2025年7月以来"反内卷"力度持续加大，新能源行业是政策关注的重点领域。6月29日，人民日报发布评 论文章，点名光伏、储能、新能源车行业，提议通过深化要素市场化改革来破除这些行业的内卷式竞 争；9月9日，工信部在国新办新闻发布会上表示，已会同相关部门依法依规治理新能源汽车、光伏等重 点行业的非理性竞争且取得初步成效，还强调绝不容忍非理性竞争毁掉相关企业与行业，后续也会标本 兼治推进行业治理现代化以优化产业生态。 2025年11月21日，A股三大指数低开低走，光伏ETF华夏（515370）回调4.48%。 估值方面，中证光伏产业指数最新PB为2.55倍，处在历史49%分位。处在历史中枢附近，位置不高。交 易拥挤度方面，截至2025年三季度末，主动权益基金在电力设备行业的重仓持股比例为12.3%，环比有 所提升，但相比此前最高21%，仍然属于偏低位置。 每日经济新闻 中信建投认为，当前光伏、锂电都处于盈利底部，光伏亏损尤为突出。对于光伏行业，预计后续"反内 卷"政策会聚焦整治低于成本价的恶性竞争、推动产能整合与落后产能退出等，虽近期价格在政策驱动 下上涨，但基本面仍弱，后续需关注产能整合等对供给端的影响力度；锂 ...

Core Viewpoint - The chemical sector is poised for recovery due to a recent increase in the Producer Price Index (PPI) and supportive government policies aimed at reducing excess capacity and boosting domestic demand [4][5]. Group 1: Market Trends - In October, the national PPI increased by 0.1% month-on-month, marking the first month of growth in 2023 [4]. - The chemical sector has experienced a long period of bottoming out, with significant upward potential as industrial product prices are expected to rise [4]. - The chemical index has seen a decline of over 44% since its peak in September 2021, with a current price-to-book ratio of only 2.28 times, indicating a strong margin of safety [8]. Group 2: Policy Support - Recent government initiatives emphasize "anti-involution," promoting the exit of outdated production capacity, which, combined with recovering domestic demand and export support from Asia, Africa, and Latin America, may lead to improved conditions in the chemical industry [5]. Group 3: Investment Opportunities - The chemical sector is characterized by leading companies with strong R&D capabilities and resilient performance, enabling them to achieve sustained growth across cycles [11]. - Investment in new materials, particularly in emerging technology sectors, is becoming a new trend, with clear expectations for domestic substitution of high-end materials [11].

Core Viewpoint - The petrochemical industry is experiencing a decline, with the China Securities Index for the petrochemical industry down approximately 1.4%, indicating a challenging market environment for many companies in this sector [1] Industry Summary - The decline in the petrochemical industry is attributed to policy constraints leading to the gradual exit of some small independent refineries, alongside a peak in demand for refined oil products. This shift is expected to favor large integrated refining and chemical enterprises [1] - The pure soda ash industry is facing profitability pressures due to slowing demand growth and large-scale capacity waiting to be launched, exacerbated by ongoing policy guidance aimed at phasing out outdated capacities. Natural soda ash producers are anticipated to benefit from this trend [1] Company Summary - The petrochemical ETF (159731) and its linked funds (017855/017856) closely track the China Securities Index for the petrochemical industry, with the basic chemical industry accounting for 61.93% and the oil and petrochemical industry for 30.84% of the index [1] - The top ten weighted stocks in the index include Wanhua Chemical, China Petroleum, Salt Lake Industry, Sinopec, CNOOC, Juhua Co., Zangge Mining, Kingfa Technology, Hualu Hengsheng, and Baofeng Energy, collectively representing 55.12% of the index [1]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Views - The chlor-alkali industry is experiencing a bottoming out of profitability, with the potential for recovery driven by anti-involution policies. As of July 2025, the average profit for the caustic soda industry is estimated at 1,053 RMB/ton, while the PVC industry is facing an average loss of 767 RMB/ton. The implementation of anti-involution policies is expected to improve the overall profitability of the chlor-alkali industry [5][21][22]. Chlor-Alkali Industry - The chlor-alkali industry primarily produces caustic soda and polyvinyl chloride (PVC), which are essential for various sectors including infrastructure and real estate. The profitability of the chlor-alkali industry has been under pressure due to low demand in downstream sectors, particularly in real estate [15][20]. - The industry is characterized by high energy consumption, with significant electricity usage per ton of product. The total electricity consumption for caustic soda and PVC production is substantial, indicating potential regulatory challenges in the future [16][19]. PVC Market - The PVC industry is currently facing weak profitability, with a projected new capacity of only 220,000 tons/year in 2025. The demand for PVC has been declining, with a 5.04% year-on-year decrease in apparent consumption in the first half of 2025 [6][39]. - The demand for PVC is heavily influenced by the real estate market, which has been underperforming. However, urban renewal initiatives may provide a boost to PVC demand in the future [40][44]. - The supply side is expected to see a shift towards ethylene-based production methods, as outdated acetylene-based capacities are phased out. This transition is anticipated to stabilize the market [45]. Caustic Soda Market - The caustic soda market is expected to benefit from a gradual recovery in demand, particularly from the aluminum sector, which is seeing increased production capacity. The exit of outdated production capacities is likely to improve the supply-demand balance [7][27]. - The average consumption of caustic soda in the first half of 2025 was 1,941 million tons, reflecting a slight year-on-year decline of 2.35% [7]. Beneficiary Stocks - Key beneficiaries in the chlor-alkali sector include Zhongtai Chemical, Xinjiang Tianye, and Jiayuan Energy, among others. These companies are positioned to capitalize on the anticipated recovery in the chlor-alkali industry [33].

