6月9日，外交部发言人林剑主持例行记者会。路透社记者提问，中美经贸磋商机制首次会议正在英国举 行，中方能否介绍更多情况，对磋商有何期待？"中方已经发布了中美经贸磋商机制首次会议有关消 息，关于磋商的具体情况请你保持关注。"林剑说。(智通财经) ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - The de - dollarization logic remains unchanged, suggesting going long on gold; for silver, considering the increase in London inventory and the change in industrial demand, it is recommended to go short on silver at high prices or go long on the gold - silver ratio [1]. - For base metals, copper is recommended to be bought at low prices; aluminum is expected to fluctuate, and it is advisable to wait and see; alumina is expected to fluctuate weakly, and it is advisable to wait and see; industrial silicon is expected to fluctuate between 7000 - 7600 yuan, and it is advisable to wait and see; lithium carbonate may be short - sold at high prices in the long - term; polysilicon can consider anti - arbitrage strategies and short - selling on rebounds [1][2][3]. - For the black industry, it is recommended to chase long on the rebar 2510 contract in the short - term; for iron ore, it is advisable to wait and see; for coking coal, it is advisable to wait and see and try to chase long on the coking coal 2509 contract in the short - term [4]. - In the agricultural product market, soybeans are expected to fluctuate; corn futures prices are expected to fluctuate strongly; sugar is recommended to be short - sold at high prices; cotton is advisable to wait and see; palm oil has no major contradictions currently; eggs and hogs are expected to fluctuate, and apples are advisable to wait and see [5][6][7]. - In the energy and chemical industry, LLDPE is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; PVC is advisable to wait and see and sell call options above 4850; PTA can be short - sold on processing fees at high prices; rubber is advisable to use an interval trading strategy; glass is recommended to sell call options above 1250; PP is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; MEG is expected to be strong in the short - term, but long positions should be carefully considered; crude oil should be short - sold at high prices; styrene is expected to fluctuate in the short - term and be short - sold at high prices in the long - term; soda ash is expected to fluctuate at the bottom, and call options can be sold; caustic soda is expected to fluctuate at the bottom [8][9][10]. 3. Summary by Related Catalogs 3.1 Pre - market Commodity Futures 3.1.1 Precious Metals - **Market Performance**: Spot gold fell by more than 1% last Friday, while spot silver continued its upward trend, rising by more than 1.4% before a slight decline [1]. - **News**: Chinese Vice - Premier He Lifeng will visit the UK from June 8th to 13th and hold the first meeting of the China - US economic and trade consultation mechanism; the People's Bank of China has increased its gold holdings for the 7th consecutive month, with a month - on - month increase of 60,000 ounces, and the increase rate continues to slow down; Japan's chief trade negotiator and Minister of Economic Revitalization Akera Masaru is going to the US for the fifth round of Japan - US tariff negotiations [1]. - **Economic Data**: In May, the US non - farm payrolls increased by 139,000, the lowest since February, although higher than market expectations, but the data for the previous two months was revised down by a total of 95,000; the unemployment rate was 4.2%, with an unexpected increase in wages but a shrinking labor force; US consumer credit in April doubled to $17.9 billion, with student loans soaring to a record high of $1.8 trillion; from January to March 2025, the global real estate investment increased by 34% year - on - year, and the real estate investment in Japan exceeded 2 trillion yen, reaching a quarterly record high, a 23% increase compared with the same period last year [1]. - **Inventory Data**: Domestic gold ETFs flowed in again the previous day. COMEX gold inventory was 1191 tons with little change, SHFE gold inventory was 17 tons with a slight increase, and London's gold inventory in May was 8598 tons; SHFE silver inventory was 1107 tons, an increase of 20 tons from the previous day, SGE silver inventory decreased by 49 tons to 1347 tons last week, COMEX silver inventory was 15413 tons, a decrease of 13 tons from the previous day, and London's inventory in May increased by more than 500 tons to 23367 tons; India's silver imports in March decreased to about 120 tons. In April, Switzerland's gold imports from the US increased significantly, and the US market continued to outflow [1]. - **Operation Suggestion**: The de - dollarization logic remains unchanged, so it is recommended to go long on gold; for silver, considering the increase in London inventory and the change in industrial demand, it is recommended to go short on silver at high prices or go long on the gold - silver ratio [1]. 