海南金海浆纸业有限公司主要对外出口白卡纸、铜版纸等产品，泰国、菲律宾等东盟国家为其主要 出口市场。"在海口海关所属洋浦海关的大力指导下，我们成为儋州洋浦地区首家经核准出口商。得益 于政策精准支持，企业出口成本有所下降，出口效率进一步提升，自RCEP生效至今我们已累计自主出 具1213票原产地声明，货值4.9亿元，享受税收减让约1900万元。"该公司关务负责人介绍。 原产地签证货值13.13亿元 企业减免进口国关税约6500万元 乘RCEP东风，"海南制造"加速出海 海口海关关税处相关负责人表示，接下来，海关将持续推广原产地证书智能审核、无纸化申报、自 助打印等便利化措施，主动分析挖掘可享惠企业，推动经核准出口商的扩面增效，梳理辖区企业情况， 靶向施策，助力企业积极融入RCEP大市场，切实增强海南外贸企业国际竞争力，助力"海南制造"加速 出海。 海南泉溢食品有限公司主要生产冻水产品，日本是其主要出口国之一。近日，海口海关所属海口港 海关为该企业出口的一批价值76.5万元的冻海鳗鱼块签发了RCEP原产地证书。"凭借海关签发的RCEP 原产地证书，这批货物抵达国外后，其进口关税将由3.5%降为2.2%，降税幅度达3 ...

Core Viewpoint - The green transformation of the high-carbon paper industry in China is essential for survival, driven by the "dual carbon" policy and the impending EU carbon border adjustment mechanism (CBAM) [1][5][6] Group 1: Industry Transformation and Initiatives - The paper industry is undergoing a significant green revolution, responding to global ecological challenges through sustainable practices [1] - The "forest-pulp-paper integration" model is being advanced, focusing on carbon asset value creation from forest carbon sequestration to carbon trading [1][2] - By the end of 2023, the self-owned forests of APP (China) have sequestered 45 million tons of carbon, laying a solid foundation for carbon credit development [2] Group 2: Policy and Regulatory Framework - The green transformation of the paper industry requires top-level policy design and the inclusion of fast-growing forest carbon credit methodologies into the national CCER trading system [3] - Recommendations include joint efforts by leading enterprises to promote policy recognition of fast-growing forest carbon credits and enhance carbon management across the industry [3][4] Group 3: Market Dynamics and Financial Tools - The green transition is becoming a necessity due to the deep integration of domestic and international policies, with market-based tools being crucial for balancing green investment and economic benefits [5][6] - The EU carbon market, which accounts for 80%-90% of the global carbon market, is expected to influence China's carbon pricing and trading dynamics significantly [6][7] Group 4: Future Outlook and Strategic Recommendations - The paper industry is likely to be included in the national mandatory carbon trading system by 2027, necessitating early preparation for carbon asset management [8] - Companies are advised to conduct carbon diagnostics and optimize energy monitoring to ensure compliance with evolving regulations [8] - Enhancing ESG information disclosure and aligning with international green standards are critical for attracting long-term investments in the paper industry [8][9]

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Report - In the crude oil market, geopolitical risks have increased, but the market is pricing in the impact of OPEC+ production increases in July. Oil prices are under downward pressure in the short - term, with a possible rebound in the third quarter. Brent is expected to trade between $60 - 70 per barrel [2]. - The asphalt market is expected to have weak supply and demand in the short - term. The asphalt/ crude oil spread will remain high, and the BU main contract is expected to trade between 3400 - 3600 [4]. - The domestic LPG market is under pressure in the summer off - season, with weak fundamentals due to increasing supply and weak demand [7]. - High - sulfur fuel oil has seasonal demand support, while low - sulfur fuel oil has weak downstream demand and increasing supply [9]. - Natural gas prices are expected to rebound in the US due to increasing demand, while in Europe, prices are supported by supply disruptions [10][11]. - The PX market is expected to see both supply and demand increase in June, alleviating the tight spot situation [12]. - The PTA market has a weakening supply - demand balance, and processing fees may be compressed [14]. - The ethylene glycol market will maintain a tight - balance pattern, with prices expected to trade at high levels [16]. - The short - fiber market has a strong support for processing fees, with supply losses limited and downstream restocking expected [17]. - The bottle - chip market has weak demand, and processing fees may be suppressed [18]. - The styrene market has a weakening supply - demand balance, with an expected increase in supply and inventory [20]. - The plastic and PP markets are weak in the short and medium - term, and short positions should be held [22]. - The PVC market is in a long - term oversupply situation, and short positions should be held. The caustic soda 09 contract is expected to be weak, and short positions should be taken on rallies [24]. - The soda ash market is bearish, with prices expected to decline gradually [26]. - The glass