Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the reports. 2. Core View of the Report The PVC market is expected to oscillate in the near term due to high social inventory, upcoming end of maintenance for some producers, high futures warehouse receipts, and strengthening cost - side, despite current relatively high PVC operating rates and some positive signs in exports and downstream demand [1]. 3. Summary According to Relevant Catalogs 3.1 Market Analysis - The calcium carbide price in the northwest region, the upstream of PVC, remains stable. The PVC operating rate decreased by 0.12 percentage points to 76.57% week - on - week, still at a relatively high level in recent years. The downstream operating rate of PVC continued to rise, exceeding the levels of the past two years but still at a low level [1]. - India postponed the BIS policy for another six months until December 24, 2025. Formosa Plastics in Taiwan, China, lowered its November quotation by $30 - 40 per ton. India announced an increase in anti - dumping duties on imported PVC from the Chinese mainland by about $50 per ton on August 14, weakening the export outlook for Chinese PVC in Q4. However, exports in September were still good, and export orders have not weakened significantly [1]. - From January to September 2025, the real estate market was still in the adjustment phase, with significant year - on - year declines in investment, new construction, and completion areas, and further drops in year - on - year growth rates of investment, sales, and construction. The weekly sales area of commercial housing in 30 large - and medium - sized cities decreased week - on - week and remained near the lowest level in recent years [1]. - The comprehensive profit of chlor - alkali is still positive, and the PVC operating rate is higher than in previous years. New production capacities, such as Wanhua Chemical's 500,000 - ton/year, Tianjin Bohua's 400,000 - ton/year, Qingdao Gulf's 200,000 - ton/year, Gansu Yaowang's 300,000 - ton/year, and Jiaxing Jiahua's 300,000 - ton/year, have come into operation at different stages [1]. 3.2 Futures and Spot Market - The PVC2601 contract oscillated with increasing positions, closing at 4,716 yuan/ton, down 0.21%, with an increase of 37,096 lots in open interest to 1,248,205 lots [2]. - On October 28, the mainstream price of calcium carbide - based PVC in East China dropped to 4,630 yuan/ton. The basis of the V2601 contract was - 86 yuan/ton, weakening by 13 yuan/ton and at a relatively low - neutral level [3]. 3.3 Fundamental Tracking - **Supply**: Companies such as Hangjin Technology and Shandong Xinfafa are under maintenance. The PVC operating rate decreased by 0.12 percentage points to 76.57% week - on - week, still at a relatively high level in recent years. New production capacities have been gradually put into operation [4]. - **Demand**: The real estate market is still in the adjustment phase. From January to September 2025, national real estate development investment was 677.06 billion yuan, a year - on - year decrease of 13.9%. The sales area of commercial housing was 658.35 million square meters, down 5.5% year - on - year. As of the week ending October 26, the sales area of commercial housing in 30 large - and medium - sized cities decreased by 2.09% week - on - week after the National Day, reaching the lowest level in recent years [5]. - **Inventory**: As of the week ending October 23, PVC social inventory increased by 0.13% week - on - week to 1.0352 million tons, 24.87% higher than the same period last year. The social inventory is still relatively high [6].