Report Overview - The report is a daily report on soda ash and glass, dated November 5, 2025 [1][2] Industry Investment Rating - Not provided Core Viewpoints - Soda ash is expected to fluctuate weakly, with supply stable, inventory slightly decreasing, and potential demand changes due to production line shutdowns. Glass is in a game between "strong expectation" and "weak reality", with short - term price fluctuations and medium - term direction determined by fundamentals [8][9] Section Summaries 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data**: On November 4, SA601 opened low and closed at 1189 yuan/ton, down 21 yuan/ton (-1.73%), with 40,018 additional positions. SA605 closed at 1280 yuan/ton, down 20 yuan/ton (-1.53%) [7][8] - **Soda Ash Fundamentals**: Weekly production increased by 1.70 tons to 75.76 tons. Demand at the end of October showed an increase of 2.53%. Alkali plant inventory slightly decreased to 170.20 tons. Four coal - fired glass production lines in Shahe may affect demand, and the market may face oversupply in winter [8] - **Glass Futures Data**: FG601 closed at 1105 yuan/ton, up 2 yuan/ton (0.18%), with 105,499 fewer positions. FG605 closed at 1239 yuan/ton, down 7 yuan/ton (-0.56%) [7] - **Glass Fundamentals**: Four coal - fired production lines in Shahe will shut down. Glass supply is at a high level. Factory inventory is high, and real - estate demand is weak. The market is in a game between expectation and reality, with short - term price fluctuations [9] 2. Data Overview - The report provides data on soda ash and glass, including active contract price trends, weekly production, and enterprise inventory, with data sources from Wind, iFind, and the research and development department of CCB Futures [12][15]

Group 1: Report Overview - Report Title: Polyolefin Daily Report [1] - Date: November 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures Market Quotes: Plastic 2601 opened at 6888 yuan/ton, closed at 6879 yuan/ton, down 33 yuan/ton (-0.48%); PP2601 closed at 6560 yuan/ton, down 43 yuan/ton (-0.65%) [5] Group 3: Market Review and Outlook - Market Performance: Futures opened lower and fluctuated, downstream procurement was on - demand, and actual transactions were negotiated individually [6] - Supply Situation: In October, Guangxi Petrochemical's device produced products smoothly, and there are no new production plans in November. Some maintenance devices will restart, and PP maintenance losses will decline month - on - month [6] - Demand Situation: Agricultural film production reached a seasonal peak and declined, pipe demand increased first and then decreased, PP woven production was boosted by packaging demand, and BOPP enterprises focused on inventory digestion [6] - Price Trend: Polyolefin prices are expected to remain under pressure, and may be weakly supported by phased restocking demand due to low absolute prices, but will generally fluctuate in the bottom range [6] Group 4: Industry News - Inventory Level: On November 4, 2025, the inventory level of major producers was 69.5 million tons, a decrease of 1.5 million tons (-2.11%) from the previous working day, compared with 72 million tons in the same period last year [7] - PE Market: PE market prices continued to be weak, with LLDPE prices in different regions ranging from 6830 - 7500 yuan/ton [7] - Propylene Market: The mainstream price of propylene in Shandong was 5830 - 5840 yuan/ton, down 5 yuan/ton from the previous day. Some PDH device maintenance supported supply, but downstream demand declined [7] - PP Market: The PP market was weakly sorted, with some prices down 20 - 30 yuan/ton, and mainstream prices in different regions ranging from 6360 - 6610 yuan/ton [8] Group 5: Data Overview - Data Graphs: Include L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change graphs [15][17][18]

Report Summary 1. Report Industry Investment Ratings No relevant content provided. 2. Core Views - On November 4, the price of the soybean meal futures 2601 contract declined, mainly due to the obvious pattern of loose domestic supply - demand and the resonance effect of market expectation adjustment. The contract price will remain under pressure in the short - term, and short - selling opportunities should be grasped [3][6]. - The A - share market is expected to continue high - level oscillations. Gold shows signs of stabilization after more than a week of adjustment and low - buying for long positions is recommended. Iron ore is expected to decline in the short - term and should be regarded as oscillating bearishly. Glass will likely maintain an oscillating trend in the short - term. Paper pulp is expected to run weakly and should be treated as low - level oscillations [9][14][16][20][27]. 