1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, steel prices maintained a weak and volatile trend. The profit of power - off - peak electricity for short - process steel decreased and fell into losses, leading to a reduction in production. The profit of long - process steel also fell into losses, but after the parade, the hot metal production quickly recovered to over 2.4 million tons. The overall supply remained high. The demand for hot - rolled coils recovered rapidly, while the demand for rebar declined due to large warehouse receipt pressure. The overall inventory continued to accumulate, with the rebar inventory accumulating faster than last year. It is expected that the short - term steel prices will maintain a bottom - oscillating trend. The trading strategy suggests maintaining a wait - and - see approach for both arbitrage and options [4][7]. 3. Summary According to Relevant Catalogs 3.1 Chapter 1: Steel Market Summary and Outlook 3.1.1 Market Summary - **Supply**: This week, the small - sample production of rebar was 2.1868 million tons (- 0.0188 million tons), and that of hot - rolled coils was 3.1424 million tons (- 0.105 million tons). The daily average hot metal output of 247 blast furnaces was 2.4055 million tons (+ 0.1171 million tons), and the capacity utilization rate of 49 independent electric arc furnace steel mills was 35.2% (- 0.3%). The cost of flat - rate electricity for electric furnaces in East China was about 3,373 yuan/ton (converted to the futures price), with a profit of - 166.92 yuan/ton. The cost of off - peak electricity was about 3,208 yuan/ton (converted to theoretical weight), and the profit of off - peak electricity for the third - tier rebar in East China was - 2 yuan/ton [4]. - **Demand**: The small - sample apparent demand for rebar was 2.0207 million tons (- 0.04 million tons), and that for hot - rolled coils was 3.0536 million tons (+ 0.208 million tons). From January to July, the growth rate of China's fixed - asset investment decreased month - on - month, and the incremental investment in domestic projects was insufficient. In July, the decline in housing sales, land acquisition, new construction, and completion areas widened, and the overall demand for housing construction was weak. The manufacturing PMI contracted, and the new orders, production, and export data all declined. The production and export of Chinese automobiles in July increased year - on - year, but the industry profit continued to shrink. The production schedule of three major white goods in September decreased year - on - year, and it is expected to decline further in October. The initial value of the US manufacturing PMI in August reached a 39 - month high, and the initial value of the eurozone manufacturing PMI in August returned to the expansion range for the first time in three years [4]. - **Inventory**: The rebar inventory in steel mills decreased by 47,100 tons, and the social inventory increased by 185,700 tons, with a total increase of 138,600 tons. The hot - rolled coil inventory in steel mills increased by 9,000 tons, and the social inventory decreased by 19,200 tons, with a total decrease of 10,200 tons. The total inventory of five major steel products in steel mills decreased by 35,000 tons, and the social inventory increased by 174,100 tons, with a total increase of 139,100 tons [4]. 3.1.2 Market Outlook - It is expected that the rebar production will continue to decrease due to serious losses in both short - and long - process production, while the hot - rolled coil production will continue to resume as it remains profitable. The overall inventory will continue to accumulate, with the rebar inventory accumulating faster than last year, and the hot - rolled coil inventory starting to decline. The steel prices are expected to maintain a bottom - oscillating trend in the short term. In September, attention should be paid to the peak - season demand, coal mine safety inspections, overseas tariffs, and domestic macro and industrial policies. The trading strategy suggests a bottom - oscillating trend for single - side trading and a wait - and - see approach for both arbitrage and options [7]. 3.2 Chapter 2: Price and Profit Review - **Spot Prices**: On Friday, the aggregated price of rebar in Shanghai was 3,220 yuan (- 20 yuan), and in Beijing was 3,160 yuan (- 30 yuan). The price of hot - rolled coils in Shanghai was 3,380 yuan (unchanged), and that of HBIS hot - rolled coils in Tianjin was 3,310 yuan (unchanged) [11]. - **Profits**: The flat - rate electricity profit of electric furnaces in East China was - 166 yuan (- 39 yuan), and the off - peak electricity profit was - 2 yuan (- 39 yuan) [29]. 3.3 Chapter 3: Important Domestic and Overseas Macroeconomic Data - **US Data**: The unadjusted CPI annual rate in the US in August reached 2.9%, the highest since January, in line with market expectations. The seasonally adjusted CPI monthly rate was 0.4%, higher than the expected 0.3%. The number of initial jobless claims in the week of September 6 was 263,000, higher than the expected 235,000 [31]. - **Chinese Data**: In August, the retail sales of the national passenger car market reached 1.995 million units, a year - on - year increase of 4.6%. From January to August, the cumulative retail sales were 14.741 million units, a year - on - year increase of 9.5%. In July, the new social financing was 1.13 trillion yuan, with new RMB loans of - 5 billion yuan. The loans on the household side were - 48.93 billion yuan, and enterprise loans were 60 trillion yuan. From January to July 2025, the cumulative year - on - year growth rate of China's fixed - asset investment was + 1.6%, with a decline in growth rate month - on - month [31][38]. - **Egyptian Data**: Egypt launched safeguard measure investigations on imported steel billets, cold - rolled coils, galvanized sheets, and pre - painted sheets on September 10, 2025, and made a positive preliminary ruling on imported hot - rolled coils on September 10, suggesting the collection of temporary safeguard measure taxes from September 14, 2025, to April 1, 2026 [31]. 