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The asphalt market is showing a downward trend with fluctuations. The supply side has seen a decline in the asphalt operating rate, and the expected production in November is decreasing. The downstream operating rate has mostly increased, and the national shipments have increased. The inventory ratio of asphalt refineries has slightly decreased and remains at the lowest level in the same period in recent years. Due to factors such as international events affecting crude oil prices and the large decline of the asphalt basis in Shandong from a high level, it is recommended to cautiously observe the asphalt futures price [1]. Summary by Related Catalogs Market Analysis - Last week, the asphalt operating rate decreased by 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. In November, the domestic asphalt is expected to produce 222.8 million tons, a decrease of 45.4 million tons (16.9%) month - on - month and 27.4 million tons (11.0%) year - on - year. The downstream operating rates of asphalt industries mostly increased last week, with the road asphalt operating rate increasing by 3 percentage points to 32% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and rainfall in some areas. The refinery supply in the East China region increased, and the national shipments increased by 14.73% week - on - week to 29.07 million tons, at a neutral level. The inventory ratio of asphalt refineries decreased slightly week - on - week and remains at the lowest level in the same period in recent years. Qilu Petrochemical refinery is in stable production, and the asphalt output will increase slightly. Projects in many northern regions are rushing to work, the weather has improved, and the market is actively shipping, but funds are still restricted. Recently, crude oil prices have rebounded significantly from a low level, and the asphalt basis in Shandong has decreased significantly from a high level and is currently at a moderately high level [1]. Futures and Spot Market - Today, the asphalt futures 2601 contract fell 0.79% to 3279 yuan/ton, near the 5 - day moving average, with a minimum price of 3263 yuan/ton and a maximum price of 3295 yuan/ton. The open interest increased by 3762 to 197,268 lots [2]. - The mainstream market price in Shandong decreased to 3320 yuan/ton, and the basis of the asphalt 01 contract decreased to 41 yuan/ton, at a moderately high level [3]. Fundamental Tracking - On the supply side, refineries such as Shandong Shengxing and Guangzhou Petrochemical have stopped production for maintenance, and the asphalt operating rate decreased by 4.7 percentage points to 31.1% week - on - week, 2.4 percentage points higher than the same period last year, at a relatively low level in recent years. From January to August, the national highway construction investment decreased by 7.1% year - on - year, and the cumulative year - on - year growth rate slightly rebounded compared with January - July 2025 but was still negative. From January to September 2025, the cumulative year - on - year growth rate of the actual completed fixed - asset investment in the road transportation industry was - 2.7%, a slight rebound from - 3.3% from January to August 2025 but still in a negative growth situation. From January to September 2025, the cumulative year - on - year growth rate of the fixed - asset investment in infrastructure construction (excluding electricity) decreased from 2.0% in January - August 2025 to 1.1%. As of the week of October 24, the downstream operating rates of asphalt industries mostly increased, with the road asphalt operating rate increasing by 3 percentage points to 32% week - on - week, slightly exceeding the level of the same period last year, restricted by funds and rainfall in some areas. From January to September 2025, the year - on - year growth rate of the social financing stock was 8.7%, 0.1 percentage point lower than that from January to August. In September, the new social financing reached 3.53 trillion yuan, but with a high base, it was 233.5 billion yuan less than the same period last year. Attention should be paid to the progress of forming physical workload [4]. Inventory - As of the week of October 24, the inventory ratio of asphalt refineries decreased by 0.6 percentage points to 16.0% compared with the week of October 17 and remains at the lowest level in the same period in recent years [5].

