Seasonal Demand Shifts: The conclusion of the Diwali festival in India, a major global gold consumer, also contributed to a reduction in physical demand, removing one of the key supporting tailwinds for the price.Uncertainty Over Federal Reserve Policy: While expectations of future Federal Reserve interest rate cuts initially fueled gold's rally, ongoing uncertainty and a lack of precise data (partially due to a U.S. government shutdown in late fall) have contributed to market indecisiveness. The CME Group' ...

Core Insights - The domestic futures market for rubber shows a clear divergence, with synthetic rubber futures rising nearly 4%, while natural rubber and No. 20 rubber futures exhibit a more moderate performance, attributed to multiple factors including cost dynamics, supply changes, and seasonal demand [2] Group 1: Synthetic Rubber Market - The significant rise in synthetic rubber futures is primarily driven by cost factors, particularly the decrease in port inventory of the raw material butadiene, leading to tighter supply and enhanced cost support [2] - The relationship between synthetic rubber and natural rubber is strong, with supply contraction in natural rubber due to stoppages in Yunnan and an expanded price gap between Thai mixed rubber and synthetic rubber providing additional support for synthetic rubber prices [2] - Despite the recent price rebound, the weak downstream demand poses a challenge for the sustainability of synthetic rubber price increases, particularly during the seasonal demand lull in the tire market [2][3] Group 2: Tire Industry Impact - The tire industry, a major consumer of synthetic rubber, is expected to underperform in Q4, with a significant year-on-year decline in capacity utilization for semi-steel tire manufacturers, indicating a slowdown in synthetic rubber demand [3] Group 3: Supply Dynamics - Although the trading atmosphere for synthetic rubber has improved, inventory levels remain high and supply is ample, with the price of butadiene lacking sustained upward momentum, suggesting that the recent rebound is more of a correction from overselling rather than a strong upward trend [4] - For natural rubber, the focus is on supply, with recent rainfall in Thailand affecting rubber tapping, but the increase in exports from Thailand has alleviated concerns about supply shortages, maintaining a neutral supply-demand structure [4] Group 4: Future Outlook - The short-term outlook for synthetic rubber prices is expected to maintain a phase of recovery due to improved macroeconomic conditions, while natural rubber and No. 20 rubber prices may remain relatively weak due to seasonal demand factors [4] - The potential for further price increases in synthetic rubber futures appears limited, with expectations of a bottoming and oscillating pattern [5]

Group 1 - The meeting between Putin, Witkoff, and Kushner lasted nearly 5 hours and was described as productive, focusing on the Ukraine issue and potential solutions [1] - There is currently no compromise solution for the Ukraine issue, with some proposals from the US being acceptable to Russia while others are not [1] - Putin stated that Russia cannot accept modifications to the US-proposed peace plan for Ukraine made by Europe, viewing them as attempts to obstruct the peace process [2][3] Group 2 - Ukrainian President Zelensky emphasized that there will be no simple solutions to the peace plan between Ukraine and Russia, insisting that Ukraine must be involved in any decisions regarding its future [4] - Zelensky reported that Ukraine is closer to peace than ever and is actively communicating with allies to ensure their involvement in the decision-making process [4] - A high-level meeting between the US and Ukraine took place on November 30, where discussions were based on the revised peace plan [4] Group 3 - The European aerospace and defense industry is projected to generate €325.7 billion in revenue for 2024, marking a 10.1% increase, driven primarily by the defense sector [5][6] - The defense industry's revenue is expected to grow by 13.8%, largely due to increased military support for Ukraine and overall defense spending [6] - The aerospace sector is anticipated to see a 3.1% revenue increase, while the civil aviation sector is expected to grow by 6%, despite challenges such as supply chain bottlenecks and labor shortages [6]

Group 1: Rubber Industry Report Industry Investment Rating - Not provided Report's Core View - The natural rubber market is expected to maintain a range - bound consolidation. With the weakening of the hype about domestic production cuts and overseas floods, the supply is expected to increase seasonally, and the terminal demand improvement is weak. Follow - up attention should be paid to the raw material output in the peak production season of the main producing areas and macro - level changes [1]. Summary According to Relevant Catalogs - **Spot Price and Basis**: The price of Yunnan state - owned whole latex increased, and the basis of whole latex also changed. The price of Thai standard mixed rubber increased slightly, and there were also changes in non - standard price differences and raw material prices [1]. - **Monthly Spread**: There were changes in the 1 - 5, 5 - 9, and 9 - 1 spreads of natural rubber contracts [1]. - **Fundamental Data**: In September, the production of Thailand, Indonesia, and India decreased to varying degrees, and the production of China increased. The weekly operating rates of semi - steel and all - steel tires decreased, and in October, domestic tire production, export volume, and natural rubber import volume all decreased [1]. - **Inventory Change**: The bonded area inventory and the factory - warehouse futures inventory of natural rubber in the Shanghai Futures Exchange increased, and there were also changes in the outbound and inbound rates of dry rubber in Qingdao [1]. Group 2: Crude Oil Industry Report Industry Investment Rating - Not provided Report's Core View - Affected by the repeated Russia - Ukraine peace negotiations and Trump's threat to Venezuela, short - term geopolitical factors still support oil prices. However, under the pressure of continuous production increase by OPEC+ and the record - high US crude oil production, the crude oil supply - demand pattern is still weak. It is expected that oil prices will continue to fluctuate at a low level, and Brent crude oil may fluctuate between $60 - 65 per barrel in the short term [3]. Summary According to Relevant Catalogs - **Crude Oil Price and Spread**: The prices of Brent, WTI, and SC crude oil changed, and there were also changes in spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 [3]. - **Refined Oil Price and Spread**: The prices of NYM RBOB, NYM ULSD, and ICE Gasoil changed, and there were also changes in spreads such as RBOB M1 - M3, ULSD M1 - M3, and Gasoil M1 - M3 [3]. - **Refined Oil Crack Spread**: The crack spreads of US gasoline, European gasoline, Singapore gasoline, etc. changed [3]. Group 3: Glass and Soda Ash Industry Report Industry Investment Rating - Not provided Report's Core View - **Soda Ash**: Although the production of soda ash has decreased significantly due to some device overhauls, and the manufacturer's inventory has decreased, there is still an over - supply problem in the medium term, and the overall demand is in a contraction pattern. It is