1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The PE supply - demand pattern remains loose. Supply is increasing as multiple devices restarted in late September, and import volume is expected to rise in October - November. Demand recovery is slow, with low downstream order follow - up and weak restocking willingness. High inventory levels add to the pressure on prices. Considering various uncertainties, it's recommended to stay on the sidelines for unilateral trading [4]. 3. Summary by Related Catalogs 3.1 Price Forecast and Hedging Strategies - **Price Range Forecast**: The monthly price range for polyethylene is predicted to be between 6800 - 7200 yuan. The current 20 - day rolling volatility is 8.15%, and its historical percentile over 3 years is 4.7% [3]. - **Inventory Management Hedging**: For high product inventory, to prevent price drops, it's recommended to short L2601 plastic futures at a 25% ratio with an entry range of 7150 - 7200 yuan and sell L2601C7200 call options at a 50% ratio with an entry range of 30 - 50 [3]. - **Procurement Management Hedging**: For low procurement inventory, to avoid price hikes, it's suggested to buy L2601 plastic futures at a 50% ratio with an entry range of 6800 - 6850 yuan and sell L2601P6700 put options at a 75% ratio with an entry range of 70 - 90 [3]. 3.2 Core Contradiction Analysis - **Supply - Demand Situation**: PE supply is increasing due to device restarts and expected import growth, while demand recovery is slow. High inventory levels are putting downward pressure on prices. Due to uncertainties such as trade policies and conferences, unilateral trading should be on hold [4]. 3.3 Factors Analysis - **Positive Factors**: The downstream demand is in the peak season, and a 50 - million - ton full - density device of Yulong stopped for about 5 days due to a fault [5]. - **Negative Factors**: New LDPE devices are expected to be put into production, device restarts have increased the operating rate, LLDPE inventory is high, and PE imports are expected to increase in October - November [7][9]. 3.4 Market Data Table - **Futures Prices and Spreads**: There were various changes in plastic futures prices, spreads, and basis compared to previous days and weeks [10]. - **Spot Prices and Regional Spreads**: Spot prices in different regions and regional spreads also showed changes [10]. - **Non - standard and Standard Product Spreads**: The spreads between non - standard and standard PE products had different changes [10]. - **Upstream Prices and Processing Profits**: Prices of upstream raw materials like crude oil, ethane, coal, and methanol changed, and processing profits of different PE production methods also fluctuated [10].

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The current state of strong supply and weak demand in the downstream steel industry remains unchanged, with the peak season not living up to expectations. During the National Day holiday, steel consumption declined more than the same period last year, reaching the lowest level in the past five years. Iron ore production remains high, and the steel inventory accumulation rate is higher than the same period in previous years [3]. - Although the demand data of the five major steel products rebounded regularly after the holiday, it was still lower than the pre - holiday level. The output of the five major steel products decreased slightly, and the inventory accumulation rate slowed down, but the pattern of strong supply and weak demand in the steel industry remained unchanged [3]. - Today, the iron ore in the furnace material end continued to fall, but the prices of coking coal and coke increased significantly. With the upcoming Fourth Plenary Session of the 20th Central Committee from October 20th to 23rd, the market still has expectations for macro - policy stimulus, leading to a slight rebound in steel prices. However, in the absence of improvement in the steel fundamentals, today's rebound is more of a rebound after a long - term decline and is driven by the coking coal and coke end, with limited rebound space [3]. 3. Summary by Relevant Catalogs 3.1 Price Forecast and Risk Management Strategies - **Price Forecast**: The monthly forecast range for the 01 contract of rebar is 2900 - 3300, with a current volatility of 11.60% and a volatility percentile of 16.5%. For hot - rolled coils, the range is 3100 - 3500, with a current volatility of 11.76% and a volatility percentile of 12.86% [3]. - **Risk Management Strategies**: - **Inventory Management**: For enterprises with high finished - product inventory worried about steel price drops, they can short rebar or hot - rolled coil futures according to their inventory to lock in profits and make up for production costs. For example, short RB2501 and HC2501 with a hedging ratio of 30% at the suggested entry intervals of 3100 - 3150 and 3280 - 3350 respectively. They can also sell call options to reduce capital costs and lock in the spot selling price if the steel price rises, such as selling RB2601C3400 with a hedging ratio of 20% at 30 - 40 [3]. - **Procurement Management**: For enterprises with low regular procurement inventory and hoping to purchase according to orders, they can buy rebar or hot - rolled coil futures at present to lock in procurement costs in advance. For example, buy RB2601 and HC2601 with a hedging ratio of 30% at the intervals of 3000 - 3050 and 3200 - 3250 respectively. They can also sell put options to collect premiums and reduce procurement costs, and lock in the spot purchase price if the rebar price drops, such as selling RB2601P2900 with a hedging ratio of 20% at 35 - 45 [3]. 