Investment Rating - The report provides a standard investment rating for the chemical industry, indicating a positive outlook for specific sectors within the industry [5]. Core Insights - The report highlights the impact of the explosion at Kanto Denka's facility in Japan, which is expected to create opportunities for domestic electronic gas suppliers as Kanto Denka holds a 90% market share in nitrogen trifluoride production in Japan [6][13]. - The first World Humanoid Robot Games held in Beijing is seen as a catalyst for the robotics industry's development, showcasing technological innovation and attracting talent [6][14]. - The report emphasizes the structural optimization of supply in the chemical sector, suggesting a focus on sectors with significant elasticity and competitive advantages, such as organic silicon and membrane materials [6][15]. Industry Performance - The report notes that during the week of August 11 to August 15, 2025, the CSI 300 index rose by 2.37%, while the Shenwan Basic Chemical Index increased by 2.46%, outperforming the market slightly [6][18]. - The top-performing sub-sectors included modified plastics (up 12.29%) and fluorochemicals (up 5.81%), while the worst performers were civil explosives (down 3.02%) and compound fertilizers (down 1.81%) [6][19]. Price Trends - Key products that saw price increases included hydrochloric acid (up 15.38%) and propylene (up 4.00%), while notable declines were observed in butanone (down 7.16%) and liquid ammonia (down 5.89%) [6][26]. - The report tracks price differentials, with significant increases in the propylene-propane differential (up 33.47%) and decreases in the bisphenol A-phenol differential (down 26.57%) [6][28]. Investment Recommendations - The report suggests focusing on sectors that may benefit from supply-side reforms, particularly organic silicon, membrane materials, and dye sectors, with recommended companies including Hoshine Silicon Industry and Zhejiang Longsheng [6][15]. - It also highlights the growing demand for health additives and sugar substitutes driven by new consumer trends, recommending companies that emphasize technological and product differentiation [6][16][17].

Macro and Strategy - In July, new social financing in China was 1.16 trillion yuan, lower than the expected 1.41 trillion yuan, with new RMB loans decreasing by 500 billion yuan, indicating a rare negative growth [9][10] - The structure of social financing showed a dual characteristic of resilience and differentiation, with government financing contributing significantly to the increase [10][11] - The overall social financing growth rate rose to 9.0%, with a year-on-year increase of 3.893 billion yuan, primarily driven by government bonds and direct financing [10][11] Real Estate Industry - In the first half of 2025, new residential sales in China decreased by 4% year-on-year, with total sales area at 460 million square meters [18][19] - The sales of existing homes have increased, with the proportion of second-hand homes in total residential transactions rising to 46% in 2024, up from the lowest point in 2021 [19][20] - The competition landscape in the real estate sector is stabilizing, with major state-owned enterprises maintaining their positions in sales rankings [21][22] Food and Beverage Industry - The white liquor sector is showing signs of recovery in sales, with improved performance in August following a challenging second quarter [22][23] - Moutai's mid-year performance demonstrated resilience, with a revenue increase of 9.2% year-on-year, reflecting the industry's adjustment to market pressures [23][24] - The overall valuation of the white liquor sector is expected to enter a recovery phase, supported by positive policy expectations and improved consumer demand [24] Banking Industry - The cross-border payment landscape is evolving, with significant players like Ant International and Lianlian Digital shaping the competitive dynamics [25][26] Home Appliances and Light Industry - The home appliance sector is expected to see stable growth in domestic sales, driven by government subsidy policies, despite facing challenges from tariffs [26][27] - The white goods segment is benefiting from strong domestic demand, while the black goods segment is experiencing price improvements due to cost reductions [27][28] Energy Sector - The domestic oil and gas production is on the rise, with the Guyana Yellowtail project being brought into production ahead of schedule, indicating strong operational performance [34][36]