market is expected to have weak prices in the short - term, and the long - glass short - soda ash strategy should be gradually exited [28]. - The methanol market should be shorted on rebounds, with supply being loose [30]. - The urea market is expected to trade sideways in the short - term, with attention paid to factory order - receiving [32]. - The corrugated paper market has a stable mainstream with some price increases, but terminal demand is weak [33]. - The double - offset paper market has a stable trend, with strong supply and weak demand [35]. - The log market is under pressure in the long - term, and investors can consider long positions for aggressive investors [36]. - The pulp market can be lightly tested for long positions, and an arbitrage strategy can be held [39]. - The natural rubber market has different trends for different varieties, and corresponding trading strategies are proposed [43]. - The butadiene rubber market has a weakening supply - demand balance, and short positions can be considered [46]. Group 3: Summaries by Related Catalogs Crude Oil - **Market Review**: WTI2507 closed at $60.89, down $0.64 (-1.04%); Brent2507 closed at $64.09, down $0.65 (-1.00%); SC main contract 2507 rose to 457.4 yuan/barrel, then fell to 453.5 yuan/barrel at night [1]. - **Related News**: Trump criticized Putin, and OPEC+ may agree to increase production by 411,000 barrels per day in July [1][2]. - **Logic Analysis**: Geopolitical risks increase, but production increases weigh on prices. A possible rebound in Q3 [2]. - **Trading Strategies**: Short - term sideways and weak, medium - term wide - range sideways; gasoline and diesel crack spreads weaken; hold off on options [2][3]. Asphalt - **Market Review**: BU2507 closed at 3487 points (-0.74%) at night, BU2509 closed at 3443 points (-0.55%) at night [4]. - **Related News**: Demand in the north is improving, while in the south, rain affects demand [4]. - **Logic Analysis**: Weak cost support, low inventory supports prices, short - term weak supply and demand [4]. - **Trading Strategies**: Sideways; asphalt - crude oil spread at high levels and sideways; hold off on options [5]. LPG - **Market Review**: PG2507 closed at 4088 (+0.22%) at night, PG2508 closed at 4006 (+0.02%) at night [6]. - **Related News**: Supply in South China is loose, while in Shandong, demand is expected to increase [6]. - **Logic Analysis**: International prices vary, domestic supply increases, demand is weak in summer [7]. - **No trading strategies provided in a complete form** Fuel Oil - **Market Review**: FU07 closed at 2976 (-0.20%) at night, LU07 closed at 3461 (-1.26%) at night [8]. - **Related News**: Egypt is negotiating to import LNG and fuel oil [8][9]. - **Logic Analysis**: High - sulfur has demand support, low - sulfur has weak demand and increasing supply [9]. - **Trading Strategies**: Hold off on single - sided trading; consider FU9 - 1 long spread [10]. Natural Gas - **Market Review**: HH closed at 3.453 (+1.92%), TTF closed at 37.006 (-0.66%), JKM closed at 12.58 (-0.04%) [10]. - **Related News**: US inventory builds more than expected, European supply is disrupted [10][11]. - **Logic Analysis**: US prices may rebound due to demand, European prices are supported by supply [10][11]. - **Trading Strategies**: Go long on HH on dips, TTF sideways and strong [11]. PX - **Market Review**: PX2509 closed at 6706 (+0.48%) during the day, 6654 (-0.78%) at night [11]. - **Related News**: Some PX plants plan to resume or postpone maintenance [12]. - **Logic Analysis**: Supply and demand increase in June, alleviating tightness [12]. - **Trading Strategies**: High - level sideways; long PX short PTA; sell both call and put options [13]. PTA - **Market Review**: TA509 closed at 4740 (+0.34%) during the day, 4710 (-0.63%) at night [13]. - **Related News**: Polyester production and sales are differentiated [14]. - **Logic Analysis**: Supply increases, demand weakens, processing fees may be compressed [14]. - **Trading Strategies**: High - level sideways; long PX short PTA; sell both call and put options [14][15]. Ethylene Glycol - **Market Review**: EG2509 closed at 4387 (-0.14%) during the day, 4381 (-0.14%) at night [14]. - **Related News**: Some MEG plants restart [15]. - **Logic Analysis**: Supply increases slightly, demand weakens, tight - balance pattern [16]. - **Trading Strategies**: High - level sideways; hold off on arbitrage; sell call options [16]. Short - Fiber - **Market Review**: PF2507 closed at 6456 (+0.40%) during the day, 6424 (-0.50%) at night [16]. - **Related News**: Polyester production and sales are differentiated [17]. - **Logic Analysis**: Supply losses are limited, downstream restocking