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 Summary 1. Report Industry Investment Rating - Unilateral: Neutral [3] - Inter - period: None [3] - Inter - variety: None [3] 2. Core Viewpoints - The EG basis continued to decline. The closing price of the EG main contract was 3,873 yuan/ton (down 11 yuan/ton or - 0.28% from the previous trading day), the EG spot price in the East China market was 3,918 yuan/ton (up 18 yuan/ton or + 0.46% from the previous trading day), and the EG East China spot basis was 23 yuan/ton (down 9 yuan/ton month - on - month) [1]. - The production profit of ethylene - based EG was - 62 US dollars/ton (up 8 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG was - 1,049 yuan/ton (up 52 yuan/ton month - on - month) [1]. - The MEG inventory in the main ports of East China was 73.2 tons (unchanged month - on - month) according to CCF data and 63.3 tons (up 1.5 tons month - on - month) according to Longzhong data. The planned arrivals at the main ports in East China this week were 9.5 tons, and the arrivals at the secondary ports were 1.4 tons, which was slightly lower than neutral. The inventory was expected to remain stable with a slight decrease [2]. - On the supply side, the domestic ethylene glycol load decreased from a high level, and some short - process oil refinery plants faced great production pressure. Overseas ethylene glycol plant changes were limited, and the port inventory was expected to remain stable in the short term, but there were still plans for large Saudi vessels to arrive at the port in early December. On the demand side, the polyester load with low inventory was still supported, but the orders showed a marginal weakening [2]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 3,873 yuan/ton (down 11 yuan/ton or - 0.28% from the previous trading day), and the EG spot price in the East China market was 3,918 yuan/ton (up 18 yuan/ton or + 0.46% from the previous trading day). The EG East China spot basis was 23 yuan/ton (down 9 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was - 62 US dollars/ton (up 8 US dollars/ton month - on - month), and the production profit of coal - based syngas - based EG was - 1,049 yuan/ton (up 52 yuan/ton month - on - month) [1]. - The domestic ethylene glycol load decreased from a high level, and some short - process oil refinery plants faced great production pressure [2]. International Price Difference - No specific international price difference data was provided in the text. Downstream Production, Sales and Operating Rate - The polyester load with low inventory was still supported, but the orders showed a marginal weakening [2]. Inventory Data - The MEG inventory in the main ports of East China was 73.2 tons (unchanged month - on - month) according to CCF data and 63.3 tons (up 1.5 tons month - on - month) according to Longzhong data. The planned arrivals at the main ports in East China this week were 9.5 tons, and the arrivals at the secondary ports were 1.4 tons, which was slightly lower than neutral. The inventory was expected to remain stable with a slight decrease [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].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The PG market declined with a weakening basis and 01 - 02 spread. Domestic civil gas prices decreased, and the cheapest deliverable was East China civil gas. The propane - civil gas spread narrowed. Warehouse receipts decreased. The overseas paper - based prices dropped, but the spread strengthened. The PG - CP and PG - FEI spreads changed slightly. The freight rate decreased slightly. The FEI - MOPJ spread narrowed. Profits of Shandong PDH to propylene and alkylation units improved slightly, while MTBE production profits fluctuated and export profits remained good. There was an increase in arrivals, a decrease in external sales, and inventory accumulation at factories and ports. The PDH operating rate decreased, and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week. Overall, domestic chemical demand is relatively strong, civil demand is increasing, but there are expected to be many arrivals in December. The Middle East supply is tight, and the market may be more inclined to wait - and - see before the CP official price announcement. Attention should also be paid to weather and oil price conditions [1] Group 3: Summary by Directory 1. Daily Changes - On Monday, for civil gas, prices were 4305 (-10) in East China, 4400 (+60) in Shandong, and 4405 (+5) in South China. The price of ether - after carbon four was 4400 (-90). The lowest delivery location was East China with a basis of 6 (+23), and the 01 - 02 spread was 98 (-10). FEI was 501.5 (+1.5) and CP was 489.5 (+7.5) dollars/ton [1] 2. Weekly Views - The PG futures price declined. The basis was - 43 (-57), and the 01 - 02 spread was 109 (-19). Domestic civil gas prices fell. The cheapest deliverable was East China civil gas at 4315 (-49), and the propane - civil gas spread narrowed. There were 4561 warehouse receipts (-54). Overseas paper - based prices dropped, and the spread strengthened. The gas - oil ratio between North Asia and North America changed little. The PG - CP spread was 126 (-2), and the PG - FEI spread was 114 (+3). The East China arrival, North America, and AFEI offshore discounts were flat, while the Middle East supply was tight with a discount of 