Market Overview - The A-share market showed positive performance with the Shenzhen Composite Index and the ChiNext Index both rising over 1%, while the Shanghai Composite Index also closed in the green. The trading volume increased to 1.56 trillion, nearly 100 billion more than the previous day, indicating genuine capital inflow into the market [1]. Sector Performance - The pharmaceutical sector was particularly strong, with nearly ten stocks hitting the daily limit, including Chengdu Xian Dao and Xin Li Tai. This upward trend was not sudden, as there had been signs of support for innovative drugs from policies in the days prior, attracting capital to this sector based on solid logic rather than speculation [3]. - The printed circuit board (PCB) sector also performed well, with stocks like Man Kun Technology and Peng Ding Holdings reaching their daily limits. The strength in this sector is attributed to the recovery in demand from downstream consumer electronics and new energy, leading to increased orders and improved earnings expectations [3]. - The CPO sector showed significant gains, with stocks like Xin Yi Sheng rising over 8% and Jian Qiao Technology hitting the daily limit. This sector is closely related to AI computing power and has become active again as market sentiment improved, indicating ongoing investor interest in technology growth stocks [3]. - Conversely, the precious metals sector experienced a decline, with Shandong Gold falling over 2%. This shift can be understood as a normal rotation in the market, where increased risk appetite leads funds to move away from defensive assets like precious metals towards more elastic sectors [3]. Investment Insights - The current market dynamics reflect a logical underpinning rather than random speculation, with clear reasons for the rises in the pharmaceutical, PCB, and CPO sectors. For long-term investors, focusing on companies with solid earnings expectations and following capital flows is deemed more reliable than chasing hot trends [4].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The egg futures market experienced intensified long - short battles last week. High egg - laying hen存栏 and adverse weather conditions put significant pressure on egg prices, but an increase in the number of culled chickens and rising procurement demand for cold - storage eggs provided support. In the short term, the market may continue to fluctuate. With the boost of the consumption peak season in the third quarter, egg prices are expected to have a phased recovery, but the annual price peak may be lower than that of last year [8][59]. 3. Section - by - Section Summary 3.1. Trend Review - **Futures Price**: The main contract of egg futures, JD2508, fluctuated last week. As of last Friday, it closed at 3,582 yuan per 500 kilograms, with a total trading volume of 125,885 lots, an open interest of 184,136 lots, and a weekly increase of 1.1% [5][12]. - **Spot Price**: The average price of eggs in the main producing areas last week was 2.70 yuan per catty, a week - on - week decrease of 6.25%; in the main consuming areas, it was 2.76 yuan per catty, a week - on - week decrease of 2.47%. The price in the main producing areas first declined and then stabilized, while that in the main consuming areas showed a weakening trend [7][16]. - **Chick Price**: The chick price was generally weak last week. The average price of commercial - generation chicks in key national regions was 3.88 yuan per chick, a week - on - week decrease of 0.02 yuan per chick, a decrease of 0.51%, and a year - on - year increase of 31.08%. The utilization rate of hatching eggs was about 60% - 80% [22]. - **Old Hen Price**: The price of old hens fluctuated strongly last week. The average price of old hens in representative markets in key producing areas was 4.65 yuan per catty, a week - on - week increase of 0.03 yuan per catty, an increase of 0.65% [26]. 