Report Industry Investment Rating - The report suggests a wait-and-see approach for PVC [1] Core Viewpoints - The PVC market is currently in a state of shock operation. The supply side shows an increase in the PVC start - up rate, while the downstream demand is poor, the export situation is not optimistic, and the social inventory is high. Although the macro - atmosphere is warm, the overall situation of PVC is still not favorable, so it is recommended to wait and see [1] Summary by Related Content Market Analysis - The calcium carbide price in the northwest region of the upstream is stable. The PVC start - up rate has increased by 1.04 percentage points to 79.67%, remaining at a neutral level in recent years. The downstream start - up rate has a slight increase but is still lower than before the New Year's Day holiday, and the orders for downstream products are not good. Last week, export orders decreased slightly, with low prices and limited demand in the Indian market. The CFR prices in India and Southeast Asia have dropped. The social inventory continues to increase and is still at a high level. The real estate is in the adjustment stage, and the improvement needs time. The macro - atmosphere is warm, but the chloro - alkali comprehensive gross profit is under pressure, and the output decline is limited [1] Futures and Spot Market - The PVC2605 contract decreased in position and fluctuated. The lowest price was 4825 yuan/ton, the highest was 4915 yuan/ton, and it closed at 4897 yuan/ton, down 0.73% with an increase of 16256 hands in the position to 1052924 hands [2] Basis - On January 9th, the mainstream price of calcium carbide - based PVC in East China was 4650 yuan/ton, and the futures closing price of the V2605 contract was 4897 yuan/ton. The current basis was - 247 yuan/ton, strengthening by 8 yuan/ton and at a low level [3] Fundamental Tracking - On the supply side, affected by some devices, the PVC start - up rate increased by 1.04 percentage points to 79.67%. New production capacities such as Wanhua Chemical, Tianjin Bohua, Qingdao Gulf, Gansu Yaowang, and Jiaxing Jiahua have been put into production or are in trial production [4] - On the demand side, the real estate is in the adjustment stage. From January to November 2025, the national real estate development investment was 7859.1 billion yuan, a year - on - year decrease of 15.9%. The sales area and sales volume of commercial housing also decreased. As of the week of January 4th, the weekly transaction area of commercial housing in 30 large - and medium - sized cities decreased by 26.09% month - on - month and was at a low level in recent years [5] - In terms of inventory, as of the week of January 8th, the PVC social inventory increased by 3.48% month - on - month to 1.1141 million tons, 40.98% higher than the same period last year, and the inventory was still high [6]

Report Industry Investment Rating - Not provided Core View of the Report - It is expected that PVC will run in a volatile manner. The supply - side PVC开工率 continues to decline, downstream demand is weak, social inventory is high, and although the commodity market sentiment is boosted, the production decline is limited, and the current is the traditional off - season [1] Summary by Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC开工率 decreased by 1.13 percentage points to 77.23% and is at a neutral level in the same period in recent years. The downstream开工率 decreased by 0.87 percentage points, and the orders for downstream products are poor. Last week, export orders decreased slightly, with lower prices in the Indian market and limited demand. CFR India and CFR Southeast Asia decreased by $20/ton and $30/ton respectively. Social inventory increased slightly and is still high. From January to November 2025, the real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, construction, and completion areas. The weekly transaction area of commercial housing in 30 large - and medium - sized cities increased, but is still at the lowest level in the same period in recent years. The 300,000 - ton/year Jiaxing Jiahua has recently started trial production. The anti - involution sentiment has further increased, and the commodity market sentiment has been boosted, but the decline in production is limited [1] Futures and Spot Market Conditions - The PVC2605 contract decreased in positions and ran in a volatile manner, with a minimum price of 4,772 yuan/ton, a maximum price of 4,822 yuan/ton, and a final closing price of 4,805 yuan/ton, up 0.33% and above the 20 - day moving average. The position decreased by 23,231 lots to 923,530 lots [2] Basis - On December 31, the mainstream price of calcium carbide - based PVC in the East China region remained at 4,500 yuan/ton, and the futures closing price of the V2605 contract was 4,805 yuan/ton. The current basis is - 305 yuan/ton, strengthening by 5 yuan/ton, and the basis is at a low level [3] Fundamental Tracking - Supply side: Affected by devices such as Salt Lake Magnesium Industry and Ningbo Hanwha, the PVC开工率 decreased by 1.13 percentage points to 77.23%. New production capacities of Wanhua Chemical (500,000 tons/year), Tianjin Bohua (400,000 tons/year), Qingdao Gulf (200,000 tons/year), and Gansu Yaowang (300,000 tons/year) were put into production in the second half of the year, and Jiaxing Jiahua (300,000 tons/year) started trial production in December [4] - Demand side: The real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, and completion areas. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The commercial housing sales area was 787.02 million square meters, a decrease of 7.8%. The commercial housing sales volume was 751.3 billion yuan, a decrease of 11.1%. The new construction area of houses was 534.57 million square meters, a decrease of 20.5%. The construction area of real estate development enterprises was 6.56066 billion square meters, a decrease of 9.6%. The completion area of houses was 394.54 million square meters, a decrease of 18.0%. As of the week of December 21, the transaction area of commercial housing in 30 large - and medium - sized cities increased by 20.86% week - on - week but is still at the lowest level in the same period in recent years [5] - Inventory: As of the week of December 25, the PVC social inventory increased by 0.43% week - on - week to 1.0611 million tons, 31.92% higher than the same period last year, and the social inventory is still high [6]

Report Industry Investment Rating - Not provided Core View - The report predicts that PVC will fluctuate. Although the anti - "involution" sentiment in the commodity market is rising, the current decline in PVC production is limited, and it is the traditional demand off - season in December. After the spot price rises, the market transaction is weak. With high inventory and limited demand, PVC is expected to move in a volatile manner [1] Summary by Related Catalogs Market Analysis - The calcium carbide price in the northwest region is stable. The PVC operating rate decreased by 1.13 percentage points to 77.23% and is at a neutral level in recent years. The downstream operating rate decreased by 0.87 percentage points, and the downstream product orders are poor. In terms of exports, PVC is sold at a lower price, and last week's export orders decreased slightly. The prices in the Indian market are low, and the demand is limited. The CFR in January from Formosa Plastics in Taiwan remained flat in China, but decreased by $20/ton and $30/ton in India and Southeast Asia respectively. The social inventory increased slightly and is still high, with great inventory pressure. From January to November 2025, the real estate is still in the adjustment stage, with large year - on - year declines in investment, new construction, construction, and completion areas. The weekly sales area of commercial housing in 30 large and medium - sized cities increased, but is still at the lowest level in recent years. The 300,000 - ton/year Jiaxing Jiahua has recently started trial production. The anti - "involution" sentiment in the commodity market is rising, and the comprehensive profit margin of chlor - alkali has decreased, but the current decline in production is limited [1] Futures and Spot Market - The PVC2605 contract decreased in positions and fluctuated. The lowest price was 4,748 yuan/ton, the highest was 4,834 yuan/ton, and it finally closed at 4,810 yuan/ton, above the 20 - day moving average, with a decline of 0.15%. The position volume decreased by 22,446 lots to 946,761 lots [2] Basis - On December 30, the mainstream price of calcium carbide - based PVC in East China dropped to 4,500 yuan/ton, and the futures closing price of the V2605 contract was 4,810 yuan/ton. The current basis is - 310 yuan/ton, weakening by 25 yuan/ton, and the basis is at a relatively low level [3] Fundamental Tracking Supply - Affected by plants such as Salt Lake Magnesium Industry and Ningbo Hanwha, the PVC operating rate decreased by 1.13 percentage points to 77.23%, and the operating rate continued to decline, being at a neutral level in recent years. New production capacities of 500,000 tons/year for Wanhua Chemical, 400,000 tons/year for Tianjin Bohua, 200,000 tons/year for Qingdao Gulf, and 300,000 tons/year for Gansu Yaowang were put into production in the second half of the year. The 300,000 - ton/year Jiaxing Jiahua started trial production in December [4] Demand - The real estate is still in the adjustment stage. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%; the sales area of residential housing decreased by 8.1%. The sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1%, and the sales volume of residential housing decreased by 11.2%. The new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5%; the new construction area of residential housing decreased by 19.9%. The construction area of real estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0%; the completion area of residential housing decreased by 20.1%. As of the week of December 21, the sales area of commercial housing in 30 large and medium - sized cities increased by 20.86% week - on - week but is still at the lowest level in recent years. Attention should be paid to whether real - estate favorable policies can boost the sales of commercial housing [5] Inventory - As of the week of December 25, the PVC social inventory increased by 0.43% week - on - week to 1.0611 million tons, an increase of 31.92% compared with the same period last year. The social inventory increased slightly and is still high [6]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - PVC is expected to run in a volatile manner, with limited upside potential in the near term due to factors such as high inventory, weak downstream demand, and limited Indian market demand [1] Group 3: Summary by Related Catalogs 1. Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate decreased by 1.07 percentage points to 78.36%, remaining at a moderately high level in recent years. The downstream operating rate dropped by 3.5 percentage points, and downstream product orders are poor. In terms of exports, PVC increased sign - offs slightly last week by reducing prices, but the Indian market price is low with limited demand. The CFR India and CFR Southeast Asia prices decreased by $20/ton and $30/ton respectively. Social inventory decreased slightly but remains high. The real estate market is still in adjustment, and the improvement needs time. New production capacity has been added, and the market sentiment is boosted by the rebound of commodities such as coking coal, but the upward space of PVC is limited [1] 2. Futures and Spot Market Conditions - The PVC2605 contract increased in positions and ran in a volatile manner, closing at 4,757 yuan/ton, up 0.34%, with an increase of 5,776 lots in open interest to 979,053 lots [2] - On December 25, the mainstream price of calcium carbide - based PVC in East China rose to 4,455 yuan/ton. The futures closing price of the V2605 contract was 4,757 yuan/ton, and the basis was - 302 yuan/ton, strengthening by 33 yuan/ton, at a relatively low level [3] 3. Fundamental Tracking Supply - Affected by devices such as Ningbo Hanwha and Leshan Yongxiang, the PVC operating rate decreased by 1.07 percentage points to 78.36%, remaining at a moderately high level in recent years. New production capacities of Wanhua Chemical (500,000 tons/year), Tianjin Bohua (400,000 tons/year), Qingdao Gulf (200,000 tons/year), and Gansu Yaowang (300,000 tons/year) were put into production in the second half of the year, and Jiaxing Jiahua (300,000 tons/year) started trial production in December [4] Demand - The real estate market is still in adjustment. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area, sales volume, new construction area, construction area, and completion area all decreased year - on - year. As of the week of December 21, the weekly transaction area of commercial housing in 30 large - and medium - sized cities increased by 20.86% week - on - week but remained at the lowest level in recent years [5] Inventory - As of the week of December 18, PVC social inventory decreased by 0.25% week - on - week to 1.0566 million tons, 28.58% higher than the same period last year. The inventory decreased slightly but remained high [6]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The PVC market is showing a trend of oscillating upward, but the upward space in the near - term is limited. The PVC supply side has reduced开工率, but there is new production capacity. The demand side is affected by the slow improvement of the real - estate market, and the inventory is still at a high level. The market sentiment is boosted by the rebound of bulk commodities, but factors such as low prices in the Indian market and high futures warehouse receipts also have an impact on the market [1] 3. Summary by Relevant Content 3.1 Market Analysis - The calcium carbide price in the upstream Northwest region is stable. The PVC开工率 has decreased by 1.07 percentage points to 78.36%, remaining at a moderately high level in recent years. The downstream开工率 has dropped by 3.5 percentage points, and the orders for downstream products are not good. The export has increased slightly by trading at a lower price, but the demand in the Indian market is limited. The social inventory has slightly decreased but is still high. The real - estate market is still in the adjustment stage, and the improvement needs time. New production capacity has been put into operation. Although the market sentiment has been boosted, the upward space of PVC in the near - term is limited [1] 3.2 Futures and Spot Market Conditions - The PVC2605 contract increased in positions and oscillated upward, with a minimum price of 4,704 yuan/ton, a maximum price of 4,785 yuan/ton, and a final closing price of 4,781 yuan/ton, up 1.55%. The