Report Industry Investment Ratings No relevant content provided. Core Views - Crude oil: After OPEC's production increase in July, the previous negative factors were exhausted. With the threat of wildfires in Canada and rising geopolitical risks, combined with short - term macro - stability, oil prices are strong in the short - term. However, in the long - term, due to relatively weak demand and continuous supply growth, the upside space is limited. The short - term Brent price is expected to oscillate at a high level, with the operating range moving up to $65 - 68 per barrel, and the medium - term range is expected to be $63 - 70 per barrel [1][2]. - Asphalt: The overall supply - demand pattern is loose. Although the cost of crude oil has increased, the market's acceptance of high - priced resources is poor. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end. However, due to the maintenance plan of some refineries and low inventory levels, the price has a certain upward trend [3][4]. - Liquefied gas: In the international market, the CP price has increased, while the FEI has decreased. In the domestic market, supply is increasing, and the summer off - season has increased the pressure on the market, with the fundamentals running weakly [8]. - Fuel oil: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. The supply from Russia, Mexico, and the Middle East is expected to decline, while the demand for seasonal power generation is supportive. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [9][11]. - Natural gas: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - PX: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [14][16]. - PTA: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [17][18]. - Ethylene glycol: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [20][21]. - Short - fiber: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [22][23]. - Bottle - chip: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [24][26]. - Styrene: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [26][27]. - PVC: The supply - demand situation is expected to be weak in the medium - to - long - term, with supply increasing and demand affected by real estate and export uncertainties [29][30]. - Caustic soda: The 09 - contract is expected to be weak, with the medium - term trend being bearish. Although there is still some support in the short - term, the upward driving force for the spot price is weakening [30][31]. - Plastic and PP: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [32][34]. - Glass: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [34][37]. - Soda ash: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [38][40]. - Urea: The daily output is at a high level, and the demand is affected by factors such as international price changes, compound fertilizer production, and export policies. The short - term price is expected to oscillate [41][42]. - Methanol: The international supply is still high, the domestic supply is loose, and the port is starting to accumulate inventory. The price is still recommended to be shorted on rebounds [43][45]. - Log: The downstream market is still sluggish, and the long - term market faces challenges from weak real - estate demand and increased port inventory. However, the large scale difference in delivery has a certain supporting effect on the current price [45][48]. - Double - offset paper: The market was weak in May, and in June, short - term technical rebounds may occur, but long - term risks from over - capacity and weak demand need to be vigilant [48][49]. - Corrugated paper: In May, the demand showed structural improvement, but in June, attention should be paid to factors such as the implementation of price - increase policies, export order sustainability, and waste - paper price fluctuations [50]. - Natural rubber: The domestic inventory is still at a high level, and the production index of French rubber machinery has decreased. The short - term trading strategy is to hold short positions [51][54]. - Pulp: The domestic and foreign paper - making industries have shown signs of production reduction, which is negative for the SP single - side. The short - term trading strategy is to try to go long on a small scale [54][56]. - Butadiene rubber: The short - term supply contraction has led to price increases, and in the medium - term, attention should be paid to the expansion of downstream ABS capacity. The short - term trading strategy is to hold short positions [58][60]. Summary by Related Catalogs Crude Oil - Market Review: WTI2507 contract settled at $63.41, up $0.89 per barrel, a month - on - month increase of 1.42%; Brent2508 contract settled at $65.63, up $1.00 per barrel, a month - on - month increase of 1.55%. SC main contract 2507 rose 12.4 to 465 yuan per barrel, and in the night session, it rose 4.0 to 469 yuan per barrel [1]. - Related News: The US has asked countries to submit their best trade negotiation plans by Wednesday. The US labor