1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet expanding, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but the current oil prices need to test OPEC's export price - support willingness, and short - term wait - and - see is recommended [3]. - For methanol, high port inventories suppress prices. Overseas开工 remains high, arrivals are at a high level, and port inventories are rising. Coal prices are strong, squeezing enterprise profits and causing a slight decline in enterprise开工. Demand is weak overall, and there is a risk of price decline, so it is recommended to wait and see [6]. - For urea, the market is sensitive to bullish news. Domestic demand lacks support, and supply is high. New export policies improve the market atmosphere, and inventories are being depleted at a high level. The downside space is relatively limited, and it is expected to bottom out through oscillations [9]. - For rubber, a neutral approach is adopted, and short - term trading with quick entry and exit is recommended. A partial position can be established for the hedging strategy of buying RU2601 and selling RU2609 [13]. - For PVC, the enterprise's comprehensive profit is at a low level, but supply is high, and new devices are about to be put into operation. Demand is under pressure, and export prospects are poor. There is a risk of inventory accumulation, and short - term valuation is low. A short - selling strategy on rallies can be considered in the medium term [15]. - For pure benzene and styrene, the BZN spread has room for upward repair. Port inventories are being depleted, and styrene prices may stop falling in the short term [18]. - For polyethylene, OPEC +'s plan to suspend production growth may lead to a bottoming of crude oil prices. Polyethylene's valuation has limited downward space, but high - level warehouse receipts suppress the market. Supply is limited, and demand is picking up seasonally. Prices are expected to oscillate at a low level [21]. - For polypropylene, the cost side sees a potential increase in global oil inventories, and supply pressure is high. Demand is picking up slightly, and overall inventories are high. There is no prominent short - term contradiction, and prices may be supported in Q1 2026 [24]. - For PX, it is expected to see a slight inventory build - up in November, but there is support from aromatics blending into gasoline and the long - term supply - demand structure. Pay attention to the opportunity of mid - term valuation increase [27]. - For PTA, supply is expected to increase with new device launches, and inventories are expected to accumulate in November. Demand is expected to remain high but has limited room for improvement. Pay attention to the opportunity of PTA strengthening driven by the mid - term increase in PXN [30]. - For ethylene glycol, domestic supply is high, imports are increasing, and inventories are expected to accumulate in Q4. Valuation is relatively low, and a short - selling strategy on rallies is recommended [32]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 3.00 yuan/barrel, or 0.66%, to 457.40 yuan/barrel. European ARA weekly data showed gasoline inventories decreased by 0.65 million barrels to 8.18 million barrels, diesel inventories increased by 0.65 million barrels to 17.05 million barrels, etc. [2] - **Strategy View**: Adopt a range - trading strategy of buying low and selling high, but wait and see in the short term to test OPEC's export price - support willingness [3] Methanol - **Market Information**: The price in Taicang decreased by 22, in Lunan by 10, and remained stable in Inner Mongolia. The 01 contract on the futures market decreased by 48 yuan to 2055 yuan/ton, and the basis was - 5. The 1 - 5 spread was - 3, reporting - 108 [5]. - **Strategy View**: High port inventories, high overseas开工, and weak demand lead to a risk of price decline. It is recommended to wait and see [6] Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market decreased by 6 yuan to 1652 yuan, and the basis was - 62. The 1 - 5 spread was - 2, reporting - 75 [8]. - **Strategy View**: The market is sensitive to news. Domestic supply exceeds demand, and new export policies improve the market. The downside space is limited, and it is expected to bottom out through oscillations [9] Rubber - **Market Information**: Macro risk appetite declined, and rubber prices oscillated and declined. Tyre factory开工 rates were neutral. China's natural rubber social inventories increased by 0.03 million tons to 105.63 million tons [11]. - **Strategy View**: Adopt a neutral approach, recommend short - term trading, and consider partial position establishment for the hedging strategy of buying RU2601 and selling RU2609 [13] PVC - **Market Information**: The PVC01 contract rose 22 yuan to 4608 yuan. The spot price of Changzhou SG - 5 was 4520 (+10) yuan/ton, and the basis was - 88 (-12) yuan/ton. The overall开工 rate was 78.5%, a 2.2% decrease [13]. - **Strategy View**: The enterprise's comprehensive profit is low, supply is high, demand is poor, and exports are expected to weaken. A short - selling strategy on rallies can be considered in the medium term [15] Pure Benzene and Styrene - **Market Information**: The cost - side East China pure benzene price was 5375 yuan/ton, unchanged. The spot price of styrene rose 125 yuan/ton to 6450 yuan/ton. The BZN spread rose 20.12 yuan/ton to 106.87 yuan/ton [17]. - **Strategy View**: The BZN spread has room for upward repair, port inventories are being depleted, and styrene prices may stop falling in the short term [18] Polyethylene - **Market Information**: The futures price rose 35 yuan to 6853 yuan/ton, and the spot price remained unchanged. The upstream开工 rate was 83.72%, a 1.95% increase. Production enterprise inventories increased by 3.90 million tons to 52.92 million tons [20]. - **Strategy View**: OPEC +'s plan may lead to a bottoming of crude oil prices. Polyethylene's valuation has limited downward space, but high - level warehouse receipts suppress the market. Prices are expected to oscillate at a low level [21] Polypropylene - **Market Information**: The futures price fell 6 yuan to 6474 yuan/ton, and the spot price remained unchanged. The upstream开工 rate was 80.82%, a 1.34% increase. Production enterprise inventories increased by 2.01 million tons to 62 million tons [23]. - **Strategy View**: The cost side sees a potential increase in global oil inventories, and supply pressure is high. Demand is picking up slightly, and overall inventories are high. There is no prominent short - term contradiction, and prices may be supported in Q1 2026 [24] PX - **Market Information**: The PX01 contract fell 30 yuan to 6806 yuan. China's PX开工 rate was 86.8%, a 3% decrease, and Asia's was 78.5%, a 1.7% decrease. PTA开工 rate was 75.7%, a 0.7% decrease [26]. - **Strategy View**: It is expected to see a slight inventory build - up in November, but there is support from aromatics blending into gasoline and the long - term supply - demand structure. Pay attention to the opportunity of mid - term valuation increase [27] PTA - **Market Information**: The PTA01 contract remained unchanged at 4700 yuan. The spot price in East China rose 70 yuan/ton to 4635 yuan. The PTA开工 rate was 75.7%, a 0.7% decrease, and the polyester开工 rate was 90.5%, a 0.8% decrease [28]. - **Strategy View**: Supply is expected to increase with new device launches, and inventories are expected to accumulate in November. Demand is expected to remain high but has limited room for improvement. Pay attention to the opportunity of PTA strengthening driven by the mid - term increase in PXN [30] Ethylene Glycol - **Market Information**: The EG01 contract rose 30 yuan to 3922 yuan. The spot price in East China rose 39 yuan to 3980 yuan. The supply - side开工 rate was 71.6%, a 0.9% decrease. Port inventories increased by 9.9 million tons to 66.1 million tons [31]. - **Strategy View**: Domestic supply is high, imports are increasing, and inventories are expected to accumulate in Q4. Valuation is relatively low, and a short - selling strategy on rallies is recommended [32]