Report Industry Investment Rating No relevant content provided. Core Viewpoints - Multiple index - type ETFs saw increased trading volume during intraday trading, driving the stock index to rebound. The Fed cut interest rates by 25 BP again. The Political Bureau meeting set the tone for 2026, maintaining a loose policy, and the Economic Work Conference made directional arrangements. In the medium - to - long term, the domestic market is characterized by a liquidity narrative, with a continuous influx of incremental funds, and the stock index still has upward momentum after consolidation [3]. - The international situation is complex, and positive results have been achieved in China - US economic and trade consultations. The US has entered a new interest - rate cut cycle, which is beneficial for the appreciation of the RMB and the return of foreign capital, bringing new incremental funds. Current policies to stabilize the capital market are positive, and the bottom line of the stock index is clear. The Political Bureau meeting and the Economic Work Conference have given directional guidance, including the continued implementation of more proactive and effective macro - policies, efforts to stabilize the real estate market, and greater emphasis on the role of the "strong domestic market" in expanding domestic demand. After the risk - free interest rate drops to a low level, the entry of medium - to - long - term funds and residents into the market will enter a new cycle. Future index trends need to focus on trading volume, and if the trading volume of the two markets can remain above 2 trillion yuan, the relatively strong trend can be maintained [4]. Summary by Directory Market Performance - This week, domestic stock indices continued to fluctuate. From the perspective of global indices, as of December 19, 2025, the Nasdaq index rose 0.48%, the S&P 500 index rose 0.1%, but the Hang Seng Technology Index fell 2.82%. The Shanghai Composite Index rose 0.03%, the CSI 1000 index fell 0.56%, the SSE 50 index rose 0.32%, the ChiNext index fell 2.26%, and the STAR 50 index fell 2.99%. In terms of industries, the 31 Shenwan primary industry indices showed divergent trends this week, with sectors such as commercial retail, non - bank finance, and social services leading the gains, while sectors such as electronics, power equipment, and machinery leading the losses [11][15]. Liquidity - In November, the growth rate of the total social financing scale was stable, while the growth rates of M2 and M1 declined. As of November, the balance of M2 was 336.99 trillion yuan, a year - on - year increase of 8.5% (previous value 8.2%). The balance of narrow - money (M1) was 112.88 trillion yuan, a year - on - year increase of 4.9% (previous value 6.2%), and the M2 - M1 gap widened to 3.1 percentage points. The funds rate (DR007) remained at a low level, and in November, the net MLF investment was 100 billion yuan. The yield of 10 - year treasury bonds was around 1.85%. Direct financing became the main support for social financing, with government bonds making a prominent contribution. At the end of November, the stock of social financing increased by 8.5% year - on - year (unchanged from the previous value), and the cumulative increment in the first 11 months was 33.39 trillion yuan, an increase of 8.99 trillion yuan year - on - year. The new social financing in November was 2.49 trillion yuan, mainly driven by direct financing such as government bonds and corporate bonds [13][16]. Trading Data and Emotions - This week, the trading volume of the two markets shrank slightly, and the stock index maintained a volatile pattern. From January to November 2025, retail investors in the A - share market opened a cumulative total of 24.9402 million new stock accounts, a year - on - year increase of 7.95%. The growth rate of institutional investor account openings was even more rapid, with a cumulative total of 93,400 new accounts, a year - on - year increase of 36%. The trading volume (MA5) of the two markets shrank to less than 2 trillion yuan again, and liquidity is an important factor supporting the current index and needs continuous tracking [23][24]. Index Valuation - The absolute valuation of the indices is at a low level, but the quantiles are relatively high. As of December 19, 2020, the latest PB of the Shanghai Composite Index was 16.26, with a quantile of 79.25, and the latest PB of the entire A - share market was 21.79, with a quantile of 82.18. Among the major stock indices, the quantiles of the CSI 1000 > CSI 500 > CSI 300 > SSE 50 [30][35]. Index Industry Weights (as of June 30, 2025) - In the SSE 50, the weights of the banking, non - bank finance, and food and beverage industries are relatively high, at 21.31%, 15.48%, and 13.88% respectively, and the electronics industry has become the fourth - largest weighted industry. The weights of the CSI 300 are relatively dispersed, and the top three weighted industries are banking, non - bank finance, and electronics. The top three weighted industries of the CSI 500 are electronics, pharmaceutical biology, and non - bank finance. The top three weighted industries of the CSI 1000 are electronics, pharmaceutical biology, and computers [40][41]. Other Overseas and Domestic Policy Tracking - Domestic policy tracking shows that from May to December 2025, a series of policy measures were introduced, including reducing the reserve requirement ratio, lowering policy and provident fund interest rates, establishing a 300 - billion - yuan service consumption and elderly care refinancing loan, supporting Central Huijin to play the role of a "stabilization fund", and deepening the reform of the STAR Market, ChiNext, and Beijing Stock Exchange. The current domestic fiscal and monetary policies are loose, and continuous policy stimuli are introduced to stabilize the economy. The "1 + 1" system based on the new "National Strength Articles" supports the development of the capital market, with a focus on the development of science and technology innovation and green development. High - tech sectors, especially low - penetration tracks, have received capital support and are迎来 long - term allocation opportunities [46][50].

