Report Overview - The report is a daily report on the synthetic rubber industry dated August 4, 2025 [1] 1. Industry Investment Rating - No industry investment rating is provided in the report 2. Core View - Recently, the support from the cost and supply side has weakened. Both the synthetic rubber futures and the mainstream supply prices have shown a rapid rise and then a fall. Arbitrageurs have actively entered the market, but the downstream terminal procurement has been negative. The overall inventory of production enterprises has decreased, while the inventory of trading enterprises has slightly increased. There are short - term shutdown and maintenance expectations for the butadiene rubber plants of Qixiang Tengda and Maoming Petrochemical this week, and the Shandong Yihua butadiene rubber plant is expected to restart. The supply is expected to decrease slightly, but the inventory of production enterprises may still increase under the weak demand expectation. The overall capacity utilization rate of the tire industry is expected to be slightly adjusted, and the overall improvement space is limited. The short - term of the br2509 contract is expected to fluctuate in the range of 11,000 - 11,700 yuan/ton [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,395 yuan/ton, down 60 yuan; the position of the main contract is 31,806 lots, down 2,133 lots. The 9 - 10 spread of synthetic rubber is 5 yuan/ton, down 5 yuan. The total warehouse receipt quantity of butadiene rubber is 2,490 tons, up 200 tons [2] 3.2 Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong is 11,600 yuan/ton, down 100 yuan; that from Daqing Petrochemical in Shandong is 11,550 yuan/ton, down 50 yuan; that from Maoming Petrochemical in Guangdong is 11,550 yuan/ton, down 50 yuan; that from Daqing Petrochemical in Shanghai is 11,600 yuan/ton, unchanged. The basis of synthetic rubber is 205 yuan/ton, up 10 yuan. The price of Brent crude oil is 69.67 dollars/barrel, down 2.86 dollars; the price of WTI crude oil is 67.33 dollars/barrel, down 1.93 dollars. The price of Northeast Asian ethylene is 820 dollars/ton, down 7.12 dollars; the price of naphtha CFR Japan is 603.88 dollars/ton, unchanged; the intermediate price of butadiene CFR China is 1,080 dollars/ton, unchanged; the mainstream price of butadiene in the Shandong market is 9,200 yuan/ton, up 50 yuan [2] 3.3 Upstream Situation - The weekly production capacity of butadiene is 14.78 million tons/week, up 0.01 million tons; the capacity utilization rate is 69.97%, down 0.03 percentage points. The port inventory of butadiene is 10,400 tons, down 5,300 tons. The operating rate of Shandong local refinery atmospheric and vacuum distillation unit is 48.2%, up 0.04 percentage points. The monthly output of cis - butadiene rubber is 122,500 tons, down 16,900 tons; the weekly capacity utilization rate is 72.46%, up 4.83 percentage points. The weekly production profit of cis - butadiene rubber is - 375 yuan/ton, up 65 yuan. The social inventory of cis - butadiene rubber is 31,300 tons, down 1,000 tons; the manufacturer's inventory is 23,800 tons, down 1,050 tons; the trader's inventory is 7,520 tons, up 50 tons [2] 3.4 Downstream Situation - The operating rate of domestic semi - steel tires is 74.45%, down 1.42 percentage points; the operating rate of domestic all - steel tires is 61.08%, down 3.94 percentage points. The monthly output of all - steel tires is 12.62 million pieces, up 800,000 pieces; the monthly output of semi - steel tires is 55.23 million pieces, up 1.08 million pieces. The inventory days of all - steel tires in Shandong are 39.45 days, down 1.5 days; the inventory days of semi - steel tires in Shandong are 45.64 days, down 0.91 days [2] 3.5 Industry News - As of July 30, the inventory of high - cis butadiene rubber sample enterprises in China is 31,300 tons, a decrease of 1,000 tons from the previous period, a month - on - month decrease of 3.09%. As of July 31, the capacity utilization rate of semi - steel tire sample enterprises is 69.98%, a month - on - month decrease of 0.08 percentage points and a year - on - year decrease of 10.19 percentage points; the capacity utilization rate of all - steel tire sample enterprises is 59.26%, a month - on - month decrease of 2.97 percentage points and a year - on - year decrease of 0.20 percentage points. In June 2025, China's butadiene rubber export volume was 29,748.90 tons, a month - on - month increase of 5.99%; from January to June 2025, the total export volume was 152,812.3 tons, an increase of 35,992.05 tons compared with the same period last year, a year - on - year increase of 30.81%. In June 2025, China's butadiene rubber import volume was 19,183.53 tons, a month - on - month decrease of 20.38%; from January to June 2025, the total import volume was 138,619.08 tons, an increase of 2,537.53 tons compared with the same period last year, a year - on - year increase of 1.86% [2]