3.2 Market Factors Analysis - **Positive Factors**: The Fourth Plenary Session in October and production restriction disturbances [4]. - **Negative Factors**: Steel inventory accumulation beyond the seasonal norm and the increasing pressure of negative feedback [5]. 3.3 Price and Spread Data - **Futures and Spot Prices**: On October 16, 2025, the closing prices of rebar 01, 05, and 10 contracts were 3049, 3102, and 3141 respectively, with daily changes of 15, 12, and 191, and weekly changes of - 47, - 57, and 121. The closing prices of hot - rolled coil 01, 05, and 10 contracts were 3219, 3233, and 3254 respectively, with daily changes of 7, 10, and - 356, and weekly changes of - 67, - 60, and - 116. The spot prices of rebar and hot - rolled coils in different regions also showed certain changes [5]. - **Spreads**: - **Month - to - Month Spreads**: On October 16, 2025, the rebar 01 - 05 month - to - month spread was - 53, with a daily change of 3 and a weekly change of 10; the rebar 10 - 01 month - to - month spread was 92, with a daily change of 176 and a weekly change of 168. The hot - rolled coil 01 - 05 month - to - month spread was - 14, with a daily change of - 7 and a weekly change of - 7; the hot - rolled coil 10 - 01 month - to - month spread was 35, with a daily change of - 363 and a weekly change of - 49 [6]. - **Roll - Rebar Spreads**: The 01 roll - rebar spread, 05 roll - rebar spread, and 10 roll - rebar spread also had corresponding changes, and the spot roll - rebar spreads in different regions such as Shanghai, Beijing, and Shenyang also showed different trends [6]. - **Other Spreads**: The ratios of 01 rebar/01 iron ore, 05 rebar/05 iron ore, 10 rebar/09 iron ore, and the ratios of rebar to coke also had certain changes [8]. 3.4 Seasonal Data - The report also provides a large amount of seasonal data, including the seasonal data of rebar 01 contract basis (in Hangzhou Zhongtian, Beijing, etc.), hot - rolled coil 01 basis (in Zhangjiagang Shagang, etc.), iron ore 01 basis, coking coal 01 contract basis, coke 01 contract basis, rebar and hot - rolled coil month - to - month spreads, rebar and hot - rolled coil 01盘面利润, various steel product profits (including immediate and raw - material - lagged profits), spot roll - rebar spreads, hot - rolled coil export profit estimates, and warehouse receipt inventories of rebar and hot - rolled coils on the Shanghai Futures Exchange [9][11][17][20][21][25][31][34][37][50][57].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The lithium salt market is currently experiencing strong supply and demand. However, after the holiday, as the atmosphere in the new energy vehicle market changes and the downstream replenishment pace slows, there is a risk of lithium salt price decline. For industrial silicon, the short - term supply and demand are okay, but there is uncertainty in the future. For polysilicon, the situation of strong expectation and weak reality continues, and the market may fluctuate due to policy news [3][5][8] Group 3: Summary According to the Directory First Part: Spot Prices 1.1 Plate Strategy Recommendation - For lithium carbonate 11, the market is characterized by strong supply and demand with a weakening atmosphere. The upstream is recommended to seize the opportunity of selling hedging when the price surges, and downstream cathode material enterprises should focus on low - price stocking or buying hedging. The support level is 68,000 - 70,000, and the pressure level is 75,000 - 76,000. - For industrial silicon 11, although there is an increasing expectation of demand - side production cuts, the price still has support below. It is recommended to adopt an interval trading strategy and consider long - position allocation in the current interval. The support level is 8,200 - 8,300, and the pressure level is 9,200 - 9,300. - For polysilicon 11, with the news of capacity control policies, long positions can be held cautiously. If one wants to increase positions, it is recommended to participate through buying call options. The support level is 47,000 - 48,000, and the pressure level is 52,000 - 53,000 [14] 1.2 Futures and Spot Price Changes - The closing price of lithium carbonate is 72,720, with a daily increase of 0.06%, trading volume of 225,238, open interest of 188,523 (a decrease of 4,408 compared to the previous day), and 33,076 warehouse receipts. - The closing price of industrial silicon is 8,570, with a daily increase of 0.59%, trading volume of 225,068, open interest of 142,381 (a decrease of 20,293 compared to the previous day), and 50,357 warehouse receipts. - The closing price of polysilicon is 50,865, with a daily increase of 3.37%, trading volume of 276,176, open