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]

Product Overview - HIPS is a high-value, environmentally friendly new material with applications in high-end electronics, extruded sheets, toys, food packaging, and medical devices. In 2024, HIPS sales revenue reached 1,007.30 million CNY, a 14.05% increase year-on-year [1] - GPPS is primarily used in toys, daily plastic products, packaging materials, medical plastic products, and optical materials [1] Production Capacity - The company operates three interchangeable polystyrene production lines that can flexibly adjust to market demand for HIPS and GPPS products [1] Market Dynamics - PS, as one of the five major general-purpose plastics, has overlapping applications with other plastics. However, significant large-scale substitution is not expected due to performance differences [3] - Domestic manufacturers have improved product quality and variety, narrowing the gap with foreign products. The company aims to enhance its production processes and product quality to achieve domestic substitution of imported PS products [4] Customer Strategy - The company implements a prepayment sales policy for all customers [2] - It targets the mid-to-high-end polystyrene market, focusing on customized and specialized materials to meet specific customer needs, enhancing competitive differentiation [5] Future Development Plans - The company plans to expand into other synthetic resin fields and explore mergers and acquisitions to enhance profitability and competitive strength [5] - It emphasizes the importance of risk awareness regarding future plans and performance forecasts, ensuring compliance with information disclosure regulations [6]

Group 1 - Company Zhongnan Media signed a government procurement contract worth 1.009 billion yuan for the supply of free textbooks and related teaching resources in Hunan Province for 2025, ensuring stable revenue for the company [1] - Company Zhongnan Media was established in December 2008, focusing on the publishing, distribution, and printing of publications [2] Group 2 - Company Tongling Nonferrous Metals announced the resignation of its general manager and deputy general manager due to higher-level assignments [3] - Company Tongling Nonferrous Metals was founded in November 1996, primarily engaged in the mining and processing of copper, iron, and sulfur gold [4] Group 3 - Company Xinyi Co. plans to reduce its shareholding by no more than 1% due to personal asset allocation needs [5] - Company Xinyi Co. was established in April 1996, specializing in the research, production, and sales of functional new materials based on organic synthetic resins [6] Group 4 - Company Xinhua Pharmaceutical received approval for the registration of ibuprofen suspension drops, a non-prescription drug for relieving fever and mild to moderate pain in children [7] - Company Xinhua Pharmaceutical was founded in November 1998, focusing on the sales of raw materials and intermediates, as well as chemical products [8] Group 5 - Company Emei Mountain A elected Tong Jianming as a director and appointed him as the general manager [9] - Company Emei Mountain A was established in October 1997, primarily engaged in tourism services, including ticket sales and hotel operations [10] Group 6 - Company Heng Rui Medicine announced the approval of its innovative drug, Regaglitin Metformin tablets, for market launch, aimed at improving blood sugar control in type 2 diabetes patients [11] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [12] Group 7 - Company Chongqing Rural Commercial Bank announced the approval of Tang Li's qualification as vice president [13] - Company Chongqing Rural Commercial Bank was established in June 2008, focusing on inclusive finance and corporate financial services [14] Group 8 - Company Weili Medical received certification from the Canadian Ministry of Health for its extraction bag, allowing legal sales in the Canadian market [15] - Company Weili Medical was founded in April 2004, specializing in the research, production, and sales of medical devices in various fields [16] Group 9 - Company Ailis received approval for its KRAS G12C inhibitor, a new drug for treating advanced non-small cell lung cancer [17] - Company Ailis was established in March 2004, focusing on innovative drug research and development in oncology [18] Group 10 - Company Renfu Pharmaceutical received registration certificates for two new drugs, including methylprednisolone tablets and hydrocodone ibuprofen tablets [19] - Company Renfu Pharmaceutical was founded in March 1993, focusing on the research, production, and sales of pharmaceuticals [20] Group 11 - Company Siwei Tuxin received multiple invention patent certificates from the National Intellectual Property Administration [21] - Company Siwei Tuxin was established in December 2002, focusing on navigation maps, intelligent driving, and automotive electronic chips [22] Group 12 - Company Changhong High-Tech received a warning letter from the Ningbo Securities Regulatory Bureau for failing to disclose related party transactions [23] - Company Changhong High-Tech was founded in June 2012, focusing on the research, production, and sales of styrene thermoplastic elastomers [24] Group 13 - Company Gansu Energy Chemical announced the resignation of its director and general counsel due to organizational adjustments [25] - Company Gansu Energy Chemical was established in December 1996, focusing on coal mining and sales [26] Group 14 - Company Shanghai Construction received land use rights for a residential project in Tianjin, with a total investment of approximately 330 million yuan [27] - Company Shanghai Construction was founded in June 1998, focusing on construction, design consulting, and real estate development [28] Group 15 - Company Chengdu Xian Dao announced that a major shareholder plans to increase its stake in the company by 25 to 50 million yuan [29] - Company Chengdu Xian Dao was established in February 2012, focusing on drug research and development services [30] Group 16 - Company Hunan Silver announced the resignation of its deputy general manager due to organizational adjustments [31] - Company Hunan Silver was founded in November 2004, focusing on the smelting and sales of silver and other precious metals [32] Group 17 - Company China Chemical reported a total contract amount of 123.017 billion yuan for the first four months of the year [33] - Company China Chemical was established in September 2008, focusing on construction engineering and modern services [34] Group 18 - Company Borui Pharmaceutical received a registration certificate for iodinated contrast agent injection [35] - Company Borui Pharmaceutical was founded in October 2001, focusing on the research and production of pharmaceutical intermediates and raw materials [36] Group 19 - Company Wanhua Chemical announced a technical transformation of its ethylene unit, aiming to diversify raw materials and enhance competitiveness [37] - Company Wanhua Chemical was established in December 1998, focusing on the research, production, and sales of polyurethane and fine chemicals [38] Group 20 - Company ST Houlv received approval for its injectable cephalosporin sodium to pass the consistency evaluation for generic drugs [39] - Company ST Houlv was founded in June 2005, focusing on drug research, production, and sales [40] Group 21 - Company Anka Intelligent announced a targeted reduction of capital for its subsidiary [41] - Company Anka Intelligent was established in May 2004, focusing on the research and development of power system solutions [42] Group 22 - Company Huaming Intelligent announced financial support for its subsidiary [43] - Company Huaming Intelligent was founded in August 2001, focusing on intelligent systems and services [44] Group 23 - Company Foton Motor received a central subsidy of 124 million yuan for promoting new energy vehicles [45] - Company Foton Motor was established in August 1996, focusing on vehicles and mobile equipment [46] Group 24 - Company Guangsheng Tang received a registration certificate for ritonavir tablets, used in HIV treatment [47] - Company Guangsheng Tang was founded in June 2001, focusing on the research and production of antiviral drugs [48] Group 25 - Company Kexing Pharmaceutical received FDA approval for clinical trials of its GB18 injection in the United States [49] - Company Kexing Pharmaceutical was established in August 1997, focusing on the research and production of recombinant protein drugs [50] Group 26 - Company Heng Rui Medicine announced the final price for its H-share public offering at 44.05 HKD per share [51] - Company Heng Rui Medicine was founded in April 1997, focusing on the research, production, and sales of pharmaceuticals [52] Group 27 - Company Wandong Medical elected a new chairman following the resignation of the previous chairman [53] - Company Wandong Medical was established in May 1997, focusing on the research, production, and sales of medical imaging equipment [54] Group 28 - Company Qixia Construction announced a plan to reduce its shareholding by no more than 3% [55] - Company Qixia Construction was founded in December 1999, focusing on real estate development and management [56] Group 29 - Company Dasheng Intelligent signed a contract worth 11.5 million yuan for a high-efficiency machine room project [57] - Company Dasheng Intelligent was established in March 1995, focusing on AIoT intelligent management platforms [58] Group 30 - Company Huashi Technology announced an extension of the detention period for its actual controller [59] - Company Huashi Technology was founded in June 1998, focusing on information system integration and technical services [60] Group 31 - Company Tianzhihang announced plans to increase capital for its subsidiary [61] - Company Tianzhihang was established