market is showing signs of softening, with an increase in job vacancies but also a large increase in layoffs [1]. - Logic Analysis: After OPEC's production increase, the previous negative factors were exhausted. Geopolitical risks have risen, and the macro - situation is stable in the short - term. However, in the long - term, due to weak demand and continuous supply growth, the upside space is limited [2]. - Trading Strategy: Short - term high - level oscillation, medium - term wide - range oscillation; gasoline and diesel cracking spreads are expected to weaken; options are on hold [2]. Asphalt - Market Review: BU2507 closed at 3524 points (+1.21%) in the night session, and BU2509 closed at 3495 points (+1.13%) in the night session. The spot price in Shandong on June 3 was 3470 - 3870 yuan, in the East China region was 3550 - 3620 yuan, and in the South China region was 3360 - 3450 yuan [3]. - Related News: The mainstream transaction price in Shandong rose by 25 yuan per ton. The demand is weak, and the acceptance of high - priced resources is poor. However, due to the maintenance plan of some refineries and low inventory levels, the price has increased [3][4]. - Logic Analysis: The supply - demand pattern is loose, and the price is mainly stable. In the short - term, the terminal demand is limited, and the mainstream transaction price is concentrated at the lower end [3][4]. - Trading Strategy: Oscillation; asphalt - crude oil spread oscillates at a high level; options are on hold [6]. Liquefied Gas - Market Review: PG2507 closed at 4075 (+0.27%) in the night session, and PG2508 closed at 4004 (+0.18%) in the night session. The spot price in South China, East China, and Shandong is given [6]. - Related News: The market in South China is generally stable, with some hidden discounts. The market in Shandong is stable with some small increases, and the ether - post - carbon - four market is expected to rise steadily [7]. - Logic Analysis: Internationally, the CP price has increased, and the FEI has decreased. Domestically, supply is increasing, and the summer off - season has increased market pressure, with the fundamentals running weakly [8]. Fuel Oil - Market Review: FU07 contract closed at 2943 (-0.03%) in the night session, and LU07 closed at 3535 (+1.61%) in the night session. The Singapore paper - futures market's month - to - month spreads are given [9]. - Related News: Russia's exports of some oil products are expected to change in June, and Nigeria's Dangote refinery will import a large amount of US WTI crude oil in July [9]. - Logic Analysis: High - sulfur fuel oil has high near - month cracking and month - to - month spreads, and the spot premium has rebounded. Low - sulfur fuel oil has a stable supply increase and weak downstream demand [11]. - Trading Strategy: On hold for single - side trading; go long on the FU9 - 1 positive spread when the price is low [12]. Natural Gas - Market Review: HH contract closed at 3.7 (+0.76%), TTF closed at 35.848 (+2.38%), and JKM closed at 12.345 (+1.69%) [12]. - Logic Analysis: In the US, due to increased demand, the price is expected to rebound. In Europe, supply restrictions and geopolitical tensions offset weak demand, and the price has returned above 35 euros. Europe still faces challenges in refilling gas storage [12][13]. - Trading Strategy: Go long on HH on dips; TTF is expected to oscillate strongly [14]. PX - Market Review: PX2509 main contract closed at 6524 (-1.42%) during the day and 6618 (+1.44%) in the night session. The spot price, MOPJ valuation, and PXN spread are given [14]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [15]. - Logic Analysis: As the efficiency of PX improves, the operating rate is expected to increase in June, and the supply - demand situation is expected to improve, with the spot shortage situation expected to ease [16]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [16]. PTA - Market Review: TA509 main contract closed at 4628 (-1.53%) during the day and 4706 (+1.69%) in the night session. The spot price and basis are given [17]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and a PTA device has restarted [15][18]. - Logic Analysis: The supply is expected to increase, while the polyester industry plans to reduce production, and the supply - demand relationship is expected to weaken, and the processing fee may be compressed [18]. - Trading Strategy: High - level oscillation; go long on PX and short PTA; sell both call and put options [18]. Ethylene Glycol - Market Review: EG2509 main contract closed at 4306 (-0.99%) during the day and 4319 (+0.30%) in the night session. The spot price and basis are given [18][19]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light, and some EG devices have restarted or are under maintenance [20]. - Logic Analysis: The inventory is expected to decline in the short - term, but the supply will increase in June due to some restarted maintenance. The downstream polyester