Core Insights - The article emphasizes the importance of understanding stock index futures as indicators of market trends, akin to meteorological signals in climate changes [1][6][7] Group 1: Stock Index Futures and Market Trends - The "cross-period price difference" in stock index futures reflects market expectations for future trends, with a positive spread indicating optimism and a negative spread signaling increased short-term risk [2] - In Q3 2023, the price difference for the CSI 300 stock index futures expanded from +5 points to +20 points, predicting a subsequent rise in the index driven by improved consumption data, resulting in a 15% excess return for traders who monitored these changes [2] - A volatility ratio between price difference and spot index often indicates an impending acceleration in trends, successfully capturing three major upward movements in tech stocks in 2024 [2] Group 2: Open Interest and Market Sentiment - Changes in open interest can reveal the true intentions of capital flows, with a continuous increase in total open interest and a long-short ratio exceeding 1.5 indicating accumulating trend strength [3] - In Q1 2024, a significant increase in institutional accounts in the long positions of the CSI 500 stock index futures from 30% to 45% led to an 8% rise in the index within a month [3] - A sudden drop in open interest alongside price declines can signal potential market bottoms, as seen in October 2023 when the open interest for the SSE 50 stock index futures decreased by 15% while price declines slowed [3] Group 3: Arbitrage Opportunities - The "risk-free zone" in futures trading indicates when stock index futures prices deviate significantly from spot indices, prompting arbitrage activities to restore balance [5] - In mid-2024, a quantitative team initiated arbitrage when the price difference reached 7%, achieving a 2.3% risk-free return within 14 trading days [5] - The flow of arbitrage funds can signal market conditions, with increased positive arbitrage indicating potential overvaluation of the spot index, while active negative arbitrage may suggest a market bottom [5] Group 4: Contract Rollovers and Capital Movements - The "migration pattern" during contract rollovers reveals the trajectory of major capital movements, with a high rollover transfer rate correlating with subsequent trend strength [6] - In Q2 2024, a rapid increase in the rollover transfer rate for the CSI 1000 stock index futures from 20% to 80% predicted a 12% rise in small-cap stocks [6] - An expansion of backwardation during rollovers may indicate pessimistic expectations for the long-term market, as evidenced by a warning of adjustment risks in Q3 2023 [6]

1. Investment Ratings No investment ratings for the industries are provided in the reports. 2. Core Views Oils and Fats Industry - Palm oil: The market's concern about the end - of - month inventory growth will support the market. The futures of crude palm oil may start an upward trend. It is recommended to go long on dips. - Soybean oil: The digestion of the US biodiesel policy has ended. The domestic spot trading is light, but the market sentiment may improve in August [1]. Meal Industry - The US soybean remains in a bottom - oscillating pattern. The domestic soybean and soybean meal inventories are rising, and the basis is oscillating at a low level. It is recommended to wait and see [2]. Livestock (Pig) Industry - The pig spot market is weak. The short - term pig price is not optimistic, with the near - month contract facing strong resistance. It is not advisable to short the far - month contract blindly [4]. Corn Industry - In the short term, the corn market is not active, with the futures oscillating. In the long run, the supply may be tight in the third quarter and loose in the fourth quarter [6]. Sugar Industry - Internationally, the raw sugar price may bottom out, but the overall trend is bearish. Domestically, the supply - demand situation is marginally loose, with the futures expected to oscillate at a high level in the short term [8]. Egg Industry - The egg demand may first decrease and then increase this week. The egg price in some regions may decline next week, but the spot price still has some upward potential [11]. Cotton Industry - The short - term domestic cotton price may oscillate within a range, and the price may face pressure after the new cotton is launched [14]. 3. Summary by Industry Oils and Fats Industry - **Prices**: On July 28 - 29, the spot and futures prices of soybean oil, palm oil, and rapeseed oil showed different changes, with the basis and spreads also fluctuating. - **Inventory and Market Outlook**: Palm oil inventory concerns support the market, and soybean oil may improve in August [1]. Meal Industry - **Prices and Spreads**: The prices of soybean meal, rapeseed meal, and soybeans changed, with the spreads such as the inter - period spreads and oil - meal ratios also showing fluctuations. - **Market Situation**: The US soybean is at the bottom, and the domestic supply and demand situation affects the meal market [2]. Livestock (Pig) Industry - **Prices and Indicators**: The futures and spot prices of pigs changed, along with indicators such as the basis, spreads, and slaughter volume. - **Market Outlook**: The short - term pig price is not optimistic, and the far - month contract needs cautious operation [4]. Corn Industry - **Prices and Indicators**: The prices of corn and corn starch futures and spot, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term market is inactive, and the long - term supply - demand situation varies [6]. Sugar Industry - **Prices and Indicators**: The futures and spot prices of sugar, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The international raw sugar is bearish, and the domestic supply - demand is marginally loose [8]. Egg Industry - **Prices and Indicators**: The prices of eggs, egg - related products, and indicators such as the basis, spreads, and production costs changed. - **Market Outlook**: The demand may fluctuate, and the price may decline and then rise [11]. Cotton Industry - **Prices and Indicators**: The futures and spot prices of cotton, along with indicators such as the basis, spreads, and inventory, changed. - **Market Outlook**: The short - term price oscillates, and the long - term price may face pressure [14].