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints - On July 30, polysilicon hit the daily limit again, with the main contract 2509 closing at 54,705 yuan/ton, an intraday increase of 8.87%, and the open interest increasing by 22,849 lots to 164,000 lots. The price of N-type recycled polysilicon increased to 46,500 yuan/ton, and the price of the lowest deliverable silicon material also rose to 46,500 yuan/ton, with the spot discount widening to 8,085 yuan/ton. Industrial silicon strengthened in a volatile manner, with the main contract 2509 closing at 9,285 yuan/ton, an intraday increase of 2.2%, and the open interest decreasing by 33,993 lots to 243,000 lots. The reference price of Baichuan's industrial silicon spot was 9,630 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. The price of the lowest deliverable 421 silicon dropped to 9,450 yuan/ton, and the spot premium narrowed to 125 yuan/ton [2]. - The market has been spreading news about capacity mergers and acquisitions, and the Photovoltaic Industry Association has clarified some news. The Ministry of Industry and Information Technology has once again emphasized consolidating the comprehensive governance results against involution and promoting the governance of key industries such as photovoltaics to force out backward production capacity through standard improvement. Polysilicon was boosted by the news again, and industrial silicon was driven up by polysilicon [2]. - Currently, policies still support the market, but after the pre - speculative demand is fulfilled, the sentiment has cooled down, and there is insufficient momentum to break through the previous high again. After the exchange adjusted the margin and handling fees, investors should avoid heavy - position chasing up or selling short. They should appropriately pay attention to the inter - month reverse spread space and the PS/SI price ratio arbitrage, as well as the resumption of production in the southwest region and the progress of policies [2]. Group 3: Summary by Directory 1. Daily Data Monitoring - **Industrial Silicon** - Futures settlement prices: The main contract increased from 9,085 yuan/ton on July 29 to 9,345 yuan/ton on July 30, a rise of 260 yuan/ton; the near - month contract increased from 8,995 yuan/ton to 9,325 yuan/ton, a rise of 330 yuan/ton [4]. - Spot prices: The prices of various grades of industrial silicon generally increased, with the increase ranging from 0 to 200 yuan/ton. The current lowest deliverable price increased from 9,250 yuan/ton to 9,450 yuan/ton, and the spot premium decreased from 255 yuan/ton to 125 yuan/ton [4]. - **Polysilicon** - Futures settlement prices: The main contract increased from 50,805 yuan/ton on July 29 to 54,705 yuan/ton on July 30, a rise of 3,900 yuan/ton; the near - month contract increased from 50,805 yuan/ton to 54,585 yuan/ton, a rise of 3,780 yuan/ton [4]. - Spot prices: The prices of various types of polysilicon increased, with the increase ranging from 1,000 to 10,000 yuan/ton. The current lowest deliverable price increased from 44,500 yuan/ton to 46,500 yuan/ton, and the spot discount widened from 6,305 yuan/ton to 8,085 yuan/ton [4]. - **Organic Silicon** - The prices of DMC in the East China market, raw rubber, and 107 glue remained unchanged at 12,500 yuan/ton, 13,500 yuan/ton, and 13,000 yuan/ton respectively, while the price of dimethyl silicone oil increased from 13,000 yuan/ton to 14,500 yuan/ton, a rise of 1,500 yuan/ton [4]. - **Inventory** - Industrial silicon: The warehouse receipts remained unchanged at 50,082 tons. The Guangzhou Futures Exchange inventory decreased from 251,965 tons to 248,550 tons, a decrease of 3,415 tons. The social inventory decreased by 300 tons to 442,600 tons [4]. - Polysilicon: The warehouse receipts remained unchanged at 3,070 tons. The Guangzhou Futures Exchange inventory increased from 83,400 tons to 90,600 tons, an increase of 7,200 tons. The social inventory remained unchanged at 272,000 tons [4]. 2. Chart Analysis - **Industrial Silicon and Cost - end Prices** - Charts show the prices of different grades of industrial silicon, grade price differences, regional price differences, electricity prices, silica prices, and silicon coal prices [5][7][10]. - **Downstream Product Prices** - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [12][13][15][16]. - **Inventory** - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [20][22]. - **Cost and Profit** - Charts show the average cost and profit levels in major production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost - profit, and polysilicon cost - profit [25][27][31]. 3. Team Introduction - The research team consists of Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with more than ten years of commodity research experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [33][34].

