Report Industry Investment Ratings - Not provided in the content Core Views - **Crude Oil**: Short - term, the market focuses on the cease - fire negotiation between the US and Russia on the Russia - Ukraine issue and India's attitude towards Russian oil sanctions. In the long - term, the supply - demand surplus pattern is hard to be falsified, and the price is bearish. Brent should pay attention to the support around $65.5 per barrel [1][2] - **Asphalt**: It maintains a pattern of weak supply and demand. The price is expected to be weak in the short - term and more resistant to decline than crude oil. The main contract is expected to operate in the range of 3450 - 3550 [3][5] - **Fuel Oil**: High - sulfur fuel oil's supply pressure in the third quarter is slightly reduced, and the demand is mixed. Low - sulfur fuel oil's supply is rising and the demand has no specific driver. The price is expected to be weakly volatile [7] - **PX**: Supply is recovering in August, and the demand side lacks upward drive. The price is expected to be in a range - bound consolidation [7][9] - **PTA**: Supply load has rebounded, and the demand side lacks upward drive. The price is expected to be in a range - bound consolidation [9][10] - **Ethylene Glycol**: Supply is expected to increase, and the price is expected to be in a wide - range oscillation [12][13] - **Short Fiber**: The processing fee has stabilized and rebounded, and the inventory has slightly increased. The price is expected to be in a low - level oscillation [15][16] - **PR (Bottle Chip)**: The processing fee has rebounded and stabilized. The price is expected to be in a low - level oscillation [18][19] - **Pure Benzene and Styrene**: Pure benzene's supply and demand are expected to be relatively balanced, and the price has strong support. Styrene's supply is expected to increase, and there is still pressure on inventory accumulation. The price of pure benzene is expected to be in a wide - range oscillation [19][21] - **PVC and Caustic Soda**: PVC's supply and demand are expected to be weak, and short positions should be held. Caustic soda's price is expected to be in a volatile trend, and short positions should be closed at low prices [25][26] - **Plastic and PP**: The overall supply - demand pressure is large, and the price is expected to be weakly volatile [27][28] - **Methanol**: Supply is increasing, and the strategy is to short at high prices without chasing the short [29][30] - **Urea**: Supply is abundant, and demand is declining. The strategy is to short at high prices without chasing the short [31] - **Soda Ash**: Supply increases, demand is stable, and the price is expected to be weakly volatile [33][34] - **Glass**: After the price increase, the inventory is sufficient, and the price is expected to be weakly volatile [35][37] - **Log**: Supply is in a pulsed fluctuation, and demand improvement is limited. The market is generally stable and slightly strong, but long - term demand needs to be observed [38][40] - **Offset Printing Paper**: Supply is slightly reduced, and demand support is general. The price is generally stable [40][42] - **Pulp**: The inventory shows a marginal destocking trend. The strategy is to hold short positions in the main 11 - contract [42][44] - **Butadiene Rubber**: The strategy is to try to go long in the main 09 - contract [45][47] - **Natural Rubber and No. 20 Rubber**: For the RU main 01 - contract, wait and see; for the NR main 10 - contract, try to go long. Consider arbitrage opportunities in RU2511 - NR2511 [47][49] Summaries by Related Catalogs Crude Oil - **Market Review**: WTI2509 was stable at $63.88 per barrel, Brent2510 rose $0.16 to $66.59 per barrel, and SC2510 fell to 493 yuan per barrel. The Brent main - secondary spread was $0.61 per barrel [1] - **Related News**: The US and Russia may negotiate to end the Ukraine war, and India has put on hold the plan to purchase US weapons and is open to reducing Russian oil imports [1] - **Logic Analysis**: Short - term feed demand is okay, and the market focuses on geopolitical events. In the long - term, the supply - demand surplus pattern is hard to be falsified [2] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: gasoline cracking is weak, diesel cracking is strong; Options: wait and see [2] Asphalt - **Market Review**: BU2510 closed at 3484 points (+0.17%) at night, and BU2512 closed at 3394 points (+0.09%) at night [3] - **Related News**: Shandong's mainstream transaction price fell by 5 yuan per ton, and the supply - demand pattern was loose [3] - **Logic Analysis**: July's actual output was higher than expected, and the demand in the south and north was weak. The price is expected to be weakly volatile [4][5] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: the asphalt - crude oil spread is strong; Options: wait and see [5] Fuel Oil - **Market Review**: FU09 closed at 2776 (-0.82%) at night, and LU10 closed at 3464 (-0.89%) at night [5] - **Related News**: Iraq seized an oil tanker, and the domestic low - sulfur production in July decreased [5][6] - **Logic Analysis**: High - sulfur supply pressure is slightly reduced, and low - sulfur supply is rising [7] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: wait and see [7] PX - **Market Review**: PX2509 closed at 6726 (-0.33%) on Friday and 6748 (+0.33%) at night [7] - **Related News**: China's PX and PTA operating rates increased [8] - **Logic Analysis**: Supply is recovering, and demand lacks upward drive [9] - **Trading Strategy**: Unilateral: range - bound consolidation; Arbitrage: wait and see; Options: wait and see [9] PTA - **Market Review**: TA509 closed at 4684 (-0.09%) on Friday and 4692 (+0.17%) at night [9] - **Related News**: China's PTA and polyester operating rates increased [9] - **Logic Analysis**: Supply load has rebounded, and demand lacks upward drive [10] - **Trading Strategy**: Unilateral: range - bound consolidation; Arbitrage: wait and see; Options: wait and see [12] Ethylene Glycol - **Market Review**: EG2509 closed at 4384 (-0.27%) on Friday and 4391 (+0.16%) at night [12] - **Related News**: China's ethylene glycol operating rate increased [12] - **Logic Analysis**: Supply is expected to increase, and the price is expected to be in a wide - range oscillation [13] - **Trading Strategy**: Unilateral: range - bound consolidation; Arbitrage: wait and see; Options: wait and see [14] Short Fiber - **Market Review**: PF2510 closed at 6382 (-0.16%) on Friday and 6398 (+0.25%) at night [15] - **Related News**: China's short - fiber operating rate increased, and the inventory increased [16] - **Logic Analysis**: The processing fee has stabilized and rebounded, and the inventory has slightly increased [16] - **Trading Strategy**: Unilateral: range - bound consolidation; Arbitrage: wait and see; Options: wait and see [17] PR (Bottle Chip) - **Market Review**: PR2510 closed at 5898 (-0.34%) on Friday and 5924 (+0.44%) at night [16][18] - **Related News**: The bottle - chip operating rate was flat, and the export price was lowered [18] - **Logic Analysis**: The processing fee has rebounded and stabilized, and the price is expected to be in a low - level oscillation [19] - **Trading Strategy**: Unilateral: range - bound consolidation; Arbitrage: wait and see; Options: wait and see [20] Pure Benzene and Styrene - **Market Review**: BZ2503 closed at 6204 (-0.70%) on Friday and 6213 (+0.15%) at night. EB2509 closed at 7235 (-0.84%) on Friday and 7230 (-0.07%) at night [19] - **Related News**: The operating rates of pure benzene, styrene and their downstream products changed [21] - **Logic Analysis**: Pure benzene's supply and demand are expected to be balanced, and styrene's supply is expected to increase [21] - **Trading Strategy**: Unilateral: wide - range oscillation; Arbitrage: wait and see; Options: wait and see [20][22] PVC and Caustic Soda - **Market Review**: PVC spot prices were weakly volatile, and caustic soda spot prices were stable [22][23] - **Related News**: The price of liquid chlorine in Shandong increased, and the price of caustic soda in Jinling changed [23][24] - **Logic Analysis**: PVC's supply and demand are expected to be weak, and caustic soda's price is expected to be volatile [25][26] - **Trading Strategy**: Unilateral: PVC hold short positions, caustic soda close short positions at low