1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The supply - side shows that refineries have reduced production, alleviating supply pressure. The demand is currently below the historical average level. The cost support is expected to weaken in the short - term, and the asphalt futures price is expected to fluctuate narrowly in the range of 3005 - 3053 for the 2601 contract [8]. - There are both positive and negative factors in the market. The positive factor is that the relatively high crude oil cost provides some support, while the negative factors include insufficient demand for high - price goods and a downward trend in overall demand with an increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summaries According to Relevant Catalogs 3.1 Daily Viewpoints - **Fundamentals**: Supply - side: In November 2025, the total planned output of asphalt from local refineries is 1.312 million tons, a 18.2% month - on - month increase and a 6.5% year - on - year decrease. The capacity utilization rate is 31.8792%, a 1.44 - percentage - point decrease month - on - month. The sample enterprise output is 532,000 tons, a 4.31% decrease month - on - month, and the estimated device maintenance volume is 745,000 tons, a 22.53% increase month - on - month. Demand - side: The开工 rates of heavy - traffic asphalt, building asphalt, and modified asphalt are generally lower than the historical average, while the开工 rates of road - modified asphalt and waterproofing membranes are higher. Cost - side: The daily asphalt processing profit is - 576.02 yuan/ton, a 4.10% increase month - on - month, and the weekly delayed coking profit in Shandong local refineries is 799.3871 yuan/ton, a 34.46% increase month - on - month. The overall fundamentals are bearish [8]. - **Basis**: On November 13, the spot price in Shandong was 3010 yuan/ton, and the basis of the 01 contract was - 19 yuan/ton, with the spot at a discount to the futures, showing a neutral situation [8]. - **Inventory**: The social inventory is 897,000 tons, a 4.26% decrease month - on - month; the in - factory inventory is 641,000 tons, a 6.42% decrease month - on - month; and the port - diluted asphalt inventory is 160,000 tons, a 20.00% decrease month - on - month. All types of inventories are in a continuous destocking state, showing a neutral situation [8]. - **Market**: The MA20 is downward, and the futures price of the 01 contract closes below the MA20, showing a bearish situation [8]. - **Main Position**: The main position is net short, and the short position is decreasing, showing a bearish situation [8]. - **Expectation**: Considering refinery production cuts, low demand, stable inventory, and weakening crude oil, the cost support is expected to weaken in the short - term. The asphalt 2601 contract is expected to fluctuate in the range of 3005 - 3053 [8]. 3.2 Asphalt Market Overview - Various contract prices, basis, inventory, and production data show different degrees of decline. For example, the 01 contract price decreased by 1.11% to 3029 yuan/ton, the social inventory decreased by 4.27% to 89.7 million tons, and the sample enterprise output decreased by 4.32% to 53.2 million tons [15]. 3.3 Asphalt Futures Market - Spread Analysis - **Basis Trend**: The report presents the historical trends of the Shandong and East China basis from 2020 to 2025, which helps in analyzing the relationship between spot and futures prices [18][20]. - **Main Contract Spread**: The trends of the 1 - 6 and 6 - 12 contract spreads from 2020 to 2025 are shown, which is useful for spread trading analysis [23]. - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent crude oil, and West Texas crude oil from 2020 to 2025 are presented, showing the relationship between asphalt and crude oil prices [26]. - **Crude Oil Crack Spread**: The crack spreads of asphalt against SC, WTI, and Brent crude oils from 2020 to 2025 are shown, reflecting the refining profit margins [29][30]. - **Asphalt, Crude Oil, and Fuel Oil Price Ratio**: The historical price - ratio trends of asphalt, crude oil, and fuel oil from 2020 to 2025 are presented, providing insights into the relative value of these commodities [34]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis**: - **Asphalt Profit**: The historical asphalt profit trends from 2019 to 2025 are presented, showing the profitability of asphalt production [39]. - **Coking - Asphalt Profit Spread**: The historical trends of the coking - asphalt profit spread from 2018 to 2025 are shown, which is important for refineries to make production decisions [42]. - **Supply - Side Analysis**: - **Shipment Volume**: The historical shipment volumes of small - sample asphalt enterprises from 2020 to 2025 are presented, showing the supply - side shipment situation [45]. - **Diluted Asphalt Port Inventory**: The historical port inventory of diluted asphalt from 2021 to 2025 is shown, reflecting the supply - side inventory status [47]. - **Production Volume**: The weekly and monthly production volumes from 2019 to 2025 are presented, showing the overall supply - side production situation [50]. - **Marine Crude Oil Price and Venezuelan Crude Oil Production**: The historical price of Marine crude oil and the monthly production of Venezuelan crude oil from 2018 to 2025 are shown, which are important factors affecting asphalt production [55]. - **Local Refinery Asphalt Production**: The historical production of local refinery asphalt from 2019 to 2025 is presented, showing the supply - side production capacity of local refineries [57]. - **Capacity Utilization Rate**: The historical capacity utilization rate of asphalt from 2021 to 2025 is shown, reflecting the supply - side production efficiency [60]. - **Maintenance Loss Estimation**: The historical maintenance loss estimation from 2018 to 2025 is presented, showing the impact of refinery maintenance on supply [63]. - **Inventory Analysis**: - **Exchange Warehouse Receipts**: The historical data of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 are presented, showing the inventory situation in the futures market [66]. - **Social Inventory and In - Factory Inventory**: The historical social inventory (70 samples) and in - factory inventory (54 samples) from 2022 to 2025 are shown, reflecting the overall inventory status [70]. - **In - Factory Inventory - to - Stock Ratio**: The historical in - factory inventory - to - stock ratio from 2018 to 2025 is presented, showing the inventory management efficiency of refineries [73]. - **Import and Export Analysis**: The historical export and import trends of asphalt from 2019 to 2025 are presented, showing the international trade situation of asphalt [76]. - **Demand - Side Analysis**: - **Petroleum Coke Production**: The historical production of petroleum coke from 2019 to 2025 is presented, showing the demand - side situation of related products [82]. - **Apparent Consumption**: The historical apparent consumption of asphalt from 2019 to 2025 is shown, reflecting the overall market demand [85]. - **Downstream Demand**: The historical trends of highway construction traffic fixed - asset investment, new local special bonds, and infrastructure investment completion from 2019 to 2025 are presented, showing the downstream demand situation [88][89]. - **Downstream Machinery Demand**: The historical sales volume trends of asphalt concrete pavers, domestic excavators, and road rollers from 2019 to 2025 are presented, as well as the monthly working hours of excavators, showing the demand - side equipment utilization [93][95]. - **Asphalt Capacity Utilization Rate**: The historical capacity utilization rates of heavy - traffic asphalt, building asphalt, modified asphalt, and other types from 2019 to 2025 are presented, showing the demand - side production activity [97][100]. - **Downstream Capacity Utilization**: The historical capacity utilization rates of shoe - material SBS - modified asphalt, road - modified asphalt, and waterproofing membrane - modified asphalt from 2019 to 2025 are presented, showing the downstream production activity [102][104]. - **Supply - Demand Balance Sheet**: The monthly supply - demand balance sheet of asphalt from January 2024 to November 2025 is presented, including production, import, export, inventory, and downstream demand data, showing the overall supply - demand relationship [107].

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-11-14） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 焦煤： 1、基本面：产地煤矿冬季安检升级、产能管控，部分煤矿库存低位，供应增量有限。随着下游焦企补 库节奏放缓，焦煤市场近期成交氛围走低，线上竞拍涨跌互现，竞拍流拍率有所增加，部分前期溢价较 大的煤种成交出现回落；偏多 2、基差：现货市场价1430，基差216；现货升水期货；偏多 3、库存：钢厂库存781.1万吨，港口库存295万吨，独立焦企库存819.3万吨，总样本库存1895.4万吨， 较上周减少76.2万吨；偏多 6、预期：近期煤价高位下，下游焦企利润再度压缩，焦企多按需谨慎采购为主，市场看涨心态有所转 弱，采购节奏开始放缓。但考虑部分钢厂接受焦炭第四轮涨价，焦煤需求仍有增加预期，预计短期焦煤 价 ...

