1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Chlor - Alkali Industry - The caustic soda spot is expected to continue rising steadily, but the futures may face short - term resistance. PVC has large supply - demand pressure, and short - selling opportunities at high prices can be considered [2]. Polyester Industry Chain - PX is expected to have short - term low - buying opportunities, and the PX - SC spread can be expanded. PTA should be observed in the short term, with low - buying opportunities and TA1 - 5 reverse spreads. Ethylene glycol is expected to fluctuate strongly in the short term. Short - fiber and bottle - chip strategies are similar to PTA [6]. Pure Benzene - Styrene Industry - Pure benzene trends are expected to be weakly volatile, and BZ2603 should follow oil prices and styrene fluctuations. Styrene has a weak short - term drive, and EB10 can be short - sold on rebounds [11]. Urea Industry - The urea market is weakly volatile, with high supply and weak demand. The fundamentals are difficult to reverse [14][15]. Methanol Industry - The methanol market has significant port inventory accumulation, weak basis, and the demand is affected by the off - season. Attention should be paid to the inventory inflection point [18]. Polyolefin Industry - The overall supply pressure of polyolefins is not large before mid - September, and the LP01 spread can be held [44]. Crude Oil Industry - The short - term oil price rebounds, but the geopolitical risks and tariff uncertainties remain. It is recommended to wait and see in the short term [46]. 3. Summaries by Related Catalogs Chlor - Alkali Industry - **Prices**: Shandong 32% liquid caustic soda increased by 1.2%, while the price of East China calcium - carbide - based PVC decreased by 1.1%. Some futures prices and spreads also changed [2]. - **Supply**: The caustic soda and PVC industry operating rates decreased, and the profit of external calcium - carbide - based PVC decreased by 8.0% [2]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC increased slightly, but the PVC pre - sales volume decreased by 8.4% [2]. - **Inventory**: The liquid caustic soda and PVC upstream factory inventories decreased, while the PVC total social inventory increased by 3.1% [2]. Polyester Industry Chain - **Prices**: The prices of some upstream and downstream products of the polyester industry chain changed, such as the price of Brent crude oil increasing by 1.2% [6]. - **Inventory**: The MEG port inventory decreased by 8.6% [6]. - **Operating Rates**: The operating rates of some industries in the polyester industry chain changed, such as the Asian PX operating rate increasing by 2.2% [6]. Pure Benzene - Styrene Industry - **Prices**: The prices of upstream and downstream products of pure benzene and styrene changed, such as the CFR China pure benzene price decreasing by 0.9% [11]. - **Inventory**: The pure benzene inventory in Jiangsu ports decreased by 4.2%, while the styrene inventory increased by 10.8% [11]. - **Operating Rates**: The operating rates of some industries in the pure benzene - styrene industry chain changed, such as the domestic hydrogenated benzene operating rate decreasing by 8.0% [11]. Urea Industry - **Prices**: The urea futures prices and spreads changed, and the spot prices in different regions remained stable [14]. - **Supply**: The domestic urea daily output decreased by 0.81%, and the factory inventory increased by 6.05% [14]. - **Demand**: The demand is affected by the agricultural season and industrial factors, and the compound fertilizer inventory is high [14]. Methanol Industry - **Prices**: The methanol futures and spot prices decreased, and the inventory increased significantly [16][17]. - **Operating Rates**: The upstream and downstream operating rates of methanol changed slightly [18]. Polyolefin Industry - **Prices**: The futures and spot prices of polyolefins decreased, and the spreads between some contracts changed [44]. - **Inventory**: The PE and PP enterprise inventories decreased, and the PE social inventory increased slightly [44]. - **Operating Rates**: The PE and PP operating rates changed, and the downstream weighted operating rates increased slightly [44]. Crude Oil Industry - **Prices**: The prices of Brent, WTI, and SC crude oil changed, and the spreads between some contracts also changed [46]. - **Inventory**: The EIA US crude oil and refined product inventories decreased [46]. - **Operating Rates**: The US refinery operating rate decreased to 94.6% [50].