expected to be in a bottom - oscillating pattern [5]. - **Glass**: In the short term, there is still some rigid demand support, but in the medium and long term, the demand is expected to shrink, and the glass price will be under pressure. The short - term disk is expected to be strong, but the 01 contract may face pressure when approaching the delivery month [5]. Summary According to Relevant Catalogs - **Glass - Related Price and Spread**: The prices of glass in North China, East China, Central China, and South China changed, and there were also changes in the prices and spreads of glass futures contracts [5]. - **Soda Ash - Related Price and Spread**: The prices of soda ash in North China, East China, Central China, and Northwest China remained stable, and there were also changes in the prices and spreads of soda ash futures contracts [5]. - **Supply**: The operating rate and weekly output of soda ash decreased, and the daily melting volume of float glass and photovoltaic glass also decreased [5]. - **Inventory**: The factory - warehouse inventory of glass and soda ash decreased, and the inventory days of soda ash in glass factories remained unchanged [5]. - **Real Estate Data**: The year - on - year changes in new construction area, construction area, completion area, and sales area of real estate showed different trends [5]. Group 4: Methanol Industry Report Industry Investment Rating - Not provided Report's Core View - The supply of inland methanol increases with the restart of devices, but the profits of coal - based and gas - based production are weak. The traditional downstream operating rate has increased slightly, and winter fuel demand provides support. In the port area, due to gas restrictions in Iran, multiple devices have stopped production, and the import volume in the first quarter is expected to decline significantly, strengthening the port destocking expectation and providing bottom support for prices [6]. Summary According to Relevant Catalogs - **Methanol Price and Spread**: The prices of methanol futures contracts and spot prices in different regions changed, and there were also changes in spreads such as MA15 and regional spreads [6]. - **Methanol Inventory**: The inventory of methanol enterprises increased, while the port inventory and social inventory decreased [6]. - **Methanol Upstream and Downstream Operating Rates**: The upstream domestic enterprise operating rate decreased, the operating rate of downstream MTO devices decreased, and the operating rates of some traditional downstream products such as formaldehyde increased [6][7]. Group 5: Polyolefin Industry Report Industry Investment Rating - Not provided Report's Core View - The supply of polypropylene is expected to increase after maintenance, the inventory is being depleted faster but is still higher than in previous years, and the cost - side profit is compressed. The operating load of polyethylene is gradually increasing, the supply is on the rise, and the upstream inventory is being depleted faster but is still higher than the same period. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [9]. Summary According to Relevant Catalogs - **Polyolefin Price and Spread**: The prices of L2601, L2605, PP2601, and PP2605 futures contracts increased, and there were also changes in spreads such as L15, PP15, and LP01 [9]. - **PE and PP Inventory**: The enterprise inventories of PE and PP decreased, and the trading - company inventory of PP also decreased [9]. - **PE and PP Upstream and Downstream Operating Rates**: The operating rate of PE devices increased, the downstream weighted operating rate decreased slightly; the operating rate of PP devices decreased slightly, the operating rate of PP powder increased, and the downstream weighted operating rate increased slightly [9]. Group 6: Pure Benzene - Styrene Industry Report Industry Investment Rating - Not provided Report's Core View - **Pure Benzene**: Although the supply - demand expectation has slightly improved due to some device overhauls, the current spot supply is sufficient, and there is an expectation of port inventory accumulation. The demand - side support is limited, and it is expected that the price of pure benzene will face pressure on the upside. Short - term BZ2603 is recommended to be short on rebounds [11]. - **Styrene**: Although some integrated devices are under centralized overhaul, the overall operating rate is stable, and the supply is expected to remain. The demand support is limited, but the inventory accumulation expectation is not obvious at the end and beginning of the month. Overall, the supply - demand of styrene is in a tight balance, but the upward driving force is insufficient. Short - term EB01 is expected to oscillate between 6300 - 6600 [11]. Summary According to Relevant Catalogs - **Upstream Price and Spread**: The prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, CFR Northeast Asia ethylene, and CFR China pure benzene changed, and there were also changes in price differences such as pure benzene - naphtha and ethylene - naphtha [11]. - **Styrene - Related Price and Spread**: The prices of styrene futures contracts and spot prices increased, and there were also changes in spreads such as EB01 - EB02 and EB - BZ [11]. - **Pure Benzene and Styrene Downstream Cash Flow**: The cash flows of downstream products such as phenol, caprolactam, and aniline changed [11]. - **Pure Benzene and Styrene Inventory**: The port inventories of pure benzene and styrene in Jiangsu increased [11]. - **Pure Benzene and Styrene Industry Chain Operating Rate**: The operating rates of Asian pure benzene, domestic pure benzene, and some downstream products changed [11]. Group 7: Ester Industry Chain Report Industry Investment Rating - Not provided Report's Core View - **PX**: Although the supply is currently at a relatively high level, there is an expectation of supply contraction in the future. The demand - side support is stronger than expected. Short - term PX is expected to oscillate at a high level, and there is an expectation of improvement in the medium - term supply - demand [12]. - **PTA**: The supply reduction is greater than expected, and the demand - side support is strong. The supply - demand expectation has been significantly repaired, but the price rebound space is limited. TA01 may oscillate between 4500 - 4800 in the short term, and attention can be paid to the low - level positive spread opportunity of TA5 - 9 [12]. - **Ethylene Glycol (MEG)**: The supply - side contraction is not obvious, and the demand is supported by rigid demand. It is expected to oscillate in December, and EG2601 may oscillate between 3750 - 4000 [12]. - **Short Fiber**: The supply - demand is weak. Although the inventory pressure is not large in the short term, the absolute price driving force is limited, and the processing fee is mainly under compression. PFO2 is expected to oscillate in the short term, and the PF processing fee on the disk is recommended to be shorted on highs [12]. - **Bottle Chip**: The supply is expected to increase in December, and the demand is in the off - season. The supply - demand is loose, and the social inventory is likely to accumulate seasonally. PR follows the cost - side fluctuation, and the processing fee is expected to be squeezed [12]. Summary According to Relevant Catalogs - **Upstream Price**: The prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, and CFR Northeast Asia ethylene changed [12]. - **PX - Related Price and Spread**: The prices of CFR China PX, PX futures contracts, and PX price differences changed [12]. - **PTA - Related Price and Spread**: The prices of PTA spot and futures contracts changed, and there were also changes in the basis and processing fees [12]. - **MEG Port Inventory and Arrival Expectation**: The MEG port inventory remained unchanged, and the arrival expectation decreased [12]. - **Polyester Industry Chain Operating Rate**: The operating rates of Asian PX, Chinese PX, PTA, MEG, and other industries changed [12]. Group 8: PVC and Caustic Soda Industry Report Industry Investment Rating - Not provided Report's Core View - **Caustic Soda**: The supply - demand of the caustic soda industry is still under pressure, the demand - side support is weak, and it is expected that the price of caustic soda will run weakly [13]. - **PVC**: It is expected to continue the oscillating pattern. The supply pressure remains, the demand is sluggish, and although there is an advantage in export prices, the overall demand - side support is weak, and the price is difficult to rise significantly [13]. Summary According to Relevant Catalogs - **PVC, Caustic Soda Spot & Futures**: The prices of Shandong 32% liquid caustic soda, 50% liquid caustic soda, and East China calcium - carbide - based PVC changed, and there were also changes in the prices and spreads of PVC and caustic soda futures contracts [13]. - **Caustic Soda Overseas Quotation & Export Profit**: The FOB price of caustic soda in East China decreased, and the export profit decreased [13]. - **PVC Overseas Quotation & Export Profit**: The CFR prices of PVC in Southeast Asia and India decreased, and the export profit of calcium - carbide - based PVC in Tianjin Port changed [13]. - **Supply: Chlor - Alkali Operating Rate & Industry Profit**: The operating rates of the caustic soda and PVC industries increased, and the profits of calcium - carbide - based PVC and northwest integrated PVC decreased [13]. - **Demand: Caustic Soda Downstream Operating Rate**: The operating rates of the alumina, viscose staple fiber, and printing and dyeing industries changed [13]. - **Demand: PVC Downstream Products Operating Rate**: The operating rates of PVC downstream products such as profiles decreased, and the pre - sales volume of PVC decreased [13]. - **Inventory: Social Inventory & Annual**: The inventories of liquid caustic soda in East China and Shandong increased, and the upstream factory - warehouse inventory and total social inventory of PVC decreased [13]. Group 9: LPG Industry Report Industry Investment Rating - Not provided Report's Core View - Not provided Summary According to Relevant Catalogs - **LPG Price and Spread**: The prices of LPG futures contracts such as PG2512, PG2601, etc. increased, and there were also changes in spreads such as PG12 - 01, PG12 - 02, etc. [14]. - **LPG Outer - Market Price**: The prices of FEI forward M1, M2 contracts and CP swap M1, M2 contracts decreased [14]. - **LPG Inventory**: The refinery storage ratio and port inventory of LPG decreased [14]. - **LPG Upstream and Downstream Operating Rates**: The operating rate of upstream main refineries decreased, the sample enterprise's weekly sales - to - production ratio decreased, the operating rate of downstream PDH increased slightly, the operating rate of MTBE remained unchanged, and the operating rate of alkylation decreased [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Although the geopolitical premium in the oil market has completely dissipated and OPEC has increased production in a very limited amount, and OPEC's supply has not yet increased significantly, so it is not advisable to be overly bearish on oil prices in the short term. Maintain a range strategy of buying low and selling high for oil prices, but currently, oil prices need to test OPEC's willingness to support prices through exports. It is recommended to wait and see in the short term and wait for a decline in OPEC exports when oil prices fall as verification [3]. - For methanol, the potential bullish factors from the previous shutdown in Iran have started to materialize. The market has stopped falling and stabilized, with the futures price rising on reduced positions and the monthly spread starting to recover from the bottom. It is expected that a short - term bottom has emerged. In the future, supply is expected to remain at a high level, limiting the upward space for methanol. It is expected that the market will gradually shift to a sideways adjustment after the bullish factors are realized. It is advisable to wait and see on the single - side trading and focus on positive spread opportunities for the monthly spread [5]. - For urea, the futures price has been oscillating higher, and the spot price has rebounded from the bottom. With low valuations, the downside space for urea is relatively limited, and prices are expected to gradually move out of the bottom range. In the future, attention should be paid to export and off - season storage demand on the demand side, and winter gas - based shutdowns and cost support on the supply side. At low prices, it is recommended to consider buying on dips [7]. - For rubber, currently adopt a neutral approach. It is recommended to wait and see or conduct short - term quick - in and quick - out trading. Partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12]. - For PVC, fundamentally, the comprehensive profit of enterprises remains at a low level for the year, and the valuation pressure is relatively small in the short term. However, the supply side has few maintenance operations, and production is at a historical high. Multiple new plants are expected to start trial production in the short term. The domestic demand is about to enter the off - season, and the demand side is under pressure. Although exports to India are expected to remain high, it is still difficult to digest the excess production capacity. In the medium term, before the industry substantially reduces production, it is advisable to adopt a strategy of shorting on rallies [14]. - For pure benzene and styrene, currently, the non - integrated profit of styrene is moderately low, and there is a large space for valuation repair. When the inventory reversal point appears, one can go long on the non - integrated profit of styrene [17]. - For polyethylene, OPEC+ has announced plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed out. The spot price of polyethylene remains unchanged, and the downward space for PE valuation is limited. In the long term, the contradiction has shifted from cost - driven downward trends to production mismatch. It is advisable to short the LL1 - 5 spread on rallies [20]. - For polypropylene, in a background of weak supply and demand, the overall inventory pressure is high, and there are no prominent short - term contradictions. When the oversupply situation on the cost side changes in Q1 next year, it may provide some support to the futures price [23]. - For PX, currently, the PX load remains at a high level, while downstream PTA has many maintenance operations and the overall load center is low. It is expected that PX will experience a slight inventory build - up in November. There is a risk of a slight valuation correction [24]. - For