港口库存开始回落

Report Industry Investment Rating - Not provided in the given text Core Viewpoints - Chinese methanol port inventory begins to show a lagging de - stocking, with a significant decline in port inventory this week and a slowdown in arrivals being gradually realized [2] - The MTO in the downstream is in the maintenance period, causing the de - stocking of the port not to be fully realized, and some downstream MTO devices are still under maintenance [2] - Coal - based methanol in the inland maintains high - level operation, downstream pending orders perform well, and inland factory inventory further decreases, without realizing the seasonal inventory build - up before the Spring Festival [3] - Traditional downstream industries: acetic acid maintains a loss - making and low - load state, formaldehyde continues to reduce its load seasonally, and MTBE operation shows good performance [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis and inter - period spreads, 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 spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01) [6][7][20] 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import spread between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][24][25] 3. Methanol Operation and Inventory - The report provides data on methanol port total inventory, MTO/P operation rate (including integrated ones), inland factory sample inventory, and China's methanol operation rate (including integrated ones) [6][31][38] 4. Regional Price Differences - Figures show the price differences between different regions, such as the price difference between North Shandong - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [6][35][42] 5. Traditional Downstream Profits - The report presents the production gross profits of traditional downstream products, including the production gross profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][48][51]