氯碱11月月报：液碱、PVC价格走弱，氧化铝、造纸需求同比增长

Investment Rating - The industry rating is "Outperform the Market" [3][47]. Core Viewpoints - The report indicates that the caustic soda sector is expected to experience an upturn in demand, particularly due to limited new capacity driven by policy support, suggesting potential investment opportunities in chlor-alkali chemicals and Binhu Chemical [2]. Summary by Sections Prices - As of December 14, liquid caustic soda is priced at 1,030 CNY/ton, down 3.3% month-on-month. PVC prices are also declining, with ethylene-based PVC at 5,850 CNY/ton, down 1.7%, and calcium carbide-based PVC at 4,750 CNY/ton, down 4.0% [12][2]. Supply - The production of caustic soda reached 826,100 tons with an operating rate of 88.94% as of December 12. PVC operating rates are at 78.91%, with inventories of 274,380 tons [23][2]. Downstream Demand - In November, alumina production was 7.434 million tons, a year-on-year increase of 6.4%. The paper and paper products industry saw a 5% increase in industrial added value year-on-year. However, real estate construction area has decreased significantly, with a cumulative decline of 30% in housing construction area and 35.6% in completed real estate area [36][2].