1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - **Likely factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [8][10] - **Negative factors**: Overall supply pressure rebound, high inventory levels with slow consumption, and weak domestic and external demand [10] - **Main logic**: Strong overall supply pressure and sluggish domestic demand recovery [11] - **Expected trend**: The PVC2601 contract is expected to fluctuate in the range of 4,874 - 4,940. Continued attention should be paid to macro - policies and export dynamics [8] 3. Summary According to the Directory 3.1 Daily Views - **Likely factors**: Supply resumption, cost support from calcium carbide and ethylene, and export advantages [8][10] - **Negative factors**: Overall supply pressure rebound, high inventory levels with slow consumption, and weak domestic and external demand [10] - **Main logic**: Strong overall supply pressure and sluggish domestic demand recovery [11] 3.2 Fundamental/Position Data - **Supply side**: In July 2025, PVC production was 2.00461 million tons, a month - on - month increase of 0.67%. This week, the sample enterprise capacity utilization rate was 76.02%, a month - on - month decrease of 0.02 percentage points. Calcium carbide method enterprise production was 330,135 tons, a month - on - month increase of 0.57%, and ethylene method enterprise production was 125,160 tons, a month - on - month decrease of 8.34%. Supply pressure decreased this week. Next week, maintenance is expected to decrease, and production is expected to increase slightly [7] - **Demand side**: The overall downstream operating rate was 42.6%, a month - on - month decrease of 0.10 percentage points, lower than the historical average. The downstream profile operating rate was 42.6%, a month - on - month increase of 0.95 percentage points, higher than the historical average. The downstream pipe operating rate was 33.61%, flat month - on - month, lower than the historical average. The downstream film operating rate was 70.77%, flat month - on - month, higher than the historical average. The downstream paste resin operating rate was 69.26%, a month - on - month decrease of 8.27 percentage points, higher than the historical average. Shipping costs are expected to decline, and domestic PVC export prices are competitive. Current demand may remain weak [7][8] - **Cost side**: The profit of the calcium carbide method was - 399.2026 yuan/ton, with losses increasing by 79.20% month - on - month, lower than the historical average. The profit of the ethylene method was - 627.9512 yuan/ton, with losses increasing by 6.10% month - on - month, lower than the historical average. The double - ton price difference was 2,717.05 yuan/ton, with profits decreasing by 0.00% month - on - month, lower than the historical average. Production scheduling may face pressure [7] 3.3 PVC Market Overview - The report presents yesterday's PVC market data, including prices, spreads, inventory, and production of different types of PVC, as well as operating rates and profit margins of downstream industries [13] 3.4 PVC Futures Market - Basis Trend - The report shows the historical trend chart of PVC basis, including the basis, PVC market price in East China, and the closing price of the main contract [15][16] 3.5 PVC Futures Market - The report shows the price, trading volume, and position changes of the PVC futures main contract, as well as the position changes of the top 5/20 seats [19] 3.6 PVC Futures Market - Spread Analysis - Main Contract Spread - The report shows the historical trend chart of the main contract spreads of PVC futures, including 1 - 9 and 5 - 9 spreads [21][22] 3.7 PVC Fundamental - Calcium Carbide Method - Lanthanum Coke - The report shows the historical data of lanthanum coke prices, costs, profits, operating rates, inventory, and daily production [24][25] 3.8 PVC Fundamental - Calcium Carbide Method - Calcium Carbide - The report shows the historical data of calcium carbide prices, costs, profits, operating rates, maintenance losses, and production [27][28] 3.9 PVC Fundamental - Calcium Carbide Method - Liquid Chlorine and Raw Salt - The report shows the historical data of liquid chlorine and raw salt prices, production, and monthly production [30][31] 3.10 PVC Fundamental - Calcium Carbide Method - Caustic Soda - The report shows the historical data of caustic soda prices, costs, profits, operating rates, production, maintenance volume, apparent consumption, and inventory [32][33][34] 3.11 PVC Fundamental - PVC Supply Trend - The report shows the historical data of PVC production capacity utilization rates, profits, daily production, weekly maintenance volume, and weekly production of sample enterprises [36][37][38] 3.12 PVC Fundamental - Demand Trend - The report shows the historical data of PVC traders' daily sales volume, weekly pre - sales volume, production - sales ratio, apparent consumption, downstream average operating rate, and operating rates of different downstream industries [40][41][42] 3.13 PVC Fundamental - Inventory - The report shows the historical data of exchange warehouse receipts, calcium carbide method factory inventory, ethylene method factory inventory, social inventory, and production enterprise inventory days [54][55] 3.14 PVC Fundamental - Ethylene Method - The report shows the historical data of vinyl chloride imports, dichloroethane imports, PVC exports, and price spreads [56][57] 3.15 PVC Fundamental - Supply - Demand Balance Sheet - The report shows the supply - demand balance sheet of PVC from June 2024 to July 2025, including exports, demand, social inventory, factory inventory, production, and imports [60]

