Report Summary 1. Report Title and Date - **Title**: Commodity Quantitative CTA Weekly Tracking [1] - **Date**: September 23, 2025 [2] 2. Core Viewpoints - The proportion of short positions in commodities increased slightly this week. The factor intensities of energy and agricultural products declined, while the black sector rose. The precious metals sector was strong in the cross - section, and the energy and agricultural products sectors were weak [3]. - In terms of strategy net worth, different factors showed different trends last week, and the comprehensive signals were different for various commodities. The fundamental factors also presented different characteristics for different commodities [3]. 3. Summary by Commodity Sector Metals - **Black Sector**: The momentum factors of coking coal and coke increased marginally, and the term structure of rebar was stronger than that of iron ore [3]. - **Non - ferrous Sector**: The position factor of the non - ferrous sector increased marginally, and copper was strong in the cross - section [3]. - **Precious Metals**: The time - series momentum of gold remained unchanged, and the momentum of silver continued to rise marginally with an expanding internal difference [3]. Energy and Chemicals - The cross - sectional momentum differentiation of the energy and chemical sector narrowed, and soda ash was weak in the cross - section [3]. Agricultural Products - The short - cycle momentum factors of soybean oil and palm oil remained low, but the position increased marginally. The time - series momentum of agricultural products declined [3]. Others - **Iron Ore**: Last week, the supply factor weakened by 0.18%, the spread factor decreased by 0.21%, and the synthetic factor weakened by 0.14%. This week, the comprehensive signal turned to long. The supply, demand, and spread signals turned to long, and the inventory signal turned to short [5]. - **Shanghai Lead**: Last week, the supply factor weakened by 0.02%, the demand factor decreased by 0.23%, the spread factor strengthened by 0.21%, and the synthetic factor was flat compared with the previous week. This week, the comprehensive signal remained short. The supply signal remained neutral, the inventory signal turned to short, and the spread signal turned from long to short [5]. - **Methanol**: Last week, the supply factor decreased by 0.28%, the demand factor weakened by 0.02%, the inventory factor increased by 0.40%, the spread factor increased by 0.01%, and the synthetic factor strengthened by 0.01%. This week, the comprehensive signal was short. The supply side was neutral, the demand side turned to long, the inventory side remained short, and the spread side was short [3]. - **Float Glass**: Last week, the returns of major factors were flat compared with the previous week. This week, the comprehensive signal was long. The supply side remained neutral, the demand side was neutral, the inventory side was long, the profit side was slightly long, and the spread side was slightly short [3].

Report Overview - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Report Author: Research and Development Department of Guotou Futures, Financial Engineering Group [2] - Report Date: August 26, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core Viewpoint - The proportion of long positions in commodities increased this week, with concentrated changes at both ends of the sectors. The factor intensity of the black sector significantly rebounded, and the internal differentiation of the agricultural and energy-chemical sectors continued to widen. Currently, the relatively strong sectors in cross-section are chemicals and black, while the relatively weak sector is energy. [3] Summary by Commodity Sector Overall Market Conditions - Gold's time-series momentum stabilized, but the internal differences in the precious metals sector continued to expand, with silver outperforming gold. - The position factor of the non-ferrous sector marginally rebounded, and the cross-sectional differentiation narrowed. - In the black sector, the momentum factor marginally rebounded, and iron ore was stronger than rebar in the term structure. - The cross-sectional momentum of the energy-chemical sector was differentiated, with chemicals at the stronger end and energy at the weaker end. - In the agricultural sector, the positions of oilseeds and meals both rebounded, and the short-term momentum of palm oil recovered. [3] Sector-specific Performance | Sector | Momentum Time-series | Momentum Cross-section | Term Structure | Position | | --- | --- | --- | --- | --- | | Black | 0.21 | -0.29 | 0.85 | 1.25 | | Non-ferrous | 0.06 | 0.93 | -2.2 | -0.64 | | Energy-chemical | -0.37 | 0.57 | 0.02 | 0.16 | | Agricultural | 0.75 | -0.67 | 0.93 | 1.37 | | Stock Index | 0.31 | -0.1 | -0.32 | 0.48 | | Precious Metals | 0 | - | - | -0.15 | [3] Summary by Strategy and Fundamental Factors Methanol - Strategy Net Value: Last week, the supply factor decreased by 0.22%, the inventory factor decreased by 0.18%, and the synthetic factor weakened by 0.11%. This week, the comprehensive signal is short. - Fundamental Factors: The arrival volume of imported methanol decreased month-on-month, weakening the short strength on the supply side and turning it neutral; the operating rates of traditional downstream formaldehyde and acetic acid plants both decreased, making the demand side neutral to bearish; port inventories continued to increase, and the inventory side remained bearish; the spot prices of methanol in Shanxi and southern Shandong released bullish signals, but the factor contribution was not high, and the spread side was neutral to bullish. [3] Glass - Strategy Net Value: Last week, the inventory factor increased by 0.55%, the spread factor weakened by 0.10%, the profit factor decreased by 0.11%, and the synthetic factor strengthened by 0.26%. This week, the comprehensive signal is long. - Fundamental Factors: The number of commercial housing transactions in third-tier cities released a bearish signal, but the factor intensity was not high, making the demand side neutral; the inventory of Chinese float glass enterprises slightly increased, making the inventory side neutral; the profit loss of pipeline gas-made float glass slightly narrowed, making the profit side neutral; the spot price of float glass in the Hubei market released a bullish signal, making the spread side bullish. [5] Iron Ore - Strategy Net Value: Last week, the supply factor weakened by 0.03%, the inventory factor increased by 0.22%, the spread factor decreased by 0.2%, and the synthetic factor weakened by 0.03%. This week, the comprehensive signal turned long. - Fundamental Factors: The arrival volume of iron ore at northern ports significantly decreased, turning the supply-side signal to bullish; the daily average port clearance volume decreased, and the consumption of imported sintering ore powder by steel mills slightly declined, turning the demand side to bearish feedback, but the signal remained neutral; the average available days of imported iron ore for steel mills decreased, and the inventory accumulation speed of major ports slowed down, weakening the bearish feedback on the inventory side and turning the signal to neutral; the freight rate from Tubarao, Brazil, to Qingdao decreased, and the spread-side signal remained bullish, but the intensity slightly weakened. [7] Lead - Strategy Net Value: Last week, the supply factor strengthened by 0.07%, the spread factor decreased by 0.06%, and the synthetic factor remained the same as last week. This week, the comprehensive signal turned long. - Fundamental Factors: The loss of SMM recycled lead widened, and the price of domestic lead concentrate declined, turning the supply-side signal to neutral; both LME lead inventory and SHFE warehouse receipts showed a de-stocking trend last week, turning the inventory-side signal to bullish; the average price of SMM lead ingots and the spot price of silver declined, weakening the bullish feedback on the spread side and turning the signal to neutral. [7]

Report Information - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Research Institute: Guotou Futures Research Institute, Financial Engineering Group [2] - Date: July 22, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the proportion of long positions in commodities rebounded slightly, with the signal strength of the black and non - ferrous sectors rising, and local long signals appearing in the chemical and precious metals sectors. The cross - sectionally strong sectors are black and chemical, while the energy sector is weak. [3] - The comprehensive signal of the strategy is different for each commodity: methanol is neutral, float glass is long, iron ore is neutral, and Shanghai aluminum remains short. [5][8][11] Summary by Related Content Commodity Market Overall Situation - The proportion of long positions in commodities increased slightly this week, with the black and non - ferrous sectors seeing an increase in signal strength, and local long signals emerging in the chemical and precious metals sectors. The cross - sectionally strong sectors are black and chemical, and the weak one is the energy sector. [3] Factor Performance and Signal Analysis Methanol - Last week, the supply factor weakened by 0.12%, the demand factor decreased by 0.06%, the inventory factor increased by 0.12%, and the spread factor increased by 0.19%. This week, the comprehensive signal remains neutral. On the fundamental side, the supply is neutral, the demand is bearish, the inventory is neutral to bearish, and the spread is bullish. [4][5] Float Glass - Last week, the