prices; Arbitrage: wait and see; Options: wait and see [27] Plastic and PP - **Market Review**: The prices of LLDPE and PP in different regions changed [27] - **Related News**: The inventory of major producers increased [28] - **Logic Analysis**: New capacity is being put into production, and demand is expected to be weak. The price is expected to be weakly volatile [28] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: wait and see; Options: wait and see [28][29] Methanol - **Market Review**: The futures closed at 2384 (-0.17%) at night [29] - **Related News**: International methanol production increased [29] - **Logic Analysis**: International supply is recovering, and domestic supply is abundant. The strategy is to short at high prices [30] - **Trading Strategy**: Unilateral: short at high prices; Arbitrage: wait and see; Options: sell call options [30][31] Urea - **Market Review**: The futures closed at 1728 (-0.52%) [31] - **Related News**: Northeast urea arrivals decreased [31] - **Logic Analysis**: Supply is abundant, demand is declining, and the strategy is to short at high prices [31] - **Trading Strategy**: Unilateral: short at high prices; Arbitrage: wait and see; Options: sell put options on dips [31][32] Soda Ash - **Market Review**: The futures closed at 1249 (-1.4%) on Friday and 1242 (-0.6%) at night [33] - **Related News**: Domestic soda ash inventory increased, and production increased [33][34] - **Logic Analysis**: Supply increases, demand is stable, and the price is expected to be weakly volatile [34][35] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: consider going long FG01 and short SA01; Options: wait and see [35] Glass - **Market Review**: The futures closed at 1063 (-1.21%) on Friday and 1064 (+0.09%) at night [35] - **Related News**: Glass inventory increased, and production was stable [35][36] - **Logic Analysis**: After the price increase, the inventory is sufficient, and the price is expected to be weakly volatile [36][37] - **Trading Strategy**: Unilateral: weakly volatile; Arbitrage: consider going long FG01 and short SA01; Options: wait and see [38] Log - **Market Review**: The 9 - contract price fell to 830.5 yuan per cubic meter [39] - **Related News**: Log prices were stable, and imports decreased [38] - **Logic Analysis**: Supply is in a pulsed fluctuation, and demand improvement is limited [39][40] - **Trading Strategy**: Unilateral: wait and see, aggressive investors can short near the previous high; Arbitrage: wait and see; Options: wait and see [40] Offset Printing Paper - **Market Review**: The double - offset paper market was generally stable [40] - **Related News**: Some production lines were shut down for maintenance, and Suzano cut production [40][42] - **Logic Analysis**: Supply is slightly reduced, and demand support is general [42] - **Trading Strategy**: Not provided Pulp - **Market Review**: The SP main 11 - contract rose 0.23% [42] - **Related News**: Jiulong Paper raised prices, and downstream packaging enterprises responded [43][44] - **Logic Analysis**: The inventory shows a marginal destocking trend [44] - **Trading Strategy**: Unilateral: hold short positions in the main 11 - contract; Arbitrage: wait and see [45] Butadiene Rubber - **Market Review**: The BR main 09 - contract rose 1.26% [45] - **Related News**: China's rubber imports increased [46][47] - **Logic Analysis**: Inventory changes vary [47] - **Trading Strategy**: Unilateral: try to go long in the main 09 - contract; Arbitrage: wait and see; Options: wait and see [47] Natural Rubber and No. 20 Rubber - **Market Review**: The RU main 01 - contract rose 0.77%, and the NR main 10 - contract rose 0.06% [47][48] - **Related News**: China's rubber imports increased [49] - **Logic Analysis**: Inventory changes vary [49] - **Trading Strategy**: Unilateral: RU main 01 - contract wait and see, NR main 10 - contract try to go long; Arbitrage: consider RU2511 - NR2511; Options: wait and see [49]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The spot price of mainstream delivery products shows different trends in different regions, with some remaining flat and some increasing. The European timber spruce and fir in the Jiangsu market are still in short supply. [4] - In August, there are 3 ships departing from New Zealand, with 2 going to the Chinese mainland and 1 going to Taiwan, China and South Korea with reduced load. It is expected that about 3 ships will arrive in August and 0 in September, with an expected arrival volume of 1190,000 cubic meters in August. [5][8] - As of the week of August 1st, the daily average shipment volume of some ports has changed, and the total inventory of the four major ports has decreased by 116,200 cubic meters compared with the previous week. [6][12] - As of August 8th, the closing price of the main contract LG2509 has increased by 1.7% compared with last week, and the market has been fluctuating at a relatively high level. The monthly spread trend has shown slight differentiation. [16] 3. Summary According to Relevant Catalogs 3.1 Supply - As of August 3rd, there are 3 ships departing from New Zealand in August, 2 going to the Chinese mainland and 1 going to Taiwan, China and South Korea with reduced load. It is expected that about 3 ships will arrive in August and 0 in September, with an expected arrival volume of 1190,000 cubic meters in August. [5][8] 3.2 Demand and Inventory - As of the week of August 1st, the daily average shipment volume of Lanshan Port was 17,600 cubic meters (a week - on - week decrease of 2,000 cubic meters), and that of Taicang Port was 12,400 cubic meters (a week - on - week increase of 6,000 cubic meters). [6][12] - The inventory of Lanshan Port is about 1,245,300 cubic meters (a week - on - week decrease of 10,500 cubic meters), Taicang Port is about 376,400 cubic meters (a week - on - week decrease of 59,900 cubic meters), Xinminzhou is about 390,300 cubic meters (a week - on - week decrease of 30,800 cubic meters), and Jiangdu Port is about 191,800 cubic meters (a week - on - week decrease of 15,000 cubic meters). The total inventory of the four major ports is 2,203,800 cubic meters, a decrease of 116,200 cubic meters compared with the previous week. [6][12] 3.3 Market Trends - As of August 8th, the closing price of the main contract LG2509 was 830.5 yuan per cubic meter, a 1.7% increase compared with last week. The market has been fluctuating at a relatively high level, and the monthly spread trend has shown slight differentiation. The 09 - 11 monthly spread is - 10 yuan per cubic meter, the 09 - 01 monthly spread is - 11 yuan per cubic meter, and the 11 - 01 monthly spread is - 1 yuan per cubic meter. [16] 3.4 Price and Spread - The spot price of logs shows different trends in different regions and specifications, with some remaining flat and some increasing. [20] - The downstream building wood square spot price in Shandong and Jiangsu regions has mostly remained flat compared with last week. [22] - The report presents the regional price differences of mainstream timber species and the price differences between tree species and specifications through data and charts. [23][40] 3.5 Other - As of the week of August 8th, the Baltic Dry Bulk Index BDI was recorded at 2051 points, a 1.6% increase compared with last week; the Handysize Shipping Index BHSI was recorded at 683 points, a 0.7% increase compared with last week; the Shanghai Export Container Freight Index SCFI was recorded at 1489.68 points, a 3.9% decrease compared with last week. [6][54][55] - In terms of exchange rates, the US dollar index has fluctuated narrowly this week. The US dollar - to - RMB exchange rate has decreased by 0.4% week - on - week to 7.184, and the US dollar - to - New Zealand dollar exchange rate has decreased by 0.6% to 1.680. [6][54][55]

| 投资咨询业务资格:证监许可【2011】1292号 | 胶产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | | 2025年8月8日 | | | | 寇帝斯 | Z0021810 | | 现货价格及基差 | | | | | | | 品中 | 8月7日 | 8月6日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全到胶(SCRWF)：下海 | 14400 | 14500 | -100 | -0.69% | | | 全乳基差(切换至2509合约) | -1125 | -dat | -130 | -13.07% | | | 泰标混合胶报价 | 14350 | 14300 | 50 | 0.35% | 元/吨 | | 非标价差 | -1175 | -1195 | 20 | 1.67% | | | 杯胶:国际市场:FOB中间价 | 48.30 | 48.15 | 0.15 | 0.31% | 泰铢/公斤 | | 胶水:国际市场:FOB中间价 | 54.00 | 54.00 | 0.00 | 0.00% | | | 天然橡胶:胶块:西双版纳州 | 13000 ...