PTA, in the future, on the supply side, as processing fees gradually stabilize and recover, unexpected maintenance is expected to gradually decrease. On the demand side, the inventory and profit pressure of polyester fiber are relatively low, and the load is expected to remain high in the short term. However, due to inventory pressure and the approaching off - season for bottle chips, it is difficult for the load to increase. There is a risk of a slight valuation correction for PXN [25]. - For ethylene glycol, on the industrial fundamentals, the domestic plant load is lower than expected due to a large number of unexpected maintenance operations. The domestic supply is expected to decline in December, and the import volume will decrease slightly. The inventory build - up rate at ports may slow down. In the medium term, as maintenance ends, domestic production is still expected to be high, and with new plants gradually coming into operation, the supply - demand situation is expected to remain weak. It is recommended to short on rallies in the medium term [27]. Summary by Relevant Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed up 8.80 yuan/barrel, a 1.98% increase, at 453.90 yuan/barrel. Singapore's ESG oil product weekly data showed that gasoline inventories decreased by 0.90 million barrels to 13.52 million barrels, a 6.23% decline; diesel inventories decreased by 1.95 million barrels to 8.01 million barrels, a 19.62% decline; fuel oil inventories increased by 0.19 million barrels to 24.71 million barrels, a 0.78% increase; total refined oil inventories decreased by 2.66 million barrels to 46.24 million barrels, a 5.44% decline [2][9]. - **Strategy Viewpoint**: Do not be overly bearish on oil prices in the short term. Maintain a range strategy of buying low and selling high, but currently, it is recommended to wait and see and wait for a decline in OPEC exports when oil prices fall as verification [3]. Methanol - **Market Information**: The price in Taicang increased by 5, remained flat in southern Shandong, and increased by 2.5 in Inner Mongolia. The futures contract 01 increased by 21 yuan, closing at 2135 yuan/ton, with a basis of - 25. The 1 - 5 spread increased by 10, reaching - 84 [4]. - **Strategy Viewpoint**: The market is expected to have a short - term bottom. In the future, supply is expected to remain high, and the market is expected to shift to a sideways adjustment after the bullish factors are realized. Wait and see on the single - side trading and focus on positive spread opportunities for the monthly spread [5]. Urea - **Market Information**: Prices in Shandong, Henan, and Hubei increased by 20, 10, and 10 respectively. The futures contract 01 increased by 9 yuan, closing at 1677 yuan, with a basis of - 27. The 1 - 5 spread was - 7, reaching - 66 [7]. - **Strategy Viewpoint**: The price is expected to gradually move out of the bottom range. At low prices, consider buying on dips. In the future, pay attention to export and off - season storage demand on the demand side, and winter gas - based shutdowns and cost support on the supply side [7]. Rubber - **Market Information**: Rubber prices rebounded. The flood in Thailand's main rubber - producing areas has gradually receded, and subsequent bullish factors are diminishing. The exchange's RU inventory warrants are low. The fundamental driving force for rubber has weakened marginally and is currently following macro - level fluctuations. There are different views from the long and short sides. As of November 27, 2025, the operating load of all - steel tires in Shandong tire enterprises was 63.91%, 3.34 percentage points higher than last week and 3.98 percentage points higher than the same period last year. The operating load of semi - steel tires in domestic tire enterprises was 72.37%, 0.40 percentage points lower than last week and 6.33 percentage points lower than the same period last year. New orders have slowed down, and tire factory inventories have increased. As of November 23, 2025, China's natural rubber social inventory was 1080000 tons, a 1.7% increase from the previous period [11]. - **Strategy Viewpoint**: Adopt a neutral approach currently. Wait and see or conduct short - term quick - in and quick - out trading. Partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12]. PVC - **Market Information**: The PVC01 contract increased by 32 yuan, closing at 4549 yuan. The spot price of Changzhou SG - 5 was 4490 (+40) yuan/ton, with a basis of - 59 (+8) yuan/ton. The 1 - 5 spread was - 290 (-9) yuan/ton. The cost of calcium carbide in Wuhai increased to 2475 (+25) yuan/ton. The overall PVC operating rate was 80.2%, a 1.4% increase; among them, the calcium carbide method was 83.6%, a 2.3% increase; the ethylene method was 72.4%, a 0.7% decrease. The overall downstream operating rate was 49.6%, a 0.4% increase. Factory inventory was 323000 tons (+7000), and social inventory was 1043000 tons (+10000) [12]. - **Strategy Viewpoint**: In the medium term, before the industry substantially reduces production, adopt a strategy of shorting on rallies [14]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene remained unchanged, and the futures price also remained unchanged, with the basis narrowing. The spot price of styrene decreased, while the futures price increased, with the basis weakening. The upstream operating rate of pure benzene was 68.95%, a 0.30% decrease; the inventory at Jiangsu ports increased by 1.59 million tons to 16.42 million tons. The weighted operating rate of the three S products was 42.34%, a 0.10% increase; the operating rate of PS was 57.60%, a 1.70% increase; the operating rate of EPS was 54.75%, a 1.52% decrease; the operating rate of ABS was 71.20%, a 1.20% decrease [16]. - **Strategy Viewpoint**: The non - integrated profit of styrene is moderately low, and there is a large space for valuation repair. When the inventory reversal point appears, go long on the non - integrated profit of styrene [17]. Polyethylene - **Market Information**: The main contract's closing price was 6789 yuan/ton, a 90 - yuan increase. The spot price was 6810 yuan/ton, unchanged. The basis was 21 yuan/ton, weakening by 90 yuan/ton. The upstream operating rate was 84.12%, a 0.05% decrease. In terms of weekly inventory, the production enterprise's inventory decreased by 49300 tons to 454000 tons, and the trader's inventory decreased by 3300 tons to 47100 tons. The downstream average operating rate was 44.8%, a 0.11% increase. The LL1 - 5 spread was - 68 yuan/ton, narrowing by 4 yuan/ton [19]. - **Strategy Viewpoint**: The long - term contradiction has shifted from cost - driven downward trends to production mismatch. Short the LL1 - 5 spread on rallies [20]. Polypropylene - **Market Information**: The main contract's closing price was 6409 yuan/ton, a 114 - yuan increase. The spot price was 6430 yuan/ton, unchanged. The basis was 21 yuan/ton, weakening by 114 yuan/ton. The upstream operating rate was 77.97%, an 0.8% increase. In terms of weekly inventory, the production enterprise's inventory decreased by 47500 tons to 546300 tons, the trader's inventory decreased by 12900 tons to 200500 tons, and the port inventory decreased by 500 tons to 65300 tons. The downstream average operating rate was 53.7%, a 0.13% increase. The LL - PP spread was 380 yuan/ton, narrowing by 24 yuan/ton [22]. - **Strategy