Group 1 - The recent rise in gold prices is attributed to renewed risk aversion driven by geopolitical tensions and concerns over U.S. fiscal health, with gold surpassing $3,300 per ounce [1][2] - The U.S. government's trade policies, particularly the proposed tariffs on the EU, have negatively impacted U.S. stock indices, leading to a decline in major tech stocks [2] - Moody's downgraded the U.S. sovereign credit rating from Aaa to Aa1, reflecting growing concerns over U.S. fiscal stability, which has increased demand for gold as a safe-haven asset [2][4] Group 2 - Copper and oil prices have also risen significantly due to geopolitical risks and a weakening dollar, with WTI crude oil settling at $61.53 per barrel and Brent crude at $64.78 per barrel [3] - OPEC+ is expected to announce an increase in production, which may influence oil prices further, while the copper market has seen a price increase of over 5% in May [3] - The short-term impact of U.S. tariffs on metal exports is becoming evident, but low inventory levels are providing some support for metal prices [4]

Report Industry Investment Ratings No specific industry investment ratings are provided in the given content. Core Views of the Report - The overall global risk appetite has increased as the US Treasury yield first soared and then declined. Domestically, the central bank's interest - rate cuts and commercial banks' reduction of deposit rates have further loosened monetary policy, which is conducive to boosting domestic risk appetite in the short term [2]. - Different asset classes have different trends and operation suggestions. For example, the stock index may fluctuate in the short term, and it is advisable to be cautiously long; the bond market may remain high - level volatile in the short term, and it is recommended to observe carefully; various commodity sectors also have their own characteristics and operation strategies [2]. Summary by Related Catalogs Macro - finance - Overseas: The deterioration of the US fiscal outlook initially led to concerns about US Treasury demand, causing a sharp rise in Treasury yields. Subsequently, the passage of Trump's comprehensive tax - cut bill by the US House of Representatives and its submission to the Senate for review led to a decline in Treasury yields from recent highs, boosting market sentiment [2]. - Domestic: In April, domestic domestic demand slowed down and was lower than expected, while exports far exceeded expectations, and the role of exports in driving the economy remained strong. The central bank cut the 1 - year and 5 - year LPR rates by 10BP, and commercial banks reduced deposit rates, further loosening monetary policy, which helps boost domestic risk appetite in the short term [2][3]. Stock Index - Affected by sectors such as non - metallic materials, batteries, and semiconductor materials, the domestic stock market continued to decline slightly. Given the current economic situation and loose monetary policy, it is advisable to be cautiously long in the short term [3]. Precious Metals - Gold: After the continuous decline of the US dollar, it rebounded, and the gold market rose and then fell on Thursday. Moody's downgrading of the US credit rating promoted safe - haven demand. The passage of Trump's large - scale tax and spending cut bill reduced policy uncertainty. The long - term global de - dollarization trend provides long - term support for gold. For silver, due to the weak manufacturing industry and supply - chain impacts, it is advisable to maintain a wait - and - see attitude in the short term [3]. Black Metals Steel - The domestic steel spot and futures markets weakened on Thursday, with low trading volumes. Real - world demand continued to decline, and the apparent consumption of the five major steel products decreased by 9.2 tons week - on - week. Although steel production increased, considering the high profitability of steel mills, short - term supply may remain high. The short - term steel market may be treated with an interval - oscillation mindset [4][5]. Iron Ore - On Thursday, the spot and futures prices of iron ore declined slightly. With high steel - mill profitability, the probability of short - term high iron - water production is high. Although the global iron - ore shipment volume increased by 318.8 tons week - on - week, the arrival volume decreased by 289.6 tons. The port inventory decreased by 119.36 tons on Monday. Iron ore is still strong in the short term, and the strategy of shorting on rallies can be continued in the medium term [5]. Silicon Manganese/Silicon Iron - On Thursday, the spot prices of silicon iron and silicon manganese declined slightly, while the futures prices rebounded significantly. The main reasons were the inclusion of manganese ore in high - critical minerals by the South African government and the market rumor of a port