Report Industry Investment Rating - No relevant content provided Core Viewpoints - From September 5th to 11th, China's PE production decreased by 3.12% week-on-week to 612,800 tons, and the capacity utilization rate decreased by 2.51 percentage points to 78.04%. The average operating rate of PE downstream products increased by 1.1% week-on-week, with the agricultural film operating rate up 3.9%. The production enterprise inventory increased by 8.03% to 487,000 tons, and the social inventory decreased by 2.44% to 546,600 tons, with little total inventory pressure [2]. - This week, some devices such as Jinghai Chemical and Guoneng Xinjiang will restart, and some devices such as Jilin Petrochemical and Daqing Petrochemical are planned to be shut down for maintenance. Production and capacity utilization are expected to rise month-on-month. The loss of PE device maintenance in September is expected to increase, but considering the expected commissioning of ExxonMobil's 500,000 - ton LDPE device, the industry's supply pressure is difficult to improve [2]. - The agricultural film has entered the peak season, and orders have increased sharply. The demand for packaging films is driven by domestic Mid - Autumn Festival, National Day, and overseas Christmas stocking, with room for order growth [2]. - In the short term, the impact of the Palestine - Israel and Russia - Ukraine geopolitical conflicts on costs is limited. OPEC+ production increases and the seasonal weakening of US fuel demand put pressure on international oil prices. Benefiting from the upcoming new round of key industry stable - growth policies, industrial products mainly rose during the day. Technically, the daily K - line of L2601 should pay attention to the pressure around 7290 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of polyethylene was 7,232 yuan/ton, up 63 yuan; the closing price of the January contract was 7,232 yuan/ton, up 63 yuan; the closing price of the May contract was 7,252 yuan/ton, up 71 yuan; the closing price of the September contract was 7,269 yuan/ton, up 219 yuan [2]. - The trading volume was 264,026 lots, up 19,671 lots; the open interest was 554,975 lots, down 6,135 lots [2]. - The September - January spread was 37, up 156; the long position of the top 20 futures holders was 400,733 lots, up 1,699 lots; the short position was 442,335 lots, down 2,528 lots; the net long position was - 41,602 lots, up 4,227 lots [2]. Spot Market - The average price of LLDPE (7042) in North China was 7,221.3 yuan/ton, down 26.96 yuan; in East China, it was 7,322.38 yuan/ton, down 17.62 yuan [2]. - The basis was 52.3, up 13.04 [2]. Upstream Situation - The FOB mid - price of naphtha in Singapore was 64.43 US dollars/barrel, down 0.56 US dollars; the CFR mid - price of naphtha in Japan was 598.5 US dollars/ton, down 5.5 US dollars [2]. - The CFR mid - price of ethylene in Southeast Asia was 841 US dollars/ton, unchanged; in Northeast Asia, it was 851 US dollars/ton, up 10 US dollars [2]. Industry Situation - The national PE petrochemical operating rate was 78.04%, down 2.51 percentage points [2]. Downstream Situation - The operating rate of PE packaging film was 51.3%, up 0.82 percentage points; the operating rate of PE pipes was 31.67%, up 1.34 percentage points; the operating rate of PE agricultural film was 24.12%, up 3.94 percentage points [2]. Option Market - The 20 - day historical volatility of polyethylene was 6.41%, down 0.19 percentage points; the 40 - day historical volatility was 9.3%, down 0.13 percentage points [2]. - The implied volatility of at - the - money put options was 9.75%, up 0.06 percentage points; the implied volatility of at - the - money call options was 9.74%, up 0.05 percentage points [2]. Industry News - From September 5th to 11th, China's PE production totaled 612,800 tons, a 3.12% week - on - week decrease; the capacity utilization rate of PE production enterprises was 78.04%, a 2.51 - percentage - point decrease from the previous period [2]. - From September 5th to 11th, the average operating rate of China's PE downstream products increased by 1.1% compared with the previous period [2]. - As of September 10th, the inventory of China's PE production enterprises was 487,000 tons, a 8.03% increase from the previous period; as of September 12th, the inventory of PE social sample warehouses was 546,600 tons, a 2.44% decrease from the previous period [2].