Group 1 - The core viewpoint from Ruida Futures indicates that the short-term L2601 contract is expected to show a fluctuating trend [1] - Ningzheng Futures anticipates a weak fluctuation for the L2601 contract in the short term, with a resistance level around 7380 [2] - The supply side shows a slight decrease in PE production by 0.50% to 617,800 tons, with a capacity utilization rate of 78.72%, indicating stable supply conditions [1] Group 2 - The average operating rate of downstream PE products increased by 0.3%, with agricultural film operating rates rising by 2.9%, suggesting a seasonal demand increase [1] - Production enterprise inventory rose by 12.91% to 501,900 tons, while social inventory decreased by 2.14% to 556,500 tons, indicating manageable total inventory pressure [1] - Recent international oil prices have seen a slight increase, providing some cost support, while the EIA reported a larger-than-expected decrease in weekly inventories [1]

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Cross - variety: None [3] Core Viewpoints - The traditional consumption peak seasons "Golden September and Silver October" are approaching. The demand for PE downstream agricultural films and greenhouse films is gradually starting, and the packaging film industry is stocking up in advance. The plastic products industry is recovering with the seasonal demand growth of home appliances and automobiles. The number of PE parking and maintenance devices has increased, slightly alleviating the supply pressure. However, the overall current operation is still at a relatively high level, with production enterprises accumulating inventory and upstream facing certain de - stocking pressure. The PP operation rate is flat month - on - month, and the inventory in the upstream and mid - stream links has decreased slightly. New PP production capacity is continuously being released. The international oil price shows a weak trend, the oil - based production profit is acceptable, the propane price has increased slightly, and the PDH - based PP profit is near the break - even point [2] Summary by Directory 1. Polyolefin Basis Structure - It includes the trend of plastic futures' main contracts and the basis between LL East China and the main contract, as well as the trend of polypropylene futures' main contracts and the basis between PP East China and the main contract [8][11] 2. Production Profit and Operation Rate - For PE, it involves LL production profit (crude oil - based), PE operation rate, PE weekly output, and PE maintenance loss. For PP, it includes PP production profit (crude oil - based), PP production profit (PDH - based), PP operation rate, PP weekly output, PP maintenance loss, and PDH - based PP capacity utilization [19][22][29] 3. Polyolefin Non - Standard Price Difference - It covers the price differences between HD injection molding - LL East China, HD blow molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection molding - drawn wire East China [28][35][36] 4. Polyolefin Import and Export Profit - For LL, it includes LL import profit, the price difference between LL US Gulf FOB and China CFR, the price difference between LL Southeast Asia CFR and China CFR, and the price difference between LL Europe FD and China CFR. For PP, it involves PP import profit, PP export profit (to Southeast Asia), and the price differences between PP homopolymer injection molding from different regions and China CFR [43][53][61] 5. Polyolefin Downstream Operation and Downstream Profit - It includes the operation rates of PE downstream agricultural films, packaging films, and winding films, as well as the operation rates and production profits of PP downstream plastic weaving, BOPP, and injection molding [62][63][71] 6. Polyolefin Inventory - It includes the inventories of PE oil - based enterprises, PE coal - chemical enterprises, PE traders, PE ports, PP oil - based enterprises, PP coal - chemical enterprises, PP traders, and PP ports [73][78][83]

