1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention when prices fall [3]. - For methanol, with the potential positive impact of Iranian plant shutdowns materializing, the market has stopped falling and stabilized. The short - term bottom is expected to have emerged. However, high supply will limit further upward movement, and the market is likely to shift to a sideways adjustment. It's recommended to wait and see on the single - side and focus on positive spread opportunities for inter - month spreads [4]. - For urea, the price is expected to gradually emerge from the bottom range. With supply remaining high and demand improving, the inventory is decreasing. It's suggested to consider buying at low prices [6][8]. - For rubber, a neutral stance is taken currently. It's recommended to wait and see or engage in short - term trading. Holding a hedging position of buying RU2601 and selling RU2609 is advised [10]. - For PVC, the domestic supply - demand situation is weak, but short - term valuation has dropped to a low level. A mid - term strategy of shorting on rallies is recommended before substantial industry production cuts [14]. - For pure benzene and styrene, the non - integrated profit of styrene is moderately low, with significant upward valuation repair potential. When the inventory reversal point occurs, one can go long on the non - integrated profit of styrene [17]. - For polyethylene, the OPEC + plan to pause production growth in Q1 2026 may lead to a bottoming of crude oil prices. The long - term strategy is to short the LL1 - 5 spread on rallies [20]. - For polypropylene, in a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation at the cost end changes in Q1 next year [22]. - For PX, it is expected to experience a slight inventory build - up in December. Attention should be paid to opportunities for going long on dips [25]. - For PTA, supply disruptions are expected to decrease as processing fees stabilize. There are opportunities for going long on dips based on expectations [26][27]. - For ethylene glycol, the supply - demand outlook is weak in the medium term. A strategy of shorting on rallies is recommended [28]. 3. Summary by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 4.80 yuan/barrel, or 1.06%, to 455.70 yuan/barrel. European ARA weekly data showed gasoline inventory increased by 0.84 million barrels to 8.98 million barrels (up 10.36% month - on - month), diesel inventory decreased by 1.19 million barrels to 15.08 million barrels (down 7.29% month - on - month), etc. [2] - **Strategy Viewpoint**: Maintain a low - buy and high - sell range strategy, but wait and see for now [3]. Methanol - **Market Information**: Prices in Taicang, Lunan, and Inner Mongolia increased. The 01 - contract on the futures market rose 1 yuan to 2136 yuan/ton, with a basis of - 21 and a 1 - 5 spread of - 96 [3]. - **Strategy Viewpoint**: The short - term bottom is expected to have emerged. The market may shift to a sideways adjustment, and focus on positive spread opportunities for inter - month spreads [4]. Urea - **Market Information**: Prices in Shandong, Henan, and Hubei increased. The 01 - contract on the futures market fell 2 yuan to 1675 yuan, with a basis of - 5 and a 1 - 5 spread of - 69 [6]. - **Strategy Viewpoint**: The price is expected to gradually emerge from the bottom range. Consider buying at low prices [6][8]. Rubber - **Market Information**: Rubber prices fell with a short - term technical breakdown. Thai rubber - producing areas' floods receded. Exchange RU inventory was low. As of November 27, 2025, Shandong tire enterprises' all - steel tire开工率 was 63.91%, up 3.34 percentage points from last week; semi - steel tire开工率 was 72.37%, down 0.40 percentage points from last week [9]. - **Strategy Viewpoint**: Adopt a neutral stance, wait and see, or engage in short - term trading. Hold a hedging position of buying RU2601 and selling RU2609 [10]. PVC - **Market Information**: The PVC01 contract rose 4 yuan to 4553 yuan. The cost of calcium carbide and ethylene increased, while caustic soda prices decreased. The overall开工率 was 80.2%, up 1.4% [10]. - **Strategy Viewpoint**: The domestic supply - demand situation is weak. A mid - term strategy of shorting on rallies is recommended before substantial industry production cuts [14]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene was unchanged, and the futures price was also unchanged, with the