1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views - **Methanol**: The market saw double destocking in both inland and ports. Reasons include slower port unloading and improved MTO profits leading to port purchases. Inland prices fluctuated slightly, with high maintenance losses in July and复产 expectations later. Demand was restricted by the traditional off - season, and new capacity launches affected the market. In ports, the basis strengthened, and with the return of Iranian production, imports were expected to be 1.25 million tons in July and decline slightly in August. MTO maintenance was uncertain after profit repair [1]. - **Urea**: The market was in a state of 'strong expectation vs. weak reality'. The potential for large - scale and long - term maintenance in major production areas was a potential positive factor, but demand was in a lull. The market was mainly affected by the contradiction between supply contraction expectations and weak actual demand, and policy sentiment also had an impact. Future price breakthroughs depend on substantial improvement in demand [16]. - **Pure Benzene and Styrene**: In July, the supply - demand outlook for pure benzene improved slightly, but with high import expectations and port inventory, its own driving force was limited. Short - term trends may be under pressure. For styrene, the supply - demand outlook was weak, port inventory increased, and the basis weakened. Short - term trends may also be under pressure [18]. - **Polyolefins**: In terms of valuation, marginal profits were gradually recovering, but supply and demand for PP and PE both contracted, and inventories accumulated while demand remained weak. In the dynamic dimension, PP maintenance reached its peak, PE maintenance first increased and then decreased, and imports were still scarce. There was a seasonal improvement in demand at the end of July. Strategically, the market sentiment was warm, with PP expected to fluctuate weakly and PE to be bought within a range [22]. - **Crude Oil**: Overnight oil prices fluctuated weakly due to the structural contradiction between crude oil destocking and macro - level suppression of long - term demand. Although EIA data showed a large reduction in crude oil inventory, the inventory structure was differentiated. The market was also concerned about tariff frictions, which restricted the upward space of oil prices. Short - term trends were likely to maintain a weak oscillation [25]. - **Polyester Industry Chain**: For PX, although supply was generally stable, demand support was limited, and short - term trends may be under pressure. PTA supply - demand was expected to be weak, and short - term trends may also face pressure. MEG supply - demand was expected to improve in the short term, with support at the bottom. Short - fiber supply and demand were both weak, and the absolute price fluctuated with raw materials. Bottle - chip supply - demand showed some improvement, but absolute prices still followed raw materials [29]. - **PVC and Caustic Soda**: For caustic soda, the supply - demand contradiction was limited, but high profits led to high production. Downstream non - aluminum demand was in a relative off - season, but there was phased restocking. Short - term macro - level disturbances increased trading risks, and it was recommended to take profits on previous long positions. For PVC, the market was in a season of increasing supply and decreasing demand, with no significant improvement in fundamentals. Short - term trading was mainly affected by macro - level sentiment, and it was recommended to wait and see [47]. 3. Summaries by Related Catalogs Methanol - **Price and Spread**: MA2601 and MA2509 closing prices decreased, while the MA91 spread and some regional spreads changed. Spot prices in different regions also showed various fluctuations [1]. - **Inventory**: Middle - sized methanol enterprises' inventory, port inventory, and social inventory all decreased [1]. - **Operating Rates**: Upstream domestic enterprise operating rates decreased, while some downstream operating rates had different changes [1]. Urea - **Futures**: Futures closing prices of different contracts decreased, and contract spreads changed [9][10]. - **Positions**: Long and short positions of the top 20 decreased, and the long - short ratio slightly increased [11]. - **Raw Materials and Spot**: Some upstream raw material prices were stable, while spot prices in different regions showed small fluctuations [12]. - **Downstream Products**: Prices of some downstream products were stable, and the fertilizer market also had price changes [14][15]. - **Supply and Demand**: Domestic urea daily and weekly production, plant operating rates, and inventory levels had different changes [16]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Brent and WTI crude oil prices, and prices of related products such as CFR Japan naphtha and CFR Northeast Asia ethylene changed. Spreads between products also changed [18]. - **Styrene - Related**: Styrene spot and futures prices decreased, and related spreads and cash flows changed [18]. - **Inventory and Operating Rates**: Pure benzene and styrene port inventories increased, and industry operating rates had different trends [18]. Polyolefins - **Futures and Spot**: Futures closing prices of different contracts decreased, and spot prices in different regions also declined. Spreads and basis also changed [22]. - **Operating Rates and Inventory**: PE and PP device operating rates decreased, and inventory levels in different sectors increased [22]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC crude oil prices and related spreads changed [25]. - **Refined Oil**: Refined oil prices, spreads, and cracking spreads had different fluctuations [25]. Polyester Industry Chain - **Upstream and Downstream Prices**: Upstream raw material prices such as Brent crude oil and PX changed, and downstream polyester product prices and cash flows also showed various trends [29]. - **Inventory and Operating Rates**: MEG port inventory and arrival expectations, and industry operating rates in different segments had different changes [29]. PVC and Caustic Soda - **Spot and Futures**: Spot and futures prices of PVC and caustic soda changed, and spreads and basis also had different trends [47]. - **Supply and Demand**: Supply - side operating rates and profit levels, and demand - side downstream operating rates and inventory levels had different changes [47].