workers' strike. However, the impact of these two news remains at the expected level. The fundamentals of silicon manganese are still weak, and its price increase is not expected to be sustainable, and it may fluctuate in the bottom - interval later [6]. Energy and Chemicals Crude Oil - OPEC+ may increase daily production by 411,000 barrels starting in July, mainly from Saudi Arabia. Coupled with concerns about economic growth slowdown and weakening energy demand caused by the US - led trade war, the market is worried about oversupply, and the price will remain weakly volatile [7]. Asphalt - The price of asphalt fluctuates weakly following crude oil. Current demand is average, and the basis in major consumption areas has declined significantly. With the increase in production after profit recovery and the stagnation of inventory reduction, it will continue to fluctuate at a high level following crude oil in the short term [7]. PX - PX has declined slightly recently, and the short - term profit is still high, so the later supply will not decrease significantly. With the reduction of PTA maintenance and the increase in demand, PX will remain in a tight - balance situation, and the upstream profit will expand again. However, if downstream production cuts occur, PX may face a risk of decline [7]. Other Chemical Products - Each chemical product such as PTA, ethylene glycol, short - fiber, methanol, PP, LLDPE, and urea has its own supply - demand situation and price trends. For example, PTA may be in a weakly - oscillating pattern; ethylene glycol is expected to remain high - level and weakly volatile; short - fiber will continue to oscillate; methanol prices are still under pressure; the fundamentals of PP are not optimistic; LLDPE price increase is limited; and urea prices are strongly volatile in the short - and medium - term and under pressure in the long - term [8][9][10]. Non - ferrous Metals Copper - The passage of a tax and spending bill by the US House of Representatives and the manufacturing and service PMI data in the euro area have certain impacts. The social inventory of copper has increased, and the processing fee of copper ore is at a historical low. As it is about to enter the off - season of demand, the reduction of Sino - US tariffs may boost demand. The copper price will oscillate in the short term, and opportunities for shorting can be sought in the medium term [11]. Aluminum - The global primary aluminum supply was in surplus in March and from January to March. China's primary aluminum imports increased in April. The market generally has a bearish view, but it is advisable to be cautious about shorting in the short term and wait for a better entry point [13]. Tin - The resumption of tin production in Myanmar and Congo is in progress, but the supply constraint still exists, and the processing fee of tin concentrate remains at a historical low. The demand is about to enter the off - season, and the downstream mainly conducts rigid - demand purchases. The short - term tin price will oscillate, supported by the tight supply of mines and low smelting start - up rates [14]. Agricultural Products US Soybeans - The overnight CBOT soybean futures closed higher. The export sales of US soybeans increased in the week ending May 15. The early - stage planting conditions in US soybean - producing areas are mild, and the drought - affected area has decreased [15]. Soybean Meal - The national dynamic full - sample oil - mill operating rate declined slightly. The basis trading volume of domestic soybean meal has increased significantly. The soybean meal futures price rebounded after testing the 2800 - 2850 range, and the support for the horizontal - range of M09 has been strengthened in the short term [15]. Palm Oil - US policies have caused greater fluctuations in the US soybean - oil market. The price of Malaysian palm oil is expected to fluctuate between 3,750 and 4,050 ringgit per ton in May. The production of Malaysian palm oil increased from May 1 - 20, and the export also increased [15][16]. Live Pigs - After the May holiday, the terminal demand was weak, and the slaughtering enterprises faced difficulties in selling white - striped pigs. The supply was stable, but as the consumption off - season becomes more prominent, the spot price is under pressure. Attention should be paid to the risk of accelerated slaughter by large - scale farms and the pressure of selling large - sized pigs in late May or early June [16]. Corn - The futures price of corn has declined significantly recently, and the spot price has also been affected. With the listing of new - season wheat, the market's bullish sentiment has weakened. The deep - processing profit has been in continuous losses, and the operating rate has remained stable. The purchase of wheat as a substitute for corn by downstream feed enterprises has increased [16].