Report Date - The report was produced on August 27, 2025 [3] Futures Market Overview - As of the close on August 27, most domestic futures contracts ended in the red. Apples and Shanghai nickel rose over 1%. Polysilicon dropped over 4%, while coking coal and crude oil fell over 3%. Alumina, BR rubber, fuel oil, soybean No.2, and styrene declined over 2%. Among stock index futures, the CSI 300 (IF) dropped 1.71%, the SSE 50 (IH) fell 1.85%, the CSI 500 (IC) decreased 1.51%, and the CSI 1000 (IM) tumbled 2.08%. In the bond futures market, the 2-year (TS) rose 0.02%, the 5-year (TF) climbed 0.06%, the 10-year (T) advanced 0.08%, and the 30-year (TL) soared 0.24% [6] Capital Flows - As of 15:22 on August 27, funds flowed into the CSI 500 2509, CSI 1000 2509, and CSI 300 2509 contracts, amounting to 3.741 billion, 1.151 billion, and 566 million respectively. Meanwhile, funds flowed out of the Shanghai gold 2510, Shanghai silver 2510, and SSE 50 2509 contracts, reaching 1.746 billion, 968 million, and 458 million respectively [8] Core Views Copper - Shanghai copper opened lower and closed higher, facing pressure. The probability of a 25% Fed rate cut is currently 85%. The supply of copper is expected to be tight both internationally and domestically, and the inventory at the Shanghai Futures Exchange remains low. Although the downstream market is in a slack season, there is an expectation of increased demand during the "Golden September and Silver October" period. Overall, copper prices are expected to fluctuate with an upward bias in the short term [10] Lithium Carbonate - Lithium carbonate opened higher and closed lower. The average price of battery-grade lithium carbonate was 81,600 yuan/ton, down 100 yuan/ton from the previous trading day, while the industrial-grade was 79,300 yuan/ton, also down 100 yuan/ton. The import volume in July decreased by 22% month-on-month and 43% year-on-year. The production in August and September is expected to decline by 15% year-on-year. The demand is expected to increase during the "Golden September and Silver October" period, providing support for prices [12] Crude Oil - Crude oil is at the end of the seasonal travel peak. The EIA data shows a larger-than-expected decline in US crude and gasoline inventories. OPEC+ plans to increase production by 547,000 barrels per day in September. The EIA and IEA have both raised the forecast of global oil surplus, increasing the pressure on crude oil prices in the fourth quarter. The price is expected to have limited upside potential, and it is recommended to short on rallies [13][15] Asphalt - The asphalt production rate decreased by 2.2 percentage points to 30.7% last week. The expected production in August is 2.413 million tons, a decrease of 5.1% month-on-month but an increase of 17.1% year-on-year. The downstream demand is weak due to factors such as funds and weather. The cost support from crude oil has weakened. The asphalt futures are expected to fluctuate in the near term [16] PP - The downstream PP operating rate increased by 0.18 percentage points to 49.53%. The PP enterprise operating rate remained at around 87%. The cost pressure from crude oil is increasing as the consumption peak ends and OPEC+ accelerates production. The new capacity has been put into operation, and the downstream demand is weak. However, the upcoming "Golden September and Silver October" season may bring some support. The PP market is expected to fluctuate in the near term [17][18] Plastic - The plastic operating rate remained at around 84%. The PE downstream operating rate increased by 0.53 percentage points to 40.00%. The cost pressure from crude oil is increasing. The new capacity has been put into operation, and the downstream demand is weak. The upcoming "Golden September and Silver October" season may bring some support. The plastic market is expected to fluctuate in the near term [19] PVC - The PVC operating rate decreased by 2.72 percentage points to 77.61%. The downstream demand is weak, and the export expectation has declined. The social inventory is still high. The PVC market is expected to decline with fluctuations in the near term [20][21] Coking Coal - Coking coal opened