Core Viewpoint - Guizhou Chitianhua Co., Ltd. reported a challenging financial year for 2024, with a net loss attributed to various operational factors, despite some growth in revenue from its chemical and medical service segments [1][2][3]. Financial Performance - The company achieved operating revenue of CNY 238,006.12 million in 2024, with a net loss attributable to shareholders of CNY -8,669.35 million [1][19]. - The chemical segment generated revenue of CNY 226,020.86 million, contributing a net profit of CNY 13,086.61 million, while the medical services segment reported a revenue of CNY 10,430.55 million with a net loss of CNY -12,867.21 million [1][3]. - The coal segment saw an increase in production and sales, with a slight rise in prices compared to the previous year [1]. Asset and Liability Overview - As of December 31, 2024, total assets amounted to CNY 483,556.81 million, reflecting a 2.58% increase from the beginning of the year [2][20]. - The company's debt ratio rose to 47.37%, an increase of 3.57% from the previous year [2]. Production and Sales Data - The company sold 66.11 million tons of urea, a year-on-year increase of 6.36%, and 32.81 million tons of methanol, up 46.16% [2][29]. - The production of synthetic ammonia, methanol, and urea increased by 7.06%, 42.36%, and 7.98% respectively compared to the previous year [3][29]. Future Outlook - For 2025, the company plans to produce 55.80 million tons of urea and 30 million tons of methanol, with a projected total revenue of CNY 217,830.13 million and a net loss of CNY -7,118.09 million [9][33]. - The company anticipates challenges due to market fluctuations in commodity prices, particularly for urea and methanol, which are influenced by international and domestic conditions [34].

| 业期现日报 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年5月9日 | 纪元菲 | Z0013180 | | | | | | | | | | | 现货价格及主力合约基差 | 5月8日 | 5月7日 | 涨跌 | 涨跌幅 | 单位 | 中村 | | | | | | | 华东通氧SI5530工业硅 | 0150 | 9200 | -50 | -0.54% | 基差(通氧SI5530基准) | 860 | 875 | -1.71% | -15 | | | | 华东SI4210工业硅 | 10100 | -0.50% | 10050 | - 50 | 元/吨 | 基差(SI4210基准) | 975 | 960 | -15 | -1.54% | | | 新疆99硅 | 8450 | 8550 | -100 | -1.17% | 基差(新疆) | 960 | 1025 | -65 | -6.34% | ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The external environment is favorable for Treasury bond futures, but considering the relatively low current Treasury bond yields, the impact of tariffs, and the potential for repeated tariff adjustments, it is recommended to maintain a certain degree of caution [7][8]. - Despite concerns about the impact of tariffs on the domestic economic recovery rhythm and corporate profit growth, the long - term performance of Chinese equity assets is still optimistic, and it is considered to go long on stock index futures [10][11]. - The long - term bullish trend of precious metals is expected to continue, and it is recommended to go long on gold futures on dips [14]. - For various commodities, different investment strategies are proposed based on their respective supply - demand, valuation, and technical aspects, such as going long or short on certain contracts, or taking a wait - and - see approach [16][19][21]. 3. Summary by Directory Treasury Bonds - The previous trading day saw a full - line decline in Treasury bond futures, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts down 0.62%, 0.19%, 0.08%, and 0.01% respectively. The central bank carried out 195.5 billion yuan of 7 - day reverse repurchase operations on May 7, with an operating rate of 1.50%, and there was a net withdrawal of 335.3 billion yuan on that day. The central bank adjusted the 7 - day reverse repurchase operating rate to 1.40% from May 8, cut the deposit reserve ratio by 0.5 percentage points from May 15, and cut the personal housing provident fund loan interest rate by 0.25 percentage points from May 8 [7]. - The Fed's stance and tariff issues have an impact on the market. It is expected that the volatility will increase, and caution should be maintained [8][9]. Stock Index - The previous trading day saw mixed performance in stock index futures. Financial regulators proposed measures to support the capital market, including expanding the pilot scope of long - term investment of insurance funds, adjusting solvency regulatory rules, and promoting a long - cycle assessment mechanism. The China Securities Regulatory Commission also took measures to stabilize the market [10]. - Although tariffs disrupt the domestic economic recovery rhythm, the long - term performance of Chinese equity assets is still optimistic, and it is considered to go long on stock index futures [11][12]. Precious Metals - The previous trading day saw a 0.79% increase in the gold main contract and a 0.21% increase in the silver main contract. China has increased its gold reserves for six consecutive months. The complex global trade and financial environment, potential monetary policy easing, and other factors are expected to drive up the price of gold. It is recommended to go long on gold futures on dips [13][14]. Threaded Steel