Report Industry Investment Rating No information provided. Core View of the Report The fundamentals of soda ash show strong supply and weak demand. In the short term, it is expected to mainly fluctuate weakly. The supply of soda ash has declined from a high level, the improvement in terminal demand is limited, and although the inventory has been continuously declining, it is still at a high level in the same period. The mismatch pattern between supply and demand in the industry has not been effectively improved [2][5]. Summary by Relevant Catalogs Soda Ash Futures Market - The closing price of the main contract of soda ash futures was 1352 yuan/ton, a decrease of 1.74% from the previous value; the low - end price of heavy soda ash in Hebei Shahe was 1320 yuan/ton, a decrease of 1.86% from the previous value; the basis was - 32 yuan, an increase of 3.23% [6]. Soda Ash Spot Market - The low - end price of heavy soda ash in the Hebei Shahe market was 1320 yuan/ton, a decrease of 25 yuan/ton from the previous day [12]. - The profit of the heavy soda ash combined - soda process in East China was 175.50 yuan/ton, and the profit of the heavy soda ash ammonia - soda process in North China was - 62.50 yuan/ton. The production profit of soda ash was at a low level in the same period of history [15]. - The weekly industry operating rate of soda ash was 89.44%, and the operating rate stabilized and rebounded. The weekly output of soda ash was 75.71 tons, of which the output of heavy soda ash was 41.55 tons, and the output declined from a historical high [18][20]. - From 2023 to 2025, there was a large - scale expansion of soda ash production capacity. The planned new production capacity in 2023 was 640 tons, 180 tons in 2024, and 750 tons in 2025 (with an actual production of 60 tons) [21]. Fundamental Analysis - Demand - The weekly sales - to - production ratio of soda ash was 102.69% [24]. - The daily melting volume of national float glass was 15.78 tons, and the operating rate continued to decline at 75.85%, with weak demand for soda ash [27]. - The price of photovoltaic glass stabilized, the daily melting volume in production rebounded to 9.1 tons, and the output stabilized [30]. Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 167.22 tons, of which the inventory of heavy soda ash was 85.71 tons, and the inventory was at a historical high in the same period [33]. Fundamental Analysis - Supply - Demand Balance Sheet - The supply - demand balance sheet from 2017 to 2024E showed that the supply and demand of soda ash fluctuated. In 2024E, the effective production capacity was 3930 tons, the output was 3650 tons, the apparent supply was 3536 tons, the total demand was 3379 tons, and the supply - demand difference was 157 tons [34]. Influencing Factors - **Positive factors**: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3]. - **Negative factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry output is at a historical high in the same period; the cold - repair of float glass, the downstream of heavy soda ash, is at a high level, the daily melting volume continues to decrease, and the demand for soda ash is weak; the escalation of Sino - US tariff conflicts may drag down the market due to macro - pessimistic sentiment [4].

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Views - The report highlights that inventory is continuously being released, leading to an upward trend in the polyester filament market. As of April 29, the average market price for POY was 6350 CNY/ton, an increase of 71.43 CNY/ton from the previous week. However, the average prices for FDY and DTY decreased by 7.14 CNY/ton and 8.57 CNY/ton, respectively [5][22][20] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 0.07% this week, with 261 out of 545 stocks in the chemical sector rising and 267 falling [18] - The CCPI (China Chemical Product Price Index) remained stable at 4024 points [21] Key Product Tracking - The operating rate of weaving machines in Jiangsu and Zhejiang decreased to 54%, down 5 percentage points from the previous week [23] - The average price of viscose staple fiber fell by 1.13% to 13150 CNY/ton due to increased low-priced supply and weak demand [26] - The pure soda market showed a steady upward trend, with light soda averaging 1329 CNY/ton and heavy soda at 1467 CNY/ton, reflecting a 0.76% and 0.34% increase, respectively [38] Industry News - Kuwait Petrochemical Company signed a joint venture agreement to acquire 25% of Wanhua Chemical's subsidiary for 638 million USD [6] Recommended and Beneficiary Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical. Beneficiary stocks include companies like Yuntianhua and Zhongjin Lingnan Nonfemet Company [7]