lower and closed lower. The import volume in July increased significantly. The domestic production is increasing, and the inventory at mines has increased. The downstream demand is affected by environmental protection. The coking coal market is expected to decline with fluctuations in the near term, but the downside space is limited [22] Urea - Urea opened lower and closed lower. The spot market is weak and stable. The supply is expected to remain stable with the commissioning of new capacity. The demand from the industrial sector is resilient, but the demand for autumn fertilizers has not yet arrived. The inventory is at a high level. The urea market is expected to decline with fluctuations in the short term [23][24]

Core Insights - The recent policy changes in Shanghai's real estate market have significantly boosted market sentiment, leading to an increase in customer inquiries and sales activity [1][2][3] - The new policy, effective from August 26, includes adjustments in housing purchase restrictions, housing provident fund, housing credit, and housing taxes, which are expected to stimulate market activity [1][2] - The first day of the new policy saw two new developments, Poly Haishangyin and Jinmao Tangqian, achieve "daylight" sales, indicating strong demand [1][2] Market Response - Following the policy announcement, inquiries at real estate agencies surged, with one agent reporting receiving six to seven customer calls in a single day, a notable increase from previous weeks [1][3] - Data from Anjuke indicated a 20% increase in user inquiries on the day of the policy release, while Shanghai Lianjia reported a 17% increase in second-hand property browsing compared to the previous day [3] - The increase in inquiries is expected to lead to a rise in property viewings over the weekend, with agents anticipating higher transaction volumes in the near future [3] Developer Activity - Developers are expected to accelerate their sales efforts, particularly in the outer ring areas, leveraging the new policy to boost inventory turnover [2][3] - A total of 10 new projects, comprising 1,154 units, are set to enter the market, with a significant portion located in the outer ring, indicating a strong supply response to the policy changes [2] Future Outlook - Analysts predict that the upcoming months, traditionally known as "Golden September and Silver October," may see an earlier onset of favorable market conditions due to the policy's impact [1][2] - The overall sentiment in the market is cautiously optimistic, with the potential for increased sales activity as developers and buyers respond to the new regulations [2][3]

Supply Pressure Eases - The PE maintenance season has ended, leading to a gradual rebound in operating rates, which once exceeded 90%. However, recent unplanned maintenance has caused a significant decline in operating rates, dropping to around 81%, a decrease of 10% from previous highs. Future operating rate recovery is limited due to additional maintenance plans [1] - After a concentrated production increase in the first half of the year, there are no new production plans for PE from July to November, indicating that supply-side pressure is temporarily manageable [1] Demand Season Expected to Start - The traditional demand peak for PE, known as "Golden September and Silver October," is approaching, with expectations for a noticeable improvement in demand. The demand for greenhouse films is particularly promising, showing early signs of improvement and expected to strengthen significantly until November. Additionally, the holiday season in the second half of the year is likely to kick off the peak demand for PE packaging films [3] "Anti-Competition" Provides Support - The "anti-competition" trend has emerged as a significant positive factor in the commodity market, providing a policy floor for commodities. Some products, such as coking coal and polysilicon, have seen prices nearly double. Initially focused on the new energy and black industries, the "anti-competition" agenda has recently gained traction in the chemical sector, with some chemical companies' stocks hitting the limit up and chemical futures gradually rebounding. Approximately 15% of PE facilities are considered outdated, with potential for elimination, which would significantly alleviate supply-side pressure [6] Summary - Although the current PE off-season has ended, the initiation of the peak season is not yet evident, leading to continued price fluctuations. As the "Golden September and Silver October" peak season begins, the fundamentals of PE are expected to improve, with the "anti-competition" trend potentially providing strong support, allowing prices to gradually reverse the current weak situation [7]

