Report Industry Investment Ratings No information about industry investment ratings is provided in the report. Core Views - The oil market is expected to face increasing supply pressure in the medium to long term. In the short term, oil prices are likely to remain weak, with Brent crude oil expected to trade in the range of $65 - $67 per barrel [2]. - The asphalt market is expected to be in a state of weak oscillation. The supply - demand balance is becoming more relaxed, and the valuation is relatively high [4][5][6]. - The fuel oil market, both high - sulfur and low - sulfur, is expected to be weak. High - sulfur fuel oil is affected by high inventories, and low - sulfur fuel oil has increasing supply and lack of demand drivers [6][8][9]. - The PX and PTA markets are expected to oscillate. Their prices are greatly influenced by oil prices and the macro - economic situation, but the supply - demand contradiction of PTA will be alleviated later [10][12][13]. - The ethylene glycol market is expected to oscillate in the short term due to the balance between supply reduction and demand increase [13][15]. - The short - fiber market is expected to oscillate, and its processing fee is expected to fluctuate at a low level, with prices following raw material trends [14][15][17]. - The PR (bottle - chip) market is expected to oscillate. The market supply is relatively abundant, and the demand is transitioning from peak to off - peak season, with processing fees expected to fluctuate at a low level [17][18][19]. - The pure benzene and styrene markets are expected to be weak. Pure benzene supply is expected to increase, and downstream demand lacks support. Styrene may face inventory accumulation pressure [19][20][22]. - The propylene market is expected to be in a state of relaxation, with increasing supply and poor downstream product profits [24][25]. - The PVC market is expected to be weak in the medium term, facing new production capacity pressure and weak demand, but with short - term observation recommended [26][27]. - The caustic soda market is expected to improve in the medium term, with a recommendation to buy on dips [28][29]. - The plastic PP market is expected to be weak in the short term and a strategy of short - selling on rebounds is recommended in the medium term [30][31]. - The log market has a situation of weak supply and demand, with a recommendation to observe mainly, and aggressive investors can consider a small - scale long - position layout [32][33]. - The offset - printing paper market has a pattern of oversupply, and it is recommended to short - sell the 01 contract near the lower limit of the spot market price [33][34]. - The pulp market has a certain degree of support below, but the high port inventory and weak demand suppress the rebound space. It is recommended to try a small - scale long - position in the SP main 11 contract [34][35][37]. - The natural rubber and 20 - number rubber market: hold short positions in the RU main 01 contract and consider taking profits on short positions in the NR main 11 contract [37][38][39]. - The butadiene rubber market: hold short positions in the BR main 11 contract [40][41][42]. Summary by Related Catalogs Market Review - **Crude Oil**: WTI2510 contract closed at $62.68, down $0.89 per barrel (-1.40%); Brent2511 contract closed at $66.68, down $0.76 per barrel (-1.13%); SC2511 contract closed at 491.2 yuan/barrel, down 5.1 yuan, and dropped 7.6 yuan to 483.6 yuan/barrel at night [1]. - **Asphalt**: BU2511 closed at 3421 points (+0.00%) at night; BU2512 closed at 3372 points (-0.06%) at night [4]. - **Fuel Oil**: FU01 contract closed at 2782 (-1.28%) at night; LU11 closed at 3370 (-1.03%) at night [6]. - **PX & PTA**: PX2511 main contract closed at 6594 (-1.35%) during the day and 6600 (+0.09%) at night; TA601 main contract closed at 4604 (-1.33%) during the day and 4602 (-0.04%) at night [10]. - **Ethylene Glycol**: EG2601 main contract closed at 4257 (-0.26%) during the day and 4249 (-0.19%) at night [13]. - **Short - Fiber**: PF2511 main contract closed at 6284 (-0.95%) during the day and 6288 (+0.06%) at night [14]. - **PR (Bottle - Chip)**: PR2511 main contract closed at 5762 (-0.93%) during the day and 5758 (-0.07%) at night [17]. - **Pure Benzene & Styrene**: BZ2503 main contract closed at 5966 (-0.55%) during the day and 5954 (-0.2%) at night; EB2511 main contract closed