Industry Investment Ratings - Urea: ☆☆☆ (judged as a relatively clear downward trend) [1] - Methanol: ★★★ (judged as a relatively clear upward trend) [1] - Pure Benzene: ★★★ (judged as a relatively clear downward trend) [1] - Styrene: ★★★ (judged as a relatively clear downward trend) [1] - Polypropylene: ☆☆☆ (judged as a relatively clear downward trend) [1] - Plastic: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - PVC: ☆☆☆ (judged as a relatively clear downward trend) [1] - Caustic Soda: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - PX: ★★☆ (judged as a relatively clear downward trend, and the market is fermenting) [1] - PTA: ★★☆ (judged as a relatively clear downward trend, and the market is fermenting) [1] - Ethylene Glycol: ☆☆☆ (judged as a relatively clear downward trend) [1] - Short Fiber: ★★★ (judged as a relatively clear upward trend) [1] - Glass: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Soda Ash: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Bottle Chip: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] - Propylene: ★☆☆ (judged as a downward trend, but with limited operability on the market) [1] Core Views - The overall chemical market shows a mixed trend, with different products having different supply - demand situations and price trends [2][3][5] - Some products are affected by factors such as new device expectations, overseas device changes, and seasonal demand changes [5][6] - The market sentiment is also influenced by macro - economic data and external factors [5] Summary by Category Olefins - Polyolefins - Olefin futures contracts continued to decline. Although the cost pressure on downstream products has not been fully alleviated, the demand for propylene has improved, and some companies are more willing to hold prices [2] - Polyolefin futures contracts declined slightly. The demand for polyethylene has increased, and the supply has decreased. The supply - demand situation of polypropylene has limited improvement [2] Pure Benzene - Styrene - Pure benzene continued to be weak, with a decline in spot prices in East China and a significant reduction in trading volume in Shandong. The supply - demand situation may improve in the third quarter, but high import volume expectations suppress the market [3] - Styrene futures contracts declined. The supply has decreased unexpectedly, but the demand is in a dull period, and there may be price promotions in the north before the National Day [3] Polyester - PTA is under price pressure, and the market is weak in the short term. There is an expectation of downstream restocking before the festival, and the processing margin of polyester yarn may be repaired [5] - Ethylene glycol has returned to the bottom of the range. The supply pressure is not large in reality, but the expectation is weak [5] - Short fiber prices have declined. The industry is expected to be boosted by the peak - season demand, and the near - month contracts can be configured more [5] - Bottle chip production has slightly decreased, and the processing margin has been slightly repaired, but the long - term pressure of over - capacity exists [5] Coal Chemical Industry - Methanol futures contracts have shown a strong shock. The short - term supply - demand gap is expected to narrow, and the long - term focus is on the actual implementation of overseas gas restrictions [6] - Urea futures contracts have continued to decline. The domestic supply is sufficient, and the market is in a state of loose supply - demand, with low - level fluctuations [6] Chlor - Alkali - PVC continues to have a loose supply - demand pattern, with high inventory pressure, and may show a weak shock trend [7] - The performance of caustic soda varies by region. The market may be in a shock pattern [7] Soda Ash - Glass - Soda ash has accumulated inventory again. The long - term supply is in an over - supply pattern, and it is expected to fluctuate with the macro - sentiment in the short term [8] - Glass has a pattern of high supply and weak demand. The inventory has declined, and the futures price is expected to fluctuate with the macro - sentiment [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The cost - end oil market will shift from strong to weak in the second half of the year, unless the US increases sanctions on Russia. PX supply is expected to increase, and the balance sheet will change from de - stocking to balance. PTA is expected to continue a slight inventory build - up in August. The polyester load is currently firm, but the terminal demand has not improved significantly and awaits the arrival of the seasonal peak season [2][3] - For trading strategies, it is recommended to maintain a neutral stance on PX/PTA/PF/PR, pay attention to the cost - end crude oil and macro - sentiment changes. Consider shorting the PTA processing fee at high levels and going long on the PR processing fee at low levels. Also, conduct reverse arbitrage on PTA2509 - 2601 and PF2509 - 2511 [4] 