1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Commodity sentiment has turned positive, domestic PTA production capacity supply has shrunk, PTA port inventories have declined, and a large number of warehouse receipts are being cancelled [2] - The spread between PX and naphtha has expanded to around $250, while the alkyl transfer and TDP profit margins are not optimistic. The spread between PX and MX remains at around $90 [2] - In July, bottle chips and short fibers are about to enter the maintenance cycle. Market port inventories are being depleted, and polyester replenishment has improved as the basis weakens [2] - The early maintenance of mainstream PTA factories has significantly boosted the market [2] 3. Summary According to Relevant Catalogs 3.1 Price Changes - PTA spot price increased from 4815 to 4895, with a change of 80 [2] - MEG domestic price rose from 4530 to 4582, up 52 [2] - PTA closing price went up from 4850 to 4936, an increase of 86 [2] - MEG closing price increased from 4485 to 4545, up 60 [2] - 1.4D direct-spun polyester staple fiber price rose from 6650 to 6705, up 55 [2] - Short fiber basis increased from 152 to 160, up 8 [2] - 8 - 9 spread changed from 8 to 22, a change of 14 [2] - Polyester staple fiber cash flow increased from 240 to 246, up 6 [2] - 1.4D imitation large chemical fiber price remained unchanged at 5750 [2] - The spread between 1.4D direct-spun and imitation large chemical fiber increased from 900 to 955, up 55 [2] - East China water bottle chip price increased from 5992 to 6084, up 92 [2] - Hot-filled polyester bottle chip price rose from 5992 to 6084, up 92 [2] - Carbonated-grade polyester bottle chip price increased from 6092 to 6184, up 92 [2] - Outer market water bottle chip price increased from 790 to 791, up 1 [2] - Bottle chip spot processing fee increased from 358 to 364, up 6.18 [2] - T32S pure polyester yarn price remained unchanged at 10420 [2] - T32S pure polyester yarn processing fee decreased from 3770 to 3715, down 55 [2] - Polyester-cotton yarn 65/35 45S price remained unchanged at 16300 [2] - Cotton 328 price decreased from 15350 to 15280, down 70 [2] - Polyester-cotton yarn profit decreased from 1089 to 1079, down 10.01 [2] - Virgin three-dimensional hollow (with silicon) price remained unchanged at 7045 [2] - Hollow short fiber 6 - 15D cash flow decreased from 211 to 125, down 85.82 [2] - Virgin low-melting short fiber price remained unchanged at 7370 [2] 3.2 Market Conditions - Short fiber: Driven by the anti-involution market, the overall trend of the commodity market was strong during the day. The spot market of polyester staple fiber fluctuated upwards following the futures price. The continuous price increase boosted downstream buying, the daily sales of factories improved slightly, and the quotation center of traders moved up [2] - Bottle chips: The market price of polyester bottle chips increased. Polyester raw materials PTA and bottle chip futures fluctuated strongly. During the day, the supply-side quotations of bottle chips were adjusted upwards. Downstream terminals were cautiously waiting and watching, the market trading atmosphere was cold, and it was difficult to make high-level transactions [2] 3.3 Load and Production and Sales Rates - Direct-spun short fiber load (weekly) decreased from 92.30% to 93.00%, a change of -0.01 [3] - Polyester staple fiber production and sales rate increased from 69.00% to 74.00%, up 5.00% [3] - Polyester yarn startup rate (weekly) decreased from 66.00% to 65.00%, a change of -0.01 [3] - Regenerated cotton-type load index (weekly) decreased from 51.50% to 46.00%, a change of -0.06 [3]

Report Industry Investment Rating - No information provided Core View of the Report - The PG futures market is expected to continue its narrow - range oscillation. International LPG prices are weak, and the increase in warehouse receipts suppresses the market. Domestic chemical demand is rising, but weak combustion demand restricts upward movement. The cheapest deliverable is East China civil LPG. There are changes in regional spreads, and the US - Asia arbitrage window is closed. [1] Summary by Related Catalog Price Data and Changes - **Daily Changes**: From 2025/07/23 to 2025/07/24, there were daily changes in various LPG - related prices. For example, South China LPG decreased by 90, East China LPG decreased by 30, and propane CFR South China increased by 3. The paper import profit decreased