supply factor weakened by 0.07%, the demand factor decreased by 0.07%, the inventory factor increased by 1.21%, and the composite factor increased by 0.88%. This week, the comprehensive signal is bullish. The supply is neutral, the demand is neutral to bearish, the inventory is bullish, the spread is neutral to bearish, and the profit is neutral to bullish. [8] Iron Ore - Last week, the supply factor weakened by 0.29%, the inventory and spread factors remained unchanged, and the composite factor weakened by 0.06%. This week, the comprehensive signal turns neutral. The supply signal turns neutral, the demand signal turns bearish, the inventory remains neutral, and the spread signal turns bullish. [11] Shanghai Aluminum - Last week, the supply factor increased by 0.60%, the demand factor decreased by 0.41%, the inventory factor increased by 0.65%, the spread factor increased by 0.54%, and the composite factor increased by 0.37%. This week, the comprehensive signal remains bearish. The supply signal remains bearish, the demand signal remains bullish, the inventory turns neutral, and the spread signal remains bearish. [11] Sector - Specific Analysis - **Non - ferrous sector**: The cross - sectional momentum rebounded, the position increased, and the cross - sectional differentiation narrowed, but zinc and nickel were still relatively weak. [3] - **Black sector**: The overall position factor increased marginally, the term structure differentiation expanded, and iron ore was relatively strong in the cross - section. [3] - **Energy and chemical sector**: The cross - sectional momentum was differentiated, with ethylene glycol being relatively strong and energy varieties being relatively weak. [3] - **Agricultural products**: The position of oils and fats decreased slightly. [3] - **Precious metals**: The time - series momentum of gold stabilized, and the differentiation within the sector narrowed. [3]

Report Title - The report is titled "Commodity Quantitative CTA Weekly Tracking" by Guotou Futures [1] Core View - The proportion of long and short positions in commodities has changed little this week. The short positions in the non - ferrous sector have increased, and there are local long signals in the chemical and agricultural product sectors. The cross - sectionally strong sectors are agricultural products and chemicals, while the non - ferrous sector is weak. The overall signal for methanol is neutral, for float glass is long, and for lead is short [3][5][8][9] Industry Investment Rating - Not provided in the report Detailed Summaries Commodity Sector Analysis - **Non - ferrous Sector**: Momentum is marginally declining, short positions are increasing,持仓量 is decreasing, and cross - sectional differentiation is narrowing. Zinc and nickel are relatively weak. Gold's time - series momentum has stabilized, but the trading volume of Shanghai silver continues to rise, and intra - sector differentiation may widen [3] - **Black Sector**: The overall position factor is marginally declining, and the term structure differentiation is narrowing [3] - **Energy and Chemical Sector**: Cross - sectional momentum is differentiated. Ethylene glycol is cross - sectionally strong, while styrene is weak [3] - **Agricultural Product Sector**: The position of oils and fats has slightly declined [3] Factor Performance - **Last Week's and Current Month's Returns**: For the supply factor, last week's return was - 0.03% and the current month's return was - 0.09%; for the demand factor, last week was 0.00% and the current month was - 0.65%; for the inventory factor, last week was 0.02% and the current month was 1.00%; for the spread factor, last week was 0.00% and the current month was 0.35%; the cumulative return of major categories last week was - 0.03% and the current month was - 0.95% [4] Strategy Net Value and Fundamental Factors - **Methanol**: Last week, the supply factor weakened by 0.03%, the inventory factor increased by 0.02%, and the synthetic factor decreased by 0.03%. This week's comprehensive signal is neutral. On the fundamental side, the supply is bearish, demand is bearish, inventory is bullish but weakening, and the spread is bullish [5] - **Float Glass**: Last week, the supply factor strengthened by 1.47%, the demand factor increased by 1.58%, the inventory factor increased by 1.47%, the spread factor weakened by 0.04%, and the synthetic factor increased by 1.04%. This week's comprehensive signal is long. Supply is neutral, demand is neutral, inventory is bullish, and the spread is neutral - bearish [8] - **Lead**: Last week, the supply factor strengthened by 0.52%, the demand factor weakened by 0.40%, the inventory factor strengthened by 0.56%, the spread factor strengthened by 0.51%, and the synthetic factor strengthened by 0.32%. This week's comprehensive signal remains short. Supply is bearish, demand is bullish, inventory is bearish, and the spread is bearish [9] Factor Intensity and Momentum Indicators - **Factor Intensity**: For different factors such as supply, demand, inventory, and spread, their intensities vary in different commodities and time periods (last week and the current week) [4][8][9] - **Momentum Indicators**: Different sectors (black, non - ferrous, energy and chemical, agricultural products, equity index, and precious metals) have different values for momentum time - series, momentum cross - section, term structure, and position indicators [6]

