7月29日晚，滨化股份(601678)公告，目前正在筹划境外发行股份（H股）并在香港联交所上市事项。同 时，公司正在与相关中介机构就本次H股上市的具体推进工作进行商讨，目前相关细节尚未确定。 2025年第一季度，滨化股份实现营业收入37.82亿元，同比增长94.14%；实现归母净利润0.96亿元，同 比增长225.75%。 值得关注的是，近年来，氯碱行业逐步从传统制造业向高端化、智能化方向发展。滨化股份也欲打造中 国北方高端电子化学品基地、"新能源+化工"零碳示范园区、绿色低碳循环经济产业园、化工新材料产 业基地，推动产业数字化。 据公开报道，2025年6月29日，公司氯醇法环氧丙烷钙法皂化工艺顺利通过中国氯碱工业协会组织的专 家验收，成为国内首家通过论证的氯醇法环氧丙烷生产企业。这一突破性技术获得认证，不仅标志着滨 化股份实现了关键技术升级。 业内人士认为，此次赴港IPO是滨化股份推进全球化战略的重要一步，有助于加快海外业务发展，提升 公司的国际品牌形象及综合竞争实力。 截至7月29日收盘，滨化股份最新股价4.48元/股，总市值92.15亿元。 （文章来源：证券时报网） 资料显示，滨化股份于2010年2月在 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The macro - sentiment has weakened, leading to a downward oscillation in the chlor - alkali futures market. The PVC and caustic soda futures prices have both declined. The PVC market is mainly influenced by macro - sentiment in the short term, and the supply pressure is high while the demand is weak. The caustic soda market price fluctuates more, with high supply pressure and rigid demand from the alumina sector [1][3]. 3. Summary by Relevant Catalogs PVC - **Futures Price and Basis**: The PVC main contract closed at 5149 yuan/ton, down 224 yuan. The East China basis was - 89 yuan/ton, up 134 yuan; the South China basis was - 89 yuan/ton, up 164 yuan [1]. - **Spot Price**: The East China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 90 yuan; the South China calcium carbide - based PVC was quoted at 5060 yuan/ton, down 60 yuan [1]. - **Upstream Production Profit**: The PVC calcium carbide - based production gross profit was - 134 yuan/ton, up 181 yuan; the PVC ethylene - based production gross profit was - 506 yuan/ton, up 89 yuan; the PVC export profit was - 28.2 dollars/ton, down 8.6 dollars [1]. - **Inventory and Operation Rate**: The PVC factory inventory was 35.7 tons, down 1.0 tons; the PVC social inventory was 42.7 tons, up 1.6 tons. The PVC calcium carbide - based operation rate was 79.21%, up 1.69%; the PVC ethylene - based operation rate was 66.95%, down 1.36%; the overall PVC operation rate was 75.81%, up 0.84% [1]. - **Downstream Order Situation**: The production enterprise's pre - sales volume was 79.5 tons, up 9.9 tons [1]. Caustic Soda - **Futures Price and Basis**: The SH main contract closed at 2593 yuan/ton, down 44 yuan. The Shandong 32% liquid caustic soda basis was 1 yuan/ton, up 44 yuan [1]. - **Spot Price**: The Shandong 32% liquid caustic soda was quoted at 830 yuan/ton, unchanged; the Shandong 50% liquid caustic soda was quoted at 1330 yuan/ton, unchanged [2]. - **Upstream Production Profit**: The Shandong caustic soda single - product profit was 1603 yuan/ton, unchanged; the Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) was 659.5 yuan/ton, up 40.0 yuan; the Shandong chlor - alkali comprehensive profit (1 ton of PVC) was 687.53 yuan/ton, down 60.00 yuan; the Northwest chlor - alkali comprehensive profit (1 ton of PVC) was 1734.34 yuan/ton, up 14.50 yuan [2]. - **Inventory and Operation Rate**: The liquid caustic soda factory inventory was 40.84 tons, up 2.45 tons; the flake caustic soda factory inventory was 2.31 tons, down 0.09 tons. The caustic soda operation rate was 84.00%, up 1.40% [2]. - **Downstream Operation Rate**: The alumina operation rate was 85.45%, up 1.84%; the East China printing and dyeing operation rate was 58.89%, unchanged; the viscose staple fiber operation rate was 84.97%, up 0.42% [2]. Strategies - **PVC**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the V09 - 01 spread when it is high [4]. - **Caustic Soda**: For the single - side strategy, it is recommended to wait and see. For the inter - delivery spread strategy, go short on the SH2509 - SH2601 spread [4].