by 122, and the main basis decreased by 67. [1] - **Weekly Changes**: From 2025/07/24 to 2025/07/25, South China LPG decreased from 4590 to 4500, East China LPG decreased from 4443 to 4413. The paper import profit changed from 89 to - 33, and the basis weakened to 370 (-63). [1] Market Conditions - **Futures Market**: The PG futures market is weakening, and the monthly spread continues to decline. The 08 - 09 spread is - 10, and the 08 - 10 spread is - 431. The US - Asia arbitrage window is closed. [1] - **Regional Spreads**: PG - CP reaches 43 (+18), FEI - MB is 155 (-6), FEI - CP is 4.5 (+4.5). FEI propane discount continues to fall, and CP arrival discount fluctuates. FEI - MOPJ changes little, with the latest at - 47.5 (-3.75). [1] - **Production Profits**: FEI and CP - based PP production profits improve slightly. PDH profits improve, while MTBE export profits decline. [1] Supply and Demand - **Supply**: Warehouse receipt registration volume is 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. The arrival volume drops significantly. The commodity volume decreases by 0.53%. The factory inventory increases slightly. [1] - **Demand**: Chemical demand is strong. PDH operating rate rises significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. The alkylation operating rate increases, and the MTBE operating load rises. However, combustion demand is weak. [1]

Group 1: Information on Futures Contracts - BU main contract price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU06 price on July 25 was 3421, with a daily change of 37 and a weekly change of 37 [4] - BU09 price on July 25 was 3615, with a daily change of 13 and a weekly change of -13 [4] - BU12 price on July 25 was 3484, with a daily change of 25 and a weekly change of 34 [4] - BU03 price on July 25 was 3430, with a daily change of 38 and a weekly change of 21 [4] - Futures trading volume on July 25 was 322134, with a daily change of 63915 and a weekly change of 66996 [4] - Futures open interest on July 25 was 450652, with a daily change of -3106 and a weekly change of -23396 [4] - Warehouse receipts remained at 42950 from July 17 - 25, with no daily or weekly change [4] Group 2: Spot Market Prices - Shandong market low - end price on July 25 was 3590, with a daily change of -10 and a weekly change of 20 [4] - East China market low - end price remained at 3670 from July 21 - 25, with no daily or weekly change [4] - South China market low - end price remained at 3550 from July 23 - 25, with no daily change and a weekly change of -30 [4] - North China market low - end price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] - Northeast market low - end price remained at 3900 from July 17 - 25, with no daily or weekly change [4] - Jingbo (Haiyun) spot price on July 25 was 3700, with a daily change of 10 and no weekly change [4] - 54 Hai spot price on July 25 was 3700, with a daily change of 10 and a weekly change of -10 [4] - Mu Hai (Lu Bohai) spot price remained at 3710 on July 24 - 25, with no daily change and a weekly change of -40 [4] Group 3: Basis and Spread - Shandong basis on July 25 was -25, with a daily change of -23 and a weekly change of 33 [4] - East China basis on July 25 was 55, with a daily change of -13 and a weekly change of 13 [4] - South China basis on July 25 was -57, with a daily change of -13 and a weekly change of -17 [4] - 03 - 06 spread on July 25 was 9, with a daily change of 7 and a weekly change of -16 [4] - 06 - 09 spread on July 25 was -194, with a daily change of 24 and a weekly change of 50 [4] - 09 - 12 spread on July 25 was 131, with a daily change of -12 and a weekly change of -47 [4] - 12 - 03 spread on July 25 was 54, with a daily change of -13 and a weekly change of 13 [4] - Consecutive - one to consecutive - two spread on July 25 was 24, with a daily change of -4 and a weekly change of -32 [4] Group 4: Crack Spread and Profit - Asphalt Brent crack spread on July 25 was -27, with a daily change of -49 and a weekly change of 33 [4] - Asphalt Marrow profit on July 25 was -94, with a daily change of -44 and a weekly change of 30 [4] - Ordinary refinery comprehensive profit on July 25 was 438, with a daily change of -14 and a weekly change of 20 [4] - Marrow - type refinery comprehensive profit on July 25 was 45, with a daily change of -26 and a weekly change of 24 [4] - Import profit (South Korea - East China) on July 25 was -146, with a daily change of -4 and a weekly change of 8 [4] - Import profit (Singapore - South China) on July 25 was -997, with a daily change of -5 and a weekly change of -17 [4] Group 5: Related Prices - Brent crude oil price on July 25 was 69.2, with a daily change of 0.7 and a weekly change of -0.1 [4] - Shandong gasoline market price on July 25 was 7822, with a daily change of 27 and a weekly change of 17 [4] - Shandong diesel market price on July 25 was 6693, with a daily change of 48 and a weekly change of -3 [4] - Shandong residue oil market price remained at 3650 from July 23 - 25, with no daily change and a weekly change of -50 [4]