35 dollars (+13). The freight rate decreased slightly. The FEI - MOPJ spread was - 55 (+11). The profit of Shandong PDH to propylene improved slightly, the alkylation unit improved slightly but remained poor, and the MTBE production profit fluctuated with good export profits. Arrivals increased, external sales decreased, and inventory accumulated at factories and ports. The PDH operating rate was 69.64% (-2.1), and Dongguan Juzhengyuan's PDH Phase II is expected to restart next week [1]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In the short term, the concentrated arrival of pure benzene in China has led to a rapid increase in port inventories and a weakening of the basis. The domestic production start - up continues to rise, while the downstream start - up is weak. For styrene, port inventories continue to decline due to export boosts and low domestic start - up, but there is a resumption expectation at the end of November. Recently, the increase in pure benzene inventory and the decrease in styrene inventory are conducive to the short - term expansion of the EB - BZ spread [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - period Spreads - Figures include pure benzene's main basis, main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts. Also, EB's main contract trend and basis, main contract basis, and the spread between the first and third contracts are presented [7][10][15] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Figures cover naphtha processing fees, the difference between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the difference between pure benzene FOB US Gulf and FOB Korea, the difference between pure benzene FOB US Gulf and CFR China, the difference between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the difference between styrene FOB US Gulf and CFR China, and the difference between styrene FOB Rotterdam and CFR China [18][21][36] 3. Inventories and Start - up Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory, start - up rate, styrene's East China port inventory, start - up rate, East China commercial inventory, and factory inventory [38][40][43] 4. Start - up and Production Profits of Styrene's Downstream - Figures present the start - up rates and production profits of EPS, PS, and ABS [49][51][52] 5. Start - up and Production Profits of Pure Benzene's Downstream - Figures include the start - up rates and 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 [58][64][82]

Report Industry Investment Rating - Not provided Core View of the Report - The PG main contract is running strongly. The domestic chemical industry is firm, and there are expectations for the civilian sector to strengthen during the peak season, but the market valuation is high. The international propane market pattern is loose. Attention should be paid to the weather and the situation of cold snaps in the United States [4] Summary by Relevant Catalogs Daily Changes - On Wednesday, for civil gas, the price in East China was 4325 (-10), in Shandong was 4370 (-10), and in South China was 4345 (+0). The price of etherified C4 was 4590 (+0). The lowest delivery location was East China, with a basis of -60 (-62), and the 12 - 01 month spread was 81 (+20). FEI was 502 (-10) and CP was 486 (+14) dollars per ton [4] Weekly Views - The PG main contract showed a strong trend. The basis was 1 (-101), and the 12 - 01 month spread was 93 (+21). The cheapest delivery products were civil gas in East China at 4364 (-10), in Shandong at 4440 (+60), and in South China at 4460 (+10); etherified C4 was 4630 (+130). The overseas paper goods prices rose, the oil - gas ratio weakened slightly, the month spread strengthened, the domestic - foreign price difference weakened, PG - CP reached 128 (-9), and PG - FEI reached 111 (-2). The discount strengthened. The arrival discount of propane in East China was 78 (+8), and the FOB discounts of propane in AFEI, the Middle East, and the United States were -2.75 dollars (+3.75), 22 dollars (+13), and 39 dollars (+13) respectively. The freight weakened slightly. The FEI - MOPJ spread narrowed to -66 (+7). The naphtha crack spread changed little and remained at a relatively high level this year. The profit of propylene production from PDH in Shandong improved slightly, the profit of alkylation units deteriorated, the MTBE production profit fluctuated, and the export profit remained good. Domestic production decreased slightly, the arrival volume was limited, factory inventories decreased slightly, and port inventories decreased. The PDH operating rate was 71.74% (-3.71), Donghua Zhangjiagang restarted, and Juzhengyuan and Haiwei stopped for maintenance [4]

