Group 1 - The Brazilian Ministry of Foreign Affairs announced the initiation of a sunset review investigation into anti-dumping measures on safety glass for refrigeration equipment imported from China, following a request from the Brazilian Association of Glass Industries (ABIVIDRO) [1] - The investigation will cover the period from October 2023 to September 2024 for dumping and from October 2019 to September 2024 for damage analysis [1] - The relevant Mercosur tariff code for the products involved in this investigation is 70071900 [1]

6月30日，力诺药包连续4个交易日下跌，区间累计跌幅-7.60%。山东力诺医药包装股份有限公司是以玻 璃新材料为主导产品的高新技术企业,总部位于山东省济南市商河县玉皇庙镇政府驻地,现有职工1000余 人。 财报显示，国泰基金旗下2只基金进入力诺药包前十大股东。其中国泰聚信价值优势混合A今年一季度 减持，国泰金牛创新成长混合今年一季度减持。 其中，国泰聚信价值优势混合A今年以来收益率11.85%，同类排名367(总2313)，国泰金牛创新成长混合 今年以来收益率13.58%，同类排名908(总4557)。 国泰聚信价值优势混合A、国泰金牛创新成长混合基金经理为程洲。 简历显示，程洲先生:硕士研究生,CFA。曾任职于申银万国证券研究所。2004年4月加盟国泰基金管理有 限公司,历任高级策略分析师、基金经理助理,2008年4月至2014年3月任国泰金马稳健回报证券投资基金 的基金经理,2009年12月至2012年12月任金泰证券投资基金的基金经理,2010年2月至2011年12月任国泰估 值优势可分离交易股票型证券投资基金的基金经理,2012年12月至2017年1月任国泰金泰平衡混合型证券 投资基金(由金泰证券投资 ...

Group 1: Report Industry Investment Ratings - Crude oil: Weak [1] - LPG: Weak [1] - L: Bearish consolidation [1] - PP: Bearish consolidation [1] - PVC: Bearish consolidation [1] - PX: Bullish [1] - PTA/PR: Short - term bullish [1] - Ethylene glycol: Bearish [1] - Glass: Weak rebound [2] - Soda ash: Range - bound rebound [2] - Caustic soda: Range - bound rebound [2] - Methanol: Short - term bullish [2] - Urea: Cautiously long [2] - Asphalt: Weak [2] Group 2: Report's Core Views - Crude oil: Oil prices return to fundamental pricing. With the consumption peak season and increasing supply, oil prices are in a consolidation phase. In the long - term, there is an oversupply situation, and prices are expected to fluctuate between $60 - 70 per barrel. In the short - term, prices are weakly oscillating. [1][4] - LPG: Geopolitical tensions ease, the cost side declines, and LPG is under pressure. [1][5] - L: Transaction slows down, inventory pressure in the upper and middle reaches eases, the cost side of crude oil weakens, and it is recommended to go short on rebounds. [1][9] - PP: Warehouse receipts decrease, the parking ratio rises, the cost side of crude oil and methanol falls, and it is advisable to go short on rebounds. [1][12] - PVC: Calcium carbide prices rise, social inventory increases, factory inventory decreases, and it is recommended to go short on rebounds. [1][15] - PX: Domestic and foreign PX device loads are operating at a high level, and there are expectations of both supply and demand increases. It is recommended to look for opportunities to go long at low prices. [1][17] - PTA/PR: Recently, there are many maintenance devices. Later, with the resumption of production and new capacity addition, supply pressure is expected to increase. It is recommended to look for opportunities to go short at high prices. [1][20] - Ethylene glycol: The device load increases, the arrival volume is expected to rise, demand is expected to weaken, and it is recommended to look for high - level short - selling opportunities. [1][23] - Glass: Supported by domestic macro - policies, the supply side slightly decreases, and the price has a weak rebound. [2][26] - Soda ash: The weekly operating rate and production decline, and there is a range - bound rebound, but high supply and inventory limit the upside. [2][29] - Caustic soda: There is an expectation of inventory reduction through maintenance, and there is a weak rebound at a low level. [2][32] - Methanol: The port has a high basis, but there is a negative feedback on MTO demand. It is short - term bullish. [2][33] - Urea: The supply pressure is still large, but there are expectations for agricultural demand peak season and exports. It is recommended to be cautiously long. [2] - Asphalt: Geopolitical tensions ease, the cost side of crude oil falls, and it is recommended to go short with a light position. [2] Group 3: Summaries According to Related Catalogs Crude oil - **Market review**: On June 27, international oil prices were weakly oscillating. WTI rose 0.43%, Brent rose 0.16%, and SC fell 0.63%. [3] - **Basic logic**: After the US participated in the Israel - Iran conflict on June 23, geopolitical risks eased, and oil prices returned to fundamental pricing. OPEC+ is rumored to increase production