Report Investment Rating - No information available Core Viewpoints - The proportion of short positions in commodities has slightly increased, with differentiation in the precious metals sector and a slight rebound in the agricultural products sector. Currently, the relatively strong sectors are agricultural products and precious metals, while the relatively weak one is energy and chemicals [2]. - In terms of strategy net worth, different factors showed varying trends last week, and the comprehensive signals for different commodities this week are either long, short, or neutral [4][7]. Summaries by Relevant Content Commodity Market Conditions - Precious metals: Gold's time - series momentum declined, while the marginal position of Shanghai silver increased, and short - cycle momentum significantly recovered [2]. - Non - ferrous metals: There were some differences in positions, and the cross - sectional differentiation narrowed, with copper remaining relatively strong [2]. - Black metals: The term structure differentiation narrowed, the position factors of iron ore and rebar increased, and short - cycle momentum factors rose [2]. - Energy and chemicals: The overall short - cycle momentum declined [2]. - Agricultural products: The positions of oilseeds and meals slightly increased, and palm oil remained relatively strong in the term structure [2]. Factor Returns | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | 0.55 (Methanol), - 0.23 (Float glass), - 0.07 (Iron ore), - 0.07 (Aluminum) | 0.00 (Float glass), 0.42 (Iron ore), - 0.19 (Aluminum) | | Demand | 0.00 (Methanol), 0.00 (Float glass), 0.00 (Iron ore), 0.00 (Aluminum) | 0.54 (Methanol), 0.00 (Float glass), - 0.45 (Aluminum) | | Inventory | - 0.19 (Methanol), 0.82 (Float glass), 0.00 (Iron ore), 0.12 (Aluminum) | 0.99 (Methanol), 0.91 (Float glass), - 0.44 (Aluminum) | | Spread | 0.41 (Methanol), 1.11 (Float glass), 0.28 (Iron ore), - 0.28 (Aluminum) | 0.41 (Methanol), 0.28 (Iron ore), - 0.75 (Aluminum) | | Synthetic Factor | 0.43 (Methanol), 0.63 (Float glass), 0.09 (Iron ore), - 0.07 (Aluminum) | 0.27 (Methanol), 0.70 (Float glass), 0.09 (Iron ore), - 0.47 (Aluminum) | [3][4][7] Momentum and Structure Data of Different Sectors | Sector | Momentum Time - series | Momentum Cross - section | Term Structure | Position | | --- | --- | --- | --- | --- | | Black Metals | | 0.09 | 0 | - 0.08 | | Non - ferrous Metals | 0.05 | - 0.21 | 0.52 | 1.13 | | Energy and Chemicals | - 0.02 | 0.18 | 0.37 | 0.69 | | Agricultural Products | 0.13 | 0.35 | 0.41 | - 0.19 | | Stock Index | - 0.71 | 0.46 | - 0.63 | 1.06 | | Precious Metals | 0.12 | | | 0.88 | [5] Fundamental Factors of Different Commodities - **Methanol**: The domestic device capacity utilization rate increased, the supply - side long - position intensity weakened to neutral; traditional downstream manufacturers' raw material procurement decreased, the demand side was neutral to bearish; inland and port inventories continued to increase, the inventory side was bearish; the market price in East and South China coastal areas released a long - position signal, and the spread side was neutral to bullish [4]. - **Float glass**: The enterprise start - up load decreased slightly, the supply side remained neutral; second - tier city commercial housing transaction data released a long - position signal but with weakened intensity, the demand side was neutral to bullish; the inventory of Shanxi enterprises decreased, the inventory side was bullish; the Shenyang - Shahe regional spread factor released a long - position signal, and the spread side was neutral to bullish [7]. - **Iron ore**: The cumulative amount of raw ore continued to decline, the supply - side signal turned neutral; the monthly output of WSA blast furnace pig iron in China continued to decline, the demand - side signal turned neutral; the inventory of 45 ports of iron ore concentrate continued to decline, the inventory side remained neutral; the freight rate of Brazilian Tubarao to Qingdao continued to decline, the spread - side signal remained neutral [7]. - **Aluminum**: SMM domestic lead concentrate processing fees continued to decline, the supply - side signal remained bearish; China's lead alloy exports in May continued to decrease compared to April, the demand - side signal remained neutral; SMM aluminum concentrate monthly balance continued to decline, the inventory side turned neutral; the 0 - 1 spread declined, the spread - side signal remained bearish [7].