1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Overseas gasoline supply is gradually recovering, leading to significant short - term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low load, and CPL operation is further declining at a low level. Although the operations of phenol, aniline, and adipic acid have slightly increased, terminal demand is still weak [3]. - The port basis of styrene continues to strengthen slightly, but the port inventory does not continue to decline, and there is still arrival pressure. The procurement by downstream enterprises drives the basis to strengthen. Attention should be paid to their enthusiasm for holding goods during the off - season. Styrene is still in the low - operation stage of maintenance, and the resumption plan is postponed. However, the downstream operation during the off - season is still low. The operation of EPS with obvious seasonality continues to decline, the operation of PS rebounds but there is still inventory pressure, and the finished - product inventory of ABS still has pressure while the operation remains at a low level [3]. 3. Summary of Each Directory I. Basis Structure and Inter - period Spread of Pure Benzene and EB - Pure benzene: The main basis of pure benzene is - 116 yuan/ton (+3), and the spread between East China pure benzene spot and M2 is - 155 yuan/ton (- 15 yuan/ton) [1]. - Styrene: The main basis of styrene is 115 yuan/ton (+64 yuan/ton) [1]. II. Production Profit and Domestic - Foreign Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of pure benzene CFR China is 102 dollars/ton (+0 dollars/ton), the processing fee of pure benzene FOB South Korea is 92 dollars/ton (+0 dollars/ton), and the price difference between the US and South Korea is 184.9 dollars/ton (+15.1 dollars/ton). The production profit of downstream products varies, such as - 550 yuan/ton (+85) for caprolactam, - 827 yuan/ton (- 225) for phenol - acetone, 753 yuan/ton (+254) for aniline, and - 1218 yuan/ton (+34) for adipic acid [1]. - Styrene: The non - integrated production profit of styrene is - 67 yuan/ton (+94 yuan/ton), and it is expected to gradually compress. The import profit and other relevant spreads are presented in the report [1][34]. III. Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 22.40 tons (+6.00 tons), and the operating rate of downstream products shows different changes, with the caprolactam operating rate at 86.68% (- 1.54%), the phenol operating rate at 81.00% (+2.00%), the aniline operating rate at 77.19% (+1.51%), and the adipic acid operating rate at 59.40% (+3.90%) [1]. - Styrene: The East China port inventory of styrene is 160,600 tons (- 3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (- 1.7%) [1]. IV. Operating Rate and Production Profit of Styrene Downstream Products - EPS: The production profit is 17 yuan/ton (+16 yuan/ton), and the operating rate is 54.75% (- 1.52%) [2]. - PS: The production profit is - 83 yuan/ton (+16 yuan/ton), and the operating rate is 57.60% (+1.70%) [2]. - ABS: The production profit is - 644 yuan/ton (- 44 yuan/ton), and the operating rate is 71.20% (- 1.20%) [2]. V. Operating Rate and Production Profit of Pure Benzene Downstream Products The production profit and operating rate data of caprolactam, phenol - acetone, aniline, and adipic acid are as mentioned above in the production profit and inventory and operating rate parts [1]. Strategy - Unilateral: None. - Basis and Inter - period: Conduct long inter - period spread trading for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

LPG早报 研究中心能化团队 2025/12/04 L P G 日期 华南液化气 华东液化气 山东液化气 丙烷CFR华 南 丙烷CIF日本 CP预测合 同价 山东醚后碳四 山东烷基 化油 纸面进口利润 主力基差 2025/11/27 4335 4310 4450 575 538 497 4480 7100 -347 76 2025/11/28 4360 4323 4460 595 552 501 4490 7080 -474 -52 2025/12/01 4460 4376 4470 596 537 505 4490 7080 -380 118 2025/12/02 4530 4376 4470 586 529 501 4500 7110 -232 164 2025/12/03 4530 4411 4480 - 530 - 4480 7100 - 222 日度变化 0 35 10 - 1 - -20 -10 - 58 日度变化 周三，民用气方面，华东4411（+35），山东4480（+10），华南4530（+0）。醚后碳四4480（-20）。最低交割地为华东，基差12 9（+65），01-02月差91（+4） ...