by 415,000 barrels per day in August. In terms of supply, Guyana's oil production increased from 611,000 barrels per day in April to 667,000 barrels per day in May. In terms of demand, the global crude oil demand growth rate in 2025 is 1.29 million barrels per day, lower than 1.3 million barrels per day in May. In terms of inventory, as of the week ending June 20, US crude oil inventory decreased by 5.8 million barrels, strategic crude oil reserve increased by 200,000 barrels, gasoline inventory decreased by 2.1 million barrels, and distillate oil inventory decreased by 4.1 million barrels. [4] - **Strategy recommendation**: In the long - term, due to the tariff war, the impact of new energy, and OPEC+ being in an expansion cycle, there is an oversupply of crude oil, and the price is expected to fluctuate between $60 - 70 per barrel. In the short - term, with the decline of geopolitical risks, oil prices return to supply - demand fundamental pricing, and it is recommended to go short with a light position and buy call options for protection. SC is expected to be in the range of [490 - 510]. [4] LPG - **Market review**: On June 27, the PG main contract closed at 4,256 yuan/ton, down 0.21% month - on - month. The spot prices in Shandong, East China, and South China remained unchanged. [5] - **Basic logic**: Recently, geopolitical risks have declined, the cost side of oil prices has adjusted after squeezing out geopolitical premiums, and LPG has oscillated following the cost side. The PDH device profit decreased by 25 yuan/ton, and the alkylation device profit increased by 25 yuan/ton. The supply of LPG increased, and the demand of PDH, MTBE, and alkylation oil increased. The refinery inventory and port inventory increased. [6] - **Strategy recommendation**: In the long - term, after the release of geopolitical risks, from the perspective of supply and demand, the upstream crude oil supply exceeds demand, and the center is expected to continue to decline. It is recommended to go short with a light position or buy put options. PG is expected to be in the range of [4,170 - 4,300]. [7] L - **Market review**: On June 27, the prices of L contracts increased to varying degrees, and the main contract position increased by 2.0%. The spot prices of LL and HD decreased slightly, and the import and production profits changed. The social inventory of PE decreased significantly. [9] - **Basic logic**: With the easing of the situation in the Middle East, the international crude oil price has fallen, and the cost support for polyethylene has weakened. Some previously maintained devices have restarted, and the supply is expected to increase. It is currently the off - season for demand, and the price support is limited. [9] - **Strategy recommendation**: It is recommended to go short on rebounds. Pay attention to the price trends of crude oil and coal and the progress of new capacity addition. [10] PP - **Market review**: On June 27, the prices of PP contracts decreased slightly, and the main contract position decreased by 1.0%. The spot prices of PP were mostly stable, and the production and import profits changed. The enterprise and trade inventory of PP decreased. [12] - **Basic logic**: The decline in cost has dampened market sentiment, and the trading atmosphere is weak. The supply side has increased device maintenance, but in the off - season, downstream factories mostly purchase on demand, and the supply - demand contradiction has not been significantly alleviated. [12] - **Strategy recommendation**: It is recommended to go short on rebounds. Pay attention to the price trends of crude oil and coal and the progress of new capacity addition. [13] PVC - **Market review**: The PVC market is affected by geopolitical conflicts, with the spot supply - demand fundamentals being poor, and the market center remains weak. [15] - **Basic logic**: Calcium carbide prices have risen, social inventory has increased, and factory inventory has decreased. Some device maintenance is expected to end this week, and new maintenance is planned at the end of the month, with production expected to decline. It is the domestic off - season for demand, but exports still have support. There are plans to put into production three sets of devices in the future, and the supply side is under pressure. [15] - **Strategy