Core Viewpoint - The article emphasizes the importance of developing new quality productivity as a key strategy for achieving high-quality economic development in Guangxi's Chongzuo City, particularly in Fusui County, in line with the spirit of the 20th Central Committee's Fourth Plenary Session [1][12]. Group 1: Understanding New Quality Productivity - New quality productivity is essential for transforming the county's economic model, moving from traditional extensive growth to high-quality, innovative development [2][3]. - It serves as a tactical adjustment for the county's industrial structure, focusing on key technological innovations and optimizing resource allocation [2][3]. - The development of new quality productivity is crucial for enhancing the county's innovation capabilities and core competitiveness [3]. Group 2: Seizing Historical Opportunities - To cultivate new quality productivity, it is vital to understand the existing industrial landscape and identify key areas for technological upgrades [4]. - Recognizing and leveraging local development advantages is necessary to avoid homogeneous competition and build a sustainable industrial foundation [4]. - The county should capitalize on emerging industries such as low-altitude economy and artificial intelligence to create new growth drivers [4]. Group 3: Addressing Transformation Challenges - There are challenges in technology transfer capabilities and a lack of alignment between local industry needs and academic research [5]. - Structural issues persist, with a high proportion of traditional resource-based industries and a small scale of strategic emerging industries [5]. - Attracting and retaining top talent remains a significant challenge for the county [5]. Group 4: Promoting Innovation and Open Cooperation - The county should focus on precise innovation strategies tailored to local industries, addressing specific challenges through targeted innovation nodes [7]. - Open cooperation should aim to establish the county as a leader in niche markets, leveraging its geographical advantages for cross-border industrial development [8]. Group 5: Implementing Industrial Renewal Plans - The county's industrial upgrade requires a dual approach, enhancing traditional industries while fostering new strategic sectors [9]. - Emphasis should be placed on digital transformation and the development of specialized industrial parks to support long-term growth [9]. Group 6: Building a New Factor Attraction System - The county must create a factor configuration system that aligns with new development concepts, focusing on talent attraction and integration with local industries [10]. - Digital economy integration with traditional sectors is essential for improving efficiency and driving growth [10]. Group 7: Enhancing Public Services and Governance - Improving public service quality is crucial for boosting local development momentum, with a focus on optimizing the business environment [11]. - The county should adopt smart governance practices to streamline administrative processes and enhance service delivery [11].

Core Insights - A new individual business named Qihui Kitchenware Factory has been established in Longhu Town, Chao'an District, Chaozhou City, with a registered capital of 50,000 RMB [1] - The business scope includes manufacturing and retailing of metal daily necessities, hardware products, and wooden daily products, as well as internet sales (excluding items requiring special permits) [1] Company Overview - The registered capital of Qihui Kitchenware Factory is 50,000 RMB [1] - The factory operates under a general business license, allowing it to conduct activities independently as long as they do not require special approval [1] Industry Context - The factory's operations encompass various sectors, including metal and wooden product manufacturing, hardware retail, and e-commerce [1] - The establishment of such businesses indicates a growing trend in the kitchenware and hardware manufacturing industry within the region [1]

