by promoting early credit asset deployment and reducing deposit interest rates [6]. Group 4: Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.76%, consistent since Q1 2023 [7]. - The NPL balance was 7.67 billion, showing stability compared to the previous quarter [7]. - The provision coverage ratio was maintained above 520%, indicating a strong buffer against potential loan losses [7].

Report Overview - Report Title: Asphalt Morning Report [2] - Research Team: Research Center's Energy and Chemicals Team [3] - Report Date: July 18, 2025 [3] 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoint - No clear core viewpoint is presented in the provided content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约 price on July 17 was 3628, with a daily increase of 5 and an interval increase of 5 [4]. - BU06 price was 3384, down 4 daily and up 30 interval [4]. - BU09 price was 3628, up 5 daily and 5 interval [4]. - BU12 price was 3450, unchanged daily and up 10 interval [4]. - BU03 price was 3409, up 4 daily and 26 interval [4]. Trading Volume and Open Interest - Trading volume on July 17 was 255138, an increase of 104119 from the previous day and 31904 interval [4]. - Open interest was 474048, an increase of 5640 daily and 5027 interval [4]. Spot Market - Shandong market low - end price on July 17 was 3570, up 10 daily and down 30 interval [4]. - East China market low - end price was 3670, unchanged daily and interval [4]. - South China market low - end price was 3580, unchanged daily and down 20 interval [4]. - North China market low - end price was 3750, unchanged daily and interval [4]. - Northeast market low - end price was 3900, unchanged daily and up 50 interval [4]. Basis and Monthly Spread - Shandong basis was - 58, up 5 daily and down 35 interval [4]. - East China basis was 42, down 5 daily and 5 interval [4]. - South China basis was - 48, down 5 daily and 25 interval [4]. - 03 - 06 spread was 25, up 8 daily and down 4 interval [4]. - 06 - 09 spread was - 244, down 9 daily [4]. - 09 - 12 spread was 178, up 5 daily and down 5 interval [4]. - 12 - 03 spread was 41, down 4 daily and 16 interval [4]. Crack Spread and Profit - Asphalt Brent crack spread was - 21, up 17 daily and down 23 interval [4]. - Asphalt Ma Rui profit was - 87, up 15 daily and down 20 interval [4]. - Ordinary refinery comprehensive profit was 452, up 6 daily and down 44 interval [4]. - Import profit (South Korea - East China) was - 154, down 3 daily [4]. - Import profit (Singapore - South China) was - 980, down 3 daily and 17 interval [4]. Related Prices - Brent crude oil price on July 17 was 68.5, down 0.2 daily and 0.1 interval [4]. - Shandong gasoline market price was 7805, down 5 daily and 26 interval [4]. - Shandong diesel market price was 6696, up 4 daily and down 115 interval [4]. - Shandong residue oil market price was 3700, unchanged daily and up 85 interval [4].

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core Viewpoints - Urea: The recent decline in the futures market is due to weak domestic demand, with summer agricultural demand weakening and industrial demand affected by high temperatures. Although export quotas are being implemented, the second - batch quota has not circulated, so the domestic supply - demand imbalance persists, and the futures market may face pressure in the short term [6]. - Methanol: The inland market's maintenance has peaked, and production is expected to increase in late July. The port market faces dual pressures, with expected arrivals of 125 million tons in July and planned maintenance of coastal MTO, which will reduce ethylene demand. It is expected that the port will experience a slight inventory build - up in July, but the absolute inventory is low, with limited upside and downside, suggesting interval operations [9]. - Pure Benzene and Styrene: In July, the supply - demand outlook for pure benzene is improving, but high import expectations and high port inventories limit its upward momentum. Downstream price transmission is poor, restricting its rebound. It may fluctuate weakly in the short term. For styrene, high industry profits have led to high - level operations, but some downstream losses and high finished - product inventories have led to production cuts. Supply - demand is expected to weaken, and short - term basis may face pressure [11]. - PVC and Caustic Soda: The caustic soda spot market is generally stable, with some downstream demand support. There is an upward price expectation in the peak season. The PVC market has shown signs of a pull - back after a rise. The supply - demand pattern is in a off - season of increasing supply and decreasing demand, with weak procurement enthusiasm. It is recommended to wait and see [20]. - Crude Oil: Overnight oil prices fluctuated within a range. The macro - risk has eased, and