Group 1: Report Overview - Report Date: July 24, 2025 [1] - Report Cycle: Daily [1] - Researcher: Qi Jianhua [1] Group 2: Futures Market 2.1 Contract Quotes - On July 24, 2025, the daily K - line of the continuous main contract of DCE's soybean No.1 futures closed with a long lower shadow, with the price hitting the bottom and rebounding during the session. The opening price was 4,214 yuan/ton, the highest price was 4,230 yuan/ton, the lowest price was 4,184 yuan/ton, the closing price was 4,224 yuan/ton, down 5 yuan/ton or - 0.12% from the previous day. The trading volume was 124,496 lots, the open interest was 177,614 lots, and the daily increase in open interest was - 3,513 lots [2] 2.2 Variety Prices - Different contracts of soybean No.1 showed various price movements. For example, contract a2509 had an opening price of 4,214 yuan/ton, a closing price of 4,224 yuan/ton, and a decrease of 23 yuan compared to the previous settlement price. The total trading volume of all soybean No.1 contracts was 178,803 lots, the total open interest was 309,488 lots, and the total trading value was 747,497.46 million yuan [3] Group 3: Spot Market - Today, the basis of soybean No.1 was - 204 yuan/ton, showing a slight weakening. The total registered warehouse receipts of soybean No.1 were 14,302 lots, a decrease of 220 lots compared to the previous day, and the registered warehouse receipts have continued to decline recently [5] Group 4: Influencing Factors 4.1 Important Events - According to Wind data, today's average price of domestic soybeans was 4,012 yuan/ton, a slight increase of 0.05% compared to the previous day, and the spot price of soybeans has stabilized and rebounded. The soybean inventory at major ports was 6.7567 million tons, a decrease of 1.24% compared to the previous day. With the arrival of imported soybeans, the inventory accumulation at ports has slowed down slightly [8][10] 4.2 Industry News - In terms of imported soybeans, according to Wind data, the recent - month landed duty - paid price of imported soybeans was stable with a slight increase. The recent - month landed duty - paid price of US Gulf soybeans was 4,896.37 yuan/ton, that of Brazilian soybeans was 3,938.83 yuan/ton, and that of Argentine soybeans was 3,789.98 yuan/ton. Today, the rebound of enterprise crushing profit has weakened, showing a stable - to - decreasing trend [11]

Report Information - Report Date: July 25, 2025 [1] - Report Cycle: Daily Report [1] - Analyst: Dai Xiaohong, with Futures Practitioner Certificate No. F0266663 and Investment Consulting Practitioner Certificate No. Z0000213 [1] 1. Futures Market 1.1 Contract Quotes - On July 24, 2025, the stainless steel ss2509 futures contract fluctuated sideways with large intraday volatility, rising after an early - morning decline, closing up about 0.27% at 12,935 points. The overnight position decreased continuously and then increased with the price rise before the close. The daily trading volume was 144,000 lots, a decrease of 81,700 lots from the previous trading day [2] 1.2 Variety Prices - The prices of 12 stainless - steel futures contracts showed a normal market pattern of lower near - term and higher far - term prices. All contracts were strong throughout the day, with near - term contracts stronger than far - term ones. The active contract ss2509 had a position of 120,000 lots, a decrease of 2,051 lots (1.71% decrease). The main - contract funds left the market, while the position of the secondary main contract increased by 3,095 lots [5] 1.3 Related Quotes - On the same day, Shanghai nickel prices mostly rose, and nickel ore prices were firm. Some ferronickel production capacity shifted to nickel ice again, and it was expected that the supply of ferronickel and the amount flowing back to China would shrink. The domestic ferronickel price