Regulatory and Legal Compliance Challenges - The introduction of a filing system for overseas listings in China starting in 2023 increases time costs and poses risks of failing to list if the filing is unsuccessful [2] - The SEC in the U.S. has strict disclosure requirements, particularly concerning audit working papers for Chinese companies, despite a cooperation agreement between China and the U.S. [2] - Domestic policies affecting industries like real estate and education may lead to scrutiny of business models [2] - Legal risks include the potential for delisting under the Foreign Company Accountability Act and compliance challenges with the FCPA [2] Strategies for Regulatory Compliance - Companies should plan early and understand U.S. regulatory requirements before preparing for listing [3] - Engaging a professional legal team familiar with both Chinese and U.S. securities laws is essential for compliance [3] - Establishing a robust internal control system is necessary to ensure the accuracy and transparency of financial reporting [3] Differences in Accounting Standards - Significant differences exist between Chinese Accounting Standards (CAS) and U.S. GAAP, affecting revenue recognition and asset impairment, which can impact company valuations [5] - Companies in sensitive industries must handle audit working papers carefully to balance compliance and disclosure [5] Strategies for Accounting Compliance - Companies should adjust financial statements according to GAAP before listing to meet U.S. regulatory requirements [6] - Hiring an auditing firm recognized by the PCAOB can enhance the credibility of financial reports [6] Investor Culture Differences - Information asymmetry may lead to U.S. investors undervaluing Chinese companies due to a lack of understanding of their business models [8] - U.S. investors prioritize long-term growth potential, innovation, and management execution, which may not be effectively communicated by traditional Chinese companies [8] - Short-selling firms may target Chinese stocks, necessitating enhanced financial transparency and crisis management capabilities [8] Strategies for Investor Engagement - Frequent roadshows can help companies understand U.S. investor culture and effectively communicate their core competencies and long-term plans [9] - Establishing a professional investor relations team and improving ESG reporting can enhance transparency and attract U.S. investors [10] Geopolitical Conflicts - Uncertainties in U.S.-China relations, including trade tensions and technology sanctions, can affect the listing process and stock prices [11] - Domestic policy tightening, such as data security reviews, requires timely assessments of listing feasibility [12] Strategies for Managing Geopolitical Risks - Companies should consider diversifying listing locations and financing channels to mitigate market volatility risks [13] - Strengthening communication with investors to convey stable operational information can enhance investor confidence [13] Information Security and Data Privacy - Strict compliance requirements under the Data Security Law and Personal Information Protection Law pose challenges for companies handling user data [15] - Conflicts between U.S. data disclosure requirements and Chinese regulations necessitate compliant data processing solutions [15] Strategies for Data Compliance - Companies should clearly outline data compliance measures in their prospectus and conduct data security assessments before data export [16] - Maintaining close communication with government departments can help secure policy support for cross-border data flow [16] High Listing Costs - The financial burden of listing in the U.S. includes underwriting, legal, accounting, and sponsorship fees, which can be significant for smaller companies [17] - Ongoing compliance costs post-listing, such as regular audit and disclosure expenses, can also be high [17] Strategies for Cost Management - Conducting thorough financial planning and cost-benefit analysis before deciding to list in the U.S. is crucial [18] - Introducing strategic investors prior to listing can alleviate financial pressure and ensure sufficient funding for the listing process and subsequent operations [18]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - High sulfur fuel oil is suppressed by abundant spot supplies in the near - term, while low sulfur fuel oil shows a volatile trend [1] - For trading strategies, it is advisable to take a wait - and - see approach for both unilateral and arbitrage trades, and pay attention to geopolitical and macro - level disturbances as well as the digestion of near - term high sulfur spot [5] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - High sulfur: The number of buyers in the high sulfur spot window has increased, and low - price transactions have hit the high sulfur spot premium, which has fallen below zero. High inventories in Singapore and increased near - term domestic spot arrivals have pressured prices. Russian supply is expected to recover in July, but there