8月5日，国内期市有色金属板块多数飘红。其中，氧化铝期货呈现震荡上行走势，主力合约报收于 3227.0元/吨，涨幅1.16%。 现货方面，据铜冠金源期货介绍，周一现货氧化铝全国均价3274元/吨，持平，升水71元/吨。澳洲氧化 铝F0B价格375美元/吨，跌2美元/吨，理论进口窗口关闭。 后市来看，中金财富期货表示，近期有几内亚铝土矿供应扰动，以及"反内卷"政策预期，价格波动放 大；考虑长期氧化铝产能增长，价格将维持在较低水平。 成本上，国信期货分析称，受几内亚雨季影响，铝土矿出港量显著下降，并将逐渐体现于到港量上，供 应量的下降为铝土矿价格提供支撑，近期铝土矿价格已经出现小幅上涨，氧化铝成本线或继续抬升。 基本面上，瑞达期货（002961）指出，政治局会议提出对重点行业进行产能治理，在此背景下，随着具 体措施的逐步落地，氧化铝在运行产能或有收敛，产量增速有所放缓。需求方面，国内电解铝产能已接 近行业"天花板"，增量空间或将有限，对原料氧化铝需求保持稳定。 ...

Group 1 - Steel stocks have shown significant gains, with Maanshan Iron & Steel Co. rising by 10.96% to HKD 2.43, Angang Steel Co. increasing by 5% to HKD 2.31, and Chongqing Iron & Steel Co. up by 2.08% to HKD 1.47 [1] - The China Iron and Steel Association reported that the total operating revenue of key steel enterprises in the first half of the year was CNY 29,985 billion, a year-on-year decrease of 5.79%, while total profit increased by 63.26% to CNY 592 billion [1] - The average profit margin for the steel industry rose to 1.97%, an increase of 0.83 percentage points year-on-year, indicating some recovery in profitability despite ongoing challenges in supply and demand dynamics [1] Group 2 - The recent Politburo meeting emphasized "anti-involution" and the need for regulated competition in key industries, shifting the focus from merely eliminating low prices to rational competition aimed at improving industry profits [2] - Short-term steel demand is expected to enter a seasonal downturn, which may lead to a price correction due to rapid price increases [2] - Long-term capacity governance remains a primary focus, with a combination of market-oriented and administrative measures expected to optimize crude steel supply and enhance profitability for steel companies as new iron ore capacities are gradually released [2]

钢铁股涨幅居前，截至发稿，马鞍山钢铁股份(00323)涨10.96%，报2.43港元；鞍钢股份（000898） (00347)涨5%，报2.31港元；铁货(01029)涨2.74%，报0.75港元；重庆钢铁（601005）股份(01053)涨 2.08%，报1.47港元。 民生证券指出，7月政治局会议再次明确"反内卷"，依法依规治理企业无序竞争，推进重点行业产能治 理。与7月1日中财委"反内卷"表述比较，去除了"低价"，"落后产能有序退出"变为"重点行业产能治 理"。从变化来看，产能治理的路径不局限于落后产能，同时治理目标也由提价转向理性竞争即提高行 业利润。短期来看，钢材需求进入季节性淡季，价格过快上涨可能有所回调。长期来看，产能治理依然 是未来的主线，市场化、行政化手段相结合，粗钢供给有望进一步优化，叠加远期铁矿新增产能的逐步 释放，钢企盈利能力有望修复。 消息面上，上半年中钢协重点统计钢铁企业累计营业收入为29985亿元，同比下降5.79%；营业成本为 28055亿元，同比下降6.83%；利润总额为592亿元，同比增长63.26%；平均利润率为1.97%，同比上升 0.83个百分点。中国钢铁工业协会会长 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industries**: Rental, Express Delivery, Aviation, Chemical, Cobalt, Coal - **Companies**: China Shipbuilding Leasing, Bank of China Aviation Leasing, Jitu, Shentong, Zhongtong, Yunda, SF Express, Huaxia Airlines, China Shenhua, Huayi Chemical, Wanhua, Hualu, Yangnong, Satellite Chemical, New Chemical, Huayou Cobalt, Likin, Shengtun, Jiayou International Core Points and Arguments 1. **U.S. Labor Market Impact**: The U.S. labor market data has raised expectations for a 25 basis point rate cut in September, increasing the likelihood to 75%, which is favorable for leasing companies like China Shipbuilding Leasing and Bank of China Aviation Leasing [1][2] 2. **Express Delivery Industry**: The political bureau meeting focused on capacity governance rather than production governance, which is expected to accelerate the anti-involution in the express delivery industry. Price increases are anticipated in regions like Yiwu and Guangdong, with recommended companies including Jitu, Shentong, Zhongtong, Yunda, SF Express [1][4] 3. **Aviation Industry Challenges**: Despite efforts to combat market involution, the aviation industry faces skepticism regarding joint price increases due to high transparency of data. Recommended stocks include Huaxia Airlines and major A-share airlines [1][5] 4. **Chemical Industry Trends**: The chemical sector is experiencing a bottoming out, with PPI showing continuous negative growth. However, prices for certain chemicals like epoxy chloropropane and lithium carbonate are rising due to downstream replenishment [1][8][10] 5. **Cobalt Market Tightness**: The cobalt market is experiencing supply tightness, with prices expected to average 250,000 yuan/ton this year. Companies like Huayou Cobalt and Likin are recommended for investment [1][19][20] 