Investment Rating - The report assigns an "Outperform the Market" rating for the company, with a reasonable valuation range of 10.20 to 11.31 CNY, indicating a potential premium of 13% to 27% over the current stock price of 8.91 CNY [4]. Core Insights - The company is a leading domestic player in the fatty alcohol sector, leveraging significant cost advantages from its combined heat and power (CHP) production model, which integrates energy generation with product manufacturing [1][2]. - The fatty alcohol market is expected to grow, with a projected demand of 1.0462 million tons in 2024, reflecting a compound annual growth rate (CAGR) of 6.01% from 2021 to 2024, driven by strong downstream demand in various industries [2]. - The company emphasizes shareholder returns through high dividend payouts and share buybacks, with a dividend payout ratio projected to reach 50% in 2025, resulting in an effective dividend yield of 7.40% to 9.02% [3][29]. Summary by Sections Company Overview - The company, established in 2003, focuses on CHP as its core business, producing and selling fatty alcohols, PVC, steam, and chlor-alkali products, among others. It has a current capacity of 200,000 tons for fatty alcohols and 297,000 tons for chlor-alkali products [1][14]. Production and Cost Advantages - The chlor-alkali segment benefits from self-generated electricity, significantly reducing production costs. The company is the only chlor-alkali producer in the northern Zhejiang region, allowing for efficient logistics and cost savings through direct pipeline supply to downstream customers [2][15]. Market Position and Growth - The company is set to become the largest fatty alcohol producer in China, with a market share exceeding 30% by 2025, supported by the upcoming addition of 150,000 tons of production capacity [2][4]. Financial Performance and Forecast - The company forecasts a steady increase in revenue and net profit over the next five years, with expected net profits of 1.156 billion CNY in 2025, growing to 1.411 billion CNY by 2027 [4][8]. Shareholder Returns - The company has maintained a high dividend payout policy, with a historical dividend payment rate of around 50% and a consistent share buyback program since 2018, enhancing shareholder value [3][26]. Research and Development - The company invests approximately 3% of its revenue in R&D, focusing on technological innovation to maintain its competitive edge in the industry [32][34].

Core Viewpoint - The company, Jiangsu Sop Chemical Co., Ltd., is undergoing significant governance changes, including the cancellation of its supervisory board and plans for a private placement of A-shares to enhance its capital structure and operational capabilities [3][7][28]. Group 1: Company Overview - Jiangsu Sop Chemical Co., Ltd. is involved in the production and sales of acetic acid and its derivatives, as well as chlor-alkali chemical raw materials [28][29]. - The company has a strong production capacity in the acetic acid sector and has obtained technology from DuPont for acetic acid vinyl production, indicating its capability to expand into downstream products [29]. Group 2: Financial Data - The company plans to raise up to 150 million RMB through a private placement of A-shares, which is expected to improve its financial strength and profitability [24][28]. - The company reported a net profit contribution of 7,248.54 million RMB from its investment projects in 2024, with an additional 2,951.63 million RMB in the first half of 2025, totaling 10,200.17 million RMB [23]. Group 3: Governance Changes - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee of the board of directors, which is expected to streamline governance [3][4][5]. - The amendments to the company's articles of association and related rules are aimed at enhancing governance structures in line with regulatory requirements [5][6]. Group 4: Investment Projects - The company is focusing on expanding its product line into acetic acid vinyl, which aligns with its existing business and is expected to enhance product value and market competitiveness [28][29]. - The investment in acetic acid vinyl is anticipated to leverage existing raw material procurement capabilities, thereby achieving cost reductions and ensuring stable supply [29].

股票代码：600746 股票简称：江苏索普 公告编号：临 2025-033 江苏索普化工股份有限公司 2025 年第二季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏索普化工股份有限公司（以下简称"公司"）根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露》之《第十三号——化工》的相关规定，现将公 司 2025 年第二季度的主要经营数据披露如下： （一）主要产品 4-6 月价格变动情况 单位：人民币元/吨 注：醋酸及衍生品、甲醇生产量与销售量差距较大，主要原因是部分中间产品自用。 二、主要产品和原材料的价格变动情况 特此公告。 一、本季度主要产品的产量、销量及收入（不含税）实现情况 主要产品 2025 年 4-6 月 产量（吨） 2025 年 4-6 月 销量（吨） 2025 年 4-6 月 营业收入（万元） 醋酸及衍生品 437,116.41 378,101.68 98,276.15 硫酸及衍生品 213,740.14 207,827.91 11,266.40 甲醇 228,96 ...

