Core Viewpoint - Several listed companies in the Shanghai and Shenzhen markets announced significant developments, including restructuring, financial performance forecasts, and shareholding changes, which may present investment opportunities and risks for investors [2]. Group 1: Company Announcements - Nanjing Tourism Group plans to restructure and integrate with other local cultural and sports investment entities to create a comprehensive development platform for the cultural and tourism industry in Nanjing. The restructuring will not change the company's main business [3]. - Tianmao Group's stock is under delisting risk warning due to its inability to disclose annual and quarterly reports within the legal timeframe, leading to a name change to "*ST Tianmao" [4][5]. - Jingbeifang is in the process of finalizing its 2025 semi-annual financial data, with a report expected on August 18, 2025 [6]. - Jin'an Guoji reported that its business operations are normal, and there are no undisclosed significant matters despite recent stock price fluctuations [7]. Group 2: Financial Performance Forecasts - Chip manufacturer Xinpengwei expects a 38% year-on-year increase in revenue to approximately 630 million yuan and a 104% increase in net profit to around 90 million yuan for the first half of 2025, driven by new product sales and market expansion [8]. - Guohuo Airlines anticipates a net profit of 1.187 to 1.267 billion yuan for the first half of 2025, representing a year-on-year growth of 78.13% to 90.14%, attributed to fleet expansion and reduced fuel costs [9]. - Daotong Technology forecasts a net profit of 460 to 490 million yuan for the first half of 2025, reflecting a growth of 19% to 26.76%, driven by rapid growth in AI digital maintenance applications [10][11]. Group 3: Shareholding Changes - Zhongxin Fluorine Materials' major shareholder plans to reduce its stake by up to 3.86%, involving a total of 654,120 shares [12]. - Guosheng Zhike's employee stock ownership platform intends to reduce its holdings by up to 2.8%, totaling 369,600 shares [13]. - Yuyin Co., Ltd.'s actual controller plans to reduce his stake by up to 3%, equating to approximately 22,835,737 shares [14]. - Diguang Technology's shareholders plan to collectively reduce their holdings by up to 3%, with specific numbers of shares outlined [15]. - Huhua Co., Ltd.'s major shareholder and its associates plan to reduce their holdings by up to 3% of the company's total shares [16].

Core Viewpoint - As of July 4, 2023, Global New Materials International (06616.HK) shares closed at 5.150 HKD, marking a 0.39% increase from the previous trading day, with an intraday high of 5.320 HKD, reaching a nearly one-year high [1] Company Overview - Global New Materials International Holdings Limited is a national high-tech enterprise focused on the R&D, production, and sales of pearlescent materials and artificial synthetic mica, ranked among the top in its industry globally [2] - The company has received numerous accolades, including "National Intellectual Property Advantage Enterprise," "National Green Factory," and "China's 500 Most Valuable Brands," among others [2] - It is a key participant in the Ministry of Industry and Information Technology's industrial foundation engineering project for artificial synthetic mica, possessing leading core technologies and multiple patents in synthetic mica and pearlescent materials [2] Product Range and Applications - The company offers a comprehensive range of over 2,000 varieties of pearlescent materials and synthetic mica products, covering high, medium, and low-end categories, including industrial-grade, weather-resistant, and cosmetic-grade products [2] - Its products are widely used across various sectors, including coatings, automotive paints, cosmetics, aerospace, military, ship anti-corrosion, plastics, inks, ceramics, leather, construction materials, 3D printing, anti-counterfeiting, and seed coating [2] - The company has established a global marketing network, exporting products to over 100 countries and regions [2]

Report Industry Investment Ratings No relevant content provided. Core Views - For bonds, it's expected that there will be no trend - like market, and caution is advised [6][7]. - For stock indices, the long - term performance of Chinese equity assets is promising, and going long on stock index futures is recommended [9][10]. - For precious metals, the long - term bullish trend is expected to continue, and going long on gold futures is considered [11][12]. - For steel products (including rebar, hot - rolled coils), investors can focus on shorting opportunities during rebounds, and light - position participation is suggested [14][15]. - For iron ore, investors can look for buying opportunities at low levels, and light - position participation is recommended [16][17]. - For coking coal and coke, investors can focus on shorting opportunities during rebounds, and light - position participation is advised [19][20]. - For ferroalloys, the overall price is under pressure in the short term, and bulls should be cautious. Low - value call options can be considered if spot