Core Viewpoint - The article provides insights into various economic indicators and industry performance metrics, highlighting trends in liquidity, construction, real estate, industrial products, and export orders, which may present investment opportunities and risks in the market. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 0.9 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a month-on-month increase of 0.07% [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 1.89%, cement price index down by 1.57%, and iron ore up by 2.47% [4] Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by -1.49% and 0.00% respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -1268 yuan/ton [5] Industrial Products Chain - The national semi-steel tire operating rate was 72.92%, reflecting a month-on-month increase of 2.51 percentage points [6] - The June PMI new orders index was 50.20%, with a month-on-month increase of 0.4 percentage points [6] Subcategories - The capacity utilization rate of electrolytic aluminum reached a new high since 2012 [7] - The price of electrolytic aluminum was 20,760 yuan/ton, with a calculated profit of 3,331 yuan/ton (excluding tax), reflecting a month-on-month decrease of 2.84% [7] Price Comparison Relationships - The price ratio of rebar to iron ore was 4.24 this week, with the price difference between hot-rolled and rebar steel at 110 yuan/ton [8] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) was 140 yuan/ton, unchanged from the previous week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,313.70 points, reflecting a week-on-week decrease of 2.18% [9] Valuation Percentiles - The Shanghai and Shenzhen 300 index increased by 0.82%, with the real estate sector showing the best performance at +6.12% [10] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets was 0.54, with the highest value since 2013 being 0.82 [10]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Cost factors support the current price of cis - butadiene rubber, but downstream procurement remains cautiously followed - up, and shipment resistance may increase. It is expected that the short - term inventory level may increase slightly. - Last week, the capacity utilization rates of domestic tire enterprises varied. The production schedules of semi - steel tire enterprises under maintenance at the beginning of the month gradually recovered, which boosted the overall capacity utilization rate of tire enterprises. The maintenance of individual all - steel tire enterprises dragged down the capacity utilization rate of all - steel tires slightly. This week, the production schedules of maintenance enterprises will return to normal levels, and there is still room for the capacity utilization rate to recover, which will boost the overall capacity utilization rate of tire enterprises. - The BR2509 contract is expected to fluctuate in the range of 11,300 - 11,700 in the short term. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract of synthetic rubber is 11,625 yuan/ton, and the main contract position is 24,429, a decrease of 1,865. - The synthetic rubber 8 - 9 spread is 20 yuan/ton, a decrease of 10. The total warehouse receipt quantity of butadiene rubber in warehouses is 1,900 tons, an increase of 300 tons. [2] 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different petrochemical companies in different regions has different changes. For example, the mainstream price of BR9000 from Qilu Petrochemical in Shandong is 11,500 yuan/ton, a decrease of 50 yuan/ton; the mainstream price of BR9000 from Daqing Petrochemical in Shandong is 11,550 yuan/ton, an increase of 150 yuan/ton. - The basis of synthetic rubber is 25 yuan/ton. The price of Brent crude oil is 70.36 US dollars/barrel, an increase of 1.72 US dollars/barrel; the price of WTI crude oil is 68.45 US dollars/barrel, an increase of 1.88 US dollars/barrel. The price of naphtha CFR Japan is 820 US dollars/ton, the price of Northeast Asian ethylene is 1,070 US dollars/ton, the intermediate price of butadiene CFR China is 584.25 US dollars/ton, a decrease of 6.75 US dollars/ton, and the mainstream price of butadiene in the Shandong market is 9,300 yuan/ton, an increase of 100 yuan/ton. [2] 3.3 Upstream Situation - The weekly capacity of butadiene is 14.78 million tons/week, with no change; the weekly capacity utilization rate of