Core Viewpoint - Nine Dragons Paper Industries reported a revenue of 63.24 billion RMB for the fiscal year ending June 30, 2025, representing a year-on-year growth of approximately 6.3% and a gross profit increase of about 26.9% to 7.25 billion RMB, primarily due to a larger decline in raw material costs compared to product prices [1] Group 1: Financial Performance - Revenue for the fiscal year 2024-2025 reached 63.24 billion RMB, marking a 6.3% increase from the previous fiscal year [1] - Gross profit rose by approximately 26.9% to 7.25 billion RMB, attributed to a more significant decrease in raw material costs compared to product prices [1] Group 2: Expansion Projects - The company continues to advance new project constructions, with successful launches of high-end paper and raw material projects in Beihai, Guangxi, and Jingzhou, Hubei [1] - In the third quarter, new production lines for 1.2 million tons of white cardboard and 700,000 tons of wood pulp, as well as 400,000 tons of cultural paper, were put into operation [1] Group 3: Production Capacity - As of June 30, 2025, Nine Dragons Paper's fiber raw material production capacity reached 7.5 million tons, with a designed paper production capacity of 23.5 million tons [1] - The designed production capacity for corrugated paperboard and cartons is approximately 2.9 billion square meters [1] Group 4: Future Plans - In the new fiscal year, the company plans to further expand wood pulp production capacity in Beihai, Jingzhou, Chongqing, and Tianjin, totaling a designed capacity of 3.4 million tons [2] - The company aims to increase cultural paper and white cardboard production capacity by a combined 2.5 million tons at the Jingzhou and Beihai bases [2] Group 5: Capital Expenditure and Expansion Projects - Key capital expenditures and expansion projects include: - Jingzhou, Hubei: 0.65 million tons of chemical pulp completed by June 2025, and 0.70 million tons of chemical mechanical pulp completed by August 2025 [3] - Chongqing: 0.70 million tons of chemical pulp expected to be completed by Q4 2026 [3] - Tianjin: 0.50 million tons of chemical pulp expected to be completed by Q4 2026 [3] - Beihai, Guangxi: 0.80 million tons of chemical pulp expected to be completed by Q1 2027 [3] - Successful completion of these expansion plans will enhance the company's integrated pulp and paper advantages, improve profitability, and strengthen sustainable development in the industry [3]

Core Viewpoint - Nine Dragons Paper Holdings Limited reported a significant increase in annual performance metrics, yet the stock price declined over 3% following the announcement, indicating market skepticism about future growth potential [1] Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan [1] - Gross profit increased by approximately 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan [1] Future Capacity Expansion - The company plans to add 2.5 million tons of cultural paper and packaging paper capacity, along with 1.35 million tons of pulp capacity in the fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Profitability Outlook - Citigroup's report suggests that as long as monthly profits remain above 200 million yuan, there is potential for further upward adjustments in profit forecasts for fiscal year 2026 [1]

Core Viewpoint - Citigroup's research report indicates that Nine Dragons Paper Holdings' net profit for the fiscal year ending June 2025 surged 135% year-on-year to 1.767 billion HKD, aligning with earlier guidance of 1.7 billion to 1.9 billion HKD [1] Group 1: Financial Performance - The bank raised its earnings forecasts for the fiscal years 2026 to 2027 by 12% to 16% due to better-than-expected performance [1] - The conservative estimate for the fiscal year ending June 2026 is a 43% year-on-year increase in profit to 2.529 billion HKD [1] - The target price has been adjusted from 6.2 HKD to 8 HKD, maintaining a "buy" rating [1] Group 2: Capacity Expansion - The group plans to add 2.5 million tons of cultural and packaging paper capacity and 1.35 million tons of pulp capacity in the fiscal year 2026 [1] - Initial contributions from the increased capacity may be limited and could be offset by lower average pulp prices [1] Group 3: Profitability and Sales Forecast - As long as monthly profits remain above 200 million HKD, there is potential for further upward adjustments in the profit forecast for fiscal year 2026 [1] - Sales volume for fiscal year 2026 is expected to grow approximately 9% to 23.5 million tons, with a projected net profit per ton of 108 HKD, down from 129 HKD in fiscal year 2025 [1]