recommendation**: It is recommended to go short on rebounds and pay attention to the pressure level at integer points. V is expected to be in the range of [4,850 - 5,000]. [15] PX - **Market review**: On June 27, the spot price of PX in East China was 7,145 yuan/ton (unchanged month - on - month), and the PX09 contract closed at 6,752 (+30) yuan/ton. The 9 - 1 month spread was 206 (+8) yuan/ton, and the basis narrowed. [16] - **Basic logic**: PX profits have continued to improve, and domestic and foreign device loads are operating at a high level. The demand side is expected to improve with the resumption of PTA device production and new capacity addition. The inventory has decreased but is still at a relatively high level in the same period of the past five years. [17] - **Strategy recommendation**: PX is expected to be in the range of [6,760 - 6,950]. [18] PTA - **Market review**: On June 27, the spot price of PTA in East China was 5,025 yuan/ton, and the TA09 contract closed at 4,778 (+8) yuan/ton. The TA9 - 1 month spread was 172 (-2) yuan/ton, and the East China basis was 247 (-8) yuan/ton. [19] - **Basic logic**: Recently, there are many PTA maintenance devices. Later, with the resumption of production and new capacity addition, supply pressure is expected to increase. Downstream polyester production reduction and terminal weaving operating load continue to decline. Inventory is continuously decreasing, processing fees are high, and the basis is strong. [20] - **Strategy recommendation**: TA is expected to be in the range of [4,780 - 4,910]. [21] Ethylene glycol - **Market review**: On June 27, the spot price of ethylene glycol in East China was 4,340 (-20) yuan/ton, and the EG09 contract closed at 4,271 (-22) yuan/ton. The EG9 - 1 month spread was -43 (-9) yuan/ton, and the East China basis was 69 (+2) yuan/ton. [22] - **Basic logic**: Recently, the device load has increased, and although the arrival volume is currently low, it is expected to rise. The demand side is expected to weaken, and the inventory is decreasing but the expectation is narrowing. [23] - **Strategy recommendation**: EG is expected to be in the range of [4,220 - 4,310]. [24] Glass - **Market review**: The spot market price quotes are stable, the price has a weak rebound, the basis narrows, and the number of warehouse receipts remains unchanged. [25] - **Basic logic**: Supported by domestic macro - policies, the market risk preference has recovered. The glass supply has increased and decreased simultaneously this week, and the overall production remains at a low - level fluctuation. The coal - based production still has profits, and it is difficult to trigger large - scale cold repairs. The fuel price has increased, which has a certain boost to the glass price. [26] - **Strategy recommendation**: FG is expected to be in the range of [1,010 - 1,030], with the 5 - day moving average providing weak support. [26] Soda ash - **Market review**: The spot price of heavy soda ash has been raised, the price has stabilized, the main contract basis has narrowed, the number of warehouse receipts has increased, and the number of forecasts has increased. [28] - **Basic logic**: Recently, some soda ash devices have reduced their loads, and the overall supply has slightly decreased. However, the industry's operating rate is still at a high level, and the pressure of oversupply in the later period remains. The terminal consumption of soda ash is mediocre, and the glass price is consolidating at a low level, providing general support to the upstream. The manufacturer's inventory continues to accumulate. [29] - **Strategy recommendation**: SA is expected to be in the range of [1,185 - 1,220], with a range - bound rebound. [29] Caustic soda - **Market review**: The spot price of caustic soda remains stable, the price has a weak rebound at a low level, the basis has weakened, and the number of warehouse receipts remains unchanged. [31] - **Basic logic**: On the supply side, due to good chlor - alkali profits, most upstream devices maintain high - load production, and there is an expectation of new capacity addition from June to July. On the demand side, the downstream alumina production has slightly declined, and non - aluminum demand is still weak. The cost support has shifted downwards, and the inventory of liquid