下游阶段性补货，烧碱库存去化明显

Report Industry Investment Rating - Both PVC and caustic soda are rated as neutral [11] Core Viewpoints PVC - Supply side: New device overhauls increased during the week, and the PVC operating rate decreased slightly. Supply reduction and stable export delivery led to continuous destocking of PVC social inventory. Future supply pressure may be alleviated. However, downstream demand is weak, and the cost - side support has weakened, with prices moving down. Export uncertainties remain, and the high absolute inventory still drags down prices [8] Caustic Soda - Supply side: Two new chlor - alkali enterprises carried out overhauls, and future overhauls are still numerous, so supply may be tightened. Demand side: Non - aluminum industries and downstream traders increased replenishment, leading to a significant decline in upstream inventory and a price rebound. But overall non - aluminum demand is weak, and the upward trend of prices is still under pressure [10] Summary According to Relevant Catalogs Market News and Important Data PVC - As of April 18, the average operating load rate of calcium carbide was 60.80%, a week - on - week decrease of 1.58%. The overall operating load of PVC was 74.65%, a week - on - week decrease of 0.08%. The loss due to parking and overhauls was 13.23 tons, a decrease of 0.40 tons from last week. Warehouse total inventory was 41.38 tons, a decrease of 0.85 tons from last week [3][4][5] Caustic Soda - As of April 18, the operating rate of caustic soda was 82.30%, a week - on - week decrease of 1.50%. The output was 79.20 tons, a decrease of 1.71 tons from last week. The upstream inventory was 42.92 tons, a decrease of 5.31 tons from last week [6][7] Strategy - PVC: It is expected to maintain a bottom - oscillating pattern. Pay attention to the implementation of overhauls and the recovery of downstream demand [11] - Caustic Soda: Although supply is expected to tighten slightly, the upward trend of prices is still under pressure. Pay attention to downstream procurement rhythm and the implementation of overhauls [11]