1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Natural Rubber - The fundamentals are expected to weaken. Hold short positions above 14,000 and monitor raw material supply in various producing areas and US tariff changes [1]. Polysilicon - Polysilicon is facing inventory accumulation pressure due to oversupply. Although prices are rising under policy expectations, downstream demand remains weak. It is beneficial for polysilicon - industrial silicon arbitrage and buying stocks of photovoltaic industry chain enterprises, but beware of the impact of high - cost transfer on weak demand [3]. Industrial Silicon - The spot price of industrial silicon is stable, and the futures price fluctuates. In the short term, the price is expected to fluctuate strongly supported by production cuts, but in the long term, over - supply pressure may increase. Pay attention to the impact of polysilicon production changes on demand and policy effects [4]. Glass and Soda Ash - Soda ash is in an obvious oversupply situation. Wait for the opportunity to short after the market sentiment fades. Glass has a short - term rebound, but the demand is weak. Wait for more cold - repair actions to bring a real turnaround and currently suggest waiting and seeing [6]. Logs - The log market is entering a period of weak supply and demand. The 09 contract is expected to fluctuate weakly [8]. 3. Summary by Directory Natural Rubber Spot Prices and Basis - The prices of some varieties such as Yunnan state - owned standard rubber and Thai standard mixed rubber remained unchanged on July 9 compared to July 8. The full - latex basis and non - standard price difference decreased significantly [1]. Monthly Spreads - The 9 - 1 spread remained unchanged, the 1 - 5 spread increased by 8.33%, and the 5 - 9 spread decreased by 0.53% [1]. Fundamental Data - In May, the production of Thailand, Indonesia, India, and China increased. The weekly开工率 of semi - steel and full - steel tires decreased, domestic tire production decreased slightly, and tire exports increased. The import of natural rubber decreased [1]. Inventory Changes - Bonded area inventory and factory - warehouse futures inventory of natural rubber on the SHFE increased, while the inbound and outbound rates of dry rubber in Qingdao decreased [1]. Polysilicon Spot Prices and Basis - The average prices of N - type re - feedstock and N - type granular silicon increased on July 9 compared to July 8, with increases of 2.56% and 4.11% respectively [3]. Futures Prices and Monthly Spreads - The PS2506 contract price increased by 2.31%. Some monthly spreads changed significantly, such as the PS2506 - PS2507 spread which decreased by 298.85% [3]. Fundamental Data - Weekly and monthly polysilicon production increased. In May, polysilicon imports decreased, exports decreased, and net exports increased. Silicon wafer production decreased in the short term but increased slightly in May [3]. Inventory Changes - Polysilicon inventory increased by 0.74%, and silicon wafer inventory decreased by 4.43% [3]. Industrial Silicon Spot Prices and Main Contract Basis - The price of Xinjiang 99 - silicon increased by 1.24%, and the basis of some varieties increased [4]. Monthly Spreads - Some monthly spreads changed, such as the 2507 - 2508 spread which decreased by 88.00% [4]. Fundamental Data - In June, the national industrial silicon production increased, with significant increases in Yunnan and Sichuan. Organic silicon DMC production increased, and polysilicon production also increased [4]. Inventory Changes - Xinjiang factory - warehouse inventory decreased, while social inventory increased. The warehouse - receipt inventory decreased slightly, and non - warehouse - receipt inventory increased [4]. Glass and Soda Ash Glass - Related Prices and Spreads - Glass prices in some regions remained unchanged, and the prices of glass futures contracts increased slightly [6]. Soda Ash - Related Prices and Spreads - Soda ash prices in some regions decreased, and the prices of soda ash futures contracts increased [6]. Supply - Soda ash production rate and weekly output decreased slightly, while float glass daily melting volume increased and photovoltaic daily melting volume decreased [6]. Inventory - Glass factory - warehouse inventory decreased slightly, soda ash factory - warehouse inventory increased, and soda ash delivery - warehouse inventory decreased [6]. Real Estate Data - Real estate new - start area, completion area, and sales area showed positive changes compared to the previous period, while the construction area decreased [6]. Logs Futures and Spot Prices - Log futures prices fluctuated slightly, and the prices of some spot varieties decreased [8]. Import Cost - The import theoretical cost increased by 4% [8]. Supply - Port shipping volume increased, and the number of departing ships from New Zealand to China, Japan, and South Korea decreased [8]. Inventory - National log inventory decreased, and inventory in Shandong and Jiangsu also decreased [8]. Demand - The average daily log outbound volume increased [8].

