Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current fundamental market of crude oil is healthy. With low inventories in Cushing, combined with hurricane expectations and Russia - related events, crude oil has upward momentum. However, the seasonal demand decline in mid - August will limit its upside. A short - term target price of $70.4/barrel for WTI is given, suggesting buying on dips and taking profits, and making left - hand bets on the September Russia geopolitical expectations and hurricane - related supply disruptions when oil prices drop significantly [3]. - Methanol is affected by the cooling of the overall commodity market sentiment and may face price correction pressure. The upstream supply pressure is expected to increase, while the demand is weakening. It is recommended to sell out - of - the - money call options at high prices [5]. - Urea's price is affected by sentiment. The supply and demand are weak, and the inventory reduction is slow. It is advisable to pay attention to long positions at low prices [7]. - For rubber, due to the peace talks between Thailand and Cambodia, the supply concern sentiment may decline. The price has a large correction. It is recommended to wait and see for the short - term and consider a long - short band operation for different contracts [9][11]. - PVC has a poor fundamental situation with strong supply, weak demand, and high valuation. Although it is strong in the short - term, there is a risk of a significant decline [11]. - The price of styrene is expected to follow the cost side and fluctuate upward in the short - term as the BZN spread is expected to be repaired [13]. - The price of polyethylene may follow the cost side and fluctuate upward. It is recommended to hold short positions [15]. - The price of polypropylene is expected to fluctuate strongly in July under the influence of macro - expectations [16]. - PX is expected to continue to reduce inventory, and it is recommended to consider going long on dips following the trend of crude oil [19]. - PTA may continue to accumulate inventory, but due to improved downstream conditions, it is recommended to consider going long on dips following PX [20]. - The fundamental situation of ethylene glycol is expected to turn from strong to weak, and there is a short - term pressure on valuation decline [21]. Summary by Category Crude Oil - **Market Quotes**: WTI main crude oil futures rose $1.91, or 2.94%, to $66.98; Brent main crude oil futures rose $2.01, or 2.94%, to $70.4; INE main crude oil futures fell 2.40 yuan, or 0.45%, to 527 yuan [2]. - **Data**: In China, weekly crude oil arrival inventory increased by 0.75 million barrels to 206.30 million barrels, gasoline commercial inventory increased by 0.96 million barrels to 91.93 million barrels, diesel commercial inventory increased by 0.29 million barrels to 102.07 million barrels, and total refined oil commercial inventory increased by 1.26 million barrels to 194.00 million barrels [2]. Methanol - **Market Quotes**: On July 28, the 09 contract fell 115 yuan/ton to 2404 yuan/ton, and the spot price fell 91 yuan/ton, with a basis of - 7 [5]. - **Analysis**: Affected by the cooling of the overall commodity market sentiment, the price may decline. The upstream supply pressure is increasing, and the demand is weakening [5]. Urea - **Market Quotes**: On July 28, the 09 contract fell 65 yuan/ton to 1738 yuan/ton, and the spot price fell 20 yuan/ton, with a basis of + 32 [7]. - **Analysis**: Affected by sentiment, the supply and demand are weak, and the inventory reduction is slow [7]. Rubber - **Market Quotes**: NR and RU had a large correction [9]. - **Analysis**: The peace talks between Thailand and Cambodia may reduce supply concerns. The price has a large decline, and it is recommended to wait and see in the short - term [9][11]. PVC - **Market Quotes**: The PVC09 contract fell 224 yuan to 5149 yuan, the spot price of Changzhou SG - 5 was 5100 (- 60) yuan/ton, the basis was - 49 (+ 164) yuan/ton, and the 9 - 1 spread was - 128 (- 15) yuan/ton [11]. - **Analysis**: The fundamental situation is poor with strong supply, weak demand, and high valuation. There is a risk of a significant decline [11]. Styrene - **Market Quotes**: The spot and futures prices fell, and the basis strengthened [12][13]. - **Analysis**: The BZN spread is expected to be repaired, and the price is expected to follow the cost side and fluctuate upward in the short - term [13]. Polyethylene - **Market Quotes**: The futures price fell [15]. - **Analysis**: The price may follow the cost side and fluctuate upward. It is recommended to hold short positions [15]. Polypropylene - **Market Quotes**: The futures price fell [16]. - **Analysis**: The price is expected to fluctuate strongly in July under the influence of macro - expectations [16]. PX - **Market Quotes**: The PX09 contract fell 172 yuan to 6890 yuan, and the PX CFR fell 23 dollars to 851 dollars [18]. - **Analysis**: It is expected to continue to reduce inventory, and it is recommended to consider going long on dips following the trend of crude oil [19]. PTA - **Market Quotes**: The PTA09 contract fell 124 yuan to 4812 yuan, and the East China spot price fell 95 yuan to 4800 yuan [20]. - **Analysis**: It may continue to accumulate inventory, but due to improved downstream conditions, it is recommended to consider going long on dips following PX [20]. Ethylene Glycol - **Market Quotes**: The EG09 contract fell 109 yuan to 4436 yuan, and the East China spot price fell 83 yuan to 4499 yuan [21]. - **Analysis**: The fundamental situation is expected to turn from strong to weak, and there is a short - term pressure on valuation decline [21].

Group 1 - The book "The Poincaré Conjecture" explores the century-long quest to solve a significant mathematical problem, highlighting the life of Grigori Perelman, who solved it but chose to withdraw from public recognition [2] - "Illustrated Algebra" presents the evolution of numerical systems from ancient civilizations and illustrates how mathematicians performed calculations before the invention of algebraic symbols [4] - "Reshaping Mathematics: The Journey of Infinity" discusses the concept of infinity through the works of five renowned mathematicians, emphasizing their contributions to the understanding of infinite quantities [6] Group 2 - "The Story of Chemistry" traces the historical development of chemistry from ancient philosophical inquiries to modern scientific achievements, focusing on key figures like Mendeleev and the periodic table [8] - "China's Ancient Technological Heritage" details 38 representative technological achievements from ancient China, covering their historical significance and value across various fields [10] - "How the Earth Became Round" examines humanity's evolving understanding of the Earth's shape through historical texts and scientific discoveries, marking the transition from myth to empirical knowledge [13] Group 3 - "The History of Hurricanes in North America" provides a comprehensive account of the impact of hurricanes on the land and society over the past 500 years, utilizing extensive data from meteorological sources [15] - "Nature and Humanity: The Shaping of Science and Modernity" analyzes the interplay between science and various cultural factors, illustrating how scientific advancements have influenced modern civilization [17] - "The Mystery of Meat: A Deep History of Animals, Humans, and Food" challenges traditional views on the role of meat in human evolution, exploring the complex relationship between humans and animals throughout history [19]