Group 1: Rubber Industry Report Industry Investment Rating Not provided Core Viewpoint Dark - colored rubber has reached an inventory accumulation inflection point, market sentiment is weak, and rubber prices have further declined. Future attention should be paid to raw material output in the main production areas during the peak season and macro - level changes. If raw material supply is smooth, there is room for further decline; if not, rubber prices are expected to fluctuate between 15,000 - 15,500 [1]. Summary by Directory - **Spot Price and Basis**: The price of Yunnan state - owned whole - latex rubber in Shanghai decreased by 50 yuan/ton to 14,600 yuan/ton, a decline of 0.34%. The basis of whole - latex rubber increased by 170 yuan/ton to - 275 yuan/ton, a rise of 38.20%. The price of Thai standard mixed rubber decreased by 200 yuan/ton to 14,400 yuan/ton, a decline of 1.37% [1]. - **Inter - month Spread**: The 9 - 1 spread increased by 10 yuan/ton to 145 yuan/ton, a rise of 6.90%. The 1 - 5 spread increased by 5 yuan/ton to - 85 yuan/ton, a rise of 5.56% [1]. - **Fundamentals**: In August, Thailand's production decreased by 2,000 tons to 458,800 tons, a decline of 0.43%; Indonesia's production decreased by 8,500 tons to 189,000 tons, a decline of 4.30%; India's production increased by 5,000 tons to 50,000 tons, a rise of 11.11%; China's production increased by 12,200 tons to 113,700 tons. The weekly开工率 of semi - steel tires decreased by 0.26 percentage points to 73.41%, and that of all - steel tires decreased by 0.24 percentage points to 65.34%. In August, domestic tire production increased by 859,000 tons to 10.2954 million tons, a rise of 9.10%. In September, the export volume of new pneumatic rubber tires decreased by 6.71 million pieces to 56.3 million pieces, a decline of 10.65% [1]. - **Inventory Change**: The bonded area inventory increased by 15,439 tons to 447,668 tons, a rise of 3.57%. The factory - warehouse futures inventory of natural rubber on the Shanghai Futures Exchange increased by 2,015 tons to 44,655 tons, a rise of 4.73% [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core Viewpoint For soda ash, the price is trending weakly, with supply exceeding demand. The market is under pressure, and the operation should be bearish. For glass, although there is a short - term demand expectation during the peak season, in the long - term, the industry needs capacity clearance to solve the over - supply problem. Short - term long opportunities at low prices can be captured [3]. Summary by Directory - **Glass - related Prices and Spreads**: The prices of glass in North China, East China, and the 2505 and 2509 contracts remained unchanged. The price of glass in South China decreased by 10 yuan/ton to 1,200 yuan/ton, a decline of 0.83%. The 05 basis remained unchanged at - 109 yuan/ton [3]. - **Soda Ash - related Prices and Spreads**: The prices of soda ash in North China, East China, Central China, and the Northwest remained unchanged. The 2505 contract price decreased by 10 yuan/ton to 1,280 yuan/ton, a decline of 0.78%. The 2509 contract price decreased by 8 yuan/ton to 1,354 yuan/ton, a decline of 0.62%. The 05 basis increased by 10 yuan/ton to 20 yuan/ton, a rise of 100% [3]. - **Supply**: The soda ash开工率 decreased by 1.72 percentage points to 86.89%, and the weekly output decreased by 13,000 tons to 757,600 tons, a decline of 1.71%. The daily melting volume of float glass remained unchanged at 161,300 tons, and the daily melting volume of photovoltaic glass decreased by 750 tons to 88,540 tons, a decline of 0.84% [3]. - **Inventory**: The glass factory - warehouse inventory increased by 2.966 million weight boxes to 65.79 million weight boxes, a rise of 4.72%. The soda ash factory - warehouse inventory increased by 42,000 tons to 1.702 million tons, a rise of 2.54%. The soda ash delivery - warehouse inventory decreased by 22,000 tons to 676,900 tons, a decline of 3.18% [3]. - **Real Estate Data**: The year - on - year change in new construction area increased by 0.09 percentage points to - 0.09%. The year - on - year change in construction area decreased by 2.43 percentage points to 0.05%. The year - on - year change in completion area decreased by 0.03 percentage points to - 0.22%. The year - on - year change in sales area decreased by 6.50 percentage points to - 6.55% [3]. Group 3: Industrial Silicon Industry Report Industry Investment Rating Not provided Core Viewpoint The spot price of industrial silicon is stable, while the futures price fluctuates downward. In November, the market still faces inventory accumulation pressure. Although supply may decline slightly and demand may remain stable, the flow of warehouse receipts to the spot market increases supply. The price is expected to fluctuate at a low level, mainly in the range of 8,500 - 9,500 yuan/ton. When the price drops to around 8,500 yuan/ton, one can consider buying on dips [4]. Summary by Directory - **Spot Price and Main Contract Basis**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged at 9,450 yuan/ton. The basis of SI4210 industrial silicon increased by 255 yuan/ton to 15 yuan/ton, a rise of 106.25% [4]. - **Inter - month Spread**: The 2511 - 2512 spread increased by 40 yuan/ton to - 400 yuan/ton, a rise of 9.09%. The 2512 - 2601 spread increased by 10 yuan/ton to 35 yuan/ton, a rise of 40% [4]. - **Fundamentals (Monthly)**: National industrial silicon production increased by 31,400 tons to 452,200 tons, a rise of 7.46%. Xinjiang's production increased by 32,400 tons to 235,600 tons, a rise of 15.94%. Yunnan's production decreased by 5,700 tons to 53,800 tons, a decline of 9.60%. The national开工率 increased by 6.07 percentage points to 61.94%. Xinjiang's开工率 increased by 13.39 percentage points to 74%. Yunnan's开工率 decreased by 5.68 percentage points to 41.71% [4]. - **Inventory Change**: Xinjiang's factory - warehouse inventory decreased by 30 tons to 10,810 tons, a decline of 0.28%. Yunnan's factory - warehouse inventory increased by 50 tons to 3,460 tons, a rise of 1.47%. The social inventory decreased by 100 tons to 558,000 tons, a decline of 0.18% [4]. Group 4: Polysilicon Industry Report Industry Investment Rating Not provided Core Viewpoint The spot price of polysilicon decreased by 50 yuan/ton, and the futures price dropped significantly by 2,350 yuan/ton to 53,715 yuan/ton. After the sharp decline in futures, the futures premium has also significantly decreased. In November, supply pressure decreases, but demand also decreases. The market is expected to remain in a high - level range - bound state. Trading strategies include buying on dips in the futures market, selling put options around 50,000 in the options market, and buying photovoltaic ETFs, new - energy ETFs, or related stocks in the equity market [5]. Summary by Directory - **Spot Price and Basis**: The average price of N - type re - fed material decreased by 50 yuan/ton to 52,200 yuan/ton, a decline of 0.10%. The basis of N - type material increased by 2,300 yuan/ton to - 1,515 yuan/ton, a rise of 60.29% [5]. - **Futures Price and Inter - month Spread**: The main contract price decreased by 2,350 yuan/ton to 53,715 yuan/ton, a decline of 4.19%. The spread between the current month and the first - continuous month increased by 80 yuan/ton to - 2,175 yuan/ton, a rise of 3.55% [5]. - **Fundamentals (Weekly)**: Silicon wafer production decreased by 0.49 GW to 14.24 GW, a decline of 3.33%. Polysilicon production decreased by 1,300 tons to 28,200 tons, a decline of 4.41% [5]. - **Fundamentals (Monthly)**: Polysilicon production increased by 4,000 tons to 134,000 tons, a rise of 3.08%. Polysilicon imports increased by 300 tons to 130 tons, a rise of 28.46%. Polysilicon exports decreased by 800 tons to 2,100 tons, a decline of 28.16% [5]. - **Inventory Change**: Polysilicon inventory increased by 300 tons to 26,100 tons, a rise of 1.16%. Silicon wafer inventory increased by 0.46 GW to 18.93 GW, a rise of 2.49% [5]. Group 5: Log Industry Report Industry Investment Rating Not provided Core Viewpoint The log futures market is expected to continue its weak - side oscillation. This week, the supply of logs at ports is increasing, but downstream orders are insufficient. The market is under pressure, but the significant inversion of domestic and foreign prices provides some support for the futures price [7]. Summary by Directory - **Futures and Spot Prices**: The price of log 2511 increased by 0.5 yuan/cubic meter to 740.5 yuan/cubic meter, a rise of 0.07%. The price of log 2601 decreased by 5.5 yuan/cubic meter to 776.5 yuan/cubic meter, a decline of 0.70%. The price of 3.9A medium - sized radiata pine at Rizhao Port decreased by 10 yuan/cubic meter to 750 yuan/cubic meter, a decline of 1.32% [7]. - **Cost: Import Cost Calculation**: The RMB - US dollar exchange rate increased by 0.01 to 7.131. The import theoretical cost increased by 8.34 yuan/cubic meter to 812.94 yuan/cubic meter, a rise of 1% [7]. - **Supply (Monthly)**: Port shipments increased by 247,000 cubic meters to 2.013 million cubic meters, a rise of 13.99%. The number of departing ships from New Zealand to China, Japan, and South Korea increased by 8 to 54, a rise of 17.39% [7]. - **Inventory: Main Port Inventory (Weekly)**: National inventory increased by 40,000 cubic meters to 2.88 million cubic meters, a rise of 1.41%. Shandong's inventory increased by 18,000 cubic meters to 1.883 million cubic meters, a rise of 0.97% [7]. - **Demand: Average Daily Outbound Volume (Weekly)**: National average daily outbound volume decreased by 0.16 million cubic meters to 6.28 million cubic meters, a decline of 2%. Shandong's average daily outbound volume decreased by 0.35 million cubic meters to 3.19 million cubic meters, a decline of 10% [7].

