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]

Report Industry Investment Rating - The strategy is neutral [3] Core Viewpoints - The explosion at the Shahid Rajaee Port in Iran on April 26 had limited impact as the methanol shipping port Assalueh was operating normally and the port resumed cargo import and export on April 27 [2] - From the port perspective, downstream MTO plants had maintenance plans, the external market operating rate was high, and imports were increasing, but the inland market was strong, and the port was still destocking, with the inventory inflection point yet to be realized. The future port restocking cycle depends on inland supply and demand [2] - From the inland perspective, the peak of coal - based methanol maintenance has passed, but the increase in operating rate is slow. The traditional downstream operating rate maintains some resilience, and the future variable lies in its change. The production profit of coal - based methanol is still high [2] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents various charts related to methanol basis, including methanol Taicang basis and the main contract, and basis between different regional spot and main futures [6][8][10] - It also shows the price differences between different methanol futures contracts, such as methanol 01 - 05, 05 - 09, and 09 - 01 contracts [19][21] II. Methanol Production Profit, MTO Profit, Import Profit - Charts display the production profit of Inner Mongolia coal - based methanol, the profit of East China MTO (PP&EG type), and import price differences such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [24][30][29] III. Methanol Operating Rate, Inventory - Charts show 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) [33][35] IV. Regional Price Differences - The report provides charts on regional 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 [37][42][45] V. Traditional Downstream Profits - Charts present the production gross margins of traditional downstream products, including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [49][52]