1. Report Industry Investment Rating - No information provided in the reports. 2. Core Views - The reports present data on various types of futures, including stock index futures, Treasury bond futures, precious metal futures, and container shipping futures, as well as related spot prices, spreads, and other indicators. They show the latest values, changes from the previous day, historical quantiles, and other information to help investors understand the market conditions of different futures products [1][2][4][6]. 3. Summary by Related Catalogs Stock Index Futures - **Price Spread Data**: The report provides detailed price spread data for IF, IH, IC, and IM stock index futures, including spot - futures spreads and inter - period spreads. For example, the IF spot - futures spread is - 7.84, with a change of 2.73 from the previous day, and the historical 1 - year quantile is 40.90% [1]. Treasury Bond Futures - **IRR and Basis**: Information on IRR, basis, and price spreads for TS, TF, T, and TL Treasury bond futures is given. For instance, the TS basis is 1.5781, with a change of 0.0115 from the previous day, and the historical quantile is 23.00% [2]. Precious Metal Futures - **Price and Spread**: It shows the closing prices of domestic and foreign precious metal futures, spot prices, and basis. For example, the AU2510 contract closed at 778.74 yuan/gram on July 24, down 1.79% from the previous day, and the gold TD - Shanghai gold main contract basis is - 3.64 [4]. Container Shipping Futures - **Spot and Futures Prices**: The report includes spot quotes for Shanghai - Europe container shipping, container shipping index data, futures prices, and basis. For example, the MAERSK spot price for Shanghai - Europe on July 25 is 3104 dollars/FEU, up 0.16% from the previous day, and the EC2602 futures contract price on July 24 is 1562.3, up 5.75% from the previous day [6]. Data and Information Calendar - **Domestic and Overseas Data**: It lists domestic and overseas economic data and events to be released, such as the US June durable goods orders monthly rate, and domestic 2000 billion yuan 1 - year MLF due on a certain day [9].

Group 1: Stock Index Futures Spread Daily Report Core Viewpoints - The report presents the latest values, changes from the previous day, 1 - year historical percentiles, and all - time percentiles of various stock index futures spreads and cross - variety ratios on July 22, 2025 [1]. Summary by Category - **Futures - Spot Spreads**: For example, the F futures - spot spread is - 20.81, down 4.06 from the previous day, with a 1 - year percentile of 30.70% and an all - time percentile of 21.70% [1]. - **Inter - delivery Spreads**: Such as the F inter - delivery spread, where the season - month minus the current - month is - 41.00, down 32.20, with a 1 - year percentile of 20.00% and an all - time percentile of 26.40% [1]. - **Cross - Variety Ratios**: For instance, the IC/IF ratio is 1.4898, up 0.0051, with a 1 - year percentile of 62.20% and an all - time percentile of 60.20% [1]. Group 2: Treasury Bond Futures Spread Daily Report Core Viewpoints - The report provides data on IRR, basis, inter - delivery spreads, and cross - variety spreads of treasury bond futures on July 22, 2025, including their changes and historical percentiles [2]. Summary by Category - **IRR**: The 15 - year IRR is 1.6099, down 0.0053 from the previous day, with a historical percentile of 24.90% [2]. - **Basis**: For example, the T basis is 1.5727, down 0.0409, with a historical percentile of 53.80% [2]. - **Inter - delivery Spreads**: Like the TS inter - delivery spread, the current - season minus the alternate - season is - 0.0080, with a historical percentile of 11.60% [2]. - **Cross - Variety Spreads**: Such as the TS - TF spread, which is - 3.5350 on July 22, 2025, up 0.0210, with a historical percentile of 8.10% [2]. Group 3: Precious Metals Futures - Spot Daily Report Core Viewpoints - The report shows the domestic and foreign futures closing prices, spot prices, basis, ratios, interest rates, exchange rates, inventory, and holdings of precious metals on July 22, 2025, along with their changes [4]. Summary by Category - **Futures Closing Prices**: The AU2510 contract closed at 781.70 yuan/gram on July 21, up 4.68 (0.60%) from July 18 [4]. - **Spot Prices**: The London gold price was 3396.67 dollars/ounce on July 21, up 47.01 (1.40%) from July 18 [4]. - **Basis**: The gold TD - Shanghai gold主力 basis is - 4.70, down 1.05, with a 1 - year percentile of 5.60% [4]. - **Ratios**: The COMEX gold/silver