the short - term supply concern has dissipated. Although China's refinery operating rate has reached a 10 - month high, it is overshadowed by macro - negatives. Short - term band strategies are recommended, and options can capture opportunities from increased volatility [24]. - Polyolefins (LLDPE and PP): Both PP and PE show a supply contraction, with compressed weighted profits and marginal profit repair. Static supply and demand are both decreasing, with inventory accumulation and weak apparent demand. In July, the supply pressure is not significant, and inventory reduction has improved. Unilateral strategies suggest interval operations, and LP250 can be taken as a profit - taking point for arbitrage [43]. - Polyester Industry Chain: For PX, the supply - demand is expected to remain tight, but the upward rebound is under pressure. For PTA, the supply - demand is expected to be weak, and the absolute price rebound is limited. For ethylene glycol, the supply - demand is turning to be loose, and the price is expected to fluctuate. For short - fiber, the supply - demand is weak, and the processing fee repair space is limited. For bottle - chips, the supply - demand has an improvement expectation, but the absolute price follows the cost [47]. 3. Summary by Relevant Catalogs Urea - **Futures Prices**: On July 15, the 01, 05, 09 contracts and the methanol main contract all declined compared to July 14, with the 09 contract having the largest decline of 1.87% [1]. - **Futures Contract Spreads**: The spreads between different contracts changed significantly. For example, the spread of 01 - 05 contract decreased by 128.57% [2]. - **Main Positions**: The number of long positions of the top 20 decreased by 3.47%, while the number of short positions increased by 4.39% [3]. - **Upstream Raw Materials**: The prices of upstream raw materials such as anthracite and steam coal remained unchanged [4]. - **Spot Market Prices**: Spot prices in most regions declined, with the largest decline of 3.72% in Northeast China [5]. - **Supply - Demand**: Daily production remained stable, while weekly production increased by 1.12%. Factory and port inventories changed, with factory inventory decreasing by 4.99% and port inventory increasing by 10.98% [5]. Methanol - **Prices and Spreads**: The MA2601 and MA2509 contract prices declined on July 15 compared to July 14. The inventory of methanol enterprises, ports, and society all increased [9]. - **Operating Rates**: The upstream domestic enterprise operating rate decreased by 4.11%, while some downstream operating rates changed, with the water - coal slurry operating rate increasing by 1.69% [9]. Pure Benzene and Styrene - **Prices and Spreads**: The prices of related products such as Brent crude oil and CFR Japan naphtha declined on July 15 compared to July 14. The pure benzene and styrene port inventories increased [11]. - **Operating Rates**: The operating rates of some links in the pure benzene and styrene industry chains changed slightly, with the Asian pure benzene operating rate decreasing by 0.1% [11]. PVC and Caustic Soda - **Spot and Futures Prices**: The prices of PVC and caustic soda products were mostly stable on July 15, with some minor declines in futures prices [15]. - **Overseas Quotes and Export Profits**: The FOB East China port price of caustic soda decreased by 3.8%, and the export profit decreased significantly. The export profit of PVC increased slightly [16][17]. - **Supply and Demand**: The caustic soda and PVC operating rates changed slightly, and the demand - side operating rates of downstream industries also changed [18][19][20]. Crude Oil - **Prices and Spreads**: On July 16, Brent crude oil declined by 0.72%, WTI increased by 0.54%, and SC decreased by 1.26%. The spreads between different contracts and varieties also changed [24]. - **Refining Spreads**: The refining spreads of various refined products changed, with the European diesel refining spread increasing by 4.89% [24]. Polyolefins (LLDPE and PP) - **Futures and Spot Prices**: The futures prices of L2601, L2509, PP2601, and PP2509 all declined on July 15 compared to July 14. Spot prices also decreased slightly [43]. - **Operating Rates and Inventories**: The operating rates of PE and PP production and downstream industries changed slightly, and inventories increased [43]. Polyester Industry Chain - **Upstream and Downstream Prices**: The prices of upstream products such as Brent crude oil and CFR Japan naphtha declined on July 15 compared to July 14. Downstream polyester product prices and cash flows also changed [47]. - **Supply - Demand and Operating Rates**: The operating rates of various links in the polyester industry chain changed, with the PTA operating rate increasing by 2.6% and the polyester bottle - chip operating rate decreasing by 4.7% [47].

