1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term excessive bearishness on oil prices is not advisable. A low - buying and high - selling range strategy is maintained, but current prices need to test OPEC's export price - support willingness. Short - term waiting for OPEC's export decline during price drops is recommended [3]. - For methanol, the positive impact of Iranian device shutdowns is being realized, and the market has risen significantly. However, the 01 contract has limited time and high near - end inventories. The supply remains high, and demand changes little. The market is expected to bottom out gradually, but due to the rapid short - term rise, it is advisable to wait and see [6]. - For urea, prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side enterprise profits are low, and production has slightly decreased but is still high year - on - year. Demand has improved, and with export policies and cost support, the downside is limited. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. - For rubber, a bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. - For PVC, the industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. - For pure benzene and styrene, the supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. - For polyethylene, the price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. - For polypropylene, in a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. - For PX, it is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. - For PTA, the supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. - For ethylene glycol, the supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36]. 3. Summaries by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed down 5.10 yuan/barrel, a 1.13% decline, at 447.90 yuan/barrel. Related refined oil futures also declined. European ARA weekly data showed mixed inventory changes in refined products, with a net decline of 0.38 million barrels in total refined oil inventory [2]. - **Strategy**: Maintain a low - buying and high - selling range strategy, but wait and see in the short term to verify OPEC's export price - support willingness [3]. Methanol - **Market Information**: Prices in Taicang increased by 53, in Lunan by 50, and remained stable in Inner Mongolia. The 01 contract on the futures market rose 73 yuan to 2077 yuan/ton, with a basis of - 24. The 1 - 5 spread was +13, at - 121 [5]. - **Strategy**: The market has risen due to Iranian device shutdowns, but the 01 contract has high near - end inventories. The supply remains high, and demand changes little. It is advisable to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei remained stable. The 01 contract on the futures market fell 16 yuan to 1638 yuan, with a basis of - 8. The 1 - 5 spread was +1, at - 73 [8]. - **Strategy**: Prices are oscillating and rising at the bottom, relatively resistant to decline. Supply - side profits are low, and demand has improved. It is expected to build a bottom through oscillation, and low - price long - position allocation can be considered [9]. Rubber - **Market Information**: Rubber prices oscillated and rebounded. There was heavy rainfall in the Thai production area, and the November warehouse receipts of natural rubber on the Shanghai Exchange were about to be delivered. Tire factory operating rates were weak, and natural rubber inventories increased slightly. Spot prices of some rubber products rose [12]. - **Strategy**: A bullish short - term trading approach with stop - loss settings is recommended. A partial position in the hedge of buying RU2601 and selling RU2609 can be established [16]. PVC - **Market Information**: The PVC01 contract rose 40 yuan to 4496 yuan. The spot price of Changzhou SG - 5 was 4440 (+20) yuan/ton, with a basis of - 56 (-20) yuan/ton. The 1 - 5 spread was - 294 (+6) yuan/ton. Cost - side carbide prices rebounded, and caustic soda prices fell. Overall operating rates increased slightly, while downstream demand decreased slightly. Factory inventories decreased, and social inventories increased [16]. - **Strategy**: The industry has low comprehensive enterprise profits and high supply. Domestic demand is weak, and it is difficult to reverse the supply - surplus situation. Mid - term short - position allocation on price increases is recommended [18]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with an enlarged basis. The spot and futures prices of styrene fell, with a strengthened basis. The upstream operating rate of styrene decreased, and port inventories decreased significantly. The demand - side operating rate of three S products increased slightly [20]. - **Strategy**: The supply of styrene is under pressure, but port inventories are decreasing significantly. Styrene prices may stop falling periodically [21]. Polyethylene - **Market Information**: The main contract of polyethylene closed at 6793 yuan/ton, up 23 yuan. The spot price was unchanged. The upstream operating rate increased, and production enterprise inventories decreased, while trader inventories increased slightly. The downstream average operating rate increased slightly [23]. - **Strategy**: The price is expected to oscillate at a low level. The cost - side impact has shifted, and although inventories are decreasing, high historical warehouse receipts suppress the market [24]. Polypropylene - **Market Information**: The main contract of polypropylene closed at 6372 yuan/ton, up 15 yuan. The spot price fell 25 yuan. The upstream operating rate increased, and inventories at production enterprises, traders, and ports all decreased. The downstream average operating rate increased slightly [26]. - **Strategy**: In a supply - demand weak situation with high inventory pressure, the market may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [27]. PX - **Market Information**: The PX01 contract rose 22 yuan to 6772 yuan. The PX CFR price rose 2 dollars to 826 dollars. The Chinese and Asian operating rates increased. Some devices restarted, and PTA operating rates decreased. November imports from South Korea increased year - on - year, and inventories increased in September [29]. - **Strategy**: It is expected to accumulate a small amount of inventory in November. With a neutral valuation, there is a risk of valuation callback [30]. PTA - **Market Information**: The PTA01 contract rose 14 yuan to 4680 yuan. The spot price in East China rose 15 yuan/ton. The PTA operating rate decreased, and downstream operating rates increased. Inventories increased slightly, and processing fees rose slightly [31]. - **Strategy**: The supply is expected to be stable, and demand may maintain a high level in the short term. However, PX has a risk of valuation callback, and PTA processing fees have limited upside [32]. Ethylene Glycol - **Market Information**: The EG01 contract rose 76 yuan to 3884 yuan. The spot price in East China rose 38 yuan. The supply - side operating rate decreased, and downstream operating rates increased. Port inventories remained unchanged, and production profits were negative [35]. - **Strategy**: The supply - demand pattern is expected to be weak in the medium term. With a neutral - to - low valuation, mid - term short - position allocation on price increases is recommended [36].