Core Viewpoint - Ningbo Color Masterbatch Co., Ltd. reported a stable business performance with a revenue of 219 million yuan and a net profit of 51.39 million yuan for the first half of 2025, reflecting a year-on-year growth of 10.50% in net profit [1] Group 1: Financial Performance - The company achieved an operating income of 219 million yuan and a net profit attributable to shareholders of 51.39 million yuan, representing a year-on-year increase of 10.50% [1] - The net profit after deducting non-recurring gains and losses was 43.21 million yuan, showing a year-on-year growth of 6.20% [1] - Research and development expenses amounted to 8.08 million yuan, accounting for 3.68% of operating income, ensuring continuous innovation capability [1] Group 2: Business Strategy and Operations - The company maintains strategic focus and relies on a solid foundation in the plastic color masterbatch sector, which is the main driver of its performance [1] - It adopts an independent research and development model with multiple core technologies and intellectual property rights [1] - The company emphasizes a customer-tailored order model, optimizing product structure and enhancing core competitiveness [1] Group 3: Industry Position and Product Offering - Ningbo Color Masterbatch specializes in the research, production, sales, and technical services of color masterbatches, providing customized plastic coloring products [2] - Its products are widely used in various industries, including electronics, daily necessities, food and beverage, chemicals, construction materials, agriculture, automotive, and medical sectors [2] - The company has established long-term stable partnerships with numerous well-known enterprises and has become one of the leading suppliers of plastic color masterbatches in China [2]

Group 1 - The company, 聚赛龙, specializes in modified general plastics, modified engineering plastics, and modified special engineering plastics, and is recognized as a national high-tech enterprise and a national specialized and innovative small giant enterprise [2] - 聚赛龙 was established in 1998 and listed on the Shenzhen Stock Exchange's ChiNext board in March 2022, with the stock code 301131 [2] - The company has two major production bases located in East and South China, and its core products have received UL and CQC certifications [2] Group 2 - For the period from January to March 2025, 聚赛龙 reported an operating income of 360.3 million yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 15.8 million yuan, up 9.32% year-on-year [2] - The company's net profit excluding non-recurring gains and losses was 15.59 million yuan, reflecting a year-on-year increase of 13.75% [2] - As of May 2025, 聚赛龙 has a highly concentrated shareholder structure, with 10,130 shareholders and an average of 3,041 circulating shares per person, amounting to an average holding value of 138,000 yuan [2] Group 3 - The convertible bond, 赛龙转债, experienced a decline of 2.02%, trading at 156.958 yuan per bond, with a transaction volume of 89.88 million yuan and a conversion premium rate of 9.51% [1] - The bond has a credit rating of "A+" and a maturity period of 6 years, with interest rates increasing from 0.30% in the first year to 2.80% in the sixth year [1] - The conversion price for the bond is set at 36.4 yuan, with the conversion period starting on January 13, 2025 [1]

Group 1 - The company achieved a revenue of 1.666 billion yuan in the first half of 2025, representing a year-on-year growth of 16.13%, with quarterly revenues of 793 million yuan in Q1 and 873 million yuan in Q2, setting historical records for the same period [1] - The net profit attributable to shareholders was 146 million yuan, with both revenue and net profit showing consistent growth, excluding non-operating factors such as exchange rate fluctuations [1] - The Chinese plastic processing industry demonstrated resilience, with total exports of plastics and related products exceeding the previous year's levels, indicating strong industry development [1] Group 2 - The company's overall export share approached 90%, serving over 130 countries, with more than 70% of revenue coming from the Europe and North America regions, showcasing sustained operational resilience [2] - The Vietnam production base, established in 2019, reported a revenue growth of 48.89% year-on-year, contributing approximately 3 percentage points to the company's overall revenue [2] - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders, amounting to an estimated total cash dividend of 19.3386 million yuan [2]

Core Viewpoint - The recent global negotiations on plastic pollution concluded in Geneva, emphasizing the urgent need for a collaborative and practical approach to tackle this complex environmental challenge [1][3]. Group 1: Negotiation Details - Over 2,600 representatives from 183 member countries and more than 400 observer organizations participated in the negotiations [2]. - The Chinese delegation, comprising various governmental departments and the China Plastics Processing Industry Association, actively contributed to discussions on key terms related to plastic products and sustainable production [2][3]. - The negotiations followed a previous meeting in Busan, South Korea, where no binding agreements were reached, leading to the continuation of discussions in Geneva [3]. Group 2: China's Role and Contributions - China played a significant role in the negotiations, proposing bridging solutions and sharing experiences in reducing plastic usage and improving waste management [2][3]. - The China Plastics Processing Industry Association aims to continue its involvement in international plastic pollution governance, contributing industry insights towards a scientifically sound and effective international legal framework [3][4]. - The association has made significant progress in green design and waste management, positioning itself at the forefront of sustainable development in the industry [3]. Group 3: Future Directions - The China Plastics Processing Industry Association plans to promote green design concepts, enhance waste disposal and recycling efficiency, and support high-quality applications of recycled plastics [4]. - These efforts are aligned with the goals of building a circular economy, achieving carbon neutrality, and improving the quality of life for the public [4].