operating rate is weakening, and the supply - demand gap is expected to narrow, maintaining a tight balance [21]. - Trading Strategy: High - level oscillation; basis positive spread; sell call options [22]. Short - fiber - Market Review: PF2507 main contract closed at 6338 (-0.72%) during the day and 6426 (+1.39%) in the night session. The spot price in different regions is given [22]. - Related News: The sales of polyester yarn in Jiangsu and Zhejiang are light [23]. - Logic Analysis: The operating rate is stable, and the terminal demand is mainly for fulfilling previous orders. There are still production reduction plans in June, but the supply loss is limited. The processing fee is expected to be strongly supported [23]. - Trading Strategy: High - level oscillation; short PTA and long PF; options are on hold [24]. Bottle - chip - Market Review: PR2507 main contract closed at 5912 (-1.17%) during the day and 5958 (+0.78%) in the night session. The spot price of polyester bottle - chips is given [24]. - Related News: The export quotes of polyester bottle - chip factories are mostly stable [25]. - Logic Analysis: The operating rate has decreased, and the processing fee fluctuates within a narrow range. In June, the downstream soft - drink industry will enter the production peak, and the supply - demand situation is expected to be strong, with the processing fee having strong support [26]. - Trading Strategy: Oscillation consolidation; options are on hold; sell call options [26]. Styrene - Market Review: EB2507 main contract closed at 7018 (-1.71%) during the day and 7133 (+1.64%) in the night session. The spot price and basis in different periods are given [26]. - Related News: The inventory in the East China main port of styrene has increased, and the upstream pure - benzene port inventory has also increased [26]. - Logic Analysis: The supply is expected to increase, and the port inventory is expected to increase from a low level, with the supply - demand relationship weakening [27]. - Trading Strategy: Oscillation weakly; options are on hold; sell call options [28]. PVC and Caustic Soda - Market Review: The spot price of PVC has slightly decreased, and the spot price of caustic soda in different regions has changed [29]. - Related News: The price of caustic soda in some factories has changed, and the Indian BIS hearing has no news yet [30]. - Logic Analysis: PVC's supply - demand situation is expected to be weak in the medium - to - long - term, and caustic soda's 09 - contract is expected to be weak, with the medium - term trend being bearish [30][31]. - Trading Strategy: For single - side trading, go short on caustic soda at high prices and hold short positions on PVC; for arbitrage, arrange a 7 - 9 reverse spread when the spot weakens; options are on hold [32]. Plastic and PP - Market Review: The spot price of LLDPE in different regions has changed, and the spot price of PP in different regions has decreased [32]. - Related News: The maintenance ratio of PE and PP has decreased [33]. - Logic Analysis: The new production capacity is being realized, and the downstream demand is weak. The 09 - contract's supply - demand situation is expected to be weak [34]. - Trading Strategy: Short - and medium - term weakness, hold short positions; options are on hold; arbitrage is on hold [34]. Glass - Market Review: The glass futures 09 - contract closed at 954 (-2.85%) during the day and 965 (+1.15%) in the night session. The spot price in different regions has changed [34][35]. - Related News: The China May Caixin Manufacturing PMI has contracted, and the price of the domestic float - glass market has decreased slightly. A glass production line has restarted [36]. - Logic Analysis: The supply pressure is increasing, and the demand is affected by the real estate cycle. The short - term price is expected to oscillate weakly, and the medium - term focus is on cost reduction and factory cold - repair [37]. - Trading Strategy: Price oscillates weakly [38]. Soda Ash - Market Review: The soda - ash futures 09 - contract closed at 1185 (-1.2%) during the day and 1213 (+2.4%) in the night session. The spot price in different regions has changed [38]. - Related News: A soda - ash device has resumed operation, and the domestic soda - ash market is adjusting weakly [39][40]. - Logic Analysis: The supply is increasing, the cost is weakening, and the demand is stable in the short - term but worrying in the medium - term. The price is expected to decline gradually [40]. - Trading Strategy: Bearish judgment, gradual

【PVC开工、库存】 开工：截至5月29日，PVC粉整体开工负荷率为74.60%，环比提升1.49个百分点；其中电石法PVC粉开 工负荷率为75.71%，乙烯法PVC粉开工负荷率为71.71%。 库存：截至5月29日，PVC社会库存环比-4.12%至59.76万吨，同比-32.78%；其中华东地区在54.47万 吨，华南地区在5.29万吨。 【PVC现货】 【PVC行情展望】 国内PVC粉市场现货价格窄幅弱调，价格重心小幅下移。PVC期货区间震荡，贸易商基差变化不大，点 价成交部分略有价格优势。整体下游采购积极性较低，市场内现货成交平平。5型电石料，华东主流现 汇自提4600-4720元/吨，华南主流现汇自提4700-4750元/吨，河北现汇送到4470-4590元/吨，山东现汇送 到4590-4650元/吨。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报 ...