Group 1 - The article discusses the April 2025 bond custody data, indicating a slight month-on-month decrease in total bond custody, with policy banks significantly reducing their bond holdings while other institutions increased their bond investments [4] - The IEA and EIA have raised their global oil demand forecasts for 2025, with IEA projecting an increase of 10000 barrels per day to 74000000 barrels per day, driven mainly by emerging economies, despite a decline in demand from OECD countries [5] - In April 2025, exports of electrical equipment showed significant growth, with inverter exports reaching $810 million, up 17% year-on-year and 28% month-on-month, while transformer exports increased by 34% year-on-year [6] Group 2 - The engineering machinery industry is experiencing steady growth, supported by favorable policies from the Two Sessions, indicating a sustained recovery in demand [7] - The snack retail leader, Mingming Hen Mang, is rapidly expanding its business through a franchise model, with a total of 14394 stores by the end of 2024, covering 28 provinces and achieving a GMV of 55.5 billion yuan [9]

Report Overview - The report is a special report on the May Day holiday in 2025, analyzing the price changes of various sectors in the external market during the holiday, important news, and providing post - holiday trading suggestions [2] 1. 2025 May Day Holiday External Market Price Changes Exchange and Precious Metals - The US dollar index rose 0.58% from 99.22 to 99.8; the US silver continuous contract fell 1.27% from 33.04 to 32.62; the US gold continuous contract dropped 1.33% from 3315.2 to 3271 [2] Stock Indexes - The Nasdaq Golden Dragon China Index increased 4.03% from 6894.72 to 7172.4; the German DAX rose 2.95%, the Hang Seng main contract climbed 2.69%, the French CAC40 went up 2.68%, the S&P 500 increased 1.46%, the FTSE China A50 futures rose 1.13%, and the Nikkei 225 increased 1.04% [2] Commodities - Some commodities like US cotton continuous contract rose 3.31%, while others such as Brent crude oil continuous contract fell 4.55% and WTI crude oil continuous contract dropped 5.04% [2] 2. 2025 May Day Holiday Important News Stock Index Sector - Global major stock indexes performed well during the holiday. The rise was related to tariff negotiation progress and Fed policy expectations. The US proposed to lower tariffs, and the Fed's potential rate - cut in the future could ease global liquidity pressure [3] Energy Sector - OPEC+ announced an accelerated production increase of 411,000 barrels per day from June, which may complete the 2.2 million barrels per day total increase target nearly one year ahead. This led to concerns about supply pressure and a decline in oil prices [4] Precious Metals Sector - Gold prices fluctuated due to tariff negotiation progress. Even if tariffs improve, central banks' gold - buying trend may continue. Silver was under pressure due to unclear macro - economic situations and high - level gold price fluctuations [5] Non - ferrous Metals Sector - Strong US non - farm payroll data cooled rate - cut expectations, and low manufacturing PMI restricted the rebound space of non - ferrous metals [6][7] Black Metals Sector - For steel, production increased slightly, inventory decreased, and apparent demand rose during the holiday, but the sustainability is uncertain. For iron ore, it faced a situation of high supply, weak demand, and policy suppression [8] Agricultural Products Sector - Vegetable oils in the external market fell significantly due to the decline in international oil prices. Different agricultural products had different trends, such as soybeans and soybean meal having narrow - range fluctuations [9][10] 3. Post - holiday Trading Suggestions Energy and Chemicals - The crude oil market is expected to be weak after the holiday, which may drive down the sentiment of the energy - chemical sector. Styrene is expected to continue its weak trend [12][13] Non - ferrous Metals - Non - ferrous metals may fluctuate after the holiday. Shanghai copper may have a relatively strong oscillation [13] Black Metals - Steel is expected to oscillate in the short term, and its upward space is restricted in the long term. Iron ore is expected to oscillate weakly in the short term [8][13] Agricultural Products - Domestic vegetable oil varieties are likely to follow the external market's decline. Dalian soybeans and soybean meal may continue the weak - oscillation trend, and corn futures may continue the pre - holiday strong - oscillation trend [14]