投资咨询业务资格：证监许可【2011】1778 号 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2601 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA20 一线压力 | 供需格局弱稳，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 期货研究报告 宝城期货螺纹钢早报（2025 年 11 月 14 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需两端延续走弱，螺纹产量下降且降至低位，但持续性存疑，且库存水平偏高，供应 利好效应有限。与此同时，螺纹需求持续走弱，高频指标延续下行，依旧位于近年来 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The current demand may remain weak. The market is influenced by factors such as macro - policies, export dynamics, and cost trends. PVC2601 is expected to fluctuate in the range of 4557 - 4605 [8]. - There are both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors are the rebound in overall supply pressure, high - level and slow - consuming inventory, and weak domestic and external demand [12]. 3. Summary According to the Directory 3.1 Daily Viewpoints - **Likely Factors**: Supply resumption, calcium carbide and ethylene cost support, and export benefits [12]. - **Negative Factors**: Overall supply pressure rebound, high - level and slow - consuming inventory, and weak domestic and external demand [12]. - **Main Logic**: Strong overall supply pressure and poor domestic demand recovery [13]. 3.2 Fundamental/Position Data - **Supply Side**: In October 2025, PVC production was 2.12812 million tons, a month - on - month increase of 4.79%. This week, the sample enterprise capacity utilization rate was 80.75%, a month - on - month increase of 0.03 percentage points. Calcium carbide - method enterprise production was 345,350 tons, a month - on - month increase of 4.89%, and ethylene - method enterprise production was 146,770 tons, a month - on - month decrease of 0.63%. Supply pressure increased this week, and it is expected to increase slightly next week [7]. - **Demand Side**: The overall downstream start - up rate was 49.6%, a month - on - month decrease of 0.93 percentage points, higher than the historical average. Different downstream sectors have different start - up rate changes, and the current demand may remain weak [7]. - **Cost Side**: The profit of the calcium carbide method was - 769.4 yuan/ton, with the loss increasing by 0.80% month - on - month, lower than the historical average. The profit of the ethylene method was - 465.05 yuan/ton, with the loss decreasing by 14.00% month - on - month, lower than the historical average. The double - ton price difference was 2176.35 yuan/ton, unchanged month - on - month, lower than the historical average, and production scheduling may be under pressure [7]. - **Position**: The net position of the main players is short, and the short position is increasing [8]. 3.3 Expectations - **Basis**: On November 12, the price of East China SG - 5 was 4580 yuan/ton, and the basis of the 01 contract was - 1 yuan/ton, with the spot at a discount to the futures, showing a neutral situation [10]. - **Inventory**: Factory inventory was 334,596 tons, a month - on - month decrease of 0.99%. Calcium carbide - method factory inventory was 250,396 tons, a month - on - month decrease of 0.78%, and ethylene - method factory inventory was 84,200 tons, a month - on - month decrease of 1.63%. Social inventory was 545,700 tons, a month - on - month increase of 0.20%. The in - stock days of production enterprises were 5.5 days, a month - on - month decrease of 2.65%, showing a neutral situation [10]. - **Market**: MA20 is downward, and the futures price of the 01 contract closed below MA20, showing a bearish situation [10].

大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证：Z0015557 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议 。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 目 录 交易咨询业务资格：证监许可【2012】1091号 沥青期货早报 2025年11月13日 1 每日观点 2 基本面/持仓数据 利空：高价货源需求不足；整体需求下行，欧美经济衰退预期加强。 主要逻辑：供应端来看，供给压力仍处高位；需求端来看，复苏乏力。 每日观点 主要风险点：原油价格的走势变化;；沥青焦化物利润差走势。 供给端来看，根据隆众，2025年11月份地炼沥青总计划排产量为131.2万吨，环比增 幅18.2%,同比降幅6.5%。本周国内石油沥青样本产能利用率为31.8792%，环比减少 1.44个百分点，全国样本企业出货30.88万吨，环比减少6.79%,样本企业产量为53.2 万吨，环比减少4.31%,样本企业装置检修量预估为74.5万吨，环比增加22.53%,本周 炼厂有所减产， ...