are still risks due to the Ukraine - Russia conflict. High sulfur seasonal power generation demand remains supportive in the third quarter, with strong demand in Egypt and Saudi Arabia. There are expectations of an increase in China's fuel oil consumption tax deduction, which may boost feed demand [4] - Low sulfur: The low sulfur fuel oil spot premium is volatile. Supply is continuously increasing, and downstream demand lacks specific drivers. Supply from Nigeria, South Sudan, and Al - Zour refinery is increasing, and China's low sulfur production is expected to grow in June, with sufficient supply and stable demand [4] Strategies - Unilateral: Wait and see, and pay attention to geopolitical and macro - level disturbances [5] - Arbitrage: Wait and see, and pay attention to the digestion of near - term high sulfur spot [5] - Options: No specific view [5] Chapter 2: Core Logic Analysis Supply - related - Russia: Off - line refining capacity is expected to decrease in July. Exports of high sulfur fuel oil have started to recover in the past two weeks. The EU plans to intensify sanctions, including lowering the oil price cap [7] - Mexico: The supply of high sulfur fuel oil has fallen to the level before the Olmeca refinery's production. The Olmeca refinery's operation is improving, and other refineries' processing volumes have changed. High sulfur exports in June were at a low level but showed a rebound in the first week of July [10] - Middle East: The sentiment of the Iran - Israel conflict has subsided, but the US sanctions on Iran continue. Summer power generation demand in Saudi Arabia and Iran may divert supply. High sulfur exports in June were at a low level [15] Demand - related - High sulfur power generation: Egypt's high sulfur fuel oil procurement is strong due to summer power generation demand. South Asia's power generation demand is near the end, and the Middle East's power generation demand is expected to remain strong in July [16] - China's demand: The expected increase in the fuel oil consumption tax deduction ratio may support feed demand. China's high sulfur fuel oil imports rebounded in June [22] - High sulfur marine fuel: Demand is stably supported, and the marginal increase comes from the stable growth of the number of ships with desulfurization towers [23] Low sulfur fuel oil - South Sudan: The supply of low - sulfur heavy raw material Dar Blend is steadily recovering, with multiple export tenders [26] - Al - Zour refinery: Low - sulfur exports are expected to remain at a high level, and supply to the pan - Singapore area has increased [27] - Nigeria: Near - term low - sulfur supply is abundant, mainly flowing to Singapore. The Dangote refinery's FCC gasoline unit is still unstable [30] - China: The domestic low - sulfur market has stable production, and the third - batch export quota is expected to be issued soon, with sufficient quotas [38] Chapter 3: Weekly Data Tracking - Fuel oil spot: Data on the prices of Brent, HSFO380, LSFO, etc., and their spreads are presented [40] - High sulfur fuel oil spreads: Data on cross - regional and cross - term spreads, and spot premiums are provided [47] - Low sulfur fuel oil spreads: Data on cross - regional and cross - variety spreads, and spot premiums are provided [53] - Gasoline - fuel oil ratio: Data on the equivalent - calorific - value prices of different fuels are presented [60] - Cross - regional freight: Data on freight rates from different regions are provided [62] - Singapore filling spreads: Data on high - sulfur and low - sulfur filling spreads in Singapore are presented [65] - Fuel oil inventory: Data on fuel oil inventories in Singapore, ARA, US, etc., and the total inventory of five countries are provided [68] - Inventory structure in different regions: Data on gasoline, diesel, and refined oil inventories in Northwest Europe and the US Gulf are provided [70][72] - Terminal sales: Singapore's marine fuel sales data for May are announced, including high - sulfur and low - sulfur sales volumes and their proportions [74]

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints - Due to geopolitical conflicts, the difficulty of trading is high. It is recommended to participate with a light position or wait and see. The "Big and Beautiful" bill has been passed, and attention should be paid to whether US terminal consumption is boosted. With large fluctuations in commodities recently, the European line has strong macro - attributes, and the difficulty of trading is high. Some shipping companies have announced price increases, and attention should be paid to the implementation of price support. The Trump administration does not plan to extend the tariff negotiation period, and the spot market price range is set, with small price increases to test the market and a small rebound in the futures market. The Middle East situation shows signs of easing, the spot freight rate changes slightly, and the market is full of mixed long - and short - term information, with intense trading and wide - range fluctuations in the futures market. Attention should be paid to tariff policies, the Middle East situation, and spot freight rates [2][3]. 