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Report's Core View - As of the close on October 28, 2025, domestic futures main contracts showed mixed performance. Some commodities like apples and rapeseed meal rose, while others such as gold and silver futures declined. Different commodities have different market trends and influencing factors, including macro - economic conditions, supply - demand relationships, and geopolitical events [6][7]. 3. Summary by Related Catalogs 3.1 Commodity Performance - Futures Market Overview - As of the close on October 28, domestic futures main contracts had mixed performance. Apples rose nearly 4%, rapeseed meal rose over 2%, and iron ore, glass, polysilicon, and soybean meal rose over 1%. In terms of declines, gold futures fell over 4%, silver futures fell over 3%, and many other commodities also had varying degrees of decline. Among stock index futures, most declined except for the CSI 1000 stock index futures which rose 0.04%. Treasury bond futures generally rose. In terms of capital flow, some contracts like the 30 - year Treasury bond 2512 had capital inflows, while others like gold 2512 had capital outflows [6][7]. 3.2 Market Analysis - **Copper (Cu)**: The price of copper was pushed up by macro - optimistic sentiment and the tight supply of copper concentrates. However, downstream demand was suppressed by high prices, and social copper inventories increased moderately. With the upcoming US interest - rate meeting and the continuous tight supply of copper mines, the copper price remained strong [9]. - **Lithium Carbonate**: The price of lithium carbonate showed an upward trend. Supported by the rising cost of lithium ore and strong demand from the energy - storage battery industry, with both supply and demand being strong and inventories decreasing significantly in September, the price of lithium carbonate was expected to be mainly in a strong - side shock [11]. - **Crude Oil**: OPEC+ planned to increase production in November, which would intensify the supply pressure in the fourth quarter. Although the US refinery's operating rate rebounded and inventories decreased, concerns about demand still existed due to factors such as the end of the consumption peak season. The crude oil market was in a supply - surplus pattern, but the price was expected to continue to rebound at a low level [12][13]. - **Asphalt**: The asphalt production rate decreased, and the expected production in November would also decline. Downstream construction rates mostly increased, and the inventory - to - sales ratio of asphalt refineries decreased slightly. Affected by factors such as the rebound of crude oil prices, it was recommended to cautiously observe the asphalt futures price [14]. - **PP (Polypropylene)**: The downstream operating rate of PP rebounded slightly, and the enterprise operating rate increased. The cost increased due to the rebound of crude oil prices, and the supply increased with new capacity put into operation. Although the downstream was in the peak season, the demand was less than expected, and PP was expected to be in a weak - side shock [15][16]. - **Plastic**: The plastic operating rate decreased slightly, and the downstream operating rate increased. The cost was affected by the rebound of crude oil prices, and new capacity was put into operation. The demand in the peak season was less than expected, and plastic was expected to be in a weak - side shock [18]. - **PVC**: The upstream calcium carbide price was stable. The PVC operating rate decreased slightly, and the downstream operating rate continued to increase. The export expectation in the fourth quarter was weakened, and social inventories were still high. PVC was expected to fluctuate in the near term [20]. - **Coking Coal**: The price of coking coal was affected by supply shortages and demand expectations. The supply was tight due to factors such as domestic production control and mine - operating rate decline, while the demand was pessimistic due to the reduction of steel - mill production. The coking coal market was expected to be in a wide - range shock [21][22]. - **Urea**: The urea futures price closed down. The spot market was stable, and the production was slightly volatile. With the approaching of winter gas - limit production, the production was expected to decline. The demand was relatively weak, and the inventory was in a slow - rising cycle. Urea was expected to be in a short - term low - level shock [23].

本期 前值 涨跌 河北 1630 1630 0 河南 1590 1590 0 山东 1610 1610 0 山西 1480 1500 -20 江苏 1600 1610 -10 安徽 1590 1590 0 黑龙江 1620 1620 0 内蒙古 1610 1610 0 河北东光 1610 1610 0 山东华鲁 1630 1630 0 江苏灵谷 1650 1640 10 安徽昊源 1590 1590 0 山东05基差 -149 -160 11 山东01基差 -178 -190 12 河北05基差 -119 -120 1 河北01基差 -148 -150 2 1-5价差 77 72 5 5-9价差 -29 -30 1 仓单数量（张） 仓单数量合计 2970 5288 -2318 中东FOB 370.5 370.5 0 美湾FOB 374.5 374.5 0 埃及FOB 428.5 428.5 0 波罗的海FOB 365 365 0 巴西CFR 410 410 0 注:数据来源于Wind，钢联数据，冠通研究整理 冠通期货 研究咨询部 王静 执业资格证书编号：F0235424/Z0000771 联系方式：010-8 ...