Report Industry Investment Rating No relevant content provided. Core Views of the Report Glass - Attention events include glass production, glass factory inventory, and glass spot prices [6] - Supply is expected to increase, with stable production last week and potential supply pressure after glass technological transformation [7] - Demand is currently at a low level but is expected to rise during the peak season [7] - Inventory has increased due to weakening speculative demand and spot sales pressure [7] - Cost has decreased, and profit has shown mixed performance [7] - Given significant macro - disturbances, it is advisable to wait and see, with the glass index operating in the range of 1090 - 1200 - 1230 [7] 纯碱 - Attention events include alkali plant maintenance, alkali plant inventory accumulation, and glass production [8] - Supply has reached a new high, which exerts downward pressure on the market [8] - Demand for heavy alkali is expected to decline, while light alkali demand is relatively stable [8] - Inventory in alkali plants continues to accumulate due to strong supply and weak demand [8] - Cost has increased, and profit has declined [8] - Considering strong macro - disturbances, it is advisable to wait and see, with the soda ash index operating in the range of 1270 - 1390 [8] Summary by Relevant Catalogs Glass Price - Mainstream market glass prices are weakly trending downward [10] Supply - Last week, float glass production was 1.107 million tons (unchanged), and the national float glass operating rate was 75.34% (unchanged). Technological transformation may end before the peak season, leading to potential supply pressure [15] Demand - In July, the rising futures price drove mid - and downstream replenishment, which is now nearly over. Speculative sentiment has weakened, and spot prices have been falling. Current downstream demand is at a low level compared to the same period in previous years. With the arrival of the peak season, demand is expected to increase. On July 31, the order days of downstream deep - processing plants were 9.55 days (+0.25). Last week, the weekly apparent demand for float glass was 22.1605 million weight boxes (+1.399 million) [19] Inventory - Speculative demand has weakened, and spot - futures traders have sold off, squeezing glass factory sales and production, resulting in increased inventory. Last week, the total inventory of national float glass sample enterprises was 63.606 million weight boxes (+180,000), and the inventory in Hubei factories was 6.36 million weight boxes (-20,000) [23] Cost and Profit - Last week, glass cost decreased, and profit showed mixed performance. The weekly average cost of float glass using natural gas as fuel was 1411 yuan/ton (-18 yuan); using coal - made gas was 1011 yuan/ton (-12 yuan); using petroleum coke was 1046 yuan/ton (-22 yuan) [34] Basis and Calendar Spread - As of August 22, the basis of glass 01 was - 173, glass 05 was - 269, and glass 09 was 3. The basis has a weak driving force on the market. The spread between glass 9 - 1 contracts was - 176, and between 1 - 5 contracts was - 96. There are currently no calendar spread opportunities [43][47] Soda Ash Price - The prices of light and heavy soda ash in the mainstream market are fluctuating weakly downward [50] Supply - Soda ash production has rebounded month - on - month, reaching a new weekly high, which has a certain downward driving force on the market. Last week, soda ash production was 771,400 tons (+10,100), including light soda ash production of 346,200 tons (+14,600) and heavy soda ash production of 425,200 tons (-4,500) [56] Demand - There is an expectation