3. Summary by Content 3.1 Shipping Freight Index - **SCFIS and NCFI**: On June 30, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2123.24 points, up 9.6% from the previous period; the SCFIS for the US West route was 1619.19 points, down 22.3% from the previous period. On June 27, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1366.47 points, down 1.13% from the previous period; the NCFI for the European route was 1442.95 points, up 11.03% from the previous period; the NCFI for the US West route was 1553.68 points, down 2.04% from the previous period [2]. - **SCFI and CCFI**: On June 27, the Shanghai Export Container Freight Index (SCFI) was 1861.51 points, down 8.08 points from the previous period. The SCFI for the European route was 2030 USD/TEU, up 10.63% from the previous period; the SCFI for the US West route was 2578 USD/FEU, down 7.00% from the previous period. The China Export Container Freight Index (CCFI) for the comprehensive index was 1369.34 points, up 2.0% from the previous period; the CCFI for the European route was 1640.72 points, up 3.9% from the previous period; the CCFI for the US West route was 1212.09 points, down 3.6% from the previous period [2]. 3.2 PMI Data - **Eurozone**: In June, the preliminary value of the manufacturing PMI was 49.4 (expected 49.8, previous value 49.4), the added value of the service - industry PMI was 50 (a two - month high, expected 50, previous value 49.7), the preliminary value of the composite PMI was 50.2 (expected 50.5, previous value 50.2), and the Sentix investor confidence index was 0.2 (expected - 6, previous value - 8.1) [2]. - **China**: The Caixin China Manufacturing Purchasing Managers' Index (PMI) in June was 50.4, 2.1 percentage points higher than in May, the same as in April, and back above the critical point [2]. - **US**: In June, the preliminary value of the Markit manufacturing PMI was 52 (the same as in May, higher than the expected 51, the highest level since February); the preliminary value of the service - industry PMI was 53.1 (lower than the previous value of 53.7, higher than the expected 52.9, a two - month low); the preliminary value of the composite PMI was 52.8 (lower than the previous value of 53, higher than the expected 52.1, a two - month low) [2]. 3.3 Futures Market - **July 3, 2508 Contract**: The closing price was 1896.9, with a gain of 0.11%, the trading volume was 28,500 lots, and the open interest was 35,900 lots, a decrease of 388 lots from the previous day [3]. - **Short - term Strategy**: The short - term futures market is expected to rebound. It is recommended to lightly short the 2508 contract when it rebounds above 2000 (with a profit margin of more than 200 points), and consider taking profits on short positions. For risk - takers, it is recommended to lightly go long on the 2510 contract below 1300, and set stop - loss and take - profit levels [4]. - **Arbitrage Strategy**: Due to the volatile international situation, it is recommended to wait and see for now [4]. - **Long - term Strategy**: It is recommended to take profits when each contract rises, wait for the price to stabilize after a pullback, and then judge the subsequent direction [4]. - **Circuit Breaker and Margin Adjustment**: The circuit breaker for contracts 2506 - 2604 is adjusted to 16%, and the company's margin for contracts 2506 - 2604 is adjusted to 26%. The daily opening limit for all contracts 2506 - 2604 is 100 lots [4].

Core Viewpoint - The article discusses the competitive landscape of China's AI chip industry, highlighting the recent stock performance of leading companies like Cambricon and the implications of new IPOs from emerging players like Moore Threads, Muxi, and Biren Technology [1][2][6]. Group 1: Stock Performance and Market Dynamics - Cambricon's stock price surged nearly fourfold last year, reaching a historical high of 818.87 yuan, but has since corrected by about 30% [1]. - The entry of new players into the IPO market is expected to increase competition for Cambricon, potentially leading to a collapse of its stock price bubble [1][2]. - The recent announcement by Siemens and other EDA giants to lift export restrictions to China adds complexity to the domestic chip industry [1][5]. Group 2: IPO Developments - Biren Technology plans to go public in Hong Kong in the third quarter, with the possibility of submitting its application as early as August [1]. - Moore Threads and Muxi's IPO applications were accepted by the Shanghai Stock Exchange, indicating a faster approval process for their listings [2]. - Both Moore Threads and Muxi aim to capitalize on the domestic GPU market, with Moore Threads planning to raise 8 billion yuan for AI training chip development and Muxi seeking 3.9 billion yuan for general-purpose GPU and AI inference chip R&D [2]. Group 3: Industry Challenges and Opportunities - The geopolitical landscape has opened a window for China's chip industry, as NVIDIA's market share in China has dropped from 95% to 50% due to U.S. export controls [2]. - Despite rapid revenue growth, companies like Moore Threads and Biren Technology face challenges such as high R&D costs and ongoing losses, with projected revenues of 438 million yuan and net losses of 1.49 billion yuan for Moore Threads in 2024 [2]. - The lifting of EDA software export restrictions by the U.S. provides temporary relief but highlights the ongoing strategic competition between the U.S. and China in the semiconductor sector [5][6].