6. **Coal Industry Developments**: China Shenhua's acquisition of National Energy Group assets is expected to enhance its strength and positively impact the coal sector. Current coal prices remain strong despite recent declines in stock performance [1][22][23] Other Important but Possibly Overlooked Content 1. **Chemical Industry Profitability**: The chemical industry saw a revenue growth of 1.4% in June 2025, but profit growth was negative at -9%, indicating a widening profit decline despite revenue increases [1][12] 2. **Market Sentiment in Chemical Sector**: The increase in Penghua Chemical ETF shares by 1.1 billion yuan indicates a growing market interest in the chemical sector, despite it being at a relative bottom compared to other cyclical sectors [1][13] 3. **Potential for Price Stabilization**: The possibility of production limits in the chemical sector could help stabilize prices, as seen in past successful interventions [1][16] 4. **Investment Opportunities in New Materials**: Companies like Dongcai Technology and Xinzhou Bang are highlighted as key players in the new materials sector, particularly in the high-performance resin supply chain [1][17] 5. **Gold and Silver Market Dynamics**: Recent trends show that while industrial metals have risen, precious metals like gold have not seen similar increases, suggesting potential investment opportunities in gold stocks [1][18]

Core Viewpoint - The photovoltaic industry is experiencing severe internal competition and overcapacity, leading to significant price declines and widespread losses among manufacturers, particularly among leading companies [1][5][38]. Group 1: Industry Overview - As of 2023, the silicon material production capacity has been further released, resulting in intense competition within the photovoltaic manufacturing sector [1]. - The nominal overcapacity rate in the industry may reach 66%, with continuous planning and investment in new capacities [1]. - Most mainstream manufacturing companies are operating at a loss, with many small and medium-sized enterprises facing layoffs, production halts, and potential liquidation [1][5]. Group 2: Government Response - The issue of internal competition has garnered high-level attention, prompting the central government to issue important directives aimed at addressing the crisis [5][6]. - Key meetings and reports have established a framework for preventing "involutionary" competition and facilitating the exit of inefficient capacities from the market [5][6][39]. - The revised Anti-Unfair Competition Law, effective from October 15, 2025, incorporates measures against "involution," reinforcing constraints on low-price dumping behaviors [6]. Group 3: Causes of Involution - The root cause of the internal competition is a severe mismatch between supply and demand, leading to overproduction and subsequent price declines [7][9]. - In situations of excessive supply, prices drop below average costs, resulting in a complex cycle of competition that exacerbates the crisis [8][9]. Group 4: Policy Options - Two main approaches to address the internal competition are proposed: allowing the market to self-correct or implementing policy interventions to expedite the exit of outdated capacities [10][12]. - Various policy measures under consideration include price limits, production limits, investment restrictions, efficiency improvements, and mergers [14][19][21]. - The effectiveness of these policies varies, with investment and efficiency measures deemed most effective, while price limits may complicate the situation further [39]. Group 5: Demand-Side Policies - Demand-side policies are crucial for addressing the current crisis, as the industry faces a significant decline in demand due to recent regulatory changes [24][25]. - The introduction of the 136 document has shifted the investment landscape, leading to a sharp decline in new photovoltaic projects [25][26]. - Effective demand-side policies should focus on expanding and stimulating demand rather than reducing it, with suggestions for local policy adjustments and market price liberalization [33][41].