Core Viewpoint - The chlor-alkali industry is facing severe "involution" competition, necessitating the establishment of effective self-regulation and communication mechanisms to address market and trade risks while maintaining overall industry interests [1][2]. Group 1: Industry Challenges and Responses - The chlor-alkali industry is currently impacted by intensified supply-demand dynamics, which severely affect high-quality development [1]. - The national government aims to address "involution" competition through the revision of the Anti-Unfair Competition Law, promoting market behavior regulation to prevent inefficient price wars and resource waste [1]. - The industry association plans to implement a three-pronged strategy involving policy responses, financial tools, and industry self-regulation to break through current challenges and uphold high-quality development standards [1]. Group 2: Strategic Directions for Development - Industry leaders advocate for a transformation towards high value-added and high-end products to escape low-price competition, emphasizing the need for regional coordination and long-term contracts to foster collaborative development [1][2]. - The meeting highlighted the importance of expanding product exports as a strategic choice for chlor-alkali companies to address structural industry challenges and achieve sustainable development [2]. - The association emphasizes the need for collaboration, information sharing, and quality-first principles as foundational elements for the sustainable development of the industry in the face of complex domestic and international market conditions [2].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the chemical industry, focusing on the caustic soda (烧碱) and PVC (聚氯乙烯) markets, highlighting the challenges and dynamics affecting these sectors [1][2][10]. Core Insights and Arguments - **Caustic Soda Market Dynamics**: The caustic soda market is significantly influenced by liquid chlorine prices. When liquid chlorine prices are negative, it adversely affects company profits, potentially leading to reduced supply of caustic soda [1][4]. - **Regional Performance Variations**: There are notable regional differences in the caustic soda market across China. For instance, Shandong's caustic soda is primarily used in alumina production, while Jiangsu and Zhejiang focus more on non-alumina applications [2][5]. - **PVC Industry Losses**: The PVC industry is currently facing overall losses, particularly in the calcium carbide method of PVC production. Despite some profits from caustic soda, the oversupply situation leads to poor profitability [1][11]. - **Weak Demand and Inventory Pressure**: The PVC market is experiencing weak demand, with declining exports and moderate domestic demand from real estate and infrastructure sectors, resulting in increasing inventory levels [1][12]. - **Impact of Liquid Chlorine on Production**: The production of caustic soda is closely tied to liquid chlorine, which cannot be stored long-term. If liquid chlorine prices remain low, it will continue to negatively impact caustic soda supply [4][7]. Additional Important Insights - **Seasonal Characteristics**: The caustic soda market exhibits seasonal characteristics, with October typically being a peak season, while the period around the Lunar New Year often sees a downturn due to supply-demand mismatches [8]. - **Cost Disparities Across Regions**: Different regions in China face varying production costs, affecting profitability. For example, Xinjiang has lower costs, allowing for some profit even in a challenging environment, while regions like East and North China face higher costs and greater pressure [14]. - **Export Challenges**: China's PVC exports, particularly to India, are subject to anti-dumping measures and certification requirements, leading to fluctuations in export volumes and increased domestic inventory pressure [15]. - **Future Policy Impacts**: The caustic soda and PVC industries may face future