Report Summary 1. Industry Investment Rating No information provided. 2. Core View - Cost supports the supply price of cis - butadiene rubber, but with the restart of some devices, domestic supply may increase significantly. Due to downstream caution and production - sales pressure, procurement may be cautious, and the finished product inventory is expected to rise. The br2510 contract is expected to fluctuate in the range of 11,600 - 12,000 yuan/ton in the short term [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 11,715 yuan/ton, down 125 yuan; the main contract position is 35,691, down 89; the 9 - 10 spread is - 10 yuan/ton, unchanged; the total warehouse receipt quantity of butadiene rubber is 2,490 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from different manufacturers in different regions has decreased to varying degrees, with a maximum decrease of 100 yuan/ton. The basis of synthetic rubber is - 65 yuan/ton, up 25 yuan [2]. 3.3 Upstream Situation - The weekly production capacity of butadiene is 151,100 tons, up 4,200 tons; the capacity utilization rate is 69.69%, down 0.07 percentage points; the port inventory is 20,400 tons, up 5,700 tons; the daily start - up rate of Shandong refineries' atmospheric and vacuum distillation units is 47.52%, up 0.65 percentage points [2]. 3.4 Downstream Situation - The monthly production of cis - butadiene rubber is 129,200 tons, up 6,700 tons; the weekly capacity utilization rate is 64.52%, down 3.65 percentage points; the production profit is - 482 yuan/ton, up 124 yuan; the social inventory is 30,400 tons, down 1,000 tons; the manufacturer's inventory is 23,450 tons, down 700 tons; the trader's inventory is 6,990 tons, down 300 tons [2]. - The weekly start - up rate of domestic semi - steel tires is 72.07%, down 2.28 percentage points; the start - up rate of full - steel tires is 63.09%, up 2.09 percentage points; the monthly production of full - steel tires is 12.75 million, up 130,000; the monthly production of semi - steel tires is 56.97 million, up 1.74 million; the inventory days of full - steel tires in Shandong are 39.51 days, up 0.14 days; the inventory days of semi - steel tires in Shandong are 46.73 days, up 0.28 days [2]. 3.5 Industry News - As of August 14, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,400 tons, down 1,000 tons from the previous period, a month - on - month decrease of 3.18% [2]. - As of August 14, the capacity utilization rate of semi - steel tire sample enterprises in China was 69.11%, down 0.60 percentage points month - on - month and 10.55 percentage points year - on - year; the capacity utilization rate of full - steel tire sample enterprises was 62.62%, up 2.56 percentage points month - on - month and 3.69 percentage points year - on - year [2]. - In July 2025, China's cis - butadiene rubber production was 129,200 tons, an increase of 6,700 tons from the previous month, a month - on - month increase of 5.47% and a year - on - year increase of 27.04% [2].

Group 1 - The core viewpoint of the report indicates that China's refined copper (electrolytic copper) production in July 2025 reached 1.27 million tons, representing a year-on-year increase of 14% [1] - Newly commissioned smelters are rapidly increasing their capacity utilization, while previously underperforming smelters are resuming production; however, some smelters are experiencing slight reductions in output due to tightening supply of raw materials [1] - In August, only one smelter had maintenance plans, and the reduction in output due to maintenance was minimal; however, the number of smelters reducing production due to tight supply of copper concentrate and raw materials increased compared to July [1] Group 2 - The end of maintenance and the ongoing ramp-up of newly commissioned smelters in East China are expected to stimulate production [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Cost supports the offer price of cis - butadiene rubber, but with the restart of some devices, domestic supply may increase significantly. Downstream procurement may be cautious, and the finished - product inventory level is expected to rise. The br2510 contract is expected to fluctuate in the range of 11,700 - 12,200 yuan/ton in the short term [2]. - Last week, the domestic tire capacity utilization rate fluctuated slightly. Some semi - steel tire enterprises' maintenance dragged down the overall capacity utilization rate, while the resumption of work of all - steel tire maintenance enterprises drove up the capacity utilization rate. There is still room for a slight increase in capacity utilization, but the general order performance will limit the increase [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,840 yuan/ton, with a week - on - week increase of 40 yuan/ton; the position of the main contract is 35,780, with a week - on - week increase of 18,326. The 9 - 10 spread of synthetic rubber is - 10 yuan/ton, with a week - on - week decrease of 5 yuan/ton [2]. - The total warehouse receipt quantity of butadiene rubber is 2,490 tons, with no change [2]. 