1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, for each individual energy and chemical product, the following ratings are given: - Crude oil: Volatile [1] - Fuel oil: Volatile [2] - Asphalt: Volatile [2] - Polyester: Volatile [2] - PX: Volatile [4] - Rubber: Volatile [4] - Methanol: Volatile [6] - Polyolefins: Volatile [6] - PVC: Volatile and slightly bearish [7] 2. Core Viewpoints of the Report - **Crude oil**: On Monday, oil prices stopped falling. OPEC+ crude oil production decreased in July. The market is waiting for the meeting between Trump and Putin, which may ease sanctions on Russian oil. However, there is still uncertainty in the market, and oil prices need to fluctuate and consolidate in the short term [1]. - **Fuel oil**: The main contracts of high - and low - sulfur fuel oil fell on Monday. Supply is sufficient, and the demand for high - sulfur fuel oil for power generation in summer is weakening. The upward space for high - and low - sulfur fuel oil is not optimistic [2]. - **Asphalt**: The main asphalt contract fell on Monday. Supply is expected to increase, and demand is expected to recover as the weather improves. The asphalt market in August is expected to show a pattern of increasing supply and demand, with prices fluctuating in a range [2]. - **Polyester**: The prices of PTA, EG, and PX futures rose on Monday. The supply of PTA and EG is recovering, and the downstream demand is in the off - season. It is expected that the spot prices of PTA and EG will fluctuate in the short term [2][4]. - **PX**: The supply and demand of PX continue to recover, and the PXN is slightly strong. PX prices are expected to follow the fluctuations of crude oil prices [4]. - **Rubber**: The prices of rubber futures rose on Monday. Short - term rubber raw materials are firm, demand expectations are improving, and inventories are stable. Rubber prices are expected to fluctuate strongly in the short term, but the medium - and long - term situation needs further attention [4]. - **Methanol**: The load of Iranian methanol plants has recovered, and port inventories have increased rapidly, suppressing near - month prices. However, the main contract will switch to January, and the downward space is limited. Methanol prices are expected to maintain a near - weak and far - strong structure and fluctuate narrowly [6]. - **Polyolefins**: The检修 season is coming to an end, and supply will remain high. With the approaching of the peak demand season, demand is expected to increase. Polyolefin prices are expected to fluctuate narrowly [6]. - **PVC**: Supply remains high, demand is gradually picking up, and inventories are expected to decline slowly. The basis and monthly spread have widened, and the market's short - selling power may recover. PVC prices are expected to fluctuate weakly [7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude oil**: WTI September contract closed up $0.08 to $63.96/barrel, a 0.13% increase; Brent October contract closed up $0.04 to $66.63/barrel, a 0.06% increase; SC2509 closed at 494 yuan/barrel, up 1.5 yuan/barrel, a 0.3% increase. OPEC+ July production decreased to 41.65 million barrels per day. OPEC cut production by 190,000 barrels per day in July, with Saudi Arabia cutting 300,000 barrels per day. Non - OPEC allies increased production by 50,000 barrels per day. Russia increased production by 70,000 barrels per day but was still below the quota [1]. - **Fuel oil**: The main contract of high - sulfur fuel oil (FU2509) fell 1.39% to 2,760 yuan/ton; the main contract of low - sulfur fuel oil (LU2510) fell 0.92% to 3,463 yuan/ton. Supply is sufficient, and the spot premium of Singapore low - sulfur fuel oil has fallen to a four - month low [2]. - **Asphalt**: The main asphalt contract (BU2509) fell 0.51% to 3,512 yuan/ton. Supply is expected to increase, and demand is expected to recover as the weather improves [2]. - **Polyester**: TA509 closed up 0.47% at 4,706 yuan/ton; EG2509 closed up 0.68% at 4,414 yuan/ton; the main PX contract (509) closed up 0.77% at 6,778 yuan/ton. The production and sales of polyester yarn in Zhejiang and Jiangsu have declined [2]. - **PX**: Supply and demand continue to recover, and prices are expected to follow crude oil price fluctuations [4]. - **Rubber**: The main rubber contracts (RU2601, NR, BR) rose on Monday. Short - term rubber raw materials are firm, and prices are expected to fluctuate strongly [4]. - **Methanol**: The spot price in Taicang is 2,382 yuan/ton. Iranian plant load has recovered, and port inventories have increased rapidly [6]. - **Polyolefins**: The mainstream price of East China拉丝 is 7,020 - 7,150 yuan/ton. The supply will remain high, and demand is expected to increase [6]. - **PVC**: The market price of PVC in East, North, and South China has little change. Supply remains high, and demand is gradually picking up [7]. 3.2 Daily Data Monitoring The report provides the basis data of various energy and chemical products on August 12, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [8]. 3.3 Market News - Trump will meet with Putin in Alaska on August 15 to negotiate an end to the Russia - Ukraine conflict. If no peace agreement is reached, sanctions on Moscow may be tightened [10]. - OPEC+ July crude oil production decreased to 41.65 million barrels per day. OPEC cut production by 190,000 barrels per day, and non - OPEC allies increased production by 50,000 barrels per day [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report provides the historical price charts of the main contracts of various energy and chemical products from 2021 to 2025 [12][14][16][18][20][21][22]. - **4.2 Main Contract Basis**: The report provides the historical basis charts of the main contracts of various energy and chemical products from 2021 to 2025 [25][27][31][32][33][37]. - **4.3 Inter - period Contract Spreads**: The report provides the historical spread charts of different contracts of various energy and chemical products [39][41][44][47][49][52][55]. - **4.4 Inter - variety Spreads**: The report provides the historical spread and ratio charts between different varieties of energy and chemical products [57][62][63][65]. - **4.5 Production Profits**: The report provides the historical production profit charts of various energy and chemical products [66][67][69]. 3.5 Team Member Introduction - **Zhong Meiyan**: The assistant director of the institute and the director of energy and chemicals, with rich experience in futures derivatives market research [72]. - **Du Bingqin**: An analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with in - depth research on the energy industry [73]. - **Di Yilin**: An analyst for natural rubber and polyester, good at data analysis [74]. - **Peng Haibo**: An analyst for methanol, PE, PP, and PVC, with experience in combining financial theory and industrial operations [75].

Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Pure Benzene: ★★★ [1] - PX: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Bottle Chip: ★★★ [1] - Urea: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] - Styrene: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - PVC: ☆☆☆ [1] Core Views - Olefins - Polyolefins: The futures of olefins rose slightly, with some PDH plants restarting and a major Shandong plant planning maintenance, supporting supply. Propylene producers were eager to raise prices. Polyolefins futures remained in a low - level range. PE had limited supply changes and moderate demand growth, with limited upward momentum. PP supply increased slightly due to new capacity, and demand was weak [2]. - Pure Benzene - Styrene: Oil prices weakened, and pure benzene futures fluctuated. The spot price in East China rose slightly, and the far - month price was weak. Downstream备货 willingness improved, and port inventory decreased slightly. Styrene futures were weak, with weak cost support and ongoing supply - demand contradictions [3]. - Polyester: Affected by the weekend's strong filament sales, PX and PTA prices rebounded. PTA supply was still weak, and PX was expected to improve in the third quarter. Ethylene glycol prices rebounded, with increasing production but also expectations of reduced imports and rising demand. Short fiber had stable supply - demand, and bottle chip had low processing margins and long - term over - capacity pressure [5]. - Coal Chemicals: Methanol prices fluctuated narrowly, with expected increases in imports and different inventory trends in coastal and inland areas. Urea prices followed the market sentiment down, with weak agricultural demand and limited improvement from compound fertilizers. PVC was expected to be weak due to high production and low demand. Caustic soda was strong in the short - term but faced long - term supply pressure [6]. - Soda Ash - Glass: Soda ash prices were under pressure, with continued inventory accumulation and high supply. Glass prices were expected to be supported by cost, with improved processing orders but still weak compared to the same period last year [7]. Summary by Sections Olefins - Polyolefins - Futures of olefins rose slightly, with some PDH plants restarting and a major Shandong plant planning maintenance, supporting supply. Propylene producers were eager to raise prices [2]. - Polyolefins futures remained in a low - level range. PE had limited supply changes and moderate demand growth, with limited upward momentum. PP supply increased slightly due to new capacity, and demand was weak [2] Pure Benzene - Styrene - Oil prices weakened, and pure benzene futures fluctuated. The spot price in East China rose slightly, and the far - month price was weak. Downstream备货 willingness improved, and port inventory decreased slightly [3] - Styrene futures were weak, with weak cost support and ongoing supply - demand contradictions [3] Polyester - Affected by the weekend's strong filament sales, PX and PTA prices rebounded. PTA supply was still weak, and PX was expected to improve in the third quarter [5] - Ethylene glycol prices rebounded, with increasing production but also expectations of reduced imports and rising demand. Short fiber had stable supply - demand, and bottle chip had low processing margins and long - term over - capacity pressure [5] Coal Chemicals - Methanol prices fluctuated narrowly, with expected increases in imports and different inventory trends in coastal and inland areas [6] - Urea prices followed the market sentiment down, with weak agricultural demand and limited improvement from compound fertilizers [6] - PVC was expected to be weak due to high production and low demand. Caustic soda was strong in the short - term but faced long - term supply pressure [6] Soda Ash - Glass - Soda ash prices were under pressure, with continued inventory accumulation and high supply [7] - Glass prices were expected to be supported by cost, with improved processing orders but still weak compared to the same period last year [7]

Group 1: Polyester Industry Report Industry Investment Rating Not provided Core View The report analyzes the price, cash - flow, and supply - demand situation of various products in the polyester industry. Different products have different trends and outlooks. For example, PX's supply is expected to increase marginally in August, and its supply - demand is expected to weaken; PTA's short - term supply - demand may improve, but it is expected to be weak in the medium - term; ethylene glycol's short - term supply - demand is expected to improve; short - fiber's supply and demand have a small increase, and its price follows raw materials; bottle - chip's inventory is slowly decreasing, and its processing fee has support [2]. Summary by Directory - **Product Prices and Cash - flows**: On August 8th, prices of some products like DTY150/48 decreased by 0.3%, while others like POY150/48 remained unchanged. Cash - flows of some products also changed, such as POY150/48's cash - flow decreased by 28.6% [2]. - **Supply - Demand Analysis**: PX supply increases in August, and with low terminal demand, its supply - demand weakens. PTA has new device production, but low processing fees lead to more unexpected device overhauls. Ethylene glycol has supply changes both at home and abroad, and demand is expected to increase as the off - season ends. Short - fiber's supply and demand slightly increase, and bottle - chip's inventory decreases due to production cuts [2]. Group 2: PVC and Caustic