impacts from energy efficiency audits and carbon emission management policies, which could affect production costs and operational viability [20][23]. - **Market Strategies**: Recommendations include structural strategies to manage market volatility, such as engaging in spread trading between different contract months and utilizing options for risk management [9]. Conclusion - The caustic soda and PVC markets are currently under significant pressure due to weak demand, high inventory levels, and fluctuating production costs. Regional disparities and potential policy changes further complicate the outlook for these industries. Investors should remain vigilant regarding market dynamics and consider strategic positioning in low-valued segments when prices are favorable [18].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **Xinjiang civil explosives market** and its growth prospects, driven by the **Western Development Strategy** and coal mine capacity expansion. Demand is expected to steadily increase, potentially exceeding **1 million tons** during the 14th Five-Year Plan period, with a focus on the Hami and Jun Dong areas [1][5]. Core Insights and Arguments - **Market Demand and Supply**: - The **Xinjiang industrial explosives market** saw production and sales exceeding **200,000 tons** in the first half of 2025, marking a **10% year-on-year growth** despite coal price declines [2]. - Xinjiang ranks **second nationally** in production and **first in value**, totaling approximately **1.9 billion yuan** [2]. - The supply side is constrained, with a total licensed capacity of **620,000 tons**, predominantly from four major companies holding over **80% market share**, indicating a favorable competitive landscape [6]. - **Company Developments**: - **Xuefeng Technology** and **Guangdong Hongda** have strengthened their order acquisition capabilities post-merger, with expectations of a **20% compound annual growth rate** in new orders due to increased mining service orders in the western regions and overseas expansion [7][9]. - **Yipuli** is projected to see a **20% growth** in 2025, benefiting from major projects in Xinjiang and Tibet, including the **50 billion yuan** Yanjin Mine project [10][11]. - **Regulatory Impact**: - The Ministry of Industry and Information Technology is set to release a plan affecting the **soda ash and chlor-alkali industries**, focusing on structural adjustments and the elimination of outdated capacity, which may benefit companies like **Boyuan Chemical** [12][17]. - **Fertilizer Industry Dynamics**: - The fertilizer sector is undergoing natural optimization, with **urea prices** influenced by overseas demand and export quotas. **Hualu Hengsheng** is expected to benefit from its urea capacity and new projects, contributing significant profits [18][19]. Additional Important Insights - **Chemical Industry Trends**: - The **dye industry** is experiencing a decline in fixed asset investment, with expectations of significant profit recovery in 2026 due to improved supply conditions [21]. - The **organic silicon sector** is facing profitability challenges due to overcapacity, but demand remains strong in downstream applications like **new energy vehicles** and **medical devices** [23][24]. - **Pesticide Market Changes**: - Recent price increases in the pesticide sector, driven by rising demand and regulatory changes, are expected to continue into the latter half of 2025, benefiting leading companies like **Yangnong Chemical** and **Lier Chemical** [25][27]. - **Investment Opportunities**: - Key companies to watch in the organic silicon and pesticide sectors include **Yangnong Chemical**, **Lier Chemical**, and **Runfeng Shares**, which are well-positioned to capitalize on market trends and demand recovery [30]. This summary encapsulates the critical insights and developments discussed in the conference call, highlighting the growth potential and challenges within the Xinjiang civil explosives market and related chemical industries.