Report Industry Investment Rating - Not provided Core View of the Report - The short - term stabilization of agricultural demand is difficult to change the pattern of loose supply and demand for urea. Urea price rebounds are blocked, and it will mainly fluctuate at a low level in the short term [1] Summary by Relevant Catalogs 1. Market Analysis - Urea futures opened low and moved high, closing down on the day. The domestic spot market was mainly stable, with factories mostly fulfilling previous orders, and demand was slightly weaker than in previous days. The ex - factory price range of small - particle urea in Shandong, Henan, and Hebei was 1530 - 1590 yuan/ton, with the lowest price in Henan, and large orders from individual manufacturers were still negotiable [1][4] - The daily production of urea has rebounded slightly recently, but there are still factories under inspection and shutdown, so the output fluctuation is small. Due to the increasing losses of gas - fired units, Zhongyuan Dahua has shut down. With the approaching of winter gas and production restrictions, the daily production of gas - fired units is expected to decline next month. The profit of coal - water slurry process has continuously declined, and there is cost support below the urea futures price [1] - As time progresses, after the agricultural demand, the finished product inventory of factories is gradually being depleted, but it is still slightly higher than the previous period last year. Northeast compound fertilizer is expected to gradually start production in late November. As the autumn fertilizer production is coming to an end, the subsequent operating rate is expected to gradually increase, and the production of spring compound fertilizer will gradually start. The inventory accumulation rate in factories has decreased, but it is still in the inventory accumulation cycle, and the inventory is expected to climb moderately [1] 2. Futures and Spot Market Conditions Futures - The main urea 2601 contract opened at 1636 yuan/ton, opened low and moved high, closing down on the day, and finally closed at 1635 yuan/ton, forming a negative line, with a change rate of - 0.37% and a position of 273001 lots (- 8953 lots) [2] - On October 28, 2025, the number of urea warehouse receipts was 2970, a decrease of 2318 from the previous trading day. Among the top 20 major positions in the main contract, long positions decreased by 5539 lots and short positions decreased by 6215 lots. Rongda Futures had a net long position of + 695 lots, Zhongtai Futures had a net long position of - 649 lots; CITIC Futures had a net short position of + 2287 lots, and CICC Wealth had a net short position of - 1014 lots [2] Spot - The domestic spot market was mainly stable, with factories mostly fulfilling previous orders, and demand was slightly weaker than in previous days. The ex - factory price range of small - particle urea in Shandong, Henan, and Hebei was 1530 - 1590 yuan/ton, with the lowest price in Henan, and large orders from individual manufacturers were still negotiable [4] Basis - Today, the mainstream spot market quotation remained stable, while the futures closing price decreased. Based on the Henan region, the basis strengthened compared with the previous trading day, and the basis of the January contract was - 45 yuan/ton (+ 5 yuan/ton) [7] 3. Fundamental Tracking - On October 28, 2025, the national daily urea production was 190400 tons, unchanged from yesterday, with an operating rate of 80.45% [8]

中国港口原油商业库存（万吨） 日本商业原油库存（万桶） 山东独立炼厂原油厂内库存（万吨） 中国汽油库存（万吨） 中国独立炼厂汽油产销率（%） 中国柴油库存（万吨） 中国独立炼厂柴油产销率（%） EIA美国汽油库存（千桶） EIA美国柴油库存（千桶） 中国原油加工量（万桶/日） 注:数据来源于Wind，钢联数据，冠通研究整理 免责声明： 引用、转载、刊发，须注明出处为冠通期货股份有限公司。 冠通期货研究咨询部 苏妙达，执业资格证号F03104403/Z0018167 联系方式：010-85356553 2000 2200 2400 2600 2800 3000 3200 3400 3600 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2019 2020 2021 2022 2023 2024 2025 5000 6000 7000 8000 9000 10000 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2019 2020 2021 2022 2023 2024 2025 200 250 300 ...