3.2. Fundamental Analysis - **Supply Side** - **Egg - laying Hen存栏**: As of June, the national egg - laying hen存栏 was about 1.27 billion, a year - on - year increase of 5.75%. The supply was abundant, and the contradiction between supply and demand would be further intensified [31]. - **Shipping Volume in Producing Areas**: The shipping volume in representative markets in the main producing areas decreased by 0.63% week - on - week and 17.52% year - on - year. It first weakened and then increased [35]. - **Old Hen Slaughter**: The total slaughter volume of old hens last week was 529,200, a week - on - week decrease of 1.54%. The average slaughter age was 503 days, and the slaughter volume decreased with a slightly earlier slaughter age [41]. - **Demand Side** - **Arrival Volume in Consuming Areas**: As of last Thursday, the arrival volume in the Beijing market increased by 2.06% week - on - week, while that in the Guangdong market decreased by 20.03% week - on - week. The overall downstream consumption demand was average [45]. - **Sales Volume in Consuming Areas**: The egg sales volume last week was 5,928.27 tons, a week - on - week decrease of 3.56% [49]. - **Inventory Situation**: The inventory in the production link last week was 1.23 days, a week - on - week increase of 17.14%; the inventory in the circulation link was 1.52 days, a week - on - week increase of 3.40%. The overall inventory increased slightly [53]. - **Egg - laying Hen Breeding Cost and Profit**: The egg - laying hen breeding cost last week was 3.55 yuan per catty, remaining flat week - on - week. The breeding profit was - 0.85 yuan per catty, a week - on - week decrease of 0.17 yuan per catty, a decrease of 25.00%. The egg - laying hen breeding loss further expanded [57]. 3.3. Market Outlook The egg futures market may continue to fluctuate in the short term. With the boost of the third - quarter consumption peak season, egg prices are expected to have a phased recovery, but the annual price peak may be lower than that of last year [59]. 3.4. Operation Strategy Due to the short - term market uncertainty, it is recommended to wait and see. Continuously monitor the signals of capacity reduction and demand recovery in July [10][60].

1. Report Industry Investment Rating - Not explicitly provided in the report 2. Core Views of the Report - The chemical industry as a whole is in a weak pattern, closely related to the downturn of the cost - end. The instability of crude oil and the decline of coal prices lead to a downward shift in the costs of oil - based and coal - based chemicals. The polyester chain, previously boosted by trade easing, shows signs of weakness due to the cooperative production cuts of filament enterprises [1][2]. - Energy - end weakness drags down chemical product prices. The market needs to see an improvement in demand; otherwise, it will enter a weaker pattern [2]. 3. Summary by Related Catalogs 3.1 Market Views 3.1.1 Crude Oil - On May 28, the SC2507 contract closed at 453 yuan/barrel with a change of - 1.16%, and the Brent2508 contract closed at $64.33/barrel with a change of 0.93%. - The OPEC and non - OPEC oil - producing countries decided to maintain the overall crude oil production target until the end of December 2026. The US sanctions policy on Russia and Iran has high uncertainty. Libya's eastern government may declare force majeure on oil fields and ports. - Short - term macro and geopolitical factors are favorable, but the OPEC+ accelerated production increase limits the rebound space. It is expected to fluctuate [4][5]. 3.1.2 LPG - On May 28, 2025, the PG 2507 contract closed at 4097 yuan/ton with a change of + 0.17%. - There are signs of recovery in the profits of downstream plants in Shandong. The demand for civil gas and chemical use has increased, but the overall demand is still weak. There are multiple PDH plants scheduled to resume production from late May to early June. It is expected to have a short - term recovery but with limited upward space, so it is expected to fluctuate in the short term [9]. 3.1.3 Asphalt - The main asphalt futures closed at 3526 yuan/ton. The spot prices in East China, Northeast, and Shandong were 3580 yuan/ton, 3900 yuan/ton, and 3625 yuan/ton respectively. - The sharp rise in US Treasury yields, tariff conflicts, and OPEC+ over - production are expected to put pressure on asphalt prices. The supply of domestic asphalt raw materials is sufficient, and refinery operations have increased. The demand side shows that asphalt is still over - valued. It is expected that the asphalt price is over - valued and waiting to fall [6]. 3.1.4 High - Sulfur Fuel Oil - The main high - sulfur fuel oil contract closed at 3037 yuan/ton. - Factors such as the sharp rise in US Treasury yields, OPEC+ over - production, increased import tariffs, and reduced demand for power generation will put pressure on high - sulfur fuel oil prices. It is expected that the supply will increase and the demand will decrease, and it will fluctuate weakly [7][8]. 