Soda Industry Report Industry Investment Rating Not provided Core View The report presents the price, supply - demand, and inventory situation of PVC and caustic soda. Caustic soda's supply is expected to increase, but there may be support from supply reduction due to enterprise overhauls. PVC's supply pressure is large with new capacity release, and downstream demand has no obvious improvement [7][12]. Summary by Directory - **Price Changes**: On August 8th, the price of Shandong 32% liquid caustic soda remained unchanged at 2500 yuan/ton, and the price of East China calcium - carbide - based PVC decreased by 0.4% to 4890 yuan/ton [7]. - **Supply - Demand and Inventory**: Caustic soda's downstream alumina price is stable, and supply is expected to increase. PVC's new capacity is released continuously, and downstream product enterprise's operating rates are low. Inventory of liquid caustic soda and PVC has different changes, such as liquid caustic soda's East China factory - warehouse inventory increased by 2.0% [7][12]. Group 3: Crude Oil Industry Report Industry Investment Rating Not provided Core View Crude oil prices are running weakly recently. The trading logic is mainly about geopolitical risks and supply - demand relaxation pressure. Geopolitical factors may affect supply, and macro - level factors and basic - level supply - demand also impact the market. The market is bearish, but the price stabilizes after a decline. Short - term observation is recommended [15]. Summary by Directory - **Price and Spread Changes**: On August 11th, Brent decreased by 0.57% to 66.21 dollars/barrel, and WTI decreased by 0.67% to 63.45 dollars/barrel. Some spreads also changed, such as Brent M1 - M3 decreased by 12.73% [15]. - **Market Analysis**: Geopolitical factors like the US - Russia cease - fire negotiation may increase supply expectations. Macro - level new tariffs and sanctions threats affect demand. OPEC +'s production increase and the end of the peak oil - using season strengthen the bearish sentiment [15]. Group 4: Polyolefin Industry Report Industry Investment Rating Not provided Core View In August, the supply of PP and PE increases due to less maintenance and new device production. Demand is at a low level currently, but there is potential for replenishment as the seasonal peak approaches. The overall valuation is moderately high, and the fundamental contradiction is not significant [20]. Summary by Directory - **Price and Spread Changes**: On August 8th, prices of futures contracts like L2601 decreased by 0.27%. Some spreads also changed, such as L2509 - 2601 decreased by 19.40% [20]. - **Supply - Demand and Inventory**: Supply pressure of PP and PE increases in August. Downstream operating rates are low, and inventory of enterprises and society has different degrees of increase [20]. Group 5: Methanol Industry Report Industry Investment Rating Not provided Core View The inventory of methanol accumulates significantly at ports this week. Domestic production is at a high level, and imports in August are still high. Downstream demand is weak due to low profits. 09 contract has a strong inventory - accumulation expectation, while 01 contract has expectations of seasonal peak and Iranian device shutdown [23]. Summary by Directory - **Price and Spread Changes**: On August 8th, MA2601's closing price decreased by 0.88% to 2475 yuan/ton. Some spreads like MA91 spread increased by 15.60% [23]. - **Inventory and Operating Rates**: Methanol enterprise inventory decreased by 9.50%, and port inventory increased by 14.48%. Operating rates of some upstream and downstream enterprises changed, such as Shanghai - domestic enterprise's operating rate increased by 2.28% [23]. Group 6: Pure Benzene - Styrene Industry Report Industry Investment Rating Not provided Core View In the third quarter, the supply - demand of pure benzene is expected to improve, and port inventory may decrease. Short - term price has support, but the rebound space is limited. Styrene's supply is high in the short - term, and its supply - demand pattern is weak, but the downward space is limited [27]. Summary by Directory - **Price and Spread Changes**: On August 8th, the price of pure benzene's East - China spot decreased by 0.4% to 6125 yuan/ton, and styrene's East - China spot decreased by 1.1% to 7270 yuan/ton. Some spreads also changed, such as pure benzene - naphtha decreased by 1.1% [27]. - **Inventory and Operating Rates**: Pure benzene's Jiangsu port inventory decreased by 4.1% to 16.30 million tons, and styrene's Jiangsu port inventory decreased by 3.0% to 15.90 million tons. Operating rates of some industries in the chain changed, such as the Asian pure benzene operating rate decreased by 1.3% [27]. Group 7: Urea Industry Report Industry Investment Rating Not provided Core View The current oscillation of urea is due to the game between the positive factors of the Indian tender's unexpected price and export quota release and the agricultural demand gap. In the short - term, the bullish narrative dominates the market [54]. Summary by Directory - **Price and Spread Changes**: On August 8th, the 05 - contract price of urea decreased by 0.50% to 1784 yuan/ton, and the 09 - contract price decreased by 0.52% to 1728 yuan/ton. Some spreads and basis also changed [52]. - **Supply - Demand Analysis**: Although some enterprises like Hualu Hengsheng are under maintenance, the daily output of urea is still at a high level. The demand impulse from the Indian tender and export policy cannot be falsified in the short - term [54].