据金融界报道，日本可能通过提供资金和技术帮助，以推动与美国在6月中旬前达成关税协议。这其中包括投资阿拉斯加液化天然气（LNG）管 道项目、分享造船技术等。日本将展示其在破冰船建造方面的优势，随着北极地区安全担忧加剧，这一领域的需求日益增长。日本首相石破茂表 示，他亲自指定的贸易谈判代表赤泽亮正在华盛顿与美国同行举行第三轮会谈后返回东京。赤泽亮正表示，他希望在石破茂与特朗普计划于下个 月在加拿大举行的七国集团（G-7）峰会间隙会晤前达成协议。 然而，日本在谈判中也面临着诸多难题。一方面，日本依赖美国提供安全保护，在军事上对美国有一定的依赖；另一方面，美国此前曾指责日本 故意压低日元汇率，使其出口获得贸易优势，这使得谈判更加复杂。日本能否在谈判中迫使美方让步，全面取消汽车关税，还有待观察。但可以 确定的是，美国若不重视日本的诉求，日本国内的政治压力将会持续增大，这对美日关系的发展可能产生不可忽视的影响。 特朗普（资料图） 当前的中美经贸关系正处于一个微妙的转折点。美国企业原本期待的"短暂和解"并没有带来商业关系的修复，反而发现中国市场已经发生了不可 逆的变化。这种变化不仅体现在贸易数据上，更反映在中国企业对供应链 ...

Group 1 - Specialty plastics are key materials supporting high-end manufacturing, new energy, and aerospace industries, with a global market size of 94 billion yuan in 2022 and a compound annual growth rate (CAGR) of 9.58% from 2018 to 2022 [2][8] - The Chinese specialty engineering plastics market reached 13.5 billion yuan in the same period, accounting for 14% of the global market, but the self-sufficiency rate was only 36% in 2021 [8] - Major types of specialty plastics include polycarbonate, specialty polyamide, polyimide, polyether ether ketone (PEEK), and polysulfone [2][8] Group 2 - PEEK material exhibits excellent high-temperature resistance, chemical corrosion resistance, high strength, rigidity, and good dimensional stability, making it ideal for high-end manufacturing applications, including humanoid robots [3][12] - The long-term usage temperature of PEEK can reach 260°C, with short-term usage temperatures exceeding 300°C, maintaining good mechanical properties even in high-temperature environments [3][9] - PEEK's production involves high barriers due to its complex manufacturing process, which includes multiple steps and requires precise control of temperature and pressure [15][13] Group 3 - PI (polyimide) is recognized for its excellent flame retardancy, electrical insulation, mechanical properties, and chemical stability, making it one of the most promising engineering plastics of the 21st century [4][35] - The global flexible sensor market is projected to reach 6.51 billion USD in 2024, with expectations of explosive demand driven by the rapid development of the robotics industry [4][35] - The supply of high-end polyimide is currently dominated by foreign companies, with domestic manufacturers focusing mainly on lower-end products [44][35] Group 4 - The humanoid robot market in China is estimated to be between 2 to 5 billion yuan, with projections suggesting it could grow to 50 to 500 billion yuan by 2035 [27][28] - PEEK material is expected to replace certain structural components in humanoid robots, with a potential value contribution of approximately 1,367 to 4,102 yuan per robot [25][24] - The competition in the PEEK market is intensifying, with international companies currently leading but domestic firms rapidly advancing in technology and market share [28][31]

Company Overview - As of May 30, 2025, Jinfa Technology (600143) closed at 10.26 CNY, down 2.01% from the previous week's 10.47 CNY [1] - The highest intraday price for Jinfa Technology on May 26 was 10.52 CNY, while the lowest on May 29 was 10.23 CNY [1] - The current total market capitalization of Jinfa Technology is 27.052 billion CNY, ranking 1st in the plastic sector out of 72 companies and 532nd out of 5146 in the A-share market [1] Company Announcements - Jinfa Technology has provided additional guarantees for its subsidiaries amounting to 1.4492251 billion CNY [1] - The guarantees involve Ningbo Jinfa New Materials Co., Ltd., Liaoning Jinfa Technology Co., Ltd., and Guangdong Jinfa Technology Co., Ltd. [1] - The total amount of guarantees provided by the company and its subsidiaries is 23.22 billion CNY, which accounts for 129.27% of the audited net assets for 2024 [1] - The credit status of the guaranteed parties is good, and they are not classified as dishonest executors [1]

