Economic Overview - The actual GDP growth in Q3 was 4.8% year-on-year, showing a slowdown compared to the first half of the year, but still within expectations. The GDP growth for the first three quarters was 5.2%, indicating strong resilience in the Chinese economy [1] - The nominal GDP growth for the first three quarters was 4.1%, which is considered low and is one of the factors constraining microeconomic sentiment [1] Industrial Sector - The capacity utilization rate for industrial enterprises improved in Q3, reaching 74.6%, an increase of 0.6 percentage points from Q2. Key sectors such as electrical machinery and automobiles showed significant improvements [3] - Despite a decline in the capacity utilization rate for black metallurgy, it remained above 80%, higher than last year's levels. However, coal and non-metallic minerals showed low and declining utilization rates, indicating a need for capacity optimization [3] Consumer Spending - There was a noticeable slowdown in both income and expenditure growth for residents, with per capita disposable income and consumption expenditure growing by 4.5% and 3.4% year-on-year, respectively. The consumption expenditure growth was significantly lower than in the previous three quarters [3] - The decline in consumer spending may be influenced by a shift in capital market activity towards investment, as well as a decrease in consumption inclination due to marginal income slowdown [3] Investment Trends - Fixed asset investment continued to decelerate, with a cumulative year-on-year decline further deepening to -6.8%. This decline was observed across manufacturing, real estate, and infrastructure sectors [6] - Excluding real estate, the cumulative year-on-year growth of fixed asset investment was 3%, down from 4.2%, indicating that investment in other sectors is also a significant drag [6] Real Estate Market - In the real estate sector, key indicators such as sales area and investment completion amounts continued to show expanding year-on-year declines, while new construction and funding availability showed some improvement [9] - The price pressure remains significant, with new residential prices in 70 major cities declining by 0.4% month-on-month, with a notable increase in the decline rate in first-tier cities [9] Employment Situation - The urban surveyed unemployment rate was 5.2%, slightly lower than the previous 5.3%, indicating stable performance in existing employment. However, new employment data still shows some pressure [9] - The improvement in new employment requires a rebound in corporate profit growth, which is influenced by nominal growth and corporate profitability [9] Policy Response - The government has recognized the need to address the shortfall in fixed asset investment, with recent policy measures including the acceleration of new policy financial tools and the allocation of 500 billion yuan from local government debt limits for project construction [10]

Core Viewpoint - The stock price of Huangtai Wine Industry has declined by 7.33% despite significant share purchases by its controlling shareholder, Gansu Shengda Group, indicating a lack of investor confidence in the company's future performance [1][3]. Group 1: Shareholder Actions - Gansu Shengda Group increased its stake in Huangtai Wine Industry by purchasing 4.0849 million shares for a total of 60 million RMB, raising its voting share from 22.71% to 25.02% [3]. - The share purchase was part of a broader plan to invest between 60 million and 120 million RMB over six months, but the stock price has not responded positively to this increase [2][3]. Group 2: Financial Performance - For the first half of 2025, Huangtai Wine Industry reported revenues of 57.7404 million RMB, a year-on-year decrease of 11.85%, and a net loss of 5.2675 million RMB, down 32.59% from the previous year [8]. - The company's white wine business generated 53.8290 million RMB, a decline of 14.60%, while the wine business saw a significant increase of 105.70%, albeit from a low base, contributing only 5.81% to total revenue [8]. Group 3: Production Capacity Utilization - Huangtai Wine Industry has a designed production capacity of 10,000 tons for both white and red wine, but actual utilization is low, with only 25% for white wine (1,233.86 tons) and a mere 1% for red wine (48.25 tons) [8]. - The company’s total assets stood at 465 million RMB as of mid-2025, marking the lowest level since Q3 2021, indicating potential further revenue declines [9].

