Core Viewpoint - China Glass (03300.HK) anticipates a loss of up to RMB 320 million for the six months ending June 30, 2025, following a net loss of approximately RMB 137 million for the six months ending June 30, 2024, primarily due to ongoing challenges in the real estate and photovoltaic industries, as well as macroeconomic uncertainties [1] Industry Summary - The Chinese real estate sector continues to experience a downturn, leading to a "supply exceeds demand" situation in the construction glass market, which keeps prices at low levels [1] - The photovoltaic industry is facing a persistent "supply-demand mismatch," further compressing profit margins across the entire solar power value chain [1] - Geopolitical instability, fluctuating international trade policies, and currency exchange rate volatility are increasing macroeconomic uncertainties, which have diminished the contribution of the company's overseas production performance to overall profitability [1]

Core Viewpoint - The chemical industry is transitioning from a focus on market share to profitability, indicating a potential new cycle as production expansion comes to an end and policies are implemented [1][7]. Industry Challenges - Since 2022, the chemical industry has faced price declines and increased competition, leading to many companies experiencing revenue growth without profit [2]. - Despite domestic demand stabilization from various policies, intensified competition and limited overseas demand have exacerbated price weakness and low capacity utilization, resulting in overall low profit levels [2][3]. Current Industry Position - The bottom position of the industry is considered relatively certain, with high concentration in most sub-industries limiting further optimization through concentration increases [3]. - The driving force of the chemical market is shifting from demand stimulation to supply-side reform, necessitating breakthroughs from the supply side to improve the supply-demand structure and promote high-quality development [3][6]. Self-Regulation and Policy Coordination - The current phase of the chemical industry's anti-involution process is at the initial stage of policy and industry assessment, with industry associations promoting self-regulation among companies [4]. - Historical experiences suggest that self-regulation effects are often short-lived, and temporary production cuts can lead to a rebound in operating rates, returning to a state of oversupply [4]. Specific Industry Insights - The polyester filament industry is entering a period of slow capacity growth, with profitability improvements driven by policies to eliminate about 10% of outdated capacity and joint production cuts by leading companies [5][6]. - The viscose staple fiber industry has seen no new capacity in the past five years, maintaining a stable supply-demand balance, with strict carbon emission policies curbing new capacity as a driving factor [5]. Future Industry Outlook - The chemical industry is expected to enter a new cycle as it shifts focus from market share to profit, with measures such as eliminating outdated capacity and enhancing industry self-regulation [7]. - The importance of pricing power is emphasized, as high concentration in many sub-industries means that if leading companies cease harmful competition, prices can stabilize and potentially gain global pricing power [7]. - Investment opportunities are anticipated in major sectors like petrochemicals and coal chemicals, with a focus on sub-industries nearing cyclical turning points, such as polyester filament [7][8].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The terminal demand for lithium carbonate is approaching the peak season, and the price of lithium carbonate is expected to have higher upward elasticity in the short - term. Although the supply pressure has not been significantly relieved, factors such as the peak season of terminal demand and the upward shift of the raw material price center provide support for the price increase. There may be a phased supply - demand mismatch, and attention should be paid to the results of mining license approvals [5]. 3. Summary by Related Catalogs Macroeconomic Situation - In July 2025, China's exports denominated in US dollars increased by 7.2% year - on - year, and imports increased by 4.1%. The total imports and exports of high - tech products in the first seven months increased by 8.4% year - on - year. Rare earth exports decreased by 23% month - on - month, soybean imports reached a record high, and iron ore imports remained above 100 million tons for three consecutive months. The auction of 30 - year US Treasury bonds was dismal, and long - term Treasury yields generally rose. The US ISM Services PMI in July was only 50.1, the employment index contracted, and the price index reached a new high since October 2022. A September interest rate cut is almost a certainty, and the Bank of England cut interest rates by 25 basis points as expected [3]. Supply Side - This week, the production of lithium carbonate increased significantly, reaching a new high for the year. There were many news about the supply side this week, with enterprises in various regions increasing production and new production capacities being put into operation normally. In July 2025, Chile exported 13,632 tons of lithium carbonate to China, a month - on - month increase of 33.31% and a year - on - year decrease of 13.48% [3]. Demand Side - According to data released by the Passenger Car Association, in July, the retail sales of the national passenger car market were 1.826 million units, a year - on - year increase of 6.3% and a month - on - month decrease of 12.4%. The retail sales of the new energy passenger car market in July were 987,000 units, a year - on - year