Report on the Rubber Industry 1. Core Viewpoint - Monitor the raw material supply situation during the peak production season in major producing areas. If the raw material supply goes smoothly, consider short - selling at high prices [1]. 2. Summary by Directory Spot Price and Basis - The price of Yunnan state - owned whole - latex rubber (SCRWF) in Shanghai decreased by 100 yuan/ton to 14,400 yuan/ton, a decline of 0.69%. The basis of whole - latex rubber (switched to the 2509 contract) decreased by 130 to - 1,125, a decline of 13.07%. The price of Thai standard mixed rubber increased by 50 yuan/ton to 14,350 yuan/ton, an increase of 0.35% [1]. Monthly Spread - The 9 - 1 spread decreased by 15 to - 975, a decline of 1.56%. The 1 - 5 spread increased by 10 to - 120, an increase of 7.69%. The 5 - 9 spread increased by 5 to 1,095, an increase of 0.46% [1]. Fundamental Data - In June, Thailand's rubber production was 392,600 tons, a year - on - year increase of 44.23%. Indonesia's production was 176,200 tons, a year - on - year decrease of 12.03%. India's production was 62,400 tons, a year - on - year increase of 30.82%. China's production was 103,200 tons, a year - on - year increase [1]. Inventory Change - The bonded area inventory increased by 5,798 tons to 640,384 tons, an increase of 0.91%. The warehouse futures inventory of natural rubber on the SHFE increased by 2,318 tons to 39,716 tons, an increase of 6.20% [1]. Report on the Log Industry 1. Core Viewpoint - The supply pressure may increase. The demand is in the off - season, and the spot price is still under pressure. The short - term futures price is expected to fluctuate widely in the range of 800 - 850 [3]. 2. Summary by Directory Futures and Spot Price - The price of Log 2509 remained unchanged at 832.5. The price of Log 2511 decreased by 0.5 to 840, a decline of 0.06%. The price of Log 2601 remained unchanged at 841.5 [3]. Import Cost Calculation - The RMB - US dollar exchange rate remained unchanged at 7.183. The import theoretical cost increased by 13.84 yuan to 818.70 yuan [3]. Supply - In June, the port shipping volume was 1.76 million cubic meters, a year - on - year increase of 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea decreased by 5 to 53, a decline of 8.62% [3]. Inventory - As of August 1, the total inventory of national coniferous logs was 3.17 million cubic meters. The inventory in Shandong increased by 20,000 cubic meters to 1.95 million cubic meters, an increase of 1.04%. The inventory in Jiangsu decreased by 56,000 cubic meters to 960,000 cubic meters, a decline of 5.55% [3]. Demand - As of August 1, the average daily outbound volume of logs was 64,200 cubic meters. The demand last week increased by 10,000 cubic meters compared with the previous week [3]. Report on the Glass and Soda Ash Industry 1. Core Viewpoint Soda Ash - The supply is in excess. The spot sales are weak. Consider short - selling at high prices in the short - term and monitor the implementation of policies and the load - regulation of soda ash plants [4]. Glass - The futures price has weakened, and the market sentiment has declined. The overall spot price is difficult to increase further. Hold short positions and monitor the implementation of policies and the stocking performance of downstream industries [4]. 2. Summary by Directory Glass - related Price and Spread - The prices in North China, East China, and South China decreased, while the price in Central China remained unchanged. The prices of Glass 2505 and Glass 2509 decreased [4]. Soda Ash - related Price and Spread - The prices in North China, East China, Central China, and Northwest China remained unchanged. The prices of Soda Ash 2505 and Soda Ash 2509 decreased [4]. Supply - The soda ash production rate increased from 80.27% to 85.41%, and the weekly production increased by 45,000 tons to 744,700 tons [4]. Inventory - The glass factory inventory increased by 2.348 million weight - cases to 61.847 million weight - cases, an increase of 3.95%. The soda ash factory inventory increased by 69,300 tons to 1.8651 million tons, an increase of 3.86% [4]. Report on the Industrial Silicon Industry 1. Core Viewpoint - The spot price of industrial silicon is stable with a slight increase. The price is expected to fluctuate between 8,000 - 10,000 yuan/ton in August. Consider buying at low prices when the price drops to 8,000 - 8,500 yuan/ton. Pay attention to position control and risk management [5]. 2. Summary by Directory Spot Price and Basis - The price of East China oxygen - containing S15530 industrial silicon remained unchanged at 9,250 yuan/ton. The basis increased by 45 to 595, an increase of 8.18% [5]. Monthly Spread - The 2508 - 2509 spread increased by 130 to 40, an increase of 144.44%. The 2509 - 2510 spread decreased by 10 to - 25, a decline of 66.67% [5]. Fundamental Data - The national industrial silicon production was 300,800 tons, a year - on - year decrease of 12.10%. The organic silicon DMC production was 199,800 tons, a year - on - year decrease of 4.54% [5]. Inventory Change - The Xinjiang factory inventory decreased by 1,200 tons to 116,900 tons, a decline of 1.02%. The social inventory increased by 7,000 tons to 547,000 tons, an increase of 1.30% [5]. Report on the Polysilicon Industry 1. Core Viewpoint - The polysilicon price fluctuates and declines. The main price fluctuation range is expected to be between 45,000 - 58,000 yuan/ton. Consider buying at low prices and buying put options to short at high prices [6]. 2. Summary by Directory Spot Price and Basis - The average price of N - type re - feeding material remained unchanged at 47,000 yuan/ton. The basis of N - type material increased by 1,235 to - 3,110, an increase of 28.42% [6]. Futures Price and Monthly Spread - The price of the main contract decreased by 1,235 to 20,110, a decline of 2.41%. The spread between the current month and the first - continuous contract increased by 2,075 to - 10, an increase of 99.52% [6]. Fundamental Data - The weekly silicon wafer production was 12.02 GW, a year - on - year increase of 9.27%. The weekly polysilicon production was 29,400 tons, a year - on - year increase of 10.94% [6]. Inventory Change - The polysilicon inventory increased by 4,000 tons to 233,000 tons, an increase of 1.75%. The silicon wafer inventory increased by 960,000 pieces to 19.11 million pieces, an increase of 5.29% [6].

Report Industry Investment Rating No relevant content provided. Core Views - The long - term view on oil prices is bearish, with Brent expected to trade in the range of $66.5 - 68 per barrel in the short term. The overall supply - demand pressure for plastics and PP remains large, and their prices are expected to be weak and volatile. PVC and caustic soda also face supply - demand pressure, and short positions are recommended. For some products like fuel oil, a wait - and - see approach is advised, while for others, different trading strategies such as short - selling at high prices are proposed according to their supply - demand situations [2][22][24] Summary by Directory 1. Crude Oil - **Market Review**: WTI2509 contract closed at $64.35, down $0.81 per barrel (-1.24%); Brent2510 contract closed at $66.89, down $0.75 per barrel (-1.11%); SC main contract 2509 fell 4.9 to 504.2 yuan per barrel, and dropped 6.2 to 498 yuan per barrel in the night session. The Brent main - second line spread was $0.61 per barrel [1] - **Related News**: US - Russia negotiations are progressing, and there is uncertainty in geopolitical conflicts. Trump may meet with Putin next week, and the US plans to impose secondary sanctions on countries buying Russian oil. Trump also announced a 25% tariff on Indian goods and may impose further tariffs on China. Some Fed officials believe in interest rate cuts due to economic and labor market conditions. EIA data shows a decline in US crude and refined product inventories [1][2] - **Logic Analysis**: Long - term bearish view on oil prices due to increasing risk of US economic weakness and sufficient supply elasticity, with an expectation of future supply - demand surplus. Brent is expected to trade in the $66.5 - 68 per barrel range in the short term [2] - **Trading Strategy**: Unilateral: Weak and volatile; Arbitrage: Gasoline crack spread is weak, diesel crack spread is stable; Options: Wait - and - see [3] 2. Asphalt - **Market Review**: BU2510 closed at 3543 points (+0.40%) in the night session, BU2512 closed at 3448 points (+0.207%). On August 6, asphalt spot prices were 3530 - 3970 in Shandong, 3650 - 3800 in East China, and 3520 - 3600 in South China. The benchmark prices