Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the pure benzene market, there is significant short - term arrival pressure in China, leading to accelerated accumulation of port inventories. The most critical period for overseas gasoline has passed, but the price difference between the US and South Korea in the pure benzene market is still being repaired. Downstream提货 remains weak, and downstream operating rates are at a low level during the off - season. - In the styrene market, the port basis continues to be strong. Styrene maintains low - level operation, and port inventories continue to decline. Downstream operating rates show differentiation, with EPS operating rate rebounding slightly, ABS operating rate decreasing due to inventory pressure, and PS operating rate continuing to rise at the end of the year [3]. Summary by Relevant Catalogs 1. Pure Benzene and EB's Basis Structure, Inter - period Spread - Pure benzene: The main basis is - 142 yuan/ton (+48), and the spot - M2 spread is - 185 yuan/ton (+5 yuan/ton) [1]. - Styrene: The main basis is 204 yuan/ton (+73 yuan/ton) [1]. 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Pure benzene: CFR China processing fee is 115 dollars/ton (+0 dollars/ton), FOB South Korea processing fee is 113 dollars/ton (+3 dollars/ton), and the US - South Korea spread is 181.0 dollars/ton (+1.1 dollars/ton) [1]. - Styrene: Non - integrated production profit is - 19 yuan/ton (-4 yuan/ton), and it is expected to gradually compress [1]. 3. Inventories and Operating Rates of Pure Benzene and Styrene - Pure benzene: Port inventory is 26.00 million tons (+3.60 million tons), and the operating rate of downstream products shows different trends, with CPL operating rate dropping to the lowest level of the year, phenol operating rate rising, and aniline and adipic acid operating rates fluctuating within a range [1][3]. - Styrene: East China port inventory is 146,800 tons (-13,800 tons), East China commercial inventory is 87,800 tons (-8,600 tons), and the operating rate is 68.9% (+1.6%) [1]. 4. Operating Rates and Production Profits of Styrene's Downstream Products - EPS: Production profit is 38 yuan/ton (+20 yuan/ton), and the operating rate is 56.36% (+1.61%) [2]. - PS: Production profit is - 162 yuan/ton (+20 yuan/ton), and the operating rate is 59.00% (+1.40%) [2]. - ABS: Production profit is - 865 yuan/ton (-69 yuan/ton), and the operating rate is 68.30% (-2.90%) [2]. 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Caprolactam: Production profit is - 450 yuan/ton (+20), and the operating rate is 79.15% (-7.53%) [1]. - Phenol - acetone: Production profit is - 977 yuan/ton (+0), and the operating rate is 82.00% (+1.00%) [1]. - Aniline: Production profit is 848 yuan/ton (+95), and the operating rate is 77.23% (+0.04%) [1]. - Adipic acid: Production profit is - 1188 yuan/ton (+45), and the operating rate is 60.00% (+0.60%) [1]. Strategies - Unilateral: None. - Basis and Inter - period: Go for long - short spread trading on EB2601 - EB2602 when the price is low. - Cross - variety: Expand the spread of EB2601 - BZ2603 when the price is low [4].

1. Report Industry Investment Rating No relevant content provided in the document. 2. Core Viewpoints - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. Maintain a range strategy of buying low and selling high, but currently wait for signs of OPEC's export price - support willingness by observing export decline when prices fall [3]. - For methanol, after the bullish factors are realized, the market enters a short - term consolidation. With high import arrivals and potential port olefin plant maintenance, there is still pressure on the port. The overall supply is high, and the market is expected to consolidate at low levels. It is recommended to wait and see [4]. - For urea, the market is oscillating higher. The improvement in demand from reserves and compound fertilizer production, along with a seasonal decline in supply, has led to a better supply - demand situation. With export policy and cost support, it is expected to build a bottom in an oscillating manner. It is advisable to buy on dips [6]. - For rubber, adopt a neutral - to - bullish approach. Suggest short - term buying on pullbacks and quick entry and exit. Hold the hedging position of buying RU2601 and selling RU2609 [10]. - For PVC, the industry has a poor fundamental situation with strong supply and weak demand. Before substantial production cuts, it is advisable to adopt a short - selling strategy on rallies [13][15]. - For pure benzene and styrene, when the inventory reversal point appears, one can go long on non - integrated styrene profits as the non - integrated styrene profit is neutral - to - low and has room for upward valuation repair [18]. - For polyethylene, the long - term contradiction has shifted from cost - driven decline to production mismatch. It is advisable to short the LL1 - 5 spread on rallies [21]. - For polypropylene, in the context of weak supply and demand with high inventory pressure, wait for a change in the cost - side supply - oversupply pattern in the first quarter of next year, which may support the market [24]. - For PX, it is expected to have a slight inventory build - up in December. With a neutral valuation, pay attention to buying opportunities on dips [27]. - For PTA, with the stabilization and recovery of processing fees, unexpected maintenance is expected to decrease. Pay attention to buying opportunities on dips based on expectations [28]. - For ethylene glycol, the supply - demand outlook is weak in the medium - term. Although the current valuation is neutral - to - low, pay attention to the rebound risk due to an increase in unexpected maintenance [30]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: The main crude oil futures on INE closed down 10.30 yuan/barrel, a 2.26% decline, at 446.10 yuan/barrel. High - sulfur fuel oil futures fell 58.00 yuan/ton (2.34%) to 2418.00 yuan/ton, and low - sulfur fuel oil futures