Report Overview - Report Name: Methanol Daily Report - Date: June 20, 2025 - Industry: Methanol Key Points 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The supply pressure of methanol remains high as domestic production has been increasing for four consecutive weeks, while the operating rates of most downstream products have declined this week. However, the methanol price is still rising due to the expected significant decrease in methanol imports caused by the Iran geopolitical conflict. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [5]. - From a technical perspective, in the hourly cycle, the MACD fast and slow lines of the methanol weighted contract are running above the zero - axis with repeated divergences, and the RSI has entered the overbought area three times, indicating a need for short - term stagnation and callback. In the daily cycle, the MACD fast and slow lines are above the zero - axis, the red column is continuously lengthening, the price has reached a new high, and the RSI has been in a钝化 stage after entering the overbought area. It is expected to fluctuate strongly in the short term, but technical adjustments should be noted [6]. 3. Summary by Directory 3.1 Market Review and Outlook - The methanol weighted contract increased in position and price today. The weighted contract added 20,499 lots, and the 09 main contract added 17,514 lots. It showed a high - opening and wide - range oscillation trend, closing with a small - bodied positive line with long upper and lower shadows, rising 0.91% overall. The average spot transaction price of methanol in Jiangsu Taicang was 2,770 yuan/ton, an increase of 70 yuan/ton from the previous day [5]. - From June 13 to June 19, 2025, the domestic methanol production was 1,997,846 tons, an increase of 15,190 tons from the previous week, and the plant capacity utilization rate was 88.65%, a month - on - month increase of 0.76%. The capacity utilization rates of some main downstream products of methanol this week are as follows: olefins 88.97% (a month - on - month decrease of 0.54%), formaldehyde 50.39% (a month - on - month decrease of 0.22%), acetic acid 88.33% (a month - on - month decrease of 0.327%), MTBE 63.71% (a month - on - month increase of 4.01%) [5]. - A table shows the futures market quotations of different contracts, including opening price, closing price, highest price, lowest price, increase or decrease, trading volume, open interest, change in open interest, and speculation degree [7]. 3.2 Industry News - The 3 - million - ton/year olefin project of Inner Mongolia Baofeng Coal - based New Materials Co., Ltd., the world's largest single - plant coal - to - olefin project with a total investment of 48.4 billion yuan, was put into operation. It uses coal to produce polyethylene and polypropylene, with an annual output of 3 million tons of polyolefins, including 1.5 million tons of polyethylene and 1.5 million tons of polypropylene [13]. 3.3 Data Overview - Multiple data charts are provided, including the basis of the main contract, the price difference between production and sales areas, the futures price and the number of warehouse receipts, the price difference between MA09 and MA01, the profits of three methanol production processes, and the overseas market price of methanol, but specific data in the charts are not described in detail [20][21][22]

Investment Ratings - The report provides a "Buy" rating for China Jushi (中国巨石) and United Imaging Healthcare (联影医疗), indicating expected strong performance relative to the market [17][21] - The report maintains a "Buy" rating for Baofeng Energy (宝丰能源) and Kunming Pharmaceutical (昆药集团), suggesting positive growth prospects [33][24] Core Insights - The report highlights the recovery potential of the Hong Kong stock market from the perspective of the AH premium, which has decreased significantly, indicating room for valuation recovery [5][8] - The agricultural sector is experiencing adjustments in global crop production forecasts, with increased corn and wheat production, while rice production is slightly reduced [12][14][15] - China Jushi is positioned to benefit from emerging demand in the fiberglass industry despite traditional demand weaknesses, with expected revenue growth as prices stabilize [17][19] - United Imaging Healthcare is breaking the monopoly in the medical imaging sector, with a strong domestic market share and rapid overseas expansion [21][22] Summary by Sections AH Premium Analysis - The AH premium has gone through three distinct phases since 2010, with significant events influencing its trajectory, such as the launch of the Shanghai-Hong Kong Stock Connect [5][6] - As of March 11, 2025, the AH premium rate is at 132.79, indicating a significant decline from previous highs, suggesting a potential for recovery in Hong Kong valuations [8][9] Agricultural Sector Insights - USDA's March report indicates a global corn production increase of 1.7 million tons to 1.214 billion tons for 2024/2025, driven by favorable conditions in India and other countries [12] - Global wheat production is forecasted to rise by 3.44 million tons to 797 million tons, attributed to improved weather conditions in Australia and other regions [14] - Rice production is slightly adjusted down by 10,000 tons to 533 million tons, with consumption expected to rise [15] China Jushi Overview - China Jushi is the largest fiberglass producer globally, with a comprehensive product range and a recovery in revenue expected as prices stabilize [17][19] - The company is leveraging its cost advantages and global presence to enhance competitiveness in the fiberglass market [19] United Imaging Healthcare Overview - United Imaging Healthcare is rapidly expanding its market share in medical imaging, with a diverse product portfolio and strong growth in both domestic and international markets [21][23] - The company is expected to continue its growth trajectory, driven by increasing demand for imaging services and technological advancements [22][23] Kunming Pharmaceutical Overview - Kunming Pharmaceutical is optimizing its product layout and expanding its market presence, with projected net profits increasing from 6.48 billion yuan in 2024 to 7.45 billion yuan in 2025 [24][25] - The company is focusing on innovation and international expansion to drive future growth [26] Baofeng Energy Overview - Baofeng Energy reported a revenue increase of 13.2% to 32.98 billion yuan in 2024, with net profits rising by 12.2% [33] - The company is expected to benefit from new projects in Inner Mongolia and Xinjiang, enhancing its growth potential [35]