纯碱产量将显著增加，尽管产能增幅放缓至 0.58%，但产量增幅预计达到 5.65%，全年总产量可能达到 4,100 万吨。这主要是由于部分新增产能将在今 年逐步实现满负荷生产。 需求方面，重质纯碱需求疲软。浮法玻璃和光伏玻璃 两大主要下游板块需求下降明显。浮法玻璃日熔量持续下降，截至去年 12 月 底降至 14.96 万吨以下。而光伏玻璃虽然整体需求相对稳定，但库存压力较大， 并且存在堵窑口风险，即不再消耗纯碱但保持生产线运行。 轻质纯碱需求表现 良好，下游如碳酸锂、环保行业（污水处理）及传统行业（如碳酸氢钠）消费 量增加。据估算，2025 年轻质纯碱需求同比增幅达 9.8%，增量约 50-60 万 吨。这种增长趋势有助于部分抵消重质纯碱需求疲软带来的压力。 综上所述， 尽管短期内供需格局依然偏弱，但政策支持和轻质纯碱需求增长可能为未来提 供一定支撑。然而，由于供应压力仍然存在，需要密切关注政策变化及其对市 场的影响。 纯碱、尿素行业专家交流 20260106 摘要 2024 年纯碱价格下跌，目前估值较低，需关注房地产托底政策及石化、 能化产业政策对市场的影响，这些政策可能带动下游行业回暖。 2025 年纯碱 ...

库存方面，据中辉期货介绍，库存去化，但仍处近近五年同期偏高位置，其中厂内库存117.97(-5.45)万 吨；港口库存13.8(+1.5)万吨；两广库存14.6万吨(环比持平)。 对于后市走势，光大期货表示，近期市场焦点仍在于印标及我国出口政策变化预期，新增出口配额传言 对市场情绪扰动明显，但消息来源需仔细甄别，政策需以官方为准。在新增利好因素兑现以前，盘面仍 以坚挺震荡趋势为主，关注印标结果及出口预期等因素共振带来的阶段性行情机会，另需关注尿素供应 水平变化、现货成交氛围、商品整体走势、本周尿素库存数据。 12月24日，国内期市能化板块大面积飘红。其中，尿素期货盘面表现偏强，截至发稿主力合约震荡上行 1.52%，报1739.00元/吨。 基本面来看，国投安信期货指出，尿素市场受出口新配额的传闻扰动，警惕传闻证伪后行情快速回落的 可能。气头企业检修陆续推进，日产小幅下降。 需求方面，冠通期货分析称，冬储继续推进，工厂对原料端需求有韧性，且目前以高氮复合肥生产为 主，对尿素支撑虽无向上驱动力，但维持刚性。 ...

南华期货尿素产业周报 ——短期震荡 2025/12/21 联系人 张博（投资咨询证号：Z0021070） 投资咨询业务资格：证监许可【2011】1290号 第一章 核心矛盾及策略建议 资金席位回测一览 1.1 核心矛盾 磷肥政策的改变，带来化肥板块投机性压制，尿素现货成交转弱。在政策保供与生产利润修复的支撑下， 尿素日产预计将维持高位，高供应对价格构成显著压力。然而出口政策的适时、连续调节，持续为基本面泄 压，从而削弱了价格的下行驱动强度。在出口政策调控背景下，短期现货价格受到明显压制，业内情绪有减 弱，短线国内尿素行情走低。由于目前东北地区已经连续补库两周，复合肥工厂及贸易商追高意愿逐步减 弱，但尿素显性库存连续去库，基本面对价格形成支撑。总体而言，尿素市场处于基本面与政策的区间内。 短期其下行空间受到有力支撑，但上方同样承压，预计短期震荡走势。 尿素现货日产销与尿素期货收盘价 元/吨 尿素平均产销(右轴) 尿素期货主力合约收盘价 1 2 3 1600 1800 2000 2200 2400 尿素山东产销季节性 2023 2024 2025 2 4 6 ∗ 近端交易逻辑 | | | | | 0 | 03/0 ...

