1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Relevant Catalogs 3.1 Option Variety Market Overview - A table shows the latest price, change, change rate, trading volume, volume change, open interest, and open interest change of various option underlying futures contracts, such as crude oil, liquefied gas, methanol, etc. [4] 3.2 Option Factor - Volume and Open Interest PCR - The table presents the trading volume, volume change, open interest, open interest change, volume PCR, volume PCR change, open interest PCR, and open interest PCR change of different option varieties. The volume PCR and open interest PCR are used to describe the strength of the underlying market and the turning point of the market respectively [5] 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of option underlyings are shown. For example, the pressure level of crude oil is 600 and the support level is 415 [6] 3.4 Option Factor - Implied Volatility - The table lists the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different option varieties. The at - the - money implied volatility is the arithmetic average of call and put at - the - money option implied volatilities, and the weighted implied volatility uses volume - weighted average [7] 3.5 Option Strategies and Suggestions 3.5.1 Energy - related Options - **Crude Oil**: OPEC+ will discuss the next round of production adjustment at the end of the year. Russia will cut production. The crude oil market shows a short - term recovery受阻 market trend. Options strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Gas**: Factory inventory is slightly decreasing, and port inventory is at a high level. The market shows a short - term recovery market trend. Strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are rising. The market shows a weak market trend. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to decrease in the short term and then increase. The market shows a weak and wide - range volatile trend. Strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: PE and PP inventories show different trends. The market shows a weak market trend. Strategies include constructing a long collar strategy for spot hedging [11] 3.5.4 Rubber - related Options - **Rubber**: Tire开工 rates show different trends. The market shows a short - term weak market trend. Strategies include constructing a neutral call + put option combination strategy [12] 3.5.5 Polyester - related Options - **PTA**: Social inventory is decreasing, and downstream load is rising. The market shows a recovery and upward trend. Strategies include constructing a neutral call + put option combination strategy [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Production capacity utilization rate is decreasing. The market shows a volatile market trend. Strategies include constructing a long collar strategy for spot hedging [14] - **Soda Ash**: Supply is at a high level. The market shows a volatile market trend. Strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [14] 3.5.7 Other Options - **Urea**: Port and enterprise inventories are rising. The market shows a low - level volatile trend. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [15] 3.6 Option Charts - There are various charts for different option varieties, including price charts, trading volume and open interest charts, open interest PCR and trading volume PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts for each option variety such as crude oil, liquefied gas, methanol, etc. [17 - 199]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Chlor - Alkali Industry - The caustic soda spot is expected to continue rising steadily, but the futures may face short - term resistance. PVC has large supply - demand pressure, and short - selling opportunities at high prices can be considered [2]. Polyester Industry Chain - PX is expected to have short - term low - buying opportunities, and the PX - SC spread can be expanded. PTA should be observed in the short term, with low - buying opportunities and TA1 - 5 reverse spreads. Ethylene glycol is expected to fluctuate strongly in the short term. Short - fiber and bottle - chip strategies are similar to PTA [6]. Pure Benzene - Styrene Industry - Pure benzene trends are expected to be weakly volatile, and BZ2603 should follow oil prices and styrene fluctuations. Styrene has a weak short - term drive, and EB10 can be short - sold on rebounds [11]. Urea Industry - The urea market is weakly volatile, with high supply and weak demand. The fundamentals are difficult to reverse [14][15]. Methanol Industry - The methanol market has significant port inventory accumulation, weak basis, and the demand is affected by the off - season. Attention should be paid to the inventory inflection point [18]. Polyolefin Industry - The overall supply pressure of polyolefins is not large before mid - September, and the LP01 spread can be held [44]. Crude Oil Industry - The short - term oil price rebounds, but the geopolitical risks and tariff uncertainties remain. It is recommended to wait and see in the short term [46]. 3. Summaries by Related Catalogs Chlor - Alkali Industry - **Prices**: Shandong 32% liquid caustic soda increased by 1.2%, while the price of East China calcium - carbide - based PVC decreased by 1.1%. Some futures prices and spreads also changed [2]. - **Supply**: The caustic soda and PVC industry operating rates decreased, and the profit of external calcium - carbide - based PVC decreased by 8.0% [2]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC increased slightly, but the PVC pre - sales volume decreased by 8.4% [2]. - **Inventory**: The liquid caustic soda and PVC upstream factory inventories decreased, while the PVC total social inventory increased by 3.1% [2]. Polyester Industry Chain - **Prices**: The prices of some upstream and downstream products of the polyester industry chain changed, such as the price of Brent crude oil increasing by 1.2% [6]. - **Inventory**: The MEG port inventory decreased by 8.6% [6]. - **Operating Rates**: The operating rates of some industries in the polyester industry chain changed, such as the Asian PX operating rate increasing by 2.2% [6]. Pure Benzene - Styrene Industry - **Prices**: The prices of upstream and downstream products of pure benzene and styrene changed, such as the CFR China pure benzene price decreasing by 0.9% [11]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased by 4.2%, while the styrene inventory increased by 10.8% [11]. - **Operating Rates**: The operating rates of some industries in the pure benzene - styrene industry chain changed, such as the domestic hydrogenated benzene operating rate decreasing by 8.0% [11]. Urea Industry - **Prices**: The urea futures prices and spreads changed, and the spot prices in different regions remained stable [14]. - **Supply**: The domestic urea daily output decreased by 0.81%, and the factory inventory increased by 6.05% [14]. - **Demand**: The demand is affected by the agricultural season and industrial factors, and the compound fertilizer inventory is high [14]. Methanol Industry - **Prices**: The methanol futures and spot prices decreased, and the inventory increased significantly [16][17]. - **Operating Rates**: The upstream and downstream operating rates of methanol changed slightly [18]. Polyolefin Industry - **Prices**: The futures and spot prices of polyolefins decreased, and the spreads between some contracts changed [44]. - **Inventory**: The PE and PP enterprise inventories decreased, and the PE social inventory increased slightly [44]. - **Operating Rates**: The PE and PP operating rates changed, and the downstream weighted operating rates increased slightly [44]. Crude Oil Industry - **Prices**: The prices of Brent, WTI, and SC crude oil changed, and the spreads between some contracts also changed [46]. - **Inventory**: The EIA US crude oil and refined product inventories decreased [46]. - **Operating Rates**: The US refinery operating rate decreased to 94.6% [50].