纯苯苯乙烯日报 | 2025-12-03 苯乙烯基差走强 纯苯与苯乙烯观点 市场要闻与重要数据 纯苯方面：纯苯主力基差-119元/吨（+16）。纯苯港口库存22.40万吨（+6.00万吨）；纯苯CFR中国加工费102美元/ 吨（+4美元/吨），纯苯FOB韩国加工费92美元/吨（+6美元/吨），纯苯美韩价差169.8美元/吨（-1.0美元/吨）。华东纯 苯现货-M2价差-140元/吨（+10元/吨）。 纯苯下游方面：己内酰胺生产利润-635元/吨（-15），酚酮生产利润-602元/吨（+0），苯胺生产利润753元/吨（+254）， 己二酸生产利润-1252元/吨（+12）。己内酰胺开工率86.68%（-1.54%），苯酚开工率81.00%（+2.00%），苯胺开工 率77.19%（+1.51%），己二酸开工率59.40%（+3.90%）。 苯乙烯方面：苯乙烯主力基差51元/吨（+0元/吨）；苯乙烯非一体化生产利润-161元/吨（+2元/吨），预期逐步压缩。 苯乙烯华东港口库存160600吨（-3600吨），苯乙烯华东商业库存96400吨（+2200吨），处于库存回建阶段。苯乙烯 开工率67.3%（-1.7%）。 ...

Group 1: Report Information - The reports cover multiple industries including polyolefin, methanol, crude oil, natural rubber, urea, benzene - styrene, glass - soda ash, PVC - caustic soda, and polyester产业链 on December 3, 2025 [1][5][9][10][12][13][14][15][16] Group 2: Industry Price and Spread Changes Polyolefin - Futures prices of L2601, L2605, PP2601, and PP2605 increased on December 2 compared to December 1, with L2601 rising 0.41% to 6831 yuan/ton and PP2601 rising 0.20% to 6410 yuan/ton [2] - Price differences such as L15, LP01, etc. also had corresponding changes, with L15 rising 8.33% [2] Methanol - MA2601 decreased 0.19% to 2132 yuan/ton on December 2 compared to December 1, while MA2605 remained unchanged [5] - Methanol enterprise inventory increased 4.19% to 37.3712%, and methanol port inventory decreased 7.83% to 136.4 million tons [5] Crude Oil - Brent decreased 1.14% to 62.45 dollars/barrel, and WTI decreased 1.15% to 58.64 dollars/barrel on December 2 compared to December 1 [9] Natural Rubber - Yunnan state - owned whole latex (SCRWF) in Shanghai increased 0.34% to 14850 yuan/ton on December 2 compared to December 1 [10] - The basis of whole latex decreased 13.33% to - 510 yuan/ton [10] Urea - Futures prices of different contracts had slight increases or decreases, with the 01 contract increasing 0.72% to 1687 yuan/ton [12] - The difference between the 01 and 05 contracts changed, with an increase of 4 in the difference [12] Benzene - Styrene - Brent crude oil (January) decreased 1.1% to 62.45 dollars/barrel on December 2 compared to December 1, and styrene in East China increased 0.9% to 6680 yuan/ton [13] Glass - Soda Ash - Glass in North China decreased 0.92% to 1080 yuan/ton, and soda ash in North China remained unchanged at 1300 yuan/ton [14] PVC - Caustic Soda - East China calcium carbide - based PVC increased 0.4% to 4510 yuan/ton on December 2 compared to December 1 [15] Polyester Industry Chain - Brent crude oil (February) decreased 1.1% to 62.45 dollars/barrel, and POY150/48 price increased 0.4% to 6485 yuan/ton on December 2 compared to December 1 [16] Group 3: Industry Supply and Demand and Inventory Polyolefin - Polypropylene supply maintenance due to high - level overhauls is expected to recover, and inventory reduction is accelerating but still higher than previous years; polyethylene supply is increasing, and although upstream inventory is decreasing, it is still higher year - on - year [2] Methanol - Inland methanol supply increased with device restarts, and coal - and gas - based profits were weak; port imports are expected to decline significantly in Q1 due to Iranian gas restrictions [5][6] Crude Oil - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is weak, and inventories of crude oil and refined oil increased according to API data [9] Natural Rubber - Supply is expected to increase during the seasonal peak production period, and inventory is accumulating, while demand from semi - steel and full - steel tire markets is weak [10] Urea - Domestic urea daily production increased 1.19% to 20.34 million tons on November 27 compared to November 28, and urea plant inventory decreased 5.10% to 136.39 million tons [12] Benzene - Styrene - Pure benzene supply is sufficient with device restarts and expected imports, and demand support is limited; styrene supply is expected to be stable, and demand support is also limited, but the inventory accumulation expectation is not obvious in December [13] Glass - Soda Ash - Soda ash production decreased due to device overhauls but recently recovered, and glass factory inventory decreased slightly; real - estate data shows mixed trends with new construction area decreasing and completion area increasing [14] PVC - Caustic Soda - Caustic soda supply is abundant, and demand support is weak; PVC supply pressure remains, and demand is in the off - season, but export orders are relatively good [15] Polyester Industry Chain - PX supply is expected to be better in the medium - term, and PTA supply decreased more than expected, while demand support is stronger than expected; MEG inventory accumulation in December is expected to narrow, but