1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports Polyolefin Industry - The upstream of LLDPE and PP continues to reduce prices, with poor order - taking. The supply of LLDPE is expected to increase marginally, and the demand is in a seasonal off - season. PP has a weak supply - demand situation, but the inventory is expected to turn to a decline in January, and the balance has improved. However, the weighted profit has been repaired, and the far - month disk has certain characteristics. Attention should be paid to the implementation of later maintenance [2]. Methanol Industry - Methanol futures fluctuate in a narrow range at a low level, with the basis strengthening slightly. The inland supply remains high, and traditional demand is weak, with short - term pressure. Although the port inventory is slightly depleted, the MTO demand is weak, suppressing the price rebound. The key variables are the reduction rhythm of imported methanol and the fading of geopolitical risk premium [4]. Pure Benzene - Styrene Industry - The marginal supply - demand of pure benzene improves slightly, but the port inventory level is still high, and its own driving force is limited. Styrene is boosted by exports and device accidents, and its price is strong, driving up the price of pure benzene. The spread between styrene and pure benzene has widened significantly. For strategies, consider short - selling opportunities in BZ03 and narrowing the EB - BZ spread at high levels. For styrene, although the short - term supply - demand is tight, there is an inventory accumulation expectation around the Spring Festival, and the upward space is limited. Consider short - selling opportunities in EB03 and narrowing the EB processing fee at high levels [5]. Glass - Soda Ash Industry - Soda ash futures are expected to fluctuate weakly in the short term. The spot price has a slight decline, the supply is at a high level, the demand has not improved significantly, and the factory inventory is hovering at a high level. Glass futures are also expected to continue the weak trend. The supply and demand are both weak, the inventory is still relatively high year - on - year, and the supply is expected to increase while the demand is shrinking in the off - season [6]. Urea Industry - Urea futures fluctuated and closed up on January 20th, and the spot price was slightly loose. The supply is at a high level, with the daily output rising to 200,000 tons. The demand side has some rigid needs, but the overall receiving enthusiasm is low. It is expected that the urea price will be in a weak shock in the short term [7]. PVC - Caustic Soda Industry - Caustic soda futures fell weakly, and the spot price continued to decline. The supply - demand imbalance remains unchanged, with high inventory and weak demand, and the price will continue to be under pressure. PVC futures fluctuated and closed down, with the spot price remaining stable. The supply is high, the domestic demand is weakening, the inventory is accumulating, and the cost support is controversial. It is expected to be in a weak shock in the short term, but the downward space is limited [8]. Crude Oil Industry - International oil prices rebounded. The geopolitical risk has eased, but the instability remains. The short - term oil price is supported by the shutdown of the Tengiz oil field in Kazakhstan, but the supply - demand expectation is still weak, and the upward space is limited. Brent crude oil may fluctuate between $60 - 66 per barrel in the short term [9]. Natural Rubber Industry - The overseas raw material prices of natural rubber continue to fall, weakening the bottom support. The demand of some semi - steel tire enterprises with a large proportion of European exports is relatively good, but the domestic sales are slow. The inventory in China continues to accumulate. Considering that Thailand is about to enter the production - reducing period, the raw material price decline is limited, and the rubber price is expected to continue to fluctuate in the range of 15,500 - 16,500 [11]. LPG Industry - LPG futures prices declined. The inventory of refineries and ports decreased, the upstream refinery operating rate increased slightly, and the downstream PDH operating rate decreased. Overall, no clear view on the future trend is given in the report [12]. Polyester Industry - For PX, the supply is high, and the demand is weak. It is expected to fluctuate in a high - level range in the short term, and the downward space is limited in the second quarter. For PTA, the supply - demand is expected to weaken, and it will follow the raw material fluctuations before the Spring Festival. For MEG, there is a large - scale inventory accumulation expectation in January - February, and the price is under pressure. For short - fiber, the supply - demand pattern is weak, and it will follow the raw material fluctuations in the short term. For polyester bottle - chips, the supply is expected to decline, and it will follow the cost fluctuations [13]. 