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - With geopolitical conflicts, the game in the shipping market is difficult, and it is recommended to participate lightly or wait and see [2][3]. - In the short - term, without an obvious turn in the fundamentals, it is recommended to try shorting on rallies; for the long - term, it is recommended to take profits when contracts rise and wait for the market to stabilize after a correction to determine the subsequent direction [4]. 3. Summary by Content Market News - The US - Vietnam trade agreement may impose a 20% tariff on re - export trade, and all short positions have been recommended to stop losses [2]. - As the July 9 deadline for EU - US trade negotiations approaches, EU member states' negotiation stance towards the US has hardened, demanding the US to cancel or significantly reduce tariffs [5]. - Egypt's foreign minister discussed the diplomatic solution to the Iranian nuclear issue and the resumption of negotiations with relevant parties [6]. Freight Indexes - On June 30, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2123.24 points, up 9.6% from the previous period; for the US - West route, it was 1619.19 points, down 22.3% [2]. - On June 27, the Ningbo Export Container Freight Index (NCFI) for the European route was 1442.95 points, up 11.03% from the previous period; for the US - West route, it was 1553.68 points, down 2.04% [2]. - The Shanghai Export Container Freight Index (SCFI) on June 27 showed that the European route price was 2030 USD/TEU, up 10.63% from the previous period; the US - West route was 2578 USD/FEU, down 7.00% [2]. - The China Export Container Freight Index (CCFI) on June 27: the composite index was 1369.34 points, up 2.0% from the previous period; the European route was 1640.72 points, up 3.9%; the US - West route was 1212.09 points, down 3.6% [2]. Economic Data - The preliminary value of the Eurozone's manufacturing PMI in June was 49.4, the service PMI was 50 (a two - month high), and the composite PMI was 50.2 [2]. - The Sentix Investor Confidence Index in the Eurozone in June was 0.2 [2]. - The Caixin China Manufacturing PMI in June was 50.4, 2.1 percentage points higher than that in May [2]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the service PMI was 53.1, and the composite PMI was 52.8 [2]. Market Conditions - On July 2, the main contract 2508 closed at 1883.5, up 1.67%, with a trading volume of 44,200 lots and an open interest of 36,300 lots, a decrease of 4141 lots from the previous day [3]. Trading Strategies - Short - term strategy: Without an obvious turn in the fundamentals, it is recommended to try shorting on rallies. For the 2508 contract, short positions can be considered for profit - taking when it rebounds above 2000. Risk - takers can try going long on the 2510 contract below 1300, setting stop - loss and take - profit levels [4]. - Arbitrage strategy: Due to the volatile international situation, it is recommended to wait and see for now [4]. - Long - term strategy: It is recommended to take profits when each contract rises and wait for the market to stabilize after a correction to determine the subsequent direction [4]. Contract Adjustments - The daily limit for contracts from 2506 to 2604 has been adjusted to 16% [4]. - The margin for contracts from 2506 to 2604 has been adjusted to 26% [4]. - The daily opening limit for all contracts from 2506 to 2604 is 100 lots [4].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the given content. 2. Core Views - Due to port congestion and shipping companies' intention to raise price centers in late July, short positions can consider full profit - taking. In the context of geopolitical conflicts, the game is difficult, and it is recommended to participate with a light position or wait and see [1][3]. - The overall supply - demand situation has not changed significantly, but the SCFIS has continued to rise. The market should pay attention to negotiation results, tariff policies, the Middle East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Shipping Freight Index - On June 30, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2123.24 points, up 9.6% from the previous period; the SCFIS for the US - West route was 1619.19 points, down 22.3% from the previous period [1]. - On June 27, the Ningbo Export Container Freight Index (NCFI) composite index was 1366.47 points, down 1.13% from the previous period; the NCFI for the European route was 1442.95 points, up 11.03% from the previous period; the NCFI for the US - West route was 1553.68 points, down 2.04% from the previous period [1]. - On June 27, the Shanghai Export Container Freight Index (SCFI) announced price was 1861.51 points, down 8.08 points from the previous period; the SCFI European route price was 2030 USD/TEU, up 10.63% from the previous period; the SCFI US - West route was 2578 USD/FEU, down 7.00% from the previous period [1]. - On June 27, the China Export Container Freight Index (CCFI) composite index was 1369.34 points, up 2.0% from the previous period; the CCFI for the European route was 1640.72 points, up 3.9% from the previous period; the CCFI for the US - West route was 1212.09 points, down 3.6% from the previous period [1]. 