Report Industry Investment Rating No relevant information provided. Core View The current soda ash market is under triple pressure of "high supply, high inventory, and weak demand." Although the price is at a historically low level, the market is expected to remain under pressure until there is a substantial reduction in inventory. Future focus should be on enterprise production cut trends and marginal changes in terminal demand [9][40]. Summary by Directory 1. Soda Ash Supply and Demand Situation - **Production and Capacity Utilization Increase**: As of August 14, 2025, the weekly domestic soda ash production was 761,300 tons, a week - on - week increase of 16,600 tons or 2.24%. The comprehensive capacity utilization rate was 87.32%, a week - on - week increase of 1.91%. Among them, the ammonia - alkali capacity utilization rate was 88.78% (down 0.42% week - on - week), the co - production capacity utilization rate was 78.74% (up 4.82% week - on - week), and the overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 90.39% (up 3.12% week - on - week) [10][12]. - **Inventory Pressure Increases**: As of August 14, 2025, the total inventory of domestic soda ash manufacturers was 1.8938 million tons, an increase of 17,600 tons or 0.94% from the previous Monday. Compared with the same period last year, it increased by 745,500 tons or 64.92%. Although transportation improved and shipments increased, the overall inventory continued to accumulate [8][14]. - **Shipment Volume and Rate Improve**: Last week, Chinese soda ash enterprises' shipment volume was 732,600 tons, a week - on - week increase of 8.48%. The overall shipment rate was 96.23%, a week - on - week increase of 5.54 percentage points [17]. - **Profit Analysis**: As of August 14, 2025, the theoretical profit of Chinese ammonia - alkali soda ash was 34.40 yuan/ton, a week - on - week decrease of 21.80 yuan/ton. The theoretical profit of Chinese co - production soda ash (double - ton) was 9 yuan/ton, a week - on - week decrease of 59.50 yuan/ton [20][24]. 2. Downstream Industry Situation - **Float Glass Industry Production Increases**: As of August 14, 2025, the daily output of national float glass was 159,600 tons, the same as on the 7th. The weekly production from August 8 - 14, 2025, was 1.117 million tons, the same as the previous week but a year - on - year decrease of 5.29% [28]. - **Float Glass Industry Inventory Decreases**: As of August 14, 2025, the float glass industry's operating rate was 75.34%. The total inventory of national float glass sample enterprises was 63.426 million weight boxes, a week - on - week increase of 1.579 million weight boxes or 2.55%, and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from the previous period [31]. 3. Spot Market Situation - The prices of most soda ash products in different regions showed a downward or stable trend. For example, the price of light soda ash in Central China decreased from 1,200 yuan/ton to 1,180 yuan/ton, a decrease of 1.67%. The price of heavy soda ash in East China decreased from 1,300 yuan/ton to 1,250 yuan/ton, a decrease of 3.85% [36][39]. 4. Comprehensive Analysis - The domestic soda ash market continued to operate weakly last week, with the supply - demand contradiction further deepening. Supply pressure increased, inventory pressure was significant, cost - end support weakened, and downstream demand did not improve. The market is expected to remain under pressure until inventory is substantially reduced [40]. 5. Operation Suggestions - **Single - side**: Look for long - position opportunities based on the cash cost line. - **Arbitrage**: Wait and see. - **Options**: Wait and see [41].