Report Industry Investment Ratings No relevant content provided. Core Views - The crude oil market is affected by factors such as the weakening of the near - month spread, stubborn CPI in the US, and potential sanctions on Russia, with short - term volatility and a mid - term bearish outlook [1][2]. - The asphalt market has a neutral - to - high valuation, with short - term supply - demand weakness and expected high - level fluctuations in unilateral prices and a strengthening trend in crack spreads [3][5]. - The liquefied gas market has sufficient supply and weak demand, and the price is expected to run weakly [5][8]. - The natural gas market in the US is expected to see higher prices due to strong demand and increased LNG exports, while the European market is expected to be volatile due to stable supply and weak demand [8][9]. - The fuel oil market has different situations for high - sulfur and low - sulfur fuel oils, with a wait - and - see attitude for trading [10][12]. - The PX, PTA, ethylene glycol, short - fiber, PR, and other polyester - related markets are expected to fluctuate and be sorted out, with a wait - and - see attitude for trading [13][15][16]. - The styrene market is expected to show an oscillating trend due to factors such as supply and demand changes and inventory accumulation [23][25]. - The PVC market has a weak supply - demand situation, with a bearish view on prices in the medium and short term, while the caustic soda market has a reduced upward drive, and short - term long positions are recommended to take profits on rallies [26][28]. - The PP and PE markets have a large capacity release pressure in the third quarter, with a bearish view on prices in the medium and short term [29][31]. - The soda ash market is expected to show a relatively strong performance in price, with a wait - and - see attitude for trading [32][35]. - The glass market is affected by the adjustment of real - estate expectations, and attention should be paid to possible logical conversions [35][37]. - The methanol market is expected to oscillate weakly in the short term, with a wait - and - see attitude for trading and selling call options [37][40]. - The urea market is expected to be strong in the short term but weak in the short - term operation due to factors such as supply, demand, and export policies [40][42]. - The log market has a wait - and - see attitude for trading, and attention should be paid to the 9 - 11 reverse spread [43][46]. - The corrugated paper market is in a weak pattern, with a wait - and - see attitude for trading [46]. - The double - offset paper market is in a situation of weak supply and demand, with paper mills having a strong willingness to support prices [48][50]. - The pulp market has a wait - and - see attitude for trading, and attention should be paid to the pressure at the high point on Tuesday [51][53]. - The butadiene rubber market has a wait - and - see attitude for trading, and attention should be paid to the pressure at the high point last Thursday [54][56]. - The natural rubber and 20 - number rubber markets have a wait - and - see attitude for trading, and attention should be paid to the pressure at the high points, and the RU2509 - NR2509 spread can be considered for intervention [57][59]. Summary by Related Catalogs Crude Oil - **Market Review**: WTI2508 contract settled at $66.52, down $0.46/barrel, a month - on - month decrease of - 0.69%; Brent2509 contract settled at $68.71, down $0.50/barrel, a month - on - month decrease of - 0.72%. SC main contract 2509 fell 2.6 to 509.3 yuan/barrel, and at night it fell 3.7 to 505.6 yuan/barrel. The Brent main - to - next - month spread was $0.94/barrel [1]. - **Related News**: US June CPI rebounded to 2.7% year - on - year, core CPI rose 2.9% year - on - year. There are potential sanctions on Russia, and the US commercial crude oil inventory increased by 19.1 million barrels in the week ending July 11, 2025 [1][2]. - **Logical Analysis**: The near - month spread of crude oil weakened, the short - term supply - demand contradiction was slightly weakened. The US CPI in June was still stubborn, the expectation of interest rate cuts was weakened, and the uncertainty of the macro - economic outlook increased. Potential sanctions on Russia may increase market disturbances [2]. - **Trading Strategy**: Short - term volatility is weak, and pay attention