Report Industry Investment Rating - Not provided Core View of the Report - The demand recovery of ethylene glycol is facing challenges, and it is expected to continue its weak and volatile trend in the short term. Currently, ethylene glycol is in a situation of weak supply and demand. The cost side restricts the price from falling sharply, but there is no new cost support. The demand side lacks incremental boost, and the high inventory suppresses market sentiment. The short - term price may continue to oscillate at a low level, and if the demand fails to substantially improve, the lower support may be tested [1][3] Summary by Relevant Catalogs Day - to - Day Market Summary - **主力合约与基差**: On September 12, the price of the ethylene glycol main contract oscillated downward to 4,272 yuan/ton, a decrease of 30 yuan/0.7% from the previous day. The East China spot price also fell to 4,380 yuan/ton (-25 yuan), but the basis widened by 30 yuan to 138 yuan/ton. The inter - delivery spread showed an intensified contango, with the 5 - 9 spread widening negatively to - 89 yuan/ton, indicating deepening concerns about future supply [2] - **持仓与成交**: The trading volume of the main contract remained around 134,000 lots, while the open interest increased by 8,245 lots to 317,000 lots, suggesting intensified long - short game [2] - **供给端**: The total ethylene glycol operating rate remained stable at 71.24%. The operating rates of oil - based and coal - based plants were flat at 74.6% and 66.74% respectively. The coal - based profit continued to be deeply in the red at 368 yuan/ton, with no further expansion of losses but lack of repair momentum [2] - **需求端**: The load of polyester factories was 89.42%, and that of Jiangsu and Zhejiang looms was 63.43%, both remaining flat for more than two weeks. Due to the off - season pressure in the terminal textile industry, the downstream replenishment demand was weak and could not effectively drive the raw materials [3] - **库存端**: The inventory at the East China main port increased by 59,000 tons to 485,700 tons in a single week. The inventory in Zhangjiagang soared by 40.6% to 180,000 tons. Although the weekly arrival volume decreased by 39.7% to 101,700 tons, the port inventory accumulation reflected that the source digestion speed lagged far behind the arrival rhythm, highlighting the inventory pressure [3] - **震荡偏弱运行**: Ethylene glycol is in a situation of weak supply and demand. The coal - based loss restricts the price from falling sharply, but the fluctuations of crude oil and naphtha have not provided new cost support for oil - based profits. The polyester and loom loads are stable but lack incremental boost, and the high - level inventory suppresses market sentiment. The short - term price may continue to oscillate at a low level [3] Industrial Chain Price Monitoring - **期货与现货价格**: The main contract price of MEG futures was 4,272 yuan/ton on September 12, down 30 yuan (-0.7%) from the previous day. The East China spot price was 4,380 yuan/ton, down 25 yuan (-0.57%) [4] - **价差情况**: The MEG basis widened by 30 yuan to 138 yuan/ton. The 1 - 5 spread increased by 1 yuan to - 47 yuan/ton, the 5 - 9 spread decreased by 31 yuan to - 89 yuan/ton, and the 9 - 1 spread increased by 30 yuan to 136 yuan/ton [4] - **利润情况**: The coal - based profit remained at - 368 yuan/ton, with no change [4] - **开工负荷**: The overall ethylene glycol operating rate was 71.2%, and the coal - based and oil - based operating rates were 66.7% and 74.6% respectively, all remaining unchanged. The polyester factory load was 89.4%, and the Jiangsu and Zhejiang loom load was 63.4%, also unchanged [4] - **库存与到港量**: The East China main port inventory increased by 59,000 tons to 486,000 tons, and the Zhangjiagang inventory increased by 52,000 tons to 180,000 tons, a surge of 40.62%. The arrival volume decreased by 67,000 tons to 101,700 tons, a decrease of 39.72% [4] Industrial Dynamics and Interpretation - On September 12, the East China US - dollar market followed the domestic market to weaken. In the morning, the negotiation price of October shipments was in the range of 512 - 515 US dollars/ton, and in the afternoon, that of near - month shipments was in the range of 514 - 517 US dollars/ton, with no reported transactions [5] - On September 12, the mainstream market price fell, but the ethylene glycol price in the South China market had reached a low level, and the quotations of holders remained stable. The market negotiation atmosphere was cold, with the current price around 4,460 yuan/ton for delivery [5] - On September 12, due to concerns about oversupply, the international crude oil price declined, the cost - side support weakened, and the spot basis was weak. The current negotiation price in East China was around 4,370 yuan/ton [5] - On September 12, the spot quotation in the Shaanxi ethylene glycol market was lowered, with the average market price around 3,970 yuan/ton for self - pick - up [5] Appendix: Big Model Inference Process - The decrease in the main contract price and the increase in the basis may indicate that the spot is more resistant to decline or the market has a weak future expectation [22] - The increase in open interest and the significant change in the 5 - 9 spread may reflect the bearish sentiment towards the far - month contract [22] - The stable supply - side operating rate and the unchanged demand - side load, combined with the inventory accumulation, suggest weak demand and difficult de - stocking [23] - Given the high inventory pressure, weak demand, and certain cost - side support, the ethylene glycol price may continue to be weak and may even decline further [23]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views Polyolefin Industry - The current core contradiction in the polyolefin market is not prominent. In the PE market, the current maintenance remains high, and the short - term supply pressure is relatively limited. In the PP market, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases. However, after the new device is put into production in early September, the pressure in East China increases, driving the basis to weaken rapidly, and market transactions are dull [23]. Pure Benzene and Styrene Industry - The supply of pure benzene in September is expected to be more relaxed than expected due to the maintenance of a reforming device in East China, and the weakening demand support will limit the price drive. For styrene, the overall start - up of downstream 3S has rebounded this week, and the port inventory has fallen from a high level. There is an expectation of improvement in supply and demand in the future, but the rebound space is limited due to high port inventory [26]. Chlor - Alkali Industry - The caustic soda market has stabilized slightly in the past two days, and the supply is expected to decline next week. The demand is expected to weaken in the future, but the inventory pressure of caustic soda enterprises is not large, and the spot price may remain firm in the short term. The PVC market has stopped falling and stabilized recently, but the overall pattern of oversupply is difficult to reverse, and there is no obvious sign of improvement in demand [30]. Polyester Industry - PX supply is gradually increasing to a relatively