caustic soda enterprises has increased. [32] - **Strategy recommendation**: Pay attention to the weak rebound driven by inventory reduction through maintenance. [32] Methanol - **Market review**: On June 27, the spot price of methanol in East China was 2,638 (+19) yuan/ton, and the main 09 contract closed at 2,393 (-24) yuan/ton. The East China basis was 245 (+43) yuan/ton, the port basis was 427 (+79) yuan/ton, the MA9 - 1 month spread was -26 (-10) yuan/ton, and the China - Southeast Asia methanol re - export profit increased to 56 (-4) US dollars/ton. [33] - **Basic logic**: The overall operating load of methanol has increased, and the arrival volume in July may be lower than expected. The demand side has shown negative feedback, and the enterprise inventory has decreased. The port basis is high, and there are still geopolitical military conflict risks. [2] - **Strategy recommendation**: It is short - term bullish. Pay attention to short - selling opportunities for the 09 contract and look for opportunities to go long on the 01 contract. MA is expected to be in the range of [2,380 - 2,460]. [2] Urea - **Basic logic**: Recently, the urea maintenance intensity has increased, and the daily production has decreased briefly. However, in early July, the device is expected to resume production, and the supply pressure remains large. The industrial demand is weak, and the agricultural demand peak season is approaching. The fertilizer export growth rate is relatively fast, and there is still cost support. [2] - **Strategy recommendation**: It is recommended to be cautiously long and pay attention to short - selling opportunities. UR is expected to be in the range of [1,710 - 1,760]. [2] Asphalt - **Basic logic**: Geopolitical tensions have eased, the cost side of crude oil has fallen significantly, the supply has increased, and the inventory has accumulated. The demand shows a pattern of "strong in the north and weak in the south". [2] - **Strategy recommendation**: It is recommended to go short with a light position. BU is expected to be in the range of [3,500 - 3,600]. [2]

| 玻璃纯碱早报 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/6/30 | | | 玻 璃 | | | | | | | | | | | | | 2025/6/27 周度变化 日度变化 | 2025/6/20 | 2025/6/26 | | | | | 2025/6/20 | 2025/6/26 | | 2025/6/27 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1117.0 | 1128.0 | 1128.0 | 11.0 | 0.0 | FG09合约 | 1007.0 | 1016.0 | 1019.0 | 12.0 | 3.0 | | 沙河长城 5mm大板 | 1104.0 | 1126.0 | 1126.0 | 22.0 | 0.0 | FG01合约 | 1065.0 | 1073.0 | 1077.0 | 12.0 | 4.0 | | 沙河5mm大 板低价 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Report's Core Views - Glass: The medium - term outlook is a sideways market. Short - term spot trading is stable with a slight rebound due to low valuation and peak - season expectations, but the Hubei warehouse receipt pricing and high inventory limit upward potential. The long - term bullish factors are policy support for real estate, low spot prices, long - term losses of manufacturers, and peak - season expectations for the 09 contract. The bearish factors are the lack of substantial improvement in the real estate market and high inventory pressure [6][7]. -纯碱: The rebound is hard to sustain, and the medium - term is a sideways market. The glass market pressure restricts the price increase of soda ash. Although short - term low valuation and potential cost - side stabilization may drive a rebound, the future will face greater delivery pressure. The core issues are high production and high inventory, and potential supporting factors need the improvement of the glass market [8]. 3. Summary by Relevant Catalogs Glass: Supply - side Situation Introduction - Cold - repaired production lines in 2025 have a total daily melting capacity of 10,530 tons/day [11]. - Ignited production lines in 2025 have a total daily melting capacity of 10,110 tons/day [12]. - Potential new ignition production lines have a total daily melting capacity of 13,700 tons/day [13]. - Potential old - line复产 production lines have a total daily melting capacity of 9,530 tons, mainly concentrated in South and Southwest China [14]. - Potential cold - repaired production lines have a total daily melting capacity of 5,700 tons/day [16]. - The glass industry's production reduction space in the first half of the year is limited, with the current