Core Insights - The company, Nine Dragons Paper Holdings Limited, reported a 9.6% increase in sales volume to approximately 21.5 million tons for the fiscal year ending June 30, 2025 [1] - Revenue increased by approximately 6.3% to 63.241 billion yuan, driven by the increase in sales volume despite a 3.0% decrease in average selling price [1] - Gross profit rose by approximately 26.9% to 7.245 billion yuan, with net profit attributable to equity holders increasing by approximately 135.4% to 1.767 billion yuan, resulting in basic earnings per share of 0.38 yuan [1] Revenue and Profitability - Revenue growth was primarily attributed to a 9.6% increase in sales volume, offset by a 3.0% decline in average selling prices [1] - The gross margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025, mainly due to a larger decline in raw material costs compared to the decrease in product prices [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited reported significant growth in sales, revenue, and profits for the fiscal year ending June 30, 2025, indicating strong operational performance and improved profitability metrics [1]. Financial Performance - Sales volume increased by 9.6% to approximately 21.5 million tons [1] - Revenue rose by approximately 6.3% to RMB 63.2405 billion [1] - Gross profit increased by approximately 26.9% to RMB 7.2451 billion [1] - Net profit surged by approximately 177.3% to RMB 2.2017 billion [1] - Profit attributable to equity holders increased by approximately 135.4% to RMB 1.7671 billion [1] - Basic earnings per share rose by approximately 137.5% to RMB 0.38 [1] Profitability Metrics - Gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] - The increase in gross profit margin was primarily due to a larger decline in raw material costs compared to the decline in product prices [1]

Core Insights - The company, Nine Dragons Paper Holdings Limited, reported a 9.6% increase in sales volume to approximately 21.5 million tons for the fiscal year ending June 30, 2025 [1] - Revenue rose by approximately 6.3% to 63.241 billion yuan, while gross profit increased by about 26.9% to 7.245 billion yuan [1] - Profit attributable to equity holders surged by approximately 135.4% to 1.767 billion yuan, with basic earnings per share at 0.38 yuan [1] Revenue and Sales Performance - The revenue growth was primarily driven by a 9.6% increase in sales volume, despite a net impact from a 3.0% decrease in average selling prices [1] - The gross profit margin improved from 9.6% in the fiscal year 2024 to approximately 11.5% in fiscal year 2025 [1] Cost and Pricing Dynamics - The increase in gross profit margin was mainly due to a larger decline in raw material costs compared to the decrease in product selling prices [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The supply - demand pattern of double - offset paper and coated paper remains unbalanced with high inventory and low demand, and the paper price trend is weak. The double - offset paper industry may see a limited increase in supply, while the demand is mainly rigid. The cost support is limited as pulp prices are stable. For trading, a short - selling strategy can be considered for the 01 contract, and paper mills can focus on risk - free arbitrage opportunities [6][7][8] Group 3: Summary by Directory I. Comprehensive Analysis and Trading Strategies A. Comprehensive Analysis - Double - offset paper: The production is 20.5 tons, a 5.1% increase from the previous period, with a capacity utilization rate of 55.7%, up 2.8%. The industry's supply has increased due to the resumption of some production and the stabilization of new units. However, the demand is weak as publishing tender orders are limited. The average spot tax - included price of softwood pulp is 5694 yuan/ton, down 0.3% from the previous period, and that of hardwood pulp is 4189 yuan/ton, unchanged [6] - Trading Strategies: For single - side trading, short sell at high prices for the 01 contract as the supply exceeds demand. For arbitrage, stay on the sidelines mainly, and paper mill industrial customers can pay attention to risk - free arbitrage opportunities. For options, stay on the sidelines [8] II. Core Logic Analysis - Supply: Previously shut - down enterprises are gradually resuming production, but the industry's profitability is under pressure, so the increase in double - offset paper supply is expected to be limited. - Demand: Distributors are cautious in stockpiling, and downstream printing factories' orders are average, with overall demand being rigid. - Cost: The prices of softwood and hardwood pulp are stable, providing limited cost support [7] III. Weekly Data Tracking A. Double - Offset Paper - Supply: The production is 20.5 tons, a 5.1% increase from the previous period, with a capacity utilization rate of 55.7%, up 2.8%. Some shut - down units have resumed production, and large factories are stably producing. However, due to low profitability, some paper machines are being converted or cross - scheduled. The