dropped 52.00 yuan/ton (1.70%) to 3014.00 yuan/ton. China's weekly crude oil data showed a 1.91 - million - barrel draw in arrival inventory to 205.87 million barrels, a 2.03 - million - barrel build in gasoline commercial inventory to 87.33 million barrels, a 1.13 - million - barrel draw in diesel commercial inventory to 90.57 million barrels, and a 0.90 - million - barrel build in total refined oil commercial inventory to 177.90 million barrels [2]. - **Strategy Viewpoint**: Maintain a range strategy of buying low and selling high. Currently, wait and see for signs of OPEC's export price - support willingness [3]. Methanol - **Market Information**: The Taicang price dropped by 7, the Lunan price remained stable, the Inner Mongolia price fell by 5, the 01 contract on the futures market dropped by 23 yuan to 2066 yuan/ton, and the basis was +7. The 1 - 5 spread was +11, reported at - 77 [3]. - **Strategy Viewpoint**: After the bullish factors are realized, the market enters a short - term consolidation. With high import arrivals and potential port olefin plant maintenance, there is pressure on the port. The overall supply is high, and the market is expected to consolidate at low levels. It is recommended to wait and see [4]. Urea - **Market Information**: The spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract dropped by 3 yuan to 1643 yuan, the basis was +37, and the 1 - 5 spread was - 4, reported at - 68 [6]. - **Strategy Viewpoint**: The market is oscillating higher. The improvement in demand from reserves and compound fertilizer production, along with a seasonal decline in supply, has led to a better supply - demand situation. With export policy and cost support, it is expected to build a bottom in an oscillating manner. It is advisable to buy on dips [6]. Rubber - **Market Information**: Rubber prices were weakly consolidating. The potential bullish factors include the conflict between Thailand and Cambodia and low inventory warrants on the exchange. The bulls are optimistic about the seasonal increase and demand expectations, while the bears are concerned about weak demand, uncertain macro - expectations, and the EUDR postponement. The tire factory operating rate was mixed, and the social inventory of natural rubber increased [9]. - **Strategy Viewpoint**: Adopt a neutral - to - bullish approach. Suggest short - term buying on pullbacks and quick entry and exit. Hold the hedging position of buying RU2601 and selling RU2609 [10]. PVC - **Market Information**: The PVC01 contract dropped by 64 yuan to 4367 yuan, the spot price of Changzhou SG - 5 was 4360 (- 40) yuan/ton, the basis was - 7 (+24) yuan/ton, and the 1 - 5 spread was - 287 (+8) yuan/ton. The overall operating rate was 79.9% (down 0.3%), with the calcium - carbide method at 82.7% (down 1%) and the ethylene method at 73.4% (up 1.1%). The downstream operating rate was 49.1% (down 0.5%), and both factory and social inventories increased [12]. - **Strategy Viewpoint**: The industry has a poor fundamental situation with strong supply and weak demand. Before substantial production cuts, it is advisable to adopt a short - selling strategy on rallies [13][15]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene and styrene both declined. The non - integrated styrene profit was - 225.25 yuan/ton (up 15.5 yuan/ton). The upstream operating rate was 67.29% (down 1.66%), and the Jiangsu port inventory increased by 1.59 million tons. The demand - side three - S weighted operating rate was 42.34% (up 0.10%), with mixed operating rates for PS, EPS, and ABS [17]. - **Strategy Viewpoint**: When the inventory reversal point appears, one can go long on non - integrated styrene profits as the non - integrated styrene profit is neutral - to - low and has room for upward valuation repair [18]. Polyethylene - **Market Information**: The main contract closed at 6557 yuan/ton (down 91 yuan/ton), the spot price was 6650 yuan/ton (down 50 yuan/ton), and the basis was 78 yuan/ton (strengthened by 41 yuan/ton). The upstream operating rate was 84.12% (down 0.05%). The production enterprise and trader inventories decreased, and the downstream average operating rate was 44.8% (up 0.11%). The LL1 - 5 spread was - 53 yuan/ton (widened by 9 yuan/ton) [20]. - **Strategy Viewpoint**: The long - term contradiction has shifted from cost - driven decline to production mismatch. It is advisable to short the LL1 - 5 spread on rallies [21]. Polypropylene - **Market Information**: The main contract closed at 6192 yuan/ton (down 74 yuan/ton), the spot price was 6270 yuan/ton (down 60 yuan/ton), and the basis was 69 yuan/ton (strengthened by 14 yuan/ton). The upstream operating rate was 77.97% (up 0.8%). The production enterprise, trader, and port inventories all decreased, and the downstream average operating rate was 53.7% (up 0.13%). The LL - PP spread was 365 yuan/ton (narrowed by 17 yuan/ton) [22][23]. - **Strategy Viewpoint**: In the context of weak supply and demand with high inventory pressure, wait for a change in the cost - side supply - oversupply pattern in the first quarter of next year, which may support the market [24]. PX - **Market Information**: The PX01 contract dropped by 62 yuan to 6780 yuan, the PX CFR price dropped by 9 dollars to 832 dollars, and the basis was 7 yuan (+26). The 1 - 3 spread was 0 yuan (+36). The Chinese and Asian operating rates both decreased slightly. Some overseas plants restarted, and some domestic PTA plants were under maintenance. The November PX exports from South Korea to China decreased year - on - year, and the inventory increased in October [26]. - **Strategy Viewpoint**: It is expected to have a slight inventory build - up in December. With a neutral valuation, pay attention to buying opportunities on dips [27]. PTA - **Market Information**: The PTA01 contract dropped by 50 yuan to 4644 yuan, the East China spot price dropped by 20 yuan to 4630 yuan, and the basis was - 26 yuan (+4). The 1 - 5 spread was - 64 yuan (+12). The