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - This week (from July 18 - 24, 2025), the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 84.0%, a 1.4% increase from last week. It is expected that next week's capacity utilization rate will remain around 84%, with a weekly output of about 822,900 tons [5]. - The alumina production in China this week was 1.831 million tons, showing an increase compared to last week's 1.792 million tons. The procurement price of liquid caustic soda by large - scale alumina factories in Shandong remained stable at 770 yuan/ton, with the equivalent 100% caustic soda price at 2,406 yuan/ton [5]. - The production of viscose staple fiber in the current cycle (from July 18 - 24, 2025) was 85,100 tons, an increase of 500 tons from last week. The physical inventory of viscose staple fiber factories decreased by 3,200 tons compared to the previous period but increased by 79,900 tons year - on - year [5]. - As of July 24, 2025, the comprehensive operating rate in the Jiangsu and Zhejiang regions was 58.9%, remaining the same as the previous period. The operating rate in the printing and dyeing industry was weak and volatile, and it is expected to remain at a low level in the next period [5]. - In May, the export volume of liquid caustic soda was 255,900 tons, and the export volume of flake caustic soda was 75,000 tons [5]. - As of July 24, 2025, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 408,400 tons (wet tons), a 6.38% increase from the previous period and a 4.29% increase year - on - year [5]. - Last Friday, the average price of liquid caustic soda in Shandong was 2,594 yuan/ton, the average price of liquid chlorine was - 350 yuan/ton, and the chlor - alkali profit was 170 yuan/ton, at a historically low level [5]. - Last week, the spot price of caustic soda in Shandong fluctuated weakly. The price of 50% liquid caustic soda was relatively weaker than that of 32% liquid caustic soda. The price of liquid chlorine fluctuated sharply. The futures price of caustic soda first rose significantly and then fell back on Friday night [5]. 3. Summary by Directory 3.1 Overview - **Supply**: The capacity utilization rate of caustic soda enterprises increased in most regions this week, with some regions having new maintenance or production reduction. Next week, it is expected that the capacity utilization rate will remain stable around 84%, with a weekly output of about 822,900 tons [5]. - **Demand**: Alumina production increased, viscose staple fiber production increased slightly, the printing and dyeing industry was weak, and the export volume in May was reported. The demand from downstream industries was generally weak [5]. - **Inventory**: The inventory of liquid caustic soda sample enterprises increased both compared to the previous period and year - on - year, and the capacity - to - inventory ratio also increased in most regions [5]. - **Profit**: The chlor - alkali profit in Shandong last week was at a historically low level [5]. - **Price**: The spot price of caustic soda in Shandong fluctuated weakly last week, and the futures price first rose significantly and then fell back [5]. 3.2 Price - The report presents the historical price trends of Shandong's 32% and 50% caustic soda, flake caustic soda, export caustic soda, caustic soda futures, as well as the prices of raw salt and coal, with data sources from Mysteel and compiled by Zhongtai Futures [7][10][13][16]. 3.3 Supply - **Production and Operating Rate**: The report shows the historical data of China's weekly caustic soda production, operating rate, and device loss volume, as well as the cumulative production and its year - on - year changes [21]. - **Inventory and Profit**: It presents the historical data of the liquid caustic soda inventory of sample enterprises, caustic soda futures warehouse receipts, and the profit of chlor - alkali enterprises in Shandong [24]. - **Maintenance Plan**: Lists the current and future maintenance plans of chlor - alkali devices in various regions [26]. 