in - production capacity at about 157,000 tons/day, a peak of 178,000 tons/day in 2021, and a recent low of 148,000 - 150,000 tons/day [18][19]. Glass: Price and Profit - This week's trading was basically stable, with most prices changing little. The price in Shahe is about 1,120 - 1,180 yuan/ton, in Hubei about 1,000 - 1,100 yuan/ton, and in East China about 1,220 - 1,360 yuan/ton [25][29]. - The futures rebounded, the basis was weak, and the monthly spread was stable. The near - month warehouse receipt factor limited the monthly spread's rebound space [31][34]. - The profit of coal - fired devices is 82 yuan/ton, natural - gas - fired devices is - 199 yuan/ton, and petroleum - coke - fired devices is - 101 yuan/ton, with actual profits varying by factory and region [39]. Glass: Inventory and Downstream Start - up - Recent trading was relatively stable, and inventory in most regions decreased slightly. The regional spread in East China shrank as prices declined [42][46]. Photovoltaic Glass: Price, Profit, Capacity, and Inventory - Prices declined, recent order follow - up decreased, glass manufacturers' shipments were average, and inventory continued to increase. The mainstream order price of 2.0mm coated panels is 10.5 - 11.5 yuan/square meter, down 6.38% month - on - month, and the 3.2mm coated is 18.5 - 19.5 yuan/square meter, down 3.80% month - on - month [49][51]. - As the market weakens, it may enter a production - reduction cycle again. The actual capacity as of mid - June is about 98,000 tons/day, and the sample inventory days are about 32.38 days, up 6.36% month - on - month [52][57]. Soda Ash: Supply and Maintenance - Soda ash supply has reached a peak, and recent maintenance has increased slightly. The current capacity utilization rate is 82.82% (last week was 86.5%), and the current weekly output of heavy soda ash is 392,000 tons. The inventory is about 1.767 million tons, with 805,000 tons of light soda ash and 962,000 tons of heavy soda ash [62][64][70]. Soda Ash: Price and Profit - The nominal prices in Shahe and Hubei are about 1,200 - 1,300 yuan/ton, and this week's prices changed little. The near - month pressure is high due to delivery and trade pressure, mainly because of the weak glass market and high soda ash production. The profit of the joint - alkali method in East China (excluding Shandong) is 26 yuan/ton, and the ammonia - alkali method in North China is - 20.8 yuan/ton [74][76][84].

Group 1 - The industrial production and investment in Guangxi have maintained rapid growth in 2023, with the industrial economy showing stable improvement and acceleration [1] - From January to May, the industrial added value of large-scale enterprises in Guangxi increased by 8.1% year-on-year, while the total industrial output value rose by 7.6% [1] - Industrial tax revenue grew by 5.9%, which is 5.5 percentage points higher than the overall tax revenue growth rate in the region, indicating the industrial sector's significant contribution to the local economy [1] Group 2 - The "new three items" in Guangxi, including lithium-ion batteries for vehicles, new energy vehicles, and ultra-white glass for solar industry, have shown substantial growth, with battery production increasing by 69% and new energy vehicles by 47% from January to May [2] - The implementation of the "Artificial Intelligence + Manufacturing" initiative has led to rapid growth in AI products and applications, with service robot production up by 31.5% and intelligent connected vehicles by 29.6% [2] - The industrial economic operation index for Guangxi in May was reported at 101.4, indicating a positive market expectation and stable production operations among industrial enterprises [2]

