Group 1 - The Shanghai Export Container Freight Index reported a rise of 4.24 points to 1345.17 as of May 9, while the China Export Container Freight Index decreased by 1.3% to 1106.38 [1] - Mysteel's survey indicated that the operating rate of blast furnaces in 247 steel mills reached 84.62%, an increase of 0.29 percentage points week-on-week and up 3.12 percentage points year-on-year [1] - The average daily pig iron output was 2.4564 million tons, showing a week-on-week increase of 0.022 million tons [1] Group 2 - The General Administration of Customs and six other departments announced adjustments to management measures for customs special supervision zones, effective June 10, 2025 [2] - ITS reported that Malaysia's palm oil exports from May 1 to 10 totaled 293,991 tons, a decrease of 9% compared to the same period last month [2] - The China Nitrogen Fertilizer Industry Association urged major nitrogen fertilizer companies to reduce urea factory prices within three days to not exceed levels prior to May 6 [2]

宏观层面，央行宣布实施降准降息及下调公积金利率三大举措，但对需求端实际提振有限，玻璃行业仍 面对过剩压力。供应端继续收缩，本周开工率75.24%，环比减少0.22%，产能利用率78.02%，环比减少 0.41个百分点，周产量也回落至109.19万吨，为2个月最低。需求端起色缓慢，加工厂倾向于轻仓运行， 中游较大库存的压制下，一定程度上使得短期反弹被压制。本周全国浮法玻璃样本企业总库存环增近 4%或257.1万重箱至6756重箱，同比增加10.38%。总之，供应端压力缓慢减弱，但需求端起色缓慢，对 行业运行仍存负反馈，意味着玻璃在未来将继续面临过剩的压力，市场预期偏悲观。关注全球市场风险 偏好、下游产销情况。【策略推荐】:FG关注【1040，1070】，5日均线承压。 机构 核心观点 中辉期货 玻璃市场预期偏悲观 新世纪期货 玻璃基本面缺乏推涨动力 5月9日盘中，玻璃期货主力合约弱势震荡，最低下探至1042.00元。截止发稿，玻璃主力合约报1045.00 元，跌幅0.95%。 玻璃期货主力跌近1%，对于后市行情如何，相关机构该如何评价？ 中辉期货：玻璃市场预期偏悲观 新世纪期货：玻璃基本面缺乏推涨动力 近期部分 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ ，短期产能利用率有望逐步回升。br2506合约短线建议在11000-11800区间交易。 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 合成橡胶产业日报 2025-05-08 | 项目类别 | 数据指标 环比 数据指标 | 最新 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) -5 主力合约持仓量:合成橡胶(日,元/吨) | 11370 | 24034 | -1070 | | | 合成橡胶6-7价差(日 ...

环比明显下降，主要因假期到来部分企业逐步进入检修或降负运行阶段，进而拖拽企业产能利用率下行， 数据来源于第三方，仅供参考。市场有风险，投资需谨慎！ 节后产能利用率有望逐步回升。ru2509合约短线建议在14500-15300区间交易，nr2506合约短线建议在124 研究员: 林静宜 期货从业资格号F03139610 期货投资咨询从业证书号Z0021558 50-13000区间交易。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 天然橡胶产业日报 2025-05-07 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪 ...

Group 1: Report Title and General Outlook - The report is titled "Asphalt: Oil Price Rebound, Oscillating with an Upward Bias" dated May 7, 2025 [1] - The trend strength of asphalt is 1, indicating a moderately positive outlook, with the range of trend strength being integers from -2 (most bearish) to 2 (most bullish) [10] Group 2: Futures Market Data Futures Prices and Changes - BU2506 closed at 3,361 yuan/ton yesterday with a -1.38% change and 3,424 yuan/ton in the night session with a 1.87% change - BU2507 closed at 3,342 yuan/ton yesterday with a -1.42% change and 3,400 yuan/ton in the night session with a 1.74% change [1] Trading Volume and Open Interest - BU2506 had a trading volume of 194,405 lots yesterday with an increase of 23,855 lots and an open interest of 113,918 lots with an increase of 984 lots - BU2507 had a trading volume of 53,094 lots yesterday with an increase of 8,137 lots and an open interest of 111,608 lots with an increase of 3,751 lots [1] Warehouse Receipts - The total asphalt warehouse receipts in the market were 87,690 lots yesterday with no change [1] Spreads - The basis (Shandong - 06) was 209 yuan/ton yesterday, up 57 yuan from the previous day - The 06 - 07 inter - period spread was 19 yuan/ton yesterday, up 1 yuan from the previous day [1] Group 3: Spot Market Data Spot Prices - The Shandong wholesale price was 3,570 yuan/ton yesterday, up 10 yuan, with the factory - warehouse spot equivalent to 3,679 yuan/ton and the warehouse spot equivalent to 3,821 yuan/ton - The Yangtze River Delta wholesale price was 3,570 yuan/ton yesterday, unchanged, with the factory - warehouse spot equivalent to 3,608 yuan/ton and the warehouse spot equivalent to 3,670 yuan/ton [1] Refinery Data - As of May 3, the refinery operating rate was 29.81%, up 2.10% from April 28 - As of May 3, the refinery inventory rate was 29.17%, down 0.42% from April 28 [1] Group 4: Market News - From April 30 to May 5, 2025, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 27.0%, a 1.3% decrease from the previous period, mainly due to Jiangsu Xinhai switching to producing residual oil during the holiday and Henan Fengli having no production plan during the holiday [11] - As of May 5, 2025, the total inventory of 54 asphalt sample factory warehouses was 85.6 tons, a 0.7% decrease from April 28. The North China region had the largest de - stocking, mainly because local refineries had a low operating level and shipped goods under contracts [11] - As of May 5, 2025, the total inventory of 104 asphalt social warehouses was 197.3 tons, a 2.0% increase from April 28. The Yangtze River Delta region had obvious inventory accumulation, mainly due to good shipping and some cargoes arriving at ports and entering warehouses [11]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, showing a positive trend compared to the previous year [11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [12][16] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][16] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19][20] Company Strategy and Development Direction - The company remains committed to a balanced capital deployment model, focusing on returning cash to shareholders through share repurchases and dividends while investing in growth initiatives [18][25] - The management highlighted the importance of domestic manufacturing and the ability to serve customers effectively in the evolving electrical industry [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand for U.S.-made steel conduit in 2025, despite uncertainties related to tariffs and macroeconomic conditions [9][20] - The company is maintaining its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [21][10] Other Important Information - An impairment charge of $50 million was announced for certain long-lived assets related to HDP pipe and conduit products due to competition from emerging technologies [8][67] - A new five-year labor agreement was ratified with the United Steel Workers at the Harvey, Illinois facility, which is expected to enhance productivity [7] Q&A Session Summary Question: Expectations for PVC conduits for the remainder of the year - Management indicated that pricing has continued to decline, but they are still on track with previous guidance regarding PVC conduit pricing [30] Question: Market share for PVC conduit - Management believes they remain a leader in the PVC conduit market, although imports have been increasing [31][32] Question: Recent import levels and potential pricing upside - Management noted that PVC imports have increased significantly year-over-year, but the future trajectory is uncertain due to tariffs [40][41] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [61] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they do not expect a complete halt due to the 25% tariff [64][65] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by competition from fiber optic technologies and the administration's plans to increase funding for satellite internet [66][69] Question: Direction from the administration on tariffs - Management stated they have not received specific guidance from the administration regarding tariffs or the BEAD program [73] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with customers remaining cautiously optimistic [94] Question: Construction services opportunity - Management indicated that data centers are expected to be a significant portion of construction services moving forward [96][98] Question: Pricing assumptions for FY 2025 - Management has not changed pricing assumptions despite tariff impacts, indicating that overall price versus cost dynamics remain within expected ranges [99][102]

Financial Data and Key Metrics Changes - The company achieved net sales of $702 million, reflecting a 5% organic volume growth driven by construction services, steel conduit, metal framing, and cable management products [6][11] - Adjusted EBITDA was $116 million, with adjusted EBITDA margins expanding sequentially to 16.6% from 15% in the previous quarter [11] - Adjusted EPS was reported at $2.04, down from $2.4 year-over-year [6][11] Business Line Data and Key Metrics Changes - Organic volumes increased by 5% compared to a 1% decline in the same quarter of the previous fiscal year [11] - Average selling prices declined by 17% year-over-year, primarily due to decreases in PVC and steel conduit products, although there was sequential pricing improvement for steel conduit [11][12] - The Electrical Cable and Flexible Conduit category grew year-to-date by low single digits, while metal framing, cable management, and construction services saw high single-digit growth [13][15] Market Data and Key Metrics Changes - The Dodge Momentum Index indicated a slowdown in planning activity across several non-residential categories [10] - Despite year-to-date increases in construction starts and planning activities, there are indications of potential slower activity moving forward [19] - The company remains optimistic about demand for U.S.-made steel conduit in 2025, despite uncertainties regarding tariffs and their economic impact [9][19] Company Strategy and Development Direction - The company is focused on maximizing shareholder value through strategic asset management, including a recent divestiture of its Northwest Polymers recycling business [6][7] - A new five-year labor agreement was ratified with the United Steel Workers, enhancing productivity and customer service capabilities [7] - The company is committed to a balanced capital deployment model, emphasizing cash returns to shareholders through share repurchases and dividends [16][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future demand, noting that while the second quarter exceeded expectations, growth in the Construction Services business is expected to moderate in the second half of the year [18][20] - The company maintains its full-year fiscal 2025 adjusted EBITDA guidance in the range of $375 million to $425 million and adjusted EPS between $5.75 and $6.85 [20] - Management highlighted the challenges posed by tariffs and the unpredictability of the macroeconomic environment, which could impact volume expectations [19][20] Other Important Information - An impairment charge of $50 million was recorded for certain long-lived assets related to HDP pipe and conduit products due to competitive technologies and delays in government funding [8][66] - The company has repurchased approximately $50 million in shares during the second quarter and increased its dividend to $0.33 per share [7][8] Q&A Session Summary Question: Expectations for PVC conduits for the balance of the year - Management indicated that pricing has continued to decline but remains aligned with previous guidance, making it difficult to predict future pricing accurately [29] Question: Market share for PVC conduit - Management believes Atkore remains a leader in the PVC conduit market, despite increasing imports [30][31] Question: Import levels and potential pricing upside - Management noted that PVC imports are up solid double digits year-over-year, but future trends are uncertain due to tariffs and market dynamics [38][39] Question: Net tariff benefit in updated fiscal guidance - Management suggested that a 2% to 3% reduction in volume could be offset by tariff increases, indicating a net positive for shareholders [59] Question: Update on steel conduit imports from Mexico - Management confirmed that while there has been a reduction in imports, they have not completely stopped, and the 25% tariff will impact pricing strategies [61][63] Question: Impairment of HD PVC and competitive changes - The impairment was influenced by emerging technologies in fiber optics and the administration's plans to increase funding for satellite internet [66][67] Question: Direction from the administration on tariffs - Management stated there has been no concrete direction from the administration regarding tariffs, leading to a prudent decision to take the impairment charge [72][75] Question: Profitability of the torque tube business without IRA support - Management confirmed that the torque tube business remains profitable even without IRA support, although the IRA has driven additional demand [83][86] Question: Cadence of demand for products - Management reported that demand has improved month-over-month, with cautious optimism from customers regarding future volumes [93][94] Question: Construction services opportunity and data centers - Management indicated that data centers are expected to become the largest portion of construction services moving forward, alongside chip manufacturing [95][96]

