1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The intensification of the Israel - Iran conflict drove up international oil prices, leading to a significant increase in polypropylene (PP) futures this week. As of June 20, 2025, the PP2509 contract closed at 7,242 yuan/ton, up 2.16% from last week's close [6]. - In terms of fundamentals, on the supply side, the PP output increased by 1.52% week - on - week to 787,400 tons, and the capacity utilization rate rose by 1.20% to 79.84%. On the demand side, the average downstream operating rate of PP decreased by 0.34% week - on - week to 49.63%. In terms of inventory, the PP commercial inventory increased by 4.23% week - on - week to 820,500 tons [6]. - Looking ahead, next week, some plants are planned for maintenance and restart. It is expected that the output and capacity utilization rate will decline slightly. The downstream off - season atmosphere is strong, and the PP downstream operating rate is expected to continue a slight downward trend. In the short term, the cost side is still the main influencing factor of PP prices, and the PP2509 is expected to fluctuate strongly in the range of 7,200 - 7,350 yuan/ton [6]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Price**: The PP2509 contract closed at 7,242 yuan/ton on June 20, 2025, up 2.16% from last week [6]. - **Fundamentals** - **Supply**: PP output increased by 1.52% to 787,400 tons, and capacity utilization rose by 1.20% to 79.84% [6]. - **Demand**: The average downstream operating rate of PP decreased by 0.34% to 49.63% [6]. - **Inventory**: PP commercial inventory increased by 4.23% to 820,500 tons. Factory inventory increased by 4.52%, trader inventory increased by 6.18%, and port inventory decreased by 0.77% [6]. - **Cost and Profit**: The cost of oil - based PP rose to 7,884.28 yuan/ton with deeper losses; the coal - based cost remained stable at 6,214.60 yuan/ton with wider profits; the PDH - based cost rose to 7,937.62 yuan/ton with deeper losses [6]. - **Outlook**: Next week, output and capacity utilization are expected to decline slightly. The downstream operating rate is expected to continue to decline slightly. The PP2509 is expected to fluctuate strongly in the range of 7,200 - 7,350 yuan/ton [6]. 3.2 Futures Market - **Price and Volume**: The PP futures main contract rose, but the trading volume decreased [8]. - **Net Position and Warehouse Receipts**: The main contract's position fluctuated slightly, and the number of registered warehouse receipts decreased slightly [13]. - **Monthly Spread**: The 9 - 1 and 5 - 9 monthly spreads strengthened slightly, while the 1 - 5 monthly spread weakened slightly [20][26]. - **L - PP Spread**: The L - PP spread strengthened [26]. 3.3 Spot Market - **Spot Price**: The domestic PP price in East China was 7,160 yuan/ton [32]. - **Basis**: The basis shrank, and the futures market was at a discount [36]. 3.4 Upstream Market - **Energy Price**: Crude oil prices rose significantly, and coal prices rose slightly [40]. - **Propane Price**: The propane arrival price was 593 US dollars/ton, and the Shandong spot price was 6,485 yuan/ton [46]. - **Methanol Price**: The methanol price in Jiangsu rose to 2,765 yuan/ton [51]. 3.5 Industrial Chain - **Supply** - **Capacity Utilization and Maintenance Loss**: The PP plant operating rate of petrochemical enterprises increased week - on - week [54]. - **Output and Inventory**: The total PP inventory increased week - on - week [57]. - **Cost and Profit** - **Cost**: The cost of oil - based PP increased significantly, the coal - based cost increased slightly, and the PDH - based cost increased [62][67]. - **Profit**: The loss of oil - based and PDH - based processes deepened, while the coal - based profit widened slightly [70][76]. - **Import and Export**: The PP import profit was in loss, and the import window was closed [80]. - **Demand** - **Downstream Price and Operating Rate**: The downstream operating rate of PP decreased week - on - week [84]. - **Plastic Products Output and Export Value**: In May, the cumulative year - on - year growth rate of plastic products output was 5.4%, and the cumulative year - on - year growth rate of export value was - 2.0% [89]. 3.6 Options Market - The 20 - day historical volatility of the PP main contract was 10.22%, and the implied volatility of at - the - money call and put options was around 11.98% [95].