gross profit margin is declining as paper prices fall and pulp prices fluctuate slightly [16] - Inventory: The production enterprise inventory is 121.0 tons, a 1.2% increase from the previous period. Factory production has increased slightly, while downstream consumption is weak. The inventory is at a multi - year high [20] - Price: The average enterprise price of 70g double - offset paper is 4742.9 yuan/ton, a 0.9% decrease from the previous period [37] B. Coated Paper - Supply: The production is 7.80 tons, a 0.51% decrease from the previous period, with a capacity utilization rate of 57.6%, down 0.3%. The shut - down factories have not fully resumed production, and the overall capacity utilization rate is still low. The gross profit margin remains low as pulp prices fluctuate slightly [23] - Inventory: The production enterprise inventory is 33.2 tons, a 1.2% increase from the previous period. The industry's supply has not changed much, and downstream consumption is weak. The inventory has rebounded slightly [27] - Price: The average enterprise price of 157g coated paper is 5175.0 yuan/ton, a 1.6% decrease from the previous period [37] C. Pulp Prices - Softwood pulp: The average spot tax - included price is 5694 yuan/ton, down 0.3% from the previous period - Hardwood pulp: The average spot tax - included price is 4189 yuan/ton, unchanged from the previous period - Natural pulp: The average spot tax - included price is 4900 yuan/ton, unchanged from the previous period - Chemimechanical pulp: The average spot tax - included price is 3700 yuan/ton, unchanged from the previous period [42]

Group 1: SP Main Contract Closing Price - The closing price of the SP main contract on September 22, 2025, was 5008.00 [3] - The closing prices from September 16 - 22, 2025, were 5068.00, 5042.00, 5014.00, 5018.00, and 5008.00 respectively, with corresponding percentage changes of 0.23734%, -0.51302%, -0.55534%, 0.07978%, and -0.19928% [3] - The corresponding converted US - dollar prices were 621.53, 619.23, 615.54, 615.64, and 614.20 [3] - The Shandong Yinxing basis on September 22, 2025, was 602, and values from September 16 - 21 were 582, 598, 611, 607 [3] - The Jiangsu - Zhejiang - Shanghai Yinxing basis on September 22, 2025, was 617, and values from September 16 - 21 were 612, 623, 636, 632 [3] Group 2: Pulp Import Information - With a 13% VAT calculation, for Canadian Golden Lion (CFR), the port US - dollar price was 780, the Shandong region RMB price was 6200, and the import profit was - 136.75; for Canadian Lion (CFR), the port US - dollar price was 730, the Shandong region RMB price was 5410, and the import profit was - 510.04; for Chilean Yinxing (CFR letter of credit 90 days), the port US - dollar price was 720, the Shandong region RMB price was 5610, and the import profit was - 244.70 [4] Group 3: Pulp Price Averages - From September 16 - 22, 2025, the national average prices of softwood pulp, hardwood pulp, natural pulp, and chemimechanical pulp remained unchanged at 6073.75, 4810.75, 5415.00, and 3686.25 respectively; the Shandong region average prices also remained unchanged at 6245.00, 4775.00, 5400.00, and 3600.00 [4] Group 4: Paper Index and Profit Margin - From September 17 - 22, 2025, the cultural paper (double - offset index, double - copper index), packaging paper (white - card index) remained unchanged at 5725, 5670, 4350 respectively; the living paper index changed from 835 to 839 and then back to 835 [4] - The profit margins of double - offset paper, double - copper paper, white - card paper, and living paper on September 22, 2025, were 1.9642%, 15.6172%, - 12.6135%, and 6.6876% respectively, with changes of - 0.0674, - 1.7680, - 0.0368, and - 0.3629 compared to September 17, 2025 [4] Group 5: Pulp Price Spreads - From September 16 - 22, 2025, the softwood - hardwood price spread changed from 1460 to 1370; the softwood - natural price spread changed from 250 to 210; the softwood - chemimechanical price spread changed from 1825 to 1785; the softwood - waste paper price spread changed from 4074 to 4034 [4]

Core Insights - The A-share listed paper companies in China reported a significant decline in revenue and profit for the first half of 2025, with total revenue of 91.647 billion yuan and total profit of only 64 million yuan, indicating a challenging operating environment for the industry [1][4][13] Revenue Summary - A total of 27 listed paper companies reported revenues exceeding 2 billion yuan, with 19 companies achieving revenues over 10 billion yuan, representing 70.37% of the total [4] - The revenue of the top two companies, Sun Paper and Shanying International, was 19.113 billion yuan and 13.842 billion yuan respectively, while Chenming Paper's revenue dropped to 2.107 billion yuan due to production line maintenance [4][5] - 14 companies