1. Report Industry Investment Ratings - The investment rating for bottle chips (PR) is "sideways with a downward bias" [5] - The investment rating for staple fiber (PF) is "sideways in the short - term with limited downside" [8] 2. Core Views of the Report For Bottle Chips (PR) - In the short - term, the downside is limited and there may be a stabilization and rebound, but medium - term pressure is obvious. The reduction in production by factories this round is less than in previous years, leading to a slow feedback from the demand side. However, after the absolute price decline, there is a lot of short - covering or speculative demand in the market. The domestic downstream demand is at a high level year - on - year and month - on - month, and the export has recovered for some factories' product pick - up schedules. The unilateral price may bottom out and rebound in the short - term, but it is a rebound rather than a reversal. There will be inventory reduction from July to August, and after the end of the production cut, the increase in production and the demand pressure from September to October will gradually emerge, showing a downward trend. But before the end of the peak season, attention should be paid to the possibility of a stronger basis if there are sudden fluctuations on the supply side when the downstream inventory is low [10] For Staple Fiber (PF) - It is sideways with a downward bias in the short - term but with limited downside. The downstream start - up rate has bottomed out and rebounded, and both domestic and foreign demand are expected to improve in mid - to late August. The profit of staple fiber factories is still around the cash - flow cost, and the inventory is at a neutral level. In addition, a large - scale reduction in PTA production may support the prices of polyester downstream products. In the new round of US tariff negotiations, the tariff range has eased compared to April. After the tariffs are implemented, there may be a new round of foreign trade orders in the short - term. In the medium - to long - term, tariffs will still affect exports and re - exports. In the future, there is limited room for further increasing the start - up rate of staple fiber, and as the peak demand season approaches, the processing fee is expected to expand [8] 3. Summaries Based on Related Catalogs Bottle Chips (PR) Valuation and Profit - The polymerization cost has declined, with this week's polymerization cost at around 5480 - 5550 yuan/ton. The spot processing fee of bottle chips has continued to recover, at around 400 - 450 yuan/ton. The export profit is oscillating weakly, and calculated based on the domestic polymerization cost, it is about 700 - 800 yuan/ton (reflecting a relatively high level of export profit), and the domestic - foreign price difference has narrowed [50] Fundamental Operating Conditions - **Supply**: After this round of production cuts, the processing fee has not risen above the factory cost. Factories are expected to maintain the current production cut until the end of August, and gradually resume production in September but may still maintain a partial production cut scale. This week, the operating rate of bottle chips was 79%. The impact of "anti - involution" on bottle chips is mainly a possible increase in costs (such as MEG), and there are few old bottle - chip devices, so the supply impact is small [9] - **Demand**: The domestic downstream start - up rate remains at a high level, and downstream enterprises maintain a restocking rhythm when prices are low. Since May, downstream enterprises have rarely made large - scale purchases due to rising absolute prices. If the absolute price drops, it is expected that the buying sentiment will be good. At the same time, the ocean freight has declined, reducing the impact on exports from July to August. Overall, bottle chips are in a pattern of slight inventory reduction from July to August. This week, the factory inventory was around 17 days, a month - on - month decrease [10] - **Price and Spread**: This week, the price dropped slightly to 5920 - 5950 yuan/ton; the FOB price was 770 - 795 US dollars/ton. The bottle chip - PVC spread has been at a high level of 1000 - 1500 yuan/ton since 2024, with a low driving force for further substitution. The bottle chips maintain a high - level price difference with general plastics such as PP, showing obvious cost - effectiveness, and the substitution in the packaging field continues [28][31][32] - **Raw Material End**: There are new device overhauls for PTA. The total inventory of PTA has shown certain changes, and the PTA load index has also fluctuated. For MEG, the port