Industry Investment Rating - No relevant information provided Core Viewpoints - The MEG has limited downside space and has support at the [3400] price level. In the context of weak cost (oil and coal), high self - valuation, and large - scale production in 2026, the EGO1 price is under continuous pressure. From a realistic perspective, the inventory accumulation amplitude from November to December is relatively obvious, and there is still pressure from the expectation of new device production in the far - month. In the medium - to - long - term fundamental cycle, ethylene glycol may enter a new expansion cycle from 2026 - 2027. New production in 2026 is about 2.15 million tons, and there are still many large - scale device production plans after 2027. Therefore, the ethylene glycol price will show a bottom - consolidation state later [3]. Summary by Directory 1. Single - side Situation EG - The explicit inventory has accumulated relatively quickly on a month - on - month basis, and the absolute level is still at a neutral level in the same period of history. The port shipment volume has slightly rebounded on a month - on - month basis this cycle, and the absolute level has reached a low level over the years. The MEG port inventory in the main ports of East China is about 795,000 tons (a month - on - month increase of 70,000 tons). The ethylene glycol inventory of polyester factories has remained flat on a month - on - month basis, and the inventory days of downstream factories are about 14.2 days, with an overall slightly higher - than - neutral level. As of December 11, the overall ethylene glycol operating load in mainland China is 69.98% (a month - on - month decrease of 3.01%), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 72.17% (a month - on - month decrease of 0.41%). Many oil - based and coal - based devices have carried out or planned maintenance [7][8]. PF - This cycle, the price center of polyester raw materials has moved down, the short - fiber profit has slightly recovered on a month - on - month basis, and the finished - product inventory of downstream yarn mills has remained stable. The short - fiber load has remained high, and the absolute inventory level of short - fiber factories has decreased to a relatively neutral level. The profit of yarn mills has slightly recovered at a low level this cycle. The raw - material inventory of downstream yarn mills has remained stable on a month - on - month basis, and the finished - product inventory has run smoothly. The short - fiber production capacity expansion is limited from 2025 - 2026, and there is still support for the profit [9][66]. 2. MEG Key Concerns Supply - side Production Rhythm - Before the production: A 460,000 - ton syngas - to - ethylene glycol new device of Sichuan Wuguo Kai was put into production in the middle of the month and was included in the production and sales statistics in June; a 900,000 - ton/year ethylene glycol device of Shandong Yuxian Chemical was put into production in September and was included in the production base in October. As of November 2025, the newly added production capacity in the current year is 1.5 million tons, with a production - capacity growth rate of 5.2%. A 200,000 - ton/year coal - to - ethylene glycol new device of Ningxia Kunpeng is expected to be put into production by the end of the year. It is estimated that the total newly added production capacity in 2025 is 1.7 million tons, with a production - capacity growth rate of 5.9% [18]. Demand - side Production Rhythm - As of November 2025, the total polyester production capacity put into production in the downstream demand side is 2.55 million tons, including 1.25 million tons of polyester bottle - chips and 950,000 tons of polyester filament. As of November 2025, the newly added production capacity in the current year is 2.55 million tons, with a production - capacity growth rate of 3.0%. There is still about 2.5 million tons of polyester production capacity to be put into production this year, and the expected annual production - capacity growth rate is about 6% [19]. Cost Curve - The process with the largest production - capacity proportion is taken as the upper - marginal anchor of the price; the process cost with the highest coal - to - ethylene glycol profit is taken as the lower - marginal anchor of the price. The enterprise production - capacity proportion of the naphtha - to - ethylene method in the ethylene method is the largest, accounting for 60% of the total ethylene - glycol production capacity. The cost of the ethylene - glycol naphtha - to - ethylene method in East China is 5185 yuan/ton, and the profit is - 1200 yuan/ton. The cost of the single - chain coal - to - ethylene glycol in East China is 4480 yuan/ton, and the coal - to - ethylene glycol profit is - 870 yuan/ton [19]. 3. MEG Supply - and - Demand Situation Load - As of December 11, the overall ethylene glycol operating load in mainland China is 69.93% (a month - on - month decrease of 3.01%), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) is 72.17% (a month - on - month decrease of 0.41%). Many oil - based and coal - based devices have carried out or planned maintenance [30]. Inventory - The explicit inventory has accumulated relatively quickly on a month - on - month basis, and the absolute level is still at a neutral level in the same period of history. The port shipment volume has slightly rebounded on a month - on - month basis this cycle, and the absolute level has reached a low level over the years. The MEG port inventory in the main ports of East China is about 795,000 tons (a month - on - month increase of 70,000 tons). The ethylene glycol inventory of polyester factories has remained flat on a month - on - month basis, and the inventory days of downstream factories are about 14.2 days, with an overall slightly higher - than - neutral level [34]. Direct Demand - Polyester Load - A set of polyester filament and short - fiber devices have been shut down for maintenance this week, and a set of long - shut - down filament devices is warming up for restart but has not produced products normally yet. In addition, the load of other devices has been adjusted locally. As of this Friday, the preliminary calculation shows that the polyester load in mainland China is around 91.2%. As of December 11, the average order days of terminal weaving are 11.90 days, a decrease of 0.41 days compared with last week. The current market sales are still mainly winter fabrics. The spring orders for domestic and foreign trade have started, but the overall order quantity is not good. The new orders are mainly "small and scattered orders", and large orders are scarce. The average order days this week have continued to decline compared with last week. As of December 11, the average inventory level of terminal weaving finished products (long - fiber market) is 25.58 days, an increase of 0.96 days compared with last week. The large winter orders for domestic and foreign trade are scarce, and the current situation is mainly based on rigid - demand replenishment and previous contract delivery. The new large - batch orders are scarce, and the finished - product grey - cloth inventory has slowly climbed to 20 - 30 days. The market generally expects that there will be no improvement before the Spring Festival. As of December 11, the average inventory level of terminal weaving enterprise raw materials (polyester filament) is about 9.50 days, remaining stable compared with last week [40]. Direct Demand - Polyester Inventory - The absolute level of polyester inventory is relatively neutral [46]. Spread and Basis - When approaching the risk - free arbitrage opportunity, a positive spread can be arranged for MEG month - spread; the MEG basis reflects the spot situation, but due to the mature basis trade, the overall fluctuation is small; the MEG open interest reflects the degree of long - short divergence [52]. 4. PF Situation Valuation - From 2025 - 2026, the short - fiber production capacity expansion is limited, and there is still support for the profit. This cycle, the price center of polyester raw materials has moved down, the short - fiber profit has slightly recovered on a month - on - month basis, and the finished - product inventory of downstream yarn mills has remained stable. The short - fiber load has remained high, and the absolute inventory level of short - fiber factories has decreased to a relatively neutral level. The profit of yarn mills has slightly recovered at a low level this cycle. The raw - material inventory of downstream yarn mills has remained stable on a month - on - month basis, and the finished - product inventory has run smoothly [65][66]. Supply - The short - fiber supply has remained at a high level, and the absolute inventory has decreased to a relatively neutral level [78]. Downstream - The profit of downstream yarn mills has run stably this cycle, and the yarn - mill load has remained stable. The raw - material inventory of downstream yarn mills has slightly decreased on a month - on - month basis, and the finished - product inventory has slightly accumulated. Currently, the absolute inventory level has a slightly higher pressure [84][90]. Spread and Basis - Information on PF2601 basis, PF1 - 2 month - spread, 1.4D direct - spinning polyester staple fiber processing fee, and PF2601 disk profit is provided, but specific analysis is not given in the summary [67][69].