interest of 80,114 (a decrease of 1,274 compared to the previous day), and 8,050 warehouse receipts [15] Second Part: Fundamental Situation 2.1 Lithium Carbonate Fundamental Data - **Production and Inventory Situation**: During the holiday week, the lithium carbonate production was 20,635 tons, an increase of 119 tons compared to the previous week, reaching a new weekly production high. Except for a slight decrease in the production of lithium extracted from mica, the production of other lithium - extraction processes continued to rise. The total sample inventory of lithium carbonate last week was 134,801 tons, a decrease of 2,024 tons in the past two weeks, but the inventory was still at a high level. The inventory of lithium salt enterprises increased around the holiday, the inventory in the intermediate links decreased, and the downstream inventory slightly declined [3] - **Downstream Situation**: The downstream material factories are becoming more cautious, and the overall market trading activity is average. From October 1 - 12, the wholesale volume of national passenger car manufacturers was 546,000, a year - on - year decrease of 11% and a 15% decrease compared to the same period last month [3] 2.2 Industrial Silicon Fundamental Data - **Production and Inventory Situation**: Southwest China will enter the dry season in November, and production cuts may be planned at the end of October, while large factories in Xinjiang have production increase expectations. The total production of industrial silicon is expected to remain high in October and gradually decline in November [5] - **Downstream Situation**: The traditional peak season demand is okay, and the production of the polysilicon segment continues to increase. However, considering the "production - limit and sales - control" self - discipline plan in the industry, there is great uncertainty in demand. The news of capacity control in the photovoltaic industry on Tuesday has increased the market's concern about the future demand for industrial silicon [5] 2.3 Polysilicon Fundamental Data - **Production and Inventory Situation**: Driven by high profits, enterprises are highly motivated to produce, and the production of polysilicon in October will exceed expectations. However, due to weak terminal demand, downstream production cuts are gradually advancing, and the polysilicon inventory has shown an obvious accumulation trend. As of the week of October 10, the national polysilicon sample inventory was 253,900 tons, a week - on - week increase of 11,700 tons [8] - **Downstream Situation**: The national photovoltaic new - installed capacity in August was only 7.36GW, hitting a new low this year, indicating a weak downstream demand [8]

Report Summary 1. Report Industry Investment Rating No information is provided in the given content. 2. Core View of the Report The demand for propylene has weakened, and the cost side continues to drag down the propylene market. On the supply side, there is still significant pressure due to the resumption of production by some major manufacturers in Shandong and the restart of northern devices before the holiday, despite some PDH device shutdowns for maintenance. On the demand side, although downstream buyers start to purchase at low prices when propylene reaches a phased low, the enthusiasm for chasing high prices is low, and the demand follow - up has weakened. The cost side is under pressure as international oil prices decline due to weak demand and tariff disturbances, and the external propane price, though slightly rebounding, remains weak, which further drags down the propylene market. [1][2] 3. Summary According to the Directory I. Propylene Basis Structure - The closing price of the propylene main contract is 6079 yuan/ton (-5), the spot price of propylene in East China is 6215 yuan/ton (+0), and the spot price in North China is 6260 yuan/ton (-20). The basis in East China is 136 yuan/ton (+5), and the basis in North China is 181 yuan/ton (-15). [1] II. Propylene Production Profit and Capacity Utilization Rate - The propylene capacity utilization rate is 75% (-1%). The production profit and capacity utilization rate of different propylene production methods are also presented in the data, such as the PDH production method. [1] III. Propylene Import and Export Profit - The import profit is -393 yuan/ton (+30). [1] IV. Propylene Downstream Profit and Capacity Utilization Rate - PP powder capacity utilization rate is 40% (+2.29%), with a production profit of -85 yuan/ton (+20); epoxy propane capacity utilization rate is 72% (+5%), with a production profit of -344 yuan/ton (-115); and so on for other downstream products. [1] V. Propylene Inventory - The in - plant inventory is 43390 tons (-1520). [1] 4. Strategies - Unilateral: Cautiously short - hedge; - Inter - period: Sell the near - term contract and buy the far - term contract for PL01 - 02 when the spread is high; - Inter - commodity: None [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Sino-US trade conflict has dragged down the chemical sector as a whole. For pure benzene, the port de-stocking rate has slowed down, indicating that downstream procurement has