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current oil price has been relatively undervalued, and its static fundamentals and dynamic forecasts remain favorable, presenting a good opportunity for left - hand side layout. If geopolitical premiums reopen, the oil price will have more upside potential [3] - For methanol, it is recommended to wait and see in the short - term for unilateral trading, and pay attention to positive spread opportunities for inter - month spreads after the improvement of supply and demand [5] - For urea, it is suggested to pay attention to going long at low prices as the price downside is limited [7] - For rubber, a medium - term bullish view is maintained. In the short - term, a neutral - to - bullish approach is appropriate, buying on dips with quick entry and exit. Partially close the position of going long RU2601 and shorting RU2509 [15] - For PVC, given the situation of strong supply, weak demand, and high valuation, pay attention to short - selling opportunities [17] - For benzene - ethylene, the BZN spread is expected to repair in the long - term. When the inventory destocking inflection point appears, the benzene - ethylene price may rebound [20] - For polyethylene, the price may oscillate upwards in the long - term [22] - For polypropylene, it is recommended to go long the LL - PP2601 contract at low prices [23] - For PX, pay attention to the opportunity of going long following the crude oil at low prices during the peak season [27] - For PTA, pay attention to the opportunity of going long following the PX at low prices after the improvement of downstream performance during the peak season [28] - For ethylene glycol, there is a downward pressure on valuation in the medium - term [29] Summary by Directory Crude Oil - WTI main crude oil futures rose $0.55, or 0.87%, to $63.86; Brent main crude oil futures rose $0.55, or 0.82%, to $67.8; INE main crude oil futures fell 16.40 yuan, or 3.36%, to 472.4 yuan [2] - US EIA weekly data showed that US commercial crude oil inventories decreased by 2.39 million barrels to 418.29 million barrels, a 0.57% decrease; SPR increased by 0.78 million barrels to 404.20 million barrels, a 0.19% increase; gasoline inventories decreased by 1.24 million barrels to 222.33 million barrels, a 0.55% decrease; diesel inventories decreased by 1.79 million barrels to 114.24 million barrels, a 1.54% decrease; fuel oil inventories increased by 0.32 million barrels to 20.13 million barrels, a 1.60% increase; aviation kerosene inventories increased by 0.29 million barrels to 43.59 million barrels, a 0.68% increase [2] Methanol - On August 27, the 01 contract fell 23 yuan/ton to 2372 yuan/ton, and the spot price fell 22 yuan/ton with a basis of - 122. Coal prices continued to rise, costs increased, but enterprise profits were still good. Domestic production started to pick up, and supply increased marginally. Overseas plant operations returned to medium - high levels, and subsequent imports will increase rapidly. The port MTO plant shut down and is expected to resume at the end of the month. Traditional demand is currently weak, but the market still has expectations for the peak season and the return of MTO. The futures market shows signs of stabilization, but port inventories are still rising rapidly [5] Urea - On August 27, the 01 contract remained stable at 1737 yuan/ton, and the spot price was stable with a basis of - 47. Daily production is at a high level, and enterprise profits are at a low level, so supply pressure still exists. The start - up rate of compound fertilizer and melamine decreased, and agricultural demand entered the off - season, resulting in weak domestic demand. Exports are advancing, and port inventories are rising again. The main demand variable is exports [7] Rubber - NR and RU oscillated and consolidated. Bulls are optimistic due to seasonal expectations and demand expectations, while bears are pessimistic due to weak demand, uncertain macro - expectations, and the possibility that supply benefits may be less than expected. The start - up rate of all - steel tires increased. As of August 21, 2025, the start - up load of all - steel tires of Shandong tire enterprises was 64.54%, up 1.47 percentage points from the previous week and 6.25 percentage points from the same period last year. The start - up load of domestic semi - steel tires was 74.38%, up 2.13 percentage points from the previous week and down 4.28 percentage points from the same period last year. As of August 18, 2024, China's natural rubber social inventory was 1.217 million tons, an increase of 0.4 million tons or 0.34% from the previous period. As of August 24, 2025, the natural rubber inventory in Qingdao was 477,000 (- 84,000) tons [10][11][12][13] PVC - The PVC01 contract fell 50 yuan to 4949 yuan. The spot price of Changzhou SG - 5 was 4710 (- 50) yuan/ton, with a basis of - 239 (0) yuan/ton and a 9 - 1 spread of - 147 (- 2) yuan/ton. The cost side remained stable, and the overall start - up rate of PVC was 77.6%, a 2.7% decrease. The downstream start - up rate was 42.7%, a 0.1% decrease. Factory inventories were 306,000 tons (- 21,000), and social inventories were 853,000 tons (+ 41,000). The comprehensive enterprise profit is at a high level this year, with high valuation pressure, low maintenance volume, and high production. Downstream domestic start - up is at a five - year low, and export expectations are weak after the determination of India's anti - dumping tax rate. The cost side has weak support [17] Benzene - Ethylene - The spot and futures prices of benzene - ethylene fell, and the basis weakened. The Shanghai Composite Index pulled back, and the futures price followed. The BZN spread is at a relatively low level in the same period, with large upward repair potential. The cost - side pure benzene start - up rate oscillated moderately, and the supply was still abundant. The supply - side ethylbenzene dehydrogenation profit decreased, but the benzene - ethylene start - up rate continued to rise. The port inventory of benzene - ethylene continued to accumulate significantly. At the end of the seasonal off - season, the overall start - up rate of three S oscillated and increased [19][20] Polyolefins Polyethylene - The futures price of polyethylene fell. The