3.2 Economic Data - The preliminary value of the Eurozone's manufacturing PMI in June was 49.4, with an expected value of 49.8 and a previous value of 49.4; the preliminary value of the service PMI was 50, a two - month high; the preliminary value of the composite PMI was 50.2, with an expected value of 50.5 and a previous value of 50.2; the Sentix investor confidence index was 0.2, with an expected value of - 6 and a previous value of - 8.1 [1]. - The Caixin China Manufacturing Purchasing Managers' Index (PMI) in June was 50.4, up 2.1 percentage points from May and the same as in April, returning above the critical point [1]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the same as in May and higher than the expected 51, the highest level since February; the preliminary value of the service PMI was 53.1, lower than the previous value of 53.7 and higher than the expected 52.9, a two - month low; the preliminary value of the composite PMI was 52.8, lower than the previous value of 53 and higher than the expected 52.1, a two - month low [1]. 3.3 Market Conditions and Strategy - On July 1, the main contract 2508 closed at 1904.9, up 7.80%, with a trading volume of 68,800 lots and an open interest of 40,500 lots, an increase of 1248 lots from the previous day [3]. - Short - term strategy: When the fundamentals do not show an obvious turn, it is recommended to try short positions on rallies. For the 2508 contract, it is recommended to try short positions lightly when it rebounds above 2000 (with a profit margin of more than 200 points). Short positions can consider taking profits. For risk - preferring investors, it is recommended to try long positions lightly on the 2510 contract below 1300 and set stop - losses and take - profits [4]. - Arbitrage strategy: In the context of the volatile international situation, it is recommended to wait and see for now [4]. - Long - term strategy: It is recommended to take profits on rallies for each contract, wait for the callback to stabilize, and then judge the subsequent direction [4]. - The daily limit for contracts 2506 - 2604 is adjusted to 16%; the company's margin for contracts 2506 - 2604 is adjusted to 26%; the daily opening limit for all contracts 2506 - 2604 is 100 lots [4]. 3.4 Geopolitical Events - According to the Associated Press on June 29, US President Trump said he had no intention of extending the 90 - day tariff suspension period for most countries and regions beyond July 9. Once the negotiation period expires, trade punishment measures will take effect unless an agreement is reached [5]. - On June 30, the Egyptian Foreign Ministry issued a statement saying that the Egyptian Foreign Minister discussed the diplomatic solution to the Iranian nuclear issue and the resumption of negotiations with the Director - General of the International Atomic Energy Agency [5].

Core Viewpoint - Iranian military's recent actions in the Persian Gulf, including the loading of mines onto ships, have raised concerns in Washington about Tehran's potential plans to block the Strait of Hormuz, especially following Israeli missile strikes on Iran [1] Group 1 - The loading of mines, which has not yet been deployed in the Strait of Hormuz, indicates that Tehran may indeed be considering closing one of the world's busiest shipping routes [1] - This development could escalate the already heightened tensions in the region and severely disrupt global trade [1]

Group 1 - The core viewpoint of the articles highlights the significant shift in market dynamics due to Trump's tariff policies and geopolitical conflicts, which have disrupted initial predictions for the year, leading to poor performance of previously favored assets like the US dollar and US stocks, while European markets and emerging markets have emerged as unexpected winners [1][2][13] Group 2 - The US dollar has experienced its worst start to the year since 2005, contrary to expectations that Trump's policies would strengthen it due to anticipated inflation and reduced likelihood of Federal Reserve rate cuts [2][5] - The S&P 500 index saw a dramatic decline followed by a rapid recovery, with investor sentiment shifting significantly after Trump's decision to pause some tariffs, leading to a new historical high for the index [6][13] Group 3 - European stocks have outperformed US stocks, with the Stoxx 600 index beating the S&P 500 by 16 percentage points as of June 27, marking the best relative performance since 2016 [13] - Emerging markets have finally broken a trend of underperformance against US stocks, with a wealth increase of $1.8 trillion for shareholders in 2025, reaching a record market capitalization of $29 trillion [14] Group 4 - The Japanese yen has rebounded significantly against the dollar, with a nearly 9% decline in the dollar/yen exchange rate, reflecting a shift in market sentiment and demand for safe-haven assets [8][11] - Global bond markets are experiencing increased differentiation, with short-term government bonds performing well due to anticipated rate cuts, while long-term bonds face pressure from rising government debt [12]