in October 2010, focusing on orthopedic surgical navigation robots [62] Group 32 - Company Pingzhi Information signed a procurement framework agreement with China Mobile for base station antennas [63] - Company Pingzhi Information was founded in November 2002, focusing on communication equipment and services [64] Group 33 - Company Mengke Pharmaceutical received acceptance for its new drug application for a new antibacterial drug [65] - Company Mengke Pharmaceutical was established in August 2012, focusing on small molecule drug research [66] Group 34 - Company Kede Education announced a change in its actual controller to a state-owned asset supervision committee [67] - Company Kede Education was founded in January 2003, focusing on education services [68] Group 35 - Company Jinlong Automobile elected a new chairman following the board meeting [69] - Company Jinlong Automobile was established in October 1996, focusing on the production and sales of buses [70] Group 36 - Company Jushen Co. received dividends totaling 95.7 million yuan from its subsidiaries [71] - Company Jushen Co. was founded in November 2011, focusing on logistics and warehousing services [72] Group 37 - Company Qingyun Technology announced plans for shareholders to reduce their holdings by up to 4.5% [73] - Company Qingyun Technology was established in April 2012, focusing on cloud computing products and services [74] Group 38 - Company Shengdexintai received a procurement notice from Dongfang Electric for a project worth 234 million yuan [75] - Company Shengdexintai was founded in October 2001, focusing on the production and sales of energy equipment [76] Group 39 - Company Juzhi Technology announced a plan for a director to reduce his holdings by up to 400,000 shares [77] - Company Juzhi Technology was established in November 2007, focusing on machine vision equipment [78] Group 40 - Company Sanrenxing announced plans for shareholders to reduce their holdings by up to 3% [79] - Company Sanrenxing was founded in August 2003, focusing on integrated marketing services [80] Group 41 - Company Transsion Holdings announced plans to increase capital for its subsidiary by 70 million yuan [81] - Company Transsion Holdings was established in August 2013, focusing on smart terminal design and sales [82] Group 42 - Company Jinling Pharmaceutical received approval for its raw material drug for iron deficiency anemia [83] - Company Jinling Pharmaceutical was founded in September 1998, focusing on drug manufacturing and healthcare services [84] Group 43 - Company Xiyu Tourism announced plans for shareholders to reduce their holdings by up to 3% [85] - Company Xiyu Tourism was established in January 2001, focusing on tourism and scenic area management [86]

Core Insights - The production of primary plastic shapes in Heilongjiang Province reached 604,000 tons in the first three months of 2025, marking a 1.1% increase compared to the same period in 2024, but the growth rate has slowed down by 2.4 percentage points compared to 2024, and is 8.5 percentage points lower than the national average [1] - In March 2025, the production of primary plastic shapes in Heilongjiang Province was 203,000 tons, representing a 3.7% decrease from March 2024, with a growth rate decline of 2.9 percentage points compared to the previous year, and 13.9 percentage points lower than the national average [2] Production Analysis - The cumulative production of primary plastic shapes in Heilongjiang Province for the first quarter of 2025 accounted for 1.8% of the national total production of 34,410,488.5 tons [1] - In March 2025, the production in Heilongjiang represented 1.7% of the national total production of 12,259,179.2 tons [2] Historical Context - The term "primary plastic shapes" was previously referred to as plastic resins and copolymers before 2004 [6] - The threshold for large-scale industrial enterprises in China was raised from an annual main business income of 5 million yuan to 20 million yuan starting in 2011 [6]

Group 1 - The core viewpoint indicates that the production of primary plastic shapes in Hunan Province has experienced a decline in March 2025, with a total output of 32,000 tons, representing a year-on-year decrease of 9.1% [1] - The growth rate for March 2025 is 2.2 percentage points lower than the same period last year, and the growth rate is also 19.3 percentage points lower than the national average [1] - The total production of primary plastic shapes in Hunan accounts for 0.3% of the national output of 12,259,179.2 tons during the same period [1] Group 2 - For the first quarter of 2025, the total production of primary plastic shapes in Hunan Province reached 83,000 tons, showing a year-on-year decline of 3.3% [3] - The growth rate for the first quarter is 18.8 percentage points higher than the same period last year, although it remains 12.9 percentage points lower than the national average [3] - Hunan's production during this period accounts for 0.2% of the national output of 34,410,488.5 tons [3]