of refined products in Shandong changed, with 92 gasoline down 17 to 7727 yuan per ton, 0 diesel down 14 to 6563 yuan per ton, and 3B petroleum coke up 60 to 2880 yuan per ton [3] - **Related News**: Shandong market prices fell 5 yuan per ton due to slow demand release, sufficient supply, and weak market confidence. In the Yangtze River Delta, prices were stable due to rainy weather and falling oil prices. In South China, prices were stable with some trade - offs between weak demand and reduced local supply [3][4] - **Logic Analysis**: Supply is expected to increase slightly in August, and near - term demand is mediocre. The asphalt market is in a weak supply - demand situation, and attention should be paid to the rhythm of demand release in the second half of the year. Oil prices are expected to be weak in the short term and decline in the medium term. Asphalt prices are expected to be weak and volatile in the short term, with the main BU contract trading in the 3500 - 3650 range [5] - **Trading Strategy**: Unilateral: Weak and volatile; Arbitrage: Asphalt - crude oil spread is strong; Options: Wait - and - see [5] 3. Fuel Oil - **Market Review**: FU09 contract closed at 2836 (+0.60%) in the night session, LU10 closed at 3558 (+0.65%). In the Singapore paper market, high - sulfur Aug/Sep spread was 5.0 to 5.3 dollars per ton, and low - sulfur Aug/Sep spread was 4.3 to 3.5 dollars per ton [5] - **Related News**: Nigeria's Dangote refinery plans to shut down its RFCC unit for 15 - day maintenance starting from August 10. On August 6, there were 3 transactions of high - sulfur fuel oil 380 in the Singapore spot window, and no transactions for high - sulfur fuel oil 180 and low - sulfur fuel oil [5][6] - **Logic Analysis**: High - sulfur supply and inventory in Asia remain high, but the supply pressure in the third quarter is slightly reduced. Demand for high - sulfur feedstock is increasing, while seasonal power - generation demand is declining. Low - sulfur supply is increasing, and downstream demand lacks a specific driver [7][8] - **Trading Strategy**: Unilateral: Wait - and - see, pay attention to geopolitical and macro - economic disturbances; Arbitrage: Wait - and - see, pay attention to the digestion rhythm of near - term high - sulfur spot [8] 4. PX (Para - xylene) - **Market Review**: PX2509 main contract closed at 6794 (+60/+0.89%), and remained unchanged in the night session. The September MOPJ was estimated at $579 per ton CFR. PX prices rose to $844 per ton, up $5 from the previous day. Two September Asian spot transactions were at 848 and 849 respectively. The PXN was $265 per ton, up $6 per ton [8][9] - **Related News**: According to CCF statistics, the sales of polyester yarn in Jiangsu and Zhejiang were partially strong, with an average sales rate of 4 - 5% by 3:30 pm. The sales of direct - spun polyester staple fibers improved, with an average sales rate of 71% by 3:00 pm [9] - **Logic Analysis**: Supply is expected to return in August as some refineries resume production or increase their loads. Downstream PTA plants are reducing production, and the overall order volume is weak, so PX prices are expected to face pressure [9] - **Trading Strategy**: Unilateral: Consolidation [10] 5. PTA - **Market Review**: TA509 main contract closed at 4724 (+42/+0.90%), and dropped 10 to 4714 (-0.21%) in the night session. In the spot market, August - end contracts were traded at a discount of 15 - 20 to the 09 contract, with a price negotiation range of 4650 - 4720. The September - mid contracts were traded at par with the 09 contract. The mainstream spot basis was 09 - 21 [10] - **Related News**: Similar to PX, the sales of polyester yarn and direct - spun polyester staple fibers in Jiangsu and Zhejiang showed certain trends. A South China PTA factory with a total capacity of 235 million tons cut production by 20% [10] - **Logic Analysis**: Supply is decreasing as some PTA plants cut production or plan maintenance. Downstream demand lacks upward momentum, so PTA prices are expected to face pressure [10] - **Trading Strategy**: Unilateral: Consolidation; Arbitrage: Wait - and - see; Options: Wait - and - see [11][12] 6. Ethylene Glycol (MEG) - **Market Review**: EG2509 main contract closed at 4414 (+15/+0.34%), and rose 17 to 4431 (+0.39%) in the night session. The current spot basis was a premium of 79 - 82 yuan per ton to the 09 contract, with a negotiation price of 4493 - 4496 yuan per ton. The September - end futures basis was a premium of 76 - 78 yuan per ton to the 09 contract, with a negotiation price of 4490 - 4492 yuan per ton [13] - **Related News**: The sales of polyester yarn and direct - spun polyester staple fibers in Jiangsu and Zhejiang were as described before. A 90 - million - ton/year MEG plant in Singapore is under maintenance for about 45 days, and a 55 - million - ton/year ethylene glycol plant in Saudi Arabia shut down again without a clear restart time [13] - **Logic Analysis**: Port inventory has decreased recently. Supply is expected to increase as some plants restart or postpone their maintenance. The supply - demand balance is expected to weaken as domestic and foreign plants resume production [13] - **Trading Strategy**: Unilateral: Consolidation; Arbitrage: Wait - and - see; Options: Wait - and - see [13][14] 7. Short - fiber - **Market Review**: PF2510 main contract closed at 6414 (+32/+0.50%) during the day session, and dropped 14 to 6400 (-0.22%) in the night session. In the spot market, the prices of direct - spun polyester staple fibers in Jiangsu and Zhejiang were stable, and downstream customers purchased on - demand [14][15] - **Related News**: The sales of polyester yarn and direct - spun polyester staple fibers in Jiangsu and Zhejiang showed similar trends [15] - **Logic Analysis**: The short - fiber futures rebounded with raw materials. The processing fee stabilized and rebounded, and the inventory increased slightly. The price is expected to fluctuate at a low level [15] - **Trading Strategy**: Unilateral: Consolidation; Arbitrage: Wait - and - see; Options: Wait - and - see [16] 8. PR (Bottle - chip) - **Market Review**: PR2510 main contract closed at 5936 (+24/+0.41%), and dropped 2 to 5934 (-0.03%) in the night session. In the spot market, the polyester bottle - chip market had good transactions, with some plants having large - volume sales. August - October orders were mostly traded at 5870 - 5970 yuan per ton ex - factory [16] - **Related News**: Polyester bottle - chip factories' export quotes were mostly stable, with some slightly increasing [16] - **Logic Analysis**: The bottle - chip futures rose with polyester raw material futures. The processing fee rebounded and stabilized. Most major plants will maintain their production cuts in August, so the price is expected to fluctuate at a low level [17] - **Trading Strategy**: Unilateral: Consolidation; Arbitrage: Wait - and - see; Options: Wait - and - see [16][17] 9. Pure Benzene and Styrene - **Market Review**: BZ2503 main contract closed at 6246 (+26/+0.42%) during the day session, and rose 24 to 6270 (+0.38%) in the night session. EB2509 main contract closed at 7285 (+3/+0.04%) during the day session, and rose 29 to 7314 (+0.40%) in the night session. In the spot market, the negotiation range of pure benzene in East China was 6030 - 6060 yuan per ton, down 15 yuan per ton from the previous day. The negotiation ranges of styrene in Jiangsu were 7310 - 7380 for spot, 7360 - 7405 for August - end, and 7385 - 7435 for September - end [18] - **Related News**: On August 6, 2025, the port trade inventory of pure benzene in East China was 15.2 million tons, down 1 million tons from July 30 (-6.17%), and up 204% year - on - year. The total inventory of styrene in the East China main port decreased by 1.05 million tons to 15.05 million tons. A 30 - million - ton/year styrene plant in Tangshan Xuyang restarted on August 6, and an 80 - million - ton/year styrene plant in Guangdong Jieyang plans to shut down for two - week maintenance starting from September 5. A 67 - million - ton/year styrene plant in Jingbosidarei started producing qualified products on August 6 and is operating at a stable load [18][19] - **Logic Analysis**: Pure benzene supply is expected to be in a relatively balanced state, with a de - stocking expectation in the third quarter. Styrene supply is expected to increase, while demand is weak, and there is a pressure of inventory accumulation [20] - **Trading Strategy**: Unilateral: Consolidation; Arbitrage: Long pure benzene, short styrene; Options: Sell both call and put options [21] 10. Plastic and