Group 1: Natural Rubber Report Industry Investment Rating Not provided. Core View Short - term macro environment is favorable, and strong raw material prices support rubber prices. Follow - up attention should be paid to raw material output during the peak season in major producing areas and macro changes. If raw material supply is smooth, there is further downward space; if not, the rubber price is expected to run around 15,000 - 15,500 [2]. Summary by Directory - **Spot Price and Basis**: On October 28, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai remained unchanged at 14,750. The basis of whole - milk rubber increased by 20 to - 610, with a 3.17% increase. The price of Thai standard mixed rubber remained at 15,000. The price of cup rubber in the international market increased by 0.75 to 53.15 Thai baht/kg, with a 1.43% increase. The raw material price in Hainan increased by 300 to 13,100, with a 2.34% increase [2]. - **Monthly Spread**: The 9 - 1 spread decreased by 10 to 120, with a - 7.69% decrease; the 5 - 9 spread increased by 10 to - 22, with a 15.38% increase [2]. - **Fundamental Data**: In August, Thailand's production decreased by 2.0 to 458.8 (in ten - tons), with a - 0.43% decrease; Indonesia's production decreased by 8.5 to 189.0 (in ten - tons), with a - 4.30% decrease; India's production increased by 5.0 to 50.0 (in ten - tons), with an 11.11% increase; China's production increased by 12.2 to 113.7 (in ten - tons). The weekly operating rate of semi - steel tires and all - steel tires increased. In August, domestic tire production increased by 859.0 to 10,295.4 (in ten - thousands), with a 9.10% increase. In September, tire export volume decreased by 671.0 to 5,630.0, with a - 10.65% decrease. In August, the total import volume of natural rubber increased by 7.5 to 59.59 (in ten - thousands of tons), with a 14.41% increase. In September, the import volume of natural and synthetic rubber increased by 8.0 to 74.0 (in ten - thousands of tons), with a 12.12% increase [2]. - **Inventory Change**: Bonded area inventory decreased by 5,254 to 432,229 tons, with a - 1.20% decrease. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 2,521 to 42,640, with a 6.28% increase [2]. Group 2: Glass and Soda Ash Report Industry Investment Rating Not provided. Core View For soda ash, the overall supply - demand pattern is still bearish, but previous phased negative factors are basically exhausted. It is recommended to stop profit on previous short positions and wait for opportunities to short on rebounds. For glass, the long - term industry needs capacity clearance, but previous negative factors are basically realized. It is recommended to exit previous short positions and look for short - term long opportunities [4]. Summary by Directory - **Glass - related Price and Spread**: On October 29, the prices in North China, East China, Central China, and South China remained unchanged. The price of glass 2505 increased by 17 to 1263, with a 1.36% increase; the price of glass 2509 increased by 9 to 1343, with a 0.67% increase [4]. - **Soda Ash - related Price and Spread**: The prices in North China, East China, Central China, and Northwest China remained unchanged. The price of soda ash 2505 decreased by 6 to 1331, with a - 0.45% decrease; the price of soda ash 2509 decreased by 6 to 1384, with a - 0.45% decrease [4]. - **Supply Volume**: On October 24, the operating rate of soda ash increased by 2.88 percentage points to 88.41%, with a 3.37% increase; the weekly output of soda ash increased by 2.5 to 77.08 (in ten - thousands of tons), with a 3.37% increase; the daily melting volume of float glass increased by 0.2 to 16.13 (in ten - thousands of tons), with a 1.16% increase [4]. - **Inventory**: On October 24, glass factory inventory increased by 346.9 to 6,282.4 (in ten - thousands of weight - products), with a 5.84% increase; soda ash factory inventory increased by 6.0 to 165.98 (in ten - thousands of tons), with a 3.74% increase; soda ash delivery - warehouse inventory increased by 2.7 to 69.91 (in ten - thousands of tons), with a 4.05% increase [4]. - **Real Estate Data**: The year - on - year growth rates of new construction area, construction area, completion area, and sales area changed to - 0.09%, 0.05%, - 0.22%, and - 6.55% respectively [4]. Group 3: Logs Report Industry Investment Rating Not provided. Core View The log futures market