Group 1 - The company, Yinxin Technology, announced that its wholly-owned subsidiary, Yinxin Engineering Plastics (Dongguan) Co., Ltd., has been successfully included in the list of key "Little Giant" enterprises as per the notice from the Dongguan Municipal Bureau of Industry and Information Technology [2]

Report Industry Investment Rating No relevant information provided. Core Views - The market is speculating on the Fed's interest rate cut expectations. For the copper market, the fundamental situation remains largely unchanged, with support from the peak seasons of "Golden September and Silver October" and the market awaiting new drivers [10]. - The lithium carbonate market is affected by the resumption of production at Yichun Yinli, but demand from power battery factories during the peak season provides some support. The market is volatile and requires cautious operation [11][12]. - Crude oil prices are expected to face downward pressure as the consumption peak season ends and the supply - demand situation weakens. It is recommended to short on rallies [13]. - Asphalt futures are expected to be in a weak and volatile state due to insufficient cost - side support and weak demand [15]. - PP is expected to trade in a range. It is recommended to take profit on the 09 - 01 reverse spread as the 09 contract approaches the delivery month [16][17]. - Plastic is expected to trade in a range, with the improvement in the agricultural film industry potentially providing some support [18]. - PVC is expected to decline in a volatile manner due to weak demand and high inventory pressure [19][20]. - The coking coal market is temporarily in a downward - biased and volatile state, with market sentiment affected by various factors [21]. - Urea is expected to be bearish in the short term due to weak domestic demand and high inventory [22][23]. Summary by Variety Futures Market Overview - As of the close on August 22, domestic futures main contracts showed mixed performance. Fuel oil and caustic soda rose over 2%, while lithium carbonate fell over 4%. Stock index futures generally rose, and treasury bond futures mostly fell [6]. - As of 15:16 on August 22, funds flowed into contracts such as CSI 300 2509, SSE 50 2509, and CSI 1000 2509, while funds flowed out of contracts like lithium carbonate 2511, SHFE copper 2509, and SHFE gold 2510 [8]. Copper - The market is speculating on the Fed's interest rate cut expectations. The supply of refined copper is expected to be stable in the short term, with potential production cuts in the later third quarter. Demand is supported by the power grid and new energy sectors but is still affected by the real estate market. The market is waiting for new drivers [10]. Lithium Carbonate - The price of lithium carbonate is in a downward - trending shock. The resumption of production at Yichun Yinli eases supply concerns, and demand from power battery factories during the peak season provides support. The market is highly sensitive to industry news [11][12]. Crude Oil - Crude oil is at the end of the seasonal travel peak. OPEC + plans to increase production in September. EIA and IEA have raised the forecast of global oil surplus. The consumption peak season is ending, and prices are expected to decline [13]. Asphalt - The asphalt supply has decreased, and demand is affected by factors such as weather and funds. With the decline in crude oil prices, the cost - side support is insufficient, and the market is expected to be weak [15]. PP - The downstream PP开工率 has slightly increased, and the supply may increase with new capacity. Demand is weak in the short term but may be boosted during the peak seasons. The market is expected to trade in a range [16][17]. Plastic - The plastic开工率 has decreased, and the downstream demand is gradually improving, especially in the agricultural film sector. The market is expected to trade in a range [18]. PVC - The PVC开工率 has decreased, and demand is weak, especially affected by the real estate market. Exports are expected to decline, and inventory pressure is high. The market is expected to decline [19][20]. Coking Coal - The price of coking coal has declined. The supply has increased, and the demand is affected by factors such as environmental protection and the steel industry. The market sentiment is volatile, and the market is expected to be downward - biased [21]. Urea - The price of urea has declined. The supply is stable, and domestic demand is weak, with high inventory levels. The market is expected to be bearish in the short term [22][23].