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides mid - term outlooks for various energy and chemical products, including "oscillating", "oscillating strongly", "oscillating weakly", etc., which can be used as a reference for the investment outlook of individual products [266]. 2. Core View of the Report - The energy and chemical sector is in a complex situation. Chemical products generally follow the strong trend of crude oil. The geopolitical risk between Iran and Israel has intensified, leading to increased volatility in crude oil prices, which in turn affects the prices of downstream chemical products [1][2]. - The overall outlook for the energy and chemical sector is a strong - oscillating trend, and a long - short allocation strategy is recommended [3]. 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Crude Oil - On June 19, SC2508 closed at 570.9 yuan/barrel, up 3.29%, and Brent2508 closed at 78.74 dollars/barrel, up 3.5%. - Geopolitical concerns in the Middle East dominate short - term oil price fluctuations. Although there have been attacks on energy infrastructure, there has been no substantial impact on crude oil production. Oil prices are expected to oscillate with high volatility [6]. 3.1.2 Asphalt - The main asphalt futures closed at 3695 yuan/ton. Spot prices in East China, Northeast China, and Shandong were 3770 yuan/ton, 3990 yuan/ton, and 3800 yuan/ton respectively. - Due to the escalation of the Iran - Israel geopolitical situation, asphalt prices have a geopolitical premium. However, in the medium - long term, the increase in heavy oil supply will put pressure on the asphalt cracking spread. The absolute price of asphalt is overvalued [7]. 3.1.3 High - Sulfur Fuel Oil - The main high - sulfur fuel oil contract closed at 3333 yuan/ton. - Geopolitical factors have led to a sharp increase in prices, but in the medium - long term, the increase in heavy oil supply will put pressure on the cracking spread. Overall, supply is increasing while demand is decreasing, and prices are expected to oscillate weakly [8][9]. 3.1.4 Low - Sulfur Fuel Oil - The main low - sulfur fuel oil contract closed at 3921 yuan/ton. - It follows the trend of crude oil. Currently, it has a low valuation and is facing various negative factors such as weak shipping demand and green energy substitution. It is expected to fluctuate with crude oil [10]. 3.1.5 LPG - On June 19, 2025, the PG 2508 contract closed at 4513 yuan/ton, up 1.28%. - Driven by rising crude oil prices, the supply pressure has been relieved, and the chemical demand has recovered. It is expected to oscillate strongly in the short term [10]. 3.1.6 PX - On June 19, the CFR price of PX in Taiwan, China was 904 (16) dollars/ton, and PX 2509 closed at 7094 (106) yuan/ton. - The supply capacity of Asian PX is increasing, and the support from the supply - demand fundamentals in China is weakening. Short - term fluctuations are mainly affected by crude oil. It is expected to be strong in the short term due to production cut news [12]. 3.1.7 PTA - On June 19, the spot price of PTA was 5175 (- 30) yuan/ton, and the spot processing fee was 269 (- 118) yuan/ton. - The supply - demand situation of PTA is weakening at the margin, and it follows the short - term trend of crude oil. It is expected to be strong in the short term following the cost side [12]. 3.1.8 Styrene - On June 19, the spot price of styrene in East China was 8050 (100) yuan/ton. - The future driving force is insufficient. The supply may increase, and the demand is weak. It is expected to oscillate weakly [11][12]. 3.1.9 Ethylene Glycol (EG) - On June 19, the price of ethylene glycol increased, and the basis weakened. - It has a low - inventory pattern and is driven by rising crude oil prices. The weekly operating rate reached a five - year high. It is expected to oscillate strongly [14][15]. 3.1.10 Short - Fiber - On June 19, the price of polyester short - fiber was 6800 (+ 55) yuan/ton. - The short - fiber industry has a good pattern. The rise in crude oil prices leads to a compensatory increase in the downstream industry chain. The processing fee has limited compression space. It is expected to oscillate strongly [15][16]. 3.1.11 Bottle Chip - On June 19, the price of polyester bottle chips increased with the rise of raw materials. - The processing fee is in an oscillating pattern. As production cuts are implemented, the processing fee is expected to expand. Long positions in the processing fee can be gradually arranged [17]. 3.1.12 Methanol - On June 19, the low - end spot price of methanol in Taicang was 2750 yuan/ton. - The situation in Iran provides short - term support. The inventory in ports has decreased, and coal prices have stabilized. It is expected to oscillate strongly in the short term [20][21]. 