to the support around $68.2 for Brent. Gasoline and diesel crack spreads are stable, and options are on hold [2][3]. Asphalt - **Market Review**: BU2509 closed at 3612 points at night (- 0.14%), BU2512 closed at 3433 points at night (- 0.17%). The spot price in Shandong on July 15 was 3550 - 4070 yuan/ton, and in the East China region it was 3670 - 3800 yuan/ton [3]. - **Related News**: The mainstream transaction prices in different regions were stable, with some price adjustments due to factors such as supply and demand and weather [3][4]. - **Logical Analysis**: Oil prices fell from a high level, the asphalt crack spread increased passively, the industrial chain profit was repaired, and the valuation was neutral - to - high. The supply and demand were weak in the short term, and both were expected to increase before the peak season at the end of the third quarter [5]. - **Trading Strategy**: High - level fluctuations, the asphalt - crude oil spread is strong, and options are on hold [5]. Liquefied Gas - **Market Review**: PG2508 closed at 4106 at night (- 1.3%), PG2509 closed at 4016 at night (- 1.06%). The spot prices in different regions varied [5]. - **Related News**: The market trends in different regions were different, with fluctuations and adjustments [5][6]. - **Logical Analysis**: The supply decreased last week, the international ship arrivals increased, the demand in the combustion and chemical fields was weak, and the inventories at ports and factories increased [8]. - **Trading Strategy**: The price is expected to run weakly [8]. Natural Gas - **Market Review**: TTF closed at 34.445 (- 2.85%), HH closed at 3.521 (+ 1.64%), JKM closed at 12.3 (- 2.88%) [8]. - **Logical Analysis**: In the US, the natural gas inventory increased last week, the production increased, the demand was strong, and the LNG export volume increased, so the price was expected to rise. In Europe, the supply was stable, the demand was weak, and the price fell [8][9]. - **Trading Strategy**: For HH, buy on dips; for TTF, it is expected to oscillate [9]. Fuel Oil - **Market Review**: FU09 contract closed at 22873 at night (+ 0.21%), LU09 closed at 3642 at night (- 0.14%). The Singapore paper - cargo market had different month - spreads [10]. - **Related News**: Malaysia will implement regulations on illegal ship - to - ship crude oil transfers, and the sales volume of marine fuel oil in Singapore in the first half of 2025 decreased slightly [11]. - **Logical Analysis**: The high arrival of domestic high - sulfur spot hit the domestic high - sulfur price. The high - sulfur feed demand was expected to increase, and the low - sulfur supply increased with no specific demand driver [12][13]. - **Trading Strategy**: Wait and see for unilateral trading, and pay attention to the digestion rhythm of near - term high - sulfur spot for arbitrage [13]. PX - **Market Review**: The PX2509 main contract closed at 6688 (- 90/- 1.33%) yesterday and 6712 (+ 24/+ 0.36%) at night. The spot price of PX decreased [13]. - **Related News**: The sales of polyester yarn in Jiangsu and Zhejiang were weak [14]. - **Logical Analysis**: The supply of PX was still tight, the downstream demand was lack of support in the off - season, and it was expected to oscillate following the cost side [14]. - **Trading Strategy**: Oscillate and sort out, wait and see for arbitrage and options [14]. PTA - **Market Review**: The TA509 main contract closed at 4696 (- 44/- 0.93%) yesterday and 4702 (+ 6/+ 0.13%) at night. The spot basis was stable [15]. - **Related News**: The sales of polyester yarn in Jiangsu and Zhejiang were weak [15]. - **Logical Analysis**: The supply of PTA was expected to increase, the downstream demand was weak, and the processing fee was compressed [15]. - **Trading Strategy**: Oscillate and sort out, wait and see for arbitrage and options [16]. Ethylene Glycol - **Market Review**: The EG2509 futures main contract closed at 4322 (- 35/- 0.80%) yesterday and 4301 (- 21/- 0.49%) at night. The spot basis was stable [16]. - **Related News**: The sales of polyester yarn in Jiangsu and Zhejiang were weak [17]. - **Logical Analysis**: The supply of ethylene glycol was expected to increase, and there was an expectation of inventory accumulation in August - September, which would put pressure on the price [17]. - **Trading Strategy**: Oscillate and sort out, wait and see