1. Report Industry Investment Rating - The investment rating for pure benzene is neutral to bearish [4] - The investment rating for styrene is also neutral to bearish [6] 2. Core Views Pure Benzene - Supply: This week, the operating rate of pure benzene increased slightly, with supply rising and significant domestic supply pressure. There are few planned maintenance activities, and future supply is expected to remain at a high level. Ship reports indicate a large number of arrivals in the first 10 days of November, and the overall import volume in November is expected to be high [4] - Demand: The main downstream product, styrene, has low profit margins, leading to many planned future maintenance activities. The overall operating rate of downstream industries has declined again, and demand is expected to remain low in the short term [4] - Inventory: With a large number of incoming ships, port inventory is expected to accumulate in November [4] - Valuation: The BZN spread is low, indicating that the valuation of pure benzene is low [4] - Outlook: There is a mismatch between supply and demand for pure benzene, but the improving gasoline blending demand in Europe and the United States may provide some support. Future demand for pure benzene is expected to be weak, and combined with high supply, the fundamentals are expected to remain weak in the short term. OPEC+ has announced a suspension of production increases in the first quarter of next year, and a potential inflection point may occur in the first quarter of next year [4] Styrene - Supply: Due to a large number of maintenance activities, both the operating rate and production of styrene have declined, and the overall future supply is expected to be low [6] - Demand: The overall downstream demand has decreased, and the overall operating rate has declined. There are new PS installations in operation, and new ABS installations may come online in mid - November. The finished product inventory pressure in downstream industries remains, and demand is expected to recover slowly [6] - Inventory: With many styrene maintenance activities, overall inventory is expected to decrease in November [6] - Valuation: The BZ - SM spread is low, indicating that the valuation of styrene is low [6] - Outlook: Styrene supply has tightened significantly, and inventory may decrease in November. Considering the overseas gasoline blending support for pure benzene, styrene is expected to trade sideways in the short term. Some far - month spreads have reached a risk - free level, which is worth attention [6] 3. Summary by Relevant Catalogs Pure Benzene Supply - The operating rate of pure benzene has been at a high level, and the supply is abundant. There were new maintenance activities at Zhongyuan Ethylene last week. Looking at the annual data, the supply situation is relatively stable, with the total supply in 2025 ranging from 252.88 to 280.26 million tons in different months [4][14][50] - Many enterprises have ongoing or planned maintenance, such as Changyi Petrochemical, Jincheng Petrochemical, etc., with some having undetermined restart times [15] Demand - The overall operating rate of downstream industries is expected to decline, and the profit margins remain low. The main downstream products, including styrene, caprolactam, adipic acid, etc., have shown varying degrees of demand weakness [4][16][27] Inventory - Last week, the inventory at East China ports was 11.9 million tons, a month - on - month increase of 2.4 million tons. From the monthly data, the inventory is expected to accumulate from November to December, with the port inventory change showing an upward trend in some months [43][50] Valuation - The BZN spread is low, indicating a low valuation of pure benzene [43] External Market Support - The US - Asia arbitrage window has been closed, but the overseas gasoline blending demand may provide some support. In different regions, the demand for pure benzene varies: in North America, chemical demand is weak but gasoline blending demand is good; in Western Europe, demand is weak; in Asia, supply is sufficient, and the consumption of three S products is weak [44][49] Styrene Supply - The supply of styrene in November is expected to decline due to a large number of maintenance activities. There were no new maintenance installations last week, and supply in November and December is expected to be low [54][58] - Many enterprises have carried out or planned maintenance, such as Zhenhai Liande Phase II, Satellite Petrochemical, etc. [56] Demand - The overall downstream demand has decreased, but the profit margins of downstream industries are relatively good. The consumption of downstream products such as ABS, EbS, etc., shows different trends in different months [6][72][93] Inventory - As of now, the inventory at East China ports has decreased to 17.48 million tons, and at South China ports to 2.1 million tons. With the reduction in overall supply, inventory is expected to continue to decline [91] Valuation - The BZ - SM spread is low, indicating a low valuation of styrene [6] External Market Support - In Western Europe, demand is weak, and in Asia, demand is also relatively weak [7]

