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].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - In October, domestic pure benzene supply is expected to increase. The impact of maintenance of petroleum benzene plants is expected to decline, and the operating load of North China hydrobenzene plants has gradually recovered to a neutral level after the end of production restrictions in early September, with stable operation expected in the future. New plants for downstream styrene, caprolactam, and phenol are planned to be put into operation, with the converted production capacity higher than that of pure benzene, indicating a medium - to long - term improvement in supply - demand trends. However, large - scale styrene plants are still in the maintenance cycle, limiting the growth space of pure benzene demand. Recently, international oil prices have fallen and rebounded due to factors such as OPEC's slight increase in production, concerns about economic growth caused by the U.S. government shutdown, and the intensification of the Russia - Ukraine conflict. In the short term, the domestic pure benzene supply - demand situation is difficult to improve. Technically, BZ2603 has broken below the lower Bollinger Band, and the MACD green bar has widened, but the single - day K - line has a long lower shadow. Pay attention to the support near 5682 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the pure benzene futures main contract is 5763 yuan/ton, down 37 yuan; the settlement price is 5732 yuan/ton, down 69 yuan. The trading volume is 5189 lots, down 394 lots; the open interest is 12994 lots, up 615 lots. The mainstream price in the East China market is 5860 yuan/ton, down 20 yuan; the mainstream price in the North China market is 5870 yuan/ton, unchanged; the mainstream price in the Northeast region is 5700 yuan/ton, down 102 yuan [2]. Spot Market - The mainstream price of hydrobenzene in Jiangsu is 5825 yuan/ton, down 100 yuan; the mainstream price in Shanxi is 5740 yuan/ton, unchanged. The FOB intermediate price of pure benzene in South Korea is 699 US dollars/ton, up 5 US dollars; the CFR intermediate price of pure benzene in China is 709.5 US dollars/ton, up 2 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil is 68.38 US dollars/barrel, up 1.05 US dollars; the CFR intermediate price of naphtha in Japan is 583.75 US dollars/ton, down 1.5 US dollars [2]. Industry Situation - The capacity utilization rate of pure benzene is 78.14%, up 0.13 percentage points; the weekly output is 45.7 tons, up 0.16 tons. The port inventory at the end of the week is 10.6 tons, down 0.1 tons. The production cost is 5327.8 yuan/ton, down 118.2 yuan/ton, and the production profit is 737 yuan/ton, up 76 yuan/ton [2]. Downstream Situation - The total styrene operating rate is 73.24%, down 0.2 percentage points; the caprolactam capacity utilization rate is 95.72%, up 6.41 percentage points; the phenol capacity utilization rate is 78.54%, down 0.46 percentage points; the aniline capacity utilization rate is 69.24%, down 0.1 percentage points; the adipic acid capacity utilization rate is 64.3%, up 2 percentage points [2]. Industry News - From September 19th to 25th, the pure benzene capacity utilization rate increased by 1.22% to 79.27% week - on - week, and the hydrobenzene capacity utilization rate increased by 4.05% to 63.99% week - on - week. The weighted operating rate of pure benzene downstream decreased by 1.24% to 76.37% week - on - week. As of October 9th, the total commercial inventory of pure benzene in Jiangsu port samples was 9.1 tons, a week - on - week decrease of 33.7%. From September 19th to 25th, the profit of petroleum benzene was 419 yuan/ton, a week - on - week decrease of 6 yuan/ton [2].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - The demand for both PE and PP remains weak, which continues to limit their upward potential and is still constrained by supply - side pressure. The recovery of demand is slow, and the cost support is insufficient. For PE, the supply is increasing, and the demand realization rate is slow; for PP, the supply pressure is large, and the profit at a low level restricts its downward space [3]. Summary by Relevant Catalogs Market News and Important Data - **Price and Basis**: L main - contract closed at 7,169 yuan/ton (+27), PP main - contract at 6,898 yuan/ton (+21). LL North China spot was 7,130 yuan/ton (+50), LL East China spot 7,140 yuan/ton (+30), PP East China spot 6,750 yuan/ton (+20). LL North China basis was - 39 yuan/ton (+23), LL East China basis - 29 yuan/ton (+3), PP East China basis - 148 yuan/ton (-1) [1]. - **Upstream Supply**: PE开工率 was 81.8% (+1.5%), PP开工率 was 75.5% (+0.6%) [1]. - **Production Profit**: PE oil - based production profit was 48.7 yuan/ton (-128.7), PP oil - based production profit was - 571.3 yuan/ton (-128.7), PDH - based PP production profit was - 280.6 yuan/ton (-12.9) [1]. - **Import and Export**: LL import profit was - 64.1 yuan/ton (+84.8), PP import profit was - 529.7 yuan/ton (-0.8), PP export profit was 15.0 US dollars/ton (-19.9) [2]. - **Downstream Demand**: PE downstream agricultural film开工率 was 32.9% (+6.1%), PE downstream packaging film开工率 was 52.4% (+0.6%), PP downstream plastic weaving开工率 was 43.9% (+0.3%), PP downstream BOPP film开工率 was 61.4% (+0.0%) [2]. Market Analysis - **PE**: Supply increased as many previously - shut - down plants restarted. Demand improved slightly with pre - holiday stocking, but the demand realization rate was slow, and social inventory decreased slowly. Cost support from international oil prices was insufficient [3]. - **PP**: Supply pressure was large due to expected restart of plants, increased coal - enterprise production, and new capacity release. Demand improved marginally but slowly. Cost was supported by firm propane, and low profit limited the downward space [3]. Strategy - **Single - side**: Neutral for L and PP [4]. - **Inter - period**: L01 - L05 reverse spread; PP01 - PP05 reverse spread [4]. - **Inter - variety**: No strategy provided [4].