not continued after the holiday. The recovery rate of CPL and aniline operations may be limited, and there is still inventory pressure on PA6 & nylon filament and MDI. The concentrated maintenance of styrene in late October has dragged down the demand for pure benzene. For styrene, port inventory pressure persists, downstream pick-up performance remains average, and port basis has weakened slightly. EPS seasonal low operating rate awaits recovery, PS operating rate continues to decline, and the pressure on PS finished product inventory has increased after the holiday. ABS operating rate has rebounded from a low level, but inventory pressure has further increased. Supply is affected by ongoing maintenance of some plants and new device launches, and overseas demand remains weak, increasing the import pressure on China [3]. 3. Summary by Relevant Catalogs I. Pure Benzene and EB's Basis Structure and Inter - Period Spreads - Pure benzene main contract basis is 33 yuan/ton (-5), and the spot - M2 spread is 40 yuan/ton (-30 yuan/ton). EB main contract basis is 41 yuan/ton (+26 yuan/ton) [1]. II. Production Profits and Internal - External Spreads of Pure Benzene and Styrene - Pure benzene CFR China processing fee is 136 dollars/ton (+7 dollars/ton), FOB Korea processing fee is 123 dollars/ton (+7 dollars/ton), and the US - Korea spread is 75.5 dollars/ton (+3.0 dollars/ton). Styrene non - integrated production profit is - 546 yuan/ton (-47 yuan/ton) and is expected to gradually compress [1]. III. Inventory and Operating Rates of Pure Benzene and Styrene - Pure benzene port inventory is 9.00 tons (-0.10 tons), and the operating rate is not mentioned. Styrene East China port inventory is 196,500 tons (-5,400 tons), East China commercial inventory is 121,500 tons (+5,100 tons), and the operating rate is 73.6% (+2.4%) [1]. IV. Operating Rates and Production Profits of Styrene Downstream - EPS production profit is 331 yuan/ton (+119 yuan/ton), operating rate is 40.74% (-2.37%); PS production profit is - 119 yuan/ton (+69 yuan/ton), operating rate is 54.60% (-1.70%); ABS production profit is - 15 yuan/ton (-24 yuan/ton), operating rate is 72.50% (+1.50%) [2]. V. Operating Rates and Production Profits of Pure Benzene Downstream - Caprolactam production profit is - 1830 yuan/ton (+90), operating rate is 96.00% (+0.00%); Phenol - acetone production profit is - 526 yuan/ton (+92), operating rate is 78.00% (-1.00%); Aniline production profit is 478 yuan/ton (+140), operating rate is 77.16% (+1.12%); Adipic acid production profit is - 1292 yuan/ton (+81), operating rate is 66.90% (+4.00%) [1]. 4. Strategy - Unilateral: Short - hedge BZ and EB on rallies. - Basis and Inter - Period: Do reverse spreads on the EB2511 - EB2512 spread on rallies. - Cross - Variety: No strategy [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The supply and demand of polyolefins remain in a loose pattern, and the polyolefin market continues to be weak. For PE, post - holiday inventory accumulation, weakened cost support from falling crude oil, and new device production increases drive the price down. For PP, it is mainly dragged down by the weakening of crude oil and propane prices. The overall supply - demand situation is loose, and the cost support is weak [1][2][3]. - Suggested strategies include cautious short - selling hedging for both L and PP in the single - side trading; L01 - L05 and PP01 - PP05 reverse spreads in the inter - period trading; and narrowing the spread of PP01 - 3MA01 when it is high in the inter - variety trading [4]. Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 6918 yuan/ton (-65), and the closing price of the PP main contract is 6602 yuan/ton (-91). The LL North China spot price is 6970 yuan/ton (-30), the LL East China spot price is 7000 yuan/ton (-80), and the PP East China spot price is 6640 yuan/ton (-30). The LL North China basis is 52 yuan/ton (+35), the LL East China basis is 82 yuan/ton (-15), and the PP East China basis is 38 yuan/ton (+61) [1]. 2. Production Profit and Operating Rate - PE operating rate is 83.9% (+1.9%), and PP operating rate is 77.7% (+1.1%). PE oil - based production profit is 461.2 yuan/ton (-81.6), PP oil - based production profit is -188.8 yuan/ton (-81.6), and PDH - based PP production profit is 110.3 yuan/ton (+209.4) [1]. 3. Non - standard Price Difference of Polyolefins No specific data analysis provided in the given text. 4. Import and Export Profits of Polyolefins - LL import profit is -28.2 yuan/ton (-39.0), PP import profit is -524.0 yuan/ton (+23.8), and PP export profit is 19.9 US dollars/ton (+2.3) [1]. 5. Downstream Operating Rate and Downstream Profits of Polyolefins - PE downstream agricultural film operating rate is 35.6% (+2.8%), PE downstream packaging film operating rate is 52.9% (+0.5%), PP downstream plastic weaving operating rate is 44.3% (+0.4%), and PP downstream BOPP film operating rate is 60.7% (+0.5%) [1]. 6. Polyolefin Inventory - For PE, post - holiday inventory of major plastic producers has accumulated significantly. For PP, there is an expectation of inventory digestion after the holiday, and traders are actively selling at discounted prices [2][3].