3.1.13 Urea - On June 19, the low - end factory and market prices of urea were 1790 (+ 20) and 1820 (+ 0) respectively. - High supply continues, but the demand at home and abroad has started. The overseas supply is affected by geopolitics, leading to a sharp increase in overseas prices. It is expected to oscillate strongly [21]. 3.1.14 LLDPE (Plastic) - On June 19, the mainstream spot price of LLDPE was 7400 (20) yuan/ton. - Affected by the rise in oil prices, the short - term price has rebounded. However, the fundamentals are still under pressure. It is recommended to wait and see in the short term [23]. 3.1.15 PP - On June 19, the mainstream transaction price of East China wire drawing was 7250 (30) yuan/ton. - Driven by the rise in oil prices and supported by methanol, the supply is increasing, and the demand is weak. It is recommended to wait and see in the short term [24]. 3.1.16 PVC - On June 19, the benchmark price of PVC by calcium carbide method in East China was 4840 (+ 0) yuan/ton. - Affected by the rise in energy prices, but the fundamentals are still under pressure. The cost has increased, and it is expected to oscillate [26]. 3.1.17 Caustic Soda - On June 19, the price of 50% caustic soda in Shandong was 2760 (+ 0) yuan/ton. - The supply and demand are weak in June and July. The spot price is under pressure, and the futures price follows the production - cut logic. It is expected to operate weakly [27]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - The report provides data on the basis, change values, and warehouse receipts of various products such as asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. It also shows cross - variety spreads and their change values [28]. 3.2.2 Chemical Basis and Spread Monitoring - Although the report lists various products such as methanol, urea, styrene, etc., no specific data or analysis content is provided in the given text.

Core Viewpoint - Ningbo Nengzhiguang New Materials Technology Co., Ltd. has received approval for its initial public offering (IPO) on the Beijing Stock Exchange, focusing on the research, production, and sales of chemically modified functional polymer plastics [1] Financial Performance - The company reported revenues of 556 million yuan, 569 million yuan, and 611 million yuan for the years 2022, 2023, and 2024 respectively, indicating a revenue growth of 7.26% in 2024 [1] - Net profits for the same years were 21.86 million yuan, 49.81 million yuan, and 55.94 million yuan, showing a year-on-year increase of 12.31% in 2024 [1] - Key financial metrics for 2024 include: - Revenue: 61,054.19 million yuan - Net profit attributable to shareholders: 5,594.09 million yuan - Basic earnings per share: 0.86 yuan - Weighted average return on equity: 15.92% [1] Investment Plans - The funds raised from the IPO will be allocated to expanding production capacity for functional polymer materials, building a research and development center, and supplementing working capital [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, and a net profit attributable to the parent company of 787 million yuan, up 9.8% year-on-year [1]. - The revenue from the lithium extraction project significantly declined, impacting the overall performance of the system equipment segment, while the adsorption materials business showed robust growth [2][3]. - The life sciences segment is expected to continue its growth trajectory, driven by the demand for high-quality solid-phase synthesis carriers and the performance of GLP-1 peptide drugs [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 662 million yuan, down 27.4% year-on-year, but up 10.89% quarter-on-quarter, with a net profit of 191 million yuan, down 4.0% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a decrease of 8.6% year-on-year and 12.91% quarter-on-quarter, while the net profit was 193 million yuan, an increase of 14.2% year-on-year [1]. Business Segments - The adsorption materials business generated 1.986 billion yuan in revenue, up 27.61% year-on-year, while the system equipment segment saw a revenue decline of 43.13% to 469 million yuan [2]. - The revenue from the lithium extraction system equipment was only 99 million yuan in 2024, a dramatic drop of 80.96% compared to 520 million yuan in 2023 [2]. Growth Areas - The life sciences segment's revenue reached 568 million yuan in 2024, reflecting a growth of 28% [3]. - The ultra-pure water segment achieved significant breakthroughs, with substantial orders from key semiconductor companies, indicating a growing market presence [3]. Profitability Forecast - The net profit forecasts for 2025-2027 are adjusted to 1.127 billion yuan, 1.463 billion yuan, and 1.706 billion yuan, respectively, maintaining the "Buy" rating [3].

