1. Report Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - After the holiday, polysilicon showed a weak and volatile trend. The main contract 2506 closed at 36,410 yuan/ton, with an intraday decline of 2.39%, and the open interest decreased by 510 lots to 53,756 lots. The SMM N-type polysilicon price was 40,500 yuan/ton, and the spot premium over the main contract widened to 4,090 yuan/ton. Industrial silicon also showed a weak and volatile trend. The main contract 2506 closed at 8,325 yuan/ton, with an intraday decline of 2.57%, and the open interest increased by 12,934 lots to 17,950 lots. The Baichuan industrial silicon spot reference price was 9,637 yuan/ton, down 128 yuan/ton from the last trading day before the holiday. The price of the lowest deliverable 553 grade dropped to 8,650 yuan/ton, and the spot premium widened to 280 yuan/ton. Before the holiday, traders cleared their inventories and pressured prices, and the downstream's willingness to stock up was lower than in previous years. After the holiday, the downstream demand still faced the pressure of a slowdown. Industrial silicon was affected by the negative feedback from the downstream and was difficult to get out of the bottom-finding rhythm. The adjustment flexibility of polysilicon production was relatively high, and the space for a sharp decline after the holiday was relatively limited compared with industrial silicon, mainly showing a narrow correction. Opportunities for the convergence of the spread between near and far months could be considered. Attention should be paid to whether large-scale infrastructure or mandatory photovoltaic installation assessment policies will be newly introduced after the decline of distributed photovoltaics, which may trigger an oversold rebound [2]. 3. Summary by Relevant Catalogs 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main and near-month contracts decreased by 175 yuan/ton to 8,370 yuan/ton. The prices of various grades of industrial silicon in different regions generally declined, with a decrease of 50 - 100 yuan/ton. The current lowest deliverable price dropped by 50 yuan/ton to 8,650 yuan/ton, and the spot premium widened by 125 yuan to 280 yuan/ton. The industrial silicon warehouse receipts remained unchanged at 69,236, the Guangzhou Futures Exchange (GFE) inventory decreased by 1,330 tons to 346,180 tons, the factory inventory decreased by 5,900 tons to 244,100 tons, and the social inventory decreased by 7,900 tons to 409,100 tons [4]. - **Polysilicon**: The futures settlement price of the main and near-month contracts decreased by 835 yuan/ton to 36,410 yuan/ton. The polysilicon spot prices remained unchanged. The current lowest deliverable price remained at 40,500 yuan/ton, and the spot premium widened by 835 yuan to 4,090 yuan/ton. The polysilicon warehouse receipts remained unchanged at 30, the GFE inventory increased by 60,000 tons to 90,000 tons, the factory inventory increased by 0.8 million tons to 28.37 million tons, and the social inventory increased by 0.8 million tons to 28.4 million tons [4]. - **Organic Silicon**: The DMC price in the East China market remained unchanged at 12,000 yuan/ton, the prices of raw rubber and 107 glue remained unchanged, and the price of dimethyl silicone oil increased by 2,200 yuan/ton to 15,000 yuan/ton [4]. - **Downstream Products**: The prices of silicon wafers and battery cells remained unchanged [4]. 3.2 Chart Analysis - **Industrial Silicon and Cost - End Prices**: Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [6][13]. - **Downstream Product Prices**: Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [16][18][20]. - **Inventory**: Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [23][26]. - **Cost - Profit**: Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, aluminum alloy processing industry profit, DMC cost - profit, and polysilicon cost - profit [29][31][32].