increase of 12.0% and a month - on - month decrease of 11.2%. The cumulative growth rate of domestic car sales this year has continuously increased from 1.2% from January to February to 10.8% from January to June, showing a high - base deceleration feature in July [3]. Cost and Profit - This week, the price of the mining end increased month - on - month. The quotation of African SC 5% was 530 US dollars per ton, an increase of 15 US dollars per ton compared with last week; the CIF price of Australian 6% spodumene was 765 US dollars per ton, an increase of 35 US dollars per ton compared with last week; the market price of lithium mica was 2,100 yuan per ton, remaining unchanged compared with last week. As of August 8, the production cost of lithium carbonate was 63,155 yuan per ton, a decrease of 232 yuan compared with last week, and the profit of the lithium carbonate industry was 5,979 yuan per ton, a month - on - month increase of 1,388 yuan [4][48]. Total Inventory - As of August 7, the total inventory of lithium carbonate was 142,418 tons, an increase of 692 tons compared with last week, of which the inventory of upstream smelters was 50,999 tons, a month - on - month decrease of 959 tons. The total inventory of lithium carbonate increased slightly this week, but the spot and futures prices formed a positive feedback, and the peak season for downstream restocking drove the transfer of upstream inventory to the downstream [5][31]. Market Review - As of August 8, LC2511 closed at 76,960 yuan per ton, an increase of 12% compared with last week. The spot price of battery - grade lithium carbonate was quoted at 71,500 yuan per ton, an increase of 4.38% compared with last week, and the basis discount widened. The position of the main contract was 320,000. This week, the main contract first declined and then rose, stabilizing and rising after the contract change within the week. The fundamentals improved marginally, with both production and inventory decreasing, and the spodumene price at the cost end also provided certain support. The positive feedback between spot and futures prices drove the improvement of the inventory structure, and upstream smelters continued to reduce inventory [7]. Production Volume - As of August 8, the production of lithium carbonate was 20,358 tons, a month - on - month increase of 2,120 tons. The enterprise operating rate was 47.31%, a month - on - month increase of 2.88%. Although some individual enterprises were shut down for maintenance, enterprises in other regions were still increasing production. The issue of mining licenses in Jiangxi has not been finalized, and there are many market rumors about Ningde's Jianxiawo Mine. The increase in exports from Chile in July will also increase the supply pressure, and attention should be paid to whether the subsequent production will decline [9]. Other Product Production and Inventory - **Lithium hydroxide**: As of August 8, the production of lithium hydroxide was 5,105 tons, a month - on - month increase of 165 tons. The enterprise operating rate was 35.14%, a month - on - month increase of 0.63%. This week, the supply of lithium hydroxide enterprises recovered slightly, the market stably executed long - term contracts, and the downstream ternary material factories had phased restocking needs, boosting market trading activity [11]. - **Lithium iron phosphate**: As of August 8, the production of lithium iron phosphate was 69,684 tons, a month - on - month increase of 436 tons. The enterprise operating rate was 61.3%, a month - on - month increase of 0.6%. As the "Golden September and Silver October" consumption peak season is approaching, downstream battery cell factories are stocking up in advance, driving up the operating rate of lithium iron phosphate, and the demand on the power side has increased significantly. All enterprises that reduced production in July have returned to normal production levels [13]. - **Ternary materials**: The downstream demand for ternary materials has increased significantly, and the operating rate of leading enterprises has increased [15]. - **Other cathode materials**: The demand for other cathode materials shows structural differentiation, and downstream orders are advanced [23]. Cost and Profit of Other Products - **Lithium hydroxide**: As of August 8, the production cost of lithium hydroxide was 62,210 yuan per ton, an increase of 568 yuan compared with last week, and the profit of the lithium hydroxide industry was 3,635 yuan per ton, a month - on - month increase of 1,473 yuan. This week, the strong price increase of lithium carbonate and the raw material end provided certain support for lithium hydroxide. However, the actual downstream transactions of lithium hydroxide were limited, the market was waiting and watching, the price increase was lower than that of the raw material end, and the industry profit margin was limited [51]. - **Lithium iron phosphate**: As of August 8, the production cost of lithium iron phosphate was 33,886 yuan per ton, remaining unchanged compared with last week, and the loss of lithium iron phosphate was 992 yuan per ton, remaining unchanged compared with last week. The significant increase in the price of lithium carbonate at the raw material end has raised the theoretical cost of lithium iron phosphate, but material factories have no pricing power, the quotation of lithium iron phosphate has increased slightly, and the processing fee has remained unchanged. The proportion of customer - supplied and long - term contract orders in the market is relatively high, and the profit is weakly stable and still in a loss state [54]. - **Ternary materials and others**: The quotation of downstream products fluctuates with raw materials, and the profit margin is marginally repaired [57].