market expects favorable policies from the Chinese Ministry of Finance in the third quarter, and the cost side provides support. The spot price remained unchanged, and the PE valuation has limited downward space. The overall inventory is being destocked from a high level, which will support the price. The seasonal peak season may be coming, and the raw material procurement for agricultural films has started. The overall start - up rate has stabilized at a low - level oscillation [22] Polypropylene - The futures price of polypropylene fell. The integrated plant of CNOOC Daxie Petrochemical was put into operation, and the propylene supply has returned marginally. The downstream start - up rate oscillated at a low level. There are only 450,000 tons of planned production capacity to be put into operation in August. The seasonal peak season may be coming, but there is high inventory pressure under the background of weak supply and demand, and there is no prominent short - term contradiction [23] PX & PTA & MEG PX - The PX11 contract fell 54 yuan to 6940 yuan, and the PX CFR fell 10 dollars to 854 dollars. The PX load in China was 84.6%, a 0.3% increase; the Asian load was 76.3%, a 2.2% increase. Some overseas plants restarted. The PTA load was 72.9%, a 3.5% decrease. Some domestic PTA plants had changes such as load reduction, restart, and new production. The PX load remains high, and the downstream PTA has many unexpected short - term maintenance, with a low overall load center. However, due to the new PTA plant put into operation, PX is expected to maintain low inventory, and the valuation has support at the bottom [25] PTA - The PTA01 contract fell 46 yuan to 4824 yuan, and the East China spot price fell 35 yuan/ton to 4835 yuan. The PTA load was 72.9%, a 3.5% decrease. Some plants had load changes. The downstream load was 90%, a 0.6% increase. Terminal load also increased. The social inventory (excluding credit warehouse receipts) on August 22 was 2.2 million tons, a 50,000 - ton decrease. The PTA spot processing fee increased by 24 yuan to 243 yuan, and the futures processing fee decreased by 9 yuan to 324 yuan. The supply - side unexpected maintenance increased in August, changing the inventory accumulation pattern to destocking, and the PTA processing fee is expected to continue to repair [28] Ethylene Glycol - The EG01 contract fell 9 yuan to 4481 yuan, and the East China spot price remained unchanged at 4553 yuan. The ethylene glycol load was 73.2%, a 6.2% increase. Some domestic and overseas plants had start - up or load - change operations. The downstream load was 90%, a 0.6% increase. Terminal load also increased. The import arrival forecast was 54,000 tons, and the East China departure on August 26 was 12,000 tons. The port inventory was 500,000 tons, a 47,000 - ton decrease. The cost - side ethylene price rose, and the coal price fell. The industry fundamentals show that overseas and domestic maintenance plants are starting up, and downstream start - up is recovering from the off - season, but the supply is still in excess. The port inventory is expected to enter an accumulation cycle in the medium - term, and the valuation is relatively high year - on - year, with downward pressure in the medium - term [29]

Group 1 - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1][6] - High-tech manufacturing profits shifted from a 0.9% decline in June to an 18.9% increase in July, significantly boosting the overall profit growth rate of industrial enterprises [1][6] - From August 1 to 24, the retail sales of new energy vehicles in the passenger car market reached 727,000 units, a year-on-year increase of 6% and a month-on-month increase of 7%, with a cumulative retail of 7.182 million units in 2023, up 27% year-on-year [1] Group 2 - The 10-year government bond yield rose to 1.7625%, with a net withdrawal of 236.1 billion yuan in the central bank's open market operations [2][9] - The manufacturing PMI for August in both the US and Eurozone rebounded above the critical point, indicating a potential for interest rate cuts by the Federal Reserve in September [2][9] - The real estate market continues to adjust, with second-hand housing prices in first-tier cities declining month-on-month, prompting the government to enhance macro policy effectiveness [2][9] Group 3 - The palm oil production in Malaysia is expected to increase by 3.03% from the same period last month, while exports are projected to rise significantly [3][25] - The dual-fuel market is experiencing a mixed trend, with iron and coke prices showing fluctuations amid stable demand and increasing inventory levels [3][23] Group 4 - The upcoming Shanghai Cooperation Organization summit will take place from August 31 to September 1, 2025, in Tianjin, where member states will sign the "Tianjin Declaration" and approve the "10-Year Development Strategy of the SCO" [5]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the content. 2. Core Views - The domestic Shanghai rubber futures contract 2601 on Wednesday showed a trend of shrinking volume, reducing positions, fluctuating weakly, and closing slightly lower. The price center of the contract during the session moved down slightly to 15,760 yuan/ton. At the close, the price closed 1.35% lower at 15,760 yuan/ton. The backwardation of the 9 - 1 spread converged to 955 yuan/ton. With the divergence between long and short in the rubber market and the improvement of macro - expectations competing with the negative industrial factors, it is expected that the domestic Shanghai rubber futures contract 2601 may maintain a volatile consolidation trend in the future [4]. - The domestic methanol futures contract 2601 on Wednesday showed a trend of increasing volume and positions, fluctuating weakly, and falling slightly. The contract price rose to a maximum of 2,396 yuan/ton and dropped to a minimum of 2,371 yuan/ton. At the close, it fell 1.70% to 2,372 yuan/ton. The backwardation of the 9 - 1 spread widened to 125 yuan/ton. Affected by the decline in domestic coal futures prices and the weak supply - demand structure of methanol, it is expected that the domestic methanol futures contract 2601 may maintain a weakly volatile trend in the future [4]. - The domestic crude oil futures contract 2510 on Wednesday showed a trend of increasing volume and positions, weakening, and closing sharply lower. The contract price rose to a maximum of 493.3 yuan/barrel and dropped to a minimum of 478.0 yuan/barrel. At the close, it fell 3.62% to 479.7 yuan/barrel. As the South American geopolitical factors are digested, crude oil has returned to the market dominated by the weak supply - demand fundamentals. It is expected that the domestic crude oil futures contract 2510 may maintain a weakly volatile trend in the future [5]. 