rebounded to around 908 yuan per nickel point [7] 2. Spot Market 2.1 Basis Data - In the past 10 trading days, the basis of the active stainless - steel contract ss2509 changed significantly, with a maximum of 280 yuan/ton, a minimum of 25 yuan/ton, and 95 yuan/ton on the day, widening by 35 yuan/ton from the previous day. In the spot market, taking 304 stainless - steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang were 12,700 yuan/ton, 12,600 yuan/ton, 12,550 yuan/ton, and 12,700 yuan/ton respectively [11] 2.2 Registered Warehouse Receipts - The registered warehouse receipts of stainless steel on the Shanghai Futures Exchange were 103,354 tons, a decrease of 61 tons. Although the registered warehouse receipts of stainless steel on the Shanghai Futures Exchange have been decreasing recently, they are still at a historical high [11] 3. Influencing Factors - According to Mysteel statistics, on July 24, 2025, the total social inventory of stainless steel in the mainstream markets across the country was 1,118,586 tons, a week - on - week decrease of 2.54%. For the 300 - series stainless steel, the total inventory was 669,941 tons, a week - on - week decrease of 2.55%. The market arrivals were normal this week. With the increase in spot prices following the mill's list prices, the resource digestion speed accelerated slightly, and the shipments were mainly for on - demand procurement and the delivery of some previous processing orders. Therefore, the national stainless - steel social inventory decreased this period [12] 4. Market Outlook - The strong sideways fluctuation on the previous day, combined with the gradual increase over several trading days, may accumulate bullish energy in market sentiment and risk preference. Before new spot data is released, the moving - average system may support traders' bullish sentiment and push prices higher, but the variability of sentiment should be noted [14]

Group 1: Metals Ferrous Metals - The spot price of 72-silicon ferroalloy qualified block in Inner Mongolia - Tianjin warehouse receipt is 5,878, with a basis of 124 and a historical quantile of 0.03%. The futures price is 5,754 [1]. - The spot price of 65-silicon manganese in Inner Mongolia - Hubei warehouse receipt is 2,950, with a basis of 25.60%. The futures price is 5,948, and the converted price is 6,517 [1]. - The spot price of HRB400 20mm rebar in Shanghai is 3,380, with a basis of 86 and a historical quantile of 45.20%. The futures price is 3,294 [1]. - The spot price of Q235B 4.75mm hot-rolled coil in Shanghai is 3,470, with a basis of 14 and a historical quantile of 23.40%. The futures price is 3,456 [1]. - The spot price of 62.5% Brazilian blended powder (BRBF) from Vale at Rizhao Port is 839, with a basis of 25.50%. The futures price is 811, and the converted price is based on the corresponding standard [1]. - The spot price of quasi - first - grade metallurgical coke A13, S0.7, CSR60, MT7 at Rizhao Port is 1,735, with a basis of - 11.28%. The futures price is 1,539 [1]. - The spot price of S1.3 G75 main coking coal (Mongolian 5) at Shaheyi is 1,199, with a basis of - 5.88%. The futures price is 1,134 [1]. Non - ferrous Metals - The spot price of SMM 1 electrolytic copper is 79,795, with a basis of - 95 and a historical quantile of 32.91%. The futures price is 79,890 [1]. - The spot price of SMM A00 aluminum is 20,720, with a basis of - 40 and a historical quantile of 39.37%. The futures price is 20,760 [1]. - The spot price of SMM alumina index is 3,427, with a basis of - 184 and a historical quantile of 6.82%. The futures price is 3,243 [1]. - The spot price of SMM 1 zinc ingot is 22,810, with a basis of - 15 and a historical quantile of 10.41%. The futures price is 23,015 [1]. - The spot price of SMM 1 tin is 272,400, with a basis of 1,550 and a historical quantile of 13.75%. The futures price is 273,950 [1]. - The spot price of SMM 1 imported nickel is 124,360, with a basis of - 260 and a historical quantile of 42.29%. The futures price is 124,100 [1]. - The spot price of 304/2B:2*1240*C stainless steel from Wuxi Hongwang (including trimming fee) is 13,070, with a basis of 135 and a historical quantile of 33.04%. The futures price is 12,935 [1]. - The spot price of SMM battery - grade lithium carbonate is 76,680, with a basis of - 6,130 and a historical quantile of 4.40%. The futures price is 70,550 [1]. - The spot price of SMM industrial silicon is 10,000, with a