position increased by 8,434 lots to 973,277 lots [2] 3.3 Basis - On December 24, the mainstream price of calcium carbide - based PVC in the East China region rose to 4,450 yuan/ton, and the futures closing price of the V2605 contract was 4,785 yuan/ton. The current basis is - 335 yuan/ton, weakening by 7 yuan/ton and at a relatively low level [3] 3.4 Fundamental Tracking 3.4.1 Supply - Affected by the devices of Ningbo Hanwha, Leshan Yongxiang, etc., the PVC开工率 has decreased by 1.07 percentage points to 78.36%, remaining at a moderately high level in recent years. New production capacities such as Wanhua Chemical (500,000 tons/year), Tianjin Bohua (400,000 tons/year), Qingdao Gulf (200,000 tons/year), Gansu Yaowang (300,000 tons/year), and Jiaxing Jiahua (300,000 tons/year) have been put into operation in the second half of the year [4] 3.4.2 Demand - The real - estate market is still in the adjustment stage. From January to November 2025, the national real - estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area, sales volume, new construction area, construction area, and completion area of commercial housing all decreased year - on - year. As of the week of December 21, the transaction area of commercial housing in 30 large - and medium - sized cities has rebounded by 20.86% week - on - week but is still at the lowest level in recent years [5] 3.4.3 Inventory - As of the week of December 18, the PVC social inventory decreased by 0.25% week - on - week to 1.0566 million tons, 28.58% higher than the same period last year. The social inventory has slightly decreased but is still high [6]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - PVC is expected to fluctuate weakly in the near term due to factors such as decreased supply - side开工率, poor downstream demand, high inventory, and the real - estate market still in adjustment [3]. 3) Summary by Related Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC开工率 decreased by 1.07 percentage points to 78.36% week - on - week, continuing to decline and remaining at a moderately high level compared to recent years. The downstream开工率 of PVC decreased by 3.5 percentage points week - on - week, and downstream product orders are poor [3][18]. - In terms of exports, PVC increased export orders slightly last week by sacrificing price, but the price in the Indian market is low and demand is limited. Attention should be paid to the January quotation of Formosa Plastics in Taiwan [3]. - Social inventory decreased slightly last week but remains high, with significant inventory pressure. December is the traditional off - season for domestic PVC demand. After the increase in spot prices, market transactions are light [3][25]. - From January to November 2025, the real - estate market is still in the adjustment stage. Investment, new construction, construction, and completion areas have large year - on - year declines, and the year - on - year growth rates of investment, sales, new construction, and completion have further decreased. The weekly transaction area of commercial housing in 30 large - and medium - sized cities increased week - on - week but is still at the lowest level in recent years, and the real - estate market needs time to improve [3][24]. - New production capacities of 300,000 tons/year from Gansu Yaowang and 300,000 tons/year from Jiaxing Jiahua have recently been put into operation. Due to anti - involution sentiment, the rebound of bulk commodities such as coking coal boosts market sentiment, the comprehensive gross profit of chlor - alkali decreases, and the expected开工率 of some production enterprises declines, but the current production decline is limited, and futures warehouse receipts are still at a high level [3]. PVC Basis - The current 05 basis is - 215 yuan/ton, at a relatively low level [12]. Real - Estate Data - From January to November 2025, national real - estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8%, with residential sales area down 8.1%. The sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1%, with residential sales volume down 11.2% [24]. - From January to November 2025, the new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5%, with residential new construction area down 19.9%. The construction area of real - estate development enterprises was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0%, with residential completion area down 20.1% [24]. - As of the week of December 21, the transaction area of commercial housing in 30 large - and medium - sized cities increased by 20.86% week - on - week but is still at the lowest level in recent years. Attention should be paid to whether real - estate favorable policies can boost commercial housing sales [24]. PVC Inventory - As of the week of December 18, PVC social inventory decreased by 0.25% week - on - week to 1.0566 million tons, 28.58% higher than the same period last year. Although social inventory decreased slightly, it remains high [25].