3.1.2 Base Metals - **Copper** - **Market Performance**: On Friday, copper prices fluctuated strongly [2]. - **Fundamentals**: Copper prices are in a state of strong overseas and weak domestic. The weakening of the US dollar index supports copper prices, but domestic demand has slowed down, the spot premium has weakened, and the structure has weakened. London inventory has continued to decline, with the cancellation ratio exceeding 60%, and the back has reached over $70. In addition, the phone call between Chinese and US leaders has boosted market risk appetite [2]. - **Trading Strategy**: It is recommended to buy at low prices [2]. - **Aluminum** - **Market Performance**: On Friday, the closing price of the electrolytic aluminum 2507 contract increased by 0.30% compared with the previous trading day, closing at 20,070 yuan/ton, with a domestic 3 - month spread of 310 yuan/ton, and the LME price was $2450/ton [2]. - **Fundamentals**: In terms of supply, electrolytic aluminum plants maintain high - load production, and the operating capacity has increased slightly. In terms of demand, the operating rate of aluminum products has decreased slightly [2]. - **Trading Strategy**: The price of alumina is falling, and profits are shifting to the electrolytic aluminum end. Supply may maintain high - load production, while downstream consumption is in the off - season, and the operating rate of some sectors continues to decline. However, low inventory provides support at the bottom, and prices are expected to fluctuate. It is advisable to wait and see [2][3]. - **Alumina** - **Market Performance**: On Friday, the closing price of the alumina 2509 contract decreased by 1.43% compared with the previous trading day, closing at 2901 yuan/ton, with a domestic 0 - 3 month spread of 335 yuan/ton [3]. - **Fundamentals**: In terms of supply, the复产 and new production capacities are continuously being released, and the operating capacity has increased. In terms of demand, electrolytic aluminum plants maintain high - load production, and the operating capacity is stable [3]. - **Trading Strategy**: The release of alumina's复产 and new production capacities and the accumulation of social inventory have increased supply pressure. Short - sellers are taking the opportunity to push down prices. In the short term, the game between buyers and sellers has intensified. Under the expectation of overall supply - demand surplus, prices may fluctuate weakly, and technical rebounds should be guarded against during the process. It is advisable to wait and see [3]. - **Industrial Silicon** - **Market Performance**: On Friday, the main 07 contract opened higher and then fluctuated, closing at 7290 yuan/ton, an increase of 155 yuan/ton compared with the previous trading day. The position decreased by 22,773 lots to 161,192 lots. Today, the warehouse receipt decreased by 746 lots to 60,573 lots [3]. - **Fundamentals**: Last week, the spot price continued to decline, with a narrowing decline. There was no obvious contraction in the supply end, and the number of open furnaces changed little this week. The market is pessimistic about the continuous decline of inventory. On the demand side, the output of polysilicon in June may increase slightly compared with May. Pay attention to the resumption of production and operation of enterprises after the holiday. The output of silicone has increased slightly, and the prices in the industrial chain have stopped falling. The operating rate of aluminum alloys is relatively stable [3]. - **Operation Suggestion**: In the short term, domestic macro - sentiment fluctuates greatly. When the valuation is low, it is easily disturbed by market sentiment. It is expected that the futures price will fluctuate between 7000 - 7600 yuan. It is advisable to wait and see [3]. - **Lithium Carbonate** - **Market Performance**: On Friday, the main 2507 contract closed at 60,440 yuan/ton, an increase of 0.6% compared with the previous trading day [3]. - **Fundamentals**: On the supply side, the output in June is