3. Summary by Related Catalogs Soybean Meal - The decline of the soybean meal futures 2601 contract price on November 4 was due to the loose domestic supply - demand pattern and market expectation adjustment. Supply - side pressure is the primary suppressing factor, with high expected soybean imports from September to December, high arrivals in November, and increasing oil mill operating rates leading to continuous inventory accumulation. The unimplemented soybean meal import agreement with Argentina has formed an expected supply increase. On the demand side, the planned reduction of the breeding sow inventory and restrictions on the slaughter scale of leading enterprises have led to weak demand. In the short - term, the contract price will be under pressure, and attention should be paid to domestic de - stocking progress and South American soybean sowing. The domestic oil mill soybean crushing volume has remained high recently, with light downstream transactions. It is expected that the oil mill operating rate will still be high in November, with a monthly soybean crushing volume of about 9 million tons and soybean meal output of about 7 million tons, higher than the average November consumption in the past three years. The oil mill soybean meal inventory is expected to rise above 1.2 million tons by the end of November, and short - selling opportunities should be grasped [3][4][5][6][23]. Stock Index Futures - The A - share market had an overall intraday pattern of rising and then falling, with a small decline at the end. The Fed's statement on a possible December interest - rate cut is still uncertain. The market is expected to continue high - level oscillations [9]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and low - buying for long positions is recommended [14]. Iron Ore - After the holiday, the terminal situation has not actually improved, and molten iron output may decline periodically. Technically, it has fallen near the previous high and should be regarded as oscillating bearishly. In the short - term, supply is affected by long - term agreement negotiations and accidents, but in the long - term, supply is expected to be loose with the commissioning of the Simandou project [16][17]. Glass - The daily melting volume has changed little, and inventory has decreased this week. The subsequent driving factors mainly lie in policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it rebounded slightly today and is expected to maintain an oscillating trend in the short - term [20]. Paper Pulp - The pulp price in Shandong has remained stable. Although downstream paper mills' price increases have boosted the pulp price, the supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and the purchasing side is cautious. It is expected to run weakly and should be treated as low - level oscillations [27].

Report Summary 1. Report Industry Investment Rating There is no information provided about the industry investment rating in the report. 2. Report Core Views - **Methanol**: The current situation remains poor. Iranian shutdowns are slower than expected, and November is likely to see high imports. The contradiction in the 01 contract is difficult to resolve. The issue of port sanctions is expected to be resolved before the end of gas restrictions, but inventory depletion is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [1]. - **Polyethylene (PE)**: Overall inventory is neutral. The 09 contract basis is around -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non - standard HD injection prices are stable, and other price differentials are volatile. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes. New device pressure is high in 2025 [6]. - **Polypropylene (PP)**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import losses are around -700. Exports have been good this year. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly. In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. - **Polyvinyl Chloride (PVC)**: The basis remains at 01 - 270, and the factory - delivery basis is -480. Downstream开工率 is seasonally weak, and there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4. Current static inventory contradictions are accumulating slowly, and costs are stable [6]. 3. Summary by Commodity Methanol - **Price Data**: From October 29 to November 4, 2025, the power coal futures price remained at 801. The Southwest delivered - price decreased by 40 on November 4 compared to the previous data point, and the盘面MTO profit decreased by 5 [1]. - **Market Situation**: Iranian shutdowns are slower than expected, leading to high imports in November. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory depletion difficult. Coal price increases do not affect methanol profits [1]. Polyethylene (PE) - **Price Data**: From October 29 to November 4, 2025, the Northeast Asia ethylene price remained stable at some points, and the LL主力期货 price decreased by 9 on November 4 compared to the previous data point. The basis in North China is around -110, and in East China is around -50 [6]. - **Inventory and Production**: Overall inventory is neutral. Upstream and downstream inventories are in a neutral state. Domestic linear production has decreased recently, and 9 - month maintenance is flat compared to the previous period [6]. - **Market Outlook**: Attention should be paid to LL - HD conversion, US quotes, and new device commissioning [6]. Polypropylene (PP) - **Price Data**: From October 29 to November 4, 2025, the Shandong propylene price remained stable on November 4 compared to the previous day, and the主力期货 price decreased by 16. The basis increased by 30 [6]. - **Inventory and Production**: Upstream and mid - stream inventories are decreasing. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly [6]. - **Market Outlook**: In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. Polyvinyl Chloride (PVC) - **Price Data**: From October 29 to November 4, 2025, the Northwest calcium carbide and Shandong caustic soda prices remained stable. The calcium carbide - based PVC price in East China decreased by 10 on November 4 compared to the previous data point, and the basis remained unchanged [6]. - **Market Situation**: Downstream开工率 is seasonally weak, and mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4 [6].