basis of 475 and a historical quantile of 35.29%. The futures price is not clearly presented in a comparable way [1]. Precious Metals - The spot price of Shanghai Gold Exchange's gold AU (T + D) is 778.7, with a basis of - 3.6 and a historical quantile of 14.30%. The futures price is 775.1 [1]. - The spot price of Shanghai Gold Exchange's silver AG (T + D) is 9,386.0, with a basis of - 35.0 and a historical quantile of 17.80%. The futures price is 9,351.0 [1]. Group 2: Agricultural Products - The spot price of common soybean meal in Jiangsu Zhangjiagang is 2,860, with a basis of - 165.0 and a historical quantile of 9.20%. The futures price is 3,025.0 [1]. - The spot price of fourth - grade soybean oil in Jiangsu Zhangjiagang is 8,200, with a basis of 34.0 and a historical quantile of 2.10%. The futures price is 8,166.0 [1]. - The spot price of palm oil at Huangpu Port is 9,104.0, with a basis of - 44.0 and a historical quantile of 8.60%. The futures price is 9,060 [1]. - The spot price of common rapeseed meal in Guangdong Zhanjiang is 2,682.0, with a basis of - 122.0 and a historical quantile of 15.20%. The futures price is 2,560 [1]. - The spot price of fourth - grade rapeseed oil in Jiangsu Nantong is 9,540, with a basis of 48.0 and a historical quantile of 24.00%. The futures price is 9,492.0 [1]. - The spot price of corn at Jinzhou Port is 2,360, with a basis of 42.0 and a historical quantile of 67.80%. The futures price is 2,318.0 [1]. - The spot price of corn starch in Jilin Changchun is 2,740, with a basis of 71.0 and a historical quantile of 32.50%. The futures price is 2,669.0 [1]. - The spot price of live pigs (outer ternary) in Henan is 14,200, with a basis of - 165.0 and a historical quantile of 39.60%. The futures price is 14,365.0 [1]. - The spot price of eggs in Hebei Shijiazhuang is 3,636.0, with a basis of - 416.0 and a historical quantile of 8.90%. The futures price is 3,220 [1]. - The spot price of cotton (3128B) in Xinjiang is 15,431, with a basis of - 1,271.0 and a historical quantile of 8.98%. The futures price is 14,160.0 [1]. - The spot price of white sugar at Liuzhou Station is 6,120, with a basis of 254.0 and a historical quantile of 51.90%. The futures price is 5,866.0 [1]. - The theoretical delivery price of apples is 8,600, with a basis of 631.0 and a historical quantile of 50.40%. The futures price is 7,969.0 [1]. - The wholesale price of first - grade grey dates in Hebei is 10,515.0, with a basis of - 2,215.0 and a historical quantile of 8.60%. The futures price is 8,300 [1]. Group 3: Energy and Chemicals - The spot price of paraxylene at the Chinese main port (CFR) converted to RMB is 7,043.0, with a basis of 87.0 and a historical quantile of 52.90%. The futures price is 6,956.0 [1]. - The spot price of purified terephthalic acid (PTA) in the East China region is 4,850.0, with a basis of - 30.0 and a historical quantile of 41.30%. The futures price is 4,820.0 [1]. - The spot price of ethylene glycol in the East China region is 4,540.0, with a basis of 55.0 and a historical quantile of 81.10%. The futures price is 4,485.0 [1]. - The spot price of polyester fiber in the East China market is 6,605.0, with a basis of 85.0 and a historical quantile of 66.60%. The futures price is 6,520.0 [1]. - The spot price of styrene in East China is 7,450.0, with a basis of 10.0 and a historical quantile of 28.60%. The futures price is 7,440.0 [1]. - The spot price of methanol in Jiangsu Taicang is 2,480.0, with a basis of - 17.5 and a historical quantile of 23.10%. The futures price is 2,462.5 [1]. - The spot price of urea in Shandong is 1,810.0, with a basis of 25.0 and a historical quantile of 18.70%. The futures price is 1,785.0 [1]. - The spot price of linear low - density polyethylene (LLDPE) in Shandong is 7,385.0, with a basis of - 105.0 and a historical quantile of 2.90%. The futures price is 7,280.0 [1]. - The spot price of polypropylene (PP) in Zhejiang is 7,181.0, with a basis of - 41.0 and a historical quantile of 14.50%. The futures price is 7,140.0 [1]. - The spot price of polyvinyl chloride (SG - 5) in the Changzhou market is 5,238.0, with a basis of - 148.0 and a historical quantile of 38.50%. The futures price is 5,090.0 [1]. - The spot price of caustic soda (32% ion - membrane caustic soda) in Shandong is 2,675.0, with a basis of - 81.3 and a historical quantile of 37.00%. The futures price is 2,593.8 [1]. - The spot price of liquefied petroleum gas