海澜之家总部爆火背后，是营收和净利润双双下滑。 进入2025年4月下旬，发布2024年年报的A股上市公司占总数的90%以上。直至4月30日，国内服装行业头部上市公司海澜之家的财报才姗姗来迟，2024年 海澜之家营收209.6亿元，同比下滑2.65%；净利润21.59亿元，同比下滑26.88%。 此前从其2024年前三季度财报可以看出。截至到2024年9月末，海澜之家的营收、归母净利润等业绩表现已经陷入负增长，2024年前三季度，海澜之家营 收152.6亿元，同比下滑1.99%；归母净利润19.08亿元，同比下滑22.19%。同期该公司的存货规模暴涨创下历史新高，达到123亿元。近6个月以内共有27 家机构对海澜之家的2024年度业绩作出预测；预测2024年净利润22.95亿元，较去年同比下降22.24%、每股收益0.48元，较去年同比下降29.41%。至此， 海澜之家交出的2024年答卷甚至低于市场预期。 受此影响，海澜之家近期股价涨幅不大，进入2025年股价整体上涨约5%，低于2024年全年14%的涨幅。但从整体上看，如今海澜之家的股价相比2015年 的17.11元的股价高点已经腰斩有余，截至4月29日海澜 ...

Report Industry Investment Rating - No relevant content provided Core Viewpoints - For methanol, due to low shipments from Iran and insufficient time for the 05 contract, inventory is expected to decline to seasonal lows by the end of April. There is a risk of continued low shipments from Iran. Assuming normal imports and the shutdown of Shenghong in May, inventory will accumulate, but the low inventory at the end of April will still influence trading. An unexpected supply gap in the 05 contract could keep inventory low, providing a safety margin for long positions [2] - For polyethylene, the inventory of the two major oil companies is neutral year - on - year. Upstream and coal - chemical industries have accumulated inventory during holidays. Downstream inventory of raw materials and finished products is neutral. Overall inventory is neutral. The 05 basis is +300 in North and East China. External markets in Europe, America, and Southeast Asia are stable. Import profit is around -400 with no further increase for now. Non - standard HD injection prices are stable, other spreads are volatile, and LD is weakening. Domestic linear production has increased month - on - month in February. Attention should be paid to US quotes and the commissioning of new plants in 2025 [6] - For polypropylene, upstream and mid - stream inventories have accumulated during holidays. In terms of valuation, the basis is +10, non - standard spreads are neutral, and import profit is around -500. There are no reports of large - scale export transactions. Non - standard spreads are neutral. European and American markets are stable. PDH profit is around -600, propylene prices are volatile, and powder production is stable. Drawing production is neutral. With few known future maintenance plans, supply is expected to increase slightly month - on - month. Downstream orders are average, and raw material inventory is neutral while finished product inventory is slightly high. Under the background of over - capacity, the 05 contract is expected to face pressure, which can be relieved by increased exports or monthly maintenance of 2 million - ton PDH plants [6] - For PVC, the basis has strengthened to 05 - 120, and the factory - pick - up basis is -280. Downstream开工 is seasonal, and there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are continuously decreasing. With concentrated spring maintenance, the开工 rate is expected to reach 75% temporarily. In the second quarter, attention should be paid to the scale of spring maintenance after profit compression. Export orders are acceptable. In April, attention should be paid to the Politburo meeting. Coal prices are stable, the cost of semi - coke is weak, and calcium carbide may not expand profits with PVC maintenance. The counter - offer for caustic soda exports is FOB400. Attention should be paid to whether subsequent export orders can support high - priced caustic soda. The comprehensive profit of PVC is -300. Currently, static inventory is at a high level, downstream performance is average, and the macro - environment is neutral. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工 [10] Summary by Product Methanol - From April 24 to April 30, the price of thermal coal futures remained at 801. The price of Jiangsu spot increased by 3 to 2453, and the price of South China spot decreased by 10 to 2415. The price of Lunan converted to the futures price decreased by 25 to 2650. The import profit decreased by 3 to 258, and the main contract basis increased by 30 to 170. The profit of the MTO on the futures盘面 increased by 30 to -812 [2] Polyethylene - From April 24 to April 30, the price of Northeast Asian ethylene remained at 790. The price of North China LL remained unchanged at 7320, and the price of East China LL decreased by 35 to 7490. The price of East China LD decreased by 25 to 9125, and the price of East China HD increased by 100 to 7750. The import profit remained at -33, and the main futures price decreased by 39 to 7083. The basis remained at 210, and the inventory of the two major oil companies increased by 1 to 67 [6] Polypropylene - From April 24 to April 30, the price of Shandong propylene decreased by 30 to 6420, and the price of Northeast Asian propylene remained at 780. The price of East China PP decreased by 25 to 7155, and the price of North China PP increased by 8 to 7253. The price of Shandong powder decreased by 30 to 7020. The export profit remained at 18, and the main futures price decreased by 51 to 7041. The basis remained at 80, and the inventory of the two major oil companies increased by 1 to 67. The number of warehouse receipts decreased by 163 to 4433 [6] PVC - From April 24 to April 30, the price of Northwest calcium carbide remained at 2500, and the price of Shandong caustic soda decreased by 5 to 792. The price of calcium carbide - based PVC in East China decreased by 20 to 4800. The export profit remained at 565, and the comprehensive profit in the Northwest remained at 356, while the comprehensive profit in North China remained at -244. The basis (high - end delivery product) remained at -180 [9][10]

Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 were down 21% at $3.8 billion, with industrial adjusted EBIT at $101 million, down 73% year-over-year, and EPS for the quarter at $0.10 [12][19] - Free cash flow for industrial activities was an outflow of $567 million, which is significantly better compared to Q1 2024 due to more contained growth of finished goods and component inventories [19] - Gross margin for agriculture was 20%, down 380 basis points year-over-year, primarily due to lower production volumes and unfavorable mix, partially offset by operational cost reductions [19] Business Line Data and Key Metrics Changes - In agriculture, net sales decreased 23% in Q1 2025, driven by lower shipments across all regions due to weak industry demand and network destocking [19] - Construction net sales for Q1 were $591 million, down 22% year-over-year, with a gross margin of 14.9%, down 250 basis points compared to Q1 2024 [21] - Financial Services segment reported net income of $90 million, with a year-over-year decrease mainly due to higher expected risk costs and taxes [22] Market Data and Key Metrics Changes - Retail demand was slow in Q1, with production hours down 26% compared to Q1 2024, agriculture down 27%, and construction down 19% [13] - The Turkish market showed continued softness, impacting joint venture results in the Other category [21] - Delinquencies increased, particularly in South America and growing in North America, aligning with expectations during a downturn [22] Company Strategy and Development Direction - The company is focused on operational excellence, advancing technologies, and executing cost-saving initiatives while preparing for a new model year lineup [11][14] - The company aims to balance production levels with market demand, keeping production low to manage inventory effectively [12][14] - Strategic discussions are ongoing regarding potential partnerships in the construction business, but decisions are paused until market uncertainty settles [41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the soft industry demand and the need for a cautious approach to production and inventory management [12][16] - The company expects the second half of the year to show improved profitability, returning to double-digit margins [67] - Management is actively monitoring tariff discussions and their potential impacts on operations and pricing strategies [15][28] Other Important Information - The company announced leadership changes, including the appointment of Jim Nicholas as the new CFO [6][10] - The company is committed to maintaining a strong presence in North America while adapting to global trade changes [31][35] - The company is preparing for an Investor Day to provide more insights into its product roadmap and strategic initiatives [44] Q&A Session Summary Question: Can you quantify the EPS impact from tariffs? - Management indicated that all changes in guidance are due to tariff scenarios, with a midpoint estimate reflecting potential impacts [50][51] Question: What is the outlook for production costs related to quality? - Management expects quality-related costs to improve in the coming quarters as product quality has been enhanced [55][56] Question: Can you elaborate on price adjustments and procurement efforts? - Price adjustments are moderate and aligned with cost movements, and the company is actively working with suppliers to share tariff-related costs [61][63] Question: How should we think about ag segment margins as the year progresses? - The first quarter is typically low, with expectations for improved margins in the second half of the year [66][67] Question: What is the current state of dealer inventories? - The company aims for a significant inventory reduction, having achieved a $100 million reduction in Q1, and will continue to monitor production levels closely [81][82]

Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出货量达 2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增速已经连续 三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货量达6050万台。 苹果凭借其在亚太新兴市场以及美国市场的增长位列第二，出货量达5500万台，份额达19%。小米稳居第三， 出货量达4180万台，市场份额为14%，丰富的生态产品组合助力其在中国本土市场和海外新兴市场强化品牌优 势。vivo和OPPO位列第四及第五位，出货量分别为2290万台和2270万台。 Canalys（现并入Omdia）首席分析师朱嘉弢指出："各区域智能手机状况正变得复杂。在过去一年增长势头强 劲的印度、拉美和中东等区域出现了明显下滑，显现出大众产品区间换机需求的饱和。多数安卓品牌正在一季 度积极调整自身的库存水平以避免影响新机发布和渠道价格体系。欧洲市场在经历了短暂的复苏后再次出现下 跌，厂商受困于去年末的旗舰机高库存以及生态设计法案对未来中低端区间产品线的扰乱。然而仍然有区 域 市场呈现出 ...

