Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - The methanol market should be treated strongly as imports are difficult to replenish. In the short - term, it will be strong after a callback, but there is a high risk of chasing high prices. Attention should be paid to the current US - Iran situation and crude oil trends [1][3] Group 3: Summary by Relevant Catalogs Fundamental Analysis - As of March 25, the inventory of Chinese methanol sample production enterprises was 43.50 tons, a decrease of 5.04 tons from the previous period, a month - on - month decrease of 10.39%. The sample enterprise orders to be delivered were 28.39 tons, an increase of 0.46 tons from the previous period, a month - on - month increase of 1.64%. The total inventory of Chinese methanol ports was 115.55 tons, a decrease of 10.62 tons from the previous data. As of March 19, the capacity utilization rate of domestic methanol - to - olefins plants was 85.57%, a month - on - month increase of 3.08%. The restart of Yanchang Yulin Zhongmei Phase II plant and the increase in the load of Tianjin Bohua led to an increase in industry start - up [1] Macroeconomic Analysis - Iranian troops attacked a Kuwaiti oil tanker in the anchorage area of Dubai Port, causing damage to the hull and a fire, marking an escalation of shipping attacks in the Persian Gulf. China's official manufacturing PMI in March was 50.4, with an expected value of 50.1 and a previous value of 49. In March, China's manufacturing purchasing managers' index rose 1.4 percentage points from the previous month, returning to the expansion range. US media reported that Trump was willing to end the Iran war with the Strait of Hormuz closed. Iran insisted that it had not negotiated with the US since the war broke out, and the Iranian parliament approved the collection of tolls on the strait, which must be paid in the Iranian local currency [2] Futures and Spot Market Analysis - The situation in the Middle East has become more tense, crude oil prices have risen sharply, and methanol prices have fluctuated more severely in the short - term due to the situation. Considering the damaged facilities and production capacity in the war, it is difficult for the subsequent supply to recover quickly. Overall, it will still be treated strongly after a short - term callback. High - risk chasing in the short - term is not advisable [3]