Group 1 - The report highlights the relationship between contract goods and industrial enterprise profits, indicating that inventory destocking and order prosperity are key directions for asset allocation [5][7] - In May 2025, the manufacturing PMI improved to 49.5%, reflecting a slight recovery in manufacturing market demand, although it remains below the first quarter average [11][12] - The report notes that the domestic equity market showed a mixed performance, with 18 industries rising and 13 falling, indicating sector-specific dynamics [6][20] Group 2 - The report discusses the impact of external factors such as the U.S. increasing steel import tariffs to 50%, which may affect related industries [17] - It mentions the extension of certain exemptions from the U.S. Section 301 tariffs on China, which could influence trade dynamics [19] - The report emphasizes the need for policies to support growth in light of ongoing economic challenges, particularly in the real estate sector [11][14] Group 3 - The analysis of industrial enterprise profits shows a 3.0% year-on-year increase in April 2025, despite a 2.7% decline in the Producer Price Index (PPI), suggesting a complex relationship between costs and profitability [7][8] - The report identifies sectors such as agricultural product processing and electrical machinery as performing well, while sectors like automotive and power equipment faced declines [6][8] - The report indicates that the recovery in manufacturing is supported by a decrease in raw material costs, which may benefit midstream manufacturing leaders [7][8]

Group 1: Market Overview - Recent significant decline in tin prices, with macroeconomic factors indicating a slowdown in US economic growth and prolonged maintenance of current interest rates by the Federal Reserve [1] - Domestic policies promoting equipment upgrades and old-for-new exchanges are boosting demand for non-ferrous metals in manufacturing and consumption sectors [1] Group 2: Supply and Import Dynamics - Myanmar accounts for approximately 30.38% of China's tin ore imports, with imported tin ore constituting 47% of domestic supply [1] - In April 2025, China's tin ore imports were 0.98 million tons, a month-on-month increase of 18.48% but a year-on-year decrease of 4.22% [1] - Cumulative tin ore imports from January to April 2025 totaled 3.67 million tons, a significant year-on-year decline of 47.98% [1] - The ban on tin mining in Myanmar since August 2023 has led to persistently low import volumes, exacerbated by unstable import profitability and regional conflicts [1] Group 3: Processing and Refining Impact - Tight supply of tin ore has resulted in a 40% drop in processing fees, with Yunnan's tin concentrate processing fees falling from 17,000 yuan/ton to 12,000 yuan/ton [1] - Processing fees are now near the cost line for some enterprises, leading to production cuts [1] - As of May 23, 2025, the operating rate of tin refining plants in Yunnan and Jiangxi was 56.44%, a decrease of 0.66 percentage points from the previous week [2] Group 4: Demand and Industry Trends - Tin solder demand accounts for 68% of the market, with the semiconductor sector representing 80% of tin solder demand [2] - In April 2025, domestic tin solder enterprises had an operating rate of 76.7%, a slight increase of 0.9 percentage points from March but below market expectations [2] - Global semiconductor sales increased by 18.8% year-on-year in Q1 2025, with an expected annual growth of 11%, potentially driving global tin demand up by 4.4% [2] Group 5: Inventory and Price Outlook - Domestic tin market is entering a destocking phase, with Shanghai Futures Exchange tin inventory at 8,445 tons, a decrease of 28 tons from the previous week [3] - LME tin inventory also decreased by 70 tons to 2,665 tons [3] - Despite seasonal demand weakness, semiconductor industry growth provides some support for the tin market [3] - Current prices are approaching tariff and cost lows, with potential for strategic buying below 258,000 yuan/ton, targeting mid-term and long-term prices of 290,000 yuan/ton and 330,000 yuan/ton respectively [3]

