Core Viewpoint - The project in Dunhua City, Jilin Province, focuses on the production of green methanol and ethanol using non-food biomass as raw materials, highlighting a significant investment in sustainable chemical production [1] Group 1: Project Overview - The green hydrogen and methanol co-production project is backed by Jilin Jiayi Rongyuan Green Chemical Co., Ltd., with an investment of 2 billion yuan [1] - The project aims to produce 40,000 tons per year of ethanol through fermentation of non-food biomass straw [1] - The ethanol fermentation byproduct will be processed to produce 150,000 tons per year of green methanol through a series of chemical processes including gasification and methanol synthesis [1] Group 2: Company Background - Jilin Jiayi Rongyuan Green Chemical Co., Ltd. is fully owned by Shanghai Jiayi Rongyuan Energy Chemical Co., Ltd., which is a subsidiary of the publicly listed company Jiaze New Energy (601619) [1] - Jiaze New Energy has previously initiated a similar project in Jixi City, Heilongjiang Province, with a capacity of 300,000 tons of green hydrogen and methanol aviation fuel, also utilizing non-food biomass straw [1]

2024年1至12月份，润禾材料的营业收入构成为：化工制造占比99.98%，其他占比0.02%。 （文章来源：每日经济新闻） 润禾材料（SZ 300727，收盘价：33.02元）8月11日晚间发布公告称，公司第四届第三次董事会会议于 2025年8月11日在公司会议室以现场和通讯相结合的方式召开。会议审议了《润禾材料关于2025年半年 度报告及其摘要的议案》等文件。 ...

【DT新材料】 获悉，近日， 巴斯夫 连续签约国内两大巨头，加码中国，辐射全球。 （1）巴斯夫：签约宁德时代，布局固态电池 另一面， 宁德时代 也已宣布将全固态电池量产时间从2027年提前至2026年，能量密度达400Wh/kg，同样聚焦的是 硫化物全固态电池 ，样品 能量密 度突破500Wh/kg，较现有液态电池提升40%，预计2027年实现小批量生产。 巴斯夫和宁德时代的强强联手，也是当下中欧合作最需要的，也是恰到好处的选择。 7月29日， 巴斯夫 发布消息，公司与 宁德时代 签署了阴极活性材料框架协议，巴斯夫将 在创新阴极材料方面的多元化和本地化生产足迹将支持宁德 时代的全球业务发展。这是 继今年6月与 国轩高科 等签署战略合作后，巴斯夫在电池领域的又一大举动。 中欧两大巨头上一次这么高调宣布合作还是在2021年 。当时宁德时代正在德国建设公司 首家欧洲工厂。而现在的宁德时代已凭借 近110GWh的储能电 池年出货量和 近360GWh的动力电池年出货量 ， 双赛道位居全球第一（ 市占率分别 29.5%和 37.9%），并建设有 德国图林根工厂（ 30GWh， 预计 2027年投产 ）、 匈牙利德布勒森工 ...

近期，潞安恒通化工公司双氧水厂双氧水工段全力营造创新氛围，把"小发明、小创造、小革新、小设 计、小建议"的"五小创新"理念深度融入生产管理各环节，鼓励职工立足岗位，从细微处挖掘创新点， 以点滴创新汇聚强大动力，推动企业降本增效。 回收水资源降低成本。该工段甲班小组长于小伟在日常巡检时，发现蒸汽冷凝液与碱泵冷却水存在外排 情况。他深知水资源珍贵，当即思索能否将这两部分水回收至循环水系统，并迅速构思改造方案。工段 长获悉后迅速组织人员完善方案细节，安排专业人员严格检测水质，确保回收水符合循环水系统标准。 检测达标后，改造迅速实施。如今，这一改造每日可为企业节约20立方米水资源，有效降低生产成本， 成效斐然。 创新停车模式保障安全。该工段根据装置运行现状，聚焦分离设备液位异常升高冒料的安全问题，精准 施策。对现场放空分离器、高位集料槽、芳烃中间槽等设备增设仪表远传液位监测装置，实现三取二安 全联锁停车模式，即当三个条件满足两个时，系统立即启动自动停车程序。这一优化将人工巡检的反应 滞后性转化为智能系统的即时响应，避免了分离设备液位异常升高冒料的风险，装置本质安全水平再上 新台阶。 尾气分离减少资源损耗。该工段生产过 ...

