1. Report Information - Report Title: Energy and Chemical Options Daily Report 2025 - 04 - 24 [1] - Analyst: Lu Pinxian [2] 2. Core Viewpoint - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding option trading strategies and suggestions [2] 3. Industry Classification and Option Analysis 3.1 Basic Chemicals Sector - **Methanol Options**: Port inventory increased, enterprise inventory decreased, and orders to be shipped increased. The market showed a weak trend under short - selling pressure. Implied volatility was above the historical average. A bearish option combination strategy was recommended [2] - **Rubber/Synthetic Rubber Options**: The all - steel tire and semi - steel tire operating rates changed, port inventory decreased slightly, and social inventory increased slightly. The market showed a weak consolidation trend. Implied volatility was at a relatively high historical level. A bearish volatility - shorting strategy was recommended [2] - **Styrene Options**: Factory and port inventories decreased, but the de - stocking intensity weakened. The market showed a large - range volatile trend with pressure above. Implied volatility remained at a relatively high historical level. A volatility - shorting option combination strategy was recommended [3] 3.2 Oil and Gas Sector - **Crude Oil Options**: OPEC planned to increase production, and US supply decreased. The market showed a large - range volatile trend under short - selling pressure. Implied volatility remained at a relatively high level. A volatility - shorting strategy (selling put and call options) was recommended [3] - **Liquefied Gas Options**: Storage capacity utilization rates at ports, refineries, and gas stations were at low levels. The market showed a short - term weak rebound trend with pressure above. Implied volatility remained above the historical average. A bearish call + put option combination strategy was recommended [3] 3.3 Polyester Chemicals Sector - **PX/PTA Options**: PTA social inventory continued to decline. The market showed a bearish downward trend with pressure above, followed by a rebound and low - level wide - range oscillation. Implied volatility rose rapidly to a relatively high level. A volatility - shorting strategy was recommended [4] - **Ethylene Glycol Options**: Port inventory was expected to increase in the short term. The market showed a short - term weak bearish large - range oscillation trend with pressure above. Implied volatility rose rapidly to a relatively high historical level. A volatility - shorting strategy was recommended [4] - **Short - Fiber Options**: Polyester load increased, and short - fiber load remained flat. The market showed a bearish downward trend with pressure above and low - level consolidation. Implied volatility remained at a relatively high average level. A volatility - shorting call + put option combination strategy was recommended [4] 3.4 Polyolefin Chemicals Sector - **Polypropylene Options**: PP production enterprise, trader, and port inventories decreased. The market showed a weak large - range oscillation trend with pressure above. Implied volatility was at a relatively high historical level. A bearish call + put option combination strategy was recommended [5] - **Polyethylene Options**: PE production enterprise and trader inventories increased. The market showed a weak consolidation trend with pressure above. Implied volatility rose rapidly to a relatively high level. A bearish directional strategy was recommended [5] - **PVC Options**: Factory and social inventories decreased, and the overall inventory decreased. The market showed an oscillating rebound trend with pressure above. Implied volatility remained at a relatively low level. A bearish directional strategy was recommended [5] 4. Option Data Summary 4.1 Option Underlying Market Data - It includes information such as closing prices, price changes, trading volumes, and open interest for various option underlying assets [7] 4.2 Option Volume, Open Interest, and Amount Data - It shows data on trading volume, open interest, and trading amount for different options, as well as their changes [8] 4.3 Option Volume, Open Interest, and Amount PCR Data - It presents the put - call ratio (PCR) data for option trading volume, open interest, and trading amount, along with their changes [9] 4.4 Option Maximum Open Interest at Strike Prices - It provides information on the strike prices with the maximum open interest for call and put options, as well as pressure and support levels for each underlying asset [10] 4.5 Option Implied Volatility Data - It shows implied volatility data for different options, including changes, annual averages, call and put implied volatilities, historical volatility, and volatility differences [12]

Core Viewpoint - The article discusses the critical importance of water resource management in the Yellow River basin, particularly in the "几字弯" region, highlighting innovative strategies for water conservation and the integration of ecological, agricultural, and industrial development [2][4][9]. Water Resource Allocation - The Yellow River's water allocation plan distributes a total of 210 billion cubic meters, with a focus on sustainable usage across agriculture, industry, and ecology [2][9]. - The "八七分水方案" aims to control water extraction quantitatively, ensuring that each region's water needs are met while promoting high-quality development [2]. Agricultural Innovations - In the "几字弯" region, agricultural water usage accounts for 65% of total consumption, prompting the adoption of drought-resistant crops and advanced irrigation techniques to enhance water efficiency [5][9]. - Techniques such as planting trees during optimal weather conditions and utilizing satellite technology for precise timing have increased tree survival rates by 30% without additional water usage [5]. Industrial Development and Water Rights - The "几字弯" area is a significant energy hub, housing over 50% of China's coal, oil, and natural gas reserves, with water rights trading allowing agricultural water savings to be allocated to industrial projects [10]. - Successful water rights transactions have supported over 540 industrial projects, with the Ningdong Industrial Park achieving a total output value of 180 billion yuan in 2023, representing 30% of Ningxia's industrial output [10]. Renewable Energy and Future Prospects - The region is leveraging abundant renewable energy resources, such as solar and wind power, to support new industries without depleting water resources [11]. - The establishment of national data centers and computing power hubs in the "几字弯" area positions it as a key player in the future of technology and energy, contributing to high-quality development without relying on Yellow River water [11].