Report Industry Investment Rating - Not provided Core Viewpoints - The asphalt market is expected to fluctuate in the near term. The supply side shows a recovery in the start - up rate but still at a relatively low level in recent years. Demand is restricted by factors such as funds, rainfall, and high temperatures. Cost support has weakened, and policies are more favorable for the far - month outlook with limited impact on the near - month [1]. Summary by Related Catalogs Strategy Analysis - Supply side: Last week, the asphalt start - up rate rose 4.3 percentage points to 33.1% week - on - week, 6.7 percentage points higher than the same period last year. In August, the domestic asphalt planned production is 241.3 million tons, a 5.1% decrease from the previous month and a 17.1% increase year - on - year. Some refineries will switch production or have intermittent shutdowns this week [1]. - Demand side: Last week, the start - up rates of downstream asphalt industries showed mixed trends. The road asphalt start - up rate remained flat at 27.0%, at a relatively low level in recent years due to funds, rainfall, and high temperatures. Some areas' rainfall will still affect the rigid demand for asphalt [1]. - Cost: The U.S. allowing Chevron to resume oil extraction in Venezuela may narrow the discount for China's asphalt raw material purchases. Recent crude oil prices have fallen after rising, weakening the cost support for asphalt [1]. - Policy: The new round of ten key industries' stable growth work plan will be released soon, which is more beneficial for the far - month outlook with limited impact on the near - month [1]. - Market outlook: It is expected that asphalt will fluctuate in the near term [1]. Futures and Spot Market - Futures: Today, the asphalt futures 2510 contract fell 1.68% to 3520 yuan/ton, below the 5 - day moving average. The lowest price was 3501 yuan/ton, the highest was 3538 yuan/ton, and the open interest decreased by 3838 to 208129 lots [2]. - Basis: The mainstream market price in Shandong dropped to 3780 yuan/ton, and the basis of the asphalt 10 contract rose to 260 yuan/ton, at a relatively high level [3]. Fundamental Tracking - Supply: The asphalt start - up rate rose 4.3 percentage points to 33.1% week - on - week, 6.7 percentage points higher than the same period last year, but still at a relatively low level in recent years [1][4]. - Investment data: From January to June, the national highway construction investment decreased by 8.9% year - on - year. From January to June 2025, the cumulative year - on - year growth rate of fixed - asset investment in road transportation was 0.6%, and that of infrastructure construction investment (excluding electricity) was 4.6% [4]. - Downstream start - up rate: As of the week of August 1, the start - up rates of downstream asphalt industries showed mixed trends, with the road asphalt start - up rate remaining flat at 27.0%, at a relatively low level in recent years [1][4]. - Fiscal policy: The government will implement a more proactive fiscal policy. In June 2025, the growth rate of social financing stock increased to 8.9%, and the new social financing was 4.20 trillion yuan [4]. - Inventory: As of the week of August 1, the inventory - to - sales ratio of asphalt refineries decreased by 0.4 percentage points to 15.5% week - on - week, remaining at the lowest level in recent years [5].

Group 1: Overall Market Overview - The overall fund market is dominated by mixed funds, totaling 4,702, followed by bond funds and equity funds. The growth rate for equity funds in the current quarter is the highest at 7.45%, followed by REITs at 6.15%. The largest scale is in money market funds, reaching 142,311.36 billion yuan [3][4] - As of the end of Q2 2025, there are 581 ordinary equity funds, 1,359 flexible allocation funds, 26 balanced mixed funds, and 2,613 equity mixed funds. The number of equity mixed funds increased by 41 compared to Q1 2025 [3][4] Group 2: Active Equity Fund Positioning - The highest equity position is in ordinary equity funds at 89.61%, followed by 88.19% in equity mixed funds. The stock positions of various active equity funds are close to historical highs since 2015, with flexible allocation funds reaching their highest ever [4] - The highest industry allocation for active equity funds is in Hong Kong Stock Connect at 19.91%, followed by electronics at 15.07%. The allocation to Hong Kong Stock Connect has reached its highest level since Q1 2015 [4][5] Group 3: Stock and Individual Stock Configuration - The highest valued stock held by active equity funds is Tencent Holdings. Among the top twenty holdings, six are from Hong Kong Stock Connect, accounting for 33.79% of the total value of the top 20 stocks. The food and beverage and electronics sectors each have three stocks in the top holdings, accounting for 12.44% and 11.72%, respectively [4][5] - The stock with the highest increase in holdings is Zhongji Xuchuang, with an increase of 139.45 billion yuan. Other stocks with increases exceeding 100 billion yuan include Xinyi and Shunfeng Holdings, all from the communication sector [5]