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Reports Natural Rubber - In the context of expected supply increase and weak demand, the subsequent rubber price is expected to remain weak. Hold the short position at 14,000 and monitor the raw material supply in each production area and macro - event disturbances [2]. Industrial Silicon - In June, industrial silicon still faces a weak fundamental situation of oversupply, and the price remains under pressure. Recently, the rebound in coal prices brings an expectation of rising raw material prices, which supports the price, and the price may fluctuate at a low level [4]. Polysilicon - The fundamentals have not significantly improved, and the atmosphere at the Shanghai PV exhibition is bearish. However, due to the low price, hold short positions cautiously and pay attention to the pressure level around 35,000 yuan/ton. If the polysilicon production increases, it is beneficial for the arbitrage of buying industrial silicon and shorting polysilicon [5]. Glass and Soda Ash - For soda ash, the excess pattern is obvious, and there will be further profit - reduction. After the photovoltaic rush - installation, the growth of photovoltaic capacity has slowed down, and the overall demand has not increased significantly. After the maintenance, inventory accumulation may accelerate. - For glass, it still faces over - supply pressure in the future, and the industry needs capacity clearance. The 09 contract fluctuates around 1000 points, and a short - term bearish strategy can be considered [6]. 3. Summaries According to Relevant Catalogs Natural Rubber Price and Spread - The price of Yunnan Guofu all - latex rubber (SCRWF) in Shanghai remained unchanged at 13,900 yuan/ton. The all - latex basis (switched to the 2509 contract) decreased by 35 yuan/ton to - 10 yuan/ton, a decline of 140%. The Thai standard mixed rubber quote remained at 13,750 yuan/ton. The non - standard price difference decreased by 35 yuan/ton to - 160 yuan/ton, a decline of 28%. The FOB mid - price of cup rubber in the international market increased by 0.40 Thai baht/kg to 47.45 Thai baht/kg, an increase of 0.85%. The FOB mid - price of glue in the international market remained at 56.75 yuan/ton. The price of natural rubber lumps in Xishuangbanna increased by 400 yuan/ton to 12,600 yuan/ton, an increase of 3.28%. The price of natural rubber glue in Xishuangbanna increased by 400 yuan/ton to 13,100 yuan/ton, an increase of 3.15%. The mainstream market price of raw materials in Hainan remained at 12,400 yuan/ton, and the mainstream market price of imported rubber raw materials in Hainan remained at 9,000 yuan/ton [2]. - In terms of monthly spreads, the 9 - 1 spread decreased by 15 yuan/ton to - 850 yuan/ton, a decline of 1.8%. The 1 - 5 spread decreased by 10 yuan/ton to - 72 yuan/ton, a decline of 18.18%. The 5 - 9 spread increased by 25 yuan/ton to 915 yuan/ton, an increase of 2.81% [2]. Fundamental Data - In April, Thailand's production decreased by 435,000 tons to 1.057 million tons, a decline of 29.16%. Indonesia's production decreased by 15,200 tons to 194,100 tons, a decline of 7.26%. India's production decreased by 7,600 tons to 45,400 tons, a decline of 14.34%. China's production increased by 42,300 tons to 58,100 tons. The weekly operating rate of semi - steel tires for automobile tires increased by 4.12 percentage points to 77.98%, and the weekly operating rate of all - steel tires decreased by 2.23 percentage points to 61.24%. In April, the domestic tire production decreased by 5.444 million pieces to 102.002 million pieces, a decline of 5.07%. The export volume of new pneumatic rubber tires in April decreased by 490,000 pieces to 5.739 million pieces, a decline of 7.87%. The total import volume of natural rubber in April decreased by 70,900 tons to 523,200 tons, a decline of 11.93%. The import volume of natural and synthetic rubber (including latex) in May decreased by 83,000 tons to 607,000 tons, a decline of 12.03% [2]. Inventory Changes - The bonded area inventory (bonded + general trade inventory) decreased by 4,100 tons to 1,011,111 tons, a decline of 0.67%. The factory - warehouse futures inventory of natural rubber on the SHFE increased by 13,003 tons to 34,876 tons, an increase of 59.45%. The inbound rate of dry rubber in the bonded warehouse in Qingdao increased by 1.14 percentage points to 3.34%, and the outbound rate increased by 1.44 percentage points to 4.83%. The inbound rate of dry rubber in general trade in