Trinseo (TSE) Q2 2025 Earnings Call August 07, 2025 10:00 AM ET Speaker0Good morning, ladies and gentlemen, and welcome to the Trinseo Second Quarter twenty twenty five Financial Results Conference Call. We welcome the Trinseo management team, Frank Bozich, President and CEO David Stasey, Executive Vice President and CFO and Bea Van Kessel, Senior Vice President, Corporate Finance and Investor Relations. Today's conference call will include brief remarks by the management team followed by a question and ans ...

Core Viewpoint - DSM-Firmenich, a major player in the chemical industry, has shown significant financial growth in the first half of 2025, with total sales reaching €6.51 billion (approximately ¥53.64 billion), a year-on-year increase of 3% [2]. Group 1: Financial Performance - The adjusted EBITDA for DSM-Firmenich was €1.26 billion, reflecting a 29% increase year-on-year, with the EBITDA margin rising from 15.5% to 19.4% [2]. - The net profit surged from €50 million in the same period last year to €541 million, marking an almost tenfold increase [2]. Group 2: Business Segments - The Animal Nutrition and Health segment reported sales of €1.751 billion, a 14% increase year-on-year, with adjusted EBITDA soaring by 293% due to improved core business and temporary vitamin price effects [3]. - The Fragrance and Beauty segment saw sales of €1.989 billion, a slight decline of 1%, impacted by weak demand for sun care products and customer inventory destocking [3]. - The Taste, Texture, and Health (TTH) segment achieved sales of €1.686 billion, a 3% increase year-on-year [3]. - The Health, Nutrition, and Care (HNC) segment reported sales of €1.072 billion, down 2%, but organic sales grew by 6% [3]. Group 3: Strategic Developments - DSM has undergone significant transformations since its founding in 1902, evolving from a coal mining company to a leader in specialty chemicals and nutrition [4][5]. - The merger with Firmenich in May 2023 has positioned DSM-Firmenich as a global leader in flavor and fragrance manufacturing and the largest vitamin producer [5]. - The company has strategically divested from capital-intensive sectors to focus on high-margin specialty chemicals and nutrition, aligning with market trends [5]. Group 4: Competitor Landscape - Competitors like Wanhua Chemical and New Hope Liuhe are also expanding their nutrition and flavor businesses, indicating a competitive landscape in the sector [6][7]. - New Hope Liuhe reported a record revenue of ¥21.609 billion in 2024, with a 42.95% year-on-year growth, highlighting the robust performance of its nutrition segment [6].

