Report Summary 1) Report Industry Investment Rating No explicit industry investment rating is provided in the report. 2) Core Views - For building materials, it is expected to have an oscillating and sorting operation. The price center of building materials has been moving downward. In the pattern of weak supply and demand, the market sentiment is also pessimistic, and this year's winter storage is rather sluggish, with weak support for prices [4]. - For aluminum ingots, the price is expected to have a short - term strong - side oscillation. The inventory in the East China region has been decreasing, and holders generally have a strong willingness to hold up prices, but the downstream buying has weakened. In the Central China market, the consumption is showing a weakening trend [4]. 3) Summary by Relevant Catalogs Building Materials - **Production Disruption**: Yunnan - Guizhou region's short - process construction steel enterprises are expected to affect a total of 741,000 tons of construction steel output during the Spring Festival shutdown. In Anhui Province, 6 short - process steel mills have shutdown or will shutdown, with a daily output impact of about 16,200 tons during the shutdown [3][4]. - **Real Estate Transaction**: From December 30, 2024, to January 5, 2025, the total transaction area of newly built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [4]. - **Market Performance**: Building materials continued to oscillate downward yesterday, reaching a new low. In the context of weak supply and demand, the market sentiment is pessimistic, and this year's winter storage is sluggish, with weak price support. The view is an oscillating and sorting operation [4]. - **Later Concerns**: Macro - policies and downstream demand [4]. Aluminum Ingots - **Market Performance**: Yesterday, the aluminum price moved within a range. In the East China region, due to the decreasing inventory, holders have a strong willingness to hold up prices, but the downstream buying is weakening, and the market transaction is becoming lighter. In the Central China market, the consumption is showing a weakening trend, and the spot premium is under pressure [4]. - **Inventory Situation**: On May 26, 2025, the inventory of electrolytic aluminum ingots in the mainstream consumption areas in China was 534,000 tons, a decrease of 23,000 tons from last Thursday and 51,000 tons from last Monday. In the short term, the inventory is expected to continue to decrease, but there is an expectation of inventory accumulation in the off - season [4]. - **Industry Operation**: The operating rate of leading aluminum processing enterprises in China decreased slightly by 0.2 percentage points to 61.4% last week, with different trends in each sector [4]. - **Later Concerns**: Changes in macro - expectations, development of geopolitical crises, resumption of production at the mine end, and consumption release [5].

Group 1 - Industrial production remains stable, with a slight year-on-year decrease in blast furnace operating rates by 0.5 percentage points to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament show improvement, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8% respectively [2][17] - The automotive semi-steel tire operating rate has improved significantly, with a year-on-year increase of 15.5 percentage points to -2.4% [2][17] Group 2 - Construction industry shows mixed performance; national grinding operating rates and cement shipment rates are significantly lower than last year, with year-on-year changes of 1.5 percentage points to -3.5% and -0.6 percentage points to -6.9% respectively [2][28] - Asphalt operating rates have increased significantly, with a year-on-year rise of 4.8 percentage points to 6.8% [2][40] Group 3 - The real estate market continues to decline, with average daily transaction area for new homes dropping by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, with year-on-year declines of 15.3% to -6.2% and 7.1% to -0.3% respectively [2][63] Group 4 - Agricultural product prices show divergence; vegetable and egg prices have decreased by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - Industrial product prices have rebounded, with the South China industrial product price index rising by 2% [3][117]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Report's Core View - For building materials, the price is expected to move in a volatile and consolidating manner, with its center of gravity shifting downward and showing a weak performance [1][2]. - For aluminum ingots, the price is expected to fluctuate strongly in the short - term range, and attention should be paid to macro - sentiment and downstream start - up [3]. 3) Summary According to Relevant Content Building Materials - **Production Impact**: Yunnan - Guizhou short - process construction steel enterprises' shutdown during the Spring Festival is expected to affect 741,000 tons of building steel production. In Anhui, 6 short - process steel mills have different shutdown schedules, with a daily production impact of about 16,200 tons during shutdown [1][2]. - **Market Transaction Data**: From December 30, 2024, to January 5, 2025, the total transaction area of new commercial housing in 10 key cities was 2.234 million square meters, a 40.3% decrease from the previous period and a 43.2% increase year - on - year [2]. - **Price Trend**: Building materials continued to oscillate downward yesterday, reaching a new low. In the context of weak supply and demand and pessimistic market sentiment, the price center has been continuously shifting downward, and this year's winter storage is sluggish, providing little price support [2]. Aluminum Ingots - **Alumina Situation**: Last week, southern alumina enterprises had concentrated maintenance and production cuts, with the operating capacity decreasing by 2.9 million tons/year compared to the previous period. Alumina enterprises have been facing losses, and the spot price has continued to rebound due to tightened supply and strong price - holding intentions [2]. - **Bauxite Event**: The revocation of some mining rights in Guinea has affected the supply of bauxite. The specific impact needs to be evaluated, and it may provide short - term emotional support to the cost of alumina [2][3]. - **Inventory Status**: On May 19, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 585,000 tons, an increase of 4,000 tons from last Thursday and a decrease of 16,000 tons from last Monday. The subsequent inventory trend depends on the matching of downstream export order restocking demand and incoming goods [2].