Core Insights - The primary form of plastic production in Chongqing for March 2025 was 23,000 tons, representing a year-on-year decline of 21.8% [1] - The production growth rate compared to the same period last year increased by 26.6 percentage points [1] - For the first three months of 2025, the total plastic production was 61,000 tons, with a year-on-year decrease of 24.8% [1] Production Data Analysis - March 2025 plastic production: 23,000 tons, down 21.8% year-on-year, with a growth rate 26.6 percentage points higher than the previous year [1] - National comparison: Chongqing's production growth rate was 32.0 percentage points lower than the national average [1] - Contribution to national production: Chongqing accounted for 0.2% of the national total of 1,225,917.92 tons [1] Cumulative Production Data - January to March 2025 plastic production: 61,000 tons, down 24.8% year-on-year, with a growth rate 22.2 percentage points higher than the previous year [1] - National comparison: Chongqing's cumulative production growth rate was 34.4 percentage points lower than the national average [1] - Contribution to national cumulative production: Chongqing represented 0.2% of the national total of 3,441,048.85 tons [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report presents a comprehensive analysis of various asset classes and industries. It maintains the view of more volatility and a preference for safe - haven assets overseas, and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. Overseas, the US inflation expectation structure is stable with short - term fundamental resilience, while in China, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Different industries and asset classes are expected to show different trends, mostly in a state of oscillation [6]. 3. Summary by Related Catalogs 3.1 Macro Highlights - **Overseas Macro**: Tariff and US debt concerns are the main drivers of market volatility in May. The EU has requested an extension of the tariff negotiation deadline to July 9, which was approved by President Trump. The US House of Representatives passed a large - scale tax - cut and spending bill, increasing concerns about US debt. US retail sales in April increased slightly by 0.1%, and the May manufacturing and service PMIs were better than expected [6]. - **Domestic Macro**: April's domestic economic data showed resilience, and policy expectations were generally stable. The China - ASEAN Free Trade Area 3.0 negotiation was completed. The 1 - year and 5 - year - plus LPRs were both cut by 10BP in May, and major state - owned banks lowered deposit rates. Investment and consumption growth in April slightly slowed down but remained resilient. Fixed - asset investment from January to April increased by 4.0% year - on - year, and social consumer goods retail总额 increased by 5.1% year - on - year in April [6]. - **Asset View**: In the large - scale asset category, the report maintains the view of more volatility and a preference for safe - haven assets overseas and a structural market in China. It suggests strategic allocation of gold and non - US dollar assets. In the overseas market, the US inflation expectation structure is stable, and the short - term fundamentals are resilient. In the Chinese market, the growth - stabilizing policies maintain their stance, and the export resilience and tariff relaxation support the Q2 economic growth. Bonds have allocation value after the capital pressure eases, and stocks and commodities are expected to oscillate in the short term [6]. 