high level, and the supply - demand expectation in September is relatively loose, but the medium - term supply - demand is still expected to be tight. PTA supply - demand is expected to be tight in September, but the basis and processing fees have limited repair drivers. Ethylene glycol supply is strong in the short term and weak in the long term. Short - fiber supply - demand is still weak in the short term. Bottle - chip supply - demand may be balanced in September, and inventory may increase slightly [33]. Crude Oil Industry - Overnight oil prices fell due to concerns about supply surplus overwhelming the premium brought by geopolitical risks. In the short term, oil prices are likely to run weakly, and it is recommended to take a short - side approach [38]. Urea Industry - The urea futures price is running weakly due to the dual pressure of increased supply and weak demand. The domestic urea daily output has rebounded, while agricultural demand is in the off - season, and industrial demand is limited [42]. Methanol Industry - The methanol supply is expected to increase in September as domestic maintenance devices return and foreign start - up reaches a seasonal high. The demand from traditional downstream industries remains weak, and the port inventory has increased significantly, with weak basis performance and prominent pressure [44]. 3. Summaries by Related Catalogs Polyolefin Industry - **Price Change**: From September 10th to 11th, the closing prices of L2601, L2509, PP2601, and PP2509 all decreased, with decreases of 0.24%, 0.43%, 0.13%, and 0.71% respectively. The spreads of L2509 - 2601 and PP2509 - 2601 increased by 28.00% and 42.55% respectively [23]. - **Inventory and Supply - Demand**: PE and PP inventories showed different trends last week, with PE de - stocking and PP stocking. The current maintenance of PE remains high, and short - term supply pressure is limited. For PP, propane is strong, PDH losses intensify, and short - term unplanned maintenance increases, but new devices will increase pressure after being put into production in September [23]. Pure Benzene and Styrene Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, CFR China pure benzene, and styrene in East China all changed to varying degrees. For example, the price of Brent crude oil (November) decreased by 1.7%, and the price of styrene in East China increased by 0.3% [26]. - **Inventory and Supply - Demand**: The inventory of pure benzene in Jiangsu ports decreased by 3.4%, and the inventory of styrene in Jiangsu ports decreased by 10.2%. The supply of pure benzene in September is expected to decrease, and the demand support is weakening. For styrene, there is an expectation of improvement in supply and demand in the future [26]. Chlor - Alkali Industry - **Price Change**: From September 10th to 11th, the price of Shandong 32% liquid caustic soda converted to 100% remained unchanged, the price of East China calcium carbide - based PVC increased by 0.2%, and the price of East China ethylene - based PVC remained unchanged [31]. - **Inventory and Supply - Demand**: The inventory of liquid caustic soda in East China factories decreased by 7.8%, and the total social inventory of PVC increased by 2.1%. The supply of caustic soda is expected to decline next week, and the demand for PVC remains weak [31]. Polyester Industry - **Price Change**: From September 10th to 11th, the prices of Brent crude oil, WTI crude oil, and various polyester products changed. For example, the price of POY150/48 increased by 0.5%, and the price of FDY150/96 decreased by 0.5% [34]. - **Inventory and Supply - Demand**: The supply of PX is gradually increasing, and the supply - demand in September is expected to be relatively loose. The supply - demand of PTA in September is expected to be tight, but the basis and processing fees have limited repair drivers. Ethylene glycol is expected to be in a short - term supply - demand balance but may face oversupply in the fourth quarter [34]. Crude Oil Industry - **Price Change**: On September 12th compared with September 11th, the prices of Brent, WTI, and various refined oil products decreased. For example, the price of Brent decreased by 1.66%, and the price of NYM RBOB decreased by 0.51% [38]. - **Supply - Demand**: The supply of crude oil is expected to be in a record - high surplus next year, and the increase in Saudi Arabia's export quota to China confirms the supply pressure. The increase in the number of initial jobless claims in the United States has raised concerns about economic and demand slowdown [38]. Urea Industry - **Price Change**: From September 10th to 11th, the closing price of the methanol main contract decreased by 0.83%, and the prices of various urea futures contracts and spreads also changed [42]. - **Inventory and Supply - Demand**: The domestic urea daily output has rebounded to 18.44 tons, and the start - up rate has increased month - on - month. Agricultural demand is in the off - season, and industrial rigid - demand procurement is limited. Although export containerization provides some support, the decline in Indian consumption weakens the positive effect [42]. Methanol Industry - **Price Change**: From September 10th to 11th, the closing prices of MA2601 and MA2509 decreased by 0.83% and 2.30% respectively, and the MA91 spread decreased by 22.54% [44]. - **Inventory and Supply - Demand**: The methanol enterprise inventory increased by 0.43%, and the port inventory increased by 8.59%. The domestic maintenance devices are expected to return in early September, and the foreign start - up has reached a seasonal high, while the traditional downstream demand remains weak [44].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The report maintains the view of overweighting crude oil from last week, believing that the current oil price is relatively undervalued, and the fundamentals will support the current price. If the geopolitical premium re - opens, the oil price will have more upside potential [2] Summary by Category Crude Oil - **Market Quotes**: INE's main crude oil futures rose 2.80 yuan/barrel, or 0.58%, to 486.20 yuan/barrel [1] - **Inventory Data**: US EIA weekly data showed that US commercial crude oil inventories increased by 3.94 million barrels to 424.65 million barrels, a 0.94% increase; SPR increased by 0.51 million barrels to 405.22 million barrels, a 0.13% increase; gasoline inventories increased by 1.46 million barrels to 220.00 million barrels, a 0.67% increase; diesel inventories increased by 4.72 million barrels to 120.64 million barrels, a 4.07% increase; fuel oil inventories increased by 1.30 million barrels to 21.21 million barrels, a 6.51% increase; aviation kerosene inventories increased by 0.47 million barrels to 43.27 million barrels, a 1.11% increase [1] Methanol - **Market Quotes**: On September 10, the 01 - contract rose 9 yuan/ton to 2407 yuan/ton, and the spot price rose 20 yuan/ton, with a basis of - 112 [4] - **Analysis**: Domestic production has further increased, coal prices have slightly declined, and corporate profits are generally good. Overseas production has returned to a year - on - year high, and there is still import pressure. The port MTO load has slightly increased, and profits have continued to