News Summary Core Viewpoint - The methanol market in China is experiencing high import levels despite a slight decrease in September, with government measures aimed at controlling production capacity to prevent oversupply risks [1][2]. Group 1: Import and Market Dynamics - In September, China's methanol import volume is estimated at 1.6384 million tons, a decrease of 121,400 tons from the previous month, representing a decline of 6.9% [1]. - The early morning trading in Jiangsu Taicang showed spot prices for methanol ranging from 2,245 to 2,255 RMB/ton, with basis negotiations around -100 to -105 RMB/ton [1]. Group 2: Government Regulations - The Ministry of Industry and Information Technology, along with six other departments, issued a notice on the "Work Plan for Stable Growth in the Petrochemical Industry (2025-2026)", emphasizing strict control over new refining capacity and careful determination of new ethylene and paraxylene production scales to mitigate the risk of oversupply in the coal-to-methanol sector [1]. Group 3: Market Sentiment and Forecasts - Ningzheng Futures reports that domestic methanol production remains high, with downstream demand recovering, but overall market sentiment is weak, leading to a forecast of short-term price fluctuations with support around 2,350 RMB/ton [2]. - Hualian Futures indicates that while production rates and import volumes remain high, traditional demand is under pressure, and port inventories are at elevated levels, suggesting continued downward pressure on methanol prices [2].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Last week, Shanghai copper prices rose first and then fell. The main contract of Shanghai copper decreased by 1.42%, closing at 79,910 yuan/ton. Geopolitical factors and US tariff issues affected copper prices, and global instability persists. Domestically, the consumption season is approaching, but downstream consumption willingness is average. In the industrial sector, domestic spot trading is mediocre, mainly driven by rigid demand. In terms of inventory, LME copper inventory was 148,875 tons, with a slight decrease last week, while SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week [3]. - The copper market will be in a tight balance in 2024 and face an oversupply in 2025 [10]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, the main contract of Shanghai copper decreased by 1.42%, closing at 79,910 yuan/ton. Geopolitical factors and US tariff issues affected copper prices, and global instability persists. Domestically, the consumption season is approaching, but downstream consumption willingness is average. In the industrial sector, domestic spot trading is mediocre, mainly driven by rigid demand. LME copper inventory was 148,875 tons, with a slight decrease last week, while SHFE copper inventory increased by 11,760 tons to 105,814 tons compared to the previous week [3]. 3.2 Fundamentals 3.2.1 PMI - No specific content about PMI is provided in the report. 3.2.2 Supply - Demand Balance - The copper market will be in a tight balance in 2024 and face an oversupply in 2025. The Chinese annual supply - demand balance table shows production, import, export, apparent consumption, actual consumption, and supply - demand balance data from 2018 to 2024 [10][13]. 3.2.3 Inventory - Exchange inventory is in the process of destocking, and bonded area inventory remains at a low level [14][18]. 3.3 Market Structure 3.3.1 Processing Fees - Processing fees are at a low level [21]. 3.3.2 CFTC Positions - There is an outflow of non - commercial net long positions in CFTC [23]. 3.3.3 Futures - Spot Price Spread - No specific content about the futures - spot price spread is provided in the report. 3.3.4 Import Profits - No specific content about import profits is provided in the report. 3.3.5 Warehouse Receipts - No specific content about warehouse receipts is provided in the report.

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of copper are neutral as smelting enterprises are reducing production, the scrap copper policy has been relaxed, and the manufacturing PMI in June was 49.5%, indicating stable manufacturing sentiment [2]. - The basis shows a premium of the spot price over the futures price, which is neutral [2]. - Copper inventories present a mixed picture, with an increase on July 14 but a decrease in the SHFE inventory compared to last week, remaining neutral [2]. - The closing price is below the 20 - day moving average which is trending downwards, suggesting a bearish signal [2]. - The net position of the main players is long and increasing, indicating a bullish sign [2]. - Expectations include a slowdown in Fed rate - cuts, inventory reduction from a high level, geopolitical disturbances, a proposed 50% US copper tariff, and increased market volatility [2]. Summaries by Related Catalogs Daily View - The overall assessment of copper's various factors is a mix of neutral, bearish, and bullish signals, with complex market expectations influenced by policy, inventory, and geopolitical factors [2]. Recent利多利空Analysis - The logic involves the co - existence of domestic policy easing and an escalation of the trade war, but specific利多 and利空 factors are not detailed [3]. Spot - Information on spot prices, including the location, mid - price, and price changes, as well as inventory types, totals, and changes, is presented but not fully detailed in the given text [6]. 