黑色金属周报-钢材 价格调整 基差走强 研究所 白净 从业资格号：F03097282； 投资咨询从业证书号：Z0018999 2025.08.04 目录 第一部分 结论及平衡表 截至7月31日，五大品种钢材整体产量增0.45万吨，五大品种库存厂库环比增0.1吨，社库增 15.29吨。表观需852.03万吨，环比降16.1万吨。截至8月1日，长流程现货端，华东螺纹长流程现 金含税成本3077元，点对点利润253元左右，热卷长流程现金含税利润233元左右。电炉端，华东 （富宝口径）平电电炉成本在3360元左右，谷电成本在3232左右，华东螺纹平电利润-110元左右， 谷电利润18元。 废钢端，截止7月31日，张家港废钢价格2150元/吨，环比上涨10元/吨。数据显示，89家独立 电弧炉企业产能利用率30.6%，环比回升1.2个百分点；255家样本钢厂日耗54.8万吨，环比增2.98 万吨；其中，132家长流程钢厂日耗27.4万吨/天，环比回升1.08万吨；短流程日耗16.7吨，环比 增1.47万吨。供应方面，255家样本钢厂日均到货54.1万吨，环比增7.56万吨，增幅16.3%。库存 方面，255家钢企废钢库存 ...

Core Insights - The main contract price for soda ash (SA2509) fluctuated between 1158 and 1457 CNY/ton in July, closing at 1247 CNY/ton with a weekly increase of 5.59% [1] - Soda ash production reached 3.1639 million tons in July, a month-on-month increase of 30,800 tons, representing a growth rate of 0.98% [1] - The capacity utilization rate for soda ash companies was 81.95% in July, down by 1.91% from the previous month [1] - Total inventory of soda ash manufacturers at the end of July was 1.7958 million tons, an increase of 27,000 tons, or 1.53% month-on-month [1] Market Trends - In August, the domestic soda ash market is expected to stabilize initially before weakening, with new price transactions slowing down and a forecast of stable to declining prices [1] - Supply of soda ash is expected to increase post-maintenance, leading to ample availability, while downstream demand remains weak with a focus on essential needs, resulting in decreased high-price transactions and weakened purchasing intentions [1] - The sentiment in the market has shifted from a strong rebound in July to a return to fundamentals, with traders advised to monitor inventory changes and downstream demand [1]

Core Viewpoint - Nissan plans to reduce its production capacity in the Chinese market from approximately 1.5 million units to 1 million units, indicating a potential closure or transfer of more factories and a reduction of about one-third of its capacity [4]. Group 1: Nissan's Production Capacity and Financial Performance - Nissan's production capacity in China will be reduced, leading to the closure or transfer of more factories, which reflects a significant strategic shift in response to declining sales [4]. - The cumulative sales of Dongfeng Nissan from 2021 to 2024 show a downward trend, with sales figures of 1.0671 million, 917,300, 723,100, and 631,200 units, representing year-on-year declines of 11.04%, 14.04%, 21.53%, and 12.7% respectively [4]. - As of 2024, Dongfeng Nissan's production capacity utilization rate is only 42.65%, significantly below the industry standard of around 80% [5]. Group 2: Lantu Automotive's Expansion - Lantu Automotive plans to acquire a land parcel from its parent company Dongfeng Group for approximately 723 million yuan, which will be used for its Wuhan Yunfeng factory, previously utilized by Dongfeng Nissan [2]. - The Yunfeng factory has an annual production capacity of 150,000 units, expandable to 300,000 units, and has been producing Lantu's models since last year [2]. - Lantu's Golden Factory, also located in Wuhan, is set to be fully operational in 2024 with a designed annual capacity of 150,000 units, currently achieving a stable daily output of over 600 units [4][3]. Group 3: Market Dynamics and Strategic Adjustments - Nissan's global retail sales for the first quarter of the 2025 fiscal year were 707,000 units, a year-on-year decrease of 10.1%, with a net sales revenue of 2.7 trillion yen, down 9.7% [5]. - The company reported an operating loss of 79.1 billion yen and a net loss of 670.9 billion yen for the 2024 fiscal year, prompting a global capacity reduction plan of 20% by the 2026 