Core Viewpoint - The major shareholder of Huangtai Liquor Industry has significantly increased its stake, yet the company's stock price has declined by 7.33% since the initial purchase [2][4]. Shareholder Activity - Huangtai Liquor's controlling shareholder, Gansu Shengda Group, has acquired a total of 4.0849 million shares, amounting to RMB 60 million, through the Shenzhen Stock Exchange [2][4]. - The shareholding of Gansu Shengda and its concerted parties increased from 22.71% to 25.02% of the total voting shares [4]. Financial Performance - For the first half of 2025, Huangtai Liquor reported a revenue of RMB 57.74 million, a year-on-year decrease of 11.85%, and a net loss of RMB 5.27 million, down 32.59% [12][14]. - The company's white liquor business generated RMB 53.83 million, a decline of 14.60%, while the wine business saw a significant increase of 105.70%, contributing only 5.81% to total revenue [12][13]. Production Capacity Utilization - The designed production capacity for both white and red wine is 10,000 tons, but actual production was only 1,233.86 tons for white liquor (25% utilization) and 48.25 tons for red wine (1% utilization) in the first half of 2025 [13][10]. Market Performance - Revenue from the domestic market in Gansu province fell by 25.61%, while revenue from outside the province increased by 161.68% [13]. Management Changes - The position of the board secretary has been vacant for eight months following the resignation of the previous secretary, with interim responsibilities taken on by the general manager [5][9].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - After the holiday, both raw material and synthetic rubber prices declined. In the spot market, transactions were generally at low prices. With the downward trend of spot prices, the inventory of trading enterprises decreased. After the price dropped to a relatively low level, as the liquidity of the spot market improved, the active participation of downstream buyers is expected to drive down the spot inventory [2]. - In terms of demand, most enterprises that had maintenance during the holiday resumed production as planned, and the capacity utilization rate of sample enterprises increased significantly. However, the overall market showed no obvious improvement. To control inventory growth, some enterprises were still in a state of flexible production control. It is expected that the operation of enterprise equipment will be stable in the short - term. The short - term fluctuation range of the br2512 contract is expected to be between 10,800 - 11,300 [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - The closing price of the main contract of synthetic rubber was 200 yuan/ton, and the position of the main contract was 72,808 yuan/ton, a decrease of 2,020 [2]. - The 12 - 1 spread of synthetic rubber was 5 yuan/ton, and the total warehouse receipt quantity of butadiene rubber was 3,050 tons, a decrease of 20 [2]. 2. Spot Market - The mainstream price of BR9000 cis - butadiene rubber from Qilu Petrochemical in Shandong was 11,050 yuan/ton, unchanged; that from Daqing Petrochemical in Shandong was 11,000 yuan/ton, a decrease of 50 yuan/ton [2]. - The mainstream price of BR9000 cis - butadiene rubber from Daqing Petrochemical in Shanghai was 11,100 yuan/ton, a decrease of 50 yuan/ton; that from Maoming Petrochemical in Guangdong was 11,300 yuan/ton, an increase of 100 yuan/ton [2]. - The basis of synthetic rubber was 10 yuan/ton, a decrease of 200 [2]. 3. Upstream Situation - Brent crude oil was 61.01 US dollars/barrel, a decrease of 0.28; WTI crude oil was 57.52 US dollars/barrel, unchanged [2]. - Naphtha CFR Japan was 537 US dollars/ton, a decrease of 8.5; Northeast Asian ethylene price was 1,000 US dollars/ton, a decrease of 5 [2]. - The intermediate price of butadiene CFR China was 780 US dollars/ton, a decrease of 10; the market price of butadiene in the Shandong market was 8,625 yuan/ton, unchanged [2]. - The weekly capacity of butadiene was 15.53 million tons/week, a decrease of 0.01; the weekly capacity utilization rate was 65.79%, a decrease of 1.58 [2]. - The port inventory of butadiene was 3,050 tons; the operating rate of Shandong local refineries' atmospheric and vacuum distillation units was 50.28%, a decrease of 0.15 [2]. 