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The proportion of short positions in commodities has slightly increased, with a significant decline in the black sector. Currently, the relatively strong sectors in cross - section are precious metals and soft commodities, while the relatively weak one is the black sector [3]. - In terms of strategy net worth, different commodities have different factor performance and comprehensive signals. For example, methanol's comprehensive signal is long this week, while glass, iron ore, and lead's comprehensive signals are neutral [5][8][10]. 3. Summary by Commodity Commodity Overview - The momentum of the black sector continues to decline. Gold's time - series momentum stabilizes, and the trading volume of Shanghai Gold marginally rebounds. The non - ferrous sector shows some divergence in trading volume, with copper being relatively strong and zinc relatively weak. In the energy and chemical sector, the cross - sectional momentum of chemicals is still higher than that of energy products. In the agricultural products sector, the trading volume of oilseeds and meals remains low, and soft commodities are relatively strong in the term structure [3]. Methanol - Strategy net worth: Last week, the supply factor weakened by 0.38%, the demand factor strengthened by 0.52%, and the synthetic factor increased by 0.04%. This week, the comprehensive signal is long [5]. - Fundamental factors: The domestic capacity utilization rate of methanol has decreased, but imports have increased. The supply - side long - strength has weakened. The operating load of methanol - to - olefins plants has increased, and the demand - side has changed from short to neutral. The inventory in inland and ports is lower year - on - year, and the inventory - side is long. The import profit of methanol and the regional price difference factor between Inner Mongolia and Shandong have released long signals, and the price - difference side is neutral to long [5]. Float Glass - Strategy net worth: Last week, the inventory factor strengthened by 0.10%, and the synthetic factor increased by 0.07%. This week, the comprehensive signal is neutral [8]. - Fundamental factors: The operating rate of float glass enterprises has increased slightly month - on - month, and the supply - side remains neutral. The number of commercial housing transactions in 30 large - and medium - sized Chinese cities has increased, and the demand - side is neutral to long. The weekly enterprise inventory of Chinese float glass has changed from inventory accumulation to slight inventory reduction, and the inventory - side has changed from short to neutral. The profit of float glass made from pipeline gas and steam coal has slightly declined, and the profit - side remains neutral. The main - continuous basis - Wuhan Changli has released a short signal, but the contribution of this factor is low, and the price - difference side is neutral [8]. Iron Ore - Strategy net worth: Last week, the supply factor strengthened by 0.13%, the inventory factor remained unchanged, the price - difference factor weakened by 0.07%, and the synthetic factor weakened by 0.01%. This week, the comprehensive signal has changed to neutral [10]. - Fundamental factors: The arrival volume of iron ore at Rizhao Port has increased compared with last week, and the supply - side signal has changed to long. The output of WSA blast - furnace pig iron in China this month has continued to decline compared with last month, and the demand - side signal remains short. The inventory of iron ore concentrates in 45 ports has declined, and the inventory - side remains neutral. The price of Atlas iron powder for sale at Rizhao Port has continued to rise, and the price - difference side signal remains neutral [10]. Lead - Strategy net worth: Last week, the supply factor strengthened by 0.02%, the demand factor remained unchanged, the inventory factor strengthened by 0.03%, the price - difference factor strengthened by 0.01%, and the synthetic factor strengthened by 0.02%. This week, the comprehensive signal remains neutral [10]. - Fundamental factors: The domestic lead concentrate processing fee of SMM has continued to decline, and the supply - side signal remains short. The export volume of Chinese lead alloys in May has continued to decrease compared with April, and the demand - side signal remains neutral. The lead inventory in the London Metal Exchange has continued to rise, and the inventory - side has changed to long. The profit of SMM recycled lead