基础化工：尿素、炭黑价格承压，醋酸出口同比高增

Investment Rating - The industry is rated as "Outperform the Market" [3][36]. Core Insights - The report highlights that urea and carbon black prices are under pressure, while acetic acid exports have seen a significant year-on-year increase [2]. - The coal chemical sector is expected to see marginal profit improvement due to ongoing coal supply policies and declining coal prices, with a recommendation to focus on leading companies in the coal chemical industry such as Hualu Hengsheng and Luxi Chemical [2]. Summary by Sections Prices - Methanol and DMF prices improved month-on-month, while urea and carbon black prices faced downward pressure. As of October 30, methanol was priced at 2000 CNY/ton (+2.6% MoM), acetic acid at 2806.7 CNY/ton (-9.2% MoM), urea at 1881.4 CNY/ton (-1.9% MoM), and carbon black at 8250 CNY/ton (-4.1% MoM) [2][12][13]. Supply - Urea inventory has significantly increased, while EVA inventory has slightly decreased. As of October 30, methanol operating rate was 74.24% with a stock of 2.65 million tons, acetic acid at 88.98% with 123,700 tons, urea at 77.65% with 903,000 tons, and EVA at 78.55% [2][20]. Imports and Exports - Acetic acid exports saw a year-on-year increase, while EVA exports declined. In September, urea exports were 0.09 million tons (-99.2% YoY), acetic acid exports were 1.04 million tons (+134.0% YoY), methanol imports were 1.249 million tons (-6.3% YoY), and EVA exports were 0.021 million tons (-1.4% YoY) [2][30].