Report Industry Investment Ratings - No investment ratings were provided in the reports. Core Views Polyolefin Industry - PP shows both increasing supply and demand. Supply rises due to fewer maintenance shutdowns, and demand remains resilient in sectors like automotive and home appliances. However, there is a slight inventory build - up this week under the pressure of new production capacity. PE has weak supply and demand. Although unplanned maintenance eases supply pressure, imported goods are still abundant, and demand outside of agricultural films generally declines. There is overall insufficient support, and while inventory decreased this week, port inventory remains high. The cost side shows oil prices fluctuating and coal prices rising, with a slight improvement in PDH profits. High inventory and cost support continue to compete, and market expectations remain weak [2]. Methanol Industry - The Iranian gas restriction has been postponed. As of November 12th, Iran's shipments reached 430,000 tons, maintaining a relatively high level, putting significant pressure on the port methanol market. Prices and basis are weakly oscillating. In the inland market, Jiutai had an unexpected maintenance, but subsequent domestic production will continue to increase. Overseas gas restriction is less than expected. On the demand side, multiple MTO units reduced their loads due to profit reasons, and traditional downstream industries made rigid - demand purchases. The current market is trading under the "weak reality" logic, with the core contradiction being high port inventory. The inventory contradiction of the 01 contract cannot be resolved, and the weak reality will continue to be traded before the Iranian gas restriction [6]. Natural Rubber Industry - On the supply side, there are still occasional rainfall disruptions in overseas production areas, but overall, the output during the peak season is expected to be strong, and raw material prices have some downward space. The domestic production area is gradually entering the production - reduction period, and domestic raw material prices are firm. On the demand side, some northern regions are gradually entering the off - season this month, market sales are slowing down, and most companies are digesting inventory and purchasing as needed. As the market gradually digests inventory, some companies made small - scale replenishments in the middle of the month. In summary, short - term macro fluctuations are large, and rubber prices are expected to oscillate. In the future, attention should be paid to the raw material output in the peak - season of the main production areas and macro changes. If raw material supply is smooth, prices will be weak; if not, prices may be stable. It is expected that rubber prices will fluctuate around 15,000 - 15,500 [9]. Polyester Industry - **PX**: Asian and domestic PX loads remain high. In the short - term, PTA load is maintained, and previous terminal and polyester demand has improved more than expected. With low polyester inventory, it is expected that the load will remain relatively high from November to December, and there is still support on the short - term PX demand side. However, the overall support from the cost side is limited due to the weak supply - demand outlook for crude oil. Recently, the market has been trading on the expectations of PTA anti - involution and tight mid - term PX supply - demand. PX has shown a strong trend. But the terminal demand is entering the off - season, and there are concentrated PTA device maintenance plans in November, so the PX supply - demand outlook is loose, and price drivers are limited. Strategically, PX may oscillate in the range of 6,200 - 6,800 in the short - term, and short - selling can be considered above 6,800 [10]. - **PTA**: There are still many PTA device maintenance plans in November. Terminal and polyester demand has improved more than expected, and with low polyester inventory, it is expected that the load will remain relatively high from November to December. The PTA supply - demand is expected to be in a tight balance in November, but it is expected to be loose from February to the first quarter of next year. In terms of absolute price, the price driver is limited, and the support for PTA is limited. Although PTA - related stocks and absolute prices have been boosted by recent PTA production - cut rumors, the basis is still weakly operating. It is expected that the PTA rebound will be limited. Strategically, TA should be treated as oscillating in the range of 4,300 - 4,800 in the short - term, and short - selling on rallies is recommended; a rolling reverse spread for TA1 - 5 can be considered [10]. - **Ethylene Glycol**: Recently, some coal - based ethylene glycol plants have undergone maintenance, but Zhenhai Refining & Chemical's plant is restarting, and previously shut - down coal - based plants are planned to restart in the middle and late part of the month. Domestic supply remains