· 2025 年 12 月 18 日 需求弹性增加，旺季偏强，淡季承压 三 年 ---2026 年尿素期货年度行情展望 杨鈜汉 投资咨询从业资格号：Z0021541 yanghonghan@gtht.com 报告导读： 国 观点：2026 上半年尿素价格中枢或有上移，农需旺季过后，预计下半年尿素价格中枢逐步回落，震荡格局贯穿全年。全年市场或主要交易 尿素农需旺季驱动、出口驱动、承储驱动的预期及预期差，建议重点关注波段机会。此外，2026 年出口相关政策调整继 2025 年后仍是国内基 本面调节的关键因素。目前由于出口政策较为灵活，市场对于尿素远月价格的预期亦较为多变，交易者更多需要实时应对政策调整对市场预期的 改变。2026 年尿素价格运行区间预计在 1550-1950 元/吨。策略方面建议关注 5-9 逢低正套，9-1 及 1-5 的逢高反套。 君 安 期 货 研 究 所 逻辑：供应方面，尿素 2026 年或以高产量、高库存、低利润为起点。全年来看，尿素供应端或呈现产量增加、库存先抑后扬、利润先扬后 抑的格局。第一，产量端，2026 年尿素行业预计新增产能 651 万吨，全年产能增速约为 7.9%。理论产能 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - Urea spot prices decreased yesterday, and low - price transactions improved. Short - term fluctuations are expected. In the short term, autumn fertilizer production for agriculture is ongoing in some areas, and the overall operating rate has increased with the recovery of equipment. The production of autumn fertilizers for compound fertilizers is nearing completion, and the inventory of compound fertilizers for winter wheat is mainly being cleared. With the improvement of weather, the sentiment of product sales has improved. The operation of melamine has increased slightly, with rigid demand for procurement. In the long - term, due to the release of new production capacity, the supply and demand of urea will remain relatively loose. Gas - fired equipment maintenance in the fourth quarter is expected to start gradually in December. The factory inventory decreased last week, and the highest inventory is still in Inner Mongolia. Attention should be paid to the operating rate of compound fertilizers in the Northeast, the raw material procurement rhythm, and the national light - storage rhythm. Urea is still affected by export sentiment, and the export policy may change. [2] - Strategies: For single - side trading, expect range - bound fluctuations; for inter - period trading, adopt a wait - and - see approach; for cross - variety trading, there is no specific strategy. [3] 3. Summary by Directory I. Urea Basis Structure - The report provides information on the market prices of small - sized urea in Shandong and Henan, as well as the basis of the main continuous contracts in Shandong and Henan, and the price of the urea main continuous contract and relevant spreads. [1][6][7] II. Urea Production - The report shows the weekly production of urea and the loss of urea plant maintenance. [17][22] III. Urea Production Profit and Operating Rate - It includes the production cost, spot production profit, and the operating rates of coal - based and gas - based urea production. [25][26][29] IV. Urea Foreign Market Prices and Export Profits - The report presents the FOB prices of small - sized urea in the Baltic Sea, the CFR prices of large - sized urea in Southeast Asia, the FOB prices of small - sized and large - sized urea in China, and the export profit and on - paper export profit of urea. [31][33][37] V. Urea Downstream Operating Rate and Orders - It shows the operating rates of compound fertilizers and melamine, as well as the number of days of pending orders. [46][47][48] VI. Urea Inventory and Warehouse Receipts - The report includes the upstream factory inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, and the trading volume and open interest of the main contract. [51][54][55] Market Data Summary - **Price and Basis**: On November 3, 2025, the closing price of the urea main contract was 1,623 yuan/ton (- 2). The ex - factory price of small - sized urea in Henan was 1,560 yuan/ton (0), in Shandong was 1,560 yuan/ton (- 30), and in Jiangsu was 1,560 yuan/ton (- 20). The price of small - sized anthracite was 750 yuan/ton (+ 0). The basis in Shandong was - 63 yuan/ton (- 28), in Henan was - 63 yuan/ton (- 18), and in Jiangsu was - 63 yuan/ton (- 18). The urea production profit was 30 yuan/ton (- 30), and the export profit was 904 yuan/ton (+ 32). [1] - **Supply Side**: As of November 3, 2025, the enterprise capacity utilization rate was 80.32% (0.08%). The total inventory of sample enterprises was 1.5543 million tons (- 75,900 tons), and the port sample inventory was 110,000 tons (- 100,000 tons). [1] - **Demand Side**: As of November 3, 2025, the capacity utilization rate of compound fertilizers was 31.04% (+ 3.33%), the capacity utilization rate of melamine was 49.98% (+ 1.68%), and the number of days of advance orders for urea enterprises was 7.53 days (+ 0.12). [1]

Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: Wait - and - see [3] - Inter - variety: None [3] Core Viewpoints - Urea spot trading weakened after the price increase this week following the simultaneous increase in futures and spot last week. It is expected to fluctuate in the short term, waiting for a driving force [2]. - In the medium and long term, urea supply and demand remain relatively loose due to the release of new production capacity. As the weather improves, agricultural demand for urea increases, and the inventory accumulation speed slows down [2]. - Urea is still affected by export sentiment. The export window period is from September to October. The export volume in September was 1.37 million tons, and the cumulative export volume from January to September 2025 was 2.8123 billion tons. Pay attention to subsequent export dynamics [2]. Summary by Directory 1. Urea Basis Structure - Includes charts of Shandong and Henan urea small - particle market prices, Shandong and Henan main - continuous basis, urea main - continuous contract price, and 1 - 5, 5 - 9, 9 - 1 spreads [6][7][8] 2. Urea Output - Comprises charts of urea weekly output and urea plant maintenance loss volume [17][20] 3. Urea Production Profit and Operating Rate - Involves charts of production cost, spot production profit, panel production profit, national capacity utilization rate, coal - based capacity utilization rate, and gas - based capacity utilization rate [23][24][27] 4. Urea Foreign Market Price and Export Profit - Contains charts of urea small - particle FOB in the Baltic Sea, urea large - particle CFR in Southeast Asia, urea small - particle FOB in China, urea large - particle CFR in China, and their price differences, as well as urea export profit and panel export profit [29][31][35] 5. Urea Downstream Operating Rate and Orders - Consists of charts of compound fertilizer operating rate, melamine operating rate, and pending order days [47][48][49] 6. Urea Inventory and Warehouse Receipts - Includes charts of upstream in - plant inventory, port inventory, raw material inventory days of downstream urea manufacturers in Hebei, futures warehouse receipts, main - contract holding volume, and main - contract trading volume [52][53][57]

Group 1 - The report anticipates increased market volatility due to uncertainties surrounding US-China negotiations, suggesting a focus on controlling positions and highlighting the strong support level at 3700 points for the Shanghai Composite Index [3][6][12] - The report emphasizes that the A-share market is expected to remain bullish in the fourth quarter, driven by policies against "involution," increased household savings entering the market, potential Fed rate cuts, and a reversal in technical trends [3][6][12] - Key investment directions to watch include the "15th Five-Year Plan" focusing on clean energy, environmental protection, and aging population issues, as well as high-dividend sectors like banking and utilities [3][12][13] Group 2 - The report notes that the A-share market experienced significant fluctuations recently, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by 1.47% and 4.99% respectively [13] - It highlights that the average daily trading volume in the A-share market has decreased to around 2 trillion yuan, indicating increased cautiousness among investors [6][13] - The report also points out that the upcoming macroeconomic data releases and the 20th Central Committee meeting are expected to influence market trends significantly [7][12][13] Group 3 - The report indicates that the September consumer price index (CPI) showed a year-on-year decline of 0.30%, with food prices being a major contributor to this drop [7][8] - It mentions that the total social financing (TSF) in September was 35,296 billion yuan, exceeding expectations, but the structure of financing still requires improvement [8][9] - The report observes a rebound in exports in September, with a year-on-year growth of 8.30%, although future trends remain uncertain due to potential tariff impacts [10][12]

Report Industry Investment Rating - The investment rating for urea is "Volatility" [6] Core Viewpoints of the Report - The continuous implementation of new urea production capacity and the limited impact of anti - involution policy expectations have led to persistent supply - side pressure. The key to the market lies in exports, and it's necessary to pay attention to whether there will be new changes in export policies and whether the market will conduct a new round of export games for the 2605 contract [2][4][62] - The demand in the fourth quarter is expected to be limited. Agricultural demand may be released periodically but with general intensity, and it will enter the traditional off - season after