中东战局持续，甲醇支撑仍存

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Middle - East war situation continues, providing support for methanol. The port inventory has started to decline from its high level, and the inflection point of the port inventory due to the expected decline in imports has been realized. The inflection point of inland factory inventory has also appeared, with inventory peaking and falling. The coal - based methanol production capacity has only slightly declined from its high level, and the scale of spring maintenance is still limited. The traditional downstream production capacity has continued to increase seasonally [1][2][3] 3. Summary by Directory 3.1 Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main methanol contract, basis of spot - main futures in different regions, and price differences between different methanol futures contracts [7][9][22] 3.2 Methanol Production Profit, MTO Profit, and Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import price difference, and price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China [26][27][31] 3.3 Methanol Production Capacity and Inventory - Figures show the total methanol port inventory, MTO/P production capacity utilization rate (including integrated ones), inland factory sample inventory, and China's methanol production capacity utilization rate (including integrated ones) [34][43] 3.4 Regional Price Differences - Figures present price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [40][48][50] 3.5 Traditional Downstream Profits - Figures include Shandong formaldehyde production profit, Jiangsu acetic acid production profit, Shandong MTBE isomerization etherification production profit, and Henan dimethyl ether production profit [54][57]