【冠通期货研究报告】 PVC日报：震荡下行 发布日期：2025年12月19日 【行情分析】 上游西北地区电石价格稳定。目前供应端，PVC开工率环比减少1.07个百分点至78.36%，PVC开工 率继续减少，处于近年同期中性偏高水平。冬季到来，PVC下游开工率环比下降3.5个百分点，下游 制品订单不佳。出口方面，PVC以价换量，上周出口签单有所回升，但印度市场价格也在下跌，印度 需求有限，关注台湾台塑1月份报价。本周社会库存略有减少，但目前仍偏高，库存压力仍然较大。 2025年1-11月份，房地产仍在调整阶段，投资、新开工、施工、竣工面积同比降幅仍较大，投资、 销售、新开工、竣工等同比增速进一步下降。30大中城市商品房周度成交面积环比回升，但仍处于 近年同期最低水平，房地产改善仍需时间。新增产能上，30万吨/年的甘肃耀望和30万吨/年的嘉兴 嘉化新近投产。反内卷情绪下，焦煤等大宗商品反弹提振市场情绪，氯碱综合毛利下降，部分生产 企业开工预期下降，但目前产量下降有限，期货仓单仍处高位，印度市场价格也在下跌，印度需求 有限。12月是国内PVC传统需求淡季，社会库存基本稳定，现货价格上涨后，市场成交偏淡，近期 PVC ...

【冠通期货研究报告】 PVC日报：震荡上行 发布日期：2025年12月18日 基差方面： 12月18日，华东地区电石法PVC主流价上涨至4430元/吨，V2605合约期货收盘价在4708元/ 吨，目前基差在-278元/吨，走弱8元/吨，基差处于偏低水平。 投资有风险，入市需谨慎。 本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 1 【行情分析】 上游西北地区电石价格下调50元/吨。目前供应端，PVC开工率环比减少0.46个百分点至79.43%， PVC开工率继续小幅减少，仍处于近年同期偏高水平。PVC下游开工率略有下降，下游制品订单不佳。 出口方面，PVC以价换量，上周出口签单有所回升，但印度市场价格也在下跌，印度需求有限。上周 社会库存略有增加，目前仍偏高，库存压力仍然较大。2025年1-11月份，房地产仍在调整阶段，投 资、新开工、施工、竣工面积同比降幅仍较大，投资、销售、新开工、竣工等同比增速进一步下降。 30大中城市商品房周度成交面积环比回升，但仍处于近年同期最低水平，房地产改善仍需时间。新 增产能上，30万吨/年的甘肃耀望和30万吨/年的嘉兴嘉化新近投产。反内卷情绪下，焦煤等大宗商 品 ...

Report Industry Investment Rating - Not provided Core View of the Report - PVC is expected to move in a sideways pattern, and its upside potential is limited in the near term due to factors such as high inventory, weak downstream demand, and the traditional off - season [1] Summary by Relevant Catalogs Market Analysis - The calcium carbide price in the upstream northwest region is stable. The PVC operating rate decreased by 0.46 percentage points to 79.43% week - on - week, remaining at a relatively high level in recent years. The downstream operating rate of PVC declined slightly, and downstream product orders were poor. In terms of exports, PVC exchanged volume for price, and last week's export orders increased, but the Indian market price is falling, and Indian demand is limited. Social inventory increased slightly last week and remains high, with significant inventory pressure. From January to November 2025, the real estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, construction, and completion areas, and further drops in year - on - year growth rates. The weekly sales area of commercial housing in 30 large and medium - sized cities increased week - on - week but is still at the lowest level in recent years. The real estate market needs time to improve. New production capacities of 300,000 tons/year from Gansu Yaowang and 300,000 tons/year from Jiaxing Jiahua have recently been put into operation. The rebound of bulk commodities such as coking coal boosted market sentiment, the comprehensive gross profit of chlorine - alkali decreased, and the operating expectations of some producers declined, but the current decline in production is limited, and futures warehouse receipts are still at a high level. Taiwan Plastics' December quotes generally decreased, and the Indian market price is falling, with limited Indian demand. December is the traditional off - season for domestic PVC demand [1] Futures and Spot Market - Futures: The PVC2605 contract increased in positions and moved in a sideways pattern, with a minimum price of 4,639 yuan/ton, a maximum price of 4,694 yuan/ton, and finally closed at 4,680 yuan/ton, below the 20 - day moving