Core Insights - The article highlights the dedication and technical expertise of Sun Weihua, a key figure in the chlor-alkali operations at Sinopec Jianghan Salt Chemical, who has been recognized for his contributions to the industry [1][2][3]. Group 1: Professional Development - Sun Weihua has progressed from a novice ion membrane electrolysis worker in 1994 to a technical backbone, demonstrating significant growth in his career over 30 years [2]. - He has taken on leadership roles, including team leader and deputy shift leader, showcasing his ability to manage and innovate in various operational areas [2][3]. - His commitment to continuous learning is evident through his participation in training and skill competitions, where he has achieved notable rankings, including first place in the "Hubei Craftsman Cup" [3]. Group 2: Operational Excellence - Sun's quick response during a critical equipment failure in 2024 prevented a potential system shutdown, demonstrating his operational acumen [2]. - He led a successful maintenance operation that included replacing key components and completing inspections ahead of schedule, reflecting his team's efficiency [2]. - His innovative approach to process control has resulted in a 23% reduction in acid and alkali consumption and a significant decrease in manual interventions [4]. Group 3: Innovation and Impact - Sun has developed a dynamic parameter simulation training method that incorporates various operational variables, enhancing training effectiveness [3]. - His contributions to emergency response training have resulted in over 200 practical case studies, serving as a valuable resource for frontline employees [3]. - The implementation of his floating acid control model has led to a stable operational environment, with alarm incidents dropping from thousands to under a hundred per month [5].

Group 1: Summary of the Report - The report focuses on the analysis of old chemical production facilities in various sectors, including polyester, rubber, urea, and polyolefin industries. It aims to evaluate the potential impact of the renovation or elimination of these old facilities on supply and demand [5][6]. - The report divides the old facilities as those with a production operation time of over 20 years. It analyzes the capacity, proportion, and characteristics of these facilities in different chemical products [5][6]. - The report provides specific conclusions for each chemical product, including the potential impact on supply and demand, the probability of renovation or elimination, and investment strategies [6][7][8]. Group 2: Polyester Industry Chain PX and PTA - PX: The total capacity of PX facilities put into operation 20 years ago (inclusive) is 306 million tons, accounting for 7.0%. The in - production capacity is 223 million tons, accounting for 5.1%, all belonging to the two major state - owned oil companies. The short - term possibility of these facilities shutting down is low [14]. - PTA: Facilities put into operation before 2005 have been shut down for years and eliminated. The impact of the policy on PTA supply can be ignored [14]. MEG - The total capacity of MEG facilities put into operation over 20 years ago is nearly 142 million tons, with the in - production capacity of 96 million tons, accounting for 3.3%. These facilities are mainly ethylene - based and mostly from the two major state - owned oil companies. The policy's impact on ethylene glycol supply is limited [17][18]. PR - The total capacity of PR facilities put into operation 20 years ago is 96 million tons, accounting for 4.4%, and the in - production capacity is 80 million tons, accounting for 3.7%. The expected impact on overall production is about 2% [21]. PF - The total capacity of PF facilities put into operation over 20 years ago is about 346 million tons, accounting for 33.4%. Small - scale factories may be eliminated first, while large - scale enterprises may continue to operate through transformation [23][24]. Group 3: Rubber Industry Chain Butadiene - The total capacity of butadiene facilities put into operation over 20 years ago is 130.5 million tons, accounting for 19%. The elimination of these facilities is difficult. The supply - demand pattern is expected to be loose in 2025, but the policy may change the situation [30][32]. Cis - Polybutadiene Rubber - The total capacity of cis - polybutadiene rubber facilities put into operation over 20 years ago is 34 million tons, accounting for 17%. The policy may lead to a decrease in supply [33][34]. Tires - The proportion of old tire facilities has decreased significantly. The recent policies have little impact on the tire industry, but rising raw material prices may pose risks to non - exporting tire manufacturers [35][36]. Group 4: Urea Industry - The capacity of urea facilities put into operation over 20 years ago is 1517 million tons/year, accounting for 20%. The policy is expected to have a significant impact on the urea industry, and the supply - demand pattern may shift from surplus to tight balance [38]. - The main production processes of old urea facilities are natural gas and coal - based fixed - bed gasification. The fixed - bed process is at a disadvantage in terms of cost and environmental protection [42]. Group 5: Polyolefin Industry PE - The capacity of PE facilities put into operation over 20 years ago is 547 million tons/year, accounting for 14%. These facilities have problems such as small scale, outdated technology, and high environmental and energy consumption pressure. The policy may help the industry move towards a balanced supply - demand pattern [48][50]. PP - The capacity of PP facilities put into operation over 20 years ago is 476 million tons/year, accounting for 10%. The policy is expected to relieve the over - capacity pressure in the polyolefin industry [55][65].