is expected to maintain a weak and volatile trend. Follow - up attention should be paid to the impact of China - US economic and trade consultations on import cost expectations and changes in spot prices [5]. Summary by Directory - **Futures and Spot Prices**: On October 28, the price of log 2601 decreased by 1 to 786 yuan/cubic meter. The prices of 3.9A small, medium, and large radiata pine in Rizhao Port and 4A small, medium, and large radiata pine in Taicang Port remained unchanged [5]. - **Supply**: From October 27 to November 2, 2025, the number of pre - arriving ships of New Zealand logs at 13 Chinese ports increased by 4 to 16, with a 33% week - on - week increase; the arrival volume increased by 8.5 to about 53.3 (in ten - thousands of cubic meters), with a 19% week - on - week increase [5]. - **Demand**: As of October 24, the national total inventory of coniferous logs decreased by 8 to 284 (in ten - thousands of cubic meters), and the daily average outbound volume increased by 0.12 to 6.44 (in ten - thousands of cubic meters) [5]. Group 4: Industrial Silicon Report Industry Investment Rating Not provided. Core View Industrial silicon supply increase pressures prices, but there is also cost support. It is expected to be in a low - level volatile state, with the main price fluctuation range at 8,500 - 9,500 yuan/ton. If the price of the 2601 contract drops to around 8,300 - 8,500 yuan/ton, consider going long at low prices [6]. Summary by Directory - **Spot Price and Main Contract Basis**: On October 28, the prices of East China oxygen - passing SI5530 and SI4210 industrial silicon remained unchanged. The basis of SI5530 increased by 10 to 395, with a 2.60% increase; the basis of SI4210 increased by 10 to - 105, with an 8.70% increase [6]. - **Monthly Spread**: The 2512 - 2601 spread increased by 10 to 25, with a 66.67% increase; the 2601 - 2602 spread decreased by 20 to - 25, with a - 400.00% decrease [6]. - **Fundamental Data**: Nationally, industrial silicon production increased by 3.51 to 42.08 (in ten - thousands of tons), with a 9.10% increase; the operating rate increased by 6.07 to 61.94, with a 10.86% increase. Organic silicon DMC production decreased by 1.29 to 21.02 (in ten - thousands of tons), with a - 5.78% decrease; polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease [6]. - **Inventory Change**: As of a certain period, Xinjiang's factory - warehouse inventory decreased by 0.01 to 10.84 (in ten - thousands of tons), with a - 0.09% decrease; Yunnan's factory - warehouse inventory decreased by 0.02 to 3.41 (in ten - thousands of tons), with a - 0.58% decrease; social inventory decreased by 0.30 to 55.90 (in ten - thousands of tons), with a - 0.53% decrease [6]. Group 5: Polysilicon Report Industry Investment Rating Not provided. Core View Polysilicon spot prices are stable, and futures prices fluctuate downward. It is mainly in a high - level volatile state. Attention should be paid to the establishment of platform companies, production control, and whether there is an increase in demand - side orders. After the futures rise sharply, the discount is repaired, and further significant increases need to consider the hedging and arbitrage space of upstream enterprises [7]. Summary by Directory - **Spot Price and Basis**: On October 28, the average prices of N - type re -投料 and N - type granular silicon remained unchanged. The basis of N - type material increased by 145 to - 1375, with a 9.54% increase [7]. - **Futures Price and Monthly Spread**: The price of the main contract decreased by 145 to 54,355, with a - 0.27% decrease. The spread between the current month and the first - continuous contract increased by 260 to - 2090, with an 11.06% increase [7]. - **Fundamental Data**: Weekly polysilicon production decreased by 0.15 to 2.95 (in ten - thousands of tons), with a - 4.84% decrease; monthly polysilicon production decreased by 0.17 to 13.00 (in ten - thousands of tons), with a - 1.29% decrease. Monthly polysilicon import volume increased by 0.03 to 0.13 (in ten - thousands of tons), with a 28.46% increase; export volume decreased by 0.08 to 0.21 (in ten - thousands of tons), with a - 28.16% decrease [7]. - **Inventory Change**: Polysilicon inventory increased by 0.5 to 25.80 (in ten - thousands of tons), with a 1.98% increase; silicon wafer inventory increased by 1.16 to 18.47 (in GW), with a 6.70% increase [7].