fiscal year [5]. - Nissan's CEO announced plans to reduce the number of production bases from 17 to 10 and to lay off 20,000 employees as part of a broader transformation strategy [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Mid - to long - term: After continuous increases due to policy speculation, black - series commodities mainly showed a volatile correction this week. Market sentiment cooled, and the market logic gradually returned to fundamentals. For steel mills, the profitability rate continued to increase, daily hot metal output continued to decline, and overseas ore shipments rebounded. For glass, the start - up rate was flat with last week, and in - plant inventory continued to decline, but the fundamental changes were limited. For soda ash, production decreased month - on - month, but the oversupply situation continued, and the supply - demand fundamentals were poor, with recent fluctuations mainly following the chemical sector. Attention should be paid to the release and implementation of relevant policies [51][55]. - Short - term: The main contracts of black - series commodities had sharp price fluctuations recently, and it was recommended to operate with caution and light positions. The main contracts of glass and soda ash closed significantly lower this week, and short - term cautious observation was recommended [52][56]. 3. Summary by Relevant Catalogs 3.1 Black - Series Weekly Market Review | Variety | Futures Closing Price Change | Futures Price Change Rate | Spot Price | Basis (Unconverted) | | --- | --- | --- | --- | --- | | Rebar (RB2510) | - 89 (from 3294 to 3205) | - 2.70% | 3370 | 165 | | Hot - Rolled Coil (HC2510) | - 66 (from 3456 to 3390) | - 1.91% | 3410 | 20 | | Iron Ore (I2509) | - 32 (from 811 to 779) | - 3.95% | 779 | 0 | | Coke (J2509) | - 134 (from 1735 to 1601) | - 7.72% | 1520 | - 81 | | Coking Coal (JM2509) | - 153 (from 1199 to 1046) | - 12.77% | 1250 | 205 | | Glass (FG509) | - 190 (from 1307 to 1117) | - 14.54% | 1320 | 203 | | Soda Ash (SA509) | - 161 (from 1408 to 1247) | - 11.43% | 1359 | 112 | [3] 3.2 Rebar - Profit: On July 31, the blast - furnace profit of rebar was 227 yuan/ton, a decrease of 29 yuan/ton compared to July 24 [7]. - Supply: As of August 1, the blast - furnace start - up rate was 83.46% (unchanged), the electric - furnace start - up rate was 62.82% (+0.64), daily hot metal output was 240.71 tons (- 1.52), and rebar production was 2.1106 million tons (- 0.9) [12]. - Demand: In the week of August 1, the apparent consumption of rebar was 2.0341 million tons, a month - on - month decrease of 131,700 tons; the trading volume of construction steel by mainstream traders was 78,119 tons [16]. - Inventory: In the week of August 1, the social inventory of rebar was 3.8414 million tons, a month - on - month increase of 111,700 tons; the in - plant inventory was 1.6215 million tons, a month - on - month decrease of 35,200 tons [20]. 3.3 Float Glass - Supply: As of August 1, the number of float - glass production lines in operation was 222 (unchanged from last week), weekly output was 1,115,225 tons (a month - on - month increase of 7050 tons). As of July 31, the capacity utilization rate was 79.78% (a month - on - month increase of 0.3 percentage points), and the start - up rate was 75% (unchanged from last week) [25]. - Inventory: On August 1, the in - plant inventory of float glass was 59.499 million weight boxes, a decrease of 2.397 million weight boxes compared to July 25; the available days of in - plant inventory were 25.5 days, a month - on - month decrease of 1.1 days [30]. - Demand: As of July 31, the order days of glass deep - processing downstream manufacturers were 9.55 days, an increase of 0.25 days compared to July 15 [34]. 3.4 Soda Ash - Supply: In the week of August 1, the capacity utilization rate of soda ash was 80.27%, a decrease of 2.75 percentage points compared to last week; production was 699,800 tons, a decrease of 24,000 tons compared to last week [39]. - Inventory: As of August 1, the in - plant inventory of soda ash was 1.7958 million tons, a decrease of 68,800 tons compared to July 25 [44]. - Production and Sales Rate: As of August 1, the production - sales rate of soda ash was 109.83%, an increase of 4.17 percentage points compared to July 25 [48].