Report Summary 1. Price Forecast and Volatility - The monthly price range forecast for polyethylene is 7000 - 7400, with a current 20 - day rolling volatility of 12.33% and a 3 - year historical percentile of 21.8% [2] 2. Hedging Strategies Inventory Management - When inventory is high and there are concerns about price drops, for finished product inventory, shorting plastic futures (L2509) with a 25% hedging ratio at 7350 - 7400 can lock in profits and cover production costs; selling call options (L2509C7400) with a 50% ratio at 70 - 120 can collect premiums and lock in selling prices if prices rise [2] Procurement Management - When procurement inventory is low and based on order - based procurement needs, buying plastic futures (L2509) with a 50% ratio at 7000 - 7100 can lock in procurement costs; selling put options (L2509P7100) with a 75% ratio at 50 - 100 can collect premiums and lock in buying prices if prices fall [2] 3. Core Contradiction - Due to the Middle - East geopolitical situation, the polyolefin market has strengthened, but the current supply - strong and demand - weak situation in the PE market remains unchanged. The high HD - LL spread and good HDPE supply - demand with low inventory may lead to more full - density plant conversions, potentially alleviating LLDPE supply pressure. The Middle - East situation may also disrupt PE imports and support prices through higher oil costs, but price upside may be limited due to supply surplus [3] 4. Bullish Factors - The high HDPE - LLDPE spread may lead to more full - density plant conversions; the Middle - East tension drives up oil prices, supporting polyolefins; the Iran - related conflict may reduce PE imports from Iran [4] 5. Bearish Factors - Multiple HDPE plants are planned to be put into operation in the middle of the year; the downstream off - season and low - profit environment reduce domestic demand [5] 6. Market Data Futures Prices and Spreads - The plastic main contract basis on 2025 - 06 - 18 was 58 yuan/ton lower than on 2025 - 06 - 17 and 98 yuan/ton lower than on 2025 - 06 - 11. There were also various price differences among different L contracts and spreads such as L1 - 5, L5 - 9, L9 - 1, and L - P [6][8] Spot Prices and Regional Spreads - There were price differences in different regions (North China, East China, South China) and spreads between regions such as East - North and East - South [8] Non - standard and Standard Product Spreads - There were price differences between HDPE (membrane, hollow, injection,拉丝, pipes) and LDPE membranes compared to LLDPE membranes [8] Upstream Prices and Processing Profits - Brent crude oil price was 75 dollars/barrel, with a 5.98 dollars/barrel increase compared to before. There were also prices and profit data for other upstream products and different PE production methods [8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - V2509 rose and then fell, closing at 4,833 yuan/ton. The supply side was affected by the extended impact of previously shut - down devices such as Qilu Petrochemical and Fujian Wanhua. Last week, the PVC capacity utilization rate decreased by 1.47% to 79.25% week - on - week. - On the demand side, last week, the downstream PVC operating rate decreased by 0.47% to 45.8% week - on - week. Among them, the pipe operating rate decreased by 1.44% to 42.94% week - on - week, and the profile operating rate decreased by 0.5% to 37.55% week - on - week. - In terms of inventory, last week, the PVC social inventory decreased by 2.59% to 573,600 tons week - on - week, maintaining a destocking trend with low inventory pressure. - In June, there were many domestic PVC annual inspection devices. This week, the 200,000 - ton device of Henan Yuhang was planned for annual inspection, and the capacity utilization rate was expected to continue to decline. - The domestic downstream demand was in the off - season, and the Indian market was affected by uncertainties such as BIS certification