智通财经APP获悉，根据2025年4月22日披露数据，中国电信（00728）、新天绿色能源（00956）、凯 盛新能（01108）位居港股通持股比例前3位，分别为74.50%、67.36%、67.18%。此外，阿里巴巴－W （09988）、腾讯控股（00700）、盈富基金（02800）在最近有统计数据的5个交易日内，持股额增幅最 大，分别为+40.45亿元、+30.71亿元、+27.30亿元;中芯国际（00981）、小米集团－Ｗ（01810）、中国 石油化工股份（00386）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-14.57亿元、-9.19 亿元、-6.26亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | +40.45亿元 | +3677.58万股 | | 腾讯控股(00700) | +30.71亿元 | +666.95万股 | | 盈富基金(02800) | +27.30亿元 | +12467.10万股 | | 中国石油股份 ...

宝丰能源（600989）公告，2025年第一季度营收为107.71亿元，同比增长30.92%；净利润为24.37亿 元，同比增长71.49%。 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The report conducts fundamental, market, and volatility analyses of various energy and chemical options, and provides corresponding strategy operations and suggestions [2] 3. Summary by Relevant Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [2] 3.2 Option Analysis and Strategy Suggestions for Each Category 3.2.1 Basic Chemicals Sector - **Methanol Option**: Last week, port inventory increased by 1.58 tons to 58.56 tons, enterprise inventory decreased by 0.19 tons to 31.24 tons, and enterprise orders to be delivered increased by 1.99 tons to 27.44 tons. The market continued to fluctuate weakly under the bearish pressure line. The implied volatility remained above the historical average. Suggest to construct a bearish combination strategy of call + put options to obtain time - value and directional returns, such as S_MA2506P2275, etc. [2] - **Rubber/Synthetic Rubber Option**: As of April 18, the all - steel tire operating rate was 67.44% (+0.23%), and the semi - steel tire operating rate was 72.40% (-1.99%). Qingdao port inventory decreased slightly, while social inventory increased slightly. The market showed a weak consolidation and oscillation pattern under the bearish pressure line. The implied volatility of rubber options was at a relatively high historical level. Suggest to construct a bearish volatility - selling strategy to obtain directional and time - value returns, such as S_RU2509P14250, etc. [2] - **Styrene Option**: As of April 17, 2025, the sample inventory of Chinese styrene factories was 21.84 tons, a decrease of 0.98 tons (-4.30%) from the previous period, and the sample port inventory in Jiangsu was 9.56 tons, a decrease of 2.34 tons (-19.66%). After reaching a high in late February, it continued to decline weakly, and after an accelerated decline in early April, it rebounded and oscillated in a range. The implied volatility continued to fluctuate at a relatively high historical level. Suggest to construct a volatility - selling option combination strategy to obtain time - value and directional returns, such as S_EB2506P7100, etc. [3] 3.2.2 Oil and Gas Sector - **Crude Oil Option**: OPEC plans to increase oil production by 411,000 barrels per day in May. US supply has declined. The short - term supply negatives have been fully released, and shale oil has started to cut production. The market showed large fluctuations under the bearish pressure line. The implied volatility remained at a relatively high level. Suggest to construct a volatility - selling strategy: a combination of selling put and call options to obtain time - value returns, such as S_SC2506P4 and S_SC2506C [3] - **Liquefied Gas Option**: Port storage capacity utilization was at a multi - year low, refinery storage capacity utilization was near the multi - year low, and gas station storage capacity utilization was at a one - year low. Port inventory was at a low level. The market showed a short - term weak rebound pattern with upper pressure. The implied volatility remained above the historical average. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PG2506P4250, etc. [3] 3.2.3 Polyester Chemicals Sector - **PX/PTA Option**: The overall social inventory of PTA (excluding credit warehouse receipts) was 297.7 tons, a decrease of 7.3 tons from the previous period, continuing the de - stocking trend. The downstream load continued to rise, and the PTA maintenance season continued. The market showed a pattern of bearish decline with upper pressure, and then a sharp oscillation in the low - level range after an oversold rebound. The implied volatility of PTA options rose rapidly to a relatively high level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_TA2506P4250 [4] - **Ethylene Glycol Option**: As of April 14, port inventory was 77.1 tons, a decrease of 2.9 tons from the previous period; downstream factory inventory days were 13.5 days, an increase of 0.3 days. In the short term, port inventory is expected to accumulate. The market showed a pattern of short - term weak bearish large - scale oscillation with upper pressure. The implied volatility rose rapidly to a relatively high historical level. Suggest to construct a volatility - selling strategy to obtain time - value returns, such as S_EG2506P4050 [4] - **Short - Fiber Option**: Polyester load was 93.8%, an increase of 0.5%. Among