at 6992 (-1.16%) during the day and 6971 (-0.3%) at night [19]. - **Propylene**: PL2601 main contract closed at 6388 (-0.56%) during the day and 6393 (+0.08%) at night [24]. - **PVC**: The domestic PVC powder market price increased slightly, with mainstream markets rising by 10 - 20 yuan/ton [26]. - **Caustic Soda**: The price of 32% ion - membrane caustic soda in Shandong decreased, while the price of 50% ion - membrane caustic soda remained stable [28]. - **Plastic PP**: The price of LLDPE in some regions decreased by 10 - 50 yuan/ton; the price of PP in some regions decreased or remained stable [30]. - **Log**: The spot price of logs remained stable, and the 11 - month contract oscillated downward, closing at 801.5 yuan/cubic meter, down 0.87% [31]. - **Offset - Printing Paper**: The market price of high - white offset - printing paper in Shandong remained stable, and the OP2601 contract in the futures market rose 8 yuan/ton at night [33]. - **Pulp**: The futures market declined slightly, and the prices of various types of pulp in the spot market were stable or had slight fluctuations [34][35]. - **Natural Rubber & 20 - Number Rubber**: The RU main 01 contract rose 10 points (+0.06%); the NR main 11 contract rose 60 points (+0.49%); the BR main 11 contract rose 50 points (+0.44%) [37][38][40]. Related Information - **Crude Oil**: The central bank is expected to keep the LPR unchanged; some countries recognized the State of Palestine, causing an angry response from Israel; the number of US drilling rigs increased [1][2]. - **Asphalt**: Rain in Shandong affected demand, and contracts were being executed; in the Yangtze River Delta, demand was average, and some low - price resources were released; in South China, typhoons affected demand, but some social inventories had no pressure [4][5]. - **Fuel Oil**: China's fuel oil imports decreased in August, and some Russian refineries were affected by attacks [6][7][8]. - **PX & PTA**: The operating rates of PX, PTA, and polyester decreased slightly, and some PX and PTA plants had maintenance plans [10][11][12]. - **Ethylene Glycol**: The overall operating rate of ethylene glycol in China increased slightly, and some plants had restart or maintenance plans [13][15]. - **Short - Fiber**: The sales of polyester yarn were average, and the operating rates of downstream industries remained stable [14][16][17]. - **PR (Bottle - Chip)**: The export prices of polyester bottle - chips decreased slightly, and the operating rate of bottle - chips decreased [17][18]. - **Pure Benzene & Styrene**: The operating rates of petroleum benzene and its downstream industries changed, and some pure benzene and styrene plants had maintenance or restart plans [19][20][21]. - **Propylene**: The domestic propylene operating rate increased, and some plants restarted or were under maintenance [24][25]. - **PVC**: There was new production capacity pressure, and exports were expected to weaken [26][27]. - **Caustic Soda**: The purchase price of a large alumina plant in Shandong decreased, and the price of liquid chlorine in some regions increased [28][29]. - **Plastic PP**: The inventory of major producers increased, and there was new production capacity expected [30][31]. - **Log**: China's coniferous log imports decreased in August, and the funds of construction sites changed [32]. - **Offset - Printing Paper**: The production of double - sided offset paper increased, and the inventory of producers increased [33][34]. - **Pulp**: A special paper production line of a company was put into operation, and a pulp mill extended its maintenance time [37]. - **Natural Rubber & 20 - Number Rubber**: Jilin Petrochemical trial - produced a new type of rubber [39][41]. Logical Analysis - **Crude Oil**: OPEC increased production in August and September, the peak demand season in the Middle East ended, and the supply pressure increased. In the short term, oil prices are expected to be weak [2]. - **Asphalt**: Oil prices are falling, production is increasing, and the supply - demand balance is becoming more relaxed, with a relatively high valuation [4][5][6]. - **Fuel Oil**: Russian refineries are gradually recovering, high - sulfur exports in the Middle East are increasing, and demand is weakening [8][9]. - **PX & PTA**: The macro - economic situation is weak, and the supply and demand of PX and PTA have decreased. The supply - demand contradiction of PTA will be alleviated later [12][13]. - **Ethylene Glycol**: Supply has decreased and demand has increased, and the price is expected to oscillate in the short term [13][15]. - **Short - Fiber**: The plant operating rate has increased, downstream demand is weak, and the processing fee is expected to fluctuate at a low level [14][16][17]. - **PR (Bottle - Chip)**: The market supply is abundant, demand is transitioning from peak to off - peak season, and the processing fee is expected to fluctuate at a low level [17][18][19]. - **Pure Benzene & Styrene**: The supply of pure benzene is expected to increase, downstream demand is weak, and the price is expected to be weak; the supply of styrene may increase, and there is inventory accumulation pressure [20][21][22]. - **Propylene**: The propane market is in the peak season, the supply of propylene is increasing, and downstream product profits are poor [24][25]. - **PVC**: There is new production capacity pressure, demand is weak, and exports are expected to decline [26][27]. - **Caustic Soda**: The pressure on the spot market in Shandong has been released, and the medium - term supply - demand situation is expected to improve [28][29]. - **Plastic PP**: The demand is in the peak season, but there is new production capacity expected, and the cost support is weak [30][31]. - **Log**: The supply and demand are both weak, with supply expected to contract later [32][33]. - **Offset - Printing Paper**: Supply is expected to increase slightly, demand is weak, and cost support is limited [33][34]. - **Pulp**: The macro - economic situation has improved, but high inventory and weak demand suppress the rebound space [34][35][37]. - **Natural Rubber & 20 - Number Rubber**: The inventory situation of different types of rubber is different, and corresponding trading strategies are recommended [37][38][39]. - **Butadiene Rubber**: The inventory of the BR contract has decreased, and short - positions are recommended to be held [40][41][42]. Trading Strategies - **Crude Oil**: Unilateral trading: oscillate weakly; arbitrage: gasoline and diesel cracking spreads are weak; options: observe [1][4]. - **Asphalt**: Unilateral trading: oscillate; arbitrage: the asphalt - crude oil spread oscillates weakly; options: sell out - of - the - money call options on BU2512 [4][6]. - **Fuel Oil**: Unilateral trading: oscillate weakly; arbitrage: observe; options: sell out - of - the - money call options on FU01 at high prices [6][10]. - **PX & PTA**: Unilateral trading: oscillate; arbitrage: observe; options: observe [10][13]. - **Ethylene Glycol**: Unilateral trading: oscillate; arbitrage: observe; options: observe [13][15]. - **Short - Fiber**: Unilateral trading: oscillate; arbitrage: observe; options: observe [14][16][17]. - **PR (Bottle - Chip)**: Unilateral trading: oscillate; arbitrage: observe; options: observe [17][18][19]. - **Pure Benzene & Styrene**: Unilateral trading: oscillate weakly; arbitrage: observe; options: observe [19][20][22]. - **Propylene**: Unilateral trading: oscillate and sort out; arbitrage: observe; options: observe [24][25][26]. - **PVC**: Unilateral trading: observe in the short term and short - sell on rebounds in the medium term; arbitrage: observe; options: observe [26][27][28]. - **Caustic Soda**: Unilateral trading: buy on dips; arbitrage: observe; options: observe [28][29][30]. - **Plastic PP**: Unilateral trading: oscillate weakly in the short term and short - sell on rebounds in the medium term; arbitrage: observe; options: observe [30][31]. - **Log**: Unilateral trading: observe mainly, and aggressive investors can consider a small - scale long - position layout; arbitrage: observe; options: observe [32][33]. - **Offset - Printing Paper**: Unilateral trading: short - sell the 01 contract near the lower limit of the spot market price; arbitrage: observe; options: observe [33][34]. - **Pulp**: Unilateral trading: try a small - scale long - position in the SP main 11 contract; arbitrage: observe and pay attention to the 11 - 1 reverse arbitrage; options: observe [34][35][37]. - **Natural Rubber & 20 - Number Rubber**: Unilateral trading: hold short positions in the RU main 01 contract and take profits on short positions in the NR main 11 contract; arbitrage: observe; options: observe [37][38][39]. - **Butadiene Rubber**: Unilateral trading: hold short positions in the BR main 11 contract; arbitrage: observe; options: observe [40][41][42].