expected [17]. - **Trading Strategies**: Hold off on options [18]. Bottle - Chip - **Market Review**: PR2507 closed at 6010 (+0.07%) during the day, 5992 (-0.30%) at night [18]. - **Related News**: Some plants cut prices, market trading is light [18]. - **Logic Analysis**: Supply is abundant, demand is weak, processing fees may be suppressed [18]. - **Trading Strategies**: Sideways consolidation; hold off on arbitrage; sell call options [19]. Styrene - **Market Review**: EB2507 closed at 7167 (-0.39%) during the day, 7151 (-0.22%) at night [20]. - **Related News**: Some plants have production disruptions [20]. - **Logic Analysis**: Supply and inventory increase, supply - demand weakens [20]. - **Trading Strategies**: Sideways and weak; hold off on arbitrage; sell call options [21]. Plastic and PP - **Market Review**: LLDPE prices fall, PP prices also decline [21]. - **Related News**: PE and PP maintenance ratios change slightly [22]. - **Logic Analysis**: New capacity comes on - stream, demand is weak [22]. - **Trading Strategies**: Short - and medium - term weak, hold short positions; hold off on arbitrage and options [22]. PVC and Caustic Soda - **Market Review**: PVC prices fall, caustic soda prices vary [22][23]. - **Related News**: Some PVC plants may resume, caustic soda new plants are expected [24]. - **Logic Analysis**: PVC is in long - term oversupply, caustic soda 09 contract is weak [24]. - **Trading Strategies**: Hold short positions in PVC; short caustic soda on rallies; hold off on arbitrage and options [24][25]. Soda Ash - **Market Review**: Soda ash futures fall, inventory decreases [25][26]. - **Related News**: Some plants may resume, market is weak [26]. - **Logic Analysis**: Bearish due to over - capacity [26]. - **Trading Strategies**: Bearish, gradual decline; close long - glass short - soda ash spread; hold off on options [27]. Glass - **Market Review**: Glass futures rise, prices are weak [28]. - **Related News**: Some plants adjust prices, a production line cuts output [28]. - **Logic Analysis**: Supply reduction is uncertain, demand is weak in the off - season [28]. - **Trading Strategies**: Sideways; close long - glass short - soda ash spread; hold off on options [29]. Methanol - **Market Review**: Methanol futures rise slightly [29]. - **Related News**: Northwest signing volume increases [30]. - **Logic Analysis**: Supply is loose, short on rebounds [30]. - **Trading Strategies**: Short on rebounds [30][31]. Urea - **Market Review**: Urea futures fluctuate, prices fall [31]. - **Related News**: Production is high, export details are out [32]. - **Logic Analysis**: Supply is high, demand is weak, short - term sideways [32]. - **Trading Strategies**: Short - term sideways; 91 long spread on dips; hold off on options [33]. Corrugated Paper - **Market Review**: Corrugated and box - board paper prices rise slightly [33]. - **Related News**: Market sentiment is stable with some increases [33]. - **Logic Analysis**: Confidence is strengthened, but terminal demand is weak [34]. - **No trading strategies provided** Double - Offset Paper - **Market Review**: Double - offset paper market is stable [34]. - **Related News**: Supply and demand change little [34]. - **Logic Analysis**: Supply is strong, demand is weak [35]. - **No trading strategies provided** Log - **Market Review**: Log futures fall, spot is stable [36]. - **Related News**: Some prices fall,出库 volume increases [36]. - **Logic Analysis**: Short - term improvement, long - term pressure [36]. - **Trading Strategies**: Spot sideways and weak, hold off; futures long for aggressive investors; consider 9 - 11 short spread; hold off on options [37]. Pulp - **Market Review**: Pulp futures stabilize slightly [37]. - **Related News**: A paper project adjusts its plan [38]. - **Logic Analysis**: Import volume decreases, inventory changes [39]. - **Trading Strategies**: Long small positions in SP07; hold 5*SP2509 - 2*RU2509 spread [39]. Natural Rubber and 20 -号 Rubber - **Market Review**: RU, NR, BR prices fall [39][40][41][42][44]. - **Related News**: Thailand's exports increase, some companies make acquisitions [42][45]. - **Logic Analysis**: Production and inventory changes, demand situation [43][45]. - **Trading Strategies**: Hold short positions in RU09; set stop - loss for NR07 long positions; hold NR2509 - RU2509 spread; hold off on options [43]. Butadiene Rubber - **Market Review**: BR prices fall [42][44]. - **Related News**: Some tire companies make transactions [45]. - **Logic Analysis**: Demand decreases, supply increases [45]. - **Trading Strategies**: Short BR07 on opportunities; enter BR2509 - RU2509 spread on opportunities; hold off on options [46].

