Report Summary 1. Investment Rating - For L and PP, the rating is neutral [4]. 2. Core View - The downstream demand for polyolefins is still slowly increasing, and both PE and PP are under pressure. The short - term trends of PE and PP are mainly influenced by the cost side. The supply of both is under pressure, and the demand is slowly recovering. The price of PE is in short - term shock consolidation, and the price of PP continues to be weak [2][3]. 3. Section Summaries Market News and Important Data - **Price and Basis**: L main contract closed at 6,968 yuan/ton (-41), PP main contract at 6,651 yuan/ton (-34). LL North China spot was 6,950 yuan/ton (-10), LL East China spot 7,060 yuan/ton (+0), PP East China spot 6,580 yuan/ton (-30). LL North China basis was -18 yuan/ton (+31), LL East China basis 92 yuan/ton (+41), PP East China basis -71 yuan/ton (+4) [2]. - **Upstream Supply**: PE开工率 was 80.9% (-0.6%), PP开工率 was 77.1% (+1.1%) [2]. - **Production Profit**: PE oil - based production profit was 343.2 yuan/ton (-39.1), PP oil - based production profit was -346.8 yuan/ton (-39.1), PDH - based PP production profit was 45.6 yuan/ton (-8.9) [2]. - **Imports and Exports**: LL import profit was 69.8 yuan/ton (+86.1), PP import profit was -294.7 yuan/ton (+0.7), PP export profit was -21.7 dollars/ton (-5.1) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 49.5% (+2.4%), PE downstream packaging film开工率 was 51.3% (-1.3%), PP downstream plastic weaving开工率 was 44.2% (-0.2%), PP downstream BOPP film开工率 was 61.6% (+0.2%) [2]. Market Analysis - **PE**: OPEC+ has a production increase plan, the supply surplus expectation is strengthened, and the demand is expected to remain weak. The cost support of PE is weakened. The supply is expected to increase, and the downstream demand is still limited. The PE price is in short - term shock consolidation, and the upside space may be limited [3]. - **PP**: The oil - based cost support is weakened, but the supply - demand contradiction still exists. The supply pressure continues, and the demand is slowly recovering. The price of PP continues to be weak [3]. Strategy - **Unilateral**: Neutral for L and PP [4]. - **Inter - delivery Spread**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - commodity Spread**: None [4].

Report Industry Investment Rating - No investment rating provided in the report Core Viewpoints - For pure benzene, port inventory has slightly declined, but low downstream开工 rates of styrene, CPL, and adipic acid have dragged down demand, leading to a continuously weak port basis. Domestic pure benzene开工 has also decreased, and the impact of previous sanctions on some refinery loads can be resolved by switching crude oil resources [3] - For styrene, despite short - term maintenance, port inventory has not been reduced, and there is still pressure. New device startups such as Jihua and Guangxi Petrochemical have had an impact. Downstream开工 has changed little, but提货 is average, and the finished product inventory pressure of the three major hard rubbers is still high, so the port inventory pressure of EB persists [3] Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - The report mentions figures related to the basis of pure benzene and EB, including the basis of pure benzene futures contracts, the spread between pure benzene spot and M2 paper goods, and the spread between consecutive contracts of pure benzene and EB [8][11][16] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Information on production profits and internal - external spreads of pure benzene and styrene is provided, such as styrene non - integrated device production profit, pure benzene FOB US Gulf - FOB South Korea spread, and import profits of pure benzene and styrene [19][22][30] III. Pure Benzene and Styrene Inventory,开工 Rate - Pure benzene port inventory is 8.50 million tons (- 1.40 million tons), and its开工 rate has declined. Styrene port inventory is still under pressure, with East China port inventory at 193,000 tons (- 9,500 tons), and its开工 rate is 69.3% (- 2.6%) [1][3][34] IV. Styrene Downstream开工 and Production Profits - EPS production profit is 255 yuan/ton (- 5 yuan/ton), with an开工 rate of 61.98% (- 0.54%); PS production profit is - 45 yuan/ton (- 5 yuan/ton), with an开工 rate of 53.80% (+ 0.00%); ABS production profit is - 192 yuan/ton (+ 48 yuan/ton), with an开工 rate of 72.80% (- 0.30%) [2] V. Pure Benzene Downstream开工 and Production Profits - For pure benzene downstream products, caprolactam production profit is - 1850 yuan/ton (+ 35), with an开工 rate of 88.89% (- 3.52%); phenol - acetone production profit is - 329 yuan/ton (+ 0), with an开工 rate of 78.00% (+ 0.00%); aniline production profit is 1050 yuan/ton (+ 224), with an开工 rate of 76.48% (+ 0.75%); adipic acid production profit is - 1165 yuan/ton (- 23), with an开工 rate of 55.80% (- 3.30%) [1] Strategy - Unilateral: None - Basis and inter - period: