Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The cease - fire between Israel and Iran led to the dissipation of geopolitical premiums in the energy and chemical sectors. The markets returned to the mid - term supply - demand logic, presenting opportunities for short positions. Whether to enter the market depends on individual risk tolerance [3][5]. 3. Summary by Variety (1) Crude Oil - **Logic**: After the cease - fire, geopolitical premiums were squeezed out, and the market returned to the mid - term oversupply supply - demand logic [5]. - **Technical Analysis**: Mid - term oscillatory structure on the daily level, short - term downward structure on the hourly level. There was a sharp decline and a short - term break in the trend today. - **Strategy**: There was an opportunity to enter short positions when the price broke through in the early morning with Iran's symbolic attack. The stop - loss was set at the 572 level [5]. (2) Styrene (EB) - **Logic**: The operating rate of styrene increased rapidly to 79%, with ample supply, weak downstream demand, and a possible shift to inventory accumulation. It was still easily affected by large fluctuations in crude oil prices [8]. - **Technical Analysis**: Short - term downward structure on the hourly level, with a break in the trend today. - **Strategy**: There were opportunities to enter short positions when the price broke through last night or when the cease - fire was announced this morning [8]. (3) Rubber - **Logic**: In May, the export volume of Thai mixed rubber increased significantly year - on - year, and the supply increase expectation was gradually realized. Tire operating rates declined, inventories were high, and downstream demand expectations remained pessimistic [11]. - **Technical Analysis**: Mid - term downward structure on the daily level, short - term downward structure on the hourly level. There was an increase in trading volume and a decline today, returning to the downward structure. - **Strategy**: Hold short positions, with a stop - loss reference of 14000 [11]. (4) Synthetic Rubber (BR) - **Logic**: The fundamental situation was one of high supply, weak demand, and large inventory pressure. Raw material butadiene would still be under pressure, and demand was extremely weak. It was easily affected by large fluctuations in crude oil prices [15]. - **Technical Analysis**: Mid - term and short - term downward structures on the daily and hourly levels respectively, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [15]. (5) PX - **Logic**: Supported by downstream demand, PX continued to reduce inventory, with a short - term strong fundamental situation. It was more affected by crude oil price fluctuations recently [19]. - **Technical Analysis**: Short - term downward structure on the hourly level, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [19]. (6) PTA - **Logic**: Previously shut - down PTA units were gradually restarting, polyester demand was weak, and the fundamental situation had weakened. It was more easily affected by crude oil price fluctuations in the short term [20]. - **Technical Analysis**: Short - term downward structure on the hourly level, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [20]. (7) PP - **Logic**: The operating rate of PP units increased, supply was under pressure, and terminal demand was weak. The supply expectations of raw materials methanol and propane were affected by the Israel - Iran conflict [22]. - **Technical Analysis**: Short - term downward structure on the hourly level, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [22]. (8) Methanol - **Logic**: Iranian methanol units stopped operating, increasing supply - side disturbances. Attention was needed on whether this would have a significant impact on future imports [26]. - **Technical Analysis**: Mid - term downward structure on the daily level, short - term downward structure on the hourly level, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [26]. (9) PVC - **Logic**: Maintenance volume gradually decreased, PVC supply increased, and terminal demand was insufficient. The impact of the Israel - Iran conflict on PVC was relatively weak [28]. - **Technical Analysis**: Mid - term downward structure on the daily level, short - term upward structure may have ended. It broke through key support today, and the short - term trend may have reversed. - **Strategy**: Wait for a rebound and then enter short positions according to technical signals rather than directly entering the market [28]. (10) Ethylene Glycol (EG) - **Logic**: Supply - side maintenance units would gradually resume operation, polyester operating rates declined, and the short - term fundamental situation weakened. It was easily affected by the geopolitical situation [30]. - **Technical Analysis**: Mid - term and short - term downward structures on the daily and hourly levels respectively, with a break in the trend today. - **Strategy**: Try short positions after the cease - fire was announced this morning [30]. (11) Plastic - **Logic**: There was pressure from large - scale unit production in the mid - term, with a large expected increase in supply. It was easily affected by large fluctuations in oil prices in the short term [34]. - **Technical Analysis**: Mid - term downward structure on the daily level, the hourly - level upward structure was under test. There was a significant decline today, testing short - term support, but it had not broken through technically. - **Strategy**: Try short positions after the cease - fire was announced this morning [34].