high, and the expectation of production reduction is weak. SMM expects the output of lithium carbonate in June to be 78,875 physical tons, a month - on - month increase of 8.87%. The index of imported spodumene concentrate fell further to $626/ton yesterday, and the profit of producing lithium carbonate from purchased spodumene has been greatly repaired, with a weak expectation of production reduction. The output this week was 17,471 tons, a month - on - month increase of 5.37%. On the demand side, the overall demand is weak, and the long - term expectation is pessimistic. The consumption of new energy vehicles is lower than expected. According to the data of the Passenger Car Association, the wholesale sales of new energy vehicles in May were 1.24 million, a year - on - year increase of 38% and a month - on - month increase of 9%, while the wholesale sales in April were 1.14 million, a year - on - year increase of 42%. The consumption has recovered month - on - month, but the growth rate is still slow. The consumption electronics market is pessimistic due to the exhaustion of national subsidies in various regions. The demand for energy storage has been released in advance due to the "new - old cut - off" in Document No. 136, and the demand expectation in the second half of the year has weakened significantly. Social inventory is high and showing an upward trend, reaching 132,432 tons (+861 tons), and the warehouse receipt on Friday decreased slightly to 33,309 lots (-12 lots) [3]. - **Trading Strategy**: In the short term, the strong expectation of demand supports prices to fluctuate. The significant repair of lithium salt production profits and the weak reality of rapid production increase make it highly likely that there will still be a surplus in June. Attention should be paid to the fulfillment of demand; in the long term, the key to reversing the surplus pattern of lithium salts still lies in the supply side. In the short term, affected by capital and the macro - environment, prices may deviate from fundamentals and show a slight rebound. Short - term profit - taking can be considered, and then short - sell distant - month contracts at high prices [3]. - **Polysilicon** - **Market Performance**: On Friday, the main 07 contract opened higher and then fluctuated downward, closing at 34,740 yuan/ton, an increase of 200 yuan/ton compared with the previous trading day. The position decreased by 623 lots to 65,179 lots. The 06 contract has entered the delivery month, and liquidity has weakened. Currently, the contracts still maintain a contango structure. The warehouse receipt has increased to 2460 lots (7380 tons) [3]. - **Fundamentals**: Last week, the spot price remained stable. On the supply side, the output in the first week of June decreased slightly, and there is an expectation of production resumption in June, so the output may increase slightly. The industry still has nearly 270,000 tons of inventory. On the demand side, the silicon wafer production schedule data has recovered, but the overall procurement of polysilicon is limited. A photovoltaic industry conference will be held in Shanghai next week. Pay attention to the communication at the conference [3]. - **Operation Suggestion**: This week, the warehouse receipt has been increasing continuously, and the logic of warehouse receipt game has weakened. If the warehouse receipt registration exceeds expectations, an anti - arbitrage strategy between 07 and distant - month contracts can be considered. For a single - side position, if there is no further production reduction news, a short - sell on the rebound of the 07 contract can be considered [3]. 3.2 Black Industry - **Rebar** - **Market Performance**: The main rebar 2510 contract fluctuated weakly, closing at 2965 yuan/ton, a decrease of 27 yuan/ton compared with the previous trading day's closing price [4]. - **Fundamentals**: The supply and demand of steel may deteriorate seasonally. The supply and demand of building materials are both weak, but benefiting from low production, the inventory pressure is small; the demand for plates has deteriorated slightly. In the environment of the withdrawal of national subsidies, domestic demand may further weaken, but direct exports remain high. Overall, the supply and demand of steel are relatively balanced, and the contradiction is not significant. Steel futures have been at a discount for two consecutive weeks, and the margin has widened. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment. It is expected that steel futures prices will fluctuate strongly this week [4]. - **Trading Strategy**: It is recommended to chase long on the rebar 2510 contract in the short - term. The reference range for RB10 is 2950 - 3000 [4]. - **Iron Ore** - **Market Performance**: The main iron ore 2509 contract fluctuated weakly, closing at $704/ton, a decrease of $4.5/ton compared with the previous trading day's night - session closing price [4]. - **Fundamentals**: The supply and demand of iron ore remain moderately strong. According to the data of the Steel Union, the pig iron output has decreased slightly month - on - month but still maintains a certain year - on - year increase. After the third round of price cuts, the profit margin of steel mills has expanded, and subsequent production will be mainly stable; the supply is in line with seasonal rules, with a slight year - on - year decrease. The supply and demand of iron ore are moderately strong in the short - term, but the medium - term surplus pattern remains unchanged. Iron ore maintains a forward discount structure, but the absolute level remains at a relatively low level in the same period of history, with a neutral valuation. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment. It is expected that iron ore futures prices will fluctuate strongly this week [4]. - **Trading Strategy**: It is advisable to wait and see. The reference range for I09 is 700 - 720 [4]. - **Coking Coal** - **Market Performance**: The main coking coal 2509 contract fluctuated weakly, closing at 778 yuan/ton, a decrease of 11.5 yuan/ton compared with the previous trading day's night - session closing price [4]. - **Fundamentals**: Pig iron output decreased slightly by 0.1 million tons to 2.418 million tons month - on - month, with a year - on - year increase of 61,000 tons. The profit margin of steel mills has narrowed, and subsequent production will be mainly stable. The second round of price cuts has been implemented, and the third round of price cuts has been proposed. In terms of supply, the inventory at each link is differentiated. The coking coal inventory and inventory days of steel mills and coking plants remain at a relatively low level in the same period of history, while the inventory at the mine mouth, ports and other links continues to remain at a historical high. At the same time, production has decreased month - on - month, and overall supply and demand are still relatively loose, but the fundamentals are gradually improving. Futures are basically at par with the spot, and the forward curve is gradually flattening. The news of the upcoming China - US economic and trade consultation is expected to slightly improve market sentiment [4]. - **Trading Strategy**: It is advisable to wait and see and try to chase long on the coking coal 2509 contract in the short - term. The reference range for JM09 is 770 - 810 [4]. 3.3 Agricultural Product Market - **Soybean Meal** - **Market Performance**: Last Friday, CBOT soybeans continued to rise, digesting the optimistic expectation of China - US trade [5]. - **Fundamentals**: On the supply side, the supply in South America is loose in the short - term, while the sowing of new US soybeans is in the later stage. On the demand side, South America dominates in the short - term, and the high - frequency demand for US soybeans is seasonally weak [5]. - **Trading Strategy**: US soybeans are expected to fluctuate; in China, there will be more soybean arrivals in the later stage, with a weak basis, and the single - side price will follow the international market. Attention should be paid to later trade policies and US soybean production [5]. - **Corn** - **Market Performance**: The corn 2507 contract rose

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外交部发言人宣布： 何立峰将访问英国并举行中美经贸磋商机制首次会议 应英国政府邀请，中共中央政治局委员、国务院副总理何立峰将于6月8日至13日访问英国。其间，将与 美方举行中美经贸磋商机制首次会议。 来源：外交部网站 责编： 刘珺宇 校对： 王蔚 百万用户都在看 突发！俄罗斯，发动大规模袭击 大转向！外资，爆买！ 50%关税！刚刚，特朗普宣布！ 全面暂停！特朗普，签了！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