for arbitrage and options [18]. Short - Fiber - **Market Review**: The PF2508 main contract closed at 6368 (- 68/- 1.06%) during the day and 6358 (- 10/- 0.16%) at night. The spot price in different regions was stable [18]. - **Related News**: The sales of polyester yarn in Jiangsu and Zhejiang were weak [18]. - **Logical Analysis**: The short - fiber price followed the decline of polyester raw materials, the processing difference continued to expand, and the production and sales were average [18][19]. - **Trading Strategy**: No specific strategy provided, wait and see attitude implied [19]. PR (Bottle Chips) - **Market Review**: The PR2509 main contract closed at 5870 (- 50/- 0.84%) yesterday and 5874 (+ 4/+ 0.07%) at night. The spot market trading atmosphere was average [19]. - **Related News**: The export quotation of polyester bottle - chip factories was slightly reduced [19]. - **Logical Analysis**: The raw material futures fell, the bottle - chip processing fee strengthened, and the production was reduced. It was expected to oscillate and sort out following the raw material end [19]. - **Trading Strategy**: Oscillate and sort out, wait and see for arbitrage and options [21]. Styrene - **Market Review**: The BZ2503 main contract closed at 6144 (- 45/- 0.73%) during the day and 6164 (+ 20/+ 0.33%) at night. The EB2508 main contract closed at 7340 (- 138/- 1.85%) during the day and 7332 (- 8/- 0.11%) at night. The spot price of pure benzene and styrene changed [23]. - **Related News**: The styrene inventory in the East China main port increased, and some styrene devices were shut down for maintenance [23][24]. - **Logical Analysis**: The pure benzene price was expected to oscillate and sort out, and the styrene price was expected to show an oscillating trend due to supply and demand changes and inventory accumulation [24][25]. - **Trading Strategy**: Oscillate and sort out, wait and see for arbitrage and options [25][26]. PVC and Caustic Soda - **Market Review**: The PVC spot market was slightly weak, and the caustic soda spot price in different regions was stable or slightly increased [26][27]. - **Related News**: The price of liquid chlorine in Shandong decreased [27]. - **Logical Analysis**: The PVC supply and demand were weak, the inventory increased, and there was a risk of new device production. The caustic soda price had a peak - season expectation, but the upward drive was reduced [27][28]. - **Trading Strategy**: For caustic soda, take profits on rallies for short - term long positions; for PVC, be bearish on the price in the medium and short term. Wait and see for arbitrage and options [29]. PP and PE - **Market Review**: The LLDPE market price was slightly weak, and the PP spot price in different regions decreased [29]. - **Related News**: The PP and PE maintenance ratios increased [29]. - **Logical Analysis**: There was a large capacity release pressure in the third quarter, the terminal demand was weak, and the price was bearish in the medium and short term [31]. - **Trading Strategy**: Be bearish on the price in the medium and short term, wait and see for arbitrage and options [32]. Soda Ash - **Market Review**: The soda ash futures main 09 contract closed at 1214 yuan/ton (- 27/- 2.2%), and at night it closed at 1211 yuan (- 15/- 1.22%). The spot price in different regions changed [32]. - **Related News**: The domestic soda ash factory inventory increased, and some devices had maintenance or production plans [33]. - **Logical Analysis**: The soda ash supply decreased, the demand was weak, the inventory increased, and the profit decreased. The market expected the real - estate sector to adjust [33][34]. - **Trading Strategy**: The price is expected to be relatively strong, wait and see for arbitrage and options [35]. Glass - **Market Review**: The glass futures main 09 contract closed at 1071 yuan/ton (- 31/- 2.81%), and at night it closed at 1069 yuan/ton (- 13/- 1.2%). The spot price in different regions was stable or slightly increased [35]. - **Related News**: The glass market price was stable with some increases, and the deep - processing order days decreased [35][37]. - **Logical Analysis**: The glass price was affected by the adjustment of real - estate expectations, the supply decreased last week, and attention should be paid to production and sales in the short term and cost and cold - repair in the