PP - **Market Review**: In the plastic spot market, LLDPE prices mostly rose slightly. In the PP spot market, the prices in different regions had different changes [21] - **Related News**: On August 6, the PE maintenance ratio was 8.8%, up 0.4 percentage points, and the linear production ratio was 40.3%, down 1.3 percentage points. The PP maintenance ratio was 15.7%, down 0.5 percentage points, and the拉丝 production ratio was 33.9%, up 4 percentage points [21] - **Logic Analysis**: New polyolefin capacities are being put into production, and there is still capacity - expansion pressure. The downstream demand is weak, and there is no obvious factor to improve the supply - demand situation. So, the overall supply - demand pressure for plastic and PP is large, and the prices are expected to be weak and volatile [22] - **Trading Strategy**: Unilateral: The overall supply - demand pressure for plastic and PP is large, and the prices are expected to be weak and volatile. Pay attention to new plant start - ups and macro - policies; Arbitrage: Wait - and - see; Options: Wait - and - see [22] 11. PVC and Caustic Soda - **Market Review**: In the PVC spot market, prices rose, but the trading was light. In the caustic soda spot market, the prices in different regions were mostly stable [22] - **Related News**: A Shandong alumina factory lowered the purchase price of 32% ion - membrane caustic soda by 10 yuan per ton. Jinling's caustic soda prices decreased [24] - **Logic Analysis**: For PVC, the supply is expected to increase as new plants are planned to start production, and the demand is weak, so the supply - demand situation is expected to be weak. For caustic soda, the supply - demand pressure is increasing, and the price is expected to be bearish [24][25] - **Trading Strategy**: Unilateral: Hold short positions for both PVC and caustic soda, and pay attention to subsequent policies; Arbitrage: Wait - and - see; Options: Wait - and - see [25][26] 12. Soda Ash - **Market Review**: The soda ash futures 09 contract closed at 1271 yuan per ton (+18/1.4%), and dropped 10 to 1261 (-0.8%) in the night session. The SA9 - 1 spread was - 97 yuan per ton. In the spot market, the prices in different regions changed [26] - **Related News**: As of August 4, 2025, the total inventory of domestic soda ash manufacturers was 185.18 million tons, up 5.60 million tons (+3.12%) from the previous Thursday. Some plants had production changes [26] - **Logic Analysis**: The soda ash futures price strengthened due to the strong coking coal futures price and rising coal prices. The weekly production decreased, and the inventory decreased. The demand is weak, but the price is expected to be supported by cost factors in the second half of the year [27] - **Trading Strategy**: Unilateral: Short - term volatile and bullish; Arbitrage: Consider going long FG01 and short SA01; Options: Wait - and - see [27][28] 13. Glass - **Market Review**: The glass futures 09 contract closed at 1083 yuan per ton (+6/0.56%), and dropped 8 to 1075 (-0.74%) in the night session. The 9 - 1 spread was - 148 yuan per ton. In the spot market, the prices in different regions changed [28] - **Related News**: The domestic float - glass market prices were stable or decreased, and the trading was lackluster [28] - **Logic Analysis**: The glass futures price was affected by the strong coking coal futures price. The factory's sales weakened, and the inventory decreased. The price is expected to be determined by fundamentals in the second half of the year, and it is expected to be weak in the short term [29][30] - **Trading Strategy**: Unilateral: Volatile; Arbitrage: Take profit on the glass 9 - 1 reverse spread, and consider going long FG01 and short SA01; Options: Wait - and - see [31] 14. Methanol - **Market Review**: The methanol futures closed at 2395 (-2/-0.08%) after night - session trading. In the spot market, the prices in different regions varied [31] - **Related News**: As of August

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas macro: Market concerns about US employment and economic slowdown are rising, leading to an increase in expectations for Fed rate cuts in the second half of the year, which is favorable for gold. In the long term, the weak US dollar pattern continues, and attention should be paid to non - US dollar assets [5]. - Domestic macro: In the context of stable and progressive domestic economic operation in the first half of the year, the overall tone of the Politburo meeting in July is to improve the quality and speed of using existing policies, with relatively limited incremental policies. The composite PMI in July remains above the critical point [5]. - Asset viewpoints: For domestic assets, there are mainly structural opportunities. In the second half of the year, the policy - driven logic is strengthened, and the probability of incremental policy implementation is higher in the fourth quarter [5]. 3. Summary by Related Catalogs 3.1 Financial Market and Commodity Price Changes - **Equity Index Futures**: The CSI 300 futures closed at 4029.6, down 0.68% daily, 2.10% weekly, 0.68% monthly, up 7.77% quarterly, and 2.77% year - to - date. The Shanghai 50 futures and the CSI 500 futures also showed different degrees of decline, while the CSI 1000 futures rose 0.07% daily [3]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures had different price changes, with the 10 - year treasury bond futures down 0.05% daily [3]. - **Foreign Exchange**: The US dollar index was at 98.69, down 1.36% daily, 1.04% weekly. The US dollar intermediate price had a 2 - pip daily increase [3]. - **Interest Rates**: The 10 - year Chinese government bond yield was 1.71, up 0.2 bp daily. The 10 - year US government bond yield was 4.23, down 14 bp daily [3]. - **Commodities**: In the domestic commodity market, coal rose 1.93% daily, while industrial silicon fell 2.97% daily. In the overseas commodity market, NYMEX WTI crude oil was at 67.26, down 3.03% daily [3]. 3.2 Macro Analysis - **Overseas Macro**: In the first half of the week, market bets on Fed rate cuts declined due to better - than - expected Q2 GDP, tariff easing, and hawkish signals from the Fed's July meeting. However, the July non - farm payrolls were below expectations, increasing market concerns about the US economic downturn and Fed rate cuts. Key events to watch include US inflation data in August, the Jackson Hole meeting, and subsequent non - farm payrolls [5]. - **Domestic Macro**: After the Politburo meeting in July, the overall policy tone focuses on using existing policies more effectively, with relatively few incremental policies. The composite PMI in July remains above the critical point, and attention should be paid to the progress of economic negotiations between the US and other economies [5]. 3.3 Asset Views - **Domestic Assets**: There are mainly structural opportunities. Policy - driven logic will be strengthened in the second half of the year, and the probability of incremental policy implementation is higher in the fourth quarter [5]. - **Overseas Assets**: Market concerns about US employment and economic slowdown are rising, increasing expectations for Fed rate cuts in the second half of the year, which is favorable for gold. In the long term, the weak US dollar pattern continues, and attention should be paid to non - US dollar assets [5]. 3.4 Sector and Variety Analysis - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options will be volatile, and treasury bond futures will also be in a volatile state [6]. - **Precious Metals Sector**: Gold and silver are in a short - term adjustment phase and are expected to be volatile [6]. - **Shipping Sector**: The container shipping to Europe route is in a state of game between peak - season expectations and price - rise implementation, and is expected to be volatile [6]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to be volatile, with their fundamentals and market sentiments changing [6]. - **Non - ferrous and New Materials Sector**: Most non - ferrous metal varieties are expected to be volatile, affected by factors such as supply disturbances and policy expectations [6]. - **Energy and Chemical Sector**: Crude oil supply is increasing, and domestic chemical products are expected to benefit from stable - growth expectations. Most varieties are expected to be volatile, while asphalt and high - sulfur and low - sulfur fuel oils are expected to decline [8]. - **Agricultural Sector**: Most agricultural products are expected to be volatile, affected by factors such as weather, trade policies, and supply - demand relationships [8].

