化工日报-20251110

Report Industry Investment Ratings - Urea: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Methanol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Pure Benzene: One star, representing a bullish bias, but with limited operability on the trading floor [1] - Styrene: Three stars, indicating a clearer bullish trend and relatively appropriate investment opportunities [1] - Polypropylene: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Plastic: One star, representing a bearish bias, but with limited operability on the trading floor [1] - PVC: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Caustic Soda: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - PX: Three stars, representing a bullish trend [1] - PTA: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Ethylene Glycol: One star, representing a bearish bias, but with limited operability on the trading floor [1] - Short Fiber: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Glass: Three stars, representing a bullish trend [1] - Soda Ash: No stars, indicating a relatively balanced short - term trend and poor operability on the trading floor [1] - Bottle Chip: Three stars, representing a bullish trend [1] - Propylene: One star, representing a bullish bias, but with limited operability on the trading floor [1] 2. Core Views - The overall chemical industry shows a complex situation with different trends in various sub - sectors. Some products are facing supply - demand imbalances, while others are affected by factors such as cost, inventory, and downstream demand [2][3][5] 3. Summary by Relevant Catalogs Olefins - Polyolefins - Propylene futures rose slightly, with improved short - term demand but overall supply remaining loose [2] - Plastic and polypropylene futures were weak. Demand is expected to decline slightly, and supply pressure is hard to ease [2] Pure Benzene - Styrene - Pure benzene prices were in a low - level shock. There are short - term consolidations and medium - term negatives. Attention should be paid to port inventory accumulation [3] - Styrene futures were narrowly sorted. It maintains a tight supply - demand balance, but there are concerns about future supply and demand [3] Polyester - PX supply increased, PTA load decreased, and polyester load slightly increased. There are uncertainties in the mid - term demand and production reduction rhythm [5] - Hexanediol supply has a large growth pressure, and the mid - term demand is weak [5] - Short fiber has a good spot pattern, but the profit is slightly squeezed. The demand will weaken in mid - to late November [5] - Bottle chip demand fades, with over - capacity as a long - term pressure [5] Coal Chemical Industry - Methanol may continue to be weak in the short term, but it is easily affected by positive news due to low valuation [6] - Urea's upward momentum is insufficient, and the market is expected to fluctuate within a range [6] Chlor - Alkali - PVC is in a pattern of high supply and weak demand, and may run at a low level [7] - Caustic soda is running weakly, and attention should be paid to cost and profit changes [7] Soda Ash - Glass - Soda ash is oscillating strongly in the short term, but a high - supply pattern remains in the long term [8] - Glass prices are under pressure, but the decline space is limited due to low valuation and cost support [8]