Report Industry Investment Rating No relevant content provided Core Views - Methanol overseas operating rates remain high, with significant subsequent arrival pressure. Xingxing MTO's maintenance for one month and MTO's route change due to maintenance have pushed up Jiangsu port inventories, keeping the port market weak. Inland coal - based methanol operating rates are still low but will gradually recover in early August. Traditional downstream demand shows some resilience, with inland factory inventories decreasing again, resulting in a stronger inland market compared to the port [2]. - The overall situation is an inland - strong and port - weak pattern [2]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and methanol main contract, and basis between different regions' spot and main futures [6][8][10]. - It also shows inter - period spreads such as between methanol 01 and 05 futures contracts, 05 and 09 futures contracts, and 09 and 01 futures contracts [21][23]. 2. Methanol Production Profit, MTO Profit, and Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), Taicang methanol - CFR China import spread, and price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam, and CFR China [25][29][30]. 3. Methanol Operating Rates and Inventories - Information includes methanol port total inventory, MTO/P operating rate (including integrated), inland factory sample inventory, and China's methanol operating rate (including integrated) [33][35]. 4. Regional Price Differences - It shows price differences such as between Lubei and Northwest, East China and Inner Mongolia, Taicang and Lunan, and other regional combinations [37][47][49]. 5. Traditional Downstream Profits - Figures show production margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [53][57]. Strategies - Unilateral: Hold a wait - and - see attitude [3]. - Inter - period: Do reverse spreads on the MA09 - 01 inter - period spread when the spread is high [3]. - Cross - variety: Narrow the spread of PP2601 - 3MA2601 when the spread is high [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View Methanol overseas operating rate remains high, with significant future arrival pressure. The MTO maintenance of Xingxing is gradually being implemented, and it's still in an inventory accumulation cycle. However, coking coal still has an impact on coal - chemical industry. In the inland area, coal - based methanol has undergone concentrated maintenance but will gradually resume in early August. The traditional downstream is in a mixed situation, with formaldehyde in a seasonal off - season, while MTBE and acetic acid operations still show some resilience. The inland demand is strong, and the inventory of inland methanol plants has decreased again, presenting a pattern where the inland market is stronger than the port market [3]. 3. Summary by Directory I. Methanol Basis & Inter - period Structure - The report shows multiple figures related to methanol basis, including methanol basis in Taicang and other regions compared to the main futures contract, as well as inter - period spreads between different methanol futures contracts [6][7][21]. II. Methanol Production Profit, MTO Profit, Import Profit - Figures display the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and various import price differences such as the difference between Taicang methanol and CFR China, and the differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][25][30]. III. Methanol Operation and Inventory - The total port inventory of methanol, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones) are presented in the figures [6][33][34]. IV. Regional Price Differences - Figures illustrate regional price differences such as the difference between North Shandong and Northwest, between East China and Inner Mongolia, between Taicang and South Shandong, and other regional combinations [6][38][45]. V. Traditional Downstream Profit - Figures show the production gross margins of traditional downstream products like formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [6][49][55]. 4. Strategy - Unilateral: Hold a wait - and - see attitude. - Inter - period: Do reverse spreads when the MA09 - 01 inter - period spread is high. - Cross - variety: Narrow the spread of PP2601 - 3MA2601 when it is high [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The impact of coking coal on the coal chemical industry has diminished, and the focus has returned to the fundamentals of methanol itself. The overseas methanol operation remains at a high level, and there is still significant pressure on future arrivals. The maintenance plan for MTO units has not been implemented, and attention should be paid to the progress of future implementation. It is still a period of slight inventory accumulation, and the port basis will maintain a weak consolidation. In the inland area, coal - based methanol has undergone concentrated maintenance but will gradually resume in early August. Among traditional downstream industries, formaldehyde is in a seasonal off - season, while the operation of MTBE and acetic acid still shows some resilience, and the inland demand remains strong. The inventory of inland methanol factories has decreased again, and the inland market is stronger than the port market [3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis and inter - period structure, including the basis between methanol in Taicang and the main contract, the basis of methanol in different regions relative to the main futures, and the price differences between different methanol futures contracts (such as MA01 - 05, MA05 - 09, MA09 - 01). The data sources for these figures are from Flush and Huatai Futures Research Institute [7][21][23]. 