losses increase significantly [21]. - For crude oil, it is expected to oscillate at a low level, and the main contract should be put on hold for now [23][24]. - For fuel oil, the price is expected to gradually bottom out in the short term. The main contract should be put on hold for now, and long - position opportunities can be sought after the decline eases [26][27]. - For synthetic rubber, wait for the price to stabilize and then participate in the rebound [28][29]. - For natural rubber, pay attention to long - position opportunities after the price stabilizes [30][32]. - For PVC, the price is expected to oscillate at the bottom [33][35]. - For urea, it will oscillate in the short term and is expected to be bullish in the medium term [36][38]. - For PX, it will oscillate and adjust in the short term, and participation should be cautious [39]. - For PTA, it will oscillate and adjust in the short term, and light - position participation is recommended [40][42]. - For ethylene glycol, the supply - demand situation weakens in the short term, but there is support at a low level. The space below should be treated with caution [43]. - For short - fiber, follow the cost side with light - position participation and look for opportunities to widen the processing margin [44]. - For bottle - grade chips, it is expected to oscillate following the cost side. Participation should be cautious, and opportunities to widen the processing margin should be noted [46]. - For soda ash, there may be a short - term rebound, but excessive long - position chasing is not advisable [47]. - For glass, there is a short - term bullish sentiment, but its sustainability is expected to be limited. Short - position holders at a low level should control their positions, and excessive long - position chasing is not recommended [49]. - For caustic soda, the supply - demand is generally loose, and the bullish sentiment due to the meeting's spirit is expected to have limited sustainability [50][51]. - For pulp, the paper price is expected to be weak and stalemate in the near future, and changes in raw material pulp prices and downstream demand should be observed [52]. - For lithium carbonate, the supply - demand surplus situation remains unchanged, and investors should not chase high prices [54]. - For copper, the price is expected to be strong, and the main contract should be put on hold for now [55][56]. - For tin, the price is expected to oscillate and be strong [57]. - For nickel, the price is expected to oscillate [58]. - For soybean oil and soybean meal, for soybean meal, look for long - position opportunities in the low - support range after adjustment; for soybean oil, consider call options in the support range after the fall [59][60]. - For palm oil, consider the opportunity to widen the rapeseed - palm oil spread [61][62]. - For rapeseed meal and rapeseed oil, consider the opportunity to go long on the oil - meal ratio [63][64]. - For cotton, the global supply - demand is expected to remain loose, and it is advisable to wait and see [65][67]. - For sugar, the situation is neutral after short - term basis repair, and it is advisable to wait and see [68][70]. - For apples, pay attention to third - party research data on production as the expected reduction is less than previously thought [71][72]. - For live pigs, the demand support is weak in the summer off - season. Pay attention to the weight - reducing degree in the south and consider waiting and seeing [74][75]. - For eggs, consider short - position and rebound attempts as the supply is expected to increase year - on - year in June [76][78]. - For corn and starch, the domestic corn supply - demand is approaching balance. It's advisable to wait and see, and corn starch will follow the corn market [79][81]. - For logs, it is expected to oscillate and adjust before the first delivery [83][84]. Summaries by Directory Bonds - The previous trading day saw most bond futures closing higher, with a net withdrawal of 452.1 billion yuan in the open market [5]. - Macroeconomic data is stable, but the recovery momentum is weak. The bond yield is relatively low, and there is room for domestic demand policies. Caution is advised due to uncertainties in Sino - US trade agreements [6]. - It's expected that there will be no trend - like market [7]. Stock Indices - The previous trading day saw mixed results for stock index futures. Although the domestic economic recovery momentum is weak and market confidence in corporate profits is lacking, Chinese equity assets are still favored in the long - run, and going long on stock index futures is recommended [8][9][10]. Precious Metals - The previous trading day saw gold and silver futures rising. Due to the complex global trade and financial environment and the trends of "de - globalization" and "de - dollarization", the long - term bullish trend of precious metals is expected to continue, and going long on gold futures is considered [11][12]. Steel Products (Rebar, Hot - Rolled Coils) - The previous trading day saw rebar and hot - rolled coil futures rebounding. An important meeting triggered expectations of supply