in Guangzhou is 4,548.0, with a basis of 525.0 and a historical quantile of 69.80%. The futures price is 4,023.0 [1]. - The spot price of asphalt in Shandong is 3,785.0, with a basis of 183.0 and a historical quantile of 80.60%. The futures price is 3,602.0 [1]. - The spot price of butadiene rubber in China is 12,285.0, with a basis of - 85.0 and a historical quantile of - 0.69%. The futures price is 12,200.0 [1]. - The spot price of glass in Shahe is 1,307.0, with a basis of - 131.0 and a historical quantile of 17.85%. The futures price is 1,176.0 [1]. - The spot price of heavy - quality soda ash in Shahe is 1,408.0, with a basis of - 10.0 and a historical quantile of 26.68%. The futures price is 1,398.0 [1]. - The spot price of natural rubber in Shanghai is 15,245.0, with a basis of - 245.0 and a historical quantile of 81.66%. The futures price is 15,000.0 [1]. Group 4: Financial Futures Stock Index Futures - For IF2509.CFE, the spot price is 4,149.0, with a basis of - 7.8 and a historical quantile of 40.60%. The futures price is 4,141.2 [1]. - For IH2509.CFE, the spot price is 2,816.6, with a basis of 4.2 and a historical quantile of 80.90%. The futures price is 2,812.4 [1]. - For IC2509.CFE, the spot price is 6,293.6, with a basis of - 67.6 and a historical quantile of 9.70%. The futures price is 6,226.0 [1]. - For IM2509.CFE, the spot price is 6,701.1, with a basis of - 82.5 and a historical quantile of 15.10%. The futures price is 6,618.6 [1]. Bond Futures - For 2 - year bond (TS2509), the spot price is 102.31, with a basis of 0.00 and a historical quantile of 27.00%. The futures price is 100.23, and the conversion factor is 0.9796 [1]. - For 5 - year bond (TF2509), the spot price is 105.61, with a basis of 0.02 and a historical quantile of 30.70%. The futures price is 100.59, and the conversion factor is 0.9522 [1]. - For 10 - year bond (T2509), the spot price is 108.26, with a basis of 0.01 and a historical quantile of 17.10%. The futures price is 100.63, and the conversion factor is 0.9294 [1]. - For 30 - year bond (TL2509), the spot price is 133.85, with a basis of 0.17 and a historical quantile of 23.80%. The futures price is 118.52, and the conversion factor is 1.1279 [1].

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].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Polyolefin Industry - The valuation shows that the marginal profit is gradually recovering, and the supply and demand of PP and PE are simultaneously contracting, with inventory accumulation. The demand side continues to be in a weak state. There is a risk of capacity withdrawal for devices with a production history of over 20 years. Strategy-wise, there is an opportunity for PP to fluctuate on the short - side, and PE can be bought within a certain range [2]. Crude Oil Industry - Overnight oil prices rose due to the repair of market demand expectations after the alleviation of macro - tense emotions. However, the OPEC+ production increase plan and Sino - US trade uncertainties pose upward resistance. It is recommended to adopt a short - term band strategy [5]. Pure Benzene and Styrene Industry - Pure benzene's previous maintenance devices are gradually restarting, and its downstream price transmission is not smooth. The short - term trend of pure benzene fluctuates with the overall market sentiment. Styrene's supply - demand expectation is weak, but it is supported in the short - term by the domestic anti - involution sentiment, with limited upside [44]. Methanol Industry - Inland methanol prices fluctuate slightly. The supply side has high maintenance losses in July but there is a restart expectation. The demand side is restricted by the traditional off - season. The port side is expected to accumulate inventory from July to August. In the short - term, the cost is lifted by coal, and the 09 contract's fluctuation range moves up. It is advisable to buy the 01 contract at low prices [47]. Chlor - alkali Industry - For caustic soda, the short - term macro - disturbance is intense, and it is recommended to close previous long positions and wait and see. For PVC, the short - term trading logic is mainly dominated by macro - emotions, and it is recommended to wait and see [52]. Polyester Industry Chain - PX is expected to fluctuate strongly in the short - term. PTA may fluctuate strongly in the short - term. Ethylene glycol is expected to run strongly in the short - term. Short - fiber has no obvious short - term driver. Bottle - chip supply - demand has an improvement expectation [71]. Urea Industry - The urea futures market is in a range - bound pattern. The supply is sufficient, and the demand is weak, resulting in a supply - exceeding - demand situation. The future price breakthrough depends on the substantial warming of the demand side [78]. 