Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The styrene market shows a situation of weak reality versus strong expectations. The EB2509 daily K - line should pay attention to the pressure around 7560 yuan/ton. The domestic styrene is still in a high - production state. With the impact of restarting devices expanding this week, production and capacity utilization are expected to rise slightly. Terminal demand is in the off - season, and downstream demand is mainly for rigid needs. The profits of downstream "three S" products have been repaired due to the decline in styrene prices, but the high inventory of "three S" finished products is difficult to reduce. The total styrene inventory is at a relatively high level in the same period of history, and the difficulty of inventory reduction increases. In terms of cost, international oil prices are expected to fluctuate weakly, and the supply - demand of pure benzene is expected to remain loose, providing limited support [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of styrene futures is 7481 yuan/ton, a decrease of 11 yuan/ton. The trading volume is 401499 lots, an increase of 64988 lots. The long positions of the top 20 holders are 356805 lots, a decrease of 17918 lots. The net long positions are - 21917 lots, an increase of 479 lots. The short positions of the top 20 holders are 378722 lots, a decrease of 18397 lots. The warehouse receipt quantity is 0 lots, a decrease of 7245 lots. The closing price of the October contract is 7426 yuan/ton, an increase of 66 yuan/ton [2]. 3.2 Spot Market - The spot price of styrene is 7856 yuan/ton, an increase of 10 yuan/ton. The FOB South Korea middle price is 911.5 dollars/ton, an increase of 14.5 dollars/ton. The CFR China middle price is 921.5 dollars/ton, an increase of 14.5 dollars/ton. The mainstream prices in Northeast, South, North, and East China are 7750 yuan/ton (up 100 yuan/ton), 7670 yuan/ton (down 70 yuan/ton), 7525 yuan/ton, and 7560 yuan/ton (up 120 yuan/ton) respectively [2]. 3.3 Upstream Situation - The middle prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf are 821 dollars/ton (unchanged), 831 dollars/ton (unchanged), 815 dollars/ton (up 2.5 dollars/ton), and 457 dollars/ton (down 6 dollars/ton) respectively. The spot prices of pure benzene in Taiwan (CIF), US Gulf (FOB), and Rotterdam (FOB) are 737.5 dollars/ton, 284 cents/gallon (down 2 cents/gallon), and 768 dollars/ton respectively. The market prices of pure benzene in South, East, and North China are 5950 yuan/ton (unchanged), 6010 yuan/ton (up 65 yuan/ton), and 5860 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene production rate is 78.3%, a decrease of 0.91%. The national styrene inventory is 208319 tons, a decrease of 1376 tons. The total inventory in the East China main port is 15.07 tons, an increase of 1.22 tons. The trade inventory in the East China main port is 5.62 tons, an increase of 1.12 tons [2]. 3.5 Downstream Situation - The production rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber are 53.18% (up 2.12%), 65.9% (up 0.9%), 50.6% (down 0.5%), 28% (down 1%), and 73.08% (unchanged) respectively [2]. 3.6 Industry News - From July 11th to 17th, China's styrene factory production was 35.87 tons, a decrease of 0.41 tons compared with the previous period, a month - on - month decrease of 1.13%. The factory capacity utilization rate was 78.3%, a month - on - month decrease of 0.91%. The consumption of the main downstream products (EPS, PS, ABS) was 23.75 tons, an increase of 0.34 tons compared with the previous week, a month - on - month increase of 1.45%. As of July 17th, the sample inventory of Chinese styrene factories was 20.83 tons, a decrease of 0.14 tons compared with the previous cycle, a month - on - month decrease of 0.66% [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The caustic soda market is affected by various factors. The supply side shows an increasing trend in capacity utilization, with previous production - cut and shutdown devices gradually resuming. The demand side has different performances in different downstream industries, and the inventory pressure is not significant. The caustic soda market trend is strong due to policy - expected benefits [3]. - The capacity utilization rate is expected to maintain an upward trend, but the limited downstream receiving capacity of liquid chlorine may affect the profit of chlor - alkali and restrict the increase in the operating rate [3]. 