contraction, but the real - estate downturn and over - capacity still suppress prices. From a valuation perspective, the downside space is limited. Technically, there may be a short - term rebound. Investors can focus on shorting opportunities during rebounds [13][14][15]. Iron Ore - The previous trading day saw iron ore futures rebounding. The iron ore supply - demand situation has weakened marginally, and its price valuation is relatively high. Technically, it was supported at the previous low. Investors can look for buying opportunities at low levels [16][17]. Coking Coal and Coke - The previous trading day saw coking coal and coke futures rising significantly. An important meeting triggered expectations of supply contraction. However, in reality, the coal mine operating rate is rising, and steel mills' demand for coke is weak. Technically, the short - term trend is uncertain. Investors can focus on shorting opportunities during rebounds [18][19][20]. Ferroalloys - The previous trading day saw manganese - silicon and silicon - iron futures rising. The supply of ferroalloys is expected to be in surplus in the short term, and the price is under pressure. If spot losses increase significantly, low - value call options can be considered [21]. Crude Oil - The previous trading day saw INE crude oil rising. Fund managers reduced their net long positions, and US energy companies continued to cut the number of oil and gas rigs. OPEC+ may continue to increase production. It is expected to oscillate at a low level, and the main contract should be put on hold for now [22][23][24]. Fuel Oil - The previous trading day saw fuel oil rising and the decline easing. The delivery time is still unstable. The supply of fuel oil is sufficient, and inventories in some regions have increased. In the short term, the price is expected to gradually bottom out. The main contract should be put on hold for now, and long - position opportunities can be sought after the decline eases [25][26][27]. Synthetic Rubber - The previous trading day saw synthetic rubber futures falling. The supply pressure has alleviated slightly, and the demand improvement is limited. The cost is expected to rebound, driving the price to stabilize and rebound. Wait for the price to stabilize and then participate in the rebound [28][29]. Natural Rubber - The previous trading day saw natural rubber futures falling. Overseas imports may decrease seasonally, and raw material output in the producing areas is expected to increase. The price is expected to fluctuate widely. Pay attention to long - position opportunities after the price stabilizes [30][32]. PVC - The previous trading day saw PVC futures rising. The production is expected to continue to decline, the demand shows no sign of improvement, and the cost support is strengthening. The price is expected to oscillate at the bottom [33][35]. Urea - The previous trading day saw urea futures showing no change. The agricultural demand is coming to an end, and the industrial demand is mediocre. Pay attention to the export situation. It will oscillate in the short term and is expected to be bullish in the medium term [36][38]. PX - The previous trading day saw PX futures falling. The supply - demand situation has improved slightly month - on - month, and the balance remains tight, but the cost support is insufficient. It will oscillate and adjust in the short term, and participation should be cautious [39]. PTA - The previous trading day saw PTA futures falling. The supply - demand fundamentals have little contradiction, but the cost support from crude oil is insufficient. It will oscillate and adjust in the short term, and light - position participation is recommended [40][42]. Ethylene Glycol - The previous trading day saw ethylene glycol futures falling. The supply - demand situation weakens in the short term, but the inventory has decreased significantly to a low level, providing support. The space below should be treated with caution [43]. Short - Fiber - The previous trading day saw short - fiber futures falling. The downstream demand and cost side have both weakened. The low inventory of factories can suppress some of the decline. Follow the cost side with light - position participation and look for opportunities to widen the processing margin [44]. Bottle - Grade Chips - The previous trading day saw bottle - grade chips futures falling. The raw material price is weak, but the number of device overhauls has increased, and the inventory has decreased, providing support. It is expected to oscillate following the cost side. Participation should be cautious, and opportunities to widen the processing margin should be noted [46]. Soda Ash - The previous trading day saw soda ash futures falling slightly. The supply is expected to exceed demand in the medium - to - long - term, and the inventory is sufficient. The short - term rebound is mainly due to a meeting, but its sustainability is limited. Excessive long - position chasing is not advisable [47]. Glass - The previous trading day saw glass futures rising. The actual supply - demand has no obvious drive. The short - term