Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints - As of April 18, 2025, the V2509 contract of PVC closed at 5,032 yuan/ton, down 1.08% from the previous week's close. With weak supply - demand fundamentals, the V2509 contract oscillated within a range. In the short term, it is expected to oscillate weakly, with support around 4,950 yuan/ton [9]. - In April - May, the PVC industry has intensive maintenance. Next week, the restart of a 800,000 - tonne device of Bohua may drive the capacity utilization rate to rise month - on - month. Downstream PVC floor enterprises are on hold due to tariff impacts, and the demand for pipes and profiles is dragged down by the weak real - estate market. Regarding costs, the decline of calcium carbide prices is expected to slow down, and ethylene prices are expected to be weakly sorted [9]. 3. Summary by Directory 3.1. Week - to - Week Summary - **Price**: The PVC main contract shifted to the 09 contract. As of April 18, 2025, the V2509 contract closed at 5,032 yuan/ton, down 1.08% from the previous week [9]. - **Fundamentals** - **Supply**: This week, some devices restarted and some underwent maintenance. The overall capacity utilization rate increased by 0.68% month - on - month to 77.35%. Among them, the calcium carbide method capacity utilization rate increased by 0.13% month - on - month to 79.35%, and the ethylene method capacity utilization rate increased by 2.11% month - on - month to 72.09% [9]. - **Demand**: Last week, the PVC pipe production rate increased by 0.31% month - on - month to 50.31%, and the PVC profile production rate decreased by 0.85% month - on - month to 40.00%. As of April 17, PVC social inventory decreased by 3.74% month - on - month to 725,000 tonnes, maintaining a downward trend [9]. - **Cost**: This week, calcium carbide and ethylene prices fell. The average cost of the national calcium carbide method decreased by 4.05% month - on - month to 5,265 yuan/ton, and the average cost of the national ethylene method decreased by 1.35% month - on - month to 5,631 yuan/ton [9]. - **Outlook**: In April - May, the PVC industry has intensive maintenance. Next week, the restart of a 800,000 - tonne device of Bohua may drive the capacity utilization rate to rise month - on - month. Downstream PVC floor enterprises are on hold due to tariff impacts, and the demand for pipes and profiles is dragged down by the weak real - estate market. Regarding costs, the decline of calcium carbide prices is expected to slow down, and ethylene prices are expected to be weakly sorted. In the short term, the V2509 contract is expected to oscillate weakly, with support around 4,950 yuan/ton [9]. 3.2. Futures and Spot Markets - **Futures Market** - **Price and Warehouse Receipts**: The V2509 contract oscillated within a range, and the number of registered warehouse receipts increased week - on - week [10]. - **Position and Spread**: The main contract shifted, and the position volume increased. The 5 - 9 spread strengthened slightly [13]. - **Spot Market** - **Spot Price - Import and Export**: The CFR China quotation was 700 US dollars (+0); the Southeast Asian quotation was 670 US dollars (+0) [19]. - **Spot Price - Overseas**: The Indian quotation was 700 US dollars (+0) [24]. - **Spot Price - Domestic Calcium Carbide and Ethylene Methods**: This week, the price of calcium carbide method in East China increased week - on - week, and the price of ethylene method decreased week - on - week [27]. - **Basis**: The shift of the main contract led to a weakening of the main basis, and the futures market remained in a contango state [31]. 3.3. Industry Conditions - **Upstream** - **Blue Coke and Calcium Carbide**: This week, the blue coke price remained stable, and the calcium carbide price fell. The blue coke production rate was 51.61%, and the calcium carbide production rate was 60.80% [35][40]. - **EDC and VCM**: The VCM CIF intermediate price was 530 US dollars/ton, and the international EDC price was 206 US dollars/ton [44]. - **Industrial Chain** - **Supply - Capacity and Output**: In 2025, the PVC capacity growth rate is expected to be 10.77%. The output in March was 2.0691 million tonnes, increasing month - on - month [48]. - **Supply - Capacity Utilization and Maintenance**: This week, the PVC capacity utilization rate increased month - on - month [52]. - **Demand - Downstream Production Rates**: Last week, the pipe production rate increased month - on - month, and the profile production rate decreased month - on - month [55]. - **Demand - PVC Floor Exports**: PVC floor exports decreased month - on - month in February [60]. - **Import and Export**: Exports increased month - on - month in February, and imports decreased month - on - month and remained at a low level [63]. - **Inventory**: PVC social inventory decreased month - on - month [68]. - **Cost**: The comprehensive cost of the calcium carbide method in Shandong, Inner Mongolia, and Henan decreased, and the cost of the ethylene method in North China decreased [72]. - **Profit**: The comprehensive profit of the PVC calcium carbide method recovered, and the profit of the ethylene method in East China increased week - on - week [77]. 3.4. Options Market Analysis - The 20 - day historical volatility of PVC was reported at 16.43%. The implied volatility of at - the - money call options was 15.17%, and that of put options was 14.46% [83].