Group 1: Report Industry Investment Rating - PVC: Bearish [5] Group 2: Core View of the Report - The final anti-dumping ruling on PVC in India has significantly increased the taxes on Chinese PVC enterprises, which will weaken the export competitiveness of Chinese PVC enterprises in the short term and may lead to a significant decline in China's PVC exports on a quarterly basis. However, in the long term, the impact is relatively limited. China's PVC has a strong competitive advantage at low prices, and India cannot find enough alternative sources without affecting the supply and demand in other regions. The anti-dumping policy will reshape the global PVC trade flow, with a significant decrease in China's direct exports to India and a significant increase in exports to non-Indian regions and countries [2][11][21] Group 3: Summary by Relevant Catalog 1. Announcement of the Final Anti-dumping Ruling on PVC in India - On August 14, 2025, India officially announced the final anti-dumping ruling on PVC. Compared with the preliminary ruling, the taxes imposed on Chinese mainland PVC enterprises have been significantly increased, while those on Japan, South Korea, Chinese Taiwan region, and the United States have generally decreased, resulting in significantly higher taxes on Chinese PVC enterprises than those on other countries and regions [1][8] - The tax on Chinese mainland PVC enterprises has increased from $82 - $167 per ton in the preliminary ruling in November 2024 to $122 - $232 per ton in the final ruling in August 2025, a rise of $40 - $65 per ton. The tax on Chinese Taiwan region has decreased from $25 - $163 per ton (Formosa Plastics' tariff was $74 per ton) in the preliminary ruling to $22 - $205 per ton (Formosa Plastics' tariff decreased by $27 per ton to $47 per ton) in the final ruling. The tax on the United States has decreased from $104 - $339 per ton in the preliminary ruling to $72 - $284 per ton in the final ruling, a decrease of $32 - $55 per ton [9] 2. The Short-term and Long-term Impact of the Anti-dumping in India - From January to June 2025, China's cumulative PVC exports reached 1.96 million tons, a year-on-year increase of 50.7%, accounting for 16.4% of China's total PVC output. Exports to India reached 825,000 tons, accounting for 42.1% of total exports [10] - In the short term, the significantly increased taxes will weaken the export competitiveness of Chinese PVC enterprises and may lead to a significant decline in China's PVC exports on a quarterly basis. In the long term, the impact is relatively limited. The proportion of exports to India has decreased from the highest 50.9% last year to 42.1% this year, indicating that China's PVC has a significant competitive advantage globally, and the export growth rate in non-Indian regions is also considerable. India's PVC production expansion plan is likely to face difficulties due to unstable power supply, and its total PVC imports are not expected to decrease significantly within at least one year. Once India reduces its purchases of Chinese PVC and turns to other countries and regions, it will cause a shortage and price increase in other markets, leading to an increase in China's PVC exports to non-Indian regions [11] 3. Investment Advice - In the short term, the significantly increased taxes on Chinese PVC enterprises may cause a significant decline in China's PVC exports on a quarterly basis, which will worsen the already weak supply and demand situation. In the long term, as the international trade flow is reshaped, China's PVC exports may gradually recover [21] - In terms of strategy, the short-term market may approach the previous low, but in the long term, the policy bottom of PVC has been clarified. If there is a significant decline in the short term, it may provide an opportunity to lay out long positions [3][21]