贵金属日报 | 2025-12-12 市场偏向交易美联储宽松信号 金银继续走强 市场分析 就业市场方面，美国上周初请失业金人数激增4.4万人，达到23.6万人，这一增幅为2020年3月以来最高。截至11月 29日当周，续请失业金人数降至184万人，创四年来最大单周降幅，当周恰逢感恩节假期。此外，美国9月贸易逆 差环比大幅缩窄近11%，降至528亿美元，显著低于市场预期的633亿美元，创2020年6月以来最低值。当月美国出 口总值上升3%，创下史上第二高水平，进口仅温和增长0.6%。 期货行情与成交量： 2025-12-11，沪金主力合约开于954.48元/克，收于957.90元/克，较前一交易日收盘变动0.16%。当日成交量为41087 手，持仓量为129725手。昨日夜盘沪金主力合约开于958.90元/克，收于969.80元/克，较昨日午后收盘上涨1.24%。 2025-12-11，沪银主力合约开于14300.00元/千克，收于14488.00元/千克，较前一交易日收盘变动0.80%。当日成交 量为1633505手，持仓量为423172手。昨日夜盘沪银主力合约开于14525元/千克，收于15008元/千克， ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market demand is gradually improving, and the industry is waiting for Maersk's price offer in January. The 12 - month contract is expected to be volatile, while the February contract is expected to be volatile and bullish. The far - month contracts are under pressure from the potential resumption of the Suez Canal [1][9] - The delivery of container ships in 2025 is still at a high level, which may have an impact on the supply - demand relationship in the shipping market [8] 3. Summary by Relevant Catalogs I. Futures Price - As of December 11, 2025, the total open interest of all contracts for the container shipping index European line futures was 62,069.00 lots, and the single - day trading volume was 21,544.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1689.00, 1092.70, 1227.00, 1381.80, 1021.60, and 1653.10 respectively [8] II. Spot Price - On December 5, 2025, the SCFI (Shanghai - Europe route) price was $1400/TEU, the SCFI (Shanghai - West Coast of the United States) price was $1550/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2315/FEU. On December 8, the SCFIS (Shanghai - Europe) was 1509.10 points, and the SCFIS (Shanghai - West Coast of the United States) was 960.51 points [8] III. Container Ship Capacity Supply - In December, the remaining 4 - week monthly average capacity was 314,700 TEU, with capacities of 334,500, 289,600, 315,000, and 319,000 TEU respectively in weeks 50, 51, 52, and 53. In January, the monthly average capacity was 331,700 TEU. In February, the monthly average capacity was 262,900 TEU. There were 4 blank sailings in December and 4 TBNs in January, all from the OA alliance. Maersk added a new sailing vessel (MAERSK EINDHOVEN, 13092 TEU) in week 51 [4] - As of December 7, 2025, 245 container ships had been delivered in 2025, with a total capacity of 1.99 million TEU. Among them, 74 ships with a capacity of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.119 million TEU; 12 ships with a capacity of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] IV. Supply Chain - The cease - fire mediation plan in Gaza is advancing, and the probability of the Suez Canal resuming operation in 2026 is relatively high. If the canal resumes, the effective capacity supply will increase, which may further suppress freight rates. Currently, CMA's FAL1 route (Europe - Asia) will fully resume operation starting from January 2026, and the FAL3 route (Europe - Asia) has started a single - trial operation [7] V. Demand and European Economy - The feedback from various surveys shows that the current cargo volume is gradually recovering. The 12 - month contract delivery settlement price may be between 1600 - 1700 points, and Maersk's freight rate is likely to continue to rise at the beginning of January. The 2026 Spring Festival is one month later than in 2025, and there is uncertainty about whether the shipping companies' contract price - holding time will also be postponed [5][7]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The fundamentals of industrial silicon and polysilicon remain average with increasing inventory. The industrial silicon market is affected by overall commodity sentiment and policy news, and its valuation is low. If there are relevant policies, the market may rise. The polysilicon market has a large inventory pressure and the consumer side performs averagely, with the market expected to be volatile [1][5][8] Summary by Related Catalogs Industrial Silicon Market Analysis - On December 11, 2025, the industrial silicon futures price fluctuated. The main contract 2601 opened at 8300 yuan/ton and closed at 8285 yuan/ton, a change of 5 yuan/ton (0.06%) from the previous settlement. The position of the 2601 main contract was 147,074 lots, and the total number of warehouse receipts was 8,667 lots, a change of 887 lots from the previous day. The industrial silicon spot price remained stable. The total social inventory of industrial silicon in major regions on December 11 was 561,000 tons, an increase of 3,000 tons from last week [1] Consumption End - The quoted price of organic silicon DMC was 13,500 - 13,700 yuan/ton. The domestic organic silicon DMC market price was stable, with the mainstream price range at 13,500 - 13,700 yuan/ton [2] Strategy - The spot price is basically stable. After the production reduction in the southwest, the supply - demand pattern may improve, but the inventory accumulation pattern remains. The industrial silicon market is affected by overall commodity sentiment and policy news. It is recommended to operate in the short - term range [3] Polysilicon Market Analysis - On December 11, 2025, the polysilicon futures main contract 2601 fluctuated widely, opening at 54,700 yuan/ton and closing at 55,765 yuan/ton, a change of 1.32% from the previous trading day. The position of the main contract was 117,281 lots, and the trading volume was 197,180 lots. The polysilicon spot price weakened slightly, and the inventory of polysilicon manufacturers and silicon wafers increased. The polysilicon inventory was 293,000 tons, a change of 0.55% month - on - month, and the silicon wafer inventory was 23.3 GW, a change of 9.39% month - on - month. The weekly polysilicon output was 25,100 tons, a change of - 2.71% month - on - month, and the silicon wafer output was 12.15 GW, a change of 1.67% month - on - month [5][6] Strategy - The supply - demand of polysilicon is poor, the inventory is increasing, and the overall inventory pressure is large. The consumer side performs averagely. The market is affected by anti - involution policies and weak reality. It is recommended to operate in the short - term range, with the main contract expected to fluctuate between 52,000 - 58,000 yuan/ton [8]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Due to high inventory and an unchanged supply surplus pattern, nickel prices are expected to remain in a low - level oscillation. For stainless steel, with low demand, high inventory, and a continuously declining cost center, it is also expected to maintain a low - level oscillation [1][3][4] Group 3: Nickel Market Analysis Futures - On December 11, 2025, the Shanghai nickel main contract 2601 opened at 116,970 yuan/ton and closed at 115,870 yuan/ton, a change of - 0.91% compared to the previous trading day's closing price. The trading volume was 106,815 (-13,204) lots, and the open interest was 106,302 (+3,719) lots. The contract showed a pattern of opening high, then moving low, and closing weakly, in an overall weakly oscillating pattern, affected by multiple factors such as supply - demand and macro - economics [1] Fundamental - The current pattern of nickel supply surplus remains unchanged. Although refined nickel inventory has decreased slightly, the production of primary nickel in December increased month - on - month, and the reduction in refined nickel production in November was lower than expected, having a limited marginal impact on the market supply - demand balance sheet [1] Macro - The Fed cut interest rates in December, but subsequent statements were hawkish, and the previous positive factors have basically been reflected in the market [1] Nickel Ore - The nickel ore market was calm, with prices stable. Philippine mines mainly fulfilled previous orders, and their price - holding mentality recovered. As downstream ferronickel prices rebounded and domestic factories needed to stock up before the Spring Festival, the mentality of pressing down prices for nickel ore purchases may ease. In Indonesia, the