ratio is 86.91, down 0.42 (- 0.48%) [4]. - **Interest Rates and Exchange Rates**: The 10 - year US Treasury yield is 4.38%, down 0.06 (- 1.4%) [4]. - **Inventory and Holdings**: The SPRD gold ETF holding is 947 tons, up 3.44 (0.36%) [4]. Group 4: Container Shipping Industry Futures - Spot Daily Report Core Viewpoints - The report offers information on Shanghai - Europe future 6 - week freight rates, container shipping indices, futures prices, basis, and fundamental data on July 22, 2025 [7]. Summary by Category - **Freight Rates**: The CMA CGM's Shanghai - Europe future 6 - week freight rate is 4226 dollars/FEU on July 21, up 124 (3.78%) from July 20 [7]. - **Indices**: The SCFIS (European route) settlement price index is 2400.50 points on July 21, down 21.4 (- 0.89%) from July 14 [7]. - **Futures Prices and Basis**: The EC2602 contract closed at 1486.4 on July 21, down 8.7 (- 0.58%) from July 18, and the basis of the main contract is 956.5, down 22.1 (- 2.26%) [7]. - **Fundamental Data**: The global container shipping capacity supply is 3271.67 on July 22, unchanged from July 21 [7]. Group 5: Trading Calendar Core Viewpoints - The report lists overseas and domestic data and information release schedules on July 22, 2025, including various economic indicators and events [9]. Summary by Category - **Overseas Data**: Such as New Zealand's log exports [9]. - **Domestic Data**: For example, the inventory of manganese ore by variety and the throughput of manganese ore in Qinzhou Port for manganese - silicon [9].

1. Report Industry Investment Rating - Not provided in the documents 2. Core Viewpoints of the Report - The reports present daily data on various futures, including stock index futures, treasury bond futures, precious metal futures, and container shipping industry futures, as well as relevant spot prices, spreads, ratios, and other market - related information [1][2][4][6] 3. Summaries by Relevant Catalogs Stock Index Futures - **Price Spreads**: On July 18, 2025, the F period - spot spread was 19.60% with a change of - 22.69 compared to the previous day. The IC period - spot spread was - 104.46, a change of - 93.87. Different cross - period and cross - variety spreads also had specific values and changes [1] Treasury Bond Futures - **Price Spreads**: On July 18, 2025, the TS basis was 1.6630 with a change of - 0.0146. Different cross - period and cross - variety spreads of treasury bond futures also had corresponding values and changes [2] Precious Metal Futures - **Prices and Spreads**: On July 17, 2025, the AU2510 contract closed at 776.28 yuan/gram, a decrease of 0.38 compared to the previous day. The COMEX gold主力合约 closed at 3345.40 dollars/ounce, a decrease of 8.80. Different basis and price ratios also had specific values and changes [4] Container Shipping Industry Futures - **Spot Quotes**: On July 18, 2025, the Shanghai - Europe future 6 - week freight rate reference for MAERSK was 3066 dollars/FEU with no change. The SCFIS (European route) settlement price index on July 14 was 2421.94, an increase of 163.9 compared to July 7 [6] - **Fundamentals**: The global container shipping capacity supply on July 18 was 3271.40 million TEU with no change. The export punctuality rate (short - term) decreased by 18.66% [6] Data/Information Calendar - **Overseas**: On July 18, 2025, at 16:00, the euro - zone May seasonally adjusted current account (in billions of euros) was to be released; at 22:00, the US July one - year inflation rate expectation initial value and the US July University of Michigan consumer confidence index initial value were to be released [8] - **Domestic**: Various economic indicators of different industries such as agriculture, black and non - ferrous metals, energy and chemicals, and special commodities were to be released at different times [8]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Do reverse spreads on the MA09 - 01 inter - period spread when it is high [3] - Inter - variety: Narrow the PP01 - 3MA01 spread when it is high [3] Core View - Overseas methanol production remains at a high level, resulting in significant pressure on Chinese imports and a continuous inventory build - up at ports. The short - term reality at ports is weak, but the market anticipates a substantial scale of overseas gas - based methanol maintenance in the fourth quarter, leading to an optimistic long - term outlook. Inland coal - based methanol is undergoing short - term maintenance, reducing supply. Although the traditional downstream formaldehyde market is in a seasonal off - season, the开工 rates of MTBE and acetic acid are decent, indicating strong inland demand. As a result, the inventory build - up rate at inland methanol factories is slow, and the inland market is stronger than the port market [2] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - period spreads between different methanol futures contracts [6][10][21] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of inland coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam, and CFR China [25][33] 3. Methanol Production and Inventory - Information on methanol port total inventory, MTO/P production rate (including integrated plants), inland factory sample inventory, and China's overall methanol production rate (including integrated plants) is provided [35][37] 4. Regional Price Differences - The report provides data on regional price differences, such as the price difference between northern Shandong and the northwest, East China and Inner Mongolia, Taicang and southern Shandong, and other regions [39][45][48] 5. Traditional Downstream Profits - Figures display the production margins of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [55][57]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Do reverse spreads on the MA09 - 01 inter - period spread when it is high [3] - Inter - variety: Narrow the PP01 - 3MA01 spread when it is high [3] Core Viewpoints - Overseas methanol production is operating at a high level, and the pressure of methanol arriving at Chinese ports remains high, leading to a stockpiling cycle at ports. The Xingxing MTO maintenance plan is yet to be implemented. If it is carried out smoothly, port demand will be further affected. Although the short - term situation at ports is weak, the market expects a significant scale of overseas gas - based methanol maintenance in the fourth quarter, which makes the long - term outlook optimistic [2] - In the inland region, short - term maintenance of inland coal - based methanol has led to a decline in supply. Although the formaldehyde in traditional downstream industries is in a seasonal off - season, the operating rates of MTBE and acetic acid are acceptable. The demand in the inland region remains resilient, and the inventory rebuilding rate of inland methanol factories is still slow. The inland market is stronger than the port market [2] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents figures related to methanol basis in different regions (such as methanol in Taicang, Lunan, Inner Mongolia North Line, etc.) compared with the main futures contract, and inter - period spreads between different methanol futures contracts (such as 01 - 05, 05 - 09, 09 - 01) [6][10][21] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [25][28][29] III. Methanol Operating Rate, Inventory - The report provides data on methanol port total inventory, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones) [33][35] IV. Regional Price Differences - Figures display regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc [37][44] V. Traditional Downstream Profits - Figures show the production gross margins of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][51]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - BZ futures maintain a large premium, reflecting the contango structure of high - inventory pricing. The strong downstream demand for pure benzene has led to a decline in pure benzene port inventory from its high level. However, the supply pressure from South Korea's exports to China and high domestic production have kept the pure benzene processing fee in a weak consolidation. For styrene, the port inventory has further increased, and the EB basis has further declined. Domestic EB maintains high - level production, while the demand is dragged down by the low operation rates of EPS and PS [3]. Summary by Catalog 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Relevant data includes pure benzene's main basis, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [8][12][17] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - It involves data such as naphtha processing fee, the price difference between pure benzene FOB South Korea and naphtha CFR Japan, the production profit of non - integrated styrene plants, and the import profits of pure benzene and styrene [21][23][28] 3. Inventory and Operation Rates of Pure Benzene and Styrene - Pure benzene's East China port inventory and operation rate are presented, along with styrene's East China port inventory, commercial inventory, factory inventory, and operation rate [34][36][39] 4. Operation and Production Profits of Styrene's Downstream - Data on the operation rates and production profits of EPS, PS, and ABS are provided [45][49][50] 5. Operation and Production Profits of Pure Benzene's Downstream - Information includes the operation rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [53][57][64] Strategies - Unilateral: Observe pure benzene and styrene [4] - Basis and Inter - period: For near - month BZ paper goods and far - end BZ2603 futures, conduct reverse arbitrage when the price is high [4] - Cross - variety: Shrink the EB - BZ price difference when it is high [4]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the reports. 