3. Summaries According to Related Catalogs 3.1 Industry Dynamics Rubber - As of August 24, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 606,200 tons, a decrease of 10,500 tons or 1.71% from the previous period. The bonded area inventory was 73,300 tons, a decrease of 4.70%, and the general trade inventory was 532,900 tons, a decrease of 1.28%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao decreased by 3.71 percentage points, and the outbound rate increased by 1.57 percentage points. The inbound rate of general trade warehouses decreased by 0.73 percentage points, and the outbound rate decreased by 0.32 percentage points [8]. - In the week ending August 22, 2025, the capacity utilization rate of domestic semi - steel tire sample enterprises was 71.87%, a slight week - on - week increase of 2.76 percentage points and a significant year - on - year decrease of 7.81 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 64.97%, a slight week - on - week increase of 2.35 percentage points and a significant year - on - year increase of 7.01 percentage points. During the period, the production schedules of the overhauled enterprises basically returned to normal operation, driving a restorative increase in the weekly capacity utilization rate, and the enterprises basically maintained normal sales [8]. - In July 2025, China's automobile production and sales were 2.591 million and 2.593 million vehicles respectively, a month - on - month decrease of 7.3% and 10.7% and a year - on - year increase of 13.3% and 14.7% respectively. From January to July 2025, China's automobile production and sales were 18.235 million and 18.269 million vehicles respectively, a year - on - year increase of 12.7% and 12% respectively, and the growth rates of production and sales were 0.2 and 0.6 percentage points higher than those from January to June [9]. - In July 2025, China's automobile exports were 575,000 vehicles, a year - on - year increase of 22.6%. From January to July 2025, China's automobile exports were 3.68 million vehicles, a year - on - year increase of 12.8% [9]. - In July 2025, the sales volume of China's heavy - truck market was about 83,000 vehicles, a month - on - month decrease of 15% and an increase of about 42% compared with 58,300 vehicles in the same period last year. From January to July, the cumulative sales volume of China's heavy - truck market was about 622,000 vehicles, a year - on - year increase of about 11% [9]. Methanol - In the week ending August 22, 2025, the average domestic methanol operating rate was maintained at 80.65%, a slight week - on - week increase of 1.65%, a slight month - on - month decrease of 1.01%, and a slight year - on - year increase of 4.82%. The average weekly methanol production in China reached 1.8974 million tons, a slight week - on - week increase of 34,100 tons, a slight month - on - month decrease of 1,500 tons, and a significant increase of 150,000 tons compared with 1.7474 million tons in the same period last year [10]. - In the week ending August 22, 2025, the domestic formaldehyde operating rate was maintained at 30.45%, a slight week - on - week increase of 0.32%. The operating rate of dimethyl ether was maintained at 8.80%, a slight week - on - week decrease of 0.37%. The acetic acid operating rate was maintained at 85.68%, a slight week - on - week decrease of 0.88%. The MTBE operating rate was maintained at 55.12%, with a week - on - week increase of 0%. The average operating load of domestic coal - (methanol) to olefin plants was 79.30%, a slight week - on - week decrease of 0.58 percentage points and a slight month - on - month increase of 2.88% [10]. - As of August 22, 2025, the futures margin profit of domestic methanol to olefins was - 172 yuan/ton, a slight week - on - week decline of 20 yuan/ton and a slight month - on - month increase of 31 yuan/ton [10]. - In the week ending August 22, 2025, the port methanol inventory in East and South China was maintained at 934,200 tons, a slight week - on - week increase of 43,100 tons, a significant month - on - month increase of 347,100 tons, and a significant year - on - year increase of 144,600 tons. As of the week of August 21, 2025, the total inland methanol inventory in China reached 310,900 tons, a slight week - on - week increase of 15,200 tons, a slight month - on - month decrease of 29,000 tons, and a significant decrease of 99,700 tons compared with 410,600 tons in the same period last year [11]. Crude Oil - In the week ending August 15, 2025, the number of active oil drilling platforms in the United States was 412, a slight week - on - week increase of 1 and a decrease of 71 compared with the same period last year. The average daily crude oil production in the United States was 13.382 million barrels, a slight week - on - week increase of 55,000 barrels per day and a slight year - on - year decrease of 18,000 barrels per day [11]. - In the week ending August 15, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) reached 421 million barrels, a significant week - on - week decrease of 6.014 million barrels and a significant year - on - year decrease of 5.345 million barrels. The crude oil inventory in Cushing, Oklahoma, reached 23.47 million barrels, a slight week - on - week increase of 419,000 barrels. The U.S. Strategic Petroleum Reserve (SPR) inventory reached 403 million barrels, a slight week - on - week increase of 223,000 barrels. The U.S. refinery operating rate was maintained at 96.6%, a slight week - on - week increase of 0.2 percentage points, a slight month - on - month increase of 1.1 percentage points, and a significant year - on - year increase of 4.3 percentage points [12]. - As of August 19, 2025, the average non - commercial net long positions in WTI crude oil were maintained at 120,209 contracts, a significant week - on - week increase of 3,467 contracts and a significant decrease of 62,961 contracts or 34.37% compared with the July average of 183,170 contracts. As of August 19, 2025, the average net long positions of Brent crude oil futures funds were maintained at 176,893 contracts, a significant week - on - week decrease of 22,927 contracts and a significant decrease of 43,183 contracts or 19.62% compared with the July average of 220,076 contracts. Overall, the net long positions in the WTI crude oil futures market decreased significantly month - on - month, and the net long positions in the Brent crude oil futures market also decreased significantly month - on - month [13]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,900 yuan/ton | - 50 yuan/ton | 15,760 yuan/ton | - 125 yuan/ton | - 860 yuan/ton | + 75 yuan/ton | | Methanol | 2,270 yuan/ton | - 25 yuan/ton | 2,372 yuan/ton | - 23 yuan/ton | - 102 yuan/ton | - 2 yuan/ton | | Crude Oil | 470.2 yuan/barrel | - 0.5 yuan/barrel | 479.7 yuan/barrel | - 16.4 yuan/barrel | - 9.5 yuan/barrel | + 15.9 yuan/barrel | [14] 3.3 Related Charts - Rubber: The related charts include the rubber basis, rubber 9 - 1 spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [15][17][19] - Methanol: The related charts include the methanol basis, methanol 9 - 1 spread, methanol port inventory in China, methanol inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [28][30][32] - Crude Oil: The related charts include the crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. commercial crude oil inventory, U.S. refinery operating rate, WTI crude oil net position holding change, and Brent crude oil net position holding change [40][42][44]