3. Summaries by Related Catalogs Polyolefin Industry - **Prices**: Futures and spot prices of L and PP increased on July 24 compared to July 23. For example, L2601's closing price rose from 7346 to 7436, with a 1.23% increase [2]. - **Inventory**: PE enterprise inventory decreased by 4.99% to 50.3 tons, while PP enterprise inventory increased by 2.62% to 58.1 tons [2]. - **开工率**: PE device's starting rate increased by 0.97% to 79.0%, and PP device's starting rate decreased by 0.4% to 77.0% [2]. Crude Oil Industry - **Prices**: On July 25, Brent, WTI, and SC prices all increased compared to July 24. For example, Brent rose from 68.51 to 69.18 dollars per barrel, with a 0.98% increase [5]. - **Trading Logic**: The rise in oil prices is due to the alleviation of macro - tense emotions and the improvement of demand expectations, but there are still supply - side uncertainties [5]. Pure Benzene and Styrene Industry - **Prices**: On July 24, the prices of pure benzene and styrene - related products showed different trends. For example, the spot price of pure benzene decreased by 0.2% to 5980 yuan per ton [44]. - **Inventory**: Pure benzene's Jiangsu port inventory increased by 4.3% to 17.10 tons, and styrene's Jiangsu port inventory increased by 8.8% to 15.07 tons [44]. - **开工率**: The Asian pure benzene starting rate increased by 0.7% to 77.4%, and the domestic pure benzene starting rate increased by 0.3% to 78.1% [44]. Methanol Industry - **Prices**: On July 24, methanol futures and spot prices increased compared to July 21. For example, MA2601's closing price rose from 2482 to 2550, with a 2.74% increase [47]. - **Inventory**: Methanol enterprise inventory decreased by 3.55% to 33.983 tons, and methanol port inventory decreased by 8.15% to 72.6 tons [47]. - **开工率**: The upstream domestic enterprise starting rate decreased by 1.01% to 70.37, and the downstream external - procurement MTO device starting rate increased by 0.56% to 75.96 [47]. Chlor - alkali Industry - **Prices**: On July 24, the prices of caustic soda and PVC - related products showed different trends. For example, the price of Shandong 32% liquid caustic soda remained unchanged at 2593.8 yuan per ton [50]. - **开工率**: The caustic soda industry starting rate increased by 1.3% to 86.3, and the PVC total starting rate decreased by 0.1% to 75.0 [50]. - **Inventory**: The liquid caustic soda East China factory inventory increased by 13.8% to 21.3 tons, and the PVC upstream factory inventory decreased by 3.7% to 36.8 tons [52]. Polyester Industry Chain - **Prices**: On July 24, the prices of upstream and downstream products in the polyester industry chain changed. For example, the price of Brent crude oil (September) rose from 68.51 to 69.18 dollars per barrel, with a 1.0% increase [71]. - **开工率**: The Asian PX starting rate remained unchanged at 73.6%, and the PTA starting rate remained unchanged at 79.7% [71]. Urea Industry - **Prices**: On July 24, the prices of urea futures contracts increased compared to July 23. For example, the 01 contract's closing price rose from 1779 to 1796, with a 0.96% increase [75]. - **Inventory**: The domestic urea factory inventory decreased by 4.10% to 85.88 tons, and the domestic urea port inventory increased by 0.37% to 54.30 tons [78]. - **开工率**: The urea production factory starting rate increased by 1.26% to 83.21 [78].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - Not explicitly stated in the given content. 