October. The enthusiasm for tendering in the off - season storage may be high, but the actual impact may be limited. Industrial demand is expected to be relatively stable [3][47] Summary by Directory 1. Export Increment Fails to Change the Excess Pattern, Urea Weakens after Oscillating in the Third Quarter - The existing export quota cannot correct the annual supply - demand surplus pattern of urea, and the profit center of the urea industry still has room to decline. The 2509 contract in the third quarter oscillated around 1700 - 1800 yuan/ton, and the 2601 contract is currently running in the 1600 - 1700 yuan/ton range [13] 2. New Urea Production Capacity Continues to Be Implemented, and the Impact of Anti - Involution Policy Expectations Is Temporarily Limited - In the third quarter, new urea production devices were put into operation as expected. From January to August, the urea output reached 48.14 million tons, with a year - on - year growth of 13.3%, which put pressure on the urea price [18] - The impact of anti - involution policy expectations is limited. The proportion of truly old - fashioned production capacity is less than 5%, and the necessity of quickly clearing the remaining production capacity through administrative means is questionable. It is more likely to be cleared through the market [20][21] - In the fourth quarter, the supply pressure will still be large. It is estimated that the urea output will be 17.85 million tons, a year - on - year increase of about 7%. The variables are the possible extension of the gas - head device maintenance season and the impact of rising coal prices on marginal production capacity [24][25] 3. Agricultural Demand Has No Strong Driving Force, and Off - Season Storage May Only Play a Bottom - Supporting Role 3.1 Recent Compound Fertilizer Production and Sales Data Further Confirm the Overall Demand Front - Loading Problem This Year - The demand for urea in the first half of the year was higher than expected, mainly due to demand front - loading. The production and sales data of compound fertilizers from January to April were better than those in the same period of previous years, while the data from May to August were worse, indicating that the demand for compound fertilizers was overdrawn before May [34][35] 3.2 Off - Season Storage Can Only Play a Bottom - Supporting Role, and Industrial Demand Remains Weak - The off - season storage policy this year is basically the same as last year. The enthusiasm for tendering may be high, but the procurement rhythm is expected to be scattered, mainly playing a bottom - supporting role [38][39] - The industrial demand for urea such as melamine and urea - formaldehyde resin is expected to be relatively stable in the fourth quarter, and it is difficult to have obvious improvement [42] 4. Low Inventory in India Boosts the Scale of Indian Tenders, Pay Attention to Export Regulation in the Fourth Quarter - The international urea price is stronger than expected. India's urea production from January to August decreased by 6% year - on - year, and its inventory is less than 50% of the same period last year, so it has carried out a large number of import tenders [48][49] - The excess supply situation in China has not changed. Although China's supply in Indian tenders has increased, it is still within the quota system, which has not changed the domestic inventory accumulation situation [53][55] - It is necessary to pay attention to whether there will be new changes in China's export policy in the fourth quarter, such as the issuance of new quotas and the extension of the export window period [57][58] 5. Investment Suggestions - In the fourth quarter, the key contradiction is the continuous increase in urea factory inventory. The supply pressure will increase, and the demand is difficult to pick up significantly, so the key lies in exports [62] - The operating range of the 2601 contract is estimated to be 1580 - 1800 yuan/ton, and it is recommended that the off - season storage subjects disperse their storage rhythm [63]