Report Title - [EB Weekly Strategy 20251214] Stock Game in the Industrial Chain, Styrene Stronger than Pure Benzene [1][2] Report Industry Investment Rating - Not provided in the content Core Viewpoints - For the contract eb2602, wait for short - selling opportunities for styrene, but the upside space may also be large. In 2026, the pressure on pure benzene is high. In terms of production, the output of petroleum benzene will increase significantly after the commissioning of cracking units in the second half of the year and the resumption of factory operations after maintenance. The import volume will also be relatively high, with an expected annual import increase of nearly 20%. The demand for pure benzene is mainly from styrene, but the overall demand growth is slow, and the inventory pressure is large. The production pressure of styrene is concentrated in Q4 2025, with new capacity coming on - stream. The profit repair of styrene is under pressure, and the processing fee is in the range of [200, 850] yuan/ton [3]. - The long - term logic is that the cost side of pure benzene is in a large - scale production cycle with high load and high imports. The overall supply - demand pressure of pure benzene is large, and the profit is under pressure in the medium - long term. For styrene, the supply pressure remains high, and the demand side is weak, so the short - term suggestion is to wait and see, and then choose to short after the absolute price rebounds [10][11]. Summary According to the Directory Upstream Overview - Toluene and Pure Benzene Spreads - Toluene - naphtha spreads in America, Europe, and Asia are presented in graphs from 2018 - 2025, with daily update frequencies [17][19][21]. - Benzene - toluene spreads in America, Europe, and Asia are also presented in graphs from 2018 - 2025, with daily update frequencies [23][26][28]. - Styrene spot price in East China and pure benzene profit in China are shown in graphs from 2018 - 2025 [30][32]. Upstream Overview - Pure Benzene Supply and Demand - **Supply**: The output of petroleum benzene this cycle is 43.76 tons, a decrease of 0.10 tons from last week, with a growth rate of - 0.23%, and the capacity utilization rate is 75.11%, a decrease of 0.17% from last week. The domestic benzene hydrogenation unit operating rate is 52.94%, a decrease of 2.14% from last week, and the weekly output is 6.95 tons, a decrease of 0.28 tons from last week [35]. - **US - Asia Spread**: The price of pure benzene in South Korea has fallen this week, while the price in the US is stable. The arbitrage window between South Korea and the US is partially open, and about 2 tons of pure benzene from South Korea have been sold to the US under the shipping contract. The expected import volume in December is about 467 tons/month, and about 45 tons in January [36]. Pure Benzene Downstream Profit and Load - **Profit**: The comprehensive profit of pure benzene downstream has been compressed this cycle. The non - integrated profit of styrene has been compressed, currently at about - 82 yuan/ton. The profit of caprolactam has been repaired, while the profits of phenol, adipic acid, and aniline are relatively stable or slightly compressed. Aniline has relatively good profit, while adipic acid, caprolactam, and phenol have poor profits [67]. - **Load**: The operating rates of major downstream products such as styrene, adipic acid, phenol, aniline, and caprolactam have decreased this week. Next period, the operating rates of caprolactam and styrene are expected to increase, while those of phenol and aniline are expected to decrease, and the comprehensive operating rate of downstream products will decrease [68]. Styrene Supply and Demand Operation - **Supply - Side Production Rhythm**: As of November 2025, the newly - added capacity in the current year is 237 tons, with a capacity growth rate of 11%. It is estimated that the newly - added capacity in 2025 will be 257 tons, with a capacity growth rate of 11.78%, and 67 tons in 2026, with a capacity growth rate of 3% [95]. - **Demand - Side Production Rhythm**: As of November 2025, the total newly - added capacity of the three major downstream products is 190.5 tons. It is estimated that the total downstream production growth rate this year will be about 11.71%, and about 38% in 2026 [96]. - **Cost Curve**: Styrene has all - oil - based production capacity, divided into integrated (about 10%) and non - integrated (about 30%). Non - integrated plants are more sensitive to profit [97]. - **Profit and Load**: The valuation of styrene has been compressed recently, with non - integrated profit at about - 82 yuan/ton. This week (20251205 - 20251211), the output of Chinese styrene plants is 33.88 tons, a decrease of 0.36 tons from the previous period, with a capacity utilization rate of 88.11%, a decrease of 0.74% from the previous period [98][99]. - **US - Dollar Spread and Import - Export**: The European styrene market has fallen this week, the Asian market has been slightly stronger, and the US Gulf market has fallen. The international oil price is expected to rise slightly next week. The price difference between China and Europe and the US has narrowed, and the arbitrage window is closed. China's styrene exports are mainly to nearby regions [100]. EPS, PS, ABS Profit, Load, and Inventory - **EPS**: The output this week (20251205 - 1211) is about 8.91 tons, a decrease of 0.43 tons from last week, with a capacity utilization rate of 3.77%, a decrease of 2.59% from last week [209]. - **PS**: The output from December 5 - 11, 2025, is 9.6 tons, a decrease of 0.1 tons from the previous period, with a capacity utilization rate of 58.3%, a decrease of 0.7% from last week [209]. - **ABS**: The output this week (20251204 - 20251211) is 15 tons, an increase of 0.47 tons from last week, with a capacity utilization rate of 70.53%, an increase of 2.23% from last week [209]. Three - Major Downstream Comprehensive Operation - The downstream profit has been slightly compressed, and the load has been relatively stable. The production of ABS has increased, while the production of EPS and PS has decreased [208][209].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the long - term, the domestic market is driven by liquidity, with continuous inflow of incremental funds. After the consolidation, the stock index still has upward momentum, as the Fed cuts interest rates by 25BP, the Politburo meeting sets the tone for 2026, and the economic work conference makes directional arrangements [3]. - The international situation is complex, but positive results have been achieved in China - US economic and trade consultations. The US enters a new interest - rate cut cycle, which is beneficial for RMB appreciation and foreign capital inflow. Current policies for stabilizing the capital market are positive, and the bottom line of the stock index is clear. The Politburo and economic work conferences give directional guidance, and the entry of medium - and long - term funds and residents into the market will enter a new cycle. The future strength of the index depends on trading volume [4]. 