Report Industry Investment Rating No relevant information provided. Core View The current soda ash market is under triple pressure of "high supply, high inventory, and weak demand." Although the price is at a historically low level, the market is expected to remain under pressure until there is a substantial reduction in inventory. Future focus should be on enterprise production cut trends and marginal changes in terminal demand [9][40]. Summary by Directory 1. Soda Ash Supply and Demand Situation - **Production and Capacity Utilization Increase**: As of August 14, 2025, the weekly domestic soda ash production was 761,300 tons, a week - on - week increase of 16,600 tons or 2.24%. The comprehensive capacity utilization rate was 87.32%, a week - on - week increase of 1.91%. Among them, the ammonia - alkali capacity utilization rate was 88.78% (down 0.42% week - on - week), the co - production capacity utilization rate was 78.74% (up 4.82% week - on - week), and the overall capacity utilization rate of 15 enterprises with an annual capacity of one million tons or more was 90.39% (up 3.12% week - on - week) [10][12]. - **Inventory Pressure Increases**: As of August 14, 2025, the total inventory of domestic soda ash manufacturers was 1.8938 million tons, an increase of 17,600 tons or 0.94% from the previous Monday. Compared with the same period last year, it increased by 745,500 tons or 64.92%. Although transportation improved and shipments increased, the overall inventory continued to accumulate [8][14]. - **Shipment Volume and Rate Improve**: Last week, Chinese soda ash enterprises' shipment volume was 732,600 tons, a week - on - week increase of 8.48%. The overall shipment rate was 96.23%, a week - on - week increase of 5.54 percentage points [17]. - **Profit Analysis**: As of August 14, 2025, the theoretical profit of Chinese ammonia - alkali soda ash was 34.40 yuan/ton, a week - on - week decrease of 21.80 yuan/ton. The theoretical profit of Chinese co - production soda ash (double - ton) was 9 yuan/ton, a week - on - week decrease of 59.50 yuan/ton [20][24]. 2. Downstream Industry Situation - **Float Glass Industry Production Increases**: As of August 14, 2025, the daily output of national float glass was 159,600 tons, the same as on the 7th. The weekly production from August 8 - 14, 2025, was 1.117 million tons, the same as the previous week but a year - on - year decrease of 5.29% [28]. - **Float Glass Industry Inventory Decreases**: As of August 14, 2025, the float glass industry's operating rate was 75.34%. The total inventory of national float glass sample enterprises was 63.426 million weight boxes, a week - on - week increase of 1.579 million weight boxes or 2.55%, and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from the previous period [31]. 3. Spot Market Situation - The prices of most soda ash products in different regions showed a downward or stable trend. For example, the price of light soda ash in Central China decreased from 1,200 yuan/ton to 1,180 yuan/ton, a decrease of 1.67%. The price of heavy soda ash in East China decreased from 1,300 yuan/ton to 1,250 yuan/ton, a decrease of 3.85% [36][39]. 4. Comprehensive Analysis - The domestic soda ash market continued to operate weakly last week, with the supply - demand contradiction further deepening. Supply pressure increased, inventory pressure was significant, cost - end support weakened, and downstream demand did not improve. The market is expected to remain under pressure until inventory is substantially reduced [40]. 5. Operation Suggestions - **Single - side**: Look for long - position opportunities based on the cash cost line. - **Arbitrage**: Wait and see. - **Options**: Wait and see [41].

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - Short - term absolute prices of benzene and styrene will mainly fluctuate. High supply remains the core issue. Attention should be paid to the implementation of new pure benzene plants from June to July [3]. 3. Summary by Relevant Catalogs Pure Benzene - Weak reality: Domestic production has recovered rapidly, ports maintain high inventories, and continue to squeeze BZN. Pure benzene imports exceed expectations, and there are also many exports of EB downstream products [5][16]. - Hydro - benzene supply is limited [18]. - The profits of pure benzene downstream products show different trends, with various production margins of products such as caprolactam, phenol, and aniline changing over time [27]. Styrene - Current situation: Neutral inventory, high profits, and neutral production. High profits are gradually stimulating high supply, small - scale plants are gradually restarting, and port inventories are accelerating accumulation. It is expected that port inventories will reach over 100,000 tons by the end of June, and the short - term trend is mainly weak and fluctuating [3][46]. Aromatics - Global price difference: The price difference in logistics between the US and Asia cannot be opened, so pure benzene stays in Asia [50]. - Internal price difference: The internal price difference of aromatics has returned [57]. Second - quarter Contradiction - There is a contradiction between the destocking of chemical products in the second quarter and the weakness of upstream oil products [59]. Downstream Products - ABS: Due to an increase in inventory samples, the inventory has risen significantly. Capacity utilization, production margins, and production have different performance trends [61]. - PS: Factory inventory structure has improved rapidly, capacity utilization has changed, and production margins and prices have also shown corresponding trends [3]. - EPS: Factories have received few 618 orders, which has reduced their willingness to start production during the Dragon Boat Festival. Production, inventory, and production margins also have their own characteristics [3].