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the basic chemical industry [1]. Core Viewpoints - The upcoming "Ten Key Industries Stabilizing Growth Work Plan" will accelerate the optimization of production capacity structure in the chemical industry, suggesting a focus on the cyclical recovery and supply-side optimization of the chemical sector [2][12]. - The opening of the Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly boost investment opportunities in various sub-sectors of the chemical industry, particularly in civil explosives, all-steel tires, cement, and specialty chemicals [3][13]. - The report highlights the importance of focusing on leading companies with "absolute cost advantages" or "absolute technical scarcity" in the supply-side optimization process [12]. Summary by Relevant Sections Chemical Market - The report emphasizes that the Ministry of Industry and Information Technology will promote structural adjustments and the elimination of backward production capacity in key industries, including steel, non-ferrous metals, petrochemicals, and building materials [12]. - It suggests that the supply-side optimization should focus on leading companies such as Wanhua Chemical, Hualu Hengsheng, and Juhua Co., which have strong competitive advantages [12]. Investment Recommendations - Recommended stocks include: - Wanhua Chemical (600309.SH) - Buy-B - Hualu Hengsheng (600426.SH) - Buy-B - Juhua Co. (600160.SH) - Buy-B - Haohua Technology (600378.SH) - Buy-B - Longbai Group (002601.SZ) - Buy-B - Yangnong Chemical (600486.SH) - Buy-B - Hubei Yihua (000422.SZ) - Increase-B - Tongyi Zhong (688722.SH) - Buy-A [2][3][25]. Price Movements - As of July 18, TDI prices reached 14,913 yuan/ton, reflecting a significant increase of 30.82% compared to the previous month [4][14]. - The report notes that the basic chemical sector has shown varied performance, with synthetic resins and membrane materials leading in gains [20][21]. Key Company Performances - The report highlights that Hubei Yihua, Jujiao Co., and Wanhua Chemical saw notable increases in their stock prices, while companies like Ruifeng New Materials and Yaji International experienced declines [23][24].

Report Summary 1. Industry Investment Ratings The report does not provide an overall industry investment rating. Instead, it offers trend judgments for various products in different sectors: - **Macro Finance**: Index futures are expected to show a relatively strong oscillatory pattern; Treasury bond futures may face limited upside due to the central bank's interest - rate risk warning; Gold and silver prices are likely to oscillate; Copper prices are bearish; Aluminum prices are likely to oscillate strongly; Alumina prices are expected to stabilize and rebound; Zinc prices are under pressure, and short - selling opportunities are recommended; Nickel prices will oscillate, with short - term short - selling suggestions; Stainless steel prices may rebound, but the sustainability needs observation [1]. - **Non - ferrous Metals**: Tin prices have limited upward drive in the short term; Industrial silicon prices will oscillate; Polysilicon prices are bullish; Lithium carbonate prices will oscillate [1]. - **Black Metals**: Rebar and hot - rolled coil prices are supported by cost; Iron ore prices will oscillate; Manganese silicon and ferrosilicon prices are under pressure; Coke and coking coal prices have short - term support but face medium - term oversupply; Anthracite prices suggest short - term avoidance of short positions and building long - short hedging positions for industrial customers [1]. - **Agricultural Products**: Palm oil, soybean oil, and rapeseed oil prices are expected to oscillate; Cotton prices are expected to oscillate weakly; Sugar production in Brazil is expected to increase, and the impact of crude oil on sugar production needs attention; Corn prices are expected to oscillate, and short - selling opportunities for the far - month contract C01 are recommended; Soybean meal prices may have different trends depending on trade policies; Pulp prices are currently over - valued with macro - level positives; Log prices are bearish; Live pig futures are stable; Crude oil and fuel oil prices are affected by supply and demand, with short - term support from consumption; Asphalt prices will oscillate; Natural rubber prices are bearish; BR rubber prices have some support and speculation; PTA prices are affected by various factors; Ethylene glycol prices are expected to reach a certain level; Short - fiber prices are affected by cost and production; Styrene prices are affected by raw material and production factors [1]. - **Energy and Chemicals**: Urea prices will oscillate; PE and PP prices are likely to oscillate strongly; PVC prices will oscillate strongly; Chlor - alkali prices are affected by various factors; LPG prices will oscillate [1]. - **Other**: The freight rate of the European container shipping line is expected to form an arc - top shape, with the peak time advancing [1]. 