3.1.5 Low - Sulfur Fuel Oil - The main low - sulfur fuel oil contract closed at 3530 yuan/ton. - It follows the fluctuation of crude oil. Currently, the supply and demand are both weak. It is expected to face an increase in supply and a decline in demand, and will maintain a low - value operation, following the crude oil fluctuation [8][9]. 3.1.6 PX - On May 28, the PX CFR China Taiwan price was $836(-4)/ton, and the PX 2509 contract closed at 6590(-116) yuan/ton. - In the short term, crude oil is fluctuating weakly due to the OPEC+ production increase policy, squeezing the cost momentum of PX. In terms of supply - demand pattern, the PX processing fee has recovered rapidly, and the impact of plant maintenance on PX has weakened. It is expected that the PX price will continue to consolidate [11]. 3.1.7 PTA - On May 28, the PTA spot price was 4867(-8) yuan/ton, and the spot processing fee was 329(+16) yuan/ton. - The previous maintenance plants are restarting, while the downstream polyester manufacturers may increase production cuts. The PTA inventory reduction speed will slow down, and the polyester industry chain profit may decline. It is expected that the PTA market will continue to be under pressure for adjustment [11]. 3.1.8 Ethylene Glycol (EG) - On May 28, the ethylene glycol price declined. The market was concerned about the further reduction of polyester load. - The decline on the 28th was mainly due to the decline in coal prices and the reduction of polyester filament production. The cost of EG has decreased, and the demand has declined. It is expected that the price will not trend downwards, and investors should view it with a fluctuating mindset [13]. 3.1.9 Short - Fiber - On May 28, the long - filament manufacturers announced an additional 4% production cut, and the PF futures fluctuated lower. - The short - fiber export volume in May may remain at a relatively high level, and the hidden inventory is low. However, there is still great uncertainty about future demand. It is expected that the short - fiber processing fee has limited compression space and will continue to fluctuate strongly [14][15]. 3.1.10 Bottle Chip - On May 28, the polyester raw material futures prices declined, and the polyester bottle chip factory quotes were mostly stable with partial slight decreases. - PTA and EG were dragged down by the long - filament production cuts, and the bottle chips followed the decline. The processing fee of bottle chips will be supported between 300 - 400 yuan/ton, and the absolute price will follow the raw materials and continue to fluctuate [17]. 3.1.11 Methanol - On May 28, the methanol spot price in Taicang was 2230 yuan/ton. The port inventory is gradually entering the accumulation cycle, and the inland price is temporarily stable. - Some Iranian plants are expected to restart this week. The coal price has stabilized slightly after the decline, and the methanol production profit is still relatively high. It is expected to fluctuate in the short term [19][20]. 3.1.12 Urea - On May 28, 2025, the urea factory - warehouse and market low - end prices were 1810(+0) and 1860(+10) respectively, and the main contract closed at 1790 yuan/ton with a change of - 1.32%. - The daily urea production has increased, the agricultural demand is in a short - term gap, and the industrial demand is weak. The export is expected to start in June at the earliest. The domestic supply is strong and the demand is weak. It is expected that the urea futures will fluctuate weakly [20]. 3.1.13 Plastic (LLDPE) - On May 28, the LLDPE spot mainstream price was 7100(-50) yuan/ton, and the main contract basis was 128(-15) yuan/ton. - The oil price is expected to have a downward space, the coal price has stabilized slightly, the downstream demand has not improved significantly, and the plastic's own fundamental pressure still exists. It is expected that the LLDPE 09 contract will fluctuate weakly in the short term [22]. 3.1.14 PP - On May 28, the mainstream transaction price of East China拉丝 was 7000(-20) yuan/ton, and the PP main contract basis was 107(-17) yuan/ton. - The oil price is expected to decline, the coal price has stabilized slightly, the short - term maintenance has increased slightly, the downstream demand is still weak, and the supply growth rate is high. It is expected to decline due to supply - demand inertia and wait for a stop - falling signal, with a short - term weak fluctuation [22]. 