沥青产量（万吨） 山东沥青产量（万吨） 0 5 10 15 20 25 30 35 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/1 12/1 2019 2020 2021 2022 2023 2024 2025 0 10 注:数据来源于Wind，钢联数据，冠通研究整理 免责声明： 本报告中的信息均来源于公开资料，我公司对这些信息的准确性和完整性不作任何保证。报告中的内容和意见仅供参考，并不构成对所述品种买卖的出价或征价。我公司及其雇 员对使用本报告及其内容所引发的任何直接或间接损失概不负责。本报告仅向特定客户传送，版权归冠通期货所有。未经我公司书面许可，任何机构和个人均不得以任何形式翻 版，复制，引用或转载。如引用、转载、刊发，须注明出处为冠通期货股份有限公司。 冠通期货研究咨询部 苏妙达，执业资格证号F03104403/Z0018167 联系方式：010-85356553 道路改性沥青开工率（%） 厂内库存（万吨） 库存存货比（%） 稀释沥青港口库存（万吨） 山东沥青毛利（元/吨） 社会库存（万吨） 防水卷材开工率（万吨） 橡胶鞋材开工率（%） 0 10 20 3 ...

Group 1: Hot News - China's Foreign Minister Wang Yi had a phone call with US Secretary of State Rubio, clarifying positions and reaching a framework consensus on resolving urgent economic and trade issues through the Kuala Lumpur economic and trade talks [2] - Tangshan plans a 4 - day 30% production limit on blast furnaces starting from the 27th due to environmental protection requirements [2] - The CSRC issued opinions on strengthening the protection of small and medium - sized investors in the capital market, cracking down on various illegal activities [2] - From October 1 - 25, 2025, Malaysia's palm oil yield, oil extraction rate, and production increased by 1.63%, 0.22%, and 2.78% respectively compared to the same period last month [2] - As of October 27, 2025, the Shanghai Export Container Settlement Freight Index (European route) rose 15.1% from the previous period [2] Group 2: Key Focus - Key commodities to focus on are iron ore, rebar, Shanghai silver, Shanghai copper, and Shanghai gold [3] Group 3: Holiday Performance of Overseas Markets - In the night session of commodity futures main contracts, the non - metallic building materials sector rose 3.02%, the precious metals sector 30.37%, the oilseeds and oils sector 9.45%, the non - ferrous metals and soft commodities sectors 2.62%, the coal, coke, steel, and ore sector 13.08%, the energy sector 2.98%, the chemical sector 10.64%, the grain sector 1.11%, and the agricultural and sideline products sector 3.67% [3] Group 4: Sector Positions - Data shows the position changes of commodity futures sectors in the past five days [4] Group 5: Performance of Major Asset Classes - In the equity category, the Shanghai Composite Index rose 1.18% daily, 2.94% monthly, and 19.25% annually; the S&P 500 rose 1.23% daily, 2.79% monthly, and 16.89% annually; etc [5] - In the fixed - income category, the 10 - year Treasury bond futures rose 0.15% daily, 0.31% monthly, and - 0.69% annually; the 5 - year Treasury bond futures rose 0.12% daily, 0.11% monthly, and - 0.75% annually; etc [5] - In the commodity category, the CRB commodity index fell 0.48% daily, rose 0.31% monthly, and rose 1.62% annually; WTI crude oil fell 0.16% daily, 1.74% monthly, and 14.63% annually; etc [5] - In other categories, the US dollar index fell 0.12% daily, rose 1.02% monthly, and fell 8.91% annually; the CBOE volatility index remained unchanged daily, rose 0.55% monthly, and fell 5.65% annually [5] Group 6: Trends of Major Commodities - The report presents the trends of various commodities such as the Baltic Dry Index, CRB spot index, WTI crude oil, London spot gold, LME copper, etc [6]

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints The report presents a comprehensive overview of overnight market trends, important macro and industry - specific news, and financial market developments, covering various sectors such as commodities, stocks, bonds, and foreign exchange. It aims to provide investors with up - to - date information for investment decision - making. Summary by Catalog Overnight Night - market Market Trends - International precious metal futures generally closed down, with COMEX gold futures down 3.40% at $3997.00 per ounce and COMEX silver futures down 3.61% at $46.83 per ounce [3][46] - U.S. crude oil's main contract rose 0.08% to $61.55 per barrel, while Brent crude's main contract fell 0.25% to $65.04 per barrel [4][47] - Most London base metals rose, with LME zinc up 1.09% at $3058.5 per ton, LME tin up 0.8% at $36090 per ton, etc. [4][48] - U.S. agricultural products such as soybeans, corn, and wheat all rose, with U.S. soybeans up 2.19%, U.S. corn up 1.12%, etc. [5] - As of 23:00, domestic futures' main contracts showed mixed trends, with