Group 1 - The core viewpoint of the article highlights the significant price fluctuations of bullfrogs and crayfish, with bullfrog prices soaring to as high as 15 yuan per jin, causing many restaurant owners to struggle [1][4][5] - Bullfrog prices have shown a "volatile" upward trend since early this year, reaching a peak of 13 yuan per jin by the end of July, with a subsequent drop to 11.5 yuan and 10.5 yuan in early August [2][3][4] - The price surge is attributed to a "supply-demand mismatch," where reduced supply due to previous low prices and adverse weather conditions has led to increased demand, particularly for larger bullfrogs in popular dishes [6][7][9] Group 2 - Crayfish prices have also experienced a dramatic increase, with reports indicating prices in Wuhan rising by over ten yuan per jin, and prices in Kunming reaching 60 to 75 yuan per kilogram, nearly doubling from previous months [10][14][15] - Similar to bullfrogs, crayfish prices are driven by supply issues, including high mortality rates and slower growth due to extreme heat, which has made harvesting more difficult [16][20] - Many restaurant operators are forced to adjust their strategies in response to rising costs, either by raising prices, reducing portion sizes, or even removing these items from their menus altogether [18][19][24] Group 3 - The article notes that the high prices of bullfrogs and crayfish have led to a wave of closures among restaurants that heavily relied on these items, with some brands like "哥老官" experiencing a significant reduction in the number of operating locations [27][29][30] - The current market conditions signal a shift away from low-price strategies, as many smaller restaurants struggle to maintain profitability amid rising costs and changing consumer expectations [34][40] - The article suggests that the future of the restaurant industry may depend on a transition towards quality competition, with businesses focusing on fewer, high-quality offerings rather than relying on low-cost, high-volume sales [41][45]

连续两个交易日大跌后，8月4日，焦煤、焦炭期货主力合约止住跌势。经过两周的价格大起大落，双焦期货盘面价格正逐步回归基本面。 截至8月4日收盘，主力合约中焦煤涨2.33%；焦炭主力合约4日收盘跌0.15%，至1615元/吨，较7月24日1822元/吨高点回落不少。 相对于期货盘面的大起大落，双焦现货市场价格整体维持了偏强上行格局。 而需求方面，6月以来炼焦煤供应端减量明显，政策端"反内卷"使得市场情绪回暖，提振贸易商补库需求，导致煤矿资源分流，焦钢企业焦煤到货量减少， 补库需求集中释放。此外，难得一见的上涨行情也刺激了贸易商的投机需求，多重需求共振之下，煤价迎来大涨。数据显示，7月以来独立焦化厂精煤库存 大幅增加162.58万吨，钢厂焦化库存增加18.3万吨。 进入8月份后，焦煤市场价格仍延续偏强震荡格局。 卓创资讯数据显示，上周全国焦煤市场价格稳中有涨，其中山西吕梁地区主焦煤S<1出矿主流成交价格1400元/吨至1450元/吨，较上期价格持平。山东济宁 地区气精煤S<1出矿主流成交价格880元/吨至910元/吨，较上期价格涨25元/吨。 "上周焦煤市场仍偏强运行，基于多方面因素影响。"卓创资讯分析师张敏称，目 ...