Gasoil月差结构(美元/吨) 50 25 40 20 15 10 5 0 0 -10 r -20 -10 -30 -15 202502 202505 2025 3DSCO2 1500 205504 707585 MI-M6 - M1-M6 - 41-M2 MI-M9 M1-M2 - - M1-M3 - - M1-M9 M1-M3 321裂解价差(美元/桶) 532裂解价差 (美元/桶) 70.00 70.00 60.00 60.00 50.00 50.00 40.00 40.00 30.00 30.00 20.00 20.00 10.00 10.00 000 0.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 - 2025 -2022 -- 2023 -- 2024 -- 2024 -- 2024 -- -2021 - -2022 -- 2023 -- 2024 -- 202 -2021 - - 2025 亚洲石脑油裂解 (美元/桶) | 美国汽油裂解 (美元/桶) 20.00 70.00 1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The domestic Shanghai rubber futures 2509 contract showed a trend of increasing volume and positions, fluctuating weakly, and closing slightly lower on Wednesday. As the previous positive factors were gradually digested, the rubber market entered a weakly divergent stage. It is expected that the contract may maintain a weakly fluctuating trend in the future [4]. - The domestic methanol futures 2509 contract showed a trend of increasing volume and reducing positions, fluctuating strongly, and closing slightly higher on Wednesday. With the expected increase in external imports and the increasing pressure on social inventory accumulation in the future, and the weak supply - demand structure of methanol, it is expected that the contract may maintain a weakly fluctuating trend in the future [4]. - The domestic crude oil futures 2507 contract showed a trend of increasing volume and reducing positions, fluctuating and rebounding, and closing slightly higher on Wednesday. Due to the information from the US intelligence department indicating that Israel is preparing to attack Iranian nuclear facilities, under the background of strengthened geopolitical risks, it is expected that the prices of domestic and foreign crude oil futures may maintain a stable fluctuating trend in the future [5]. 3. Summary According to the Directory 3.1 Industry Dynamics Rubber - As of May 18, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 614,200 tons, a decrease of 4,500 tons from the previous period, a decline of 0.73%. The bonded area inventory was 92,100 tons, an increase of 2.34%; the general trade inventory was 522,100 tons, a decline of 1.25%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao decreased by 1.54 percentage points, and the outbound rate increased by 1.25 percentage points; the inbound rate of general trade warehouses increased by 1.06 percentage points, and the outbound rate increased by 2.20 percentage points [8]. - As of the week of May 16, 2025, the operating load of all - steel tires of tire enterprises in Shandong was 59.88%, a significant week - on - week increase of 15.08% and a slight year - on - year decrease of 3.02 percentage points. The operating load of semi - steel tires of domestic tire enterprises was 71.21%, a significant week - on - week increase of 12.81 percentage points and a slight year - on - year decrease of 5.29 percentage points [8]. - In April 2025, the sales volume of heavy - duty trucks in China was about 90,000 vehicles, a month - on - month decrease of 19% and an increase of about 9.4% compared with 82,300 vehicles in the same period of the previous year. From January to April this year, the cumulative sales volume of heavy - duty trucks in China was about 355,000 vehicles, showing the same level as the same period of the previous year [8]. - In April 2025, the production and sales of automobiles in China were 2.619 million and 2.59 million respectively, a year - on - year increase of 8.9% and 9.8%. From January to April 2025, the production and sales of automobiles in China were 10.175 million and 10.06 million respectively, a year - on - year increase of 12.9% and 10.8%. Notably, for the first time in history, the production and sales of automobiles in China both exceeded 10 million in the first four months [9]. Methanol - As the spring maintenance of domestic methanol plants came to an end, the domestic methanol operating rate and weekly output rebounded. As of the week of May 16, 2025, the average domestic methanol operating rate was maintained at 83.68%, a week - on - week slight decrease of 0.46%, a month - on - month slight increase of 3.46%, and a significant year - on - year increase of 10.48%. The average weekly output of methanol in China reached 1.9911 million tons, a week - on - week slight decrease of 66,700 tons, a month - on - month slight increase of 40,500 tons, and a significant increase of 388,700 tons compared with 1.6024 million tons in the same