3.2 Spot Market - The mainstream prices of BR9000 cis - butadiene rubber from different petrochemical companies in different regions have increased, with increases ranging from 100 - 200 yuan/ton. The basis of synthetic rubber is - 90 yuan/ton, with a week - on - week decrease of 140 yuan/ton [2]. - The price of Brent crude oil is 66.6 dollars/barrel, with a week - on - week increase of 0.75 dollars/barrel; the price of WTI crude oil is 63.42 dollars/barrel, with a week - on - week increase of 0.62 dollars/barrel. The price of Northeast Asian ethylene is 825 dollars/ton, with no change; the price of naphtha CFR Japan is 570.75 dollars/ton, with a week - on - week decrease of 1.75 dollars/ton; the price of butadiene CFR China is 1,080 dollars/ton, with no change. The mainstream price of butadiene in the Shandong market is 9,440 yuan/ton, with a week - on - week increase of 90 yuan/ton [2]. 3.3 Upstream Situation - The weekly production capacity of butadiene is 15.11 million tons/week, with a week - on - week increase of 0.42 million tons/week; the capacity utilization rate is 69.69%, with a week - on - week decrease of 0.07 percentage points [2]. - The port inventory of butadiene is 20,400 tons, with a week - on - week increase of 5,700 tons; the operating rate of Shandong refineries' atmospheric and vacuum distillation units is 47.52%, with a week - on - week increase of 0.65 percentage points [2]. - The monthly output of cis - butadiene rubber is 129,200 tons, with a month - on - month increase of 6,700 tons; the weekly capacity utilization rate is 64.52%, with a week - on - week decrease of 3.65 percentage points. The weekly production profit is - 482 yuan/ton, with a week - on - week increase of 124 yuan/ton [2]. - The social inventory of cis - butadiene rubber is 30,400 tons, with a week - on - week decrease of 1,000 tons; the manufacturer's inventory is 23,450 tons, with a week - on - week decrease of 700 tons; the trader's inventory is 6,990 tons, with a week - on - week decrease of 300 tons [2]. 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 72.07%, with a week - on - week decrease of 2.28 percentage points; the operating rate of domestic all - steel tires is 63.09%, with a week - on - week increase of 2.09 percentage points [2]. - The monthly output of all - steel tires is 13 million pieces; the monthly output of semi - steel tires is 56.97 million pieces, with a month - on - month increase of 1.74 million pieces [2]. - The inventory days of all - steel tires in Shandong are 0.14 days; the inventory days of semi - steel tires in Shandong are 46.73 days, with a week - on - week increase of 0.28 days [2]. 3.5 Industry News - As of August 14, the inventory of high - cis cis - butadiene rubber sample enterprises in China was 30,400 tons, a week - on - week decrease of 1,000 tons, or - 3.18% [2]. - As of August 14, the capacity utilization rate of semi - steel tire sample enterprises in China was 69.11%, a week - on - week decrease of 0.60 percentage points and a year - on - year decrease of 10.55 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 62.62%, a week - on - week increase of 2.56 percentage points and a year - on - year increase of 3.69 percentage points [2]. - In July 2025, the output of cis - butadiene rubber in China was 129,200 tons, a month - on - month increase of 6,700 tons, or + 5.47%, and a year - on - year increase of 27.04% [2].

每经AI快讯，有投资者在投资者互动平台提问：尊敬的董秘，公司二季度和七月份产能利用率分别是 多少？ 大庆华科（000985.SZ）8月19日在投资者互动平台表示，公司第二季度的产能利用率为116.18%，七月 份的产能利用率为118.55%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Daqing Huake (000985.SZ) reported a capacity utilization rate of 116.18% for the second quarter and 118.55% for July, indicating strong operational performance [1] Group 1 - The company's second quarter capacity utilization rate was 116.18% [1] - The capacity utilization rate for July reached 118.55% [1]

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. reported a decline in net profit for the first half of 2025, despite a revenue increase, indicating challenges in the poultry sector while the pork segment showed significant growth [1][2]. Company Performance - In the first half of 2025, the company achieved operating revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, but the net profit attributable to shareholders was 149 million yuan, a decline of 74.10% [1]. - The sales revenue from yellow feathered chickens was 6.335 billion yuan, down 6.76% year-on-year, while pork revenue reached 1.947 billion yuan, up 117.65% [1]. - The gross margin for yellow feathered chicken was 6.21%, while for pork it was 22.46% [1]. Industry Analysis - The yellow feathered chicken market experienced a "drop-rise-drop" price trend, with prices at historically low levels, leading to overall poor profitability in the poultry farming sector during the first half of 2025 [2]. - The company anticipates improved performance in the chicken business in the second half of the year due to higher traditional consumption and increased demand from holidays and tourism [2]. - The pork segment saw a significant increase in sales, with 949,600 pigs sold, a year-on-year increase of 118.35%, attributed to improved capacity utilization and increased stocking [2][3]. Cost and Pricing Trends - The complete cost of chicken production fell below 11 yuan/kg, while pork production costs were at 12.8 yuan/kg due to a decrease in feed raw material prices [3]. - Analysts predict that the yellow feathered chicken prices may enter an upward cycle in the second half of the year, driven by increased demand from school meals and holiday preparations [3].