Group 1 - The core viewpoint of the article is that six localization projects will be launched in the Sohar Industrial Area in the second half of 2025, with a total investment exceeding 27 million Omani Rials [1] - The total area of these projects will exceed 162,000 square meters, covering various sectors including oil, steel, food, marble, tiles, and wood [1] - The projects include a 25 million Omani Rials investment by the National Petrochemical Investment Company for an oil industry project [1] Group 2 - Sultan Al-Shidi Engineering is investing 1 million Omani Rials in a steel industry project [1] - Al-Soulb Trading Investment Company is investing 600,000 Omani Rials in another steel industry project [1] - ASAAS International Company is investing 400,000 Omani Rials in a marble and tile manufacturing project [1] Group 3 - Al Rawda International Trading Company is investing 150,000 Omani Rials in a food industry project [1] - United Wooden Platform is investing 150,000 Omani Rials in a wood processing project [1]

Core Viewpoint - The report highlights significant declines in revenue and profit for Guangxi Fenglin Wood Industry Group Co., Ltd. during the first half of 2025, attributed to increased competition and an imbalance in supply and demand within the artificial board industry [2][3]. Company Overview and Financial Indicators - The company reported a total revenue of CNY 782.97 million, a decrease of 19% compared to CNY 966.63 million in the same period last year [2]. - The total profit for the period was a loss of CNY 47.00 million, a significant decline from a profit of CNY 7.10 million in the previous year, marking a 761.93% decrease [2]. - The net profit attributable to shareholders was a loss of CNY 46.60 million, down 763.61% from CNY 7.02 million in the same period last year [2]. - The company's total assets decreased by 6.69% to CNY 3.50 billion from CNY 3.75 billion at the end of the previous year [2]. Industry Context - The artificial board industry is undergoing deep adjustments and structural optimization, facing pressure from reduced downstream market demand, leading to a temporary imbalance in supply and demand [3][4]. - The industry is experiencing a trend of "reducing quantity while improving quality," with a continuous reduction in the number of enterprises and an increase in production efficiency [3][4]. - The competition in the particleboard sector has intensified due to an increase in production capacity that does not match market demand, resulting in higher inventory levels [3][4]. Business Operations - The company operates three major fiberboard production bases and three particleboard manufacturing bases, with a total production capacity of 1.8 million cubic meters [5]. - The company focuses on developing differentiated products such as formaldehyde-free boards and high-precision milling boards, catering to various sectors including furniture and construction [5][6]. - The company has nearly 200,000 acres of proprietary forest land, ensuring a stable supply of raw materials for its production [6]. Strategic Initiatives - The company is implementing a core strategy of "stabilizing the foundation, strengthening innovation, and expanding space" to navigate the challenges posed by the industry [7]. - The company is enhancing its sales strategy by optimizing its marketing approach and expanding into overseas markets, particularly along the "Belt and Road" initiative [7]. - The company is focusing on research and development to improve product performance and meet higher environmental standards, thereby establishing a competitive edge [7][8].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views - **Natural Rubber**: Short - term rubber prices are rebounding due to macro - sentiment and产区 rainfall. It is recommended to wait and see how raw material prices change after the weather in the main producing areas improves [1]. - **Glass and Soda Ash**: For soda ash, the supply - demand pattern is in excess, and inventory is accumulating. The short - term policy and news cause significant price fluctuations, so it is advisable to wait and see. For glass, the current market is affected by the summer off - season, and the fundamental demand is under pressure. It is necessary to wait for more cold - repair to bring a real turnaround, and it is also recommended to wait and see [3]. - **Log**: The log futures have risen sharply recently, but the current demand is in the off - season, and the follow - up supply will gradually recover. The short - term upward sustainability of the 09 