10月31日，"DCE·产业行—期货衍生品市场服务宜昌产业高质量发展培训班"在湖北宜昌顺利举行。本 次培训班由大商所主办，湖北省证券期货业协会承办，湖北证监局担任指导单位。据期货日报记者了 解，此次培训聚焦现代化工新材料、生命健康、新能源及高端装备等重点产业链企业，旨在系统提升企 业运用期货及衍生工具的能力，为宜昌产业高质量发展注入新动能。 宜昌市人大常委会副主任丁庆荣在开班致辞中表示，宜昌作为湖北省域副中心城市，正全力推动产业能 级加速跃升，2024年地区生产总值突破6000亿元，制造业提质增效需求迫切。"期货工具是企业从'被动 承受风险'转向'主动管理风险'的关键手段，政府部门将全力搭建合作桥梁，推动更多宜昌特色产品对接 期货市场，让产融结合的'血脉'更加通畅。"丁庆荣说。 大商所副总经理程伟东表示，服务实体经济是期货市场的"根"。大商所始终把"让企业用得上、用得 好"作为工作的出发点和落脚点，持续完善风险管理"工具箱"，"一品一策"优化合约规则和交割体系， 坚持"把培训做到厂门口，把服务送到企业家身边"，努力让期货市场真正成为企业稳经营、稳成本、稳 利润的好帮手。 程伟东介绍，近年来，大商所在湖北通过设 ...

Report Industry Investment Ratings - Cotton: Neutral (White star) [1] - Pulp: Neutral (White star) [1] - Sugar: Neutral (White star) [1] - Apple: Slightly bearish (One star) [1] - Timber: Neutral (White star) [1] - 20 - rubber: Neutral (White star) [1] - Natural rubber: Bullish (Three stars) [1] - Butadiene rubber: Neutral (White star) [1] Core Views - The short - term trend of Zhengzhou cotton may be volatile, and it is advisable to wait and see for now [2] - Sugar prices are expected to remain weak, and attention should be paid to policy implementation and weather conditions [3] - Apple prices are high with insufficient bullish factors, and attention should be paid to the storage situation [4] - The rubber market sentiment is pessimistic, and it is advisable to wait and see while paying attention to cross - variety arbitrage opportunities [6] - The short - term fundamentals of pulp are weak, and mid - term conditions may improve; it is advisable to wait and see or conduct short - term operations [7] - Low inventory provides some support for log prices, and it is advisable to wait and see [8] Summary by Categories Cotton & Cotton Yarn - Zhengzhou cotton declined today, and the spot sales basis of cotton remained stable. As of November 1, the cumulative national cotton inspection volume was 1.844 million tons. The spot trading was mediocre, and the downstream pure - cotton yarn followed the price increase weakly. The trading in the general cotton yarn market became dull. It is recommended to wait and see for now [2] Sugar - Overnight, US sugar fluctuated. In Brazil, the production data in the first half of October was neutral. In China, Zhengzhou sugar was relatively strong. There are expectations of syrup import control policies, and the market's trading focus has shifted to the next season's production estimate. Sugar prices are expected to remain weak [3] Apple - The futures price dropped significantly. The market's trading logic has shifted from cold - storage inventory volume to sales expectations. The inventory progress in Shandong is slow, and the initial cold - storage inventory of apples in the new season is uncertain. The high price and poor quality of apples this year may affect the destocking speed. It is recommended to wait and see [4] 20 - rubber, Natural rubber & Synthetic rubber - Today, RU, NR, and BR all declined. The domestic natural rubber spot price rose steadily, while the synthetic rubber spot price continued to fall. The global natural rubber supply has entered the high - yield period, and the domestic butadiene rubber plant operating rate declined significantly last week. The domestic tire operating rate increased slightly, and the finished - product inventory of tire enterprises continued to increase. Rubber inventory has increased, and it is recommended to wait and see while paying attention to cross - variety arbitrage opportunities [6] Pulp - Today, pulp futures declined slightly, and the spot prices remained stable. As of October 30, 2025, the mainstream import sample inventory of Chinese pulp was 2.061 million tons, a cumulative increase of 6,000 tons from the previous period. The domestic pulp import volume in September increased year - on - year. The short - term fundamentals are weak, and mid - term conditions may improve. It is advisable to wait and see or conduct short - term operations [7] Log - The futures price was weak. The supply of logs is expected to remain low in the short term, and the demand provides some support for