Report Date - The report was produced on August 27, 2025 [3] Futures Market Overview - As of the close on August 27, most domestic futures contracts ended in the red. Apples and Shanghai nickel rose over 1%. Polysilicon dropped over 4%, while coking coal and crude oil fell over 3%. Alumina, BR rubber, fuel oil, soybean No.2, and styrene declined over 2%. Among stock index futures, the CSI 300 (IF) dropped 1.71%, the SSE 50 (IH) fell 1.85%, the CSI 500 (IC) decreased 1.51%, and the CSI 1000 (IM) tumbled 2.08%. In the bond futures market, the 2-year (TS) rose 0.02%, the 5-year (TF) climbed 0.06%, the 10-year (T) advanced 0.08%, and the 30-year (TL) soared 0.24% [6] Capital Flows - As of 15:22 on August 27, funds flowed into the CSI 500 2509, CSI 1000 2509, and CSI 300 2509 contracts, amounting to 3.741 billion, 1.151 billion, and 566 million respectively. Meanwhile, funds flowed out of the Shanghai gold 2510, Shanghai silver 2510, and SSE 50 2509 contracts, reaching 1.746 billion, 968 million, and 458 million respectively [8] Core Views Copper - Shanghai copper opened lower and closed higher, facing pressure. The probability of a 25% Fed rate cut is currently 85%. The supply of copper is expected to be tight both internationally and domestically, and the inventory at the Shanghai Futures Exchange remains low. Although the downstream market is in a slack season, there is an expectation of increased demand during the "Golden September and Silver October" period. Overall, copper prices are expected to fluctuate with an upward bias in the short term [10] Lithium Carbonate - Lithium carbonate opened higher and closed lower. The average price of battery-grade lithium carbonate was 81,600 yuan/ton, down 100 yuan/ton from the previous trading day, while the industrial-grade was 79,300 yuan/ton, also down 100 yuan/ton. The import volume in July decreased by 22% month-on-month and 43% year-on-year. The production in August and September is expected to decline by 15% year-on-year. The demand is expected to increase during the "Golden September and Silver October" period, providing support for prices [12] Crude Oil - Crude oil is at the end of the seasonal travel peak. The EIA data shows a larger-than-expected decline in US crude and gasoline inventories. OPEC+ plans to increase production by 547,000 barrels per day in September. The EIA and IEA have both raised the forecast of global oil surplus, increasing the pressure on crude oil prices in the fourth quarter. The price is expected to have limited upside potential, and it is recommended to short on rallies [13][15] Asphalt - The asphalt production rate decreased by 2.2 percentage points to 30.7% last week. The expected production in August is 2.413 million tons, a decrease of 5.1% month-on-month but an increase of 17.1% year-on-year. The downstream demand is weak due to factors such as funds and weather. The cost support from crude oil has weakened. The asphalt futures are expected to fluctuate in the near term [16] PP - The downstream PP operating rate increased by 0.18 percentage points to 49.53%. The PP enterprise operating rate remained at around 87%. The cost pressure from crude oil is increasing as the consumption peak ends and OPEC+ accelerates production. The new capacity has been put into operation, and the downstream demand is weak. However, the upcoming "Golden September and Silver October" season may bring some support. The PP market is expected to fluctuate in the near term [17][18] Plastic - The plastic operating rate remained at around 84%. The PE downstream operating rate increased by 0.53 percentage points to 40.00%. The cost pressure from crude oil is increasing. The new capacity has been put into operation, and the downstream demand is weak. The upcoming "Golden September and Silver October" season may bring some support. The plastic market is expected to fluctuate in the near term [19] PVC - The PVC operating rate decreased by 2.72 percentage points to 77.61%. The downstream demand is weak, and the export expectation has declined. The social inventory is still high. The PVC market is expected to decline with fluctuations in the near term [20][21] Coking Coal - Coking coal opened lower and closed lower. The import volume in July increased significantly. The domestic production is increasing, and the inventory at mines has increased. The downstream demand is affected by environmental protection. The coking coal market is expected to decline with fluctuations in the near term, but the downside space is limited [22] Urea - Urea opened lower and closed lower. The spot market is weak and stable. The supply is expected to remain stable with the commissioning of new capacity. The demand from the industrial sector is resilient, but the demand for autumn fertilizers has not yet arrived. The inventory is at a high level. The urea market is expected to decline with fluctuations in the short term [23][24]

Report Industry Investment Rating No clear investment rating for the entire industry was provided in the report. Core Viewpoints of the Report The chemical sector as a whole continues to oscillate, and the market is awaiting the introduction of specific anti - involution measures from China's petrochemical industry. Although there might be potential policy boosts, it's unclear how much of the supply will be reduced, making it difficult for the chemical industry to embark on a unilateral, independent, and profit - expanding upward trend. Investors should generally approach the market with an oscillatory mindset, waiting for the implementation of specific anti - involution policies in China's petrochemical sector [3][5]. Summary by Relevant Catalogs 1. Market Overview - The US plans to double tariffs on all Indian imports to punish India for buying Russian oil, and India will maintain most of its Russian oil purchases in the coming weeks. Ukrainian attacks on Russian refineries have led to a continuous shortage of fuel oil supply in Russia [2]. - The chemical market is in a wait - and - see mode for China's petrochemical anti - involution measures. The olefin industry chain has rebounded in the past two days due to South Korea's naphtha production cuts, but buyers are cautious. Crude oil and coal prices are oscillating, and the chemical industry is unlikely to have a one - sided upward trend [3]. 