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Views - The Shanghai rubber futures contract 2509 showed a trend of shrinking volume, increasing positions, weakening in a volatile manner, and a slight decline. With the full - scale tapping in Southeast Asian and domestic natural rubber producing areas, the consultation on zero - tariff for natural rubber imports between China and Thailand, and the decline in domestic downstream tire production, it is expected to maintain a weakening trend in a volatile manner [6]. - The domestic methanol futures contract 2509 showed a trend of increasing volume, reducing positions, weakening in a volatile manner, and a significant decline. Due to the temporary cease - fire agreement between Iran and Israel, the geopolitical risk in the Middle East subsided, and the premium of energy - chemical commodities was reversed. It is expected to maintain a weakening trend in a volatile manner [6]. - The domestic crude oil futures contract 2508 showed a trend of increasing volume, reducing positions, declining weakly, and a significant decline. With the temporary cease - fire agreement between Iran and Israel and the subsiding of geopolitical risk in the Middle East, the premium of energy - chemical commodities was reversed. Under the suppression of bearish sentiment, it is expected that the prices of domestic and international crude oil futures will maintain a weakening trend in a volatile manner [7]. Summary by Relevant Catalogs 1. Industry Dynamics Rubber - As of June 22, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 617,300 tons, a week - on - week increase of 10,300 tons or 1.70%. The bonded area inventory decreased by 3.34% to 81,200 tons, and the general trade inventory increased by 2.51% to 536,100 tons. The inbound rate of bonded warehouses decreased by 1.64 percentage points, and the outbound rate decreased by 0.49 percentage points. The inbound rate of general trade warehouses increased by 0.43 percentage points, and the outbound rate decreased by 1.52 percentage points [9]. - As of June 20, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 61.39%, a week - on - week increase of 2.69 percentage points and a year - on - year increase of 3.19 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 71.54%, a week - on - week increase of 1.56 percentage points and a year - on - year significant decline of 7.56 percentage points [9]. - In May 2025, the inventory warning index of Chinese automobile dealers was 52.7%, a year - on - year decrease of 5.5 percentage points and a month - on - month decrease of 7.1 percentage points. The index was above the boom - bust line, indicating an improvement in the automobile circulation industry [9]. - In May 2025, China's automobile production and sales were 2.649 million and 2.686 million vehicles respectively, a month - on - month increase of 1.1% and 3.7% and a year - on - year increase of 11.6% and 11.2%. From January to May 2025, China's automobile production and sales were 12.826 million and 12.748 million vehicles respectively, a year - on - year increase of 12.7% and 10.9% [10]. - In May 2025, the heavy - truck market in China sold about 83,000 vehicles, a month - on - month decrease of 5% and a year - on - year increase of about 6%. From January to May 2025, the cumulative sales of the heavy - truck market in China were about 435,500 vehicles, a year - on - year slight increase of about 1% [10]. Methanol - As of the week ending June 20, 2025, the average domestic methanol operating rate was 83.82%, a week - on - week increase of 1.65%, a month - on - month increase of 1.58%, and a significant year - on - year increase of 7.23%. The average weekly methanol output in China reached 1.9979 million tons, a week - on - week increase of 15,200 tons, a month - on - month increase of 36,400 tons, and a significant year - on - year increase of 293,600 tons [11]. - As of the week ending June 20, 2025, the domestic formaldehyde operating rate was 29.88%, a week - on - week slight increase of 0.11%. The dimethyl ether operating rate was 7.53%, a week - on - week increase of 3.19%. The acetic acid operating rate was 91.42%, a week - on - week significant decrease of 7.39%. The MTBE operating rate was 48.27%, a week - on - week decrease of 1.06%. The average operating load of domestic coal (methanol) to olefin plants was 79.76%, a week - on - week slight decrease of 0.30 percentage points and a month - on - month increase of 1.67% [11]. - As of June 20, 2025, the domestic methanol - to - olefin futures margin was - 317 yuan/ton, a week - on - week significant decrease of 239 yuan/ton and a month - on - month significant decline of 596 yuan/ton [11]. - As of the week ending June 20, 2025, the methanol inventory in ports in East and South China was 449,500 tons, a week - on - week significant decrease of 64,500 tons, a month - on - month increase of 55,700 tons, and a significant year - on - year decrease of 72,600 tons. The inventory in East China ports was 309,200 tons, a week - on - week decrease of 27,100 tons, and the inventory in South China ports was 140,300 tons, a week - on - week decrease of 37,400 tons. As of the week ending June 19, 2025, the total inland methanol inventory in China was 367,400 tons, a week - on - week decrease of 11,700 tons, a month - on - month increase of 31,300 tons, and a year - on - year decrease of 59,900 tons [12][13] Crude Oil - As of the week ending June 13, 2025, the number of active oil drilling rigs in the United States was 439, a week - on - week decrease of 3 and a year - on - year decrease of 49. The average daily crude oil production in the United States was 13.431 million barrels, a week - on - week slight increase of 300,000 barrels per day and a year - on - year increase of 2.31 million barrels per day [13]. - As of the week ending June 13, 2025, the commercial crude oil inventory in the United States (excluding strategic petroleum reserves) was 421 million barrels, a week - on - week significant decrease of 11.473 million barrels and a year - on - year significant decrease of 36.61 million barrels. The crude oil inventory in Cushing, Oklahoma was 22.688 million barrels, a week - on - week decrease of 995,000 barrels. The Strategic Petroleum Reserve (SPR) inventory was 402 million barrels, a week - on - week increase of 230,000 barrels. The refinery operating rate in the United States was 93.2%, a week - on - week decrease of 1.1 percentage points, a month - on - month increase of 2.5 percentage points, and a year - on - year decrease of 1.30 percentage points [14]. - Since June 2025, international crude oil futures prices have shown a trend of stabilizing in a volatile manner, and the bullish force in the market has increased. As of June 17, 2025, the average non - commercial net long positions in WTI crude oil were 191,941 contracts, a week - on - week significant increase of 23,984 contracts