butadiene is 68.89%, a decrease of 2.02 percentage points. - The port inventory of butadiene at the end of the week is 23,600 tons, an increase of 1,270 tons. The daily operating rate of Shandong local refinery atmospheric and vacuum distillation units is 46.14%, an increase of 1.17 percentage points. - The monthly output of cis - butadiene rubber is 122,500 tons, a decrease of 16,900 tons; the weekly capacity utilization rate of cis - butadiene rubber is 65.54%, a decrease of 1.44 percentage points. - The weekly production profit of cis - butadiene rubber is - 526 yuan/ton, a decrease of 362 yuan/ton. The social inventory of cis - butadiene rubber at the end of the week is 32,800 tons, a decrease of 400 tons; the manufacturer's inventory of cis - butadiene rubber at the end of the week is 26,500 tons, an increase of 150 tons; the trader's inventory of cis - butadiene rubber at the end of the week is 6,270 tons, a decrease of 530 tons. [2] 3.4 Downstream Situation - The monthly output of all - steel tires is 12.62 million pieces, an increase of 800,000 pieces; the monthly output of semi - steel tires is 55.23 million pieces, an increase of 1.08 million pieces. - The inventory days of all - steel tires in Shandong at the end of the week is 40.67 days, an increase of 0.22 days; the inventory days of semi - steel tires in Shandong at the end of the week is 45.76 days, a decrease of 0.72 days. - As of July 10, the inventory of high - cis cis - butadiene rubber sample enterprises in China is 32,800 tons, a decrease of 400 tons compared with the previous period, a month - on - month decrease of 1.15%. - As of July 10, the capacity utilization rate of semi - steel tire sample enterprises in China is 65.79%, a month - on - month increase of 1.66 percentage points, and a year - on - year decrease of 14.25 percentage points; the capacity utilization rate of all - steel tire sample enterprises in China is 61.11%, a month - on - month decrease of 0.42 percentage points, and a year - on - year increase of 1.55 percentage points. [2] 3.5 Industry News - In June 2025, China's heavy - truck market sold about 92,000 vehicles (wholesale caliber, including exports and new energy), a month - on - month increase of 4% compared with May this year, and an increase of about 29% compared with 71,400 vehicles in the same period last year. From January to June this year, the cumulative sales of China's heavy - truck market are about 533,300 vehicles, a year - on - year increase of about 6%. - Recently, the low - price transactions at the raw material butadiene end have gradually improved. Affected by the news of a fault in an upstream device in East China, some rigid - demand procurement has followed up with price pressure. The overall inventory of cis - butadiene rubber production enterprises has increased slightly, and the inventory of trading enterprises has decreased slightly. [2]

Core Viewpoint - Nissan and Honda are in discussions to utilize Nissan's underutilized production capacity in the U.S. to manufacture pickup trucks for Honda, aiming to enhance operational efficiency and mitigate the impact of tariffs on their businesses [1][3][4]. Group 1: Collaboration and Production Capacity - Nissan is exploring the possibility of producing large vehicles for Honda at its Canton, Mississippi plant, which currently has a low utilization rate of 57% for 2024 [3][6]. - The collaboration could benefit both companies, as Nissan seeks to improve factory utilization while Honda aims to expand its product lineup in North America [3][4]. Group 2: Tariff Implications - The U.S. is Japan's largest automotive export market, accounting for 30% of total exports, making tariffs a significant concern for Japanese automakers [5]. - Honda anticipates a 70% drop in net profit for the fiscal year 2025, largely due to the impact of tariffs, while Nissan expects a loss of 450 billion yen from the same tariff policies [5][6]. Group 3: Financial Challenges - Nissan is facing severe financial difficulties, reporting a net loss of 670.9 billion yen for the fiscal year 2024, with significant debt obligations approaching maturity [6]. - The company is undergoing a restructuring process, including plans to lay off 20,000 employees and close seven factories, while also seeking to improve cash flow by negotiating payment extensions with suppliers [6].

