Report Industry Investment Rating No relevant content provided. Core View of the Report - In June 2025, CPI increased by 0.1% year-on-year, and PPI decreased by 3.6% year-on-year. Gold prices and oil prices affected inflation, with gold contributing to the rise of core CPI but not being the main factor, and the increase in oil prices being offset by the off - season of domestic production and the weakening of the "rush - export" effect on PPI [6][9]. Summary According to the Table of Contents I. Two Core Concerns about Prices Amid Gold and Oil Price Fluctuations (1) Is the Recovery of Core CPI Driven by Gold Prices or the Recovery of the Demand Side? - Core CPI can be split into services, core consumer goods (excluding gold), and gold. In the first half of 2025, core CPI increased by 0.5% cumulatively month - on - month, with gold contributing 0.13%, services contributing 0.17%, and other core consumer goods contributing 0.2%. Gold boosted core CPI but was not the main factor. The core consumer goods excluding gold were weaker in Q2 than in Q1, and a new round of consumption stimulus policies may be introduced [12]. (2) Why Did PPI Decrease Year - on - Year in June Despite the Sharp Increase in Oil Prices? - In June, the month - on - month decline of PPI remained at - 0.4%. Although the 9% increase in crude oil prices pulled PPI up by about 0.3 percentage points, the off - season of domestic production and the weakening of the "rush - export" effect offset this impact. In the off - season of domestic production, industries such as ferrous metal smelting and rolling processing, non - metallic mineral products, coal - related industries, and power and heat production and supply affected PPI to decline by about 0.33 percentage points. After the weakening of the "rush - export" effect, the prices of some export - oriented industries continued to fall [16]. II. June CPI: Food Performed Better than Seasonal Trends, and Oil and Gold Prices Supported the Month - on - Month Recovery, with the Year - on - Year Increase Reaching 0.1% (1) Food Items - The month - on - month decline of the CPI food item in June fell back to around - 0.4%, better than the seasonal trend, affecting CPI to decline by about 0.09 percentage points. Pork prices decreased by 1.2% due to oversupply. Fresh food prices were better than the seasonal trend, with freshwater fish and fresh vegetables rising by 4.3% and 0.7% respectively, while eggs and fresh fruits dragged down the CPI [20]. (2) Non - food Items - The month - on - month of the CPI non - food item recovered to around 0. Oil prices rebounded, with gasoline prices rising by 0.4%. Core consumer goods were mainly dragged down by clothing and automobiles, while gold prices were the main supporting factor, affecting CPI to decline by about 0.01 percentage points. Tourism was weaker than the seasonal trend, and rent increased during the graduation season, with little change in overall service prices [21][27][30]. III. June PPI: The Off - season of Domestic Production and the Drag of Some Export Industries Led to a Year - on - Year Decline to - 3.6% (1) Overall - The month - on - month decline of PPI remained around - 0.4%, mainly dragged down by production materials, and consumer goods also weakened. Production materials prices decreased by 0.6%, and consumer goods prices turned negative [35]. (2) By Industry - In June 2025, the number of industries with falling prices among industrial producers remained around two - thirds. The main supporting factor was the crude oil industry chain. The drag factors included raw material manufacturing industries such as building materials, energy prices of coal and electricity, and export - related industries such as electronic equipment, electrical machinery, and textiles [37][41][43].

Core Viewpoint - The company announced that its subsidiary, Shaanxi Yanchang Petroleum Yushen Energy Chemical Co., Ltd., has completed its annual maintenance plan and will fully resume production on July 10, 2025 [1] Group 1 - The Yushen Energy Chemical facility underwent a scheduled shutdown for maintenance starting June 5, 2025, with an expected duration of 35 days [1] - During the maintenance period, the facility replaced the catalyst in the ethanol carbonylation unit and made rectifications to other units to enhance the performance and operational quality of production equipment [1]