4. Downstream Situation - The monthly output of cis - butadiene rubber was 13.04 million tons, a decrease of 0.53; the weekly capacity utilization rate was 74.82%, an increase of 8.41 [2]. - The weekly production profit of cis - butadiene rubber was 184 yuan/ton; the weekly social inventory was 3.28 million tons, an increase of 0.05 [2]. - The weekly ending inventory of manufacturers of cis - butadiene rubber was 1,300 tons; the weekly ending inventory of traders was 4,860 tons, a decrease of 840 [2]. - The weekly operating rate of domestic semi - steel tires was 72.72%, an increase of 13.65; the weekly operating rate of domestic all - steel tires was 64.52%, an increase of 17.46 [2]. - The monthly output of all - steel tires was 110,000 pieces; the monthly output of semi - steel tires was 13.14 million pieces, an increase of 2.19 million [2]. - The weekly ending inventory days of all - steel tires in Shandong was 39.95 days, a decrease of 0.08; the weekly ending inventory days of semi - steel tires in Shandong was 45.17 days, a decrease of 0.53 [2]. 5. Industry News - As of October 16, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 71.07%, a month - on - month increase of 28.92 percentage points and a year - on - year decrease of 8.57 percentage points; the capacity utilization rate of all - steel tire sample enterprises was 63.96%, a month - on - month increase of 22.43 percentage points and a year - on - year increase of 4.98 percentage points. Most enterprises' capacity utilization rates have returned to pre - holiday levels [2]. - In September 2025, the sales volume of China's heavy - truck market was about 105,000 vehicles (wholesale caliber), a month - on - month increase of 15% and a year - on - year increase of about 82%. From January to September, the cumulative sales volume exceeded 821,000 vehicles, a year - on - year increase of about 20% [2]. - In September 2025, the output and capacity utilization rate of cis - butadiene rubber both slightly declined. The capacity utilization rate was 69.91%, a decrease of 0.49 percentage points from the previous period and an increase of 12.16 percentage points compared with the same period last year [2]. 6. Output Forecast - Most previously maintained cis - butadiene rubber units have restarted, and domestic output has increased. Although there are expectations of maintenance for some units such as Qilu, Yangzi, and Zhejiang Petrochemical, some units have restarted. Maoming Petrochemical and Yulong Petrochemical have increased production, and the overall output is expected to increase month - on - month [2].

Core Insights - The overall industrial capacity utilization rate for Q3 2025 is reported at 74.6%, showing a decrease of 0.5 percentage points compared to the same period last year [2] - The mining industry has a capacity utilization rate of 72.5%, down by 2.1 percentage points year-on-year [2] - The manufacturing sector's capacity utilization rate stands at 74.8%, reflecting a decline of 0.4 percentage points from the previous year [3] Industry Breakdown - Mining Industry: Capacity utilization at 72.5%, down 2.1 percentage points from last year [2] - Manufacturing Sector: Capacity utilization at 74.8%, down 0.4 percentage points year-on-year [3] - Electricity, Heat, Gas, and Water Production and Supply: Capacity utilization at 74.3%, unchanged from the previous year [3] Specific Industries - Coal Mining and Washing: 68.9%, down 3.8 percentage points [3] - Food Manufacturing: 70.1%, down 0.6 percentage points [3] - Textile Industry: 77.2%, down 0.7 percentage points [3] - Chemical Raw Materials and Products: 72.5%, down 3.5 percentage points [3] - Non-Metallic Mineral Products: 62.0%, up 0.3 percentage points [3] - Black Metal Smelting and Rolling: 80.1%, up 2.7 percentage points [3] - Non-Ferrous Metal Smelting and Rolling: 77.8%, down 0.6 percentage points [3] - General Equipment Manufacturing: 78.9%, up 0.2 percentage points [3] - Specialized Equipment Manufacturing: 75.5%, down 0.3 percentage points [3] - Automobile Manufacturing: 73.3%, up 0.1 percentage points [3] - Electrical Machinery and Equipment Manufacturing: 74.9%, down 0.7 percentage points [3] - Computer, Communication, and Other Electronic Equipment Manufacturing: 79.0%, up 1.1 percentage points [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PVC is in a state of high operation and weak demand, with a possibility of inventory accumulation in the future. The fundamentals of PVC remain weak, and there may be a correction after a phased rebound in the market. Technically, for V2601, attention should be paid to the support of the 5 - day moving average around 4691 and the pressure of the 20 - day moving average around 4836 [3]. - This week, a large number of PVC devices are set to restart, and the impact of newly shut - down