Group 1 - The investor presentation was held in an interactive online format, allowing company management to communicate with investors regarding the basic situation and operational results for the year 2024 and the first quarter of 2025 [2][3]. - The meeting took place on April 30, 2025, from 9:00 to 10:00 AM [3]. - Key participants included the Chairman, Secretary of the Board and CFO, and an Independent Director [4]. Group 2 - The company reported that the polypropylene processing trade volume is approximately 50,000 tons, with profit margins comparable to domestic levels [7]. - The increase in gross profit margin for Q1 was attributed to several factors, including depreciation adjustments, reduced comprehensive costs from the second phase of the olefin project, and high operating rates for major products [7][8]. - The company indicated that the decline in coking coal prices is beneficial for coking profit margins [7]. - The gross profit margin for Q1 significantly increased to 5%, with expectations for an overall annual increase in gross profit margin [8]. - The operating rates for the company's main products are reported as 109% for carbon black, 91% for olefins, and 84% for coking, all exceeding industry averages [8]. - The production volume of coking products for 2024 is projected at 2.1014 million tons, with a design capacity of 1.7 million tons, resulting in a capacity utilization rate of 82.33% [8]. - A significant decrease of 56.26% in cash flow from operating activities was noted, primarily due to adjustments related to bank acceptance bills among subsidiaries [8]. - The company forecasts sales revenue of 18.7 billion and net profit of 328 million for 2025, based on market assessments and production conditions [8].

Core Viewpoint - Hai Xin Food (002702.SZ) reported a decline in performance for 2024, with significant losses in net profit and non-recurring net profit compared to the previous year [1][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.706 billion yuan, a year-on-year decrease of 0.54% [1][3]. - The net profit was a loss of 36.9433 million yuan, representing a year-on-year decline of 1727.39% [1][3]. - The non-recurring net profit also showed a loss of 43.5810 million yuan, down 266.05% year-on-year [1][3]. Cumulative Losses - Over the past two years, the cumulative non-recurring net profit loss reached 55.4868 million yuan [2][4]. Management and Compensation - The actual controllers of the company are the Teng brothers, who hold significant positions in management [2]. - In 2024, the total compensation for the three key executives was 1.5159 million yuan, a slight decrease of approximately 1.1% compared to the previous year and a 52% decline from three years ago [2][9]. Project Delays - The "Deep Processing of Aquatic Products and Frozen Dishes Project" has faced delays, with the construction period extended by one year to December 2025 due to incomplete capacity release and lower-than-expected benefits [2][7]. - As of the end of 2024, the project was only 66.93% complete, with a projected revenue of 44.86 million yuan, but actual revenue realized was a loss of 444.54 thousand yuan [7]. Production Capacity - As of the end of 2024, the designed production capacity was 139,011 tons, with an actual output of 90,446 tons, resulting in a capacity utilization rate of approximately 65% [5][6].

Group 1 - The company announced the termination of an investment project in Lianyungang, originally planned for an annual production of 800,000 tons of chemical functional materials, with a total investment of 1.38 billion yuan [1] - The project was halted due to changes in the macro environment and was agreed upon with the local government, resulting in the return of land use rights and a refund of 45.764 million yuan [1] - The company stated that the termination of this project will not have a significant impact on its existing business and operational development [1] Group 2 - The company's high-performance water-reducing agent segment reported a revenue of 1.86 billion yuan in 2024, a year-on-year decrease of 8.76% [1] - The designed production capacity for high-performance water-reducing agents is 789,000 tons, with a capacity utilization rate of 37% [2] - The company faces increased competition in the polycarboxylic acid water-reducing agent market, which may lead to a decline in profitability and an increase in accounts receivable [2]