has continued to rise, and the price - difference side signal has changed to neutral [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The proportion of short positions in commodities increased slightly. The chemical sector rebounded slightly, while the black and non - ferrous sectors declined. Currently, the relatively strong sectors in cross - section are chemicals and precious metals, and the relatively weak one is the black sector [2]. - In terms of strategy net worth, for methanol, the supply factor strengthened by 0.02% last week, the synthetic factor decreased by 0.11%, and this week's comprehensive signal is neutral. For float glass, the inventory factor strengthened by 0.15% last week, the synthetic factor increased by 0.11%, and this week's comprehensive signal is short. For iron ore, the supply factor strengthened by 0.80% last week, the inventory factor remained unchanged, the spread factor strengthened by 0.91%, the synthetic factor strengthened by 0.60%, and this week's comprehensive signal turned short. For lead, the supply factor weakened by 0.16% last week, the demand factor weakened by 0.21%, the inventory factor weakened by 0.16%, the spread factor weakened by 0.21%, the synthetic factor weakened by 0.19%, and this week's comprehensive signal remains short [2][4]. Summary by Related Content Commodity Market Conditions - Precious metals: Gold's time - series momentum stabilized, and the trading volume of Shanghai gold increased marginally. Silver changed relatively little [2]. - Non - ferrous metals: There were certain differences in trading volume, but the cross - section showed significant differentiation, with copper being relatively strong [2]. - Black metals: The differentiation of term structure narrowed, the trading volume factors of iron ore and rebar declined, and the long - term momentum factor decreased [2]. - Energy and chemicals: The cross - section momentum of chemicals in the energy - chemical sector was still higher than that of energy products [2]. - Agricultural products: The trading volume of oilseeds and meals remained at a low level, and soft commodities were relatively strong in the term - structure cross - section [2]. Factor Signals and Fundamentals Methanol - Strategy net worth: Last week, the supply factor strengthened by 0.02%, the synthetic factor decreased by 0.11%, and this week's comprehensive signal is neutral [2]. - Fundamental factors: The domestic capacity utilization rate and import volume of methanol both decreased, and the supply side is bullish [2]. Float Glass - Strategy net worth: Last week, the inventory factor strengthened by 0.15%, the synthetic factor increased by 0.11%, and this week's comprehensive signal is short [4]. - Fundamental factors: The operating rate of float - glass enterprises increased slightly, the supply side is neutral; the number of commercial - housing transactions in third - tier cities increased significantly, but the contribution of this factor is low, and the demand side remains neutral; the weekly enterprise inventory of Chinese float glass continued to increase slightly, and the inventory side continues to be short; the profits of float glass made from pipeline gas and steam - coal declined, and the profit side is slightly bearish [4]. Iron Ore - Strategy net worth: Last week, the supply factor strengthened by 0.80%, the inventory factor remained unchanged, the spread factor strengthened by 0.91%, the synthetic factor strengthened by 0.60%, and this week's comprehensive signal turned short [4]. - Fundamental factors: The arrival volume at Rizhao Port decreased compared with last week, and the supply - side signal turned short; the domestic production of blast - furnace pig iron continued to decline this month compared with last month, and the demand - side signal turned short; the inventory of iron concentrate powder at 45 ports continued to rise, and the inventory side remained neutral; the price of Atlas iron powder sold at Rizhao Port continued to rise, and the spread - side signal turned neutral [4]. Lead - Strategy net worth: Last week, the supply factor weakened by 0.16%, the demand factor weakened by 0.21%, the inventory factor weakened by 0.16%, the spread factor weakened by 0.21%, the synthetic factor weakened by 0.19%, and this week's comprehensive signal remains short [4]. - Fundamental factors: The domestic lead - concentrate processing fee continued to decline, and the supply - side signal remains short; the export volume of Chinese starting - type lead - acid batteries in May continued to decrease compared with April, and the demand - side signal remains neutral; the cancelled warrants of lead at the LME continued to rise, and the inventory side remains short; the profit of recycled lead increased, and the spread - side signal turned bullish [4].