them, filament load was 92.5%, a decrease of 2.5%; short - fiber load was 88.9%, unchanged; bottle chip load was 75.9%, unchanged. The market showed a pattern of bearish decline with upper pressure and low - level consolidation after an accelerated decline in April. The implied volatility remained at a relatively high average level. Suggest to construct a volatility - selling call + put option combination strategy to obtain time - value returns, such as S_PF2506P5800 [4] 3.2.4 Polyolefin Chemicals Sector - **Polypropylene Option**: PP production enterprise inventory was 61.91 tons, a week - on - week de - stocking of 2.83%, and a year - on - year stocking of 12.09%; PP trader inventory was 14.38 tons, a de - stocking of 4.26% from the previous week; PP port inventory was 7.60 tons, a de - stocking of 0.26% from the previous week. The market showed a pattern of large - scale oscillation with upper pressure and weakness. The implied volatility was fluctuating at a relatively high historical level. Suggest to construct a bearish call + put option combination strategy to obtain directional and time - value returns, adjust the position delta dynamically according to market changes, and close the position if the market rises or falls sharply, such as S_PP2506P7100 [5] - **Polyethylene Option**: PE production enterprise inventory was 49.7 tons, a week - on - week stocking of 3.41%, and a year - on - year stocking of 2.58%; PE trader inventory was 5.39 tons, a stocking of 4.58% from the previous week. The market showed a pattern of weak consolidation with upper pressure. The implied volatility of plastic options rose rapidly to a relatively high level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_L2506P7200 [5] - **PVC Option**: Factory inventory was 41.1 tons, a de - stocking of 4 tons; social inventory was 72.5 tons, a de - stocking of 2.8 tons; overall inventory was 113.6 tons, a de - stocking of 6.8 tons; the number of warehouse receipts increased. The market showed a pattern of oscillatory rebound with upper pressure. The implied volatility remained at a relatively low level. Suggest to construct a bearish directional strategy to obtain directional returns, such as B_V2506P4900 [5] 3.3 Option Data Summary - **Option Underlying Market Data**: Provides closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [7] - **Option Volume, Open Interest, and Turnover Data**: Includes volume, volume changes, open interest, open interest changes, turnover, and turnover changes of various options [8] - **Option Volume, Open Interest, and Turnover PCR**: Presents volume - PCR, volume - PCR changes, open interest - PCR, open interest - PCR changes, turnover - PCR, and turnover - PCR changes of various options [9] - **Option Maximum Open Interest at Strike Price**: Lists the pressure points, support points, maximum call open interest, and maximum put open interest of various options [10] - **Option Implied Volatility**: Shows implied volatility, implied volatility changes, annual averages, call implied volatility, put implied volatility, HISV - 20, and volatility differences of various options [12]

2025 年 4 月 21 日 股指期货将偏强震荡 黄金、螺纹钢、铁矿石、原油、 PTA、豆粕、菜籽粕期货将偏强震荡 多晶硅、烧碱期货将震 荡偏弱 工业硅、铜、镍期货将偏弱震荡 陶金峰 期货投资咨询从业资格号：Z0000372 TaoJinfeng013026@gtjas.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 股指期货将偏强震荡：IF2506 阻力位 3729 和 3748 点，支撑位 3690 和 3673 点；IH2506 阻力位 2650 和 2658 点，支撑位 2620 和 2612 点；IC2506 阻力位 5470 和 5498 点，支撑位 536 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report conducts a comprehensive analysis of various energy and chemical options, including fundamental analysis, market trend analysis, volatility analysis, and provides corresponding strategy recommendations for each type of option [2][3]. 3. Summary by Related Catalogs 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals (methanol, rubber, synthetic rubber, styrene options), energy (crude oil, liquefied gas options), polyester chemicals (paraxylene, PTA, ethylene glycol, short - fiber options), polyolefin chemicals (polypropylene, PVC, polyethylene options), and other chemicals (caustic soda, soda ash, urea options) [2]. 3.2 Option Analysis and Strategy Recommendations 3.2.1 Basic Chemicals Sector - **Methanol Option**: The port inventory is at a medium - low level. The market shows a weak and bearish trend. The implied volatility remains at a relatively high historical level. It is recommended to construct a bearish combination strategy of call + put options to obtain time - value and directional returns, such as S_MA2506P2275, S_MA2506P2250, S_MA2506C2350, S_MA2506C2375 [2]. - **Rubber and Synthetic Rubber Options**: The downstream tire production rate has declined, and the inventory has changed slightly. The market shows a weak consolidation trend under bearish pressure. The implied volatility of rubber options is at a relatively high level. It is recommended to construct a bear - spread put option strategy to obtain directional returns, such as B_RU2505P15250, B_RU2505P15000, S_RU2505P14250, S_RU2505P14500 [2]. - **Styrene Option**: The factory inventory has increased, and the port inventory has decreased. The market has shown a weak and volatile trend after a decline. The implied volatility remains at a relatively high historical level. It is recommended to construct an option combination strategy to short volatility to obtain time - value and directional returns, such as S_EB2506P7100, S_EB2506P7200, S_EB2506C7500, S_EB2506C7400 [3]. 