Group 1 - The company reported that the total cost of fattening pigs in July was approximately 13 to 13.5 yuan per kilogram [2] - The company is currently facing low capacity utilization in its pig farms, leading to high depreciation and amortization costs [2] - There is potential for further improvement in costs through enhancements in supply chain efficiency, genetic upgrades, and hardware optimization in pig farms, contingent on cash flow improvements [2]

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - Last week, the prices of finished steel products rebounded briefly and then declined. The spot market was relatively strong, and the basis widened significantly. The consumption of listed steel products decreased month - on - month, while the total output increased slightly. - In terms of varieties, both the production and sales of rebar decreased, with consumption declining faster than production, and the total inventory continued to rise. Both the production and sales of hot - rolled coils increased, and the total inventory increased slightly month - on - month. In the short term, the structure of stronger hot - rolled coils and weaker rebar is maintained. For rebar, the valuation is in the repair stage, and the 01 contract should pay attention to the support at 3200. Operate with caution [7]. 3. Summary by Relevant Catalogs **Supply and Demand Fundamentals** - **Price and Output**: Last week, domestic steel spot prices fluctuated slightly. As of August 14, the total output of five major steel products increased by 2420 tons. The apparent demand was 831,020 tons, a decrease of 14,720 tons month - on - month. As of August 15, the long - process cash - inclusive cost of rebar in East China was 3134.5 yuan, with a profit of about 138 yuan, and the long - process cash - inclusive profit of hot - rolled coils was about 225.5 yuan. For electric furnaces in East China, the flat - rate electricity cost was about 3368 yuan, and the valley - rate electricity cost was about 3240 yuan [6]. - **Scrap Steel**: As of August 15, the price of scrap steel in Zhangjiagang was 2150 yuan/ton, a month - on - month increase of 10 yuan/ton. The capacity utilization rate of 89 independent electric arc furnace enterprises was 36.3%, a month - on - month increase of 1.5 percentage points. The daily consumption of 255 sample steel mills was 558,000 tons, a month - on - month increase of 6100 tons. The supply of scrap steel increased, but the inventory of 255 steel enterprises decreased by 2.6% [7]. - **Macro Data**: In 2025 from January to July, the cumulative output of pig iron was 506 million tons, a decrease of 1.3% year - on - year, and the cumulative output of crude steel was 595 million tons, a decrease of 3.1% year - on - year. In July 2025, the PMI was 49.3%. The newly - added medium - and long - term loans of enterprises decreased year - on - year. From January to July 2025, national fixed - asset investment increased by 1.6% year - on - year, infrastructure investment decreased by 5.07%, manufacturing investment decreased by 0.25%, and real estate development investment decreased by 17% [17][19][23]. - **Real Estate Data**: From January to July, the floor area under construction of real estate development enterprises decreased by 9.2% year - on - year, the new construction area decreased by 19.4% year - on - year, and the completed floor area decreased by 16.5% year - on - year [30]. **Main Varieties' Basis and Spread** - **Spread Strategy**: This week, the spread between hot - rolled coils and rebar continued to be strong [41]. **Supply Analysis** - **Long - Process Supply**: As of August 15, the blast furnace capacity utilization rate of 247 steel enterprises was 90.2%, a month - on - month increase of 0.14%, and the daily output of hot metal was 2407,000 tons, a month - on - month increase of 0.14% [44]. - **Short - Process Supply**: As of August 14, the capacity utilization rate of 89 domestic electric furnace plants was 36.3%, a month - on - month increase of 1.5 percentage points. As of August 15, the iron - scrap price difference was - 37.7 yuan, a month - on - month increase of 7.3 yuan [47]. **Demand - Related Indicators** - **Rebar Production**: This week, the original sample output of rebar was 220,450 tons, a decrease of 730 tons. Among them, the long - process output was 190,250 tons, a decrease of 290 tons, and the short - process output was 30,200 tons, a decrease of 440 tons [60]. - **Building Materials Transactions**: The trading volume of building materials in different regions showed different trends [63]. - **Cement Mill Operating Rate**: The average operating rate of national cement mills was 41.91%, a month - on - month increase of 6.2 percentage points, turning from a decline to an increase [71]. - **Real Estate Sales**: The 30 - city real - estate sales data showed certain trends [73]. **Inventory Situation** - **Rebar Inventory**: The original sample rebar factory inventory was 172,260 tons, an increase of 4060 tons, the social inventory was 414,930 tons, an