PTA operating rate remained unchanged, with some domestic plant changes. The downstream operating rate increased slightly, but the terminal operating rate decreased. The social inventory decreased in November, and the processing fees increased [27]. - **Strategy Viewpoint**: With the stabilization and recovery of processing fees, unexpected maintenance is expected to decrease. Pay attention to buying opportunities on dips based on expectations [28]. Ethylene Glycol - **Market Information**: The EG01 contract dropped by 10 yuan to 3691 yuan, the East China spot price dropped by 45 yuan to 3654 yuan, and the basis was - 11 yuan (-2). The 1 - 5 spread was - 116 yuan (-8). The supply - side operating rate decreased slightly, with some plant restarts and shutdowns. The downstream operating rate increased slightly, but the terminal operating rate decreased. The import arrival forecast was 15.5 million tons, and the port inventory increased by 6.6 million tons [29]. - **Strategy Viewpoint**: The supply - demand outlook is weak in the medium - term. Although the current valuation is neutral - to - low, pay attention to the rebound risk due to an increase in unexpected maintenance [30].

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views of the Reports Crude Oil - Monday saw a decline in international crude oil prices due to factors such as the resumption of normal operations in some Iraqi oil fields, the continuous production - increase plan of OPEC+, high - level US crude oil production, and an increase in crude oil inventory. However, the ongoing Russia - Ukraine peace talks and the expected Fed rate cut next week are likely to support prices. Short - term Brent crude is expected to trade between $60 - 65 per barrel [1]. Natural Rubber - On the supply side, the continuous decline in Thai raw material prices, the expected increase in overseas supply, the weakening of upstream cost support, and the seasonal increase in overseas shipments have led to a continuous build - up of natural rubber inventory, suppressing spot prices. On the demand side, although tire production is gradually recovering, the overall output increase is limited, and the market is mainly focused on inventory digestion. Short - term rubber prices are expected to be weak and volatile [3]. Methanol - Methanol futures fluctuated narrowly. Spot was purchased on - demand, and the basis was firm. Inland supply increased with plant restarts, but coal - and gas - based production profits were weak. Traditional downstream demand increased slightly, and winter fuel demand provided support. In ports, Iranian gas restrictions led to multiple plant shutdowns, strengthening the expectation of inventory reduction, but high overseas shipments and a large number of registered warrants kept prices weak. Attention should be paid to MTO05 [6][7]. LLDPE and PP - The operating load of polyethylene is gradually increasing, and supply is on the rise. Although upstream inventory is being depleted, it is still higher than the same period last year, and the profit from naphtha cracking is low. The supply of polypropylene is expected to increase after maintenance, and inventory depletion is accelerating, but the overall inventory level is still high. The cost of propylene is strong, compressing the profit of PP production processes. Overall, the fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [11]. Pure Benzene and Styrene - For pure benzene, domestic supply is expected to remain stable, downstream cash flow has improved slightly, but demand support is limited. There will be a large number of imports arriving at ports, and port inventory is expected to continue to build up. The short - term price driver is weak, and it may follow oil prices and styrene fluctuations. For styrene, although planned and unplanned maintenance is expected to increase, the overall operating rate may rise slightly, and port inventory may continue to decline. However, due to weak cost support and seasonal weakening of terminal demand, the upside space is limited [14]. Urea - Supply pressure is continuously released as the daily production on December 8 reached a recent high. Demand is in the off - season, and downstream procurement willingness is weak. Although the inventory depletion rate of enterprises has accelerated, the overall inventory level is still high. The mismatch between supply and demand is the main reason for price decline, and short - term prices are expected to be weak and volatile [15]. Polyester Industry Chain - For PX, short - term supply is less affected, but there is an expected supply contraction in the medium - term. Demand is relatively strong, and short - term price drivers are limited, but medium - term support is strong. PTA supply is expected to decrease in November - December, and demand is relatively strong, with short - term price support. Ethylene glycol is expected to continue to decline due to high overseas supply and inventory build - up. Short - fiber supply remains high, and demand is seasonally weak, with limited price drivers. Polyester bottle - chip supply is expected to increase in December, and demand is weak, with processing fees expected to be squeezed [16]. LPG - The data shows price fluctuations in LPG futures and spot markets, as well as changes in inventory and operating rates. Overall, the market is in a state of adjustment, and attention should be paid to changes in supply and demand and international market prices [17]. Glass and Soda Ash - Soda ash production is at a high level, and it is expected to return to the inventory - build - up pattern this week. Downstream demand is shrinking, and the supply - demand pattern is bearish. Glass prices in some regions are weakening, and although there is still some short - term demand support, the medium - and long - term demand outlook is not optimistic [19]. PVC and Caustic Soda - Caustic soda industry supply is abundant, demand is weak, and prices are expected to be weak. PVC supply pressure remains high, demand is low, and although there is some export advantage, overall supply exceeds demand, and prices are expected to be weak [20]. 