supply pressure remains [16] Group 4: Industry Core Views and Strategies Polyolefin - The fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [2] Methanol - Inland supply increases, and port imports are expected to decline, with winter fuel demand providing support [6] Crude Oil - International oil prices are expected to continue range - bound, with Brent likely to fluctuate between 60 - 65 dollars/barrel in the short - term [9] Natural Rubber - The market is expected to maintain range - bound consolidation, with rubber prices expected to operate between 15000 - 15500 yuan/ton [10] Urea - No specific overall view and strategy are clearly stated in the provided text [12] Benzene - Styrene - For pure benzene, short - term BZ2603 is recommended to be short on rebounds; for styrene, short - term EB01 is recommended to be treated as wide - range fluctuations [13] Glass - Soda Ash - Soda ash is expected to be in a bottom - range fluctuation, and glass is expected to face pressure in the medium - and long - term, with the 01 contract having pressure in December [14] PVC - Caustic Soda - Caustic soda prices are expected to be weak, and PVC is expected to continue the bottom - weakening pattern [15] Polyester Industry Chain - PX is recommended to pay attention to the pressure around 7000 yuan/ton in the short - term; PTA is expected to be in a high - level range - bound in the short - term; MEG is expected to be in a range - bound in December; short - fiber follows raw material fluctuations, and processing fees are recommended to be shorted on highs; bottle - chip processing fees are expected to be squeezed [16]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]

Report Industry Investment Rating No information provided in the content. Core Viewpoints - This week's main concerns include a slight rebound in the week-on-week new home sales in 20 cities, a widening year-on-year decline, and only Hangzhou's new home sales were higher than the same period last year. Overall, the real estate sales remained weak. Commodity prices mostly rose, the production remained stable with a differentiated performance in the operating rates. The box office was significantly higher than the seasonal level due to the release of popular movies, which concentratedly reflected the viewing demand [2]. - The year-on-year decline in new home sales widened this week. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Specifically, the new home transactions decreased week-on-week, and the year-on-year decline widened. The new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2]. - In terms of investment and production, most commodity prices rose. The price of rebar increased slightly, with robust demand, steel mills reducing production, and merchants reluctant to sell, which supported the price increase. The cement price increased slightly as the weather improved, construction accelerated, and manufacturers pushed up the price, but the demand support was limited. The glass futures price rose, with an enhanced expectation of supply contraction, solid cost support, and short - term improvement in production and sales. The asphalt price decreased slightly due to the seasonal shrinkage of demand, sufficient supply, and weakened cost - end support [2]. - In industrial production, the operating rates showed a differentiated performance. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [2]. - In terms of consumption, the travel momentum was strong. The subway ridership, domestic flights, automobile consumption, and box office were higher than the seasonal levels [2]. - In terms of inflation, the pork price decreased, the vegetable price and oil price increased. This week, the vegetable price increased due to cold weather and rainfall leading to vegetable production reduction and poor supply connection. The crude oil price increased, driven by the expected production cut by OPEC+, the decline in US production, and geopolitical risks [2]. - In terms of exports, the SCFI and BDI increased this week. The transportation demand on the East Coast of the United States route rebounded, shipping companies promoted freight rate increases, and the operating cost provided support [2]. Summary by Directory 1. Real Estate Sales: New Home Sales Remained Weak Year-on-Year - From November 21st to November 27th, the new home transactions decreased week-on-week, and the year-on-year decline widened. The week-on-week growth rate of the new home transaction area in 20 cities tracked by Wind was 3.08%, and the year-on-year decline was 33.38%. Among them, the new home transaction area in second-tier cities was slightly weaker than the previous period, while those in