devices is limited. The PVC capacity utilization rate is expected to return to a high level. With fewer maintenance devices and new production capacity coming online in October, the supply pressure is relatively high [3]. - The real estate market remains weak, and product orders are poor. Downstream is expected to maintain rigid procurement. Affected by India's anti - dumping tax, the export market may remain on the sidelines [3]. - The cost of the calcium carbide process has increased, while that of the ethylene process has decreased. Due to the larger decline in spot prices than costs, losses in both processes have deepened. Currently, calcium carbide enterprises are in deep losses, and the cost - side support has been weakened [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 4702 yuan/ton, up 14 yuan; the trading volume is 715,268 lots, down 43,758 lots; the open interest is 1,206,166 lots, down 6,761 lots. The long positions of the top 20 futures holders are 905,720 lots, down 1,642 lots; the short positions are 1,042,891 lots, up 1,316 lots; the net long positions are - 137,171 lots, down 2,958 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 4,850 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4,618.85 yuan/ton, up 21.15 yuan. In the South China region, the price of ethylene - based PVC is 4,820 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4,707.5 yuan/ton, up 30 yuan. The CIF price of PVC in China is 690 US dollars/ton, unchanged; the CIF price in Southeast Asia is 650 US dollars/ton, unchanged; the FOB price in Northwest Europe is 710 US dollars/ton, unchanged. The basis of PVC is - 92 yuan/ton, down 4 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,800 yuan/ton, unchanged; in North China, it is 2,673.33 yuan/ton, unchanged; in Northwest China, it is 2,510 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is - 49.5 yuan/ton, unchanged. The CFR mid - price of VCM in the Far East is 524 US dollars/ton, unchanged; in Southeast Asia, it is 549 US dollars/ton, unchanged. The CFR mid - price of EDC in the Far East is 183 US dollars/ton, down 6 US dollars; in Southeast Asia, it is 192 US dollars/ton, down 9 US dollars [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 76.69%, down 5.94 percentage points; the operating rate of calcium carbide - based PVC is 74.71%, down 8.23 percentage points; the operating rate of ethylene - based PVC is 81.26%, down 0.64 percentage points. The total social inventory of PVC is 55.62 tons, down 0.08 tons; the inventory in East China is 50.48 tons, up 0.21 tons; the inventory in South China is 5.14 tons, down 0.29 tons [3]. 3.5 Downstream Situation - The national real estate climate index is 93.05, down 0.29. The cumulative value of new housing construction area is 39,801.01 million square meters, up 4,595.01 million square meters; the cumulative value of real estate construction area is 643,108.94 million square meters, up 4,377.94 million square meters; the cumulative value of real estate development investment is 31,693.94 billion yuan, up 3,588.01 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 10.93%, up 0.15 percentage points; the 40 - day historical volatility is 9.8%, up 0.05 percentage points. The implied volatility of at - the - money put options is 14.97%, down 0.19 percentage points; the implied volatility of at - the - money call options is 14.97%, down 0.19 percentage points [3]. 3.7 Industry News - From October 11th to 17th, China's PVC capacity utilization rate was 76.69%, a week - on - week decrease of 53.94%. PVC downstream operating rate increased by 9.38% week - on - week to 48.59%, with the pipe operating rate increasing by 7.17% week - on - week to 40% and the profile operating rate increasing by 17.39% week - on - week to 33.26% [3]. - As of October 16th, PVC social inventory decreased by 0.24% week - on - week to 103.38 tons. V2601 first rose and then fell, closing at 4,702 yuan/ton. Affected by the maintenance of some devices, the PVC capacity utilization rate decreased significantly last week. After the National Day, downstream enterprises gradually resumed work, and the operating rates of pipes and profiles increased week - on - week. Inventory decreased slightly [3]. - From October 11th to 17th, the average cost of the calcium carbide process increased to 5,142 yuan/ton, and the average national cost of the ethylene process decreased to 5,432 yuan/ton. The profit of the calcium carbide process decreased to - 731 yuan/ton, and the profit of the ethylene process decreased to - 552 yuan/ton [3].