交易咨询业务资格：证监许可【2012】1091号 2025-11-13锰硅早报 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证号：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 锰硅2601： 2 1.基本面：当前硅锰市场呈现偏弱震荡格局，11月关注钢厂减产情况对硅锰合金需求的影响；中性。 2.基差：现货价5700元/吨，01合约基差-62元/吨，现货贴水期货。偏空。 3.库存：全国63家独立硅锰企业样本库存221800吨；全国50家钢厂库存平均可用天数15.49天。中性。 4.盘面：MA20走平，01合约期价收于MA20下方。中性。 5.主力持仓：主力持仓净空，空减。偏空。 6.预期：预计本周锰硅价格震荡运行；SM2601：5700-5840震荡运行。 -2000元/吨 0元/吨 2000元/吨 4000元/吨 6000元/吨 8000元/吨 10000元/吨 12000元/吨 ...

Report Summary 1. Investment Rating The report does not provide an industry investment rating. 2. Core Viewpoints - The fundamentals of soda ash remain weak, with high supply, declining terminal demand, and high inventory levels. The industry's supply - demand mismatch has not been effectively improved. In the short term, soda ash is expected to trade in a range [2][5]. - There are both positive and negative factors affecting the soda ash market. Positive factors include the low - level stabilization and recovery of downstream glass supply, which increases the demand for soda ash. Negative factors include the significant expansion of soda ash production capacity since 2023, high industry production, and the reduction in heavy - alkali downstream photovoltaic glass production, leading to weaker demand for soda ash [3][4]. 3. Summary by Directory 3.1 Daily View - **Fundamentals**: Alkali plant production is at a high level, and the second - phase project of Yuangxing is expected to be put into operation before the end of the year, with overall supply expected to be abundant. There are supply disturbances in downstream float glass, and the daily melting volume of photovoltaic glass continues to decline. Soda ash plant inventory is at a historical high for the same period [2]. - **Basis**: The spot price of heavy - quality soda ash in Hebei Shahe is 1,160 yuan/ton, and the closing price of SA2601 is 1,214 yuan/ton, with a basis of - 54 yuan, indicating that the futures price is higher than the spot price [2]. - **Inventory**: The national soda ash plant inventory is 171,420 tons, an increase of 0.72% from the previous week, and the inventory is above the five - year average [2][34]. - **Market**: The price is trading below the 20 - day moving average, and the 20 - day moving average is downward [2]. - **Main Position**: The main position is net short, and short positions are increasing [2]. - **Expectation**: The fundamentals of soda ash remain weak, and it is expected to trade in a range in the short term [2]. 3.2 Influence Factors - **Positive Factors**: The low - level stabilization and recovery of downstream glass supply increase the demand for soda ash [3]. - **Negative Factors**: Since 2023, the production capacity of soda ash has expanded significantly, and there are still large production plans this year. The industry's production is at a historical high for the same period. The reduction in heavy - alkali downstream photovoltaic glass production leads to weaker demand for soda ash [4]. 3.3 Main Logic - The main logic is that the supply of soda ash is at a high level, terminal demand is declining, inventory is at a high level for the same period, and the industry's supply - demand mismatch has not been effectively improved [5]. 3.4 Soda Ash Futures Market | Day Session | Main Contract Closing Price | Heavy - Quality Soda Ash: Shahe Low - End Price | Main Basis | | --- | --- | --- | --- | | Previous Value | 1,215 yuan/ton | 1,170 yuan/ton | - 45 yuan | | Current Value | 1,214 yuan/ton | 1,160 yuan/ton | - 54 yuan | | Change Rate | - 0.08% | - 0.85% | 20.00% | [6] 3.5 Soda Ash Spot Market The low - end price of heavy - quality soda ash in the Hebei Shahe market is 1,160 yuan/ton, a decrease of 10 yuan/ton from the previous day [12]. 3.6 Supply - **Production Profit**: The profit of heavy - quality soda ash produced by the ammonia - soda process in North China is - 103.50 yuan/ton, and the profit of the co - production process in East China is - 212 yuan/ton. The production profit of soda ash is at a historical low [15]. - **Operating Rate and Production**: The weekly operating rate of the soda ash industry is 85.67%. The weekly production of soda ash is 74,680 tons, including 41,480 tons of heavy - quality soda ash, with production at a historical high [18][20]. - **Production Capacity Changes**: In 2023, the new production capacity of soda ash was 6.4 million tons; in 2024, it was 1.8 million tons; in 2025, the planned new production capacity is 7.5 million tons, with actual production of 1 million tons [21]. 