and a significant increase of 13,730 contracts or 7.70% compared with the May average of 178,211 contracts. As of June 17, 2025, the average net long positions of Brent crude oil futures funds were 216,664 contracts, a week - on - week significant increase of 34,224 contracts and a significant increase of 81,129 contracts or 59.86% compared with the May average of 135,535 contracts [15] 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | |--|--|--|--|--|--|--| | Shanghai Rubber | 13,850 yuan/ton | +50 yuan/ton | 13,665 yuan/ton | - 285 yuan/ton | 185 yuan/ton | +335 yuan/ton | | Methanol | 2,665 yuan/ton | - 87 yuan/ton | 2,379 yuan/ton | - 125 yuan/ton | 286 yuan/ton | +38 yuan/ton | | Crude Oil | 531.4 yuan/barrel | - 0.4 yuan/barrel | 518.6 yuan/barrel | - 55.9 yuan/barrel | +12.8 yuan/barrel | +55.5 yuan/barrel | [17] 3. Relevant Charts - Rubber: The report provides charts including rubber basis, rubber 9 - 1 spread, rubber inventory in Qingdao Free Trade Zone, rubber futures inventory on the Shanghai Futures Exchange, full - steel tire operating rate trend, and semi - steel tire operating rate trend [18][20][22] - Methanol: The report provides charts including methanol basis, methanol 9 - 1 spread, methanol inventory in domestic ports, methanol inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [31][33][35] - Crude Oil: The report provides charts including crude oil basis, crude oil futures inventory on the Shanghai Futures Exchange, US commercial crude oil inventory, US refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [44][46][48]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The e-commerce sales during the "618" shopping festival saw a significant increase, with total online retail sales reaching nearly 2 trillion yuan, a year-on-year growth of approximately 9.8% [4][5] - The "old-for-new" subsidy program is expected to see a decline in funding in certain regions, with central government funds being allocated in the third and fourth quarters [6] - South Korea's exports rebounded significantly in the first 20 days of June, with a year-on-year growth of 8.3%, driven mainly by semiconductor exports [9] - The real estate market shows weak performance in both new and second-hand housing transactions, with second-hand housing sales becoming the dominant force [11] - Rising tensions in the Middle East have led to a continuous increase in crude oil prices, reaching $78.9 per barrel, a 24.5% increase since the end of May [14] Summary by Sections E-commerce Growth - The "618" shopping festival in 2025 began on May 13, one week earlier than in 2024, leading to a notable increase in sales driven by government subsidies [4] - Total e-commerce sales during the event reached 855.6 billion yuan, a 15.2% increase year-on-year, with significant growth in categories like home appliances and 3C digital products [5] Old-for-New Subsidy Program - The central government plans to allocate approximately 138 billion yuan for the "old-for-new" program in the second half of the year, with an average monthly usage of around 23 billion yuan [6] South Korea's Export Performance - South Korea's exports in June showed a strong recovery, particularly in semiconductors, which accounted for 22.9% of total exports [9] - Exports to the EU increased by 23.5%, while exports to China saw a slight decline of 1.0% [10] Real Estate Market Trends - The transaction volume for new and second-hand homes remains weak, with second-hand homes accounting for 58.2% of sales in major cities [11] - The average weekly transaction area for new homes in major cities was 300,000 square meters, reflecting a year-on-year decline of 1.5% [11] Crude Oil Price Trends - Crude oil prices have risen significantly due to geopolitical tensions, with a direct impact on domestic inflation indicators [14]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-06-24 地缘政治驱动油价⾛向，化⼯格局偏震 荡 美国总统周一表态，希望维持低油价，并要求美国能源生产商在美军 袭击伊朗后压低油价，原油价格因此回落。同时美国表示彻底摧毁了伊朗 的核基础设施，这一点可能也达到了美国的目的。与此同时，以色列战机 继续对伊朗的导弹系统、空军基地及福尔多核设施发动空袭。船舶跟踪数 据显示，周日有44艘油轮霍尔木兹海峡，这符合本月初以来的正常水平。 地缘政治动向决定油价波动，当前格局仍有不确定性。 板块逻辑： 油品和油化工相对于原油的估值已经出现了连续三周的压缩，假设原 油不会快速趋势走弱，化工品的格局相对原油将略略偏强，诸多品种的利 润在原油的上涨中大幅压缩，短期继续加工化工相当于在做空油价。另一 方面化工品的下游及终端对当前的高价格仍难以跟随，化工自身的上行空 间也有限。未来很可能是油价小幅调整，化工延续震荡的格局。 原油：地缘担忧缓解，油价重回弱势 LPG：地缘风险仍存，成本端支撑PG盘面 沥青：等待地缘降温，沥青期价震荡 高硫燃油：等待地缘降温，燃油期价震荡 低硫燃油：低硫燃油期价跟随 ...

Report Industry Investment Ratings - Not provided in the given content Core Views - The index of the stock index sector has stable support below and needs a driver to break through above. The A - share market opened lower and rebounded, showing a phased stabilization. The international situation is changeable in the short - term, and the index will mainly fluctuate within a range. The bond market may be affected by the central bank's bond - buying situation at the end of the month. Precious metals are affected by factors such as the Middle - East geopolitical situation and the Fed's monetary expectations, with gold and silver prices fluctuating in certain ranges. Various industrial and agricultural products are affected by factors such as supply and demand, geopolitical risks, and seasonal factors, showing different price trends and market outlooks [2] Summary by Related Catalogs Stock Index - The index has stable lower support and needs a driver for upward breakthrough. A - shares opened lower and rebounded, showing phased stabilization. It is recommended to try to buy the deeply - discounted 09 contract of the CSI 1000 on dips and sell the 09 call option around 6300 to form a covered combination [2] Treasury Bonds - Pay attention to the central bank's bond - buying situation at the end of the month. If bond - buying restarts, the 10 - year Treasury bond interest rate may break through 1.6%. Otherwise, the bond market may face phased callback pressure. In the unilateral strategy, appropriate long positions can be configured on adjustments for Treasury bond futures. In the cash - and - carry strategy, pay attention to the positive - carry strategy of the TS2509 contract [2] Precious Metals - Short - term news affects gold prices to fluctuate widely between $3300 - $3400. It is recommended to continue selling out - of - the - money call options. Silver prices are fluctuating in the range of $35.5 - $37. Try the double - selling strategy of out - of - the - money options for Shanghai silver [2] Shipping Index (European Line) - Low airline quotes drive the EC futures to fall. The 08 main contract fluctuates narrowly between 1900 - 2200. Unilateral operations should be on the sidelines for now. Pay attention to the long - materials and short - raw - materials arbitrage operation [2] Steel - Industrial material demand and inventory are deteriorating. Pay attention to the decline in apparent demand. For the iron ore market, iron - making water remains at a high level, and terminal demand shows resilience. Try short - selling on rebounds, with the