Group 1 - The recent China-US economic talks in Switzerland have yielded substantial progress, with both sides reaching important consensus [3][6][21] - China emphasized the mutual benefits of the economic relationship and insisted on the removal of all unilateral tariffs imposed by the US, which disrupt global supply chains [8][10] - The establishment of a trade negotiation mechanism is expected to positively impact the global economy by stabilizing supply chains and reducing trade uncertainties [12][14] Group 2 - The visit of Brazilian President Lula to China marks his sixth visit, aiming to enhance bilateral relations and cooperation in multiple fields [31][35] - Lula's visit coincides with the fourth ministerial meeting of the China-Latin America Forum, indicating a significant step in strengthening China-Brazil ties [33][37] - The proposed construction of the "Two Oceans Railway" will connect the Pacific and Atlantic Oceans, significantly improving trade efficiency and security for China and Brazil [39][41]

Core Viewpoint - The ongoing economic and trade discussions between China and the U.S. since the Geneva talks have maintained communication on mutual concerns in the economic and trade sectors, highlighting China's willingness to negotiate on non-principled issues while firmly opposing unilateral tariffs and threats from the U.S. [1] Group 1 - China demonstrates "sincerity" in negotiations by respecting U.S. concerns on non-principled issues and seeking win-win outcomes through flexible technical discussions [1] - The term "principle" encompasses two main aspects: China's readiness to implement countermeasures against U.S. unilateral tariffs and its strong opposition to U.S. coercive tactics during negotiations [1]

热点资讯 - China urges the US to correct its wrong practices in the semiconductor field and cancel unilateral tariff increases [3] - China's stance on the tariff issue is that tariff wars and trade wars have no winners, and protectionism harms the interests of all parties [3] - By 2027, China aims to improve the trading systems of carbon emission rights and water use rights and expand the scope of the national carbon emission trading market [3] - Trump criticized Powell for failing to lower borrowing costs, while Powell insisted that decisions would not be based on the president's requests [3] - A US federal appellate court suspended a lower - court ruling on Trump's tariffs on international trade partners, delaying the decision until at least June 9 [4] 板块表现 - Key sectors to focus on: fuel, caustic soda, glass, rapeseed meal, and Shanghai nickel [5] - Night - session performance of sectors: non - metallic building materials rose 2.89%, precious metals 29.36%, oilseeds 12.26%, soft commodities 2.43%, non - ferrous metals 19.18%, coal, coke, and steel ore 13.67%, energy 2.50%, chemicals 13.35%, grains 1.61%, and agricultural and sideline products 2.74% [5] 大类资产表现 Equity - Shanghai Composite Index rose 0.70% daily, 2.57% monthly, and 0.35% annually; SSE 50 rose 0.29% daily, 2.19% monthly, and 0.23% annually [7] - CSI 300 rose 0.59% daily, 2.34% monthly, and - 1.94% annually; CSI 500 rose 1.47% daily, 1.56% monthly, and - 0.10% annually [7] - S&P 500 rose 0.40% daily, 6.16% monthly, and 0.52% annually; Hang Seng Index rose 1.35% daily, 6.57% monthly, and 17.51% annually [7] - German DAX had no daily change, rose 6.85% monthly, and 20.74% annually; Nikkei 225 rose 1.88% daily, 6.62% monthly, and - 3.66% annually [7] - UK FTSE 100 fell 0.11% daily, rose 2.61% monthly, and 6.65% annually [7] Fixed - income - 10 - year Treasury bond futures fell 0.26% daily, 0.48% monthly, and 0.41% annually; 5 - year Treasury bond futures fell 0.15% daily, 0.22% monthly, and 0.63% annually [7] - 2 - year Treasury bond futures fell 0.06% daily, 0.02% monthly, and 0.61% annually [7] Commodity - CRB Commodity Index fell 0.85% daily, rose 0.69% monthly, and - 2.01% annually; WTI crude oil fell 1.57% daily, rose 4.61% monthly, and - 15.36% annually [7] - London spot gold rose 0.96% daily, 0.90% monthly, and 26.43% annually; LME copper rose 0.02% daily, 4.84% monthly, and 8.94% annually [7] - Wind Commodity Index fell 0.92% daily, 2.36% monthly, and rose 13.51% annually [7] Other - US Dollar Index fell 0.54% daily, 0.28% monthly, and 8.41% annually; CBOE Volatility Index had no daily change, fell 21.82% monthly, and rose 11.30% annually [7]

5月29日，商务部新闻发言人何咏前就"近期中美双方经贸团队是否又进行了磋商"的相关问题回应表示， 中美日内瓦经贸会谈以来，双方利用多双边场合，在多个层级就经贸领域各自关切保持沟通。近期中方围 绕美方在半导体领域滥用出口管制措施等做法，多次与美方进行交涉。中方再次敦促美方立即纠正错误做 法，停止对华歧视性限制措施，共同维护日内瓦高层会谈共识。 来源：商务部 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 两大板块，涨停潮！ 丨 关税突发！A股高开，A50狂拉！ 丨 突发！特朗普全球关税被裁定越 权！美股期指拉升 丨 深夜，暴涨超200%！ 丨 官方通报！"英之园"已被拆除！违建豪宅估价过亿 丨 退市！又一A股公司摘牌，涉近3万股东 丨 比亚迪，突然刷屏！发生了什么？ 丨 沙特等4国，免 签！ 丨 涨停潮！热门赛道大爆发！ 丨 昨夜，大涨！道指猛拉超700点 丨 停牌！两家A股公司，控 制权拟变更 丨 拼多多，盘前大跌！陈磊最新发声！ 责编：叶舒筠 校对： ...