3.7 Demand - **Production and Sales Ratio**: The weekly production and sales ratio of soda ash is 98.36% [24]. - **Downstream Demand**: The daily melting volume of national float glass is 15,910 tons, with an operating rate of 75.92% [27]. 3.8 Inventory The national soda ash plant inventory is 171,420 tons, an increase of 0.72% from the previous week, and the inventory is above the five - year average [34]. 3.9 Supply - Demand Balance Sheet The report provides the annual supply - demand balance sheet of soda ash from 2017 to 2024E, including data on effective production capacity, production, operating rate, imports, exports, net imports, apparent supply, total demand, supply - demand difference, and growth rates [35].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The short - term and medium - term views of soybean meal, soybean oil, and palm oil futures are all "oscillating", while the intraday and reference views are all "oscillating strongly". The futures prices of these three varieties are expected to run strongly in the short - term [5][7] 3. Summary by Variety Soybean Meal (M) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Analysts expect a slight decrease in US soybean yield but a slight increase in ending stocks, reflecting weak demand. Brazilian weather disturbances and delayed South American sowing support US soybean prices. In China, the supply - demand situation is weak, with high soybean arrivals, low oil mill operating rates, and high - level inventories. Feed mills are cautious in purchasing [5] - **Key Concerns**: Deviations between USDA report data and expectations, the impact of South American weather on sowing, and the pace of domestic soybean meal inventory reduction [6] Soybean Oil (2601) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Influenced by Sino - US relations, US biofuel policies, US soybean oil inventories, domestic soybean cost support, supply rhythm, and oil mill inventories [5] Palm Oil (2601) - **Price Trend**: Short - term and medium - term views are "oscillating", intraday and reference views are "oscillating strongly" [5] - **Core Logic**: Affected by biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing country tariff policies, domestic arrivals and inventories, and substitution demand. After the bearish factors of the Malaysian palm report are realized, the upward pressure on palm oil futures prices is reduced [5][7]

◼ 品种观点参考 投资咨询业务资格：证监许可【2011】1778 号 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2601 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA10 一线压力 | 现实格局偏弱，钢价低位震荡 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 期货研究报告 宝城期货螺纹钢早报（2025 年 11 月 13 日） 期货研究报告 公司地址：浙江省杭州市求是路 8 号公元大厦南裙 1-5 楼。 咨询热线：400 618 1199 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 螺纹钢供需格局变化不大，供应收缩但降幅不大，而库存水平偏高，利好效应有限。与此同 时，螺纹需求开始走弱，高频指标再度下行，继续位于近年来同期低位 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall supply pressure of PVC is strong, and the domestic demand recovery is sluggish. The cost is expected to weaken, and the supply is expected to increase next week. The current demand may remain weak, and the PVC2601 is expected to fluctuate in the range of 4547 - 4597 [7][12]. - There are both positive and negative factors. Positive factors include supply resumption, cost support from calcium carbide and ethylene, and export benefits. Negative factors include the rebound in overall supply pressure, high - level and slow - moving inventory, and weak domestic and external demand [11]. 