Group 1: Market Reactions to Tariff Increases - The announcement by President Trump to raise tariffs on imported steel and aluminum from 25% to 50% has heightened concerns about global economic impacts, leading to significant declines in U.S. stock markets, with the Nasdaq index dropping as much as 1.7% intraday before closing down 0.85% [1] - Asian markets reacted negatively, with South Korean steel stocks falling sharply and Japan's Nikkei 225 index dropping over 1.3% following the tariff news [1] - The German Steel Federation expressed concerns that the U.S. tariff increase would escalate transatlantic trade conflicts and exert significant pressure on the European steel industry [1] Group 2: Commodity Market Movements - The escalation of the Russia-Ukraine conflict has intensified market risk aversion, leading to a significant rise in gold and silver prices, driven by a weaker U.S. dollar [2] - The copper market is experiencing upward pressure due to supply constraints, with COMEX copper futures rising over 5% amid ongoing inventory depletion and potential supply shortages [3] - Despite a rise in oil prices due to geopolitical tensions, analysts suggest that OPEC+ production plans may limit the potential for sustained price increases in the oil market [3] Group 3: Future Market Expectations - Analysts predict that after the Dragon Boat Festival holiday, commodities such as copper and gold may open higher, with copper potentially exceeding 80,000 yuan/ton and gold surpassing 780 yuan/gram, although there are risks of pullbacks [4] - The domestic futures market is expected to remain weak due to sluggish domestic demand and uncertainties in external demand, with a focus on upcoming macroeconomic policies that may stimulate growth [4]

Group 1: Company Performance and Strategy - The significant decrease in coal prices positively impacts the company's profitability due to high energy consumption in production costs [2] - As of May 20, 2025, the number of shareholders is 77,223 [3] - The company aims to expand upstream mining resources, increase production scale, and extend downstream silver deep processing projects to enhance the value chain [3] Group 2: Production Goals and Financial Projections - The production targets for 2025 include: 275,000 tons of processed materials, 1,000 tons of silver (including silver nitrate), 4 tons of gold, 100,000 tons of lead, 12,200 tons of zinc oxide, 3,200 tons of antimony ash, 2,000 tons of copper, and 2,500 tons of bismuth, with a total mining volume of 884,000 tons and lead-zinc ore extraction of 450,000 tons [4] - The expected revenue target for 2025 is 10 billion yuan [4] - The company plans to implement various measures to enhance performance, including expanding raw material procurement channels and improving metal recovery rates [4] Group 3: Future Development and Market Position - The company has a strategic plan focusing on "silver as the main product, dual-driven approach, three development paths, and four major sectors" to enhance profitability through capital operations [4] - The subsidiary Baoshan Mining plans to achieve a total mining volume of 884,000 tons and lead-zinc ore extraction of 450,000 tons in 2025 [4] - The company is working on the resumption of operations at two mining sites in Tibet, which are expected to contribute significantly to future profits [4]

2025 年 05 月 30 日 工业硅：盘面再创新低 多晶硅：波动有所放大，建议谨慎持仓 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2507收盘价（元/吨） | 7,215 | -125 | -665 | -1,660 | | | | Si2507成交量（手） | 539,683 | -85,158 | 331,286 | 392,397 | | | | Si2507持仓量（手） | 224,146 | -1,923 | 40,456 | 41,493 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 35,280 | 180 | -800 | - | | | | PS2507成交量（手） | 145,339 | -7,933 | 19,077 | - | | | | PS2507持仓量（手） | 78,271 | -1,59 ...