Economic Growth - Q3 GDP growth rate is 4.8% year-on-year, with a cumulative growth of 5.2% for the first three quarters, indicating resilience in the economy[3] - Industrial added value in September increased by 6.5% year-on-year, up from 5.2% in August, while the service production index remained stable at 5.6%[3] - Exports exceeded expectations with a year-on-year growth of 8.3% in September, compared to 4.3% in August, surpassing the consensus forecast of 5.9%[3] Demand and Investment - Domestic demand remains under pressure, with retail sales growth declining from 3.4% in August to 3.0% in September, below the expected 3.1%[3] - Fixed asset investment showed a cumulative year-on-year decline of 0.5%, down from a growth of 0.5% in August, indicating a weakening investment environment[3] - Real estate investment continues to struggle, with a cumulative year-on-year decline of 13.9% in September, worsening from -12.9% in August[4] Price Pressure and Policy Implications - The GDP deflator index improved slightly from -1.3% in Q2 to -1.1% in Q3, reflecting a balance between downward price pressure and "anti-involution" policies[3] - The potential for monetary policy easing remains, with possibilities for interest rate cuts and reserve requirement ratio reductions to stimulate demand[3] - Recent policy measures, including 500 billion yuan in policy financial tools and another 500 billion yuan in special bonds, are expected to boost investment growth[3] Consumer Behavior - Per capita income growth slowed from 5.1% in Q2 to 4.5% in Q3, with property income growth turning negative at -0.3%[4] - Per capita consumption growth also declined from 5.2% in Q2 to 3.4% in Q3, with a corresponding drop in consumption propensity to 68.1%[4] - Service consumption growth outpaced goods consumption, with service retail growth at 5.0% in Q3 compared to goods retail growth of only 3.6%[4]

Core Insights - The industrial capacity utilization rate for Q3 2025 is reported at 74.6%, showing a decrease of 0.5 percentage points compared to the same period last year [4] - The mining industry has a capacity utilization rate of 72.5%, down by 2.1 percentage points year-on-year [4] - The manufacturing sector's capacity utilization stands at 74.8%, reflecting a decline of 0.4 percentage points from the previous year [4] - The electricity, heat, gas, and water production and supply industry maintains a capacity utilization rate of 74.3%, unchanged from the previous year [4] Industry Breakdown - In the mining sector, coal mining and washing have a capacity utilization rate of 68.9%, down 3.8 percentage points year-on-year [4] - The oil and gas extraction industry shows a high capacity utilization rate of 91.2%, an increase of 1.0 percentage points from the previous year [4] - The food manufacturing industry has a capacity utilization rate of 70.1%, decreasing by 0.6 percentage points [4] - The textile industry reports a capacity utilization of 77.2%, down by 0.7 percentage points [4] - The chemical raw materials and products manufacturing industry has a capacity utilization rate of 72.5%, down 3.5 percentage points [4] - The black metal smelting and rolling industry shows a strong capacity utilization rate of 80.1%, up by 2.7 percentage points [4] - The non-metallic mineral products industry has a low capacity utilization rate of 62.0%, slightly up by 0.3 percentage points [4] - The automotive manufacturing industry reports a capacity utilization of 73.3%, with a minor increase of 0.1 percentage points [4] - The computer, communication, and other electronic equipment manufacturing industry has a capacity utilization rate of 79.0%, up by 1.1 percentage points [4]