Group 1 - The company, Anjuke Food (603345.SH), is one of the largest frozen food enterprises in China, with a designed production capacity of 1.1371 million tons for the year 2024 [2] - The current capacity utilization rate of the company is 97.15%, maintaining a stable utilization rate above 90% over the past three years [2] - The company actively adjusts its production capacity release pace based on macroeconomic changes and market demand [2]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - OPEC+ plans to increase oil production by 548,000 barrels per day this month, and there are expectations for another 548,000 barrels per day increase in September, which may lead to an oversupply and downward pressure on oil prices. The US tariff agreements may improve market risk appetite, but the potential secondary tariffs on countries buying Russian oil could cause price fluctuations [4]. - PX is in a tight - balance situation with low inventory and high operating rates. With only one potential new device planned at the end of 2025 and high uncertainty, PXN has support due to new PTA device demand [4]. - A 3.2 - million - ton PTA device in East China has one line put into production, and multiple devices are under maintenance. The short - term polyester load is strong, but in the long run, there is an oversupply, and prices are expected to fluctuate with the cost [4]. - Rising coal prices support the cost of ethylene glycol. Port inventory is decreasing, and the supply - demand is tight. However, there is an expected increase in imports in August, and short - term prices are expected to be strong [4]. - The average weekly capacity utilization rate of the Chinese polyester industry is 85.82%, down 0.60% week - on - week. Downstream demand is weak, and the industry is in an oversupply situation. The demand for textile raw materials is expected to recover in mid - to late August [26]. 3. Summary by Related Catalogs Crude Oil - OPEC+ is set to increase production by 548,000 barrels per day this month, and there are expectations for the same increase in September, which may lead to oversupply and downward price pressure. The US tariff agreements may improve market risk appetite, but the claim of secondary tariffs on countries buying Russian oil could cause price fluctuations [4]. PX - Current PX inventory is low, and the operating rate is high, maintaining a tight - balance situation. In 2025, only one 3 - million - ton device of Yulong Petrochemical is expected to be put into operation at the end of the year, with a capacity growth rate of about 5%. The domestic PX output in the first half of 2025 was 18.3 billion tons, a year - on - year increase of 2.7%. The annual supply in 2025 is expected to be about 47.8 billion tons, with a growth rate of about 3%. The domestic weekly average PX capacity utilization rate is 82.35%, down 0.56% week - on - week, and the Asian weekly average is 71.98%, down 0.03% week - on - week. The PX - naphtha spread is around $265 per ton. The downstream PTA is still in an expansion cycle, and the supply - demand gap supports PX prices [4][8]. PTA - A 3.2 - million - ton PTA device in East China has one line put into production recently, and multiple devices are under concentrated maintenance. The downstream polyester is in the off - season, and the processing fee is 204 yuan per ton, remaining flat compared to last week and at a low point this year. With new device production, the oversupply situation will intensify, and the processing fee may be compressed. The weekly average PTA capacity utilization rate is 79.67%, down 1.09% week - on - week. The spot market price is 4,750 yuan per ton, and the mainstream spot basis is 09, - 13 [4][14]. MEG - The market price of ethylene glycol this week is 4,485 yuan per ton, down 2.05% week - on - week. The total domestic ethylene glycol capacity utilization rate is 60.67%, up 1.47% week - on - week, and the coal - based capacity utilization rate is 63.87%, up 3.88% week - on - week. The gross profit has risen to 103.33 yuan per ton, up 15.42 yuan per ton week - on - week. The inventory in East China ports is 427,200 tons, down 47,800 tons week - on - week, at a historical low. Due to the delay of imported goods caused by typhoons, imports are expected to increase. Affected by coal prices, the overall price is expected to be strong [19]. Polyester Industry - The average weekly capacity utilization rate of the Chinese polyester industry is 85.82%, down 0.60% week - on - week. Downstream demand is weak, and there is inventory accumulation due to high - level operation. The effectiveness of potential production cuts needs further observation. The demand for long - and short - fiber textile raw materials is expected to recover in mid - to late August [26].