3. Summary by Related Catalogs 3.1 Futures Market - The main closing price of caustic soda is 2658 yuan/ton, with a month - on - month increase of 89; the futures holding volume is 208,451 lots, with a month - on - month decrease of 18,042; the net holding volume of the top 20 futures is - 12,439 lots, with a month - on - month decrease of 272; the futures trading volume is 1,029,619 lots, with a month - on - month decrease of 157,211 [3]. - The closing price of the January contract of caustic soda is 2699 yuan/ton, with a month - on - month increase of 143; the closing price of the May contract is 2763 yuan/ton, with a month - on - month increase of 140 [3]. 3.2 Spot Market - The price of 32% ion - membrane caustic soda in Shandong is 830 yuan/ton, with a month - on - month decrease of 10; in Jiangsu, it is 910 yuan/ton, with no change [3]. - The converted - to - 100% price of 32% caustic soda in Shandong is 2593.75 yuan/ton, with a month - on - month decrease of 31.25; the basis of caustic soda is - 64 yuan/ton, with a month - on - month decrease of 89 [3]. 3.3 Upstream Situation - The mainstream price of raw salt in Shandong is 210 yuan/ton, with no change; in the Northwest, it is 220 yuan/ton, with no change [3]. - The price of steam coal is 637 yuan/ton, with no change [3]. 3.4 Industry Situation - The mainstream price of liquid chlorine in Shandong is - 450 yuan/ton, with a month - on - month decrease of 100; in Jiangsu, it is - 225 yuan/ton, with a month - on - month decrease of 50 [3]. 3.5 Downstream Situation - The spot price of viscose staple fiber is 12,940 yuan/ton, with no change; the spot price of alumina is 3160 yuan/ton, with no change [3]. 3.6 Industry News - From July 11th to 17th, the average capacity utilization rate of Chinese caustic soda sample enterprises with a capacity of 200,000 tons and above was 82.6%, a month - on - month increase of 2.2% [3]. - As of July 17th, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above nationwide was 383,900 tons (wet tons), a month - on - month increase of 2.56% and a year - on - year increase of 1.78% [3]. - Affected by the policy expectation of eliminating backward production capacity in ten key industries, the main industrial products rose during the day, with SH2509 rising 3.95% to close at 2658 yuan/ton [3]. 3.7 Viewpoint Summary - On the supply side, the capacity utilization rate is expected to continue to rise, with some devices in the Northwest and Central China planning to shut down this week, and the impact of previously restarted devices expanding [3]. - On the demand side, the alumina开工率 increased by 0.33% to 83.61%, with an average profit of 360.7 yuan/ton; the viscose staple fiber开工率 increased by 6.75% to 84.55%, and the printing and dyeing开工率 remained stable at 58.9% [3]. - In terms of inventory, the liquid caustic soda factory inventory increased by 2.56% to 383,900 tons last week, with no significant inventory pressure [3]. - Some devices in Shandong are still in the process of recovery, but the limited receiving capacity of liquid chlorine downstream may affect chlor - alkali profits and restrict the increase in the operating rate [3]. - The operating capacity of domestic alumina remains at a high level, with an increase in the amount sent to the main downstream by caustic soda plants; the off - season demand of non - aluminum downstream is weak, mainly with rigid demand, and some enterprises resist high prices [3]. - Affected by the positive policy expectation, the caustic soda futures trend is strong [3].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The short - term PVC market is bullish due to policy incentives, but the industry faces long - term supply pressure. The domestic downstream is in the off - season, and the Indian market demand is suppressed by the rainy season. The anti - dumping policy may be implemented this month. Cost - wise, the restart of some calcium carbide plants may put pressure on calcium carbide prices, and the ethylene market price may remain weakly stable [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of PVC futures is 5260 yuan/ton, with a daily increase of 142 yuan/ton. The trading volume is 1,850,727 lots, up 27,185 lots. The open interest is 865,261 lots, down 49,630 lots. The net long position of the top 20 futures holders is 1,942 lots, down 6,035 lots [3]. 3.2 Spot Market - In the East China region, the price of ethylene - based PVC is 5,075 yuan/ton, up 50 yuan/ton, and the price of calcium carbide - based PVC is 5,031.15 yuan/ton, up 177.69 yuan/ton. In the South China region, the price of ethylene - based PVC is 5,100 yuan/ton, up 150 yuan/ton, and the price of calcium carbide - based PVC is 5,011.25 yuan/ton, up 158.75 yuan/ton. The CIF price of PVC in China is 700 dollars/ton, unchanged, and the CIF price in Southeast Asia is 660 dollars/ton, unchanged. The FOB price in Northwest Europe is 750 dollars/ton, unchanged. The basis of PVC is - 180 yuan/ton, down 102 yuan/ton [3]. 