experienced revenue growth, accounting for 51.85% of the total, a decrease from 64.29% in the previous year [5] Profit Summary - The total profit for the 27 listed paper companies was only 64 million yuan, a drastic drop from 4.385 billion yuan in the same period last year, with 24 companies remaining profitable [8][9] - Sun Paper led the profit rankings with 1.78 billion yuan, while 10 companies reported profits exceeding 100 million yuan, a decrease of one company compared to the previous year [8][9] - 15 companies saw a decline in net profit, with 3 companies experiencing losses, the most significant being ST Chenming with a net loss of 3.858 billion yuan [9][10] Industry Trends - The paper industry is facing a "ice-fire two重天" situation, with production increasing but profits declining due to supply-demand imbalances and high costs [13] - The production of mechanical paper and paperboard in China increased by 3.2% in the first half of 2025, but the revenue for the paper and paper products industry decreased by 2.3% [13] - Leading companies like Sun Paper and Xianhe Co. are focusing on integrated operations to mitigate cost pressures and enhance profitability [13][14]

Report Industry Investment Ratings No information about industry investment ratings is provided in the report. Core Views - The oil market is expected to face increasing supply pressure in the medium to long term. In the short term, oil prices are likely to remain weak, with Brent crude oil expected to trade in the range of $65 - $67 per barrel [2]. - The asphalt market is expected to be in a state of weak oscillation. The supply - demand balance is becoming more relaxed, and the valuation is relatively high [4][5][6]. - The fuel oil market, both high - sulfur and low - sulfur, is expected to be weak. High - sulfur fuel oil is affected by high inventories, and low - sulfur fuel oil has increasing supply and lack of demand drivers [6][8][9]. - The PX and PTA markets are expected to oscillate. Their prices are greatly influenced by oil prices and the macro - economic situation, but the supply - demand contradiction of PTA will be alleviated later [10][12][13]. - The ethylene glycol market is expected to oscillate in the short term due to the balance between supply reduction and demand increase [13][15]. - The short - fiber market is expected to oscillate, and its processing fee is expected to fluctuate at a low level, with prices following raw material trends [14][15][17]. - The PR (bottle - chip) market is expected to oscillate. The market supply is relatively abundant, and the demand is transitioning from peak to off - peak season, with processing fees expected to fluctuate at a low level [17][18][19]. - The pure benzene and styrene markets are expected to be weak. Pure benzene supply is expected to increase, and downstream demand lacks support. Styrene may face inventory accumulation pressure [19][20][22]. - The propylene market is expected to be in a state of relaxation, with increasing supply and poor downstream product profits [24][25]. - The PVC market is expected to be weak in the medium term, facing new production capacity pressure and weak demand, but with short - term observation recommended [26][27]. - The caustic soda market is expected to improve in the medium term, with a recommendation to buy on dips [28][29]. - The plastic PP market is expected to be weak in the short term and a strategy of short - selling on rebounds is recommended in the medium term [30][31]. - The log market has a situation of weak supply and demand, with a recommendation to observe mainly, and aggressive investors can consider a small - scale long - position layout [32][33]. - The offset - printing paper market has a pattern of oversupply, and it is recommended to short - sell the 01 contract near the lower limit of the spot market price [33][34]. - The pulp market has a certain degree of support below, but the high port inventory and weak demand suppress the rebound space. It is recommended to try a small - scale long - position in the SP main 11 contract [34][35][37]. - The natural rubber and 20 - number rubber market: hold short positions in the RU main 01 contract and consider taking profits on short positions in the NR main 11 contract [37][38][39]. - The butadiene rubber market: hold short positions in the BR main 11 contract [40][41][42]. Summary by Related Catalogs Market Review - **Crude Oil**: WTI2510 contract closed at $62.68, down $0.89 per barrel (-1.40%); Brent2511 contract closed at $66.68, down $0.76 per barrel (-1.13%); SC2511 contract closed at 491.2 yuan/barrel, down 5.1 yuan, and dropped 7.6 yuan to 483.6 yuan/barrel at night [1]. - **Asphalt**: BU2511 closed at 3421 points (+0.00%) at night; BU2512 closed at 3372 points (-0.06%) at night [4]. - **Fuel Oil**: FU01 contract