Macro

1. MLF operation: On August 25, 2025, the People's Bank of China will carry out MLF operation of 600 billion RMB in the form of fixed quantity, interest rate bidding and multi price winning, with a period of one year.

2. Electricity: According to data from the National Energy Administration, as of the end of July, the cumulative installed power generation capacity in China was 3.67 billion kilowatts, a year-on-year increase of 18.2%. Among them, the installed capacity of solar power generation was 1.11 billion kilowatts, a year-on-year increase of 50.8%; The installed capacity of wind power was 570 million kilowatts, a year-on-year increase of 22.1%.

3. US tariffs: Starting from August 29th, the United States will temporarily suspend duty-free treatment for imported packages worth $800 or less, and all applicable taxes and fees will be required for small packages. Affected by this, postal operators in multiple European countries have recently announced the suspension of parcel services to the United States.

4. Canada's tariffs on the United States: Canadian Prime Minister Carney announced on the 22nd that the country will begin to lift some retaliatory tariffs on the United States from September 1st, but will still retain retaliatory tariffs on US steel, aluminum, and automobiles.

5. Federal Reserve: Federal Reserve Chairman Powell stated at the Jackson Hole Global Central Bank Annual Meeting that the current situation suggests downward risks to employment growth, and changes in the risk balance point may require policy adjustments. Powell stated that the Federal Reserve is open to interest rate cuts.

6. Japan CPI: Japan's core CPI in July increased by 3.1% year-on-year, higher than the expected value of 3%, and the growth rate has remained above 3% for 8 consecutive months. Energy prices have turned downward for the first time since March 2024, with an overall decrease of 0.3%.

Rubber and Plastic Industry

1. EPS: On August 22nd, Wuxi Xingda's EPS quotation was raised: the factory price of ordinary material cash including tax was 9,300 RMB/ton, and the factory price of fuel cash including tax was 9,500 RMB/ton, with a price increase of 150 RMB/ton compared to the previous working day. Xingda New Materials has an annual output of 380,000 tons of EPS.

2. HDPE: In this cycle (August 15-21), the maintenance loss of PE equipment was about 129,300 tons, an increase of 50,600 tons compared to the same period last week.

3. Butadiene rubber (BR): On August 22nd, the market situation of BR in the northwest region slightly improved. At present, the mainstream prices for BR in Sichuan, Dushanzi, and Lande are 11,700-11,750 RMB/ton.

4. Natural rubber: On August 22nd, the market for natural rubber raw materials in Thailand's production areas remained stable with a slight increase: the price of cigarettes was 61.00 Thai baht/kg, stable; Glue price is 55.00 baht/kg, up 0.30 baht/kg; The cup adhesive price is 52.50 Thai baht/kg, stable.

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