3.3 Upstream Situation - The mainstream average price of calcium carbide in Central China is 2,650 yuan/ton, unchanged; in North China, it is 2,623.33 yuan/ton, unchanged; in Northwest China, it is 2,388 yuan/ton, unchanged. The mainstream price of liquid chlorine in Inner Mongolia is - 450 yuan/ton, unchanged. The mid - price of VCM CFR Far East is 503 dollars/ton, unchanged, and the mid - price of VCM CFR Southeast Asia is 548 dollars/ton, unchanged. The mid - price of EDC CFR Far East is 211 dollars/ton, unchanged, and the mid - price of EDC CFR Southeast Asia is 219 dollars/ton, unchanged [3]. 3.4 Industry Situation - The weekly operating rate of PVC is 77.59%, with the ethylene - based PVC operating rate at 71.95% (up 0.62%) and the calcium carbide - based PVC operating rate at 0.93%. The total social inventory of PVC is 79.71 million tons, up 1.83 million tons [3]. 3.5 Downstream Situation - The total social inventory of PVC in the East China region is 36.41 million tons, up 1.43 million tons, and in the South China region is 4.69 million tons, up 0.4 million tons. The national real - estate climate index is 93.6, down 0.12. The cumulative value of new housing construction area is 30,364.32 million square meters, up 7,180.71 million square meters. The cumulative value of real - estate construction area is 633,321.43 million square meters, up 8,301.89 million square meters. The cumulative value of real - estate development investment is 244.755 billion yuan, up 53.2069 billion yuan [3]. 3.6 Option Market - The 20 - day historical volatility of PVC is 21.06%, up 1.28%, and the 40 - day historical volatility is 18.04%, up 1.23%. The implied volatility of at - the - money put options and at - the - money call options for PVC is 23.15%, up 3.73% [3]. 3.7 Industry News - On July 22, the spot cash price of Changzhou PVC SG5 increased by 40 - 50 yuan/ton compared to the previous day, ranging from 5,060 to 5,130 yuan/ton. From July 12 to 18, China's PVC capacity utilization rate was 77.59%, a 0.62% increase from the previous period. As of July 17, the PVC social inventory increased by 5.42% to 65.73 million tons compared to the previous period, a 31.15% decrease year - on - year. Affected by the policy expectation of eliminating backward production capacity in ten key industries, the main industrial products rose, with V2509 rising 3.69% to close at 5,260 yuan/ton [3].

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The supply and demand of pure benzene have a marginal improvement expectation, but overall, it remains in a state where supply exceeds demand, and the spot valuation is expected to remain low. The weak reality of pure benzene is in a game with strong expectations, and attention should be paid to the pressure around 6360 yuan/ton [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the pure benzene futures main contract was 6278 yuan/ton, up 37 yuan; the settlement price was 6238 yuan/ton, up 19 yuan [2]. - The trading volume of the pure benzene futures main contract was 20,494 lots, down 611 lots; the open interest was 13,685 lots, up 775 lots [2]. 3.2 Spot Market - The mainstream price of pure benzene in the East China market was 6010 yuan/ton, with no change; in the North China market, it was 5860 yuan/ton, up 5 yuan; in the South China market, it was 5950 yuan/ton, with no change; in the Northeast region, it was 5850 yuan/ton, up 5 yuan [2]. - The spot price of pure benzene in South Korea's FOB intermediate price was 731 dollars/ton, up 7 dollars; the CFR intermediate price in China was 746.5 dollars/ton, up 6 dollars [2]. 3.3 Upstream Situation - The spot price of Brent DTD crude oil was 70.75 dollars/barrel, down 0.53 dollars; the CFR intermediate price of naphtha in the Japanese region was 572.88 dollars/ton, down 3.5 dollars [2]. 3.4 Industry Situation - The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 43.52 tons, up 0.35 tons [2]. - The port inventory of pure benzene was 16.4 tons, down 1 ton; the production cost was 5327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. 3.5 Downstream Situation - The operating rate of styrene was 78.3%, down 0.91 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage points; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. 