Viewpoint**: In a weak supply - demand background, the overall inventory pressure is high. When the oversupply situation on the cost side changes in Q1 next year, it may support the futures price [23]. PX - **Market Information**: The PX01 contract increased by 112 yuan, closing at 6830 yuan. The PX CFR increased by 10 dollars, at 826 dollars. The basis was - 9 yuan (-29), and the 1 - 3 spread was - 28 yuan (+12). China's PX load was 88.3%, a 1.2% decrease; Asia's load was 78.7%, a 1% decrease. The Sinochem Quanzhou plant was under maintenance, and the overseas GS 550000 - ton plant in South Korea reduced its load. The PTA load was 73.7%, a 2.7% increase. In November, South Korea exported 275000 tons of PX to China in the first and middle ten - days, a 19000 - ton increase year - on - year. The inventory at the end of October was 4074000 tons, a 48000 - ton increase from the previous month. The PXN was 260 dollars (-11), the South Korean PX - MX was 109 dollars (unchanged), and the naphtha crack spread was 105 dollars (+5) [23]. - **Strategy Viewpoint**: It is expected that PX will experience a slight inventory build - up in November, and there is a risk of a slight valuation correction [24]. PTA - **Market Information**: The PTA01 contract increased by 68 yuan, closing at 4700 yuan. The spot price in East China increased by 25 yuan, at 4635 yuan. The basis was - 38 yuan (-2), and the 1 - 5 spread was - 52 yuan (+2). The PTA load was 73.7%, a 2.7% increase. The downstream load was 91.5%, a 0.2% increase. The terminal texturing load remained flat at 87%, and the loom load decreased by 1% to 72%. The social inventory (excluding credit warrants) on November 21 was 2230000 tons, a 33000 - ton decrease from the previous period. The spot processing fee of PTA decreased by 30 yuan to 160 yuan, and the futures processing fee decreased by 5 yuan to 220 yuan [24]. - **Strategy Viewpoint**: On the supply side, unexpected maintenance is expected to decrease. On the demand side, the load is expected to remain high in the short term, but it is difficult for the bottle - chip load to increase. There is a risk of a slight valuation correction for PXN [25]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 12 yuan, closing at 3885 yuan. The spot price in East China decreased by 18 yuan, at 3882 yuan. The basis was 4 yuan (-7), and the 1 - 5 spread was - 93 yuan (-20). The ethylene glycol load was 73.1%, a 2.3% increase; among them, the synthetic gas - based load was 72%, a 5.6% increase; the ethylene - based load was 73.8%, a 0.4% increase. The downstream load was 91.5%, a 0.2% increase. The terminal texturing load remained flat at 87%, and the loom load decreased by 1% to 72%. The import arrival forecast was 95000 tons, and the departure from East China ports on November 27 was 13000 tons. The port inventory was 732000 tons, unchanged from the previous period. The naphtha - based profit was - 828 yuan, the domestic ethylene - based profit was - 668 yuan, and the coal - based profit was - 74 yuan. The cost of ethylene remained flat at 730 dollars, and the price of Yulin pit - mouth steam coal fines increased to 680 yuan [26]. - **Strategy Viewpoint**: In the medium term, as new plants come into operation, the supply - demand situation is expected to remain weak. Short on rallies in the medium term [27].

Core Viewpoint - The National Development and Reform Commission (NDRC) announced a new round of fuel price adjustments due to fluctuations in international oil prices, resulting in a slight increase in domestic gasoline and diesel prices starting from November 10 at 24:00 [1][3]. Group 1: Price Adjustments - From November 10 at 24:00, the retail price of gasoline and diesel will increase by 125 and 120 yuan per ton, respectively, leading to an average increase of 0.10 yuan per liter for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel [1]. - Filling a 50-liter tank with 92-octane gasoline will cost an additional 5 yuan [1]. Group 2: Global Oil Market Conditions - The global crude oil market is currently characterized by an overall supply surplus, with international oil prices showing narrow fluctuations during the adjustment period, averaging higher than the previous adjustment cycle [3]. - Brent crude oil futures are currently oscillating in the range of 63 to 65 dollars per barrel [3]. Group 3: Future Considerations - There are significant uncertainties regarding geopolitical risks, particularly the potential escalation of tensions between the U.S. and Venezuela, which could impact oil supply [5]. - Seasonal demand for heating oil is expected to rise as winter approaches in the Northern Hemisphere, which may provide support for oil prices [5].

Core Viewpoint - The domestic fuel prices in China will increase for the seventh time this year, with gasoline and diesel prices rising by 125 yuan and 120 yuan per ton respectively, effective from November 10, 2023 [1] Group 1: International Oil Market Dynamics - International oil prices have shown a downward trend overall, despite some support from geopolitical factors and OPEC's decision to halt production increases in the first quarter of next year [2] - The average Brent crude oil price is currently fluctuating between 63 to 65 USD per barrel, indicating a slight increase compared to the previous pricing cycle [1][2] - The global oil market is characterized by an oversupply, but potential changes in geopolitical risks and seasonal demand could influence future price movements [2] Group 2: Domestic Market Analysis - The domestic fuel market is experiencing a divergence in demand, with gasoline prices declining due to weak terminal demand, while diesel prices are supported by stable weather and ongoing industrial activities [2] - Analysts predict that the new pricing cycle may start with a negative change rate based on current oil prices, suggesting continued volatility in the market [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For oil prices, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term bearishness is not advisable. A low - buy and high - sell range strategy is maintained, but it's recommended to wait and see for now to verify OPEC's export price - support intention [3]. - For methanol, with slow import unloading, slower port inventory accumulation, and potential supply disruptions from winter gas - fired plant shutdowns, the downward momentum of the futures price is expected to be limited, and it's advisable to wait and see [6]. - For urea, with supply device maintenance returning and demand from compound fertilizer production rising, the inventory accumulation speed of enterprises has slowed down. Although consumption lacks positive factors, the downward space of the spot price is limited, and it's recommended to wait and see or consider long - position opportunities on dips [8][10]. - For rubber, as the positive factors for rubber prices are diminishing, it's recommended to gradually exit short - term long positions and wait and see. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609 [10][12]. - For PVC, with continuous decline in enterprise comprehensive profits, high production, weak domestic demand, and poor export prospects in the fourth quarter, there is a pressure of inventory accumulation. It's recommended to consider short - position opportunities on rallies in the medium term [13][14]. - For pure benzene and styrene, with the decline in pure benzene and styrene prices, the BZN spread has room for upward repair. The high port inventory of styrene may lead to a phased stop of price decline [16][17]. - For polyethylene, with cost - side support from the rebound of crude oil prices, high - level inventory reduction, and seasonal demand recovery, the price is expected to remain in a low - level oscillation [19][20]. - For polypropylene, in a situation of weak supply and demand and high inventory pressure, the high number of warehouse receipts and supply - surplus pattern on the cost side suppress the futures price [22][23]. - For PX, with high load and difficulty in continuous inventory reduction, it mainly follows the fluctuation of crude oil prices. A potential PTA production - cut signal may have a negative feedback on PX prices [23][24]. - For PTA, with short - term inventory accumulation and weak long - term prospects, if there is a production - cut signal, it will benefit PTA processing fees but may have a negative impact on PX prices [24][25]. - For ethylene glycol, with high domestic supply, increasing imports, and expected continuous inventory accumulation in the fourth quarter, it's recommended to consider short - position opportunities on rallies [26][27]. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 2.70 yuan/barrel, or 0.58%, at 468.90 yuan/barrel. China's weekly crude oil arrival inventory decreased by 0.53 million barrels to 212.44 million barrels, with a month - on - month decrease of 0.25% [2]. - **Strategy**: Maintain a low - buy and high - sell range strategy, and wait and see for now to verify OPEC's export price - support intention [3]. Methanol - **Market Information**: The price in Taicang decreased by 10 yuan, remained stable in Inner Mongolia, and decreased by 20 yuan in southern Shandong. The 01 contract of the futures price decreased by 4 yuan to 2268 yuan/ton, with a basis of - 38 yuan [5]. - **Strategy**: With slow import unloading and potential supply disruptions, the downward momentum of the futures price is limited. It's advisable to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei increased. The 01 contract of the futures price decreased by 2 yuan to 1640 yuan, with a basis of - 60 yuan [7]. - **Strategy**: With supply device maintenance returning and demand from compound fertilizer production rising, the inventory accumulation speed of enterprises has slowed down. The downward space of the spot price is limited, and it's recommended to wait and see or consider long - position opportunities on dips [8][10]. Rubber - **Market Information**: The positive factors for rubber prices are diminishing. As of October 23, 2025, the operating rate of all - steel tires in Shandong enterprises was 65.29%, and that of semi - steel tires in domestic enterprises was 74.49%. As of October 19, 2025, China's natural rubber social inventory was 1050000 tons, a month - on - month decrease of 30000 tons [10]. - **Strategy**: It's recommended to gradually exit short - term long positions and wait and see. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609 [12]. PVC - **Market Information**: The 01 contract of PVC increased by 38 yuan to 4746 yuan. The spot price of Changzhou SG - 5 was 4600 yuan/ton, with a basis of - 146 yuan. The overall operating rate was 76.6%, a month - on - month decrease of 0.1%. Factory inventory was 334000 tons, and social inventory was 1035000 tons [12]. - **Strategy**: With continuous decline in enterprise comprehensive profits, high production, weak domestic demand, and poor export prospects in the fourth quarter, there is a pressure of inventory accumulation. It's recommended to consider short - position opportunities on rallies in the medium term [13][14]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene and styrene decreased. The BZN spread was 109.87 dollars/ton, a decrease of 9 dollars/ton. The upstream operating rate was 69.25%, a decrease of 2.63%, and the Jiangsu port inventory increased by 0.60 million tons to 20.25 million tons [16]. - **Strategy**: The BZN spread has room for upward repair. The high port inventory of styrene may lead to a phased stop of price decline [17]. Polyethylene - **Market Information**: The main contract of polyethylene closed at 7024 yuan/ton, an increase of 55 yuan/ton. The upstream operating rate was 81.28%, a month - on - month decrease of 0.56%. The production enterprise inventory decreased by 1.49 million tons to 51.46 million tons, and the downstream average operating rate was 45.75%, a month - on - month increase of 0.83% [19]. - **Strategy**: With cost - side support from the rebound of crude oil prices, high - level inventory reduction, and seasonal demand recovery, the price is expected to remain in a low - level oscillation [20]. Polypropylene - **Market Information**: The main contract of polypropylene closed at 6699 yuan/ton, an increase of 37 yuan/ton. The upstream operating rate was 75.17%, a month - on - month increase of 0.16%. The production enterprise inventory decreased by 4.02 million tons to 63.85 million tons, and the downstream average operating rate was 52.37%, a month - on - month increase of 0.52% [21][22]. - **Strategy**: In a situation of weak supply and demand and high inventory pressure, the high number of warehouse receipts and supply - surplus pattern on the cost side suppress the futures price [23]. PX - **Market Information**: The 01 contract of PX increased by 104 yuan to 6626 yuan. The Chinese load was 85.9%, a month - on - month increase of 1%. The inventory at the end of August was 391.8 million tons, a month - on - month increase of 1.9 million tons [23]. - **Strategy**: With high load and difficulty in continuous inventory reduction, it mainly follows the fluctuation of crude oil prices. A potential PTA production - cut signal may have a negative feedback on PX prices [24]. PTA - **Market Information**: The 01 contract of PTA increased by 98 yuan to 4616 yuan. The PTA load was 78.8%, a month - on - month increase of 2.8%. The social inventory on October 17 was 217.6 million tons, a month - on - month increase of 1.6 million tons [24]. - **Strategy**: With short - term inventory accumulation and weak long - term prospects, if there is a production - cut signal, it will benefit PTA processing fees but may have a negative impact on PX prices [25]. Ethylene Glycol - **Market Information**: The 01 contract of ethylene glycol increased by 32 yuan to 4109 yuan. The supply - side load was 73.3%, a month - on - month decrease of 3.7%. The port inventory decreased by 5.6 million tons to 52.3 million tons [26]. - **Strategy**: With high domestic supply, increasing imports, and expected continuous inventory accumulation in the fourth quarter, it's recommended to consider short - position opportunities on rallies [27].