3.4 Chapter 4: Steel Supply, Demand, and Inventory Situation 3.4.1 Supply - The daily average hot metal output of 247 blast furnaces was 2.4055 million tons (+ 0.1171 million tons), and the capacity utilization rate of 49 independent electric arc furnace steel mills was 34.7% (- 0.5%) [56]. - The small - sample production of rebar was 2.1193 million tons, a month - on - month decrease of 0.0675 million tons, and that of hot - rolled coils was 3.2514 million tons, a month - on - month increase of 0.109 million tons [62]. 3.4.2 Demand - The small - sample apparent demand for rebar was 1.9807 million tons, a month - on - month decrease of 0.04 million tons, and that for hot - rolled coils was 3.2616 million tons, a month - on - month increase of 0.208 million tons [65]. - As of September 9, the capital availability rate of sample construction sites was 59.24%, a week - on - week decrease of 0.16 percentage points. The capital availability rate of non - housing construction projects was 61.03%, a week - on - week increase of 0.02 percentage points, while that of housing construction projects was 50.75%, a week - on - week decrease of 0.64 percentage points [74]. - From January to July 2025, China's cumulative steel exports were 67.983 million tons, a year - on - year increase of 11.4%. In July, the steel exports were 9.836 million tons, a month - on - month increase of 0.158 million tons. The high - frequency data in August showed that direct steel exports remained high, but the export profit shrank recently [77]. 3.4.3 Inventory - The overall inventory situation showed that the rebar inventory continued to accumulate, while the hot - rolled coil inventory started to decline. The total rebar inventory and its breakdown into social and steel mill inventories, as well as the total hot - rolled coil inventory and its breakdown, are presented in the relevant graphs [82][84].

New York City's real estate market in flux with mayoral candidate Zoran Mandami proposing a rent freeze. Interest rates also in focus as is building security following the deadly shooting at a Midtown office building this week. Joining us to talk about everything that's going on in the real estate world, Robert Refkin, Compass's CEO, and it's nice to see you.You had some great earnings. >> Good to see you, Andrew. Yes, yesterday we had uh record earnings, 10 records, record ibida, free cash flow, IBIDA marg ...

Sector Performance & Rebound Potential - Consumer discretionary sector is the worst performing sector this year, but may rebound in the second half [1] - Product newness and tariff implementation will dictate the sentiment in the second half of the year [3] Consumer Behavior & Retailer Strategy - Customers are trading down, with Walmart's biggest growth coming from higher-income consumers [4] - Companies are being more cautious with inventory for the holiday season due to tariffs [4] - Value, discounters, and brand leaders are key, with revivals also contributing to growth, such as Wolverine Worldwide's Sakin up 30% [7] Brand & Product Dynamics - Brand leaders with newness drive demand, like Birkenstock's closed-toe shoes and collaborations such as Levi's and Nike [5] - Unique items allow for better pricing, but overall price upticks have been limited [5][6] Trade & Tariffs - Vietnam tariffs include a 20% tariff on exports to the US and a 40% transshipment tariff on goods from third countries, potentially targeting China [8][9] - Supply chain dynamics are challenging, with freight expenses as a headwind and potential price increases in the mid to high single-digit range [9] - Retailers can navigate tariffs by diversifying sourcing, sharing costs with manufacturers, and raising prices to consumers [10] - Companies suspended earnings guidance due to uncertainty about tariff impacts on margins and costs [10] - Shifting sourcing away from North America due to high labor costs, with tariff levels dictating stock prices [11]

Report Industry Investment Rating - No relevant content found Core Viewpoints - The supply of soybean meal is expected to improve, with significant drops in spot prices and basis, and the market is expected to fluctuate weakly. Considering the low valuation and support from import costs, it is recommended to go long on contract 109 at low prices [5] Summary by Related Catalogs Basis Data - Basis data for the soybean meal main contract in various regions (Dalian, Tianjin, etc.) on April 28 are presented, along with historical basis data from 2019/20 to 2024/25 [3] - Basis data for rapeseed meal in Guangdong are also provided, including historical data from 2018/19 to 2024/25 [3] Spread Data - Spot and futures spreads between soybean meal and rapeseed meal in Guangdong are shown, along with historical spread data from 2018/19 to 2024/25 [4] International Data - The US dollar to RMB exchange rate is 7.2995, and the soybean CNF premium and import soybean crushing margin data are presented [4] Inventory Data - Data on the soybean inventory of major domestic oil mills, soybean inventory at Chinese ports, soybean meal inventory of major domestic oil mills, and the number of days of soybean meal inventory for feed enterprises are provided, showing trends from 2020 to 2025 [4] 开机 and压榨情况 - Data on the operating rate and soybean crushing volume of major domestic oil mills are presented, showing trends from 2020 to 2025 [4] Supply and Demand Analysis - Supply side: Spot supply is tight, customs clearance time has been extended in some areas, a large amount of Brazilian soybeans are expected to arrive in May and June, the planting area of new US soybeans is expected to shrink further, and recent rainfall in US soybean - growing areas may improve soil moisture but delay the sowing progress [4] - Demand side: Pig supply is expected to increase steadily before September, the inventory of meat and egg poultry is expected to remain high in the first half of the year, the cost - effectiveness of soybean meal has decreased significantly recently, wheat has replaced corn in some areas, reducing the demand for protein, and the downstream trading and pick - up performance is poor [4][5] - Inventory: Domestic soybean inventory has reached a high level, soybean meal inventory is at a very low level and is expected to gradually recover, and the number of days of soybean meal inventory for feed enterprises has decreased to a low level, with an expected improvement in restocking willingness [5]

Report Title - South China Glass and Soda Ash Data Weekly Report 20250426 [2] Core Views - The glass market is facing over - supply pressure due to weak demand and high mid - upstream inventory. The price may continue to be under pressure, and short - term fluctuations may increase. Variables such as ignition delays, new cold repairs, and demand improvement need to be tracked [3][4]. - For soda ash, although there will be more maintenance in May, the overall supply - demand pattern remains in a long - term surplus. The market may first trade on expectations and then on the difference between expectations. Demand has a slight improvement, but there is a risk of the photovoltaic industry returning to an over - supply situation [5][6]. Glass Analysis Supply - At the end of April, the daily melting volume of glass may slightly decline to 156,000 tons. Three production lines are planned to shut down at the end of April, and one new line was ignited in April [3]. Inventory - The total inventory of national float glass sample enterprises is 65.4733 million heavy boxes, a week - on - week increase of 395,000 heavy boxes (+0.61%) and a year - on - year increase of 9.25%. The inventory days are 29.4 days, an increase of 0.2 days from the previous period. The inventory structure shows that upstream factory warehouses are accumulating inventory while mid - stream is reducing inventory [3]. Profit - According to Longzhong data, the profits of glass production lines using different processes are: - 153 yuan for natural gas, + 145 yuan for coal - made gas, and - 38 yuan for petroleum coke. The increase in the price of imported petroleum coke in Hubei has pushed up costs by 80 - 100 yuan [3]. Demand - As of April 15, the average order days of deep - processing sample enterprises are 9.3 days, a week - on - week decrease of 13.4% and a year - on - year decrease of 17.7%. The deep - processing enterprises' inventory of raw glass is 11.4 days, a week - on - week increase of 16.3% and a year - on - year increase of 1.8% [3]. Strategy - Due to weak demand and high inventory, the glass price has dropped significantly. Future price trends depend on ignition delays, new cold repairs, and demand improvement. Short - term price fluctuations may increase [4]. Soda Ash Analysis Supply - The weekly production is 755,600 tons (a week - on - week increase of 17,800 tons), including 339,100 tons of light soda ash (a week - on - week increase of 5,300 tons) and 416,500 tons of heavy soda ash (a week - on - week increase of 12,500 tons). Maintenance is expected to increase in May [5]. Inventory - The factory inventory of soda ash is 1.691 million tons, a week - on - week decrease of 20,300 tons. The delivery warehouse inventory is 338,500 tons (a decrease of 44,700 tons). The total inventory of factory and delivery warehouses is 2.0295 million tons, with a total de - stocking of 180,000 - 190,000 tons from March to April [5]. Profit - According to Longzhong data, the theoretical profit of double - ton soda ash by the combined soda process is + 255.5 yuan, and the theoretical profit of soda ash by the ammonia - soda process is 17.5 yuan/ton. Profits have improved week - on - week due to the decline in raw material prices [5]. Demand - The daily melting volume of photovoltaic glass is increasing, and the rigid demand for heavy soda ash inferred from float and photovoltaic glass has improved. However, the photovoltaic industry may return to an over - supply situation after the end of the rush - installation period [6]. Strategy - From May, maintenance is expected to increase, and supply disturbances will also increase. The market may first trade on expectations and then on the difference between expectations. The overall supply - demand pattern remains in long - term surplus, and price fluctuations may increase [6].