3. Summaries According to Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent crude fell from $63.75 to $62.49 per barrel (-1.98%), WTI from $60.08 to $58.88 per barrel (-2.00%), and SC rose from 453.40 to 456.40 yuan/ton (0.66%). Various spreads also showed different degrees of change [1]. - **Refined Oil**: Prices of NYM RBOB, NYM ULSD, and ICE Gasoil all declined, and their spreads also changed [1]. - **Refined Oil Crack Spreads**: Crack spreads of various refined oil products in different regions decreased [1]. Natural Rubber - **Spot Prices and Basis**: The price of Yunnan Guofu new - type rubber increased slightly, while the price of Thai standard mixed rubber decreased. The basis of whole - milk rubber increased [3]. - **Monthly Spreads**: The 9 - 1 spread increased significantly, while the 1 - 5 and 5 - 9 spreads decreased [3]. - **Fundamentals**: In October, production in Thailand, Indonesia, and China decreased, while production in India increased. Tire production and export decreased, and inventory increased [3]. Methanol - **Prices and Spreads**: Futures and spot prices showed small fluctuations, and various spreads also changed [6]. - **Inventory**: Methanol enterprise, port, and social inventories all decreased [6]. - **Operating Rates**: Upstream domestic enterprise operating rates increased slightly, while some downstream operating rates changed [7]. LLDPE and PP - **Prices and Spreads**: Futures and spot prices of LLDPE and PP decreased slightly, and various spreads changed [11]. - **Operating Rates and Inventory**: PE and PP operating rates showed different trends, and enterprise and social inventories decreased [11]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Crude oil, naphtha, and other upstream prices changed, and spreads between products also changed [14]. - **Styrene - Related Prices and Spreads**: Styrene prices and spreads showed different degrees of change [14]. - **Inventory and Operating Rates**: Pure benzene and styrene inventories and operating rates in different regions changed [14]. Urea - **Futures Prices and Spreads**: Futures prices and spreads changed [15]. - **Supply and Demand**: Supply increased, demand was weak, and inventory was at a high level [15]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream crude oil, naphtha, and other prices changed, and downstream polyester product prices and cash flows also changed [16]. - **PX, PTA, and MEG**: Prices, spreads, inventory, and operating rates of PX, PTA, and MEG all changed [16]. LPG - **Prices and Spreads**: Futures and spot prices of LPG changed, and various spreads also changed [17]. - **External Market Prices**: LPG external market prices increased slightly [17]. - **Inventory and Operating Rates**: LPG inventory decreased, and upstream and downstream operating rates changed [17]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices and spreads changed [19]. - **Supply, Inventory, and Real - Estate Data**: Supply, inventory, and real - estate data showed different trends [19]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices and spreads changed [20]. - **Supply, Demand, and Inventory**: Supply, demand, and inventory of PVC and caustic soda showed different trends [20].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Pure benzene: Overseas gasoline supply is gradually recovering, leading to high short - term arrival pressure of pure benzene and a faster accumulation rate of port inventory. Domestic cracking load is low, and pure benzene production has declined. Downstream production is in the off - season and has further decreased, with styrene maintaining low - load maintenance, CPL production dropping to the lowest level of the year, phenol production rising, and aniline and adipic acid production fluctuating within a range [2] - Styrene: Styrene is still in the low - production maintenance stage, and the restart plan has been postponed. The port basis has strengthened slightly again, and factory inventory has declined again, but port inventory has not continued to be destocked, and there is still arrival pressure. Downstream enterprise procurement has driven the basis to strengthen. The downstream production shows differentiation. EPS production has a slight rebound in the off - season, but there is still inventory pressure; ABS production has decreased due to continuous finished - product inventory pressure; PS production has continued to rise since the end of the year as the finished - product inventory pressure has been alleviated [2] 3. Summary According to Relevant Catalogs 3.1 Pure Benzene and EB's Basis Structure, Inter - period Spread - The report presents figures related to the basis of pure benzene and EB, including the pure benzene main contract basis, pure benzene spot - M2 paper cargo spread, pure benzene continuous first - contract to continuous third - contract spread, EB main contract basis, and EB continuous first - contract to continuous third - contract spread [7][12][16] 3.2 Pure Benzene and Styrene Production Profits, Domestic and Foreign Spreads - Figures cover various aspects such as naphtha processing fees, pure benzene FOB South Korea - naphtha CFR Japan spread, styrene non - integrated device production profit, pure benzene FOB US Gulf - FOB South Korea spread, pure benzene FOB US Gulf - CFR China spread, pure benzene FOB Rotterdam - CFR China spread, pure benzene import profit, and styrene import profit [19][21][29] 3.3 Pure Benzene and Styrene Inventory, Production Rate - For pure benzene, it shows the inventory in East China ports and the production rate. For styrene, it includes the inventory in East China ports, East China commercial inventory, factory inventory, and the production rate [35][40][41] 3.4 Styrene Downstream Production and Production Profits - Covers the production rates and production