None - Cross - variety: Short - term, go long on the spread of pure benzene processing fees (pure benzene - naphtha) [4]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For pure benzene, port inventory declined slightly. Low开工 rates of downstream styrene, CPL, and adipic acid dragged down demand, leading to a weak port basis. The domestic开工 rate of pure benzene decreased at an accelerating pace, and attention should be paid to the impact of European and American sanctions on Russian oil on refinery loads [3]. - For styrene, there were still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical had an impact. Downstream开工 changed little, but提货 was average, and the finished product inventory pressure of the three major hard plastics remained high, resulting in continuous port inventory pressure [3]. Summary by Related Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures include pure benzene's main basis and main futures contract price, main contract basis, spot - M2 paper cargo spread, and the spread between the first and third contracts of pure benzene. Also, EB's main contract trend & basis, main contract basis, and the spread between the first and third contracts of styrene are presented [8][12][17] 2. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show naphtha processing fees, the spread between pure benzene FOB Korea and naphtha CFR Japan, styrene non - integrated device production profits, the spread between pure benzene FOB US Gulf and FOB Korea, the spread between pure benzene FOB US Gulf and CFR China, the spread between pure benzene FOB Rotterdam and CFR China, pure benzene import profits, styrene import profits, the spread between styrene FOB US Gulf and CFR China, and the spread between styrene FOB Rotterdam and CFR China [23][25][31] 3. Pure Benzene and Styrene Inventory, Operating Rates - Figures display pure benzene's East China port inventory,开工 rate, styrene's East China port inventory,开工 rate, East China commercial inventory, and factory inventory [42][44][47] 4. Styrene Downstream Operating Rates and Production Profits - Figures present the开工 rates and production profits of EPS, PS, and ABS [53][55][58] 5. Pure Benzene Downstream Operating Rates and Production Profits - Figures show the开工 rates and production profits of caprolactam, phenol - acetone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [61][64][76] Strategy - Unilateral: None - Basis and Inter - period: None - Cross - variety: Short - term, buy the spread of pure benzene processing fees (pure benzene - naphtha) at low levels [4]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Pure benzene port inventory has declined again, but the basis performance remains weak due to weak downstream demand, with varying degrees of decline in the开工 rates of styrene, CPL, and adipic acid. The domestic开工 rate of pure benzene has decreased at an accelerating pace, and the pure benzene load of some refineries in Shandong and Ningbo has been affected by the sanctions on Russian oil by Europe and the United States [3]. - For styrene, there are still short - term maintenance plans, and new device launches such as Jihua and Guangxi Petrochemical have an impact. Downstream开工 changes little, but the提货 performance is average, and the finished product inventory pressure of the three major hard plastics remains high, so the port inventory pressure of EB persists, waiting for further loss - driven production cuts [3]. Summary by Directory I. Pure Benzene and EB's Basis Structure, Inter - period Spread - Figures related to the basis and inter - period spread of pure benzene and EB are presented, including the basis of pure benzene and EB main contracts, the spread between pure benzene spot and M2 paper cargo, and the spread between the first and third contracts of pure benzene and EB [8][12][19] II. Pure Benzene and Styrene Production Profits, Internal and External Spreads - Figures show the processing fees of naphtha, the spread between pure benzene FOB Korea and naphtha CFR Japan, the production profit of non - integrated styrene devices, and various internal and external spreads of pure benzene and styrene [22][25][31] III. Pure Benzene and Styrene Inventory, Operating Rates - Figures display the inventory and operating rates of pure benzene and styrene, including the East China port inventory, commercial inventory, factory inventory of styrene, and the East China port inventory and operating rate of pure benzene [42][44][47] IV. Styrene Downstream Operating Rates and Production Profits - Figures show the operating rates and production profits of EPS, PS, and ABS, which are the downstream products of styrene [53][55][58] V. Pure Benzene Downstream Operating Rates and Production Profits - Figures present the operating rates and production profits of pure benzene downstream products such as caprolactam, phenol - ketone, aniline, and adipic acid, as well