3.2.2 Oil and Gas Sector - **Crude Oil Option**: OPEC plans to increase production, and the US supply remains high. The market has shown a bearish downward trend followed by a large - scale low - level oscillation. The implied volatility remains at a relatively high level. It is recommended to construct a strategy of selling put + call options to short volatility and obtain time - value returns, such as S_SC2506P465 and S_SC2506C485 [3]. - **Liquefied Gas Option**: Affected by China's tariff counter - measures, the PDH plant may reduce production. The market has shown a short - term weak bearish trend after a rebound. The implied volatility remains at a relatively high level above the historical average. It is recommended to construct a combination strategy of selling bearish call + put options, adjust the position delta dynamically according to the market, and close the position if the market fluctuates sharply, such as S_PG2506P4250, S_PG2506P4300, S_PG2506C4450, S_PG2506C4400 [3]. 3.2.3 Polyester Chemicals Sector - **PX and PTA Options**: PTA is in the maintenance season, and the overall load will be low. The market shows a bearish downward trend with resistance to rebound. The implied volatility of PTA options has risen to a relatively high level. It is recommended to construct a bear - spread strategy to obtain directional returns, such as B_TA2506P4300 and S_TA2506P4150 [4]. - **Ethylene Glycol Option**: The load has decreased, and the port inventory has increased. The market shows a short - term weak bearish and volatile trend. The implied volatility has risen to a relatively high historical level. It is recommended to construct a strategy to short volatility and obtain time - value returns, such as S_EG2506P4050 and S_EG2506C4200 [4]. - **Short - Fiber Option**: The polyester load has slightly increased, but the short - fiber load has decreased, and there is pressure to reduce production. The market shows a bearish downward and low - level consolidation trend. The implied volatility remains at a relatively high average level. It is recommended to construct a combination strategy of selling call + put options to short volatility and obtain time - value returns, such as S_PF2506P5800, S_PF2506C6100 [4]. 3.2.4 Polyolefin Chemicals Sector - **Polypropylene Option**: The production enterprise inventory has increased, and the market shows a volatile trend under pressure. The implied volatility remains at a relatively high historical level. It is recommended to construct a combination strategy of selling bearish call + put options, adjust the position delta dynamically according to the market, and close the position if the market fluctuates sharply, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, S_PP2506C7300 [5]. - **Polyethylene Option**: The production enterprise inventory has increased, and the market shows a weak consolidation trend under pressure. The implied volatility has risen to a relatively high level. It is recommended to construct a bearish directional strategy to obtain directional returns, such as B_L2506P7200 and S_L2506C7300 [5]. - **PVC Option**: The capacity utilization rate has decreased, and the inventory has decreased. The market shows a volatile and upward - trending consolidation under pressure. The implied volatility remains at a relatively low level. It is recommended to construct a bearish directional strategy to obtain directional returns, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, S_V2506C5100 [5]. 3.3 Option Data - **Option Underlying Market Data**: Provides closing prices, price changes, trading volumes, and open interest changes of various option underlying assets [7]. - **Option Volume, Open Interest, and Turnover Data**: Includes volume, volume changes, open interest, open - interest changes, turnover, and turnover changes of various options [8]. - **Option Volume, Open Interest, and Turnover PCR Data**: Presents PCR values and their changes for volume, open interest, and turnover of various options [9]. - **Option Maximum Open Interest at Strike Prices**: Shows the strike prices with the maximum open interest, pressure points, support points, and related offsets for various options [10]. - **Option Implied Volatility Data**: Provides implied volatility, implied - volatility changes, annual averages, call and put implied volatilities, historical 20 - day volatility, and volatility differences for various options [12].