Qingdao increased by 0.82 percentage points to 7.76%, and the outbound rate decreased by 0.29 percentage points to 7.18% [2]. Industrial Silicon Price and Spread - The price of East China oxygen - passing SI5530 industrial silicon remained at 8,150 yuan/ton, and the basis (based on oxygen - passing SI5530) increased by 110 yuan/ton to 805 yuan/ton, an increase of 15.83%. The price of East China SI4210 industrial silicon remained at 8,700 yuan/ton, and the basis (based on SI4210) increased by 110 yuan/ton to 555 yuan/ton, an increase of 24.72%. The price of Xinjiang 99 silicon remained at 7,600 yuan/ton, and the basis (in Xinjiang) increased by 110 yuan/ton to 1,055 yuan/ton, an increase of 11.64% [4]. - In terms of monthly spreads, the 2507 - 2508 spread increased by 7,260 yuan/ton to - 85 yuan/ton, an increase of 98.84%. The 2508 - 2509 spread increased by 5 yuan/ton to 40 yuan/ton, an increase of 14.29%. The 2509 - 2510 spread increased by 15 yuan/ton to 45 yuan/ton, an increase of 50%. The 2510 - 2511 spread increased by 35 yuan/ton to 55 yuan/ton, an increase of 175%. The 2511 - 2512 spread decreased by 5 yuan/ton to 50 yuan/ton, a decline of 9.09% [4]. Fundamental Data - In May, the national industrial silicon production increased by 6,900 tons to 307,700 tons, an increase of 2.29%. Xinjiang's production decreased by 4,400 tons to 163,100 tons, a decline of 2.6%. Yunnan's production decreased by 3,400 tons to 10,000 tons, a decline of 25.43%. Sichuan's production increased by 12,400 tons to 23,700 tons, an increase of 109.47%. Inner Mongolia's production increased by 2,100 tons to 46,100 tons, an increase of 4.78%. Ningxia's production increased by 3,500 tons to 23,500 tons, an increase of 17.5%. The production of 97 - grade silicon decreased by 7,200 tons to 4,800 tons, a decline of 60%. The production of recycled silicon increased by 500 tons to 16,500 tons, an increase of 3.12%. The production of silicone DMC in May increased by 11,200 tons to 184,000 tons, an increase of 6.48%. The production of polysilicon in May increased by 700 tons to 96,100 tons, an increase of 0.73%. The production of recycled aluminum alloy in May decreased by 400 tons to 60,600 tons, a decline of 0.66%. The export volume of industrial silicon in April increased by 100 tons to 6,050 tons, an increase of 1.64% [4]. Inventory Changes - The factory - warehouse inventory in Xinjiang decreased by 410 tons to 18,670 tons, a decline of 2.15%. The factory - warehouse inventory in Yunnan increased by 70 tons to 2,580 tons, an increase of 2.79%. The inventory in Sichuan increased by 10 tons to 2,310 tons, an increase of 0.44%. The social inventory decreased by 1,500 tons to 57,200 tons, a decline of 2.56%. The warehouse - receipt inventory decreased by 550 tons to 28,410 tons, a decline of 1.89%. The non - warehouse - receipt inventory decreased by 950 tons to 28,790 tons, a decline of 3.2% [4]. Polysilicon Price and Spread - The average price of N - type re -投料 remained at 35,500 yuan/ton, the average price of P - type cauliflower material remained at 29,500 yuan/ton, and the average price of N - type granular silicon remained at 33,000 yuan/ton. The N - type material basis (average price) decreased by 625 yuan/ton to 1,180 yuan/ton, a decline of 34.63%. The cauliflower material basis (average price) decreased by 625 yuan/ton to 7,180 yuan/ton, a decline of 8.01%. The average price of N - type silicon wafers of 210mm remained at 1.27 yuan/piece, the average price of N - type silicon wafers of 210R remained at 1.06 yuan/piece, the average price of single - crystal Topcon battery wafers of 210R remained at 0.268 yuan/piece, the average price of single - crystal PERC battery wafers of 182mm remained at 0.268 yuan/piece, the average price of Topcon components of 210mm (distributed) remained at 0.699 yuan/watt, and the average price of N - type 210mm components for centralized projects remained at 0.686 yuan/watt [5]. - The PS2506 contract price increased by 625 yuan/ton to 34,320 yuan/ton. The PS2506 - PS2507 spread decreased by 720 yuan/ton to 1,690 yuan/ton, a decline of 29.88%. The PS2507 - PS2508 spread increased by 290 yuan/ton to 1,215 yuan/ton, an increase of 31.35%. The PS2508 - PS2509 spread decreased by 15 yuan/ton to 595 yuan/ton, a decline of 2.46%. The PS2509 - PS2510 spread decreased by 60 yuan/ton to 265 yuan/ton, a decline of 18.46%. The PS2510 - PS2511 spread decreased by 15 yuan/ton to 370 yuan/ton, a decline of 2.46%. The PS2511 - PS2512 spread decreased by 60 