improve, but traditional demand is still weak. It is expected that the decline space is limited, and attention can be paid to long - position opportunities at low prices and 1 - 5 positive spreads [4] Urea - **Market Quotes**: On September 10, the 01 - contract fell 14 yuan/ton to 1669 yuan/ton, and the spot price fell 10 yuan/ton, with a basis of - 9 [6] - **Analysis**: As the spot price weakens, corporate profits have further declined, and the production start - up rate has significantly decreased, reducing supply pressure. However, demand is weak, and port inventories are rising. It is expected that the price will move within a range, and it is recommended to pay attention to long - position opportunities at low prices [6] Rubber - **Market Quotes**: NR and RU fluctuated weakly, following the trend of industrial products such as coking coal. Thai standard mixed rubber was priced at 15000 (0) yuan, STR20 was reported at 1845 (- 5) dollars, and STR20 mixed was at 1855 (+ 5) dollars [9][12] - **Analysis**: Bulls believe that rubber production in Southeast Asia, especially in Thailand, may be limited, the seasonality of rubber usually turns upward in the second half of the year, and China's demand is expected to improve. Bears believe that macro - expectations are uncertain, demand is in the off - season, and the positive impact of supply may be less than expected. It is recommended to take a long - term bullish view, but a neutral view in the short - term, either waiting and watching or making quick trades [10][12] PVC - **Market Quotes**: The PVC01 contract rose 10 yuan to 4857 yuan, the spot price of Changzhou SG - 5 was 4650 (0) yuan/ton, the basis was - 207 (- 10) yuan/ton, and the 1 - 5 spread was - 302 (+ 6) yuan/ton [14] - **Analysis**: The comprehensive corporate profit is at a high level this year, with high valuation pressure, low maintenance volume, and high production. Domestic demand is at a five - year low, and export expectations have weakened after the determination of India's anti - dumping tax rate. It is recommended to pay attention to short - position opportunities at high prices, but also beware of short - term upward movements [14] Styrene - **Market Quotes**: The spot price fell, while the futures price rose, and the basis weakened. The BZN spread is at a relatively low level in the same period, with large upward correction space [16] - **Analysis**: The cost - side pure benzene production is in a neutral and volatile state, and the supply is still abundant. The supply - side ethylbenzene dehydrogenation profit has increased, and the production start - up rate of styrene has continued to rise. The port inventory has continued to decline significantly. In the long - term, the BZN spread may be repaired, and the styrene price may rebound after the inventory decline inflection point [16][17] Polyolefins Polyethylene - **Market Quotes**: The main contract closed at 7226 yuan/ton, down 3 yuan/ton, the spot price was 7220 yuan/ton, unchanged, and the basis was - 6 yuan/ton, strengthening by 3 yuan/ton [19] - **Analysis**: There is only 400,000 tons of planned production capacity left, and the overall inventory is declining from a high level. The seasonal peak season may be coming, and the demand - side agricultural film raw material procurement has started. In the long - term, the price may fluctuate upward [19] Polypropylene - **Market Quotes**: The main contract closed at 6948 yuan/ton, down 1 yuan/ton, the spot price was 6955 yuan/ton, unchanged, and the basis was 7 yuan/ton, strengthening by 1 yuan/ton [20] - **Analysis**: There is still 1.45 million tons of planned production capacity, with high supply pressure. The downstream production start - up rate has rebounded seasonally from a low level. The overall inventory pressure is high, and there is no prominent short - term contradiction. It is recommended to go long on the LL - PP2601 contract at low prices [20] Polyester PX - **Market Quotes**: The PX11 contract rose 44 yuan to 6770 yuan, the PX CFR rose 2 dollars to 838 dollars, and the basis was 94 yuan (- 22) [22] - **Analysis**: The PX production load is at a high level, and although the downstream PTA has many unexpected maintenance in the short - term, the PX inventory accumulation is not large due to new PTA device production. The terminal and polyester data are gradually improving, and the valuation has limited downward space. It is recommended to pay attention to long - position opportunities following crude oil at low prices during the peak season [22][23] PTA - **Market Quotes**: The PTA01 contract rose 20 yuan to 4698 yuan, the East China spot price rose 20 yuan to 4625 yuan, and the basis was - 63 yuan (0) [24] - **Analysis**: The supply - side unexpected maintenance has increased, and the inventory accumulation pattern has turned into de - stocking, but the processing fee is suppressed. The demand - side polyester fiber inventory pressure is low, and the downstream and terminal production start - up rates have improved, but the terminal recovery speed is slow. It is recommended to pay attention to long - position opportunities following PX at low prices [24] Ethylene Glycol - **Market Quotes**: The EG01 contract fell 3 yuan to 4319 yuan, the East China spot price fell 15 yuan to 4439 yuan, and the basis was 117 yuan (- 15) [25] - **Analysis**: Overseas and domestic maintenance devices have gradually started, and the production start - up rate has reached a high level. The domestic supply is high. In the short - term, the port inventory is expected to be low due to less arrival volume, but it will turn into inventory accumulation in the fourth quarter. The valuation is currently relatively high year - on - year, and there is downward pressure in the medium - term [25]

Report Industry Investment Ratings - Not provided in the given content Core Views - **Polyester Industry**: Short - term PX, PTA, short - fiber, and bottle - chip prices follow oil prices, with limited upward drivers. Ethylene glycol has a "strong present, weak future" pattern. Strategies vary by product, such as PX11 and TA being under observation, and attention to support levels [2]. - **Fertilizer Industry**: Urea futures face pressure due to weak demand and high supply. It is advisable to monitor the recovery of industrial demand in North China after the parade [5]. - **Methanol Industry**: Methanol supply is abundant in September, while traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices and inventory digestion [12]. - **Crude Oil Industry**: OPEC + supply news increases concerns about a supply surplus in the fourth quarter. The oil price is likely to be weak, and a bearish strategy is recommended [15]. - **Polyolefin Industry**: In September, the polyolefin market shows a pattern of "decreased supply and increased demand", with controllable inventory pressure. It is suggested to hold the expanding position of the LP01 contract [22]. - **Chlor - alkali Industry**: Caustic soda prices may remain firm in the short - term, and PVC is expected to continue weak and volatile [30]. - **Pure Benzene - Styrene Industry**: Short - term pure benzene and styrene prices are under pressure, but the downward space is limited if oil prices do not drop sharply. For EB10, short - term support around 6900 can be monitored [34]. Summaries by Related Catalogs Polyester Industry - **Prices and Cash Flows**: On September 3, Brent crude oil (November) was at $67.60/barrel, down 2.2%. Most polyester product prices were stable or slightly decreased, and cash flows showed different changes [2]. - **Supply and Demand**: PX supply is expected to increase, while demand has limited upward potential. PTA supply - demand prospects have improved, but the implementation of device maintenance is not as expected. Other products also have their own supply - demand characteristics [2]. Fertilizer Industry - **Prices and Supply - Demand**: On September 3 - 5, most fertilizer product prices were stable, and urea production and inventory data showed small fluctuations. Urea demand is weak, and supply is relatively sufficient [5]. Methanol Industry - **Prices and Inventory**: On September 3, MA2601 closed at 2382 yuan/ton, up 0.42%. Methanol enterprise, port, and social inventories all increased [12]. - **Supply and Demand**: In September, methanol supply is high, and traditional downstream demand is weak. Attention should be paid to the restart of port MTO devices [12]. Crude Oil Industry - **Prices and Spreads**: On September 4, Brent was at $67.39/barrel, down 0.31%. Most oil - related prices and spreads changed slightly, and the crack spread of refined oil increased slightly [15]. - **Supply and Demand**: OPEC + supply news intensifies concerns about a supply surplus in the fourth quarter, and the oil price is likely to be weak [15]. Polyolefin Industry - **Prices and Inventory**: On September 3, L2601 closed at 7247 yuan/ton, down 0.07%. PE and PP enterprise and social inventories increased [22]. - **Supply and Demand**: In September, PE supply pressure is limited, and PP shows a pattern of "both supply and demand increasing". Downstream demand has increased slightly [22]. Chlor - alkali Industry - **Prices and Inventory**: On September 3, the price of Shandong 32% liquid caustic soda was stable, and the price of PVC was also stable. Chlor - alkali inventories showed different changes [30]. - **Supply and Demand**: Caustic soda supply will gradually recover, and demand may increase. PVC supply is expected to increase, while demand remains weak [30]. Pure Benzene - Styrene Industry - **Prices and Inventory**: On September 3, CFR China pure benzene was at $734/ton, up 0.8%. Pure benzene and styrene port inventories increased [34]. - **Supply and Demand**: Pure benzene supply is expected to remain high, and demand support is weakening. Styrene supply is high in the short - term, but there are expectations of improvement in supply - demand later [34].

Report Summary 1. Core View - On Tuesday, the RB2510 contract traded in a range. A personal consumer loan subsidy policy was implemented on September 1st, and many banks are actively promoting its implementation. The weekly output of rebar increased with a capacity utilization rate of 48.35%. Market sentiment was weak, and downstream buyers mainly purchased on - demand, leading to a continued increase in inventory. Overall, the steel market had both bullish and bearish factors, and the futures price found temporary support around 3100. Technically, the 1 - hour MACD indicator of the RB2601 contract showed a golden cross at a low level with shrinking green bars. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 2. Summary by Directory 2.1 Futures Market - The closing price of the RB main contract was 3,117.00 yuan/ton, up 2 yuan; the position volume was 1,675,244 lots, up 41,530 lots. The net position of the top 20 in the RB contract was - 196,211 lots, up 15,317 lots. The RB10 - 1 contract spread was - 70 yuan/ton, up 6 yuan. The RB warehouse receipt at the Shanghai Futures Exchange was 215,221 tons, up 3,683 tons. The HC2601 - RB2601 contract spread was 181 yuan/ton, down 7 yuan [2]. 2.2 Spot Market - The price of HRB400E 20MM in Hangzhou (theoretical weight) was 3,270.00 yuan/ton, down 20 yuan; in Guangzhou (theoretical weight) was 3,270.00 yuan/ton, down 30 yuan; in Tianjin (theoretical weight) was 3,200.00 yuan/ton, down 40 yuan. The basis of the RB main contract was 153.00 yuan/ton, down 22 yuan. The spot price difference between hot - rolled coils and rebar in Hangzhou was 120.00 yuan/ton, down 20 yuan [2]. 2.3 Upstream Situation - The price of 61.5% PB fine ore at Qingdao Port was 768.00 yuan/wet ton, up 8.00 yuan. The price of Hebei quasi - first - grade metallurgical coke was 1,590.00 yuan/ton, unchanged. The price of 6 - 8mm scrap steel in Tangshan (tax - excluded) was 2,270.00 yuan/ton, unchanged. The price of Hebei Q235 billet was 2,950.00 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 137.6302 million tons, down 0.8218 million tons. The coke inventory of sample coking plants was 397,100 tons, up 3,300 tons. The coke inventory of sample steel mills was 6.1012 million tons, up 4,300 tons. The billet inventory in Tangshan was 1.2836 million tons, up 0.1227 million tons. The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16 percentage points, and the blast furnace capacity utilization rate was 90.00%, down 0.27 percentage points [2]. 2.4 Industry Situation - The weekly output of rebar from sample steel mills was 2.2056 million tons, up 0.0591 million tons; the capacity utilization rate was 48.35%, up 1.30 percentage points. The inventory of rebar in sample steel mills was 1.6962 million tons, down 0.0491 million tons; the social inventory of rebar in 35 cities was 4.5377 million tons, up 0.2126 million tons. The operating rate of independent electric arc furnace steel mills was 70.83%, unchanged. The monthly output of domestic crude steel was 79.66 million tons, down 3.53 million tons. The monthly output of Chinese steel bars was 1.658 million tons, up 0.14 million tons. The net export volume of steel was 939,000 tons, up 18,000 tons [2]. 2.5 Downstream Situation - The national real estate prosperity index was 93.34, down 0.25. The cumulative year - on - year growth rate of fixed - asset investment completion was 1.60%, down 1.20 percentage points. The cumulative year - on - year growth rate of real estate development investment completion was - 12.00%, down 0.80 percentage points. The cumulative year - on - year growth rate of infrastructure construction investment was 3.20%, down 1.40 percentage points. The cumulative value of housing construction area was 6,387.31 million square meters, down 54.10 million square meters; the cumulative value of new housing construction area was 352.06 million square meters, down 48.42 million square meters. The unsold area of commercial housing was 405.36 million square meters, up 2.85 million square meters [2]. 2.6 Industry News - On August 25, 2025, Wuzhou Yongda Iron and Steel Co., Ltd. successfully dismantled a 35 - ton electric arc furnace and a 40 - ton electric arc furnace, marking a step forward in resolving over - capacity, technological upgrading, and green development. Since August 25, many coal mines in Shanxi have carried out short - term shutdowns for maintenance. As of the morning of September 2nd, 78 coal mines in Shanxi had shut down voluntarily due to safety and maintenance reasons, involving a production capacity of 94.8 million tons [2].

