Core Viewpoint - The 23rd China (Nanjing) International Lubricants, Greases, Metalworking Fluids, Additives, Maintenance Products, and Technology Equipment Exhibition is being held from September 21 to 23, 2025, at the Nanjing International Expo Center, showcasing the entire oil product industry chain [2] Industry Summary - The China International Oil Products Exhibition is organized by Beijing Dingcheng Chuangying International Exhibition Co., Ltd., focusing on the oil industry for 15 years [2] - The exhibition has attracted over 6,500 exhibitors and served more than 20,000 enterprises, with a total of over 330,000 purchasers participating [2] - The exhibition covers an area of 320,000 square meters, enhancing the influence of domestic and international brands and expanding market reach [2] Company Summary - Numerous well-known brands participated in the exhibition, including Great Wall Lubricants, Mobil Lubricants, Linghang Petrochemical, FAW, Sino-American Paul Jett Lubricants, Nanjing Tansite, and Jiangsu Dingrui Environmental Protection [2]

1. Report Industry Investment Rating - The investment view for polyester is "oscillating", with an expectation of being mainly bearish due to the lack of obvious driving factors [3]. 2. Core View of the Report - The sentiment in the polyester market has significantly weakened, and the fundamentals of PTA have slightly deteriorated. There are mixed factors in supply, demand, inventory, basis, profit, valuation, and macro - policies, leading to an oscillating market outlook [3]. 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: Polyester load has declined, reducing PTA demand. PTA port inventory has decreased. The spread between PX and naphtha has expanded to around $240, while the profit margins of alkylation transfer and TDP are not optimistic. The spread between PX and MX remains around $100 [3]. - **Demand**: The downstream load of polyester remains at 88%. The main polyester production cuts are concentrated in short - fiber and bottle - chip varieties, which will affect polyester load. As PTA prices recover, the load of the weaving end has declined [3]. - **Inventory**: PTA port inventory has decreased by 35,000 tons this week, entering a destocking cycle [3]. - **Basis**: The PTA basis has weakened rapidly. As PTA device profits recover, the number of devices has increased rapidly, and market liquidity is slightly tight [3]. - **Profit**: The spread between PX and naphtha is $240, and the spread between PX and MX has shrunk. PTA processing fees are maintained at around 250 yuan and have contracted [3]. - **Valuation**: PTA prices are at a moderately low level. As reforming devices gradually recover, aromatics supply has increased, and the expansion of gasoline profits has boosted demand [3]. - **Macro - policy**: There is uncertainty in India's oil import policy from Russia due to Trump's threat of punishment, but Indian officials say the policy remains unchanged [3][9]. - **Investment View**: The market is expected to oscillate, mainly bearish due to the lack of obvious driving factors [3]. - **Trading Strategy**: For unilateral trading, it is recommended to wait and see, and attention should be paid to geopolitical risks [3]. 3.2 Oil Product Fundamentals Overview - **Crude Oil**: The US is sanctioning Russian crude oil. Trump threatened to punish India if it does not cut off Russian oil imports, but Indian officials will continue to import [5][9]. - **Gasoline**: Demand is strong during the peak season. North American refinery loads remain high. Diesel price increases drive up crude oil prices, and crude oil inventory has increased continuously. Refinery operating rates are high, gasoline production exceeds 9.9 million barrels, but imports have decreased. Finished gasoline inventory decline supports crude oil and gasoline prices. The spread between European gasoline and naphtha remains at $150 [10][16][24]. 3.3 Aromatics Fundamentals Overview - **Domestic Reforming Devices**: Loads are gradually recovering. North American reforming device profit margins remain unchanged, while reforming octane profit margins have slightly increased, and BTX extraction profit margins have slightly declined. Aromatics extraction demand can be met internally [27][43]. - **Selective Disproportionation**: Profits have shrunk. The economic viability of North American TDP and STDP is weak, and MX supply may decrease, but STDP profit margins have been positive for about two months [44][50]. - **Polyester Load**: It has started to decline. PX pricing is closely linked to futures after the listing of PX futures. PTA processing intervals are long - term below 500 yuan, and option - based income - enhancement schemes are more widely used. Short - fiber and bottle - chip industries are in the capacity - expansion cycle, and overseas demand is an important variable, with new export opportunities along the "Belt and Road" [51][55]. - **Reforming Device Maintenance**: It is gradually returning. Asian naphtha markets have strengthened slightly, and the cracking spread of naphtha - Brent crude oil has improved. Asian gasoline remains strong, but gasoline reforming profit margins have declined. Asian spot MX supply is still sufficient [56][57]. - **Gasoline and Aromatics Reforming**: Both have strengthened. Domestic commodity sentiment has weakened, polyester downstream load has decreased to 88%. PTA spot has become slightly more abundant, and port inventory has decreased. PTA basis has dropped from 0 to - 20. Some reforming device overhauls have been postponed, and bottle - chip manufacturers have started production - cut plans [63]. 3.4 Polyester Fundamentals Overview - **Ethylene Glycol**: Prices have rebounded due to rising coal prices and improved macro - sentiment. Overseas device overhauls, especially in Saudi Arabia, have been postponed, and future arrivals are expected to decrease. Polyester production and sales have weakened, and the industry has entered an overhaul cycle, which has a negative impact on the market [70][77]. - **Gasoline**: Profits have recovered, and the load of major refineries has increased [79]. - **Polyester**: Downstream demand has weakened, and bottle - chip and short - fiber production facilities are undergoing maintenance. Raw material prices have risen, while terminal demand has weakened [87][94].