prices. The total log inventory is low, and it is recommended to wait and see [8]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - **Rubber**: On Tuesday, the domestic Shanghai rubber futures contract 2601 showed a trend of increasing volume and open interest, weakening in oscillation, and slightly declining. The price center moved down to below 14,900 yuan/ton during the session and closed 1.42% lower at 14,875 yuan/ton. The 1 - 5 month spread discount widened to 85 yuan/ton. After the weakening of macro - driving factors, the domestic rubber market returned to a situation dominated by supply - demand fundamentals [6]. - **Methanol**: On Tuesday, the domestic methanol futures contract 2601 showed a trend of decreasing volume, increasing open interest, weakening in the downward direction, and slightly closing lower. The price reached a maximum of 2,143 yuan/ton and a minimum of 2,105 yuan/ton, closing 1.86% lower at 2,115 yuan/ton. The 1 - 5 month spread discount widened to 110 yuan/ton. Suppressed by the weak supply - demand fundamentals of domestic methanol, the 2601 contract is expected to maintain a weak pattern in the future [6]. - **Crude Oil**: On Tuesday, the domestic crude oil futures contract 2512 showed a trend of decreasing volume and open interest, weakening in oscillation, and slightly closing lower. The price reached a maximum of 468.4 yuan/barrel and a minimum of 462.9 yuan/barrel, closing 0.37% lower at 463.5 yuan/barrel. With the rapid escalation of geopolitical risks in South America, the premium of domestic and foreign crude oil futures increased. Meanwhile, OPEC's suspension of production capacity expansion in the first quarter of next year led to changes in supply expectations, boosting the confidence of oil market bulls [6]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of November 2, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 447,700 tons, a week - on - week increase of 15,400 tons or 3.57%. The bonded area inventory was 68,300 tons, a decrease of 0.58%, and the general trade inventory was 379,400 tons, an increase of 4.36%. In the week of October 31, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 73.4%, a slight week - on - week increase of 0.56 percentage points and a year - on - year significant decrease of 5.90 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 65.30%, a slight week - on - week decrease of 0.57 percentage points and a year - on - year slight decrease of 3.20 percentage points. In September 2025, China's logistics industry prosperity index was 51.2%, a 0.3 - percentage - point increase from the previous month. In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, with year - on - year increases of 17.1% and 14.9%. In September 2025, the sales volume of China's heavy - truck market was 105,000 vehicles, a year - on - year significant increase of about 82% and a month - on - month increase of 15% [8][9]. - **Methanol**: As of the week of October 31, 2025, the average domestic methanol operating rate was 83.88%, a slight week - on - week increase of 1.67%, a slight month - on - month increase of 1.17%, and a slight year - on - year increase of 1.78%. The average weekly methanol production in China reached 1.9681 million tons, a slight week - on - week increase of 24,600 tons, a significant month - on - month increase of 95,400 tons, and a significant year - on - year increase of 85,100 tons compared with 1.883 million tons last year. The inventory of methanol in ports in East and South China was 1.2829 million tons, a slight week - on - week increase of 13,100 tons, a slight month - on - month increase of 14,800 tons, and a significant year - on - year increase of 261,900 tons [10][11]. - **Crude Oil**: As of the week of October 31, 2025, the number of active oil drilling platforms in the United States was 420, a slight week - on - week decrease of 6 and a decrease of 65 compared with the same period last year. As of the week of October 24, 2025, the average daily crude oil production in the United States