inventory in East China and the load have also changed, and the ocean freight has declined, reducing the impact on exports [43][47] - **Inventory**: The overall PTA inventory of polyester factories has decreased. The domestic polyester bottle - chip factory inventory has dropped to 17 days (CCF caliber). There will be inventory reduction in the social inventory from July to August. According to CCF data, the social inventory at the end of June was finally counted at 3.07 million tons, estimated to be revised to 3 million tons at the end of July, and estimated to be revised to 2.83 million tons at the end of August [55][60] - **Device Changes**: In August, major polyester bottle - chip factories will continue the production cut of 20% or more that started in July, with no plan to increase or restart for the time being. Some are expected to restart in September. In the future, Fuhai plans to put into production 300,000 - ton devices in September and November respectively. Wuliangye's 100,000 - ton project is planned to be put into production at the end of this year or early next year, but it is expected to mainly produce modified products and RPET [61] - **Demand**: This week, the overall downstream start - up rate changed little. The device load of beverage enterprises increased to 95 - 100%. The average start - up rate of edible oil enterprises remained around 70 - 80%. In the sheet material sector, it was around 60 - 80% in East China and 40 - 60% in South China. In 2025 from January to June, the cumulative year - on - year growth rate of soft drink production was 3.0%; the cumulative year - on - year growth rate of beverage product retail sales was 0.6%. The demand for edible oil remains neutral, and the demand for sheet materials is average, but the supermarket consumption has improved month - on - month [64][70][73] - **Global Trade Flow**: Overseas bottle - chip production capacity has increased little in recent years, and the small increase is mainly concentrated in Southeast Asia and the Indian sub - continent. There are also bottlenecks in cost and supply volume for the "bottle - to - bottle" RPET in Europe and the US to replace virgin bottle chips. Overseas downstream demand growth will increasingly rely on imports to achieve supply - demand balance. The main trade flows of Chinese bottle - chip exports are: China - Southeast Asia - South Asia; China - Central Asia, Russia, and Eastern Europe; China - South Korea, Mexico, the Middle East for re - export to North America; China - Africa and South America [80] Supply - Demand Balance Sheet - From July to August, it is in a tight - balance state, and inventory will accumulate again after September. Supply - side assumptions: After the large - scale production cut, the processing fee has not recovered well, and the production cut may last until the end of August, and the concentrated production - cut capacity will resume in September; Fuhai's new device will be put into production in September. Demand assumptions: The downstream demand is calculated based on a 5% year - on - year increase compared to last year's peak season; the export demand may be affected month - on - month from June to July due to ocean freight issues, and it will recover starting from August. Recently, the ocean freight has declined, and the impact on exports in July may be less than expected, so there may also be a slight inventory reduction in July [95][97] Staple Fiber (PF) Valuation - Spot prices fluctuate less, the futures market is weak, and the basis has strengthened slightly. The processing fee on the futures market is still weak [101][106] Fundamental Operating Conditions - **Supply**: Based on the fact that the processing fee and inventory pressure are not large, factories maintain a high start - up rate. This week, the average start - up rate of factories was 90.6%, and the start - up rate of direct - spun polyester staple fiber for spinning was 95.3%. It is expected to remain stable or increase slightly in the future. The impact of "anti - involution" on staple fiber is mainly a possible increase in costs (such as MEG). Although there are many old staple - fiber devices, some have undergone boiler renovations, and the absolute value of the cost difference between new and old devices is small. The production enterprises are mainly private, and the start - up still mainly considers economic efficiency [8] - **Demand**: The start - up rate of terminal weaving has bottomed out and rebounded, but the short - term demand is still weak. There is restocking at low prices downstream, and the staple - fiber inventory has slightly accumulated. This week, the 1.4D equity