as the production profits of related products like PA6, nylon filament, bisphenol A, etc. [63][66][77] Strategy - Unilateral: None - Basis and inter - period: None - Cross - variety: Short - term strategy is to expand the spread of pure benzene processing fees (pure benzene - naphtha) when it is low [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The EG main contract closed at 4004 yuan/ton (+1 yuan/ton, +0.02% compared to the previous trading day), the EG spot price in the East China market was 4090 yuan/ton (-4 yuan/ton, -0.10% compared to the previous trading day), and the EG spot basis in East China (based on the 2509 contract) was 74 yuan/ton (+2 yuan/ton month-on-month) [1]. - The production profit of ethylene - made EG was -68 US dollars/ton (-4 US dollars/ton month - on - month), and the production profit of coal - made syngas EG was -627 yuan/ton (-29 yuan/ton month - on - month) [1]. - According to CCF data, the MEG inventory at the main ports in East China was 57.9 tons (+3.8 tons month - on - month), and according to Longzhong data, it was 49.3 tons (+5.0 tons month - on - month). The actual arrivals at the main ports last week were 10.5 tons, and port inventories continued to accumulate. This week, the planned arrivals at the main ports in East China are 5.3 tons and at the secondary ports are 6.3 tons, and inventories are expected to remain stable [1]. - On the supply side, the domestic ethylene glycol production load is operating at a high level, overseas supply losses are still significant, and there are still more than two sets of Saudi Arabian plants in a shutdown or low - load operation state with little expected change. On the demand side, due to high tariffs, the peak season is not prosperous, and the increase in polyester load is limited, but there is still rigid demand. The overall EG balance sheet faces significant inventory accumulation pressure in the fourth quarter, and ethylene glycol port inventories are expected to gradually rise [2]. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. As ethylene glycol port inventories rise, there is significant pressure to accumulate inventory under high supply [3]. - Inter - period: Reverse spread of EG2601 - EG2605 [3]. - Inter - variety: None [3]. Summary by Directory Price and Basis - The report presents the ethylene glycol spot price in East China and its basis [1]. Production Profit and Operating Rate - It shows the production profits of ethylene - made EG, coal - made syngas EG, and other production methods, as well as the total load and syngas - made load of ethylene glycol [1][10][16]. International Price Difference - It provides the international price difference between US FOB and Chinese CFR for ethylene glycol [19]. Downstream Sales, Production, and Operating Rate - It includes the sales and production of filaments and staple fibers, as well as the operating rates of polyester, direct - spun filaments, polyester staple fibers, and polyester bottle chips [20][21][24]. Inventory Data - It shows the inventory data of ethylene glycol at ports in East China, including overall port inventories, inventories at specific ports like Zhangjiagang and Ningbo, and the raw material inventory days of Chinese polyester factories and the daily outbound volume at ports in East China [28][30][37].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The polyolefin market continues to face pressure due to limited demand growth. Both PE and PP are in a situation of loose supply - demand and weak cost support. The market is expected to remain weak in the short - term [2][3]. 3. Summary by Directory Market News and Important Data - **Price and Basis**: L main contract closed at 6883 yuan/ton (+4), PP main contract at 6583 yuan/ton (+18). LL North China spot was 6880 yuan/ton (+0), LL East China spot 6950 yuan/ton (+0), PP East China spot 6560 yuan/ton (-20). LL North China basis was -3 yuan/ton (-4), LL East China basis 67 yuan/ton (-4), PP East China basis -23 yuan/ton (-38) [1]. - **Upstream Supply**: PE开工率 was 81.8% (-2.2%), PP开工率 was 78.2% (+0.5%) [1]. - **Production Profit**: PE oil - based production profit was 515.6 yuan/ton (+23.5), PP oil - based production profit was -94.4 yuan/ton (+23.5), PDH - based PP production profit was 122.3 yuan/ton (+12.1) [1]. - **Import and Export**: LL import profit was -147.2 yuan/ton (+3.0), PP import profit was -560.1 yuan/ton (+13.0), PP export profit was 29.7 dollars/ton (-1.6) [1]. - **Downstream Demand**: PE downstream agricultural film开工率 was 42.9% (+7.3%), PE downstream packaging film开工率 was 52.2% (-0.7%), PP downstream woven开工率 was 44.3% (+0.0%), PP downstream BOPP film开工率 was 61.2% (+0.5%) [1]. Market Analysis - **PE**: Recent continuous decline in PE is due to loose supply - demand, high inventory, and weakening cost support from falling oil prices. Supply is expected to increase with new production and restart