Core Viewpoint - The domestic soda ash market is experiencing a stable increase, with prices rising by 20-60 yuan/ton in certain regions, driven by maintenance activities and cautious purchasing behavior from downstream buyers [2][4]. Price Summary - In South China, light soda ash prices range from 1580 to 1670 yuan/ton, while heavy soda ash prices are between 1530 and 1700 yuan/ton [2]. - In Central China, light soda ash prices are at 1280-1390 yuan/ton, and heavy soda ash prices are at 1300-1450 yuan/ton [2]. - The overall market shows a price increase in South China, with a rise of 60 yuan/ton for light soda ash and 30 yuan/ton for heavy soda ash [1]. Market Dynamics - The industry operates at approximately 90% capacity, with some companies like Jiangsu Jingshen Chemical reducing output due to maintenance, while others like Tianjin Soda and Southern Soda are running at full capacity [2]. - The futures market for soda ash saw the main contract SA2509 open at 1375 yuan/ton and close at 1352 yuan/ton, reflecting a daily decline of 1.39% [3]. - The market is under pressure from upcoming delivery months and new production capacity in Lianyungang, leading to a generally weak market sentiment [3]. Future Outlook - The soda ash industry is expected to see a temporary decline in operating rates and production due to maintenance schedules, which may lead to a tightening supply and potential price increases [4]. - Continuous monitoring of major production facilities and inventory changes is recommended to assess the impact of maintenance on market dynamics [4].

| 然橡胶产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可【2011】1292号 寇帝斯 Z0021810 | 2025年4月30日 | | | | | | 现货价格及基差 | | | | | | | 品中 | 4月29日 | 4月28日 | 演讲 | 涨跌幅 | 单位 | | 云南国营全乳胶(SCRWF):上海 | 14550 | 14550 | 0 | 0.00% | | | 全乳基差(切换至2509合约) | -85 | -180 | વેર | 52.78% | 元/吨 | | 泰标混合胶报价 | 14200 | 14300 | -100 | -0.70% | | | 非标价差 | -435 | -430 | G5 | -1.16% | | | 杯胶:国际市场:FOB中间价 | 52.30 | 52.05 | 0.25 | 0.48% | 泰铢/公斤 | | 胶水:国际市场:FOB中间价 | 58.25 | 58.00 | 0.25 | 0.43% | | | 天然橡胶:胶块:西双版纳州 | 12800 | ...

Report Overview - The report focuses on the soda ash market, analyzing its fundamentals, price trends, and influencing factors to provide insights for investment decisions [2] 1. Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The soda ash market has a supply-demand imbalance with strong supply and weak demand, and is expected to fluctuate weakly in the short term [2] 3. Summary by Directory Soda Ash Futures Market - The closing price of the main contract on the day was 1376 yuan/ton, the low-end price of heavy soda ash in Hebei Shahe was 1345 yuan/ton, and the main basis was -31 yuan/ton, with a change of 0.88%, 1.13%, and -8.82% respectively compared to the previous value [6] Soda Ash Spot Market - The low-end price of heavy soda ash in Hebei Shahe was 1345 yuan/ton, an increase of 15 yuan/ton from the previous day [12] - The profit of the heavy soda ash combined alkali method in East China was 175.50 yuan/ton, and the profit of the heavy soda ash ammonia-alkali method in North China was -62.50 yuan/ton, both at historically low levels [15] - The weekly industry operating rate of soda ash was 89.44%, showing a stable recovery [18] - The weekly output of soda ash was 75.71 tons, with heavy soda ash at 41.55 tons, a decline from the historical high [20] - From 2023 to 2025, there were significant new production capacity plans for soda ash, with a total planned new capacity of 1570 tons and an actual production of 60 tons in 2025 [21] Fundamental Analysis - Demand - The weekly sales rate of soda ash was 102.69% [24] - The daily melting volume of float glass nationwide was 15.78 tons, and the operating rate continued to decline at 75.85%, resulting in weak demand for soda ash [27] - The price of photovoltaic glass stabilized, the daily melting volume in production increased to 9.1 tons, and production showed signs of stabilization [30] Fundamental Analysis - Inventory - The total inventory of domestic soda ash manufacturers was 169.10 tons, including 84.05 tons of heavy soda ash, which was at a historically high level [33] Fundamental Analysis - Supply-Demand Balance Sheet - The report presented the supply-demand balance sheet of soda ash from 2017 to 2024E, showing changes in effective capacity, production, operating rate, imports, exports, apparent supply, total demand, and supply-demand differences over the years [34] Influencing Factors - Positive factors: The production capacity of downstream photovoltaic glass has increased, boosting the demand for soda ash [3] - Negative factors: Since 2023, the production capacity of soda ash has expanded significantly, there are still large production plans this year, and the industry output is at a historically high level; the cold repair of float glass downstream of heavy soda ash is at a high level, the daily melting volume continues to decrease, and the demand for soda ash is weak; the escalation of Sino-US tariff conflicts may drag down the market due to macro pessimistic sentiment [4] Main Logic - The supply of soda ash has declined from a high level, the improvement in terminal demand is limited, and although the inventory has continued to decline, it is still at a high level in the same period. The supply-demand mismatch pattern in the industry has not been effectively improved [5]