Report Summary on Investment Strategies 1. Industry Investment Ratings - **Equity Index Futures**: Bullish [1] - **Treasury Bonds**: Sideways pattern [1] - **Gold**: Bullish pattern; recommended to hold short - put option positions for the 10 - contract [1][4] - **Silver**: Bullish pattern; recommended to hold long positions and short - put option positions for the 10 - contract [4] - **Copper**: Cautiously bearish [4] - **Aluminum - related Metals**: Aluminum is cautiously bullish; Alumina and Aluminum Alloy are in a sideways pattern [4] - **Nickel**: Sideways; recommended to hold short - call option positions [4] - **Lithium Carbonate**: Sideways [6] - **Silicon Energy**: Sideways pattern [6] - **Steel and Iron Ore**: Sideways pattern; for rebar, hold short - put option positions; for hot - rolled coil, recommend to go long on the January contract on dips; for iron ore, consider short - put option positions for the 09 - contract or go long on the 01 - contract after the environmental protection limit expectation is fulfilled [5] - **Coking Coal and Coke**: Sideways [7] - **Soda Ash**: Bearish pattern; recommend to take profit on short positions for the 09 - contract [7] - **Float Glass**: Bearish pattern for the 9 - contract; recommend to take profit on short positions and go long on the 01 - contract [7] - **Crude Oil**: Bearish pattern [7] - **Methanol**: Sideways; recommend to sell an option straddle [9] - **Polyolefins**: Sideways, trending slightly bullish [9] - **Cotton**: Bearish pattern [9] - **Rubber**: Cautiously bullish [9] 2. Core Views - **Equity Index Futures**: With policy support, bottom - up recovery of corporate earnings, and abundant liquidity, the upward trend of the equity index is clear, and the bullish sentiment is strengthened [1] - **Treasury Bonds**: The macro - economic outlook is volatile, and although the bond market is supported by loose liquidity, there is a lack of new positive factors, so it may continue to trade at a high level [1] - **Precious Metals**: The weakening US dollar and rising Fed rate - cut expectations boost the prices of gold and silver. The gold - silver ratio has room for repair, and silver shows a clear bullish pattern [4] - **Non - ferrous Metals**: Supply disruptions support prices, but demand concerns limit the upside potential. Different metals have different supply - demand situations [4] - **Lithium Carbonate**: Supply - side disturbances are easing, and demand expectations are turning positive, with the supply - demand structure showing signs of improvement [6] - **Silicon Energy**: Industrial silicon supply is shrinking, and polysilicon has strong cost and policy support, but the actual production volume in August needs attention [6] - **Steel and Iron Ore**: Coal production control supports steel prices. Different steel products and iron ore contracts have different supply - demand and price trends [5] - **Coking Coal and Coke**: The supply of coking coal is expected to tighten, and the supply - demand of coke is expected to increase, with both in a sideways pattern [7] - **Soda Ash and Float Glass**: Soda ash has a bearish fundamental outlook, while float glass may turn around in the long - term if supply contraction expectations are fulfilled [7] - **Crude Oil**: The increasing probability of a cease - fire in the Russia - Ukraine conflict reduces the risk premium, leading to a short - term weakening of oil prices [7] - **Methanol**: The contradiction between loose coastal supply and tight inland supply makes it difficult for methanol prices to rise or fall, and an option straddle strategy is recommended [9] - **Polyolefins**: Supply and demand will increase simultaneously in August, and the trend will turn sideways and slightly bullish [9] - **Cotton**: The supply is expected to increase, and the demand is in the off - season, resulting in a weakening trend [9] - **Rubber**: The demand outlook is improving, and the raw material price is stabilizing, so the rubber price is expected to rebound [9] 3. Summary by Categories **Equity Index Futures** - Wednesday, the equity index rose steadily, with small and micro - cap stocks leading the gains. The trading volume of the Shanghai and Shenzhen stock markets increased slightly to 1.76 trillion yuan. The mechanical, defense, and coal industries led the gains, while the pharmaceutical and construction sectors declined. The equity index futures strengthened with the spot market, and the basis of each contract narrowed slightly. The margin balance returned to the 2 - trillion - yuan mark, and leveraged funds accelerated their entry. With positive factors such as policy support and corporate earnings recovery, the upward trend of the equity index is clear, and long positions should be held [1] **Treasury Bonds** - The bond market continued to fluctuate at a high level. There is uncertainty about trade tariffs between some countries