Report Industry Investment Rating - Not provided in the documents Core Viewpoints - The recent increase in pure benzene inventory and decrease in styrene inventory are favorable for the short - term expansion of the EB - BZ spread [2] - For pure benzene, the lowest point of US refinery operations has passed, and the low gasoline inventory in the US and strong gasoline crack spreads support Asian aromatics. The arbitrage spread from South Korea to the US has recovered, but the window remains closed. In the short term, there is a concentrated arrival of pure benzene in China, leading to a faster increase in port inventory. Domestic production operations continue to rise, while downstream operations are weak [2] - For styrene, port inventory continues to decline due to export boosts and low domestic operations, but there are expectations of resumption in late November. Downstream demand is still present, but downstream operations are still low [2] Summaries by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures related to pure benzene include the main basis of pure benzene and its main futures contract price, the main contract basis of pure benzene, the spot - M2 paper cargo spread of pure benzene, and the spread between the first - and third - consecutive contracts of pure benzene [7][10] - Figures related to EB include the trend and basis of the EB main contract, the EB main contract basis, and the spread between the first - and third - consecutive contracts of styrene [13][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures related to production costs and spreads include naphtha processing fees, the difference between FOB South Korea pure benzene and CFR Japan naphtha, the production profit of non - integrated styrene plants, the spread between FOB US Gulf pure benzene and FOB South Korea pure benzene, and the spreads between FOB US Gulf, FOB Rotterdam pure benzene and CFR China pure benzene [18][21][24] - Figures related to import profits include the import profit of pure benzene and styrene, and the spreads between FOB US Gulf, FOB Rotterdam styrene and CFR China styrene [30][36] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Figures related to pure benzene include the East China port inventory of pure benzene and its operating rate [38] - Figures related to styrene include the East China port inventory, commercial inventory, factory inventory of styrene, and its operating rate [40][43] 4. Operating Rates and Production Profits of Styrene Downstream - Figures include the operating rates and production profits of EPS, PS, and ABS [49][51][54] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Figures include the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, PA6 conventional spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [59][62][71] Strategies - Unilateral: None [3] - Basis and Inter - Period: Conduct long - short inter - period positive spreads for EB2512 - EB2601 at low prices [3] - Cross - Variety: Expand the spread of EB2512 - BZ2603 at low prices [3]

Report Industry Investment Rating - No information provided on the industry investment rating Core View of the Report - Pure benzene port inventory decreased slightly, but its basis and processing fee continued to be weak. Domestic production capacity utilization of pure benzene has bottomed out and rebounded, with the impact of previous sanctions on refinery operations easing, and the pressure of incoming shipments increasing intermittently. Downstream demand remained weak, with styrene in concentrated maintenance, phenol production declining again, CPL production at a low level, and adipic acid production rebounding [2]. - Styrene ports continued to experience a slight reduction in inventory, with short - term low - level production capacity utilization, and maintenance only decreasing at the end of November. EB factory inventory further decreased, and port inventory began to decline. However, attention should be paid to downstream demand, as EPS production capacity utilization dropped rapidly, ABS and PS production capacity utilization remained low, and the inventory of the three major hard plastics only slightly decreased from high levels [2]. Summary by Directory 1. Pure Benzene and EB's Basis Structure, Inter - period Spreads - Figures related to pure benzene basis and inter - period spreads include the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, and pure benzene continuous first - contract to continuous third - contract spread [7][10]. - Figures related to EB basis and inter - period spreads include the EB main contract basis and the styrene continuous first - contract to continuous third - contract spread [15][18]. 2. Pure Benzene and Styrene Production Profits, Domestic - Foreign Spreads - Figures related to production profits and spreads include styrene non - integrated production profit, pure benzene FOB US Gulf - FOB South Korea spread, naphtha processing fee, pure benzene FOB South Korea - naphtha CFR Japan spread, pure benzene import profit, and styrene import profit [21][24][33]. 3. Pure Benzene and Styrene Inventory, Production Capacity Utilization - For pure benzene, figures show the East China port inventory and production capacity utilization [39]. - For styrene, figures cover the East China port inventory, production capacity utilization, East China commercial inventory, and factory inventory [42][44]. 4. Styrene Downstream Production Capacity Utilization and Production Profits - Figures display the production capacity utilization and production profits of EPS, PS, and ABS [52][53][57]. 5. Pure Benzene Downstream Production Capacity Utilization and Production Profits - Figures show the production capacity utilization and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [60][68][73]. Strategy - Unilateral: No strategy provided [3]. - Basis and Inter - period: Consider a long - short spread strategy for EB2512 - EB2601 at low prices and a short - long spread strategy for BZ2603 - BZ2605 at high prices [3]. - Cross - variety: No strategy provided [3].