受益于"反内卷"带来政策利好预期提振，7月以来黑色金属集体上行，锰硅期现价格同样跟涨。然而，月 末政治局会议结束，强预期兑现，市场运行逻辑回归产业端，当前锰硅供需格局表现偏弱，且成本推涨难 续，锰硅上行趋弱，价格开启高位震荡调整。 利多因素发酵，锰硅低位回升 7月权益市场与商品市场均迎来上涨，主要是受益于"反内卷"政策利好预期，国内工业品集体上行，尤以 光伏相关品种最为明显，黑色金属表现同样亮眼，全品种期价均录得显著上涨。不过，"反内卷"仅是黑色 上涨的触发因素，本轮上行存有产业和宏观基础。具体来看，淡季黑色产业矛盾累积有限，而部分品种跌 至边际成本附近，叠加"反内卷"引发市场对供给侧改革预期，为此，品种低价与政策预期共同引燃市场看 多情绪，黑色金属触底回升。 图1：国内商品指数走势 锰硅价格同样跟涨。截至8月4日，锰硅主力期价收于5972元/吨，7月以来累计上涨5.18%，期间最高更是 涨至6414元/吨，刷新自3月中旬主力合约价格新高。期价强势带动现货上行，但涨幅相对偏低，基差有所 走弱。截至8月4日，内蒙古、宁夏、天津等地价格分别为5720元/吨、5700元/吨、5850元/吨，同期分别上 涨170元、 ...

Overall Viewpoint - The article emphasizes the continuation of policies aimed at promoting a unified national market and optimizing market competition, which is expected to have a lasting impact on the solar energy sector. The effectiveness of price support measures and the acceptance of prices by downstream power plants will influence the stock performance of related solar companies, particularly in segments with price elasticity such as silicon materials, glass, and BC batteries [3]. Solar Energy - The political bureau meeting has reiterated the importance of advancing the construction of a unified national market, which is expected to lead to a sustained "anti-involution" policy. The success of price support measures and the implementation of storage plans will be crucial for the stock performance of solar-related companies [3]. Hydropower - The market's understanding of Gas Insulated Lines (GIL) remains low, despite their necessity for interconnecting power stations and high-voltage transmission lines. The investment potential of GIL is significant, comparable to that of traditional hydropower turbines, with the first 550 kV C4 environmentally friendly GIL successfully put into operation by Pinggao Electric [3]. Wind Energy - Progress has been made in the provincial details of Document No. 136, with Shandong province planning its first bidding in August 2025. This is expected to improve bidding data across other provinces. Wind energy will also benefit from the "anti-involution" policy, with a general recovery in the bidding prices for wind turbine units anticipated in the first half of 2025 [3]. Solid-State Batteries - The outlook for solid-state batteries is positive, with a focus on fully solid-state battery equipment and lithium sulfide segments expected to benefit from new tenders initiated by major lithium battery manufacturers. The development of semi-solid batteries and modified electrolytes is also promising, aligning with the "anti-involution" logic and enhancing battery safety and technical standards [4]. Energy Storage - The recent introduction of pricing policies for large-scale electrochemical energy storage in Gansu is expected to counterbalance the gradual elimination of capacity leasing fees, improving the independent storage Internal Rate of Return (IRR). Other provinces are likely to follow suit, and the overall market for energy storage remains robust due to improved commercial models and high demand for energy consumption [4].