3. Summary by Directory Market Performance - This week, domestic stock indices continued to fluctuate. For example, the Shanghai Composite Index fell 0.25%, the ChiNext Index rose 2.74%, and the NASDAQ index fell 1.62%. Different industries showed differentiated trends, with sectors such as communication, national defense and military industry, and electronics rising, while coal, petroleum and petrochemical, and steel sectors falling [11][15]. Liquidity - In November, the growth rate of the total social financing scale was stable, while the growth rates of M2 and M1 declined. The M2 - M1 gap widened to 3.1 percentage points. The 11 - month cumulative social financing increment was 33.39 trillion yuan, an increase of 8.99 trillion yuan year - on - year. The government bond and corporate bond net financing contributed significantly. The 11 - month M2 balance was 336.99 trillion yuan, with a year - on - year growth of 8.5%, and the M1 balance was 112.88 trillion yuan [13][14][16]. Trading Data and Emotions - From January to November 2025, the number of new stock accounts opened by retail investors in the A - share market was 24.5902 million, a year - on - year increase of 7.95%. The number of new accounts opened by institutional investors was 93,400, a year - on - year surge of 35%. The average daily trading volume (MA5) of the two markets slightly increased to 2 trillion yuan, and liquidity is an important factor supporting the current index [24]. Index Valuation - As of December 12, 2020, the absolute valuation of the index was at a low level, but the quantile was relatively high. For example, the latest PB of the Shanghai Composite Index was 16.23, with a quantile of 79.03, and the latest PB of the entire market was 21.73, with a quantile of 81.60. Among the major stock indices, the valuation quantile relationship was CSI 500 < CSI 1000 < SSE 50 < SSE 300 [33]. Index Industry Weights - As of June 30, 2025, the top - weighted industries in the SSE 50 were banking, non - banking finance, and food and beverage. The weights of the SSE 300 were more dispersed, with the top three being banking, non - banking finance, and electronics. The top three weighted industries in the CSI 500 were electronics, pharmaceutical biology, and non - banking finance, and in the CSI 1000 were electronics, pharmaceutical biology, and computer [47][48][52]. Other Overseas and Domestic Policy Tracking - Domestic policies are mainly characterized by loose fiscal and monetary policies. For example, in May 2025, the deposit reserve ratio was reduced by 0.5 percentage points, the policy interest rate was lowered by 0.1 percentage points, and a 300 - billion - yuan service consumption and pension refinancing loan was established. The Politburo meeting in December emphasized the role of the "strong domestic market" in expanding domestic demand, and the Central Economic Work Conference proposed to implement more proactive macro - policies and stabilize the real estate market [53][54][55].

1. Report Industry Investment Rating - No information about the report industry investment rating is provided. 2. Core Views of the Report - The m2605 soybean meal contract is in a stage of fluctuating downward, and the later price center is expected to decline. The foreign market shows that the tight fundamentals of US soybeans in the new year still support the price of CBOT soybeans, but the expected high - yield of South American new crops suppresses its price. In the domestic market, the supply of soybeans and soybean meal is relatively sufficient before the end of the year, and the supply gap in the first quarter is expected to be limited. The demand from the downstream feed and aquaculture industry still provides support, and the spot basis is expected to strengthen gradually with inventory digestion [3]. - The RM605 rapeseed meal contract is also in a stage of fluctuating downward, and the later price center is expected to decline. Globally, the supply - demand pattern of rapeseed in 2025/26 is loose, suppressing the price of rapeseed. In the domestic market, the anti - dumping preliminary ruling on Canadian rapeseed increases the import cost, and the supply of rapeseed meal is expected to tighten. However, the off - season of downstream aquaculture and the low price difference between soybean meal and rapeseed meal are not conducive to the substitution consumption of rapeseed meal [3]. 3. Summary According to the Directory 3.1 US Soybean Supply and Demand - The recent continuous purchase of US soybeans by China and the limited guidance of the December USDA report suggest that the CBOT is expected to operate in the range of 1100 - 1150 cents. The USDA report shows that the estimated ending inventory of US soybeans in 2025/2026 remains unchanged from November, and the production forecasts of Argentina and Brazil are also maintained. The US soybean price was weakly volatile this week, supported by China's purchase and affected by the neutral - bearish USDA report and the expected high - yield in South America [15][16]. - As of the week ending December 05, 2026, the US soybean crushing profit was 2.45 dollars per bushel, a 2.00% decrease from the previous week and a 13.95% increase from the same period last year. As of November 13, the net increase in US soybean export sales was 80.66 tons, and the export shipment was 155.28 tons, a 67% increase from the previous week and a 24% increase from the four - week average [17]. 3.2 South American Soybean Supply and Demand - Brazil's soybean sowing is nearing completion, with a sowing progress of 90.3% as of December 6. Argentina's sowing progress is 4.7%, lagging behind last year by 53.8%. The La Nina phenomenon has appeared, and the expected precipitation in Argentina in the next two weeks is decreasing. The export volume of Brazilian soybeans in December is expected to reach 333 tons, and the export volume of soybean meal is expected to reach 188 tons [31][32][33]. - CONAB expects Brazil's soybean production in 2025/26 to reach 1.771238 billion tons, a year - on - year increase of 561.31 tons or 3.3%, and the sowing area to reach 4893.56 million hectares, a year - on - year increase of 158.95 million hectares or 3.4% [33]. 3.3 Rapeseed Supply and Demand - The estimated yield of new Canadian rapeseed has further increased, and the export pressure persists, leading to a continued weakening of international rapeseed prices. In 2025/26, the global rapeseed production increased by 300 tons month - on - month and 2027 tons year - on - year, with a growth rate of 10.7%, mainly due to the yield increase in Canada and the EU. The global rapeseed inventory and inventory - to - sales ratio have reached recent highs [63][64]. - As of November 23, the export volume of Canadian rapeseed decreased by 65% from the previous week to 9.95 tons. From August 1 to November 23, 2025, the export volume of Canadian rapeseed was 192.84 tons, a 47.8% decrease from the same period last year. The commercial inventory of Canadian rapeseed was 137.43 tons [64]. 3.4 Domestic Meal Supply and Demand - In the short term, the state - reserve release rhythm affects market sentiment, but the near - term supply pressure limits the upward space of the market. The far - month contracts are still trading on the expectations of high - yield in South America and US soybean demand. China imported 810.7 tons of soybeans in November 2025, a decrease of 137.30 tons from October and a 13.32% increase from November 2024. In 2025, the cumulative import of soybeans from January to November was 10378.14 tons, a 6.89% increase year - on - year [76][77]. - The estimated arrival of soybeans at domestic full - sample oil mills in December 2025 is 904.8 tons, 800 tons in January 2026, and 400 tons in February. The estimated arrival of imported rapeseed at coastal areas in December 2025 is 12 tons, and the same amount is expected in January and February 2026 [78]. 