Report Industry Investment Rating The provided text does not contain information about the report industry investment rating. Core Viewpoints of the Report - The A - share market shows mixed trends, with the real - estate chain being active and some sectors affected by policies and international news [2][3]. - The bond market is in a state of waiting for direction, with potential for a rebound after short - term adjustments [7]. - The precious metals market has seen a decline due to factors such as the European Central Bank's interest rate cut, but gold still has upward potential in the long - term [8][9]. - The shipping index market is in a state of shock, with suggestions to consider widening the spread between different contracts [12][13]. - The non - ferrous metals market presents different trends for each metal, with factors such as supply, demand, and tariffs influencing prices [20][22][23]. - The black metals market shows that steel production has peaked, and the iron ore market is in a state of shock [36][38][40]. - The agricultural products market has different situations for each product, such as the pressure on soybean meal prices and the shock of corn prices [53][55][60]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: On Thursday, A - share major indices mostly rose, with the real - estate chain being active. The four major stock index futures contracts rose, and all had basis discounts. The market is affected by domestic and overseas news, and it is recommended to sell put options on the CSI 300 and CSI 1000 [2][3][5]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and bond yields generally rose. It is expected that the bond market will have the potential to stabilize and rebound after short - term adjustments, and it is recommended to go long on dips and participate in basis and curve strategies [6][7]. Precious Metals - Gold and silver prices fell due to the European Central Bank's interest rate cut and reduced risk aversion. Gold has long - term upward drivers, and it is recommended to use high - throw and low - suck strategies in the short - term and sell out - of - the - money put options for profit protection [8][9]. Container Shipping Index (European Line) - The shipping index is in a state of shock. Spot supply and demand are still cold, and it is recommended to widen the spread between the August and June contracts and pay attention to the rebound opportunities of the June and August contracts [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: It shows a combination of "strong reality and weak expectation". The price is affected by tariffs and fundamentals, and it is expected to fluctuate in the short - term, with the main contract focusing on the 76000 - 77000 pressure level [14][20]. - **Zinc**: There is still an expectation of loose supply, and the price is expected to fluctuate weakly in the short - term, with the main contract focusing on the 20500 - 21500 support level [20][22]. - **Tin**: With a weak macro - environment and gradually recovering supply, it is recommended to hold short positions and take a short - selling approach on rebounds [23][26]. - **Nickel**: After the implementation of the Indonesian policy, the market is in a state of shock. The cost has certain support, and the main contract is expected to operate between 120000 - 126000 [26][28]. - **Stainless Steel**: There is still macro - uncertainty, and the market is in a state of weak shock, with the main contract expected to operate between 12600 - 13000 [29][31]. - **Lithium Carbonate**: The market has digested the tariff news, but the fundamentals are still weak. It is expected to fluctuate weakly, with the main contract referring to 6.8 - 7.2 million [32][35]. Black Metals - **Steel**: Steel production has peaked, and the demand in the second quarter is expected to weaken. It is recommended to wait and see and pay attention to the domestic loose policy and the spread between steel and ore [36][38]. - **Iron Ore**: The iron water output remains high, and the port inventory is decreasing. The market is expected to fluctuate, and the impact of terminal demand and exports needs to be observed [39][40]. - **Coke**: The first round of price increases has been implemented, and the supply - demand situation has improved marginally. It is recommended to go long on coke and short on coking coal [41][43]. - **Coking Coal**: The spot market is stable, but there is still a risk of decline. It is recommended to go long on coke and short on coking coal [43][46]. - **Silicon Iron**: Supply and demand are both decreasing, and the cost is stable. The price is expected to fluctuate weakly [47][48]. - **Manganese Silicon**: Attention should be paid to the mainstream steel procurement pricing, and the inventory pressure still exists. The price is expected to fluctuate weakly [50][52]. Agricultural Products - **Soybean Meal and Rapeseed Meal**: The domestic soybean meal basis is strong, and the US soybean lacks the driving force to rise. The operation should be cautious [53][55]. - **Pigs**: The secondary fattening transaction has declined, and the consumption support is insufficient. The futures price is expected to fluctuate in the range of 14000 - 14800 [56][57]. - **Corn**: The market trading is light, and the price is expected to remain stable in the short - term and strong in the long - term. It is recommended to buy on dips [58][60]. - **Sugar**: The raw sugar price fluctuates weakly, and the domestic sugar price is expected to maintain a high - level shock - weak pattern [61]. - **Cotton**: The US cotton is bottom - oscillating, and the domestic cotton price is expected to fluctuate weakly. It is recommended to wait and see [63].