Core Viewpoint - Tongyu New Materials (301630) has been listed on the Shenzhen Stock Exchange, focusing on the research, production, and sales of electronic resins primarily used in copper-clad laminate production [1][2]. Company Overview - The main business of Tongyu New Materials includes the development, production, and sales of electronic resins, with products such as MDI modified epoxy resin, DOPO modified epoxy resin, high-bromine epoxy resin, BPA-type phenolic epoxy resin, and phosphorus-containing phenolic resin curing agents [2]. - Before the issuance, Zhang Chi served as the chairman and general manager, holding 11.9973 million shares, accounting for 39.99% of the total shares. Zhang Chi also indirectly controls 5.26% of the voting rights through Si Hui Zhao Yu, totaling 45.25% voting rights, making him the controlling shareholder [2]. Shareholder Agreement - Zhang Chi and Su Shiguo signed a "Joint Action Agreement" on December 9, 2021, confirming their consistent decision-making regarding the company's operations and significant matters since its establishment on December 23, 2015. In case of disagreement, Zhang Chi's opinion prevails [3]. - Su Shiguo, serving as the director and deputy general manager, holds 7.8397 million shares, representing 26.13% of the total shares before the issuance. Together, Zhang Chi and Su Shiguo control 71.38% of the voting rights, significantly influencing the board and major decisions [3]. Fundraising Details - The total amount raised from the issuance is 840 million yuan, with a net amount of 760.3783 million yuan, intended for the annual production project of 200,000 tons of electronic resins (Phase I) and to supplement working capital [4].

Group 1 - The stock of Tongyu New Materials (301630) opened over 110% higher, trading at 180 CNY [1] - The company issued 10 million shares at a price of 84 CNY per share, raising a total of 840 million CNY [1] - After the issuance, the total share capital of the company reached 40 million shares [1] Group 2 - Tongyu New Materials primarily engages in the research, production, and sales of electronic resins, which are mainly used in the production of copper-clad laminates [1] - For the fiscal year 2024, the company is projected to achieve a revenue of 952 million CNY and a net profit of 143 million CNY [1]

纯碱现货：重碱河北交割库现货报价在1160左右，送到沙河1180左右 纯碱产业：工厂库存累积，交割库小幅累库 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1121 1160 1121 980 971 1035 1074 1132 900 950 1000 1050 1100 1150 1200 沙河德金 沙河安全 沙河低价 湖北低价 07合约 09合约 11合约 01合约 玻璃价格结构 今日(7/9） 昨日(7/8） 一周前(7/2） 一月前(6/9） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 玻璃：河北低价大板 201 ...

Group 1 - Company will participate in the "2025 Inner Mongolia Listed Companies Investor Online Reception Day" on July 11, 2025, from 16:00 to 18:00, to enhance interaction with investors [1] - Company executives will discuss 2024 performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development during the event [1] Group 2 - Company’s subsidiary, Zhongyan (Inner Mongolia) Soda Industry Co., Ltd., signed a mining rights transfer contract with the Natural Resources Bureau of Tongliao City, acquiring natural soda mining rights for 6.80866 billion yuan [2][3] - The mining rights were won in a bidding process on June 16, 2025, and the contract was signed on July 9, 2025 [3] - The mining rights have a registration period of 30 years, with the possibility of extension if resources remain available [4] Group 3 - The company is required to pay the transfer price of 6.80866 billion yuan within 30 days of receiving the payment notice [5] - During the validity of the mining rights, the company will pay an annual mining rights transfer revenue of 2.9% of the sales revenue from the mined products [5] - The mining area covers 28.85 square kilometers, located in the Daqintala area of Naiman Banner, Tongliao City, Inner Mongolia [6] Group 4 - The company is progressing with the capital reduction of Zhongyan Soda Industry, which is expected to become a wholly-owned subsidiary, constituting a significant asset restructuring [2][7] - The company will fulfill necessary decision-making and approval procedures according to relevant laws and regulations for the asset restructuring [7]