Market Performance - The defense and military, machinery equipment, and non-ferrous metals sectors showed the highest gains, with increases of 3.06%, 1.93%, and 1.87% respectively [1] - Over 3,300 stocks in the market experienced an increase [1] - The Shanghai Composite Index rose by 0.66%, while the CSI 300 and Shenzhen Composite Index increased by 0.39% and 0.46% respectively [1] Sector Analysis - The defense and military sector is driven by the dual momentum of the completion of the 14th Five-Year Plan and the initiation of the 15th Five-Year Plan, alongside increased demand due to international geopolitical conflicts [2] - The machinery equipment sector benefits from the upcoming implementation of the Ministry of Industry and Information Technology's growth stabilization plan and equipment renewal policies, with the manufacturing PMI returning to an expansion zone [2] - The non-ferrous metals sector is supported by a robust supply-demand dynamic, with industrial metals like copper, aluminum, and rare earths benefiting from infrastructure and new energy demands, while strategic metals like germanium and antimony are experiencing price premiums due to export controls [2] Weak Sectors - The retail sector is facing challenges due to the U.S. suspension of small-value tax exemptions, which may increase cash flow pressures for companies and suppress expansion expectations [2] - The oil and petrochemical sector is negatively impacted by OPEC+'s decision to increase production by 547,000 barrels per day starting in September, leading to a significant drop in international oil prices [2] - The social services sector is experiencing notable outflows of main funds, compounded by rapid sector rotation, resulting in declines [2] Future Outlook - The A-share market has shown adjustments amid internal and external disturbances, with increased market divergence [3] - The temporary relief from U.S.-China tariff pressures has not fully alleviated risks, as factors like delayed Fed rate cuts and domestic policy not exceeding expectations continue to suppress risk appetite [3] - The recent Politburo meeting emphasized the implementation of existing policies and capacity governance, shifting the policy focus from short-term stimulus to structural optimization, which may strengthen market positioning in the medium to long term [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On August 4, the silicon iron 2509 contract closed at 5674, down 0.56%. On the spot side, the spot price of silicon iron in Ningxia was reported at 5500, down 50 yuan/ton. The macro - side saw Trump 2.0 make a military threat against Russia. With low - level operation of the start - up rate, the price of semi - coke in Ningxia on the cost side decreased, and the overall expectation of steel demand remained weak. The production profit of ferroalloys was negative, with the spot profit in Inner Mongolia at 180 yuan/ton and in Ningxia at 330 yuan/ton. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2] - On August 4, the manganese - silicon 2509 contract closed at 5972, down 0.03%. On the spot side, the spot price of manganese - silicon in Inner Mongolia was reported at 5780, down 20 yuan/ton. Officially, it was announced that starting from August 8, the value - added tax on the interest income of newly issued national bonds, local bonds, and financial bonds would be restored. Fundamentally, the factory start - up rate rebounded, the inventory was moderately high. On the cost side, the port inventory of imported manganese ore decreased by 110,000 tons this period, and the downstream hot metal output was high. The spot profit in Inner Mongolia was - 120 yuan/ton and in Ningxia was - 30 yuan/ton. In the market, the procurement price of steel mills this month rebounded compared with the tender price. Technically, the 4 - hour cycle K - line was between the 20 and 60 moving averages, and it should be treated as an oscillating operation [2] Group 3: Summary by Catalog Futures Market - The closing price of the SM main contract was 5972 yuan/ton, up 10 yuan; the closing price of the SF main contract was 5674 yuan/ton, down 8 yuan. The SM futures contract positions were 604,837 hands, up 17,425 hands; the SF futures contract positions were 410,505 hands, up 10,430 hands. The net positions of the top 20 in manganese - silicon were - 89,799 hands, up 4,687 hands; the net positions of the top 20 in silicon iron were - 36,866 hands, up 1,153 hands. The SM 1 - 9 month contract spread was 86 yuan/ton, up 12 yuan; the SF 1 - 9 month contract spread was 142 yuan/ton, up 12 yuan. The SM warehouse receipts were 77,611, down 243; the SF warehouse receipts were 21,930, down 112 [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,820 yuan/ton, down 80 yuan; the price of Inner Mongolia silicon iron FeSi75 - B was 5,760 yuan/ton, down 110 yuan. The price of Guizhou manganese - silicon FeMn68Si18 was 5,850 yuan/ton, unchanged; the price of Qinghai silicon iron FeSi75 - B was 5,460 yuan/ton, down 70 yuan. The price