Core Viewpoint - The Chinese paper industry is undergoing a significant transformation towards quality improvement and green manufacturing, driven by technological innovation and sustainable practices [4][5]. Group 1: Industry Characteristics - Characteristic 1: The paper industry serves as a dual pillar for cultural heritage and economic development, with 80,400 enterprises projected in 2024 and a main business revenue of approximately 1.5 trillion yuan, reflecting a narrowing gap in per capita paper consumption compared to developed countries [6]. - Characteristic 2: Intelligent manufacturing enhances industry competitiveness, with China's paper and board production maintaining a global share of 29% in 2024, and the top 30 enterprises accounting for nearly 70% of domestic output [6]. - Characteristic 3: Green consumption drives product structure upgrades, with significant growth in packaging paper and high-end consumer paper products, alongside increasing production of specialty paper and board [7]. - Characteristic 4: The industry adopts a circular economy model, with nearly 70 million tons of waste paper recycled and a reduction in water consumption to less than one-fourth of previous levels, setting international benchmarks [7]. Group 2: Sustainable Development Dimensions - Dimension 1: The industry needs to deepen the integration of forestry and paper production, enhance raw material supply, and expand the value chain through advanced technologies [10]. - Dimension 2: There is a push to improve biomass energy applications, aiming for breakthroughs in energy use and technology to support carbon neutrality and promote green consumption [10]. - Dimension 3: A "national unified strategy" is recommended to enhance regional collaboration, optimize resource allocation, and avoid redundant construction, fostering a dual circulation system in the paper industry [10]. - Dimension 4: Accelerating digital transformation is essential, leveraging new technologies to integrate with related industries and create a new industrial ecosystem driven by digitalization [11].

Core Viewpoint - The recent developments regarding the resignation and legal issues of the former chairman of Rongsheng Environmental Protection, Feng Ronghua, have raised concerns, but the company asserts that these matters are unrelated to its operations and that it continues to function normally [3][4]. Group 1: Resignation and Legal Issues - On May 26, Rongsheng Environmental Protection announced that Feng Ronghua, the former chairman, was taken into custody by law enforcement due to personal reasons, which the company claims do not affect its operations [3]. - Feng Ronghua submitted his resignation on May 24, citing retirement as the reason, and he has since ceased to hold any position within the company [4]. - Following Feng Ronghua's resignation, the board of directors appointed Feng Shengyu, his son, as the new chairman and legal representative of the company [4]. Group 2: Company Performance and Operations - Rongsheng Environmental Protection specializes in the production of recycled packaging paper products, including kraft boxboard and corrugated paper, and is a leading player in the A-share recycled paper industry [6]. - The company reported a revenue of 2.235 billion yuan and a net profit of 286 million yuan for the fiscal year 2024, reflecting a year-on-year growth of 5.79% [5]. - However, the company's Q1 2025 report indicated a decline in both revenue and net profit, with total revenue of 534 million yuan, down 2.53% year-on-year, and a net profit of approximately 70.59 million yuan, down 22.61% year-on-year [5].