Report Investment Ratings No investment ratings for the industries are provided in the reports. Core Views - **Urea**: The current core driver of the futures market is the strong expectation of the substantial relaxation of export policies, which has been realized. China may resume urea exports to India, opening up an incremental market window. The policy window requires concentrated exports by the end of September, which coincides with the domestic autumn storage period, creating a demand resonance. The overall market is expected to oscillate strongly in the short term [1]. - **Polyester Industry Chain**: For PX, domestic supply is expected to increase as some maintenance devices gradually restart, and the absolute price rebound space is limited. PTA's short - term basis is supported, but the upward space is limited. For ethylene glycol, the supply and demand are expected to be balanced with minor fluctuations in August. Short - fiber supply and demand both increase slightly, and prices are expected to oscillate within a certain range. Bottle - chip prices follow the cost end, and the processing fee space depends on demand [4]. - **Methanol**: The port inventory is at a relatively high level year - on - year due to high imports in August. The demand is differentiated, with the traditional sector remaining weak and MTO profits recovering. The 09 contract is facing significant inventory accumulation, while the 01 contract is supported by seasonal peak season and gas - limit expectations [11]. - **Chlor - alkali Industry**: For caustic soda, the market sentiment is weakening, and the supply is expected to increase. For PVC, the supply - demand pressure remains high due to new capacity release and weak demand [20]. - **Polyolefin**: In the static view, the supply and demand of PP/PE both increase, inventory is being destocked, and the basis is weak. Strategically, the market is expected to oscillate in the short term [23]. - **Pure Benzene - Styrene**: For pure benzene, the supply is expected to improve in the third quarter, and short - term prices are supported, but it is under pressure in the medium - term. For styrene, the supply is high, but there are maintenance expectations as profits are compressed, and the downstream load is rising [32]. - **Crude Oil**: Overnight oil prices were weak, mainly driven by geopolitical expectations. In the short term, oil prices are expected to continue to oscillate weakly, and it is recommended to expand the spread between October - November/December contracts [35]. Summaries by Catalog Urea - **Futures Prices**: On August 19, the 01 contract closed at 1817 yuan/ton, up 3.59% from the previous day; the 05 contract closed at 1839 yuan/ton; the 09 contract closed at 1783 yuan/ton. The main methanol contract closed at 2391 yuan/ton, down 0.21% [1]. - **Futures Spreads**: The spread between the 01 and 05 contracts was - 36 yuan/ton, up 38.89%; the spread between the 05 and 09 contracts was 56 yuan/ton, down 5.08% [1]. - **Positions**: The long positions of the top 20 increased by 12.03%, and the short positions of the top 20 increased by 16.18% [1]. - **Upstream Raw Materials**: The prices of anthracite small pieces and动力煤坑口 remained unchanged, while the price of动力煤港口 decreased by 0.47% [1]. - **Spot Prices**: The spot prices of small - particle urea in various regions remained unchanged [1]. - **Downstream Products**: The price of melamine in Shandong increased by 0.60%, while the prices of compound fertilizers remained stable [1]. - **Supply - Demand**: The daily domestic urea production was 19.12 million tons, down 0.78%; the weekly production was 132.85 million tons, up 1.51% [1]. Polyester Industry Chain - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; WTI crude oil (September) was at $62.35/barrel, down 1.7% [4]. - **PX - Related**: CFR China PX was at $835/ton, up 0.2%. The PX basis (11) decreased by 44.1% [4]. - **PTA - Related**: The PTA East China spot price was 4690 yuan/ton, up 0.4%. The PTA basis (01) increased by 42.1% [4]. - **MEG - Related**: The MEG East China spot price was 4458 yuan/ton, up 0.4%. The MEG basis (09) decreased by 30.6% [4]. - **Downstream Products**: The prices of POY150/48, FDY150/96, and other polyester products showed different changes, and the cash - flows and processing fees also varied [4]. - **Inventory and开工率**: MEG port inventory was 54.1 million tons, and the polyester industry chain's various开工 rates showed different trends [4]. Methanol - **Prices and Spreads**: On August 19, the MA2601 contract closed at 2391 yuan/ton, down 0.21%. The太仓基差 was - 5 yuan/ton, down 171.43% [8]. - **Inventory**: The methanol enterprise inventory was 29.5573 million tons, up 0.64%; the port inventory was 102.2 million tons, up 10.41% [10]. - **开工率**: The upstream domestic enterprise开工率 was 72.63%, down 0.74%; the downstream外采MTO装置开工率 was 76.92%, up 0.68% [11]. Chlor - alkali Industry - **Prices**: The price of Shandong 32% caustic soda remained unchanged, while the price of Shandong 50% caustic soda increased by 0.8%. The price of East China PVC decreased [14]. - **开工率**: The caustic soda industry开工率 was 87.3%, down 2.0%; the PVC总开工率 was 78.8%, up 1.4% [17]. - **Profits**: The外采电石法PVC利润 was - 562 yuan/ton, down 3.7%; the西北一体化利润 was 278.8 yuan/ton, down 5.1% [17]. - **Demand**: The开工 rates of caustic soda's downstream industries such as alumina and viscose staple fiber increased slightly, while PVC's downstream product开工 rates showed different trends [18][19]. - **Inventory**: The caustic soda inventory in East China factories and Shandong increased, while the PVC upstream factory inventory decreased slightly [20]. Polyolefin - **Prices**: The L2601 contract closed at 7307 yuan/ton, down 0.37%; the PP2601 contract closed at 7016 yuan/ton, down 0.45% [23]. - **Inventory**: PE enterprise inventory was 44.5 million tons, down 13.76%; PP贸易商库存 was 18.0 million tons, down 4.06% [23]. - **开工率**: The PE装置开工率 was 77.8%, down 2.10%; the PP装置开工率 was 76.6%, down 1.1% [23]. Pure Benzene - Styrene - **Upstream Prices**: Brent crude oil (October) was at $65.79/barrel, down 1.2%; CFR China pure benzene was at $747/ton, unchanged [29]. - **Benzene - Styrene Prices**: The East China spot price of styrene was 7280 yuan/ton, down 0.1% [29]. - **Inventory**: The pure benzene inventory in Jiangsu ports was 14.40 million tons, down 1.4%; the styrene inventory in Jiangsu ports was 16.15 million tons, up 8.5% [31]. - **开工率**: The Asian pure benzene开工率 was 75.7%, down 0.4%; the styrene开工率 was 78.2%, up 0.6% [32]. Crude Oil - **Prices**: Brent crude oil was at $65.79/barrel, down 1.2%; WTI crude oil was at $62.60/barrel, up 0.4% [35]. - **Spreads**: Brent M1 - M3 was at $0.88, down 14%; WTI M1 - M3 was at $0.92, up 4.5% [35]. - **Refined Oil**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil showed different changes, and the cracking spreads also varied [35].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Urea - The current core driver of the futures market is the strong expectation of the substantial relaxation of export policies. China may resume urea exports to India, opening an incremental market window. The policy requires concentrated exports by the end of September, overlapping with the domestic autumn storage period and creating demand resonance. The short - term market is likely to fluctuate strongly, and future attention should be paid to the impact of enterprise maintenance on daily production, changes in rigid and reserve demand, and export port collection [1]. Polyester Industry Chain - **PX**: Domestic PX supply is expected to increase, and the supply - demand situation in August is expected to weaken marginally. However, due to the traditional peak demand season and new PTA device commissioning expectations, the medium - term supply - demand pressure is not significant. It is expected that PX prices will be supported at low levels, but the upward space is limited. It is recommended to treat PX11 as a short - term range of 6600 - 6900 and expand the PX - SC spread at low levels [4]. - **PTA**: In August, due to low processing margins, PTA device maintenance plans increased, and short - term basis was supported. However, with the commissioning of new devices, the medium - term supply - demand is expected to be weak, and the upward space for the basis is limited. In the short term, there is still some support, and it is recommended to treat TA as a short - term range of 4600 - 4800 and conduct reverse arbitrage on TA1 - 5 at high levels [4]. - **MEG**: Domestic coal - based MEG supply has increased, and overseas supply is expected to change. In August, the supply - demand is near balance, and it is expected to fluctuate with commodities. It is recommended that EG01 fluctuate in the range of 4300 - 4500 in the short term [4]. - **Short - fiber**: Both supply and demand have increased slightly. With the approaching of the peak demand season, there is some support for prices, but the cost - side drive is limited. It is recommended that PF10 fluctuate in the range of 6300 - 6500 in the short term, and the processing margin on the futures market fluctuate in the range of 800 - 1100 [4]. - **Bottle - chip**: During the peak consumption season in August, with device production cuts, the processing margin has support at the bottom. The absolute price still follows the cost - side. It is recommended that PR is similar to PTA in terms of unilateral trading, and the main - contract processing margin on the futures market is expected to fluctuate in the range of 350 - 500 yuan/ton, and go long on the processing margin at low levels in the short term [4]. Methanol - The current methanol market has a