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Report Summary 1. Report Industry Investment Rating No investment rating for the methanol industry is provided in the report. 2. Core Viewpoints - The situation in Iran has eased but remains uncertain, and it is an important variable affecting the methanol futures market. The methanol inventory at Chinese ports remains high, and there are expectations of MTO maintenance, which may increase the inventory pressure in January and weaken the future destocking expectations if the maintenance is realized [2]. - Coal - based methanol plants maintain high operating rates, and the resumption of southwest gas - based plants depends on the progress in the second half of the month. The inventory of inland plants is rising, and the traditional downstream is in a seasonal off - peak period [3]. 3. Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis, including the basis between methanol in different regions (such as Taicang, Lunan, Inner Mongolia North Line, etc.) and the main futures contract, as well as the price differences between different methanol futures contracts (e.g., 01 - 05, 05 - 09, 09 - 01) [6][7]. II. Methanol Production Profit, MTO Profit, and Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, the profit of MTO in East China, and the import price difference between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][24]. III. Methanol Operating Rate and Inventory - The methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants) are presented in the report [6][31]. IV. Regional Price Differences - The report shows the price differences between regions such as Lubei - Northwest, Taicang - Inner Mongolia, Taicang - Lunan, etc., and provides relevant charts [6][35]. V. Traditional Downstream Profits - The production gross margins of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether are presented in the report [6][49]. 4. Strategies - Unilateral: No strategy is provided. - Inter - period: Expand the price difference between MA2605 and MA2609 when it is low. - Cross - variety: No strategy is provided [4].