Financial Data and Key Metrics Changes - Reported net sales for Q1 increased 1.1% year over year to $114.1 million, slightly ahead of expectations [18] - Retail sales increased 20.5% to $36.6 million, while wholesale sales decreased by $5 million or 6.3% to $74.8 million [19] - Gross profit for Q1 was $47 million, representing 41.2% of sales, the highest gross margin reported in Q1, compared to 39.1% in the same period last year [19] - Adjusted net income for Q1 was $5.5 million or $0.73 per diluted share, compared to $3.1 million or $0.41 per diluted share a year ago [21] Business Line Data and Key Metrics Changes - The rubber boot business, particularly the XTRA TUF brand, experienced strong demand with a 20% top line growth in the retail segment [5][6] - MUC brand also saw better than expected growth due to improved winter weather, with women's business delivering double-digit increases [10] - The Rocky brand group showed increases in both work and outdoor categories, with Rocky work delivering the strongest performance [12][13] Market Data and Key Metrics Changes - The company is shifting sourcing from China to countries like Vietnam, Cambodia, and India, aiming to reduce reliance on Chinese manufacturing [7][28] - The company anticipates total volume out of China to be just less than 20% by the end of the year [28] Company Strategy and Development Direction - The company plans to implement price increases on the majority of footwear styles in early June to mitigate the impact of higher tariffs [7][29] - The strategy includes diversifying sourcing and increasing production in the Dominican Republic and Puerto Rico [7][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a higher degree of uncertainty for the remainder of the year but expressed confidence in maintaining financial targets due to strong Q1 performance [17] - The company is prepared to navigate the current retail environment with a diverse brand portfolio and functional footwear [18] Other Important Information - Interest expense decreased significantly to $2.4 million from $4.5 million year over year due to lower interest rates from debt refinancing [21] - Inventory at the end of Q1 was $175.5 million, up 6.3% compared to the previous year, as the company accelerated receipts to avoid tariff impacts [22] Q&A Session Summary Question: Can you elaborate on the guidance and the migration out of China? - Management indicated a good inventory position allowing them to transition products out of China and into other countries, expecting to reduce volume from China to less than 20% by year-end [27][28] Question: What are your wholesale partners saying about consumer ability to absorb price increases? - Management noted that there hasn't been significant panic from consumers, and retail partners are cautiously navigating the situation [34][36] Question: Can you clarify the guidance regarding revenue and gross margin? - Management confirmed that while revenue assumptions remain unchanged, they expect lower gross margin percentages but aim to maintain gross profit dollars [42][43] Question: How are you planning the price increases? - The company plans to implement price increases to preserve gross profit dollars while being mindful of retail dynamics [45][46] Question: What is the capacity shift to third-party manufacturers in Vietnam and Cambodia? - Management stated that they have found homes for about 90-92% of their products and are working to secure the remaining capacity [56][57]

Investment Rating - The report maintains a "Buy" rating for Li Ning [5][3] Core Views - Li Ning's adult revenue showed steady growth in Q1 2025, with e-commerce performance being particularly strong, while overall performance met expectations [1] - The company is focusing on optimizing its children's clothing product structure and enhancing brand promotion, which is expected to drive steady growth in the children's clothing segment [2] - The company is managing inventory effectively, with an estimated inventory-to-sales ratio of around 5, indicating a healthy and controllable level [2] - For 2025, the company expects revenue to remain flat year-on-year, while net profit attributable to the parent company is projected to decline by 17.5% [2] Financial Summary - Revenue projections for 2025-2027 are estimated at 24.86 billion, 26.66 billion, and 28.81 billion respectively, with a PE ratio of 15 times for 2025 [3] - Financial indicators for 2025 include: - Revenue: 28,919 million - Net profit: 2,486 million, a decline of 17.5% year-on-year - EPS: 0.96 - ROE: 9.1% [4][11] - The company’s revenue growth rates are projected at 0.8% for 2025, 6.5% for 2026, and 5.9% for 2027 [4][11]