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - For oil prices, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish in the short - term. A range strategy of buying low and selling high is maintained, but it's recommended to wait and see as the OPEC's export price - support intention needs to be tested [3] - For methanol, due to slow import unloading, slowed port inventory accumulation, and potential supply disruptions from winter gas - head device shutdowns, the downward momentum of the futures price is expected to be limited. It's recommended to wait and see [6] - For urea, with supply - side device maintenance resuming and demand - side compound fertilizer production increasing, the inventory build - up speed has slowed. Although consumption lacks positive factors, there are still some potential positive factors in the future. It's recommended to wait and see or consider long - position opportunities at low prices [10] - For rubber, the upward momentum driven by the typhoon will weaken. With different views from bulls and bears, it's recommended to gradually exit short - term long positions, wait and see, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12][13][17] - For PVC, the supply - demand situation is poor with strong supply and weak demand. Although the valuation has declined to a low level, it's difficult to support the current situation. It's recommended to consider short - position opportunities in the medium - term [20] - For pure benzene and styrene, the BZN spread has room for upward repair. The port inventory of styrene is at a high level, and its price may stop falling periodically. It's recommended to wait and see [23] - For polyethylene, the cost - side supports the rebound of crude oil prices. The inventory is being reduced from a high level, and the price may maintain a low - level oscillation. It's recommended to wait and see [26] - For polypropylene, under the background of weak supply and demand, the inventory pressure is high. The cost - side supply surplus suppresses the futures price. It's recommended to wait and see [29] - For PX, with high load and difficult inventory reduction, and PTA's low processing fee having a potential negative feedback risk, it's recommended to wait and see [30] - For PTA, short - term supply will accumulate slightly, and the processing fee is difficult to expand. With potential negative feedback risks, it's recommended to wait and see [31][32] - For ethylene glycol, the supply is high, and the inventory is expected to accumulate in the fourth quarter. It's recommended to consider short - position opportunities [33] Group 3: Summary by Relevant Catalogs Crude Oil - **Market Information**: The main crude oil futures contract on INE closed up 10.90 yuan/barrel, a 2.40% increase, at 464.90 yuan/barrel. European ARA weekly data showed that the total refined oil inventory decreased by 2.44 million barrels to 43.83 million barrels, a 5.28% decrease [2] - **Strategy Viewpoint**: Although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish in the short - term. A range strategy of buying low and selling high is maintained, but it's recommended to wait and see as the OPEC's export price - support intention needs to be tested [3] Methanol - **Market Information**: The price in Taicang decreased by 10 yuan, remained stable in Inner Mongolia, decreased by 2.5 yuan in southern Shandong. The 01 contract on the futures market decreased by 32 yuan, at 2272 yuan/ton, with a basis of - 44. The 1 - 5 spread changed by - 8, at - 45 [5] - **Strategy Viewpoint**: Due to slow import unloading, the port inventory accumulation has slowed. The current port inventory is 151.22 tons, a 2.08 - ton increase. The domestic production has declined, and the overall traditional demand has weakened. Although there are potential positive factors, it's recommended to wait and see [6] Urea - **Market Information**: The spot price increased by 20 yuan in Shandong and Henan, remained stable in Hubei. The 01 contract on the futures market increased by 4 yuan, at 1642 yuan, with a basis of - 82. The 1 - 5 spread changed by - 5, at - 77 [8] - **Strategy Viewpoint**: With supply - side device maintenance resuming and demand - side compound fertilizer production increasing, the inventory build - up speed has slowed. Although consumption lacks positive factors, there are still some potential positive factors in the future. It's recommended to wait and see or consider long - position opportunities at low prices [10] Rubber - **Market Information**: The rubber price rose due to the typhoon and positive factors in the stock market, but the positive impact of the typhoon will weaken. Bulls and bears have different views on the market [12][13] - **Strategy Viewpoint**: It's recommended to gradually exit short - term long positions, wait and see, and partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [17] PVC - **Market Information**: The 01 contract decreased by 22 yuan, at 4708 yuan. The spot price of Changzhou SG - 5 was 4600 yuan/ton, a 10 - yuan decrease. The basis was - 108 yuan/ton, a 12 - yuan increase. The 1 - 5 spread was - 299 yuan/ton, a 1 - yuan increase. The overall production rate was 76.6%, a 0.1% decrease. The factory inventory was 33.4 tons, a 2.7 - ton decrease, and the social inventory was 103.5 tons, a 0.1 - ton increase [17] - **Strategy Viewpoint**: The supply - demand situation is poor with strong supply and weak demand. Although the valuation has declined to a low level, it's difficult to support the current situation. It's recommended to consider short - position opportunities in the medium - term [20] Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene decreased by 12 yuan/ton, and the futures price also decreased. The spot price of styrene increased by 100 yuan/ton, while the futures price decreased. The BZN spread decreased by 11.63 yuan/ton, and the EB non - integrated device profit decreased by 5 yuan/ton [22] - **Strategy Viewpoint**: The BZN spread has room for upward repair. The port inventory of styrene is at a high level, and its price may stop falling periodically [23] Polyethylene - **Market Information**: The main contract's closing price decreased by 30 yuan/ton, the spot price increased by 15 yuan/ton, and the basis strengthened by 45 yuan/ton. The upstream production rate was 81.28%, a 0.56% decrease. The production enterprise inventory decreased by 1.49 tons, and the trader inventory decreased by 0.04 tons [25] - **Strategy Viewpoint**: The cost - side supports the rebound of crude oil prices. The inventory is being reduced from a high level, and the price may maintain a low - level oscillation [26] Polypropylene - **Market Information**: The main contract's closing price decreased by 29 yuan/ton, the spot price decreased by 15 yuan/ton, and the basis strengthened by 14 yuan/ton. The upstream production rate was 75.17%, a 0.16% increase. The production enterprise inventory decreased by 4.02 tons, the trader inventory decreased by 1.86 tons, and the port inventory decreased by 0.11 tons [28] - **Strategy Viewpoint**: Under the background of weak supply and demand, the inventory pressure is high. The cost - side supply surplus suppresses the futures price [29] PX - **Market Information**: The 01 contract increased by 26 yuan, at 6522 yuan. The PX CFR increased by 4 dollars, at 815 dollars. The Chinese load was 85.9%, a 1% increase, and the Asian load was 78.5%, a 0.5% increase. The PTA load was 78.8%, a 2.8% increase [29] - **Strategy Viewpoint**: With high load and difficult inventory reduction, and PTA's low processing fee having a potential negative feedback risk, it's recommended to wait and see [30] PTA - **Market Information**: The 01 contract increased by 10 yuan, at 4518 yuan. The spot price in East China increased by 25 yuan, at 4450 yuan. The PTA load was 78.8%, a 2.8% increase. The downstream load was 91.4%, unchanged. The social inventory on October 17 was 217.6 tons, a 1.6 - ton increase [30] - **Strategy Viewpoint**: Short - term supply will accumulate slightly, and the processing fee is difficult to expand. With potential negative feedback risks, it's recommended to wait and see [31][32] Ethylene Glycol - **Market Information**: The 01 contract decreased by 18 yuan, at 4077 yuan. The spot price in East China increased by 14 yuan, at 4187 yuan. The supply - side load was 73.3%, a 3.7% decrease. The port inventory was 57.9 tons, a 3.8 - ton increase [32] - **Strategy Viewpoint**: The supply is high, and the inventory is expected to accumulate in the fourth quarter. It's recommended to consider short - position opportunities [33]