yuan/ton to - 1,605 yuan/ton, a decline of 18.46% [5]. Fundamental Data - The weekly silicon wafer production increased by 0.06 GW to 13.1 GW, an increase of 0.46%. The weekly polysilicon production increased by 0.18 tons to 2.38 tons, an increase of 8.18%. The monthly polysilicon production in May increased by 0.07 tons to 9.61 tons, an increase of 0.73%. The polysilicon import volume in April decreased by 0.02 tons to 0.29 tons, a decline of 7.1%. The polysilicon export volume in April decreased by 0.02 tons to 0.2 tons, a decline of 10.4%. The net export volume of polysilicon in April remained at - 0.09 tons [5]. Inventory Changes - The polysilicon inventory increased by 0.6 tons to 27.5 tons, an increase of 2.23%. The silicon wafer inventory decreased by 0.68 GW to 19.34 GW, a decline of 3.4%. The polysilicon warehouse receipts remained at 2,600 tons [5]. Glass and Soda Ash Price and Spread - The glass price in North China decreased by 10 yuan/ton to 1,130 yuan/ton, a decline of 0.88%. The price in East China decreased by 30 yuan/ton to 1,230 yuan/ton, a decline of 2.38%. The price in Central China remained at 1,070 yuan/ton. The price in South China decreased by 20 yuan/ton to 1,290 yuan/ton, a decline of 1.53%. The glass 2505 contract price decreased by 4 yuan/ton to 1,077 yuan/ton, a decline of 0.37%. The glass 2509 contract price decreased by 2 yuan/ton to 976 yuan/ton, a decline of 0.51%. The 05 basis decreased by 6 yuan/ton to 53 yuan/ton, a decline of 10.17% [6]. - The soda ash price in North China remained at 1,400 yuan/ton, the price in East China remained at 1,350 yuan/ton, the price in Central China remained at 1,350 yuan/ton, and the price in Northwest China decreased by 20 yuan/ton to 1,030 yuan/ton, a decline of 1.9%. The soda ash 2505 contract price decreased by 8 yuan/ton to 1,204 yuan/ton, a decline of 0.66%. The soda ash 2509 contract price decreased by 19 yuan/ton to 1,156 yuan/ton, a decline of 1.57%. The 05 basis increased by 8 yuan/ton to 196 yuan/ton, an increase of 4.26% [6]. Supply and Demand Data - The soda ash operating rate increased by 6.33 percentage points to 84.9%, and the weekly production increased by 5,510 tons to 74,010 tons, an increase of 8.04%. The daily melting volume of float glass decreased by 100 tons to 15,570 tons, a decline of 0.7%. The daily melting volume of photovoltaic glass decreased by 1,000 tons to 98,990 tons, a decline of 1%. The mainstream price of 3.2mm coated glass decreased by 1 yuan to 20 yuan, a decline of 4.76% [6]. Inventory Changes - The glass factory - warehouse inventory increased by 192,300 weight - boxes to 6,968,500 weight - boxes, an increase of 2.84%. The soda ash factory - warehouse inventory increased by 62,000 tons to 168,630 tons, an increase of 3.82%. The soda ash delivery warehouse inventory decreased by 20,000 tons to 32,710 tons, a decline of 5.87%. The glass factory's soda ash inventory days increased by 2.9 days to 21 days, an increase of 15.91% [6]. Real Estate Data - The year - on - year growth rate of new construction area increased by 2.99 percentage points to - 18.73%, the year - on - year growth rate of construction area decreased by 7.56 percentage points to - 33.33%, the year - on - year growth rate of completion area increased by 15.67 percentage points to - 11.68%, and the year

Report on Polysilicon 1. Core View - Spot prices are stable, polysilicon futures are oscillating and falling. In June, supply and demand are expected to be weak. If there is no further production cut in polysilicon, there is a risk of inventory accumulation. It is recommended that long - position holders close their positions in advance [1]. 2. Summary by Directory - **Spot Prices and Basis**: N - type re - feeding material, P - type cauliflower material, and N - type granular silicon average prices remained unchanged on June 5th compared to June 4th. The basis of N - type material and cauliflower material increased by 35.64% and 7.42% respectively [1]. - **Futures Prices and Inter - month Spreads**: PS2506 decreased by 1.47% to 34540 yuan/ton. The spread between PS2506 and PS2507 decreased by 46.34% [1]. - **Fundamental Data (Weekly)**: Silicon wafer production decreased by 2.69% to 13.04 GM, while polysilicon production increased by 1.85% to 2.20 million tons [1]. - **Fundamental Data (Monthly)**: In May, polysilicon production was 9.61 million tons, up 0.73%. In April, polysilicon imports decreased by 7.10%, exports decreased by 10.40%, and net exports remained stable [1]. - **Inventory Changes**: Polysilicon inventory decreased by 0.37% to 26.90 million tons, while silicon wafer inventory increased by 7.81% to 20.02 GM. Polysilicon warehouse receipts increased by 5.73% to 2030 [1]. Report on Industrial Silicon 1. Core View - Industrial silicon futures opened lower, oscillated, and slightly declined. The fundamentals continue to face pressure from high supply and high warehouse receipts. Although demand may recover, it is difficult to digest the relatively high supply increase. Supply is expected to grow, and prices will remain under pressure. Attention should be paid to coal price changes [3]. 