iron ore, soybean meal, and rebar rising over 1%, and butadiene rubber and palm oil falling over 1% [6] Important Information Macro Information - As of October 27, 2025, the Shanghai Export Container Settlement Freight Index (European route) was 1312.71 points, up 15.1% from the previous period [9] - Chinese and U.S. diplomatic and trade relations were discussed, with an agreement reached on resolving urgent trade issues [9] - The CSRC issued opinions on strengthening the protection of small and medium - sized investors in the capital market [9][32] - From January to September, the total profit of large - scale industrial enterprises in China was 53732.0 billion yuan, a year - on - year increase of 3.2% [10] Energy and Chemical Futures - Due to the fall in international oil prices, domestic gasoline and diesel prices were lowered on October 27 at 24:00, by 265 yuan and 255 yuan per ton respectively [12][38] - Iraq is negotiating its OPEC quota, aiming for a re - review within its daily capacity of 5.5 million barrels [14] - Inventories of various energy and chemical products such as styrene, pure benzene, and MEG in Jiangsu showed different trends of decline or change [15][16] Metal Futures - A Philippine central bank policy - maker suggested selling part of the "excessive" gold reserves as the gold price is expected to fall [18] - Lithium ore, zinc ingot inventories showed different trends, and the supply and demand situation of nickel and copper in the market was predicted [20] Black - series Futures - Tangshan planned a 30% blast furnace production limit for 4 days due to environmental protection requirements, which would affect iron - water production [22] - Iron ore arrivals at Chinese ports decreased, while global iron ore shipments increased [22] Agricultural Product Futures - A hearing on the anti - dumping case of pork and pork products was announced [25] - Argentina's soybean processing volume in September reached a new high in 11 months [26] - Palm oil and soybean oil inventories in key regions of China increased, and the production and export of Malaysian palm oil showed different trends [26][27] - Brazil's soybean and corn sowing progress was reported [28][29] Financial Market Finance - The CSRC issued work plans to optimize the QFII system and strengthen the protection of small and medium - sized investors [32] - A - shares, Hong Kong stocks rose, with specific sectors performing differently, and QFII's investment trends were analyzed [32][33] - New stocks were to be listed on the STAR Market, and the performance of listed securities firms was expected to grow [36][37] Industry - Domestic gasoline and diesel prices were lowered due to international oil price changes [38] - The government was planning to standardize the naming of semi - solid batteries, and Shandong issued a low - altitude information infrastructure plan [39] Overseas - The U.S. and Mexico extended a trade - related agreement deadline, and Argentina's ruling coalition won the mid - term elections [41] - The candidate range for the Fed chair was narrowed, and the U.S. government's debt burden was predicted to increase [41] - Germany's business climate index improved, but corporate satisfaction with the current business situation declined [42] International Stock Markets - U.S., European, and Asian stock markets showed different trends, with specific companies' stock price changes and market - influencing factors analyzed [43][44] - Buffett's Berkshire Hathaway received a "sell" rating [45] Commodities - Precious metal futures fell, oil prices showed mixed trends, and base metals mostly rose [46][47][48] - The LBMA considered changing the frequency of silver inventory announcements, and OPEC + was expected to increase production [48] Bonds - Domestic bond yields fell, and the central bank's open - market operations affected the money market [49] - Regulations on debt - financing tool funds were strengthened, and bond issuance information in different regions was reported [51] - Some companies proposed bond issuance plans [52] Foreign Exchange - The on - shore and offshore RMB against the U.S. dollar rose, and the U.S. dollar index fell [53] Upcoming Economic Data and Events - A series of economic data such as GDP, consumer confidence index, and housing price index from different countries are to be released [56] - There are various events including central bank operations, press conferences, and corporate speeches scheduled [58]