Group 1: Report Summary - The report is a weekly tracking of commodity quantitative CTA by Guotou Futures Research Institute's Financial Engineering Group [1][2] Group 2: Methanol Analysis - Last week, the supply factor of methanol increased by 0.08%, the demand factor strengthened by 0.09%, the inventory factor rose by 0.08%, and the synthetic factor decreased by 0.08%. This week's comprehensive signal is neutral [2][3] - The domestic methanol operating rate changed from an increase to a decrease, with the supply side being neutral; the MTO operating rate in the Jiangsu - Zhejiang region decreased last week, turning the demand side bearish; the inventory of production enterprises was low and continued to be destocked, with the inventory side remaining bullish; the methanol futures price and the Inner Mongolia - Shandong regional spread factor released a bearish signal, with the spread side being neutral to bearish [3] Group 3: Float Glass Analysis - Last week, the supply factor of float glass decreased by 0.20%, the inventory factor strengthened by 0.03%, the spread factor remained unchanged, and the synthetic factor decreased by 0.03%. This week's comprehensive signal is bearish [6] - The weekly output of float glass enterprises decreased slightly, with the supply side being neutral; the real - estate transaction volume in first - and second - tier cities decreased, but increased in third - tier cities, with the demand side being neutral; the inventory of float glass enterprises was at a high level and slightly increased, with the inventory side remaining bearish; the main continuous basis released a bearish signal, with the spread side being neutral to bearish; the pre - tax gross profit of pipeline - gas - made float glass turned from negative to positive, with the profit side being neutral to bullish [6] Group 4: Iron Ore Analysis - Last week, the supply factor of iron ore weakened by 0.23%, the demand factor weakened by 0.16%, the inventory factor weakened by 0.24%, the spread factor strengthened by 0.05%, and the synthetic factor weakened by 0.13%. This week's comprehensive signal remains bearish [7] - The SMM domestic lead concentrate price continued to rise, turning the supply side signal bullish; the export volume of Chinese lead alloys in April decreased compared to March, with the demand side signal remaining bearish; the LME lead registered warehouse receipts decreased, with the inventory side remaining neutral to bearish; the SMM domestic lead concentrate processing fee continued to decline, with the spread side signal remaining bearish [7] Group 5: Lead Analysis - Last week, the supply factor of lead weakened by 0.23%, the demand factor weakened by 0.16%, the inventory factor weakened by 0.24%, the spread factor strengthened by 0.05%, and the synthetic factor weakened by 0.13%. This week's comprehensive signal remains bearish [7] - The SMM domestic lead concentrate price continued to rise, turning the supply side signal bullish; the export volume of Chinese lead alloys in April decreased compared to March, with the demand side signal remaining bearish; the LME lead registered warehouse receipts decreased, with the inventory side remaining neutral to bearish; the SMM domestic lead concentrate processing fee continued to decline, with the spread side signal remaining bearish [7]