2. Core Views The report analyzes the trends of different products in multiple sectors based on various factors such as market supply and demand, policy changes, international trade policies, and geopolitical situations. It provides trend judgments and trading suggestions for each product, highlighting the importance of considering both short - term and long - term factors in investment decisions [1]. 3. Section - by - Section Summaries Macro Finance - **Index Futures**: Short - term domestic and international positive factors are limited, but market sentiment and liquidity are acceptable, so the index may show a relatively strong oscillatory pattern [1]. - **Treasury Bond Futures**: The asset shortage and weak economy are beneficial for bond futures, but the central bank's short - term interest - rate risk warning restricts the upside [1]. - **Precious Metals**: Market uncertainties remain, so gold and silver prices are expected to oscillate in the short term [1]. - **Base Metals**: Copper prices may decline due to potential US tariffs; Aluminum prices are supported by alumina but face high - price demand suppression; Alumina prices are expected to rise due to supply - side reform expectations; Zinc prices are under pressure from tariffs and inventory accumulation; Nickel prices will oscillate, affected by supply and macro factors; Stainless steel prices may rebound, but the sustainability needs to be observed [1]. Non - ferrous Metals - **Tin**: Short - term fundamentals are weak in both supply and demand, with limited upward drive [1]. - **Industrial Silicon**: Supply shows a pattern of decrease in the north and increase in the south, and demand has marginal growth but a potential decline in the future, with high market sentiment [1]. - **Polysilicon**: There are expectations of photovoltaic supply - side reform, and market sentiment is high [1]. - **Lithium Carbonate**: Supply has no reduction, downstream replenishment is mainly by traders, and there is capital game, so prices will oscillate [1]. Black Metals - **Steel Products**: Rebar and hot - rolled coil prices are supported by strong furnace materials; Iron ore prices have a positive commodity sentiment but a weakening fundamental situation; Manganese silicon and ferrosilicon prices are affected by supply - demand and cost factors; Coke and coking coal prices have short - term support but face medium - term oversupply; Anthracite prices suggest short - term avoidance of short positions and building long - short hedging positions for industrial customers [1]. Agricultural Products - **Oils and Fats**: Palm oil, soybean oil, and rapeseed oil prices are expected to oscillate due to different factors such as monthly reports and lack of drivers [1]. - **Cotton**: Domestic cotton prices are expected to oscillate weakly due to trade negotiations, weather, and consumption season factors [1]. - **Sugar**: Brazil's sugar production is expected to increase, and the impact of crude oil on sugar production needs attention [1]. - **Corn**: Short - term policy - related grain supply and price differentials have a negative impact, and far - month contract short - selling opportunities are recommended [1]. - **Soybean Meal**: The price trend depends on Sino - US trade policies [1]. - **Pulp**: The price is currently over - valued, but there are macro - level positives [1]. - **Log**: The price is bearish due to the off - season and limited supply reduction [1]. - **Live Pig**: Futures prices are stable due to存栏 and出栏 factors [1]. - **Crude Oil and Fuel Oil**: Prices are affected by supply and demand, with short - term support from consumption [1]. - **Asphalt**: Prices will oscillate due to cost and demand factors [1]. - **Natural Rubber**: Prices are bearish due to weakening demand, increased supply, and inventory increase [1]. - **BR Rubber**: Prices have some support and speculation [1]. - **PTA**: Prices are affected by factors such as basis, crude oil, and polyester downstream load [1]. - **Ethylene Glycol**: Prices are expected to reach a certain level due to coal prices, arrival volume, and polyester procurement [1]. - **Short - fiber**: Prices are affected by cost and production factors [1]. - **Styrene**: Prices are affected by raw material and production factors [1]. Energy and Chemicals - **Urea**: Prices will oscillate due to domestic demand and export expectations [1]. - **PE and PP**: Prices are likely to oscillate strongly due to macro - sentiment, maintenance, and demand factors [1]. - **PVC**: Prices will oscillate strongly due to factors such as coal prices, maintenance, and seasonal demand [1]. - **Chlor - alkali**: Prices are affected by various factors such as coal prices, arrival volume, and profit [1]. - **LPG**: Prices will oscillate due to spot market, crude oil support, and seasonal demand factors [1]. Other - **Container Shipping (European Line)**: The freight rate is expected to form an arc - top shape, with the peak time advancing and sufficient subsequent capacity deployment [1].