high, and North American ethylene glycol load has increased to a high level, with no reduction in Middle - East supply. November will see a concentrated arrival of overseas ethylene glycol shipments. Although the polyester load is maintained above 91%, the expected high inventory build - up from November to December puts pressure on ethylene glycol prices. Strategically, hold out - of - the - money call options with a strike price of no less than 4,100 for EG2601; implement a reverse spread for EG1 - 5 on rallies [10]. - **Short - fiber**: Currently, short - fiber factories have low inventory levels and reasonable processing fees, so short - term supply remains relatively high. In terms of demand, there is an expectation of seasonal weakening in terminal demand in November. As raw material prices decline, short - fiber prices follow suit, and there has been some purchasing at low prices in the market. Overall, the short - term supply - demand pattern is still weak. Although there are expectations of PTA production cuts, the medium - term supply - demand weakness is difficult to change, and with the weak supply - demand outlook for upstream crude oil, price drivers are weak. It is expected that the rebound space for short - fiber is limited, and processing fees may be compressed. Strategically, the single - side strategy is the same as that for PTA; the processing fee on the futures market is expected to oscillate in the range of 800 - 1,100, and short - selling on rallies is recommended [10]. - **Bottle chips**: In mid - November, there are both maintenance and restart of the Huarun plant. According to Longzhong Information, the commissioning of Dongying Fuhai's new plant has been postponed, so there is little change in domestic supply. Considering the off - season market demand in November, the demand for soft drinks and catering has declined slightly, and the demand side provides insufficient support for bottle chips. The supply - demand situation for bottle chips remains loose. Therefore, bottle - chip social inventory is likely to enter the seasonal inventory - build - up phase. PR will mainly fluctuate with the cost side, and processing fees will be less boosted by supply - demand and will change dynamically with raw material costs. Strategically, the single - side strategy for PR is the same as that for PTA; the processing fee on the PR main - contract futures market is expected to fluctuate in the range of 300 - 450 yuan/ton [10]. Pure Benzene and Styrene Industry - **Pure Benzene**: Recently, there are new production capacities coming on - stream and plant restarts for pure benzene, and the import volume is expected to remain high. Although there are maintenance plans, overall supply may still be loose. On the demand side, some downstream industries are in the red, and the overall demand change is limited. Although the weekly inventory has decreased, the supply pressure remains. The overall supply - demand outlook for pure benzene is loose, and cost support is limited. Since the current valuation of pure benzene is low, future attention should be paid to plant changes. Strategically, BZ2603 has weak self - driving force and should be treated as short - selling on rallies following oil prices [11]. - **Styrene**: Two new styrene plants are operating stably, and previously shut - down plants have restarted, increasing production. There are still maintenance expectations in November, and overall supply may be maintained. The downstream EPS industry has entered the seasonal off - season, and due to high finished - product inventory, there are expectations of production cuts to maintain prices. Overall, the supply - demand outlook for styrene is in a tight balance, and price drivers are still insufficient. Attention should be paid to plant restarts, production cuts, and cost changes. Strategically, the price of EB12 should be treated as short - selling on rallies following cost changes [11]. LPG Industry - No overall view was provided in the report, only price, inventory, and开工率 data were presented [13]. Crude Oil Industry - Previously, due to the expectation that the US government shutdown would end soon and the strong performance of European diesel under continuous sanctions on Russia by Europe and the US, oil prices rebounded. However, the weak supply - demand pattern of crude oil still limits the increase. Overnight, on one hand, both OPEC and EIA monthly reports raised oil production forecasts, increasing concerns about supply over - capacity; on the other hand, there are signs of peace talks between Russia and Ukraine, and the geopolitical premium has declined. Overnight, oil prices dropped significantly. Under the continuous pressure of OPEC+ to increase production, the supply - demand outlook for crude oil in the fourth quarter is weak, and oil prices face pressure on rebounds. In the short - term, a bearish view is taken. Attention should be paid to the actual sanctions on Russia by Europe and the US and the