Report Overview - The report provides a comprehensive analysis of various industries including polyolefins, crude oil, chlor-alkali, pure benzene-styrene, methanol, PX-PTA-EG, and urea on September 2, 2025. It presents price changes, supply-demand dynamics, and offers investment strategies for each sector. 1. Polyolefins Industry Investment Rating - Not provided Core View - In September, the polyolefin market shows a "supply decrease and demand increase" characteristic, with inventory reduction and controllable market pressure. It is recommended to hold the expanding position of the LP01 contract [2]. Summary by Catalog - **Price and Spread**: L2601, L2509, PP2601, and PP2509 futures prices declined slightly. The basis of some varieties changed, and the spread between different contracts also showed fluctuations [2]. - **Supply**: PE's early - September device maintenance volume remains high, and the scale gradually decreases after the middle of the month. PP shows a "supply - demand double - increase" situation due to new capacity release and the return of maintenance devices [2]. - **Demand**: The downstream industry's开工 rate increased compared to last month, but new orders have weak support [2]. 2. Crude Oil Industry Investment Rating - Not provided Core View - Overnight oil prices fluctuated strongly. The market is in a game between geopolitical risk support and long - term oversupply expectations. It is recommended to wait and see unilaterally in the short term and look for opportunities to expand spreads after increased volatility [4]. Summary by Catalog - **Price and Spread**: Brent, WTI, and SC crude oil prices rose. The spreads of some refined oil products and cracking spreads also changed [4]. - **Supply - Demand**: OPEC + production cuts, inventory decline, and China's strategic reserve absorption ease short - term pressure, but the expectation of war suppressing demand may lead to a 10% drop in oil prices this year and a large - scale surplus at the end of the year [4]. 3. Chlor - Alkali Industry Investment Rating - Not provided Core View - The caustic soda futures market is strong, and the PVC market is in an oversupply situation and is expected to continue to oscillate weakly [7]. Summary by Catalog - **Price and Spread**: The export profit of caustic soda decreased, and the export profit of PVC increased. The开工 rate and profit of related industries also changed [7]. - **Supply**: The开工 rate of the caustic soda and PVC industries declined [7]. - **Demand**: The开工 rate of some downstream industries of caustic soda increased, while the demand for PVC remained weak [7]. 4. Pure Benzene - Styrene Industry Investment Rating - Not provided Core View - In September, the supply - demand expectation of pure benzene weakens, and the absolute price is under pressure. The short - term driving force of styrene is weak, but there is an expectation of improvement in supply - demand later [15]. Summary by Catalog - **Price and Spread**: The prices of pure benzene and styrene decreased, and the spreads between related products also changed [13][14]. - **Supply**: The planned maintenance of pure benzene devices in September is few, and new devices are expected to be put into production. The short - term supply of styrene remains high [15]. - **Demand**: The downstream of pure benzene has multiple loss - making varieties, and the demand for styrene is currently strong but may be affected by future device maintenance [15]. 5. Methanol Industry Investment Rating - Not provided Core View - The methanol market has a problem of continuous inventory accumulation at ports, and the basis is weak. Attention should be paid to the inventory digestion rhythm [21]. Summary by Catalog - **Price and Spread**: Methanol futures prices rose slightly, and the basis and spread changed [21]. - **Supply**: Domestic and overseas methanol enterprises'开工 rate changed, and imports in September are still large [21]. - **Demand**: Traditional downstream demand is weak, and attention should be paid to the restart of MTO devices at ports [21]. 6. PX - PTA - EG Industry Investment Rating - Not provided Core View - The supply - demand of PX, PTA, and EG is expected to improve, and short - fiber also has a good supply - demand expectation, but the de - stocking amplitude is limited [25]. Summary by Catalog - **Price and Spread**: PX, PTA, and EG prices and spreads changed. PTA's processing margin decreased slightly [25]. - **Supply**: PX's maintenance devices restart, PTA's planned unplanned maintenance increases, and domestic EG's开工 rate is high [25]. - **Demand**: The polyester and terminal loads increased, and the "Golden September and Silver October" expectation still exists [25]. 7. Urea Industry Investment Rating - Not provided Core View - The urea futures market is weak, mainly due to weak demand. The upward pressure on the futures price is large under high - supply conditions [34]. Summary by Catalog - **Price and Spread**: Urea prices in some regions decreased slightly, and the spreads between different regions also changed [34]. - **Supply**: Although there are local maintenance plans, the daily output remains at about 180,000 tons [34]. - **Demand**: Agricultural off - season and industrial on - demand procurement suppress domestic demand, and dealers' fertilizer - stocking willingness is low [34].

Report Title - PX & PTA & MEG Strategy Report for September 2025 [1] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - PX supply is expected to reach a high level in September, with short - process MX being abundant and new MX production adding to PX output. However, downstream TA maintenance is increasing, and with the continuous compression of TA processing fees, TA devices may have further maintenance. Thus, PX fundamentals are weak, and it may show a weak and volatile trend without significant crude oil fluctuations [150]. - For PTA, although the polyester operating load is rising and the fundamentals are improving, the price performance is weak, and the TA processing fee is still compressed below 200 yuan/ton. The "Golden September and Silver October" demand is facing challenges, with increasing external tariff risks. The TA price is expected to have support and show an overall volatile trend [150]. - MEG's operating load has climbed to a high level. In September, there are both maintenance and restart of devices. The port inventory is low, and the spot liquidity is tight. With supply contraction and demand increase, the port inventory is expected to remain low, and the short - term price may be volatile and strong [150]. Summary by Relevant Catalogs 1. PX&PTA&MEG Price: Follow Crude Oil Price Oscillation - **Futures Prices**: From July 31 to August 28, 2025, PTA futures closing price decreased from 4808 yuan/ton to 4792 yuan/ton (-0.3%), MEG increased from 4414 yuan/ton to 4465 yuan/ton (1.2%), and PX decreased from 6928 yuan/ton to 6886 yuan/ton (-0.6%) [6]. - **Basis and Spread**: For PTA basis, it changed from - 17 yuan/ton to - 20 yuan/ton (-17.6%); MEG basis changed from 71 yuan/ton to 64 yuan/ton (-9.9%); PX basis changed from 188 yuan/ton to 97 yuan/ton (-48.6%). The TA - EG spread decreased from 394 yuan/ton to 327 yuan/ton (-17.0%), and the TA - PX*0.656 spread decreased from 337 yuan/ton to 313 yuan/ton (-7.2%) [16][19][22]. - **International and Domestic Price Differences**: The ethylene glycol price difference between Europe and China increased from 52 dollars/ton to 150 dollars/ton (186.8%) [26]. 