relatively high port inventory year - on - year, mainly due to a large amount of imports in August, and imports in September are still expected to exceed 1.4 million tons. The demand side is differentiated, with the traditional sector remaining weak, while MTO profits have improved. Attention should be paid to the start - up progress of a port MTO device at the end of August to early September. The 09 contract has accumulated a large amount of inventory, while the 01 contract is supported by the seasonal peak season and Iranian gas - restriction expectations [7][8]. Chlor - alkali Industry - **Caustic Soda**: The overall sentiment in the industrial product futures market has weakened. The caustic soda market rebounded previously and then fell back. The spot market trading is okay, and the spot price is generally stable. The demand has been good recently, but there is an expectation of increased supply in the future, and the increase in the number of warehouse receipts in the main production areas also has a negative impact. It is recommended to try short - selling [14]. - **PVC**: The supply side has new production capacity being put into operation, the domestic trade is weak, and the inventory pressure is increasing. The demand is difficult to improve, and the downstream industry is still in the off - season. It is recommended to be bearish [14]. Polyolefin - Static analysis shows that the supply and demand of PP/PE both increase, inventory is being depleted, and the basis is weak, with high warehouse receipts suppressing the market. Dynamically, PP has more unplanned maintenance and new device delays, and PE has increased maintenance from mid - August to early September, with supply decreasing and demand recovering. In terms of valuation, oil - end profits are good, MTO profits are restored, and PDH profits decline slightly. It is recommended that the unilateral market fluctuate in the short term and continue to hold the LP01 contract [19]. Pure Benzene - Styrene - **Pure Benzene**: In the third quarter, the supply - demand situation of pure benzene is expected to improve, and port inventory is expected to decline in August, providing some support for prices. However, the overall supply is still sufficient, and its own driving force is limited. It is expected to be relatively strongly supported in the short term but will be under pressure in the medium term. BZ2603 should follow the fluctuations of oil prices and styrene [21][22]. - **Styrene**: The short - term supply of styrene remains high, but with profit compression, some devices may be shut down for maintenance. Downstream 3S loads have increased, and export expectations have increased due to overseas device maintenance. The supply - demand situation is expected to improve, and port inventory is expected to continue to decline. It is expected that styrene prices will be supported at low levels, but the rebound is limited. It is recommended that EB09 fluctuate in the range of 7100 - 7400 in the short term and be treated as a short - selling opportunity on rebounds [22]. Crude Oil - Overnight oil prices were weak, mainly due to the expected increase in Russian supply from the proposed Russia - Ukraine summit by Trump and market concerns about oversupply. However, the gasoline crack spread has rebounded, and refinery processing volume is at a seasonal high, providing some support for oil prices. It is expected that oil prices will continue to fluctuate weakly in the short term. It is recommended to be bearish, expand the spread between October - November/December contracts at low levels, and wait for opportunities to expand the spread in the options market after volatility increases [24][26]. 3. Summaries by Relevant Catalogs Urea - **Futures Prices**: On August 19, compared with August 18, the prices of most urea futures contracts increased, with the increase ranging from 2.74% to 3.59%. The price of the methanol main contract decreased by 0.21% [1]. - **Futures Contract Spreads**: The spreads of some urea futures contracts changed, such as the 01 - 05 contract spread increasing by 38.89% [1]. - **Main Positions**: The long - position of the top 20 increased by 12.03%, and the short - position of the top 20 increased by 16.18% [1]. - **Upstream Raw Materials**: The prices of most upstream raw materials remained stable, with only a slight increase in the price of synthetic ammonia in Shandong [1]. - **Spot Market Prices**: The spot prices of urea in various regions remained unchanged [1]. - **Regional Spreads**: The regional spreads of urea remained stable [1]. - **Basis**: The basis of urea in various regions changed, with some showing a significant decline [1]. - **Downstream Products**: The prices of most downstream products remained stable, with only a 0.60% increase in the price of melamine in Shandong [1]. - **Fertilizer Market**: The prices of most fertilizers remained stable [1]. - **Supply - Demand Situation**: The daily and weekly production of domestic urea changed, with a slight decrease in daily production and an increase in weekly production. The inventory in factories and ports also changed, with an increase in factory inventory and a decrease in port inventory [1]. Polyester Industry Chain - **Downstream Polyester Product Prices and Cash Flows**: The prices of most downstream polyester products decreased slightly, and the cash flows of some products changed [4]. - **PX - Related Prices and Spreads**: The price of CFR China PX increased by 0.2%, and some spreads also changed [4]. - **PTA - Related Prices and Spreads**: The price of PTA East China spot increased by 0.4%, and the basis and processing margins changed [4]. - **MEG - Related Prices and Spreads**: The price of MEG East China spot decreased by 0.4%, and the basis and profits also changed [4]. - **Polyester Industry Chain Operating Rates**: The operating rates of various segments in the polyester industry chain changed, with some increasing and some decreasing [4]. Methanol - **Methanol Prices and Spreads**: The prices of methanol futures contracts decreased slightly, and the basis and regional spreads changed [7]. - **Methanol Inventory**: The inventory of methanol enterprises, ports, and the social inventory all increased [7]. - **Methanol Upstream and Downstream Operating Rates**: The operating rates of upstream domestic and overseas enterprises and downstream industries changed, with some increasing and some decreasing [7]. Chlor - alkali Industry - **PVC, Caustic Soda Spot & Futures**: The prices of PVC and caustic soda spot and futures changed, with some increasing and some decreasing [14]. - **Caustic Soda Overseas Quotes & Export Profits**: The overseas quotes of caustic soda remained stable, and the export profit decreased [14]. - **PVC Overseas Quotes & Export Profits**: The overseas quotes of PVC remained stable, and the export profit increased [14]. - **Supply: Chlor - alkali Operating Rates & Industry Profits**: The operating rates of the chlor - alkali industry and industry profits changed, with some increasing and some decreasing [14]. - **Demand: Caustic Soda Downstream Operating Rates**: The operating rates of caustic soda downstream industries increased [14]. - **Demand: PVC Downstream Products Operating Rates**: The operating rates of PVC downstream products industries changed slightly [14]. - **Chlor - alkali Inventory: Social & Factory Inventories**: The inventory of caustic soda and PVC increased [14]. Polyolefin - **Polyolefin Prices and Spreads**: The prices of polyolefin futures contracts decreased slightly, and the basis and spreads changed [19]. - **PE and PP Inventory**: The inventory of PE and PP enterprises and traders changed, with some increasing and some decreasing [19]. - **PE and PP Upstream and Downstream Operating Rates**: The operating rates of PE and PP upstream and downstream industries changed, with some increasing and some decreasing [19]. Pure Benzene - Styrene - **Upstream Prices and Spreads**: The prices of upstream raw materials such as crude oil and naphtha changed, and the spreads also changed [21]. - **Styrene - Related Prices and Spreads**: The price of styrene East China spot decreased by 0.1%, and the basis and cash flows changed [21]. - **Pure Benzene and Styrene Downstream Cash Flows**: The cash flows of downstream products such as phenol and caprolactam changed [21]. - **Pure Benzene and Styrene Inventory**: The inventory of pure benzene and styrene in Jiangsu ports changed, with pure benzene inventory decreasing and styrene inventory increasing [21]. - **Pure Benzene and Styrene Industry Chain Operating Rates**: The operating rates of various segments in the pure benzene and styrene industry chain changed, with some increasing and some decreasing [22]. Crude Oil - **Crude Oil Prices and Spreads**: The prices of Brent, WTI, and SC crude oil decreased, and the spreads also changed [24]. - **Refined Oil Prices and Spreads**: The prices of refined oil products such as NYM RBOB and NYM ULSD increased slightly, and the spreads changed [24]. - **Refined Oil Crack Spreads**: The crack spreads of gasoline, diesel, and jet fuel in different regions changed [24].