1. Report Industry Investment Rating - No information provided in the document. 2. Core Viewpoints of the Report - In May, the supply - demand pattern of lithium carbonate may continue to be weak on both sides. If there is no large - scale production halt or reduction, the price outlook remains pessimistic. The supply may decline month - on - month in May due to previous price drops leading to upstream production cuts, but new projects are coming on - stream, and the cost of mines/integrated projects has decreased significantly in the past two quarters. On the demand side, factors such as tariff concerns, high downstream inventory, and the fact that the increase in battery - end demand mainly digests positive electrode inventory rather than drives new production all limit demand growth [4]. 3. Summary According to the Directory 3.1 Price - The price of the lithium carbonate main contract dropped by 2.8%. Lithium ore and lithium salt prices declined, while cathode material prices showed a mixed trend. For example, the closing price of the lithium carbonate main contract decreased from 70,180 yuan/ton to 68,180 yuan/ton, and the price of lithium spodumene concentrate (6%, CIF China) dropped from 808 dollars/ton to 793 dollars/ton [6][7]. 3.2 Inventory - The weekly lithium carbonate inventory increased by 259 tons to 131,864 tons. Upstream inventory increased by 270 tons to 52,400 tons, inventory in other links decreased by 1,100 tons to 36,641 tons, and downstream inventory increased by 1,089 tons to 42,823 tons [6][14]. 3.3 Theoretical Delivery Profit and Import - Export Profit - The document presents charts of lithium carbonate import profit, theoretical delivery profit, and other related profits, but no specific numerical summaries are provided [20][21]. 3.4 Production 3.4.1 Lithium Resources - The import volume charts of lithium concentrate from different countries (Brazil, Canada, Australia, etc.) are presented, and the production data of Chinese sample mica + spodumene (LCE) are also shown. For example, in March 2025, the total production of sample lithium mica mines (with a market share of about 65%) was 13,420 tons (in lithium carbonate equivalent), and the production of Chinese sample spodumene mines was 3,420 tons (in lithium carbonate equivalent) [22][24][26]. 3.4.2 Lithium Carbonate - The weekly production of lithium carbonate decreased by 488 tons to 16,900 tons. Among them, lithium extraction from spodumene decreased by 390 tons to 8,743 tons, lithium extraction from lithium mica decreased by 100 tons to 3,527 tons, lithium extraction from salt lakes increased by 20 tons to 2,923 tons, and lithium extraction from recycling decreased by 18 tons to 1,707 tons [4][6][29]. 3.4.3 Lithium Hydroxide - Charts of lithium hydroxide production by process, capacity, and import - export are presented, but no specific numerical summaries are provided [43][44]. 3.4.4 Lithium Hexafluorophosphate - Charts of lithium hexafluorophosphate production, export, and monthly operating rate are presented, but no specific numerical summaries are provided [45][46][47]. 3.4.5 Waste Recycling - Charts of waste lithium - battery recycling volume are presented, showing the recycling volume of ternary waste, lithium iron phosphate waste, and lithium cobalt oxide waste [51][52]. 3.5 Ternary Precursor and Ternary Material - The weekly inventory of ternary materials decreased by 263 tons to 14,195 tons. Charts of production profit, capacity, production, operating rate, and import - export of ternary precursors and ternary materials are presented [6][56][57]. 3.6 Lithium Iron Phosphate - The weekly inventory of lithium iron phosphate decreased by 3,000 tons to 94,110 tons. Charts of lithium iron phosphate operating rate, capacity, production, and cost are presented [6][59]. 3.7 Other Materials - Charts of the capacity, production, and operating rate of lithium manganate and lithium cobalt oxide are presented [60][61]. 