2. Core Views There is no explicit core view presented in the reports. The reports mainly offer data on various financial products, including futures spreads, prices, and related economic indicators. 3. Summary by Related Catalogs 3.1 Stock Index Futures Spread Daily Report - **Price Spread Data**: Presents the latest values, historical 1 - year and full - history percentiles, and changes from the previous day for IF, IH, IC, and IM's term - current spreads, inter - term spreads, and cross - variety ratios [1]. - **Term - Current Spreads**: For example, the IF term - current spread is 16.62, with a historical 1 - year percentile of 28.60% and a full - history percentile of 20.70% [1]. - **Inter - Term Spreads**: Such as the next - month minus current - month spread of IF is - 14.60, with a historical 1 - year percentile of 26.20% [1]. - **Cross - Variety Ratios**: The ratio of CSI 500 to SSE 50 is 0.0161, with a historical 1 - year percentile of 65.90% [1]. 3.2 Treasury Bond Futures Spread Daily Report - **Price Spread Data**: Provides the latest values, changes from the previous trading day, and percentiles since listing for the basis, inter - term spreads, and cross - variety spreads of TS, TF, T, and TL [2]. - **Basis**: The TS basis on July 11, 2025, is 1.5774, with a change of - 0.0001 and a percentile since listing of 23.00% [2]. - **Inter - Term Spreads**: The current - quarter minus next - quarter spread of TS on July 11, 2025, is - 0.1020, with a change of 0.0080 and a percentile since listing of 10.30% [2]. - **Cross - Variety Spreads**: The TS - TF spread on July 11, 2025, is - 3.5790, with a change of - 0.0030 and a percentile since listing of 7.10% [2]. 3.3 Precious Metals Spot - Futures Daily Report - **Price and Spread Data**: Covers domestic and foreign futures closing prices, spot prices, basis, and ratios of precious metals (gold and silver) [6]. - **Futures Closing Prices**: The AU2510 contract closed at 773.56 yuan/g on July 11, 2025, up 0.26 yuan or 0.03% from the previous day [6]. - **Spot Prices**: London gold was at 3354.75 dollars/ounce on July 11, 2025, up 31.41 dollars or 0.95% [6]. - **Basis**: The gold TD - Shanghai gold main contract basis is - 4.26, with a change of - 0.18 and a historical 1 - year percentile of 9.20% [6]. - **Ratios**: The COMEX gold/silver ratio is 86.25, down 2.33 or - 2.63% from the previous day [6]. 3.4 Shipping Industry Spot - Futures Daily Report - **Price and Fundamental Data**: Includes spot quotes, container shipping indices, futures prices, basis, and fundamental data of the shipping industry [9]. - **Spot Quotes**: The Shanghai - Europe future 6 - week freight rate reference of MAERSK is 3027 dollars/FEU on July 14, 2025, unchanged from the previous day [9]. - **Container Shipping Indices**: The SCFIS (European route) settlement price index on June 30, 2025, is 2123.24, up 186.1 or 9.61% from June 23 [9]. - **Futures Prices**: The EC2602 contract closed at 1344.0 on July 11, 2025, down 21.7 or - 1.59% from the previous day [9]. - **Basis**: The basis of the main contract is 791.3, up 196.3 or 32.99% from the previous day [9]. - **Fundamental Data**: The global container shipping capacity supply on July 14, 2025, is 3270.28 million TEU, unchanged from the previous day [9]. 3.5 Trading Calendar - **Data and Information Schedule**: Lists overseas and domestic data sources, time, and economic indicators or financial events for different sectors [11]. - **Overseas Data**: In the agricultural products sector, the US provides USDA export inspection and crop growth data, and Brazil provides the secex weekly report [11]. - **Domestic Data**: For macro - data, China's June trade balance (in billions of yuan) is released at 0:00; in the energy - chemical sector, Shandong's local refinery crude oil arrivals (in million tons) are reported at 14:00 by Longzhong Information [11].