profits of EPS, PS, and ABS [46][47][51] 3.5 Pure Benzene Downstream Production and Production Profits - Includes the production rates and production profits of caprolactam, phenol - ketone, aniline, adipic acid, and other downstream products, as well as the production profits of related products such as PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI [55][62][70] 4. Strategies - Unilateral: No strategy [3] - Basis and inter - period: Consider a positive inter - period spread arbitrage for EB2601 - EB2602 when the price is low [3] - Cross - variety: Consider widening the spread for EB2601 - BZ2603 when the price is low [3]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The PG futures price declined. The basis was -43 (-57), and the spread between January and February contracts was 109 (-19). Domestic civil LPG prices decreased, the spread between propane and civil LPG narrowed, and the number of warehouse receipts was 4561 (-54). [1] - The prices of overseas paper goods decreased, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small. The domestic - overseas PG - CP spread was 126 (-2); PG - FEI was 114 (+3). The discounts for East China arrival, North America, and AFEI departure remained flat, the Middle East supply was tight with a discount of 35 US dollars (+13). Freight rates decreased slightly. [1] - The FEI - MOPJ spread narrowed to -55 (+11). The profit of propylene production from PDH in Shandong slightly recovered, the alkylation unit slightly improved but was still poor, the MTBE production profit fluctuated, and the export profit was still good. [1] - The arrival volume increased, the external release decreased, factory inventories slightly increased, and port inventories increased. The PDH operating rate was 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan was expected to restart next week. [1] - Overall, the domestic chemical sector was relatively strong, and civil demand increased, but the arrival volume was expected to be high in December; the Middle East supply was tight, but the market may tend to wait and see as the CP official price was approaching. Attention should also be paid to the weather and oil prices. [1] 3) Summary According to Related Data Daily Changes - On Thursday, for civil LPG, the price in East China was 4411 (+0), in Shandong was 4480 (+0), and in South China was 4530 (+0). The price of ether - after carbon four was 4460 (-20). The lowest delivery location was East China, with a basis of 101 (-21), and the spread between January and February contracts was 79 (-17). [1] - As of 15:00, FEI was 517 (+10) and CP was 502 (+3) US dollars per ton. [1] Weekly View - The PG futures price declined, the domestic civil LPG price decreased, the difference between propane and civil LPG narrowed, and the number of warehouse receipts decreased. [1] - Overseas paper goods prices declined, the monthly spread strengthened, the change in the oil - gas price ratio between North Asia and North America was small, and the domestic - overseas spreads changed. The discounts and freight rates had corresponding changes. [1] - The profit of some chemical production units changed, the arrival volume increased, the external release decreased, inventories increased, and the PDH operating rate decreased. [1] - The domestic chemical sector was relatively strong, civil demand increased, but the arrival volume was expected to be high in December, and the market may wait and see as the CP official price was approaching. Attention should be paid to the weather and oil prices. [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Overseas gasoline supply is gradually recovering, leading to significant short - term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low load, and CPL operation is further declining at a low level. Although the operations of phenol, aniline, and adipic acid have slightly increased, terminal demand is still weak [3]. - The port basis of styrene continues to strengthen slightly, but the port inventory does not continue to decline, and there is still arrival pressure. The procurement by downstream enterprises drives the basis to strengthen. Attention should be paid to their enthusiasm for holding goods during the off - season. Styrene is still in the low - operation stage of maintenance, and the resumption plan is postponed. However, the downstream operation during the off - season is still low. The operation of EPS with obvious seasonality continues to decline, the operation of PS rebounds but there is still inventory pressure, and the finished - product inventory of ABS still has pressure while the operation remains at a low level [3]. 3. Summary of Each Directory I. Basis Structure and Inter - period Spread of Pure Benzene and EB - Pure benzene: The main basis of pure benzene is - 116 yuan/ton (+3), and the spread between East China pure benzene spot and M2 is - 155 yuan/ton (- 15 yuan/ton) [1]. - Styrene: The main basis of styrene is 115 yuan/ton (+64 yuan/ton) [1]. II. Production Profit and Domestic - Foreign Spread of Pure Benzene and Styrene - Pure benzene: The processing fee of pure benzene CFR China is 102 dollars/ton (+0 dollars/ton), the processing fee of pure benzene FOB South Korea is 92 dollars/ton (+0 dollars/ton), and the price difference between the US and South Korea is 184.9 dollars/ton (+15.1 dollars/ton). The production profit of downstream products varies, such as - 550 yuan/ton (+85) for caprolactam, - 827 yuan/ton (- 225) for phenol - acetone, 753 yuan/ton (+254) for aniline, and - 1218 yuan/ton (+34) for adipic acid [1]. - Styrene: The non - integrated production profit of styrene is - 67 yuan/ton (+94 yuan/ton), and it is expected to gradually compress. The import profit and other relevant spreads are presented in the report [1][34]. III. Inventory and Operating Rate of Pure Benzene and Styrene - Pure benzene: The port inventory of pure benzene is 22.40 tons (+6.00 tons), and the operating rate of downstream products shows different