and Hot - Rolled Coils - The previous trading day saw weak oscillations in threaded steel and hot - rolled coil futures. The real - estate industry's downward trend suppresses the price of threaded steel, but the peak - season demand may provide short - term support. The valuation of steel prices is low, and the downward space may be limited. It is recommended to pay attention to short - selling opportunities on rebounds [16]. Iron Ore - The previous trading day saw oscillations in iron ore futures. The increase in iron ore demand and the decrease in imports and port inventory support the price. The valuation of iron ore is relatively high in the black - series varieties. It is recommended to pay attention to buying opportunities at low levels [18][19]. Coking Coal and Coke - The previous trading day saw a slight decline in coking coal and coke futures. The supply of coking coal is loose, and the trading atmosphere has weakened. The demand for coke has improved, but the possibility of further price increases is low. It is recommended to pay attention to short - selling opportunities on rebounds [21]. Ferroalloys - The previous trading day saw a 0.39% decline in the manganese - silicon main contract and a 0.04% increase in the silicon - iron main contract. The supply of ferroalloys is still high, and the demand is weak. It is recommended to pay attention to call - option opportunities for manganese - silicon and consider short - position exit opportunities for silicon - iron [23][24]. Crude Oil - The previous trading day saw a sharp increase in INE crude oil. News such as Kazakhstan's commitment to the OPEC+ agreement, the progress of the Russia - Ukraine peace agreement, and the upcoming China - US talks are favorable for crude oil. It is recommended to take a long - position operation on the main crude - oil contract [25][26]. Fuel Oil - The previous trading day saw a sharp increase in fuel oil following crude oil. The demand for high - sulfur fuel oil in Asia is showing signs of strengthening. The relaxation of US sanctions on Russia may be negative for high - sulfur fuel oil, while the expected signing of a tariff agreement and the decrease in Singapore's inventory are positive. It is recommended to take a long - position operation on the main fuel - oil contract [28]. Synthetic Rubber - The previous trading day saw a 1.34% increase in the synthetic - rubber main contract. The supply pressure continues, the demand improvement is limited, and the cost rebounds. It is expected to oscillate weakly [30][31]. Natural Rubber - The previous trading day saw the natural - rubber main contract close flat and the 20 - rubber main contract rise 0.28%. The global supply is expected to increase, and the demand may improve due to tariff changes. It is expected to oscillate weakly [33]. PVC - The previous trading day saw a 0.27% decline in the PVC main contract. The supply pressure eases marginally, and the demand recovers weakly. It is expected to oscillate at the bottom [35]. Urea - The previous trading day saw a 0.96% increase in the urea main contract. The approaching summer corn - fertilizer preparation period may not offset the supply elasticity. The potential Indian tender and domestic export - policy adjustment may affect the price. It is recommended to pay attention to export changes [38]. p - Xylene (PX) - The previous trading day saw a 2.81% increase in the PX2509 main contract. PX devices are under centralized maintenance, and the cost support is enhanced. It is expected to oscillate and adjust following the cost, and it is recommended to operate in the low - price range [40][41]. PTA - The previous trading day saw a 2.48% increase in the PTA2509 main contract. The planned maintenance of PTA devices increases, and the cost is expected to improve. It is expected to oscillate, and it is recommended to operate in the low - price range [42]. Ethylene Glycol - The previous trading day saw a 1.55% increase in the ethylene - glycol main contract. The restart of coal - based ethylene - glycol devices is less than expected, and the inventory may decline slightly. It is recommended to participate cautiously at low levels [43][44]. Short - Fiber - The previous trading day saw a 1.67% increase in the short - fiber 2506 main contract. The downstream demand is weak, and the cost is the main factor affecting the price. It is recommended to participate cautiously [45]. Bottle Chips - The previous trading day saw a 1.69% increase in the bottle - chip 2506 main contract. The cost support is enhanced, and the supply and demand lack a driving force. It is expected to oscillate following the cost [46][47]. Soda Ash - The previous trading day saw a 0.90% decline in the 2509 main contract. In May, the number of maintenance devices increases, but the overall supply remains high. The export advantage is gradually established. It is recommended that short - position holders at low levels adjust their positions [49]. Glass - The previous trading day saw a 0.09% increase in the 2509 main contract. The production line