of Yunnan manganese - silicon FeMn68Si18 was 5,800 yuan/ton, down 50 yuan; the price of Ningxia silicon iron FeSi75 - B was 5,710 yuan/ton, down 120 yuan. The average value of the manganese - silicon index was 5,837 yuan/ton, up 149 yuan; the basis of the SF main contract was 36 yuan/ton, down 112 yuan; the basis of the SM main contract was - 152 yuan/ton, down 90 yuan [2] Upstream Situation - The price of South African ore: Mn38 lump at Tianjin Port was 34 yuan/ton - degree, down 3 yuan; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged. The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,050 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 670 yuan/ton, unchanged. The manganese ore port inventory was 4.385 million tons, down 110,000 tons [2] Industry Situation - The manganese - silicon enterprise start - up rate was 42.18%, up 0.60%; the silicon iron enterprise start - up rate was 33.76%, up 0.43%. The manganese - silicon supply was 190,820 tons, up 4,340 tons; the silicon iron supply was 104,400 tons, up 2,100 tons. The manganese - silicon factory inventory was 164,000 tons, down 41,000 tons; the silicon iron factory inventory was 65,500 tons, up 3,400 tons. The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of silicon iron was 14.25 days, down 1.13 days [2] Downstream Situation - The demand for manganese - silicon from the five major steel types was 123,715 tons, up 45 tons; the demand for silicon iron from the five major steel types was 19,922 tons, down 143.7 tons. The blast furnace start - up rate of 247 steel mills was 83.48%, unchanged; the blast furnace capacity utilization rate of 247 steel mills was 90.22%, down 0.56%. The crude steel output was 8.3184 million tons, down 336,100 tons [2] Industry News - On August 1, Wang Renfei, Director of the Comprehensive Department of System Reform of the National Development and Reform Commission, said that the government would regulate the disorderly competition of enterprises in accordance with laws and regulations, promote the governance of production capacity in key industries, standardize bidding and tendering, strengthen the fairness review of bid - winning results, standardize local investment promotion behaviors, strengthen the disclosure of investment promotion information, and carry out the cleanup and rectification of market access barriers [2] - On August 1, Jiang Yi, Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, revealed at a press conference that the list of 800 billion yuan of "two major" construction projects this year had been fully issued, and 735 billion yuan of central budget - internal investment had been basically issued [2] - Trump 2.0 made a military threat against Russia for the first time, saying that he ordered the deployment of two US nuclear - powered submarines to the relevant area [2] - The long - term "price war" will eventually become a money - burning game, eroding the innovation and development space of enterprises. The market needs innovation, quality, and efficiency rather than just low prices. As the Chinese economy moves towards high - quality development, the transformation from "trading price for volume" to "quality improvement" has become an inevitable path for various industries [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since early July 2025, the "anti-involution" policy led to a rapid rise in the domestic coal chemical industry, with methanol futures 2509 contract rising by 7.36% at most. After the policy expectation was digested, the coal chemical futures sector declined, and the methanol futures 2509 contract fell by 5.00% last week and continued to be weak this week. The 9 - 1 month spread widened, showing the weakness of the near - month contract [6]. - With the digestion of the macro - optimistic expectation, the bullish sentiment in the domestic commodity futures market weakened, and the coal futures prices declined, dragging down the methanol futures prices. The supply pressure of methanol at home and abroad is still high, and the downstream demand is in the off - season. The weak supply - demand structure may lead to a downward shift in the price center. It is expected that the domestic methanol futures 2509 contract may maintain a weak and volatile trend [7]. 3. Summary According to the Directory 3.1 Preface: "Anti - involution" Policy Driving Weakens, Coal Chemicals Fall Collectively - Since early July 2025, the "anti - involution" policy led to production cuts in over - capacity industries. The domestic coal chemical industry rose rapidly, with coking coal futures rising by 60% at most and coke futures rising by 32% at most. The methanol futures 2509 contract rose by 7.36% at most. After nearly a month of rise, the coal chemical futures sector declined as the policy expectation was digested [11]. 