geopolitical situation between Russia and Ukraine [16]. Summary by Directory Polyolefin Industry Price and Spread - Futures prices of L2601, L2605, PP2601, and PP2605 all increased slightly on November 12th compared to November 11th. The spreads L15 and PP15 also increased. Spot prices of East - China PP raffia and North - China LLDPE rose, while North - China LL basis and East - China pp basis decreased [2]. Inventory - PE enterprise inventory increased by 17.84% to 490,000 tons, and social inventory decreased by 1.86% to 500,000 tons. PP enterprise inventory increased by 0.81% to 600,000 tons, and trader inventory increased by 3.91% to 229,000 tons [2]. Operating Rate - PE device operating rate increased by 2.13% to 82.6%, and downstream weighted operating rate decreased by 1.15% to 44.9%. PP device operating rate increased by 0.93% to 77.8%, PP powder operating rate decreased by 2.07% to 42.5%, and downstream weighted operating rate increased by 1.0% to 53.1% [2]. Methanol Industry Price and Spread - Futures prices of MA2601 and MA2605 increased on November 12th compared to November 11th. MA15 spread and Taicang basis changed. Spot prices in Inner Mongolia North Line remained unchanged, while those in Henan Luoyang decreased slightly, and in Taicang port increased. Regional spreads also changed [4]. Inventory - Methanol enterprise inventory decreased by 4.44% to 369,250 tons, port inventory increased by 1.75% to 1.544 million tons, and social inventory increased by 0.49% [5]. Operating Rate - Domestic upstream enterprise operating rate increased by 0.41% to 76.09%, overseas upstream enterprise operating rate increased by 1.92% to 72.0%, Northwest enterprise sales - to - production ratio increased by 5.57% to 103. Downstream, the operating rate of externally - sourced MTO units increased by 1.09% to 84.98%, formaldehyde operating rate increased by 0.23% to 30.0%, and MTBE operating rate increased by 0.80% to 70.2% [6]. Natural Rubber Industry Price and Spread - Spot prices of Yunnan state - owned whole - latex and Thai standard mixed rubber increased on November 12th compared to November 11th. The basis of whole - latex and non - standard price spread decreased. Cup - rubber and glue prices changed slightly [9]. Production and Consumption - September production in Thailand, Indonesia, and India changed, with Thailand and Indonesia decreasing and India increasing. September production in China increased. Tire production and export data also changed, with domestic tire production increasing and export volume decreasing [9]. Inventory - Bonded - area inventory increased by 0.40% to 449,455 tons, and Shanghai Futures Exchange factory - warehouse futures inventory increased by 8.80% to 48,586 tons [9]. Polyester Industry Price and Spread - Upstream prices of Brent crude oil, WTI crude oil, and other raw materials changed. Downstream polyester product prices such as POY, FDY, and DTY also changed, along with their cash - flows. PX - related prices and spreads, PTA - related prices and spreads, and MEG - related prices and spreads all had fluctuations [10]. Inventory - MEG port inventory increased by 17.6% to 661,000 tons [10]. Operating Rate - China's PX operating rate increased by 2.8% to 89.8%, PTA operating rate decreased by 2.1% to 76.4%, MEG comprehensive operating rate decreased by 4.9% to 72.4%, and polyester comprehensive operating rate decreased by 0.4% to 91.3% [10]. Pure Benzene and Styrene Industry Price and Spread - Upstream prices of CFR Northeast - Asia ethylene, CFR China pure benzene, etc. changed. Downstream styrene - related prices and spreads, and pure - benzene and styrene downstream cash - flows also had fluctuations [11]. Inventory - Styrene inventory in East - China ports and pure - benzene inventory in Jiangsu ports decreased [11]. Operating Rate - The Asian pure - benzene operating rate remained unchanged at 78.8%, domestic hydro - benzene operating rate decreased by 3.4% to 55.7%, and downstream EPS operating rate decreased by 13.3% to 54.0% [11]. LPG Industry Price and Spread - Futures prices of PG2512, PG2601, etc. increased on November 12th compared to November 11th. Spreads such as PG12 - 01, PG12 - 02, etc. also increased. Spot prices in South - China and basis changed [13]. Inventory - LPG refinery storage capacity ratio decreased by 1.98% to 25.7%, port inventory decreased by 3.65% to 298,000 tons, and port storage capacity ratio decreased by 3.66% to 48.7% [13]. Operating Rate - Upstream main - refinery operating rate decreased by 2.31% to 78.64%, downstream PDH operating rate increased by 2.17% to 75.5%, MTBE operating rate increased by 0.84% to 68.6%, and alkylation operating rate decreased by 6.11% to 41.6% [13]. Crude Oil Industry Price and Spread - Brent, WTI, and SC crude oil prices changed on November 12th compared to November 11th. Spreads such as Brent M1 - M3, WTI M1 - M3, etc. also changed. Refined - oil prices and spreads, and refined - oil cracking spreads all had fluctuations [16].