basis widening. The spot price of styrene was unchanged, and the futures price fell, with the basis strengthening. The non - integrated profit of styrene decreased, and the port inventory increased [16]. - **Strategy Viewpoint**: The non - integrated profit of styrene is moderately low, with significant upward valuation repair potential. When the inventory reversal point occurs, go long on the non - integrated profit of styrene [17]. Polyethylene - **Market Information**: The futures price rose. The upstream开工率 was 84.12%, down 0.05%. The inventory of production enterprises and traders decreased. The downstream average开工率 was 44.8%, up 0.11% [19]. - **Strategy Viewpoint**: OPEC +'s plan may lead to a bottoming of crude oil prices. The long - term strategy is to short the LL1 - 5 spread on rallies [20]. Polypropylene - **Market Information**: The futures price fell. The upstream开工率 was 77.97%, up 0.8%. The inventory of production enterprises, traders, and ports decreased. The downstream average开工率 was 53.7%, up 0.13% [21]. - **Strategy Viewpoint**: In a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation at the cost end changes in Q1 next year [22]. PX, PTA, and Ethylene Glycol PX - **Market Information**: The PX01 contract rose 100 yuan to 6930 yuan. The PX CFR price rose 13 dollars to 849 dollars. The Chinese PX负荷 was 88.3%, down 1.2%; the Asian PX负荷 was 78.7%, down 1% [24]. - **Strategy Viewpoint**: Expect a slight inventory build - up in December. Pay attention to opportunities for going long on dips [25]. PTA - **Market Information**: The PTA01 contract rose 62 yuan to 4762 yuan. The spot price in East China rose 75 yuan to 4710 yuan. The PTA负荷 was 73.7%, up 2.7% [25]. - **Strategy Viewpoint**: Supply disruptions are expected to decrease as processing fees stabilize. There are opportunities for going long on dips based on expectations [26][27]. Ethylene Glycol - **Market Information**: The EG01 contract fell 3 yuan to 3882 yuan. The spot price in East China rose 19 yuan to 3901 yuan. The supply - side负荷 was 73.1%, up 2.3%. The port inventory increased by 2.1 tons to 75.3 tons [27]. - **Strategy Viewpoint**: The supply - demand outlook is weak in the medium term. A strategy of shorting on rallies is recommended [28].

Report Industry Investment Ratings No relevant content provided. Core Views Crude Oil - Overnight oil prices rose due to macro - factors such as a weaker US dollar and optimistic sentiment from US - China trade negotiations. OPEC + production increased in May, but less than planned. The market is in a strong - side shock trend, suggesting a short - term long - bias approach. Resistance levels are given for WTI, Brent, and SC. Options can use a straddle structure [2]. Polyester Industry - PX: Supply has increased, but short - term downside is limited due to downstream demand and geopolitical factors. Strategies include short - term observation, 9 - 1 short - spread, and narrowing the PX - SC spread. - PTA: Supply - demand is weakening, but there is support at low levels. Strategies are to focus on the 4600 support and use a short - on - rebound approach, and 9 - 1 short - spread. - Ethylene Glycol: Supply is expected to remain low in June, with good supply - demand structure but limited upside due to weak demand. It is expected to trade in a range, and look for 9 - 1 long - spread opportunities. - Short - fiber: Processing fee recovery is limited, and absolute price follows raw materials. Strategies are similar to PTA and expanding the processing fee at low levels. - Bottle - chip: Supply - demand is expected to improve in June, and the processing fee is supported. Strategies are similar to PTA and expanding the processing fee at the lower end of the 350 - 600 yuan/ton range [6]. Chlor - alkali Industry - Caustic Soda: Recent decline is due to cost reduction. Supply has increased overall, but decreased in Shandong. Demand is supported by alumina. Inventory is accumulating in East China. Hold the 7 - 9 long - spread before price cuts or large - scale warehouse - receipt outflows. - PVC: Short - term is in a shock trend, but long - term supply - demand contradiction is prominent. Supply pressure will increase in June, and demand is weak. Adopt a short - selling strategy [11][16]. Styrene Industry - Short - term styrene may fluctuate, and mid - term pay attention to the bearish opportunity from raw material resonance. Downstream 3S profits have