Report Industry Investment Rating - Not provided in the content Core Views - The fundamentals of pure benzene remain weak as port inventories rise again, indicating weak downstream提货 demand, while domestic pure benzene operating rates have bottomed out and rebounded [1][3] - For styrene, short - term maintenance continues, factory inventory pressure eases, port inventories start to decline, and the port basis rebounds slightly with improved low - level trading [3] Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Figures include pure benzene's main basis, spot - M2 paper - cargo spread, and inter - period spreads of pure benzene and EB [8][11][16] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Figures cover various production profits and price spreads such as naphtha processing fee, pure benzene's FOB and CFR price spreads, and styrene's non - integrated production profit and import profit [20][23][32] 3. Inventories and Operating Rates of Pure Benzene and Styrene - Figures show pure benzene's East China port inventory and operating rate, and styrene's East China port inventory, commercial inventory, factory inventory, and operating rate [39][41][44] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Figures present the operating rates and production profits of EPS, PS, and ABS [50][52][54] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Figures display the operating rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products [58][62][71] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go long on the spread of EB2512 - EB2601 at low levels [4] - Cross - Product: None [4]

1. Report Industry Investment Rating - LLDPE: Neutral; PP: Cautiously short on rallies [3] - L01 - 05: Reverse calendar spread on rallies; PP01 - 05: Reverse calendar spread on rallies [3] - Cross -品种: None [3] 2. Core Viewpoints - PE: The pattern of weak supply and demand continues. The short - term polyethylene futures is dominated by the cost side and continues the volatile pattern. High supply, limited demand support, and weak cost - side support lead to weak and volatile PE [2]. - PP: The supply - demand contradiction still exists. The previous weak propane on the cost side and the lack of macro - level boost lead to a weak pattern. Supply - side pressure persists, demand support is limited, and it continues the weak and volatile pattern in the short term [2]. 3. Summary by Directory 3.1 Market News and Important Data - **Price and Basis**: L主力合约收盘价为6888元/吨（-11）, PP主力合约收盘价为6576元/吨（-14）, LL华北现货为6890元/吨（-10）, LL华东现货为7000元/吨（-20）, PP华东现货为6580元/吨（+0）, LL华北基差为2元/吨（+1）, LL华东基差为112元/吨（-9）, PP华东基差为4元/吨（+14） [1]. - **Upstream Supply**: PE开工率为80.9%（-0.6%）, PP开工率为77.1%（+1.1%） [1]. - **Production Profit**: PE油制生产利润为283.4元/吨（-54.1）, PP油制生产利润为 - 396.6元/吨（-54.1）, PDH制PP生产利润为 - 152.1元/吨（-55.6） [1]. - **Imports and Exports**: LL进口利润为18.8元/吨（-51.6）, PP进口利润为 - 292.8元/吨（-11.4）, PP出口利润为 - 16.5美元/吨（+1.4） [1]. - **Downstream Demand**: PE下游农膜开工率为49.5%（+2.4%）, PE下游包装膜开工率为51.3%（-1.3%）, PP下游塑编开工率为44.2%（-0.2%）, PP下游BOPP膜开工率为61.6%（+0.2%） [1]. 3.2 Market Analysis - **PE**: The supply - demand pattern is weak. The supply is expected to increase, the demand follow - up is limited, the cost - side support is expected to weaken, and it continues the weak and volatile pattern [2]. - **PP**: The supply - demand contradiction exists. The supply - side pressure persists, the demand support is limited, and it continues the weak and volatile pattern in the short term [2]. 3.3 Strategy - **Single - side**: LLDPE neutral; PP cautiously short on rallies [3]. - **Calendar Spread**: L01 - 05 reverse calendar spread on rallies; PP01 - 05 reverse calendar spread on rallies [3]. - **Cross -品种**: None [3]