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, V2505 opened with a gap down and fluctuated widely. As of April 11, 2025, the V2505 contract closed at 4,930 yuan/ton, a 2.74% decrease from last week's close. The implementation of US tariffs on China affected PVC downstream product exports, leading to a significant price drop [9]. - On the supply side, several plants, including Tianjin Bohua, Anhui Huasu, and Ningxia Jinyuyuan, underwent maintenance this week. The capacity utilization rate decreased by 3.35% to 76.67%. Among them, the calcium carbide method capacity utilization rate decreased by 3.18% to 79.22%, and the ethylene method capacity utilization rate decreased by 3.79% to 69.98%. On the demand side, the spring promotion of pipe enterprises ended, and some floor enterprises stopped production and waited due to tariff impacts. The downstream product operating rate dropped significantly and was at a low level compared to the same period in previous years. As of April 10, PVC social inventory decreased by 3.16% to 753,200 tons, maintaining a downward trend. In terms of costs, the prices of calcium carbide and ethylene declined this week. The average cost of the national calcium carbide method decreased by 0.27% to 5,487 yuan/ton, and the average cost of the ethylene method decreased by 1.42% to 5,708 yuan/ton [9]. - In April, domestic PVC plants will undergo concentrated maintenance. Next week, Sichuan Jinlu and Xinjiang Zhongtai plants are planned to stop production, and the capacity utilization rate is expected to continue to decline. Affected by tariff shocks, downstream enterprises will mainly wait and see, and the product operating rate is expected to remain at a low level. In terms of costs, power restrictions in Inner Mongolia will affect calcium carbide supply, but the concentrated maintenance of calcium carbide downstream will cause the price to decline slightly. The supply of foreign ethylene is sufficient, and domestic demand is weak, so the price has room to decline. In the short term, V2505 is expected to fluctuate weakly, with support around 4,800 below and resistance around 5,000 above [9]. 3. Summary by Related Catalogs 3.1 Week - to - Week Summary - **Price**: V2505 opened with a gap down and fluctuated widely, closing at 4,930 yuan/ton on April 11, 2025, down 2.74% from last week [9]. - **Fundamentals**: Supply - side capacity utilization decreased; demand - side downstream product operating rate dropped; social inventory decreased; costs of calcium carbide and ethylene methods declined [9]. - **Outlook**: Capacity utilization is expected to continue to decline; downstream product operating rate to remain low; calcium carbide and ethylene prices may decline; V2505 to fluctuate weakly [9]. 3.2 Futures Market - **Futures Price and Warehouse Receipts**: V2505 opened with a gap down and fluctuated widely, and the registered warehouse receipt volume increased week - on - week [10]. - **Position and Spread**: The net position of the main contract was short, the reduction of buy orders was less than that of sell orders, and the 5 - 9 spread strengthened slightly [15]. 3.3 Spot Market - **Spot Price - Import and Export**: CFR China quoted at $700 (+0); Southeast Asia quoted at $670 (+0) [22]. - **Spot Price - Overseas**: India quoted at $700 (+0); Northwest Europe quoted at $805 (+20); Houston quoted at $670 (-10) [26][30]. - **Spot Price - Domestic Calcium Carbide and Ethylene Methods**: The prices of calcium carbide and ethylene methods in East China declined this week [33]. - **Basis and Spread**: The basis strengthened, and the futures market remained in a premium state [38]. 3.4 Upstream Situation - **Lanthanum Coke and Calcium Carbide**: Lanthanum coke prices remained stable, and calcium carbide prices declined slightly. The operating rates of lanthanum coke and calcium carbide were 52.63% and 62.38% respectively [42][48]. - **EDC and VCM**: The CIF mid - price of VCM was $530/ton, and the international price of EDC was $226/ton [51]. 3.5 Industry Chain Situation - **Supply - Capacity and Output**: PVC capacity continued to increase in 2024, and the output in March was 206,910 tons, up month - on - month [55]. - **Supply - Capacity Utilization and Maintenance**: The PVC capacity utilization rate decreased week - on - week [59]. - **Demand - Downstream Operating Rate**: The operating rate of pipe enterprises increased week - on - week last week, and that of profile enterprises decreased week - on - week [62]. - **Demand - PVC Floor Export**: PVC floor exports decreased month - on - month in February [68]. - **Import and Export**: Exports increased month - on - month in February, and imports decreased month - on - month and remained at a low level [71]. - **Inventory**: PVC social inventory decreased week - on - week [76]. - **Cost**: The comprehensive costs of calcium carbide methods in Shandong, Inner Mongolia, and Henan increased, and the ethylene method cost in North China decreased [80]. - **Profit**: The comprehensive profit of the PVC calcium carbide method decreased, and the profit of the East China ethylene method increased week - on - week [84]. 3.6 Options Market - **Volatility**: The 20 - day historical volatility of PVC was 17.08%, and the implied volatility of at - the - money call and put options was 29.91% [89].