is at a low level, and the actual supply - demand has no obvious driving force. The tariff adjustment and relevant financial policies may affect the market sentiment [50][51]. Caustic Soda - The previous trading day saw a 0.76% increase in the 2509 main contract. Some devices will enter the maintenance period in May. The demand from alumina and non - aluminum downstream is limited. It is necessary to pay attention to the device operation and liquid - chlorine price [52][53]. Pulp - The previous trading day saw a 1.26% increase in the 2507 main contract. The inventory continues to accumulate, the supply increases, and the market is in a weak pattern. The trading sentiment is poor [54][55]. Lithium Carbonate - The previous trading day saw a 1.99% decline in the lithium - carbonate main contract. The supply is high, the demand is weak, and the inventory increases. It is expected to run weakly [57]. Copper - The previous trading day saw Shanghai copper rise first and then fall. Although the ICSG expects a surplus in refined - copper supply, the Sino - US talks may boost demand. It is recommended to take a long - position operation on the Shanghai copper main contract [58][59]. Tin - The previous trading day saw a 0.94% decline in Shanghai tin. The resumption of production in major mines eases the shortage pattern, and the impact of Sino - US trade on the downstream electronic - consumption market remains. It is expected to oscillate bearishly [61]. Nickel - The previous trading day saw a 0.35% decline in Shanghai nickel. The cost support is strong, but the demand may weaken in the off - season. The overall supply - demand is in a surplus pattern. It is recommended to wait and see cautiously [62][63]. Industrial Silicon/Polysilicon - The previous trading day saw industrial silicon and polysilicon continue to decline. The demand in the industrial chain is weak, the supply decline is limited, and the price is expected to continue to be under pressure. It is recommended to pay attention to the start - up changes in the southwest region during the wet season and maintain a bearish view [64]. Soybean Oil and Soybean Meal - The previous trading day saw a 0.03% decline in the soybean - meal main contract and a 0.44% increase in the soybean - oil main contract. The supply of soybeans is expected to be loose, the upward pressure on soybean meal is high, and it is recommended to wait and see. The cost support for soybean oil at the bottom is enhanced, and it is recommended to pay attention to call - option opportunities [65][66]. Palm Oil - Malaysian palm oil has been falling for seven consecutive days. The inventory may increase, and the demand is weak. It is recommended to pay attention to the opportunity to expand the spread between soybean oil and palm oil [67][69]. Rapeseed Meal and Rapeseed Oil - Canadian rapeseed prices are fluctuating. The production of Canadian rapeseed is expected to increase. China has imposed tariffs on Canadian rapeseed products. It is recommended to pay attention to the opportunity to go long on rapeseed meal after a pullback [70]. Cotton - The previous trading day saw a slight increase in domestic Zhengzhou cotton. The planting progress in the US and China is known, and the demand is affected by tariffs. The downstream demand is weak, and it is recommended to wait and see [71][73]. Sugar - The previous trading day saw domestic Zhengzhou sugar oscillate weakly. Brazil is entering the production - acceleration period, and the sugar production in India is lower than expected. The domestic inventory is neutral, and it is recommended to wait and see [75][78]. Apples - The previous trading day saw a slight decline in domestic apple futures. The cold - storage inventory is low, and the sales are good. The new - year production is expected to increase. It is recommended to wait and see [80]. Live Pigs - The previous trading day saw the national average price of live pigs remain flat. The supply may increase after the holiday, and the consumption is in a short - term off - season. It is expected that the pig price will first weaken and then strengthen. It is recommended to wait and see [82][84]. Eggs - The previous trading day saw a decline in the average price of eggs in the main production and sales areas. The egg - laying hen inventory is increasing, and the supply is expected to increase in May. It is recommended to gradually take profit on the reverse spread [85][86]. Corn and Starch - The previous trading day saw a 0.25% increase in the corn main contract and a 0.26% increase in the corn - starch main contract. The supply of corn is expected to be in a slight surplus, and the demand is slowly recovering. The production and demand of corn starch are weak. It is recommended to wait and see [87][90]. Logs - The previous trading day saw a 0.44% increase in the 2507 main contract. The supply is affected by holidays and weather, and it is entering the off - season. The inventory is relatively neutral, and the demand improvement is limited. The market is in a weak state [91][93].