期现价差 - Not detailed in the provided content Exchange Inventory - Copper inventory on July 14 increased by 900 tons to 109,625 tons, and the SHFE copper inventory decreased by 3,127 tons to 81,462 tons compared to last week [2]. 保税区库存 - The inventory in the bonded area has rebounded from a low level [14]. 加工费 - The processing fee has declined [16]. CFTC - Not detailed in the provided content Supply - Demand Balance - In 2024, there is a slight surplus, and in 2025, the market is expected to be in a tight balance. The Chinese annual supply - demand balance table shows detailed data from 2018 - 2024 [20][22].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Supply side: In June 2025, the total planned production of domestic asphalt was 2.398 million tons, with a month - on - month increase of 3.5% and a year - on - year increase of 12.7%. The sample capacity utilization rate of domestic petroleum asphalt this week was 32.778%, a month - on - month increase of 0.599 percentage points. Refineries have increased production recently, increasing supply pressure, and this may continue next week [8]. - Demand side: The current demand is lower than the historical average. The heavy - traffic asphalt开工率 was 31.5%, a month - on - month increase of 0.04 percentage points; the construction asphalt开工率 was 18.2%, unchanged from the previous month; the modified asphalt开工率 was 14.7595%, a month - on - month increase of 0.70 percentage points; the road - modified asphalt开工率 was 24%, a month - on - month increase of 1.40 percentage points; the waterproofing membrane开工率 was 39%, a month - on - month decrease of 6.00 percentage points [8]. - Cost side: The daily asphalt processing profit was - 441.76 yuan/ton, a month - on - month increase of 13.60%. The weekly delayed coking profit of Shandong local refineries was 1,035.1614 yuan/ton, a month - on - month increase of 29.22%. The asphalt processing loss increased, and the profit difference between asphalt and delayed coking increased. The strengthening of crude oil is expected to support prices in the short term [9]. - Expectation: The refinery's recent production increase has raised supply pressure. The overall demand recovery in the peak season falls short of expectations and remains sluggish. Inventories are continuously decreasing. Crude oil is strengthening, and cost support is strengthening in the short term. It is expected that the futures price will fluctuate narrowly in the short term, with asphalt 2509 fluctuating in the range of 3,528 - 3,596 [10]. 3. Summary by Directory 3.1 Daily Viewpoints - Supply: Refineries have increased production, raising supply pressure [8]. - Demand: Overall demand is lower than the historical average [8]. - Cost: Strengthening crude oil supports prices in the short term [9]. - Expectation: Narrow - range fluctuation in the short term, with asphalt 2509 in the 3,528 - 3,596 range [10]. - Factors: Bullish factors include relatively high crude oil costs providing some support; bearish factors include insufficient demand for high - priced goods and overall downward demand due to strengthened expectations of an economic recession in Europe and the United States [13][14]. - Logic: High supply pressure and weak demand recovery [15] 3.2 Asphalt Market Overview - Various contract data for asphalt are presented, including price changes, inventory changes, and开工率 changes. For example, the 01 contract price decreased by 0.15%, and the social inventory decreased by 0.52% [18]. 3.3 Asphalt Futures Market - Basis Trend - Charts show the basis trends of asphalt in Shandong and East China over the years [20] 3.4 Asphalt Futures Market - Spread Analysis - Mainly presents the spread trends of different contracts (such as 1 - 6, 6 - 12 contracts), the price trends of asphalt, crude oil, and fuel oil, and their ratio trends, as well as the cracking spread trends of crude oil [25][27][30] 3.5 Asphalt Spot Market - Market Price Trends in Different Regions - The chart shows the price trends of Shandong heavy - traffic asphalt over the years [37] 3.6 Asphalt Fundamental Analysis - **Profit Analysis**: Includes asphalt profit and the profit spread trend between coking and asphalt [40][43] - **Supply - side Analysis**: Covers aspects such as shipment volume, diluted asphalt port inventory, production volume, Ma Rui crude oil price and Venezuelan crude oil monthly production, local refinery asphalt production,开工率, maintenance loss volume estimation [46][48][51] - **Inventory Analysis**: Involves exchange warehouse receipts, social inventory, factory inventory, and factory inventory inventory ratio [66][70][73] - **Import and Export Analysis**: Presents the export and import trends of asphalt and the import price difference trend of South Korean asphalt [76][79][80] - **Demand - side Analysis**: Includes petroleum coke production, apparent consumption, downstream demand (such as highway construction, new local special bonds, infrastructure investment completion), downstream mechanical demand, asphalt开工率, and downstream开工情况 [82][85][88] - **Supply - Demand Balance Sheet**: Displays the monthly asphalt supply - demand balance sheet from January 2024 to June 2025, including production, import, export, inventory, and downstream demand [107][108]