bullish sentiment is due to a meeting, but its sustainability is limited. Short - position holders at a low level should control their positions, and excessive long - position chasing is not recommended [48][49]. Caustic Soda - The previous trading day saw caustic soda futures rising slightly. The supply - demand is generally loose, and the region - based difference is obvious. The bullish sentiment due to the meeting's spirit is expected to have limited sustainability [50][51]. Pulp - The previous trading day saw pulp futures rising. The downstream demand is weak, and the supply pressure is increasing. The pulp price is expected to fluctuate and adjust. The paper price is expected to be weak and stalemate in the near future, and changes in raw material pulp prices and downstream demand should be observed [52]. Lithium Carbonate - The previous trading day saw lithium carbonate futures rising. A meeting triggered expectations of supply - side reform, but the supply - demand surplus situation remains unchanged. The price is difficult to reverse before the large - scale clearance of mining capacity. Investors should not chase high prices [54]. Copper - The previous trading day saw Shanghai copper rising and then falling. The price is expected to be strong in the second half of the year due to expected stimulus policies in China, the shortage of copper concentrates, and uncertain copper tariffs. The main contract should be put on hold for now [55][56]. Tin - The previous trading day saw Shanghai tin oscillating. The tin ore supply is tight, and the consumption is good. The inventory is decreasing. The price is expected to oscillate and be strong [57]. Nickel - The previous trading day saw Shanghai nickel rising. The cost support has weakened, the downstream consumption is not optimistic, and the refined nickel is in surplus. The price is expected to oscillate [58]. Soybean Oil and Soybean Meal - The previous trading day saw soybean oil and soybean meal futures rising. The soybean crushing volume has recovered to a high level, and inventories are increasing. The demand for edible oil and feed is expected to increase slightly. For soybean meal, look for long - position opportunities in the low - support range after adjustment; for soybean oil, consider call options in the support range after the fall [59][60]. Palm Oil - The previous trading day saw Malaysian palm oil rising. The inventory in June is expected to decrease, and the export volume has increased. The domestic inventory is at a relatively high level. Consider the opportunity to widen the rapeseed - palm oil spread [61][62]. Rapeseed Meal and Rapeseed Oil - The previous trading day saw rapeseed meal and rapeseed oil futures adjusting. The import of rapeseed oil and rapeseed meal has decreased. The crop growth is good, but the soil moisture is in short supply. Consider the opportunity to go long on the oil - meal ratio [63][64]. Cotton - The previous trading day saw domestic cotton futures oscillating at a high level, and overseas cotton futures falling. The global cotton supply - demand is expected to remain loose. The domestic cotton planting area has increased, and the seedlings are growing well. The industrial off - season is in progress, and there is no obvious new driving factor. It is advisable to wait and see [65][67]. Sugar - The previous trading day saw domestic sugar futures oscillating and overseas sugar futures rising significantly. The Brazilian sugar production is expected to increase, but the supply may decrease due to the increase in ethanol production. The domestic inventory is low, and the import will gradually increase. The supply - demand contradiction is not sharp. It is advisable to wait and see [68][70]. Apples - The previous trading day saw apple futures oscillating. The apple production reduction is less than expected, and some areas may have a restorative increase. Pay attention to third - party research data on production [71][72]. Live Pigs - The previous trading day saw live pig futures rising. The group - farm slaughter volume has decreased at the end and beginning of the month. The demand support is weak in the summer off - season. Pay attention to the weight - reducing degree in the south and consider waiting and seeing [74][75]. Eggs - The previous trading day saw egg futures rising. The egg supply in June is expected to increase year - on - year. It is the consumption off - season, and the temperature is rising. Consider short - position and rebound attempts [76][78]. Corn and Starch - The previous trading day saw corn and corn starch futures falling. The domestic corn supply - demand is approaching balance, and the inventory pressure has decreased. The import may increase in the future. It's advisable to wait and see, and corn starch will follow the corn market [79][81]. Logs - The previous trading day saw log futures rising. The number of incoming ships of New Zealand logs has increased, and the cost has changed. The inventory is basically stable. The demand is affected by the project fund availability. It is expected to oscillate and adjust before the first delivery [83][84].