first-tier and third - fourth - tier cities were stronger than the previous period. The year-on-year decline widened significantly, and the new home transaction areas in all tiers of cities were much weaker than the same period last year [2][7]. - In terms of key cities, from a week-on-week perspective, except for Beijing (-32.88%), Shenzhen (-28.09%), and Hangzhou (-1.38%), the new home transactions in other key cities were significantly stronger than the previous period. From a year-on-year perspective, except for Hangzhou (18.73%), the new home transaction areas in other key cities were much weaker than the same period last year [7]. - From November 21st to November 27th, the second - hand home transactions showed a differentiated week-on-week performance, and the year-on-year decline widened. In key cities, from a week-on-week perspective, except for Hangzhou (-1.46%) and Shenzhen (-7.75%), the second - hand home transaction areas in other key cities were stronger than the previous period. From a year-on-year perspective, the second - hand home transaction areas in all key cities decreased significantly compared with the same period last year [7]. 2. Investment: Commodity Prices Mostly Rose - In terms of investment, most commodity prices rose this week. The prices of rebar and cement increased slightly, the glass futures price rose, and the asphalt price decreased slightly [31]. 3. Production: Operating Rates Showed a Differentiated Performance - In production, the operating rates showed a differentiated performance this week. The operating rates of petroleum asphalt and automobile tires increased, the operating rate of coking enterprises increased slightly, while the operating rates of steel blast furnaces and PTA decreased, and the operating rate of polyester filament decreased slightly [39]. 4. Consumption: Travel Momentum was Strong - In terms of consumption, the subway ridership, domestic flights, automobile sales, and box office were higher than the seasonal levels [49]. 5. Exports: SCFI Increased, BDI Increased - In terms of exports, the SCFI index increased slightly, the BDI index increased, the port cargo throughput decreased, and the CRB spot index decreased slightly this week [55]. 6. Prices: Pork Price Decreased, Vegetable Price Increased, Oil Price Increased - In terms of prices, the pork price decreased slightly, the vegetable price increased, the oil price increased, and the rebar price increased slightly [60].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - With the peak of autumn maintenance in European and American refineries passing, their operations are gradually resuming, and the most critical period for gasoline supply may have passed. The rhythmic arrival of pure benzene at ports has increased pressure, leading to a further rise in port inventories and suppressing the performance of pure benzene processing fees. Downstream operations remain at a low level during the off - season, with styrene maintaining low - load maintenance, CPL operations dropping further from a low level, and the operations of phenol, aniline, and adipic acid slightly increasing, but terminal demand remains weak [3]. - Overseas, South Korea's Daehan, Lotte, and Hyundai have officially announced a merger and will shut down Lotte's 1.1 million - ton cracking unit. Attention should be paid to whether Lotte's styrene units in South Korea will stop production. In China, port inventories have risen again. Although styrene is still in a low - operation maintenance stage and the resumption plan has been postponed, downstream operations during the off - season are still low. The operation of EPS, which has obvious seasonality, continues to decline, the operation of PS rebounds but inventory pressure remains, and the finished - product inventory pressure of ABS remains high while its operation stays at a low level [3]. 3. Summary by Related Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Relevant figures include the basis of the pure benzene main contract, the price of the pure benzene main futures contract, the spread between pure benzene spot and M2 paper goods, the spread between the first - and third - consecutive contracts of pure benzene, the trend and basis of the EB main contract, the basis of the EB main contract, and the spread between the first - and third - consecutive contracts of styrene [7][10][15] II. Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Relevant figures cover naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene units, the difference between FOB US Gulf pure benzene and FOB South Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profit, styrene import profit, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [18][21][36] III. Pure Benzene and Styrene Inventories, Operating Rates - Relevant figures involve the inventory of pure benzene in East China ports, the operating rate of pure benzene, the inventory of styrene in East China ports, the operating rate of styrene, the commercial inventory of styrene in East China, and the factory inventory of styrene [38][40][43] IV. Styrene Downstream Operating Rates and Production Profits - Relevant figures include the operating rate and production profit of EPS, the operating rate and production profit of PS, and the operating rate and production profit of ABS [51][56][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Relevant figures cover the operating rates of caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular - spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [62][71][75]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - PG futures prices declined, with the basis at -43 (-57) and the 01 - 02 spread at 109 (-19). Domestic LPG prices dropped, and the cheapest deliverable was East China LPG at 4315 (-49), with the propane - LPG price difference narrowing. [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1] - Overall, domestic chemical demand is relatively strong, and civil demand is increasing, but more arrivals are expected in December. Middle Eastern supplies are tight, but as the CP official price announcement approaches, the market may be more inclined to wait - and - see. Additionally, weather and oil prices need to be monitored. [1] 3) Summary by Relevant Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4310 (+0), in Shandong was 4450 (-10), and in South China was 4335 (+5). The price of ether - post - carbon four was 4480 (+10). The lowest delivery location was East China, with a basis of 5. The 01 - 02 spread was 89 (-1). FEI was 526.79 (+6.79) and CP was 498.8 (+5.8) dollars per ton. [1] Weekly Changes - The PG futures price declined. The basis was -43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil LPG prices dropped, and the cheapest deliverable was East China civil LPG at 4315 (-49). [1] - Warehouse receipts decreased by 54 to 4561 lots. International paper - based prices fell, and the spread strengthened. The ratio of North Asian to North American oil and gas changed little. The domestic - international PG - CP spread was 126 (-2); PG - FEI was 114 (+3). [1] - The premium of East China arrival, North American, and AFEI departure remained flat. Middle Eastern supplies were tight, with a premium of $35 (+13). Freight rates declined slightly. The FEI - MOPJ spread narrowed to -55 (+11). [1] - The profit of propylene production from Shandong PDH improved slightly; the alkylation unit improved slightly but remained poor; the MTBE production profit fluctuated, and the export profit remained good. [1] - Arrivals increased, external sales decreased, factory inventories increased slightly, and port inventories rose. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. [1]

Report Industry Investment Ratings - PX: Trend is weak [1] - PTA: Trend is weak [1] - MEG: Hold long MEG and short PX positions [1] Core Views - For PX, close long positions, take long MEG and short PX positions, and pay attention to calendar spread reversal arbitrage positions due to the impact of the sharp decline in US MX prices [5] - For PTA, close long positions at high valuations and take long MEG and short PTA hedging positions [6] - For MEG, close short positions and reversal arbitrage positions as the supply - demand balance sheet improves in December, and take long MEG and short PX hedging positions [6] Summary by Relevant Catalogs Market Dynamics - PX: On November 27, the PX price fell. The 12 - month MOPJ was estimated at $559/ton CFR. The PX valuation on November 27 was $826/ton, down $3 from November 26 [3] - PTA: The 250 - million - ton PTA device of Honggang restarted, the 120 - million - ton PTA device of Zhongtai increased its load. The PTA load was adjusted to 73.7% by Thursday, and the current PTA operating rate was around 79.3% [3] - MEG: A 90 - million - ton/year MEG device in East China restarted, and another 100 - million - ton/year MEG device in East China plans to shut down in early December [3] Production and Operation Data - As of November 27, the overall operating load of ethylene glycol in the Chinese mainland was 73.13% (up 2.46% from the previous period), and the operating load of ethylene glycol produced by oxalic acid catalytic hydrogenation (syngas) was 72.03% (up 6.2% from the previous period) [5] - As of Thursday this week, the polyester load in the Chinese mainland was around 91.6%, and the