and the US, the Fed rate - cut expectation has risen, but inflation pressure still exists. The US dollar index continued to weaken. The central bank had a net withdrawal in the open market, but the liquidity remained loose. The bond market is difficult to reverse, but there is a lack of new positive factors, so it may continue to trade at a high level [1] **Precious Metals** - Trump's announcements on tariffs and sanctions, along with rising Fed rate - cut expectations, increased the short - term upward momentum of gold prices. The gold - silver ratio has room for repair, and silver shows a clear bullish pattern. It is recommended to hold short - put option positions for gold and silver 10 - contracts and long positions for silver [4] **Non - ferrous Metals** - **Copper**: Supply disruptions due to the Chilean copper mine incident and a weakening US dollar support copper prices, but weak demand expectations limit the upside [4] - **Aluminum - related Metals**: Alumina has an expected oversupply, but low warehouse receipts and market sentiment provide short - term support. The support for Shanghai Aluminum is strengthening, and its medium - term bullish pattern remains unchanged. Aluminum alloy follows the cost - based pricing logic and is in a sideways pattern [4] - **Nickel**: The supply is loose, and the demand is weak. Although the nickel price has rebounded due to macro - factors, the high inventory pressure limits the upside, and short - call option positions should be held [4] **Lithium Carbonate** - Due to policy impacts on the lithium resource end, the weekly production of lithium carbonate decreased, and the inventory pressure eased. The demand expectation has turned positive, but supply - side disturbances still exist [6] **Silicon Energy** - Industrial silicon supply is contracting passively, and polysilicon has strong cost and policy support. However, the actual production volume in August needs attention [6] **Steel and Iron Ore** - **Rebar**: The supply is restricted by environmental protection and industry policies, and the cost is supported by coal production control. The market sentiment is optimistic, and short - put option positions should be held [5] - **Hot - rolled Coil**: The fundamentals are resilient, with supply constraints and cost support. It is recommended to go long on the January contract on dips [5] - **Iron Ore**: The 9 - contract is dragged down by environmental protection limits and a weak basis, while the 01 - contract has positive expectations. However, the price upside is limited, and different strategies can be adopted for different contracts [5] **Coking Coal and Coke** - **Coking Coal**: The market expects supply to tighten, but the impact of expectations on prices is greater than the fundamentals, and the risk of over - rising prices should be guarded against [7] - **Coke**: Both supply and demand are expected to increase, and the spot market is actively traded, with the futures price stabilizing and trending slightly bullish [7] **Soda Ash and Float Glass** - **Soda Ash**: The supply is sufficient, the demand is weak, and the inventory is increasing. It is recommended to take profit on short positions for the 09 - contract [7] - **Float Glass**: The downstream demand is weak, and the inventory is expected to increase. In the long - term, if supply contraction expectations are fulfilled, the price may turn around. It is recommended to take profit on short positions for the 9 - contract and go long on the 01 - contract [7] **Crude Oil** - The increasing probability of a cease - fire in the Russia - Ukraine conflict reduces the risk premium, and the short - term oil price may weaken [7] **Methanol** - The port inventory is increasing, and the production enterprise inventory is decreasing. The contradiction between loose coastal supply and tight inland supply makes it difficult for prices to rise or fall, and an option straddle strategy is recommended [9] **Polyolefins** - The supply is increasing due to the restart of maintenance devices, and the demand is also rising. The trend will turn sideways and slightly bullish [9] **Cotton** - The domestic cotton production is expected to increase, and the overseas demand is affected by trade frictions. The downstream is in the off - season, and the cotton price is weakening [9] **Rubber** - The demand outlook is improving, and the raw material price is stabilizing. The rubber price is expected to rebound as it is at a relatively low level [9]