2. Variety Analysis Crude Oil - **Viewpoint**: Supply pressure persists, and oil prices are oscillating weakly. - **Main Logic**: API data shows a slight inventory draw in the US. OPEC+ supply is accelerating, US production remains high, and non - US non - OPEC+ output will increase steadily in the second half of the year. Refinery operations in China and the US may decline due to rising refined product inventories, making it difficult for oil prices to rebound. - **Outlook**: Oil prices are expected to oscillate weakly, with attention to short - term disturbances from Russia - Ukraine negotiations [10]. Asphalt - **Viewpoint**: As crude oil prices fall, asphalt futures prices are oscillating downward. - **Main Logic**: The short - term negative impacts of tariff hikes, OPEC production increases, and the easing of the Russia - Ukraine conflict are overshadowed by the escalation of the situation. The decline in crude oil prices has dampened the bullish sentiment in the asphalt market. The supply shortage problem has been significantly alleviated, and demand remains unoptimistic. - **Outlook**: The absolute price of asphalt is overvalued, and the monthly spread is expected to decline as warehouse receipts increase [11]. High - Sulfur Fuel Oil - **Viewpoint**: High - sulfur fuel oil prices rose and then fell. - **Main Logic**: The short - term negative impacts are overshadowed by the escalation of the situation. The geopolitical premium of high - sulfur fuel oil has increased but then faced challenges from increased warehouse receipts and falling crude oil prices. There are also factors such as changes in import tariffs and demand. - **Outlook**: Geopolitical upgrades have a short - term impact on prices. Attention should be paid to changes in the Russia - Ukraine situation [12]. Low - Sulfur Fuel Oil - **Viewpoint**: Low - sulfur fuel oil follows the oscillation of crude oil. - **Main Logic**: It is affected by factors such as shipping demand decline, green energy substitution, and high - sulfur substitution. It also faces supply increases and demand decreases, and is expected to maintain a low - valuation operation. - **Outlook**: It is affected by green fuel substitution and has limited high - sulfur substitution demand space. Currently, it has a low valuation and will fluctuate with crude oil [13]. PX - **Viewpoint**: The price was disturbed by market rumors and rose then fell. - **Main Logic**: There is no clear cost - side guidance. Market rumors about a large - scale PX device production cut, later proven false, caused the price to fluctuate. In the short term, the low inventory provides support for prices and processing fees. - **Outlook**: Oscillation, with attention to the support level of 6750 - 6800, and mid - line buying on dips is recommended [14]. PTA - **Viewpoint**: The supply - demand pattern has improved month - on - month, and device maintenance is on schedule. - **Main Logic**: The cost side provides support, the supply - demand situation is good, and downstream polyester load is stable. The buying sentiment has led to increased sales, and the peak - season expectation still exists. - **Outlook**: Mid - line buying on dips, with support in the 4700 - 5000 range [15]. Pure Benzene - **Viewpoint**: In the short term, it follows market sentiment, and in the medium term, it may return to the fundamentals of inventory accumulation. - **Main Logic**: Positive signals from Russia - Ukraine peace talks have weakened the support for oil prices. South Korea plans to overhaul cracking devices, and the naphtha inventory in the ARA hub is high. Although the port inventory of pure benzene is decreasing, the decline rate is slowing, and there are expectations of future inventory pressure. - **Outlook**: In the short term, sentiment dominates, and it may be strong. In the medium term, if no further anti - involution policies are implemented, it may return to the inventory - accumulation fundamentals [17]. Styrene - **Viewpoint**: In the short term, it follows commodity sentiment, and with more maintenance, profits may expand. - **Main Logic**: The port inventory increased, causing prices to fall. However, news of capacity reduction in China and South Korea and multiple device maintenance plans have stimulated the market. Although the inventory pressure in East China restricts price increases, there are profit - expansion opportunities from September to October. - **Outlook**: Fundamentally, it is bearish, but short - term short - selling is against the trend due to factors such as production restrictions during the September parade and macro - policy releases [19]. Ethylene Glycol (EG) - **Viewpoint**: Low inventory provides strong price support. - **Main Logic**: The cost side is supportive, the macro - chemical environment is favorable, and there is a peak - season expectation. Although domestic production is increasing, imports are decreasing, and terminal demand is gradually rising, maintaining a stable upward trend in polyester plant operations and an inventory - reduction logic. - **Outlook**: Price oscillation, with the upper pressure at 4600, and the 09 - 01 reverse arbitrage position can be exited [20]. Short Fiber - **Viewpoint**: It awaits cost guidance from upstream products. - **Main Logic**: With strong upstream performance, short - fiber prices follow the upstream. As the peak season approaches in September, there is an inventory - reduction expectation, and the processing fee is expected to have a lower - bound support, with the absolute price oscillating within a range. - **Outlook**: The absolute price follows raw materials and oscillates in the short term [21]. Polyester Bottle Chip - **Viewpoint**: Processing fees are continuously compressed, and profits are shifting upstream. - **Main Logic**: Upstream prices are strong, and polyester bottle - chip processing fees are passively following. With the peak season ending, there is an inventory - accumulation pressure, and processing fees are severely compressed. - **Outlook**: Oscillation, with the absolute price following raw materials [22]. Methanol - **Viewpoint**: In the near term, it focuses on the macro - environment, and in the long term, there are still overseas disturbance expectations, with the price oscillating. - **Main Logic**: The price oscillated downward on August 26. Some device restart expectations may affect cost transmission through freight increases. The port inventory has increased, and the domestic inventory is still at a relatively low level compared to the same period last year. Although the policy news has boosted the market, the actual impact on methanol is limited. Considering the high probability of overseas device shutdowns in the long term, long - position opportunities in the far - month contracts can be considered. - **Outlook**: Short - term oscillation [25]. Urea - **Viewpoint**: Market news is calm, and the market is weakly consolidating. - **Main Logic**: The market fundamentals are stable, and the market is waiting for positive expectations. The spot price in some regions has fallen, but there is also a price - support expectation. - **Outlook**: Oscillation, waiting for the implementation of demand [26]. LLDPE - **Viewpoint**: As oil prices fall, LLDPE oscillates in the short term. - **Main Logic**: News of domestic and South Korean petrochemical capacity reduction has stimulated the market, but the actual impact is limited. Oil prices are oscillating, and the supply pressure persists. There is still capital - game in the macro - environment, and the consumption expectation for the "Golden September and Silver October" exists. The LLDPE fundamentals are under pressure, with high production and inventory. - **Outlook**: Short - term oscillation, with attention to the peak - season demand [30]. PP - **Viewpoint**: New capacity release and reduced maintenance lead to an oscillatory decline. - **Main Logic**: News of capacity reduction