2. PX&PTA&MEG Supply Situation: Focus on Device Recovery - **PX**: As of August 29, Asian PX operating load was 75.6% (month - on - month increase of 2.7 percentage points), and China's was 83.3% (month - on - month increase of 3.4 percentage points). The 160 - million - ton PX device of Fuhua Group restarted in early September. Multiple new reforming devices are expected to be put into operation starting from August, which may increase PX output [33][58][59]. - **PTA**: As of August 29, PTA operating load was 70.4% (month - on - month decrease of 9.3 percentage points). There were device maintenance and new device production. The autumn maintenance plan is concentrated in September - October [37][60]. - **MEG**: As of August 28, the overall operating load of ethylene glycol in mainland China was 75.13% (month - on - month increase of 5.79%). There are device restart and maintenance plans in September [52][61]. 3. PX&PTA&MEG Import and Export Situation: Tariff Extension for 90 Days - **Imports and Exports in July 2025**: China's PX imports were 78.20 million tons (month - on - month increase of 2.17%), PTA exports were 37.42 million tons (month - on - month increase of 46.66%), and ethylene glycol imports were 59.14 million tons (month - on - month decrease of 4.27%) [64][65][76]. - **Polyester Exports**: In July 2025, the total polyester export was 120.33 million tons, with a month - on - month decrease of 3.68%. Different polyester products had different export trends [75][77]. 4. PX&PTA&MEG Inventory Situation: Downstream Finished Product Inventory Rebounds - **PTA**: Polyester factories' PTA raw material inventory increased, and the number of warehouse receipts decreased [86]. - **MEG**: As of August 25, the ethylene glycol port inventory in the East China main port area was about 50 million tons, reaching a low level [89]. 5. Polyester Demand Situation: Terminal Demand Faces Challenges - **Domestic Polyester Data**: As of August 29, the polyester operating load was 90.3% (month - on - month increase of 2.5%). The inventory days of some polyester products changed, and the cash flow also changed [92]. - **Terminal Demand**: In July, textile and clothing exports faced downward pressure. With the extension of tariffs for 90 days, the export expectation of Chinese textiles and clothing is expected to improve [106][103]. 6. PX&PTA&MEG Positioning Situation - **Futures Positions**: From July 31 to August 28, 2025, PTA total positions decreased from 1,493,200 lots to 1,360,753 lots, MEG total positions decreased from 357,146 lots to 320,792 lots, and PX total positions increased from 243,421 lots to 289,662 lots [119].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The basis of pure benzene at ports has weakened, and the downstream operations of pure benzene have declined to varying degrees. The inventory pressure in the CPL - PA6 - nylon industry chain and the aniline downstream MDI remains high. The pre - peak season (Golden September and Silver October) stocking is below expectations. - For styrene, the port basis rebounded slightly due to end - of - month paper cargo delivery and some traders covering short positions. However, port inventories are continuously accumulating due to high actual operations. If the September styrene maintenance is implemented, it will drag down the demand for pure benzene, and the single - side price will continue to fluctuate weakly. - Among styrene's downstream products, the operations of EPS and ABS have declined again, while PS operations continue to rise. The inventories of the three major hard - plastic products have increased, and the pre - peak season stocking is also below expectations. Styrene production profits are running weakly again [3]. 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Pure benzene: The main contract basis is - 135 yuan/ton (- 31), and the spot - M2 paper cargo spread is - 50 yuan/ton (+ 0) [1]. - Styrene: The main contract basis is 21 yuan/ton (- 49 yuan/ton) [1]. 3.2 Pure Benzene and Styrene Production Profits, Internal and External Spreads - Pure benzene: The CFR China processing fee is 148 dollars/ton (- 5 dollars/ton), and the FOB Korea processing fee is 132 dollars/ton (- 5 dollars/ton). The US - Korea spread is 51.6 dollars/ton (- 5.0 dollars/ton) [1]. - Styrene: The non - integrated production profit is - 345 yuan/ton (- 15 yuan/ton), and it is expected to gradually shrink [1]. 3.3 Pure Benzene and Styrene Inventories, Operating Rates - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate of downstream products has declined to varying degrees. For example, the caprolactam operating rate is 89.38% (- 2.48%) [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.1% (- 0.5%) [1]. 3.4 Styrene Downstream Operating Rates and Production Profits - EPS: The production profit is 337 yuan/ton (+ 0 yuan/ton), and the operating rate is 58.35% (- 2.63%) [2]. - PS: The production profit is - 43 yuan/ton (+ 24 yuan/ton), and the operating rate is 59.90% (+ 2.40%) [2]. - ABS: The production profit is - 115 yuan/ton (+ 18 yuan/ton), and the operating rate is 70.80% (- 0.30%) [2]. 3.5 Pure Benzene Downstream Operating Rates and Production Profits - Caprolactam: The production profit is - 1,710 yuan/ton (+ 50), and the operating rate is 89.38% (- 2.48%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 0), and the phenol operating rate is 76.00% (- 2.00%) [1]. - Aniline: The production profit is - 216 yuan/ton (- 12), and the operating rate is 67.55% (- 2.55%) [1]. - Adipic acid: The production profit is - 1,164 yuan/ton (+ 45), and the operating rate is 63.20% (- 2.30%) [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply pressure of asphalt is still high. In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate decreased, and the refinery reduced production to ease supply pressure [7]. - The demand for asphalt is currently below the historical average. The construction and road - related asphalt开工率 (operating rates) are mostly lower than historical levels, although the waterproofing membrane开工率 increased slightly [7]. - The cost side shows that the daily asphalt processing profit is negative but increasing, and the delayed coking profit in Shandong is decreasing. The difference between asphalt and delayed coking profit is narrowing, and the strengthening of crude oil is expected to support prices in the short term [8]. - The basis is neutral, with the spot price at a premium to the futures price. The inventory situation is mixed, with social inventory decreasing, factory inventory increasing, and port diluted asphalt inventory decreasing. The market is expected to be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. - There are both positive and negative factors. The positive factor is that the relatively high cost of crude oil provides some support, while the negative factors include insufficient demand for high - priced goods and a downward trend in overall demand, along with an increasing expectation of an economic recession in Europe and the United States [10][11]. 