Group 1 - The automotive industry is facing a significant issue of overcapacity, with a need to redefine and optimize production capacity and resource allocation [1][4] - In 2024, the automotive manufacturing capacity utilization rate is projected to be 72.2%, a decrease of 2.4 percentage points from the previous year, and lower than the overall industrial utilization rate of 75.0% [1][3] - The peak capacity utilization rate for the automotive manufacturing sector was 82.2% in 2017, indicating a downward trend in recent years [1] Group 2 - The global automotive capacity utilization rate is expected to drop to 65% by 2028, with a potential decline to 60% due to weak demand [5] - Some companies are adapting to the challenges by upgrading and transforming their production bases, such as SAIC Volkswagen, which is integrating resources and planning for future electric vehicle production [6] - Honda has announced the closure of two production lines in China to facilitate its transition to electric vehicles, while other companies like Lantu Automotive are also modernizing existing facilities instead of building new ones [7] Group 3 - The automotive industry is focusing on enhancing quality management and optimizing production layouts, with many companies integrating resources to improve production efficiency in preparation for industry transformation [8]

Report Industry Investment Rating - Not provided Core Viewpoints - EB2508 rose 2.73% to close at 7,520 yuan/ton. On the supply side, last week's styrene production decreased by 0.05% to 366,600 tons, and the capacity utilization rate decreased by 0.05% to 80.03%. On the demand side, the consumption of the main downstream products (EPS, PS, ABS) decreased by 5.21% to 243,600 tons. In terms of inventory, the factory inventory decreased by 2.99% to 194,000 tons, the inventory at East China ports increased by 12.85% to 1.115 million tons, and the inventory at South China ports decreased by 40% to 90,000 tons. After the centralized restart of large - scale plants, the styrene operating rate has remained high. This week, a 300,000 - ton plant in Hebei is planned to shut down, while a 350,000 - ton plant in the Northeast and a 120,000 - ton plant in Central China will restart, with production and capacity utilization expected to rise slightly. In the off - season of terminal demand, downstream demand is mainly for rigid needs. The finished product inventory of downstream "Three S" products is high, and the profits of EPS and PS are still low; although the profit of ABS has recovered due to weak costs, the demand has not improved. The total inventory is at a relatively high level in the same period of history, and it is more difficult to destock. In terms of cost, the US may maintain sanctions on some oil - producing countries, and the situation in the Red Sea region has deteriorated, causing recent international oil prices to fluctuate strongly; the supply - demand of pure benzene is expected to remain loose, and its price lacks support. The market is trading on the expectation of the exit of backward production capacity, and the industrial products sector is mostly rising. Pay attention to the resistance around 7,600 on the EB2508 contract [2]. Summary by Relevant Catalogs Futures Market - The trading volume of the active styrene futures contract (EB) was 425,364 lots, with a month - on - month increase of 129,452 lots; the closing price was 7,520 yuan/ton. The closing price of the September contract was 7,426 yuan/ton, up 163 yuan. The long position of the top 20 holders was 382,996 lots, a decrease of 292 lots; the net long position was 263,392 lots, a decrease of 16,825 lots; the short position was 399,821 lots, an increase of 2,618 lots. The total number of styrene warehouse receipts was 7,908 lots, a decrease of 6 lots. The FOB South Korea middle - price of styrene was 905 US dollars/ton, up 10 US dollars [2]. Spot Market - The spot price of styrene was 7,675 yuan/ton, unchanged. The CFR China middle - price of styrene was 915 US dollars/ton, unchanged. The mainstream prices of styrene in the Northeast, South, North, and East China regions were 7,755 yuan/ton, 7,625 yuan/ton, and 7,635 yuan/ton respectively, with changes of 0, 0, and 30 yuan/ton [2]. Upstream Situation - The CFR Northeast Asia middle - price of ethylene was 821 US dollars/ton, unchanged; the CFR Southeast Asia middle - price was 831 US dollars/ton, unchanged; the CIF Northwest Europe middle - price was 806 US dollars/ton, a decrease of 13.5 US dollars; the FD US Gulf price was 457 US dollars/ton, a decrease of 6 US dollars. The spot price of pure benzene in the US Gulf (FOB) was 728.83 cents/gallon, unchanged; the CIF price in Taiwan was 278 US dollars/ton, unchanged; the FOB price in Rotterdam was 763 US dollars/ton, an increase of 1 US dollar. The market prices of pure benzene in the South, East, and North China markets were 5,850 yuan/ton, 5,875 yuan/ton, and 5,830 yuan/ton respectively, with changes of 0, 0, and 30 yuan/ton [2]. Industry Situation - The overall styrene operating rate was 80.03%, a decrease of 0.05 percentage points. The national styrene inventory was 193,950 tons, a decrease of 5,973 tons. The total inventory at the East China main port was 111,500 tons, an increase of 12,700 tons; the trade inventory was 39,000 tons, an increase of 7,700 tons [2]. Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 55.88% (down 3.84 percentage points), 65.04% (down 0.96 percentage points), 52.4% (down 5 percentage points), 29% (down 1 percentage point), and 73.66% (down 0.43 percentage points) respectively [2]. Industry News - From June 27th to July 3rd, the total output of Chinese styrene plants was 366,600 tons, a decrease of 0.05% from the previous period; the plant capacity utilization rate was 80.03%, a month - on - month decrease of 0.05%. The consumption of the main downstream products (EPS, PS, ABS) was 243,600 tons, a month - on - month decrease of 5.21% [2].