and anti - dumping duties and the rainy season. - In terms of cost, domestic calcium carbide shut - down devices remained, and some devices had indefinite production restrictions, supporting the calcium carbide price. The import volume of ethylene decreased, and the price might be strongly sorted. PVC had weak supply and demand, and the strong cost provided support for the futures price. The daily K - line of V2509 should pay attention to the support near 4,790 and the pressure near 4,900 [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC was 4,833 yuan/ton, a decrease of 27 yuan. The trading volume was 834,032 lots, a decrease of 360,614 lots. The open interest was 962,017 lots, a decrease of 16,925 lots. - The buy order volume of the top 20 futures positions was 762,413 lots, an increase of 6,957 lots. The sell order volume was 778,513 lots, an increase of 9,691 lots. The net buy order volume was - 16,100 lots, a decrease of 2,734 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC was 5,000 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4,755.38 yuan/ton, unchanged. - In the South China region, the price of ethylene - based PVC was 4,955 yuan/ton, unchanged; the price of calcium carbide - based PVC was 4,822.5 yuan/ton, a decrease of 25 yuan. - The CIF price of PVC in China was 710 US dollars/ton, unchanged; the CIF price in Southeast Asia was 670 US dollars/ton, unchanged; the FOB price in Northwest Europe was 745 US dollars/ton, unchanged. The basis of PVC was - 83 yuan/ton, an increase of 27 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China was 2,700 yuan/ton, unchanged; in North China, it was 2,698.33 yuan/ton, unchanged; in Northwest China, it was 2,460 yuan/ton, a decrease of 20 yuan. - The mainstream price of liquid chlorine in Inner Mongolia was 50.5 yuan/ton, unchanged. - The mid - price of VCM CFR Far East was 524 US dollars/ton, unchanged; the mid - price of VCM CFR Southeast Asia was 564 US dollars/ton, unchanged. - The mid - price of EDC CFR Far East was 176 US dollars/ton, an increase of 9 US dollars; the mid - price of EDC CFR Southeast Asia was 178 US dollars/ton, an increase of 9 US dollars [3]. 3.4 Industry Situation - The operating rate of PVC was 79.25%, a decrease of 1.47%. The operating rate of calcium carbide - based PVC was 81.77%, a decrease of 0.54%. The operating rate of ethylene - based PVC was 72.59%, a decrease of 3.94%. - The total social inventory of PVC was 354,800 tons, a decrease of 6,600 tons. The total social inventory in the East China region was 312,200 tons, a decrease of 6,600 tons. The total social inventory in the South China region was 42,600 tons, unchanged [3]. 3.5 Downstream Situation - The National Real Estate Climate Index was 93.86, a decrease of 0.1. The cumulative value of new housing construction area was 178.3584 million square meters, an increase of 48.3938 million square meters. - The cumulative value of real estate construction area was 6.2031505 billion square meters, an increase of 66.0961 million square meters. The cumulative value of real estate development investment was 148.7313 billion yuan, an increase of 387.111 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC was 14.06%, an increase of 0.04%. The 40 - day historical volatility was 16.55%, an increase of 0.04%. - The implied volatility of at - the - money put options was 20.59%, a decrease of 0.18%. The implied volatility of at - the - money call options was 20.58%, a decrease of 0.19% [3]. 3.7 Industry News - On June 17, the cash - spot price of Changzhou PVCSG5 in the warehouse remained stable compared with the previous day, ranging from 4,720 to 4,790 yuan/ton. - From June 6th to 12th, China's PVC capacity utilization rate was 79.25%, a decrease of 1.47% compared with the previous period. - As of June 12th, the new sample statistics of PVC social inventory decreased by 2.59% to 573,600 tons week - on - week and decreased by 36.83% year - on - year [3].