3.4 Demand - **Alumina Industry**: Displays the production, cash profit, liquid caustic soda procurement price, and inventory data of the alumina industry [29][32]. - **Textile Industry**: Presents the capacity utilization rate, market price, factory inventory, and inventory - available days of viscose staple fiber, as well as the operating rate, order days, and finished - product inventory - available days of textile enterprises, and the operating rate of printing and dyeing factories in the Jiangsu and Zhejiang regions [35][38]. - **Paper Pulp and Paper Industry**: Shows the production of paper pulp and paper products, the inventory - available days of upstream factories' paper products, and the cumulative production and its year - on - year changes of Chinese machine - made paper and cardboard [41]. - **Export**: Displays the monthly and cumulative export volume data of liquid caustic soda and flake caustic soda in China [44].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core Views of the Report 2.1烧碱 - 本周中国20万吨及以上烧碱样本企业产能平均利用率为84.0%，较上周环比+1.4%，但周五夜盘商品普遍大幅下跌，下周烧碱预计走势偏弱，短期承压，长期旺季需求仍有期待 [5]。 - 氧化铝利润扩张但库存累库，山东主要氧化铝企业烧碱库存中性偏高，非铝需求支撑偏弱，出口方向支撑较强但新产能投放影响价格高位补库动力 [5]。 - 山东边际装置成本计算显示09合约估值中性偏高，建议空单持有，09合约下方支撑2400 [5]。 2.2 PVC - 短期走势偏弱，下半年供应端减产驱动不足，高产量、高库存结构难以缓解，市场后期仍会做空氯碱利润 [7]。 - 2025年出口市场竞争压力增大，内需与地产相关的下游制品需求同比仍偏弱，企业备货意愿低 [7]。 - 基差走弱，月差走弱，仓单持续上升，估值偏高，建议空单持有，09合约上方压力5300，下方支撑5080、5000 [8][9]。 3. Summary According to the Table of Contents 3.1 烧碱价格及价差 - 山东最便宜可交割品价格约2594元/吨 [13]。 - 2025年1 - 6月烧碱累计出口203万吨，同比增加49.3%，下半年出口需求预计持续向好，但需关注贸易商和下游囤货节奏 [23]。 - 出口对高度碱的支撑体现在50碱 - 32碱价差上，目前价差66元/吨，低于蒸发成本，利空烧碱 [27][37]。 - 山东 - 华南套利空间持续走弱，现货下跌使华南贸易商囤货需求偏弱，套利空间难大幅扩张 [28][32]。 3.2 烧碱供应 - 市场结构为产量上升，库存上升，结构偏弱，本周国内烧碱产能利用率84%，较上周环比+1.4%，全国20万吨及以上固定液碱样本企业厂库库存40.84万吨（湿吨），环比上调6.38%，同比上调4.29% [40]。 - 需关注7 - 8月的检修规模，2025年烧碱实际产能扩张将弱于预期，产能增幅或在2%左右 [44][45]。 - 成本端液氯近期反弹使整体利润状况尚可，电价下滑对烧碱成本影响较大，液氯价格补贴影响企业综合利润 [49][51]。 - 耗氯下游如环氧丙烷、环氧氯丙烷、二氯甲烷、三氯甲烷等开工和利润回升，液氯进一步下行空间有限 [59][65][70]。 3.3 烧碱需求 - 氧化铝开工、库存、利润环比上升，装置复产产量上升，下半年关键看氧化铝投产能否带动新一轮需求扩张，需关注魏桥100万吨、文丰三线160万吨、广西广投100万吨投产时间 [75][77][78]。 - 纸浆行业产能扩张持续，但终端需求淡季，成品纸行业开工同比偏低 [79][85]。 - 粘胶短纤开工回升，印染开工下滑，短期需求稳定；水处理行业开工环比下滑；三元前驱体行业开工稳定 [90][92][94]。 3.4 PVC价格及价差 - PVC基差走弱，后期或阶段性走强，9 - 1月差震荡偏弱 [102]。 3.5 PVC供需 - 本周PVC生产企业产能利用率在76.79%，环比减少0.80%，同比增加3.46%，2025年7 - 8月西北检修逐渐增多，且有较多产能要投产，预计7 - 8月有110万吨集中产能投放 [107][108][109]。 - 西北一体化装置利润尚可，氯碱产业链以碱补氯加大了PVC因亏损大规模减产的难度，西北氯碱一体化装置始终有利润 [111][114]。 - PVC生产企业去库，社会库存累库，下游管材开工下滑，型材、薄膜开工上升，整体同比偏弱 [115][116]。 - 2025年1 - 6月出口累计196.05万吨，单月出口环比下降27.61%，同比去年同月增加21.03%，后期出口或受政策干扰 [127]。 - 大量无风险套利或导致后期仓单大量上升 [128]。

Report Industry Investment Ratings - Urea: ★★★ (indicating a clear upward trend and relatively appropriate investment opportunities) [1] - Methanol: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - Olefins: ★★☆ (suggesting a clear upward trend and the market is fermenting) [1] - Plastics: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★☆ [1] - PX: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★☆☆ (indicating a bullish or bearish bias, but the market is not very operable) [1] - Short Fiber: ★☆★ [1] - Glass: ★★★ [1] - Soda Ash: ★★★ [1] - Bottle Chip: ★★★ [1] Core Viewpoints - The chemical market is generally affected by macro - policies, and different sectors show different trends and influencing factors. Some sectors are driven by policies, while others are restricted by supply - demand fundamentals [2][3][4] Summaries by Relevant Catalogs Olefins - Polyolefins - Olefin futures rose on the day, with macro - positives still boosting the market. The restart of propylene plants and downstream start - up rhythms are in a game, with increased propylene supply weakening the fundamentals and suppressing price rebounds. The market may remain weak in the short term [2] - Polyolefin futures continued to rise. For polyethylene, although macro - policies are positive, demand is weak and domestic supply is abundant. For polypropylene, after the sale of low - price resources, the price center has risen, but short - term demand is affected by the off - season, and the short - term increase may be limited [2] Pure Benzene - Styrene - The price of unified benzene has strengthened significantly due to the rebound of oil prices and domestic commodity sentiment and policies. The weekly output has declined, and the expectation of hydrogenated benzene is strong. There is an expectation of seasonal improvement in supply - demand in the mid - to - late third quarter, but it will face pressure again in the fourth quarter. Band operation of monthly spreads is recommended [3] - Styrene futures rose, hitting the half - year line. The macro - aspect continues to boost the market. Downstream buyers operate according to the market, mainly digesting existing raw materials, and spot