Group 1 - The core viewpoint of the article highlights that Xuefeng Technology is focused on transformation and high-quality development, emphasizing its dual main businesses of civil explosives and energy chemicals [2] - In 2024, the company achieved operating revenue of 6.101 billion yuan and a net profit attributable to shareholders of 668 million yuan, with a basic earnings per share of 0.624 yuan [2] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares (including tax) [2] Group 2 - In the civil explosives business, Xuefeng Technology maintains an integrated development model for production, sales, and blasting services, ranking 12th in production value and 4th in blasting service revenue within the industry [3] - The company produced 119,500 tons of industrial explosives in 2024, with 48,000 tons of packaged explosives and 71,500 tons of mixed explosives [3] - The company has improved its industrial explosives production capacity from 117,500 tons/year to 119,500 tons/year and has increased the proportion of mixed explosives production capacity to 70% [3] Group 3 - The company achieved significant safety performance in 2024, with no major injuries, fires, or explosions reported, and maintained its status as an advanced unit in annual safety production management [4] - In the energy chemicals business, Xuefeng Technology produced 98,900 tons of LNG and transported 295 million cubic meters of gas in 2024, contributing to energy supply and agricultural development in Xinjiang [5] - The ammonium nitrate business saw a 39% year-on-year increase in sales, reaching a historical high, with the company being the only producer of ammonium nitrate and nitro compound fertilizers in Xinjiang [5][6] Group 4 - The acquisition of Xuefeng Technology by Guangdong Hongda is expected to enhance the company's strategic position and inject new vitality into its development, aligning with the national plan for industry consolidation [7] - The acquisition allows for potential capacity growth and market competitiveness improvements through complementary advantages and industrial synergy [7] - Guangdong Hongda is recognized as the first listed company in China providing integrated services in the mining explosives sector, while Xuefeng Technology is a leading player in Xinjiang's civil explosives market [7]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The precious metals market continued to strengthen on Wednesday. Gold is recommended to hold long positions, and silver short positions should be appropriately reduced or the gold - silver ratio should be long. The base metals market shows different trends, with copper expected to be volatile and strong, aluminum to be volatile in the short - term and potentially stabilize, and alumina to maintain a volatile run. [2] - In the agricultural products market, domestic soybean meal is expected to be volatile and bullish, corn futures prices are expected to be volatile and strong, palm oil is temporarily weak, domestic sugar is easy to rise in the short - term but has limited upside in the long - term, cotton can stop profit on short positions or wait and see, and eggs and logs have different price trends and trading strategies. [3][4] - In the energy and chemical market, LLDPE, PVC, PTA, rubber, glass, PP, MEG, styrene, soda ash, and caustic soda all have their own supply - demand situations and trading strategies, mainly including short - term volatility, long - term supply - demand changes, and attention to factors such as tariffs and device maintenance. [5][6][7] - In the shipping market, the overall outlook for shipping rates is pessimistic under the trade war. The Southeast Asian routes will have a supply - demand mismatch in the short - term, and the European routes will show a pessimistic outlook. [8] Summary by Relevant Catalogs Precious Metals - **Market Performance**: The precious metals market continued to strengthen on Wednesday. [2] - **News**: Powell reiterated the Fed's wait - and - see approach, warning of the dilemma between inflation and the economy and denying a bailout. There were disputes over tariff policies, and economic data such as China's Q1 GDP growth of 5.4%, Canada maintaining its interest rate at 2.75%, and a 1.4% increase in US March retail sales were released. [2] - **Inventory Data**: Indian silver imports in February decreased to about 250 tons, SHFE silver inventory increased by 9 tons to 961 tons, and SGE silver inventory decreased by 23 tons to 1745 tons last week. London's inventory in March decreased by 335 tons to 22124 tons. [2] - **Trading Strategy**: Hold long positions in gold and appropriately reduce short positions in silver or long the gold - silver ratio. [2] Base Metals Copper - **Market Performance**: Copper prices fluctuated yesterday. [2] - **Fundamentals**: Affected by the Sino - US trade war, copper prices weakened during the day session. At night, the decline in US stocks and the US dollar supported metal prices, and the strengthening of precious metals also supported copper prices. The spot premium of flat - copper in East and South China was 80 yuan and 60 yuan respectively. [2] - **Trading Strategy**: Treat it with a volatile and strong mindset. [2] Aluminum - **Market Performance**: The closing price of the