Core Insights - Kynar PVDF (Polyvinylidene Fluoride) series materials from Arkema stand out due to their excellent weather resistance, chemical stability, and mechanical properties, making them essential in various industries such as construction, chemicals, electronics, and energy [2] Group 1: Overview of PVDF Materials - Kynar PVDF is a semi-crystalline thermoplastic fluoropolymer produced from the polymerization of vinylidene fluoride monomer, characterized by high chemical stability due to the presence of fluorine atoms in its molecular chain [3] Group 2: Characteristics of Kynar PVDF Models - Kynar PVDF 710 is known for its balanced performance, featuring high tensile strength and elongation at break, making it suitable for structural components in general industrial environments [5] - Kynar PVDF 720 enhances weather resistance, ideal for outdoor applications such as building facades and photovoltaic back sheets, with improved surface treatment for lasting color and gloss [6] - Kynar PVDF 740 is designed for high-temperature applications, maintaining stable physical and chemical properties under elevated temperatures, suitable for chemical pipelines and electronic component packaging [6] - Kynar PVDF 760, the premium model, offers superior wear resistance, scratch resistance, and self-cleaning properties, making it suitable for high-end applications like architectural facades and automotive parts [8] Group 3: Application Areas and Market Outlook - In the construction sector, Kynar PVDF materials are widely used for exterior wall cladding, roofing, and window protection due to their weather resistance and aesthetic appeal [8] - In the chemical industry, Kynar PVDF's corrosion resistance and high-temperature stability are crucial for manufacturing pipelines, storage tanks, and reactors [8] - In the electronics field, Kynar PVDF serves as an encapsulation material, providing insulation and weather resistance that enhance the reliability and lifespan of electronic products [8] - In the energy sector, Kynar PVDF is utilized in photovoltaic systems as back sheets and cable sheathing, ensuring long-term stable operation [8]

1. Report Industry Investment Ratings - Not provided in the given content 2. Report Core Views Energy and Chemicals - **Crude Oil**: High - level oscillation. The core driver has shifted from supply - demand to geopolitics, and the Israel - Iran conflict will dominate oil prices [3][4]. - **LPG**: Bullish in the short - term. The strengthening of upstream crude oil drives up the cost, and the fundamentals are improving marginally [6][8]. - **L**: Bearish rebound. Cost support has improved, but there are risks of continued inventory accumulation in the middle - stream [10][11]. - **PP**: Bearish rebound. Spot high - price transactions are weak, and there is pressure on inventory accumulation in the middle - stream [13][14]. - **PVC**: Bearish rebound. The cost of ethylene - based plants has increased, and the market is in a situation of weak supply and demand [15]. - **PX**: Cautiously long at low levels. Supply and demand are both increasing, and the fundamentals are improving in May [16][17]. - **PTA**: Bullish in the short - term but with a weakening fundamental outlook. Supply pressure is expected to increase, and downstream demand is weakening [19][20]. - **Ethylene Glycol (MEG)**: Cautiously long at low levels. Supply pressure has eased, and inventory is continuously decreasing [22][23]. Building Materials - **Glass**: Weak and oscillating. Enterprises are reducing prices to clear inventory, and the fundamentals are weak [25][27]. - **Soda Ash**: Weakly seeking the bottom. Supply is increasing, and inventory is accumulating [28][30]. - **Caustic Soda**: Suppressed by the moving average. Supply is expected to increase, and demand is weakening [31][33]. - **Methanol**: Bullish in the short - term. Affected by geopolitical conflicts, but there are concerns about negative feedback from MTO demand [34] 3. Summaries by Variety Crude Oil - **Market Review**: International oil prices rose significantly on June 13. WTI rose 4.78%, Brent rose 7.02%, and SC rose 4.74% [3]. - **Basic Logic**: The core driver is geopolitics. The Israel - Iran conflict is uncertain, and in extreme cases, Iran may block the Strait of Hormuz. Supply is stable, and demand is expected to increase slightly. Inventory data shows a decline in US commercial crude oil inventory [4]. - **Strategy Recommendation**: In the long - term, supply is expected to be in excess, and the price range is estimated to be between $55 - 65. In the short - term, prices are expected to oscillate at a