3. Summary by Relevant Catalog Futures Contracts - The closing prices of BU主力合约, BU09 were 3602 on 7/24, with a daily change of 8 and a weekly change of -21; BU06 was 3384, with a daily change of -7 and a weekly change of -4; BU12 was 3459, with a daily change of -1 and a weekly change of 9; BU03 was 3392, with a daily change of -14 and a weekly change of -13 [4]. - The trading volume on 7/24 was 258,219, a daily decrease of 42,267 and a weekly increase of 107,200; the open interest was 453,758, a daily decrease of 5,653 and a weekly decrease of 14,650 [4]. - The futures inventory remained at 42,950 from 7/22 - 7/24, with no daily or weekly change [4]. Spot Market - The low - end prices in Shandong, East China, South China, North China, and Northeast markets on 7/24 were 3600, 3670, 3550, 3710, and 3900 respectively. The daily changes were -20, 0, 0, -10, 0, and the weekly changes were 40, 0, -30, -40, 0 [4]. - The prices of Jingbo (Haiyun), るの, and Luohai (Xin Bohai) on 7/24 were 3690, 3690, and 3710 respectively, with daily changes of -20, -20, -10 and weekly changes of -20, -20, -40 [4]. Basis and Calendar Spreads - The basis of Shandong, East China, and South China on 7/24 were -2, 68, -52 respectively, with daily changes of -28, -8, -8 and weekly changes of 61, 21, -9 [4]. - The spreads of 03 - 06, 06 - 09, 09 - 12, 12 - 03 on 7/24 were 8, -218, 143, 67 respectively, with daily changes of -7, -15, 9, 13 and weekly changes of -9, 17, -30, 22 [4]. - The first - second nearby spread on 7/24 was 28, with a daily change of -8 and a weekly change of -25 [4]. Crack Spreads and Profits - The asphalt Brent crack spread on 7/24 was 19, with a daily change of -11 [4]. - The asphalt Marrow profit on 7/24 was -52, with a daily change of -10 and a weekly change of 89 [4]. - The comprehensive profit of ordinary refineries on 7/24 was 450, with a daily change of 3 and a weekly change of 40; the comprehensive profit of Marrow - type refineries was 69, with a daily change of -3 and a weekly change of 60 [4]. - The import profit from South Korea to East China on 7/24 was -145, with a daily change of 4 and a weekly change of 6; the import profit from Singapore to South China was -dde (data may be incomplete), with a daily change of 5 and a weekly change of -19 [4]. Related Prices - The price of Brent crude oil on 7/24 was 68.5, with a daily change of -0.1 and a weekly change of -1.0 [4]. - The market prices of gasoline, diesel, and residue oil in Shandong on 7/24 were 7795, 6645, 3650 respectively, with daily changes of -4, -10, 0 and weekly changes of -15, -47, -50 [4].

Group 1: Index Trends - On July 24, the Shanghai Composite Index rose 0.65% to close at 3605.73 points, with a trading volume of 852.24 billion yuan; the Shenzhen Component Index rose 1.21% to close at 11193.06 points, with a trading volume of 992.466 billion yuan [1] - The CSI 1000 Index rose 1.42% with a trading volume of 374.406 billion yuan, opening at 6602.17, closing at 6701.12, with a daily high of 6701.12 and a low of 6602.17 [1] - The CSI 500 Index rose 1.56% with a trading volume of 320.188 billion yuan, opening at 6197.85, closing at 6293.6, with a daily high of 6293.6 and a low of 6197.85 [1] - The SSE 50 Index rose 0.4% with a trading volume of 118.138 billion yuan, opening at 2797.26, closing at 2812.44, with a daily high of 2819.13 and a low of 2791.78 [1] - The SSE 50 Index rose 0.4% with a trading volume of 118.138 billion yuan, opening at 2797.26, closing at 2812.44, with a daily high of 2819.13 and a low of 2791.78 [1] Group 2: Impact of Sector Movements on Indexes - The CSI 1000 rose 93.9 points from the previous close, with sectors such as electronics, pharmaceuticals and biology, and non - ferrous metals having a significant upward pull on the index [3] - The CSI 500 rose 96.84 points from the previous close, with non - bank finance, non - ferrous metals, and pharmaceuticals and biology having a significant upward pull on the index [3] - The SSE 300 rose 29.27 points from the previous close, with non - bank finance, electronics, and pharmaceuticals and biology having a significant upward pull, while the banking sector had a downward pull [3] - The SSE 50 rose 11.24 points from the previous close, with non - bank finance, food and beverages, and electronics having a significant upward pull, while the banking sector had a downward pull [3] Group 3: Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 27.61, IM01 of - 91.7, IM02 of - 274.65, and IM03 of - 433.62 [13] - IC00 had an average daily basis of - 23.31, IC01 of - 68.3, IC02 of - 193.39, and IC03 of - 308.17 [13] - IF00 had an average daily basis of - 0.95, IF01 of - 7.45, IF02 of - 37.24, and IF03 of - 67.48 [13] - IH00 had an average daily basis of 2.25, IH01 of 3.33, IH02 of 5.32, and IH03 of 5.88 [13] Group 4: Futures Roll - over Point Differences and Annualized Costs - Data on IM, IC, IF, and IH roll - over point differences and their corresponding annualized costs at different times are provided, such as for IF at 09:45, IF00 - 01 was - 5.99267, etc. [23][26][27]