has stimulated the market, but the actual impact is limited. Oil prices are oscillating downward, and the supply pressure persists. PP supply is increasing, and there is inventory pressure in the upstream and mid - stream. Demand is in the off - peak to peak - season transition, and the start - up rate is lower than in previous years, with cautious purchasing. - **Outlook**: Short - term oscillation [31]. PL - **Viewpoint**: In the short term, it follows the oscillation of PP. - **Main Logic**: The olefin market has been boosted by news from China and South Korea. The inventory of propylene enterprises in Shandong is controllable, and the price is stable. The downstream follows demand, and the market is affected by the macro - environment and coal - price rebounds. The processing fee between PP and PL is a key focus. - **Outlook**: Short - term oscillation [32]. PVC - **Viewpoint**: Market sentiment is boosted, and PVC is weakly stabilizing. - **Main Logic**: At the macro - level, there are anti - involution expectations in China and an increased probability of overseas interest - rate cuts. At the micro - level, the PVC fundamentals are under pressure. Production is decreasing due to autumn maintenance, downstream start - up is stable, export expectations are under pressure, and the cost is weakly stable. - **Outlook**: Wide - range oscillation, with market - sentiment improvement as the driving force and inventory accumulation as the pressure [37]. Caustic Soda - **Viewpoint**: The spot - price rebound has slowed, and near - month long positions should be liquidated. - **Main Logic**: At the macro - level, there are anti - involution expectations in China and an，

Group 1 - The U.S. Department of Commerce reported a 2.8% month-over-month decline in durable goods orders for July, slightly better than expected. However, non-defense capital goods orders excluding aircraft increased by 1.1%, indicating a potential recovery in business capital spending and confidence in the economic outlook [1] - The consumer confidence index in the U.S. fell from a revised 98.7 in July to 97.4 in August, reflecting growing concerns about employment and income among Americans, which counteracts optimism regarding the current and future business environment [1] Group 2 - The international gold price rose on the day, attributed to investors seeking safe-haven assets amid concerns over the unprecedented "removal" of a Federal Reserve board member by the U.S. President, which raised questions about the Fed's independence [4] - The three major U.S. stock indices collectively rose, with the Dow Jones increasing by 0.30%, the S&P 500 by 0.41%, and the Nasdaq by 0.44%, as investor focus shifted from the Fed controversy to corporate earnings and fundamentals [7] Group 3 - The S&P Case-Shiller 20-City Home Price Index showed a year-over-year increase of 2.1% in June, marking the fifth consecutive month of slowing price growth, indicating that high home prices and mortgage rates are suppressing housing demand [9] - European stock indices collectively declined, with the French stock market performing the worst due to political uncertainty following a call for a confidence vote by the French Prime Minister [12] Group 4 - International oil prices fell after reaching a new high for August, as investors took profits amid potential overbuying due to geopolitical factors in Eastern Europe. Light crude oil futures settled at $63.25 per barrel, down 2.39%, while Brent crude futures closed at $67.22 per barrel, down 2.30% [14]

Group 1: Gold Market - Gold prices experienced a slight increase overnight, but the overall trend appears weak, indicating that the market may have already priced in the interest rate cut expectations [1] - The Federal Reserve's recent meeting minutes show a consensus among officials that maintaining the benchmark interest rate between 4.25% and 4.50% is appropriate, reflecting a strong agreement on the current rate level [1] - Technical analysis indicates that gold is approaching previous highs with signs of overbought conditions, suggesting a potential short-term pullback [1] Group 2: Oil Market - Oil prices remain weak, with indications that the mid-term rebound may be nearing its end, despite seasonal demand providing some support [3] - Recent data shows a decrease in U.S. crude oil inventories by 974,000 barrels, which is less than the expected decline of 1.725 million barrels, indicating a narrowing overall decline [3] - Global oil demand growth is expected to slow to an average of 650,000 barrels per day for the remainder of the year, down from an average of 990,000 barrels per day in the first quarter [3] Group 3: Copper Market - Copper prices have shown a series of small declines, suggesting a potential adjustment to previous significant declines, with a high likelihood of forming a downward ABC pattern [5] - The short-term outlook for copper indicates a possible rebound as prices return to a previous high transaction area, with a support level to watch at $4.44 [5] Group 4: Nikkei 225 Index - The Nikkei 225 index has formed a bearish candlestick pattern, indicating that a mid-term adjustment has begun [5] - The short-term downtrend structure is nearing completion, with a critical resistance level at 42,610; failure to break this level may lead to a decline towards 41,460 [5]

Group 1: Energy and Metals Crude Oil - Overnight international oil prices fell, with Brent's October contract down 2.17%. From August 27, the US imposed a 25% tariff on India for buying Russian oil. Indian refineries' Russian oil purchases are expected to drop from 1.8 million barrels per day in the first half of the year to 1.4 - 1.6 million barrels per day after October. Before geopolitical risks further escalate, crude oil may enter a sideways trend [1]. Precious Metals - Overnight, precious metals trended sideways with an upward bias. The market has priced in a September Fed rate cut, but the future economic direction remains uncertain. Trump's dismissal of Fed officials has reignited concerns about the Fed's independence, which may further erode the US dollar's credit. Maintain a strategy of buying on dips [2]. Copper - Overnight, LME copper closed higher, while SHFE copper traded sideways below 79,500 yuan. The decline in US durable goods orders in July was better than expected, and consumer confidence remained weak. Hold short positions at high levels [3]. Aluminum - Overnight, SHFE aluminum rose. At the beginning of the week, social inventories of aluminum ingots increased by 20,000 tons, and aluminum rods by 9,000 tons compared to last Thursday. In the short - term, SHFE aluminum will test the resistance around 21,000 yuan [4]. Cast Aluminum Alloy - Cast aluminum alloy follows the trend of SHFE aluminum. The spot price of Baotai was raised to 20,200 yuan. There is room for the cross - variety spread between the spot and SHFE aluminum to further narrow [5]. Alumina - The operating capacity of alumina is at a historical high, and both industry inventory and SHFE warehouse receipts are rising. It is in a weak sideways trend, with support at the 3,000 - yuan level [6]. Zinc - The