Report Industry Investment Rating No relevant information provided. Core View of the Report - The port basis of methanol has strengthened rapidly due to factors such as the intensification of Sino - US trade conflicts and the potential impact on Iranian methanol vessel berthing. The support from the inland to the port has weakened as the coal - based methanol operating rate has rebounded and inland inventory has increased from a low level. Traditional downstream industries have seen varying degrees of decline in operating rates [3]. Summary by Directory I. Methanol Basis & Inter - period Structure - The report includes multiple figures related to methanol basis, such as the methanol Taicang basis and the basis of methanol in different regions relative to the main futures contract, as well as the price differences between different methanol futures contracts (MA2601 - MA2605, etc.) [7][9][21] II. Methanol Production Profit, MTO Profit, Import Profit - Figures show the import price difference between Taicang methanol and CFR China, price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China, as well as the production profit of Inner Mongolia coal - based methanol and the MTO profit in East China [25][29][33] III. Methanol Operation, Inventory - Information on methanol port total inventory, MTO/P operating rate (including integrated), inland factory sample inventory, and China's methanol operating rate (including integrated) is presented [34][36][40] IV. Regional Price Differences - The report provides data on regional price differences, such as the price difference between northern Shandong and the northwest, between Taicang and Inner Mongolia, and between different regions like Guangdong and East China [38][45][48] V. Traditional Downstream Profits - Figures display the production gross margins of traditional downstream products, including Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [49][57] Strategy - Unilateral: Cautiously go long on hedging at low prices - Inter - period: Go long on the spread of MA2601 - MA2605 at low prices - Inter - variety: Narrow the spread of PP01 - 3MA01 at high prices [4]

Report Industry Investment Rating There is no information provided in the content regarding the report industry investment rating. Core Viewpoints - The macro - risk is temporarily controllable, and the polyester industry chain rebounds after a decline. The US - China tariff war affects the market, causing crude oil to fall and then rebound. The PTA futures are affected by the crude oil price movement [2][3]. - The supply - demand situation of different products in the polyester industry chain varies. PX's fourth - quarter supply - demand outlook weakens; PTA has short - term improved fundamentals but long - term inventory accumulation pressure; PF has a short - term good supply - demand situation; and PR faces supply - demand pressure with new device production [3][4][5]. - The recommended strategies are to cautiously short - sell PX/PTA/PF/PR on a unilateral basis, go long on PF processing fees at low prices in cross - variety trading, and conduct reverse arbitrage on PX/PTA2601 - 2605 in cross - period trading [6][7]. Summary by Relevant Catalogs Price and Basis - Figures show TA and PX's main contract trends, basis, and cross - period spreads, as well as PTA's East China spot basis and short - fiber basis [11][12][14]. Upstream Profit and Spread - Include PX processing fee (PXN), PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [19][24]. International Spread and Import - Export Profit - Cover the toluene US - Asia spread, toluene South Korea FOB - Japan naphtha CFR spread, and PTA export profit [26][28]. Upstream PX and PTA Start - up - Illustrate the operating loads of PTA in China, South Korea, and Taiwan, as well as PX in China and Asia [29][32][34]. Social Inventory and Warehouse Receipts - Present PTA's weekly social inventory, PX's monthly social inventory, and various warehouse receipts of PTA, PX, and PF [37][40][41]. Downstream Polyester Load - Show the production and sales of filaments and short - fibers, polyester load, various factory inventory days, and the operating rates of weaving, texturing, and dyeing in Jiangsu and Zhejiang [48][50][59]. PF Detailed Data - Provide information on PF's 1.4D physical and equity inventories, polyester staple fiber load, factory equity inventory days, and related indicators of regenerated cotton - type short - fibers, pure polyester yarns, and polyester - cotton yarns [70][72][80]. PR Fundamental Detailed Data - Include polyester bottle - chip load, bottle - chip factory inventory days, spot and export processing fees, export profit, and month - to - month spreads [91][95][98].