Group 1: Global Propylene Supply Pattern - The global propylene production is concentrated in Northeast Asia, North America, and Western Europe. Northeast Asia is the largest production region, with a 48.1% share of the world's total capacity in 2024, and China accounts for 39.4%. North America and Northeast Asia together account for 65.6% of the global capacity. Western Europe has a 9% share, and has been a net importer since 2021. The Middle East and Southeast Asia also have propylene production, with shares of 7.4% and 6.5% respectively [1]. - The global propylene production capacity had a compound growth rate of 5.9% from 2020 - 2024. Over 14 million tons/year of new capacity is planned from 2025 - 2027, and the capacity is expected to reach 196 million tons by 2030, with major increments in Northeast Asia, North America, and Southeast Asia [1]. Group 2: Global Major Propylene Producers Head - enterprises - Sinopec has a propylene capacity of about 13 million tons/year, accounting for 7.6% of the global total, ranking first globally. It uses mainly naphtha cracking (60%) and is accelerating the layout of PDH. Over 2 million tons/year of new PDH capacity was added in 2024. More than 50% of its propylene is consumed domestically, and it exports through Southeast Asia [4]. - PetroChina has a total propylene capacity of about 6.76 million tons/year as of 2024, accounting for 4.0% of the global total, ranking second. About 85% of its capacity comes from naphtha cracking. Its future competitiveness depends on high - end product R & D, PDH technology penetration, and low - carbon transformation [4]. - LyondellBasell has a capacity of about 5 million tons/year, ranking third globally. It has production bases in North America, Rotterdam in Europe, and Singapore in Asia. It is the world's largest polypropylene producer, and its propylene is mainly used for high - end derivatives with 15% - 20% higher added value [5]. - Saudi Aramco has a capacity of about 4.8 million tons/year, ranking fourth. It has a core device in the Jubail Petrochemical Park. It exports products, accounting for 12% of the global propylene exports, and plans to expand the Zhejiang Petrochemical project with Rongsheng Petrochemical in 2026, adding 1 million tons/year of propylene capacity [5]. Regional leaders - INEOS has a capacity of about 3.8 million tons/year, being the largest propylene producer in Europe. It uses mainly steam cracking (70%) and supplies the European automotive and packaging industries, and also radiates the North American market [6]. - BASF has a capacity of about 3 million tons/year, ranking fifth globally. It投产 the first bio - based propylene plant in Europe in 2024, aiming for a 15% bio - based raw material share by 2030 [6]. - ExxonMobil has a capacity of about 2.8 million tons/year, ranking sixth globally, with production bases in the US, Singapore, and China [6]. Emerging Asian forces - Zhongjing Petrochemical has a capacity of 2.8 million tons/year, being the world's largest single - plant propylene producer. It uses all PDH processes and targets over 30% market share in the domestic PP powder market and exports to Vietnam and Indonesia [8]. - Wanhua Chemical has a capacity of about 1.8 million tons/year, ranking among the top ten globally. Its propylene is mainly used for high - end products such as POE and MDI [8]. Group 3: China's Propylene Capacity Development Structural over - supply and slowing growth - China's propylene capacity had a compound growth rate of 14.34% from 2020 - 2024, adding 29.12 million tons. From 2025 - 2030, the planned new capacity is 22.15 million tons/year, with a compound growth rate of 5.29%, showing a significant slowdown [9]. Increasing industry concentration - In 2024, there were 189 propylene producers in China, with 13 enterprises having an annual capacity of over 1 million tons, accounting for 6.88%. The CR10 enterprise capacity accounted for 22.77%. In the next 5 years, the industry will continue to develop in a diversified, integrated, and large - scale manner [11]. Process route competition and regional development - China has diverse propylene production processes, including naphtha cracking, propane dehydrogenation (PDH), methanol - to - olefins, and catalytic cracking. PDH has developed rapidly and impacted the market share of naphtha cracking. PDH capacity is mainly distributed in coastal areas [13]. - From 2020 - 2024, East China's propylene capacity increased by 8.56 million tons, with an average annual compound growth rate of 14%. Shandong's capacity increased by 7.81 million tons, with an average annual compound growth rate of 21% [15]. Declining import dependence and commodification rate - China's propylene import dependence has declined from 14.1% in 2014 to 3.3% in 2024 and is expected to further decrease. The commodification rate is also expected to decline to 13.3% in 2025, with the commodity volume expected to drop to 7.9 million tons [17].