Core Viewpoint - The article highlights the development initiatives in Gaoqiao Town, Danju District, emphasizing the focus on enhancing industrial capacity, improving living standards, and promoting high-quality regional development through various projects and community services [1][2][3][4]. Group 1: Industrial Development - Gaoqiao Town is accelerating the development of its characteristic industries, with significant projects like the 1,727-acre fishing-solar complementary photovoltaic project, which is expected to generate an average annual power output of 120 million kWh, replacing 36,400 tons of standard coal [1]. - The Mengjiagang International Logistics Park's first phase has commenced operations, achieving a cargo throughput of over 4 million tons from January to May [2]. - Local enterprises such as Honglian Electric and Aikexin Footwear have completed technological upgrades and expansions, enhancing their production capabilities [2]. Group 2: Infrastructure and Water Management - The construction of six new pumping stations is crucial for flood control and drainage, designed to handle a flow rate of 6.0 m³/s, benefiting 15,000 residents and 13,000 acres of rice fields [3]. - An accompanying 8.59-kilometer asphalt flood prevention road is being built to improve transportation conditions along the river [3]. Group 3: Community Services and Welfare - Gaoqiao Town is implementing various community welfare projects, including the "Love Summer Care Class" for underprivileged children and upgrading services for the elderly and disabled [4]. - The town aims to enhance the living environment by regularly improving the aesthetics of the community, aligning with provincial goals for livable and workable rural areas [4]. - The local government is committed to completing eight key livelihood projects to increase residents' happiness index in the second half of the year [4].