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints - The PTA market declined due to the fermentation of downstream polyester production - cut rumors. The spot seller's asking price continued to fall, and the spot basis trading ended. The PTA basis strengthened significantly, and the market contango has emerged. The polyester factory's inventory has improved, and the terminal export demand is expected to strengthen [2]. - The ethylene glycol (MEG) market in Zhangjiagang weakened this week. The spot price followed the decline, and the basis negotiation weakened. The port inventory of MEG remained at over 700,000 tons. Although the coal - based MEG plant load recovery put pressure on the market, coal prices have started to rise. The mainstream MEG plant load is about to be under maintenance, and MEG will enter the de - stocking stage [2]. 3) Summary by Relevant Catalogs Market Data - **INE Crude Oil**: The price increased from 462.8 yuan/barrel on May 19, 2025, to 465.4 yuan/barrel on May 20, 2025, with a change of 2.60 yuan/barrel [2]. - **PTA - SC**: The value decreased from 1412.8 yuan/ton to 1349.9 yuan/ton, a change of - 62.89 yuan/ton. The PTA/SC ratio decreased from 1.4201 to 1.3991, a change of - 0.0209 [2]. - **CFR China PX**: The price decreased from 841 to 828, a change of - 13. The PX - naphtha spread decreased from 276 to 259, a change of - 17 [2]. - **PTA**: The main futures price decreased from 4776 yuan/ton to 4732 yuan/ton, a change of - 44.0 yuan/ton. The spot price decreased from 4995 to 4860, a change of - 135.0. The spot processing fee increased from 403.9 yuan/ton to 423.6 yuan/ton, a change of 19.6 yuan/ton. The disk processing fee increased from 209.9 yuan/ton to 235.6 yuan/ton, a change of 25.6 yuan/ton. The main basis decreased from 198 to 128, a change of - 70.0. The PTA warehouse receipt quantity decreased from 68831 to 67816, a change of - 1015 [2]. - **MEG**: The main futures price decreased from 4475 yuan/ton to 4413 yuan/ton, a change of - 62.0 yuan/ton. The MEG - naphtha value decreased from (84.20) to (85.39), a change of - 1.2. The MEG domestic price decreased from 4566 to 4522, a change of - 44.0. The main basis increased from 85 to 95, a change of 10.0 [2]. Industry Chain Start - up Situation - **PX Operating Rate**: Decreased from 75.86% to 75.25%, a change of - 0.61% [2]. - **PTA Operating Rate**: Increased from 74.41% to 75.35%, a change of 0.94% [2]. - **MEG Operating Rate**: Remained unchanged at 52.26% [2]. - **Polyester Load**: Decreased slightly from 91.12% to 91.11%, a change of - 0.01% [2]. Product Data - **Polyester Filament**: POY150D/48F price remained unchanged at 7025. POY cash flow increased from (25) to 105, a change of 130.0. FDY150D/96F price remained unchanged at 7310. FDY cash flow increased from (240) to (110), a change of 130.0. DTY150D/48F price decreased from 8230 to 8220, a change of - 10.0. DTY cash flow increased from (20) to 100, a change of 120.0. The filament sales rate increased from 28% to 32%, a change of 4% [2]. - **Polyester Staple Fiber**: 1.4D direct - spun polyester staple fiber price decreased from 6745 to 6710, a change of - 35. The staple fiber cash flow increased from 45 to 140, a change of 95.0. The staple fiber sales rate decreased from 46% to 45%, a change of - 1% [2]. - **Polyester Chip**: Semi - bright chip price decreased from 6015 to 5935, a change of - 80.0. The chip cash flow increased from (135) to (85), a change of 50.0. The chip sales rate increased from 39% to 40%, a change of 1% [2]. Device Maintenance and Production - Cut News - Due to the recent rapid rise in raw material prices, three major polyester filament manufacturers have decided to immediately implement production - cut actions for loss - making varieties and plan the next - step production - cut plan, which will be implemented in the short term [2].