period of the previous year [10]. - As of the week of May 16, 2025, the domestic formaldehyde operating rate was maintained at 29.02%, a week - on - week slight decrease of 0.03%. The operating rate of dimethyl ether was maintained at 9.17%, a week - on - week slight increase of 1.52%. The operating rate of acetic acid was maintained at 94.67%, a week - on - week slight increase of 2.09%. The operating rate of MTBE was maintained at 41.11%, a week - on - week significant decline of 5.30%. As of the week of May 16, 2025, the average operating load of domestic coal (methanol) to olefin plants was 77.64%, a week - on - week slight increase of 0.91 percentage points and a month - on - month slight decline of 0.7% [11]. - As of the week of May 16, 2025, the methanol inventory in ports in East and South China was maintained at 390,100 tons, a week - on - week slight decrease of 25,000 tons, a month - on - month significant decrease of 60,100 tons, and a slight decrease of 20,900 tons compared with the same period of the previous year. The methanol inventory in East China ports reached 218,000 tons, a week - on - week slight decrease of 20,600 tons, and the methanol inventory in South China ports reached 172,100 tons, a week - on - week slight decrease of 4,400 tons. As of the week of May 15, 2025, the total inland methanol inventory in China reached 335,900 tons, a week - on - week slight increase of 32,000 tons, an increase of 10.53%, a month - on - month slight increase of 23,500 tons, and a slight decrease of 44,100 tons compared with 380,000 tons in the same period of the previous year [11][12]. Crude Oil - As of the week of May 9, 2025, the number of active oil drilling rigs in the United States was 474, a week - on - week slight decrease of 5 and a decrease of 22 compared with the same period of the previous year. The average daily crude oil production in the United States was 13.387 million barrels, a week - on - week slight increase of 20,000 barrels per day and a year - on - year increase of 287,000 barrels per day [13]. - As of the week of May 9, 2025, the commercial crude oil inventory in the United States (excluding strategic petroleum reserves) reached 441.83 million barrels, a week - on - week significant increase of 3.454 million barrels and a significant decrease of 15.189 million barrels compared with the same period of the previous year. The crude oil inventory in Cushing, Oklahoma reached 23.892 million barrels, a week - on - week significant decrease of 1.069 million barrels; the strategic petroleum reserve (SPR) inventory reached 399.65 million barrels, a month - on - month significant increase of 2.641 million barrels. The operating rate of US refineries was maintained at 90.2%, a week - on - week slight increase of 1.2 percentage points, a month - on - month slight increase of 3.9 percentage points, and a year - on - year slight decrease of 0.20 percentage points [13]. - Since May 2025, the international crude oil futures prices have shown a weakly fluctuating trend, with the long - making forces in the market increasing and decreasing alternately. As of May 13, 2025, the average non - commercial net long positions in WTI crude oil futures were maintained at 185,301 contracts, a week - on - week significant increase of 9,873 contracts, and a significant increase of 24,938 contracts compared with the April average of 160,363 contracts, an increase of 15.55%. At the same time, as of May 13, 2025, the average net long positions of Brent crude oil futures funds were maintained at 145,373 contracts, a week - on - week significant increase of 49,217 contracts, and a significant decrease of 8,932 contracts compared with the April average of 154,305 contracts, a decrease of 5.79%. Overall, the net long positions in the WTI crude oil futures market increased significantly week - on - week, while the net long positions in the Brent crude oil futures market also increased significantly week - on - week [14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,900 yuan/ton | - 100 yuan/ton | 14,820 yuan/ton | - 120 yuan/ton | + 120 yuan/ton | + 80 yuan | | Methanol | 2,362 yuan/ton | - 13 yuan/ton | 2,270 yuan/ton | + 14 yuan/ton | - 14 yuan/ton | + 92 yuan | | Crude Oil | 455.7 yuan/barrel | + 0.1 yuan/barrel | 470.1 yuan/barrel | + 4.7 yuan/barrel | - 4.7 yuan/barrel | - 14.5 yuan | [15] 3.3 Related Charts - Rubber: Charts include rubber basis, rubber 9 - 1 spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [16][18][20] - Methanol: Charts include 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 [29][31][33] - Crude Oil: Charts include crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position holding change, and Brent crude oil net position holding change [42][44][46]

