Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6] Core Insights - The report highlights that the price of electrolytic aluminum has reached a new high for the year at 21,050 CNY/ton, with a month-on-month increase of 1.79% and a profit margin of 3,683 CNY/ton, reflecting a 13.04% increase [2][11] - Iron ore prices have also reached a six-month high, indicating a positive trend in the metal cycle [2] - The report notes a significant decline in the average daily crude steel production of key enterprises, which fell by 7.94% month-on-month in late August [23] Summary by Relevant Sections Liquidity - The London gold spot price has reached a historical high of 3,643 USD/oz, with a week-on-week increase of 1.58% [12] - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, up 0.61% from the previous month [19] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises decreased by 7.94% month-on-month in late August [23] - The national high furnace capacity utilization rate increased by 4.39 percentage points [2] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a week-on-week increase of 5.99 percentage points [2] - The prices of cold-rolled steel, copper, and aluminum have changed by -2.63%, +1.36%, and +1.79% respectively [2] Sub-sectors - The price of titanium dioxide and flat glass remains low, with flat glass operating rates at 76.01% [2][75] - The report indicates that the profit margins for titanium dioxide and flat glass are -1,277 CNY/ton and -58 CNY/ton respectively [77] Export Chain - The new export orders PMI for China in August 2025 is at 47.20%, reflecting a month-on-month increase of 0.1 percentage points [4] Valuation Metrics - The report notes that the PB ratio of the steel sector relative to the broader market is currently at 0.53, with the highest historical value being 0.82 [4]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has reached a historical high of 3447 USD/oz, indicating strong liquidity in the market [1][11] - The steel sector's profitability is expected to recover to historical average levels due to government policies aimed at phasing out outdated production capacity [4] Liquidity Analysis - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, up 0.61% month-on-month [1][19] - The M1 and M2 growth rate difference was -3.2 percentage points in July 2025, showing a month-on-month increase of 0.5 percentage points [1][19] - The total liabilities of the Federal Reserve are reported at 6.56 trillion USD, down 0.23% [11] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises increased by 1.98% in mid-August [1][40] - The national average capacity utilization rate for blast furnaces is at 90.02%, down 0.23 percentage points [40] - The national real estate new construction area for January to July 2025 has a year-on-year decrease of 19.40% [22] Industrial Products Chain - The operating rate for semi-steel tires is at 72.77%, down 0.36 percentage points [2] - The price of electrolytic aluminum is 20,720 CNY/ton, with a month-on-month decrease of 0.14% [2] - The price of molybdenum concentrate is at 4,505 CNY/ton, up 0.90% [2] Price Relationships - The price ratio of medium-thick plates to rebar is at a relatively high level, with the rebar and iron ore price ratio at 4.08 [3] - The price difference between rebar used in real estate and that used in infrastructure is 150 CNY/ton, up 15.38% from last week [3] Export Chain - The new export orders PMI for China in July 2025 is at 47.10%, down 0.6 percentage points [3] - The CCFI composite index for container shipping rates is at 1156.32 points, down 1.58% [3] Valuation Metrics - The CSI 300 index increased by 2.71%, with the industrial metals sector performing best at +6.95% [4] - The PB ratio for the steel sector relative to the CSI 300 is currently at 0.53, with a historical high of 0.82 [4] Investment Recommendations - The report suggests that the steel sector's profitability is likely to recover, and the PB ratio is expected to improve accordingly [4]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - Molybdenum concentrate prices have reached a nearly 29-month high, while tungsten concentrate prices have hit the highest level since 2011 [2] - The liquidity indicators show that the M1 and M2 growth rate difference narrowed to -3.2 percentage points, marking a nearly 49-month high [11] - The construction and real estate sectors are showing mixed signals, with a notable increase in crude steel production [22] Summary by Sections Liquidity - The M1 and M2 growth rate difference was -3.2 percentage points in July 2025, up by 0.5 percentage points from the previous month [11] - The BCI small and medium enterprise financing environment index for July 2025 was 46.09, down 6.16% month-on-month [19] Construction and Real Estate Chain - The average daily crude steel production for key enterprises in early August increased by 4.64% month-on-month [22] - The national average capacity utilization rate for blast furnaces was 90.25%, with a slight increase of 0.03 percentage points [40] Industrial Products Chain - The operating rate for semi-steel tires was at a five-year high, with a current rate of 73.13%, up by 1.06 percentage points [2] - The prices for major commodities showed varied performance, with