2. Methanol Production Profit, MTO Profit, Import Profit - Figures are provided for the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and the import price difference between Taicang methanol and CFR China, as well as the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China. The data sources are from Flush and Huatai Futures Research Institute [26][27][31]. 3. Methanol Operation and Inventory - Figures show the total port inventory of methanol, the operation rate of MTO/P (including integrated plants), the sample inventory of inland factories, and the operation rate of methanol in China (including integrated plants). The data sources are from Flush and Huatai Futures Research Institute [34][36]. 4. Regional Price Differences - Figures illustrate the price differences between different regions, such as the price difference between northern Shandong and the northwest, the price difference between East China and Inner Mongolia, and the price differences between other regions. The data sources are from Flush and Huatai Futures Research Institute [38][44][47]. 5. Traditional Downstream Profits - Figures display the production profits of traditional downstream products, including the production profit of formaldehyde in Shandong, the production profit of acetic acid in Jiangsu, the production profit of MTBE isomerization etherification in Shandong, and the production profit of dimethyl ether in Henan. The data sources are from Flush and Huatai Futures Research Institute [51][54]. Strategy - Unilateral: Wait and see [4]. - Inter - period: Do reverse spreads when the MA09 - 01 inter - period price difference is high [4]. - Cross - variety: Do narrowing spreads when the PP2601 - 3MA2601 spread is high [4].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The theme of the chemical sector recently is the rectification expectation of plants in operation for over 20 years, with the capacity of such methanol plants in China accounting for 8%. Overseas methanol plants are operating at a high level, leading to high pressure on China's imports and a rapid increase in port inventories. Some MTO plants' maintenance plans have not been implemented, and attention should be paid to the progress of production cuts in late July. The short - term situation at ports remains weak. In the inland area, coal - based methanol plants are undergoing short - term centralized maintenance, with the operating rate at a short - term low but expected to recover gradually by the end of the month. The traditional downstream shows strong demand, and inland plant inventories have decreased again, maintaining a situation where the inland market is stronger than the port market [2] Summary by Directory 1. Methanol Basis & Inter - period Structure - Figures include methanol Taicang basis and the main contract, methanol basis in different regions relative to the main futures contract, and inter - period spreads such as between methanol 01 and 05, 05 and 09, 09 and 01 futures contracts [6][20][22] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures cover Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import spreads such as Taicang methanol - CFR China, as well as price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [24][25][31] 3. Methanol Operation and Inventory - Figures show methanol port total inventory, MTO/P operating rate (including integrated plants), inland factory sample inventory, and China's methanol operating rate (including integrated plants) [33][34][40] 4. Regional Price Differences - Figures present price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [38][46][49] 5. Traditional Downstream Profits - Figures display production margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][53][59] Market Data Inland - Q5500 Ordos steam coal is 450 yuan/ton (+10). Inner Mongolia coal - based methanol production profit is 615 yuan/ton (-13). Inner Mongolia northern line methanol price is 1990 yuan/ton (+8), with a basis of 179 yuan/ton (-39); Inner Mongolia southern line is 1990 yuan/ton (+0). Shandong Linyi is 2300 yuan/ton (+13), with a basis of 89 yuan/ton (-34). Henan is 2160 yuan/ton (-10), with a basis of - 51 yuan/ton (-56). Hebei is 2190 yuan/ton (+0), with a basis of 39 yuan/ton (-46). Longzhong's inland factory inventory is 352340 tons (-4560), and northwest factory inventory is 218000 tons (-10000). Inland factory pending orders