1. Report Industry Investment Ratings - Methanol: ☆☆☆, indicating a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Urea: ☆☆☆, suggesting a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Polyolefins (including propylene and polyethylene): ☆☆☆, indicating a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Pure Benzene: ☆☆☆, suggesting a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Styrene: ☆☆☆, indicating a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Polyester (including PX, PTA, ethylene glycol, short - fiber, and bottle - chip): ☆☆☆, suggesting a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Chlor - alkali (including PVC and caustic soda): ☆☆☆, indicating a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] - Glass and Soda Ash: ☆☆☆, suggesting a relatively balanced short - term trend with limited operability on the market, suggesting a wait - and - see approach [1] 2. Core Views - The chemical market shows a mixed performance with different trends for each product. Some products are affected by supply - demand changes, seasonal factors, and policy expectations, while others are influenced by macro - market sentiment and cost factors [2][3][4] 3. Summary by Product Methanol - The methanol futures market rebounds. MTO device operation in Jiangsu and Zhejiang regions declines, import demand weakens, and port inventory accumulates. Some olefin failures in the northwest lead to inventory build - up of supporting methanol. There are many planned methanol device overhauls, which support the market, but demand is weak in the off - season, so the market is expected to fluctuate within a range [2] Urea - The urea futures market is strongly oscillating. Rainy weather boosts agricultural fertilizer demand, supply - demand improves marginally, and enterprise inventory decreases. Port inventory accumulates rapidly. The latest Indian tender price boosts market sentiment. In the short - term, the market is strongly oscillating, but later, agricultural demand will enter the off - season, and new policy guidance is awaited [3] Polyolefins - Polyolefin futures rise, but the increase is weaker than other chemicals due to weak fundamentals. The polyethylene market sentiment improves slightly, but there is limited upward momentum. Polypropylene standard products follow the futures price increase, but non - standard product demand is weak [4] Pure Benzene - The pure benzene market is strong due to high oil prices and improved spot trading. Port inventory accumulation slows down, and downstream purchasing improves. There is an expectation of seasonal improvement in the third - quarter mid - to - late stage, but pressure in the fourth quarter. It is recommended to operate based on seasonal supply - demand trends, conduct monthly spread band trading, and consider short - selling at high prices [6] Styrene - Styrene futures rise significantly, driven by the sharp increase in the price of general benzene. The cost increase improves market trading sentiment, and the futures price increase drives factories to raise prices, with good trading volume [7] Polyester - PX and PTA prices rise slightly, and the monthly spread is weak. PX load decreases, PTA load increases, and PTA supply - demand eases. Ethylene glycol inventory decreases, and the price is strong. Short - fiber and bottle - chip prices rise slightly with raw material prices. Short - fiber inventory may increase, and bottle - chip enterprises cut production [8] Chlor - alkali - PVC is strong due to real - estate rumors, but downstream orders are insufficient, and inventory accumulates. New production capacity is released, and domestic demand is weak. Caustic soda continues to rise, with reduced enterprise operation and inventory, but long - term supply pressure remains [9] Glass and Soda Ash - Glass futures rise significantly due to real - estate rumors and industry inventory reduction. Soda ash is strong in the macro - environment, but inventory pressure is high, and long - term demand is expected to decline [10]