inventory was 10.6 days, and the physical inventory was 23 days. The US has issued a new round of reciprocal tariffs, and at the same time, China and the US are conducting a new round of trade negotiations. The tax rates in textile and clothing transit areas such as Southeast Asia are mainly around 20%. Re - export restrictions may also be part of the negotiations. China and the US are promoting a 10% tariff extension in the short - term. After the tariffs are gradually implemented in August, there may be a round of foreign trade orders. Domestic and foreign demand is expected to improve in mid - to late August [8] - **Inventory**: Downstream has impulse restocking. The FDY inventory pressure is relatively large, while the inventory of other varieties is neutral [117] - **Profit**: With the decline in costs, most profits have recovered, but polyester chips are still in the red [125] - **Downstream**: The inventory pressure of polyester yarn is relatively large, and the start - up rate has bottomed out. The terminal restocks, and the yarn price drops slightly. The profit of polyester yarn is generally better than last year, especially for polyester - cotton yarn. The substitution of virgin products for recycled products continues [133][135][137] - **Weaving Start - up**: The terminal start - up rate has bottomed out and rebounded [146][149]

1. Report Industry Investment Rating - No information available in the provided content 2. Core Viewpoints of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. It is recommended to construct option portfolio strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3] - Each option variety is analyzed from aspects of underlying market conditions, option factor research, and option strategy suggestions 3. Summary According to Relevant Catalogs 3.1 Option Underlying Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of multiple energy - chemical option underlying futures are presented, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2509) is 497, down 7 with a decline rate of 1.43%, trading volume of 14.76 million lots, and open interest of 3.16 million lots [4] 3.2 Option Factor - Volume and Open Interest PCR - Volume and open interest PCR values and their changes of various option varieties are given. For example, the volume PCR of crude oil options is 0.72, down 0.17; the open interest PCR is 0.56, down 0.05 [5] 3.3 Option Factor - Pressure and Support Levels - Pressure and support levels of different option varieties are provided. For instance, the pressure level of crude oil is 550, and the support level is 500 [6] 3.4 Option Factor - Implied Volatility - Implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes. For example, the at - the - money implied volatility of crude oil options is 30.805%, and the weighted implied volatility is 34.99%, up 1.41% [7] 3.5 Strategy and Suggestions for Each Option Variety 3.5.1 Energy - related Options (Crude Oil, LPG) - **Crude Oil**: Fundamentals show an increase in US crude oil inventories. The market has been weakening and fluctuating. Implied volatility is near the average, and the open interest PCR indicates a weakening trend. It is recommended to construct a short - neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **LPG**: Factory and port inventories are high. The market shows a short - term bearish trend. Implied volatility is at a relatively high historical level, and the open interest PCR indicates strong bearish pressure. Similar to crude oil, a short - bearish call + put option combination strategy and a long collar strategy for spot hedging are recommended [10] 3.5.2 Alcohol - related Options (Methanol, Ethylene Glycol) - **Methanol**: Inventories of sample production enterprises have decreased. The market is under pressure and shows a weakening trend. Implied volatility is below the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy and a long collar strategy for spot hedging are suggested [10] - **Ethylene Glycol**: The overall operating rate remains stable, but production profits are under pressure. The market shows a wide - range volatile trend. Implied volatility is below the average, and the open interest PCR indicates a sideways trend. A short - volatility strategy and a spot long - hedging strategy are recommended [11] 3.5.3 Polyolefin - related Options (Polypropylene, PVC, etc.) - **Polypropylene**: The number of maintenance production lines has decreased, and production has increased. The market is under bearish pressure. Implied volatility is near the historical average, and the open interest PCR indicates a weakening trend. A spot long - hedging strategy is recommended [11] 3.5.4 Rubber - related Options (Rubber, Synthetic Rubber) - **Rubber**: The opening area and output in Hainan have decreased. The market shows a bearish downward trend. Implied volatility is near the average after a sharp rise, and the open interest PCR indicates a bearish trend. A short - neutral call + put option combination strategy is recommended [12] 3.5.5 Polyester - related Options (PX, PTA, etc.) - **PTA**: Factory inventories are accumulating, and the market is under pressure. Implied volatility is above the average, and the open interest PCR indicates a weakening trend. A short - neutral call + put option combination strategy is recommended [13] 3.5.6 Alkali - related Options (Caustic Soda, Soda Ash) - **Caustic Soda**: The average utilization rate of production capacity has decreased slightly. The market shows a weakening and volatile trend. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A spot collar hedging strategy is recommended [14] - **Soda Ash**: Inventories are accumulating. The market shows a trend of rebounding after a sharp decline. Implied volatility is at a relatively high level, and the open interest PCR indicates strong bearish pressure. A short - volatility combination strategy and a long collar strategy for spot hedging are recommended [14] 3.5.7 Urea Options - The supply is slightly decreasing, and the demand is weak. The market shows a low - level volatile trend. Implied volatility is near the historical average, and the open interest PCR indicates strong bearish pressure. A short - bearish call + put option combination strategy and a spot hedging strategy are recommended [15] 3.6 Option Charts - Charts of various option varieties are provided, including price trend charts, trading volume and open interest charts, open interest distribution charts, PCR charts, implied volatility charts, historical volatility cone charts, and pressure - support level charts for each option variety such as crude oil, LPG, and methanol [17][37][57]

Core Insights - The article highlights the resilience and growth of five Chinese polyester companies, including Hengli Group and Rongsheng Holding, amidst global supply chain fluctuations and trade tensions, emphasizing their ability to maintain steady growth [1][2] - The use of futures tools has evolved from mere risk management to a core engine driving the systematic upgrade of competitiveness in the polyester industry, reshaping pricing rules and optimizing resource allocation [1] Industry Dynamics - The competitiveness of China's polyester chain enterprises has significantly improved, transitioning from a focus on "scale and cost" to a comprehensive capability that includes "industry chain control, globalization, and financial tool application" [1] - Futures tools are now essential for price risk management in the polyester industry, providing multiple benefits such as price discovery, market transparency, and enhanced inventory management [1] Corporate Strategies - Leading polyester companies have integrated futures signals into their operational decision-making, adjusting production schedules and inventory strategies based on futures price curves [2] - The application of options tools has become more refined, allowing companies to lock in risks while optimizing profits through strategies like "futures hedging combined with selling call options" [2] Future Outlook - The rise in the ranking of these companies in the Fortune Global 500 is seen as both a result of past achievements and a starting point for future upgrades, with futures and derivatives becoming key tools for transitioning from survival competition to ecological leadership [2]

7月29日，财富中文网在全球同步发布《财富》世界500强排行榜。此次上榜的500家公司，其资产总额 与净资产总额均创该榜单创立以来的历史峰值。在这份全球企业实力的权威榜单中，恒力集团有限公司 （下称恒力）、浙江荣盛控股集团有限公司（下称荣盛）、盛虹控股集团有限公司（下称盛虹）、山东 魏桥创业集团有限公司（下称魏桥）、浙江恒逸集团有限公司（下称恒逸）这5家中国聚酯企业，已连 续多年稳居其中。 这一现象的背后，是中国聚酯产业链在全球竞争中"系统性优势"的集中彰显，也深刻反映出我国聚酯产 业强劲的发展韧性——国内聚酯企业在应对地缘冲突、原材料价格波动、贸易壁垒等多重风险时，凭借 全产业链布局、技术迭代升级、灵活的市场响应机制及全球化资源配置能力，不仅实现了自身稳健发 展，更持续巩固了中国在全球聚酯产业中的核心地位，成为支撑全球纺织供应链稳定的重要力量。 规模效应与全链整合铸就企业核心竞争力 期货日报记者注意到，在《财富》世界500强榜单中，恒力再度登榜，荣列第81位，已连续9年登榜；荣 盛荣升第118位，较去年提升20位；盛虹居第161位，连续6年登榜，排名逐年上升；魏桥连续14年上 榜，居第166位，较去年提升9 ...

第七届董事会拟由9名董事组成，其中独立董事3名，其他非独立董事6名，任期自股东大会审议通过之日起三年。经股东提名，董事会提名与薪酬考核委员 会审查，提名陈建华、陈汉伦、王孝海、史玉高、张恩国、王月为第七届董事会非独立董事候选人。 瑞财经 吴文婷8月6日，*ST松发发布公告称，为稳步实现置入资产与上市公司管理体系、组织架构的衔接整合，公司董事会拟提前进行换届选举。 | 名次 | 2024名次 | 持股市值 (1670) | 姓名 | 主要公司 | 公司总部 | 主要行业 | 性别 | 年龄 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 3 | 4815.7 | 3K-Da | 字节跳动 | 北京 | 推荐引擎产品、短视频 | ਛੇ | 42 | | 2 | 1 | 3624.1 | 钟談改 | 农夫山泉/万泰生物 | 浙江杭州/北京 | 矿泉水饮料、医药生物 | ਫੇ | 71 | | 3 | 4 | 3067.1 | 马化腾 | 腾讯控股 | 东深圳 | 互联网综合服务 | ਰੇਜੇ | 54 | | 4 | 2 | 3057 ...