contract needs to be observed, and attention should be paid to market sentiment and policy expectations [4]. - **Industrial Silicon**: Although the fundamentals of industrial silicon have not changed much, the futures price increase has opened the arbitrage window, driving up the spot price. The supply is expected to increase. It is recommended to try short positions and pay attention to position control and risk management [5]. - **Polysilicon**: The polysilicon futures have risen sharply and then fallen back. It is necessary to pay attention to whether the price increase can be transmitted downstream and whether it can be digested by terminal installations. With the approaching delivery month, attention should be paid to position control and risk management [7]. 3. Summaries by Related Catalogs Natural Rubber - **Spot Prices and Basis**: On July 18, the price of Yunnan state - owned standard rubber (SCRWF) in Shanghai was 14,800 yuan/ton, up 250 yuan/ton from July 17, with a increase rate of 1.72%. The full - milk basis (switched to the 2509 contract) was - 10 yuan/ton, up 105 yuan/ton from July 17, with a increase rate of 91.30% [1]. - **Monthly Spreads**: On July 18, the 9 - 1 spread was - 790 yuan/ton, up 55 yuan/ton from July 17, with a increase rate of 6.51% [1]. - **Fundamentals**: In May, Thailand's natural rubber production was 272.20 thousand tons, an increase of 166.50 thousand tons from the previous period, with a increase rate of 157.52%. The weekly开工 rate of semi - steel tires was 75.99%, up 3.07 percentage points from the previous period [1]. Glass and Soda Ash - **Glass - related Prices and Spreads**: On July 18, the glass 2505 contract was 1240 yuan/ton, up 4 yuan/ton from the previous value, with a increase rate of 0.32%. The glass 2509 contract was 1081 yuan/ton, down 11 yuan/ton from the previous value, with a decrease rate of 1.01% [3]. - **Soda Ash - related Prices and Spreads**: On July 18, the soda ash 2505 contract was 1306 yuan/ton, down 1 yuan/ton from the previous value, with a decrease rate of 0.08%. The soda ash 2509 contract was 1216 yuan/ton, down 9 yuan/ton from the previous value, with a decrease rate of 0.69% [3]. - **Output and Inventory**: On July 18, the soda ash开工率 was 84.10%, up 3.42 percentage points from July 11. The soda ash plant inventory was 190.56 million tons, up 4.2 million tons from July 11, with a increase rate of 2.26% [3]. Log - **Futures and Spot Prices**: On July 18, the log 2507 contract was 808.0 yuan/cubic meter, up 4.5 yuan/cubic meter from July 17, with a increase rate of 0.56%. The price of 3.9A medium - sized radiata pine in Rizhao Port remained stable at 740 yuan/cubic meter [4]. - **Supply, Inventory, and Demand**: As of July 11, the national coniferous log total inventory was 3.22 million cubic meters, a decrease of 10,000 cubic meters from the previous period. The daily average log出库量 was 58,800 cubic meters, a decrease of 8100 cubic meters from the previous period [4]. Industrial Silicon - **Spot Prices and Main Contract Basis**: On July 18, the price of oxygen - containing S15530 industrial silicon in East China was 9350 yuan/ton, up 150 yuan/ton from July 17, with a increase rate of 1.63%. The basis (based on oxygen - containing SI5530) was 655 yuan/ton, up 200 yuan/ton from July 17, with a increase rate of 43.96% [5]. - **Monthly Spreads**: On July 18, the 2508 - 2509 spread was - 10 yuan/ton, down 15 yuan/ton from July 17, with a decrease rate of 300.00% [5]. - **Fundamentals**: In April, the national industrial silicon production was 300,800 tons, a decrease of 41,400 tons from the previous period, with a decrease rate of 12.10%. In May, the organic silicon DMC production was 209,300 tons, an increase of 25,300 tons from the previous period, with a increase rate of 13.75% [5]. Polysilicon - **Spot Prices and Basis**: On July 18, the average price of N - type recycled material was 46,000 yuan/ton, down 750 yuan/ton from July 17, with a decrease rate of 1.60%. The N - type material basis (average price) was 2150 yuan/ton, up 1100 yuan/ton from July 17, with a increase rate of 104.76% [7]. - **Futures Prices and Monthly Spreads**: On July 18, the PS2506 - PS2507 spread was 370 yuan/ton, down 30 yuan/ton from July 17, with a decrease rate of 7.50% [7]. - **Fundamentals**: In May, the polysilicon production was 101,000 tons, an increase of 4900 tons from the previous period, with a increase rate of 5.10%. In April, the polysilicon import volume was 1100 tons, an increase of 200 tons from the previous period, with a increase rate of 16.59% [7].