Core Viewpoint - The Export-Import Bank of China Zhejiang Branch has been committed to supporting the province's open economy and enhancing the international competitiveness of Zhejiang enterprises through high-quality financial services over the past 19 years [1]. Group 1: Financial Support for Foreign Trade - The bank plays a leading role in foreign trade by increasing credit investment and optimizing service quality, helping foreign trade enterprises stabilize and expand their operations [2]. - In the first four months of the year, the bank provided nearly 25 billion yuan in foreign trade loans, with a balance accounting for over 50% by the end of April [2]. - A special working group was established to support small and micro foreign trade enterprises, facilitating the rapid allocation of funds to address their urgent financial needs [2]. Group 2: International Expansion Support - The bank has actively supported Zhejiang enterprises in their international expansion, exemplified by a 124 million yuan loan approved within 20 days for a wind power materials manufacturer in Spain [3]. - The bank has established a project team focused on managing and expanding overseas non-sovereign business, enhancing the international operational capabilities of enterprises [4]. - By the end of April, the bank's loans related to the Belt and Road Initiative exceeded 50 billion yuan, growing at a rate 10 percentage points higher than the average loan growth [4]. Group 3: Collaborative Ecosystem Development - The bank has signed a memorandum of cooperation with Huali Group to enhance support for enterprises in overseas investment and trade [5]. - Since 2018, the bank has organized numerous overseas economic and trade exchange activities, facilitating direct communication between enterprises and international markets [5]. Group 4: Future Outlook - The bank aims to provide diverse, efficient, and professional financial services to inject continuous vitality into Zhejiang's economic development and contribute to the construction of a high-level open economy [6].

Core Viewpoint - The transformation and upgrading of traditional industries in Jiangsu is a necessary response to environmental pressures and a proactive choice to seize opportunities in the new industrial revolution, aiming for high-end, intelligent, green, and integrated development [1][12]. Group 1: High-end Transformation - Jiangsu is implementing a traditional industry renewal project, focusing on five major actions: eliminating backward production, upgrading old facilities, promoting green transformation, enhancing product quality, and optimizing layout [1]. - Jiangsu Hengli Group announced a sales revenue of 871.5 billion yuan for 2024, evolving from a small textile factory to a global leader in the integrated development of the textile industry [3]. - The textile industry in Jiangsu is shifting from basic processes to high-end fabrics and branded clothing, while the steel industry is investing in high-end special steel production, demonstrating the province's commitment to high-end transformation [4]. Group 2: Intelligent Upgrading - The introduction of smart manufacturing in Jiangsu has significantly increased production efficiency, with some companies reporting efficiency improvements of nearly 15 times [6]. - Jiangsu's digital transformation initiatives include the establishment of smart factories and the integration of 5G and industrial internet technologies, enhancing operational efficiency and competitiveness [7]. - Companies like Nanjing Steel Group are leading the digital transformation in the steel industry, establishing standards for smart upgrades and digitalization [6][7]. Group 3: Green Transformation - Jiangsu is focusing on green and low-carbon transitions, with initiatives like the Jinmaoyuan (East China) surface treatment circular economy industrial park, which achieves 50% wastewater recycling [8][9]. - The province has added 94 green factories and 18 green industrial parks in the past year, leading the nation in the number of green facilities [9]. - Companies are adopting energy-saving technologies, with examples like Suzhou Shenghong Group achieving over 20% energy savings through advanced production techniques [9]. Group 4: Integrated Development - The integration of various sectors is being emphasized in Jiangsu, with initiatives to create specialized industrial zones that foster collaboration and innovation among small and medium enterprises [10][11]. - Companies are leveraging digital platforms for supply chain management and quality control, enhancing their operational efficiency and market competitiveness [11]. - The focus on cross-industry integration is expected to break traditional industry barriers and create new growth opportunities [10][11].