are 243119 tons (+21879), and northwest factory pending orders are 113600 tons (+13600) [1] Ports - Taicang methanol is 2398 yuan/ton (+13), with a basis of - 13 yuan/ton (-33). CFR China is 273 US dollars/ton (-2), and the East China import spread is - 18 yuan/ton (+11). Changzhou methanol is 2395 yuan/ton; Guangdong methanol is 2400 yuan/ton (+15), with a basis of - 11 yuan/ton (-31). Longzhong's total port inventory is 790200 tons (+71300), Jiangsu port inventory is 454000 tons (+59000), Zhejiang port inventory is 180000 tons (+4500), and Guangdong port inventory is 106000 tons (-6000). The downstream MTO operating rate is 85.10% (+0.27%) [2] Regional Price Differences - Lubei - Northwest - 280 spread is - 15 yuan/ton (-8), Taicang - Inner Mongolia - 550 spread is - 142 yuan/ton (+6), Taicang - Lunan - 250 spread is - 152 yuan/ton (+1), Lunan - Taicang - 100 spread is - 198 yuan/ton (-1), Guangdong - East China - 180 spread is - 178 yuan/ton (+2), and East China - Sichuan - Chongqing - 200 spread is - 2 yuan/ton (+13) [2] Strategies - Unilateral: Wait and see - Inter - period: Do reverse arbitrage when the MA09 - 01 inter - period spread is high - Cross - variety: Narrow the spread of PP2601 - 3MA2601 when the spread is high [3]

Report Industry Investment Rating - The investment strategy for the methanol industry is neutral [4] Core Viewpoints - The geopolitical conflict between Iran and Israel has eased, and the market is starting to price in the expectation of Iranian plant restart. Attention should be paid to the progress of Iranian plant restart. In reality, port inventories have increased this week, but the absolute level is still low. Against the backdrop of low inventories in Taicang, the paper cargo delivery location, short - covering before the paper cargo delivery in late June has led to a rapid strengthening of port basis and a deeper discount in the futures market. Regarding MTO, some MTO plants had maintenance intentions earlier, and attention should be paid to the implementation progress in July. In the inland region, the coal - based methanol production rate remains high, but the inland plant inventories have decreased, indicating certain resilience in inland demand. The regional price difference between the port and the inland has declined from its high level and is expected to compress further [3] Summary by Directory 1. Methanol Basis & Inter - term Structure - Multiple charts show the basis of methanol in different regions (Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) relative to the main futures contract, and the price differences between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01) [7][11][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Charts display the production profit of coal - based methanol in Inner Mongolia, the profit of MTO in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China [26][27][31] 3. Methanol Production and Inventory - Charts present the total port inventory of methanol, the MTO/P operating rate (including integrated plants), the sample inventory of inland plants, and the operating rate of methanol production in China (including integrated plants) [33][34][36] 4. Regional Price Differences - Charts show the price differences between regions such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [38][47][49] 5. Traditional Downstream Profits - Charts illustrate the production gross margins of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [53][59]

1. Report Industry Investment Rating No relevant content provided. 2. Core View - Israel-Iran geopolitical conflict intensifies, leading to more shutdowns of Iranian methanol plants, and the port basis strengthens significantly again with strong short-covering sentiment in paper contracts. The current stage is mainly driven by geopolitical conflicts with high volatility. The short - term arrival pressure in China in June is still high, and the ports are accumulating inventory in the short term. Attention should be paid to when the reduction of imports due to problems with Iranian plants in July - August will be realized and the loading situation in Iran. In the inland area, the coal - based methanol operation rate remains high, but the inventory recovery rate of inland plants is still slow. The inland demand resilience exceeds expectations, and the operation rates of acetic acid and MTBE have rebounded rapidly [2]. 3. Summary by Directory I. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis, including methanol Taicang basis and the main contract, and the basis of methanol in different regions relative to the main futures contract, as well as the spreads between different methanol futures contracts [6][8][20]. II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of inland coal - based methanol, the MTO profit in East China, the import spread between Taicang methanol and CFR China, and the price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [24][28][29]. III. Methanol Operation & Inventory - It includes figures on the total port inventory of methanol, the MTO/P operation rate (including integrated ones), the sample inventory of inland plants, and the operation rate of methanol in China (including integrated ones) [32][34]. IV. Regional Price Differences - Figures display various regional price differences, such as the difference between northern Shandong and the northwest, between Taicang and Inner Mongolia, between Taicang and southern Shandong, etc. [36][42][50]. V. Traditional Downstream Profits - Figures show the production gross profits of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [51][53]. Market Data - **Inland Data**: Q5500 Ordos thermal coal is 410 yuan/ton (+0), the production profit of Inner Mongolia coal - based methanol is 693 yuan/ton (-5). Inner Mongolia northern line methanol price is 1988 yuan/ton (-5), with a basis of 133 yuan/ton (+4); Inner Mongolia southern line is 2000 yuan/ton (+110). Shandong Linyi is 2325 yuan/ton (-55), with a basis of 70 yuan/ton (-46); Henan is 2270 yuan/ton (-30), with a basis of 15 yuan/ton (-21); Hebei is 2195 yuan/ton (+65), with a basis of 0 yuan/ton (+74). Longzhong's inland factory inventory is 379,120 tons (+8,630), and the northwest factory inventory is 237,100 tons (+2,600). Longzhong's inland factory pending orders are 302,090 tons (+39,910), and the northwest factory pending orders are 167,000 tons (+17,000) [1]. - **Port Data**: Taicang methanol is 2615 yuan/ton (+30), with a basis of 160 yuan/ton (+39), CFR China is 298 US dollars/ton (+13), the East China import spread is - 31 yuan/ton (-16). Changzhou methanol is 2500 yuan/ton; Guangdong methanol is 2505 yuan/ton (+25), with a basis of 50 yuan/ton (+34). Longzhong's total port inventory is 652,200 tons (+71,000), Jiangsu port inventory is 312,000 tons (+30,700), Zhejiang port inventory is 156,000 tons (+15,000), Guangdong port inventory is 124,000 tons (+21,000); the downstream MTO operation rate is 88.56% (+2.07%) [2]. - **Regional Spread Data**: The spread between northern Shandong and the northwest is - 8 yuan/ton (+20), between Taicang and Inner Mongolia is 78 yuan/ton (+35), between Taicang and southern Shandong is 40 yuan/ton (+85); the spread between southern Shandong and Taicang is - 390 yuan/ton (-85); the spread between Guangdong and East China is - 290 yuan/ton (-5); the spread between East China and Sichuan - Chongqing is 75 yuan/ton (-80) [2]. Strategy - The strategy is to cautiously make long - hedging operations [3].

Report Industry Investment Rating No relevant information provided. Core View The port continued to accumulate inventory this week due to limited overseas plant maintenance and increased arrival pressure. The inventory accumulation rate in the future needs attention. In the inland area, the coal - based methanol production remains at a high level, and the inventory of inland factories continued to rise this week. The low operation rate of MTBE in traditional downstream industries has dragged down the inland demand. Although the methanol production profit has declined, it is still higher than the same period last year [3]. Summary by Directory 1. Methanol Basis & Inter - period Structure The report presents multiple figures related to methanol basis, including methanol basis in different regions (such as methanol basis in Taicang, Lunan, Inner Mongolia North Line, etc.) and inter - period spreads between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01 futures contracts) [7][9][21]. 2. Methanol Production Profit, MTO Profit, Import Profit Figures show the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [25][28][30]. 3. Methanol Operation and Inventory The report provides data on methanol port total inventory, MTO/P operation rate (including integrated ones), inland factory sample inventory, and China's methanol operation rate (including integrated ones) [33][35]. 4. Regional Price Differences It shows various regional price differences, like the price difference between northern Shandong and the northwest, East China and Inner Mongolia, Taicang and Lunan, etc. [2][37][46]. 5. Traditional Downstream Profits The report includes the production profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [43][53]. Market Data - **Inland Market**: The price of Q5500 Ordos thermal coal is 410 yuan/ton (unchanged). The production profit of coal - based methanol in Inner Mongolia is 580 yuan/ton (+13). The prices of methanol in different inland regions have increased to varying degrees. The inventory of inland factories and the volume of pending orders have both increased. For example, the inventory of inland factories is 370,490 tons (+15,540), and the pending orders of inland factories are 262,180 tons (+12,288) [1]. - **Port Market**: The price of methanol in Taicang is 2302 yuan/ton (+27), and the port inventory has increased significantly. The total port inventory is 581,200 tons (+58,240). The downstream MTO operation rate is 85.19% (+1.37%). There are also changes in regional price differences [2]. Strategy The recommended strategy is to cautiously short - sell for hedging [4].

