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].

Core Insights - In the first quarter, Qinzhou Customs issued 1,927 export certificates with a total value of 1.169 billion yuan, representing year-on-year increases of 34.19% and 2.48% respectively [1] - The implementation of the China-ASEAN Free Trade Agreement (CAFTA) has significantly benefited local companies, allowing them to enjoy substantial tariff reductions on exports [3][4] Group 1: Export Certificates and Tariff Benefits - Qinzhou Customs issued 61 CAFTA certificates for Guangxi Jinguijang Paper Industry Co., Ltd., resulting in a tariff reduction of approximately 1.1141 million yuan [3] - The company plans to export 42,000 tons of white cardboard and coated paper to the Philippines and Thailand, leveraging the tariff benefits to expand into the Belt and Road market [3] - Guangxi Yuanda Glass Energy-Saving Technology Co., Ltd. also benefited from CAFTA, with its export tariff to Vietnam reduced from 37.5% to 0%, leading to an export value of approximately 5.7897 million yuan in the first quarter [3] Group 2: Customs Services and Process Improvements - Qinzhou Customs has enhanced its "one-stop" service for origin certification, streamlining the entire process from pre-application to post-issuance [4] - The customs authority has implemented a "policy interpretation + process guidance + issue collection + time-limited resolution" model to improve companies' understanding of policies [4] - The introduction of a smart management model allows for 24/7 review of origin certificates, reducing the time from application to issuance to less than one hour, achieving "zero run, zero contact, zero waiting" for exporters [4]

Core Insights - The article highlights the significant role of financial support in enhancing the operational capacity and sales performance of private enterprises in Hebei province, particularly the Ruiheng Children's Toy Factory, which saw a 50% increase in production capacity and a rise in monthly sales from 800,000 to 1,500,000 yuan due to a 3 million yuan loan from China Construction Bank [1] Financial Support for Private Enterprises - The total loan balance for private enterprises in Xingtai reached 329.52 billion yuan by the end of February, marking a year-on-year growth of 17.05% [2] - Xingtai's financial institutions are increasingly directing resources towards private enterprises, focusing on sectors such as technological innovation, green low-carbon initiatives, and local specialty industries [2] Customized Financial Solutions - Xingtai has organized various bank-enterprise matchmaking events to address financing challenges faced by small and micro enterprises, allowing banks to tailor financing solutions to specific needs [2] - Hebei Deyuquan Dairy Co., Ltd. received a 20 million yuan loan within a week to support its expansion plans [2] Support for County-Level Industrial Clusters - The Xingtai government is facilitating collaboration between financial institutions and key counties to support the development of county-level industrial clusters, with a loan balance of 81.35 billion yuan for these clusters, reflecting a year-on-year increase of 29.83% [3] - Financial institutions are integrating deeply with industrial chains, as demonstrated by the Agricultural Bank of China providing a 48 million yuan loan for equipment purchase and additional credit support for related enterprises [3] Interest Rate Trends - Xingtai's financial institutions are working to lower loan interest rates, with the average interest rate for new corporate loans at 4.41% and for new inclusive small and micro enterprise loans at 4.45%, both showing a decrease compared to the previous year [4]