Group 1: Trade Statistics with the US - In April, Japan's exports to the US amounted to 1.7708 trillion yen, a decrease of 1.8%, marking the first decline in four months [1] - The decline in exports is attributed to the tariffs imposed by the Trump administration, including a 10% reciprocal tariff and a 25% tariff on Japanese automobiles and steel [1] - Despite the decrease in export value, the volume of automobile exports increased by 11.8%, reaching 125,817 units, continuing a four-month growth trend [1] Group 2: Import Statistics from the US - Japan's imports from the US in April totaled 990.2 billion yen, a decrease of 11.6%, influenced by high-priced and volatile aircraft imports [2] - Liquefied natural gas (LNG) imports fell by 50.7%, and coal imports decreased by 43.8% [2] - The trade surplus with the US was 780.6 billion yen, an increase of 14.3%, continuing a four-month growth streak [2] Group 3: Overall Trade Balance - Japan experienced a trade deficit of 115.8 billion yen in April, the first deficit in three months, with exports growing by 2.0% to 9.1571 trillion yen and imports decreasing by 2.2% to 9.273 trillion yen [2] - Exports of semiconductor electronic components, food, and pharmaceuticals increased, while coal and crude oil imports decreased [2] - Coal import volume decreased by 8.9%, and import value decreased by 38.6%, while crude oil import volume increased by 0.2% but value decreased by 10.1% [4]

Group 1: Oil Market Insights - ING reports that the phone call between US President Trump and Russian President Putin had minimal impact, leading to stable oil prices as the market digests the conversation [1] - Brent crude oil prices remain above $65 per barrel, with no significant breakthroughs from the Trump-Putin call [1] - Concerns arise that the US may withdraw from its role as a mediator in the Russia-Ukraine conflict, which could affect potential sanctions on Russia [1] Group 2: Commodity Market Developments - The London Metal Exchange (LME) experienced a significant increase in aluminum inventory, with a daily surge of 92,950 tons, marking the highest level since May 2024 [1] - LME aluminum prices fell over 1% due to market sentiment being affected by Moody's downgrade of US debt ratings [1] - China's primary aluminum production reached a historical high of 3.75 million tons, with a cumulative output of 14.79 million tons in the first four months, reflecting a 3.4% year-on-year increase [1] Group 3: Agricultural Market Trends - Strong growth in US crop planting is noted, with corn planting at 78%, significantly surpassing the five-year average, and soybean planting at 66%, showing notable acceleration [2] - The favorable planting progress and expansion of corn acreage suggest a potential shift to a looser market for North American corn in the 2025/26 season [2] - If weather conditions remain normal during the growing season, CBOT corn prices may continue to face downward pressure, indicating a cyclical difference in agricultural markets compared to energy and metals [2]

Core Insights - Japan's exports to the US in April amounted to 1.7708 trillion yen, a decrease of 1.8%, marking the first decline in four months, potentially influenced by the tariffs initiated by the Trump administration [1] - The export value of automobiles from Japan to the US was 513 billion yen, down 4.8%, although the export volume increased by 11.8% to 125,817 units, continuing a four-month growth trend [1] - Japan's trade surplus with the US reached 780.6 billion yen, an increase of 14.3%, continuing a four-month growth streak [2] Summary by Sections Exports to the US - In April, Japan's total exports to the US were 1.7708 trillion yen, down 1.8% year-on-year, the first decline in four months [1] - The automobile export value was 513 billion yen, a decrease of 4.8%, while the export volume rose by 11.8% to 125,817 units [1] - Steel exports fell to 18 billion yen, down 29.0%, with a volume decrease of 20.3% [1] Imports from the US - Japan's imports from the US in April totaled 990.2 billion yen, a decrease of 11.6%, primarily due to reduced imports of high-priced and volatile items like aircraft [2] - Liquefied natural gas (LNG) imports dropped by 50.7%, and coal imports decreased by 43.8% [2] Overall Trade Balance - Japan recorded a trade deficit of 115.8 billion yen in April, the first deficit in three months, with exports growing by 2.0% to 9.1571 trillion yen and imports decreasing by 2.2% to 9.273 trillion yen [2] - Exports of semiconductor electronic components, food, and pharmaceuticals increased, while coal and crude oil imports decreased [2] - Coal import volume fell by 8.9%, with a value decrease of 38.6%, while crude oil import volume increased by 0.2%, but the value decreased by 10.1% [2]