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The macro - policy's short - term positive factors are exhausted, and the market will return to fundamental dominance. The technical graph of logs is in the ascending flag consolidation stage with weakening fluctuations, and funds are continuously withdrawing. The market is oscillating around the valuation, and the recent decline has repaired the over - valued situation, with the current valuation at a neutral level. The impact of the earthquake in the Kamchatka Peninsula is minimal, and the spot price is stable. The strategy is to sell lg2509 - p - 800 on dips [3]. 3. Summary by Relevant Catalogs 3.1 Log Price Range Forecast - The predicted monthly price range for logs is 820 - 860. The current 20 - day rolling volatility is 16.28%, and its historical percentile over 3 years is 67.4% [2]. 3.2 Log Hedging Strategy - **Inventory Management**: When log imports are high and inventory is at a high level, to prevent inventory losses, enterprises can short log futures (lg2509) according to their inventory, with a hedging ratio of 25% and an entry range of 850 - 875 [2]. - **Procurement Management**: When the regular procurement inventory is low and procurement is based on orders, to prevent rising log prices from increasing procurement costs, enterprises can buy log futures (lg2509) at present, with a hedging ratio of 25% and an entry range of 810 - 820 [2]. 3.3 Core Contradictions - The macro - policy's short - term positive factors are exhausted, and the market will return to fundamental dominance. There is an expectation gap in the policy. The technical graph is in the ascending flag consolidation stage, with weakening fluctuations and continuous capital withdrawal. The market oscillates around the valuation, and the recent decline has repaired the over - valued situation, with the current valuation at a neutral level. The earthquake in the Kamchatka Peninsula has little impact, and the spot price is stable. The strategy is to sell lg2509 - p - 800 on dips [3]. 3.4 Positive Factors - Due to continuous import losses, traders have the intention to jointly support prices [4]. 3.5 Negative Factors - **Spot and Basis**: The document provides detailed spot prices, price changes, and basis data for different specifications of logs at various ports on July 31, 2025. The basis (after conversion) is calculated as the spot price after a 108% increase in length - the main contract's disk price ± the premium or discount [5][8]. - Other negative factors include the "off - peak season" phenomenon and the continuous increase in foreign shipments [7]. 3.6 Log Data Overview - **Supply**: The radiation pine import volume in June 2025 was 1.61 million m³, a decrease of 80,000 m³ from the previous period but a 35.3% increase year - on - year [9]. - **Inventory**: As of July 25, 2025, the national port inventory was 3.17 million m³, a decrease of 120,000 m³ from the previous period and a 3.4% decrease year - on - year. The port inventory in Shandong was 1,930,000 m³, a decrease of 2,000 m³ from the previous period but a 5.8% increase year - on - year. The port inventory in Jiangsu was 1,016,400 m³, a decrease of 91,169 m³ from the previous period and a 21.4% increase year - on - year [9]. - **Demand**: As of July 25, 2025, the daily average log port outbound volume was 64,100 m³, an increase of 1,700 m³ from the previous period and a 27.2% increase year - on - year. The daily average outbound volume in Shandong was 33,900 m³, an increase of 300 m³ from the previous period and a 34.5% increase year - on - year. The daily average outbound volume in Jiangsu was 24,600 m³, an increase of 1,400 m³ from the previous period and a 31.6% increase year - on - year [9]. - **Profit**: As of August 1, 2025, the radiation pine import profit was - 82 yuan/m³, a decrease of 1 yuan/m³ from the previous period. The spruce import profit was - 95 yuan/m³, an increase of 2 yuan/m³ from the previous period [9]. - **Main Spot Prices**: The spot prices of several specifications of logs on July 31, 2025, remained unchanged from the previous day, with varying year - on - year decreases [9]. - **External Market Quotations**: The CFR on August 1, 2025, was 114 US dollars/JASm³, unchanged from the previous period and a 3.4% decrease year - on - year [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the weekly situation of the log market, including supply, demand, inventory, price trends, and other influencing factors. The market shows a pattern of weak supply and demand, with the main contract price fluctuating at a relatively high level and the monthly spread tending to narrow. [16] Summary by Directory Overview - The prices of mainstream delivery products in Shandong and Jiangsu markets remained unchanged from the previous week. European spruce and fir in the Jiangsu market were still in short supply. [4] - As of July 20, 29 ships departed from New Zealand in July, with 26 bound for mainland China. It is expected that 16 ships will arrive in July and 13 in August, with an estimated arrival volume of 1.63 million cubic meters in July. [5] - As of the week of July 18, the daily average shipment volume of Lanshan Port and Taicang Port decreased week-on-week. The total inventory of the four major ports increased by 101,500 cubic meters compared to the previous week. [6] - As of the week of July 26, the Baltic Dry Index (BDI) increased by 10.0% week-on-week, and the Shanghai Export Container Freight Index (SCFI) decreased by 3.3%. The US dollar index fluctuated at a low level, with the US dollar to RMB exchange rate decreasing by 0.4% week-on-week and the US dollar to New Zealand dollar exchange rate slightly decreasing by 0.9%. [6] Supply - As of July 20, 29 ships departed from New Zealand in July, with 26 bound for mainland China, 3 for Taiwan, China, and South Korea for unloading. It is expected that 16 ships will arrive in July and 13 in August, with an estimated arrival volume of 1.63 million cubic meters in July. [5][8] - Detailed information on the departure time, load capacity, current port, next port, and estimated arrival time of each ship is provided. [9] Demand and Inventory - As of the week of July 18, the daily average shipment volume of Lanshan Port was 18,600 cubic meters (a week-on-week decrease of 6,000 cubic meters), and that of Taicang Port was 10,500 cubic meters (a week-on-week decrease of 5,000 cubic meters). [6][13] - In terms of port inventory, Lanshan Port had about 1.2318 million cubic meters (a week-on-week increase of 51,000 cubic meters), Taicang Port had about 514,800 cubic meters (a week-on-week increase of 8,400 cubic meters), Xinminzhou had about 446,800 cubic meters (a week-on-week increase of 36,500 cubic meters), and Jiangdu Port had about 222,800 cubic meters (a week-on-week increase of 5,600 cubic meters). The total inventory of the four major ports was 2.4162 million cubic meters, an increase of 101,500 cubic meters compared to the previous week. [6][13] Market Trends - As of July 25, the closing price of the main contract LG2509 was 830 yuan per cubic meter, an increase of 0.8% from the previous week. The market showed a pattern of high-level fluctuations, and the fundamentals maintained a weak supply and demand pattern. [16] - This week, the monthly spread tended to narrow. The 09 - 11 monthly spread was -8 yuan per cubic meter, the 09 - 01 monthly spread was -12.5 yuan per cubic meter, and the 11 - 01 monthly spread was -4.5 yuan per cubic meter. [16] Price and Spread - The prices of various log species and specifications in Shandong and Jiangsu markets remained mostly unchanged from the previous week, with only a few showing slight changes. [20][22] - The report also analyzed the regional price differences between Shandong and Jiangsu for different log species and specifications, as well as the price differences between different tree species and specifications. [23][38] Other - As of the week of July 26, the Baltic Dry Index (BDI) was 2,257 points, an increase of 205 points (10.0%) from the previous week, and its related sub - index, the Handysize Shipping Index BHSI, was 682 points, an increase of 1.3% from the previous week. The Shanghai Export Container Freight Index (SCFI) was 1,593 points, a decrease of 3.3% from the previous week. [53] - In terms of exchange rates, the US dollar index fluctuated at a low level. The US dollar to RMB exchange rate was 7.154, a week-on-week decrease of 0.4%, and the US dollar to New Zealand dollar exchange rate slightly decreased by 0.9% to 1.662. [53]