二苯基磷氧是一种有机磷化合物，它广泛用作化学中间体、配位化学中的配体，近年来也用作高性能阻燃剂和光电材料的基料。全球二苯基 磷氧市场目前仍属于小众市场，但近年来由于对环保型磷基阻燃剂的需求不断增长，以及新型应用的探索和研究推动，市场或将迎来发展机 遇。 生产路线方面，市场目前以中间体合成工艺为主，山东洪川化工有限公司、武汉吉鑫益邦生物科技有限公司、本溪吉凯科技有限公司均采用 此技术路线。但该技术路线成本较高，受上游原料波动性限制较大。为了降低成本，淄博盛森精细化工有限公司实现了原料合成工艺法的采 用，因此其具备明显的价格优势，但由于其规模较小且尚未完成专利申请，所以竞争能力有限。 未来，市场应用领域将持续拓展，技术将进一步升级。区域格局特点依旧，中国凭借政策支持和产业链优势，占据主要市场。 总之，二苯基磷氧市场正从一种利基化学品发展成为涵盖多个高价值领域的战略中间体。受淘汰卤素的监管压力以及磷化学技术的进步的推 动，二苯基磷氧拥有广阔的增长潜力。然而，原材料价格波动，需求不稳定仍然是影响市场发展轨迹的关键因素。整体来说，二苯基磷氧市 场属于小众市场，规模有限，但一旦下游市场被打开，其将迎来进一步发展。 根据 ...

Group 1 - The core viewpoint of the news is that Ningxia Baofeng Energy Group Co., Ltd. has applied for a patent related to the calculation method for propylene loss during the regeneration of propylene protection beds and liquid phase dryers, which aims to control production costs and improve economic efficiency [1] Group 2 - Ningxia Baofeng Energy Group Co., Ltd. was established in 2005 and is located in Yinchuan City, primarily engaged in the manufacturing of chemical raw materials and chemical products [2] - The company has a registered capital of 733.336 million RMB and has made investments in 16 enterprises [2] - The company has participated in 5,000 bidding projects and holds 438 patents along with 23 trademark registrations and 774 administrative licenses [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The methanol market is expected to fluctuate this week. In the port area, there is a risk of inventory accumulation due to inflow of inland goods and concentrated imports, but there is also macro - level support. Inland, although upstream inventory is low and there are maintenance activities, downstream profitability is poor and trade sentiment is cautious, so prices are expected to move sideways [5]. 3. Summary by Relevant Catalogs 3.1 Daily Tips - For methanol 2509, the fundamentals show a multi - empty game. The port may see inventory accumulation, while the inland has support from low upstream inventory and maintenance. The expected price trend is to fluctuate. The basis shows that the spot is at a premium to the futures. As of June 26, 2025, port inventories have increased. The 20 - day line is upward with the price below it. The main positions are net short with an increase in short positions [5]. 3.2 Multi - Empty Concerns - **Likely to be Bullish**: Some device stoppages (e.g., Yulin Kaiyue, Xinjiang Xinya), reduced methanol production in Iran and low port inventories, new production in acetic acid plants (e.g., Jingmen 600,000 - ton/year acetic acid plant), and external procurement by CTO plants in the northwest [6]. - **Likely to be Bearish**: Resumption of previously shut - down devices (e.g., Inner Mongolia Donghua), expected concentrated arrivals at ports in the second half of the month, the traditional off - season for formaldehyde and a significant decline in MTBE start - up rates, profitability in coal - based methanol leading to active sales, and inventory accumulation in some factories in production areas due to poor sales [7]. 3.3 Fundamental Data - **Spot Price**: The spot price of methanol in Jiangsu is 2400 yuan/ton, with a basis of 27 for the 09 contract, indicating a spot premium over the futures [5]. - **Inventory**: As of June 26, 2025, the total social inventory of methanol in East and South China ports is 534,100 tons, an increase of 84,600 tons from the previous period. The overall available and tradable methanol in coastal areas has increased by 46,100 tons to 293,400 tons [5]. - **Price and Spread**: In the spot market, prices in different regions vary, with some showing declines. In the futures market, the closing price of the main contract has decreased, and the number of registered warrants has increased while the number of effective forecasts has decreased. There are also changes in various price spreads [8]. - **Production Profit**: Coal - based methanol has a weekly profit decline of 14 yuan/ton, natural - gas - based methanol has no change in profit, and coke - oven - gas - based methanol has a weekly profit increase of 342 yuan/ton [21]. - **Operating Rate**: The national weighted average operating rate of methanol is 74.90%, a decrease of 3.81% from the previous week. The operating rate in the northwest is 81.54%, a decrease of 3.55% from the previous week [8][22]. - **External Price and Spread**: The CFR price of methanol in China has decreased by 1.07% week - on - week, the CFR price in Southeast Asia has decreased by 2.84% week - on - week, and the price spread between China and Southeast Asia has changed [25]. - **Import Spread**: The spot price and import cost of methanol have both decreased, and the import spread has decreased by 42 yuan/ton week - on - week [27]. - **Downstream Product Price and Profit**: The prices of traditional downstream products such as formaldehyde, dimethyl ether, and acetic acid have changed to different extents, and their production profits and operating rates have also changed [30][34][37][40]. - **MTO Production Profit and Load**: The production profit of MTO has increased by 218 yuan/ton week - on - week, and the load has increased by 0.15% [45]. 3.4 Maintenance Status - **Domestic Devices**: Many domestic methanol production enterprises are under maintenance, with different maintenance times, starting and ending dates, and losses in different regions such as the northwest, north, east, southwest, and northeast [55]. - **Foreign Devices**: In Iran, some methanol plants are in the process of resuming production or operating at a low rate. In other countries, most plants are operating normally, but some are under maintenance or have low operating rates [56]. - **Olefin Devices**: Some olefin - related devices in the northwest, east, central, and other regions are under maintenance, operating stably, or have experienced temporary shutdowns and restarts [57].