3.5 Soybean and Rapeseed Pressing - Startup Rate - This week, the startup rate of oil mills continued to decline, and rapeseed pressing basically stopped. As of December 5, the actual soybean pressing volume of 125 domestic oil mills was 205.58 tons, a decrease of 14.50 tons from the previous week and 8.98 tons lower than the estimated volume. The actual startup rate was 66.55%. The estimated pressing volume in the 50th week (December 6 - 12) is 221.16 tons, and the estimated startup rate is 60.84% [93][94]. - The rapeseed pressing volume of major coastal oil mills was 0 tons this week, with a startup rate of 0%. The estimated rapeseed pressing volume of major coastal oil mills next week is 0 tons, and the estimated startup rate is 0% [94]. 3.6 Import Cost and Pressing Profit - The import cost of soybeans shows different trends for different origins and shipping periods. The soybean crushing profit also varies by contract and origin. The import cost and freight of soybeans from different regions such as Argentina, the US West Coast, the US Gulf Coast, and Brazil are presented in the report, and the data is updated daily [100][105]. - The import cost of Canadian rapeseed and the pressing profit of rapeseed are also provided, with daily - updated data [107]. 3.7 Inventory - The inventory of soybean meal at major national oil mills has slightly decreased, but the overall inventory pressure still needs to be digested. The rapeseed inventory has continued to decline. As of December 5, the soybean inventory of 125 domestic oil mills was 715.52 tons, a 2.51% decrease from the previous week and a 30.80% increase from the same period last year. The soybean meal inventory was 116.19 tons, a 3.43% decrease from the previous week and a 70.74% increase from the same period last year [107][108]. - The rapeseed inventory at major coastal oil mills was 0 tons, unchanged from the previous week. The rapeseed meal inventory in major regions across the country totaled 47.08 tons, a decrease of 2.96 tons from the previous week [108]. 3.8 Downstream Demand - The downstream procurement and sales have warmed up, with spot purchases mainly driven by rigid demand, and the far - month basis has seen some trading volume. As of December 11, the total national soybean meal trading volume was 33.54 tons, a week - on - week increase of 22.73 tons. The spot trading volume was 3.45 tons, and the far - month basis trading volume was 58.09 tons. The total soybean meal pick - up volume was 96.66 tons, a week - on - week increase of 4.93 tons [122][123]. - The monthly feed production and prices of livestock and poultry feed, as well as the prices and breeding profits of livestock and poultry, are presented in the report, showing the downstream demand situation [128][134]. 3.9 Basis and Spread - The basis of soybean meal and rapeseed meal in different regions and contracts is provided. The average spot - futures price difference in coastal main markets this week was 290 - 340 yuan per ton, an increase of 103 - 133 yuan per ton from the previous week. As of December 12, the basis of the May soybean meal contract in Rizhao was 305 yuan per ton, and the basis of the May rapeseed meal contract in Dongguan was 158 yuan per ton [143]. - The month - to - month and variety spreads of soybean meal and rapeseed meal, including the 1 - 5, 5 - 9, 9 - 1 spreads of soybean meal and rapeseed meal, and the spreads between the January, May, and September contracts of soybean meal and rapeseed meal, are also presented in the report [174].

Report Industry Investment Rating - The report maintains a positive outlook on the far - month contracts of PXTA, suggesting continued optimism [1][2][6][7][27][56][68][85][118][123] Core Viewpoints - The current low valuation of PXTA combined with a production gap period provides an opportunity. The PTA market is in an upward - trending phase, and the price center is expected to rise in the future. The overall situation is expected to improve due to no new production plans for PTA and PX in the future and positive growth in downstream demand. There are long - term opportunities for long positions [5][14] - The market sentiment is currently positive, but there is a lack of substantial favorable news. The improvement in the overall situation is based on long - term optimism. During the off - season, the market is expected to see limited rebound, and it is advisable to focus on long - term long opportunities in far - month contracts [13] Summary by Directory Investment Strategy - **PX1 - 5 Reverse Spread**: The strategy involves the PX601 and PX605 contracts. The cost formula is PX601 - PX605. The target spread is - 200, and the stop - loss spread is 160. It was proposed on August 8, 2025. Attention should be paid to the reverse spread opportunity of PX1 - 5 [8] Industry Chain Operation Suggestions PX - **Refineries (Inventory Management)**: For those with PX inventory worried about price drops, they can sell a certain proportion on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Polyester Traders (Procurement Management)**: To build inventory and buy PX at a low price, they can buy short - term call options to prevent price surges. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] - **Polyester Traders (Inventory Management)**: To protect inventory from price drops, they can sell on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Polyester Factories (Procurement Management)**: When in need of PX and worried about price increases, they can buy call options according to the production plan to prevent price surges. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] - **Polyester Factories (Inventory Management)**: To protect inventory from price drops, they can sell on the market. The hedging derivative is PX601P6500, with a purchase ratio of 100% and an entry price of 20 [10] - **Textile Enterprises (Procurement Management)**: To prevent PX price increases, they can buy call options. The option is PX605, with a purchase ratio of 100% and an entry price of 6650 [10] PTA - **Polyester Traders (Inventory Management - Worried about Price Drops)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Traders (Inventory Management - Seeking High - Price Sales)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Traders (Procurement Management)**: They can buy futures or options on the market according to the proportion to prevent sudden price increases. The options are TA601C4800 and TA601P4550, with a purchase ratio of 100% and entry prices of 30 and 35 respectively [4] - **Polyester Factories (Inventory Management - Worried about Price Drops)**: They can hedge a small proportion of unsold PTA inventory by short - selling. The hedging derivative is TA601P4450, with a purchase ratio of 100% and an entry price of 20 [4] - **Polyester Factories (Procurement Management - Worried about Price Increases)**: They can buy futures or options on the market according to the proportion to prevent sudden price increases. The options are TA601C4800 and TA601P4550, with a purchase ratio of 100% and entry prices of 30 and 35 respectively [4] - **Textile Enterprises (Procurement Management - Worried about Price Increases)**: They can buy options to prevent sudden price increases. The option is TA601P4550, with a purchase ratio of 100% and an entry price of 35 [4] Fundamental Analysis and