Core Viewpoint - Beijing Dabeinong Technology Group is engaging in commodity futures hedging to lock in raw material costs and pig prices, thereby mitigating price volatility risks [1] Group 1: Business Strategy - The company has initiated a commodity futures hedging business to manage risks associated with raw material costs and pig prices [1] - A resolution was passed by the board and shareholders to limit the maximum margin usage to 300 million yuan until the annual shareholders' meeting in 2025 [1] Group 2: Financial Performance - From January 1 to September 30, 2025, the company has confirmed an investment income of approximately 61.034 million yuan, which accounts for 17.65% of the previous year's audited net profit attributable to the parent company [1] - The current volatility in agricultural product prices aligns the scale of the business with the company's situation, ensuring it does not affect daily operations [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Cost - end**: This week, oil prices fluctuated weakly. After the National Day, China's import demand slowed down while US exports increased, and Middle - East exports also rose, leading to an oversupply situation. The re - fermentation of the China - US tariff war on Friday caused a sharp drop in crude oil prices [1]. - **PX**: China's PX operating rate was 87.4% (up 1.0% week - on - week), and Asia's was 79.9% (up 0.8% week - on - week). China's PX load has recovered to a relatively high level, and overseas restarts and capacity expansion have weakened the Q4 supply - demand outlook and support [1]. - **PTA**: China's PTA operating rate was 74.4% (down 2.4% week - on - week), and the spot processing fee was 199 yuan/ton. The increase in maintenance plans has narrowed the inventory accumulation in the near - term, but the new device commissioning in December may lead to high inventory pressure. Demand improvement needs to be observed [2]. - **PF**: The direct - spinning polyester staple fiber operating rate was 94.3% (down 1.1% week - on - week). After the holiday, the load decreased slightly. The short - term supply - demand situation is better than the raw material end, and the processing fee is expected to remain high [3]. - **PR**: The bottle - chip factory operating rate (based on maximum capacity) was 72.4% (+0.4%), and the inventory was 16.8 days (up 2.1 days week - on - week). The processing fee rebounded to around 500 yuan. The short - term load change is limited, and the supply - demand pressure is large after the new device commissioning [4]. - **Strategy**: - **Single - side**: Consider short - hedging PX/PTA/PF/PR on rallies. - **Cross - variety**: Go long on PF processing fees at low levels: PF2511 - 0.855PTA2601 - 0.332MEG2601. - **Cross - period**: Reverse spread PX/PTA2601 - 2605 [5]. 3. Summary by Directory Price and Spread - The report presents various price and spread charts, including TA, PX, PF, and PR contract price trends, basis, and inter - period spreads, as well as processing fees and other related data [8][10][11][12][16] PX and PTA Supply - China's PX load and Asia's PX load are shown, along with PTA load data from China, South Korea, and Taiwan, reflecting the supply situation of PX and PTA [46][47][52] Inventory - It includes PTA weekly social inventory, PX monthly social inventory, and the inventory data of PTA and PX warehouse receipts, showing the inventory status of related products [55][60][63] Demand - Charts show the production and sales of filaments and short - fibers, polyester load, and the operating rates of various downstream industries such as weaving, texturing, and dyeing, reflecting the demand situation [65][69][71] PF Supply - Demand - Inventory - It presents the load of polyester staple fibers, factory inventory days, and the operating rates and profits of pure - polyester yarn and polyester - cotton yarn, showing the supply - demand - inventory situation of PF [87][91][93] PR Supply - Demand - Inventory - It shows the load of polyester bottle - chips, factory inventory days, and processing fees and export profits, reflecting the supply - demand - inventory situation of PR [106][108][110]