国投期货化工日报-20251107

Report Industry Investment Ratings - Propylene: ★☆☆, indicating a bullish bias but low operability on the trading floor [1] - Plastic: ★☆☆, suggesting a bullish bias but low operability on the trading floor [1] - Styrene: ★☆☆, showing a bullish bias but low operability on the trading floor [1] - PTA: ★★★, representing a clear bullish trend with relatively appropriate investment opportunities [1] - Short Fiber: ★★★, indicating a clear bullish trend with relatively appropriate investment opportunities [1] - Methanol: ★★★, suggesting a clear bullish trend with relatively appropriate investment opportunities [1] - PVC: ★☆☆, showing a bullish bias but low operability on the trading floor [1] - Soda Ash: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] - Glass: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] - Pure Benzene: ★☆☆, suggesting a bullish bias but low operability on the trading floor [1] - Ethylene Glycol: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] - Bottle Chip: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] - Urea: ☆☆☆, meaning the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] - Caustic Soda: ☆☆☆, indicating the short - term long/short trend is in a relatively balanced state with poor operability, suggesting to wait and see [1] Core Viewpoints - The chemical market is generally under pressure, with many products facing issues such as weak demand, high inventory, and cost - profit imbalances. Different products have different trends and investment strategies, mainly including anti - arbitrage operations and attention to load changes in each link of the industrial chain [2][3][5] Grouped by Related Catalogs Olefins - Polyolefins - Propylene futures weakened slightly during the day. International oil price decline dampened market sentiment, and demand was hard to boost significantly [2] - Plastic and polypropylene futures consolidated weakly. For polyethylene, trading volume needed to be released; for polypropylene, the supply - side pressure was expected to increase [2] Pure Benzene - Styrene - The price of benzene futures fluctuated narrowly, and the market was in short - term consolidation with medium - term negative factors. Attention should be paid to the port inventory accumulation rhythm [3] - Styrene futures consolidated narrowly. The cost support was insufficient, and the price continued to be weak [3] Polyester - PX supply increased, PTA load decreased, and polyester load increased slightly. PTA might accumulate inventory in the future, and anti - arbitrage was the main strategy [5] - Ethylene glycol supply was expected to increase, with a continued inventory accumulation expectation, and anti - arbitrage was the main strategy [5] - Short fiber had a good spot pattern, but the profit was slightly squeezed. Its price would fluctuate with raw materials. Bottle chip demand weakened, and the cost was the main driver [5] Coal Chemical Industry - Methanol futures fluctuated at a low level. High port inventory and weak demand suppressed the market, and the market was expected to be weak [6] - Urea futures rose significantly. The market was boosted by export news, but caution was needed when chasing up [6] Chlor - Alkali - PVC continued to accumulate inventory and ran at a low level due to high supply and weak demand [7] - Caustic soda fluctuated at a low level. The downstream demand was general, and the supply was high [7] Soda Ash - Glass - Soda ash rose slightly. The supply was high, and the inventory was at a high level. It was expected to be hard to decline in the short term [8] - Glass ran weakly. Cost increase limited the decline space, and attention should be paid to the end - of - year rush - to - work [8]