improved, and port inventory has decreased slightly, but supply may increase after plant restart [19][22]. PE and PP Industry - PE: Inventory is accumulating at the beginning of the month, with slight destocking in social inventory. Supply and demand are balanced in June, with limited up - and - down drivers. - PP: New capacity will be put into operation in June - July, and demand is in the off - season. There is a large inventory - accumulation pressure. Adopt a short - selling strategy at high prices [26][27]. Urea Industry - High supply is not matched by demand. Agricultural demand has slightly improved but lacks activity, and industrial demand is weakened by the decline in compound fertilizer production. Future trends depend on export policy and market sentiment. [33] Methanol Industry - Supply is abundant with high domestic production and expected high imports. Demand has increased in MTO but with poor downstream profits. Price should be traded in the 2200 - 2350 range, and pay attention to the transition from implicit to explicit inventory accumulation [35]. Summaries by Relevant Catalogs Crude Oil - **Prices and Spreads**: Brent rose to $67.04/barrel, WTI to $65.35/barrel, and SC to 479.30 yuan/barrel on June 10. Various spreads such as Brent - WTI and EFS also changed [2]. - **Refined Oil**: NYM RBOB, NYM ULSD, and ICE Gasoil prices changed, and their spreads and cracking spreads also had corresponding fluctuations [2]. Polyester Industry - **Downstream Product Prices and Cash Flows**: Prices of POY, FDY, DTY, etc. decreased, and cash flows of some products also declined [6]. - **PX - related**: CFR China PX price decreased, and various PX spreads changed [6]. - **PTA - related**: PTA prices decreased, and its spreads and basis also changed [6]. - **MEG**: Port inventory increased, and to - port expectations changed. Supply and demand are expected to be good in June [6]. - **Industry开工率**: The operating rates of various industries in the polyester chain changed, with some increasing and some decreasing [6]. Chlor - alkali Industry - **PVC and Caustic Soda Prices**: Prices of Shandong caustic soda and East China PVC remained stable or changed slightly, and futures prices also had corresponding fluctuations [11]. - **Overseas Quotes and Export Profits**: Overseas quotes of caustic soda and PVC remained stable, but export profits changed [12][13]. - **Supply**: Chlor - alkali operating rates and industry profits changed, with PVC operating rate increasing and some profit margins improving [14]. - **Demand**: Operating rates of downstream industries of caustic soda and PVC changed, and PVC pre - sales volume increased [15][16]. - **Inventory**: Inventories of caustic soda and PVC changed, with some accumulating and some remaining stable [16]. Styrene Industry - **Upstream Prices**: Prices of Brent crude, CFR Japan naphtha, and CFR China pure benzene increased [19]. - **Styrene Spot and Futures**: Styrene spot and futures prices increased, and basis and month - spreads changed [20]. - **Overseas Quotes and Import Profits**: Overseas quotes of styrene increased, and import profits decreased [21]. - **Industry Operating Rates and Profits**: Operating rates of some industries in the styrene chain changed, and profits of some products improved significantly [22]. - **Inventory**: Inventories of pure benzene and styrene ports and downstream products changed [22]. PE and PP Industry - **Prices and Spreads**: Futures and spot prices of PE and PP changed slightly, and their spreads also had corresponding fluctuations [26]. - **Inventory**: Inventories of PE and PP enterprises and social inventories increased [26]. - **Operating Rates**: Operating rates of PE and PP devices and downstream industries changed [26]. Urea Industry - **Futures and Spot Prices**: Urea futures prices changed, and upstream raw material prices remained stable. Spot prices in different regions decreased [32]. - **Supply and Demand**: Domestic urea production decreased slightly, and inventory increased. Agricultural and industrial demands were weak [33]. Methanol Industry - **Prices and Spreads**: Methanol futures and spot prices changed, and various spreads and basis also changed [35]. - **Inventory**: Methanol enterprise, port, and social inventories increased [35]. - **Operating Rates**: Operating rates of upstream and downstream industries of methanol changed, with some increasing and some decreasing [35].