Report Overview - Report Title: Petroleum Asphalt Weekly Report - Report Date: October 19, 2025 - Author: Wang Hanxi from Guotai Junan Futures Research Institute [1] Investment Rating - No investment rating provided in the report Core Views - Asphalt follows the decline of crude oil. After the holiday, the shipment volume increased month - on - month. Attention should be paid to the inventory accumulation in South China [4]. - The supply of asphalt increased slightly, with the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises reaching 35.8% this week, a month - on - month increase of 1.3% [4]. - The demand showed a month - on - month increase. The sample shipment volume of 54 domestic asphalt enterprises was 39.3 tons, a month - on - month increase of 2.9% [4]. - The spot price of asphalt continued to decline under pressure. The weekly average price of domestic asphalt this period was 3,544 yuan/ton, a decrease of 55 yuan/ton from the previous period [4]. Summary by Directory Overview - Supply: The capacity utilization rate slightly increased due to the rotation to produce residue oil and shutdown for maintenance at some refineries, and the intermittent production at some main refineries in East China and Jiangsu Xinhai [4]. - Demand: The shipment volume increased month - on - month. Both factory and social inventories showed a destocking trend. The actual trading atmosphere was average in East China, and low - priced resources in social inventories were given priority [4]. - Valuation: The spot price of asphalt continued to decline, with the price range widening. All 7 regional prices decreased, with the largest decline of 4.2% in North China [4]. - Strategy: No specific strategies for unilateral, inter - period, or inter - variety trading were provided [4]. Price & Spread - Cost Structure: The cost of asphalt is affected by factors such as Brent, WTI, imported diluted asphalt, and Ma Rui crude oil. Different raw materials have different asphalt yields [7]. - Futures: The disk price and trading volume of asphalt futures are presented, along with the comparison of Brent, WTI, and SC prices [11]. - Spot: The prices of domestic heavy - traffic asphalt in different regions are shown, as well as the price differences between regions and the production profit of asphalt in Shandong [12]. - Spread: The basis and inter - month spread of asphalt are presented, including the basis in Shandong, North China, the Yangtze River Delta, etc. [14][15][16] Fundamental Data - Demand: The consumption of asphalt is mainly in the road market (including highway construction and maintenance), waterproof market, etc. The shipment volume of 54 domestic asphalt enterprises increased by 2.9% week - on - week. The capacity utilization rate of 69 domestic modified asphalt enterprises was 12.6%, a week - on - week decrease of 4.7% and a year - on - year decrease of 2.5% [20][24]. - Supply: The weekly output of domestic asphalt was 618,000 tons, a decrease of 17,000 tons (2.7%) week - on - week and an increase of 139,000 tons (29.0%) year - on - year. As of October 16, 2025, the inventory of 54 asphalt sample factories decreased by 2.4%, and the inventory of 104 social asphalt warehouses decreased by 2.1% [28].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The short - term methanol market is expected to fluctuate. The fundamental pressure on methanol is significant, but its valuation is moderately low. With numerous important macro - events recently, the price is likely to move in a volatile pattern. The upside pressure mainly comes from the supply side of the fundamentals, while the macro - end sentiment provides support [4]. - For trading strategies, the unilateral central shock is expected to move downward. The 01 contract has an upper pressure range of 2340 - 2350 yuan/ton and a lower support range of 2240 - 2250 yuan/ton. The 1 - 5 month spread will enter a short - term shock pattern, and the MA - PP spread will also enter a shock pattern [5]. 