Group 1 - The forum "2025 China Paper Industry Sustainable Development Forum" was held in Beijing, focusing on the increasing demand for paper and the environmental issues associated with paper production [2] - Liu Youbin emphasized the importance of the paper industry in the national economy and its responsibility to enhance ecological protection while meeting societal paper demands [2][3] - The current phase of China's economic and social development is characterized by a push towards green and low-carbon high-quality development, with significant challenges remaining in ecological civilization construction [2] Group 2 - Liu Youbin highlighted the need to prioritize ecological civilization in the context of China's modernization, advocating for a harmonious coexistence between humans and nature [3] - Three key suggestions were made: establishing the value of ecological protection, promoting green low-carbon transformation in the industry, and integrating digital technology with green transformation [3][4] - The call for societal awareness of green consumption behaviors aims to cultivate ecological ethics and promote a culture of environmental protection [4]

Core Insights - In the first quarter, Qinzhou Customs issued 1,927 export certificates with a total value of 1.169 billion yuan, representing year-on-year increases of 34.19% and 2.48% respectively [1] - The implementation of the China-ASEAN Free Trade Agreement (CAFTA) has significantly benefited local companies, allowing them to enjoy substantial tariff reductions on exports [3][4] Group 1: Export Certificates and Tariff Benefits - Qinzhou Customs issued 61 CAFTA certificates for Guangxi Jinguijang Paper Industry Co., Ltd., resulting in a tariff reduction of approximately 1.1141 million yuan [3] - The company plans to export 42,000 tons of white cardboard and coated paper to the Philippines and Thailand, leveraging the tariff benefits to expand into the Belt and Road market [3] - Guangxi Yuanda Glass Energy-Saving Technology Co., Ltd. also benefited from CAFTA, with its export tariff to Vietnam reduced from 37.5% to 0%, leading to an export value of approximately 5.7897 million yuan in the first quarter [3] Group 2: Customs Services and Process Improvements - Qinzhou Customs has enhanced its "one-stop" service for origin certification, streamlining the entire process from pre-application to post-issuance [4] - The customs authority has implemented a "policy interpretation + process guidance + issue collection + time-limited resolution" model to improve companies' understanding of policies [4] - The introduction of a smart management model allows for 24/7 review of origin certificates, reducing the time from application to issuance to less than one hour, achieving "zero run, zero contact, zero waiting" for exporters [4]

Report Industry Investment Ratings No relevant content provided. Core Views - Oil prices are expected to remain volatile in the short - term due to geopolitical conflicts and uncertain macro - economic factors. Brent is expected to trade in the range of $60 - 70 per barrel in the medium - term [2]. - The asphalt market is supported by cost and low inventory, with a relatively optimistic outlook during the peak season, and the BU2506 contract is expected to trade between 3400 - 3600 [7]. - The domestic LPG market is under pressure during the summer off - season, with a weak fundamental outlook [10]. - High - sulfur fuel oil has increasing seasonal power - generation demand, while low - sulfur fuel oil has a supply increase and weak demand [12][13]. - Natural gas prices in the US are expected to be volatile and weak, while in Europe, they are expected to be volatile and strong [14][15]. - PX and PTA are expected to be in a tight supply - demand situation in the third quarter, with prices expected to be well - supported [16][18]. - The supply of ethylene glycol is expected to increase in June, and the supply - demand gap is expected to narrow [19]. - Short - fiber prices follow the trend of raw materials, with weak production and sales [20]. - The bottle - chip market has improved trading volume, but the processing fee may still be under pressure [24]. - PVC is in a short - term price - oscillation state and a long - term supply - surplus situation; caustic soda requires short - term observation and medium - term short - selling [27][28]. - Plastic and PP are recommended to be short - sold at high prices in the medium and short - term [29]. - The price of soda ash is expected to decline due to cost reduction and lack of significant driving factors [32]. - Glass prices are expected to be weak in the short - term and enter the off - season, with mid - term concerns about cost reduction and factory cold - repair [34]. - Methanol is recommended to be short - sold on rebounds [37]. - Urea is expected to be in a short - term oscillatory state, with a focus on policy changes [39]. - The corrugated and box - board paper market is expected to rebound due to tariff relaxation, but policy continuity and other factors need to be monitored [40][41]. - The double - offset paper market continues to be weak, with slow demand release [43]. - The log market is expected to be stable in the short - term but faces challenges in the long - term [44]. - For natural rubber, the RU 09 contract should hold short positions, and the NR 07 contract should be observed [47]. - For paper pulp, the SP 07 contract should be observed [49]. - For butadiene rubber, the BR 07 contract should be observed, and relevant spreads and options should be operated according to specific strategies [52]. Summary by Related Catalogs Oil - **Market Review**: WTI2506 settled at $62.56, down $0.13 (- 0.21%); Brent2507 settled at $65.38, down $0.16 (- 0.24%); SC2507 rose 3.2 to 464.6 yuan/barrel, and 3.2 to 467.8 yuan/barrel at night [1]. - **Related News**: Israel is reported to be preparing to attack Iran's nuclear facilities; the EU and the UK imposed new sanctions on Russia [1]. - **Logic Analysis**: Geopolitical conflicts lead to short - term price volatility, and the long - term supply surplus pressure is difficult to resolve [2]. - **Trading Strategy**: Short - term oscillation is strong, and medium - term is weak; gasoline and diesel cracking spreads are weak; options are on hold [3][4]. Asphalt - **Market Review**: BU2506 closed at 3523 points (- 0.51%) at night; BU2509 closed at 3450 points (- 0.17%) at night [4]. - **Related News**: The mainstream transaction prices in Shandong, the Yangtze River Delta, and South China have different trends, affected by supply, demand, and crude oil prices [4][5][6]. - **Logic Analysis**: Cost support and low inventory support the price, and the peak - season outlook is optimistic [7]. - **Trading Strategy**: High - level oscillation; the asphalt - crude oil spread oscillates at a high level; options are on hold [7]. LPG - **Market Review**: PG2506 closed at 4236 (- 0.19%) at night; PG2507 closed at 4160 (- 0.36%) at night [7]. - **Related News**: The market in South China, East China, and Shandong has different trends, affected by supply and demand [8][9]. - **Logic Analysis**: Cost increases, supply rises, and demand in the off - season is weak [10]. - **Trading Strategy**: Oscillation and weakness [10]. Fuel Oil - **Market Review**: FU07 closed at 3031 (- 0.13%) at night; LU07 closed at 3525 (- 1.04%) at night [10]. - **Related News**: China's fuel oil imports increased in April; Russia's exports increased; Saudi Arabia may increase crude oil power - generation [11]. - **Logic Analysis**: High - sulfur fuel oil has increasing demand, while low - sulfur fuel oil has a supply increase and weak demand [12][13]. - **Trading Strategy**: On hold for single - side trading; FU 9 - 1 positive spread takes profit, and LU 7 - 8 reverse spread enters at high prices [13]. Natural Gas - **Market Review**: HH closed at 3.427 (+ 10%); TTF closed at 36.979 (+ 4.98%); JKM closed at 12.595 (+ 5.09%) [13]. - **Logic Analysis**: US inventory accumulation is higher than average, with supply and demand changes; European prices are affected by geopolitics and supply reduction [14]. - **Trading Strategy**: US natural gas is volatile and weak, while European natural gas is volatile and strong [15]. PX - **Market Review**: PX2509 closed at 6668 (- 1.24%) during the day and 6706 (+ 0.57%) at night [15]. - **Related News**: Northeast PX device starts maintenance; polyester production and sales are weak [15][16]. - **Logic Analysis**: The short - term start - up rate changes little, and the supply - demand situation is tight in the third quarter [16]. - **Trading Strategy**: High - level oscillation; long PX and short PTA; double - selling options [16]. PTA - **Market Review**: TA509 closed at 4732 (- 0.92%) during the day and 4750 (+ 0.38%) at night [16]. - **Related News**: Polyester production and sales are weak; some PTA devices have start - up and restart changes [17]. - **Logic Analysis**: Supply is expected to increase, and the third - quarter supply - demand is expected to be in a tight balance [18]. - **Trading Strategy**: High - level oscillation; long PX and short PTA; double - selling options [18]. Ethylene Glycol - **Market Review**: EG2509 closed at 4413 (+ 0.34%) during the day and 4416 (+ 0.07%) at night [18]. - **Related News**: Polyester production and sales are weak; some MEG devices have start - up and shutdown changes [19]. - **Logic Analysis**: Supply is expected to increase in June, and the supply - demand gap is expected to narrow [19]. - **Trading Strategy**: Oscillation and consolidation; on hold for arbitrage; sell call options [19][20]. Short - Fiber - **Market Review**: PF2507 closed at 6506 (- 0.58%) during the day and 6506 (0%) at night [20]. - **Related News**: Polyester production and sales are weak [20]. - **Logic Analysis**: Prices follow raw materials, with weak production and sales [20]. - **Trading Strategy**: On hold for single - side trading; on hold for arbitrage; on hold for options [20][21]. Bottle - Chip - **Market Review**: PR2507 closed at 6022 (- 1.08%) during the day and 6028 (+ 0.10%) at night [21]. - **Related News**: Polyester bottle - chip factory export quotes are mostly lowered [24]. - **Logic Analysis**: Prices follow raw materials, with improved trading volume but processing fees under