Core Viewpoint - Ningxia Yinglite Chemical Co., Ltd. has approved a proposal to conduct PVC futures hedging business for the year 2025, aiming to mitigate risks associated with commodity price fluctuations and enhance financial stability [1]. Summary by Sections Independent Directors Meeting - The ninth session of the independent directors' special meeting was held on July 29, 2025, with all three independent directors present [1]. - The meeting reviewed and approved the proposal for conducting PVC futures hedging business [1]. Hedging Business Management - The company has established a comprehensive hedging management system, including clear operational and approval processes, reporting, and confidentiality regulations [1]. - The use of self-owned funds for the PVC futures hedging business complies with national laws and the company's articles of association [1]. Risk Mitigation and Financial Efficiency - Engaging in the hedging business is expected to reduce the risks associated with commodity price volatility, thereby preventing adverse impacts on the company [1]. - This strategy is also anticipated to improve the efficiency of operating capital utilization and enhance financial robustness [1].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes various futures markets, including financial derivatives (such as stock index futures and treasury bond futures), precious metals, container shipping indices, and a wide range of commodity futures (like non - ferrous metals, ferrous metals, agricultural products, energy chemicals, and special commodities). It provides market conditions, news, and operation suggestions for each category, with the overall market showing a complex and diverse situation, including trends of price fluctuations, supply - demand changes, and impacts from policies and international events. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: A - share market had sector rotation with stable trading volume. The major stock indices showed mixed performance, and most of the four major stock index futures contracts rose. The base spreads of all contracts were in a discount state. With stable support below the index and large upward breakthrough pressure, it entered a neutral oscillation. Suggestions included selling put options at support levels to earn premiums, or going long on the September IM contract on pullbacks and selling call options with a strike price of 6400 in September for a covered call strategy [2][3][4]. - **Treasury Bond Futures**: The capital market marginally loosened, and treasury bond futures closed with mixed results. The yields of major interest - rate bonds in the inter - bank market showed a differentiated trend. In the short term, the risk of a decline in treasury bonds was limited, and the market was expected to enter an oscillation phase waiting for fundamental guidance. It was recommended to wait and see and pay attention to high - frequency economic data and capital market dynamics [5][7]. Precious Metals - **Gold and Silver**: The poor demand for US and Japanese treasury bonds led to a chain reaction, and the inflow of safe - haven funds pushed up the prices of gold and silver. Gold had long - term upward drivers, and the demand from global central banks and financial institutions still supported the price. Silver followed gold's upward trend, and if it broke through the previous high resistance, the price might rise further. It was recommended to sell out - of - the - money gold call options and take profit opportunistically [9][10][12]. Container Shipping Index - **Container Shipping Index (European Line)**: The spot prices of major shipping companies were reported, and the relevant indices showed a decline in the European line index and an increase in the US - West line index. The overall container shipping market had an increase in supply and showed a complex demand situation. The futures market was expected to show an oscillating upward trend, and it was recommended to go long on the June and August contracts on dips [13][14]. Commodity Futures Non - Ferrous Metals - **Copper**: The social inventory increased, and the price was expected to oscillate in the short term. The "strong reality + weak expectation" combination limited the downward and upward space of copper prices. It was