3. Summary by Relevant Catalogs **This Week's Methanol Summary** - **Supply**: From October 10 - 16, 2025, China's methanol production was 1,983,655 tons, a decrease of 47,850 tons from last week. The plant capacity utilization rate was 87.42%, a 2.36% week - on - week decline. Next week, production is expected to be around 1.9958 million tons, and the capacity utilization rate around 87.95% [4]. - **Demand**: - **Olefins**: The olefin industry has no planned adjustments in the short term, and the operating rate is expected to remain high. - **Traditional downstream**: Different traditional downstream products have different capacity utilization rate trends. For example, the overall capacity utilization rate of dimethyl ether is expected to decline, while that of glacial acetic acid is expected to increase slightly [4]. - **Inventory**: - As of October 15, 2025, 11:30, the inventory of Chinese methanol sample production enterprises was 359,900 tons, a 6.04% increase from the previous period. The sample enterprise orders to be delivered were 228,900 tons, a 98.64% increase. - As of October 15, 2025, the Chinese methanol port sample inventory was 1.4914 million tons, a 3.36% decrease from the previous period [4]. **Price and Spread** - **Base, Monthly Spread, and Warehouse Receipts**: The report presents historical data charts of methanol's base, monthly spread, and warehouse receipts from 2020 - 2025 [8][9][10]. - **Domestic Spot Prices**: It shows the historical price trends of domestic methanol in different regions such as Inner Mongolia, Henan, and Lunan from 2020 - 2025 [13][14][15]. - **International Spot Prices**: Charts display the historical price trends of international methanol in regions like China CFR, Southeast Asia CFR, and Rotterdam FOB from 2020 - 2025 [17][18][19]. - **Port - Inland Price Spread**: The report provides historical data charts of the price spread between ports and inland areas from 2020 - 2025 [20][21][22]. **Supply** - **New Methanol Capacity**: From 2024 - 2025, many new methanol plants were put into production in China, with a total capacity expansion of 4000000 tons in 2024 and 8400000 tons in 2025. Overseas, the total international capacity expansion was 3.55 million tons in 2024 and 3.3 million tons in 2025 [25]. - **Methanol Maintenance**: A list of domestic methanol plant shutdowns and production cuts is provided, including details such as province, enterprise name, capacity, maintenance start and end dates, etc. The total affected capacity is 8.54 million tons [27]. - **Methanol Production and Operating Rate**: Historical data charts of methanol production, capacity utilization rate in China and different regions, and production by different processes from 2018 - 2025 are presented [28][30][31]. - **Methanol Import - Related**: Charts show historical data on China's methanol import volume, import cost, arrival volume, and import profit from 2020 - 2025 [38][39][40]. - **Methanol Cost and Profit**: Historical data charts of methanol production costs and profits by different processes in different regions from 2020 - 2025 are shown [43][44][45]. **Demand** - **Methanol Downstream Operating Rate**: Historical data charts of the operating rates of methanol downstream industries such as methanol - to - olefins, dimethyl ether, and formaldehyde from 2020 - 2025 are presented [53][54][55]. - **Methanol Downstream Profit**: Charts show the historical profit data of methanol downstream industries in different regions from 2020 - 2025 [60][61][63]. - **MTO Procurement Volume by Region**: Historical data charts of the procurement volume of methanol - to - olefins production enterprises in different regions from 2020 - 2025 are provided [68][69][70]. - **Traditional Downstream Raw Material Procurement Volume by Region**: Historical data charts of the raw material procurement volume of traditional downstream methanol manufacturers in different regions from 2020 - 2025 are presented [73][74][75]. - **Traditional Downstream Methanol Raw Material Inventory by Region**: Charts show the historical inventory data of traditional downstream methanol raw materials in different regions from 2020 - 2025 [78][79][80]. **Inventory** - **Methanol Factory Inventory**: Historical data charts of methanol factory inventory in China and different regions from 2018 - 2025 are presented [83][84][85]. - **Methanol Port Inventory**: Charts show the historical inventory data of methanol ports in China and different regions from 2018 - 2025 [89][90][91].