3.2 Chapter 1: Methanol Oscillates Downward, and the Month - spread Discount Widens - With the digestion of the "anti - involution" policy and the implementation of the Politburo meeting, the coal futures prices declined, and the cost support for methanol collapsed. Last week, the methanol futures 2509 contract declined from 2521 yuan/ton to 2393 yuan/ton, a weekly decline of 5.00%. This week, it continued to be weak, reaching 2373 yuan/ton at one point. The 9 - 1 month spread widened to 97 yuan/ton, showing the weakness of the near - month contract [12]. 3.3 Chapter 2: Policy Bullish Expectation is Fulfilled, and Coal Adjusts - The Politburo meeting on July 30 provided long - term support for coal prices by strengthening the expectation of supply contraction. The monetary policy helped reduce the production cost of coking enterprises. Since coal is the main raw material for methanol and accounts for over 70% of the domestic methanol production process, the methanol price was also affected. After the bullish expectation was fulfilled, the coal futures declined, and the cost support for methanol collapsed [14][15]. 3.4 Chapter 3: The Profit Margin of Domestic Coal - to - Methanol Production Shrinks Significantly - In August, the production profit margin of domestic coal - to - methanol enterprises declined. As of August 1, the cost profit margin of coal - to - methanol in Northwest China was about 23.29%, a week - on - week decrease of 13.24%; in Shandong, it was about 12.29%, a week - on - week decrease of 13.66%; in Inner Mongolia, it was about 16.28%, a week - on - week decrease of 13.97% [16]. 3.5 Chapter 4: The Domestic Methanol Supply Pressure Continues to Increase - In July 2025, although there were concentrated maintenance in domestic methanol production areas, the domestic methanol price did not improve significantly due to the high inventory of the middle and lower reaches. The average domestic methanol operating rate was 81.92% as of August 1, 2025, slightly increasing week - on - week, slightly decreasing month - on - month, and significantly increasing year - on - year. The weekly methanol output was 193.02 million tons, slightly increasing week - on - week, significantly decreasing month - on - month, and significantly increasing year - on - year. Considering the new installations to be put into operation in the second half of the year, the supply pressure is expected to remain high [24]. 3.6 Chapter 5: More Overseas Methanol Ships Arrive at Ports, and the Import Pressure Increases - In the third quarter, the import expectation in August 2025 was significantly raised. It is estimated that the import supply will exceed 1.35 million tons, with about 750,000 tons from Iran and over 600,000 tons from non - Iranian sources. The overall overseas inventory is high, and the spot demand in Europe, India, and Southeast Asia is weak. Spot from non - Iranian Middle East, Southeast Asia, and Europe is being shipped to China. If there is no increase in MTO load and no good restocking demand in the inland before the peak season, the port inventory may accumulate rapidly [25]. 3.7 Chapter 6: Downstream Consumption is in the Off - season, and the Weak Demand Factor is Prominent - Since the third quarter, the traditional and olefin demand for domestic methanol has weakened. As of August 1, 2025, the operating rate of formaldehyde was 28.55%, slightly increasing week - on - week; the operating rate of dimethyl ether was 5.72%, slightly increasing week - on - week; the operating rate of acetic acid was 88.79%, slightly decreasing week - on - week; the operating rate of MTBE was 54.84%, slightly decreasing week - on - week. The average operating load of coal (methanol) to olefin plants was 75.72%, slightly decreasing week - on - week and month - on - month. The futures profit margin of methanol to olefin was - 87 yuan/ton, significantly increasing week - on - week and slightly increasing month - on - month [29]. 3.8 Chapter 7: The Supply - Demand Structure Weakens, and Port Inventory Accumulation Intensifies - In July, the inland methanol inventory decreased slightly, with the inventory at 324,700 tons as of July 31, 2025, a week - on - week decrease of 15,200 tons, a month - on - month decrease of 16,900 tons, and a significant year - on - year decrease of 75,600 tons. However, due to more overseas imports and weak domestic downstream demand, the port inventory accumulation pressure was obvious. As of August 1, 2025, the port methanol inventory in East and South China was 650,300 tons, a week - on - week increase of 63,200 tons, a month - on - month increase of 150,600 tons, and a significant year - on - year decrease of 158,000 tons [41]. 3.9 Chapter 8: Summary - With the digestion of the macro - optimistic expectation, the bullish sentiment in the domestic commodity futures market weakened, and the coal futures prices declined, dragging down the methanol futures prices. The supply pressure of methanol at home and abroad is still high, and the downstream demand is in the off - season. The weak supply - demand structure may lead to a downward shift in the price center. The domestic methanol futures 2509 contract is expected to maintain a weak and volatile trend [43].