of reduced production in photovoltaic glass and an expected increase in float glass production. Overall, the demand for heavy soda ash is expected to decline, while the demand for light soda ash is relatively stable. Last week, the daily production of float and photovoltaic glass was 247,755 tons. The apparent demand for soda ash increased month - on - month, reaching 754,400 tons (+21,800) last week [62] Inventory - With increasing supply and decreasing demand, the inventory in alkali plants continues to accumulate. Last week, the total inventory of soda ash manufacturers was 1.9108 million tons (+17,000), including light soda ash inventory of 773,100 tons (+13,100) and heavy soda ash inventory of 1.1377 million tons (+3,900) [69] Profit and Cost - According to Steel Union data, last week, the cost of soda ash increased, and profit declined. Currently, the cost support for heavy soda ash by the joint - alkali method in the East China region is around 1260 yuan [75] Basis, Calendar Spread, and Price Spread - As of August 22, the basis of soda ash 01 contracts was - 100, 05 contracts was - 152, and 09 contracts was 0. The basis has a weak driving force, and it is advisable to wait and see. The spread between soda ash 9 - 1 contracts was - 100, and between 1 - 5 contracts was - 53. There are currently no calendar spread opportunities. The price spread between glass and soda ash 01 contracts was - 153, 05 contracts was - 110, and 09 contracts was - 229. It is advisable to wait and see regarding the glass - soda ash price spread [82][86][91]

Report Industry Investment Rating No relevant information provided Core Viewpoints - The potential reduction of 2.7 - 3.7 million tons of naphtha cracking capacity by South Korean petrochemical companies may have a greater impact on EB supply than BZ, as South Korean styrene accounts for 16% of overseas styrene capacity while South Korean cracked pure benzene accounts for only 3.5% of overseas total pure benzene capacity [3] - Pure benzene port inventory is slightly decreasing from a high level, but the absolute level remains high, and the port basis is waiting to strengthen further. Attention should be paid to the inventory pressure in the CPL - PA6 - nylon industry chain and the MDI inventory pressure in the aniline downstream. The performance of the downstream during the "Golden September and Silver October" period should be monitored [3] - Styrene port inventory is continuously accumulating due to high current operating rates. However, more EB maintenance is expected in September, which may lead to destocking but will also drag down pure benzene demand, so there is limited support for the unilateral price. Attention should be paid to the performance of the downstream during the "Golden September and Silver October" period [3] Summary by Directory 1. Basis Structure and Inter - period Spreads of Pure Benzene and EB - Pure benzene main contract basis: -101 yuan/ton (+15) [1] - Pure benzene spot - M2 paper cargo spread: -40 yuan/ton (-25 yuan/ton) [1] - Styrene main contract basis: 68 yuan/ton (+23 yuan/ton) [1] 2. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee: 159 dollars/ton (-6 dollars/ton); FOB South Korea processing fee: 143 dollars/ton (-5 dollars/ton); US - South Korea spread: 60.7 dollars/ton (+2.0 dollars/ton) [1] - Styrene non - integrated production profit: -278 yuan/ton (-3 yuan/ton), expected to gradually compress [1] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory: 13.80 million tons (-0.60 million tons); operating rate not mentioned [1] - Styrene East China port inventory: 179,000 tons (+17,500 tons); East China commercial inventory: 84,000 tons (+7,500 tons); operating rate: 78.5% (+0.4%) [1] 4. Operating Rates and Production Profits of Styrene Downstream - EPS production profit: 198 yuan/ton (+50 yuan/ton); operating rate: 60.98% (+2.90%) [2] - PS production profit: -102 yuan/ton (+20 yuan/ton); operating rate: 57.50% (+1.10%) [2] - ABS production profit: -220 yuan/ton (-77 yuan/ton); operating rate: 71.10% (+0.00%) [2] 5. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit: -1805 yuan/ton (+30); operating rate: 91.86% (-1.86%) [1] - Phenol - acetone production profit: -627 yuan/ton (+0); operating rate: 78.00% (+1.00%) [1] - Aniline production profit: -204 yuan/ton (-43); operating rate: 70.10% (-1.47%) [1] - Adipic acid production profit: -1250 yuan/ton (+27); operating rate: 65.50% (+3.80%) [1] Strategies - Unilateral: Hold a wait - and - see attitude towards both pure benzene and styrene [4] - Basis and inter - period: Hold a wait - and - see attitude [4] - Cross - variety: Expand the EB - BZ spread on dips in the short term, as the reduction of South Korean cracking capacity has a greater impact on EB than BZ [4]