2. Summary by Directory - **Spot Prices and Basis of the Main Contract**: The price of East China oxygen - passing SI5530 industrial silicon remained unchanged, while the price of East China SI4210 industrial silicon decreased by 0.56%. The basis of various varieties decreased [3]. - **Inter - month Spreads**: The spread between 2506 and 2507 increased by 86.54%, while the spread between 2507 and 2508 decreased by 150.00% [3]. - **Fundamental Data (Monthly)**: In April, national industrial silicon production decreased by 12.10%, and the national start - up rate decreased by 11.37%. The production of organic silicon DMC increased by 6.48%, and the production of polysilicon increased by 0.73% [3]. - **Inventory Changes**: Xinjiang, Yunnan, and Sichuan factory - warehouse inventories increased slightly, while social inventory decreased by 0.34%. Warehouse receipt inventory decreased by 0.80%, and non - warehouse receipt inventory increased by 0.17% [3]. Report on Glass and Soda Ash 1. Core View - **Soda Ash**: Affected by macro news, the soda ash futures rebounded at night. In the long - term, there is still pressure for inventory accumulation after maintenance. In June, the implementation of maintenance can be tracked. Consider a 7 - 9 positive spread and short - term short - selling on the far - month contract [4]. - **Glass**: Affected by macro news, the glass futures rebounded at night. The spot market is weak, and there is a risk of inventory accumulation after June. The industry needs capacity clearance, and the price is expected to be weak in the short term [4]. 2. Summary by Directory - **Glass - related Prices and Spreads**: North China, East China, and Central China glass quotes remained unchanged, while South China quotes decreased by 0.76%. Glass 2505 and 2509 decreased by 2.09% and 2.53% respectively [4]. - **Soda Ash - related Prices and Spreads**: North China, East China, Central China, and Northwest soda ash quotes remained unchanged. Soda ash 2505 and 2509 decreased by 1.36% and 1.76% respectively [4]. - **Supply**: Soda ash start - up rate decreased slightly, weekly production increased by 1.08%, float glass daily melting volume increased by 0.64%, and photovoltaic daily melting volume remained unchanged [4]. - **Inventory**: Glass factory - warehouse inventory decreased slightly, soda ash factory - warehouse inventory increased by 1.37%, and soda ash delivery warehouse inventory decreased by 4.79% [4]. - **Real Estate Data (Year - on - Year)**: New construction area increased by 2.99%, construction area decreased by 7.56%, completion area increased by 15.67%, and sales area increased by 12.13% [4]. Report on Rubber Industry 1. Core View - In the short term, the macro - economic recovery drives rubber prices to rebound. However, under the expectation of increasing supply and weakening demand, rubber prices are expected to remain weak. Consider short - selling when the price exceeds 14000 yuan/ton. Pay attention to raw material supply in various producing areas and macro - event disturbances [5]. 2. Summary by Directory - **Spot Prices and Basis**: The price of Yunnan state - owned whole latex decreased by 1.12%. The basis of whole latex increased by 101.96%. The price of Thai standard mixed rubber decreased by 0.74% [5]. - **Inter - month Spreads**: The 9 - 1 spread decreased by 5.39%, the 1 - 5 spread decreased by 40.00%, and the 5 - 9 spread increased by 6.40% [5]. - **Fundamental Data**: In April, Thailand, Indonesia, and India's rubber production decreased. The start - up rates of semi - steel and all - steel tires decreased. Domestic tire production, tire exports, natural rubber imports, and imports of natural and synthetic rubber decreased [5]. - **Inventory Changes**: Bonded area inventory increased by 0.06%. The factory - warehouse futures inventory of natural rubber on the SHFE decreased by 59.49% [5].