Core Viewpoint - The company, Lee Kum Kee (00746), experienced a significant stock price increase of over 12% following the release of its mid-term results for 2025, indicating positive market sentiment towards its financial performance [1]. Financial Performance - The group's revenue remained stable at HKD 1.932 billion [1]. - Profit increased by 36.0% to HKD 327 million, attributed to a significant decrease in energy costs and a decline in raw material prices [1]. - The gross profit margin improved by 7.4 percentage points to 36.3% [1]. Dividend and Financial Health - The company proposed an interim dividend of HKD 0.195 per share [1]. - Following an increase in the dividend payout ratio to 49.6% last year, the company's financial condition remains robust, with a mid-term net debt ratio of 3.2% [1].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Industries**: Rental, Express Delivery, Aviation, Chemical, Cobalt, Coal - **Companies**: China Shipbuilding Leasing, Bank of China Aviation Leasing, Jitu, Shentong, Zhongtong, Yunda, SF Express, Huaxia Airlines, China Shenhua, Huayi Chemical, Wanhua, Hualu, Yangnong, Satellite Chemical, New Chemical, Huayou Cobalt, Likin, Shengtun, Jiayou International Core Points and Arguments 1. **U.S. Labor Market Impact**: The U.S. labor market data has raised expectations for a 25 basis point rate cut in September, increasing the likelihood to 75%, which is favorable for leasing companies like China Shipbuilding Leasing and Bank of China Aviation Leasing [1][2] 2. **Express Delivery Industry**: The political bureau meeting focused on capacity governance rather than production governance, which is expected to accelerate the anti-involution in the express delivery industry. Price increases are anticipated in regions like Yiwu and Guangdong, with recommended companies including Jitu, Shentong, Zhongtong, Yunda, SF Express [1][4] 3. **Aviation Industry Challenges**: Despite efforts to combat market involution, the aviation industry faces skepticism regarding joint price increases due to high transparency of data. Recommended stocks include Huaxia Airlines and major A-share airlines [1][5] 4. **Chemical Industry Trends**: The chemical sector is experiencing a bottoming out, with PPI showing continuous negative growth. However, prices for certain chemicals like epoxy chloropropane and lithium carbonate are rising due to downstream replenishment [1][8][10] 5. **Cobalt Market Tightness**: The cobalt market is experiencing supply tightness, with prices expected to average 250,000 yuan/ton this year. Companies like Huayou Cobalt and Likin are recommended for investment [1][19][20] 6. **Coal Industry Developments**: China Shenhua's acquisition of National Energy Group assets is expected to enhance its strength and positively impact the coal sector. Current coal prices remain strong despite recent declines in stock performance [1][22][23] Other Important but Possibly Overlooked Content 1. **Chemical Industry Profitability**: The chemical industry saw a revenue growth of 1.4% in June 2025, but profit growth was negative at -9%, indicating a widening profit decline despite revenue increases [1][12] 2. **Market Sentiment in Chemical Sector**: The increase in Penghua Chemical ETF shares by 1.1 billion yuan indicates a growing market interest in the chemical sector, despite it being at a relative bottom compared to other cyclical sectors [1][13] 3. **Potential for Price Stabilization**: The possibility of production limits in the chemical sector could help stabilize prices, as seen in past successful interventions [1][16] 4. **Investment Opportunities in New Materials**: Companies like Dongcai Technology and Xinzhou Bang are highlighted as key players in the new materials sector, particularly in the high-performance resin supply chain [1][17] 5. **Gold and Silver Market Dynamics**: Recent trends show that while industrial metals have risen, precious metals like gold have not seen similar increases, suggesting potential investment opportunities in gold stocks [1][18]

1. Report Industry Investment Ratings - **Bearish**: Crude oil, soda ash, float glass, polyolefins, cotton [2][8][10] - **Bullish**: Rubber [1][2][10] - **Cautiously Bullish**: Stock index, rubber [1][10] - **Sideways**: Treasury bonds, gold, silver, copper, aluminum, alumina, nickel, lithium carbonate, industrial silicon, steel (including rebar, hot - rolled coil, iron ore), coking coal, coke, methanol [1][4][5][6][8][10] 2. Core Views - **Stock Index**: With the adjustment of market policy expectations, the stock index has corrected recently. The market lacks a trading mainline and returns to the rotation of hot - spot sectors, with a slight decline in capital volume. However, the domestic economy shows resilience, the logic of anti - involution driving profit repair remains unchanged, and there is still an expectation of long - term capital support. The short - term disturbance causes shock and consolidation, and the downside risk of the stock index is relatively controllable [1]. - **Treasury Bonds**: The VAT on treasury bond interest income has been restored. The macro - environment has limited new drivers, and the expectation of domestic policy intensification continues but weakens. The central bank still clearly intends to protect the liquidity, and