procurement is on - demand, with poor spot trading [3] Polyester - PX and PTA prices rose significantly, driven by oil prices, market sentiment, and policies. PX has limited fundamental drivers. The inventory pressure of filaments has eased, and the drag on upstream raw materials is expected to weaken. PTA processing margins are low and have room for repair, waiting for the recovery of downstream demand [4] - Ethylene glycol continued to rise with increased positions, boosted by the positive sentiment in the coal market and domestic policies. Downstream demand is stable on a weekly basis, domestic supply has increased slightly, and ports have slightly accumulated inventory. Overseas device operation is unstable, which may disrupt the market [4] - Short fiber and bottle chip prices rebounded with raw materials. Short - term demand for short fiber is still in the off - season, but new capacity is limited, and the recovery of future demand is expected to boost the industry. For bottle chips, the load continues to decline, and price repair is limited under low - start conditions [4] Coal Chemical Industry - Methanol futures continued to rise, mainly affected by relevant policies. The unloading speed of foreign vessels in coastal areas is slow, and ports are expected to see unexpected destocking this week. Domestic main - producing area enterprises are starting autumn maintenance, but some enterprises may resume work early or postpone maintenance due to good profits. Downstream procurement is for rigid demand, and enterprise inventory has decreased slightly [5] - Urea futures fluctuated strongly. The peak season of agricultural demand is coming to an end, and the current operating rate of compound fertilizer enterprises is still low. Domestic downstream demand is weak. Export goods are being shipped to ports, and production enterprises are continuously destocking, but the destocking rate has slowed down. The market supply remains sufficient, and with policy support, the urea market is expected to fluctuate strongly in the short term [5] Chlor - Alkali Industry - PVC prices were pushed up by cost due to the fermentation of anti - involution policies, and the futures price was strong. The demand of downstream product enterprises is in the off - season, and social inventory has been accumulating since July. Domestic demand is weak, and export deliveries have decreased. Supply is expected to increase next week. In the short term, the futures price is expected to fluctuate with cost; in the long term, if the elimination of backward production capacity does not meet expectations, the price may not rise continuously [6] - Caustic soda fluctuated weakly. Upstream salt has issued an anti - involution document, and attention should be paid to whether it will affect the raw salt industry and drive up the price of caustic soda raw materials. Downstream buyers resist high prices, supply has increased, and inventory has increased month - on - month. Alumina demand provides some support, but non - aluminum downstream demand is average. The short - term market is greatly affected by the macro - environment, and attention should be paid to the actual implementation of the elimination of backward production capacity [6] Soda Ash - Glass - Soda ash continued to be strong due to the temporary shutdown of Haitian's device and positive sentiment. Inventory continued to decline, and the spot price increased. The supply is under high pressure. The photovoltaic industry is suffering large losses and is reducing production due to anti - involution policies. In the short term, the market is mainly affected by macro - sentiment, and attention should be paid to whether actual policies will be introduced for the small amount of backward production capacity [7] - Glass prices continued to rise, with a 50 - yuan increase in Shahe today. Middle - stream buyers are stocking up, and the industry is in a destocking mode. Industry profits have slightly recovered, and production capacity has fluctuated slightly. Processing orders are weak. In the short term, the price is expected to fluctuate with macro - sentiment. A strategy of going long on glass and short on soda ash at low levels can be considered [7]