Core Viewpoint - The restaurant industry experienced high prosperity from 2019 to 2022, but has faced declining demand and performance pressure in 2023, leading to a downward adjustment in valuations, currently around a PE of 20 times. Despite this, the long-term development logic remains solid, with leading companies actively adjusting strategies for growth, indicating potential for a rebound if performance exceeds expectations. Additionally, capital expenditures are expected to decline in 2024, improving free cash flow and shareholder returns [1]. Group 1: Industry Performance - The restaurant industry's revenue growth is expected to slow to low single digits from 2019 to 2024 due to weak consumer recovery, significantly impacting the demand for frozen food products. This has resulted in noticeable declines in the performance of listed companies in the sector, with no clear turning point in sight. Market sentiment regarding the long-term growth potential of leading companies is pessimistic, despite the irreversible trend towards food freezing and significant long-term growth opportunities [2]. - The industry has faced performance pressure due to a mismatch between supply and demand, exacerbated by aggressive expansion during optimistic market conditions in previous years. Increased competition from a fragmented market has led to greater promotional discounts and higher expenditure, resulting in a decline in capital return rates. However, capital expenditures are expected to decrease significantly in 2024, and the total number of employees in the sector has begun to stabilize, indicating an awareness of the supply-demand imbalance and a shift towards active adjustments [3]. Group 2: Company Strategies - Some companies within the sector are actively seeking solutions to break through current challenges by expanding product categories, launching new products, and exploring emerging channels for growth. For instance, Anjuke Foods (603345) has shown strong operational resilience and plans to emphasize product-driven growth by increasing new product launches and focusing on direct-to-consumer sales to enhance profit margins by 2025. Meanwhile, Qianwei Central Kitchen (001215) has been increasing its R&D and sales personnel, enhancing its channel capabilities in both large and small business segments, and is embracing new retail channels to drive growth in dish and baking categories [4]. Group 3: Investment Recommendations - Companies to watch include Anjuke Foods (603345.SH), Qianwei Central Kitchen (001215.SZ), Baoli Foods (603170.SH), and Weizhi Xiang (605089.SH) [5].

Core Viewpoint - The industry has experienced high prosperity from 2019 to 2022, but since 2023, the downturn in market conditions has led to declining performance and pessimistic expectations, resulting in a gradual decline in valuations, with the current PE around 20 times. However, the long-term development logic of the industry remains solid, and leading companies are actively adjusting to seek incremental growth, which could lead to a rebound if performance exceeds expectations [1][2]. Group 1: Industry Performance - The restaurant industry's revenue growth is significantly slowing to low single digits from 2019 to 2024, leading to noticeable pressure on the demand side for the frozen food industry. This has resulted in a decline in the performance of listed companies in the sector over the past two years, with no clear turning point in sight. Market expectations regarding the long-term development space and growth ceiling of leading companies are pessimistic [2]. - The industry is facing a mismatch between supply and demand, exacerbated by increased competition due to prior optimistic expansion. The combination of weak demand and increased supply has led to intensified competition, with mainstream manufacturers prioritizing market share over profit, resulting in increased promotional discounts and higher expenditure, which has decreased the capital return rate in the sector [3]. Group 2: Strategic Adjustments - Some companies within the sector are actively seeking solutions to break the current impasse by expanding product categories, launching new products, and exploring emerging channels for growth. For instance, Anjuke Foods, as a leading player in the frozen food sector, has shown strong operational resilience and plans to emphasize product-driven growth by increasing new product launches and focusing on the consumer end to enhance profit margins by 2025 [4]. - Qianwei Central Kitchen, which has a higher proportion of restaurant business, faces greater short-term performance pressure but has been increasing its R&D and sales personnel in recent years. The company is also enhancing its channel capabilities in both large and small B-end markets while embracing new retail channels and expanding into dish and baking categories to seek incremental growth [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report reviews the six unilateral market trends of lithium carbonate futures contracts since their listing on the Guangzhou Futures Exchange in July 2023, and summarizes the driving factors and main industrial contradictions at each time point. As of July 30, 2025, the lithium carbonate contract index has declined by 71.3% since listing, with a maximum decline of about 76%, and experienced four significant rebounds, three of which were around 30% [3]. 