3.8 Power Cells - The weekly production of power cells increased by 7.9% to 24.98 GWh. Among them, lithium iron - based cells increased by 10.7% to 17.37 GWh, and ternary cells increased by 1.9% to 7.61 GWh [6][63]. 3.9 Lithium Batteries - Charts of lithium battery production, installation volume, and inventory by type (iron - lithium, ternary, etc.) are presented [66][67][69][71]. 3.10 Terminal - New Energy Vehicles - From April 1 - 20, the retail volume of the national new - energy passenger vehicle market was 478,000 units, a year - on - year increase of 20% and a month - on - month decrease of 11%, with a retail penetration rate of 53.3%. The cumulative retail volume this year was 2.898 million units, a year - on - year increase of 33%. The wholesale volume of new - energy passenger vehicles from manufacturers was 530,000 units, a year - on - year increase of 23% and a month - on - month decrease of 7%, with a wholesale penetration rate of 53.3%. The cumulative wholesale volume this year was 3.378 million units, a year - on - year increase of 39% [4][6][72]. 3.11 Supply - Demand Balance - Charts of the monthly supply - demand balance of lithium carbonate, lithium ore, lithium iron phosphate, and ternary precursors are presented [75][80][82]. 3.12 Options - Charts of historical volatility, historical volatility cone, and put - call ratios of option positions and trading volumes of lithium carbonate are presented [85][88][89].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - **Methanol**: Iran's methanol shipments are low, and there is not enough time until the 05 contract. It is currently expected that inventory will decline to a seasonal low by the end of April. Be vigilant if Iran's subsequent shipments still fall short of expectations. Assuming normal imports and Shenghong's shutdown in May, inventory will accumulate. However, the low inventory at the end of April will still influence trading. If there is an unexpected supply gap in the 05 contract, the low - inventory situation will continue, providing a safety margin for long positions [1]. - **Plastic (Polyethylene)**: The inventory of Sinopec and PetroChina is at a neutral level compared to the same period. Upstream inventory increased during the holiday, and coal - chemical inventory also rose. Downstream raw material and finished - product inventories are neutral. Overall inventory is neutral. The 05 contract basis is +300 in North China and +300 in East China. The overseas markets in Europe, America, and Southeast Asia are stable. The import profit is around - 400, with no further increase for now. The price of non - standard HD injection molding is stable, other price differentials are fluctuating, and LD is weakening. Domestic linear production increased month - on - month in February. Pay attention to US price quotes and the commissioning of new plants in 2025 [1]. - **PP (Polypropylene)**: The upstream inventory of Sinopec and PetroChina and the mid - stream inventory increased during the holiday. In terms of valuation, the basis is +10, the non - standard price differential is neutral, and the import profit is around - 500. There are no reports of large - scale export transactions. The non - standard price differential is neutral, and the markets in Europe and America are stable. PDH profit is around - 600, propylene prices are fluctuating, and powder production starts are stable. The draw production ratio is neutral. There are few known maintenance plans in the future, and supply is expected to increase slightly month - on - month. Current downstream orders are average, with neutral raw material inventory and slightly high finished - product inventory. Under the background of over - capacity, the 05 contract is expected to face significant pressure. To relieve the pressure, there needs to be a significant increase in exports or monthly maintenance of 2 million tons of PDH plants [1]. - **PVC**: The basis has strengthened to 05 - 230, and the factory - pickup basis is - 430. Downstream operations are seasonal, and there is a strong willingness to hold inventory at low prices. Mid - and upstream inventory has started to decline. With concentrated spring maintenance, the operating rate is expected to reach 75% temporarily. In the second quarter, pay attention to the scale of spring maintenance