upper pressure level around 720. For coking coal, the market auction non - successful bid rate has decreased, coal mine production has declined from the high level, and spot prices are weakly stable. Consider going long on coking coal at low prices or long coking coal and short coke. For coke, the fourth round of price cuts by mainstream steel mills on June 23 has been implemented, and the price is close to the phased bottom. Consider long coking coal and short coke [2] Non - ferrous Metals - Copper, aluminum, zinc, nickel, stainless steel, and other non - ferrous metals show different price trends and market characteristics. For example, copper has a narrow - range fluctuation in the main contract, and it is recommended to pay attention to the supply - side recovery rhythm and adopt a high - selling strategy for tin based on inventory and import data inflection points [2] Energy - For crude oil, geopolitical risks are still uncertain in the short - term, and fundamental factors need to be considered in the long - term. Unilateral operations should wait for the situation to become clearer. For urea, short - term demand cannot support high prices, and pay attention to agricultural demand and export conditions in July. For PX and PTA, they may be dragged down by the fall in oil prices due to the decline in geopolitical premiums [2] Chemicals - Different chemical products have different market outlooks. For example, short - fiber has an expected repair of processing fees under the expectation of factory production cuts. Bottle - chip is in the demand peak season, with an expected production cut and processing fees bottoming out [2] Agricultural Products - Different agricultural products such as soybeans, corn, palm oil, cotton, and eggs show different price trends and market characteristics. For example, soybeans follow the decline of US soybeans, and pay attention to subsequent weather - related speculation. Pig prices have rebounded due to hoarding and second - fattening, and the market sentiment is strong [2] Special Commodities - For soda ash, the surplus logic continues, and maintain a high - selling strategy on rebounds. For glass, the spot market's goods - moving situation has improved, and the short - term futures price has support [2] New Energy - For polysilicon, supply has increased, and the futures price has fallen with increased positions. For lithium carbonate, the futures price remains weak, and the fundamental pressure continues [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly as sellers and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary According to Related Catalogs 3.1 Futures Market Overview - **Crude Oil**: The latest price of SC2508 is 538, down 32 (-5.65%), with a trading volume of 42.27 million lots (-3.28 million lots) and an open interest of 4.37 million lots (+0.24 million lots) [4]. - **Liquefied Petroleum Gas (LPG)**: The latest price of PG2508 is 4,445, down 83 (-1.83%), with a trading volume of 10.36 million lots (+1.97 million lots) and an open interest of 7.67 million lots (+0.31 million lots) [4]. - **Methanol**: The latest price of MA2509 is 2,469, down 43 (-1.71%), with a trading volume of 249.70 million lots (+49.39 million lots) and an open interest of 99.35 million lots (+10.88 million lots) [4]. - **Ethylene Glycol**: The latest price of EG2509 is 4,454, down 50 (-1.11%), with a trading volume of 30.28 million lots (+1.85 million lots) and an open interest of 29.92 million lots (-0.64 million lots) [4]. - **Polypropylene**: The latest price of PP2509 is 7,242, up 5 (0.07%), with a trading volume of 38.71 million lots (+1.15 million lots) and an open interest of 48.85 million lots (-0.64 million lots) [4]. - **Polyvinyl Chloride**: The latest price of V2509 is 4,895, down 12 (-0.24%), with a trading volume of 99.22 million lots (-6.39 million lots) and an open interest of 96.92 million lots (+1.61 million lots) [4]. - **Plastic**: The latest price of L2509 is 7,428, up 6 (0.08%), with a trading volume of 42.18 million lots (+0.76 million lots) and an open interest of 47.73 million lots (-0.72 million lots) [4]. - **Styrene**: The latest price of EB2508 is 7,486, down 109 (-1.44%), with a trading volume of 32.35 million lots (+6.79 million lots) and an open interest of 24.62 million lots (+2.03 million lots) [4]. - **Rubber**: The latest price of RU2509 is 13,835, down 50 (-0.36%), with a trading volume of 42.59 million lots (+3.64 million lots) and an open interest of 15.64 million lots (+0.10 million lots) [4]. - **Synthetic Rubber**: The latest price of BR2508 is 11,440, down 25 (-0.22%), with a trading volume of 8.14 million lots (+0.08 million lots) and an open interest of 5.82 million lots (-0.04 million lots) [4]. - **Para - xylene**: The latest price of PX2509 is 7,076, down 8 (-0.11%), with a trading volume of 34.96 million lots (-10.63 million lots) and an open interest of 13.80 million lots (+0.16 million lots) [4]. - **Purified Terephthalic Acid (PTA)**: The latest price of TA2509 is 4,986, up 2 (0.04%), with a trading volume of 144.17 million lots (-23.43 million lots) and an open interest of 129.15 million lots (+0.77 million lots) [4]. - **Short - fiber**: The latest price of PF2508 is 6,796, down 12 (-0.18%), with a trading volume of 17.87 million lots (-3.13 million lots) and an open interest of 14.70 million lots (-0.95 million lots) [4]. - **Bottle Chip**: The latest price of PR2508 is 6,232, down 10 (-0.16%), with a trading volume of 1.32 million lots (-0.60 million lots) and an open interest of 1.63 million lots (-0.08 million lots) [4]. - **Caustic Soda**: The latest price of SH2508 is 2,276, up 20 (0.89%), with a trading volume of 2.32 million lots (-0.65 million lots) and an open interest of 2.56 million lots (+0.05 million lots) [4]. - **Soda Ash**: The latest price of SA2509 is 1,170, up 2 (0.17%), with a trading volume of 105.53 million lots (-40.92 million lots) and an open interest of 148.48 million lots (+1.67 million lots) [4]. - **Urea**: The latest price of UR2509 is 1,711, down 35 (-2.00%), with a trading volume of 26.97 million lots (-13.60 million lots) and an open interest of 23.32 million lots (+0.77 million lots) [4]. 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties have different volume and open interest PCR values and their changes, which can be used to describe the strength of the option underlying market and the turning point of the market [5]. 3.3 Option Factors - Pressure and Support Levels - Each option variety has corresponding pressure and support levels determined from the strike prices of the maximum open interest of call and put options [6]. 