3. Summary by Relevant Catalogs 3.1 Excess Expectation Dominance & Oversold Rebound - After the withdrawal of the new - energy vehicle purchase subsidy policy at the end of 2022, the downstream of the lithium - battery industry chain actively destocked from January to April 2023, and the price of battery - grade lithium carbonate dropped to 170,000 yuan/ton. It rebounded in late April due to downstream restocking, then fell again from early July [4]. - From July to December 2023, the market was dominated by the expectation of oversupply of lithium resources. Global sample mines increased production by about 1.02 million tons of lithium carbonate equivalent (LCE) in 2023, a 32% increase from 2022. Although global lithium - battery shipments maintained a 27% growth, supply increased more rapidly. The lithium price declined smoothly, with limited supply disturbances and rebound heights [4]. - In mid - November 2023, the lithium carbonate contract accelerated its decline. In early December, it reached the expected cost - support range of 80,000 - 100,000 yuan, then the main contract LC2401 rebounded from around 85,000 yuan to 115,000 yuan and fluctuated in the range for three months [5]. 3.2 Phased Supply - Demand Mismatch - Around the Spring Festival in 2024, low lithium prices reduced the salt factory's production enthusiasm. The domestic lithium carbonate enterprise's February开工率 was about 35%, a significant drop from 43% in January. However, lithium - battery material enterprises were approaching the production peak season, resulting in a short - term supply - demand mismatch. After the Spring Festival, lithium - battery enterprises rushed to buy lithium carbonate, and on February 21, news of environmental disturbances in Jiangxi mines boosted the price. The lithium carbonate index rebounded by about 28.4% in 10 days until March 1 [6]. 3.3 Continuous Inventory Accumulation Suppresses Price - After the rebound in 2024, the lithium carbonate price fluctuated between 110,000 - 120,000 yuan per ton from March to April. Lithium salt factories' production enthusiasm increased due to improved profits. From March, domestic lithium carbonate production increased continuously, with monthly环比增速 of 31.8%, 23.6%, and 18.2% from March to May. After the May Day holiday, downstream demand entered the off - season, and inventory reached a new high on May 9. The lithium carbonate contract entered a new decline cycle, with an index decline of about 36% from May 10 to September 6, 2024 [8][10]. 3.4 Exceeding Demand Expectation & Early Stockpiling - From October 22 to November 13, 2024, the lithium carbonate index rose about 20%. The extension of the lithium - battery material production peak season and early stockpiling by downstream enterprises were the main drivers. The new - energy vehicle production and sales increased significantly in September and October 2024, and lithium - battery enterprises may have rushed to export products to avoid potential US tariffs. As of November 7, 2024, the domestic lithium carbonate inventory had decreased by nearly 22,000 tons from the August peak. Some downstream enterprises stockpiled in advance, and some lithium resource enterprises lowered their production and sales targets, boosting market sentiment [13][14]. 3.5 Cost Collapse & Commodity Pessimism Resonance - From March to June 2025, the pressure on lithium salt processing profits was transmitted to the mining end, and the price of lithium concentrate dropped nearly 30% in three months. The prices of lithium ore and lithium salt declined spirally, and cost support failed. Macroeconomic expectations weakened, and the demand for lithium carbonate was affected by Trump's tariff policy, the end of the "Green New Deal," and domestic policy adjustments. From March 20 to June 23, 2025, the lithium carbonate index declined by about 21.6% [18]. 3.6 Sentiment Boost for Oversold Varieties - The lithium carbonate index rebounded on June 23, 2025, with a range increase of 34.5% until July 25, approaching the annual high. The supply - demand relationship did not reverse significantly, but the commodity market had strong repair expectations, and long - position funds dominated the market. Some commodities started to rebound in June, and events in the mining end, such as lithium mica nuclear storage in Jiangxi and mine shutdowns, boosted sentiment. The lithium carbonate contract index rose about 24% from July 14 to July 25, then declined due to increased market risk [19].

Core Viewpoint - The U.S. has implemented a 50% tariff on imported copper semi-finished products and high-copper-content derivatives, contrary to market expectations that it would target refined copper itself [1][3]. Group 1: Tariff Implementation - The U.S. government announced a 50% tariff on copper semi-finished products and high-copper-content derivatives starting August 1, 2025, based on the Trade Expansion Act of 1962 [1]. - Refined copper and copper input materials such as copper ore, concentrates, and scrap copper are explicitly excluded from the tariff [1][3]. - The announcement led to a significant drop in CME copper futures prices, which fell over 20% on the day of the announcement [1][3]. Group 2: Market Reactions - Following the tariff announcement, CME warehouse inventories surged to 232,195 tons, the highest level since 2004, due to a rush of refined copper imports before the tariff took effect [2]. - The price premium of CME copper futures over LME prices narrowed significantly, from nearly $1,200 per ton to less than $150 per ton [1][3]. Group 3: Supply Chain and Structural Challenges - The influx of refined copper has created a supply-demand mismatch, raising concerns about whether U.S. smelting and processing capacities can handle the increased resources [5]. - From 2027, a policy mandates that 25% of domestic copper concentrates and recycled copper must be sold in the U.S., increasing to 40% within two years, which may exert structural pressure on the existing system [5]. - Analysts suggest that the physical supply chain will take months to rebalance, with the possibility of copper being re-exported from the U.S. being reassessed [6].