was 13.644 million barrels, a slight week - on - week increase of 15,000 barrels/day and a significant year - on - year increase of 144,000 barrels/day. The commercial crude oil inventory in the United States (excluding strategic petroleum reserves) was 416 million barrels, a significant week - on - week decrease of 6.858 million barrels and a significant year - on - year decrease of 9.543 million barrels [14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,650 yuan/ton | - 150 yuan/ton | 14,875 yuan/ton | - 220 yuan/ton | - 225 yuan/ton | + 220 yuan/ton | | Methanol | 2,125 yuan/ton | - 50 yuan/ton | 2,115 yuan/ton | - 28 yuan/ton | + 10 yuan/ton | - 28 yuan/ton | | Crude Oil | 435.7 yuan/barrel | + 0.1 yuan/barrel | 463.5 yuan/barrel | - 4.4 yuan/barrel | - 27.8 yuan/barrel | + 4.5 yuan/barrel | [16] 3.3 Related Charts - **Rubber**: The report includes charts such as rubber basis, Shanghai Futures Exchange rubber futures inventory, full - steel tire operating rate trend, etc. [17][19][21] - **Methanol**: No detailed description of chart content is provided, only chart names like methanol basis, methanol port inventory in China, etc. are mentioned [30][32] - **Crude Oil**: The report includes charts such as crude oil basis, US commercial crude oil inventory, WTI crude oil net position holding change, etc. [43][45][47]

Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Date: November 4, 2025 [1] PTA Analysis Market Conditions - On November 4, the PTA main futures contract TA2601 fell 0.04%, with a basis of -86 yuan/ton, up 20 yuan/ton from the previous day [3] - The market price of PTA in East China was 4,510 yuan/ton, down 30 yuan/ton from the previous trading day [3] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The PTA capacity utilization rate was 78.34%. There were many maintenance and changes of devices under low processing fees recently [3] - The inventory days of PTA factories in the week were 4.03 days, a decrease of 0.04 days compared to the previous period [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Outlook - In the short term, the PTA device operating rate decreased slightly, the inventory accumulation pressure was relieved, and the spot processing fee was running at a low level of about 150 yuan/ton. The supply was still in excess, while the downstream polyester operating rate rebounded. It is expected that the PTA market will follow the cost - end and oscillate strongly in the short term [3] MEG Analysis Market Conditions - On November 4, the ethylene glycol main futures contract eg2601 fell 2.47%, with a basis of 80 yuan/ton, down 10 yuan/ton from the previous day [4] - The market price of ethylene glycol in East China was 4,010 yuan/ton, down 80 yuan/ton from the previous trading day [4] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The production gross profit losses of oil - based and coal - based ethylene glycol further expanded. The total inventory of MEG ports in East China in the week was 49.9 tons, an increase of 1.6 tons compared to the previous period [4] Main Force Trends - The long main force reduced positions [4] Market Outlook - The expected arrival volume of ethylene glycol in the future is expected to increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol devices have been under maintenance and restarted, and there are still new device trial - run plans in the future, with an expected increase in the supply side. Although the terminal orders increased during the Double Eleven period, the peak demand season is coming to an end. It is expected that the price center of ethylene glycol will oscillate weakly in the short term [4]