closed at 2782 (-1.28%) at night; LU11 closed at 3370 (-1.03%) at night [6]. - **PX & PTA**: PX2511 main contract closed at 6594 (-1.35%) during the day and 6600 (+0.09%) at night; TA601 main contract closed at 4604 (-1.33%) during the day and 4602 (-0.04%) at night [10]. - **Ethylene Glycol**: EG2601 main contract closed at 4257 (-0.26%) during the day and 4249 (-0.19%) at night [13]. - **Short - Fiber**: PF2511 main contract closed at 6284 (-0.95%) during the day and 6288 (+0.06%) at night [14]. - **PR (Bottle - Chip)**: PR2511 main contract closed at 5762 (-0.93%) during the day and 5758 (-0.07%) at night [17]. - **Pure Benzene & Styrene**: BZ2503 main contract closed at 5966 (-0.55%) during the day and 5954 (-0.2%) at night; EB2511 main contract closed at 6992 (-1.16%) during the day and 6971 (-0.3%) at night [19]. - **Propylene**: PL2601 main contract closed at 6388 (-0.56%) during the day and 6393 (+0.08%) at night [24]. - **PVC**: The domestic PVC powder market price increased slightly, with mainstream markets rising by 10 - 20 yuan/ton [26]. - **Caustic Soda**: The price of 32% ion - membrane caustic soda in Shandong decreased, while the price of 50% ion - membrane caustic soda remained stable [28]. - **Plastic PP**: The price of LLDPE in some regions decreased by 10 - 50 yuan/ton; the price of PP in some regions decreased or remained stable [30]. - **Log**: The spot price of logs remained stable, and the 11 - month contract oscillated downward, closing at 801.5 yuan/cubic meter, down 0.87% [31]. - **Offset - Printing Paper**: The market price of high - white offset - printing paper in Shandong remained stable, and the OP2601 contract in the futures market rose 8 yuan/ton at night [33]. - **Pulp**: The futures market declined slightly, and the prices of various types of pulp in the spot market were stable or had slight fluctuations [34][35]. - **Natural Rubber & 20 - Number Rubber**: The RU main 01 contract rose 10 points (+0.06%); the NR main 11 contract rose 60 points (+0.49%); the BR main 11 contract rose 50 points (+0.44%) [37][38][40]. Related Information - **Crude Oil**: The central bank is expected to keep the LPR unchanged; some countries recognized the State of Palestine, causing an angry response from Israel; the number of US drilling rigs increased [1][2]. - **Asphalt**: Rain in Shandong affected demand, and contracts were being executed; in the Yangtze River Delta, demand was average, and some low - price resources were released; in South China, typhoons affected demand, but some social inventories had no pressure [4][5]. - **Fuel Oil**: China's fuel oil imports decreased in August, and some Russian refineries were affected by attacks [6][7][8]. - **PX & PTA**: The operating rates of PX, PTA, and polyester decreased slightly, and some PX and PTA plants had maintenance plans [10][11][12]. - **Ethylene Glycol**: The overall operating rate of ethylene glycol in China increased slightly, and some plants had restart or maintenance plans [13][15]. - **Short - Fiber**: The sales of polyester yarn were average, and the operating rates of downstream industries remained stable [14][16][17]. - **PR (Bottle - Chip)**: The export prices of polyester bottle - chips decreased slightly, and the operating rate of bottle - chips decreased [17][18]. - **Pure Benzene & Styrene**: The operating rates of petroleum benzene and its downstream industries changed, and some pure benzene and styrene plants had maintenance or restart plans [19][20][21]. - **Propylene**: The domestic propylene operating rate increased, and some plants restarted or were under maintenance [24][25]. - **PVC**: There was new production capacity pressure, and exports were expected to weaken [26][27]. - **Caustic Soda**: The purchase price of a large alumina plant in Shandong decreased, and the price of liquid chlorine in some regions increased [28][29]. - **Plastic PP**: The inventory of major producers increased, and there was new production capacity expected [30][31]. - **Log**: China's coniferous log imports decreased in August, and the funds of construction sites changed [32]. - **Offset - Printing Paper**: The production of double - sided offset paper increased, and the inventory of producers increased [33][34]. - **Pulp**: A special paper production line of a company was put into operation, and a pulp mill extended its maintenance time [37]. - **Natural Rubber & 20 - Number Rubber**: Jilin Petrochemical trial - produced a new type of rubber [39][41]. Logical Analysis - **Crude Oil**: OPEC increased production in August and September, the peak demand season in the Middle East ended, and the supply pressure increased. In the short term, oil prices are expected to be weak [2]. - **Asphalt**: Oil prices are falling, production is increasing, and the supply - demand balance is