Report Summary 1. Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoint The V2601 contract of PVC ended at 5008 yuan/ton. The supply side saw the PVC capacity utilization rate increase by 0.87% week-on-week to 80.33% last week. The demand side had the downstream PVC开工率 decrease by 0.1% week-on-week to 42.75% last week. PVC social inventory increased by 4.53% week-on-week to 81.14 million tons. This week, due to plant overhauls, the PVC capacity utilization rate is expected to decline. In the medium to long term, new PVC production capacity is planned to be put into operation in August, and the considerable chlor-alkali profits provide room for increasing PVC plant load, so the future supply pressure remains unoptimistic. Domestic downstream demand is in the off-season with only rigid procurement. The weak terminal real estate market continues to drag down domestic demand. The Indian BIS certification is postponed to mid - December, and the anti - dumping policy is expected to be implemented as early as September. The rainy season still hinders short - term overseas demand transmission. Technically, V2601 should focus on the support around 4900 yuan/ton [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of PVC futures was 5008 yuan/ton, with a daily increase of 7 yuan/ton. The trading volume was 960,719 lots, a daily increase of 280,340 lots. The open interest was 943,093 lots, a daily increase of 20,013 lots. The long positions of the top 20 futures holders were 852,889 lots, a daily decrease of 3,341 lots. The short positions were 921,736 lots, a daily decrease of 15,497 lots. The net long positions were - 68,847 lots, a daily increase of 12,156 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 5065 yuan/ton, a daily decrease of 10 yuan/ton; the price of calcium carbide - based PVC was 4777.69 yuan/ton, a daily decrease of 46.54 yuan/ton. In the South China region, the price of ethylene - based PVC was 4955 yuan/ton, a daily decrease of 20 yuan/ton; the price of calcium carbide - based PVC was 4846.56 yuan/ton, a daily decrease of 32.81 yuan/ton. The CIF price of PVC in China was 700 US dollars/ton, unchanged; the CIF price in Southeast Asia was 680 US dollars/ton, unchanged; the FOB price in Northwest Europe was 750 US dollars/ton, unchanged. The basis of PVC was - 251 yuan/ton, a daily increase of 3 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2650 yuan/ton, unchanged; in North China, it was 2548.33 yuan/ton, unchanged; in Northwest China, it was 2320 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia was - 575 yuan/ton, unchanged. The CFR mid - price of VCM in the Far East was 521 US dollars/ton, unchanged; in Southeast Asia, it was 548 US dollars/ton, unchanged. The CFR mid - price of EDC in the Far East was 181 US dollars/ton, a weekly decrease of 8 US dollars/ton; in Southeast Asia, it was 189 US dollars/ton, a weekly decrease of 9 US dollars/ton [3]. 3.4 Industry Situation - The weekly operating rate of PVC was 80.33%, a week - on - week increase of 0.87%. The operating rate of calcium carbide - based PVC was 79.96%, a week - on - week increase of 1.31%. The operating rate of ethylene - based PVC was 81.26%, a week - on - week decrease of 0.23%. The total social inventory of PVC was 492,800 tons, a daily increase of 12,000 tons. The total social inventory in the East China region was 435,200 tons, a daily increase of 11,500 tons. The total social inventory in the South China region was 57,600 tons, a daily increase of 500 tons [3]. 3.5 Downstream Situation - The national real estate climate index was 93.34, a monthly decrease of 0.26. The cumulative value of new housing construction area was 35.206 million square meters, a monthly increase of 4.84168 million square meters. The cumulative value of real estate construction area was 6.38731 billion square meters, a monthly increase of 5.40957 million square meters. The cumulative value of real estate development investment was 244.755 billion yuan, a monthly increase of 53.2069 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 22.25%, a daily decrease of 3.7%. The 40 - day historical volatility was 22.06%, a daily decrease of 0.97%. The implied volatility of at - the - money put options was 15.39%, a daily decrease of 1.32%. The implied volatility of at - the - money call options was 15.4%, a daily decrease of 14.17% [3]. 3.7 Industry News - India may adjust the anti - dumping tax rate on imported PVC. The rate for mainland China will be raised much higher than that for other countries and regions. - On August 20, the market prices of PVC SG5 in Shanghai, Changzhou, and Hangzhou decreased by 0 - 40 yuan/ton compared with the previous day, ranging from 4700 to 4800 yuan/ton. - From August 9 to August 15, China's PVC capacity utilization rate was 80.33%, a week - on - week increase of 0.87%. - As of August 14, PVC social inventory increased by 4.53% week - on - week to 81.14 million tons and decreased by 12.72% year - on - year [3].