金十数据整理：每日期货市场要闻速递（4月30日） 6. 俄铝副总裁叶莲娜·别兹杰涅日内赫在接受俄媒《生意人报》采访时表示，受制于高企的氧化铝价格 和外部制裁压力，俄铝自2024年底起已启动产能优化措施，整体铝产量削减了10%。此次减产在西伯利 亚等地的各工厂均匀进行，但并未关闭任何工厂或完全停产。 7. 远兴能源回复称，公司根据各企业纯碱产品的产量、库存及市场情况有序安排接单，产品价格随行就 市。随着阿拉善天然碱项目一期的投产，产能逐步释放，公司主营产品纯碱、小苏打的市场份额稳中有 升。 1. 中钢协数据显示，按照焦煤长协煤钢联动方案数据测算，2025年4月焦煤长协煤钢联动浮动值环比3月 下降25元/吨，跌幅1.89%。 2. Mysteel卫星数据显示，2024年4月21日-4月27日期间，澳大利亚、巴西七个主要港口铁矿石库存总量 1258.8万吨，环比上升40.0万吨，库存小幅累库，目前库存绝对量略高于年初以来的平均水平。 3. 农业农村部办公厅印发《养殖业节粮行动实施方案》的通知。其中提到，力争到2030年，全国养殖业 消耗的饲料中粮食用量占比降至60%左右，其中，豆粕用量占比降至10%左右。持续调整优 ...

Core Viewpoint - The company, Zhongyan Chemical, is actively pursuing strategic partnerships and investments to enhance its market position and operational efficiency, particularly in the natural soda ash sector, while also engaging in share repurchase programs to support shareholder value [5][6][7]. Financial Data - The first quarter financial report for 2025 has not been audited, and the company has confirmed the accuracy and completeness of the financial information presented [3][10]. - The company reported a pure soda ash production capacity of 3.9 million tons per year, positioning it as the third-largest producer in China [6]. Shareholder Information - The company plans to establish a joint venture with China National Petroleum Corporation (CNPC) to explore and develop natural soda resources, with a registered capital of 40 million yuan, where CNPC will hold a 51% stake and Zhongyan Chemical will hold 49% [6][7]. - As of the report date, the company has repurchased 6.6136 million shares, representing 0.4494% of the total share capital, with a total expenditure of approximately 50 million yuan [8]. Corporate Governance - The board of directors and supervisory board have confirmed the integrity of the quarterly report, ensuring compliance with relevant laws and regulations [2][26]. - The company is set to hold its second extraordinary general meeting of 2025 on May 14, 2025, to discuss various proposals, including amendments to the company’s articles of association [20][33]. Social Responsibility - The company has committed to a total of 2.74 million yuan for public welfare donations and agricultural product procurement to support designated assistance efforts, reflecting its commitment to social responsibility [16][17].

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2025-4-29 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：纯碱检修陆续复产，开工率回升，供给抬升；下游浮法和光伏玻璃日熔量走稳，终 端需求一般，纯碱厂库下滑但仍处于历史高位；偏空 2、基差：河北沙河重质纯碱现货价1330元/吨，SA2509收盘价为1364元/吨，基差为-34元，期货 升水现货；偏空 3、库存：全国纯碱厂内库存169.10万吨，较前一周减少1.19%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空增；偏空 6、预期：纯碱基本面供强需弱，短期预计震荡运行为主。 影响因素总结 利多： 1、下游光伏玻璃产能有所提升，提振纯碱需求。 利空： 1、23年以来，纯碱产能大幅 ...