copper prices down by 0.29% and aluminum prices up by 0.34% [2] Price Movements - The price of rebar was 3,270 yuan/ton, down by 0.91% week-on-week [10] - Molybdenum concentrate prices reached 4,465 yuan/ton, up by 2.29% [2] - Tungsten concentrate prices were at 227,000 yuan/ton, reflecting a week-on-week increase of 12.94% [10] Valuation Metrics - The Shanghai Composite Index increased by 4.18%, with the commercial vehicle sector showing the best performance at +5.13% [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.56, with a historical high of 0.82 [4] Real Estate Completion Chain - The cumulative year-on-year change in national commercial housing completion area from January to July 2025 was -16.50% [75] - The profit margins for titanium dioxide and flat glass remain low, with flat glass operating rates at 75.34% [77]

Report Information - Report Date: July 25, 2025 [2] - Report Title: PTA Daily Report [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Due to the strong market of bulk chemicals and industrial products under the anti - involution expectation, stable downstream polyester demand, and the expected maintenance of PTA plants under low processing fees, the PTA market is expected to rise slightly [5] Summary by Directory 1. Market Review and Operation Suggestions - On the 24th, the closing price of the PTA main futures contract TA2509 was 4,850 yuan/ton, up 42 yuan/ton or 0.87%, with a settlement price of 4,814 yuan/ton and a daily increase in positions of 35,799 lots. The closing price of TA2601 was 4,824 yuan/ton, up 32 yuan/ton, with a trading volume of 253,188 lots and an increase of 5,799 lots [5] 2. Industry News - US crude oil inventories declined, but distillate inventories increased. The market awaited the clarification of US tariff negotiations. European and American crude oil futures fell for the fourth consecutive trading day, but the decline narrowed. On July 23rd, the settlement price of WTI crude oil futures for September 2025 was $65.25 per barrel, down $0.06 or 0.09%, with a trading range of $64.71 - $65.78. The settlement price of Brent crude oil futures for September 2025 was $68.51 per barrel, down $0.08 or 0.12%, with a trading range of $68.00 - $69.10 [6] - The Asian xylene market was sorted out in a small range. The FOB South Korea market closed at $713/ton, and the CFR China market closed at $730/ton [6] - The PTA price in the East China market was 4,814 yuan/ton, up 2 yuan/ton. The average daily negotiation basis was at a discount of 1 yuan/ton to the futures contract 2509, down 4 yuan/ton. The overall market of bulk chemicals was strong, downstream polyester had no intention to cut production, and some PTA plants might be shut down for maintenance in early August [6] 3. Data Overview - The report provides multiple data charts, including PTA futures price summary, basis, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipts, polyester factory load rate, PTA downstream product prices, and PTA downstream product inventories. All data sources are Wind and the Research and Development Department of CCB Futures [5][10][16]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [6]. Core Insights - The electrolytic aluminum capacity utilization rate reached a new high in June, the highest level since 2012 [3]. - The financing environment for small and medium enterprises showed slight improvement, with the BCI index at 49.12 in June, up by 0.07% month-on-month [11]. - The report indicates a correlation between the M1 and M2 growth rate differential and the Shanghai Composite Index, with the differential at -5.6 percentage points in May, reflecting a slight increase [11]. Summary by Sections Liquidity - The M1 and M2 growth rate differential was -5.6 percentage points in May 2025, with a month-on-month increase of 0.9 percentage points [11]. - The BCI index for small and medium enterprises was 49.12 in June, indicating a slight improvement [11]. - The London gold spot price increased by 0.53% week-on-week [11]. Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises in late June decreased by 0.88% month-on-month, totaling 2.129 million tons [2]. - The national capacity utilization rate for blast furnaces was 89.90%, down by 0.39 percentage points [41]. - The price index for cement decreased by 1.57% week-on-week, with a current opening rate of 73.30% [60]. Industrial Products Chain - The operating rate for semi-steel tires was 72.92%, up by 2.51 percentage points [2]. - The June PMI new orders index was 50.20%, reflecting a month-on-month increase of 0.4 percentage points [2]. Exports Chain - The PMI new export orders for China in June were 47.70%, up by 0.2 percentage points [4]. - The CCFI composite index for container shipping rates was 1313.70 points, down by 2.18% [4]. Valuation Metrics - The Shanghai Composite Index increased by 0.82%, with the real estate sector performing best at +6.12% [4]. - The PB ratio for the steel sector relative to the broader market was 0.54, with historical highs reaching 0.82 [4]. Investment Recommendations - The report suggests that the profitability of the steel sector is expected to recover to historical average levels, following the recent revisions to the steel industry standards [5].