Report Investment Rating - The report gives a rating of "Oscillating Upward" for the PVC industry [1] Core Viewpoint - Although the PVC industry currently faces challenges such as high inventory, weak demand in the real - estate market, and new production capacity coming online, with the upcoming release of a new round of ten key industries' stable - growth work plans and coal price increases, the market sentiment has improved. It is expected that PVC will oscillate strongly in the near term, and the report suggests going long on dips or conducting a 09 - 01 reverse spread [1] Summary by Related Catalogs Strategy Analysis - The upstream calcium carbide price has dropped by 25 yuan/ton in some areas. The PVC operating rate has increased by 0.62 percentage points to 77.59%, reaching a relatively high level in the same period in recent years. The downstream PVC operating rate is still low compared to previous years, and procurement is cautious. India has postponed the BIS policy for another six months until December 24, 2025, and Formosa Plastics in Taiwan, China, has raised its July quotation by 10 - 25 US dollars/ton. Recent export orders are average, but India's delay in announcing anti - dumping duties until September 25 may stimulate Chinese PVC exports. Social inventory continues to increase and is still high. From January to June 2025, the real - estate market is still in the adjustment phase, and the year - on - year decline in investment, new construction, and completion areas is still large. The weekly trading area of commercial housing in 30 large - and medium - sized cities has continued to decline and is at the lowest level in the same period over the years. The comprehensive profit of chlor - alkali has recovered, and the PVC operating rate increased last week. New production capacities of Wanhua Chemical and Tianjin Bohua have been in trial production, and the support of calcium carbide prices is weak. Before the demand is substantially improved, PVC faces great pressure. However, with the upcoming release of relevant policies and coal price increases, the market sentiment has improved. It is recommended to go long on dips or conduct a 09 - 01 reverse spread [1] Futures and Spot Market - In the futures market, the PVC2509 contract increased in position and oscillated upward, with a minimum price of 5226 yuan/ton, a maximum price of 5391 yuan/ton, and a final closing price of 5373 yuan/ton, above the 20 - day moving average, a rise of 3.19%. The position increased by 28,479 lots to 860,317 lots [2] Basis - On July 25, the mainstream price of calcium carbide - based PVC in East China rose to 5075 yuan/ton, and the closing price of the V2509 contract futures was 5373 yuan/ton. The current basis was - 298 yuan/ton, weakening by 70 yuan/ton, and the basis was at a relatively low level [3] Fundamental Tracking - On the supply side, some devices such as Erdos Chlor - Alkali and Yidongdongxing have entered maintenance, and the PVC operating rate has decreased by 0.80 percentage points to 76.79%, but it is still at a relatively high level in the same period in recent years. In July, the 400,000 - ton/year Tianjin Bohua and 500,000 - ton/year Wanhua Chemical have been in trial production. On the demand side, the real - estate market is still in the adjustment phase. From January to June 2025, the national real - estate development investment was 466.58 billion yuan, a year - on - year decrease of 11.2%. The commercial housing sales area was 458.51 million square meters, a year - on - year decrease of 3.5%; the residential sales area decreased by 3.7%. The commercial housing sales volume was 442.41 billion yuan, a decrease of 5.5%, and the residential sales volume decreased by 3.7%. The new construction area of houses was 303.64 million square meters, a year - on - year decrease of 20.0%; the new construction area of residential houses was 222.88 million square meters, a decrease of 19.6%. The construction area of real - estate development enterprises' houses was 6.33321 billion square meters, a year - on - year decrease of 9.1%. The completion area of houses was 225.67 million square meters, a year - on - year decrease of 14.8%; the completion area of residential houses was 162.66 million square meters, a year - on - year decrease of 15.5%. The overall improvement of the real - estate market still takes time [4] Inventory - As of the week of July 20, the trading area of commercial housing in 30 large - and medium - sized cities decreased by 5.27% week - on - week and was still at the lowest level in the same period in recent years. As of the week of July 24, the PVC social inventory increased by 3.97% week - on - week to 683,400 tons, 28.23% less than the same period last year. The social inventory continued to increase and was still high [5]