Report Industry Investment Rating - Unilateral: Neutral. Arbitrage: Inter - period positive spread [5] Core View - Zinc prices maintain a volatile pattern. The current strong consumption supports zinc prices to oscillate at a high level, but consumption may face a test in June, and attention should be paid to inventory changes [1][4] Summary by Relevant Catalogs Important Data - **Spot**: LME zinc spot premium is -$20.21/ton. SMM Shanghai zinc spot price rose by 100 yuan/ton to 22,830 yuan/ton, and its premium decreased by 30 yuan/ton to 415 yuan/ton. SMM Guangdong zinc spot price rose by 170 yuan/ton to 22,860 yuan/ton, and its premium increased by 40 yuan/ton to 445 yuan/ton. SMM Tianjin zinc spot price rose by 110 yuan/ton to 22,840 yuan/ton, and its premium decreased by 20 yuan/ton to 425 yuan/ton [2] - **Futures**: On May 28, 2025, the main SHFE zinc contract opened at 22,380 yuan/ton and closed at 22,210 yuan/ton, down 200 yuan/ton from the previous trading day. Trading volume was 162,225 lots, a decrease of 180,952 lots from the previous day, and positions were 123,007 lots, an increase of 1,439 lots. The intraday price fluctuated between 22,200 - 22,485 yuan/ton [2] - **Inventory**: As of May 26, 2025, the total inventory of SMM seven - region zinc ingots was 78,800 tons, a decrease of 5,000 tons from the previous week. As of May 28, 2025, LME zinc inventory was 143,450 tons, a decrease of 7,700 tons from the previous trading day [3] Market Analysis - In the spot market, traders continued to hold up prices, and the spot premium remained relatively stable, but downstream procurement sentiment was poor. A zinc smelter in South China extended its maintenance, causing zinc prices to fluctuate and rise, but the rise lacked sustained momentum. Overseas mine output in Q1 was lower than expected, but domestic smelters had sufficient raw material inventories. TC is expected to rise in June, and smelting still has profits, so the supply pressure remains. The current strong consumption supports high - level volatility of zinc prices, but consumption may weaken month - on - month after June [4]

Group 1: Industry Ratings - No industry investment ratings are provided in the report. Group 2: Core Views - The fundamentals for copper prices still provide some support, and Shanghai copper is expected to remain range - bound before the holiday [1]. - Aluminum prices are expected to fluctuate in the short term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to have limited downside due to cost support but is likely to experience weak and volatile trading in the medium - to - long term due to supply surplus [4]. - Tin prices are expected to have increased volatility, and range trading is recommended, with attention on supply and demand [5]. Group 3: Summary by Metal Copper - As of May 27, the Shanghai copper main 07 contract fell 0.01% to 77,900 yuan/ton. Macro - disturbances have weakened, but Sino - US trade issues remain uncertain. Mine - end disruptions continue, and the cost pressure on smelters limits price decline. Consumption in May is weaker than in April but better than the same period. Social inventory is at a low level with slight accumulation. The price is expected to be range - bound before the holiday [1]. - In the spot market, domestic spot copper prices fell slightly, and the trading was sluggish [6]. - SHFE copper futures warehouse receipts increased by 2,128 tons to 34,961 tons, and LME copper inventory decreased by 2,575 tons to 162,150 tons [15]. Aluminum - As of May 27, the Shanghai aluminum main 07 contract fell 0.57% to 20,040 yuan/ton. Some mining licenses in Guinea were revoked. Alumina operating capacity is expected to recover gradually. The operating capacity of electrolytic aluminum increased slightly. The downstream开工 rate is weakening, but inventory has decreased unexpectedly. Aluminum prices are expected to fluctuate in the short term [2]. - In the spot market, the trading was stable, and the downstream increased procurement [7]. - SHFE aluminum futures warehouse receipts decreased by 775 tons to 54,567 tons, and LME aluminum inventory decreased by 3,000 tons to 381,575 tons [15]. Nickel - As of May 27, the Shanghai nickel main 07 contract fell 0.58% to 122,310 yuan/ton. The nickel ore market in Indonesia is tight, and nickel downstream has limited acceptance of high - priced nickel ore. The refined nickel market has an oversupply situation. Nickel is expected to have limited downside due to cost but face long - term supply surplus and weak and volatile trading [3][4]. - In the spot market, nickel prices fell [12]. - SHFE nickel futures warehouse receipts decreased