increase in global zinc mine supply is being realized, and TC continues to rise. Wait for short - selling opportunities after a rebound [7]. Lead - Due to weak demand, the rebound momentum is weak. However, the decline space is also limited [8]. Silver and Stainless Steel - SHFE silver rebounded slightly, with dull market trading. Technically, silver prices still show an intention to rebound, but the fundamentals are weak. Look for short - selling opportunities [8]. Tin - Overnight, both domestic and overseas tin prices rose, breaking through the integer - level resistance. It is expected that tin prices still have the potential to rise in the short term [9]. Lithium Carbonate - The futures price of lithium carbonate corrected, and market trading volume shrank. Adopt a bullish approach with risk control [10]. Industrial Silicon - The futures price of industrial silicon decreased with reduced positions. In the short term, the price is under pressure due to emotional factors. Observe the support at 8,300 yuan per ton [11]. Polysilicon - Polysilicon futures continued to trade sideways. In the short term, it is expected to maintain a range - bound trend. Continue to buy on dips [12]. Iron Ore - Overnight, the iron ore futures market traded sideways. Overall, the supply - demand situation of iron ore is weakening marginally, and it is expected to trade in a high - level range [14]. Coke - The intraday price of coke declined. In the short term, the price volatility is high. Observe the support at the previous low [15]. Coking Coal - The intraday price of coking coal declined. In the short term, the price volatility is high. Observe the support at the previous low [16]. Manganese Silicon - The intraday price of manganese silicon was in a weak sideways trend. Observe the support at the previous low [17]. Ferrosilicon - The intraday price of ferrosilicon was in a weak sideways trend. It mainly follows the trend of manganese silicon [18]. Shipping Index (European Line) - The spot market for shipping continues to decline. The spot price is expected to continue to fall [19]. Fuel Oil and Low - Sulfur Fuel Oil - Overnight, oil prices tumbled. The LU - FU spread is expected to continue to narrow [20]. Asphalt - Overnight, oil prices tumbled, but the decline of BU was limited. Low inventory levels support both the futures and spot prices of asphalt [21]. Liquefied Petroleum Gas - The international market rebounded supported by import demand. The futures market shows a pattern of near - term strength and far - term weakness [22]. Urea - Urea futures prices were in a weak sideways trend, and spot prices continued to fall. In the short term, it is expected to continue to trade in a low - level range [23]. Methanol - Methanol prices continued to fall overnight. Pay attention to the macro atmosphere and the possibility of the restart of coastal MTO plants [24]. Pure Benzene - Pure benzene prices continued to trade in a narrow range overnight. In the fourth quarter, the supply - demand situation may continue to be under pressure [25]. Styrene - The cost - side support has slightly improved, but there is no upward impetus. There is still an expectation of inventory accumulation [26]. Polypropylene, Plastic, and Propylene - The inventory pressure of propylene producers is not significant, but downstream demand has weakened. The supply of polyethylene and polypropylene is expected to increase slightly [27]. PVC and Caustic Soda - PVC is in a sideways trend. The price of caustic soda has fallen from a high level. The current price is not cost - effective for chasing long positions [28]. PX and PTA - Overnight, PX continued its strong trend, while PTA had a weak rebound. Pay attention to the actual dynamics of the plants, the direction of oil prices, and the pace of polyester capacity utilization increase [28]. Ethylene Glycol - Ethylene glycol is trading sideways around 4,500 yuan per ton. In the short term, it is relatively strong [29]. Short - Fiber and Bottle Chip - The supply - demand situation of short - fiber is stable, driven by cost. Consider a long - position allocation if demand improvement is realized in the medium term. The bottle - chip industry faces long - term over - capacity pressure [30]. Glass - The spot price of glass is facing a weak reality of decline. Given the current low valuation and positive macro policies, the downward space of futures prices is limited [31]. 20 - Rubber, Natural Rubber, and Butadiene Rubber - International crude oil futures prices tumbled, while the price of Thai raw materials was stable with a slight increase. Adopt a wait - and - see strategy [32]. Soda Ash - The supply of soda ash fluctuates slightly. In the long term, the supply of soda ash remains under high pressure. Consider short - selling at high rebounds [33]. Group 2: Agricultural Products Soybeans and Soybean Meal - As of the week of August 24, the US soybean good - to - excellent rate was 69%. In the medium - to - long term, there is a cautious bullish view on domestic soybean meal futures [34]. Soybean Oil and Palm Oil - The market has positive expectations for China - US trade negotiations. Consider buying soybean and palm oil on dips in the medium - to - long term [35]. Rapeseed and Rapeseed Oil - The domestic rapeseed sector is in a short - term sideways consolidation pattern, and the price center may shift downward [36]. Soybean No. 1 - The price of Soybean No. 1 showed a weak decline. Domestic soybeans need to continue to pay attention to policies and the performance of imported soybeans in the short term [37]. Corn - The Dalian corn futures may continue to operate weakly at the bottom [38]. Live Pigs - The spot price of live pigs is weak, and the futures market follows the spot trend. The pig price is expected to remain weak in the medium term [39]. Eggs - Egg futures are in a weak trend. The probability of significant capacity reduction in the second half of this year is increasing. Consider buying futures contracts for the first half of next year on dips [40]. Cotton - US cotton prices tumbled yesterday. Operate by buying on dips for Zhengzhou cotton [41]. Sugar - Overnight, US sugar prices traded sideways. It is expected that sugar prices will maintain a sideways trend [42]. Apples - Apple futures prices are in a sideways trend. The market's trading focus has shifted to the new - season yield estimate. Adopt a wait - and - see strategy [43]. Wood - Wood futures prices are in a sideways trend. The supply - demand situation has improved, but the peak - season demand has not started. Adopt a wait - and - see strategy [44]. Pulp - Pulp futures prices continued to fall yesterday. Adopt a wait - and - see strategy or trade within the range [45]. Group 3: Financial Products Stock Index - Yesterday, the broader market traded in a narrow range with reduced volume. Maintain an increased allocation to the technology - growth sector, and also pay attention to opportunities in the consumption and cyclical sectors [46]. Treasury Bonds - Treasury bond futures closed higher across the board. It is expected that the probability of a steeper yield curve will increase [47]