Report Industry Investment Rating - Not provided Core Viewpoints - ICE cotton futures closed higher on Monday, with the support from optimistic demand expectations outweighing the stronger dollar. The December ICE cotton futures contract rose 0.14 cents, or 0.20%, to settle at 65.68 cents per pound. In the domestic market, the supply side shows that the cotton picking and purchasing progress in Xinjiang is accelerating. In the northern region, cotton picking is in the later stage, while in the southern region, it is still in the large - scale picking period. Due to drought and high - temperature in some southern areas, the yield per unit of seed cotton is lower than expected, and the purchasing price is rising. On the demand side, the downstream demand has not fully started, orders are less than expected. As the demand gradually enters the off - season, the market lacks confidence in future demand. Cotton textile enterprises mostly adopt a wait - and - see attitude and replenish inventory based on rigid demand. Overall, the cost of new cotton is solid, which supports the cotton price, but the price is pressured by supply. It is expected that the cotton price will fluctuate weakly [2]. Summary by Relevant Catalogs Futures Market - Zhengzhou cotton main contract closing price (daily, yuan/ton): 13535, down 65; cotton yarn main contract closing price (daily, yuan/ton): 19795, down 125 [2]. - Cotton futures top 20 net positions (lots): - 109127, up 11097; cotton yarn futures top 20 net positions (lots): - 89, down 219 [2]. - Main contract positions: cotton (daily, lots): 567827, down 6089; cotton yarn (daily, lots): 24848, up 677 [2]. - Warehouse receipt quantity: cotton (daily, sheets): 2570, up 76; cotton yarn (daily, sheets): 6, up 2 [2]. 现货市场 - China Cotton Price Index: CCIndex: 3128B (daily, yuan/ton): 14841, down 18; China Yarn Price Index: pure cotton carded yarn 32 - count (daily, yuan/ton): 20520, up 0.24 [2]. - China Imported Cotton Price Index: FCIndexM: 1% tariff (daily, yuan/ton): 13263; Imported Cotton Yarn Price Index: pure cotton carded yarn 32 - count (daily, yuan/ton): 21217 [2]. - China Imported Cotton Price Index: FCIndexM: sliding - scale duty (daily, yuan/ton): 14142; Imported Cotton Yarn Price Index: pure cotton combed yarn 32 - count (daily, yuan/ton): 22568, up 26 [2]. Upstream Situation - National cotton sowing area (annual, thousand hectares): 2838.3, up 48.3; national cotton output (annual, million tons): 616, up 54 [2]. Industry Situation - Cotton - yarn price difference (CY C32S - CC3128B, yuan/ton): 5679, up 18; industrial inventory: cotton: national (monthly, million tons): 86.1, down 0.9 [2]. - Cotton: import quantity: monthly value (monthly, million tons): 10, up 3; cotton yarn: import quantity: monthly value (monthly, tons): 130000, unchanged [2]. - Imported cotton profit (daily, yuan/ton): 739, down 1; commercial inventory: cotton: national (monthly, million tons): 102.17, down 46 [2]. Downstream Situation - Yarn inventory days (monthly, days): 25.24, up 0.39; inventory days: grey cloth (monthly, days): 31.43, up 0.31 [2]. - Cloth output: monthly value (monthly, billion meters): 28.11, up 1.1; output: yarn: monthly value (monthly, million tons): 207.38, up 4.59 [2]. - Monthly clothing and clothing accessories export value (monthly, ten thousand US dollars): 1245324.7, down 169265.7; monthly textile yarn, fabric and products export value (monthly, ten thousand US dollars): 1196651.6, down 42668.6 [2]. Option Market - Cotton at - the - money call option implied volatility (%): 7.79, up 1.52; cotton at - the - money put option implied volatility (%): 8.07, up 1.8 [2]. - Cotton 20 - day historical volatility (%): 6.72, down 0.88; cotton 60 - day historical volatility (%): 7.72, down 0.04 [2]. Industry News - The International Cotton Advisory Committee (ICAC) released the latest data showing that the global cotton production forecast for the 2025/26 season is 25.3996 million tons (last month's forecast was 25.4386 million tons), and the production forecast for the 2024/26 season is 25.3912 million tons. The global cotton consumption forecast is 25.0077 million tons, a year - on - year decrease of 0.39%. The ending inventory forecast is 16.2279 million tons (last month's forecast was 15.3787 million tons), a year - on - year increase of 2.5%. The ending inventory forecast for the 2024/25 season is 15.8358 million tons [2].