by 130 tons to 22,120 tons, and LME nickel inventory increased by 1,362 tons to 199,998 tons [15]. Tin - As of May 27, the Shanghai tin main 07 contract rose 0.06% to 264,790 yuan/ton. Supply has recovered, and consumption in the semiconductor industry is expected to improve. Inventory is at a medium level. Tin prices are expected to have increased volatility, and range trading is recommended [5]. - In the spot market, merchants maintained rigid - demand restocking [13]. - SHFE tin futures warehouse receipts decreased by 18 tons to 7,998 tons, and LME tin inventory decreased by 5 tons to 2,660 tons [15]. Zinc - In the spot market, zinc prices rose, and downstream demand led to inventory reduction [9][10]. - SHFE zinc futures warehouse receipts remained unchanged at 1,774 tons, and LME zinc inventory decreased by 2,350 tons to 151,150 tons [15]. Lead - In the spot market, lead prices fell, and the trading was dull [11]. - SHFE lead futures warehouse receipts increased by 2,015 tons to 37,299 tons, and LME lead inventory decreased by 1,650 tons to 292,375 tons [15]. Alumina - In the spot market, alumina prices rose in different regions, and the trading was stable [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The fundamentals still support copper prices, and Shanghai copper is expected to maintain a volatile pattern before the holiday [1]. - Aluminum prices are expected to fluctuate in the short - term due to factors such as inventory changes and export incentives [2]. - Nickel is expected to oscillate weakly in the medium - to - long term due to supply surplus, although cost support limits the downside [3][4]. - Tin prices are expected to have greater volatility, and range trading is recommended, with attention to supply and demand changes [5]. Summary by Related Catalogs 1. Basic Metals Copper - As of May 26, the Shanghai copper main 06 contract rose 0.57% to 78,270 yuan/ton. Macro disturbances are weakening, but Sino - US trade uncertainties remain. Mine - end disruptions continue, and the cost pressure of smelters limits price decline. Consumption in May weakened compared to April but is better than the same period. Social inventory is at a low level, and there may be some restocking sentiment before the Dragon Boat Festival [1]. Aluminum - As of May 26, the Shanghai aluminum main 07 contract fell 0.05% to 20,155 yuan/ton. The revocation of mining licenses in Guinea has escalated. Alumina operating capacity is expected to gradually recover, and electrolytic aluminum operating capacity is increasing. The downstream开工率 is declining, but aluminum inventory has been unexpectedly depleted, and short - term aluminum prices are expected to fluctuate [2]. Nickel - As of May 26, the Shanghai nickel main 06 contract fell 0.08% to 122,780 yuan/ton. The nickel ore market in Indonesia is tight, and the downstream nickel - iron industry has losses. The pure nickel is in surplus, and stainless steel demand is average. The cost of nickel is firm, but there is a long - term supply surplus, and prices are expected to oscillate weakly [3][4]. Tin - As of May 26, the Shanghai tin main 06 contract fell 0.24% to 264,050 yuan/ton. Supply has recovered, and prices are oscillating. Production and imports have increased, and the semiconductor industry is showing signs of recovery. The supply of tin ore is tight, but there are strong expectations of mine - end resumption. Prices are expected to fluctuate more, and range trading is recommended [5]. 2. Spot Transaction Summary Copper - Domestic spot copper prices rose. Due to limited restocking demand before the Dragon Boat Festival, downstream procurement was cautious, and only low - priced goods were purchased, with a slight increase in premiums [6]. Aluminum - The spot aluminum market was stable with a slight upward trend. Tight arrivals and inventory depletion supported sellers' price - holding sentiment, but some sellers increased shipments, and overall trading remained active [7]. Other Metals - For zinc, the spot market trading was mediocre, with high premiums due to pre - holiday restocking. For lead, the spot market trading was light. For nickel, the spot market trading was light due to the weekly effect. For tin, the spot market trading was average, and merchants were mainly in a wait - and - see mode [9][11][12][13]. 3. Warehouse Receipt and Inventory Report - SHFE copper, aluminum, nickel, and tin futures warehouse receipts decreased, while lead futures warehouse receipts increased, and zinc futures warehouse receipts remained unchanged. LME copper, lead, zinc, aluminum, and nickel inventories decreased, and tin inventory remained unchanged [15].