Report Industry Investment Rating - Not provided in the document. Core Viewpoint - Not provided in the document. Summary According to Relevant Catalogs 1. Power Coal - **Base Difference**: From May 14 to May 20, 2025, the base difference of power coal was -184.4, -187.4, -187.4, -189.4, -190.4 yuan/ton respectively, showing a downward trend [2]. 2. Energy Chemicals (1) Energy Commodities - **Base Difference**: The base difference data of crude oil, fuel oil, etc., on different dates from May 14 to May 20, 2025, are presented, such as the base difference of INE crude oil being -9.79 on May 20 [9]. - **Price Ratio**: The price ratio of crude oil to asphalt on different dates from May 14 to May 20, 2025, is given, with the price ratio on May 20 being 0.1373 [9]. (2) Chemical Commodities - **Base Difference**: The base difference data of various chemical products such as natural rubber, methanol, PTA, etc., on different dates from May 14 to May 20, 2025, are provided, for example, the base difference of natural rubber on May 20 was -40 yuan/ton [10]. - **Inter - period Spread**: The inter - period spread data of different chemical products in different periods (5 - 1 month, 9 - 1 month, 9 - 5 month) are presented, like the 5 - 1 month spread of natural rubber being 120 yuan/ton [10]. - **Inter - variety Spread**: The inter - variety spread data of different chemical products on different dates from May 14 to May 20, 2025, are given, such as the LLDPE - PVC spread on May 20 being 2289 yuan/ton [10]. 3. Black Metals - **Base Difference**: The base difference data of black metals such as rebar, iron ore, coke, and coking coal on different dates from May 14 to May 20, 2025, are provided, for example, the base difference of rebar on May 20 was 122.0 yuan/ton [15]. - **Inter - period Spread**: The inter - period spread data of black metals in different periods are presented, like the 5 - 1 month spread of rebar being 12.0 yuan/ton [15]. - **Inter - variety Spread**: The inter - variety spread data of black metals on different dates from May 14 to May 20, 2025, are given, such as the rebar/iron ore ratio on May 20 being 4.22 [15]. 4. Non - ferrous Metals (1) Domestic Market - **Domestic Base Difference**: The domestic base difference data of non - ferrous metals such as copper, aluminum, zinc, etc., on different dates from May 14 to May 20, 2025, are provided, for example, the base difference of copper on May 20 was 910 yuan/ton [23]. - **LME Data**: The LME data of non - ferrous metals on May 20, 2025, including LME premium/discount, Shanghai - London ratio, CIF price, domestic spot price, and import profit and loss, are presented, such as the LME premium of copper being 3.16 [30]. (2) London Market - **LME Base Difference, Shanghai - London Ratio, Import Profit and Loss**: Relevant data and trends are presented through charts [32][33][34]. 5. Agricultural Products - **Base Difference**: The base difference data of agricultural products such as soybeans, soybean meal, soybean oil, etc., on different dates from May 14 to May 20, 2025, are provided, for example, the base difference of soybean No.1 on May 20 was -191 yuan/ton [40]. - **Inter - period Spread**: The inter - period spread data of agricultural products in different periods are presented, like the 5 - 1 month spread of soybean No.1 being -8 yuan/ton [38]. - **Inter - variety Spread**: The inter - variety spread data of agricultural products on different dates from May 14 to May 20, 2025, are given, such as the soybean No.1/corn ratio on May 20 being 1.81 [38]. 6. Stock Index Futures - **Base Difference**: The base difference data of stock index futures such as CSI 300, SSE 50, CSI 500, and CSI 1000 on different dates from May 14 to May 20, 2025, are provided, for example, the base difference of CSI 300 on May 20 was 32.77 [48]. - **Inter - period Spread**: The inter - period spread data of stock index futures in different periods are presented, like the next - month/current - month spread of CSI 300 being -39.6 [48].