domestic trade benchmark price in December is expected to drop by 0.11 - 0.18 dollars/wet ton, and the mainstream premium is +25, with the premium range mostly between +25 - 26. The overall domestic trade price of nickel ore is expected to decline [2] Spot - Jinchuan Group's sales price in the Shanghai market was 121,500 yuan/ton, a decrease of 200 yuan/ton from the previous trading day. The spot market showed no obvious improvement, and the spot premiums of various refined nickel brands were mostly stable. Jinchuan nickel's premium changed by 50 yuan/ton to 5,100 yuan/ton, imported nickel's premium remained unchanged at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 33,939 (-296) tons, and LME nickel inventory was 252,852 (-240) tons [2] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Group 5: Stainless Steel Market Analysis Futures - On December 11, 2025, the stainless steel main contract 2602 opened at 12,550 yuan/ton and closed at 12,625 yuan/ton. The trading volume was 83,489 (+3,558) lots, and the open interest was 103,523 (-4,171) lots. After the contract changed to 2602, it continued to follow the trend of Shanghai nickel, showing a narrow - range weakly oscillating pattern and closing slightly lower. Technically, the price closed below the 5 - day moving average, remaining in a short - term weak pattern, but there was strong support around 12,400 yuan/ton [3] Spot - Downstream buyers remained cautious, and trading did not improve. The stainless steel price in the Wuxi market was 12,800 (+0) yuan/ton, and in the Foshan market, it was also 12,800 (+0) yuan/ton. The premium of 304/2B was 195 - 395 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 1.00 yuan/nickel point to 888.5 yuan/nickel point [3] Group 6: Stainless Steel Strategy - Unilateral: Neutral; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [4]

化工日报 | 2025-12-12 EG主港延续累库，负荷下降 核心观点 市场分析 期现货方面：昨日EG主力合约收盘价3599元/吨（较前一交易日变动-83元/吨，幅度-2.25%），EG华东市场现货价 3613元/吨（较前一交易日变动-55元/吨，幅度-1.50%），EG华东现货基差-15元/吨（环比-4元/吨）。 生产利润方面：据隆众数据，乙烯制EG生产毛利为-94美元/吨（环比+0美元/吨），煤基合成气制EG生产毛利为-1104 元/吨（环比+52元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为81.9万吨（环比+6.6万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为75.5万吨（环比+3.6万吨）。据CCF数据，上周华东主港计划到港总数16.3万吨，副 港到港量5.1万吨；本周华东主港计划到港总数15.5万吨，副港到港量2万吨，整体偏高，预计主港将继续累库。 整体基本面供需逻辑：供应端，随着检修兑现，国内乙二醇负荷高位下降，近端供应压力有所缓解，但1月又将恢 复高供应，后续关注价格下降后乙二醇装置新增检修情况；海外供应方面，中东货源供应高位，月内远洋货到港 偏多 ...

尿素日报 | 2025-12-12 气头开工下降，下游刚需采购 市场分析 风险 国内出口政策、装置检修情况、库存变动情况、农业需求情况。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 价格与基差：2025-12-11，尿素主力收盘1638元/吨（-7）；河南小颗粒出厂价报价：1690 元/吨（0）；山东地区小 颗粒报价：1710元/吨（+10）；江苏地区小颗粒报价：1690元/吨（+10）；小块无烟煤750元/吨（+0），山东基差： 72元/吨（+17）；河南基差：52元/吨（+7）；江苏基差：52元/吨（+17）；尿素生产利润180元/吨（+10），出口利润 885元/吨（+0）。 供应端：截至2025-12-11，企业产能利用率81.85%（0.08%）。样本企业总库存量为123.42 万吨（-5.63），港口样本 库存量为12.30 万吨（+1.80）。 需求端：截至2025-12-11，复合肥产能利用率40.62%（+0.09%）；三聚氰胺产能利用率为61.86%（+0.20%）；尿素 企业预收订单天数6.94日（-0.41）。 尿素现货价格松动，下游刚需采购。供应端四季度气 ...

Report Industry Investment Rating - RU and NR are cautiously bearish; BR is neutral [10] Core View of the Report - The supply of natural rubber is expected to continue rising, with domestic port inventories likely to increase further. The downstream tire demand lacks highlights, and the overall supply pressure is greater, so the rubber price is expected to remain weak in the short term. The supply of butadiene rubber remains abundant, and although the supply - demand situation may improve slightly this week, the price of upstream butadiene is expected to fluctuate weakly due to inventory pressure [10] Summary by Relevant Catalogs Market News and Data - Futures: On the previous trading day, the closing price of the RU main contract was 15,185 yuan/ton, down 30 yuan/ton from the previous day; the NR main contract was 12,270 yuan/ton, unchanged; the BR main contract was 10,710 yuan/ton, up 105 yuan/ton [1] - Spot: The price of Yunnan - produced whole latex in the Shanghai market was 14,850 yuan/ton, unchanged; the Thai mixed rubber in Qingdao Free Trade Zone was 14,480 