Strategies Supply - For PTA, with the planned maintenance of Yisheng and Honggang Petrochemical, the PTA load has recently decreased. The restart and maintenance are proceeding as planned. There is no significant unexpected situation on the supply side, but the subsequent supply pressure remains high due to the new 300 - million - ton Xin凤鸣 plant. For PX, the Zhonghua Quanzhou plant has reduced its load due to a fault, and the Shanghai Petrochemical plant has restarted, with fewer clear maintenance plans in the future [13] Demand - This week, the polyester operating rate has remained at around 90%. The overall terminal data is average. The profits of various polyester products have been compressed to different extents, and the inventory level is generally neutral. Due to previous export - rushing phenomena, the off - season expectations are average. Attention should be paid to the changes in polyester inventory and load during the off - season [13] Spot - Recently, due to the high supply pressure in the far - month, the spot performance has been weak. The basis has not rebounded as much as the single - sided price, and the spot is still at a discount of around 60 to the 01 contract [13] Valuation - Currently, PXN is around 288 US dollars per ton, and the 1.9 - cargo processing fee is around 150 yuan per ton. Overall, the PTA valuation is still low, and it has slightly recovered recently with the improvement in sentiment. The recent valuation repair is more reflected in PX [13] Unilateral Strategy - The current market sentiment is positive, but there is no actual favorable news. The improvement in the overall situation is based on long - term optimism about the future production gap of PTA and PX. During the off - season, the valuation is repaired in advance, and there is no substantial improvement in the overall supply - demand pattern from the basis. On the unilateral side, the expected rebound during the off - season is limited, and attention should be paid to long - term long opportunities in far - month contracts [13] PX Analysis PX Load - The Zhonghua Quanzhou 800,000 - ton plant stopped for maintenance on November 25, with an expected two - month maintenance period. A 100,000 - ton PX plant of Fujia Liuhe has been shut down since late March. There were no plant changes this week. The weekly PX output was 748,200 tons, a 0.58% decrease from last week. The domestic bi - weekly average capacity utilization rate was 89.21%, a 0.53% decrease from last week. The Asian weekly average capacity utilization rate was 79.12%, a 0.29% decrease [19] PX Profit - The current PXN is around 288 US dollars per ton. After rebounding from the bottom, the valuation is still at a relatively high level and is expected to remain volatile. Attention should be paid to the strong gasoline crack spread, which is at a relatively high level in the same period of history. There are also reports of the reconstruction of the aromatics logistics from South Korea to the United States, and attention should be paid to whether the subsequent gasoline blending will drive up PXN [29] PX Regional Spread - When the US - Asia spread is too large, there will be exports from Asia to the United States, affecting the Asian supply - demand pattern. Currently, the US - Asia spread has stabilized. After the export of aromatics dropped to zero last October, there was some flow in November and December. The volume of aromatics logistics increased in the first quarter of this year but dropped to zero after April. There has been little logistics in recent months, but there has been some logistics for other aromatics such as pure benzene. Attention should be paid to the subsequent export situation [37] PTA Analysis TA Operating Rate - The current effective operating rate is 75%. There were no changes in domestic PTA plants this week, but the supply increased due to the restart of Honggang Petrochemical last week. The domestic overall output has slightly increased this period. The PTA near - month still faces significant supply - demand pressure, but the situation has started to improve. If the downstream polyester can maintain a high load, the short - term supply - demand is acceptable [48] TA Profit - The current spot processing fee is around 150 yuan per ton. With the commissioning of new plants, the supply pressure is high, and the PTA processing fee has been continuously low. The improvement in supply - demand is more reflected in the valuation repair of PX. As the most over - supplied part of the industrial chain, it is difficult for PTA to repair its valuation, especially with the new Xin凤鸣 plant just commissioned [52] Polyester Analysis Polyester Operating Rate - The current polyester operating rate is 91.8%. The decline in the off - season is not significant, and the polyester factory load has stabilized at around 90%. Currently, the profits of polyester products are stable, and the inventory level is not too high. Overall, the performance during the peak season this year was average. With the arrival of the off - season, the demand is expected to be weak [62] Polyester Profit - Since last year, the profits of polyester bottle chips have been at the lowest level in the same period of history, leading to a continuous slump in the bottle - chip operating rate and a possible delay in the commissioning of new plants, as most planned new plants are for bottle chips. Currently, due to the continuous decline in raw material prices, the profits of downstream products have increased passively [67] Polyester Inventory - Polyester factories have maintained a load of around 90% recently. The inventory of some products is high, but with good sales, the inventory of products has remained at a neutral level. The performance of polyester on the demand side during the peak season this year was average. Due to the previous export - rushing, there was some order pre - empting. With the arrival of the off - season, the situation may not be optimistic [82] Terminal Weaving Analysis Weaving Operating Rate - The current weaving operating rate is 70% [87] Terminal Raw Material Stockpiling - Since the beginning of the month, the overall orders in the weaving market have been characterized by "scarce large orders and scattered small orders." The current clothing consumption demand has contracted, and the home - textile market is divided. The sales of functional fabrics have remained stable, while the conventional medium - and low - count fabrics face significant inventory pressure. Although there are occasional urgent foreign orders, the overall inventory - reduction progress is slow. Some small factories have cut production or shut down, while large - scale enterprises are still operating stably. Looking ahead, the price - negotiation atmosphere for spring orders is gradually heating up, and the market is waiting for further guidance. It is expected that the sales of home - textile products such as fleece will experience a phased recovery driven by promotional events such as "Double 12" [87] Basis and Spread Analysis - The basis reflects the strength of the spot relative to the futures. A negative basis indicates a weak spot market, and vice versa. The monthly spread sometimes provides arbitrage opportunities and can avoid unilateral risks. Attention should be paid to the PX01 contract basis, PX1 - 5 spread, TA01 contract basis, TA09 contract basis, and TA futures 5 - 9 spread [96][99] Position and Trading Volume Analysis - The