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and the divergent trends in shipping prices, indicating a mixed economic recovery landscape. Group 1: Industrial Production - Industrial production remains stable, with the blast furnace operating rate showing resilience, down by 0.5 percentage points year-on-year to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament have improved, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8%, respectively [2][17] - The operating rate of automotive semi-steel tires has also improved significantly, up by 15.5 percentage points year-on-year to -2.4% [2][17] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates significantly lower than the same period last year, up by 1.5 percentage points to -3.5% and down by 0.6 percentage points to -6.9%, respectively [2][28] - Asphalt operating rates have seen a notable increase, up by 4.8 percentage points year-on-year to 6.8% [2][40] Group 3: Downstream Demand - The transaction volume of commercial housing continues to decline, with the average daily transaction area of new homes down by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, down by 15.3% to -6.2% and 7.1% to -0.3%, respectively [2][63] - Shipping prices show divergence, with the West America route continuing to rise while Southeast Asia route prices have significantly dropped [2][93] Group 4: Price Trends - Agricultural product prices are mixed, with vegetable and egg prices falling by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - The industrial product price index has risen by 2% week-on-week, with the energy and chemical price index up by 2.1% and the metal price index up by 1.8% [3][117]

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and the divergent trends in shipping prices, indicating a mixed economic recovery landscape. Group 1: Industrial Production - Industrial production remains stable, with the blast furnace operating rate showing resilience, down by 0.5 percentage points year-on-year to 2.6% [2][5] - In the chemical sector, except for a significant drop in soda ash production, other areas like PTA and polyester filament have improved, with year-on-year increases of 3.4 percentage points to 4.7% and 1.9 percentage points to 4.8%, respectively [2][17] - The operating rate of automotive semi-steel tires has also improved significantly, up by 15.5 percentage points to -2.4% year-on-year [2][17] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates significantly below last year's levels, up by 1.5 percentage points to -3.5% and down by 0.6 percentage points to -6.9%, respectively [2][28] - Asphalt operating rates have seen a notable increase, up by 4.8 percentage points to 6.8% year-on-year [2][40] Group 3: Downstream Demand - The transaction volume of commercial housing continues to decline, with the average daily transaction area of new homes down by 45.7% year-on-year to -12% [2][52] - Port cargo throughput and container throughput related to exports have also decreased, down by 15.3% to -6.2% and 7.1% to -0.3% year-on-year, respectively [2][63] - Shipping prices are showing divergent trends, with the price on the West America route continuing to rise, while prices on the Southeast Asia route have significantly dropped [2][93] Group 4: Price Trends - Agricultural product prices are mixed, with vegetable and egg prices declining by 2.2% and 0.6% respectively, while pork prices remain stable and fruit prices have increased by 0.7% [3][105] - The industrial product price index has risen by 2% week-on-week, with the energy and chemical price index up by 2.1% and the metal price index up by 1.8% [3][117]

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Views - The price of finished products is expected to move in a sideways consolidation [3] - The price of aluminum is expected to fluctuate strongly in the short - term, and macro - sentiment and downstream start - up should be monitored [4] 3) Summary by Related Content Finished Products - In the Yungui region, short - process construction steel producers' Spring Festival shutdown is mostly from mid - to late January, and the resumption is expected around the 11th to 16th day of the first lunar month, affecting a total of 741,000 tons of construction steel output [2] - In Anhui, 1 out of 6 short - process steel mills stopped production on January 5th, most will stop around mid - January, and some after January 20th, with a daily output impact of about 16,200 tons [3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% MoM decrease and a 43.2% YoY increase [3] - The price of finished products continued to decline in a volatile manner, hitting a new low. In the context of weak supply and demand, market sentiment is pessimistic, and the price center continues to shift downward. This year's winter storage is sluggish, providing little price support [3] Aluminum - Yesterday, the aluminum price fluctuated strongly. In April, the US PPI unexpectedly fell, and retail sales growth slowed. Fed officials need more data to determine the impact of tariff statements on prices and the economy [2] - Last week, the operating rate of domestic aluminum downstream processing