yuan/ton, down 20 yuan/ton; the Thai 20 - grade standard rubber in Qingdao Free Trade Zone was 1,825 US dollars/ton, down 15 US dollars/ton; the Indonesian 20 - grade standard rubber was 1,735 US dollars/ton, unchanged; the ex - factory price of BR9000 of PetroChina Qilu Petrochemical was 10,600 yuan/ton, unchanged; the market price of BR9000 of Zhejiang Transfar was 10,580 yuan/ton, up 80 yuan/ton [1] Market Information - In November 2025, about 100,000 heavy - duty trucks were sold in China, a month - on - month decrease of about 6% and a year - on - year increase of about 46% [2] - In December, the trading of all - steel tires was dull. Affected by the seasonal off - season, market demand weakened further. With sufficient market supply, channels and terminal stores mainly digested existing inventories, and the enthusiasm for restocking was average. The market transaction price was stable with a weak trend [2] - From January to October 2025, China's rubber tire export volume reached 8.03 million tons, a year - on - year increase of 3.8%; the export value was 140.2 billion yuan, a year - on - year increase of 2.8% [2] - In October 2025, China's natural rubber import volume was 510,800 tons, a month - on - month decrease of 14.27% and a year - on - year decrease of 0.9%. From January to October 2025, the cumulative import volume was 5.2281 million tons, a cumulative year - on - year increase of 17.27% [3] - In the first three quarters of 2025, Thailand's natural rubber exports (excluding compound rubber) totaled 1.993 million tons, a year - on - year decrease of 8% [3] Market Analysis Natural Rubber - Spot and spreads: On December 11, 2025, the RU basis was - 335 yuan/ton (+30), the spread between the RU main contract and the mixed rubber was 705 yuan/ton (- 10), the NR basis was 630.00 yuan/ton (- 119.00); the whole latex was 14,850 yuan/ton (+0), the mixed rubber was 14,480 yuan/ton (- 20), the 3L spot was 15,200 yuan/ton (+0); the STR20 was quoted at 1,825 US dollars/ton (- 15), the spread between the whole latex and 3L was - 350 yuan/ton (+0); the spread between the mixed rubber and styrene - butadiene rubber was 3,480 yuan/ton (- 20) [4] - Raw materials: The price of Thai smoked sheets was 58.31 Thai baht/kg (+0.17), the price of Thai latex was 55.25 Thai baht/kg (+0.25), the price of Thai cup lump was 52.95 Thai baht/kg (+0.85), and the spread between Thai latex and cup lump was 4.05 Thai baht/kg (- 0.15) [5] - Operating rate: The operating rate of all - steel tires was 64.55% (+0.55%), and the operating rate of semi - steel tires was 70.14% (+1.81%) [6] - Inventory: The social inventory of natural rubber was 488,729 tons (+7,167), the inventory of natural rubber at Qingdao Port was 1,123,406 tons (+20,841), the RU futures inventory was 45,530 tons (+4,130), and the NR futures inventory was 57,355 tons (+6,048) [6] Butadiene Rubber - Spot and spreads: On December 11, 2025, the BR basis was - 160 yuan/ton (- 5), the ex - factory price of butadiene of Sinopec was 7,200 yuan/ton (+0), the quotation of BR9000 of Qilu Petrochemical was 10,600 yuan/ton (+0), the quotation of BR9000 of Zhejiang Transfar was 10,580 yuan/ton (+80), the price of private butadiene rubber in Shandong was 10,200 yuan/ton (+100), and the import profit of butadiene rubber in Northeast Asia was - 1,068 yuan/ton (+52) [7] - Operating rate: The operating rate of high - cis butadiene rubber was 70.69% (- 2.84%) [8] - Inventory: The inventory of butadiene rubber traders was 5,450 tons (+220), and the inventory of butadiene rubber enterprises was 26,500 tons (- 600) [9] Strategy - For RU and NR, be cautiously bearish. The supply of natural rubber continues to rise, domestic port inventories are expected to increase, and downstream tire demand is lackluster. The overall supply pressure is greater, and the domestic market is expected to continue the pattern of slight inventory accumulation. The rubber price is expected to remain weak in the short term [10] - For BR, be neutral. This week, Yulong Petrochemical