2025-08-26，碳酸锂主力合约2511开于79260元/吨，收于79020元/吨，当日收盘价较昨日结算价变化-0.75%。当日 成交量为559599手，持仓量为349496手，前一交易日持仓量368667手，根据SMM现货报价，目前基差为2080元/ 吨（电碳均价-期货）。当日碳酸锂仓单26690手，较上个交易日变化1060手。 碳酸锂现货：根据SMM数据，电池级碳酸锂报价79400-84000元/吨，较前一交易日变化-800元/吨，工业级碳酸锂 报价78800-80000元/吨，较前一交易日变化-800元/吨。6%锂精矿价格920美元/吨，较前一日变化0美元/吨。据SMM 数据，碳酸锂现货价格持续下跌，下游采购及点价行为较昨日略有增多。但部分厂商因此前有大量采购行为，本 周采购量级较上周相比有所收窄。下游整体采购心态转向谨慎，普遍观望等待价格进一步下调。当前处于"金九银 十"传统旺季周期，下游需求仍存在一定刚性支撑。 新能源及有色金属日报 | 2025-08-27 采买意愿仍较强，短期下方仍有支撑 市场分析 根据最新统计周度数据，周度产量降低842吨至19138吨，以锂辉石生产产量增加，以云母生产产量 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年8月27日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘大幅反弹，价格站回20均线以上。产业链上，矿价继续维稳，镍铁价格稳中有升，成 本线坚挺。不锈钢库存有所回升，接下来要期待金九银十能否提振消费，去库存。新能源汽车产销数据 较好，但三元电池装车量同比下降，总体需求提振受限。中长线过剩格局不变。偏空 2、基差：现货121450，基差1080，偏多 3、库存：LME库存209148，-600，上交所仓单22086，-206，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2510：20均线上下震荡运行，下方成本线有支撑。 不锈钢 每日观点 1、基本面：现货不锈钢价格持平，短期镍矿 ...

1. Report Industry Investment Ratings - No investment ratings are provided in the reports. 2. Core Views of the Reports Polyester Industry - PX: Supply is expected to increase as maintenance devices restart, but demand may weaken. However, with the approaching peak season, the demand may strengthen. Short - term PX11 can be overweighted in the chemical sector, and the PX - SC spread can be widened [2]. - PTA: Supply is affected by planned outages due to low processing fees, but demand may pick up. It can be overweighted in the chemical sector, and TA1 - 5 may show a positive spread repair in the short - term [2]. - Ethylene Glycol: Domestic supply increases, port inventory is low, and demand is expected to improve. Short - term put option EG2601 - P - 4350 sellers can hold [2]. - Short - fiber: Supply increases as maintenance devices restart, and demand may improve with the approaching peak season, but the sustainability of downstream restocking is weak. PF10 can be overweighted in the chemical sector [2]. - Bottle - chip: In the peak consumption season, production cuts lead to inventory reduction, but the cost increase suppresses processing fees. PR is similar to PTA, and the main contract processing fee is expected to fluctuate between 350 - 500 yuan/ton [2]. Polyolefin Industry - PP: The price center moves down, and the weighted profit is compressed. The supply and demand both increase, achieving de - stocking. The LPO1 spread can be held [7]. - PE: The price is stable with a downward trend. High - maintenance continues until September, and the upstream shows de - stocking while the mid - stream accumulates inventory [7]. Methanol Industry - The valuation is neutral. The inland supply is high, but low inventory supports the price. The demand may improve as some MTO devices are expected to restart. The 01 contract may see a balance improvement after mid - September [9]. Chlor - alkali Industry - Caustic Soda: The spot price is expected to continue to rise steadily, but the short - term futures may face resistance. It is recommended to take profit on previous long positions [34]. - PVC: The cost - driven effect weakens, and the supply is expected to increase while the demand is weak. It is advisable to short at high prices [34]. Crude Oil Industry - The short - term oil price is affected by macro risks, geopolitical factors, and supply uncertainties. It is recommended to wait and see on the long - short side, and look for opportunities to widen the option spread after the volatility increases [38]. Urea Industry - The supply expands while the demand is weak, dragging down the price. Attention should be paid to the start time and intensity of autumn fertilizer preparation and the change in urea procurement by compound fertilizer enterprises [40]. Pure Benzene - Styrene Industry - Pure Benzene: The supply is sufficient, and the fundamental improvement is marginal. BZ2603 should follow the fluctuations of oil price and styrene [43]. - Styrene: The demand is expected to improve, but the high supply and inventory pressure prices. EB10 can be shorted in the short - term [43]. 