leading enterprises rose 0.3 percentage points to 61.9%. The aluminum cable operating rate increased 1.4 percentage points to 65.6%, while the national profile operating rate decreased 1.5 percentage points to 57.5% [3] - On May 15, the inventory of electrolytic aluminum ingots in domestic mainstream consumption areas was 581,000 tons, a decrease of 20,000 tons from Monday, 39,000 tons from last Thursday, and 166,000 tons from the same period last year, remaining at a near - three - year low [3] - Although the inventory of domestic aluminum ingots can maintain a de - stocking trend in the short term, around the end of May and early June, the circulation in domestic mainstream consumption areas may gradually ease. The key node of the subsequent inventory accumulation of domestic aluminum ingots needs to be confirmed [3] - Short - term warming of the macro - atmosphere boosts prices, but subsequent consumption will enter the off - season, and inventory faces accumulation pressure. Attention should be paid to the support of fundamentals after the dissipation of macro - sentiment [4]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None [3] Core View - The recent 90 - day tariff suspension agreement between China and the US has continued the positive impact of tariff policies, leading to a continuous increase in the polyolefin futures prices. Propane prices have declined, but the production profit of PDH - made PP remains significantly in the red. Multiple new PDH units have been shut down for maintenance, and the restart time is undetermined. There is an expectation of rising PDH costs in the future. The new facility of Huizhou ExxonMobil has increased production. Among the existing facilities, the number of PE shutdown units has increased, with a slight decrease in the operating rate, while the PP operating rate has increased, resulting in significant supply pressure in the polyolefin market. Polyolefin producers have accumulated large inventories and face great pressure to reduce stocks. Downstream demand is weak, with fewer new orders. The operating rate of the agricultural film industry has seasonally decreased, while the operating rates of other industries are stable, mainly for rigid - demand purchases [2] Summary by Directory 1. Polyolefin Basis Structure - L main contract closed at 7339 yuan/ton (+152), PP main contract at 7193 yuan/ton (+119), LL North China spot at 7400 yuan/ton (+170), LL East China spot at 7400 yuan/ton (+100), PP East China spot at 7250 yuan/ton (+50), LL North China basis at 61 yuan/ton (+18), LL East China basis at 61 yuan/ton (-52), and PP East China basis at 57 yuan/ton (-69) [1] 2. Production Profit and Operating Rate - PE operating rate was 84.1% (-0.8%), PP operating rate was 79.7% (+5.4%). PE oil - based production profit was 374.1 yuan/ton (-42.7), PP oil - based production profit was 34.1 yuan/ton (-42.7), and PDH - made PP production profit was - 266.6 yuan/ton (+163.3) [1] 3. Polyolefin Non - Standard Price Difference - No specific data provided in the text 4. Polyolefin Import and Export Profit - LL import profit was - 95.1 yuan/ton (+92.5), PP import profit was - 238.5 yuan/ton (+62.6), and PP export profit was 18.3 US dollars/ton (-7.7) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate was 19.4% (-4.0%), PE downstream packaging film operating rate was 47.6% (-0.3%), PP downstream plastic weaving operating rate was 44.8% (-0.2%), and PP downstream BOPP film operating rate was 57.6% (-1.9%) [1] 6. Polyolefin Inventory - Polyolefin producers have significantly accumulated inventories and face great pressure to reduce stocks, but no specific inventory data provided [2]

Group 1: Industry Investment Rating - No relevant content provided Group 2: Core Views - The price of finished products is expected to move in a downward - centered and weak manner, and will be in a state of shock consolidation. The price of aluminum ingots is expected to fluctuate strongly in the short - term. [1][3][4] Group 3: Summary by Related Content For Finished Products - Yungui region's short - process construction steel enterprises will stop production for maintenance from mid - January, and resume production around the 11th to 16th day of the first lunar month, affecting a total output of 741,000 tons. In Anhui, 1 short - process steel mill stopped production on January 5, most will stop around mid - January, and individual ones after January 20, with a daily output impact of about 16,200 tons. [2][3] - From December 30, 2024, to January 5, 2025, the transaction area of newly - built commercial housing in 10 key cities was 2.234 million square meters, a 40.3% month - on - month decrease and a 43.2% year - on - year increase. [3] - The price of finished products continued to decline in shock, hitting a new low recently. In the context of weak supply and demand, market sentiment is pessimistic, and winter storage is sluggish, with weak price support. [3] - The finished products are expected to move in a shock - consolidated manner, and attention should be paid to macro - policies and downstream demand. [3] For Aluminum - Yesterday, the aluminum price fluctuated