本文源自：金融界 作者：公告君 金融界8月1日消息，有投资者在互动平台向美利信提问：尊敬的董秘，您好。请问今年上半年公司在通 信领域以及汽车领域相关产能利用情况如何？利润及现金流状况较一季度比是否有所改善？美国美利信 工厂预计年内可以释放多少产能？ 公司回答表示：尊敬的投资者您好，公司上半年的财务情况请关注定期报告及相关公告，公司将持续优 化管理，不断提升产能利用率。感谢您的关注。 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report indicates that asphalt prices are in a high - level oscillation, and investors should be vigilant about a potential rise in crude oil prices [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: For BU2508, the yesterday's closing price was 3,683 yuan/ton with a daily increase of 0.30%, and the overnight closing price was 3,669 yuan/ton with a decrease of 0.38%. The trading volume was 1,025 lots with a decrease of 546 lots, and the open interest was 1,533 lots with a decrease of 362 lots. For BU2509, the yesterday's closing price was 3,659 yuan/ton with a daily increase of 0.25%, and the overnight closing price was 3,654 yuan/ton with a decrease of 0.14%. The trading volume was 145,613 lots with a decrease of 45,926 lots, and the open interest was 125,992 lots with a decrease of 5,504 lots. The total market asphalt warehouse receipts were 81,140 lots with no change [1]. - **Spread Data**: The basis (Shandong - 08) was 102 yuan/ton, a decrease of 11 yuan compared to the previous day; the 08 - 09 inter - period spread was 24 yuan/ton, an increase of 2 yuan; the Shandong - South China spread was 185, a decrease of 20; the East China - South China spread was 180 yuan/ton, a decrease of 20 yuan/ton [1]. - **Spot Market Data**: The Shandong wholesale price was 3,785 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,915 yuan/ton, while the warehouse spot equivalent to the futures price was 4,058 yuan/ton. The Yangtze River Delta wholesale price was 3,780 yuan/ton with no change, and the factory - warehouse spot equivalent to the futures price was 3,841 yuan/ton, and the warehouse spot equivalent to the futures price was 3,905 yuan/ton. The refinery operating rate was 34.91%, a decrease of 1.00% compared to the previous period; the refinery inventory rate was 25.87%, a decrease of 0.35% [1]. 3.2 Market Information - **Capacity Utilization**: From July 24 - 30, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 33.1%, a month - on - month increase of 4.3%. The reason was that although some refineries reduced production, some major refineries in Shandong and Jinling Petrochemical maintained stable production [13]. - **Maintenance Volume**: From July 24 - 30, 2025, the domestic asphalt plant maintenance volume was 60.4 tons, a decrease of 3.8 tons or 5.9% compared to the previous week. The reason was that some refineries in Xinjiang and Shandong resumed asphalt production [13]. - **Shipment Volume**: From July 23 - 29, 2025, the total shipment volume of 54 domestic asphalt enterprises was 41.9 tons, a month - on - month increase of 1.0%. In the Northeast region, refinery production decreased and high - price transactions slowed down, while in the East China region, shipments increased significantly after supply recovery [13]. 3.3 Trend Intensity The asphalt trend intensity is 0, indicating a neutral outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [8].

Core Viewpoint - The report outlines the independent financial advisor's verification of the asset swap, share issuance, and cash payment for asset acquisition by Shenzhen Zhizheng High Polymer Materials Co., Ltd. The advisor confirms the sufficiency, feasibility, and effectiveness of the integration and control measures post-transaction, ensuring AAMI's independent operation while maintaining oversight from the parent company [1][2][19]. Group 1: Integration and Control Measures - The company plans to enhance internal management systems and align interests between the parent company and AAMI through board and management personnel arrangements, ensuring effective integration and support for AAMI's development [2][3][4]. - AAMI will maintain its independent operational status while being integrated into the parent company's management framework, with a focus on leveraging the parent company's resources to optimize AAMI's performance [3][4][8]. - The governance model will be based on a "management team, board of directors, and shareholders' meeting" structure, which has proven effective in the semiconductor industry [4][5][6]. Group 2: Management Structure and Personnel - The board of AAMI will consist of five directors, all appointed by the parent company, ensuring comprehensive oversight of AAMI's operations and strategic decisions [11][12][13]. - Key personnel from AAMI will be retained and new appointments will be made based on market needs, ensuring stability and expertise within the management team [6][17][18]. - The company will implement a robust internal audit system to monitor AAMI's operations and financial status, ensuring compliance and effective management [18][19]. Group 3: Financial Performance and Capacity Utilization - AAMI's revenue is projected to exceed expectations, with significant growth anticipated in 2025 and 2026, driven by stable customer relationships and increased production capacity [20][21][22]. - The company has established measures to optimize production capacity across its facilities, ensuring efficient resource allocation and minimizing potential overcapacity risks [23][24][25]. - The estimated capacity utilization for AAMI is expected to improve significantly, with projections indicating a utilization rate of approximately 45% by the end of 2025 [26][27].