Group 1 - Xiaomi Group's stock price fell by 5%, reaching a two-month intraday low before narrowing the decline [1] - Jefferies reported that weak smartphone demand and high inventory may pressure the company's Q2 performance, slightly lowering the target price to HKD 69.85 [3] - The average selling price growth of Xiaomi's flagship smartphones in China significantly slowed down in Q2 compared to Q1, according to Jefferies' tracking data [3]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report anticipates that ethylene glycol will continue its low - level oscillation pattern. While cost support limits the downside price movement, high inventory and weak demand suppress price rebounds. Attention should be paid to the realization of coal - chemical production cuts and polyester restocking trends [4]. 3. Summary by Directory 3.1 Daily Market Summary - **Price and Trading Volume**: The main futures price of ethylene glycol has declined for three consecutive days to 4,240 yuan/ton on June 6, a decrease of 12 yuan/ton from the previous day. Trading volume shrank significantly by 34.6% to 233,000 lots, and positions decreased slightly by 0.1%. The East China spot price also weakened to 4,385 yuan/ton, with the basis widening by 12 yuan to 150 yuan/ton. The 1 - 5 spread rebounded by 60.9% to - 9 yuan/ton, but the 5 - 9 and 9 - 1 spreads were still under pressure [2]. - **Cost**: Oil - based production profit remained at a loss of 86.3 dollars/ton, coal - based production profit stayed at a deep loss of - 250 yuan/ton for five consecutive weeks, and methanol - based production profit deteriorated to a historical low of - 1,144 yuan/ton [2]. - **Supply and Demand**: The overall ethylene glycol operating rate increased by 0.5 percentage points to 54.4%, with the oil - based operating rate rising by 1.35 percentage points to 56.4% and the coal - based operating rate remaining unchanged at 50.5%. Polyester factory load was stuck at 89.4%, and the Jiangsu - Zhejiang loom load remained at 63.4%. East China main port inventory increased by 3.7% to 598,000 tons, reaching a four - week high, while Zhangjiagang inventory decreased slightly by 5.2% to 218,000 tons due to improved shipments [3]. 3.2 Industrial Chain Price Monitoring - **Futures and Spot**: The main contract of ethylene glycol futures decreased by 0.28% to 4,240 yuan/ton, and trading volume decreased by 34.58%. Positions decreased by 0.13%. The East China spot price decreased by 0.57% to 4,385 yuan/ton, and the basis widened by 8.7% [5]. - **Spreads**: The 1 - 5 spread of ethylene glycol increased by 60.87% to - 9 yuan/ton, the 5 - 9 spread decreased by 50% to - 12 yuan/ton, and the 9 - 1 spread decreased by 32.26% to 21 yuan/ton [5]. - **Profits**: Oil - based production profit was at a loss of 86 dollars/ton, ethylene - based production profit was at a loss of 577 yuan/ton, methanol - based production profit was at a loss of 1,144 yuan/ton, and coal - based production profit remained unchanged at - 250 yuan/ton [5]. - **Operating Rates**: The overall ethylene glycol operating rate increased by 0.83% to 54.4%, the oil - based operating rate increased by 1.35% to 56.4%, and the coal - based operating rate remained unchanged at 50.5%. Polyester factory load and Jiangsu - Zhejiang loom load remained unchanged at 89.4% and 63.4% respectively [5]. - **Inventory and Arrivals**: East China main port inventory increased by 3.69% to 598,000 tons, Zhangjiagang inventory decreased by 5.22% to 218,000 tons, and arrivals increased by 19.13% to 137,000 tons [5]. 3.3 Industrial Chain Data Charts The report includes charts on the closing price and basis of the ethylene glycol main contract, ethylene glycol production profit, domestic ethylene glycol plant operating rate, downstream polyester plant operating rate, ethylene glycol East China main port inventory statistics (weekly), and ethylene glycol industry total inventory [6][8][10].

Core Viewpoint - The domestic thermal coal market is experiencing a continuous decline in prices due to supply-demand imbalance, high inventory levels, and weak market sentiment, despite some potential support factors emerging as summer approaches [1][2][3][4]. Supply and Demand Dynamics - The supply of thermal coal remains stable, with domestic production and imports adequately meeting market needs. As of May 20, the price of 5500 kcal thermal coal at Qinhuangdao Port was 622 yuan per ton, down 152 yuan from the year's peak [2]. - Industrial electricity recovery is slow, leading to low downstream purchasing intentions. In April, the cumulative power generation of coal-fired power plants decreased by 0.7% year-on-year, with coal consumption also declining [2][4]. - High inventory levels across the coal supply chain are exerting downward pressure on prices, with port inventories reaching historical highs and insufficient downstream demand for coal transportation [3][4]. Seasonal Factors and Future Outlook - As high temperatures arrive, daily coal consumption by coal power enterprises is expected to gradually increase, potentially boosting procurement needs during the summer peak [4]. - Analysts suggest that while there may be some support for coal prices due to seasonal demand, the overall market is likely to remain weak in the short term, with prices expected to continue declining slightly before potentially stabilizing or rebounding during the summer peak [4][5]. - The anticipated turning point for daily coal consumption is expected to occur in late May, which may help to rebalance the current supply-demand situation [5].