the market demand for old bonds has increased, supporting the price. The bond market is expected to continue to fluctuate within a range [1]. - **Precious Metals**: The US July non - farm payrolls data was unexpectedly lower than expected, and the data of the previous two months was also significantly revised down. Market concerns about the US economy have increased, and the expectation of the Fed's interest rate cut has rebounded. Gold prices are strongly supported, and silver remains in a bullish pattern [1][4]. - **Base Metals**: - **Copper**: The mid - term upward pattern remains unchanged due to the tight supply at the mine end, but in the short term, the dollar index fluctuates sharply, demand expectations are cautious, and the price is under pressure [4]. - **Aluminum and Alumina**: The short - term and mid - term expectations of alumina still have large differences, and market fluctuations may continue. The short - term demand for Shanghai aluminum is cautious, but the supply - side constraints are clear, and the mid - term bullish strategy is relatively stable [4]. - **Nickel**: The fundamentals of nickel remain weak, and the price has returned to the low - level range. It lacks the momentum to break through downward and is expected to continue to fluctuate at a low level [4]. - **Lithium Carbonate**: Supply has tightened slightly. Affected by policies at the lithium resource end, the release of salt - lake production capacity has been further blocked, and the mica material production has also declined. The overall inventory has started to decrease, and lithium prices are expected to stop falling and fluctuate [6]. - **Industrial Silicon**: The anti - involution expectation continues, and attention should be paid to the implementation of orders and policy rhythm. The short - term price fluctuates following the trend of polysilicon [6]. - **Steel and Iron Ore**: The market has returned to the fundamental pricing logic. Although the fundamentals of steel products (rebar, hot - rolled coil) and iron ore face marginal pressure, the long - term anti - involution logic has not been falsified. In August, prices are expected to operate within a range [6]. - **Coking Coal and Coke**: The market sentiment of coking coal has cooled down, and the coal price is supported by fundamentals in the short term and is expected to fluctuate. Coke's fifth round of price increase has basically been implemented, and the futures trend has shown signs of stabilization [8]. - **Soda Ash and Glass**: The market has returned to the fundamental pricing logic. Soda ash has a large supply pressure, and glass has relatively better fundamentals than soda ash in the off - season. In the long term, it depends on the implementation of the anti - involution policy in the float glass industry. The strategy of going long on glass 01 and short on soda ash 01 is recommended [8]. - **Crude Oil**: OPEC+ has accelerated production increases, and the market is worried about the economy. In the short term, crude oil prices may be weak [8]. - **Methanol**: In early August, methanol prices are supported, but in the second half of the month, as supply rises, prices are expected to fall again [8]. - **Polyolefins**: In July, the production of plastics and PP increased. In August, production is expected to increase further. The cost side lacks support, and the possibility of a non - peak season this year is relatively high [10]. - **Cotton**: The upward momentum at both the supply and demand ends has weakened, and cotton is running weakly [10]. - **Rubber**: The traditional production - increasing season of ANRPC has a slow recovery rhythm, while the tire production line starts well, and the consumption growth rate may have an incremental expectation. The short - term supply - demand contradiction is not prominent, and the rubber price is expected to stop falling [10]. 3. Summary by Related Catalogs Stock Index - Last week, the A - share market rose first and then fell, with a decline in trading volume on Friday. The communication, pharmaceutical, and media sectors led the gains, while the non - ferrous metals, coal, and comprehensive finance sectors significantly declined. The stock index futures showed a differentiated trend, with IM relatively firm but the discount deepening [1]. Treasury Bonds - Last week, treasury bond futures fluctuated sharply, first falling and then rising. The macro - environment has limited new drivers, and the central bank still clearly intends to protect the liquidity. The VAT on treasury bond interest income has been restored, and the market demand for old bonds has increased [1]. Precious Metals - The US July non - farm payrolls data was unexpectedly low, and the data of the previous two months was revised down, increasing market concerns about the US economy and the expectation of the Fed's interest rate cut. Gold prices are strongly