Report Industry Investment Ratings - Urea: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Methanol: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Pure Benzene: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Styrene: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Polypropylene: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Plastic: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - PVC: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Caustic Soda: ★★★ (Predicted to have a clear bearish trend, and there are still relatively appropriate investment opportunities) [1] - PX: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - PTA: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Ethylene Glycol: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Short Fiber: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Glass: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Soda Ash: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Bottle Chip: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Propylene: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] Core Viewpoints - The report analyzes the market conditions of various chemical products, including supply, demand, price trends, and provides corresponding investment ratings based on these factors [1][2][3][5][6][7][8] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures fluctuated around the 5 - day moving average. Low prices, improved downstream product profits, and reduced supply due to unexpected shutdowns of local PDH plants supported the price [2] - Polyolefin futures had a narrow - range intraday fluctuation. Polyethylene's short - term production is expected to increase, with both supply and demand rising recently. Polypropylene's prices are stable, and some offers are tentatively raised, but downstream procurement is weak [2] Pure Benzene - Styrene - Pure benzene prices rebounded. Domestic supply increased, demand was weak, but port inventory decreased. There is an expected improvement in supply - demand in the third - quarter and pressure in the fourth - quarter [3] - Styrene futures prices declined. The expected output of a new plant may have a negative impact, and the supply - demand fundamentals are weak [3] Polyester - PTA prices rebounded. New plant production and increased output from existing plants pressured the supply, but production cuts may boost the market. PX may face demand decline if PTA production cuts increase [5] - Ethylene glycol prices rebounded. Supply is expected to continue to rise, and there is an expected increase in demand [5] - Short fiber prices followed the raw materials and sales improved. There is limited new capacity this year, and the peak - season demand is expected to boost the industry [5] - Bottle chip's low - start operation led to stable inventory, but over - capacity is a long - term pressure [5] Coal Chemical Industry - Methanol prices rose slightly. Coastal olefin plants have low operation rates, and ports are expected to accumulate inventory. In the long - term, the approaching peak - season demand should be monitored [6] - Urea market sentiment cooled. The Indian tender price boosted the spot market, but short - term supply - demand is loose, and the focus is on export policy changes [6] Chlor - Alkali - PVC prices fluctuated strongly. Cost support increased, but supply increased and demand was weak, so short - term prices are expected to fluctuate weakly [7] - Caustic soda prices fluctuated weakly. Comprehensive profit improved, but long - term supply pressure remains, and prices are expected to be under pressure [7] Soda Ash - Glass - Soda ash prices fluctuated. High - price resistance led to a downward shift. Supply is high, and the long - term market is weak, but prices are unlikely to fall below the previous low [8] - Glass prices fluctuated. Mid - stream sales led to a decline in spot prices, and the market is in a state of inventory accumulation [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The "anti-involution" logic has temporarily ended, and price trends have returned to fundamentals, with the previous premium being rapidly squeezed out. For ethylene glycol, the inventory accumulation in Q3 is small, the supply-demand contradiction is not significant, the downward space is limited under low inventory, and the inventory accumulation expectation is postponed. After the correction, the valuation is relatively neutral, and it is expected to fluctuate within a range following market sentiment [3] - The new version of the "Coal Mine Safety Regulations" was released, leading to a rebound in coal prices and an increase in costs [3] Summary by Relevant Catalogs Polyester Price Forecast - The monthly price forecast for ethylene glycol is 4200 - 4700 yuan, with a current 20 - day rolling volatility of 9.09% and a historical percentile (3 - year) of 1.4%. For PX, it is 6500 - 7400 yuan, with a volatility of 11.78% and a historical percentile of 17.7%. For PTA, it is 4400 - 5300 yuan, with a volatility of 9.30% and a historical percentile of 4.6%. For bottle chips, it is 5800 - 6500 yuan, with a volatility of 7.92% and a historical percentile of 0.9% [2] Polyester Hedging Strategies Inventory Management - When the finished - product inventory is high and there are concerns about a decline in ethylene glycol prices, enterprises with long positions can short ethylene glycol futures (EG2509) with a 25% hedging ratio at an entry range of 4450 - 4550 yuan to lock in profits and cover production costs. They can also buy put options (EG2509P4350) to prevent large price drops and sell call options (EG2509C4500) to reduce capital costs, with a 50% hedging ratio at an entry range of 10 - 15 yuan [2] Procurement Management - When the procurement of regular inventory is low and enterprises want to purchase based on orders, those with short positions can buy ethylene glycol futures (EG2509) with a 50% hedging ratio at an entry range of 4280 - 4330 yuan to lock in procurement costs. They can also sell put options (EG2509P4350) with a 75% hedging ratio at an entry range of 20 - 30 yuan to collect premiums and lock in the purchase price if the price drops [2] Polyester Raw Material Production Facilities - Before May 30, 2005, there were various polyester raw material production facilities. For MEG, facilities in Shanghai Petrochemical, Maoming Petrochemical, Jilin Petrochemical, etc. had different production capacities, operating states, and production time. For PX, facilities in Yangzi Petrochemical, Tianjin Petrochemical, etc. were included. For PTA, facilities in Yizheng Chemical Fibre, Luoyang Petrochemical, etc. were listed [7] Polyester Daily Data Price and Spread - Many polyester - related products showed price and spread changes on August 6, 2025, compared with previous days. For example, Brent crude oil was at 67.7 dollars/barrel, with a daily change of 0.0 and a weekly change of - 4.8 dollars/barrel. TA01 contract was at 4754 yuan/ton, with a daily change of 32 yuan/ton and a weekly change of - 100 yuan/ton. TA1 - 5 month spread was - 38 yuan/ton, with a daily change of 4 yuan/ton and a weekly change of - 20 yuan/ton [8] Inventory and Processing Fees - On August 6, 2025, PTA warehouse receipts were 27131, with a daily change of 0 and a weekly change of - 2607. Many processing fees also changed. For example, the gasoline reforming spread was 37 dollars/ton, with a daily change of 0 and a weekly change of 5 dollars/ton. POY profit was 111 yuan/ton, with a daily change of - 45 yuan/ton and a weekly change of 110 yuan/ton [9]