position volume of the main contract can reflect the virtual - to - real ratio and sometimes affect delivery. The trading volume reflects the activity of the main contract. Attention should be paid to the trading volume and position volume of the PX_01 contract and the PTA_01 contract [113][114][119] Capacity and Cost Summary PX - **Supply - side Production Rhythm**: There has been no new production this year. As of now, the annual commissioned capacity is 0 tons, with a capacity growth rate of 0%. Yulongdao plans to commission 3 million tons at the end of the year. - **Demand - side Production Rhythm**: As of November 2025, the annual commissioned capacity is 11.7 million tons, with a capacity growth rate of 11%. There is no planned new production. - **Cost Curve**: PX is produced by pure oil - based methods, and the production processes are similar. The market generally believes that for PX, PXN around 200 - 300 US dollars per ton is near the cost, and currently, PXN is around 250 US dollars per ton [122] PTA - **Supply - side Production Rhythm**: As of November 2025, the annual commissioned capacity is 11.7 million tons, with a capacity growth rate of 11%. There is no planned new production. - **Demand - side Production Rhythm**: As of November 2025, the downstream polyester demand side has commissioned a total of 2.85 million tons, including 1.25 million tons of polyester bottle chips. The annual commissioned capacity is 2.85 million tons, with a capacity growth rate of 3%. There are still about 1.5 million tons of polyester capacity to be commissioned this year, and the expected annual commissioning growth rate is around 5%. - **Cost Curve**: PTA is all oil - based production, and the processes are similar. For most plants, the processing cost is in the range of 200 - 300 yuan per ton, and the current PTA spot processing fee is around 250 yuan per ton [125]

策略综述及建议 策略综术 【指数判断】 进入四季度下半旬，板块轮动加快。股指震荡为主;中长期来看,国内市场为流动性叙事,增量资金源源不断，股指盘整过后仍有上行动能。 【逻辑跟踪】 1. 国际形势是复杂的,中美经贸磋商取得积极成果,双方在关税、海事等多方面达成共识。 板块轮动加快，股指缩量震荡 日期：2025-12-07 【股指期货周报20251207】板块轮动加快，股指缩量震荡 2. 美国进入新的降息周期,降息利于人民币升值,利于外资回流,带来新的增量资金。 3.当前稳定资本市场政策积极，股指底线明确，而新技术、新消费在推动者经济预期企稳回升："十五五"规划提高对科技创新要求，扩内需，未来五年政策 大方向落地。 4. 无风险利率降至低位后,中长期资金入市及居民入市将进入全新周期。 5. 未来指数需要关注成交情况,两市成交若能维持在两万亿上方,则仍能维持相对强势。 6. 建议重点配置具备盈利确定性的半导体、AI算力等科技成长赛道，同时关注金融、Giz券 、消费等低估值防御板块的轮动配置价值。 【风险提示】 浙商期货有限公司 报告撰写人:周志超 从业资格号: F03087618 投资咨询号: Z0019474 全 ...

1. Report Industry Investment Rating - No information provided in the report. 2. Core Viewpoints of the Report - The caustic soda market is in a downward oscillation phase, and the later price center is expected to decline. The current supply - demand situation of caustic soda is loose. The supply has increased due to the end of production and maintenance of upstream enterprises this year, while the demand has been weak and difficult to bear the supply. With the arrival of winter, the active destocking pressure of upstream enterprises may impact the spot market. Attention can be paid to the short - selling opportunities on the disk [3]. - The current caustic soda pattern remains weak, and the futures price mainly follows the decline of the spot price. In the short term, it is difficult to change the current loose supply - demand pattern. If enterprises face active destocking pressure in the future, they may lower prices to digest inventory. However, since the current price is close to the loss of comprehensive profit of chlor - alkali, the disk has limited momentum to further release pessimistic sentiment and only operates at a discount to the spot price. It is recommended to focus on whether the active destocking behavior of upstream chlor - alkali enterprises is fulfilled before the Spring Festival [5]. 3. Summary by Relevant Catalogs 3.1 Market Review - In November, the domestic caustic soda futures showed oscillations in the first half of the month and further declined in the second half. Near the end of the month, the price slightly stabilized. The decline was mainly due to the weak supply - demand pattern and pessimistic expectations. The current situation is high supply, weak demand, and high inventory. The inventory level is about 50% higher than that of last year. The industry characteristics lead to the need for upstream enterprises to actively destock before the Spring Festival, which may further suppress the spot price and guide the disk to weaken [10][11]. 3.2 Spot Prices - The report presents the spot prices of 32% caustic soda, 50% caustic soda, and 99% flake caustic soda in different regions such as Shandong, Jiangsu, Henan, and Inner Mongolia on November 27, 2025 [12][16][18]. 3.3 Price Spreads - It shows the price spreads between different types of caustic soda (such as 50% caustic soda - 32% caustic soda, 99% flake caustic soda - 32% caustic soda) and different regions (such as 32% caustic soda in Zhejiang - Shandong, 50% caustic soda in Jiangsu - Shandong) on November 27, 2025 [28]. 3.4 Supply Side - **Production and Capacity Distribution**: China's caustic soda production capacity is mainly concentrated in North China, Northwest China, and East China, accounting for 80% of the total national capacity. In November, the expected domestic caustic soda production (in 100% equivalent) was 3.755 million tons, with a month - on - month decrease of 0.07%. The domestic caustic soda production in October was 3.7577 million tons, with a month - on - month decrease of 4.72%. The operating rate of domestic chlor - alkali enterprises in November was 87.60%, with a month - on - month decrease of 0.22% compared to October [44]. - **Maintenance**: The report lists the long - term shutdown, current maintenance, and planned future maintenance of chlor - alkali plants of various enterprises in different regions. The total impact on the 100% equivalent production this month is expected to be 93,600 tons [52]. - **Flake Caustic Soda Unit Operation**: It shows the operation status of flake caustic soda units of different manufacturers, including normal operation, maintenance, and planned startup [55]. 3.5 Imports and Exports - In October 2025, China's liquid caustic soda imports were 41,860 tons, a year - on - year decrease of 18.77% and a month - on - month decrease of 14.78%. The exports were 33,251.06 tons, a year - on - year decrease of 11.39% and a month - on - month decrease of 8.90%. The imports of solid caustic soda were 882.64 tons, a month - on - month increase of 1.48% and a year - on - year decrease of 23.76%. The exports were 56,575.86 tons, a month - on - month decrease of 2.69% and a year - on - year decrease of 45.59% [59][60]. 3.6 Demand Side - **Alumina**: In November, the wait - and - see sentiment in the alumina market increased. Although the spot price of alumina had a phased rebound, the market still showed oversupply. The short - term production reduction of alumina plants had limited impact on monthly production, and the inventory was at a high level [75]. - **Viscose Staple Fiber**: In November, the domestic viscose staple fiber market declined. The monthly average price was 18,002 yuan/ton, a decrease of 98 yuan/ton from the previous month, a decline of 0.75%. The cost side increased, the supply decreased slightly, but the inventory increased slightly. The market entered the off - season, and the demand decreased [75]. 