supported, and silver remains in a bullish pattern [1][4]. Base Metals - **Copper**: Last week, copper prices fluctuated weakly. The tariff on US copper was much lower than expected, and the premium of COMEX - LME copper quickly converged. The mid - term upward pattern remains unchanged, but short - term price pressure has increased [4]. - **Aluminum and Alumina**: The price center of alumina has shifted downwards, and Shanghai aluminum has stabilized and fluctuated. The production and operating rate of alumina have continued to rise, and the market expects medium - term supply to be in excess, but the spot circulation is still relatively tight. The short - term demand for Shanghai aluminum is cautious, but the supply - side constraints are clear [4]. - **Nickel**: The supply of nickel ore has increased seasonally, and the refining capacity is in excess. The downstream consumption is in the off - season, and the price is expected to continue to fluctuate at a low level [4]. - **Lithium Carbonate**: The futures of lithium carbonate have weakened, and the production has declined slightly. The total inventory has started to decrease, and lithium prices are expected to stop falling and fluctuate [6]. Industrial Silicon - The number of open furnaces in the industrial silicon market has increased slightly. The price fluctuates following the trend of polysilicon. Attention should be paid to the resumption of production plans of manufacturers in Yunnan, Xinjiang, and Qinghai in August [6]. Steel and Iron Ore - **Rebar**: The market has returned to the fundamental pricing logic. The fundamentals face marginal pressure, but the long - term anti - involution logic has not been falsified. In August, the price is expected to operate within a range [6]. - **Hot - Rolled Coil**: The market has returned to the fundamental pricing logic. The fundamentals also face marginal pressure, but the long - term anti - involution logic remains valid. In August, the price is expected to operate within a range, and attention should be paid to the narrowing opportunity of the spread between hot - rolled coil and rebar [6]. - **Iron Ore**: The market has returned to the fundamental pricing logic. The supply and demand are relatively balanced, and the price is expected to follow the fluctuation of steel products. The long - term drivers are the implementation of the anti - involution policy in the domestic steel industry and the release of overseas new mineral production capacity [6]. Coking Coal and Coke - **Coking Coal**: The market sentiment has cooled down, and the coal price is supported by fundamentals in the short term and is expected to fluctuate. Attention should be paid to whether mines will stop production or limit production due to inspections [8]. - **Coke**: The cost of coking coal has risen faster than the price of coke products, and the coking profit has not been repaired. The downstream demand is still supported, and the fifth round of price increase has basically been implemented, with the futures trend showing signs of stabilization [8]. Soda Ash and Glass - **Soda Ash**: The market has returned to the fundamental pricing logic. The daily production has increased, the speculative demand has cooled down, and the warehouse has been passively restocked. The 09 contract short - position is recommended to be held, and the strategy of going long on glass 01 and short on soda ash 01 is recommended [8]. - **Float Glass**: The market has returned to the fundamental pricing logic. The fundamentals are relatively better than soda ash in the off - season, but the downstream order has not improved. The short - position is recommended to be held lightly, and the strategy of going long on glass 01 and short on soda ash 01 is recommended [8]. Crude Oil - OPEC+ has accelerated production increases, and the market is worried about the economy. In the short term, crude oil prices may be weak [8]. Methanol - In July, the methanol production was flat compared with June. In August, the supply pressure is expected to increase, and the price is expected to fall again in the second half of the month [8]. Polyolefins - In July, the production of plastics and PP increased. In August, production is expected to increase further. The cost side lacks support, and the possibility of a non - peak season this year is relatively high [10]. Cotton - The supply of cotton has problems with the circulation of some warehouse receipts, and the downstream demand is weak. The upward momentum at both the supply and demand ends has weakened, and cotton is running weakly [10]. Rubber - The traditional production - increasing season of ANRPC has a slow recovery rhythm, while the tire production line starts well, and the consumption growth rate may have an incremental expectation. The short - term supply - demand contradiction is not prominent, and the rubber price is expected to stop falling [10]