overall theoretical operating load of domestic polyester industrial yarn was around 75% [5] Trend Intensity - PX trend intensity: - 1 - PTA trend intensity: - 1 - MEG trend intensity: 0 [5] Futures and Spot Market Data - Futures: The closing prices of PX, PTA, MEG, PF, and SC were 6718, 4632, 3873, 6162, and 447.6 respectively, with changes of - 56, - 52, - 23, - 102, and 2.6, and percentage changes of - 0.83%, - 1.11%, - 0.59%, - 1.63%, and 0.58% [2] - Spot: The prices of PX CFR China, PTA in East China, MEG spot, naphtha MOPJ, and Dated Brent were $826.33/ton, 4615 yuan/ton, 3889 yuan/ton, $566/ton, and $64.28/barrel respectively, with changes of - $2.67, - 32 yuan, - 21 yuan, $8.38, and $0.73 [2] - Spot processing fees: The PX - naphtha spread, PTA processing fee, staple fiber processing fee, bottle chip processing fee, and MOPJ naphtha - Dubai crude oil spread were 261.8, 195.49, 203.75, 57.31, and - 4.34 respectively, with changes of 2.09, 20.9, - 6.12, - 10.22, and 0 [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the pure benzene market, with the peak of autumn maintenance in European and American refineries passing and the resumption of refinery operations, the most critical period for gasoline supply may have passed. The rhythmical arrival of pure benzene at ports increases the pressure, leading to a further rise in port inventories at the beginning of the week, which suppresses the performance of pure benzene processing fees. Downstream operations are still at a low level, with the operation rate of phenol rising, while those of aniline and adipic acid declining. Styrene is still in the maintenance period and is expected to resume operations at the end of the month [2]. - In the styrene market, port inventories did not continue to decline, and the arrival of goods increased rhythmically. Styrene is still in the low - operation maintenance stage, and the resumption plan has been postponed. Attention now shifts to the downstream. Currently, downstream operations are still at a low level. The operation rate of EPS, which has obvious seasonality, is expected to further decline at the end of the year, while those of ABS and PS are slightly rising from a low level, and there is still inventory pressure on PS and ABS [2]. 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure, Inter - Period Spreads - Not elaborated in detail in the summary part, only mentioned figures related to pure benzene's basis and futures contracts, and EB's basis and spreads [1][7][12] II. Pure Benzene and Styrene Production Profits, Internal - External Spreads - Pure benzene: The CFR China processing fee is 101 dollars/ton (-10 dollars/ton), and the FOB South Korea processing fee is 89 dollars/ton (-9 dollars/ton). The profit of downstream products varies, with caprolactam at -850 yuan/ton (+275), phenol - acetone at -415 yuan/ton (+0), aniline at 499 yuan/ton (+3), and adipic acid at -1245 yuan/ton (+23) [1]. - Styrene: The non - integrated production profit is -223 yuan/ton (+30 yuan/ton), with an expected gradual compression [1]. III. Pure Benzene and Styrene Inventories, Operation Rates - Pure benzene: The port inventory is 16.40 tons (+1.70 tons), and the downstream operation rate is generally low, with the phenol operation rate rising, and those of aniline and adipic acid falling [1][2]. - Styrene: The East China port inventory is 164,200 tons (+15,900 tons), the East China commercial inventory is 94,200 tons (+6,900 tons), and the operation rate is 69.0% (-0.3%). It is still in the maintenance period, and the resumption plan is postponed [1][2]. IV. Styrene Downstream Operation and Production Profits - EPS production profit is 105 yuan/ton (-10 yuan/ton), operation rate is 56.27% (+4.64%); PS production profit is 5 yuan/ton (+40 yuan/ton), operation rate is 55.90% (+0.50%); ABS production profit is -493 yuan/ton (+2 yuan/ton), operation rate is 72.40% (+0.60%). EPS is expected to have a further decline in operation rate at the end of the year, while ABS and PS have a slight increase from a low level, and there is still inventory pressure on PS and ABS [1][2]. V. Pure Benzene Downstream Operation and Production Profits - Caprolactam operation rate is 88.23% (+2.18%), phenol operation rate is 79.00% (+12.00%), aniline operation rate is 75.68% (-4.49%), adipic acid operation rate is 55.50% (-6.50%). The production profits of downstream products vary as mentioned above [1]. 4. Strategies - Unilateral: No strategy provided. - Basis and Inter - Period: Consider a positive inter - period spread arbitrage for EB2512 - EB2601 at low prices. - Cross - Variety: Consider widening the spread for EB2512 - BZ2603 at low prices [3].