Report Information - Report Title: 2025 November PVC Monthly Report [1] - Release Date: October 27, 2025 [1] - Analyst: Su Miaoda [1] - Company: Guantong Futures [1] Industry Investment Rating - Not provided Core Viewpoints - The PVC market is expected to rise first and then fall in November, influenced by factors such as high social inventory, upcoming end of some production enterprise overhauls, high futures warehouse receipts, warming macro - atmosphere, and low PVC valuation. Attention should be paid to anti - involution policies and the "15th Five - Year Plan" real estate policies [3] Summary by Directory Market Analysis - PVC production start - up rate decreased slightly to 76.57% month - on - month but remained at a relatively high level in recent years. The downstream start - up rate continued to increase, exceeding the levels of the past two years but still at a low level. The export outlook for Q4 weakened due to factors like India's anti - dumping tax and Taiwan's price cut, but September exports were still good as the anti - dumping tax was not yet implemented. Social inventory increased slightly and remained high, and the real estate market was still in adjustment with significant year - on - year declines in investment, new construction, and completion areas [3] PVC Upstream - In October, the calcium carbide price stabilized after a decline with a slightly lower price center. The start - up rate of calcium carbide increased slightly to around 66% but remained low, and the loss in August decreased. The start - up rate of semi - coke decreased to a neutral level of 55%, and its price rose slightly in October without a reduction in the loss [12] PVC Production - In September, PVC production decreased by 2.05% month - on - month to 2.0308 million tons but increased by 4.64% year - on - year, reaching the highest level in recent years. The maintenance loss in September decreased by 5.01% month - on - month to 548,200 tons and decreased by 0.11% year - on - year, at a relatively low level in recent years [16] PVC Start - up Rate - The PVC start - up rate in September was 78.75%, a 0.53 - percentage - point decrease from August 2025 and a 0.80 - percentage - point increase year - on - year. As of the week of October 24, the start - up rate decreased by 0.12 percentage points to 76.57% due to some enterprises' overhauls. Several new production capacities were put into operation or trial - produced [20] PVC Import and Export - In September 2025, China's PVC imports were 14,400 tons, up 7.73% year - on - year and 16.08% month - on - month, at a relatively low level in recent years. The cumulative imports from January to September were 175,500 tons, up 0.76% year - on - year. Exports in September were 346,400 tons, up 24.53% year - on - year and 21.95% month - on - month, at the highest level in recent years. The cumulative exports from January to September were 2.9216 million tons, up 50.63% year - on - year. The Q4 export outlook weakened, but September exports were still good [28] Real Estate Data - The real estate market was in adjustment. From January to September 2025, national real estate development investment was 677.06 billion yuan, down 13.9% year - on - year. Sales area, new construction area, and completion area all had significant year - on - year declines. As of the week of October 26, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 2.09% month - on - month, at the lowest level in recent years [32] PVC Downstream Start - up Rate - In October, the PVC downstream start - up rate increased after the National Day holiday. As of the week of October 24, the average start - up rate increased by 1.27 percentage points to 49.86%, 3.61 percentage points lower than the same period last year, but exceeding the levels of the past two years, still at a low level [35] PVC Inventory - As of the week of October 23, PVC social inventory increased by 0.13% month - on - month to 1.0352 million tons, 24.87% higher than the same period last year, remaining at a high level [39]