行业 纯碱、玻璃日报 日期 2024 年 4 月 29 日 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 期货从业资格号：F03134307 fengzeren@ccb.ccbfutures.com 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（尿素、工业 研究员：彭婧霖（聚 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Steel: The static fundamentals of steel are good, with strong export demand for steel and billets. Despite high supply and good profits for steel mills, inventory depletion is smooth. With the approaching May Day holiday, downstream replenishment demand provides significant short - term support for steel prices. Rumors of 5000 - million - ton crude steel production cuts have strengthened the upward price expectation, but the impact is hard to predict. Production cuts may change the strength relationship between steel and raw materials, but may not drive a significant increase in steel prices [3]. - Iron Ore: The iron ore market maintains a situation of strong current reality and weak future expectations until mid - May. Although demand is strong, the market is trading on weak future expectations, especially the possible sharp decline in orders in mid - May [21]. - Coal and Coke: Affected by the news of crude steel production cuts, the profit of steel mills on the futures market has expanded rapidly. In the short term, the supply and demand of coal and coke are both strong, and prices have some support at the bottom. In the long term, if the production - cut policy is not implemented immediately, a new round of negative feedback may occur in the black market after the real demand weakens in late May [37]. - Ferroalloys: The fundamentals of ferroalloys continue the trend of pricing based on production cuts. Although the pressure of high supply has eased, the supply is still in excess compared to weak downstream demand, and high - inventory pressure remains [56]. - Soda Ash: Starting from May, expected maintenance will increase supply disturbances. The market is in a long - term oversupply situation with high inventory. Although the rigid demand has slightly improved, the photovoltaic industry may return to an oversupply situation. The decline in soda ash prices is driven by inventory accumulation and price - cutting actions of alkali plants, and supply disturbances may increase market volatility [71][72]. - Glass: Driven by weak demand and pessimistic expectations, along with high inventory pressure in the mid - and upstream, glass prices have dropped significantly. In the future, glass will continue to face oversupply pressure. Variables to consider include the postponement of ignition and new cold - repairs, as well as the improvement of demand. Short - term price fluctuations may increase [96]. 3. Summaries by Relevant Catalogs Steel - **Futures Prices**: On April 28, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3157, 3060, and 3129 respectively; the closing prices of hot - rolled coil 01, 05, and 10 contracts were 3258, 3209, and 3237 respectively [4]. - **Spot Prices**: On April 28, 2025, the aggregated rebar price in China was 3374 yuan/ton, and the aggregated hot - rolled coil price in Shanghai was 3280 yuan/ton [8]. - **Basis and Spread**: On April 28, 2025, the 01 rebar basis in Shanghai was 83 yuan/ton, and the 01 hot - rolled coil basis in Shanghai was 22 yuan/ton. The 01 roll - rebar spread was 101 yuan/ton [8][15]. Iron Ore - **Futures Prices**: On April 28, 2025, the closing prices of 01, 05, and 09 contracts were 684, 763, and 710.5 respectively [22]. - **Spot Prices**: On April 28, 2025, the price of Rizhao PB powder was 763 yuan/ton [22]. - **Fundamentals**: As of April 25, 2025, the daily average pig iron output was 244.35 million tons, and the 45 - port inventory was 14261 million tons [31]. Coal and Coke - **Futures Prices**: On April 25, 2025, the coking coal warehouse - receipt cost (Tangshan Meng 5) was 983 yuan/ton, and the coke warehouse - receipt cost (Rizhao Port) was 1487 yuan/ton [38]. - **Spot Prices**: On April 28, 2025, the ex - factory price of Anze low - sulfur main coking coal was 1300 yuan/ton, and the ex - warehouse price of Rizhao quasi - first - grade coke was 1350 yuan/ton [38]. - **Profit and Ratio**: On April 25, 2025, the on - disk coking profit was 108 yuan/ton, and the main ore - coke ratio was 0.453 [38]. Ferroalloys - **Silicon Iron**: On April 28, 2025, the silicon iron basis in Ningxia was 260 yuan/ton, and the silicon iron spot price in Ningxia was 5650 yuan/ton [59]. - **Silicon Manganese**: On April 28, 2025, the silicon manganese basis in Inner Mongolia was 254 yuan/ton, and the silicon manganese spot price in Inner Mongolia was 5680 yuan/ton [59]. Soda Ash - **Futures Prices**: On April 28, 2025, the closing prices of soda ash 05, 09, and 01 contracts were 1319, 1364, and 1368 respectively [73]. - **Spot Prices**: On April 28, 2025, the market price of heavy soda ash in North China was 1500 yuan/ton [74]. - **Market Situation**: Starting from May, expected maintenance will increase supply disturbances. The market is in long - term oversupply with high inventory, and demand has slightly improved [71]. Glass - **Futures Prices**: On April 28, 2025, the closing prices of glass 05, 09, and 01 contracts were 1078, 1122, and 1172 respectively [97]. - **Spot Prices**: On April 28, 2025, the 05 - contract basis in Shahe was 158 yuan/ton [97]. - **Market Situation**: Driven by weak demand and high inventory, glass prices have dropped significantly. Future prices depend on ignition postponement, new cold - repairs, and demand improvement [96].