金 融 期 货 研 究 | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【期指期现数据跟踪】 | | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 3831.63 | ↑0.61 | | 2860.1 | | | | | | IF2505 | 3817.2 | ↑0.55 | -14.43 | 328.6 | 28654 | ↑45 | 45962 | ↓707 | | IF2506 | 3785 | ↑0.51 | -46.63 | 638.2 | 56105 | ↑8274 | 141994 | ↑3041 | | IF2509 | 3725.8 | ↑0.47 | -105.83 | 136.8 | 12210 | ↑2796 | 58236 | ↑1900 | ...

Summary of Key Points from Conference Call Records Industry or Company Involved - **Domestic Aircraft Manufacturing**: Focus on the C919 aircraft and its potential to replace Boeing's market share in Europe [2][3] - **Military Trade**: Insights into the military trade dynamics between India and Pakistan, and the implications for Chinese military exports [4][5][6] - **Pharmaceuticals**: Discussion on the global sales of semaglutide and its impact on the obesity treatment market [8][9] - **Chemical Industry**: Analysis of the price movements in the chemical sector, particularly ethylene glycol and its derivatives [12][13][14] - **Textiles**: Overview of the textile industry, particularly the impact of U.S.-China trade relations on exports [15] - **Technology and Automation**: Developments in automated equipment and smart transportation solutions [20][21] Core Points and Arguments Domestic Aircraft Manufacturing - The C919 aircraft is expected to capture part of Boeing's market share in Europe due to potential tariffs on Boeing products [2] - China Commercial Aircraft Corporation (COMAC) plans to increase C919 production capacity significantly from 75 to 200 aircraft by 2029, a 33% increase compared to 2027 [2] - The Airbus Tianjin assembly line exemplifies successful Sino-European aviation cooperation [2] Military Trade - The escalation of armed conflict between India and Pakistan has implications for military trade, with Pakistan being a major recipient of Chinese military exports [4] - China’s military products have gained a significant market share globally, with Pakistan accounting for over 50% of China's military exports from 2017 to 2024 [4] - Key companies involved in military trade include Aerospace Changfeng and other defense contractors [4][5][6] Pharmaceuticals - Semaglutide has surpassed K drug in global sales, indicating a strong market for obesity treatments [8] - Novo Nordisk reported a 19% increase in net sales, with semaglutide sales growing by 85% [8] - Related companies include Changshan Pharmaceutical and Jin Kai Biotechnology, which are involved in the production of similar drugs [9] Chemical Industry - Ethylene glycol prices have risen by 1.47%, driven by supply constraints and increased demand [12] - Danhua Technology is a key player in the ethylene glycol market, with a production capacity of 132,000 tons [12] - The chemical sector is experiencing a surge due to rising prices of various chemical products [13][14] Textiles - The U.S. Treasury's comments on trade relations may ease the impact of tariffs on textile exports [15] - Huafang Co. has a significant share of the global market for lyocell fabrics, with a focus on sustainable production [15] - The company reported that 40% of its business is linked to the U.S. market, highlighting its international exposure [15] Technology and Automation - Maiwei Co. has developed automated wafer-level hybrid bonding equipment, marking a significant advancement in manufacturing technology [20] - The company is positioned to benefit from the growing demand for advanced packaging solutions in the semiconductor industry [20] - Dayang Group's recent announcement regarding the lifting of an investigation by the U.S. Department of Commerce is expected to positively impact its export orders [21] Other Important but Possibly Overlooked Content - The potential for increased cooperation between China and Russia in various sectors, including military and technology, was mentioned [18] - The impact of geopolitical tensions on supply chains and market dynamics was highlighted, particularly in the context of the India-Pakistan conflict [10][11] - The importance of maintaining accurate and up-to-date information in rapidly changing market conditions was emphasized throughout the documents [4][5][6][12][15]