3. Summary According to the Directory Price and Basis - The TA main - contract spot basis is - 20 yuan/ton (with a month - on - month change of +1 yuan/ton), and the PTA spot processing fee is 137 yuan/ton (with a month - on - month change of +35 yuan/ton), and the main - contract disk processing fee is 375 yuan/ton (with a month - on - month change of +0 yuan/ton) [2] Upstream Profits and Spreads - The PXN was 263 US dollars/ton (with a month - on - month change of +7.50 US dollars/ton) the day before last. The PTA spot processing fee is 137 yuan/ton (with a month - on - month change of +35 yuan/ton), and the main - contract disk processing fee is 375 yuan/ton (with a month - on - month change of +0 yuan/ton) [2] International Spreads and Import - Export Profits - Not elaborated in the text Upstream PX and PTA Start - up - The domestic PX load will gradually recover, and with the commissioning of MX, the supply is abundant. The PTA load situation in China, South Korea, and Taiwan is presented in relevant figures, but specific data are not described in the text [2][34] Social Inventory and Warehouse Receipts - PTA is expected to continue a slight inventory build - up in August, and the concentrated cancellation of warehouse receipts will lead to abundant liquid supply [2] Downstream Polyester Load - As of Thursday this week, the polyester load in the Chinese mainland region is around 88.8%. The polyester start - up rate is 88.1% (with a month - on - month decrease of 0.6%). The terminal weaving concentrated on raw - material replenishment in late July, and the filament inventory pressure decreased significantly. The filament and staple - fiber loads rebounded slightly, and the polyester load remains firm in the short term [1][3] PF Detailed Data - The PF spot production profit is 91 yuan/ton (with a month - on - month increase of 12 yuan/ton). The PF demand - side orders are weak, the inventory remains high, and the willingness to hold positions is low under the drag of downstream production cuts [3] PR Fundamental Detailed Data - The PR bottle - chip spot processing fee is 410 yuan/ton (with a month - on - month change of - 32 yuan/ton). After the implementation of the maintenance plans of several major manufacturers, it is expected that the load will remain stable in the short term, and the bottle - chip spot processing fee is expected to return to the range of 300 - 500 yuan/ton for oscillation after repair [3]

Report Summary 1. Report Industry Investment Rating - Unmentioned in the provided content 2. Core Viewpoints - The EG price is fluctuating downward due to the concentrated restart of overseas EG plants in Saudi Arabia, Iran, Malaysia, etc [1]. - The overall fundamental supply - demand logic shows a trend of increasing supply and decreasing demand. The domestic supply is gradually recovering, and the short - term supply - demand structure still shows a benign destocking. However, the transferable spot in the market will be supplemented after the warrants are cancelled. Overseas supply is expected to increase. The demand is currently strong, but the demand is expected to be weak due to the concentrated maintenance plans of several large bottle - chip manufacturers in early July [2]. - The strategy for single - side trading is neutral, and attention should be paid to the continuous development of the Israel - Iran conflict and the recovery of imported ethane. There are no strategies for inter - period and inter - variety trading [3]. 3. Summary According to Relevant Catalogs 3.1 Price and Basis - The closing price of the EG main contract was 4,293 yuan/ton (a change of - 30 yuan/ton, or - 0.69% from the previous trading day). The EG spot price in the East China market was 4,360 yuan/ton (a change of - 36 yuan/ton, or - 0.82% from the previous trading day). The EG spot basis in East China (based on the 2509 contract) was 71 yuan/ton (a decrease of 6 yuan/ton month - on - month) [1]. 3.2 Production Profit and Operating Rate - The production profit of ethylene - based EG was - 72 US dollars/ton (a decrease of 4 US dollars/ton month - on - month), and the production profit of coal - based syngas EG was 73 yuan/ton (a decrease of 22 yuan/ton month - on - month) [1]. 3.3 International Spread - Unmentioned in the detailed content 3.4 Downstream Sales, Production and Operating Rate - Unmentioned in the detailed content 3.5 Inventory Data - According to CCF data released every Monday, the MEG inventory at the main ports in East China was 622,000 tons (an increase of 6,000 tons month - on - month). According to Longzhong data released every Thursday, the MEG inventory at the main ports in East China was 506,000 tons (a decrease of 31,000 tons month - on - month). The total actual arrivals at the main ports last week were 77,000 tons, and the port inventory was stable. The planned arrivals at the main ports in East China this week are 62,000 tons, which is relatively small, and the port inventory may decline again [1].