1. Report Industry Investment Ratings - No industry investment ratings are provided in the report. 2. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including rubber, synthetic rubber, asphalt, LLDPE, PP, caustic soda, pulp, glass, methanol, urea, styrene, soda ash, LPG, PVC, fuel oil, low - sulfur fuel oil, and container shipping index (European line). Each commodity has its own market situation, trend, and influencing factors, and the report gives corresponding trading suggestions and trend intensity ratings for each commodity [2]. 3. Summary by Commodity Rubber - **Market Trend**: Expected to have wide - range fluctuations. The trend intensity is rated as neutral (0) [2][4]. - **Fundamental Data**: The trading volume decreased, the open interest of the 09 contract increased, and the number of warehouse receipts decreased. The spot - futures basis and the difference between different months showed certain changes. The prices of some foreign - sourced rubbers decreased [6]. - **Industry News**: In April 2025, automobile production and sales showed a year - on - year increase, and new - energy vehicle exports maintained high growth [8]. Synthetic Rubber - **Market Trend**: The price of butadiene has corrected, and the market is under pressure to fluctuate. The trend intensity is rated as neutral (0) [2][9]. - **Fundamental Data**: The trading volume, open interest, and trading value of the futures market decreased. The basis and the difference between different months changed. The prices of various types of synthetic rubber in the spot market decreased, and the price of butadiene also declined [9]. - **Industry News**: The inventory of high - cis butadiene rubber in Chinese sample enterprises decreased. The domestic butadiene market continued to decline, and the price increase space of butadiene rubber was limited [9][12]. Asphalt - **Market Trend**: It is in a range - bound state, and it is recommended to wait and see. The trend intensity is rated as neutral (0) [2][13]. - **Fundamental Data**: The trading volume of futures increased, and the open interest of some contracts changed. The basis and the difference between different months changed. The prices of spot asphalt in different regions changed, and the refinery's operating rate and inventory rate decreased [13]. - **Market News**: The weekly output of domestic asphalt decreased, and the inventory of sample factories and social warehouses decreased [26]. LLDPE - **Market Trend**: Short - term fluctuations, with pressure in the later period. The trend intensity is rated as neutral (0) [2][27]. - **Fundamental Data**: The futures price decreased, the trading volume decreased, and the open interest decreased. The basis and the difference between different months changed slightly. The spot prices in different regions decreased [27]. - **Market Situation Analysis**: Although the export of plastic products provides short - term support, the supply pressure of polyethylene is large, with high production and high inventory. The demand in the later period is weak, and the trend is under pressure [28]. PP - **Market Trend**: The price decreased slightly, and the trading volume was average. The trend intensity is rated as neutral (0) [2][31]. - **Fundamental Data**: The futures price decreased, the trading volume increased, and the open interest increased. The basis and the difference between different months changed slightly. The spot prices in different regions decreased slightly [31]. - **Spot News**: The domestic PP market weakened, the futures price declined, and the market trading atmosphere was flat [32]. Caustic Soda - **Market Trend**: The rebound is difficult to sustain. The trend intensity is rated as bearish (- 1) [2][34]. - **Fundamental Data**: The futures price of the 09 contract and the spot price of 32% ion - membrane caustic soda in Shandong are provided, along with the basis [34]. - **Market Situation Analysis**: The downstream demand for caustic soda lacks continuous driving force, the supply is high, and there is new production capacity in the future. It is in the demand off - season, and the supply needs to be reduced to balance supply and demand [36]. Pulp - **Market Trend**: It is in a fluctuating state. The trend intensity is rated as neutral (0) [2][39]. - **Fundamental Data**: The trading volume and open interest of futures decreased, and the number of warehouse receipts decreased. The basis and the difference between different months changed. The domestic and international prices of different types of pulp changed [40]. - **Industry News**: The pulp market was weak, the spot price decreased slightly, and the port inventory was high. The price of household paper was weak, and the demand was in the off - season [41][43]. Glass - **Market Trend**: The price of the original sheet is