Group 1: BASF's Strategic Moves - BASF has completed the sale of its Styrodur® XPS insulation business to BACHL, focusing resources on the more strategic EPS insulation market, with plans to expand Neopor production capacity by 50,000 tons by 2027, reaching an annual output of 250,000 tons [3][4][6] - The transition to EPS aligns with BASF's carbon neutrality goals and circular economy strategy, as EPS offers significant cost advantages and superior environmental compliance compared to XPS, despite XPS's unique properties [4][6] - The global EPS market is projected to reach $15.6 billion by 2024 and $19.4 billion by 2030, with China being a major player in production and consumption, indicating strong growth potential for BASF's EPS products [6] Group 2: BASF's Acquisition Strategy - BASF has acquired the remaining 49% stake in Alsachimie from Domo Chemicals, becoming the sole owner, which strengthens its position in the European PA66 precursor production market [8][10] - The acquisition allows BASF to better control raw material supply and enhance production efficiency, particularly in high-demand sectors such as automotive and textiles [10][11] - BASF has also recently launched a new world-class HMD facility in France, increasing its production capacity to 260,000 tons per year, further solidifying its market position [12] Group 3: Honeywell's Acquisition - Honeywell has acquired Nexceris's Li-ion Tamer business to enhance its building automation segment's fire safety technology, addressing safety issues related to lithium-ion battery systems [13][14] - The Li-ion Tamer system detects early signs of battery failure, preventing thermal runaway incidents, and complements Honeywell's existing smoke detection technologies [15] - This acquisition is part of Honeywell's broader strategy, which has seen $13.5 billion in mergers and acquisitions since December 2023, aimed at optimizing its asset portfolio [16]

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The report analyzes the overseas supply pattern of pure benzene, including regional and national capacity distribution, and the impact factors on benzene supply in different countries and regions through the proportion of different production processes [2]. - It also examines China's import - export situation of pure benzene, highlighting that South Korea is the main source of China's imports, and the demand for gasoline in the United States can affect the volume of China's imports from South Korea [2]. 3. Summary According to the Table of Contents 3.1 Overseas Pure Benzene Supply Pattern 3.1.1 Overseas Pure Benzene Capacity by Region and Country - Asia has the most concentrated pure benzene production capacity, followed by Europe, North America, Southeast Asia, and the Middle East. China ranks first in the world in terms of capacity, and the top three overseas countries are the United States, South Korea, and Japan [2][7]. - China accounts for 30% of the global pure benzene capacity. Northeast Asia (excluding China) accounts for 18%, Europe 15%, North America 13%, and Southeast Asia 12%. Among overseas countries, the United States accounts for 16% of overseas capacity, South Korea 14%, and Japan 9% [7][8][9]. 3.1.2 Overseas Pure Benzene Production Process Capacity Distribution - The main supply source of pure benzene both in China and overseas is reforming, accounting for 49%. Overseas, ethylene cracking accounts for 30% (higher than China's 25%), and toluene disproportionation accounts for about 12% (lower than China's 24%). Overseas toluene demethylation accounts for 6% (higher than China's 2%) [12][13]. - In the United States, catalytic reforming accounts for 56%, ethylene cracking 22%, and toluene disproportionation 15%. In South Korea, catalytic reforming accounts for 43%, and toluene disproportionation accounts for 26%. In Japan, reforming accounts for 38%, and HDA accounts for 16% [16][20]. - In Western Europe, ethylene cracking accounts for 56%, catalytic reforming 29%, and HDA 9%. In Southeast Asia, reforming accounts for 59%, and ethylene cracking 28%. In the Middle East, reforming accounts for 79%, and ethylene cracking has a lower proportion [20][22]. 