Group 1: Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The Sino-US economic and trade high-level talks held in Geneva from May 10th to 11th were candid, in-depth, and constructive, reaching important consensus and achieving substantial progress. The two sides agreed to establish a Sino-US economic and trade consultation mechanism, significantly reducing reciprocal tariffs. The 24% tariff will be suspended for the initial 90 days, while the right to impose the remaining 10% tariff on these goods as stipulated in the executive order is retained. The additional tariffs on these goods imposed under Executive Order No. 14259 on April 8, 2025, and Executive Order No. 14266 on April 9, 2025, are cancelled. The intensive maintenance of PX has led to an obvious repair of the internal and external price difference of PX. Coupled with the maintenance of domestic PTA plants, the basis of PTA has strengthened significantly. Some traders' concentrated restocking has caused a certain tension in the market. Due to the contraction of the supply side of PTA and PX, the positive spread in the market has emerged, and the PTA monthly spread has been significantly pulled up. The destocking of polyester factories is approaching two weeks, with downstream concentrated destocking, and the inventory of polyester has improved [2] Group 3: Data Summary Price Changes - PTA spot price decreased from 5030 to 4990, a change of -40 [2] - MEG internal market price decreased from 4581 to 4570, a change of -11 [2] - PTA closing price decreased from 4798 to 4774, a change of -24 [2] - MEG closing price decreased from 4461 to 4460, a change of -1 [2] - 1.4D direct-spun polyester staple fiber decreased from 6805 to 6750, a change of -55 [2] - Short fiber basis increased from 57 to 92, a change of 35 [2] - 6 - 7 spread decreased from 38 to 28, a change of -10 [2] - Polyester staple fiber cash flow increased from 240 to 246, a change of 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 6000 [2] - The price difference between 1.4D direct-spun and imitation large chemical fiber decreased from 805 to 750, a change of -55 [2] - East China water bottle chip increased from 6188 to 6193, a change of 5 [2] - Hot-filled polyester bottle chip increased from 6188 to 6193, a change of 5 [2] - Carbonated-grade polyester bottle chip increased from 6288 to 6293, a change of 5 [2] - Outer market water bottle chip decreased from 805 to 800, a change of -5 [2] - Bottle chip spot processing fee increased from 353 to 396, a change of 42.89 [2] - T32S pure polyester yarn price remained unchanged at 10780 [2] - T32S pure polyester yarn processing fee increased from 3975 to 4030, a change of 55 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16500 [2] - Cotton 328 price decreased from 14415 to 14390, a change of -25 [2] - Polyester-cotton yarn profit increased from 1539 to 1585, a change of 45.92 [2] - Primary three-dimensional hollow (with silicon) price remained unchanged at 7210 [2] - Hollow staple fiber 6 - 15D cash flow increased from 175 to 213, a change of 37.89 [2] - Primary low-melting staple fiber price increased from 7250 to 7270, a change of 20 [2] Load and Production and Sales - Direct-spun staple fiber load (weekly) increased from 88.90% to 91.30%, a change of 0.02 [3] - Polyester staple fiber production and sales decreased from 30.00% to 47.00%, a change of -17.00% [3] - Polyester yarn startup rate (weekly) remained unchanged at 67.00% [3] - Regenerated cotton-type load index (weekly) remained unchanged at 50.40% [3]