recommended to pay attention to the pressure level of 78000 - 79000 [14][17][18]. - **Zinc**: Downstream enterprises replenished stocks at low prices, and the social inventory decreased again. In the short term, the price might be supported by the easing of tariffs, but in the long term, it was in a supply - side loosening cycle. It was recommended to take a short - selling approach on rallies, with the main contract referring to the range of 21500 - 23500 [18][20][21]. - **Tin**: The strong reality boosted the tin price, but considering the supply - side repair and weak demand expectations, it was recommended to take a short - selling approach on rallies in the range of 265000 - 270000 [21][23][24]. - **Nickel**: The market showed narrow - range oscillations, with stable supply and demand. The cost provided support below, but the medium - term supply was expected to be loose, restricting the upward space. The main contract was expected to oscillate in the range of 122000 - 128000 [24][25][26]. - **Stainless Steel**: The market had narrow - range oscillations, with cost support but still facing supply - demand contradictions. The main contract was expected to oscillate in the range of 12600 - 13200 [27][28][29]. - **Lithium Carbonate**: Affected by news, the futures price rose slightly, but the fundamentals remained unchanged. The supply pressure was still high, and the demand was relatively flat. The inventory was high, putting pressure on the market. It was expected to run weakly in the short term, with the main contract referring to the range of 5.8 - 6.2 million [30][32][33]. Ferrous Metals - **Steel**: The apparent demand and inventory of cold - rolled steel products deteriorated. The supply showed a downward trend, and the demand was expected to face seasonal off - peak and weakening manufacturing demand. The price was expected to oscillate at a low level, and it was recommended to wait and see [34][35][37]. - **Iron Ore**: The global shipping volume of iron ore increased, and the domestic arrival volume decreased. With the increase in steel mill maintenance, the iron ore supply was expected to increase, and the demand might decline slightly. It was expected to oscillate in the short term [38][39]. - **Coke**: The mainstream steel mills initiated a new round of coke price cuts. The supply increased, and the demand showed signs of peaking and falling. It was recommended to short - sell the 2509 contract on rallies and hold the arbitrage strategy of going long on hot - rolled coils and short - selling coke [41][42]. - **Coking Coal**: The market auction weakened again, and the coal price might enter a bottom - seeking stage. The supply was high, and the demand was expected to decline. It was recommended to short - sell the 2509 contract on rallies and hold the arbitrage strategy of going long on hot - rolled coils and short - selling coking coal [43][44][45]. - **Silicon Iron**: The supply - demand situation improved marginally, and the cost remained stable. The price was expected to oscillate [46][47][48]. - **Manganese Silicon**: The supply pressure of manganese ore still existed, and it was waiting for the steel procurement pricing. The price was expected to oscillate at a low level [49][50][51]. Agricultural Products - **Meal Products**: The market speculated on the weather in Argentina, and both domestic and foreign markets were strong. The supply pressure from Brazil was being realized, and the domestic supply was expected to recover. The support for soybean meal around 2900 was strengthening [52][53][55]. - **Live Pigs**: The number of pig sales increased, and the short - term spot and futures prices oscillated weakly. The supply - demand relationship changed little, and the price was expected to remain in an oscillating pattern [56][57][58]. - **Corn**: The short - term market supply was stable, and corn prices oscillated narrowly. In the long term, the supply would tighten, and the price was expected to be strong. It was recommended to go long on dips [59][60]. - **Sugar**: The price of raw sugar oscillated weakly, and the domestic price followed. The Brazilian sugar production was expected to be abundant in the 25/26 season, and the domestic sugar supply was loose. The price was expected to oscillate weakly in the range of 5750 - 5900, and it was recommended to take a short - selling approach on rallies [61][62].