3.2 China's Pure Benzene Import - Export Pattern and South Korea's Pure Benzene Export Pattern 3.2.1 China's Pure Benzene Import - Export Pattern - China mainly imports pure benzene, and the export volume is negligible. The import dependence has been in the range of 15% - 18% in recent three years [27]. - In 2024, South Korea was China's largest source of pure benzene imports, accounting for 50% of the total imports. Other major sources include Brunei and Thailand, accounting for 12% and 11% respectively [28]. 3.2.2 South Korea's Pure Benzene Export Pattern - South Korea is the world's main exporter of pure benzene. In 2024, China was its main export destination, accounting for 71%, followed by the United States at 19% [35]. - The demand for gasoline in the United States affects the supply of aromatic components in the United States, which in turn affects South Korea's exports to the United States and then China's imports from South Korea [2][35]. - Since the second half of 2024, the total gasoline inventory in the United States has rebounded rapidly. In the first half of 2025, the inventory depletion rate was slow. The price difference between the US and South Korea was low, and South Korea sent more pure benzene to China, resulting in a 63% year - on - year increase in China's pure benzene imports from January to May 2025 [37][38].

Group 1: ESG Investment Strategy - The ESG selection strategy for the CSI 300 has shown an absolute return of 2.97% in June, with a total return of 1% and a Sharpe ratio of 1.83 as of June 29 [2][3] - The ESG sentiment integration strategy also performed well, achieving a total return of 3% in June, with a Sharpe ratio of 3.15 [2][3] Group 2: Chemical Industry - Brent oil prices are expected to fluctuate between $60 and $70 per barrel, with supply and demand dynamics being crucial for industry profitability [10][8] - The chemical industry is anticipated to benefit from domestic economic stimulus policies, leading to structural opportunities driven by domestic demand [10][8] Group 3: Home Appliances - The home appliance sector experienced a decline of 3.30% in June, with concerns over the slowing of government subsidies and intense competition during the 618 shopping festival [13][14] - The market is expected to see a cooling in retail growth rates for home appliances starting in July, particularly due to high base effects from previous subsidies [14][16] Group 4: Zijin Mining - Zijin Mining announced the acquisition of the Raygorodok gold mine for $1.2 billion, which is expected to significantly enhance its resource base in Central Asia [20][22] - The Raygorodok mine has a projected annual gold production of approximately 5.5 tons, contributing to the company's goal of reaching 100-110 tons of gold production by 2028 [23][22] Group 5: North Exchange Market - The North Exchange's index rose by 6.84%, with increased trading activity and a focus on new industries such as artificial intelligence and commercial aerospace [26][28] - The market is expected to maintain high levels of trading activity and investor interest, particularly in emerging sectors with unique business models [28][26]

Group 1: Chemical Industry Performance - The chemical index experienced a comprehensive increase, with the chemical raw materials index rising by 3.31%, chemical machinery index by 1.06%, pharmaceutical index by 1.06%, and pesticide and fertilizer index by 2.54% [1] - In contrast, the oil sector saw a decline, with the oil processing index down by 0.91%, oil extraction index down by 3.26%, and oil trading index down by 6.96% [1] Group 2: Oil Price Trends - International crude oil prices significantly decreased, with WTI settling at $65.52 per barrel, down 12.56% from June 20, and Brent at $67.77 per barrel, down 12% [1] - The top five rising petrochemical products included butanone up by 101.77%, liquid chlorine up by 7.35%, and isooctyl acrylate up by 5.71% [1] - The top five declining petrochemical products included US light crude down by 12.56%, vitamin D3 down by 12.50%, and propane down by 9.17% [1] Group 3: Capital Market Performance of Chemical Companies - The top five gaining listed chemical companies in the Shanghai and Shenzhen markets included Dazhongnan up by 50%, Taihe Technology up by 48.09%, and Tiancheng New Materials up by 31.41% [2] - The top five declining listed chemical companies included Tongyuan Petroleum down by 19.75%, Jinniu Chemical down by 