Group 1: Rubber Industry Report Industry Investment Rating Not provided. Core View In the short term, rubber prices continue to rebound due to macro - sentiment and rainfall in the producing areas. It is recommended to wait and see for the time being and pay attention to the improvement of raw material supply after the weather in the main producing areas gets better [2]. Summary by Directory - **Spot Price and Basis**: On July 22, the price of Yunnan state - owned whole - latex rubber in Shanghai was 14,950 yuan/ton, up 0.67% from the previous day. The basis of whole - latex rubber (switched to the 2509 contract) was - 110, down 144.44%. The price of Thai standard mixed rubber was 14,650 yuan/ton, up 0.69%. The price of cup rubber in the international market was 49.30 Thai baht/kg, up 1.44%. The price of raw materials in Hainan also increased to varying degrees [2]. - **Monthly Spread**: The 9 - 1 spread was - 795 yuan/ton, down 3.92%; the 1 - 5 spread was - 125 yuan/ton, down 38.89%; the 5 - 9 spread was 920 yuan/ton, up 7.60% [2]. - **Fundamental Data**: In May, Thailand's rubber production was 272,200 tons, up 157.52% from the previous month; Indonesia's production was 200,300 tons, up 3.19%; India's production was 47,700 tons, up 5.07%; China's production was 97,000 tons, up 38,900 tons from the previous month. The weekly starting rates of semi - steel and all - steel tires increased. The domestic tire production in May was 102.749 million pieces, up 0.74%. The export volume of new pneumatic rubber tires was 60.31 million pieces, down 2.44%. The total import volume of natural rubber was 463,400 tons, up 2.21% [2]. - **Inventory Change**: The bonded area inventory was 636,383 tons, up 0.63%. The factory - warehouse futures inventory of natural rubber on the SHFE was 36,691 tons, down 0.82%. The inbound and outbound rates of dry rubber in Qingdao's bonded and general - trade warehouses changed to varying degrees [2]. Group 2: Polysilicon Industry Report Industry Investment Rating Not provided. Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed higher, with multiple contracts hitting the daily limit. Driven by the rise in coal prices and the smooth transmission of price increases in the silicon - based photovoltaic industry chain, there may still be room for price increases in the future. However, as the delivery month approaches, investors need to pay attention to position control and risk management [4]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re - feedstock and N - type granular silicon remained unchanged at 46,000 yuan/ton and 43,000 yuan/ton respectively. The basis of N - type material (average price) was - 3,105 yuan/ton, down 1013.24%. The prices of some silicon wafers, battery cells, and components were stable, while the average price of Topcon components (distributed) and N - type 210mm components (for centralized projects) increased slightly [4]. - **Futures Price and Monthly Spread**: The price of the PS2506 contract was 49,105 yuan/ton, up 7.54%. The spreads between different contracts also changed to varying degrees, such as the PS2506 - PS2507 spread increasing by 15.56% [4]. - **Fundamental Data**: Weekly, the silicon wafer production was 11.10 GM, down 3.48%; the polysilicon production was 23,000 tons, up 0.88%. Monthly, the polysilicon production was 101,000 tons, up 5.10%; the import volume of polysilicon was 11,000 tons, up 16.59%; the export volume was 22,000 tons, up 5.96%. The silicon wafer production was 58.84 GM, up 1.34%; the import volume was 6,000 tons, down 15.41%; the export volume was 61,000 tons, up 11.37% [4]. - **Inventory Change**: The polysilicon inventory was 249,000 tons, down 9.78%; the silicon wafer inventory was 16.02 CM, down 11.64%. The number of polysilicon warehouse receipts remained unchanged at 2,780 hands [4]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided. Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed higher, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the silicon - based photovoltaic industry chain, the price of industrial silicon may continue to rise. However, attention should be paid to the inventory pressure caused by the decline in silicone demand. For the 09 contract with a large open interest, it is recommended to control positions and manage risks [5]. Summary by Directory - **Spot Price and Basis**: On July 22, the price of East China oxygen - passing S15530 industrial silicon was 9,700 yuan/ton, up 2.11%. The basis of different grades of industrial silicon changed significantly, such as the basis of SI4210 industrial silicon (benchmark) being - 505 yuan/ton, down 62.90% [5]. - **Monthly Spread**: The 2508 - 2509 spread was - 25 yuan/ton, down 25.00%; the 2509 - 2510 spread was 85 yuan/ton, up 21.43%; the 2510 - 2511 spread was 60 yuan/ton, down 25.00%; the 2511 - 2512 spread was - 320 yuan/ton, down 52.38%; the 2512 - 2601 spread was 85 yuan/ton, up 70.00% [5]. - **Fundamental Data**: Monthly, the national industrial silicon production was 300,800 tons, down 12.10%; Xinjiang's production was 167,500 tons, down 20.55%; Yunnan's production was 13,500 tons, up 9.35%; Sichuan's production was 11,300 tons, up 145.65%. The national industrial silicon starting rate was 51.23%, down 11.37%. The production of silicone DMC, polysilicon, and recycled aluminum alloy increased, and the industrial silicon export volume was 60,500 tons, up 1.64% [5]. - **Inventory Change**: The Xinjiang factory - warehouse inventory was 123,600 tons, down 0.24%; the Yunnan factory - warehouse inventory was 27,300 tons, up 0.37%; the Sichuan factory - warehouse inventory was 23,000 tons, down 1.29%. The social inventory was 547,000 tons, down 0.73%; the warehouse - receipt inventory was 250,300 tons, down 0.18%; the non - warehouse - receipt inventory was 296,700 tons, down 1.19% [5]. Group 4: Log Industry Report Industry Investment Rating Not provided. Core View On July 22, the log futures first rose and then fell. In the short term, due to the high - temperature season being the off - season for log demand and the decline in spot prices, it is recommended to be cautious about chasing up. One can consider buying on dips. Attention should be paid to market sentiment changes and policy expectations [6]. Summary by Directory - **Futures and Spot Price**: On July 22, the price of log 2507 was 825 yuan/m³, up 0.61%; the price of log 2509 was 838 yuan/m³, unchanged; the price of log 2511 was 842 yuan/m³, down 0.30%; the price of log 2601 was 853 yuan/m³, down 0.93%. The 9 - 11 spread was - 4 yuan/m³, up 2.5; the 9 - 1 spread was - 15 yuan/m³, up 8. The basis of the 09 contract was - 98 yuan/m³, unchanged. The spot prices of logs in major ports remained stable [6]. - **Supply**: In June, the port shipping volume was 1.76 million m³, up 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 8.62% [6]. - **Inventory**: As of July 18, the total inventory of coniferous logs in China was 3.29 million m³, up 2.17% from July 11. The inventory in Shandong increased by 2.01%, while the inventory in Jiangsu decreased by 0.67% [6]. - **Demand**: As of July 18, the daily average outbound volume of logs in China was 62,400 m³, up 6.12% from July 11. The daily average outbound volume in Shandong decreased by 5%, while that in Jiangsu increased by 25% [6]. Group 5: Glass and Soda Ash Industry Report Industry Investment Rating Not provided. Core View The market sentiment was boosted by coal - related information, and the futures prices of glass and soda ash hit the daily limit. For soda ash, the supply - demand pattern is still in excess, and there is pressure on the demand side in the second half of the year. For glass, although the spot market has improved, it is currently in the off - season, and the demand side is under pressure. In the short term, the market fluctuates greatly due to policy and news, and risk avoidance should be noted [7]. Summary by Directory - **Glass - Related Price and Spread**: On July 22, the price of glass in North China was 1,200 yuan/ton, up 1.69%; in East China, it was 1,250 yuan/ton, unchanged; in Central China, it was 1,140 yuan/ton, up 0.88%; in South China, it was 1,290 yuan/ton, unchanged. The price of glass 2505 was 1,317 yuan/ton, up 6.21%; the price of glass 2509 was 1,173 yuan/ton, up 8.51%. The 05 basis was - 117 yuan/ton, down 95.00% [7]. - **Soda Ash - Related Price and Spread**: The price of soda ash in North China was 1,350 yuan/ton, unchanged; in East China, it was 1,230 yuan/ton, unchanged; in Central China, it was 1,200 yuan/ton, unchanged; in Northwest China, it was 1,020 yuan/ton, up 4.08%. The price of soda ash 2505 was 1,390 yuan/ton, up 6.43%; the price of soda ash 2509 was 1,295 yuan/ton, up 6.05%. The 05 basis was - 40 yuan/ton, down 190.91% [7]. - **Supply**: The soda ash starting rate was 84.10%, up 3.42%; the weekly soda ash production was 733,200 tons, up 3.41%. The daily melting volume of float glass was 157,800 tons, down 0.38%; the daily melting volume of photovoltaic glass was 91,840 tons, down 2.70% [7]. - **Inventory**: The glass factory - warehouse inventory was 64.939 million heavy boxes, down 3.22%. The soda ash factory - warehouse inventory was 1.9056 million tons, up 2.26%; the soda ash delivery - warehouse inventory was 246,600 tons, up 3.61%. The glass factory's soda ash inventory was 23.4, up 11.34% [7]. - **Real Estate Data**: The year - on - year growth rate of new construction area was - 18.73%, an increase of 2.99 percentage points; the growth rate of construction area was - 33.33%, a decrease of 7.56 percentage points; the growth rate of completion area was - 11.68%, an increase of 15.67 percentage points; the growth rate of sales area was - 1.55%, an increase of 12.13 percentage points [7].