Report Title - Crude Oil Stops Falling and Rebounds, Styrene Temporarily Stabilizes - Styrene Weekly Report [1] Report Industry Investment Rating - Not provided in the report Core Viewpoints - There is an expectation of geopolitical escalation in Venezuela, causing crude oil prices to stop falling and rebound. The BZN spread of pure benzene has decreased, and the profit of non - integrated EB plants has increased, with the overall valuation being moderately low. The supply side of styrene faces significant pressure, while the demand side enters a seasonal peak season, leading to a brief rebound in the downstream 3S开工率. Port inventories are fluctuating at a high level. In the short term, geopolitical factors will push up the crude oil price center, and the seasonal peak season will interfere with the decline of styrene prices. When the seasonal off - season arrives at the end of the fourth quarter, the futures price may continue to decline under the background of weak supply and demand. It is recommended to wait and see [11][13]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Market Information** - Policy: There is an expectation of geopolitical escalation in Venezuela, causing crude oil prices to stop falling and rebound [11]. - Valuation: The weekly decline of styrene (futures > cost > spot), the basis weakens, the BZN spread decreases, and the profit of non - integrated EB plants increases [11]. - Cost: Last week, the spot price of pure benzene in East China decreased by - 3.08%, the price of the active futures contract of pure benzene decreased by - 0.16%, the pure benzene basis decreased by 166 yuan/ton, and the pure benzene operating rate fluctuated at a high level [11]. - Supply: The utilization rate of EB production capacity was 71.88%, a month - on - month decrease of - 2.35%, a year - on - year increase of 2.10%, and a decrease of - 8.20% compared with the five - year average. According to the production plan, the supply - demand pattern may change in the fourth quarter, and the pressure on the supply side may be slightly relieved. In September, the domestic import volume of pure benzene was 4.3507 million tons, a month - on - month decrease of - 1.39% and a year - on - year increase of 2.88%, mainly from the Middle East. The import volume of EB in September was 246,600 tons, a month - on - month decrease of - 8.39% and a year - on - year increase of 2.42%. Last week, the port inventory of pure benzene and the inventory of EB in Jiangsu ports continued to accumulate at a high level [11]. - Demand: The weighted operating rate of downstream 3S was 42.92%, a month - on - month increase of 11.38%; the operating rate of PS was 53.80%, a month - on - month decrease of - 1.47% and a year - on - year decrease of - 4.49%; the operating rate of EPS was 62.52%, a month - on - month increase of 53.47% and a year - on - year increase of 4.80%; the operating rate of ABS was 73.10%, a month - on - month increase of 0.83% and a year - on - year increase of 19.25%. With the arrival of the seasonal peak season, downstream demand has slightly improved [12]. - Inventory: The in - plant inventory of EB was 193,200 tons, a month - on - month de - stocking of - 0.11% and a year - on - year stocking of 17.59%; the inventory of EB in Jiangsu ports was 202,500 tons, a month - on - month stocking of 3.05% and a year - on - year stocking of 483.57%. Port inventories continued to accumulate at a high level [12]. - **Strategy Viewpoint** - Forecast for this week: The reference oscillation range for pure benzene (BZ2603) is (5800 - 6100); the reference oscillation range for styrene (EB2511) is (6800 - 7100). It is recommended to wait and see [13]. 2. Spot and Futures Market - The report presents multiple charts related to styrene, including spot price, futures active contract price, basis, open interest, trading volume, registered warehouse receipts, and spreads between different contracts from 2021 - 2025 [16][19][21] 3. Profit and Inventory - **Inventory** - The report shows charts of the inventory of pure benzene ports, styrene ports, and styrene factories from 2021 - 2025 [34][35][37] - **Profit** - The POSM profit of styrene has recovered from the historical low in the same period. The production process of styrene mainly includes ethylbenzene dehydrogenation (85%), PO/SM co - production (12%), and C8 extraction (3%). The top ten styrene producers account for 44% of the total production capacity [41][43][46] 4. Cost Side - **Supply - Side Profit** - The profit of naphtha has rebounded significantly [53] - **Supply - Demand of Pure Benzene** - In 2025, pure benzene will continue to reduce inventory, and the supply - demand gap will increase quarter - on - quarter in the fourth quarter. The total planned production capacity of pure benzene in 2025 is 2.28 million tons, and the total planned production capacity of its downstream products is 3.11 million tons [57][58] - **Price Difference** - The US - South Korea price difference of pure benzene has fluctuated upwards [64] - **Downstream Factory Inventory** - The factory inventory of caprolactam has been fluctuating at a high level [91] 5. Supply Side - **Production Plan** - In 2025, the supply - demand gap of styrene will increase in the fourth quarter. The total planned production capacity of styrene in 2025 is 2.42 million tons, and the total planned production capacity of its downstream products is 4.198 million tons [105][107] - **Production and Import - Export** - The styrene production has declined from the high level in the same period. The report also shows charts of styrene's daily production, export volume, import volume, and weekly operating rate from 2021 - 2025 [113][117][115] 6. Demand Side - **Capacity Forecast** - The report presents the capacity, production, and growth rate charts of PS, EPS, and ABS from 2021 - 2025 [125] - **Operating Rate and Profit** - The operating rate of EPS has seasonally rebounded, the operating rate of ABS has rebounded from a low level, and the report also shows the production profit and inventory charts of PS, EPS, and ABS [128][136][138] - **Downstream Demand Structure** - PS accounts for 35% of the demand for styrene, mainly used in food packaging, daily necessities, and electronic casings; EPS accounts for 21%, mainly used in building insulation materials and shock - proof packaging; ABS accounts for 15%, mainly used in household appliance casings, auto parts, and toys [147] - **Downstream Product Sales** - The report shows the monthly sales volume, production volume, inventory, and year - on - year growth rate charts of household refrigerators and washing machines from 2021 - 2025 [148][152][157]