3. Summary According to the Directory 3.1 Daily Views - The basis on November 11 showed that the spot price was higher than the futures price, which was neutral. The inventory situation was mixed, with the factory inventory decreasing and the social inventory increasing, also being neutral. The disk showed a bearish signal as the MA20 was downward and the 01 contract futures price closed below the MA20. The main position was net short with an increase in short positions, indicating a bearish trend [7][9]. - The main logic was the strong overall supply pressure and the poor recovery of domestic demand. The main risk points included the implementation of domestic demand policies, export trends, crude oil trends, and the cost support trends of caustic soda and calcium carbide method [12][13]. 3.2 Fundamental/Position Data 3.2.1 Supply - In October 2025, the PVC production was 2128120 tons, a month - on - month increase of 4.79%. This week, the sample enterprise capacity utilization rate was 80.75%, a month - on - month increase of 0.03 percentage points. The calcium carbide method enterprise production was 345350 tons, a month - on - month increase of 4.89%, and the ethylene method enterprise production was 146770 tons, a month - on - month decrease of 0.63%. The supply pressure increased this week, and the maintenance is expected to decrease next week, with a slight increase in production scheduling [5]. 3.2.2 Demand - The overall downstream start - up rate was 49.6%, a month - on - month decrease of 0.93 percentage points, but higher than the historical average. Different downstream sectors had different start - up rate changes, with some decreasing and some remaining flat or increasing. The shipping cost was expected to decline, and the domestic PVC export price was competitive, but the current demand might remain weak [5]. 3.2.3 Cost - The profit of the calcium carbide method was - 769.4 yuan/ton, with the loss increasing by 0.80% month - on - month, lower than the historical average. The profit of the ethylene method was - 465.05 yuan/ton, with the loss decreasing by 14.00% month - on - month, lower than the historical average. The double - ton price difference was 2176.35 yuan/ton, with the profit decreasing by 1.00% month - on - month, lower than the historical average. Production scheduling might be under pressure [6]. 3.2.4 Inventory - The factory inventory was 334596 tons, a month - on - month decrease of 0.99%. The calcium carbide method factory inventory was 250396 tons, a month - on - month decrease of 0.78%, and the ethylene method factory inventory was 84200 tons, a month - on - month decrease of 1.63%. The social inventory was 545700 tons, a month - on - month increase of 0.20%. The production enterprise inventory days were 5.5 days, a month - on - month decrease of 2.65% [9]. 3.2.5 Position - The main position was net short, and the short position increased, showing a bearish trend [7]. 3.3 PVC Market Overview - The report provided detailed data on yesterday's PVC market, including prices, price changes, spreads, and inventory data of different types of PVC and related products [14][15]. 3.4 PVC Futures Market - It included the basis trend, price trend, trading volume, and position changes of the PVC futures [17][20][21]. 3.5 PVC Fundamentals 3.5.1 Calcium Carbide Method - Related - It covered the price, cost - profit, start - up rate, and inventory of raw materials such as semi - coke, calcium carbide, liquid chlorine, raw salt, caustic soda, and their impact on PVC production [26][29][31][33]. 3.5.2 PVC Supply - It showed the capacity utilization rate, production profit, and production volume trends of the calcium carbide method and ethylene method in PVC production [38][39][40]. 3.5.3 PVC Demand - It analyzed the sales volume, pre - sales volume, production - sales rate, apparent consumption, and downstream start - up rates of PVC, as well as the relationship between PVC demand and real estate and infrastructure investment [43][45][47]. 3.5.4 PVC Inventory - It presented the inventory data of the exchange, calcium carbide method factory, ethylene method factory, and social inventory, as well as the production enterprise inventory days [54][55]. 3.5.5 Ethylene Method - It included the import volume of vinyl chloride and dichloroethane, PVC export volume, and price spreads in the ethylene method [56][57]. 3.5.6 Supply - Demand Balance Sheet - It showed the monthly import, production, factory inventory, social inventory, demand, and export data of PVC, presenting the supply - demand trends [60].