increase of 26,450 tons, and the total inventory was 587,190 tons, an increase of 30,510 tons [76]. - **Hot - Rolled Coil Inventory**: This week, the output of hot - rolled coils was 315,590 tons, a month - on - month increase of 700 tons. The apparent demand was 314,750 tons, a month - on - month increase of 8540 tons. The factory inventory increased by 2100 tons, the social inventory decreased by 1210 tons, and the total inventory increased by 840 tons [79]. **Export Situation** - As of August 15, the FOB export price of China was 480 US dollars, an increase of 5 US dollars, and the export profit was - 4.5 US dollars, an increase of 6.4 US dollars. The outbound volume of 32 major domestic ports was 3.0699 million tons, an increase of 425,500 tons [90].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6] Core Insights - The liquidity indicators show that the M1 and M2 growth rate difference narrowed to -3.2 percentage points in July, marking a 49-month high [1][11] - The construction and real estate sectors are experiencing a decline, with key enterprises' average daily crude steel output hitting a year-to-date low in late July [2][20] - The profitability of titanium dioxide and flat glass remains low, with significant negative margins reported [70] Summary by Sections Liquidity - The M1 and M2 growth rate difference was -3.2 percentage points in July, a month-on-month increase of 0.5 percentage points [1][17] - The BCI small and medium enterprise financing environment index for July was 46.09, down 6.16% month-on-month [1][17] - The London gold spot price decreased by 1.86% compared to the previous week [1] Infrastructure and Real Estate Chain - Key enterprises' average daily crude steel output reached a year-to-date low in late July [2][38] - The national real estate new construction area from January to July 2025 showed a year-on-year decline of 19.40% [20] - The national cement price index decreased by 0.37% this week, with a cement profit of 29 yuan/ton [56] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a current rate of 72.07%, down 2.28 percentage points [2] - Major commodity prices showed mixed results, with cold-rolled steel, copper, and aluminum prices increasing by 1.24%, 0.69%, and 0.24% respectively [2] Export Chain - The new export orders PMI for China in July was 47.10%, a decrease of 0.6 percentage points [4] - The CCFI comprehensive index for container shipping rates was 1193.34 points, down 0.62% [4] Valuation Metrics - The Shanghai Composite Index increased by 2.37%, with the industrial metals sector performing best at +5.31% [4] - The PB ratio of the ordinary steel sector relative to the Shanghai and Shenzhen markets is currently at 0.54, with a historical high of 0.82 [4] Investment Recommendations - The report suggests that the profitability of the steel sector is expected to recover to historical average levels, following regulatory support for the industry [5]

Core Viewpoint - The article discusses the challenges faced by South Korean battery manufacturers in the electric vehicle market due to the rapid expansion of Chinese companies, highlighting a significant decline in production capacity utilization rates among major South Korean firms [2][3][4]. Group 1: South Korean Battery Manufacturers' Performance - LG Energy Solution reported an average capacity utilization rate of 51.3% in the first half of 2025, down from 69.3% in 2023 and projected to drop to 57.8% in 2024 [2]. - SK On's capacity utilization rate was 52.2% in the first half of 2025, a recovery from 43.6% in 2024 but significantly lower than 87.7% in 2023 [3]. - Samsung SDI's small battery division had a capacity utilization rate of 44%, with overall estimates around 50%, and its European factory saw rates as low as 30% to 40% in Q1 2025 [3]. Group 2: Market Share and Growth Rates - The total installed capacity of electric vehicle batteries outside China grew by 23.8% year-on-year to 209.2 GWh, while the combined market share of the three major South Korean battery manufacturers fell by 8.1 percentage points to 37.5% [3][4]. - In the top ten list of electric vehicle battery installations outside China, LG Energy Solution and SK On saw year-on-year increases of 2.2% and 10.6%, reaching 43 GWh and 19.6 GWh respectively, while Samsung SDI experienced a 7.8% decline [3]. Group 3: Chinese Battery Manufacturers' Growth - Five Chinese electric vehicle battery manufacturers ranked in the top ten for installations outside China, with CATL and BYD showing significant growth rates of 33.2% and 153% respectively [4]. - Other Chinese companies also reported growth rates exceeding 30% in the same period, indicating a strong competitive position against South Korean firms [4]. Group 4: R&D Investments - In response to competitive pressures, South Korean companies are increasing their R&D expenditures, with Samsung SDI spending 704 billion KRW (11.1% of sales), LG Energy Solution investing 620 billion KRW (5.2% of sales), and SK On allocating approximately 148 billion KRW (0.52% of sales) [4][5].