Core Insights - Satellite imagery indicates significant construction and excavation activities at Iran's Fordow nuclear facility shortly after U.S. airstrikes in Iran [1] Group 1 - The construction activities at the Fordow facility suggest a potential escalation in Iran's nuclear capabilities [1] - The timing of these developments, following U.S. military actions, raises concerns about regional stability and nuclear proliferation [1]

1. Report Industry Investment Ratings The report does not explicitly provide overall industry investment ratings. However, it gives trend intensities for each commodity, which can be regarded as a form of short - term investment guidance: - **Positive Outlook**: Rubber (Trend intensity: 1) [13] - **Negative Outlook**: PP (Trend intensity: -1), Benzene (Trend intensity: -1) [37][58] - **Neutral Outlook**: Other commodities such as PX, PTA, MEG, etc. (Trend intensity: 0) [11] 2. Core Views of the Report - **PX, PTA**: Cost collapses, valuations decline, and month - spread reverse arbitrage is recommended. For PTA, the market is turning into a stockpiling pattern, and the long - PX short - PTA position should be held [11]. - **MEG**: The upside space may be limited. With the return of Iranian ethylene glycol plants and the concentrated restart of domestic coal - based plants, ethylene glycol is expected to be weak in the medium term [11]. - **Rubber**: It is expected to be oscillating strongly due to factors such as the recovery of overseas tapping operations and changes in import volume [12]. - **Synthetic Rubber**: In the short term, it is expected to oscillate. In the medium term, due to high supply and supply growth exceeding demand growth, the fundamental pressure is still high [16]. - **Asphalt**: It is in a weak oscillation state, with domestic factory and social inventories accumulating [20]. - **LLDPE**: In the short term, it will oscillate. Although geopolitical issues are uncertain, the supply pressure is high, and the demand is weak [33]. - **PP**: The spot market oscillates, and the trading volume is average. The trend is weak due to factors such as weak demand and low trading enthusiasm [37]. - **Caustic Soda**: The near - term contract will make up for the premium, and there will be a short - term rebound. In the second half of the year, the high - profit and high - output pattern will affect the market, and shorting the profit of caustic soda will be the main strategy [39]. - **Pulp**: It will oscillate. The import pulp market shows a decline in both futures and spot prices, affected by factors such as weak demand and high inventory [43]. - **Glass**: The price of the original sheet is stable, with minor price adjustments in some regions [48]. - **Methanol**: It will oscillate in the short term. The port inventory has increased significantly, and the market is affected by macro factors and fundamentals [50]. - **Urea**: It will oscillate in the short term. In the medium term, supply pressure and weak domestic demand are the main contradictions [57]. - **Benzene**: It will oscillate in the short term. In the second half of the year, the supply will increase significantly, and the demand will be weak, leading to a decline in profit [60]. - **Soda Ash**: The spot market has little change, and it is expected to be weakly adjusted in the short term [64]. - **LPG**: The spot is firm, and the market structure is strengthening. The market is affected by factors such as changes in Saudi CP expectations and device maintenance [66]. - **PVC**: It is strong in the short term but has limited upside space. The high - output and high - inventory structure is difficult to change, and the export sustainability is to be observed [78]. - **Fuel Oil**: The night - session adjusts narrowly, and the short - term volatility decreases. Low - sulfur fuel oil is weak in the short term, and the high - low sulfur price difference in the overseas spot market oscillates at a high level [81]. - **Container Shipping Index (European Line)**: It will oscillate in the short term, affected by factors such as freight rates and market supply and demand [83]. 