投资咨询业务资格：证监许可【2011】1778 号 运筹帷幄 决胜千里 宝城期货品种套利数据日报（2025 年 5 月 27 日） 一、动力煤 | 商品 | | | 动力煤（元/吨） | | | --- | --- | --- | --- | --- | | 日期 | 基差 | 5月-1月 | 9月-1月 | 9月-5月 | | 2025/05/26 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/23 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/22 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/21 | -190.4 | 0.0 | 0.0 | 0.0 | | 2025/05/20 | -190.4 | 0.0 | 0.0 | 0.0 | -250 -200 -150 -100 -50 0 50 100 150 450 500 550 600 650 700 750 800 850 900 950 动力煤基差 基差（右） 动力煤现货价:秦皇岛 期货结算价(活跃合约) :动力煤 www.bcqhgs.com 1 ...

Report Industry Investment Ratings No specific industry investment ratings were provided in the report. Core Views of the Report - The short - term gold price lacks direct upward momentum and is expected to be weakly volatile in the short term, while the mid - and long - term logic needs more catalysts [10]. - The US may increase sanctions on Russia, and the Russia - Ukraine conflict is unlikely to end in the short term, causing the US dollar index to fluctuate in the short term [13]. - The A - share market continues to shrink in volume, with a seesaw effect between small - cap and large - cap styles, and the gap between high risk appetite and a fragile structure is widening [3]. - The risk of repeated changes in US tariff policies remains, and the US stock market is expected to be weakly volatile [20]. - The inventory of agricultural products such as soybean meal is expected to continue to increase, and the oil market is expected to remain volatile [22][26]. - The prices of black metals are affected by factors such as policy and demand, showing different trends, and caution is needed in short - term operations [29][31]. - The prices of non - ferrous metals are supported by a weak US dollar, but the upward space is limited, and different investment strategies are recommended for different varieties [37]. - The prices of energy and chemical products are affected by factors such as supply and demand and policies, with different trends and corresponding investment suggestions [55][70]. - The container shipping index is affected by port congestion and other factors, and there are opportunities for callback buying [79]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - EU - US negotiations continue. Due to the US Memorial Day holiday, trading was light. Trump postponed the tariff threat, and market risk - aversion eased. Gold continued to fluctuate. In the short term, the gold price lacks upward momentum, and in the medium and long term, more catalysts are needed [10]. - Investment advice: The short - term gold price is volatile, and attention should be paid to the risk of correction [11]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Lagarde said the euro could replace the US dollar. The EU plans to accelerate trade negotiations with the US. Trump considers additional sanctions on Russia, and the Russia - Ukraine conflict is unlikely to end soon. The US dollar index will fluctuate in the short term [13]. - Investment advice: The US dollar index will fluctuate in the short term [14]. 1.3 Macro Strategy (Stock Index Futures) - Central Huijin emphasizes its role in maintaining financial stability. Moody's maintains China's sovereign credit rating. The A - share market continues to shrink in volume, with a seesaw effect between small - cap and large - cap styles [15][17][18]. - Investment advice: It is recommended to make a balanced allocation [19]. 1.4 Macro Strategy (US Stock Index Futures) - The EU plans to accelerate trade negotiations with the US. The US stock market is affected by tariff and government debt issues and is expected to be weakly volatile [20]. - Investment advice: The US stock market is expected to be weakly volatile in the short term due to concerns about government debt and tariff disturbances [20]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The inventory of soybean meal continues to rise. As the arrival of imported soybeans increases, the supply pressure dominates, and the inventory is expected to continue to accumulate [21][22]. - Investment advice: The futures price will temporarily remain volatile, and the spot basis will be under pressure [23]. 2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From May 1 - 25, Malaysia's palm oil exports increased by 7.34% month - on - month, and production increased by 0.73%. The domestic palm oil inventory decreased. The oil market is expected to continue to fluctuate [24][25][26]. - Investment advice: The oil market will continue to fluctuate. Rapeseed oil is suitable for long - term allocation, soybean oil for short - term allocation, and palm oil for medium - term allocation [26]. 