medium term [37]. - **Trading Strategy**: Pay attention to possible logical conversions, wait and see for arbitrage and options [37]. Methanol - **Market Review**: The methanol futures closed at 2374 at night (- 18/- 0.75%). The spot price in different regions varied [37][38]. - **Related News**: The weekly signing volume of methanol production enterprises in the Northwest increased [39]. - **Logical Analysis**: The international methanol device start - up rate increased, the import recovered, the domestic supply was loose, and the price was expected to oscillate weakly in the short term [39][40]. - **Trading Strategy**: Oscillate weakly, wait and see for arbitrage, and sell call options [40]. Urea - **Market Review**: The urea futures fell to 1731 (- 33/- 1.87%). The spot price decreased slightly [40][41]. - **Related News**: The urea daily production increased, and the new Indian tender price was announced [41]. - **Logical Analysis**: The urea supply was large, the demand was weak, the inventory was high, and the price was expected to be strong in the short term but weak in the short - term operation [41][42]. - **Trading Strategy**: Oscillate weakly in the short term, wait and see for arbitrage, and sell call options on rallies [42][43]. Log - **Market Review**: The log spot market was stable with some price decreases. The 9 - month contract price rose slightly [43][44]. - **Related News**: The import volume of logs and sawn timber in June decreased, and the real - estate development data was not good [43]. - **Logical Analysis**: The downstream demand was weak, and the price support and trading volume needed to be considered. The scale difference supported the disk price [44][46]. - **Trading Strategy**: Wait and see for the near - month contract, pay attention to the 9 - 11 reverse spread, and wait and see for options [46]. Corrugated Paper - **Market Review**: The corrugated and box - board paper market was stable with some individual adjustments [46]. - **Related News**: The price of waste yellow - board paper increased, and the market trading atmosphere was average [46]. - **Logical Analysis**: The corrugated paper market was in a weak pattern, with sufficient supply and weak demand [46

Summary of Report Core Content Group 1: Futures Contract Information - The closing prices of BU main contract, BU06, BU09, BU12, and BU03 on July 9 were 3623, 3354, 3623, 3440, and 3383 respectively, with daily changes of 34, 62, 34, 51, and 78, and weekly changes of 61, 105, 61, 72, and 89 [4]. Group 2: Trading Volume and Open Interest - The trading volume on July 9 was 223,234, with a daily increase of 32,161 and a weekly decrease of 3,715. The open interest was 469,021, with a daily increase of 2,276 and a weekly decrease of 16,519 [4]. Group 3: Spot Market Prices - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on July 9 were 3600, 3670, 3600, 3750, and 3850 respectively. The daily changes were 20, 0, - 10, 0, and - 50, and the weekly changes were 40, 20, 0, 0, and - 50 [4]. Group 4: Basis and Calendar Spread - On July 9, the Shandong - East China, Shandong - Northeast, and East - South China basis were - 70, - 250, and 70 respectively, with daily changes of 20, 70, and 10, and weekly changes of 20, 90, and 20. The 03 - 06, 06 - 09, 09 - 12, and 12 - 03 calendar spreads were 29, - 269, 183, and 57 respectively, with daily changes of 16, 28, - 17, and - 27, and weekly changes of - 16, 44, - 11, and - 17 [4]. Group 5: Crack Spread and Profit - The asphalt Brent crack spread on July 9 was - 74, with a daily decrease of 9 and a weekly decrease of 20. The ordinary refinery's comprehensive profit was 432, with a daily decrease of 11 and a weekly decrease of 12. The import profit from South Korea to East China was - 152, with no daily change and a weekly increase of 13. The import profit from Singapore to South China was - 959, with a daily decrease of 8 and a weekly decrease of 6 [4]. Group 6: Related Prices - On July 9, the price of Brent crude oil was 70.2, with a daily increase of 0.6 and a weekly increase of 1.0. The gasoline price in Shandong market was 7831, with a daily increase of 29 and a weekly increase of 102. The diesel price in Shandong market was 6811, with a daily increase of 17 and a weekly increase of 16. The residual oil price in Shandong market was 3615, with a daily increase of 15 and a weekly decrease of 25 [4].