started maintenance, and the production is expected to decline slightly. The weak price of upstream butadiene raw materials has improved the production profit of private enterprises, and the operating load has increased. The overall supply of butadiene rubber remains abundant. Although the operating rate of tire factories is expected to rise slightly this week, the lack of improvement in tire orders will limit the increase. The supply - demand situation of butadiene rubber may improve slightly this week, but the price of upstream butadiene is expected to fluctuate weakly due to inventory pressure [10]

化工日报 | 2025-12-12 交割预期下PX月差走强 市场要闻与数据 无 市场分析 成本端，Brent油价维持60~65美元/桶运行，聚焦于俄乌和谈进展，此外委内瑞拉局势也传递出不确定性。市场情 绪观望，油价维持震荡拉锯节奏。 PX方面，上上个交易日PXN273美元/吨(环比变动+3.50美元/吨）。PX装置平稳运行。在明年上半年的良好预期下， 周内PXN走扩至286美元/吨。依靠目前宽松的MX供应环境，即使部分工厂重整开工波动，PX负荷依旧能得到有效 维持。聚酯开工支撑下PXN有支撑，但远期预期下估值当前已处于季节性中高位水平。 TA方面，TA主力合约现货基差 -21元/吨 元/吨(环比变动+4元/吨），PTA现货加工费183元/吨（环比变动+14元/吨）， 主力合约盘面加工费274元/吨（环比变动+14元/吨），近端检修计划较多，且印度BIS取消提振PTA出口需求，聚酯 负荷支撑下，PTA小幅去库，基差反弹。中长期集中投放周期结束，PTA加工费预计将逐步改善。 需求方面，聚酯开工率91.8%（环比+0.3%），近期织造负荷有所下滑，11月底后内贸订单开始加速转弱，坯布库存 也开始加速累积，预计12月 ...

Report Industry Investment Rating - The investment strategy for the oil and fat industry is neutral [3] Core View of the Report - Policy uncertainty has increased, leading to wide - range fluctuations in the oil and fat market. Although palm oil has entered the seasonal production - reduction cycle, the November production data reached a record high. Coupled with the expected high - yield of Brazilian soybeans, the overall supply of oils and fats remains loose, resulting in an oscillatory adjustment of oil and fat prices [1][3] Summary According to Related Catalogs Futures Prices - Yesterday's closing price of the palm oil 2605 contract was 8,642.00 yuan/ton, a change of +100 yuan or +1.17% compared to the previous day. The closing price of the soybean oil 2605 contract was 8,036.00 yuan/ton, a change of +36.00 yuan or +0.45%. The closing price of the rapeseed oil 2605 contract was 9,599.00 yuan/ton, a change of +156.00 yuan or +1.65% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,670.00 yuan/ton, a change of - 10.00 yuan or -0.12%, with a spot basis of P05 + 28.00, a change of -110.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8,420.00 yuan/ton, a change of +10.00 yuan/ton or +0.12%, with a spot basis of Y05 + 384.00, a change of -26.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9,850.00 yuan/ton, a change of +160.00 yuan or +1.65%, with a spot basis of OI05 + 251.00, a change of +4.00 yuan [1] Market Consultation - Canadian rapeseed (January shipment) C&F price was 515 dollars/ton, down 1 dollar/ton from the previous trading day; Canadian rapeseed (March shipment) C&F price was 523 dollars/ton, down 2 dollars/ton. Argentine soybean oil (January shipment) C&F price was 1,171 dollars/ton, down 2 dollars/ton; Argentine soybean oil (March shipment) C&F price was 1,118 dollars/ton, down 4 dollars/ton. Imported rapeseed oil C&F quotes: Canadian rapeseed oil (January shipment) was 1,090 dollars/ton, unchanged; Canadian rapeseed oil (March shipment) was 1,070 dollars/ton, unchanged. The C&F price of US Gulf soybeans (January shipment) was 490 dollars/ton, up 2 dollars/ton; the C&F price of US West soybeans (January shipment) was 483 dollars/ton, down 2 dollars/ton; the C&F price of Brazilian soybeans (January shipment) was 482 dollars/ton, down 2 dollars/ton. Imported soybean premium quotes: Mexican Gulf (January shipment) was 243 cents/bushel, up 2 cents/bushel; US West Coast (January shipment) was 225 cents/bushel, down 8 cents/bushel; Brazilian ports (January shipment) was 220 cents/bushel, down 10 cents/bushel [2] Production Data - According to SPPOMA data, from December 1 - 10, 2025, the yield per unit of Malaysian palm oil increased by 7.24% compared to the same period last month, the oil extraction rate decreased by 0.07%, and the production increased by 6.87%. According to the December forecast data released by CONAB, it is expected that the Brazilian soybean production in the 2025/26 season will reach 177.1236 million tons, an increase of 5.6431 million tons or 3.3% year - on - year; the sown area will reach 48.9356 million hectares, an increase of 1.5895 million hectares or 3.4% year - on - year; the yield per unit will be 3.62 tons/hectare, a decrease of 2.32 kilograms/hectare or 0.1% year - on - year [2]