of some devices. Demand growth is limited, mainly for rigid needs. Cost support is weakening. Future focus is on cost - side and macro - policy impacts [2]. - **PP**: The weakening of PP is dragged by falling oil and propane prices, and loose supply - demand. Supply is increasing with new production expected. Demand growth is insufficient, inventory is high, and cost support is weak. Attention should be paid to propane supply and PDH marginal device operations [3]. Strategy - **Single - Side**: Adopt a wait - and - see approach; expect short - term weak and volatile market [4]. - **Inter - Period**: Conduct L01 - L05 reverse arbitrage; PP01 - PP05 reverse arbitrage [4]. - **Inter - Variety**: Short PP01 - 3MA01 when the spread is high [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The polyolefin market continues to be weak, with PE and PP prices under pressure due to factors such as supply - demand imbalances and weakening cost support [1][2][3] - For PE, the continuous decline is due to loose supply - demand fundamentals, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. For PP, the weakening is dragged down by falling crude oil and propane prices, along with a loose supply - demand pattern [2][3] - The report suggests a wait - and - see approach for single - side trading, and provides strategies for inter - period and inter - variety trading [4] 3. Summary by Related Catalogs Market News and Important Data - **Price and Basis**: L main contract closed at 6879 yuan/ton (+5), PP main contract at 6565 yuan/ton (+14). LL North China spot was 6880 yuan/ton (+30), LL East China spot at 6950 yuan/ton (+0), PP East China spot at 6580 yuan/ton (+10). LL North China basis was 1 yuan/ton (+25), LL East China basis 71 yuan/ton (-5), PP East China basis 15 yuan/ton (-4) [1] - **Upstream Supply**: PE开工率 was 81.8% (-2.2%), PP开工率 was 78.2% (+0.5%) [1] - **Production Profit**: PE oil - based production profit was 492.1 yuan/ton (-17.4), PP oil - based production profit was - 127.9 yuan/ton (-17.4), PDH - based PP production profit was 110.2 yuan/ton (-21.6) [1] - **Imports and Exports**: LL import profit was - 150.2 yuan/ton (+0.3), PP import profit was - 573.0 yuan/ton (-49.7), PP export profit was 31.3 US dollars/ton (+6.2) [1] - **Downstream Demand**: PE downstream agricultural film开工率 was 42.9% (+7.3%), PE downstream packaging film开工率 was 52.2% (-0.7%), PP downstream plastic weaving开工率 was 44.3% (+0.0%), PP downstream BOPP film开工率 was 61.2% (+0.5%) [1] Market Analysis - **PE**: Recent continuous decline is due to loose supply - demand, post - holiday inventory accumulation, and weakening cost support from falling crude oil prices. Supply is expected to increase with new device startups. Demand follows up limitedly, and cost support weakens. Monitor cost and macro - policy impacts [2] - **PP**: The weakening of the futures market is due to falling crude oil and propane prices and a loose supply - demand pattern. Supply is expected to increase with new device startups. Demand follows up insufficiently, and cost support weakens. Monitor propane supply and PDH device operation [3] Strategy - **Single - side**: Wait and see; short - term weak and volatile, focus on macro - dynamics [4] - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4] - **Inter - variety**: Short the spread of PP01 - 3MA01 when it is high [4]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The main port of ethylene glycol (EG) continues to accumulate inventory, and EG is operating weakly. The spot price of EG in the East China market increased by 2.65% compared to the previous trading day, and the futures price also slightly increased [1]. - On the supply side, the domestic EG load is operating at a high level, and there are still many losses in overseas EG supply. On the demand side, the demand is slightly boosted by pre - holiday stocking, but the increase in polyester load is limited. The EG balance sheet has a large inventory accumulation pressure in the fourth quarter, and the port inventory has rebounded after hitting the bottom [2]. - The strategy includes: cautiously short - selling on rallies for single - side trading; conducting an inverse spread between EG2601 and EG2605 for inter - period trading; and no strategy for inter - variety trading [3]. 