high level. SC is recommended to focus on the range of [530 - 570] [5]. LPG - **Market Review**: On June 13, the PG main contract closed at 4275 yuan/ton, up 3.06%. Spot prices in Shandong, East China, and South China all increased [7]. - **Basic Logic**: The strengthening of upstream crude oil drives up the cost. Supply has decreased slightly, demand from downstream chemical industries has increased, and inventory has decreased [8]. - **Strategy Recommendation**: In the long - term, the valuation is high. In the short - term, affected by geopolitics, buy put options. PG is recommended to focus on the range of [4300 - 4400] [9]. L - **Market Review**: Cost support has improved, and both futures and spot prices have risen. The North China basis is - 18 (down 17 from the previous period) [11]. - **Basic Logic**: Supply pressure will decrease next week, but the market is still consuming low - price spot inventory. It is in the traditional off - season, and there is a risk of continued inventory accumulation in the middle - stream [11]. - **Strategy Recommendation**: Short - term geopolitical conflicts are unclear, so reduce short positions. Upstream enterprises can sell for hedging when the basis is negative. L is recommended to focus on the range of [7000 - 7200] [11]. PP - **Market Review**: Cost support has improved, and the rebound continues. Spot high - price transactions are weak, and the East China basis is 62 (down 81 from the previous period) [14]. - **Basic Logic**: Demand is weak, and it is in the consumption off - season. Supply is expected to increase in June - July, and there is pressure on inventory accumulation in the middle - stream [14]. - **Strategy Recommendation**: Reduce short positions. Downstream enterprises can buy for hedging when the basis is high. PP is recommended to focus on the range of [7000 - 7150] [14]. PVC - **Market Review**: The cost of ethylene - based plants has increased, and the Changzhou basis is - 109 (down 3 from the previous period) [15]. - **Basic Logic**: Domestic PVC supply has decreased slightly due to maintenance. Demand has weakened in some domestic industries due to the off - season and rainy season. The market is expected to continue to fluctuate within a range [15]. - **Strategy Recommendation**: There is insufficient driving force for continuous upward movement. Rebound and go short. V is recommended to focus on the range of [4750 - 4900] [15]. PX - **Market Review**: On June 13, the spot price in East China was 6900 yuan/ton (unchanged), and the PX09 contract closed at 6780 yuan/ton (+244). The basis has converged [16]. - **Basic Logic**: Domestic and overseas PX device loads have increased, supply pressure has increased, and demand is expected to improve. Inventory has decreased but is still at a relatively high level. The PXN spread has compressed, and the basis has converged [17]. - **Strategy Recommendation**: Focus on the opportunity to go long at low levels. PX is recommended to focus on the range of [6730 - 6880] [18]. PTA - **Market Review**: On June 13, the spot price in East China was 5015 yuan/ton (+160), and the TA09 contract closed at 4782 yuan/ton (+162). The basis and monthly spread have strengthened [19]. - **Basic Logic**: Supply pressure is expected to increase as maintenance devices restart and new capacities are put into production. Downstream demand is weakening, but inventory is decreasing. Processing fees are high [20]. - **Strategy Recommendation**: Focus on the opportunity to go short at high levels. TA is recommended to focus on the range of [4750 - 4880] [21]. MEG - **Market Review**: On June 13, the spot price in East China was 4426 yuan/ton (+79), and the EG09 contract closed at 4334 yuan/ton (+100). The basis and monthly spread are strong [22]. - **Basic Logic**: Device maintenance has increased, and the arrival volume is low, so supply pressure has eased. Downstream demand is weakening, but inventory is decreasing [23]. - **Strategy Recommendation**: Continue to focus on the opportunity to go long at low levels. EG is recommended to focus on the range of [4270 - 4350] [24]. Glass - **Market Review**: Spot market prices have been reduced, the futures price has fallen under pressure, the basis has widened, and the number of warehouse receipts has remained unchanged [26]. - **Basic Logic**: Geopolitical risks have led to a decrease in market risk appetite. Domestic private credit expansion is blocked, and the demand for glass is shrinking. Enterprises are reducing prices to clear inventory, and the fundamentals are weak [27]. - **Strategy Recommendation**: FG is recommended to focus on