changes, with the caprolactam operating rate at 86.68% (- 1.54%), the phenol operating rate at 81.00% (+2.00%), the aniline operating rate at 77.19% (+1.51%), and the adipic acid operating rate at 59.40% (+3.90%) [1]. - Styrene: The East China port inventory of styrene is 160,600 tons (- 3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (- 1.7%) [1]. IV. Operating Rate and Production Profit of Styrene Downstream Products - EPS: The production profit is 17 yuan/ton (+16 yuan/ton), and the operating rate is 54.75% (- 1.52%) [2]. - PS: The production profit is - 83 yuan/ton (+16 yuan/ton), and the operating rate is 57.60% (+1.70%) [2]. - ABS: The production profit is - 644 yuan/ton (- 44 yuan/ton), and the operating rate is 71.20% (- 1.20%) [2]. V. Operating Rate and Production Profit of Pure Benzene Downstream Products The production profit and operating rate data of caprolactam, phenol - acetone, aniline, and adipic acid are as mentioned above in the production profit and inventory and operating rate parts [1]. Strategy - Unilateral: None. - Basis and Inter - period: Conduct long inter - period spread trading for EB2601 - EB2602 at low prices. - Cross - variety: Expand the spread of EB2601 - BZ2603 at low prices [4].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The PG futures price has declined, with a decrease in the basis and a change in the 01 - 02 spread. Domestic civil gas prices have fallen, and the cheapest deliverable is East China civil gas with a shrinking propane - civil gas price difference. Warehouse receipts have decreased. The overseas paper - cargo prices have dropped, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little. The PG - CP and PG - FEI spreads have changed. The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods has increased. Freight rates have slightly declined. The FEI - MOPJ spread has narrowed. The profit of Shandong PDH to produce propylene has slightly recovered, and the alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. The PDH operating rate has decreased, and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1] 3. Summary by Relevant Content 3.1 Daily Price Changes - On Wednesday, for civil gas, the price in East China was 4411 (+35), in Shandong was 4480 (+10), and in South China was 4530 (+0). The price of ether - after carbon four was 4480 (-20). The lowest - delivery area was East China, with a basis of 129 (+65) and a 01 - 02 spread of 91 (+4). As of 21:00, FEI was 509 (-1) and CP was 500 (+0) dollars/ton [1] 3.2 Weekly Price and Market Conditions - The PG futures price has decreased, with a basis of - 43 (-57) and a 01 - 02 spread of 109 (-19). Domestic civil gas prices have dropped, and the cheapest deliverable is East China civil gas at 4315 (-49), with a shrinking propane - civil gas price difference. Warehouse receipts are 4561 hands (-54). Overseas paper - cargo prices have declined, and the spread has strengthened. The price ratio between North Asian and North American oil and gas has changed little, and the PG - CP has reached 126 (-2); the PG - FEI has reached 114 (+3). The premiums and discounts for East China arrival, North American and AFEI departure have remained flat, while the premium for Middle Eastern goods is 35 dollars (+13). Freight rates have slightly decreased. The FEI - MOPJ spread has narrowed to - 55 (+11) [1] 3.3 Profit and Operating Rate - The profit of Shandong PDH to produce propylene has slightly recovered. The alkylation unit has slightly improved but is still poor. The MTBE production profit has fluctuated, and the export profit is still good. The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] 3.4 Inventory and Market Outlook - There is an increase in arrivals, a decrease in external sales, a slight accumulation of factory inventories, and an accumulation of port inventories. Overall, domestic chemical demand is relatively strong, and civil demand has increased, but there are expected to be more arrivals in December. Middle Eastern supplies are tight, but the market may be more inclined to wait and see as the CP official price announcement approaches. Additionally, weather and oil prices need to be monitored [1]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Overseas gasoline supply is gradually recovering, leading to significant short-term arrival pressure on pure benzene, with an accelerated accumulation rate of port inventory. Downstream operations remain at a low level during the off - season. Styrene is under maintenance with low - load operations, CPL operations decline from a low level, and the operations of phenol, aniline, and adipic acid increase slightly, but terminal demand is still weak [3] - The port basis of styrene has strengthened again. Although the port inventory did not continue to decrease, there is still arrival pressure. However, downstream enterprises have made speculative purchases, and their persistence needs attention. Styrene is still in a low - operation stage during maintenance, and the resumption plan has been postponed. During the off - season, downstream operations remain at a low level. The operations of EPS, which is seasonally obvious, continue to decline, the operations of PS rebound but there is still inventory pressure, and the finished - product inventory pressure of ABS remains high while the operations are maintained at a low level [3] 3. Summary According to the Directory I. Basis Structure and Inter - period Spreads of Pure Benzene and EB - Pure benzene: The main basis is - 119 yuan/ton (+16), the spot - M2 spread is - 140 yuan/ton (+10), and the spread between the first - and third - consecutive contracts is not given in specific data. Relevant figures include the main basis and futures price, main contract basis, spot - M2 paper cargo spread, and the spread between the first - and third - consecutive contracts [1][8][13] - Styrene: The main basis is 51 yuan/ton (+0), and the spread between the first - and third - consecutive contracts is not given in