3. Summary by Directory 3.1 Daily Views - **Supply**: In August 2025, the total planned asphalt production in China was 2.413 million tons, a month - on - month decrease of 5.1% and a year - on - year increase of 17.1%. This week, the sample capacity utilization rate was 32.838%, a month - on - month decrease of 2.40 percentage points. The total shipment of sample enterprises was 237,300 tons, a month - on - month decrease of 4.50%, and the sample enterprise production was 548,000 tons, a month - on - month decrease of 6.80%. The estimated maintenance volume of sample enterprise devices was 648,000 tons, a month - on - month increase of 11.15%. The refinery's production cut this week will reduce supply pressure in the future [7]. - **Demand**: The heavy - traffic asphalt开工率 was 30.7%, a month - on - month decrease of 0.07 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 16.9855%, a month - on - month decrease of 0.11 percentage points; the road - modified asphalt开工率 was 28.33%, a month - on - month decrease of 2.17 percentage points; the waterproofing membrane开工率 was 30.6%, a month - on - month increase of 0.90 percentage points. Overall, the current demand is below the historical average [7]. - **Cost**: The daily asphalt processing profit was - 591.75 yuan/ton, a month - on - month increase of 5.70%. The weekly delayed coking profit in Shandong was 788.4443 yuan/ton, a month - on - month decrease of 12.78%. The loss of asphalt processing increased, and the profit difference between asphalt and delayed coking decreased. The strengthening of crude oil is expected to support prices in the short term [8]. - **Basis**: On August 28, the spot price in Shandong was 3,510 yuan/ton, and the basis of the 11 - contract was 27 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: The social inventory was 1.292 million tons, a month - on - month decrease of 3.79%. The factory inventory was 716,000 tons, a month - on - month increase of 0.70%. The port diluted asphalt inventory was 150,000 tons, a month - on - month decrease of 21.05% [8]. - **Market Outlook**: It is expected that the market will be in a narrow - range shock in the short term, with the asphalt 2511 contract oscillating between 3497 - 3537 [8]. 3.2 Asphalt Futures Market Analysis - **Basis Trend**: The report presents the historical trends of the Shandong and East China asphalt basis from 2020 - 2025, which helps investors understand the relationship between spot and futures prices [18]. - **Spread Analysis** - **主力合约价差 (Main Contract Spread)**: The historical trends of the 1 - 6 and 6 - 12 contract spreads from 2020 - 2025 are shown, which can assist in analyzing market structure and arbitrage opportunities [22]. - **沥青原油价格走势 (Asphalt - Crude Oil Price Trend)**: The historical price trends of asphalt, Brent oil, and West Texas Intermediate (WTI) oil from 2020 - 2025 are presented, reflecting the relationship between asphalt and crude oil prices [25]. - **原油裂解价差 (Crude Oil Cracking Spread)**: The historical trends of asphalt - SC, asphalt - WTI, and asphalt - Brent cracking spreads from 2020 - 2025 are shown, which can help analyze the profitability of asphalt production [28]. - **沥青、原油、燃料油比价走势 (Asphalt - Crude Oil - Fuel Oil Price Ratio)**: The historical trends of the asphalt - SC and asphalt - fuel oil price ratios from 2020 - 2025 are presented, which can assist in analyzing the relative price relationships between different energy products [33]. 3.3 Asphalt Spot Market Analysis - The report shows the historical price trends of Shandong heavy - traffic asphalt from 2020 - 2025, which helps investors understand the regional asphalt spot market [35]. 3.4 Asphalt Fundamental Analysis - **Profit Analysis** - **沥青利润 (Asphalt Profit)**: The historical trends of asphalt profit from 2019 - 2025 are presented, which can help analyze the profitability of the asphalt industry [37]. - **焦化沥青利润价差走势 (Coking - Asphalt Profit Spread)**: The historical trends of the coking - asphalt profit spread from 2020 - 2025 are shown, which can assist in analyzing the profit differences between different production processes [41]. - **Supply - Side Analysis** - **出货量 (Shipment Volume)**: The historical trends of small - sample asphalt enterprise shipment volume from 2020 - 2025 are presented, which can help analyze the supply situation from the perspective of sales [44]. - **稀释沥青港口库存 (Diluted Asphalt Port Inventory)**: The historical trends of domestic diluted asphalt port inventory from 2021 - 2025 are shown, which can assist in analyzing the supply situation from the perspective of inventory [46]. - **产量 (Production)**: The historical trends of weekly and monthly asphalt production from 2019 - 2025 are presented, which can help analyze the overall supply situation [49]. - **马瑞原油价格及委内瑞拉原油月产量走势 (Marine - derived Crude Oil Price and Venezuelan Crude Oil Monthly Production)**: The historical trends of Marine - derived crude oil price and Venezuelan crude oil monthly production from 2018 - 2025 are shown, which can assist in analyzing the impact of raw material supply on asphalt production [53]. - **地炼沥青产量 (Local Refinery Asphalt Production)**: The historical trends of local refinery asphalt production from 2019 - 2025 are presented, which can help analyze the supply contribution of local refineries [55]. - **开工率 (Operating Rate)**: The historical trends of asphalt capacity utilization rate from 2021 - 2025 are shown, which can assist in analyzing the production activity level of the asphalt industry [58]. - **检修损失量预估 (Estimated Maintenance Loss)**: The historical trends of estimated maintenance loss from 2018 - 2025 are presented, which can help analyze the impact of refinery maintenance on supply [60]. - **Inventory Analysis** - **交易所仓单 (Exchange Warehouse Receipts)**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 - 2025 are presented, which can assist in analyzing market supply and demand expectations [64]. - **社会库存和厂内库存 (Social Inventory and Factory Inventory)**: The historical trends of social inventory (70 - sample) and factory inventory (54 - sample) from 2022 - 2025 are shown, which can help analyze the inventory distribution and market supply and demand situation [67]. - **厂内库存存货比 (Factory Inventory - Stock Ratio)**: The historical trends of the factory inventory - stock ratio from 2018 - 2025 are presented, which can assist in analyzing the inventory management efficiency of factories [70]. - **进出口情况 (Import - Export Situation)** - **沥青出口走势 (Asphalt Export Trend)**: The historical trends of asphalt export from 2019 - 2025 are presented, which can help analyze the international market demand for domestic asphalt [73]. - **沥青进口走势 (Asphalt Import Trend)**: The historical trends of asphalt import from 2019 - 2025 are shown, which can assist in analyzing the impact of international supply on the domestic market [73]. - **韩国沥青进口价差走势 (Korean Asphalt Import Price Spread)**: The historical trends of the Korean asphalt import price spread from 2020 - 2025 are presented, which can help analyze the cost - effectiveness of imported asphalt [76]. - **Demand - Side Analysis** - **石油焦产量 (Petroleum Coke Production)**: The historical trends of petroleum coke production from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in related industries [79]. - **表观消费量 (Apparent Consumption)**: The historical trends of asphalt apparent consumption from 2019 - 2025 are shown, which can help analyze the overall market demand [82]. - **下游需求 (Downstream Demand)** - **公路建设交通固定资产走势 (Highway Construction Fixed - Asset Investment)**: The historical trends of highway construction fixed - asset investment from 2020 - 2025 are presented, which can assist in analyzing the demand for asphalt in highway construction [85]. - **新增地方专项债走势 (New Local Special Bonds)**: The historical trends of new local special bonds from 2019 - 2025 are shown, which can help analyze the financial support for infrastructure construction and asphalt demand [86]. - **基础建设投资完成额同比 (Year - on - Year Growth of Infrastructure Investment Completion)**: The historical trends of the year - on - year growth of infrastructure investment completion from 2020 - 2024 are presented, which can assist in analyzing the overall infrastructure construction situation and asphalt demand [86]. - **下游机械需求走势 (Downstream Machinery Demand)**: The historical trends of asphalt concrete paver sales, excavator monthly operating hours, and domestic excavator sales from 2020 - 2025 are shown, which can help analyze the demand for asphalt in construction projects [89]. - **压路机销量走势 (Roller Sales)**: The historical trends of roller sales from 2019 - 2025 are presented, which can assist in analyzing the demand for asphalt in road compaction [91]. - **沥青开工率 (Asphalt Operating Rate)** - **重交沥青开工率 (Heavy - Traffic Asphalt Operating Rate)**: The historical trends of heavy - traffic asphalt operating rate from 2019 - 2025 are presented, which can help analyze the production activity level of heavy - traffic asphalt [94]. - **按用途分沥青开工率 (Asphalt Operating Rate by Use)**: The historical trends of construction asphalt and modified asphalt operating rates from 2019 - 2025 are shown, which can assist in analyzing the production activity levels of different types of asphalt [97]. - **下游开工情况 (Downstream Operating Conditions)** - **鞋材用sbs改性沥青开工率 (SBS - Modified Asphalt Operating Rate for Footwear)**: The historical trends of SBS - modified asphalt operating rate for footwear from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the footwear industry [100]. - **道路改性沥青开工率 (Road - Modified Asphalt Operating Rate)**: The historical trends of road - modified asphalt operating rate from 2019 - 2025 are shown, which can assist in analyzing the demand for asphalt in road construction [100]. - **防水卷材改性沥青开工率 (Waterproofing Membrane - Modified Asphalt Operating Rate)**: The historical trends of waterproofing membrane - modified asphalt operating rate from 2019 - 2025 are presented, which can help analyze the demand for asphalt in the waterproofing membrane industry [102]. - **供需平衡表 (Supply - Demand Balance Sheet)**: The report provides the monthly asphalt supply - demand balance sheet from January 2024 to August 2025, including data on production, import, export, inventory, and downstream demand, which can help comprehensively analyze the market supply - demand situation [105].

1. Report Industry Investment Rating - There is no clear industry investment rating provided in the report. 2. Core Views of the Report - For pure benzene, port inventory is declining slightly from a high level, but the absolute level remains high. The port basis is expected to strengthen further. Korean aromatics plants are under maintenance, and the monthly import pressure is not increasing. However, attention should be paid to the large inventory pressure in the CPL - PA6 - nylon产业链 and the MDI inventory pressure in the aniline downstream. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. - For styrene, the port basis rebounded slightly due to some traders covering short positions at the end of the month. However, port inventory is continuously accumulating due to high current operating rates. There will be more maintenance in September, and the rate of destocking in September should be monitored. This will also drag down the demand for pure benzene, so there is limited support for the single - side price. In the downstream of EB, the operating rates of EPS and PS continue to rise, but their inventories do not show further destocking, indicating slow downstream follow - up. ABS maintains a state of high inventory and low operating rate. The performance during the "Golden September and Silver October" season for downstream industries should be monitored [3]. 3. Summary According to the Directory 3.1 Pure Benzene and EB's Basis Structure and Inter - period Spreads - Pure benzene: The main basis is - 104 yuan/ton (- 3), and the spot - M2 spread is - 45 yuan/ton (- 5 yuan/ton). There are also data on the spread between the first - and third - month contracts [1]. - Styrene: The main basis is 70 yuan/ton (+ 2 yuan/ton), and there are data on the spread between the first - and third - month contracts [1]. 3.2 Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 150 dollars/ton (- 9 dollars/ton), the FOB Korea processing fee is 135 dollars/ton (- 8 dollars/ton), and the US - Korea spread is 45.6 dollars/ton (- 15.1 dollars/ton). There are also data on import profits [1]. - Styrene: The non - integrated production profit is - 326 yuan/ton (- 48 yuan/ton), and there are data on import profits [1]. 3.3 Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 13.80 million tons (- 0.60 million tons), and the operating rate is not specifically mentioned in the text, but the downstream comprehensive operating rate is relatively high [1]. - Styrene: The East China port inventory is 179,000 tons (+ 17,500 tons), the East China commercial inventory is 84,000 tons (+ 7,500 tons), and the operating rate is 78.5% (+ 0.4%) [1]. 3.4 Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 282 yuan/ton (+ 84 yuan/ton), and the operating rate is 60.98% (+ 2.90%) [2]. - PS: The production profit is - 68 yuan/ton (+ 34 yuan/ton), and the operating rate is 57.50% (+ 1.10%) [2]. - ABS: The production profit is - 132 yuan/ton (+ 88 yuan/ton), and the operating rate is 71.10% (+ 0.00%) [2]. 3.5 Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 1760 yuan/ton (+ 45), and the operating rate is 91.86% (- 1.86%) [1]. - Phenol - acetone: The production profit is - 514 yuan/ton (+ 113), and the operating rate is 78.00% (+ 1.00%) [1]. - Aniline: The production profit is - 204 yuan/ton (- 43), and the operating rate is 70.10% (- 1.47%) [1]. - Adipic acid: The production profit is - 1209 yuan/ton (+ 41), and the operating rate is 65.50% (+ 3.80%) [1]. 3.6 Strategies - Single - side: Hold a wait - and - see attitude towards pure benzene and styrene. - Basis and inter - period: Hold a wait - and - see attitude. - Cross - variety: Expand the EB - BZ spread on dips in the short term [4].