Report Industry Investment Rating No relevant content provided Core View - The open positions of both Iranian and non-Iranian methanol plants are increasing, and the overall operating level remains high. The pressure on port arrivals is rising, causing the port basis to gradually weaken. Inland coal-based methanol plants are experiencing minor maintenance, with the overall operating rate still high, but the inventory accumulation pace of inland methanol plants has slowed down. The MTBE load is low, dragging down the demand in Shandong. The methanol production profit remains relatively high [3]. - The recommended strategy is to cautiously short and hedge [4]. Summary by Directory I. Methanol Basis & Inter - Period Structure - The report shows various charts related to methanol basis, including methanol basis in Taicang and different regions against the main futures contract, and the price differences between different methanol futures contracts [7][9][11] II. Methanol Production Profit, MTO Profit, Import Profit - There are charts about the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China, and the import price differences between different regions [27][30][33] III. Methanol开工, Inventory - Charts display the total methanol port inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate [36][38] IV. Regional Price Differences - The report presents price differences between different regions such as Lubei - Northwest, East China - Inner Mongolia, and Taicang - Lunan [40][48][57] V. Traditional Downstream Profits - There are charts showing the production profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [50][61]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The basis of methanol at ports has weakened again. - There are concerns about inventory accumulation at ports due to increased import pressure in June, while the inland is in a continuous inventory accumulation cycle. - Methanol production profit remains relatively high. - The recommended strategy is to cautiously short - hedge [3][4]. 3. Summary by Relevant Catalogs I. Methanol Basis & Inter - term Structure - The report presents multiple figures related to methanol basis, including methanol basis in Taicang, different regions' spot - to - futures basis, and inter - term spreads between different methanol futures contracts [7][9][22]. II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, MTO profit in East China, and import spreads such as the difference between Taicang methanol and CFR China [26][30]. III. Methanol开工, Inventory - Information on methanol port total inventory, MTO/P operating rate, inland factory sample inventory, and China's methanol operating rate is presented through figures [34][36]. IV. Regional Spreads - The report provides figures on various regional spreads, such as the spread between northern Shandong and the northwest, and between Taicang and southern Shandong [38][47][52]. V. Traditional Downstream Profits - Figures show the production margins of traditional downstream products like Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE, and Henan dimethyl ether [52][55].

Report Investment Rating - No information provided Core Viewpoints - The expected methanol inventory accumulation cycle did not continue, and the port inventory declined again this week. However, there were ship cargo diversions to Taicang in the MTO area, causing the previously high methanol port basis to drop rapidly. There are concerns about a rapid increase in Taicang port inventory next week, and an inflection point in inventory is anticipated. The overseas operating rate has slightly declined from its high level, and Iranian plants have reduced their loads due to inventory pressure, but there is still pressure for an increase in Chinese imports. In the inland region, the coal-based methanol operating rate has returned to a high level, and the inland is gradually entering an inventory accumulation cycle. Among traditional downstream industries, MTBE has reduced its load due to losses, while acetic acid production still shows some resilience [3] Summary by Directory I. Methanol Basis & Inter - Period Structure - Figures 1 - 8 show the basis between methanol spot prices in different regions (Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) and the main futures contract, with units in yuan/ton - Figures 9 - 11 show the price spreads between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01), with units in yuan/ton [6] II. Methanol Production Profit, MTO Profit, Import Profit - Figure 12 shows the production profit of coal - based methanol in Inner Mongolia, with units in yuan/ton - Figure 13 shows the MTO profit (PP&EG type) in East China, with units in yuan/ton - Figure 14 shows the import price difference (excluding additional points) between Taicang methanol and CFR China, with units in yuan/ton - Figures 15 - 17 show the price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China, with units in US dollars/ton [6] III. Methanol Operating Rate, Inventory - Figure 18 shows the total methanol port inventory, with units in tons - Figure 19 shows the MTO/P operating rate (including integrated operations), with units in % - Figure 20 shows the sample inventory of inland factories, with units in tons - Figure 21 shows the Chinese methanol operating rate (including integrated operations), with units in % [6] IV. Regional Price Spreads - Figures 22 - 27 show the price spreads between different regions (Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, East China - Sichuan - Chongqing - 200), with units in yuan/ton [6] V. Traditional Downstream Profits - Figures 28 - 31 show the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [6]