average, with a gain of 1.17%. The position increased by 40,723 hands to 890,154 hands [2] - Basis: On December 17, the mainstream price of calcium carbide - based PVC in East China rose to 4,410 yuan/ton. The futures closing price of the V2605 contract was 4,680 yuan/ton. The current basis is - 270 yuan/ton, strengthening by 4 yuan/ton, and the basis is at a relatively low level [3] Fundamental Tracking - Supply: Affected by facilities such as Ningbo Zhengyang and Yibin Tianyuan, the PVC operating rate decreased by 0.46 percentage points to 79.43% week - on - week, continuing a slight decline and remaining at a relatively high level in recent years. New production capacities of 500,000 tons/year from Wanhua Chemical, 400,000 tons/year from Tianjin Bohua, 200,000 tons/year from Qingdao Haiwan, 300,000 tons/year from Gansu Yaowang, and 300,000 tons/year from Jiaxing Jiahua have been put into operation in the second half of the year [4] - Demand: The real estate market is still in the adjustment phase, with large year - on - year declines in investment, new construction, and completion areas, and further drops in year - on - year growth rates. From January to November 2025, the national real estate development investment was 785.91 billion yuan, a year - on - year decrease of 15.9%. The sales area of commercial housing was 787.02 million square meters, a year - on - year decrease of 7.8% (residential sales area decreased by 8.1%); the sales volume of commercial housing was 751.3 billion yuan, a decrease of 11.1% (residential sales volume decreased by 11.2%). The new construction area of houses was 534.57 million square meters, a year - on - year decrease of 20.5% (residential new construction area decreased by 19.9%); the construction area of real estate development enterprises' houses was 6.56066 billion square meters, a year - on - year decrease of 9.6%. The completion area of houses was 394.54 million square meters, a year - on - year decrease of 18.0% (residential completion area decreased by 20.1%). The overall real estate market needs time to improve. As of the week of December 14, the sales area of commercial housing in 30 large and medium - sized cities increased by 13.80% week - on - week but is still at the lowest level in recent years. Attention should be paid to whether real estate favorable policies can boost commercial housing sales [5] - Inventory: As of the week of December 11, the PVC social inventory increased by 0.03% week - on - week to 1.0593 million tons, 27.63% higher than the same period last year. The social inventory increased slightly and remains high (Longzhong increased the social storage capacity in East and South China from 21 to 41) [6]

研究咨询部苏妙达 执业资格证号：F03104403/Z0018167 发布时间：2025年12月15日 投资有风险，入市需谨慎，本公司具备期货交易咨询业务资格，请务必阅读最后一页免责声明。 冠通期货研究报告 --PVC周报 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 分析师苏妙达：F03104403/Z0018167 投资有风险，入市需谨慎。 目前供应端，PVC开工率环比减少0.46个百分点至79.43%，PVC开工率继续小幅减少，仍处于近年同期偏高水平。 PVC下游开工率略有下降，下游制品订单不佳。出口方面，PVC以价换量，上周出口签单有所回升，但印度市场价格 也在下跌，印度需求有限。上周社会库存略有增加，目前仍偏高，库存压力仍然较大。2025年1-11月份，房地产仍 在调整阶段，投资、新开工、施工、竣工面积同比降幅仍较大，投资、销售、新开工、竣工等同比增速进一步下降。 30大中城市商品房周度成交面积环比回升，但仍处于近年同期最低水平，房地产改善仍需时间。新增产能上，30万 吨/年的甘肃耀望和30万吨/年的嘉兴嘉化新近投产。焦煤等大宗商品反弹提振市场情绪，氯碱综合毛利下降， ...