3.4 Option Factors - Implied Volatility - Different option varieties have different implied volatility values, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as the difference between implied and historical volatility [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: - **Fundamentals**: OPEC + plans to increase supply, and US shale oil production shows signs of recovery [8]. - **Market Analysis**: The price has fluctuated since May, with a significant decline at night [8]. - **Option Factors**: Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bullish power. The pressure level is 610, and the support level is 450 [8]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: - **Fundamentals**: Due to the Iran - Israel conflict, the energy sector is strong, and Iranian LPG exports may decrease [10]. - **Market Analysis**: After a decline since April, it rebounded in June and then fell back [10]. - **Option Factors**: Implied volatility fluctuates around a relatively high historical average, and the open interest PCR indicates a short - term bullish trend. The pressure level is 5100, and the support level is 4000 [10]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: - **Fundamentals**: Port and enterprise inventories are decreasing, and low - inventory de - stocking drives changes in basis and spreads [10]. - **Market Analysis**: After a long - term decline, it rebounded in June and then fell back [10]. - **Option Factors**: Implied volatility is at a relatively high historical average, and the open interest PCR indicates an increase in short - term bullish power. The pressure level is 2950, and the support level is 2200 [10]. - **Strategies**: Construct a short - bullish call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: - **Fundamentals**: Port inventory is decreasing, and the domestic maintenance season is ending [11]. - **Market Analysis**: It rebounded in May and then fluctuated in June [11]. - **Option Factors**: Implied volatility is rising and at a relatively high historical level, and the open interest PCR indicates a strong - side oscillation. The pressure level is 4500, and the support level is 4350 [11]. - **Strategies**: Construct a short - volatility strategy and a long + put + short - call option strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: - **Fundamentals**: Downstream开工率 is low, and inventories are accumulating [11]. - **Market Analysis**: It rebounded in June after a decline [11]. - **Option Factors**: Implied volatility fluctuates above the historical average, and the open interest PCR is falling below 1. The pressure level is 7500, and the support level is 6800 [11]. - **Strategies**: Construct a bull - spread call option strategy and a long + put + short - call option strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: - **Fundamentals**: Qingdao general trade inventory is slightly accumulating [12]. - **Market Analysis**: It has been in a weak oscillation, with a short - term rebound [12]. - **Option Factors**: Implied volatility fluctuates around the average, and the open interest PCR is below 0.6. The pressure level is 21000, and the support level is 13000 [12]. - **Strategies**: Construct a neutral short call + put option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA and related products**: - **Fundamentals**: PTA industry inventory is decreasing slightly [13]. - **Market Analysis**: It has been in a high - level oscillation and rebounded [13]. - **Option Factors**: Implied volatility is at a relatively high historical level, and the open interest PCR indicates a strengthening trend. The pressure level is 5000, and the support level is 3800 [13]. - **Strategies**: Construct a neutral short call + put option combination strategy [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: - **Fundamentals**: Chlor - alkali plant inventory is decreasing, but the future supply - demand pattern may weaken [14]. - **Market Analysis**: It has been in a downward trend since June [14]. - **Option Factors**: Implied volatility is decreasing, and the open interest PCR indicates a weak market. The pressure level is 2400, and the support level is 2040 [14]. - **Strategies**: Construct a bear - spread put option strategy, a short - bearish wide - straddle option combination strategy, and a covered spot hedging strategy [14]. - **Soda Ash**: - **Fundamentals**: Production and sales have improved slightly, but the market is still weak [14]. - **Market Analysis**: It has been in a downward trend and is oscillating at a low level [14]. - **Option Factors**: Implied volatility is rising but below the historical average, and the open interest PCR indicates a weak oscillation. The pressure level is 1300, and the support level is 1100 [14]. - **Strategies**: Construct a bear - spread put option strategy, a short - bearish call + put option combination strategy, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - **Fundamentals**: Domestic enterprise inventory is decreasing, and port inventory is increasing [15]. - **Market Analysis**: It rebounded in May and then declined in June [15]. - **Option Factors**: Implied volatility fluctuates below the historical average, and the open interest PCR indicates a strengthening trend. The pressure level is 1900, and the support level is 1700 [15]. - **Strategies**: Construct a neutral short call + put option combination strategy and a long + put + short - call option strategy for spot hedging [15].

Report Industry Investment Ratings No specific industry investment ratings are provided in the given reports. Core Views - The market is significantly affected by the Israel - Iran cease - fire news. Crude oil prices have dropped sharply as the geopolitical risk premium fades. Different energy and chemical products will gradually return to fundamental - driven pricing, with varying trends based on their supply - demand fundamentals [1][2]. - For most products, short - term market trends are influenced by geopolitical factors, and mid - to long - term trends are determined by supply - demand relationships, production capacity changes, and cost factors. Summary by Commodity Crude Oil - **Market Review**: WTI2508 closed at $68.51, down $5.33 (-7.22%); Brent2508 closed at $71.48, down $5.53 (-7.18%); SC2508 closed at 537.7 yuan/barrel after night trading [1]. - **Logic Analysis**: Market prices in response to the cooling of geopolitical conflicts. If geopolitical conflicts ease, crude oil will return to fundamental pricing, with short - term trading on third - quarter peak - season expectations and long - term trading on the contradiction of increased supply - demand surplus under OPEC+ continuous production increases. The expected trading range for Brent in the third quarter is $60 - 72 per barrel [2]. - **Trading Strategy**: Short - term volatility, with Brent trading in the range of $66 - 72 per barrel. Pay attention to the certainty of the Middle - East cease - fire [2]. Asphalt - **Market Review**: BU2509 closed at 3737 points (-1.16%) at night; BU2512 closed at 3574 points (-1.27%) at night. Spot prices in different regions showed an upward trend [3]. - **Logic Analysis**: After the sharp drop