2025 年 7 月 10 日 商 品 研 究 沥青：暂时震荡，警惕原油上行风险 王涵西 投资咨询从业资格号：Z0019174 wanghanxi023726@gtjas.com 【基本面跟踪】 表 1：沥青基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日涨跌 | 昨夜夜盘收盘价 | 夜盘涨跌 | | --- | --- | --- | --- | --- | --- | --- | | | BU2507 | 元/吨 | 3,620 | -1.15% | 3,620 | 0.00% | | | BU2508 | 元/吨 | 3,647 | 0.75% | 3,658 | 0.30% | | 期货 | | | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | BU2507 | 手 | 42 | (648) | 1,119 | (13) | | | BU2508 | 手 | 3,974 | 1,006 | 15,024 | (1,821) | | | | | 昨日仓单 | 仓单变化 | | | | | 沥青全市场 | 手 | 82300 | 0 | | | | | | | 昨日价差 | 前 ...

Core Viewpoint - Samsung Electronics is facing challenges in profitability due to low capacity utilization in its non-memory chip business [1] Group 1: Company Performance - The non-memory chip business of Samsung Electronics is experiencing low capacity utilization, which is negatively impacting its profitability [1] - The company is expected to continue facing pressure on margins as demand for non-memory chips remains weak [1] Group 2: Industry Context - The semiconductor industry is currently experiencing fluctuations in demand, particularly in the non-memory segment, affecting major players like Samsung [1] - The overall market conditions for non-memory chips are anticipated to remain challenging, influencing the operational strategies of companies within the sector [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - PTA: With the expectation of supply increase and the arrival of the terminal seasonal off - season, downstream procurement is mainly on - demand, and there is a certain expectation of polyester load reduction. The supply - demand weakening expectation is strong. It is expected that PTA will continue to be weak in the short term, and the TA9 - 1 spread will continue to decline [6]. - MEG: The domestic production of ethylene glycol has a slight increase, the overseas device load decreases, and there is an expectation of reduced imports. However, the downstream polyester demand declines, and the supply - demand structure has no obvious positive support. It is expected that ethylene glycol will mainly fluctuate and consolidate in the short term [6]. 3. Summary According to the Directory 3.1 Upstream Analysis of the Industrial Chain - **Market Review**: The cease - fire agreement between Israel and Iran led to a significant easing of the geopolitical situation and a sharp drop in international oil prices. Although the spot supply of PX was tight during the week, the large decline in costs dragged down the PX price. As of July 4, the closing price of Asian PX was 840 US dollars/ton CFR China, a decrease of 27 US dollars/ton compared with June 27 [17]. - **Capacity Utilization**: The planned maintenance of some PX devices was implemented, resulting in a slight decline in PX capacity utilization. The domestic weekly average PX capacity utilization was 84.4%, a decrease of 2.01% compared with last week. The weekly average capacity utilization of Asian PX was 73.48%, a decrease of 1.1% [20]. - **Price Spread**: As of July 4, the PX - naphtha price spread was 260.9 US dollars/ton, a decrease of 36 US dollars/ton compared with June 27. Due to insufficient positive support in the fundamentals and weak demand expectations, the price spread declined from a high level [21]. 3.2 PTA Fundamental Analysis - **Market Review**: With the recovery of Hengli Petrochemical and Yisheng New Materials, the weaving load has been decreasing since the traditional off - season. The performance of polyester was not ideal, and the capacity utilization decreased. In addition, there were new device commissioning plans in July, and the expectation of supply - demand contradiction deterioration was strong, which hindered the purchasing enthusiasm and led to a significant weakening of the basis. As of July 4, the PTA spot price was 4835 yuan/ton, and the spot basis was 2509 + 101 [26]. - **Capacity Utilization**: The unexpected load reduction of Yisheng Hainan limited the increase in PTA capacity utilization. The weekly average PTA capacity utilization was 79.13%, a month - on - month increase of 0.52%. In July, Helen Petrochemical planned to be put into production, and Hengli had a maintenance plan. It was expected that the PTA capacity utilization would fluctuate slightly [29]. - **Processing Fee**: With the arrival of the traditional off - season at the terminal, the demand - side support was insufficient, and the supply side recovered. Under the expectation of supply - demand deterioration, the PTA processing fee dropped significantly this week. Next week, there was still an expectation of supply increase, and with the approaching of new device commissioning, it was expected that the PTA processing fee would decline slightly [31]. - **Supply - Demand Situation**: In July, although the maintenance of upstream PX was acceptable, new PTA devices were planned to be put into production, and polyester production cuts were implemented. The PTA supply - demand margin weakened, and the balance sheet was expected to accumulate inventory [34]. 