Report Industry Investment Rating - Not provided in the given content Core Views - For PVC, the expectation of eliminating old devices continues to boost market sentiment, and the futures price continues to be strong. However, the supply - side pressure is large, the demand is weak, and the inventory is accumulating. The rise is mainly driven by sentiment, and policy progress needs to be monitored [3] - For烧碱, the market sentiment is boosted by the assessment of old devices and the low price of liquid chlorine, and the futures price is strong. The supply is high with new production expected, the demand has rigid support from alumina but non - aluminum demand is weak, and the inventory pressure is expected to increase [3] Summary by Relevant Catalogs Market News and Important Data PVC - Futures price and basis: The closing price of the PVC main contract is 5238 yuan/ton (+87), the East China basis is - 168 yuan/ton (-67), and the South China basis is - 163 yuan/ton (-32) [1] - Spot price: The East China calcium carbide method quotation is 5070 yuan/ton (+20), and the South China calcium carbide method quotation is 5075 yuan/ton (+55) [1] - Upstream production profit: The blue carbon price is 535 yuan/ton (+0), the calcium carbide price is 2805 yuan/ton (+0), the calcium carbide profit is 87 yuan/ton (+0), the PVC calcium carbide method gross profit is - 315 yuan/ton (+130), the PVC ethylene method gross profit is - 595 yuan/ton (+26), and the PVC export profit is - 15.7 dollars/ton (+0.6) [1] - PVC inventory and operation: The in - plant inventory is 36.8 tons (-1.4), the social inventory is 42.7 tons (+1.6), the calcium carbide method operation rate is 79.21% (+1.69%), the ethylene method operation rate is 66.95% (-1.36%), and the overall operation rate is 75.81% (+0.84%) [1] - Downstream order situation: The pre - sales volume of production enterprises is 69.6 tons (+0.6) [1] 烧碱 - Futures price and basis: The closing price of the SH main contract is 2675 yuan/ton (+31), and the basis of 32% liquid caustic soda in Shandong is - 81 yuan/ton (-31) [1] - Spot price: The quotation of 32% liquid caustic soda in Shandong is 830 yuan/ton (+0), and the quotation of 50% liquid caustic soda in Shandong is 1340 yuan/ton (+0) [2] - Upstream production profit: The single - variety profit of caustic soda in Shandong is 1603 yuan/ton (+0), the comprehensive profit of chlor - alkali in Shandong (0.8 tons of liquid chlorine) is 579.5 yuan/ton (+120.0), the comprehensive profit of chlor - alkali in Shandong (1 ton of PVC) is 652.53 yuan/ton (+60.00), and the comprehensive profit of chlor - alkali in the Northwest (1 ton of PVC) is 1719.84 yuan/ton (+0.00) [2] - Caustic soda inventory and operation: The liquid caustic soda factory inventory is 40.84 tons (+2.45), the flake caustic soda factory inventory is 2.31 tons (-0.09), and the caustic soda operation rate is 84.00% (+1.40%) [2] - Caustic soda downstream operation: The alumina operation rate is 83.61% (+0.33%), the printing and dyeing operation rate in East China is 58.89% (+0.00%), and the viscose staple fiber operation rate is 84.97% (+0.42%) [2] Market Analysis PVC - The expectation of eliminating old PVC devices boosts market sentiment, and the futures price is strong. The supply - side pressure is large due to high operation and new production, the demand is weak with low domestic demand and neutral exports, and the inventory is accumulating. The rise is sentiment - driven [3] 烧碱 - The assessment of old devices and the low price of liquid chlorine boost market sentiment, and the futures price is strong. The supply is high with new production expected, the demand has rigid support from alumina but non - aluminum demand is weak, and the inventory pressure is expected to increase [3] Strategies PVC - Unilateral: Cautiously go long for hedging as the macro - sentiment drives the futures price to be strong [4] - Inter - period: Do reverse spreads when the V09 - 01 spread is high [4] 烧碱 - Unilateral: Cautiously go long for hedging. The low price of liquid chlorine strengthens cost support, and the futures price is expected to be strong due to the expectation of eliminating old devices and macro - sentiment [5]