specific data. Relevant figures include the main contract trend and basis, main contract basis, and the spread between the first - and third - consecutive contracts [1][16][17] II. Production Profits and Domestic - foreign Spreads of Pure Benzene and Styrene - Pure benzene: The CFR China processing fee is 102 dollars/ton (+4), the FOB Korea processing fee is 92 dollars/ton (+6), the US - Korea spread is 169.8 dollars/ton (-1), and there are also data on import profits. Relevant figures include naphtha processing fee, FOB Korea - CFR Japan spread, FOB US Gulf - FOB Korea spread, FOB US Gulf - CFR China spread, FOB Rotterdam - CFR China spread, and import profit [1][20][23] - Styrene: The non - integrated production profit is - 161 yuan/ton (+2), and the expected profit is gradually shrinking. There are also data on import profits. Relevant figures include non - integrated device production profit, FOB US Gulf - CFR China spread, FOB Rotterdam - CFR China spread, and import profit [1][23][33] III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene: The port inventory is 22.40 tons (+6.00 tons), and the operating rate is not given in specific change data. Relevant figures include East China port inventory and operating rate [1][37] - Styrene: The East China port inventory is 160,600 tons (-3,600 tons), the East China commercial inventory is 96,400 tons (+2,200 tons), and the operating rate is 67.3% (-1.7%). Relevant figures include East China port inventory, operating rate, East China commercial inventory, and factory inventory [1][39][42] IV. Operating Rates and Production Profits of Styrene Downstream - EPS: The production profit is 1 yuan/ton (-15), and the operating rate is 54.75% (-1.52%) [2][48] - PS: The production profit is - 99 yuan/ton (-15), and the operating rate is 57.60% (+1.70%) [2][50] - ABS: The production profit is - 600 yuan/ton (-48), and the operating rate is 71.20% (-1.20%) [2][54] V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam: The production profit is - 635 yuan/ton (-15), and the operating rate is 86.68% (-1.54%) [1][57] - Phenol - ketone: The production profit is - 602 yuan/ton (+0), and relevant figures show the operating rate and production profit [1][57] - Aniline: The production profit is 753 yuan/ton (+254), and the operating rate is 77.19% (+1.51%) [1][64] - Adipic acid: The production profit is - 1252 yuan/ton (+12), and the operating rate is 59.40% (+3.90%) [1][64]

Group 1: Report Information - The reports cover multiple industries including polyolefin, methanol, crude oil, natural rubber, urea, benzene - styrene, glass - soda ash, PVC - caustic soda, and polyester产业链 on December 3, 2025 [1][5][9][10][12][13][14][15][16] Group 2: Industry Price and Spread Changes Polyolefin - Futures prices of L2601, L2605, PP2601, and PP2605 increased on December 2 compared to December 1, with L2601 rising 0.41% to 6831 yuan/ton and PP2601 rising 0.20% to 6410 yuan/ton [2] - Price differences such as L15, LP01, etc. also had corresponding changes, with L15 rising 8.33% [2] Methanol - MA2601 decreased 0.19% to 2132 yuan/ton on December 2 compared to December 1, while MA2605 remained unchanged [5] - Methanol enterprise inventory increased 4.19% to 37.3712%, and methanol port inventory decreased 7.83% to 136.4 million tons [5] Crude Oil - Brent decreased 1.14% to 62.45 dollars/barrel, and WTI decreased 1.15% to 58.64 dollars/barrel on December 2 compared to December 1 [9] Natural Rubber - Yunnan state - owned whole latex (SCRWF) in Shanghai increased 0.34% to 14850 yuan/ton on December 2 compared to December 1 [10] - The basis of whole latex decreased 13.33% to - 510 yuan/ton [10] Urea - Futures prices of different contracts had slight increases or decreases, with the 01 contract increasing 0.72% to 1687 yuan/ton [12] - The difference between the 01 and 05 contracts changed, with an increase of 4 in the difference [12] Benzene - Styrene - Brent crude oil (January) decreased 1.1% to 62.45 dollars/barrel on December 2 compared to December 1, and styrene in East China increased 0.9% to 6680 yuan/ton [13] Glass - Soda Ash - Glass in North China decreased 0.92% to 1080 yuan/ton, and soda ash in North China remained unchanged at 1300 yuan/ton [14] PVC - Caustic Soda - East China calcium carbide - based PVC increased 0.4% to 4510 yuan/ton on December 2 compared to December 1 [15] Polyester Industry Chain - Brent crude oil (February) decreased 1.1% to 62.45 dollars/barrel, and POY150/48 price increased 0.4% to 6485 yuan/ton on December 2 compared to December 1 [16] Group 3: Industry Supply and Demand and Inventory Polyolefin - Polypropylene supply maintenance due to high - level overhauls is expected to recover, and inventory reduction is accelerating but still higher than previous years; polyethylene supply is increasing, and although upstream inventory is decreasing, it is still higher year - on - year [2] Methanol - Inland methanol supply increased with device restarts, and coal - and gas - based profits were weak; port imports are expected to decline significantly in Q1 due to Iranian gas restrictions [5][6] Crude Oil - Under the pressure of OPEC+ continuous production increase and the record - high US crude oil production, the crude oil supply - demand pattern is weak, and inventories of crude oil and refined oil increased according to API data [9] Natural Rubber - Supply is expected to increase during the seasonal peak production period, and inventory is accumulating, while demand from semi - steel and full - steel tire markets is weak [10] Urea - Domestic urea daily production increased 1.19% to 20.34 million tons on November 27 compared to November 28, and urea plant inventory decreased 5.10% to 136.39 million tons [12] Benzene - Styrene - Pure benzene supply is sufficient with device restarts and expected imports, and demand support is limited; styrene supply is expected to be stable, and demand support is also limited, but the inventory accumulation expectation is not obvious in