in oil prices, the upward cost - driven factor for asphalt disappeared. The short - term supply - demand situation is weak, and inventory is lower than the same period. The price of the BU main contract is expected to range from 3600 to 3750 [5]. - **Trading Strategy**: Weak and volatile. The spread between asphalt and crude oil will rebound [5]. Liquefied Petroleum Gas (LPG) - **Market Review**: PG2507 closed at 4538 (-0.42%) at night; PG2508 closed at 4522 (-0.18%) at night. Spot prices in different regions showed different trends [5]. - **Logic Analysis**: With the decline in oil prices, the supply of LPG decreased slightly last week, and the international shipping volume decreased. The combustion - end demand is expected to be weak, while the chemical - sector demand is expected to increase. Overall, the fundamentals are relatively loose, and the price is expected to decline [8]. - **Trading Strategy**: The price of LPG is expected to be weak [8]. Fuel Oil - **Market Review**: FU09 closed at 3341 (-0.83%) at night; LU08 closed at 3988 (-0.05%) at night. Singapore paper - cargo spreads changed [8]. - **Logic Analysis**: High - sulfur fuel oil trading remains active, with high - sulfur cracking supported by geopolitical factors and peak - season power - generation demand. Low - sulfur fuel oil supply is increasing, but downstream demand is weak. The price of high - sulfur fuel oil is expected to be supported, while low - sulfur fuel oil needs to be observed for further trends [10][11]. - **Trading Strategy**: Wait - and - see for single - side trading. Consider taking profit on the positive spread of FU9 - 1 [11]. Natural Gas - **Logic Analysis**: US natural gas inventory accumulation was lower than expected. Production increased slightly, demand was at a historical high, and LNG export volume was 14.2 bcf/d. European natural gas prices decreased due to the cease - fire news. The price of natural gas is expected to rise [11][13]. - **Trading Strategy**: Go long on HH at dips and be bullish on TTF [13]. PX - **Market Review**: PX2509 closed at 7076 (-0.70%) at night. Spot prices increased, and PXN was $264/ton, up $8/ton [13][14]. - **Logic Analysis**: Many PX plants have maintenance plans or production cuts, and the Asian PX operating rate has declined recently, resulting in tight supply. The price is expected to fluctuate widely in the short term [14]. - **Trading Strategy**: Wide - range fluctuations. Long PX and short PTA for spreads [14][15]. PTA - **Market Review**: TA509 closed at 4986 (-0.52%) at night. Spot prices and basis changed [15]. - **Logic Analysis**: Some PTA plants have reduced production or shut down, and the operating rate has decreased. Downstream polyester operating rate has increased, but profits have been compressed. The price is expected to fluctuate widely in the short term [15]. - **Trading Strategy**: Wide - range fluctuations. Long PX and short PTA for spreads [15][16]. Ethylene Glycol - **Market Review**: EG2509 closed at 4454 (-1.04%) at night. Spot basis and prices changed [16][17]. - **Logic Analysis**: Domestic and foreign plants have restarted or increased production, and the operating rate has increased significantly. Downstream polyester operating rate has increased, but terminal demand has weakened. The supply - demand pattern in June and July is still tight, and the price is expected to fluctuate widely [17]. - **Trading Strategy**: Wide - range fluctuations [17][18]. Short - Fiber - **Market Review**: PF2508 closed at 6796 (-0.44%) at night. Spot prices increased, but downstream was mostly waiting and watching [18]. - **Logic Analysis**: Supply has increased and demand has decreased recently, but production and sales are stable, and processing fees have increased. Some large factories have tight supply, and processing fees are expected to be strongly supported. The price is expected to fluctuate widely following raw materials [19]. - **Trading Strategy**: Wide - range fluctuations. Short PTA and long PF for spreads [19][20]. PR (Bottle Chips) - **Market Review**: PR2509 closed at 6172 (-0.58%) at night. Spot market trading was okay [19][20]. - **Logic Analysis**: Some bottle - chip plants have increased production, and inventory has risen. Some plants have plans to reduce production or shut down. The price is expected to fluctuate widely following raw materials [20][21]. - **Trading Strategy**: Wide - range fluctuations [20][21]. Styrene - **Market Review**: EB2508 closed at 7486 (-1.28%) at night. Spot prices and basis changed [21]. - **Logic Analysis**: Pure - benzene prices are expected to be stable and slightly strong. Styrene supply has increased, and downstream operating rate is at a seasonal low. The price is mainly guided by cost factors and is expected to fluctuate widely [22]. - **Trading Strategy**: Wide - range fluctuations [22]. Plastic PP - **Market Review**: LLDPE prices fluctuated, and PP prices were relatively stable [23]. - **Logic Analysis**: Previous price increases were affected by Middle - East geopolitics. After the cease - fire news, oil prices dropped, and plastic PP is expected to open lower. In the medium term, supply - demand is expected to be weak, and a short - selling strategy on rallies is recommended [24][25]. - **Trading Strategy**: Open lower. Short - sell on rallies, paying attention to the certainty of the cease - fire and oil prices [25]. PVC and Caustic Soda - **PVC Market Review**: PVC prices were slightly adjusted, and trading was light [27]. - **PVC Logic Analysis**: Supply is expected to increase, and demand is still dragged down by the real - estate market. The medium - to long - term supply - demand is in surplus, and a short - selling strategy on rebounds is recommended [29]. - **Caustic Soda Logic Analysis**: The 09 contract of caustic soda is expected to be weak. Demand is expected to have no significant increase in the medium term, and new production capacity is expected to be put into operation. A short - selling strategy is recommended [30]. - **Trading Strategy**: Short - sell caustic soda and PVC. Hold the 8 - 10 reverse spread for caustic soda [31][32]. Glass - **Market Review**: The glass 09 contract closed at 1009 yuan/ton (+0.20%) at night. Spot prices changed slightly [32]. - **Logic Analysis**: Supply is increasing, and demand is affected by the real - estate market. The price is expected to be weak in the short term. Pay attention to cost reduction and plant cold - repair [33]. - **Trading Strategy**: Look for short - selling opportunities on rebounds. Sell out - of - the - money call options [34]. Soda Ash - **Market Review**: The soda - ash 09 contract closed at 1170 yuan/ton (-0.3%) at night. Spot prices fluctuated slightly [34]. - **Logic Analysis**: Supply is at a high level, and demand from downstream photovoltaic glass is expected to decline. Inventory has increased, and costs have decreased. A short - selling