strongly. The US CPI increased by 0.2% last month, lower than the expected 0.3%, and the consumer price index decreased by 0.1% in March. The easing of trade tensions reduced the market's expectation of an economic recession. [2] - Last week, the total operating capacity of alumina enterprises decreased slightly by 80,000 tons/year. In the short - term, the operating capacity may fluctuate. The spot price may rebound slightly, but the cost - side support is weakening, and the price is expected to move in a shock in the short - term. [3] - Last week, the domestic aluminum downstream processing leading enterprises' operating rate increased by 0.3 percentage points to 61.9%. The aluminum cable operating rate increased by 1.4 percentage points to 65.6%, while the national profile operating rate decreased by 1.5 percentage points to 57.5%. [3] - On May 12, the domestic mainstream consumption area's electrolytic aluminum ingot inventory was 601,000 tons, a decrease of 19,000 tons from last Thursday and 35,000 tons from May 6. It is expected to break through the 600,000 - ton mark this Thursday. [3] - The aluminum price is expected to fluctuate strongly in the short - term, and attention should be paid to macro - sentiment and downstream operating rates, as well as macro - expectations, geopolitical crises, mine resumption, and consumption release. [4]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The steel price of finished products showed a pattern of rising and then falling due to low demand. Given the current macro and fundamental situation, it is recommended to try short - selling at high prices after a rebound. For raw materials, there may still be a rebound in the near term, and short - selling can be attempted during the rebound [2] Group 3: Summary by Relevant Catalog Real Estate - From May 5th to May 11th, the total contracted area of newly built commercial housing in 10 key cities was 1.4548 million square meters, with a 13.2% month - on - month increase and a 17.7% year - on - year decrease [2] White Goods - According to the online market monitoring data of Aowei Cloud Network, in April, the year - on - year growth rates of the online retail sales of refrigerators, freezers, washing machines, independent dryers, and air conditioners were +1.0%, - 0.8%, +10.8%, +45.0%, and +34.8% respectively [2] Steel Industry - On May 13th, the average cost of 76 independent electric arc furnace construction steel mills was 3334 yuan/ton, with a daily increase of 8 yuan/ton. The average profit was - 87 yuan/ton, and the valley - electricity profit was 18 yuan/ton, with a daily increase of 12 yuan/ton. On May 13th, the ex - factory price of ordinary billet resources in Qian'an, Tangshan was reduced by 20 yuan to 2950 yuan. On May 12th, the release of the "Geneva Economic and Trade Joint Statement" between China and the United States was beneficial at the macro - level, leading to a rebound in many commodity varieties. However, there was still pressure on the domestic demand side. In the industry, due to the still - existing profits of steel mills, the hot - metal output and steel mill operating rates increased last week, but the downstream was gradually entering the off - season of demand, resulting in a situation of strong supply and weak demand, and the steel price was under pressure [2]

Core Viewpoint - The article highlights the stable operation of industrial production, marginal improvement in infrastructure construction, and a significant increase in human mobility and travel intensity, indicating a mixed economic recovery trend. Group 1: Industrial Production - Industrial production remains stable, with a slight year-on-year decrease in blast furnace operating rates by 0.6 percentage points to 3.1% [2][5] - The chemical sector shows marginal improvement, with soda ash, PTA, and polyester filament operating rates increasing by 1.5, 1.2, and 1.6 percentage points to 1.3%, 1.2%, and 2.9% respectively [2][13] - However, the automotive sector experiences a significant decline, with semi-steel tire operating rates dropping by 11.3 percentage points to 17.9% [2][13] Group 2: Construction Industry - The construction industry shows mixed performance, with national grinding operating rates and cement shipment rates declining by 14% to 5% and 3.8% to 6.3% respectively [2][16] - Asphalt operating rates, however, have increased year-on-year by 7% to 2% [2][21] Group 3: Demand Trends - There is a notable recovery in housing transactions, with average daily transaction area in 30 major cities increasing by 36.2% year-on-year to 26.8% [2][29] - Port cargo throughput has significantly improved, rising by 10.4% year-on-year to 4.2%, while container throughput increased by 2.5% to 2.9% [2][32] - Human mobility has surged, with the migration index increasing by 50.5% year-on-year to 51.4% [2][34] Group 4: Price Trends - Agricultural product prices have generally declined, with vegetable, pork, and egg prices falling by 2.2%, 2.3%, and 0.1% respectively [2][46] - The South China industrial product price index decreased by 0.7%, with energy and chemical prices down by 0.9% and metal prices down by 0.4% [2][49]