becoming more relaxed, with a relatively high valuation [4][5][6]. - **Fuel Oil**: Russian refineries are gradually recovering, high - sulfur exports in the Middle East are increasing, and demand is weakening [8][9]. - **PX & PTA**: The macro - economic situation is weak, and the supply and demand of PX and PTA have decreased. The supply - demand contradiction of PTA will be alleviated later [12][13]. - **Ethylene Glycol**: Supply has decreased and demand has increased, and the price is expected to oscillate in the short term [13][15]. - **Short - Fiber**: The plant operating rate has increased, downstream demand is weak, and the processing fee is expected to fluctuate at a low level [14][16][17]. - **PR (Bottle - Chip)**: The market supply is abundant, demand is transitioning from peak to off - peak season, and the processing fee is expected to fluctuate at a low level [17][18][19]. - **Pure Benzene & Styrene**: The supply of pure benzene is expected to increase, downstream demand is weak, and the price is expected to be weak; the supply of styrene may increase, and there is inventory accumulation pressure [20][21][22]. - **Propylene**: The propane market is in the peak season, the supply of propylene is increasing, and downstream product profits are poor [24][25]. - **PVC**: There is new production capacity pressure, demand is weak, and exports are expected to decline [26][27]. - **Caustic Soda**: The pressure on the spot market in Shandong has been released, and the medium - term supply - demand situation is expected to improve [28][29]. - **Plastic PP**: The demand is in the peak season, but there is new production capacity expected, and the cost support is weak [30][31]. - **Log**: The supply and demand are both weak, with supply expected to contract later [32][33]. - **Offset - Printing Paper**: Supply is expected to increase slightly, demand is weak, and cost support is limited [33][34]. - **Pulp**: The macro - economic situation has improved, but high inventory and weak demand suppress the rebound space [34][35][37]. - **Natural Rubber & 20 - Number Rubber**: The inventory situation of different types of rubber is different, and corresponding trading strategies are recommended [37][38][39]. - **Butadiene Rubber**: The inventory of the BR contract has decreased, and short - positions are recommended to be held [40][41][42]. Trading Strategies - **Crude Oil**: Unilateral trading: oscillate weakly; arbitrage: gasoline and diesel cracking spreads are weak; options: observe [1][4]. - **Asphalt**: Unilateral trading: oscillate; arbitrage: the asphalt - crude oil spread oscillates weakly; options: sell out - of - the - money call options on BU2512 [4][6]. - **Fuel Oil**: Unilateral trading: oscillate weakly; arbitrage: observe; options: sell out - of - the - money call options on FU01 at high prices [6][10]. - **PX & PTA**: Unilateral trading: oscillate; arbitrage: observe; options: observe [10][13]. - **Ethylene Glycol**: Unilateral trading: oscillate; arbitrage: observe; options: observe [13][15]. - **Short - Fiber**: Unilateral trading: oscillate; arbitrage: observe; options: observe [14][16][17]. - **PR (Bottle - Chip)**: Unilateral trading: oscillate; arbitrage: observe; options: observe [17][18][19]. - **Pure Benzene & Styrene**: Unilateral trading: oscillate weakly; arbitrage: observe; options: observe [19][20][22]. - **Propylene**: Unilateral trading: oscillate and sort out; arbitrage: observe; options: observe [24][25][26]. - **PVC**: Unilateral trading: observe in the short term and short - sell on rebounds in the medium term; arbitrage: observe; options: observe [26][27][28]. - **Caustic Soda**: Unilateral trading: buy on dips; arbitrage: observe; options: observe [28][29][30]. - **Plastic PP**: Unilateral trading: oscillate weakly in the short term and short - sell on rebounds in the medium term; arbitrage: observe; options: observe [30][31]. - **Log**: Unilateral trading: observe mainly, and aggressive investors can consider a small - scale long - position layout; arbitrage: observe; options: observe [32][33]. - **Offset - Printing Paper**: Unilateral trading: short - sell the 01 contract near the lower limit of the spot market price; arbitrage: observe; options: observe [33][34]. - **Pulp**: Unilateral trading: try a small - scale long - position in the SP main 11 contract; arbitrage: observe and pay attention to the 11 - 1 reverse arbitrage; options: observe [34][35][37]. - **Natural Rubber & 20 - Number Rubber**: Unilateral trading: hold short positions in the RU main 01 contract and take profits on short positions in the NR main 11 contract; arbitrage: observe; options: observe [37][38][39]. - **Butadiene Rubber**: Unilateral trading: hold short positions in the BR main 11 contract; arbitrage: observe; options: observe [40][41][42].