1. Report Industry Investment Rating - PVC: Unilateral - Cautiously bearish; Inter - period - Wait - and - see; Inter - variety - None [4] - Caustic soda: Unilateral - Sideways; Inter - period - Wait - and - see; Inter - variety - None [5] 2. Core Viewpoints - PVC: Supply - demand is weak, and cost support is prominent. Pay attention to subsequent device maintenance and macro - policy dynamics [3] - Caustic soda: Overall supply - demand is weak. Focus on the trend of liquid chlorine prices and caustic soda device dynamics [3] 3. Summary by Related Catalogs Market News and Important Data PVC - Futures price and basis: PVC main contract closing price is 4276 yuan/ton (- 52); East China basis is 44 yuan/ton (+ 22); South China basis is 24 yuan/ton (+ 2) [1] - Spot price: East China calcium carbide method quotation is 4320 yuan/ton (- 30); South China calcium carbide method quotation is 4300 yuan/ton (- 50) [1] - Upstream production profit: Semi - coke price is 800 yuan/ton (+ 0); Calcium carbide price is 2930 yuan/ton (+ 0); Calcium carbide profit is 0 yuan/ton (+ 0); PVC calcium carbide method production gross profit is - 1019 yuan/ton (- 139); PVC ethylene method production gross profit is - 472 yuan/ton (- 8); PVC export profit is 2.5 US dollars/ton (+ 3.8) [1] - PVC inventory and operation: PVC factory inventory is 32.6 tons (+ 0.3); PVC social inventory is 52.9 tons (+ 0.1); PVC calcium carbide method operation rate is 79.13% (- 2.96%); PVC ethylene method operation rate is 76.67% (+ 4.75%); PVC operation rate is 78.39% (- 0.62%) [1] - Downstream order situation: Production enterprise pre - sales volume is 69.8 tons (+ 2.9) [1] Caustic Soda - Futures price and basis: SH main contract closing price is 2113 yuan/ton (- 42); Shandong 32% liquid caustic soda basis is 106 yuan/ton (+ 42) [1] - Spot price: Shandong 32% liquid caustic soda quotation is 710 yuan/ton (+ 0); Shandong 50% liquid caustic soda quotation is 1180 yuan/ton (+ 0) [1] - Upstream production profit: Shandong chlor - alkali comprehensive profit (0.8 tons of liquid chlorine) is 513.8 yuan/ton (+ 0.0); Shandong chlor - alkali comprehensive profit (1 ton of PVC) is - 608.21 yuan/ton (+ 0.00); Northwest chlor - alkali comprehensive profit (1 ton of PVC) is 237.99 yuan/ton (+ 0.00) [2] - Caustic soda inventory and operation: Liquid caustic soda factory inventory is 45.71 tons (- 4.77); Flake caustic soda factory inventory is 3.45 tons (+ 0.08); Caustic soda operation rate is 86.20% (+ 0.20%) [2] - Caustic soda downstream operation: Alumina operation rate is 86.20% (+ 0.14%); Printing and dyeing operation rate in East China is 62.74% (- 1.72%); Viscose staple fiber operation rate is 89.62% (- 1.67%) [2] Market Analysis PVC - Supply - demand is weak, and cost support is prominent. Some enterprises consider production cuts due to low prices, and the operation rate has slightly decreased. The supply side is still abundant, downstream demand has different trends, inventory is at a high level, production profit is at a low level, and the export situation is not optimistic [3] Caustic Soda - Spot prices are mainly stable. Supply - side enterprise maintenance has decreased, and the operation rate has slightly increased. Demand - side consumption of caustic soda has decreased, and the price is at a low level. There is some improvement in transactions, and inventory is at a high level. Chlor - alkali costs have increased slightly, and profits are at a low level [3] Strategy PVC - Unilateral: Cautiously bearish; Inter - period: Wait - and - see; Inter - variety: None [4] Caustic Soda - Unilateral: Sideways; Inter - period: Wait - and - see; Inter - variety: None [5]