3.6 Industry News - From July 11th to 17th, the profit of domestic petroleum benzene increased by 6 yuan/ton to 590 yuan/ton [2]. - As of July 21st, the total commercial inventory of pure benzene in Jiangsu port samples was 17.1 tons, a week-on-week increase of 4.21% [2]. - Affected by the policy expectation of eliminating backward production capacity in ten key industries, the main industrial products futures rose during the day, with BZ2603 rising 0.95% to close at 6278 yuan/ton. On the supply side, last week, the capacity utilization rate of petroleum benzene increased by 0.20 percentage points week-on-week to 78.05%, and the capacity utilization rate of hydrogenated benzene increased by 2.51 percentage points week-on-week to 64.46%. On the demand side, the operating rates of pure benzene downstream varied last week, and the weighted operating rate of downstream changed little. In terms of inventory, the inventory of pure benzene in East China ports increased by 4.21% week-on-week to 17.1 tons. This week, the total output of domestic petroleum benzene and hydrogenated benzene is expected to decline slightly due to maintenance, and the volume of imported ships is expected to increase. The pure benzene spot may maintain a state of loose supply. Some downstream shutdown devices will restart, and there are plans to put new downstream devices into production this month, so the demand side is expected to increase [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - From July 11 - 17, China's PE production increased by 0.52% to 609,100 tons, and the capacity utilization rate rose by 0.89 percentage points to 78.68%. The average operating rate of PE downstream products increased by 0.64%. As of July 16, the sample inventory of PE producers increased by 7.34% to 529,300 tons, and as of July 18, the social sample warehouse inventory increased by 4.07% to 558,400 tons. The total inventory pressure is not significant. [2] - In July, the PE maintenance plan was basically fulfilled. With the restart of shutdown devices, production and capacity utilization are expected to increase in the second half of the month. New devices of ExxonMobil and PetroChina Jilin Petrochemical are expected to be put into operation, which may increase industry supply pressure in the medium - long term. [2] - The downstream operating rate increased recently driven by packaging film demand, but the seasonal inflection point cannot be confirmed due to the poor data of agricultural film orders and operating rate. [2] - The market expects limited actual effects of EU sanctions on Russia, and US tariffs on the EU are about to be implemented, causing international oil prices to fluctuate weakly. Under positive macro - expectations, L2509 fluctuates more, with a short - term strong upward trend in the market. [2] Group 3: Summary According to Relevant Catalogs Futures Market - The closing price of the PE futures main contract was 7,368 yuan/ton, up 78 yuan; the 1 - month contract was 7,416 yuan/ton, up 83 yuan; the 5 - month contract was 7,420 yuan/ton, up 105 yuan; the 9 - month contract was 7,368 yuan/ton, up 78 yuan. [2] - The trading volume was 384,173 lots, up 36,170 lots; the open interest was 394,148 lots, down 13,406 lots. The 1 - 5 month contract spread was - 4 yuan, down 22 yuan. [2] - The long position of the top 20 futures holders was 353,248 lots, down 6,923 lots; the short position was 379,362 lots, down 10,012 lots; the net long position was - 26,114 lots, up 3,089 lots. [2] Spot Market - The average price of LLDPE (7042) in North China was 7,224.35 yuan/ton, up 21.74 yuan; in East China, it was 7,312.68 yuan/ton, up 9.51 yuan. The basis was - 65.65 yuan, down 52.26 yuan. [2] Upstream Situation - The FOB mid - price of naphtha in Singapore was 61.13 US dollars/barrel, down 0.5 US dollars; the CFR mid - price in Japan was 572.88 US dollars/ton, down 3.5 US dollars. [2] - The CFR mid - price of ethylene in Southeast Asia was 831 US dollars/ton, unchanged; in Northeast Asia, it was 821 US dollars/ton, unchanged. [2] Industry Situation - The national operating rate of PE petrochemicals was 78.21%, up 0.43 percentage points. [2] Downstream Situation - The weekly operating rate of PE packaging film was 48.59%, up 0.52 percentage points; for PE pipes, it was 28.83%, up 0.83 percentage points; for PE agricultural film, it was 12.46%, down 0.17 percentage points. [2] Option Market - The 20 - day historical volatility of PE was 8.06%, down 3.83 percentage points; the 40 - day historical volatility was 12.52%, up 0.24 percentage points. [2] - The implied volatility of at - the - money put and call options for PE was 13.84%, up 2 percentage points. [2] Industry News - From July 11 - 17, China's PE production was 609,100 tons, up 0.52% from the previous period; the capacity utilization rate was 78.68%, up 0.89 percentage points. [2] - From July 11 - 17, the average operating rate of China's PE downstream products increased by 0.64% from the previous period. [2] - As of July 16, the sample inventory of China's PE producers was 529,300 tons, up 7.34% from the previous period; as of July 18, the social sample warehouse inventory of PE was 558,400 tons, up 4.07% from the previous period. [2] - Affected by the policy of eliminating backward production capacity in ten key industries, the main industrial products rose during the day, with L2509 rising 1.26% to close at 7,368 yuan/ton. [2]