2.3 Black Metals (Rebar/Hot - Rolled Coil) - The proposed use of special land - reserve bonds exceeds 350 billion yuan. The new contracts signed by the top five construction central enterprises in the first four months totaled about 2.4 trillion yuan. Steel prices have fallen significantly, and short - term unilateral operations require caution [27][28][29]. - Investment advice: Be cautious in short - term unilateral operations and consider hedging on rallies for spot [30]. 2.4 Black Metals (Steam Coal) - The price of steam coal in the northern port was weakly stable. Coal prices are expected to stop falling in the short term but will continue to decline later due to high supply and low expected summer consumption growth [31]. - Investment advice: Coal prices may stop falling in the short term but will continue to decline later [31]. 2.5 Black Metals (Iron Ore) - The full - production time of the Iron Bridge project is postponed. Iron ore prices are following the weak trend of the overall black market, and the overall price is expected to remain weak [32]. - Investment advice: The overall price of iron ore is expected to remain weak [34]. 2.6 Non - Ferrous Metals (Copper) - The spot trading volume of electrolytic copper decreased, and the social inventory continued to decline. The COMEX copper net long position continued to decline. The copper price is expected to fluctuate at a high level in the short term [35][36][37]. - Investment advice: In the short term, the copper price is likely to continue to fluctuate at a high level. It is recommended to wait and see for unilateral and arbitrage operations [38]. 2.7 Non - Ferrous Metals (Polysilicon) - GCL Integrated is a candidate for a 22MW photovoltaic cell component procurement project. The spot price of polysilicon has fallen slightly. Whether leading enterprises can jointly cut production will have a significant impact on the fundamentals [40]. - Investment advice: For ordinary investors, unilateral operations are risky. Consider gradually taking profits on PS2506 - PS2507/PS2507 - PS2508 long spreads [41]. 2.8 Non - Ferrous Metals (Industrial Silicon) - The price of silicone raw rubber has declined. Supply pressure is increasing, and demand is weak. The spot price may bottom out, but futures are more affected by sentiment [42]. - Investment advice: Partially take profits on previous short positions, and pay attention to the cash - flow risk of large enterprises [42]. 2.9 Non - Ferrous Metals (Lithium Carbonate) - BYD signed a 3.5GWh energy - storage order. The current market is dominated by the downward spiral of salt and ore prices. In the short term, the decline space is limited [44]. - Investment advice: The long - term bearish pattern remains unchanged, but in the short term, consider partial profit - taking or contract - rolling for previous short positions [44]. 2.10 Non - Ferrous Metals (Lead) - Anhui Lukong and Zhejiang Tianneng signed a strategic cooperation agreement. The social inventory of lead ingots decreased significantly. The supply is not expected to be loose in the short term, and the mid - term low - buying idea is emerging [47]. - Investment advice: Wait and see in the short term and gradually pay attention to mid - term low - buying opportunities [48]. 2.11 Non - Ferrous Metals (Nickel) - The nickel warehouse receipt in the Shanghai Futures Exchange decreased. The quota issuance of Indonesian RKAB exceeded expectations. The price of nickel ore is supported, but the upward space of nickel - iron is limited [49]. - Investment advice: Pay attention to interval trading opportunities in the short term and mid - term short - selling opportunities [50]. 2.12 Non - Ferrous Metals (Zinc) - The 0 - 3 spread of LME zinc was at a discount. Peru's zinc concentrate production increased year - on - year. The domestic zinc supply is expected to be loose, and the social inventory may turn upward. The zinc price is recommended to be shorted [52]. - Investment advice: Look for short - selling opportunities on rallies, and consider long - term spreads and long - short positions between domestic and foreign markets [53]. 2.13 Energy and Chemicals (Liquefied Petroleum Gas) - Haikorelin plans to shut down for maintenance, affecting product supply. The Shandong spot price has signs of stabilization, and the propane price may回调. The spot price is expected to stabilize at a low level in the short term [53]. - Investment advice: The price is expected to fluctuate at a low level in the short term [54]. 