Core Viewpoint - The report outlines the issuance and management of Flat Glass Group Co., Ltd.'s convertible bonds, detailing the financial performance, bond terms, and the company's operational status in 2024, highlighting significant challenges faced in the photovoltaic glass market and the impact on profitability [1][2][3]. Section Summaries Bond Issuance and Approval - The issuance plan for the convertible bonds was approved by the company's board on June 16, 2021, and subsequently by shareholders on August 20, 2021, with a total issuance limit of up to 4 billion RMB [2][3]. - The company issued 40 million convertible bonds at a face value of 100 RMB each, raising a total of 4 billion RMB, with a net amount of approximately 3.98 billion RMB after deducting issuance costs [3][4]. Bond Terms - The bonds have a six-year term, with annual interest rates starting at 0.3% in the first year and increasing to 2.0% in the sixth year, with interest paid annually [5][6]. - The initial conversion price for the bonds was set at 43.94 RMB per share, subject to adjustments based on various corporate actions [6][7]. Financial Performance - For the fiscal year 2024, the company reported a net profit attributable to shareholders of 100.66 million RMB, a decrease of 63.52% year-on-year, with total assets of approximately 4.29 billion RMB, reflecting a slight decrease of 0.14% [19][20]. - The company's revenue fell by 13.20% to approximately 1.87 billion RMB, primarily due to declining market prices for photovoltaic glass [19][20]. Use of Proceeds - The proceeds from the bond issuance are allocated to projects including the production of ultra-thin solar panels and the technological upgrade of photovoltaic glass production, with a total investment of approximately 446.53 million RMB [15][21]. Bondholder Rights and Meetings - Bondholders have specific rights, including the ability to convert bonds into shares, exercise buyback rights under certain conditions, and participate in bondholder meetings to discuss significant corporate actions [16][23]. - The company held multiple bondholder meetings in 2023 and 2024 to discuss matters such as share buybacks and the management of bondholder interests [22][24]. Credit Rating - The bonds received a credit rating of AA from China Chengxin International Credit Rating Co., Ltd., indicating a stable outlook for the bond's creditworthiness [18][19].

Core Viewpoint - The company plans to issue A-shares to specific targets in 2025, and the audit committee has reviewed and approved the proposal, confirming compliance with relevant laws and regulations [1][2][5] Group 1: Issuance Approval - The audit committee believes the company meets the qualifications and conditions for issuing A-shares to specific targets, in accordance with the Company Law and Securities Law [2][3] - The analysis report regarding the issuance does not harm the interests of the company and all shareholders, especially minority shareholders [2][3] Group 2: Fund Utilization Feasibility - The proposed use of funds raised from the issuance aligns with national policies and the company's long-term development strategy, enhancing its competitive capabilities [3][4] - The company has not raised funds through other means in the past five accounting years, thus no prior fund usage report is required [3] Group 3: Shareholder Return Measures - The company has conducted a thorough analysis of the potential dilution of immediate returns for shareholders and proposed specific measures to mitigate this impact [4] - The shareholder return plan for 2025-2027 complies with regulatory guidelines and aims to enhance profit distribution transparency and protect minority shareholders' rights [4]

Financial Data and Key Metrics Changes - Net sales increased by 4.6% to $346.6 million, primarily driven by $22 million of inorganic sales from the acquisition of UW Solutions [10][11] - Adjusted EBITDA margin decreased to 9.9%, primarily due to a less favorable mix and higher aluminum costs [11] - Adjusted diluted EPS declined to $0.56, driven by lower adjusted EBITDA, higher interest expense, and a higher adjusted effective tax rate [11][12] Business Line Data and Key Metrics Changes - Metals segment net sales declined by 3.4%, with adjusted EBITDA margin decreasing to 7.3% due to a less favorable mix and higher aluminum costs [11][12] - Services segment achieved a 7.6% increase in net sales, marking its fifth consecutive quarter of growth, although adjusted EBITDA margin decreased to 5.7% due to higher tariff expenses [12] - Glass segment net sales declined, with adjusted EBITDA margin moderating due to reduced volume from lower end market demand [12] - Performance Surfaces segment saw net sales increase, driven by inorganic sales from UW Solutions, but adjusted EBITDA margin declined to 18.8% due to lower margins from UW Solutions [12] Market Data and Key Metrics Changes - The revenue pipeline for Glass is improving, positioning