3. Summary by Directory Price and Basis - The closing price of the EG main contract was 4,111 yuan/ton (up 11 yuan/ton, +0.27% compared to the previous trading day), and the spot price of EG in the East China market was 4,178 yuan/ton (up 108 yuan/ton, +2.65% compared to the previous trading day). The EG East China spot basis (based on the 2509 contract) was 69 yuan/ton (up 1 yuan/ton month - on - month) [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was - 60 US dollars/ton (unchanged month - on - month), and the production profit of coal - gas - based EG was - 527 yuan/ton (down 135 yuan/ton month - on - month) [1]. International Spread No specific data on international spreads are provided in the given text. Downstream Sales, Production, and Operating Rate - Due to pre - holiday stocking, the demand is slightly boosted, but the increase in polyester load is limited. Attention should be paid to the sustainability of the demand recovery [2]. Inventory Data - According to CCF data, the MEG inventory in the East China main port was 54.1 tons (up 3.4 tons month - on - month), and according to Longzhong data, it was 44.3 tons (up 4.3 tons month - on - month). From October 9th to 12th, the actual arrival at the main port was 8.7 tons, and the port inventory continued to accumulate. The planned arrival at the East China main port this week is 10.2 tons, and the planned arrival at the secondary port is 2.5 tons, with the inventory likely to continue to accumulate [1].

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic pure benzene supply and demand remain weak, and the profit of petroleum benzene continues to be at a low level. This week, some domestic petroleum benzene and hydrobenzene plants are restarting, and the output of pure benzene is expected to increase further. In October, new plants of downstream styrene, caprolactam, and phenol are planned to be put into operation, with a converted production capacity higher than that of pure benzene. However, large styrene plants are still in the maintenance period, and the loads of caprolactam, phenol, and adipic acid plants are expected to decline this week, so the demand side will remain weak in the short term. Affected by the US's claim of imposing additional tariffs on China, international oil prices dropped significantly on Friday. After the early negative factors are digested, BZ2603 is expected to fluctuate in the short term, with the range expected to be around 5650 - 5750 [2] Summary by Relevant Catalogs Futures Market - The closing price of the main pure benzene contract was 5682 yuan/ton, a decrease of 52 yuan; the settlement price was 5707 yuan/ton, a decrease of 26 yuan. The trading volume was 6668 lots, an increase of 2255 lots; the open interest was 13554 lots, an increase of 23 lots [2] Spot Market - The mainstream prices of pure benzene in the East China, North China, South China, and Northeast regions were 5720 yuan/ton, 5570 yuan/ton, 5750 yuan/ton, and 5521 yuan/ton respectively. The prices in the Northeast region decreased by 62 yuan/ton, while the others remained unchanged. The mainstream prices of hydrobenzene in Jiangsu and Shanxi regions were 5675 yuan/ton and 5450 yuan/ton respectively, with decreases of 50 yuan/ton and 250 yuan/ton. The FOB intermediate price of pure benzene in South Korea was 693 dollars/ton, a decrease of 5 dollars; the CFR intermediate price of pure benzene in China was 706.11 dollars/ton, a decrease of 3.39 dollars [2] Upstream Situation - The spot price of Brent DTD crude oil was 65.08 dollars/barrel, a decrease of 2.57 dollars; the CFR intermediate price of naphtha in the Japanese region was 576.75 dollars/ton, a decrease of 7.5 dollars [2] Industry Situation - The capacity utilization rate of pure benzene was 78.14%, an increase of 0.13 percentage points; the weekly output was 46.02 tons, an increase of 0.32 tons. The terminal inventory of pure benzene at ports was 9.1 tons, a decrease of 1.5 tons. The production cost was 5327.8 yuan/ton, a decrease of 118.2 yuan; the production profit was 737 yuan/ton, an increase of 76 yuan [2] Downstream Situation - The开工率 of styrene was 73.61%, an increase of 2.37 percentage points; the capacity utilization rates of caprolactam, phenol, aniline, and adipic acid were 95.72%, 78.54%, 69.24%, and 64.3% respectively. The capacity utilization rate of caprolactam increased by 6.41 percentage points, adipic acid increased by 2 percentage points, while phenol decreased by 0.46 percentage points and aniline decreased by 0.1 percentage point [2] Industry News - From October 4th to 10th, the capacity utilization rate of petroleum benzene increased by 0.55% to 79.29% week-on-week, and that of hydrobenzene decreased by 0.75% to 63.24% week-on-week. The weighted operating rate of pure benzene downstream increased by 1.56% to 77.72% week-on-week. As of October 13th, the inventory of pure benzene in East China ports was 9.0 tons, a decrease of 1.10% compared with last week. From October 9th to 11th, the profit of petroleum benzene in China was 314 yuan/ton, a decrease of 105 yuan/ton compared with last week [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The short - term forecast for the br2511 contract is a price fluctuation between 10,800 - 11,400 yuan/ton. With the restart of previously overhauled cis - butadiene rubber plants and increased production, and sufficient supply of butadiene, as well as the expected increase in tire enterprise capacity utilization, the market situation is expected to change accordingly [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main contract for synthetic rubber is 10,920 yuan/ton, a decrease of 300 yuan/ton compared to the previous period. The main contract position is 32,013 lots, an increase of 3,155 lots. The 10 - 11 spread of synthetic rubber is - 90 yuan/ton, a decrease of 245 yuan/ton. The total warehouse receipt quantity of butadiene rubber is 2,870 tons, unchanged [2]. 