strategy is recommended [35]. - **Trading Strategy**: Short - sell soda ash. Sell out - of - the - money call options [36]. Urea - **Market Review**: Urea futures closed at 1711 (-2%). Spot prices declined, and trading was weak [36]. - **Logic Analysis**: Supply is at a high level, and domestic demand is declining. International prices are strong, and export orders have increased, but the market is still expected to be weak in the short term [37]. - **Trading Strategy**: Weak trend. Sell call options on rebounds [38]. Methanol - **Market Review**: Methanol futures closed at 2469 (-1.71%). Spot prices in different regions varied [38]. - **Logic Analysis**: International supply has tightened, but domestic supply is loose. Downstream demand is stable, and port inventory is increasing. The price is expected to decline in the short term [39]. - **Trading Strategy**: Weak trend. Sell call options [39]. Logs - **Market Review**: Log prices in some regions increased slightly, and the main contract price rose [39][40]. - **Logic Analysis**: Downstream demand is still weak, and the market faces challenges in the medium - to long - term. The futures market is supported by delivery rules. [42]. - **Trading Strategy**: Wait - and - see for single - side trading. Pay attention to the 9 - 11 reverse spread [42]. Double - Coated Paper - **Market Review**: The double - coated paper market was stable with some declines. Trading was general [42]. - **Logic Analysis**: Industry profitability is low, production has decreased, but inventory pressure is still high. Demand is weak, and pulp prices provide limited support [43]. Corrugated Paper - **Market Review**: Corrugated and box - board paper prices declined slightly, and trading was weak [44]. - **Logic Analysis**: Supply may be reduced, demand is in the off - season, and prices are expected to decline slightly in the next period [45]. Pulp - **Market Review**: Pulp futures declined. Spot prices of different types of pulp changed [45]. - **Logic Analysis**: Domestic paper production has increased, and Taiwan's paper production has declined. The price of the SP main contract is expected to be affected negatively [47]. - **Trading Strategy**: Wait - and - see for the SP 09 contract. Hold the 5*SP2509 - 2*NR2509 spread [47]. Natural Rubber and 20 - Number Rubber - **Market Review**: RU09 closed at 13835 (-0.82%); NR08 closed at 12020 (+0.08%). Spot prices of different types of rubber changed [47][48]. - **Logic Analysis**: Vietnam's rubber industry faces challenges from EU regulations. Domestic inventory shows different trends. [49]. - **Trading Strategy**: Wait - and - see for the RU09 contract. Hold short positions on the NR08 contract. Adjust stop - loss levels [50]. Butadiene Rubber - **Market Review**: BR08 closed at 11440 (-0.13%). Spot prices of butadiene rubber and related products changed [51]. - **Logic Analysis**: Domestic butadiene rubber inventory is increasing. Some tire projects are being invested [52]. - **Trading Strategy**: Short - sell a small amount of the BR08 contract. Hold the BR2508 - NR2508 spread. Sell the BR2508 call 12200 contract [52][53].

General Information - Report Date: June 24, 2025 [2][6][14] - Report Provider: Guotai Junan Futures [2] Industry Investment Ratings - Not provided in the report Core Views - The cease - fire between Israel and Iran has been agreed upon, which will have a significant impact on the prices of commodities such as crude oil and precious metals [7][24][30][32][35][39] - Crude oil prices have dropped significantly due to the geopolitical cooling, and the upward trend may end, but short - term positives may limit the decline speed [8][9] - Different commodities have different trends, such as silver continuing to rise, copper being supported by inventory reduction, etc. [16][25] Summary by Commodity Crude Oil - Geopolitical cooling led to a sharp drop in prices, with both Brent and WTI falling below $70/barrel, a cumulative decline of over 10% from the previous high [8] - The upward trend may end, and the market may shift from an upward trend to a wide - range shock and then a downward trend. It is recommended to clear long positions and consider reverse arbitrage [8][9] Gold and Silver - Gold: Geopolitical cease - fire situation. Gold trend strength is - 1 [16][23] - Silver: Continuing to rise. Silver trend strength is - 1 [16][23] Copper - Inventory reduction supports the price. Copper trend strength is 1 [16][25][27] Aluminum, Alumina, and Aluminum Alloy - Aluminum: Waiting for direction selection, trend strength is 0 [16][28][30] - Alumina: Range - bound, trend strength is 0 [16][28][30] - Aluminum Alloy: Under pressure, trend strength is 0 [16][28][30] Zinc - Short - term reduction in positions leads to an upward movement, trend strength is 0 [16][31][32] Lead - Medium - term is relatively strong, trend strength is 0 [16][34][35] Tin - Tight current situation but weak expectations, trend strength is 0 [16][37][40] Stainless Steel and Nickel - Stainless Steel: Supply and demand are both weakly marginal, and steel prices are oscillating at a low level. Stainless steel trend strength is 0 [16][42][45] - Nickel: The expectation of the distal nickel ore end is loose, and the smelting end limits the upward elasticity. Nickel trend strength is 0 [16][42][45] Carbonate Lithium - Weakly oscillating, and the warehouse receipt reduction continues. Carbonate lithium trend strength is 0 [16][46][48] Polysilicon and Industrial Silicon - Polysilicon: The idea is mainly to short on rallies. Polysilicon trend strength is - 1 [16][50][52] - Industrial Silicon: Pay attention to the changes in warehouse receipts. Industrial silicon trend strength is 0 [16][50][52] Iron Ore - Expectations are fluctuating, and it is oscillating within a range. Iron ore trend strength is 0 [16][53] Rebar and Hot - Rolled Coil - Rebar: Wide - range oscillation. Rebar trend strength is 0 [16][55][58] - Hot - Rolled Coil: Wide - range oscillation. Hot - rolled coil trend strength is 0 [16][56][58] Ferrosilicon and Silicomanganese - Ferrosilicon: Plate sentiment resonance, wide - range oscillation. Ferrosilicon trend strength is 0 [16][59][61] - Silicomanganese: Ore quotes are firm, wide - range oscillation. Silicomanganese trend strength is 0 [16][59][61] Coke and Coking Coal - Coke: The fourth round of price cuts has been implemented, wide - range oscillation. Coke trend strength is 0 [16][62][64] - Coking Coal: Wide - range oscillation. Coking coal trend strength is 0 [16][62][64] Steam Coal - Demand is yet to be released, wide - range oscillation. Steam coal trend strength is 0 [16][66][69]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The market for PX is supported in the short - term due to geopolitical factors and supply - demand tightness, but may be dragged down by downstream production cuts and weak terminal demand. PTA, ethylene glycol, short - fiber, and