2.14 Energy and Chemicals (Crude Oil) - The OPEC+ meeting will be advanced by one day. The market expects OPEC+ to increase production in July, and the supply growth potential continues to pressure oil prices [55]. - Investment advice: The short - term upward momentum is weak [56]. 2.15 Energy and Chemicals (PTA) - The PTA spot price increased, and the basis strengthened. The demand is at a high level, and the supply is below 80% with inventory reduction, so the basis has rebounded [58]. - Investment advice: The short - term PTA performance may be stronger than the cost - end oil price, and the price and spreads are expected to be strong [59]. 2.16 Energy and Chemicals (Asphalt) - The inventory of asphalt refineries decreased, and the social inventory increased slightly. The demand is recovering, and the asphalt price is expected to fluctuate upward [60]. - Investment advice: The asphalt futures price is expected to fluctuate upward [61]. 2.17 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong was stable with a slight increase. The supply is sufficient, and the demand is divided. The current spot is strong, but the upward momentum is weakening, and the futures may fluctuate [63]. - Investment advice: The alumina market has little impact on caustic soda. The current spot is strong, but the futures may fluctuate [63]. 2.18 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market was slightly weak. The fundamentals of pulp have limited changes, and the market is expected to fluctuate [64]. - Investment advice: The pulp market is expected to fluctuate [65]. 2.19 Energy and Chemicals (PVC) - The spot price of PVC powder was narrowly sorted, and the futures were weakly volatile. The downstream purchasing enthusiasm was not high, and the market is expected to fluctuate [66]. - Investment advice: The PVC market is expected to fluctuate [66]. 2.20 Energy and Chemicals (Bottle Chips) - The export quotes of bottle - chip factories were mostly stable with some slight increases. The industry is operating at a high level, and the supply pressure is increasing. The processing fee is expected to fluctuate at a low level [70]. - Investment advice: The processing fee of bottle chips is expected to remain low, and attention should be paid to supply - side changes [70]. 2.21 Energy and Chemicals (Urea) - The central government allocated 1.4 billion yuan for agricultural disaster prevention and pest control. The urea market was weak, and attention should be paid to factors such as demand, policy, and supply - side changes [71]. - Investment advice: Pay attention to aspects such as agricultural demand, policy changes, and supply - side switching after the peak season [72]. 2.22 Energy and Chemicals (Styrene) - The inventory of styrene in Jiangsu ports increased significantly. The styrene market was weakly volatile. The supply is expected to improve, and the market may adjust. Pay attention to the paper - cargo delivery game at the end of the month [74]. - Investment advice: The far - month styrene has limited driving force, and the market is expected to adjust. Pay attention to the paper - cargo delivery game at the end of the month [75]. 2.23 Energy and Chemicals (Soda Ash) - The inventory of domestic soda - ash manufacturers decreased. The futures price of soda ash fell, affected by new production capacity. The short - term maintenance of production facilities may support the price, but a short - selling strategy is recommended in the medium term [76]. - Investment advice: Short - term production - facility maintenance may support the price, but short - sell on rallies in the medium term [76]. 2.24 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market changed slightly. The futures price rose slightly, and the spot market was still weak. The price is expected to remain low, and attention should be paid to real - estate policy changes [78]. - Investment advice: The glass futures price is expected to remain low, and attention should be paid to real - estate policy changes [78]. 2.25 Shipping Index (Container Freight Rate) - European ports are congested, and the container shipping index is affected. The US - line rush - shipping expectation has ebbed, and there are opportunities for callback buying [79]. - Investment advice: There are opportunities for callback buying [80].