3.2 Spot Market - The mainstream price of cis - butadiene rubber (BR9000) from different manufacturers shows a downward trend. The basis of synthetic rubber is 280 yuan/ton, an increase of 150 yuan/ton. The price of Brent crude oil is 62.73 dollars/barrel, a decrease of 2.49 dollars/barrel. The price of naphtha CFR Japan is 576.75 dollars/ton, a decrease of 7.5 dollars/ton. The price of Northeast Asian ethylene is 785 dollars/ton, a decrease of 20 dollars/ton. The intermediate price of butadiene CFR China is 1,020 dollars/ton, a decrease of 25 dollars/ton. The price of WTI crude oil is 58.9 dollars/barrel, a decrease of 2.61 dollars/barrel. The market price of butadiene in Shandong is 8,550 yuan/ton, a decrease of 50 yuan/ton [2]. 3.3 Upstream Situation - The weekly capacity of butadiene is 15.54 million tons/week, an increase of 0.01 million tons/week. The weekly capacity utilization rate of butadiene is 67.37%, an increase of 0.72 percentage points. The port inventory of butadiene is 27,750 tons, unchanged. The daily operating rate of Shandong local refineries' atmospheric and vacuum distillation units is 50.43%, a decrease of 3.06 percentage points. The monthly output of cis - butadiene rubber is 13.57 million tons, an increase of 0.65 million tons. The weekly capacity utilization rate of cis - butadiene rubber is 66.41%, a decrease of 3.31 percentage points. The weekly production profit of cis - butadiene rubber is - 544 yuan/ton, an increase of 114 yuan/ton. The weekly social inventory of cis - butadiene rubber is 3.23 million tons, a decrease of 0.14 million tons. The manufacturer's inventory and trader's inventory of cis - butadiene rubber are unchanged [2]. 3.4 Downstream Situation - The weekly operating rate of domestic semi - steel tires is 55.26%, a decrease of 18.32 percentage points. The weekly operating rate of domestic all - steel tires is 50.87%, a decrease of 14.85 percentage points. The monthly output of all - steel tires is 13.03 million pieces, an increase of 280,000 pieces. The monthly output of semi - steel tires is 58.06 million pieces, an increase of 1.09 million pieces. The inventory days of all - steel tires in Shandong are 39.87 days, an increase of 0.36 days. The inventory days of semi - steel tires in Shandong are 45.7 days, a decrease of 0.23 days [2]. 3.5 Industry News - As of October 9, the capacity utilization rate of Chinese semi - steel tire sample enterprises was 42.15%, a decrease of 17.50 percentage points compared to the previous period and 36.62 percentage points compared to the same period last year. The capacity utilization rate of Chinese all - steel tire sample enterprises was 41.53%, a decrease of 13.83 percentage points compared to the previous period and 0.78 percentage points compared to the same period last year. Some enterprises carried out shutdown and maintenance during the holiday, which affected the overall capacity utilization rate. In September 2025, the domestic heavy - truck market sold about 105,000 vehicles, a 15% increase from August and an 82% increase from the same period last year. From January to September, the cumulative sales of the domestic heavy - truck market exceeded 800,000 vehicles, reaching 821,000 vehicles, a 20% increase compared to the same period last year. In September 2025, the output and capacity utilization rate of cis - butadiene rubber slightly declined. The capacity utilization rate of cis - butadiene rubber was 69.91%, a decrease of 0.49 percentage points compared to the previous period and an increase of 12.16 percentage points compared to the same period last year [2]. 3.6 Viewpoint Summary - The previously overhauled cis - butadiene rubber plants have restarted, and the domestic output has increased. Some plants have also increased their production loads, and the overall output is expected to increase month - on - month. In October, although there are maintenance plans for butadiene plants of Zhenhai Refining & Chemical and Guangzhou Petrochemical, the supply of butadiene is still abundant due to the recovery of previously under - loaded plants and imports. During the holiday, some domestic tire enterprises carried out maintenance, which significantly reduced the enterprise capacity utilization rate. As the maintenance enterprises resume production, the device capacity will be gradually released, and the capacity utilization rate of domestic tire enterprises is expected to increase significantly this week [2].