3.1.15 PVC - The East China calcium carbide - based PVC benchmark price was 4730(-40) yuan/ton, and the main contract basis was - 28(+5) yuan/ton. - There are many PVC maintenance plans from May to June, and the inventory is being reduced. However, in the long - term, new production capacity will be put into operation, the domestic demand is in the off - season, and the export is expected to weaken. The cost center of PVC is moving down, and the market is under pressure [24]. 3.1.16 Caustic Soda - The 32% caustic soda price in Shandong was 2750(+0) yuan/ton, and the main contract basis was 301(+10) yuan/ton. - The supply and demand increased in late May, but there will be many maintenance plans in June, and the supply and demand may be weak. The spot price has reached the peak, and the future supply is expected to be pessimistic. It is expected to fluctuate widely [24]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - **Inter - period Spread**: Data on the inter - period spreads of various varieties such as SC, WTI, Brent, etc. are provided, including the latest values and change values [25]. - **Basis and Warehouse Receipts**: Data on the basis and warehouse receipts of varieties such as asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. are provided, including the latest values and change values [26]. - **Inter - Variety Spread**: Data on the inter - variety spreads of different categories such as 1 - month PP - 3MA, 1 - month TA - EG, etc. are provided, including the latest values and change values [27]. 3.2.2 Chemical Basis and Spread Monitoring - Data on the basis and spreads of various chemical products such as methanol, urea, styrene, etc. are provided, but specific data details are not fully presented in the given text [28][40][52].

Group 1: Market Overview - In Q1 2025, China's industrial robot and automation market showed significant resilience, with demand recovering in sectors such as automotive, semiconductors, and lithium batteries, leading to a "quantity and quality" upgrade phase [1][11] - Industrial robot sales increased by 11.6% year-on-year, ending a previous inventory destocking cycle, with collaborative robots (cobots) experiencing a remarkable 41.4% growth [1][11] - The automotive sector saw a 45.4% increase in demand, while the lithium battery industry rebounded from a -19.4% decline in 2024 to +10.5% in 2025 [3] Group 2: Competitive Landscape - Domestic manufacturers' market share slightly decreased from 52.3% in 2024 to 51.4% in Q1 2025, but leading companies like Estun (9.9%) and Inovance (8.9%) continued to perform well [1][11] - Foreign brands like Fanuc (10.1%) maintained their lead, while companies like KUKA and ABB adjusted pricing strategies to expand their market share [1] Group 3: Future Outlook - Despite a projected slowdown in industrial robot growth to 6.3% in 2025 due to intensified competition, growth is expected to rebound to 11.2% and 12.2% in 2026 and 2027, respectively [3] - The pressure from price wars is anticipated to ease as foreign brands raise average prices to maintain profits, allowing domestic manufacturers to leverage their advantages in customization and delivery speed [3][12] Group 4: Automation Sector Insights - The industrial automation demand grew by 2.4% year-on-year in Q1 2025, ending a four-quarter decline, driven by the OEM market in packaging machinery and lithium battery equipment [5] - In the servo and inverter markets, Inovance maintained a leading position with a market share of 31.4% in servo systems and 20.8% in inverters, significantly outperforming foreign brands [7] Group 5: Key Component Developments - The domestic market share of RV reducers surpassed 60% for the first time, breaking the long-standing monopoly of Japan's Nabtesco, with a 9.7% year-on-year growth in demand [8][10] - Domestic manufacturers are expected to increase their RV reducer market share to over 70% by 2028, driven by cost advantages and technological advancements [10] Group 6: Investment Opportunities - Companies like Inovance and Shuanghuan are positioned to benefit from the industry's recovery and the trend of domestic substitution, with collaborative robots and new energy equipment identified as future growth engines [11] - The overall trend of intelligent upgrades in China's manufacturing sector is seen as irreversible, with domestic firms transitioning from "substitution" to "leadership," presenting long-term investment value [11]