the segment for growth beginning in Q3 and Q4 [7][10] - Metals showed sequential improvement from Q4, with expectations for continued improvement in Q2 [6][11] Company Strategy and Development Direction - The company is focusing on operational improvements and cost mitigation strategies, particularly through Project Fortify Phase two, which is expected to drive annualized savings of $13 million to $15 million [6][10] - The company is actively pursuing M&A opportunities to diversify its business mix and enhance growth prospects [8][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in building momentum for the second half of the fiscal year, driven by improvements in metals, growth in glass revenues, and strong organic growth in Performance Surfaces [17] - The company raised its fiscal year outlook for net sales and adjusted diluted EPS, expecting net sales in the range of $1.4 billion to $1.44 billion and adjusted diluted EPS between $3.8 and $4.2 [14][17] Other Important Information - The company is experiencing challenges due to increased tariffs but is implementing successful mitigation plans [6][10] - The balance sheet remains strong, with a consolidated leverage ratio of 1.6 and no near-term debt maturities [13] Q&A Session Summary Question: Can you elaborate on the glass business and the revenue pipeline? - Management noted good visibility six months out and mentioned a pivot to smaller jobs to fill gaps due to market softness, with improved quote activity and award rates [22][24] Question: What is the outlook for segment margin targets? - Management indicated that metals and services face headwinds due to tariffs, and while they hope to reach the bottom of their target ranges, it may be challenging in the first half [28][30] Question: What is driving the sequential improvement in the metals segment? - Management highlighted operational improvements and regaining customer confidence as key factors driving sales and margin improvements [40][42] Question: What is the status of Project Fortify Phase two? - Minimal savings were seen in Q1, with more expected to materialize in Q2, particularly following the closure of a Canadian facility [45][47] Question: Can you quantify the EPS impact from tariffs in Q1? - The impact was initially estimated at $0.45 to $0.55, but was updated to $0.35 to $0.45 for the full year, with a favorable trend noted in Q1 [48][50] Question: How is the M&A pipeline being affected by the current environment? - Management stated that while M&A activity has slowed due to macro issues, they continue to focus on strategic targets identified over the past two years [63][65]

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Natural Rubber - Under the expectation of increasing supply and weakening demand, rubber prices are expected to remain weak. Hold short positions above 14,000 yuan/ton and monitor raw material conditions in various producing areas and macro - event disturbances [1]. Industrial Silicon - In the short - term, the industrial silicon futures price rises supported by demand recovery and production cuts. However, in the medium - to - long - term, the fundamentals have not improved. Pay attention to inventory accumulation and hedging arbitrage pressure [4]. Polysilicon - The current contradiction in the polysilicon market lies in the mismatch between weak demand and high supply, leading to a strong expectation of price decline. If production cuts are implemented, prices may stabilize and rebound. Monitor production changes [5]. Glass and Soda Ash - **Soda Ash**: The short - term impact of a plant disruption is expected to be limited. In the long - run, the supply is in excess, and there will be a process of further profit reduction. Maintain a short - selling strategy on rebounds [6]. - **Glass**: In the summer rainy season, the glass industry faces over - supply pressure. Wait for more cold - repair to occur for a real market reversal. The 09 contract is expected to oscillate between 950 - 1050 yuan/ton [6]. Logs - The log market is entering a pattern of weak supply and demand. The 07 contract is expected to fluctuate and is recommended to be observed [8]. 