electrolytic aluminum 2506 contract decreased by 0.64% compared with the previous trading day, closing at 19545 yuan/ton. [2] - **Fundamentals**: On the supply side, electrolytic aluminum plants maintained high - load production with a slight increase in operating capacity. On the demand side, the operating rate of aluminum products decreased slightly. [2] - **Trading Strategy**: The uncertainty of US tariff policies is the main driver of aluminum price fluctuations. Aluminum prices may continue to fluctuate and adjust in the short - term but may stabilize if tariff policies ease. It is recommended to wait and see. [2] Alumina - **Market Performance**: The closing price of the alumina 2505 contract increased by 1.04% compared with the previous trading day, closing at 2815 yuan/ton. [2] - **Fundamentals**: On the supply side, alumina maintenance, production cuts, and active production reduction were concentrated, with a significant decline in operating capacity. On the demand side, electrolytic aluminum plants maintained high - load production with a slight increase in operating capacity. [2] - **Trading Strategy**: The uncertainty of ore supply has increased, and the spot price has stopped falling. Alumina prices are expected to maintain a volatile run in the short - term. It is recommended to wait and see. [2] Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans rose slightly overnight. [3] - **Fundamentals**: On the supply side, South America has a bumper harvest in the near - term, and the US may reduce soybean planting area in the long - term. On the demand side, Brazil dominates in the short - term, and US soybean demand is seasonally weak. [3] - **Trading Strategy**: US soybeans are expected to be volatile, and domestic soybean meal is expected to be volatile and bullish, showing a backwardation pattern. Pay attention to trade policies and US soybean planting area changes in the medium - term. [3] Corn - **Market Performance**: The corn 2505 contract fluctuated narrowly, and the spot price rose slightly. [3] - **Fundamentals**: The grain sales progress is over 90%, much faster than in previous years. The expected decrease in substitute imports and the increase in demand have improved the supply - demand situation. The reduction in remaining grain and the addition of tariffs are beneficial to domestic corn consumption. [3] - **Trading Strategy**: With the reduction of remaining grain, the futures price is expected to be volatile and strong. [3] Palm Oil - **Market Performance**: Malaysian palm oil prices fell in the short - term, trading on the expectation of increased production. [3] - **Fundamentals**: On the supply side, there is seasonal production increase in the producing areas, with a 17% month - on - month increase in March production. On the demand side, exports from the producing areas improved month - on - month, with a 17% increase in Malaysian palm oil exports from April 1 - 15. [3] - **Trading Strategy**: Palm oil is temporarily weak, and there are differences among varieties. Pay attention to production in the producing areas and biodiesel policies in the medium - term. [3] Sugar - **Market Performance**: The Zhengzhou sugar 09 contract closed at 5913 yuan/ton, up 0.65%. [3] - **Fundamentals**: International raw sugar prices have broken through the support level, while domestic sugar is easy to rise. The import of processed sugar is expected to increase after the third quarter. There are differences in the market's expectations for the new domestic sugar production. [3] - **Trading Strategy**: Short the 09 contract unilaterally. [3] Cotton - **Market Performance**: US cotton prices rose overnight, and Zhengzhou cotton prices continued to fluctuate. [3] - **Fundamentals**: The US cotton sowing progress is slow, and domestic downstream procurement has slowed down. The cotton textile PMI in March increased significantly, but orders are expected to decline. [3] - **Trading Strategy**: Stop profit on short positions or wait and see. [3] Logs - **Market Performance**: The log 07 contract closed at 825.5 yuan/cubic meter, down 0.36%. [3] - **Fundamentals**: The ban on US log imports has been reflected in the market. The current inventory out - flow has increased, but the arrival volume is still high. Housing construction demand has increased slightly, supporting the price bottom. [3] - **Trading Strategy**: Wait and see. [3] Eggs - **Market Performance**: The egg 2505 contract rose, and the spot price was stable. [4] - **Fundamentals**: The new production capacity is limited in the later period, and the supply will gradually decline as old chickens are continuously culled. With the approaching of the May Day holiday, demand will improve, and inventory is at a low level. [4] - **Trading Strategy**: The futures price is expected to be volatile and strong. [4] Pigs - **Market Performance**: The pig 2505 contract fluctuated narrowly, and the spot price fell. [4] - **Fundamentals**: The slaughter volume in April is expected to increase by 3.67%. The narrowing of the standard - fat price difference reduces the willingness to hold pigs for fattening. Secondary fattening will support the pig price, but overall, the pig price may decline resistantly. [4] - **Trading Strategy**: Secondary fattening