3.3 MEG Fundamental Analysis - **Market Review**: After the geopolitical situation was alleviated, ethylene glycol prices fell and then rebounded from the bottom due to the news of Saudi device shutdown. As of July 4, the closing price of Zhangjiagang ethylene glycol was 4361 yuan/ton, and the delivered price in the South China market was 4390 yuan/ton [39]. - **Domestic Production**: The total capacity utilization of ethylene glycol was 59.76%, a month - on - month decrease of 0.64%. In July, with the restart of maintenance enterprises, domestic production was expected to increase. In terms of imports, although the devices in Malaysia and Iran restarted, the Saudi device shutdown led to a slight increase in overall supply [42]. - **Import Volume**: As of July 3, the total port inventory of ethylene glycol in the main ports of East China was 542,000 tons, an increase of 60,000 tons compared with June 30 and an increase of 36,300 tons compared with June 26. As of July 9, 2025, the expected total arrival volume of ethylene glycol in East China was 84,300 tons [45]. - **Processing Profit**: The domestic supply of ethylene glycol increased month - on - month, but the import arrival was expected to decrease. During the traditional demand off - season, the downstream polyester load continued to decline. As of July 4, the profit of naphtha - based ethylene glycol was - 93.2 US dollars/ton, an increase of 24.09 US dollars/ton compared with last week; the profit of coal - based ethylene glycol was 19.73 yuan/ton, a decrease of 170.73 yuan/ton compared with last week [49]. 3.4 Downstream Demand - Side Analysis of the Industrial Chain - **Polyester Capacity Utilization**: The weekly average capacity utilization of polyester was 88.04%, a month - on - month decrease of 0.59%. Although the load of some filament enterprises increased during the week, the large - scale production cut of Yisheng Hainan's device led to a slight decline in domestic polyester supply. It is expected that the domestic polyester supply will decline significantly next week [52]. - **Polyester Output**: In July, due to the seasonal off - season and the large cash - flow pressure of polyester, it is expected that the monthly output of polyester will decline significantly [54]. - **Inventory of Filament Factories**: The weekly average capacity utilization of polyester filament increased by 1.28% compared with the previous period, mainly due to the output increase brought by the restart of previously maintained devices. The average capacity utilization of polyester staple fiber decreased by 0.30% month - on - month, and the capacity utilization of fiber - grade polyester chips was stable [59]. - **Inventory of Polyester Products**: Due to poor demand performance, the factory sales data remained sluggish, and the finished product inventory gradually increased [60]. - **Polyester Cash - Flow**: The polymerization cost decreased, and manufacturers successively carried out price promotions during the week. The transaction center decreased month - on - month, and the cash - flow of most models was compressed [64]. - **Weaving Industry**: As of July 3, the operating load of the weaving industry was 58.09%, a decrease of 0.92% compared with the previous data. The average number of terminal weaving order days was 8.32 days, a decrease of 0.74 days compared with last week. The current textile market is cautiously bearish, and downstream orders have insufficient sustainability [69]. 3.5 Summary of the Fundamental Situation of the Polyester Industrial Chain - **Cost End**: The cease - fire agreement between Israel and Iran led to a significant easing of the geopolitical situation and a sharp drop in international oil prices. The large decline in costs dragged down the PX price [71]. - **Supply End**: The weekly average capacity utilization of PTA increased slightly, while the total capacity utilization of ethylene glycol decreased slightly [71]. - **Demand End**: The weekly average capacity utilization of polyester decreased, and the operating load of the weaving industry declined. Terminal consumption was weak, and downstream orders had insufficient sustainability [71]. - **Inventory**: The PTA supply - demand balance sheet shifted from de - stocking to inventory accumulation, and the port inventory of ethylene glycol in East China increased [71].