Core Viewpoint - The solar industry is experiencing a positive market response due to increased policy expectations aimed at reducing overcapacity and promoting high-quality development [1][2]. Group 1: Market Performance - Several solar stocks saw significant increases on July 29, with Foster (603806.SH) hitting the daily limit, and other companies like GCL-Poly (3800.HK), Daqo Energy (688303.SH), Xinte Energy (1799.HK), and Tongwei Co. (600438.SH) rising by 7.69%, 5.17%, 4.40%, and 3.45% respectively [1]. Group 2: Policy Developments - A meeting held on July 28 by the Ministry of Industry and Information Technology emphasized the need for governance in the solar industry, aiming to phase out outdated production capacity through enhanced standards [1]. - The Ministry has previously convened discussions focused on the high-quality development of the solar industry, with 14 companies participating in a meeting on July 3 [1]. - The Ministry's leadership has called for legal and comprehensive governance to curb low-price competition and encourage product quality improvements [1]. Group 3: Industry Standards - The Ministry of Industry and Information Technology's Electronic Information Department plans to revise the comprehensive energy consumption standards for polysilicon production, aiming to lower the first-level standard from ≤7.5 kgce/kg to ≤5 kgce/kg, with similar adjustments for second and third levels [2].

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: 09 - 01 reverse spread; Inter - variety: Short coal - based profit [3] Core Viewpoints - Policy promotes the orderly exit of backward production capacity, and the macro - level has a certain boost to the polyolefin market. New device overhauls in production enterprises ease some supply - demand pressure, but some devices restart. PE upstream and mid - stream inventory trends continue to rise, and PP production enterprise inventory continues to accumulate. Crude oil is weakly sorted, propane prices continue to be weak, cost - side support is weak. Downstream demand remains weak in the seasonal consumption off - season, and new order volume is limited. In the short - term future, there are no new overhaul plans, and supply is expected to increase. With weak fundamentals, inventory is expected to continue rising [2] Summary by Directory 1. Polyolefin Basis Structure - L主力合约收盘价为7290元/吨（+74），PP主力合约收盘价为7091元/吨（+78），LL华北现货为7200元/吨（+80），LL华东现货为7190元/吨（+0），PP华东现货为7120元/吨（+50），LL华北基差为 - 90元/吨（+6），LL华东基差为 - 100元/吨（ - 74），PP华东基差为29元/吨（ - 28） [1] 2. Production Profit and Operating Rate - PE operating rate is 78.2% (+0.4%), PP operating rate is 77.3% (+0.7%). PE oil - based production profit is 74.8 yuan/ton (+14.8), PP oil - based production profit is - 285.2 yuan/ton (+14.8), PDH - based PP production profit is 315.8 yuan/ton (+14.0) [1] 3. Polyolefin Non - Standard Price Difference - No relevant data presented in the given text 4. Polyolefin Import and Export Profit - LL import profit is - 142.0 yuan/ton (-4.8), PP import profit is - 694.2 yuan/ton (-5.0), PP export profit is 36.8 US dollars/ton (+0.6) [1] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate is 12.5% (-0.2%), PE downstream packaging film operating rate is 48.6% (+0.5%), PP downstream plastic weaving operating rate is 41.4% (-0.6%), PP downstream BOPP film operating rate is 60.8% (+0.2%) [1] 6. Polyolefin Inventory - PE upstream and mid - stream inventory trends continue to rise, and PP production enterprise inventory continues to accumulate. In the future, with weak fundamentals, inventory is expected to continue rising [2]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5]. Core Insights - The expectation for the exit of outdated production capacity has resurfaced, leading to a new high in rebar spot prices since April [1]. - The steel sector's profitability is expected to recover to historical average levels due to government policies aimed at better aligning supply with demand [4]. Summary by Relevant Sections Liquidity - The M1 and M2 growth rate difference was -3.7 percentage points in June 2025, with a month-on-month increase of 1.9 percentage points [10][19]. - The BCI small and medium enterprise financing environment index was 49.12 in June 2025, up 0.07% from the previous month [10][19]. Infrastructure and Real Estate Chain - Rebar prices reached a new high since April, with a weekly increase of 0.93% [1]. - The national average capacity utilization rate for blast furnaces was 91%, up 1.0 percentage points week-on-week [9][41]. - The average daily crude steel output for key enterprises in early July 2025 was 2.097 million tons [1][41]. Industrial Products Chain - The operating rate for semi-steel tires was 75.99%, an increase of 3.07 percentage points [2]. - The June PMI new orders index was 50.20% [2]. Price Relationships - The price ratio of rebar to iron ore was 4.14 this week [3]. - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) was 160 yuan/ton, up 14.29% from last week [3]. Export Chain - The PMI new export orders for China in June 2025 was 47.70%, an increase of 0.2 percentage points [3]. Valuation Metrics - The CSI 300 index increased by 1.09%, with the best-performing sector being commercial vehicles, which rose by 5.98% [3]. - The PB ratio for the steel sector relative to the CSI 300 is currently at 0.54, with a historical high of 0.82 [3]. Investment Recommendations - The report suggests that the steel sector's profitability is likely to recover to historical average levels, supported by government policies aimed at phasing out outdated capacity [4].

Report Industry Investment Ratings - Crude oil: Bearish [1] - LPG: Bearish [1] - L: Bearish continuation [1] - PP: Bearish continuation [1] - PVC: Sideways [1] - PX: Bearish [1] - PTA/PR: Bearish on rebound [1] - Ethylene glycol: Bearish [1] - Glass: Buy on pullback [2] - Soda ash: Narrow - range sideways [2] - Caustic soda: Uptrend slowing [2] - Methanol: Bearish on rebound [2] - Urea: Bearish [2] - Asphalt: Bearish [2] - Propylene: Weak sideways [2] Core Views - Crude oil: Supply pressure is rising, and oil prices are under pressure due to OPEC+ expansion [1][3][5] - LPG: Cost - end drag from falling oil prices leads to weakness [7][9] - L: Cost support weakens, and it shows a weak sideways trend [11][12] - PP: Cost support fades, with a weak sideways trend due to factors like new capacity [15][17] - PVC: Market sentiment weakens, with a short - term long and long - term short strategy [19][21] - PX: Tight supply - demand balance vs. falling oil prices, with a bearish sideways trend [23][24] - PTA/PR: Supply - demand expected to be loose, with attention on shorting opportunities on rallies [25][26] - Ethylene glycol: Low port inventory vs. loose supply - demand expectations, focus on shorting opportunities [28][29] - Glass: Inventory continues to decline, supported by moving averages [32][33] - Soda ash: Difficult inventory reduction, weak rebound in the futures market [34][36] - Caustic soda: Liquid chlorine subsidy narrows, and the uptrend slows [37][39] - Methanol: Device maintenance vs. MTO demand negative feedback, bearish on rebound [40] - Urea: Supply pressure is large, with a bearish outlook [2] - Asphalt: Cost - end oil price decline and sufficient raw materials lead to a bearish outlook [2] - Propylene: Cost support weakens, and supply is under pressure [2] Summaries by Variety Crude Oil - **Market situation**: International oil prices fell overnight. WTI dropped 2.40%, Brent 0.72%, and SC 0.51% [4]. - **Fundamentals**: In supply, Russian exports decreased, and US rig count dropped. In demand, China's imports increased, and IEA adjusted demand growth forecasts. In inventory, US commercial crude inventory rose [5]. - **Strategy**: Short - term, light - position shorting with call option protection. Long - term, the price range is expected to be $60 - 70/barrel [6]. LPG - **Market situation**: On July 15, PG main contract closed at 4160 yuan/ton, down 0.53% [8]. - **Fundamentals**: Cost - end oil price pressure, supply is relatively sufficient, and demand is in the off - season. PDH device profit decreased, and inventories increased [9]. - **Strategy**: Light - position shorting, with a focus on the range of 4050 - 4150 yuan/ton [10]. L - **Market situation**: Futures and spot prices both declined. North China basis was - 71 (compared to - 33 previously) [12]. - **Fundamentals**: Cost support weakens, supply pressure increases, and demand is in the off - season. New device production is expected in July - August [13]. - **Strategy**: Short - term long and long - term short, with a focus on the range of 7150 - 7300 yuan/ton [14]. PP - **Market situation**: East China basis was 42 (compared to - 7 previously). The market is expected to be weak [16]. - **Fundamentals**: Cost support fades, new capacity is planned in the third quarter, and exports are expected to maintain high growth [17]. - **Strategy**: Bearish on rebound, with a focus on the range of 6950 - 7150 yuan/ton [17]. PVC - **Market situation**: Changzhou basis was - 125 (compared to + 35 previously). The market is expected to be weak [20]. - **Fundamentals**: Upward drive is insufficient, inventory is rising, and exports are weakening. New devices are starting up [21]. - **Strategy**: Short - term long and long - term short, with a focus on the range of 4900 - 5100 yuan/ton [21]. PX - **Market situation**: On July 11, East China spot was 7120 yuan/ton, and PX09 closed at 6694 yuan/ton [23]. - **Fundamentals**: Supply - demand is in a tight balance, inventory is high, and it follows cost fluctuations [24]. - **Strategy**: Pay attention to shorting opportunities on rallies, with a focus on the range of 6660 - 6760 yuan/ton [24]. PTA - **Market situation**: On July 11, East China was 4715 yuan/ton, and TA09 closed at 4700 yuan/ton [25]. - **Fundamentals**: Supply pressure is expected to increase, downstream demand is weakening, and inventory is decreasing [26]. - **Strategy**: Pay attention to shorting opportunities on rallies, with a focus on the range of 4670 - 4730 yuan/ton [27]. Ethylene Glycol - **Market situation**: On July 11, East China spot was 4383 yuan/ton, and EG09 closed at 4305 yuan/ton [28]. - **Fundamentals**: Supply is expected to be loose, demand is weakening, and low inventory provides some support [29]. - **Strategy**: Pay attention to shorting opportunities, with a focus on the range of 4270 - 4340 yuan/ton [30]. Glass - **Market situation**: Spot prices increased, and the futures market pulled back. Basis widened [33]. - **Fundamentals**: Macro - policy expectations, inventory decreased, and cost increased. Spot prices were raised [33]. - **Strategy**: Buy on pullback, with a focus on the range of 1050 - 1080 yuan/ton [33]. Soda Ash - **Market situation**: Heavy - alkali spot prices were stable, and the futures market declined. Basis widened [35]. - **Fundamentals**: Supply is at a high level, inventory reduction is difficult, and policy speculation has weakened [36]. - **Strategy**: Narrow - range sideways, with a focus on the range of 1200 - 1230 yuan/ton [2]. Caustic Soda - **Market situation**: Spot prices were stable, the futures market was flat, basis strengthened, and warehouse receipts decreased [38]. - **Fundamentals**: Supply pressure may ease, demand from alumina is recovering, and inventory decreased [39]. - **Strategy**: Hold long positions cautiously, with a focus on the range of 2480 - 2530 yuan/ton [39]. Methanol - **Market situation**: On July 11, East China spot was 2381 yuan/ton, and the main contract closed at 2370 yuan/ton [40]. - **Fundamentals**: Device maintenance vs. MTO demand negative feedback, and inventory may start to accumulate [40]. - **Strategy**: Bearish on rebound, with a focus on the range of 2365 - 2400 yuan/ton [2]. Urea - **Market situation**: Supply pressure is large, and demand is weak. Exports are growing [2]. - **Fundamentals**: Supply is high, industrial and agricultural demand is weak, and cost provides some support [2]. - **Strategy**: Pay attention to shorting opportunities on rallies, with a focus on the range of 1735 - 1765 yuan/ton [2]. Asphalt - **Market situation**: Cost - end oil price pressure, supply decreased slightly, and inventory increased [2]. - **Fundamentals**: Cost - end oil price decline, supply is relatively sufficient, and demand is affected by weather [2]. - **Strategy**: Light - position shorting, with a focus on the range of 3550 - 3650 yuan/ton [2]. Propylene - **Market situation**: Cost - end oil price decline, supply is under pressure [2]. - **Fundamentals**: Cost support weakens, new capacity is about to be put into production [2]. - **Strategy**: Bearish on rebound, with a focus on the range of 6250 - 6400 yuan/ton [2].

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].