14.44%, and Beiken Energy down by 17.74% [2]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The MA2509 contract is expected to fluctuate in the range of 2370 - 2410 in the short - term [2]. - Due to more production from restored domestic methanol capacity than that from maintenance and production - cut capacity, the overall output has increased slightly. Affected by long - term centralized settlement in the northwest production area and the steady execution of previous orders, enterprise inventory decreased significantly last week. With normal unloading of foreign vessels and some domestic products directly delivered to downstream, and influenced by downstream factors on social warehouse pick - up, methanol port inventory increased significantly [2]. - The domestic methanol - to - olefins industry's operating rate decreased slightly last week. With the expected shutdown and maintenance of the second - phase of Yanchang Zhongmei Yulin next week, the olefins industry's operating rate may continue to decline [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main methanol contract was 2381 yuan/ton, down 12 yuan/ton; the 9 - 1 spread of methanol was - 32 yuan/ton, down 6 yuan/ton [2]. - The main contract's open interest of methanol was 759,976 lots, down 24,522 lots; the net long position of the top 20 futures holders was - 90,502 lots, down 8,943 lots [2]. - The number of warehouse receipts for methanol was 7,885, down 132 [2]. 3.2 Spot Market - The price in Jiangsu Taicang was 2790 yuan/ton, down 40 yuan/ton; the price in Inner Mongolia was 1992.5 yuan/ton, down 7.5 yuan/ton [2]. - The price spread between East China and Northwest China was 797.5 yuan/ton, down 32.5 yuan/ton; the basis of the main Zhengzhou methanol contract was 409 yuan/ton, down 28 yuan/ton [2]. - The CFR price of methanol at the main Chinese port was 287 US dollars/ton, down 4 US dollars/ton; the CFR price in Southeast Asia was 350 US dollars/ton, up 3 US dollars/ton [2]. - The FOB price in Rotterdam was 262 euros/ton, unchanged; the price spread between the main Chinese port and Southeast Asia was - 63 US dollars/ton, down 7 US dollars/ton [2]. 3.3 Upstream Situation - The price of NYMEX natural gas was 3.75 US dollars/million British thermal units, up 0.45 US dollars/million British thermal units [2]. 3.4 Industry Situation - The inventory at East China ports was 49.6 tons, up 5.9 tons; the inventory at South China ports was 17.45 tons, up 2.51 tons [2]. - The import profit of methanol was 320.23 yuan/ton, up 131.65 yuan/ton; the monthly import volume was 129.23 tons, up 50.46 tons [2]. - The inventory of inland enterprises was 341,600 tons, down 25,800 tons; the operating rate of methanol enterprises was 91.31%, up 2.66 percentage points [2]. 3.5 Downstream Situation - The operating rate of formaldehyde was 48.95%, down 1.44 percentage points; the operating rate of dimethyl ether was 9.16%, up 0.5 percentage points [2]. - The operating rate of acetic acid was 95.35%, up 7.02 percentage points; the operating rate of MTBE was 64.4%, up 0.69 percentage points [2]. - The operating rate of olefins was 87.41%, down 1.81 percentage points; the on - paper profit of methanol - to - olefins was - 873 yuan/ton, up 3 yuan/ton [2]. 3.6 Option Market - The 20 - day historical volatility of methanol was 29.95%, up 0.02 percentage points; the 40 - day historical volatility of methanol was 25.53%, down 0.24 percentage points [2]. - The implied volatility of at - the - money call options for methanol was 20.01%, up 0.77 percentage points; the implied volatility of at - the - money put options for methanol was 20.01%, up 0.91 percentage points [2]. 3.7 Industry News - As of June 25, the inventory of Chinese methanol sample production enterprises was 34.16 tons, down 2.58 tons or 7.02% from the previous period; the pending orders of sample enterprises were 24.07 tons, down 3.31 tons or 12.08% from the previous period [2]. - As of June 25, the total inventory of Chinese methanol ports was 67.05 tons, up 8.41 tons from the previous data. East China and South China ports both saw inventory increases [2]. - As of June 26, the capacity utilization rate of domestic methanol - to - olefins plants was 87.96%, down 1.12% from the previous period [2].

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]