is cooling down, and the price is expected to be volatile and weak. [4] Energy and Chemicals LLDPE - **Market Performance**: The LLDPE main contract fell slightly yesterday. [5] - **Fundamentals**: On the supply side, new devices are being put into operation, and spring maintenance is ending, increasing supply. The import window is closed, and imports are expected to decrease. On the demand side, the peak season for agricultural films is ending, and exports of plastic products are expected to decline. [5] - **Trading Strategy**: In the short - term, it is mainly volatile and weak, and it is recommended to short on rallies. In the long - term, supply and demand will gradually ease, and it is recommended to short the far - month contracts on rallies. [5] PVC - **Market Performance**: The PVC V09 contract closed at 5041, down 0.38%. [5] - **Fundamentals**: Supply and demand are both weak, and the price is stable. Spring maintenance is coming, and the supply is expected to decrease. The inventory has declined from a high level. [5] - **Trading Strategy**: It is recommended to hedge after the price recovers to a high premium. [5] PTA - **Market Performance**: The PX CFR China price is 738 US dollars/ton, and the PTA East China spot price is 4329 yuan/ton. [6] - **Fundamentals**: On the supply side, PX and PTA supply has decreased in April, and polyester load is high, but downstream load has decreased. Pay attention to export orders after the tariff suspension. [6] - **Trading Strategy**: Pay attention to the long - short spread opportunity if there is a short - term rush to export. [6] Rubber - **Market Performance**: The RU2509 contract fell 1.98%, closing at 14635 yuan/ton. [6] - **Fundamentals**: Raw material output is limited, and the purchase price is relatively firm. The capacity utilization rate of tire enterprises has decreased, and the social inventory has increased. [6] - **Trading Strategy**: Wait and see or trade in the range, and pay attention to the support level at 14000 yuan/ton. [6] Glass - **Market Performance**: The FG09 contract closed at 1179, down 0.4%. [6] - **Fundamentals**: Supply and demand are both weak, and the inventory is stable. The price of glass fuel has increased due to US tariffs. There are both positive policy expectations and weak actual demand. [6] - **Trading Strategy**: It is expected to continue to fluctuate within the range. [6] PP - **Market Performance**: The PP main contract fell slightly yesterday. [6] - **Fundamentals**: On the supply side, short - term maintenance is ending, and new devices are starting up. The export window is open, and pay attention to the impact of tariffs on PDH devices. On the demand side, downstream production plans vary, and pay attention to the impact of tariff suspension on exports. [6] - **Trading Strategy**: In the short - term, it is mainly volatile. Pay attention to the impact on PDH device operation and new device commissioning. [6] MEG - **Market Performance**: The MEG East China spot price is 4329 yuan/ton. [6] - **Fundamentals**: On the supply side, domestic and overseas device maintenance will reduce supply, and the inventory has decreased. Polyester load is high, but downstream load has decreased. Pay attention to export orders after the tariff suspension. [6] - **Trading Strategy**: It is expected to be strong in the short - term but has limited upside in the long - term. [7] Styrene - **Market Performance**: The main contract fell slightly yesterday. [7] - **Fundamentals**: On the supply side, pure benzene inventory is high, and styrene inventory is normal and expected to decrease slightly. On the demand side, downstream profits are improving, but exports are affected by tariffs. Pay attention to the impact of tariff suspension on exports. [7] - **Trading Strategy**: It is expected to fluctuate with the cost (pure benzene) and long the month - spread. [7] Soda Ash - **Market Performance**: The SA05 contract closed flat at 1359. [7] - **Fundamentals**: The operating rate is 90%, and the inventory is high and stable. Downstream photovoltaic glass is being put into production. The supply - demand is healthy, but there is no obvious driving force. [7] - **Trading Strategy**: Wait and see. [7] Caustic Soda - **Market Performance**: The caustic soda sh09 contract closed flat. [7] - **Fundamentals**: The operating rate has slightly declined, and the inventory has decreased slightly. Non - aluminum downstream demand is weak. The price is pressured by the decline in the alumina industry chain. [7] - **Trading Strategy**: It is expected to continue to decline, and pay attention to the support level at 2200. [7] Shipping European Container Shipping - **Market Performance**: The main contract fell 6.21% yesterday. [8] - **Fundamentals**: The US exemption of high tariffs on semiconductor imports will slightly increase US - bound trade volume, but overall Sino - US trade volume will still be much lower than before the trade war. Exports are turning to re - export and domestic sales. The supply side is affected by tariff policies, and the demand side shows different trends in different regions. [8] - **Trading Strategy**: The overall shipping rate outlook is pessimistic under the trade war. Short the 10 - month contract on rallies. [8]