3. Summaries According to Relevant Catalogs Polyester Industry Upstream Prices - Brent crude oil (October) decreased by 2.3% to $67.22/barrel, WTI crude oil (October) increased by 0.3% to $63.44/barrel, and CFR Japan naphtha increased by 1.2% to $600/ton [2]. Downstream Polyester Product Prices and Cash Flows - POY150/48 price decreased by 1.58% to $6845/ton, and its cash flow decreased by 32.2% [2]. PX - related Prices and Spreads - CFR China PX increased by 0.6% to $864/ton, and PX spot price (RMB) decreased by 0.5% [2]. PTA - related Prices and Spreads - PTA East China spot price increased by 0.4% to 4870 yuan/ton, and PTA spot processing fee decreased by 3.7% [2]. MEG - related Prices and Spreads - MEG East China spot price increased by 0.2% to 4553 yuan/ton, and MEG port inventory decreased by 4.7% [2]. Polyester Industry Chain Operating Rates - Asian PX operating rate decreased by 2.2% to 76.3%, and PTA operating rate increased by 4.4% to 76.0% [2]. Polyolefin Industry Prices - L2601 closed at 7402 yuan/ton, down 0.28%; PP2601 closed at 7046 yuan/ton, down 0.40% [7]. Operating Rates - PE device operating rate decreased by 6.5% to 78.7%, and PP device operating rate increased by 0.4% to 78.2% [7]. Inventories - PE enterprise inventory increased by 12.91% to 50.2 million tons, and PP enterprise inventory decreased by 2.59% to 57.2 million tons [7]. Methanol Industry Prices and Spreads - MA2601 closed at 2395 yuan/ton, down 1.2%; MA2509 closed at 2272 yuan/ton, down 1.56% [9]. Inventories - Methanol enterprise inventory decreased by 5.15% to 29.5573 million tons, and methanol port inventory increased by 5.3% to 107.6 million tons [9]. Operating Rates - Upstream domestic enterprise operating rate increased by 0.52% to 73.01%, and downstream MTO device operating rate remained unchanged at 76.92% [9]. Chlor - alkali Industry PVC and Caustic Soda Spot & Futures - Shandong 32% liquid caustic soda equivalent price remained unchanged at 2687.5 yuan/ton; V2509 decreased by 0.8% to 4854 yuan/ton [34]. Caustic Soda Overseas Quotes & Export Profits - FOB East China port decreased by 2.6% to $380/ton, and export profit decreased by 162.2% [34]. PVC Overseas Quotes & Export Profits - CFR Southeast Asia remained unchanged at $680/ton, and export profit decreased by 5.4% [34]. Supply and Demand - Caustic soda industry operating rate decreased by 1.4% to 86.1%, and PVC total operating rate decreased by 4.8% to 75.0% [34]. Crude Oil Industry Crude Oil Prices and Spreads - Brent decreased by 2.3% to $67.22/barrel, WTI increased by 0.3% to $63.44/barrel, and SC increased by 1.34% to 500.1 yuan/barrel [38]. Refined Oil Prices and Spreads - NYM RBOB increased by 0.73% to 213.77 cents/gallon, and ICE Gasoil decreased by 2.25% to $674.5/ton [38]. Refined Oil Cracking Spreads - US gasoline cracking spread decreased by 2.42% to $26.34/barrel, and European diesel cracking spread decreased by 5.07% to $26.9/barrel [38]. Urea Industry Futures Prices and Spreads - 01 contract decreased by 0.67% to 1777 yuan/ton, and 05 contract decreased by 0.46% to 1737 yuan/ton [40]. Upstream Raw Materials - Anthracite small pieces (Jincheng) remained unchanged at 900 yuan/ton, and动力煤坑口 (伊金霍洛旗) decreased by 1.94% to 505 yuan/ton [40]. Downstream Products - Melamine (Shandong) remained unchanged at 5225 yuan/ton, and compound fertilizer 45%S (Henan) remained unchanged at 2930 yuan/ton [40]. Supply and Demand - Domestic urea daily output decreased by 0.81% to 19.52 million tons, and urea production enterprise operating rate decreased by 0.81% to 84.33% [40]. Pure Benzene - Styrene Industry Upstream Prices and Spreads - Brent crude oil (October) decreased by 2.3% to $67.22/barrel, CFR China pure benzene decreased by 0.1% to $750/ton [43]. Styrene - related Prices and Spreads - Styrene