Core Insights - The report highlights a significant increase in domestic excavator sales, with a year-on-year growth exceeding 20% in the first half of the year, indicating a recovery in the construction machinery sector [5] - The investment in ultra-high voltage projects is accelerating, with expected investments surpassing 650 billion yuan in 2025, suggesting strong growth potential in the energy sector [5] - Global semiconductor sales reached 59 billion USD in May, marking a year-on-year increase of 19.8%, reflecting robust demand in the technology sector [5] Industry Updates - The National Development and Reform Commission has allocated an additional 10 billion yuan for central budget investments to support employment initiatives, which is expected to create jobs for 310,000 key groups [4] - Seven departments have issued a document to expedite the development of a universal childcare service system, indicating a focus on social infrastructure [4] - The Hong Kong Securities and Futures Commission is expanding the range of institutions participating in the southbound trading scheme, which may enhance market liquidity [4] Company Focus - Wanma Co., Ltd. (002276) is set to increase its annual production capacity to 60,000 tons after the completion of its high-performance polymer insulation project, raising its market share from 15% to approximately 20% [6] - United Chemical (301209) plans to invest 120 million yuan in Zhuoguangrui Technology, acquiring a 19.35% stake post-investment [6] - Jinling Mining (000655) anticipates a net profit growth of 66.48% to 111.54% year-on-year for the first half of the year, driven by increased sales of its main product, iron concentrate [6] - Keda Intelligent (300222) has a subsidiary that holds an 18% stake in a company supplying charging piles for Xiaomi's electric vehicles, indicating strategic partnerships in the EV sector [6] Market Review and Outlook - On July 8, the market opened slightly higher and experienced a steady upward trend, with the Shanghai Composite Index closing up 0.7% at 3,497 points, reaching a new high for the period [7] - The trading volume in the Shanghai and Shenzhen markets increased to 1.4 trillion yuan, up 240 billion yuan from the previous trading day, indicating heightened market activity [7] - The report notes a rotation in market sentiment, with funds shifting from defensive dividend sectors to undervalued growth sectors, particularly in the ChiNext index, which shows greater elasticity [8] - The recent emphasis on anti-involution policies and supply-side reforms suggests potential investment opportunities in sectors aligned with these themes [8]