3.7 Inventory - In November, the inventory of liquid and flake caustic soda plants increased month - on - month. The domestic liquid caustic soda plant inventory was 275,800 tons, a month - on - month increase of 12.48% compared to October 31. The domestic flake caustic soda plant inventory was 33,900 tons, a month - on - month increase of 6.94% [93]. 3.8 Valuation - The processing cost of caustic soda mainly comes from raw salt and electricity. In November, the cost side strengthened month - on - month. The industrial salt market was weak, while the coal price increased. The national average price of industrial salt for large - scale industries decreased in November. The price of动力煤 in the main producing areas mainly increased [95][96][97]. 3.9 Chlorine - Consuming Downstream - The report presents the benchmark spot price of PVC, the weekly operating rate of PVC powder, the comprehensive profit of calcium carbide - based northwest integrated chlor - alkali, and the market prices, capacity utilization rates, and production gross profits of products such as propylene oxide, epichlorohydrin, dichloromethane, and trichloromethane [104][110][118]. 3.10 Supply - Demand Balance Sheet - The report provides the supply - demand balance sheet of caustic soda from 2024 to 2025, including data on total production, imports, exports, apparent consumption, consumption, and inventory changes, as well as their year - on - year and cumulative year - on - year changes [125].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - MEG is expected to trade in a range of [3700, 4250] yuan. The eg2601 contract is under pressure due to weak cost (oil and coal), high self - valuation, and weak expectations of new capacity additions in the fourth quarter. The inventory has accumulated slightly since the National Day, with a stock - building of about 7 - 8 tons in October and more obvious accumulation from November to December. Looking ahead, the value of ethylene glycol will likely show a bottom - consolidation trend. The absolute price range of ethylene glycol is estimated to be around 3700 - 4245 yuan, referring to the cost of the coal - based industry [4]. Summary by Directory EGPF Morning Report - **Viewpoint**: MEG will trade in the range of [3700, 4250] yuan. The eg2601 contract is under pressure. The price is mainly affected by cost, valuation, and new capacity expectations. The inventory situation and long - term supply outlook also influence the price [4]. - **Operation Suggestions for the Industrial Chain**: Different market participants (refineries, traders, end - customers, and coal - chemical production enterprises) are given different hedging and trading strategies based on their inventory and procurement situations [4]. Upstream Price - **Price Changes from November 21 to November 24, 2025**: The price of naphtha CFR Japan increased from 562.00 to 563.00; the price of methanol in Taicang increased from 1989.00 to 2062.00, with a change of 73. Other prices such as动力煤 (Inner Mongolia Q5500) and ethylene in Northeast Asia remained unchanged [6]. EG Process Profits - **Profit Changes from November 21 to November 24, 2025**: MEG import profit increased from 1.07 to 15.99 yuan/ton; MEG oil - based profit increased from - 1192.63 to - 1123.87 yuan/ton; MEG coal - based profit increased from - 972.00 to - 902.00 yuan/ton; MEG ethylene - based profit increased from - 750.77 to - 676.69 yuan/ton; MEG methanol - based profit decreased from - 1256.09 to - 1318.22 yuan/ton; MEG weighted profit increased from - 1104.06 to - 1038.67 yuan/ton [6]. EG Basis, Spread, and Position - **Price and Spread Changes from November 21 to November 24, 2025**: EG2601 futures price increased from 3808.00 to 3884.00 yuan/ton; EG January basis decreased from 36.00 to 30.00 [6]. PF Basis and Profit - **Price and Profit Changes from November 21 to November 24, 2025**: The price of direct - spun polyester staple fiber increased from 6278 to 6488; the spot profit of direct - spun polyester staple fiber decreased from 114.13 to 75.88; PF2512 closing price increased from 6148 to 6190; the profit of the short - fiber main contract on the futures market decreased from 32 to 31; the deep - discount spread increased from 130 to 298 [6].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views - The view is to wait for short - selling opportunities for styrene, but the upside space may also be large, with the contract being eb2512 [5]. - In 2025, the supply pressure of pure benzene is relatively large. Domestic production will increase significantly after the resumption of refinery operations. Import volume is 970,000 tons more than last year, with a year - on - year increase of nearly 20%. The demand growth of downstream products has slowed down. Under the situation of increasing supply and weakening demand, the inventory pressure of pure benzene may still be large [5]. - The pattern of styrene in the second half of the year may be weaker than the previous period. Supply will increase with the restart of domestic and foreign plants and the commissioning of new capacities. The growth of downstream demand is weak, and the high - profit state of styrene may be difficult to sustain. Pay attention to the opportunities of basis decline and profit compression [5]. Group 3: Summary by Catalog Day - to - day Description - Crude oil is running weakly overall. The profit of domestic pure benzene has been continuously compressed to a relatively low level, while the non - integrated profit of styrene has been at a high overall valuation recently [9]. Styrene Industry Chain Overview - The report shows the styrene industry chain, including the sources of benzene, production methods of styrene, and its downstream products such as EPS, PS, ABS, etc [10]. Industrial Chain Daily Data - **Toluene Spread**: Data on the spread between toluene and other products in different regions are presented, including the spread between toluene and naphtha in the Americas, and the spread between benzene and toluene in the Americas, Europe, and Asia [13][14]. - **Pure Benzene Spread and Profit**: Information on the profit of domestic pure benzene, pure benzene import profit, and various spreads of pure benzene is provided, such as the spread between Chinese CFR and South Korean FOB [13][29]. - **Other Downstream Profits of Pure Benzene**: Profits of downstream products of pure benzene like caprolactam, phenol, adipic acid, aniline, and the comprehensive profit of pure benzene downstream are shown [31]. - **Styrene Profit and Spread**: Data on non - integrated and integrated (ethylbenzene dehydrogenation) profits of styrene, import profit, and various spreads are given, including the spread between South China and East China [13][32]. - **EB Inventory Situation**: Inventory data of styrene in different regions and overall inventory data are presented, including the inventory of mainstream storage areas in Jiangsu and South China, and the total inventory of styrene factories and ports [32][34]. - **EB Downstream Profit**: Profits of styrene downstream products such as EPS, GPPS, and ABS are shown [34]. Industrial Chain Operation Suggestions - Different participation roles in the styrene industry chain are given corresponding operation suggestions, including inventory management and procurement management strategies, as well as relevant hedging derivatives and ratios [6]. Attention Data - Pay attention to port inventory data on Mondays and Wednesdays, styrene factory inventory data on Thursdays, styrene downstream inventory data on Thursdays, and pure benzene industry chain operation data on Fridays [7].