Core Viewpoint - The article discusses various economic indicators and trends in different sectors, highlighting the current state of liquidity, construction, real estate, industrial products, and export chains, along with price movements and production metrics. Liquidity - The M1 and M2 growth rate difference was -5.6 percentage points in May 2025, with a month-on-month increase of 1.1 percentage points [3] - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, reflecting a slight increase of 0.07% from the previous month [3] - London gold prices increased by 1.94% compared to the previous week [3] Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in late June was 2.129 million tons, showing a month-on-month decrease of 0.88% [4] - Price changes included rebar up by 2.91%, cement price index down by 1.68%, and iron ore up by 3.55% [4] - National capacity utilization rates for blast furnaces, cement, asphalt, and all-steel tires changed by -0.54 percentage points, +16.00 percentage points, -0.6 percentage points, and -1.89 percentage points respectively [4] Real Estate Completion Chain - Prices for titanium dioxide and flat glass decreased by 1.47% and remained unchanged respectively, with glass profit at -58 CNY/ton and titanium dioxide profit at -1227 CNY/ton [5] - The operating rate for flat glass was 75.68% this week [5] Industrial Products Chain - The PMI new orders index for June was 50.20%, reflecting a month-on-month increase of 0.4 percentage points [6] - Major commodity prices showed mixed results, with cold-rolled steel and copper prices increasing by 0.27% and 0.22%, while aluminum prices decreased by 0.91% [6] - The operating rate for semi-steel tires was 70.41%, down by 7.64 percentage points [6] Subcategories - The capacity utilization rate for electrolytic aluminum reached a record high since 2012 in May [7] - The price of electrolytic aluminum was 20,750 CNY/ton, down by 0.91%, with a calculated profit of 3,428 CNY/ton (excluding tax) [7] - The price of graphite electrodes remained stable at 18,000 CNY/ton, with a comprehensive profit of 1,357.4 CNY/ton, down by 5.56% [7] Price Comparison Relationships - The price ratio of rebar to iron ore reached a near seven-month high at 4.27 this week [8] - The price difference between hot-rolled and rebar steel was 110 CNY/ton, while the price difference between cold-rolled and hot-rolled steel reached 340 CNY/ton, up by 170 CNY/ton [8] - The price difference for small rebar (used in real estate) and large rebar (used in infrastructure) was 140 CNY/ton, down by 26.32% from last week [8] Export Chain - The new export orders PMI for China in June 2025 was 47.70%, with a month-on-month increase of 0.2 percentage points [9] - The CCFI comprehensive index for container shipping rates was 1,342.99 points, down by 1.92% [9] - The capacity utilization rate for U.S. crude steel was 79.10%, down by 0.50 percentage points [9] Valuation Percentiles - The CSI 300 index increased by 1.54%, with the best-performing cyclical sector being ordinary steel, which rose by 6.52% [10] - The PB ratios for ordinary steel and industrial metals relative to the CSI 300 PB were 37.44% and 69.40% respectively [10] - The current PB ratio for the ordinary steel sector relative to the CSI 300 PB is 0.53, with the highest value since 2013 being 0.82 [10]

Group 1 - The synthetic rubber futures market is experiencing a downward trend, with the main contract opening at 11,250.0 CNY/ton and a decline of 2.57% observed [1] - Demand for synthetic rubber is weak, particularly in the semi-steel tire sector, leading to difficulties in inventory reduction [1] - The supply of butadiene is expected to continue to decline, with a significant gap between butadiene and downstream capacity, which may lead to price volatility due to low circulation [1] Group 2 - Recent weak performance in the raw material market and ongoing selling pressure have led to cautious market sentiment, with a slight decrease in overall inventory for domestic butadiene rubber producers [2] - Tire manufacturers are experiencing a decrease in capacity utilization rates, with some companies undergoing maintenance, which negatively impacts overall production [2] - As maintenance periods conclude, production is expected to recover, potentially boosting overall capacity utilization for tire manufacturers [2] Group 3 - Supply pressure has slightly eased, but demand improvement remains limited, with cost factors expected to support a stabilization and potential rebound in the market [3]