南华期货（603093）分析称，从供应端看px的检修依旧在高位，国内的px开工在73%，亚洲开工也在 68%附近，5月浙石化和盛虹等有计划检修，国外五月也仍有降负和检修计划，总体供应不多，但与其 同时，pta的检修也较多，总体px供需仍能保持紧平衡预期，但节日期间原油跌幅明显，单边价格估计 低开，pxn逢低做扩。 5月7日，国内期市能化板块多数飘红。其中，对二甲苯期货主力合约开盘报6142.0元/吨，今日盘中高 位震荡运行；截至午间收盘，对二甲苯主力最高触及6362.0元，下方探低6134.0元，涨幅达2.39%。 目前来看，对二甲苯行情呈现震荡上行走势，盘面表现偏强。对于对二甲苯后市行情将如何运行，相关 机构观点汇总如下： 银河期货表示，由于供应方面存在多重变动因素，包括日本装置的意外停车和计划检修，以及国内部分 装置的重启和检修计划，导致PX供需驱动减弱。此外，中东局势紧张增加了供应压力，PX价格预计将 宽幅震荡。 瑞达期货（002961）指出，中东局势急剧升温，国际原油上涨，影响聚酯走势。供应方面，本周国内 PX产量为64.94万吨，环比上周+0.35%。国内PX周均产能利用率77.44%，环比上周+0 ...

Core Viewpoint - The "Shanghai Fair" is a significant international exhibition platform aimed at cross-border procurement, business negotiations, and brand promotion, showcasing Shanghai's products and services in Japan for the first time [1][2]. Group 1: Event Details - The "Shanghai Fair" will take place on May 8-9, 2025, at Osaka INTEX HALL1, marking it as one of the largest regional overseas exhibitions organized by Shanghai in recent years [2]. - The event is organized by the Shanghai Economic Association, Shanghai Modern Service Industry Association, and Shanghai Public Diplomacy Association, with support from various Japanese organizations [2]. Group 2: Exhibition Scope - The exhibition will cover a wide range of sectors, including BtoC areas such as clothing, electronics, watches, toys, cosmetics, and food and beverages, as well as BtoB sectors like chemical raw materials, new materials, agricultural products, metals, new energy, semiconductors, biomedical and medical devices, and robotics [1][2]. - Over 170 companies and organizations are expected to participate, providing opportunities for attendees to engage with exhibitors [1].

Group 1: Industry Overview - The oil and chemical indices experienced mixed performance during the trading days from April 28 to April 30, with the chemical raw materials index down by 0.55% and the chemical machinery index up by 0.75% [1] - International crude oil prices showed a downward trend, with WTI settling at $58.29 per barrel, down 7.51% from April 25, and Brent at $61.29 per barrel, down 8.34% [1] - The top five rising petrochemical products included liquid chlorine up by 54.19% and PTA up by 5.68%, while the top five declining products included coal tar pitch down by 8.95% and WTI down by 7.51% [1] Group 2: Capital Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets included United Chemical up by 36.56% and Yuzhong Three Gorges A up by 33.16% [2] - The worst-performing listed chemical companies included Xinjin Road down by 26.55% and ST Youfu down by 23.32% [2]

Group 1: Real Estate Industry Analysis - In April 2025, the top 100 real estate companies in China experienced a 9.1% year-on-year decline in sales, indicating ongoing market pressure [2][20] - From January to April 2025, the top 100 real estate companies achieved a total sales amount of 1,018.16 billion yuan, with a year-on-year growth rate of -6.8% [3][21] - The sales performance of the top 10 companies showed a year-on-year decline of 11.1%, while the sales of companies ranked 21-30 increased by 3.5% [3][21] Group 2: Key Companies in Real Estate - The five largest real estate companies by sales from January to April 2025 were Poly, China Resources, China Overseas, China Merchants, and Greentown, with sales amounts of 87.61 billion, 68.5 billion, 66.52 billion, 49.78 billion, and 47.72 billion yuan respectively [4][22] - The highest average sales prices per square meter were recorded by Binjiang, Yuexiu, Greentown, Jinyu, and Poly Real Estate, with prices of 39,800, 39,400, 34,100, 30,500, and 27,300 yuan respectively [4][22] - The companies with the highest year-on-year sales growth were China Railway, Huafa, Electric Construction, Yuexiu, and Tie Jian, with growth rates of 55.4%, 49.1%, 49.1%, 37.1%, and 22.7% respectively [4][22] Group 3: Investment Recommendations - The report suggests focusing on short-term valuation recovery opportunities