stable. The trend intensity is rated as neutral (0) [2][44]. - **Fundamental Data**: The futures price increased, the trading volume decreased, and the open interest decreased. The basis and the difference between different months changed. The spot prices in different regions were stable or decreased slightly [44]. - **Spot News**: The domestic float glass market was weak, the price was adjusted downward, and the market was waiting and watching [44]. Methanol - **Market Trend**: It is under pressure to fluctuate. The trend intensity is rated as neutral (0) [2][47]. - **Fundamental Data**: The futures price, trading volume, and trading value decreased, and the open interest increased. The basis and the difference between different months changed. The spot prices in different regions decreased [48]. - **Spot News**: The methanol spot price index decreased, the prices in many regions decreased, the enterprise inventory increased, and the downstream demand was limited. The port inventory decreased last week, but there is a risk of inventory accumulation in the future [50]. Urea - **Market Trend**: It is in a high - level fluctuating state. The trend intensity is rated as neutral (0) [2][52]. - **Fundamental Data**: The futures price increased slightly, the trading volume and trading value decreased, and the open interest decreased. The basis and the difference between different months changed. The spot prices of factories and traders were stable or decreased slightly [53]. - **Industry News**: The inventory of urea enterprises decreased. The futures price is expected to fluctuate with a balance between long and short positions, with support below and limited upward space due to policy control [54][55]. Styrene - **Market Trend**: Short - term fluctuations. The trend intensity is rated as bearish (- 1) [2][56]. - **Fundamental Data**: The prices of different contracts of styrene decreased, and the profit margins of non - integrated and integrated operations decreased. The difference between different months changed [56]. - **Spot News**: The price of pure benzene is still weak, the supply pressure is high, and the downstream demand is insufficient. The inventory of styrene is low, and the downstream production and sales showed short - term improvement [57]. Soda Ash - **Market Trend**: The spot market has little change. The trend intensity is rated as neutral (0) [2][58]. - **Fundamental Data**: The futures price decreased, the trading volume increased, and the open interest increased. The basis and the difference between different months changed. The spot prices in different regions were stable [60]. - **Spot News**: The domestic soda ash market was stable, the supply decreased slightly, and the downstream demand was average, with a short - term stable trend expected [60]. LPG - **Market Trend**: The short - term support is strengthening, and attention should be paid to the rebound of the domestic market. The trend intensity is rated as neutral (0) [2][62]. - **Fundamental Data**: The futures prices of different contracts decreased, the trading volume and open interest of some contracts changed. The differences between different prices changed, and the operating rates of PDH, MTBE, and alkylation decreased [62]. - **Market News**: The expected prices of Saudi CP in June and July decreased. There are many PDH device maintenance plans in the market [69][70]. PVC - **Market Trend**: There is still pressure in the later period. The trend intensity is rated as bearish (- 1) [2][72]. - **Fundamental Data**: The futures price, spot price, basis, and the difference between the 9 - 1 months are provided [72]. - **Market Situation Analysis**: The current PVC production and inventory are high, the production reduction is difficult, the export competition pressure is high, and the domestic demand is weak [72][73]. Fuel Oil and Low - Sulfur Fuel Oil - **Market Trend**: The fuel oil had a small increase during the day session and entered an adjustment phase. The low - sulfur fuel oil weakened at night, and the price difference between high - and low - sulfur fuel oils in the overseas market rebounded slightly. The trend intensity of both is rated as neutral (0) [2][76]. - **Fundamental Data**: The futures prices, trading volumes, open interests, and warehouse receipts of different contracts of fuel oil and low - sulfur fuel oil changed. The spot prices in different regions also changed [76]. Container Shipping Index (European Line) - **Market Trend**: It is in a high - level fluctuating state. It is recommended to reduce positions and take profits on the 6 - 8 backwardation spread and hold the 10 - 12 backwardation spread. [2][78]. - **Fundamental Data**: The futures prices, trading volumes, open interests, and trading volume - to - open - interest ratios of different contracts changed. The freight rate indexes of European and US - West routes showed different trends [78].