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has reached a historical high, indicating strong liquidity in the market [11] - The steel sector is expected to recover to historical average profit levels due to new regulatory conditions and government policies aimed at better aligning supply with demand [4] Summary by Sections Liquidity - The London gold spot price increased by 3.74% week-on-week, reaching 3433 USD/oz [11] - The BCI small and medium enterprise financing environment index for May 2025 is at 49.09, up 2.20% month-on-month [20] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [20] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises in early June increased by 3.25% [23] - The national average capacity utilization rate for blast furnaces is 91%, with a slight decrease of 0.1 percentage points [10] - The rebar price decreased by 2.23% to 3070 RMB/ton [10] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a week-on-week increase of 4.12 percentage points [2] - The price of electrolytic aluminum is 20760 RMB/ton, up 2.87% week-on-week [10] Sub-sectors - The price of tungsten concentrate remains at a high level since 2011, with the price at 173500 RMB/ton [10] - The profit margin for flat glass is -58 RMB/ton, indicating low profitability in the real estate completion chain [77] Price Relationships - The price difference between hot-rolled and rebar is at a low level, with a current difference of 130 RMB/ton [3] - The price ratio of rebar to iron ore is 4.13, indicating a stable pricing environment [3] Export Chain - The new export orders PMI for China in May 2025 is at 47.50%, an increase of 2.8 percentage points month-on-month [3] - The CCFI composite index for container shipping rates is 1243.05 points, up 7.63% week-on-week [3] Valuation Metrics - The Shanghai Composite Index decreased by 0.25%, while the commercial vehicle sector showed the best performance with a 7.24% increase [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.51, with historical highs reaching 0.82 [4]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5]. Core Insights - The report highlights that the aluminum oxide price has reached a two-month high, indicating potential upward trends in metal prices [1][2]. - The construction and real estate sectors are experiencing significant declines, with new construction area down by 23.80% year-on-year from January to April 2025 [1][24]. - The report notes a strong correlation between liquidity indicators and stock market performance, particularly the M1 and M2 growth rate differential [11][20]. Liquidity Analysis - The M1 and M2 growth rate differential was -6.5 percentage points in April 2025, a decrease of 1.10 percentage points month-on-month [11][20]. - The BCI small and medium enterprise financing environment index for May 2025 is at 49.09, up 2.20% from the previous month [11][20]. - The London gold spot price increased by 4.86% week-on-week [11]. Infrastructure and Real Estate Chain - The cumulative year-on-year new construction area for national real estate from January to April 2025 is down 23.80% [1][24]. - The national real estate sales area for the same period is down 2.80% year-on-year, with a slight improvement of 0.2 percentage points from the previous month [24]. - The report indicates that the national cement price index has decreased by 2.07% week-on-week, reflecting pressures in the construction materials market [62]. Industrial Chain Insights - The report notes that the operating rate for semi-steel tires is at a five-year high, indicating robust demand in the industrial sector [2][72]. - The price of tungsten concentrate has reached its highest level since 2011, while aluminum oxide prices have also hit a two-month high [2][2]. - The report provides insights into various commodity price movements, including a 0.84% increase in aluminum prices and a 0.88% decrease in copper prices [2][9]. Valuation Metrics - The report states that the PB ratio for the steel sector relative to the broader market is currently at 0.53, with historical highs reaching 0.82 [4]. - The report suggests that the profitability of the steel sector is expected to recover to historical average levels, driven by regulatory changes and market dynamics [4]. Export Chain Analysis - The new export orders PMI for China in April 2025 is at 44.70%, down 4.3 percentage points month-on-month, indicating weakening export demand [3][3]. - The report highlights that the CCFI composite index for container shipping rates has increased by 0.23% week-on-week, reflecting some resilience in logistics [3].

Investment Rating - The report maintains an "Accumulate" rating for the steel and non-ferrous metals sector [5]. Core Viewpoints - The report highlights that rebar prices have dropped to an 8-month low, indicating a challenging environment for the construction and real estate sectors [1][40]. - The steel industry's profitability is expected to recover to historical average levels due to recent regulatory changes and improved demand dynamics [4]. Summary by Relevant Sections Liquidity - The BCI small and medium enterprise financing environment index for April 2025 is 48.03, down 7.24% month-on-month [10]. - The M1 and M2 growth rate difference was -5.4 percentage points in March 2025, with a month-on-month increase of 1.5 percentage points [10]. Infrastructure and Real Estate Chain - Rebar prices decreased by 1.56% this week, with a current price of 3150 yuan/ton [1][40]. - The national steel PMI new orders index for April 2025 is 51%, up 9.9 percentage points from the previous month [40]. Industrial Products Chain - The half-steel tire operating rate decreased by 14.08 percentage points this week, indicating a slowdown in production [2]. - Major commodity prices showed mixed performance, with cold-rolled steel down 0.59% and copper up 0.45% [2]. Valuation Metrics - The Shanghai Composite Index increased by 2.00%, with the engineering machinery sector performing best at +3.17% [4]. - The PB ratio for the steel sector relative to the broader market is currently at 0.54, with historical highs reaching 0.82 [4]. Real Estate Completion Chain - The cumulative year-on-year change in the national completed area of commercial housing from January to March 2025 is -14.30% [72]. - The price of titanium dioxide is 14600 yuan/ton, with a profit margin of -355 yuan/ton, indicating low profitability in the sector [75]. Price Comparison - The price difference between hot-rolled and rebar steel is currently 80 yuan/ton, reflecting a low price spread [3]. - The price of electrolytic copper is 78380 yuan/ton, with a month-on-month increase of 0.45% [9].