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - From October 24th to 30th, styrene production and capacity utilization decreased, downstream consumption declined slightly, and plant and port inventories decreased but the inventory pressure remained high. Non - integrated process costs decreased and profits improved. This week, the impact of shutdown devices is expected to expand, and production and capacity utilization are expected to continue to decline. Downstream devices have the expectation of increasing load, which may deepen the short - term tight balance of ethylene supply and demand, but the positive impact on supply - demand improvement under high inventory pressure is limited. The integrated profit of styrene is close to the break - even line, indicating low valuation. EB2512 should pay attention to the support around 6300 [2] 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the active futures contract for styrene was 6354 yuan/ton, a decrease of 92 yuan; the trading volume was 515,106 lots, an increase of 185,190 lots; the 1 - month contract closing price was 6391 yuan/ton, a decrease of 104 yuan. The long - position volume of the top 20 holders was 440,755 lots, the net long - position volume was - 16,621 lots (an increase of 5749 lots), the short - position volume was 457,376 lots (a decrease of 3905 lots), the open interest was 401,028 lots (a decrease of 12,549 lots), and the total number of warehouse receipts was 0 lots (a decrease of 74 lots) [2] 3.2 Spot Market - The spot price of styrene was 6752 yuan/ton, unchanged; FOB Korea was 795 dollars/ton, an increase of 0.5 dollars; CFR China was 805 dollars/ton, an increase of 0.5 dollars. The mainstream prices in Northeast, South, North, and East China were 6175 yuan/ton, 6605 yuan/ton, 6390 yuan/ton, and 6460 yuan/ton respectively, with the South China price increasing by 20 yuan/ton and the others remaining unchanged [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 741 dollars/ton, 731 dollars/ton, 664 dollars/ton, and 457 dollars/ton respectively, with the US Gulf price decreasing by 6 dollars/ton. The spot prices of pure benzene in Taiwan (CIF), Rotterdam (FOB), and the market prices in South, East, and North China were 676 dollars/ton, 5450 yuan/ton, 5420 yuan/ton, and 5230 yuan/ton respectively, with the East and North China prices increasing by 70 yuan/ton and 60 yuan/ton respectively [2] 3.4 Industry Situation - The overall styrene operating rate was 66.72%, a decrease of 2.53 percentage points; the national inventory was 186,036 tons, a decrease of 10,231 tons; the total inventory in the East China main port was 179,300 tons, a decrease of 13,700 tons; the trade inventory in the East China main port was 109,800 tons, a decrease of 11,200 tons [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 62.24% (an increase of 0.26 percentage points), 72.1% (a decrease of 0.7 percentage points), 52% (a decrease of 1.8 percentage points), 35% (an increase of 1 percentage point), and 66.71% (a decrease of 3.86 percentage points) respectively [2] 3.6 Industry News - From October 24th to 30th, styrene production decreased by 1.1% week - on - week to 323,400 tons, and capacity utilization decreased by 2.53% week - on - week to 66.72%. Downstream EPS, PS, and ABS consumption decreased by 0.18% week - on - week to 271,500 tons. As of October 30th, the styrene plant inventory was 186,000 tons, a decrease of 5.21% week - on - week. As of November 3rd, the East China port inventory was 179,300 tons, a decrease of 7.10% week - on - week; the South China port inventory was 27,900 tons, a decrease of 10% week - on - week. From October 24th to 30th, non - integrated costs decreased to 6860.06 yuan/ton, and non - integrated device profits improved to - 400 yuan/ton. EB2512 fell 1.99% to close at 6354 yuan/ton last week. Some devices such as Tianjin Bohua's 450,000 - ton and Zhongwei Guangdong's 800,000 - ton plants were shut down for maintenance, resulting in a decline in styrene production and capacity utilization [2]