the range of [960 - 990], and it is expected to oscillate weakly under the pressure of the 1000 - yuan mark [27]. Soda Ash - **Market Review**: The spot price of heavy soda ash has been reduced, the futures price has broken through and fallen, the main - contract basis has widened, the number of warehouse receipts has decreased, and the number of valid forecasts has remained unchanged [29]. - **Basic Logic**: The market supply has increased as maintenance devices restart and new capacities are put into production. Demand is weak, inventory is at a high level, and the cost center has moved down [30]. - **Strategy Recommendation**: SA is recommended to focus on the range of [1140 - 1180], suppressed by the 5 - day and 10 - day moving averages [30]. Caustic Soda - **Market Review**: The spot price of caustic soda has remained stable, the futures price has been weak, the basis has strengthened, and the number of warehouse receipts has remained unchanged [32]. - **Basic Logic**: The price of liquid chlorine has risen, and some enterprises may postpone maintenance. Supply is expected to increase, and demand from the alumina industry is weakening [33]. - **Strategy Recommendation**: No specific strategy recommendation is provided in the given text. Methanol - **Market Review**: On June 13, the spot price in East China was 2439 yuan/ton (+108), and the main 09 - contract closed at 2389 yuan/ton (+99). The basis and monthly spread have changed [34]. - **Basic Logic**: Affected by geopolitical conflicts, the price has risen, but there are concerns about negative feedback from MTO demand. Supply pressure is increasing, and demand improvement is limited [34]. - **Strategy Recommendation**: No specific strategy recommendation is provided in the given text.

Economic Indicators - In May, various leading indicators from the National Information Center indicate a strong economic recovery in multiple sectors, reflecting a positive trend towards "new" growth and robust vitality [1] - Government investment has been increasing, with project approvals accelerating [1] Investment Trends - The national excavator index in May was 47.34%, with 16 provinces showing rapid construction activity, particularly Anhui, Beijing, Zhejiang, Jilin, and Liaoning [3] - The Northeast region had the highest construction rate at 60.39%, with a year-on-year increase of 3.58% and a month-on-month increase of 17.01% in workload [3] - Project bidding amounts in May increased by 21.5% year-on-year, marking a new high for the year, with significant growth in healthcare, municipal facilities, energy, and transportation sectors [3] Industrial Production - The industrial economy is exhibiting dual vitality from "traditional momentum recovery" and "new productive forces emergence" [4] - The industrial park production heat index rose by 21.2% year-on-year, indicating sustained high production activity and enhanced industrial clustering effects [6] - Traditional industries are experiencing widespread increases in operational heat, with significant improvements in textiles, chemicals, steel, and plastics [6] - Innovation among startups and technology-driven enterprises has also surged, with growth rates exceeding 20% year-on-year [6] Consumer Trends - In May, multiple consumer sector indicators showed an upward trend, indicating a steady improvement in overall consumption [8] - The offline consumption heat index increased by 25.7% year-on-year, while the life service consumption heat index rose by 14.6%, with significant growth in leisure, accommodation, and dining sectors [9] - Consumer enthusiasm has been bolstered by effective promotional policies, with home appliance online retail sales increasing by 31.0% year-on-year [9]

Summary of Key Points Core Viewpoint - Runyang Technology (300920) has seen a stock price increase, reaching a recent high, while making strategic adjustments to its cash management of idle fundraising funds [1]. Company Announcements - Runyang Technology's stock closed at 47.99 yuan as of June 13, 2025, up 2.13% from the previous week, with a market cap of 4.799 billion yuan, ranking 30th in the plastic sector and 3022nd in the A-share market [1]. - The company held its 16th board meeting and 13th supervisory meeting, approving an adjustment to the cash management limit for idle fundraising funds from 100 million yuan to 180 million yuan, aimed at improving fund efficiency and increasing company returns [1][3]. - Runyang Technology has repaid 15 million yuan of idle fundraising funds that were temporarily used to supplement working capital, with the repayment period not exceeding 12 months [1][3].