after profit compression. Export orders are fair. The macro - policies in March did not exceed expectations. Coal prices are stable, the cost of semi - coke is weakening, and it may be difficult for calcium carbide to expand profits as PVC plants undergo maintenance. The FOB price for caustic soda exports is 440. Pay attention to whether subsequent export orders can support high - price caustic soda. The comprehensive profit of PVC is - 300. Currently, the static inventory is at a high level, downstream performance is mediocre, and the macro - environment is neutral. Pay attention to exports, coal prices, commercial housing sales, terminal orders, and operating rates [1]. 3) Summaries by Related Catalogs Methanol - **Price Data**: From March 31 to April 7, the price of power coal futures remained at 801, while the Jiangsu spot price dropped from 2612 to 2505, and the daily change on April 7 was - 75. Other regional spot prices also showed varying degrees of decline. The CFR China price remained at 283 on April 7, with a daily change of 0. The import profit was 116, and the daily change was 0. The main - contract basis was 95, with a daily change of 10, and the MTO profit on the futures market was - 1031, with a daily change of 83 [1]. Plastic (Polyethylene) - **Price Data**: From March 31 to April 7, the price of Northeast Asia ethylene dropped from 855 to 845, with a daily change of - 10. The price of North China LL dropped from 7700 to 7550, with a daily change of - 150. The main - contract futures price dropped from 7669 to 7320, with a daily change of - 370. The basis was 100, with a daily change of 70. The two - oil inventory remained at 76, and the number of warehouse receipts was 450, with no daily change [1]. PP (Polypropylene) - **Price Data**: From March 31 to April 7, the price of Shandong propylene dropped from 6600 to 6600 (with a decline during the period), and the daily change on April 7 was - 150. The price of Northeast Asia propylene dropped from 800 to 790, with a daily change of - 10. The price of East China PP dropped from 7300 to 7255, with a daily change of - 80. The main - contract futures price dropped from 7313 to 7197, with a daily change of - 151. The basis was 30, with a daily change of 50. The two - oil inventory remained at 76, and the number of warehouse receipts was 1950, with no daily change [1]. PVC - **Price Data**: From March 31 to April 7, the price of Northwest calcium carbide remained at 2700, and the price of Shandong caustic soda dropped from 897 to 856, with a daily change of - 20. The price of calcium - carbide - based PVC in East China dropped from 4980 to 4900, with a daily change of - 110. The basis of high - end deliverable products was - 120, with a daily change of 40 [1].

Core Viewpoint - The glass and soda ash markets are experiencing fluctuations due to inventory adjustments and varying demand, with expectations of continued low-price volatility in the near term [1] Glass Market Summary - The glass market is seeing strong production and sales driven by midstream inventory replenishment, leading to a downward trend in prices [1] - In March, the main glass futures contract closed at 1181 RMB/ton, down 67 RMB/ton, a decrease of 5.37% for the month [1] - The average price of float glass in the domestic market increased slightly to 1268 RMB/ton, with a week-on-week rise of 3.27 RMB/ton [1] - The production capacity utilization rate for float glass was 78.99%, with a total output of 1.1088 million tons [1] - Total inventory for float glass sample enterprises decreased by 1.87% to 65.757 million heavy boxes [1] Soda Ash Market Summary - The soda ash market is witnessing a recovery in production and inventory levels as companies resume operations after maintenance [1] - In March, the main soda ash futures contract closed at 1373 RMB/ton, down 196 RMB/ton, a decrease of 12.49% for the month [1] - The production of soda ash reached 713,000 tons, reflecting a week-on-week increase of 3.3% [1] - Total inventory for soda ash manufacturers rose by 4.38% to 1.7014 million tons [1] Market Strategies - The strategy for the glass market is to maintain a volatile trading range, while the strategy for soda ash is to lean towards a weaker volatility [1] - There are no cross-variety or cross-period strategies currently in place [1]