Report Industry Investment Rating - Not provided in the content Core Views - For pure benzene, domestic attention is on the commissioning progress of Yulong Cracking Unit 2. There will be concentrated new capacity additions from August to September. Domestic existing unit operations are still stable, while the rhythm of imports has slowed down. Downstream pick - up has reached its peak and declined but remains at a decent level, leading to a decline in port inventory. Downstream operations of pure benzene are recovering from the bottom, but overall operations are still low, and short - term maintenance of styrene has dragged down the rigid demand for pure benzene [3]. - For styrene, downstream pick - up during the peak season remains at a relatively high level, and port inventory is waiting to be further reduced. Currently, the absolute level of port inventory is still high. There will be short - term maintenance in the first and middle of September, leading to a decline in operations, and port inventory has started to decline. However, operations may recover in the second half of September. Among styrene's downstream products, the operations of ABS and PS have slightly declined, EPS operations are decent, and ABS has a large inventory pressure [3]. Summary by Directory 1. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Relevant figures include the pure benzene main contract basis and futures price, 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 trend & basis, EB main contract basis, and styrene continuous first - contract to continuous third - contract spread [9][14][20] 2. Production Profits and Domestic - Foreign Spreads of Pure Benzene and Styrene - Relevant figures cover naphtha processing fees, the difference between FOB Korea pure benzene and CFR Japan naphtha, non - integrated styrene production profits, the difference between FOB US Gulf pure benzene and FOB Korea pure benzene, the difference between FOB US Gulf pure benzene and CFR China pure benzene, the difference between FOB Rotterdam pure benzene and CFR China pure benzene, pure benzene import profits, styrene import profits, the difference between FOB US Gulf styrene and CFR China styrene, and the difference between FOB Rotterdam styrene and CFR China styrene [22][25][33][40] 3. Inventory and Operating Rates of Pure Benzene and Styrene - Relevant figures are pure benzene inventory at East China ports, pure benzene operating rate, styrene inventory at East China ports, styrene operating rate, styrene commercial inventory in East China, and styrene factory inventory [42][44][47] 4. Operating Rates and Production Profits of Styrene's Downstream Products - Relevant figures involve EPS operating rate and production profit, PS operating rate and production profit, and ABS operating rate and production profit [53][55][58] 5. Operating Rates and Production Profits of Pure Benzene's Downstream Products - Relevant figures include caprolactam operating rate and production profit, phenol - acetone operating rate and production profit, aniline operating rate and production profit, adipic acid operating rate and production profit, PA6 regular spinning bright production profit, nylon filament production profit, bisphenol A production profit, PC production profit, epoxy resin E - 51 production profit, pure MDI production profit, and polymer MDI production profit [63][65][74][86] Strategies - Unilateral: None [4] - Basis and Inter - Period: Go for a positive spread arbitrage when the EB2510 - EB2511 spread is low [4] - Cross - Product: Temporarily go for widening the EB2510 - BZ2603 spread when it is low [4]

Report Industry Investment Rating - Unilateral: Neutral; For inter - period, after the restart of the main PDH, pay attention to the PL01 - 02 short - spread strategy when the spread is high; For inter - variety, none [3] Core View - On the supply side, the 650,000 - ton naphtha cracking new device of Yulong Petrochemical is planned to be put into production, and the PDH of Hebei Haiwei restarts. The propylene start - up rate increases month - on - month, and the supply is expected to recover. On the demand side, the spread between PP powder and propylene continues to shrink, and the profit is difficult to repair. Some downstream procurement enthusiasm weakens due to cost pressure, but the pre - holiday replenishment demand may drive short - term demand support. On the cost side, the geopolitical situation is still volatile, the oil price is under pressure, the price of external propane is adjusted, and the cost support is weakened [2] Summary by Directory I. Propylene Basis Structure - The figures involved are the closing price of the propylene main contract, the East China basis of propylene, the North China basis of propylene, the 01 - 05 contract of propylene, the East China market price of propylene, and the Shandong market price of propylene [6][9][11] II. Propylene Production Profit and Start - up Rate - The figures involved are the difference between China CFR of propylene and Japan CFR of naphtha, propylene capacity utilization rate, propylene PDH production gross profit, propylene PDH capacity utilization rate, propylene MTO production gross profit, methanol - to - olefin capacity utilization rate, propylene naphtha cracking production gross profit, and crude oil main refinery capacity utilization rate [15][23][30] III. Propylene Import and Export Profit - The figures involved are the difference between South Korea FOB and China CFR, the difference between Japan CFR and China CFR, the difference between Southeast Asia CFR and China CFR, and propylene import profit [33][35] IV. Propylene Downstream Profit and Start - up Rate - The figures involved are PP powder production profit, PP powder start - up rate, propylene oxide production profit, propylene oxide start - up rate, n - butanol production profit, n - butanol capacity utilization rate, octanol production profit, octanol capacity utilization rate, acrylic acid production profit, acrylic acid capacity utilization rate, acrylonitrile production profit, acrylonitrile capacity utilization rate, phenol - acetone production profit, and phenol - acetone capacity utilization rate [41][43][54] V. Propylene Inventory - The figures involved are propylene in - plant inventory and PP powder in - plant inventory [66]