1. Report Industry Investment Ratings - Urea: ★☆★ [1] - Methanol: ★☆★ [1] - Pure Benzene: ★☆★ [1] - Propylene: ★☆★ [1] - Ethylene Glycol: ★☆★ [1] - Plastic: ★☆☆ [1] - Styrene: ★☆☆ [1] - PVC: ★☆☆ [1] - PX: ★☆☆ [1] - PTA: ★☆☆ [1] - Short Fiber: ★☆☆ [1] - Bottle Chip: ★☆☆ [1] - Olefins: ★☆☆ [1] - Glass: ☆☆☆ [1] - Soda Ash: ☆☆☆ [1] 2. Core Views - The overall market shows a complex situation with different trends in various chemical products. Some products are expected to have short - term upward trends, while others face supply - demand imbalances and long - term pressure [2][3][5][6][7][8] 3. Summary by Related Catalogs Olefins - Polyolefins - Propylene futures rose. Supply has no obvious pressure, and downstream factories are more cautious. Plastic and polypropylene futures also rose, but polyethylene will face increased supply pressure and weakening demand, while polypropylene has relatively stable supply but weak demand [2] Polyester - PX has new capacity in the second half of the year, and PTA has none. There is an inventory accumulation expectation around the Spring Festival. Ethylene glycol has an inventory accumulation expectation around the Spring Festival but may improve in the second quarter. Short fiber has high enterprise load and low inventory but weak downstream orders. Bottle chip has improved processing margin but long - term capacity pressure [3] Pure Benzene - Styrene - Pure benzene futures rose, but downstream resistance to high prices increased. Supply decreased, and demand increased, with inventory reduction in East China ports. Styrene futures rose, but high prices may limit its upward space [5] Coal Chemical Industry - Methanol futures rose. Port inventory accumulated, but there is strong support from reduced imports in the first quarter. Urea futures were strong, with increased downstream开工 and production enterprise de - stocking [6] Chlor - alkali - PVC was strong, with factory inventory decreasing and social inventory increasing. There is a possibility of capacity reduction and export increase this year. Caustic soda had a fluctuating trend, with high inventory and high开工, and the profit of chlor - alkali integration may be compressed [7] Soda Ash - Glass - Soda ash had a slightly strong fluctuating trend, with high inventory pressure. Glass was slightly strong, with inventory increase and possible seasonal inventory accumulation, and low valuation [8]

Report Summary 1. Report Industry Investment Rating - PX/PTA/PF/PR are rated neutral [4] 2. Core Viewpoints - Short - term PX/PTA has difficulty breaking through the resistance level, and the market sentiment has declined due to the retracement of crude oil and the stock market. Attention should be paid to the situation of Shenghong and Zhejiang Petrochemical's devices [1] - The cost - end crude oil price has declined significantly, affected by the U.S. tax increase on India and the unexpected inventory accumulation in the U.S. The PX fundamentals have weakened marginally, but the low inventory provides support for PXN. The PTA supply - demand situation has improved, and the balance sheet will shift from a loose balance to significant de - stocking in September. The demand side is gradually warming up [2] - The polyester开工率 is 90.0% (month - on - month increase of 0.6%), showing signs of recovery. The inventory of filament factories has decreased, and the efficiency has gradually improved. The demand for PF has improved slightly, and the overall supply - demand situation has improved. The fundamentals of PR have changed little, and the processing fee is expected to be repaired [3] - For the unilateral strategy, maintain a neutral view on PX/PTA/PF/PR. For the cross - variety strategy, go long on PF processing fees at low prices. There is no cross - period strategy [4] 3. Summary by Directory I. Price and Basis - Include TA main contract, basis, and inter - period spread trends; PX main contract trends, basis, and inter - period spread trends; PTA East China spot basis; and short - fiber basis [9][10][13] II. Upstream Profits and Spreads - Cover PX processing fee PXN, PTA spot processing fee, South Korean xylene isomerization profit, and South Korean STDP selective disproportionation profit [16][19] III. International Spreads and Import - Export Profits - Involve toluene U.S. - Asia spread, toluene South Korean FOB - Japanese naphtha CFR, and PTA export profit [23][24] IV. Upstream PX and PTA Start - up - Include China's PTA load, South Korea's PTA load, Taiwan's PTA load, China's PX load, and Asian PX load [26][29][31] V. Social Inventory and Warehouse Receipts - Comprise PTA weekly social inventory, PX monthly social inventory, PTA total warehouse receipts + forecast volume, PTA warehouse receipt inventory, PX warehouse receipt inventory, and PF warehouse receipt inventory [34][37][38] VI. Downstream Polyester Load - Include filament production and sales, short - fiber production and sales, polyester load, direct - spinning filament load, polyester staple fiber load, polyester bottle - chip load, filament factory inventory days, Jiangsu and Zhejiang loom start - up rate, Jiangsu and Zhejiang texturing start - up rate, Jiangsu and Zhejiang printing and dyeing start - up rate, and filament profit [45][47][56] VII. PF Detailed Data - Cover 1.4D physical inventory, 1.4D equity inventory, polyester staple fiber load, polyester staple fiber factory equity inventory days, recycled cotton - type staple fiber load, raw - recycled spread, pure polyester yarn start - up rate, pure polyester yarn production profit, polyester - cotton yarn start - up rate, and polyester - cotton yarn processing fee [66][75][79] VIII. PR Fundamental Detailed Data - Include polyester bottle - chip load, bottle - chip factory bottle - chip inventory days, bottle - chip spot processing fee, bottle - chip export processing fee, bottle - chip export profit, East China water bottle - chip - recycled 3A - grade white bottle - chip spread, bottle - chip next - month spread, and bottle - chip next - next - month spread [83][85][93]