3. Summary by Related Catalogs Natural Rubber Spot Prices and Basis - The price of Yunnan state - owned whole - latex (SCRWF) in Shanghai increased by 100 yuan/ton to 13,850 yuan/ton, with a 0.73% increase [1]. - The whole - milk basis (switched to the 2509 contract) decreased by 170 yuan/ton to - 190 yuan/ton, a - 850.00% change [1]. Month - to - Month Spreads - The 9 - 1 spread increased by 5 yuan/ton to - 845 yuan/ton, a 0.59% increase [1]. - The 1 - 5 spread decreased by 25 yuan/ton to - 30 yuan/ton, a - 20.00% change [1]. Fundamental Data - In April, Thailand's production decreased by 43.5 thousand tons to 105.7 thousand tons, a - 29.16% change [1]. - In April, Indonesia's production decreased by 15.2 thousand tons to 194.1 thousand tons, a - 7.26% change [1]. Inventory Changes - The bonded - area inventory increased by 1410 tons to 606,975 tons, a 0.23% increase [1]. - The natural rubber factory - warehouse futures inventory at the SHFE decreased by 2620 tons to 32,256 tons, a - 7.51% change [1]. Industrial Silicon Spot Prices and Basis - The price of East China oxygen - passing SI5530 industrial silicon increased by 50 yuan/ton to 8200 yuan/ton, a 0.61% increase [4]. - The basis of SI5530 decreased by 20 yuan/ton to 645 yuan/ton, a - 3.01% change [4]. Month - to - Month Spreads - The 2509 - 2510 spread decreased by 20 yuan/ton to 15 yuan/ton, a - 57.14% change [4]. Fundamental Data - In May, the national industrial silicon production increased by 0.69 million tons to 30.77 million tons, a 2.29% increase [4]. - In May, Xinjiang's industrial silicon production decreased by 0.44 million tons to 16.31 million tons, a - 2.60% change [4]. Inventory Changes - Xinjiang's factory - warehouse inventory decreased by 0.29 million tons to 17.29 million tons, a - 1.65% change [4]. - The social inventory decreased by 1.7 million tons to 54.2 million tons, a - 3.04% change [4]. Polysilicon Spot Prices and Basis - The average price of N - type re -投料 remained unchanged at 34,500 yuan/ton [5]. - The N - type material basis (average price) decreased by 1090 yuan/ton to 2785 yuan/ton, a - 28.13% change [5]. Futures Prices and Month - to - Month Spreads - The PS2506 contract increased by 1090 yuan/ton to 31,715 yuan/ton, a 3.56% increase [5]. - The PS2506 - PS2507 spread decreased by 225 yuan/ton to 630 yuan/ton, a - 26.32% change [5]. Fundamental Data - The weekly polysilicon production decreased by 0.09 million tons to 2.36 million tons, a - 3.67% change [5]. - In May, the polysilicon import volume decreased by 0.21 million tons to 0.08 million tons, a - 72.71% change [5]. Inventory Changes - The polysilicon inventory increased by 0.8 million tons to 27 million tons, a 3.05% increase [5]. - The silicon wafer inventory increased by 1.37 GW to 20.11 GW, a 7.31% increase [5]. Glass and Soda Ash Glass - Related Prices and Spreads - The North China glass quote remained unchanged at 1140 yuan/ton [6]. - The glass 2505 contract increased by 6 yuan/ton to 1113 yuan/ton, a 0.54% increase [6]. Soda Ash - Related Prices and Spreads - The North China soda ash quote remained unchanged at 1350 yuan/ton [6]. - The soda ash 2509 contract increased by 14 yuan/ton to 1180 yuan/ton, a 1.17% increase [6]. Supply - The soda ash production rate increased by 6.33 percentage points to 84.90% [6]. - The soda ash weekly production increased by 5.51 million tons to 74.01 million tons, an 8.04% increase [6]. Inventory - The glass factory - warehouse inventory increased by 192,300 heavy - boxes to 6,968,500 heavy - boxes, a 2.84% increase [6]. - The soda ash factory - warehouse inventory increased by 6.2 million tons to 168.63 million tons, a 3.82% increase [6]. Logs Futures and Spot Prices - The log 2507 contract increased by 7 yuan/cubic meter to 818 yuan/cubic meter, a 0.86% increase [8]. - The log 2509 contract decreased by 3.5 yuan/cubic meter to 793.5 yuan/cubic meter, a - 0.44% change [8]. Cost: Import Cost Calculation - The RMB - US dollar exchange rate decreased by 0.008 to 7.160, a 0% change [8]. - The import theoretical cost decreased by 0.8 yuan/cubic meter to 775.13 yuan/cubic meter, a 0% change [8]. Supply - The port shipping volume increased by 22.8 million cubic meters to 195.5 million cubic meters, a 13.20% increase [8]. Inventory - The national log inventory decreased by 10 million cubic meters to 335 million cubic meters, a - 2.90% change [8]. Demand - The average daily log outbound volume increased by 0.38 million cubic meters to 6.36 million cubic meters [8].