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Report Industry Investment Rating - Not provided Core Viewpoints - L2509 oscillated weakly and closed at 7,222 yuan/ton. On the supply side, last week's output decreased by 5.41% month-on-month to 610,000 tons, and the capacity utilization rate decreased by 4.55% month-on-month to 79.52%. On the demand side, the average operating rate of downstream products last week increased by 0.57% month-on-month. In terms of inventory, the production enterprise inventory decreased by 8.27% month-on-month to 527,800 tons, and the social inventory decreased by 1.15% month-on-month to 610,600 tons. In May, the PE industry had centralized maintenance. This week, the Zhejiang Petrochemical and Zhenhai Refining & Chemical plants were shut down, while the Maoming Petrochemical and Yanchang Zhongmei plants restarted, with production and capacity utilization expected to decline slightly. The downstream shed film and mulch film were in the off - season; packaging film orders increased significantly due to tariff reduction; PE pipe demand was mainly for terminal rigid needs. In terms of cost, the stalemate in the US - Iran nuclear negotiations offset the negative impact of Moody's downgrading of the US sovereign credit rating, and international oil prices rose slightly. In the short term, L2509 is expected to oscillate, with support around 7,160 yuan/ton and resistance around 7,340 yuan/ton [2] Summary by Directory Futures Market - The closing price of the main futures contract for polyethylene was 7,222 yuan/ton, down 16 yuan; the closing price of the January contract was 7,155 yuan/ton, down 17 yuan; the closing price of the May contract was 7,135 yuan/ton, down 195 yuan; the closing price of the September contract was 7,222 yuan/ton, down 16 yuan. The trading volume was 314,792 lots, down 6,743 lots; the open interest was 511,907 lots, down 2,179 lots. The spread between the January and May contracts was 20 yuan, up 178 yuan. The long position of the top 20 futures holders was 375,228 lots, down 5,551 lots; the short position was 417,811 lots, down 7,821 lots; the net long position was - 42,583 lots, up 2,270 lots [2] 现货市场 - The average price of LLDPE (7042) in North China was 7,413.91 yuan/ton, down 20.87 yuan; in East China, it was 7,553.41 yuan/ton, down 20 yuan. The basis was 191.91 yuan, down 4.87 yuan [2] Upstream Situation - The FOB mid - price of naphtha in Singapore was 61.55 US dollars/barrel, down 0.02 US dollars; the CFR mid - price of naphtha in Japan was 569.38 US dollars/ton, up 4 US dollars. The CFR mid - price of ethylene in Southeast Asia was 871 US dollars/ton, unchanged; in Northeast Asia, it was 781 US dollars/ton, unchanged [2] 产业情况 - The national operating rate of PE in petrochemical plants was 79.52%, down 4.55 percentage points [2] 下游情况 - The operating rate of polyethylene (PE) packaging film was 48.7%, up 1.11 percentage points; the operating rate of PE pipes was 32.17%, unchanged; the operating rate of PE agricultural film was 16.68%, down 2.76 percentage points [2] Option Market - The 20 - day historical volatility of polyethylene was 14.81%, up 0.04 percentage points; the 40 - day historical volatility was 18.57%, unchanged. The implied volatility of at - the - money put options was 13.04%, down 0.38 percentage points; the implied volatility of at - the - money call options was 13.05%, down 0.34 percentage points [2] Industry News - From May 9th to 15th, China's polyethylene production was 610,000 tons, a month - on - month decrease of 5.41%; the capacity utilization rate was 79.52%, a decrease of 4.55 percentage points from the previous period. The average operating rate of downstream polyethylene products from May 9th to 15th increased by 0.57% compared with the previous period. As of May 16th, the inventory of polyethylene social sample warehouses was 610,600 tons, a decrease of 1.15% from the previous period; as of May 14th, the inventory of Chinese polyethylene production enterprise samples was 527,800 tons, a decrease of 8.27% from the previous period [2]

Core Insights - The article highlights the significant growth in employment across various industries in China, particularly in the electric vehicle and semiconductor sectors, indicating a shift in the employment landscape towards new energy and technology-driven fields [1][2]. Employment Growth by Industry - The top ten industries experiencing the highest employee growth include: - Electric Passenger Vehicles: 37.7% increase, with BYD leading by adding 265,368 employees [2][3]. - Semiconductor Equipment: 27.9% increase, with North Huachuang contributing 4,344 employees [2]. - Lithium Industry: 13.0% increase, with Ganfeng Lithium adding 1,979 employees [2]. - Semiconductor Materials: 12.3% increase, with Jiangfeng Electronics adding 925 employees [2]. - Plastics: 11.6% increase, with Jinhai Technology adding 2,454 employees [2]. - Home Appliance Components: 11.2% increase, with Sanhua Intelligent Control adding 2,055 employees [2]. - Consumer Electronics: 10.7% increase, with Luxshare Precision adding 45,518 employees [2]. - Nuclear Power: 8.5% increase, with China Nuclear Power adding 1,781 employees [2]. - Cross-border E-commerce: 7.9% increase, with Sewei Times adding 1,209 employees [2]. - Personal Care Products: 7.5% increase, with Wanjian Medical adding 2,628 employees [2]. Industry Trends - The electric vehicle sector is expected to continue its explosive growth, with predictions of 16.5 million units sold in China by 2025, a nearly 30% year-on-year increase [5]. - The lithium industry is recovering from a downturn, with improved supply-demand dynamics anticipated in the coming years [6]. - Nuclear power has emerged unexpectedly as a growth area, driven by a significant increase in construction approvals and government support for clean energy [7][9]. - The semiconductor sector is benefiting from domestic substitution and a cyclical recovery, with strong demand from AI, electric vehicles, and consumer electronics [10][12]. Traditional Industries Resurgence - Traditional industries such as plastics, home appliance components, and consumer electronics are experiencing a resurgence, driven by new material innovations and government subsidies [13][14]. - The plastics industry is evolving with the introduction of biodegradable materials, reflecting a shift towards sustainability [14][16]. - The home appliance and consumer electronics sectors are seeing growth due to government incentives, with a notable increase in retail sales [14][17]. Strategic Insights for State-Owned Enterprises - The rise of nuclear power reflects the unique advantages of state-owned enterprises in capital-intensive and technology-driven sectors [19]. - State-owned enterprises are encouraged to enhance employment capacity and create new growth curves through strategic transformation and upgrading [25].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The PVC market is currently in a state of loose supply and demand, with limited fundamental drivers and macro factors playing a dominant role. The expected rebound space is limited, and attention should be paid to macro news [2]. - The caustic soda market is expected to be volatile in the short - term and bearish in the medium - term. Attention should be paid to factors such as inventory, alumina production, and exports [3]. - The rubber market has a weak upward drive due to strong supply expectations and weak downstream demand, despite some short - term price support [4][5]. - The urea market is expected to oscillate, with price support from fertilizer demand and price pressure from exports [6]. - The methanol market is expected to slow down its decline, with a reference range of 2200 - 2350 for the 2509 contract [7][8]. - The plastic market is expected to have a wide - range oscillation in the short - term, with a reference range of 6950 - 7350 for the 2505 contract, and attention should be paid to downstream demand and other factors [9]. 3. Summary by Product PVC - On May 19, the PVC 09 contract closed at 4948 yuan/ton (-11), with the Changzhou market price at 4840 yuan/ton (0). The current macro sentiment has improved, and the inventory is high but slightly lower than last year. In the long - term, demand is weak and supply is expected to increase. The short - term tariff has eased, but its impact on demand remains. The expected rebound space is limited [2]. Caustic Soda - On May 19, the SH09 contract closed at 2535 yuan/ton (-32). The national factory inventory of fixed - liquid caustic soda increased. Supply pressure is large, and demand is affected by tariffs. The non - aluminum industry is in a slow - stocking phase, and the alumina industry has mixed production situations. The short - term market is oscillating, and the 09 contract should be shorted in the medium - term [3]. Rubber - On May 19, the RU price rose slightly due to the storage acquisition news. Short - term raw material prices are high, but supply is expected to increase, and downstream demand is weak. The inventory in Qingdao has a mixed trend, and the capacity utilization rate of tire enterprises has increased [4][5]. Urea - The 2509 contract of urea closed at 1847 yuan/ton, down 1.6%. Supply is stable, and demand for fertilizer is expected to be released. Exports have some elasticity, but there is price pressure. The price is expected to oscillate, with support and resistance levels to be monitored [6]. Methanol - The 2509 contract of methanol closed at 2272 yuan/ton, down 1.52%. Supply is relatively abundant, downstream demand is weak, and the price decline is expected to slow down, with a reference range of 2200 - 2350 [7][8]. Plastic - On May 19, the 2509 contract of plastic closed at 7238 yuan/ton, down 0.37%. Supply has decreased due to maintenance, and exports have increased in the short - term. However, internal demand from the agricultural film industry is weak. The market is expected to oscillate widely in the short - term, with a reference range of 6950 - 7350 [9].