December [13] Glass - Soda Ash - Soda ash production decreased due to device overhauls but recently recovered, and glass factory inventory decreased slightly; real - estate data shows mixed trends with new construction area decreasing and completion area increasing [14] PVC - Caustic Soda - Caustic soda supply is abundant, and demand support is weak; PVC supply pressure remains, and demand is in the off - season, but export orders are relatively good [15] Polyester Industry Chain - PX supply is expected to be better in the medium - term, and PTA supply decreased more than expected, while demand support is stronger than expected; MEG inventory accumulation in December is expected to narrow, but supply pressure remains [16] Group 4: Industry Core Views and Strategies Polyolefin - The fundamentals show a pattern of increasing supply and weak demand, with cost support and inventory pressure coexisting [2] Methanol - Inland supply increases, and port imports are expected to decline, with winter fuel demand providing support [6] Crude Oil - International oil prices are expected to continue range - bound, with Brent likely to fluctuate between 60 - 65 dollars/barrel in the short - term [9] Natural Rubber - The market is expected to maintain range - bound consolidation, with rubber prices expected to operate between 15000 - 15500 yuan/ton [10] Urea - No specific overall view and strategy are clearly stated in the provided text [12] Benzene - Styrene - For pure benzene, short - term BZ2603 is recommended to be short on rebounds; for styrene, short - term EB01 is recommended to be treated as wide - range fluctuations [13] Glass - Soda Ash - Soda ash is expected to be in a bottom - range fluctuation, and glass is expected to face pressure in the medium - and long - term, with the 01 contract having pressure in December [14] PVC - Caustic Soda - Caustic soda prices are expected to be weak, and PVC is expected to continue the bottom - weakening pattern [15] Polyester Industry Chain - PX is recommended to pay attention to the pressure around 7000 yuan/ton in the short - term; PTA is expected to be in a high - level range - bound in the short - term; MEG is expected to be in a range - bound in December; short - fiber follows raw material fluctuations, and processing fees are recommended to be shorted on highs; bottle - chip processing fees are expected to be squeezed [16]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - PG futures prices have declined The basis is -43 (-57), and the spread between January and February contracts is 109 (-19) Domestic LPG prices for civil use have decreased The cheapest deliverable is the civil - use LPG in East China at 4315 (-49), and the price difference between propane and civil - use LPG has narrowed The number of warehouse receipts is 4561 (-54) [1] - The paper prices in the overseas market have decreased, while the spread between contracts has strengthened The ratio of oil and gas prices in North Asia and North America has changed little The spread between domestic PG and CP has reached 126 (-2); the spread between PG and FEI has reached 114 (+3) The discounts for East China's arrival, North America's and AFEI's departure have remained stable The supply of Middle - Eastern goods is tight, with a discount of 35 USD (+13) Freight rates have slightly decreased The spread between FEI and MOPJ has narrowed to -55 (+11) [1] - The profit of propylene production from PDH in Shandong has slightly recovered The profit of alkylation units has slightly improved but remains poor The profit of MTBE production has fluctuated, and the export profit is still good The arrival volume has increased, the external release has decreased, the factory inventory has slightly accumulated, and the port inventory has increased The PDH operating rate is 69.64% (-2.1), and the second - phase PDH of Dongguan Juzhengyuan is expected to restart next week [1] - Overall, the chemical industry in China is relatively strong, and the civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, but the market may tend to wait and see as the CP official price announcement approaches Attention should also be paid to weather and oil price conditions [1] Group 3: Summaries According to Relevant Catalogs Daily Changes - On Friday, for civil - use LPG, the price in East China is 4323 (+13), in Shandong is 4460 (+10), and in South China is 4360 (+25) The price of ether - post - carbon - four is 4490 (+10) The lowest delivery location is East China, with a basis of -43 (-57), and the spread between January and February contracts is 109 (-19) FEI is 537 (+10) USD/ton The official CP prices for December have been released, with propane and butane at 495/485 (+20/+25) [1] Weekly Views - The PG futures prices have declined, with a decrease in the basis and the spread between January and February contracts The domestic civil - use LPG prices have dropped, the cheapest deliverable has decreased in price, and the propane - civil LPG price difference has shrunk The number of warehouse receipts has decreased [1] - Overseas paper prices have fallen, contract spreads have strengthened, and the oil - gas price ratio in North Asia and North America has changed little The spreads of domestic PG - CP and PG - FEI have changed, and the discounts in different regions have different trends The freight rates have slightly decreased, and the FEI - MOPJ spread has narrowed [1] - The profits of some chemical production processes have shown different trends, with the arrival volume increasing, external release decreasing, and inventory accumulating in factories and ports The PDH operating rate has decreased, and a PDH unit is expected to restart next week [1] - The domestic chemical industry is relatively stable, civil demand has increased, but more arrivals are expected in December The Middle - Eastern supply is tight, and the market may wait and see before the CP official price announcement Attention should also be paid to weather and oil prices [1]