Report Industry Investment Rating - The investment rating for the methanol industry is neutral [3] Core Viewpoints - The Iranian methanol plants are further resuming production, leading to an increase in overseas supply. The port basis is weak, and there is still a large pressure of arrivals in July. There are intentions to conduct maintenance on externally - purchased MTO units in late July, and the port is currently in an inventory - building cycle. However, there are expectations of winter maintenance of overseas natural gas - based methanol plants and the commissioning of externally - purchased methanol MTO units in the fourth quarter, presenting a situation of weak current conditions but strong future expectations. In the inland area, the operation rate of coal - based methanol plants remains high, but the traditional downstream shows sufficient resilience, and the inventory of inland methanol plants is under no pressure [2] Summary by Directory 1. Methanol Basis & Inter - Period Structure - Includes multiple figures showing methanol basis in different regions (such as methanol in Taicang, Lunan, Inner Mongolia North Line, etc.) relative to the main futures contract, and inter - period spreads between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][10][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures cover the production profit of coal - based methanol in Inner Mongolia, the profit of MTO in East China, and import spreads (e.g., Taicang methanol - CFR China, CFR Southeast Asia - CFR China, etc.) [26][27][28] 3. Methanol Operation Rate and Inventory - Relevant figures display the total port inventory of methanol, the operation rate of MTO/P (including integrated units), the sample inventory of inland plants, and the operation rate of methanol in China (including integrated units) [34][35][37] 4. Regional Price Spreads - Figures illustrate regional price spreads such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [39][46][49] 5. Traditional Downstream Profits - Figures show the production profits of traditional downstream products like formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [50][58] Market Data Inland Area - Q5500 Ordos thermal coal is 410 yuan/ton (unchanged). The production profit of coal - based methanol in Inner Mongolia is 690 yuan/ton (down 25 yuan/ton). Inland methanol prices: Inner Mongolia North Line is 1985 yuan/ton (down 25 yuan/ton), with a basis of 193 yuan/ton (down 18 yuan/ton); Inner Mongolia South Line is 2020 yuan/ton (unchanged); Linyi in Shandong is 2295 yuan/ton (down 35 yuan/ton), with a basis of 103 yuan/ton (down 28 yuan/ton); Henan is 2175 yuan/ton (down 30 yuan/ton), with a basis of - 17 yuan/ton (down 23 yuan/ton); Hebei is 2185 yuan/ton (unchanged), with a basis of 53 yuan/ton (up 7 yuan/ton). The inventory of inland plants is 352,280 tons (up 10,730 tons), and the inventory of plants in the Northwest is 223,500 tons (up 18,000 tons). The pending orders of inland plants are 233,250 tons (down 7,450 tons), and those of plants in the Northwest are 110,400 tons (down 9,100 tons) [1] Port Area - Methanol in Taicang is 2425 yuan/ton (down 40 yuan/ton), with a basis of 33 yuan/ton (down 33 yuan/ton); CFR China is 282 US dollars/ton (down 1 US dollar/ton), and the import spread in East China is - 9 yuan/ton (up 15 yuan/ton). Methanol in Changzhou is 2420 yuan/ton; methanol in Guangdong is 2435 yuan/ton (down 25 yuan/ton), with a basis of 43 yuan/ton (down 18 yuan/ton). The total port inventory is 673,660 tons (up 3,160 tons), the inventory in Jiangsu ports is 333,000 tons (down 23,500 tons), the inventory in Zhejiang ports is 176,500 tons (up 37,000 tons), and the inventory in Guangdong ports is 120,500 tons (down 13,500 tons). The operation rate of downstream MTO is 84.60% (down 2.19%) [2] Regional Price Spreads - The spread of Lubei - Northwest - 280 is - 25 yuan/ton (unchanged); the spread of Taicang - Inner Mongolia - 550 is - 110 yuan/ton (down 15 yuan/ton); the spread of Taicang - Lunan - 250 is - 120 yuan/ton (down 5 yuan/ton); the spread of Lunan - Taicang - 100 is - 230 yuan/ton (up 5 yuan/ton); the spread of Guangdong - East China - 180 is - 170 yuan/ton (up 15 yuan/ton); the spread of East China - Sichuan - Chongqing - 200 is - 55 yuan/ton (down 40 yuan/ton) [2] Strategy - For the 9 - 1 inter - period spread, conduct reverse arbitrage when the spread is high [3]