pressure [24]. - **Trading Strategy**: Oscillation and consolidation; on hold for arbitrage; sell call options [24][25]. PVC and Caustic Soda - **Market Review**: PVC spot prices are slightly adjusted, and caustic soda prices rise slightly [25]. - **Related News**: Shandong alumina manufacturers increase the purchase price of caustic soda [27]. - **Logic Analysis**: PVC is in a short - term oscillation and long - term surplus situation; caustic soda demand has uncertainties [27][28]. - **Trading Strategy**: PVC is short - sold on rebounds; caustic soda requires short - term observation and medium - term short - selling; on hold for arbitrage and options [27][28]. Plastic and PP - **Market Review**: LLDPE prices fall in some regions, and PP prices have slight fluctuations [28][29]. - **Logic Analysis**: New capacity is being realized, and demand is weak, so they are recommended to be short - sold at high prices [29]. - **Trading Strategy**: Short - sell at high prices in the medium and short - term; on hold for arbitrage and options [29]. Soda Ash - **Market Review**: The soda ash futures 09 contract closes at 1280 yuan/ton (- 0.3%), and the SA9 - 1 spread is 6 yuan/ton [29]. - **Related News**: Some soda ash enterprises start maintenance, and the market is lightly adjusted [31]. - **Logic Analysis**: Production is expected to decrease in the short - term, but the market trades the post - maintenance surplus situation, and demand is weak [32]. - **Trading Strategy**: Cost reduction leads to price decline; short soda ash and long glass; on hold for options [32]. Glass - **Market Review**: The glass futures 09 contract closes at 1025 yuan/ton (0.69%), and the 9 - 1 spread is - 56 yuan/ton [32]. - **Related News**: Glass prices in different regions have different trends, and the LPR is lowered [33][34]. - **Logic Analysis**: Prices are in a bottom - seeking trend, with supply decline and inventory pressure in the off - season [34]. - **Trading Strategy**: Prices are volatile and weak; long glass and short soda ash; on hold for options [34]. Methanol - **Market Review**: Methanol futures close at 2269 (- 0.53%) at night [34]. - **Related News**: Northwest methanol signing volume decreases [36]. - **Logic Analysis**: International supply is high, imports will increase, and domestic supply is loose, so it is recommended to short - sell on rebounds [37]. - **Trading Strategy**: Short - sell on rebounds; on hold for arbitrage; sell call options [37]. Urea - **Market Review**: Urea futures close at 1849 (+ 0.11%) [37]. - **Related News**: Urea production and inventory changes, and export policies are discussed [38][39]. - **Logic Analysis**: Production is at a high level, demand is weak, and inventory is decreasing. It is expected to oscillate in the short - term [38][39]. - **Trading Strategy**: Short - term long on pullbacks; 91 positive spread layout at low prices; sell put options [39][40]. Corrugated and Box - Board Paper - **Related News**: Paper prices rise, and waste yellow - board paper prices rise [40]. - **Logic Analysis**: Tariff relaxation promotes export recovery and price rebound, but factors such as policy continuity need to be monitored [40][41]. - **Trading Strategy**: No specific trading strategy provided. Double - Offset Paper - **Related News**: The market is stable, with weak demand [43]. - **Logic Analysis**: The market is weak, with slow demand release and stable cost support [43]. - **Trading Strategy**: No specific trading strategy provided. Log - **Related News**: Log spot prices are stable, and import and arrival data change [43][44]. - **Logic Analysis**: The short - term is expected to be stable, but the long - term faces challenges from real - estate demand and inventory [44]. - **Trading Strategy**: Observe for single - side trading; pay attention to the 9 - 11 reverse spread; on hold for options [45]. Natural Rubber and 20 - Number Rubber - **Market Review**: RU09, JRU10, NR07, TF08, and BR07 all decline [45][46]. - **Related News**: China's rubber tire exports increase in the first four months [46]. - **Logic Analysis**: Thailand's rubber exports and Japan's inventory have changes [47]. - **Trading Strategy**: Hold short positions for the RU09 contract; observe the NR07 contract; on hold for arbitrage and options [47]. Paper Pulp - **Market Review**: The SP07 contract closes at 5424 (+ 0.26%) [48]. - **Related News**: Two major state - owned enterprises in the pulp industry adjust management, which may enhance pricing power [48]. - **Logic Analysis**: CME wood prices and domestic paper - industry inventory have negative impacts on SP [49]. - **Trading Strategy**: Observe the SP07 contract; on hold for arbitrage [49]. Butadiene Rubber - **Market Review**: BR07 closes at 12095 (- 0.45%) [50]. - **Related News**: China's rubber tire exports increase in the first four months [51]. - **Logic Analysis**: Domestic butadiene inventory and tire exports have impacts on spreads [52]. - **Trading Strategy**: Observe the BR07 contract; reduce positions and observe the BR2507 - NR2507 spread; sell and hold the BR2507 put 11200 contract and set a stop - loss at last Friday's high [52].