3.2 View Highlights Financial Sector - **Stock Index Futures**: The proportion of small - cap and micro - cap trading volume shows a downward trend, and the stock index discount is converging, with an expected oscillation [7]. - **Stock Index Options**: The short - term market sentiment is positive, and attention should be paid to the option market liquidity, with an expected oscillation [7]. - **Treasury Bond Futures**: The bond market may continue to oscillate, and attention should be paid to changes in the capital market and policy expectations, with an expected oscillation [7]. Precious Metals - **Gold/Silver**: The progress of China - US negotiations exceeded expectations, and precious metals continued to adjust in the short term. Attention should be paid to Trump's tariff policy and the Fed's monetary policy, with an expected oscillation [7]. Shipping - **Container Shipping on the European Route**: Attention should be paid to the game between the peak - season expectation and the implementation of price increases. The short - term trend is expected to oscillate, and attention should be paid to tariff policies and shipping company pricing strategies [7]. Black Building Materials - **Steel**: Demand continues to weaken, and both futures and spot prices are falling. Attention should be paid to the progress of special bond issuance, steel exports, and molten iron production, with an expected oscillation [7]. - **Iron Ore**: The arrival of shipments has been continuously low, and port inventories have decreased slightly. Attention should be paid to overseas mine production and shipments, domestic molten iron production, weather factors, and port inventory changes, with an expected oscillation [7]. - **Coke**: The second - round price cut has started, and coke enterprises are having difficulty in shipping. Attention should be paid to steel mill production, coking costs, and macro - sentiment, with an expected oscillation and decline [7]. - **Coking Coal**: The pressure to reduce inventory is increasing, and market sentiment is low. Attention should be paid to steel mill production, coal mine safety inspections, and macro - sentiment, with an expected oscillation and decline [7]. Non - ferrous Metals and New Materials - **Copper**: Inventory continues to accumulate, and copper prices oscillate at a high level. Attention should be paid to supply disruptions, domestic policy surprises, the Fed's less - dovish than expected stance, and weaker - than - expected domestic demand recovery, with an expected oscillation and increase [7]. - **Aluminum Oxide**: The event of revoking mining licenses has not been finalized, and the aluminum oxide market oscillates at a high level. Attention should be paid to the failure of ore production to resume as expected, the over - expected resumption of electrolytic aluminum production, and extreme market trends, with an expected oscillation and decline [7]. Energy and Chemicals - **Crude Oil**: The expectation of production increase is strengthened, and oil prices continue to face pressure. Attention should be paid to OPEC + production policies, the progress of Russia - Ukraine peace talks, and the US sanctions on Iran, with an expected oscillation and decline [9]. - **LPG**: Demand continues to weaken, and LPG maintains a weak oscillation. Attention should be paid to the cost progress of crude oil and overseas propane, with an expected oscillation and decline [9]. - **Ethylene Glycol**: Concerns about tariffs have subsided, and the over - expected scale of EG maintenance has boosted futures prices. Attention should be paid to the terminal demand for ethylene glycol, with an expected oscillation and increase [9]. Agriculture - **Livestock and Poultry**: The spot price of pigs stopped falling before the festival, but the futures market remained weak. Attention should be paid to breeding sentiment, epidemics, and policies, with an expected oscillation and decline [9]. - **Cotton**: Cotton prices oscillate slightly. Attention should be paid to demand and production, with an expected oscillation [9].