East China spot price decreased by 1.2% to 7260 yuan/ton, and EB futures 2510 decreased by 1.0% to 7257 yuan/ton [43]. Pure Benzene and Styrene Downstream Cash Flows - Phenol cash flow decreased by 3.6% to - 544 yuan/ton, and PS cash flow decreased by 26.7% to - 150 yuan/ton [43]. Pure Benzene and Styrene Inventories - Pure benzene Jiangsu port inventory decreased by 4.2% to 13.8 million tons, and styrene Jiangsu port inventory increased by 10.8% to 17.9 million tons [43]. Pure Benzene and Styrene Industry Chain Operating Rates - Asian pure benzene operating rate increased by 2.9% to 77.9%, and domestic styrene operating rate increased by 0.4% to 78.2% [43].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - The market for various commodities shows different trends, with most facing short - term uncertainties and being influenced by factors such as supply - demand balance, cost changes, and policy - related factors. Overall, a cautious approach is recommended for most commodities, including waiting and watching or short - term trading [1][3][4]. 3. Summary by Commodity Manganese Silicon - The operating rate of 187 independent silicon - manganese enterprises reached 46.37%, with daily output at 30,170 tons, a new high in over a year. Cost support has weakened slightly, and demand is expected to decline during the parade. In the short term, the price decline is limited, but there is downward pressure in the medium - to - long term [1]. Crude Oil - US commercial crude, distillate, and gasoline inventories decreased. The key factor is OPEC+'s potential accelerated production increase. The market is currently in a short - term weak and volatile state due to the balance between production increase expectations and stable inventories [1]. Coking Coal - The fundamentals of coking coal have no significant change. Supply is constrained, and demand is under pressure in the short term. The market is in a state of mixed long and short factors, with the futures contract oscillating within a range [3]. Rebar - Steel prices turned from rising to falling. The initial price increase was due to environmental protection restrictions and rising coking futures, but weak demand limited the rebound. Short - term prices are expected to be weak and volatile [3]. Live Pigs - Pig prices continued to fall, but market resistance has emerged after continuous decline. It is recommended to hold short - term long positions, and farmers can choose to sell for hedging [4]. Palm Oil - Malaysian palm oil production decreased in August. The market is affected by the negative impact of the US biodiesel blending exemption policy. Domestic import profits are good, and the short - term market is volatile. It is advisable to wait and see [4]. Soybeans - Brazilian soybean, soybean meal, and corn export forecasts have decreased. The price of domestic soybeans is expected to remain weak and stable in the short term due to upcoming new - bean supply and limited demand [5]. PTA - PTA operating rate decreased due to maintenance. Polyester inventory decreased, and demand is expected to increase during the traditional peak season, but the sustainability is uncertain. It is advisable to wait and see [6]. Rubber - Rubber production in Thailand and other regions is affected by rain, and demand from the domestic tire industry is weak. The market is in a state of weak supply and demand, and it is recommended to wait and see or short - term trading [6]. Methanol - Domestic methanol production is at a high level, downstream demand is stable, and port inventory is accumulating. The 01 contract is expected to be volatile in the short term, and it is advisable to wait and see or short on rebounds [7]. Soda Ash - The price of soda ash is weak, production has increased slightly, and inventory has risen. The float glass market is stable, and downstream procurement is mainly for low - price needs. The 01 contract is expected to be volatile, and it is advisable to wait and see [8]. Polypropylene - Polypropylene production is stable, supply is abundant, and commercial inventory has decreased but remains high. The market price is volatile, and it is advisable to wait and see or go long on pullbacks [9].