bottle - chip are expected to be affected by similar factors, and their prices will fluctuate with the cost side. For polyolefins, PP is expected to be under pressure while PE has a slight improvement in fundamentals. PVC and caustic soda have their own supply - demand contradictions, and the current market trends are complex. Urea's market is under pressure from high supply and weak demand. Crude oil prices have fallen due to the decline in geopolitical risk premiums and demand concerns. Methanol's supply and demand situation is complex with uncertainties in overseas supply and weak domestic demand. Benzene - ethylene is expected to be weak due to supply increases and demand decreases [2][25][34][39][43][46][53]. Summary by Related Catalogs Polyester Industry Chain - **Prices and Cash Flows**: On June 23, most polyester product prices showed minor changes. For example, POY150/48 price decreased by 0.7%, and its cash - flow decreased by 59.7%. PX - related prices also had fluctuations, with CFR China PX down by 0.1%. The prices of upstream products like Brent crude oil (August) decreased by 8.39% [2]. - **开工率**: Asian PX, PTA, and polyester comprehensive开工率 decreased, while MEG comprehensive开工率 increased. For example, PTA开工率 decreased from 82.6% to 79.1%, and MEG comprehensive开工率 increased from 66.3% to 70.3% [2]. - **Market Outlook**: PX is expected to be under pressure in the short - term. Strategies include being cautiously bearish on PX09, observing the PX9 - 1 spread, and reducing positions in the PX - SC spread narrowing strategy at low levels [2]. Polyolefin Industry - **Prices and Spreads**: On June 23, L2601 and PP2601 closing prices increased slightly. The spreads between different contracts also changed, such as L2509 - 2601 increasing by 10.29% [25]. - **开工率 and Inventory**: PP装置开工率 increased, while PE装置开工率 decreased slightly. PP inventory increased, and PE inventory decreased. For example, PP企业 inventory increased by 4.52%, and PE企业 inventory decreased by 1.83% [25]. - **Market Outlook**: PP is expected to be bearish in the short - term due to high production and poor marginal profits, while PE has a slight improvement in fundamentals but is still affected by the off - season [25]. PVC and Caustic Soda Industry - **Prices and Spreads**: On June 23, the prices of PVC and caustic soda products mostly decreased. For example, the price of华东电石法PVC decreased by 0.6%, and the price of山东32%液碱折百价 decreased by 3.7% [30]. - **开工率 and Inventory**: The开工率 of the caustic soda and PVC industries changed slightly. The inventory of caustic soda in some areas decreased, but the inventory of downstream alumina plants increased [32][34]. - **Market Outlook**: The current price of caustic soda is still searching for a bottom, and it is recommended to wait and see. PVC may have short - term price increases but is limited by long - term supply - demand contradictions, and a mid - term short - selling strategy is recommended [34]. Urea Industry - **Futures and Spot Prices**: On June 23, most urea futures prices decreased. For example, the 01 contract decreased by 0.35%. Spot prices in different regions also showed declines, such as the price of Shandong (small - particle) urea decreasing by 3.85% [39]. - **Supply and Demand**: Domestic urea daily production decreased slightly, and the开工 rate of production enterprises decreased. The inventory in factories decreased, while the inventory in ports increased. Agricultural and industrial demand is weak, and export volume has decreased significantly [39]. - **Market Outlook**: The urea market is under pressure from high supply and weak demand. It is not recommended to go long at low levels prematurely, but opportunities in the option side with narrowing volatility can be grasped [39]. Crude Oil Industry - **Prices and Spreads**: On June 23, crude oil prices decreased significantly. Brent decreased by 8.39%, and WTI decreased by 7.22%. The spreads between different contracts also changed, such as Brent M1 - M3 decreasing by 50.34% [43]. - **Market Outlook**: Crude oil prices have fallen due to the decline in geopolitical risk premiums and demand concerns. In the short - term, the market volatility may decrease, but geopolitical risks still exist. It is recommended to wait for the situation to become clearer [43]. Methanol Industry - **Prices and Spreads**: On June 23, methanol futures prices decreased. MA2601 decreased by 0.76%, and MA2509 decreased by 0.99%. The inventory of methanol decreased, and the开工 rate of some downstream industries also decreased [46]. - **Market Outlook**: The overseas supply of methanol is uncertain, and the domestic demand is in the off - season. It is recommended to wait and see, paying attention to the development of the Iranian situation and the actual parking rhythm of MTO [46]. Benzene - Ethylene Industry - **Upstream Prices**: On June 23, the prices of upstream products such as Brent crude oil (August) decreased. The prices of pure benzene and ethylene - related products also had minor changes, with pure benzene - stone naphtha increasing by 0.7% [50]. - **Benzene - Ethylene Prices and Inventory**: The price of benzene - ethylene decreased slightly, and its inventory decreased. The profit of benzene - ethylene integration decreased significantly by 76.8% [51][53]. - **Market Outlook**: Benzene - ethylene is expected to be weak due to supply increases from upstream device resumptions and profit - driven production increases, and demand decreases from weak downstream profits and uncertain terminal demand [53].

Group 1: Price Performance - The latest price of London Gold is 3380.55 with a change of 12.30 [1] - The latest price of London Silver is 36.13 with no change [1] - The latest price of London Platinum is 1264.00 with a change of -12.00 [1] - The latest price of London Palladium is 1045.00 with a change of 4.00 [1] - The latest price of WTI Crude is 68.51 with a change of -5.33 [1] - The latest price of LME Copper is 9639.00 with a change of 68.00 [1] - The latest value of the US Dollar Index is 98.38 with a change of -0.38 [1] - The latest exchange rate of Euro to US Dollar is 1.16 with a change of 0.01 [1] - The latest exchange rate of British Pound to US Dollar is 1.35 with a change of 0.01 [1] - The latest exchange rate of US Dollar to Japanese Yen is 146.14 with a change of 0.03 [1] Group 2: Trading Data - The latest COMEX silver inventory is 15501.65 with a change of 90.90 [1] - The latest SHFE silver inventory is 1247.10 with a change of 16.87 [1] - The latest gold ETF持仓 is 957.40 with a change of 7.16 [1] - The latest silver ETF持仓 is 14950.99 with a change of 200.71 [1] - The latest SGE gold deferred fee payment direction is 1 with no change [1] - The latest SGE silver deferred fee payment direction is 1 with no change [1] Group 3: Others - The data sources for the above charts are Bloomberg, Yong'an Yuandian Information, and Wind [3]