3. Summaries by Commodity PX, PTA, MEG - **PX**: An East China factory's 1 million - ton PX unit has started a one - month maintenance. The PX price rebounded, and the night - session naphtha price declined [8]. - **PTA**: Yisheng New Materials' 3.6 - million - ton unit reduced its load, and Honggang Petrochemical's 2.5 - million - ton unit was put into production. The PTA market is turning into a stockpiling pattern [9]. - **MEG**: An Iranian 450,000 - ton/year MEG unit plans to restart this weekend, and another 500,000 - ton/year unit plans to restart next week. The overall start - up load of ethylene glycol in the Chinese mainland has decreased [9]. Rubber - The trading center of the imported rubber market has weakened, and the domestic natural rubber spot price has adjusted narrowly. The overseas tapping operations are gradually recovering, and the raw material purchase price has decreased [14]. - In May 2025, China's natural rubber import volume decreased month - on - month but increased year - on - year. The capacity utilization rate of semi - steel tire and all - steel tire sample enterprises has changed [15]. Synthetic Rubber - As of June 25, 2025, the inventory of Chinese high - cis polybutadiene rubber sample enterprises increased. The inventory of butadiene in East China ports decreased slightly [16]. - In the short term, due to geopolitical instability and strong macro - sentiment, the polybutadiene rubber is expected to oscillate [18]. Asphalt - As of June 26, 2025, the inventory of 54 domestic asphalt sample factories increased by 2.5% compared with June 23, and the inventory of 104 social warehouses increased by 0.4% [31]. - The domestic asphalt production increased by 2.4% week - on - week and 21.5% year - on - year [31]. LLDPE - This week, the domestic PE market mostly weakened. The Middle East geopolitical situation has cooled down, and the crude oil market has fallen back, affecting the market sentiment of related products [32]. - The supply pressure of PE in the 2025 09 contract is high, and the demand is weak, especially in the shed film industry [33]. PP - This morning, the domestic PP market was narrowly sorted. The PP futures' upward trend had limited support for the spot market, and downstream factories were cautious in purchasing [37]. Caustic Soda - The purchase price of 32% caustic soda in Shandong has been continuously reduced, and most enterprises' prices have followed the decline [39]. - The caustic soda futures price has continued to fall due to the reduction of the purchase price by Shandong alumina enterprises. However, the 07 contract will face delivery, and the short - term market may rebound [39]. Pulp - This period, the imported pulp market has seen a decline in both futures and spot prices. The reasons include the decline in the futures price, weak demand, and high supply pressure [46]. Glass - The price of domestic float glass original sheets was generally stable, with slight adjustments in some areas [48]. Methanol - The spot price of the port methanol market has mostly increased, and the inventory has increased significantly. The inland market has continued to rise, and some buyers have actively replenished their stocks [52]. Urea - As of June 25, 2025, the total inventory of Chinese urea enterprises decreased by 3.53% week - on - week. The domestic urea market is affected by sentiment and is weakly oscillating [56]. - In the short term, the urea spot price shows some resilience, but in the medium term, supply pressure and weak domestic demand are the main contradictions [57]. Benzene - In 2025, the supply pressure of pure benzene is high, with increased domestic production and imports. The demand structure has changed significantly, and the inventory remains high [59]. - In the first half of the year, benzene maintained a high - profit, high - start - up, and low - inventory pattern, but in the second half of the year, the pattern will reverse [60]. Soda Ash - The domestic soda ash market continues to be weak, with a downward trading center. The supply is oscillating and decreasing, and the downstream demand is lukewarm [64]. LPG - On June 25, 2025, the expected prices of Saudi CP in July and August decreased. The PDH, MTBE, and alkylation start - up rates have changed [68]. - There are many domestic LPG factory and PDH device maintenance plans [74]. PVC - The domestic PVC spot market price has been narrowly adjusted. The supply - demand fundamentals have not changed, with increased enterprise maintenance, low demand, high inventory, and mainly export delivery [78]. - The high - output and high - inventory structure of PVC is difficult to change in the short term, and the export sustainability is to be observed [78]. Fuel Oil and Low - Sulfur Fuel Oil - The night - session of fuel oil adjusted narrowly, and the short - term volatility decreased. Low - sulfur fuel oil is weak in the short term, and the high - low sulfur price difference in the overseas spot market oscillates at a high level [81]. Container Shipping Index (European Line) - The container shipping index (European line) will oscillate in the short term. There are changes in freight rates, such as the increase in the SCFIS European route and the decrease in the SCFIS US - West route [83].