Economic Development - The town of Gaoqiao has achieved an industrial output value of 293 million yuan and fixed asset investment of 323 million yuan from January to May, with a new registered investment of 168 million yuan [1] - The wholesale and retail sales in the town increased by 24.7% and 20.4% respectively during the same period [1] Infrastructure and Project Development - The construction of the fishing-solar complementary photovoltaic project by Guoneng Jiangsu is expected to generate an average annual power output of 120 million kilowatt-hours upon completion by the end of the year [2] - The first phase of Mengjiagang International Logistics Park has commenced operations, with a cargo throughput of over 4 million tons from January to May [2] - Local enterprises such as Honglian Electric and Aikexin Footwear have completed technological upgrades and expansions [2] Public Services and Welfare - The resumption of Bus Route 213 has improved transportation convenience for residents, enhancing economic, cultural, and tourism development in Gaoqiao [3] - The town has completed the construction of 5,187.3 acres of high-standard farmland and is progressing on a 2,000-acre project for 2025 [4] - Various public safety measures have been implemented, including fire safety checks and infrastructure improvements [4] Environmental Protection - The presence of Yangtze River dolphins indicates significant progress in ecological protection efforts in Gaoqiao [5] - The town has actively engaged in fishing bans and environmental quality control measures, including air quality management and industrial wastewater treatment [6] - A 1.84-kilometer ecological riverway has been constructed to enhance the local water environment [6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Different commodities show various import profit, price difference, and market trends, which are affected by factors such as trade policies, supply - demand relationships, and production and consumption patterns. Attention should be paid to policy changes and market dynamics for investment decisions [1][2][3] Summary by Category Metals - **Non - ferrous Metals**: For non - ferrous metals, understand logistics margins, major importers, and resource dependence. Aluminum and zinc should end their reverse spreads, while for tin, with the smooth resumption of overseas and Myanmar mines and low LME inventory, pay attention to the positive spread. Nickel, zinc, copper, and aluminum all have negative import profits [1] - **Iron Ore**: Near - term shipments and arrivals are increasing, iron - water production is fluctuating at a high level. Overseas macro has strong short - term disturbances, and the domestic macro is relatively stable. The ore price center has declined, and there are few short - term opportunities for internal - external spreads, with the core being to profit from the discount of Dalian iron ore futures. In the long run, the global balance sheet is slightly in surplus compared to China's [1] - **Precious Metals**: The RMB exchange rate has an impact on the domestic price of precious metals, causing the internal - external price ratio to decline rapidly. The domestic consumption peak season has passed, while India's Diwali supports gold consumption. The silver spot discount has widened, and the import window is closed [3] Energy - **SC**: The spot discount on arrival has weakened, and the internal - external spread has also weakened [1] - **FU**: In summer, the internal - external spread maintains a weak pattern and has been fluctuating recently [1] - **LU**: The internal - external spread has widened again, and domestic production in June is relatively high [1] - **PG**: Recently, FEI and MB have declined, CP has increased. The internal - external spread has decreased, especially PG - CP. FEI - MB has changed little, FEI - CP has declined, and CP - MB has increased [1] - **PX**: Domestic PX production has declined, and there are still some overseas maintenance. As TA restarts, the PX de - stocking rate is expected to increase. The current internal - external spread has converged significantly, and the valuation is gradually neutral. It is advisable to wait and see [1] Agricultural Products - **Cotton**: Due to the trade war and sanctions, the internal and external cotton markets have gradually decoupled. Previously, US cotton was stronger than Zhengzhou cotton due to high US tariffs on China. Now, after tariff cuts, Zhengzhou cotton is stronger. Continuously monitor subsequent tariff policy changes [2] - **Oilseeds and Oils**: Oilseeds and oils have a high degree of import dependence. The international supply - demand balance is transmitted to the domestic market through imports. Focus on the difference in internal and external supply - demand rhythms [2]

Group 1 - The company reported a revenue of 359 million yuan and a net profit of 8.61 million yuan for Q1 2025, marking a year-on-year growth of 4.83% [1] - As of the end of the reporting period, the company's total assets reached 3.456 billion yuan, reflecting a 0.85% increase from the beginning of the period [1] - The company has been involved in the oil products industry since 2003 and is one of the early enterprises in Xinjiang with fuel oil and heavy oil import qualifications [1] Group 2 - In 2024, the company focused on the manufacturing sector, with its subsidiary Zhongda Ganta participating in 12 successful bids for iron tower projects on the State Grid ECP platform [2] - The company signed 19 new orders in the photovoltaic sector in 2024, achieving a contract fulfillment rate of 95% [2] - The company invested in the construction of five hot-dip galvanizing production lines, with three already in operation, aiming to enhance production capacity and meet increasing external orders [2] Group 3 - The company is actively exploring new profit growth points, having signed a letter of intent for asset acquisition with Shanghai Hengshi Mining Investment Co., Ltd. to acquire mining rights [3] - The mining resources involved have an ore volume of 14.9897 million tons and a copper metal volume of 101,460.65 tons, with a grade between 0.63% and 0.7% [3] - The mining resources are reported to have high reliability and favorable development conditions, indicating low development difficulty [3]

Core Viewpoint - The article highlights the significant impact of Trump's protectionist trade policies on export-driven economies like South Korea, indicating a potential disruption in global supply chains and a warning for other export-oriented economies [1][2]. Group 1: Trade Data and Economic Impact - South Korea's exports fell by 5.2% year-on-year in the first 20 days of April, contrasting sharply with a 5.5% growth in March, signaling the adverse effects of U.S. trade policies [1]. - Exports to the U.S. and China decreased by 14.3% and 3.4%, respectively, while exports to the EU increased by 13.8% [1]. - Key sectors such as automotive exports declined by 6.5%, while semiconductor exports grew by 10.7% [1]. Group 2: Tariff Implications - Trump's recent tariffs on metal and automotive imports pose risks to South Korea's export-driven economy, with a 25% tariff on cars and a 10% tariff on other imports [2]. - The potential imposition of tariffs on semiconductors could further threaten South Korea's key export sector [7]. Group 3: Economic Forecasts and Central Bank Response - The Bank of Korea has maintained its benchmark interest rate at 2.75% but warned of increased downside risks to economic growth due to trade policies [7][8]. - The central bank noted that the overall export momentum is weak, with a possibility of negative growth in the first quarter due to U.S. trade policies and domestic uncertainties [8].