3. Summaries According to Relevant Catalogs Polyolefin Industry - **Price Changes**: The closing prices of L2605, L2609, PP2605, and PP2609 all decreased on January 20, 2026, compared with January 19. The prices of some spot products also changed, such as the华东LDPE price decreased by 250 yuan/ton, and the 华东PP注塑 price decreased by 70 yuan/ton [2]. - **Inventory and Operating Rate**: The PE device operating rate decreased by 2.07 percentage points, and the downstream weighted operating rate decreased slightly. The PE enterprise inventory and social inventory both decreased. The PP device operating rate increased slightly, while the PP powder device operating rate and downstream weighted operating rate decreased [2]. Methanol Industry - **Price Changes**: The closing prices of MA2605 and MA2609 decreased on January 20. The spot prices of some regions also changed, such as the 内蒙北线现货 price decreased by 28 yuan/ton [4]. - **Inventory and Operating Rate**: The methanol enterprise inventory increased slightly, while the port inventory and social inventory decreased. The upstream and downstream operating rates of methanol changed to different degrees, with the downstream - outer - purchased MTO device operating rate decreasing significantly by 8.85 percentage points [4]. Pure Benzene - Styrene Industry - **Price Changes**: The prices of upstream products such as Brent crude oil and WTI crude oil increased on January 20. The prices of pure benzene and styrene - related products also had different changes, such as the 纯苯华东现货 price increased by 10 yuan/ton, and the 苯乙烯华东现货 price decreased by 60 yuan/ton [5]. - **Inventory and Operating Rate**: The pure benzene and styrene inventories in Jiangsu ports decreased. The operating rates of some industries in the pure benzene and styrene industrial chain changed, such as the Asian pure benzene operating rate decreased by 0.7 percentage points, and the 苯酚 operating rate increased by 4.0 percentage points [5]. Glass - Soda Ash Industry - **Price Changes**: The prices of glass and soda ash futures decreased on January 20. The spot prices of glass and soda ash in different regions remained stable [6]. - **Supply and Demand Indicators**: The soda ash operating rate and weekly output increased, while the float - glass daily melting volume decreased slightly, and the photovoltaic daily melting volume increased slightly. The glass factory inventory decreased, while the soda ash factory inventory increased [6]. Urea Industry - **Price Changes**: The urea futures fluctuated and closed up on January 20, and the spot price was slightly loose [7]. - **Supply and Demand Indicators**: The domestic urea daily output increased, and the weekly output also increased. The factory inventory and port inventory decreased, and the production enterprise order days decreased [7]. PVC - Caustic Soda Industry - **Price Changes**: The prices of caustic soda futures and some spot products decreased on January 20, while the PVC spot price remained stable, and the futures prices had different changes [8]. - **Supply and Demand Indicators**: The caustic soda and PVC operating rates changed slightly. The caustic soda inventory in some regions decreased, and the PVC upstream factory inventory decreased, but the total social inventory increased [8]. Crude Oil Industry - **Price Changes**: Brent crude oil price increased by 0.98 dollars/barrel on January 20, while the SC crude oil price decreased by 4.10 yuan/barrel. The prices of some refined oil products also changed, such as the ICE Gasoil price increased by 14.25 dollars/ton [9]. - **Market Factors**: The geopolitical risk in the Middle East has eased, but the instability remains. The shutdown of the Tengiz oil field in Kazakhstan has supported the short - term oil price, but the supply - demand expectation is still weak [9]. Natural Rubber Industry - **Price Changes**: The prices of natural rubber - related products such as 云南国营全乳胶(SCRWF) and 泰标混合胶 decreased on January 20 [11]. - **Supply and Demand Indicators**: The natural rubber production in some countries decreased in November, while the production in India increased. The operating rates of automobile tires in China increased, and the domestic tire output and export volume increased. The inventory of natural rubber in China continued to accumulate [11]. LPG Industry - **Price Changes**: The prices of LPG futures contracts such as PG2603, PG2604, and PG2605 decreased on January 20. The spot prices of LPG in the South China region also decreased [12]. - **Inventory and Operating Rate**: The LPG refinery storage capacity ratio and port inventory decreased. The upstream refinery operating rate increased slightly, and the downstream PDH operating rate decreased [12]. Polyester Industry - **Price Changes**: The prices of upstream products such as Brent crude oil and WTI crude oil increased on January 20. The prices of polyester products and related raw materials had different changes, such as the 聚酯切片 price increased by 25 yuan/ton, and the MEG华东现货 price decreased by 36 yuan/ton [13]. - **Supply and Demand Indicators**: The operating rates of some industries in the polyester industry chain decreased, such as the Asian PX operating rate decreased by 0.6 percentage points, and the polyester comprehensive operating rate decreased by 2.5 percentage points. The MEG port inventory decreased slightly, but the arrival expectation increased [13].