Group 1: Rubber Industry Report Industry Investment Rating Not provided Core View Short - term rubber prices are rebounding due to macro - sentiment and rainfall in production areas. It is advisable to wait and see in the short term and pay attention to the improvement of raw material supply after the weather in the main production areas gets better [2] Summary by Directory - **Spot Price and Basis**: On July 22, the price of Yunnan state - owned whole - miscible rubber in Shanghai was 14,950 yuan/ton, up 100 yuan or 0.67% from July 21. The basis of whole milk switched to the 2509 contract was - 110, down 65 or - 144.44%. The price of Thai standard mixed rubber was 14,650 yuan/ton, up 100 yuan or 0.69%. The non - standard price difference was - 410, down 65 or - 18.84%. The FOB intermediate price of cup rubber in the international market was 49.30 Thai baht/kg, up 0.70 Thai baht or 1.44%. The FOB intermediate price of glue in the international market remained unchanged at 54.50 Thai baht/kg [2] - **Fundamental Data**: In May, Thailand's rubber production was 272,200 tons, up 166,500 tons or 157.52% from the previous period; Indonesia's production was 200,300 tons, up 6,200 tons or 3.19%; India's production was 47,700 tons, up 2,300 tons or 5.07%; China's production was 97,000 tons, up 38,900 tons. The weekly opening rate of semi - steel tires for automobile tires was 75.99%, up 3.07 percentage points; the weekly opening rate of all - steel tires was 65.10%, up 0.54 percentage points. The domestic tire production in May was 102.749 million pieces, up 0.74%. The export volume of new pneumatic rubber tires in May was 60.31 million pieces, down 2.44%. The total import volume of natural rubber in May was 463,400 tons, up 2.21% [2] - **Inventory Changes**: On July 22, the bonded area inventory was 636,383 tons, up 0.63% from the previous value. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange was 36,691 tons, down 0.82% [2] Group 2: Polysilicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, there may still be room for growth in the future. Attention should be paid to the opening of arbitrage space after the price rises and the increase in warehouse receipts and arbitrage positions. It is necessary to control positions and manage risks [3][4][5] Summary by Directory - **Spot Price and Basis**: On July 22, the average price of N - type re - feeding materials remained at 46,000 yuan/ton; the average price of N - type granular silicon remained at 43,000 yuan/ton; the basis of N - type materials (average price) was - 3,105 yuan/ton, down 3,445 yuan or - 1013.24% [4] - **Futures Price and Inter - month Spread**: On July 22, the price of the PS2506 contract was 49,105 yuan/ton, up 3,445 yuan or 7.54% from July 21. The spread between PS2506 - PS2507 was 260 yuan/ton, up 15.56%; the spread between PS2507 - PS2508 was 235 yuan/ton, up 62.07% [4] - **Fundamental Data**: Weekly, the silicon wafer production was 11.10 GM, down 0.40 GM or - 3.48%; the polysilicon production was 23,000 tons, up 0.88%. Monthly, the polysilicon production was 101,000 tons, up 5.10%; the polysilicon import volume was 11,000 tons, up 16.59%; the polysilicon export volume was 22,000 tons, up 5.96% [4] - **Inventory Changes**: The polysilicon inventory was 249,000 tons, down 9.78%; the silicon wafer inventory was 16.02 CM, down 11.64%; the polysilicon warehouse receipts remained unchanged at 2,780 lots [4] Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View On July 22, 2025, the futures prices of industrial silicon and polysilicon opened high and closed high, with multiple contracts hitting the daily limit. Driven by coal price increases and the smooth transmission of price increases in the crystalline silicon photovoltaic industry chain, the price may continue to rise. Attention should be paid to whether the spot price will continue to increase. There is a risk of inventory accumulation due to the decline in silicone demand, and it is recommended to control positions and manage risks [5] Summary by Directory - **Spot Price and Main Contract Basis**: On July 22, the price of East China oxygen - passing S15530 industrial silicon was 9,700 yuan/ton, up 200 yuan or 2.11%. The basis of oxygen - passing SI5530 was - 195, down 81.25%. The price of East China SI4210 industrial silicon was 9,750 yuan/ton, up 200 yuan or 2.05%. The basis of SI4210 was - 505, down 195 or - 62.90% [5] - **Inter - month Spread**: On July 22, the spread between 2508 - 2509 was - 25 yuan/ton, down 25.00%; the spread between 2509 - 2510 was 85 yuan/ton, up 21.43% [5] - **Fundamental Data (Monthly)**: In May, the national industrial silicon production was 300,800 tons, down 41,400 tons or - 12.10%. Xinjiang's industrial silicon production was 167,500 tons, down 43,300 tons or - 20.55%. Yunnan's industrial silicon production was 13,500 tons, up 9.35%. Sichuan's industrial silicon production was 11,300 tons, up 145.65% [5] - **Inventory Changes**: The Xinjiang factory - warehouse inventory (weekly) was 123,600 tons, down 0.24%. The Yunnan factory - warehouse inventory (weekly) was 27,300 tons, up 0.37%. The Sichuan factory - warehouse inventory (weekly) was 23,000 tons, down 1.29%. The social inventory (weekly) was 547,000 tons, down 0.73%. The warehouse receipt inventory (daily) was 250,300 tons, down 0.18%. The non - warehouse receipt inventory (daily) was 296,700 tons, down 1.19% [5] Group 4: Log Futures Industry Report Industry Investment Rating Not provided Core View Recently, the sentiment of the log futures market has improved. However, currently, due to the high - temperature season, the demand for logs is in the off - season, and the spot price has declined. It is recommended to be cautious about chasing up in the short term and consider buying on dips during callbacks. Attention should be paid to market sentiment changes and policy expectations [6] Summary by Directory - **Futures and Spot Prices**: On July 22, the price of log 2507 was 825 yuan/m³, up 5 yuan or 0.61%. The price of log 2509 remained at 838 yuan/m³. The price of log 2511 was 842 yuan/m³, down 2.5 yuan or - 0.30%. The price of log 2601 was 853 yuan/m³, down 8 yuan or - 0.93% [6] - **Supply (Monthly)**: In June, the port shipping volume was 1.76 million m³, up 2.12%. The number of departing ships from New Zealand to China, Japan, and South Korea was 53, down 8.62% [6] - **Inventory**: As of July 18, the national coniferous log inventory was 3.29 million m³, up 70,000 m³ or 2.17% from July 11 [6] - **Demand**: As of July 18, the daily average log delivery volume was 62,400 m³, up 0.36 m³ or 6.12% from July 11 [6] Group 5: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View - **Soda Ash**: The soda ash market is greatly affected by policies and news in the short term, with significant price fluctuations. In the medium - term, the demand for soda ash has no obvious growth, and there is a risk of inventory accumulation. Attention should be paid to the production adjustment of upstream soda ash plants and risk avoidance [7] - **Glass**: The glass market is also affected by market sentiment. Currently, it is in the off - season, and the demand is under pressure. The industry needs to clear production capacity to reverse the situation. The short - term price is expected to fluctuate greatly, and risk avoidance is necessary [7] Summary by Directory - **Glass - related Prices and Spreads**: On July 22, the north - China glass quotation was 1,200 yuan/ton, up 20 yuan or 1.69%. The east - China quotation remained at 1,250 yuan/ton. The central - China quotation was 1,140 yuan/ton, up 10 yuan or 0.88%. The south - China quotation remained at 1,290 yuan/ton. The price of glass 2505 was 1,317 yuan/ton, up 77 yuan or 6.21%. The price of glass 2509 was 1,173 yuan/ton, up 92 yuan or 8.51% [7] - **Soda Ash - related Prices and Spreads**: The north - China soda ash quotation remained at 1,350 yuan/ton. The east - China quotation remained at 1,230 yuan/ton. The central - China quotation remained at 1,200 yuan/ton. The northwest quotation was 1,020 yuan/ton, up 40 yuan or 4.08%. The price of soda ash 2505 was 1,390 yuan/ton, up 84 yuan or 6.43%. The price of soda ash 2509 was 1,295 yuan/ton, up 79 yuan or 6.05% [7] - **Supply**: On July 18, the soda ash operating rate was 84.10%, up 3.42%. The weekly soda ash production was 733,200 tons, up 3.41%. The daily melting volume of float glass was 157,800 tons, down 0.38%. The daily melting volume of photovoltaic glass was 91,840 tons, down 2.70% [7] - **Inventory**: As of July 18, the glass factory inventory was 64.939 million heavy boxes, down 3.22%. The soda ash factory inventory was 1.9056 million tons, up 2.26%. The soda ash delivery warehouse inventory was 246,600 tons, up 3.61% [7]