due to policy implementation and long-term investments in leading companies with quality product resources and real estate operation capabilities [5][23] - Recommended companies include Poly Development, New Town Holdings, China Resources Land, and Longfor Group, which are expected to benefit from market conditions [5][23] Group 4: Communication Industry Analysis - The report highlights the significant commercial success of Yiyuan Communication in the communication module sector, marking progress in China's communication module industry [9][25] - From 2015 to 2024, Yiyuan Communication's revenue grew from 303 million yuan to 18.594 billion yuan, with net profit increasing from 26 million yuan to 588 million yuan [9][25] - The company has expanded its workforce from under 200 to approximately 6,000 employees during the same period [9][25] Group 5: Market Trends and Opportunities - The global edge AI market is expected to grow explosively, with projections indicating a rise from 321.9 billion yuan in 2025 to 1,223 billion yuan by 2029, reflecting a compound annual growth rate of 39.6% [13][29] - The integration of AI and IoT is anticipated to provide new growth opportunities and innovation potential, transitioning from a connected world to an intelligent world [13][29] - Yiyuan Communication is well-positioned to capitalize on the development opportunities in the edge AI market [13][30]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Report's Core View - There is no clear core view presented in the provided content. Group 3: Glass Summary Price - On April 30, 2025, the prices of 5mm glass plates from different manufacturers showed various trends compared to April 23 and April 29. For example, the price of the 5mm large plate of Shahe Anquan decreased by 58.0 from April 23 to April 30, while the price of the 5mm large plate of Shahe Great Wall increased by 9.0 [1]. - The FG09 contract price decreased by 72.0 from April 23 to April 30, and the FG05 contract price decreased by 75.0 during the same period [1]. Basis and Spread - The 05 Hebei basis increased by 75.0 from April 23 to April 30, and the 05 Hubei basis increased by 65.0 [1]. - The FG 5 - 9 spread decreased by 3.0 from April 23 to April 30 [1]. Profit and Cost - The North China coal - fired profit increased by 5.0 from April 23 to April 30, and the North China coal - fired cost decreased by 5.0 [1]. - The South China natural gas profit remained unchanged, while the North China natural gas profit increased by 2.1 from April 23 to April 30 [1]. Spot and Sales - The spot price of Shahe traders was around 1173, and the futures - spot quotation was 09 + 50, with a fixed - price of around 1170. The low - price of factories in Hubei Province was around 1140, and the Hubei futures - spot was at 05 parity, with rigid - demand transactions [1]. - The sales rates in different regions were as follows: Shahe 103, Hubei 91, East China 88, and South China 99 [1]. Group 4: Soda Ash Summary Price - On April 30, 2025, the prices of heavy and light soda ash from different regions also had different trends. For example, the price of heavy soda ash in Central China decreased by 20.0 from April 23 to April 30, while the price of heavy soda ash in Qinghai increased by 20.0 [1]. - The SA05 contract price decreased by 30.0 from April 23 to April 30, and the SA01 contract price decreased by 9.0 [1]. Basis and Spread - The SA05 Shahe basis increased by 30.0 from April 23 to April 30, and the SA monthly spread 05 - 9 decreased by 9.0 [1]. Profit and Cost - The North China ammonia - soda process profit decreased by 4.9 from April 23 to April 30, and the North China ammonia - soda process cost decreased by 5.1 [1]. - The North China combined - soda process profit increased by 68.4 from April 23 to April 30 [1]. Spot and Market - The spot price of heavy soda ash in Hebei delivery warehouses was around 1300, with 05 parity. The price in Shahe warehouses was around 1320 - 1330, with 05 + 20, and the terminal delivery price was around 1350 - 1380. The transaction was good [1].