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - **Pure Benzene**: The production decline caused by previous device maintenance has gradually recovered, and the supply side is steadily increasing. Except for styrene, other downstream products have poor profit transmission, and the terminal's willingness to start work is insufficient, resulting in limited demand. The high port inventory and the "anti - involution" policy expectation make the market more volatile with the bulk sentiment, and its own driving force is weak [4]. - **Styrene**: Domestic styrene devices maintain high - load operation, and short - term production may remain high. Although some downstream devices are gradually recovering, terminal orders have not significantly increased, and inventory overstocking still exists. The high social inventory and the pressure on the cost side due to oil price fluctuations and the loose supply - demand of pure benzene lead to a situation of strong supply and weak demand, and the follow - up needs to pay attention to the chain reaction brought by policies and crude oil trends [4]. 3. Summary by Directory 3.1 Daily Market Summary - **Fundamentals** - **Price**: On July 30, the main contract of styrene closed up 0.18% at 7,387 yuan/ton, with a basis of 28 (+47 yuan/ton); the main contract of pure benzene closed up 0.72% at 6,269 yuan/ton [3]. - **Cost**: On July 30, the main contract of Brent crude oil closed at $69.2/barrel (+$2.5/barrel), the main contract of WTI crude oil closed at $72.5/barrel (+$2.5/barrel), and the spot price of pure benzene in East China was 6,085 yuan/ton (+15 yuan/ton) [3]. - **Inventory**: The inventory of styrene sample factories was 20.5 tons (-0.3 tons), a month - on - month de - stocking of 1.5%, and the inventory in Jiangsu ports was 15.1 tons (+1.2 tons), a month - on - month stocking of 8.8%, with overall stocking [3]. - **Supply**: The styrene maintenance devices have returned, and the overall supply is stable. Currently, the weekly output of styrene remains at 36.1 tons (+0.2 tons), and the factory capacity utilization rate is 78.8% (+0.5%) [3]. - **Demand**: The capacity utilization rates of downstream 3S have different changes. The capacity utilization rate of EPS is 55.2% (+2.0%), ABS is 66.8% (+0.9%), and PS is 51.6% (+1.0%), with the overall start - up rate improving [3]. 3.2 Industry Chain Data Monitoring - **Price Monitoring** - **Styrene Price**: From July 28 to 29, the main continuous futures price of styrene increased by 0.22%, the spot price remained unchanged, and the basis decreased by 258.33% [6]. - **Pure Benzene Price**: From July 28 to 29, the main continuous futures price of pure benzene increased by 0.72%, the price in East China increased by 1.0%, and the prices of South Korea FOB, the United States FOB, and China CFR remained unchanged [6]. - **Upstream Price**: From July 28 to 29, the price of Brent crude oil increased by 2.35%, WTI crude oil increased by 2.11%, and the price of naphtha increased by 0.03% [6]. - **Production and Inventory Monitoring** - **Production**: From July 18 to 25, the production of styrene in China increased by 0.69% to 36.1 tons, and the production of pure benzene decreased by 2.39% to 42.5 tons [7]. - **Inventory**: From July 18 to 25, the port inventory of styrene in Jiangsu increased by 8.81% to 15.1 tons, the factory inventory decreased by 1.46% to 20.5 tons, and the national port inventory of pure benzene increased by 4.27% to 17.1 tons [7]. - **Capacity Utilization Monitoring** - **Downstream of Pure Benzene**: From July 18 to 25, the capacity utilization rates of styrene and caprolactam changed slightly, phenol decreased by 4.04%, and aniline increased by 0.77% [8]. - **Downstream of Styrene**: From July 18 to 25, the capacity utilization rates of EPS, ABS, and PS all increased, by 2.0%, 0.9%, and 1.0% respectively [8]. 3.3 Industry News - The Political Bureau of the CPC Central Committee held a meeting on July 30 to analyze the current economic situation and deploy the economic work for the second half of the year [9]. - The US Treasury Department intensified its "maximum pressure" action against Iran, targeting the shipping network of the Shamkhani family. US officials said the new sanctions would make it "more difficult" for Iran to sell oil but would not cause a continuous disruption to the global oil market [9]. - The Federal Reserve kept its policy unchanged, and Powell avoided giving guidance on a September interest - rate cut [9]. 3.4 Industry Chain Data Charts The report provides multiple data charts, including the price trends of pure benzene and styrene, the cost comparison between imported and domestic pure benzene for styrene, the inventory trends of styrene and pure benzene at ports and factories, and the capacity utilization rates of downstream products such as ABS, EPS, phenol, aniline, and caprolactam [10][15][16].