Group 1 - The 2025 Sixth Anhui International Plastic Industry Expo will be held from May 23-25 in Hefei, focusing on innovation, green development, and cooperation in areas such as new plastic materials, smart manufacturing, and recycling [1] - Huashuohui showcased its digital supply chain services and carbon footprint solutions at the expo, aiming to explore high-quality development paths in the industry [1][3] - The expo serves as a platform for displaying new technologies, products, and equipment, emphasizing the importance of digital supply chain solutions in the chemical and plastic sectors [1] Group 2 - Huashuohui introduced a "consignment service" model at the expo, collaborating with major petrochemical plants to provide flexible trading options and streamline the order-to-delivery process [3] - The company demonstrated standardized recycled materials and a "digital factory" mini-program to support carbon footprint quantification and enhance operational efficiency for recycled plastic enterprises [3] - The focus is on helping clients reduce costs and improve efficiency through digital technology and comprehensive service offerings [3] Group 3 - Anhui is a key area for industrial transfer in the Yangtze River Delta, with a focus on advanced industrial clusters in home appliance manufacturing, automotive parts, and new energy [5] - Huashuohui has established localized professional teams and deepened its presence in regions like Hefei, Wuhu, and Chuzhou, building trust with local clients through attentive service [5] - The company collaborates with leading enterprises in pipelines, new energy, packaging, and plastic modification within Anhui [5] Group 4 - Looking ahead, Huashuohui aims to enhance regional services and digital empowerment, reaching deeper into the industry to foster collaboration and drive industrial upgrades [7] - The mission is to link transactions to reduce costs and improve efficiency, promoting the integration of digital and physical industries [7] - The goal is to elevate regional industrial capabilities and develop new productive forces [7]

Core Viewpoint - China's exports to ASEAN increased by 21% year-on-year in April, compensating for a 21% decline in exports to the United States due to high tariffs imposed by the Trump administration [1][3]. Group 1: Trade Dynamics - Exports to ASEAN countries, particularly Vietnam, Thailand, and Indonesia, saw a growth of 20-30% in April, while exports to Singapore and Malaysia rebounded by 15% after a decline in March [1]. - The decline in exports to the U.S. has led to an increase in imports from China by ASEAN countries, with electrical products and components from China rising by 54% and machinery by 44% in Vietnam [2][3]. Group 2: Impact on Industries - The automotive sector in Indonesia experienced a significant increase in the import of Chinese electric vehicles, with sales reaching four times that of the previous year, accounting for 14% of new car sales [3]. - The textile and footwear industries in Indonesia are facing factory closures and layoffs due to the influx of low-priced Chinese products, raising concerns about increased competition for local businesses [4]. Group 3: Government Responses - Malaysia has implemented anti-dumping duties on certain Chinese products, such as PET used for plastic bottles, in response to the rising influx of low-priced imports [5]. - India has also introduced emergency import restrictions on certain steel products from China, imposing a temporary 12% import duty [5].

Core Viewpoint - The company, Daon Co., Ltd. (002838), has seen a recent increase in stock price and has completed the redemption of its convertible bonds, which will be delisted from the Shenzhen Stock Exchange. Group 1: Stock Performance - As of May 23, 2025, Daon Co., Ltd. closed at 18.71 yuan, up 1.8% from the previous week's 18.38 yuan [1] - The stock reached a nearly one-year high of 19.66 yuan on May 21, 2025, with a low of 17.9 yuan on May 20, 2025 [1] - The company's current market capitalization is 8.951 billion yuan, ranking 9th in the plastics sector and 1728th among all A-shares [1] Group 2: Convertible Bond Redemption - The company announced the redemption results for its convertible bonds issued on July 2, 2020, totaling 360 million yuan [2] - The bonds had a conversion period from January 8, 2021, to July 1, 2026, with an adjusted conversion price of 11.76 yuan per share [2] - The redemption was triggered as the stock price exceeded 130% of the conversion price for 15 out of 30 trading days [2] - The redemption price was set at 101.73 yuan per bond, with a total redemption payment of 875,183.19 yuan [2] - Following the redemption, 30,428,874 shares were added to the total share count, which may dilute earnings per share [2] - The bonds will be delisted from the Shenzhen Stock Exchange on May 21, 2025 [2] Group 3: Guarantees for Subsidiaries - In 2025, the company plans to provide guarantees totaling up to 1.323 billion yuan for its subsidiaries [3] - A guarantee contract was signed with Zheshang Bank for a maximum of 135 million yuan for its subsidiary, Qingdao Haier New Materials R&D Co., Ltd. [3] - The guarantee is a joint liability guarantee with a duration of three years from the debt fulfillment date [3] Group 4: Dividend Distribution - The company announced a cash dividend distribution plan for 2024, proposing a payout of 0.65 yuan per 10 shares [4] - The total number of shares eligible for the dividend is 473,664,302 after excluding repurchased shares [4] - The record date for the dividend distribution is May 28, 2025, and the ex-dividend date is May 29, 2025 [4]