1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - In the short - term, the fundamentals of PVC are slightly bearish. It is expected that V2505 will fluctuate weakly in the future, with support around 5000 yuan/ton. The supply pressure remains high in the short - term, but the downstream product enterprises' operating load is expected to increase seasonally. The price of calcium carbide in Inner Mongolia may remain stable, while the price of ethylene still has room to decline [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of PVC futures is 5072 yuan/ton, down 27 yuan; the trading volume is 615,867 lots, up 69,572 lots; the open interest is 830,996 lots, down 19,750 lots. The long position of the top 20 futures holders is 769,608 lots, up 16,020 lots; the short position is 898,245 lots, up 29,952 lots; the net long position is - 128,637 lots, down 13,932 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 5150 yuan/ton, unchanged; the price of calcium carbide - based PVC is 4928.85 yuan/ton, up 10.77 yuan. In the South China region, the price of ethylene - based PVC is 5200 yuan/ton, unchanged; the price of calcium carbide - based PVC is 5050 yuan/ton, down 10 yuan. The CIF price of PVC in China is 700 US dollars/ton, unchanged; the CIF price in Southeast Asia is 670 US dollars/ton, unchanged; the FOB price in Northwest Europe is 785 US dollars/ton, unchanged. The basis of PVC is - 172 yuan/ton, up 27 yuan [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 3000 yuan/ton, unchanged; in North China is 2933.33 yuan/ton, unchanged; in Northwest China is 2747 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is 50.5 yuan/ton, unchanged. The CFR mid - price of VCM in the Far East is 524 US dollars/ton, unchanged; in Southeast Asia is 551 US dollars/ton, unchanged. The CFR mid - price of EDC in the Far East is 226 US dollars/ton, unchanged; in Southeast Asia is 221 US dollars/ton, unchanged [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 79.81%, down 0.02 percentage points; the operating rate of calcium carbide - based PVC is 81.89%, down 0.73 percentage points; the operating rate of ethylene - based PVC is 74.35%, up 1.84 percentage points. The total social inventory of PVC is 46.91 tons, down 1.35 tons; the inventory in East China is 41.88 tons, down 1.33 tons; the inventory in South China is 5.03 tons, down 0.02 tons [3]. 3.5 Downstream Situation - The national real estate climate index is 93.8, up 0.45. The cumulative value of new housing construction area is 66140,000 square meters, down 672,788,400 square meters. The cumulative value of real estate construction area is 605,972,000 square meters, down 127,275,360 square meters. The cumulative value of real estate development investment is 611.071 billion yuan, down 496.9943 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 12.98%, down 0.88 percentage points; the 40 - day historical volatility is 12.68%, down 0.88 percentage points. The implied volatility of at - the - money put options is 14.93%, down 1.75 percentage points; the implied volatility of at - the - money call options is 14.93%, down 1.74 percentage points [3]. 3.7 Industry News - On April 2, the spot market price of PVC type 5 in Changzhou remained stable. The prices of Yihua, Jintai, Zhongyan, and Erdos were between 4890 - 4900 yuan/ton, and the prices of Zhongtai and Tianye were between 4920 - 4980 yuan/ton. From March 22 to 28, China's PVC capacity utilization rate was 79.81%, a decrease of 0.02% compared with the previous period. As of March 27, the social inventory of PVC (41 samples) decreased by 3.42% to 805,300 tons, a year - on - year decrease of 8.57% [3].